REG - Ukrproduct Group Ltd - Unaudited Interim Financial Results <Origin Href="QuoteRef">UKR.L</Origin> - Part 2

UkrproductAnnouncement

29/10/2014 14:08

- Part 2: For the preceding part double click  ID:nRSX4912Sa 

                     EBRD. Group     
                                                                 management      
                                                                 believes that   
                                                                 they will       
                                                                 continue to     
                                                                 receive the     
                                                                 support of the   
                                                                 EBRD for the    
                                                                 foreseeable     
                                                                 future. The     
                                                                 directors have   
                                                                 also put in     
                                                                 place a number   
                                                                 of additional   
                                                                 cost            
                                                                 efficiency      
                                                                 measures        
                                                                 including but   
                                                                 not limited to   
                                                                 the             
                                                                 reconstruction   
                                                                 of              
                                                                 manufacturing   
                                                                 facilities in   
                                                                 Starokonstanti   
                                                                 nov, further    
                                                                 optimization    
                                                                 in the number   
                                                                 of its          
                                                                 subsidiaries    
                                                                 and             
                                                                 streamlining    
                                                                 its business    
                                                                 processes.      
                                                                 Additionally,   
                                                                 due to the      
                                                                 position in     
                                                                 the Ukraine,    
                                                                 there is a      
                                                                 risk that the   
                                                                 Group may not   
                                                                 be able to      
                                                                 operate in      
                                                                 Crimea          
                                                                 following its   
                                                                 occupation by   
                                                                 Russia. As at   
                                                                 the year end    
                                                                 31 December     
                                                                 2013 and        
                                                                 subsequently    
                                                                 as at the       
                                                                 period ended    
                                                                 30 June 2014    
                                                                 of this report   
                                                                 the Group       
                                                                 continues to    
                                                                 operate in      
                                                                 Crimea, and     
                                                                 monitor the     
                                                                 situation.      
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                                                                                                                                                       
                                                                 Going concern   
                                                                                                                                                                                                       
                                                                 The unaudited   
                                                                 condensed       
                                                                 consolidated    
                                                                 financial       
                                                                 statements      
                                                                 have been       
                                                                 prepared on a   
                                                                 going concern   
                                                                 basis which     
                                                                 assumes that    
                                                                 the Group will   
                                                                 be able to      
                                                                 meet its        
                                                                 liabilities as   
                                                                 they fall due,   
                                                                 for the         
                                                                 foreseeable     
                                                                 future.         
                                                                 
During the     
                                                                 period, the     
                                                                 Group has       
                                                                 breached its    
                                                                 loan covenants   
                                                                 with the EBRD,   
                                                                 and has since   
                                                                 obtained a      
                                                                 loan waiver     
                                                                 from the EBRD.   
                                                                 It is our view   
                                                                 that the EBRD   
                                                                 will continue   
                                                                 to support the   
                                                                 Group through   
                                                                 our capital     
                                                                 projects,       
                                                                 during a time   
                                                                 of political    
                                                                 unrest.         
                                                                 Director's      
                                                                 view, have      
                                                                 therefore       
                                                                 concluded that   
                                                                 is              
                                                                 appropriate to   
                                                                 prepare these   
                                                                 financial       
                                                                 statements on   
                                                                 a going         
                                                                 concern basis.   
                                                                 The financial   
                                                                 statements do   
                                                                 not include     
                                                                 adjustments     
                                                                 that would be   
                                                                 required if     
                                                                 the Group was   
                                                                 unable to       
                                                                 continue as a   
                                                                 going concern.   
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                                                                                                                                                       
                                                                 2. Earnings                                                                                                                 
                                                                 per share                                                                                                                   
                                                                                                                                                                                                       
                                                                 Basic earnings   
                                                                 per share have   
                                                                 been            
                                                                 calculated by   
                                                                 dividing net    
                                                                 loss/profit     
                                                                 attributable    
                                                                 to the          
                                                                 ordinary        
                                                                 shareholders    
                                                                 (loss/profit    
                                                                 for the year)   
                                                                 by the          
                                                                 weighted        
                                                                 average number   
                                                                 of shares in    
                                                                 issue.          
                                                                               
                                                                                                                                                                                                       
                                                                                                                                       Six months ended  Six months ended              
                                                                                                                                       30 June 2014      30 June 2013                  
                                                                                                                                                                                   
                                                                 Net (loss) /    (2 007)     173                     
                                                                 profit                                              
                                                                 attributable                                        
                                                                 to ordinary                                         
                                                                 shareholders,                                       
                                                                 £'000                                               
                                                                 Weighted        39 673 050  39 673 050              
                                                                 number of                                           
                                                                 ordinary                                            
                                                                 shares in                                           
                                                                 issue                                               
                                                                 Basic earnings   (5,06)      0,4                     
                                                                 per share,                                          
                                                                 pence                                               
                                                                 Diluted         39 673 050  39 673 050              
                                                                 average number                                       
                                                                 of shares                                           
                                                                 Diluted         (5,06)      0,4                     
                                                                 earnings per                                        
                                                                 share, pence                                        
                                                                                                                                                                                                       
                                                                                                                                                                                                       
                                                                 3. Approval of                                                                                                   
                                                                 interim                                                                                                         
                                                                 financial                                                                                                       
                                                                 statements                                                                                                      
                                                                                                                                                                                                       
                                                                 The unaudited   
                                                                 condensed       
                                                                 consolidated    
                                                                 financial       
                                                                 statements      
                                                                 were approved   
                                                                 by the board    
                                                                 of directors    
                                                                 on 19           
                                                                 September       
                                                                 2014.           
 
 
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