Pursuant to the provisions of the CSE and SEC Law and Regulations and in order to fully inform the shareholders and the investing public in general, Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd announces that the results for the first half of 2013 are expected to be lower than those of the corresponding period of 2012 since the problems in the market have deteriorated and the prospects are not favourable and also due to the impacts of the recent developments in the banking sector on the results, as described in our Annual Report.
The Board of Directors and the Management try hard and hope that they will be able to maintain the profitability levels of 2012 until the end, however, this effort is becoming harder and the profitability forecast for 2012 is more uncertain.
Following the recent impairments in the banking titles in our investment portfolios as well as the latest developments with the transfer of the Cypriot branches in Greece and obviously a loss of billions of euros for the Cypriot depositors and investors and by extension the Cypriot economy and to the benefit of Piraeus Bank, its shareholders and the Greek economy in general, we urge the government to investigate the issue.
Therefore, an independent study should be assigned to an international firm for the fair evaluation of the activities of the Cypriot banks in Greece to ascertain whether those activities were transferred to Piraeus Bank at fair and reasonable value. In this way, we will determine the exact size of the possible loss.
