The company C.T.O. Public Company Ltd. announced to the shareholders and any investors that the losses for the year ended 31 December 2014 will be increased compared with the corresponding results for the year ended 31 December 2013. The reasons for the increase of losses are: The economic recession and financial crisis, both in Cyprus and in Europe as well as worldwide have significantly affected the company's turnover and as a result the turnover of the company has been reduced significantly; the competition in cigarette market between large international companies and the company; and reduction of sales to major customers.