C.T.O: Interim Management Statement
14/5/2010 9:41
At the meeting held on May 13, 2010, the Board of Directors of C.T.O Public Company Ltd examined and approved the Interim Management Statement for the period from January 1, 2010 to May 12, 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
Stake: 100%
The main activity of the subsidiary is the production and trading of tobacco products, as well as the construction activities and the sale and purchase of land.
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 hygiene products and acts in such a way to secure its upward trend, expanding its customers’ list and reducing its cost of production.
On January 20, 2010, the subsidiary Lemeco Silvex Trading Ltd reached an agreement for the sale of the warehouses and the right to lease land in Limassol against the sum of €2,750,000.
On January 20m 2010, the subsidiary Explosal Ltd, Rovienta Holdings Ltd, which was inactive on December 31, 2009, secured the Republic’s approval for the lease of land at Larnaca Free Zone. The Board of Directors will decide on the better use of land during the year.
At the meeting held on March 23, 2010, the Board of Directors decided to pay a dividend of €0.005 per share of nominal value €0.09 each to the shareholders from the profits of 2009, that is, 5.56% on the nominal value of the ordinary share.
Also, on March 22, 2010, the Board of Directors of Explosal Ltd decided unanimously to pay CTO Public Co Ltd €2,500,000 as a dividend from the profits of 2009.
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 20/11/2009. 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
Stake: 100%
The main activity of the subsidiary is the production and trading of tobacco products, as well as the construction activities and the sale and purchase of land.
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 hygiene products and acts in such a way to secure its upward trend, expanding its customers’ list and reducing its cost of production.
On January 20, 2010, the subsidiary Lemeco Silvex Trading Ltd reached an agreement for the sale of the warehouses and the right to lease land in Limassol against the sum of €2,750,000.
On January 20m 2010, the subsidiary Explosal Ltd, Rovienta Holdings Ltd, which was inactive on December 31, 2009, secured the Republic’s approval for the lease of land at Larnaca Free Zone. The Board of Directors will decide on the better use of land during the year.
At the meeting held on March 23, 2010, the Board of Directors decided to pay a dividend of €0.005 per share of nominal value €0.09 each to the shareholders from the profits of 2009, that is, 5.56% on the nominal value of the ordinary share.
Also, on March 22, 2010, the Board of Directors of Explosal Ltd decided unanimously to pay CTO Public Co Ltd €2,500,000 as a dividend from the profits of 2009.
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 20/11/2009. We should also add the risks and uncertainties that have emerged from the current global economic crisis.
