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C.C.C. HOLDINGS & INVESTMENTS PUBLIC COMPANY LIMITED

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Year ended 31 December 2007


REPORT AND CONSOLIDATED FINANCIAL STATEMENTS


C O N T E N T S

Page

Officers and professional advisers 1

Directors’ report 2 & 3

Declaration of directors and other responsible officers in respect of the preparation of the financial statements 4

Independent auditors’ report 5 & 6

Consolidated income statement 7

Parent company income statement 8

Consolidated statement of changes in equity 9

Parent company statement of changes in equity 10

Consolidated balance sheet 11

Parent company balance sheet 12

Consolidated cash flow statement 13

Parent company cash flow statement 14

Notes to the consolidated financial statements 15 - 46

1


OFFICERS AND PROFESSIONAL ADVISERS

Directors George St. Galatariotis, Executive Chairman

Thomas M. Schmidheiny (Swiss), Vice Chairman

Costas St. Galatariotis, Managing Director

Vassos Lazarides, Finance Director

Stavros G. GalatariotisMichalis Christoforou Avraam HadjigiovannisAlexis G. Galatariotis Michalis Moushiouttas Tasos Anastasiou (appointed on 11 March 2008)

Secretary C.C.C. Secretarial Limited

Independent Auditors KPMG

Legal Advisers Chrysses Demetriades & Co

Bankers Bank of Cyprus Public Company Limited

National Bank of Greece (Cyprus) Limited

Alpha Bank Cyprus Limited

Registered office 197 Makarios III Avenue, Gala Tower, 3030, Limassol

Registration number HE 31849

2C.C.C. HOLDINGS & INVESTMENTS PUBLIC COMPANY LIMITED

DIRECTORS’ REPORT

The Board of Directors presents its annual report and the audited consolidated financial statements for the year ended 31 December 2007.PRINCIPAL ACTIVITIESThe principal activity of the Company continues to be that of an investment holding company. Other activities include the provision of credit facilities for investments in quoted shares. Since March 2005 K+G Complex Public Company Limited (K+G) has become a subsidiary company. The principal activities of this subsidiary are the construction and sale of residential units and the development and sale of land located in the Amathus area of Limassol, the sale of shops and flats in the Galatex Beach Centre in the tourist area of Yermasoyia, Limassol and the holding of investments. Since August 2007, The Cyprus Cement Public Company Limited (CCC Ltd) has become a subsidiary company as a result of the increased shareholding of K+G in the share capital of CCC Ltd. The principal activities of CCC Ltd are the manufacture and sale of cement and the acquisition of strategic investments in companies operating in related and other fields of business, including quarrying, industrial laundry and dry-cleaning and hotel and tourism. REVIEW OF CURRENT POSITION AND OPERATIONAL PERFORMANCEThe consolidated financial results for the year and the Group’s position at 31 December 2007 are presented on pages 7 and 11 of the financial statements, respectively. The net profit for the year attributable to the shareholders of the Company amounted to £12.510.998, compared to £1.646.150 in 2006. Total equity at 31 December 2007 amounted to £148.897.197 (2006: £26.907.044).The consolidated turnover amounted to £13.512.457 in 2007, compared to £163.001 in 2006. At the same time, consolidated cost of sales increased from £52.055 in 2006 to £10.166.450 in 2007. As a result of the above, the consolidated gross operating profit increased from £110.946 in 2006 to £3.346.007 in 2007.After the deduction of administration, selling and distribution and other operational expenses, totaling £1.677.707 (2006: £629.309), the net operating profit for the year amounted to £1.728.273, compared to a loss of £497.973 in 2006. After deducting net financing costs (including exchange differences) and the results of associated companies, the profit for the year before taxation amounted to £13.003.401 (2006: £1.488.490).DEVIATION FROM THE INDICATIVE RESULTS FOR THE YEARThe deviation of the final results for the year of £12,82 million from the indicative results of £20,35 million announced on 3 March 2008, is due to recalculation of the negative goodwill.The original provisional calculation of negative goodwill was based on the total number of shares held by the Company while the revised calculation is based on the shares acquired during the year 2007, in accordance with the provisions of IFRS3.The net asset value of the Group is not affected by the above change because the difference between the fair value of net identifiable assets attributable to the shares held prior to 1 January 2007 and the carrying amount of the investment has been transferred to capital reserve as revaluation reserve.BOARD OF DIRECTORSThe present membership of the Board of Directors is set out on page 1. There were no changes in the assignment of responsibilities and the remuneration of the members of the Board of Directors during the year under review.In accordance with the Company’s Articles of Association Messrs Vassos Lazarides and Costas St. Galatariotis retire by rotation and, being eligible, offer themselves for re-election, while Mr. Tasos Anastasiou retires and offers himself for election.DIVIDENDSThe Board of Directors does not recommend the payment of a dividend.SHARE CAPITALThere were no changes in the issued share capital of the Company during the year under review and up to the date of the financial statements.


