Revision of forecasts
14-11-2011
The Board of Directors of Agroliga Group PLC (“the Company") hereby informs that, in light of the Company's financial results for the third quarter of 2011, the Company revised the forecast of financial results for the year 2011, which was presented in the Information Document of the Company prepared and published in connection with the introduction of shares of the Company to the alternative trading system on NewConnect market.
In accordance with the prognoses published in the Information Document forecasted earnings of the Company for the year 2011 were given in the following amounts:
- projected revenues from sales and equivalents for the year 2011 10 228,60 thousand euro
- projected net profit for the year 2011 = 1931,70 thousand euro
The Board of Directors estimate that indicated level of Revenues and net income will not be fulfilled in the year 2011 and re-evaluate forecasts as follows:
- projected revenues from sales and equivalents for the year 2011 = 6 204,75 thousand euro
- projected net profit for the year 2011 = 1 540,05 thousand euro
The primary reason for revision of the forecasts of the Company's financial result is a delay in the delivery and installation of new line of sunflower refinery. It was assumed in financial projections that new line will start working in August, which would increase significantly capacity to process sunflower seeds into sunflower oil. The implementation of new line wasn't finished till November, 11-th, what will affect the results achieved by the Company in 2011.
Legal basis: § 3, subparagraph 2 point 15 of the Exhibit 3 to the Rules of ASO -Current and Periodical Information provided in the Alternative Trading System NewConnect.
In accordance with the prognoses published in the Information Document forecasted earnings of the Company for the year 2011 were given in the following amounts:
- projected revenues from sales and equivalents for the year 2011 10 228,60 thousand euro
- projected net profit for the year 2011 = 1931,70 thousand euro
The Board of Directors estimate that indicated level of Revenues and net income will not be fulfilled in the year 2011 and re-evaluate forecasts as follows:
- projected revenues from sales and equivalents for the year 2011 = 6 204,75 thousand euro
- projected net profit for the year 2011 = 1 540,05 thousand euro
The primary reason for revision of the forecasts of the Company's financial result is a delay in the delivery and installation of new line of sunflower refinery. It was assumed in financial projections that new line will start working in August, which would increase significantly capacity to process sunflower seeds into sunflower oil. The implementation of new line wasn't finished till November, 11-th, what will affect the results achieved by the Company in 2011.
Legal basis: § 3, subparagraph 2 point 15 of the Exhibit 3 to the Rules of ASO -Current and Periodical Information provided in the Alternative Trading System NewConnect.
