The Cyprus Cement Public Company Ltd presents the Interim Management Statement of the Group for the period from July 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 shows reduced profits compared to the corresponding period of 2014.
This is due to the fact that the company CCCT, during the corresponding period in 2014 has recognized accounting profit of €2,08 million after the completion of Share Capital Restructuring of L’Union Nationale (Tourism and Sea Resorts) Ltd. This amount is the difference between the carrying value of the assets of L’ Union which are attributable to the Company before and after the completion of the Share Capital Restructuring.
Also, the results of its associated company Vassiliko Cement Public Company Ltd are significantly improved compared to the corresponding period of 2014. This is due to the significant increase of Company’s income from exports to neighbouring countries, as well as the reduction of production costs.
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 the current year might show fluctuations, which due to the uncertainties in the market, might be difficult to predict.
C.C.C. Secretarial Ltd
Limassol, 23 November 2015