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Phil. Andreou: Interim Management Statement
26/11/08
INTRODUCTION
The Board of Directors of Phil. Andreou Public Ltd presents the Interim Management Statement of the Group for the period from 1 July 2008 to 24 November 2008, which has been prepared in accordance to the provisions of Article 11 of the Law Transparency Requirements Law 2007 (N. 109(I)/2007) and has not been audited by the external auditors of the Company.
The Interim Management Statement was approved by the Board of Directors on November 25, 2008.
The principal activities of the Group for the period under review, which have not changed since the previous year, were the design, construction and sale of display stands and shelving systems, the provision of digital printing services, the sale of advertising space in advertising signs, the management and sale of advertising space in stadium advertising systems, the operation of kiosks and convenience shops and the promotion and sale of high technology systems.
The information that is included in the present statement concerns the period from July 1, 2008 until the date of publication.
GENERAL REVIEW OF THE FINANCIAL POSITION AND THE PERFORMANCE OF THE GROUP
The turnover of the Group increased by more than 60% in the third quarter of 2008 and this is due mostly to the increased volume of business of retail operations.
There was also an improvement in the geographical coverage of the outdoor advertising services with the expansion of the network of advertising signs.
It is noted that the subsidiary company So Easy Kiosks Ltd, which is dealing with retail operations, launched three new stores during the period.
NON-RECURRING OR EXTRAORDINARY ACTIVITIES
They were not any non recurring or extraordinary activities during the period under review.
MAIN RISKS AND UNCERTAINTIES
The main risks and uncertainties are the same as those described in the Annual Report of the Company for the year 2007.
SIGNIFICANT TRANSACTIONS AND EVENTS
There were no other significant facts affecting the Group’s and its subsidiaries’ financial condition.
RELATED PARTY TRANSACTIONS
They were no substantial transactions with related parties other than the employment contracts of the Executive Directors.
GOALS AND PROSPECTS
It is expected that the results for 2008 will show improvement compared to the corresponding results of 2007.
The global economic crisis will possibly affect the promotion activities of many customers in Cyprus and overseas. Due to the rapid developments in the past few months, it is difficult to make forecasts at the current stage since things are still unclear with regard to exports and the domestic market.
The activities of the subsidiary So Easy Kiosks Ltd will be affected by the developments in the domestic market and the retail trade in general.
The Group aims to maintain the recovery course and to take measures so as to avoid or moderate the impacts from the global crisis.
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