Vision International People Group Public Ltd announces the Interim Management Statement of the Group for the period from January 1 to March 31, 2016 that has been prepared pursuant to article 11 of the Transparency Requirements (Securities admitted for Trading on a Regulated Market) Law 2007 (Ν.190(Ι)/2007) and has not been audited by the external auditors of the Company.
The Group is reorganising its operations within the Russian Federation as a result of the economic situation within the country arising from the economic sanctions imposed by the European Union, the United States of America, Japan, Canada, Australia and others. The Group is also reorganising its operations within Ukraine given the political and economic situation within the country.
Group revenues for the period under review compared to the corresponding period in 2015 have decreased by around 20%.
As it was to be expected, driven by the decreased sales, gross profit and the operating results of the Group for the period under review decreased in comparison to the corresponding period of 2015.
The working capital and liquidity position of the Company remains unaffected from the decrease in sales and the gearing ratio constitutes an acceptable state of capital management given the current business conditions.
2016 will be a year during which the Group will continue restructuring its operations with a view to reducing the costs within the Group. Actual results are lower than budgeted due to lower than planned revenues for the period.
The overall performance of the Company in the course of the period tends to validate Management’s prediction that in 2016 dynamic strategies will have to be adopted to maintain the planned financial results for the year.
Copies of this report are available at the registered office of the Company, at 67, Limassol Avenue, Aglantzia, 2121, Nicosia. Furthermore, investors can download a copy of the report from the internet site of the Company at www.vipgpl.com.
Nicosia 16th May, 2016
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