DIRECTORS’ REPORT (Cont’d)

MAIN RISKS AND UNCERTAINTIESThe activities of the Group are subject to various risks and uncertainties related to the construction and tourism industries in general. These activities are influenced by a number of factors which include, but are not restricted to, the following:o National and international economic and geopolitical factors;o The growth of the construction and real estate sectors;o The impact of war, terrorist acts, diseases and epidemics which are likely to influence tourists’ arrivals on the island;o Increases in labour and energy costs;o Increased domestic competition as well as competition from neighboring countries.In addition, the land of K+G is located in short distance from Ancient Amathounda where the discovery of antiquities is probable. In such a case, part of the land owned by the subsidiary will have to be expropriated and the subsidiary will be compensated on the basis of the current market value of the land.Details of the Group’s exposure to credit, interest and foreign currency risks are given in note 6 to the financial statements.

FUTURE DEVELOPMENTS

The performance of the parent company is not expected to change significantly in the foreseeable future. The separation of part of the land of K+G into plots for sale has been completed and they are now available for sale. K+G also proceeds with the development of four new luxury villas for sale. Except as mentioned in the following paragraph, the Board of Directors does not expect any significant changes in the activities of the Group in the foreseeable future.

EVENTS AFTER THE BALANCE SHEET DATE

On 1st January 2008 CCC Ltd acquired 25,3% of Vassiliko Cement Works Public Company Ltd in return for the sale of its cement manufacturing and distribution operations and its interest in C.C.C. Buildings Materials Ltd.

On 1 January 2008, date of introduction of the Euro as the new official currency of the Republic of Cyprus, the functional currency of the Company and its subsidiaries changed from Cyprus pounds to the Euro. As a result of this change, as from 1 January 2008 all assets and liabilities of the Group have been converted using the fixed conversion rate of €1=£0,585274.

BRANCHES

The Group did not operate through any branches during the year under review.

CONTRACTS WITH DIRECTORS AND RELATED PARTIES

Other than the transactions and balances disclosed in notes 22, 23, 29 and 31 to the financial statements, there were no other significant contracts entered by the Group at 31 December 2007 in which members of the Board of Directors or other related parties had any significant interest.

LAND REGISTERED IN THE NAME OF THE GOVERNMENT OF THE REPUBLICAn area of 6,3 hectares of land has been expropriated during the years 1989 to 2002 by the Government of the Republic from third parties for the account of CCC Ltd at a cost of £474.946 and was used by CCC Ltd for quarrying purposes. This land is registered in the name of the Government of the Republic for the account of CCC Ltd.

CORPORATE GOVERNANCE CODE

The Company’s Board of Directors has considered the provisions of the Corporate Governance Code. At this stage the Company does not comply with the provisions in question but intends to consider them again and decide accordingly.

INDEPENDENT AUDITORS

The independent auditors of the Company, Messrs KPMG, have expressed their willingness to continue in office and a resolution authorizing the Board of Directors to fix their remuneration will be submitted at the Annual General Meeting.

By order of the Board

SecretaryLimassol, 7 April 2008


DECLARATION OF DIRECTORS AND OTHER RESPONSIBLE OFFICERSIN RESPECT OF THE PREPARATION OF THE FINANCIAL STATEMENTS

In accordance with Article 9 sections (3c) and (7) of the Transparency Requirements (Traded Securities in Regulated Markets) Law 2007 we, the members of the Board of Directors and the Company official responsible for the drafting of the consolidated and the Company’s separate financial statements of C.C.C. Holdings & Investments Public Company Limited for the year ended 31 December 2007, on the basis of our knowledge, declare that:

a) The annual consolidated and Company’s separate financial statements which are presented on pages 7 to 46:(i) have been prepared in accordance with the applicable International Financial Reporting Standards and the

provisions of section (4), and(ii) provide a true and fair view of the particulars of assets and liabilities, the financial position and the profit or loss

of the consolidated and Company’s separate financial statements as a whole and

b) The Board of Directors’ report provides a fair view of the developments and the performance as well as the position of the Group and the Company, together with α description of the main risks and uncertainties which they face.

