Comment of the Board of Directors to the Annual Report published in report EBI 10/2011
01-07-2011
The Board of Directors of Agroliga Group PLC explains the difference in net income presented in Annual Report (EBI 10/2011) and cumulative data for 1-4Q 2010 (EBI 3/2011 an EBI 5/2011).
In connection with the auditor's opinion received by the Company on 30 June 2011 the Company made an income adjustments for 2010. On 20 August 2010 the Agroliga Group PLC acquired 100% of the share capital of Agroliga Group LLC, a Ukrainian group that focuses on the production of vegetable oils, cereals, meat and dairy breeding herd. The transaction has been accounted for by the purchase method of accounting. According to IFRS, Cypriot auditors add to Profit and Lost statement goodwill for the 2010 consolidation. Goodwill arising on consolidation is 2.525 ths. what changed net income from 1.218 ths Eur to 2.927 ths Eur.
In connection with the opinion of the auditors the presentation of the company's revenues has changed. Revenue shown in the report consist of “Revenue from the sales" and “Income from change in fair value of agricultural products and biological assets", which is in accordance with IFRS.
Legal basis: § 3 subparagraph 1 of the Exhibit 3 to the Alternative Trading System Rules “Current and Periodical Information in the Alternative Trading System on the NewConnect Market"
In connection with the auditor's opinion received by the Company on 30 June 2011 the Company made an income adjustments for 2010. On 20 August 2010 the Agroliga Group PLC acquired 100% of the share capital of Agroliga Group LLC, a Ukrainian group that focuses on the production of vegetable oils, cereals, meat and dairy breeding herd. The transaction has been accounted for by the purchase method of accounting. According to IFRS, Cypriot auditors add to Profit and Lost statement goodwill for the 2010 consolidation. Goodwill arising on consolidation is 2.525 ths. what changed net income from 1.218 ths Eur to 2.927 ths Eur.
In connection with the opinion of the auditors the presentation of the company's revenues has changed. Revenue shown in the report consist of “Revenue from the sales" and “Income from change in fair value of agricultural products and biological assets", which is in accordance with IFRS.
Legal basis: § 3 subparagraph 1 of the Exhibit 3 to the Alternative Trading System Rules “Current and Periodical Information in the Alternative Trading System on the NewConnect Market"
