C.T.O.: Interim Management Statement
25/11/2010 9:14
At the meeting held on November 24, 2010, the Board of Directors of C.T.O Public Company Ltd examined and approved the Interim Management Statement for the period from July 1, 2010 to November 23, 2010. The Interim Management Statement has been prepared pursuant to the provisions of Article 11 of the Transparency Requirements Law 2007 and has not been audited by the external auditors of the Group.
Main activities
The main activity of the Company focuses on the production and sale of paper hygiene products. The Company holds the following subsidiary:
Name: Explosal Ltd, Lemeco Silvex Trading Ltd
Stake: 100%, 100%
The main activity of Explosal Ltd is the production and trading of tobacco products, as well as the construction activities and the sale and purchase of land. Lemeco Silvex Trading Ltd remained inactive during the period.
Non recurrent or extraordinary activities
There were no other non-recurrent or extraordinary activities during the period.
Other facts
The Group examines the developments of the retail trade of paper products and acts in such a way to secure its upward trend, expanding its customers’ list and reducing its cost of production.
C.T.O. Public Company Ltd has proceeded with the sale of the industrial plot no 31-33 at the Limassol Industrial Area (Ipsonas) together with the plant on it, following the approval of the application for the sale of the property by the Ministry of Commerce, Industry and Tourism via a letter dated June 30, 2010. It has been sold to Evangelos Aristou Ltd against the sum of €1,750,000.
In view of its reorganization, the Company will no longer deal with the production of paper goods but with their sale and distribution to existing and new customers. As a result, the Company proceeded with the sale of the above property in order to strengthen its finances.
There were no other facts or transactions affecting the Company’s condition during the period.
Main risks and uncertainties
The main risks and uncertainties are described in the Annual Report 2009 and in the Interim Management Statement dated 14/5/2010. We should also add the risks and uncertainties that have emerged from the current global economic crisis.
Main activities
The main activity of the Company focuses on the production and sale of paper hygiene products. The Company holds the following subsidiary:
Name: Explosal Ltd, Lemeco Silvex Trading Ltd
Stake: 100%, 100%
The main activity of Explosal Ltd is the production and trading of tobacco products, as well as the construction activities and the sale and purchase of land. Lemeco Silvex Trading Ltd remained inactive during the period.
Non recurrent or extraordinary activities
There were no other non-recurrent or extraordinary activities during the period.
Other facts
The Group examines the developments of the retail trade of paper products and acts in such a way to secure its upward trend, expanding its customers’ list and reducing its cost of production.
C.T.O. Public Company Ltd has proceeded with the sale of the industrial plot no 31-33 at the Limassol Industrial Area (Ipsonas) together with the plant on it, following the approval of the application for the sale of the property by the Ministry of Commerce, Industry and Tourism via a letter dated June 30, 2010. It has been sold to Evangelos Aristou Ltd against the sum of €1,750,000.
In view of its reorganization, the Company will no longer deal with the production of paper goods but with their sale and distribution to existing and new customers. As a result, the Company proceeded with the sale of the above property in order to strengthen its finances.
There were no other facts or transactions affecting the Company’s condition during the period.
Main risks and uncertainties
The main risks and uncertainties are described in the Annual Report 2009 and in the Interim Management Statement dated 14/5/2010. We should also add the risks and uncertainties that have emerged from the current global economic crisis.
