Petsas: Interim Management Statement
23/5/2008 14:04
At the meeting held on May 22, 2008, the Board of Directors examined and approved the First Interim Management Statement of Andreas Petsas and Sons Public Ltd for the period from January 1 to May 22, 2008.
First Interim Management Statement – Introduction
The Board of Directors of Andreas Petsas & Sons Public Ltd presents the Interim Management Statement for the period from January 1 to May 22, 2008, which 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 Company.
Main activities
The Group’s activities have not changed and focus on:
1. Car rental, 2. Car trading, 3. Offer for charter of Petsas I for tourist purposes, 4. Transfer of passengers with taxis and buses. In the sector of taxis and buses the Company continues its effort to reduce its activities, since it has been proved loss making in the previous 3 years and has proceeded with the sale of four taxis until the date of this statement.
Review of the financial condition of the Group
The turnover of the Group during the period has increased slightly in the sector of car rental and has dropped in the sector of buses and taxis within the framework of the Group’s policy for fewer operations in the sector of taxis and more in buses. Traditionally, the Group’s turnover shows significant increase in the second half of the year due to the seasonality of the tourist activities. It is expected that the results for 2008 will remain at the same level as last year.
Non-recurrent or extraordinary activities
In a letter dated April 18, 2008, the Cyprus Stock Exchange decided to transfer the titles of Andreas Petsas & Sons Public Ltd to the Special Characteristics Market for the period of six months from April 23, 2008 due to its failure to comply with the minimum rate of dispersion to the public. There were no other non-recurrent or extraordinary activities during the period.
Risks and uncertainties
The main risks and uncertainties are the same as those described in the Annual Report 2007.
Main facts
There were no significant facts affecting the positively or negatively the financial statements of the Company and its subsidiaries during the period.
Transactions of associated persons
There were no significant transactions of associated persons during the period, apart from employment contracts of the Board members.
Targets and Prospects
With the adoption of the euro from January 1, 2008 as the official currency of the Republic, the competitiveness of Cyprus as a tourist destination of the UK citizens has dropped by 10% - 12% since countries such as Turkey, Egypt and other Mediterranean destinations are competitive. Also, the developments in the banking and financial sector due to the drop of the dollar and the increase in the price of oil have raised great concerns. On the other hand, the CTO moves to attract more direct flights to Cyprus, especially from low budget companies, and the good performance of the sector of investments in the tourist infrastructure are expected to affect positively the tourist arrivals to Cyprus.
It is expected that the results for 2008 will be the same as those in 2007.
First Interim Management Statement – Introduction
The Board of Directors of Andreas Petsas & Sons Public Ltd presents the Interim Management Statement for the period from January 1 to May 22, 2008, which 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 Company.
Main activities
The Group’s activities have not changed and focus on:
1. Car rental, 2. Car trading, 3. Offer for charter of Petsas I for tourist purposes, 4. Transfer of passengers with taxis and buses. In the sector of taxis and buses the Company continues its effort to reduce its activities, since it has been proved loss making in the previous 3 years and has proceeded with the sale of four taxis until the date of this statement.
Review of the financial condition of the Group
The turnover of the Group during the period has increased slightly in the sector of car rental and has dropped in the sector of buses and taxis within the framework of the Group’s policy for fewer operations in the sector of taxis and more in buses. Traditionally, the Group’s turnover shows significant increase in the second half of the year due to the seasonality of the tourist activities. It is expected that the results for 2008 will remain at the same level as last year.
Non-recurrent or extraordinary activities
In a letter dated April 18, 2008, the Cyprus Stock Exchange decided to transfer the titles of Andreas Petsas & Sons Public Ltd to the Special Characteristics Market for the period of six months from April 23, 2008 due to its failure to comply with the minimum rate of dispersion to the public. There were no other non-recurrent or extraordinary activities during the period.
Risks and uncertainties
The main risks and uncertainties are the same as those described in the Annual Report 2007.
Main facts
There were no significant facts affecting the positively or negatively the financial statements of the Company and its subsidiaries during the period.
Transactions of associated persons
There were no significant transactions of associated persons during the period, apart from employment contracts of the Board members.
Targets and Prospects
With the adoption of the euro from January 1, 2008 as the official currency of the Republic, the competitiveness of Cyprus as a tourist destination of the UK citizens has dropped by 10% - 12% since countries such as Turkey, Egypt and other Mediterranean destinations are competitive. Also, the developments in the banking and financial sector due to the drop of the dollar and the increase in the price of oil have raised great concerns. On the other hand, the CTO moves to attract more direct flights to Cyprus, especially from low budget companies, and the good performance of the sector of investments in the tourist infrastructure are expected to affect positively the tourist arrivals to Cyprus.
It is expected that the results for 2008 will be the same as those in 2007.
