The Cyprus Cement Public Company Ltd presents the Interim Management Statement of the Group for the period from January 1st, 2015 until today. The Interim Management Statement has been prepared in accordance to the provisions of Article 11 of the Transparency Requirements (Securities Admitted to Trading on Regulated Market) Law of 2007 (Ν190 (I)/2007).
The principal activities of Group remain the same as those in 2014, which are the development/improvement of land, and the holding of strategic investments in companies operating in hotel and tourism industry and in the industry of manufacturing and sale of cement and other related activities.
During the reporting period, the Group show profits compared to losses in the corresponding period of 2014.
This is due to the improved results of its associated company Vassiliko Cement Public Company Ltd, which shows significantly improved results compared to the corresponding period of 2014. The improvement of results is mainly due to the significant increase of the company’s income from exports to neighbouring countries as well as in the reduction of production costs.
The improvement on results is also due to the improved results of its subsidiary Company, C.C.C. Tourist Enterprises Public Company Ltd due to the reduction in finance expenses and the completion of the sales of houses of the partnership. Additional the Company has recognized a loss of €1,4 million in 2014, after the completion of the agreement with the investor Emerald Coast Properties Ltd and the issue of share capital of L ‘Union. This amount was the difference between the carrying value of the assets of L’ Union attributable to the Company before and after the completion of the Agreement.
Events and transactions
There have been no other significant events and transactions, other than the normal operations activities of the Group, which have an impact on the financial position of the Group.
Developments and Prospects
The Board of Directors and the Management taking into account the current negative economic situation in Cyprus and the conditions created after the Eurogroup decisions on 25 March 2013, as well as the global crisis, believes that the results for 2014 might show fluctuations, which due to the uncertainties in the market, might be difficult to predict.
C.C.C. Secretarial Ltd
Limassol, 28th May 2015