……………………………………George St. Galatariotis Executive Chairman

……………………………………Costas St. GalatariotisManaging Director

…………………………………...Stavros G. GalatariotisDirector

……………………………………Michalis ChristoforouDirector

……………………………………Michalis Mousiouttas Director

……………………………………Thomas M. Schmidheiny Vice-Chairman

……………………………………Vassos G. LazaridesFinance Director

……………………………………Alexis G. GalatariotisDirector

……………………………………Avraam HadjigiovannisDirector

………………………Tasos AnastasiouDirector

………………………Elena StylianouFinancial Controller

7 April 2008

5

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

OF


Report on the Consolidated and Company’s separate Financial Statements

We have audited the consolidated financial statements of C.C.C. Holdings & Investments Public Company Limited (the “Company”) and its subsidiaries (the “Group”) and the Company’s separate financial statements on pages 7 to 46, which comprise the balance sheets of the Group and the Company as at 31 December 2007, and the income statements, statements of changes in equity and cash flow statements of the Group and the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Board of Directors’ Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the preparation and fair presentation of these consolidated and Company’s separate financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated and Company’s separate financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

6

Opinion

In our opinion, the consolidated and Company’s separate financial statements give a true and fair view of the financial position of the Group and the Company as of 31 December 2007, and of the financial performance and the cash flows of the Group and the Company for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU and the requirements of the Cyprus Companies Law, Cap. 113.

Report on Other Legal Requirements

Pursuant to the requirements of the Companies Law, Cap. 113, we report the following: We have obtained all the information and explanations we considered necessary for the purposes of our audit. In our opinion, proper books of account have been kept by the Company. The Company’s financial statements are in agreement with the books of account. In our opinion and to the best of the information available to us and according to the explanations given to us, the

financial statements of the Group and the Company give the information required by the Companies Law, Cap. 113, in the manner so required.

In our opinion, the information given in the report of the Board of Directors on pages 2 & 3 is consistent with the consolidated and Company’s separate financial statements.

Other Matter

This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 156 of the Companies Law, Cap.113 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.

Chartered Accountants

Limassol, 7 April 2008


CONSOLIDATED INCOME STATEMENTYear ended 31 December 2007

Supplementary informationin Euro (note 39)

2007 2006 2007 2006Note £ £ € €

Revenue 13.512.457 163.001 23.087.404 278.504Cost of sales (10 .166.450 (52 .055 (17 .370.411 (88 .941 Gross profit 3.346.007 110.946 5.716.993 189.563Other operating income 7 59.973 20.390 102.470 34.838Administration expenses (1.246.745) (483.767) (2.130.190) (1.343.660)Selling and distribution expenses (115.639) (7.622) (197.581) (13.023)Other operating expenses 8 ( 315 .323 (137 .920 ( 538 .76 (235 .650 Operating profit/(loss) before financing expenses 1 . 7 28.273 (497 .973 2 .9 52.930 (1 .367.932 Financial income 10 200.715 106.220 342.942 181.488Financial expenses 10 (1 .419.435 (666 .803 (2 .423.249 (622 .206 Net financing expenses (1 .218.720 (560 .583 (2 .082.307 (440 .718 Operating profit/(loss) after financing expenses 509.553 (1.058.556) 870.623 (1.808.650)Νegative goodwill written off 15 12.011.848 2.097.425 20.523.461 3.583.663Share of profits of associates 482 .000 449 .621 823 .546 768 .223 Profit before taxation 9 13.003.401 1.488.490 22.217.630 2.543.236Taxation (expense)/income 11 (181 .602 27 .259 (310 .286 46 .575 Profit after taxation 1 2 .821.799 1 .515.749 2 1 .907.344 2 .589.811 Attributable to : Equity holders of the parent Company 12.510.998 1.646.150 21.376.309 2.812.614 Minority interest 310 .801 (130 .401 531 .035 (222 .803 Profit for the year 1 2 .821.799 1 .515.749 2 1 .907.344 2 .589.811

cents cents cents cents

Basic and diluted earnings per share 12 28,43 3,74 48,58 6,39

The notes on pages 15 to 46 form an integral part of the financial statements.

8


PARENT COMPANY INCOME STATEMENTYear ended 31 December 2007


Note 2007 2006 2007 2006£ £ € €

Administration expenses (56 .424 (72 .292 (96 .406 (123 .518

Financial income 10 68.234 71.257 116.584 121.750Financial expenses 10 (324 .159 (289 .742 (553 .858 (495 .054 Net financing expenses (255 .925 (218 .485 (437 .274 (373 .304 Loss before taxation 9 (312.349) (290.777) (533.680) (496.822)Taxation 11 - - - -

