Orphanides: Nine-month results 2012
29/11/2012 8:54
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, the Board of Directors of Orphanides Plc announces that:
1. Nine-month results 2012
At the meeting held on Wednesday, November 28, 2012, it examined and approved the consolidated results for the nine months ended September 30, 2012, which have not been audited by the external auditors of the Group. The results, which have been prepared pursuant to the International Accounting Standard 34 – are attached.
Copies will be available free of charge at the Company’s office, 20-22 Yiannou Kranidioti Avenue, Larnaca and the Company’s website, www.orphanides.com.cy. The results will be published in newspapers “Simerini” on December 4, 2012 and “Haravgi” on December 6, 2012.
Taking into account the ongoing financial crisis and the difficult conditions in the market and the retail trade, the Company revised its business plan with the preparation of a new Recovery Business Plan. The main principles are: 1) Reduction of super stock, 2) product rationalization, 3) Reduction of payroll cost, 4) reduction of advertising expenses, 5) reduction of electricity cost, 6) sale of inactive properties, 7) closing of loss-making supermarkets. Given that the market conditions will remain at the same level, the Company’s tariff policy will be revised with the strengthening of private label products for the offer of cheaper products to consumers.
The Company will close 5 super markets and will sell its inactive properties to boost its liquidity and to reduce borrowing.
Also, a Managerial Team has been appointed to prepare and adopt the new business plan. It comprises of the Executive Chairman, the General Manager, the Finance Director and the Commercial Manager of the Company.
2. Restructuring of CGC Committees
The Board of Directors decided to examine the composition of the Corporate Governance Committees at its next meeting.
1. Nine-month results 2012
At the meeting held on Wednesday, November 28, 2012, it examined and approved the consolidated results for the nine months ended September 30, 2012, which have not been audited by the external auditors of the Group. The results, which have been prepared pursuant to the International Accounting Standard 34 – are attached.
Copies will be available free of charge at the Company’s office, 20-22 Yiannou Kranidioti Avenue, Larnaca and the Company’s website, www.orphanides.com.cy. The results will be published in newspapers “Simerini” on December 4, 2012 and “Haravgi” on December 6, 2012.
Taking into account the ongoing financial crisis and the difficult conditions in the market and the retail trade, the Company revised its business plan with the preparation of a new Recovery Business Plan. The main principles are: 1) Reduction of super stock, 2) product rationalization, 3) Reduction of payroll cost, 4) reduction of advertising expenses, 5) reduction of electricity cost, 6) sale of inactive properties, 7) closing of loss-making supermarkets. Given that the market conditions will remain at the same level, the Company’s tariff policy will be revised with the strengthening of private label products for the offer of cheaper products to consumers.
The Company will close 5 super markets and will sell its inactive properties to boost its liquidity and to reduce borrowing.
Also, a Managerial Team has been appointed to prepare and adopt the new business plan. It comprises of the Executive Chairman, the General Manager, the Finance Director and the Commercial Manager of the Company.
2. Restructuring of CGC Committees
The Board of Directors decided to examine the composition of the Corporate Governance Committees at its next meeting.
