| | POLISH FINANCIAL SUPERVISION AUTHORITY | |
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| | | UNI - EN REPORT No | 15 | / | 2012 |
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| | Date of issue: | 2012-06-04 | | | | | | | | |
| | Short name of the issuer | | | | | | | |
| | KSG AGRO S.A. | |
| | Subject | | | | | | | | | | |
| | Additional Information to the Current Report # 14 | |
| | Official market - legal basis | | | | | | |
| | Art. 56 ust. 1 pkt 1 Ustawy o ofercie - informacje poufne
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| | Unofficial market - legal basis | | | | | |
| | Contents of the report: | | | | | | | | |
| | On April 26, 2012 KSG Agro S.A. (The Group) presented the results of 2011 based on the management accounts of the company and then auditors of the Group completely confirmed all figures and the data provided by management of KSG Agro. According to the Luxembourg office of the BDO Audit: "The consolidated financial statements give a true and fair view of the consolidated financial position of KSG Agro S.A. as of December 31, 2011, and its consolidated financial performance and its consolidated cash flows for the year ended in accordance with IFRS as adopted by the European Union".
In 2011 of KSG Agro S.A. successfully made an IPO on WSE and on May 5th, 2011, trade of KSG Agro shares on the exchange began. During the road show KSG management presented the strategy of KSG development and promised to investors to increase the land bank of the company. To deliver those promises, the Group increased land bank under control almost twice - to 61 000 hectares, as of December 31 2011.
Due to the specifics of the Ukrainian land legislation it was generally done through the buying of the corporate rights of the companies, which already have the land bank under control via the land-lease agreements with the individual land owners. Thus, enlarging of the land bank of group led to essential increase in number of legal entities in its structure. Therefore auditors needed more time for check of carrying out an assessment of the acquired assets and additional disclosures, which inform shareholders on the Grup's activity in 2011 as much as possible.
As a result on 31.05.2012 the annual report of KSG Agro S.A for 2011 was signed and published. And in this document all the forecasts which were presented by management of KSG Agro S.A during the IPO and also the improved forecasts, which the company published in the autumn of 2011, are completely confirmed.
Due to the foregoing - The Board of Directors apologizes for the untimely publication of the audited financial performance of the company for 2011. | |
| | Annexes | | | | | | | | | | |
| | File | Description | |
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