The Cyprus Cement Public Company LTD

Interim / Quarterly Report • Sep 28, 2018

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

Interim Condensed Consolidated Financial Statements

For the period from 1 January 2018 to 30 June 2018

Interim Condensed Consolidated Income Statement and other Comprehensive Income For the period from 1 January 2018 to 30 June 2018

	30 June 2018 Unaudited €000	30 June 2017 Unaudited €000
Operating and administrative expenses Other income Other losses	(379) 135 -	(550) 215 (8.760)
Operating loss	___ (244)	___ (9.095)
Finance costs Share of profit from investments accounted for using equity method	(1) 2.254	(306) 2.994
Profit/(Loss) before tax Taxation	_ 2.009 - _	_ (6.407) 8.760 _
Profit for the period	2.009 =========	2.353 =========
Profit for the period attributable to: Owners of the company Non-controlling interest	2.015 (6) ___	2.360 (7) ___
	2.009 =========	2.353 =========
Other comprehensive income Share of reserves of investments accounted for using equity method	(64)	237
Total comprehensive income for the period	___ 1.945 =========	___ 2.590 =========
Profit per share attributable to the shareholders of the Company (cent per shares): Basic and fully diluted	1,46 =========	1,71 =========

Interim Condensed Consolidated Balance Sheet at 30 June 2018

	30 June 2018	31 December 2017
	Unaudited €000	Audited €000
Assets
Non-current assets
Property, plant and equipment	23	28
Investment property	238.108	238.108
Investments accounted for using the equity method	57.163	57.885
Investments held at fair value through other
comprehensive income Available for sale financial assets	20.703 -	- 20.703
	_____	_____
	315.997 _____	316.724 _____
Current assets
Loan receivables	9.648	8.663
Trade and other receivables Cash and cash equivalents	729 2.905	596 1.343
	_____	_____
	13.282 _____	10.602 _____
Total assets	329.279	327.326
	===========	===========
Equity and liabilities
Equity attributable to owners of the parent Share capital	59.173	59.173
Share premium	910	910
Fair value reserve	106.279	106.344
Revenue reserve	17.236	17.236
Other reserves	(15)	(15)
Retained earnings	93.340 _____	91.324 _____
	276.923 _____	274.973 _____
Non-controlling interest	6.778	6.784
Total equity	_____ 283.701	_____ 281.757
Non-current liabilities	_____	_____
Deferred tax liabilities	45.213	45.213
Provisions	300	300
	_____	_____
	45.513 _____	45.513 _____
Current liabilities
Trade and other payables	45	54
Borrowings	20 _____	2 _____
	65	56
Total liabilities	_____ 45.578	_____ 45.569
Total equity and liabilities	_____ 329.279	_____ 327.326
	===========	===========

Interim Condensed Consolidated statement of changes in equity for the period ended 30 June 2018

	Attributable to owners of the Company
	Share Capital €000	Share Premium €000	Fair value reserve €000	Other reserves €000	Revenue Reserve €000	Retained Earnings €000	Total €000	Non controlling Interest €000	Total equity €000
Balance at 1 January 2017	59.173	910	115.266	17.236	(15)	77.760	270.331	6.798	277.129
Comprehensive income Profit for the period	___ -	___ -	____ -	____ -	____ -	___ 2.360	____ 2.360	___ (7)	____ 2.353
Other comprehensive income Share of reserves movement of associated companies Transfer between reserves	___ - -	___ - -	____ 237 (11.440)	____ - -	____ - -	___ - 11.440	____ 237 -	___ - -	____ 237 -
Total comprehensive income for the period	_ - _	_ - _	_ (11.203) _	_ - _	_ - _	_ 13.800 _	_ 2.597 _	_ (7) _	_ 2.590 _
Transactions with owners Loss of control of subsidiary	-	-	-	-	-	(22)	(22)	2	(20)
Balance at 30 June 2017 (unaudited)	___ 59.173 ===========	___ 910 ===========	____ 104.063 ============	____ 17.236 ============	____ (15) ============	___ 91.538 ===========	____ 272.906 ============	___ 6.793 ===========	____ 279.699 ============
Balance at 1 January 2018	59.173	910	106.344	17.236	(15)	91.324	274.973	6.784	281.757
Comprehensive income Profit for the period	___ -	___ -	____ -	____ -	____ -	___ 2.015	____ 2.015	____ (6)	____ 2.009
Other comprehensive income Share of reserves movement of associated companies	___ -	___ -	____ (64)	____ -	____ -	___ -	____ (64)	____ -	____ (64)
Total comprehensive income for the period	_ - _	_ - _	_ (64) _	_ - _	_ - _	_ 2.015 _	_ 1.951 _	_ (6) _	_ 1.945 _
Balance at 30 June 2018 (unaudited)	59.173 ==========	910 ===========	106.280 ===========	17.236 ===========	(15) ============	93.340 ==========	276.923 ===========	6.778 ===========	283.701 ===========

Interim Condensed Consolidated statement of cash flows for the period ended 30 June 2018

	30 June 2018 Unaudited €000	30 June 2017 Unaudited €000
Cash flows from operating activities Cash used in operations	(499)	(485)
Net cash used in operating activities	_ (499) _	_ (485) _
Cash flows from investing activities
Interest received	-	214
Additions in investment property	-	(86)
Proceeds from dividends received	2.912	2.548
Disposal of investment in property	-	30.750
Loans to related parties	(850) ____	(9.114) ____
Net cash from investing activities	2.062 ____	24.313 ____
Cash flows from financing activities
Proceeds from new borrowings	-	380
Repayments of borrowings	-	(21.779)
Interest paid	(1)	(306)
Net cash used in financing activities	_ (1) _	_ (21.705) _
Net increase/(decrease) in cash, cash equivalents and bank overdrafts	1.562	2.123
Cash, cash equivalents and bank overdrafts at beginning of period	1.343 ____	(285) ____
Cash, cash equivalents and bank overdrafts at end of period	2.905	1.838
	==========	==========