C.T.O: Interim Management Statement
21/11/2008 9:28
We wish to inform you that at the meeting held on November 13, 2008, the Board of Directors of C.T.O Public Company Ltd examined and approved the Interim Management Statement pursuant to the provisions of the Transparency Requirements Law 2007 (N. 190(I)/2007).
We submit the Interim Management Statement for the period from January 1 to September 30, 2008, pursuant to article 11 of the Transparency Requirements Law 2007 (N. 190(I)/2007.
With the adoption of the euro as official currency of the Republic on January 1, 2008, the Group changed its currency from Cyprus pounds in euros. As a result, the financial statements have been converted in euros on the basis of €1 = £0.585274 exchange rate.
At the meeting held on March 17, 2008 at the Company’s Head Office, the Board of Directors decided to issue and allocate 165,000,000 new shares of nominal value €0.09 each at the price of €0.20 per share to the shareholders of Explosal Ltd as an exchange for the acquisition of 100% of the issued share capital of The Company. This acquisition falls under the provisions of the International Financial Reporting Standard 3 on the “Consolidation of Businesses”. As a result, C.T.O Public Company Limited is regarded as the legal holding company and Explosal Ltd the company that has acquired C.T.O Public Company Ltd.
The goodwill that has emerged stands at €5,010,372 and has been capitalized in the consolidated balance sheet.
The total sales of the Company and Explosal Ltd for the period from January 1, 2008 to September 30, 2008 stood at €7,738,248. The total sales of Explosal Ltd for the same period stood at €5,954,480 and for C.T.O they have incorporated in the Group’s results sales of €1,783,768 due to the inclusion of the sales from 17/3/2008. The sales of C.T.O for the period from 1/1/2008 to 30/9/2008 amounted to €2,607,324 compared to €2,794,534 in the corresponding period of 2007. Due to the fact that Explosal Ltd was inactive last year, there are no comparative results.
The Group showed profits of €1,488,131 for the period from January 1, 2008 to September 30, 2008. The profit of Explosal for the same period stood at €1,884,529 and the loss of C.T.O at €576,795 but a loss of €396,398 has been incorporated in the results since the acquisition was held on March 17, 2008.
Of the total loss of €576,795 for C.T.O for the period ended 30/9/2008, the sum of €195,869 is non recurrent and concerns the expenses for the preparation of a Prospectus and the conduct of independent financial and legal audits in relation to the 165,000,000 new shares of nominal value €0.09 each at the price of €0.20 per share that have been allocated to the shareholders of Explosal Ltd as an exchange for the acquisition of 100% of the issued share capital of the company.
The net assets as at September 30, 2008 stood at €19,422,770. The net assets of Explosal reached €11,806,772.
It is noted that there were no other significant changes during the period.
We submit the Interim Management Statement for the period from January 1 to September 30, 2008, pursuant to article 11 of the Transparency Requirements Law 2007 (N. 190(I)/2007.
With the adoption of the euro as official currency of the Republic on January 1, 2008, the Group changed its currency from Cyprus pounds in euros. As a result, the financial statements have been converted in euros on the basis of €1 = £0.585274 exchange rate.
At the meeting held on March 17, 2008 at the Company’s Head Office, the Board of Directors decided to issue and allocate 165,000,000 new shares of nominal value €0.09 each at the price of €0.20 per share to the shareholders of Explosal Ltd as an exchange for the acquisition of 100% of the issued share capital of The Company. This acquisition falls under the provisions of the International Financial Reporting Standard 3 on the “Consolidation of Businesses”. As a result, C.T.O Public Company Limited is regarded as the legal holding company and Explosal Ltd the company that has acquired C.T.O Public Company Ltd.
The goodwill that has emerged stands at €5,010,372 and has been capitalized in the consolidated balance sheet.
The total sales of the Company and Explosal Ltd for the period from January 1, 2008 to September 30, 2008 stood at €7,738,248. The total sales of Explosal Ltd for the same period stood at €5,954,480 and for C.T.O they have incorporated in the Group’s results sales of €1,783,768 due to the inclusion of the sales from 17/3/2008. The sales of C.T.O for the period from 1/1/2008 to 30/9/2008 amounted to €2,607,324 compared to €2,794,534 in the corresponding period of 2007. Due to the fact that Explosal Ltd was inactive last year, there are no comparative results.
The Group showed profits of €1,488,131 for the period from January 1, 2008 to September 30, 2008. The profit of Explosal for the same period stood at €1,884,529 and the loss of C.T.O at €576,795 but a loss of €396,398 has been incorporated in the results since the acquisition was held on March 17, 2008.
Of the total loss of €576,795 for C.T.O for the period ended 30/9/2008, the sum of €195,869 is non recurrent and concerns the expenses for the preparation of a Prospectus and the conduct of independent financial and legal audits in relation to the 165,000,000 new shares of nominal value €0.09 each at the price of €0.20 per share that have been allocated to the shareholders of Explosal Ltd as an exchange for the acquisition of 100% of the issued share capital of the company.
The net assets as at September 30, 2008 stood at €19,422,770. The net assets of Explosal reached €11,806,772.
It is noted that there were no other significant changes during the period.
