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Indication of consolidated results for the year ended 31 December 2009

1.    During the meeting held on the 26th of February 2010, the Board of Directors examined and approved the indicative              consolidated results for the year ended 31 December 2009.  These results have not been audited by the external auditors of the company. The accounting policies followed are in line with those used for the preparation of the audited annual financial statements

2.    The consolidated loss after tax for 2009 was €399,205 in comparison to a profit after tax for 2008 of €730,329. The reduction is mainly due to the following reasons:

a.    Reduced occupancies at Alexander the Great Beach Hotel due to the reduced tourist flow which prevailed especially in Paphos from the UK.
b.    Reduced occupancies at Olympic Lagoon Resort due to the reduced tourist flow which prevailed in general from the UK as well as the cancellation of a contract with a major tour operator which affected the beginning and the end of the tourist season.
c.    Special discounts given to all Tour operators during the season in order to maximise occupancies
d.    Decrease of interest income from deposits
e.    Increase in depreciation due renovations
f.    Reduced purchasing power of tourists from England due to the reduction of the sterling pound value over the euro.
g.    Increase in the provision of bad debts

3.    There was no income from non repeating or extraordinary activities.

4.    The prospects of the company for the year 2010 depend to a large extent on the number and the quality of tourists arriving in Cyprus. As we are all aware the financial crisis has affected the Tourist industry of Cyprus with the worst hit location being Paphos where our Flagship hotel, Alexander The Great, is based. Further the shrinking of the tourist season in Ayia Napa will also affect the company’s profitability in 2010.  It is therefore difficult to make any safe estimates on the profitability of the Company for 2010. The company aims to further minimise costs and find ways to increase income.
5.    Copies of this announcement will be available at the Company’s offices, Seafront Avenue, Kanika Enaerios Complex, Apollo Court, 28th October 32A Makarios III avenue, Limassol. This announcement will also be published in the Phileleftheros newspaper on the 4 March 2010 and can be obtained from www.kanikahotels.com

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