Reply to a question from the Capital Market Commission
In response to a relevant question by the Hellenic Capital Market Commission received on 12.02.2014 as regards to the articles published at the website Euro2day and titled “Looking for fish in the cages” and “The relance of the fishermen to the Banks is coming”, in which it is mentioned that the creditor Banks commissioned the company AkvaPlan Niva to audit the valuation of its biological assets, NIREUS states the following:It is true that the Banks have commissioned the aforementioned Norwegian company to conduct an inventory count of NIREUS fish population, which is part of the discussion for the restructuring of the loans and aims at the valuation of these assets by an independent body. 30/09/2013 was set as a reference date.The comprehensive study with the final conclusions has not come to our knowledge. However, the indications and information we have so far from this Norwegian company as regards to the jointly conducted inventory counts of our fish population do not show any small or large deviation from those registered in our books. Therefore, we do not expect any negative findings that may have a material effect on the financial data of the Company on the consolidated and company level.Regarding the valuation of the inventories, it is conducted according to the currently enforced International Financial Reporting Standards and the relevant guidelines and is regularly verified by the auditors of the Company and the Group.It is further noted that in every case the results of a private entity concern the originator and cannot substitute the audits of the books and the records of the company by the duly appointed auditors.As a part of its loan agreements, all these years NIREUS has accepted regular and ad hoc audits, as well as assessments on its assets (buildings etc) all these, to which the greatest cooperation has been exhibited with full transparency. The same was carried out on the audit of its biological assets since it was requested by the creditor Banks in order to finalize the proposed terms of the debt restructuring, as it was mentioned above.NIREUS grasps the opportunity to state that the rumors and speculation developing lately does not coincide with the sincerity that should be exhibited in order to resolve the financial and other structural issues of the sector reorganization to the benefit of the national economy and all the stakeholders, in particular to ensuringof thousands of jobs in our country. It is important that all concerned parties cooperate in good faith and act within the law in order to obtain the optimum result.