ANNOUNCEMENT

 

 

Vision International People Group Public Limited announces that during the Board of Directors meeting which was convened on the 25th February, 2009 at 10:00 a.m. at the Company’s offices located at 67, Limassol Avenue, Aglantzia, 2121, Nicosia, the Indicative Unaudited Consolidated Financial Results for the year 2008, were discussed and approved. (Attached).

 

The Indicative Unaudited Consolidated Financial Results will not be sent to those entitled, but they will be published in the daily newspapers.  Copy of the said publication shall be forwarded by the Company to the relevant authorities.

 

In addition, the Company would like to inform investors that copies of the Indicative Unaudited Consolidated Financial Results for the year 2008 are available at the registered office of the Company at the address provided above.  Furthermore, investors can download a copy of the Indicative Unaudited Consolidated Financial Results for the year 2008 from the internet site of the Company at www.vipgpl.com

 

 

Nicosia,

26th February, 2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vision: Indicative unaudited financial results for the year 2008

 

Vision International People Group Public Limited Company announces that during the Board of Directors meeting which was convened on the 25th February, 2009, at 10.00 a.m. at the Company’s offices located at 67, Limassol Avenue, Aglantzia, 2121, Nicosia, the Indicative Unaudited Consolidated Financial Results for the year 2008 were discussed and approved.

 

The Indicative Unaudited Consolidated Financial Results for the year 2008 will not be sent to those entitled, but will be published in the daily newspapers.

 

In addition, the Company would like to inform investors that copies of the Indicative Unaudited Consolidated Financial Results for 2008 are available at the registered office of the Company at the address provided above. Furthermore, investors can download a copy of the Indicative Unaudited Consolidated Financial Results from the internet site of the Company at www.vipgpl.com.

 

 

INDICATIVE UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008

 

 

 

 

 

        

 

2008

US$

2008

Euro

2007

US$

2007

Euro

Revenue – sale of goods

119.711.252

86,017,323

108.813.913

78,187,149

 

 

 

 

 

Profit/(Loss) before tax

(1,238,841)

(890,157)

7,426,572

5,336,289

 

 

 

 

 

Income tax expense

(2,020,980)

(1,452,155)

(1,034,737)

(743,500)

Profit/(Loss) for the year

(3,259,821)

(2,342,312)

6,391,835

4,592,789

 

 

 

 

 

Attributable to:

 

 

 

 

    Equity holders of the Company

(3,259,821)

(2,342,312)

6,312,693

4,535,922

    Minority interest

-

-

79,142

56,867

 

(3,259,821)

(2,342,312)

6,391,835

4,592,789

 

 

 

 

 

Earnings/(Loss) per share – basic (cents) for profit 

attributable to equity holders of the Company

 

(4,35)

 

(3,12)

 

 

8,42

 

6,05

 

 

 

EXPLANATORY NOTES

 

These Indicative Consolidated Financial Results have not been audited by the external auditors of the Group. The accounting policies followed in respect of items that are considered important or material for the results and the financial position of the Group during the year under review are the same as those followed for the preparation of the consolidated financial statements for the year ended 31 December, 2007.

 

Group Turnover for 2008 reached the level of US$119,7m, representing an increase of 10,0% over Group Turnover for 2007 (US$108,8m). This increase is due mainly to the higher sales in European and the Rest of the World.

 

The Group has incurred a Loss for the financial year 2008. The loss of the Group was the result of primarily the following:

 

i.  the impairment of Goodwill in Latvia, Lithuania and Ukraine;

ii. the increased selling and administrative costs explained by the expansion of the Group;

iii. the adverse affects in currency fluctuations;

iv. the increased events and promotional costs partly financed by franchisees in previous years;

v.  the increase in tax costs due to the profitability in the trading companies.

 

The basic earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. The weighted average number of ordinary shares outstanding during the years 2008 and 2007 was 75.000.000 ordinary shares with a nominal value of US$0,10 each.