Vassilico Cement Works Public Company LTD

Earnings Release • Feb 19, 2016

Results Indication for the Financial Year 2015 and Explanatory Note

The Board of Directors of Vassiliko Cement Works Public Company Ltd approved on the 18 th February 2016 the results indication for the year 2015, as this is presented in the Consolidated Statement of Comprehensive Income on page 2.

The revenue for 2015 reached €90.036.000 compared to €84.110.000 for 2014, showing an increase of 7%.

The sustained high volumes of exports, coupled with an improvement in their average price, resulted in an increase in revenues. Increased revenues together with cost containment measures, resulted in the improvement of the operating results for the year to a profit of €17.679.000 (2014: €8.909.000).

Loss from investing activities of €1.110.000 (2014: €279.000) mainly resulted from the revaluation of investment property, assets classified as held for sale and available-for-sale financial assets.

Financial expenses reduced to €375.000 (2014: €1.811.000) following the repayment of €13.278.000 of loans, the reduction of interest rates as well as exchange gains of €582.000 (2014: €160.000).

The profit after tax for 2015 reached €12.830.000 compared to €5.155.000 in 2014.

VASSILIKO CEMENT WORKS PUBLIC COMPANY LTD

Consolidated Statement of Comprehensive Income

Year ended 31 December 2015

	Year ended 31 December
	2015 €000	2014 €000
Revenue Cost of sales	90.036 (63.264)	84.110 (67.391)
Gross profit	26.772	16.719
Other operating income Distribution expenses	658 (4.965)	2.504 (5.047)
Administrative expenses	(3.088)	(2.926)
Other operating expenses	(1.698)	(2.341)
Operating profit before financing costs	17.679	8.909
Financial income	5	17
Financial expenses	(375)	(1.811)
Net financing costs	(370)	(1.794)
Loss from investing activities	(1.110)	(279)
Share of loss from equity-accounted investees	(283)	(378)
Profit before tax	15.916	6.458
Taxation expense	(3.086)	(1.303)
Profit for the financial period	12.830	5.155
Other comprehensive (loss)/income
Cash flow hedges – effective portion of changes in fair value	(75)	-
Tax on other comprehensive income	(86)	346
Other comprehensive (loss)/income for the period	(161)	346
Total comprehensive income for the period	12.669	5.501
Profit attributable to:
Equity holders of the parent Non-controlling interest	12.830 -	5.155 -
	12.830	5.155
Total comprehensive income attributable to:
Equity holders of the parent Non-controlling interest	12.669 -	5.501 -
	12.669	5.501
Basic and diluted earnings per share (cents)	17,8	7,2

Notes

1. 2015 figures have not yet been audited by the Company's statutory auditors.

2. The accounting principles follow ed for the calculation of the profit indication of ²⁰¹⁵ w ere the same as those used for the preparation of the financial statements for the year ended 31 December 2014.