Loss after taxation (312 .349 (290 .777 (533 .680 (496 .822



CONSOLIDATED STATEMENT OF CHANGES IN EQUITYYear ended 31 December 2007

Reserve Equityarising on settled

Share Investments the adoption share based capital Capital revaluation Revenue of the equity compensation Minority Total (note 26) reserve reserve reserve method reserve Total interest equity £ £ £ £ £ £ £ £ £Balance 1 January 2006 11.000.000 (509.934) 3.263.992 8.606.681 - - 22.360.739 8.170.143 30.530.882Acquisition of additional shareholding in subsidiary - - - - - - - (5.211.607) (5.211.607)Effect of share in associated companies : Transfer to income statement due to sale of revalued property, plant and equipment - - (38.581) 38.581 - - - - - Provision for deferred tax on deemed distribution - - - (70.504) - - (70.504) - (70.504) Expenses for the issue of new shares - (4.194) - - - - (4.194) - (4.194) Transfer from deferred tax - - 7.471 - - - 7.471 - 7.471 Adjustment in reserves relating to minority due to change in shareholding of associated company

- - - 138.637 - - 138.637 - 138.637

Shares in other reserves of associated companies - 601 - - - - 601 - 601 Sale of shares in associated companies - - 9 - - - 9 - 9Net profit for the year - - - 1 .646.150 - - 1 .646.150 (130 .401 1 .515.749 Balance 31 December 2006 11 .000.000 (513 .527 3 .232.891 10 .359.545 - - 24 .078.909 2 .828.135 26 .907.044

Balance 1 January 2007 11.000.000 (513.527) 3.232.891 10.359.545 - - 24.078.909 2.828.135 26.907.044Minority interest on acquisition - - - - - - - 68.937.664 68.937.664Minority interest on acquisition in subsidiary of subsidiary - - - - - - - 17.361.398 17.361.398Revaluation reserve - 23.083.793 - - - - 23.083.793 - 23.083.793Acquisition of additional shareholding in subsidiary - - - 137.605 - - 137.605 (137.605) -Share in other reserves of associated companies - - - - (14.003) - (14.003) (14.031) (28.034)Senior management share options scheme value of compensation - - - - - 62.246 62.246 62.370 124.616Revaluation of available for sale investments - - 1.393.349 - - - 1.393.349 279.942 1.673.291Reversal of revaluation of shares in associate - - (1.648.939) - - - (1.648.939) (331.293) (1.980.232)Provision for deferred tax on deemed distribution - - - (2.074) - - (2.074) (2.068) (4.142)Net profit for the year - - - 12 .510.998 - - 12 .510.998 310 .801 12 .821.799

Balance 31 December 2007 11 .000.000 22 .570.266 2 .977.301 23 .006.074 (14 .003 62 .246 59 .601.884 89 .295.313 148 .897.197


10


PARENT COMPANY STATEMENT OF CHANGES IN EQUITYYear ended 31 December 2007

Share capital Revenue Total (note 26) reserve equity £ £ £

Balance 1 January 2006 11.000.000 3.688.902 14.688.902Net loss for the year - (290 .777 (290 .777 Balance 31 December 2006 11 .000.000 3 .398.125 14 .398.125

Balance 1 January 2007 11.000.000 3.398.125 14.398.125Net loss for the year - (312 .349 (312 .349 Balance 31 December 2007 11 .000.000 3 .085.776 14 .085.776



CONSOLIDATED BALANCE SHEET 31 DECEMBER 2007Supplementary information

in Euro(note 39)Note 2007 2006 2007 2006

£ £ € €ASSETSNon-current assets Property, plant and equipment 13 188.912.771 407 322.776 695Investments in associated companies 14 3. 22.187.728 5.705 37.909.984Available-for-sale investments 16 2.855.079 32.100 4.878.192 54.846Long-term loan granted to shareholder 17 - 309.341 - 528.540Trade and other receivables 20 2 .850 9 .805 4 .870 16 .753 Total non-current assets 191 .774.039 22 .539.381 327 .665.400 38 .510.818 Current assetsProperty under development 18 8.509.975 8.184.818 14.540.156 13.984.392Inventories 19 1.094.961 - 1.870.852 -Trade and other receivables 20 6.565. 1.945.852 11.217.572 3.324.686Amounts receivable from related parties 22 1.263.555 1.205 2.158.912 2.059Short-term loans granted to third parties 23 223.484 283.012 381.845 483.555Tax receivable 443.228 154.432 757.300 263.863Cash at bank and in hand 24 4 .455.508 472 .316 7 .612.687 807 .000 Total current assets 22.556.0 11.041.635 38.539.324 18.865.755Non-current assets/disposal group classified as held for sale 25 24 .561.459 - 41 . 9 -

47 .117.523 11 .041.635 80 .505.068 18 .865.755 Total assets 238 .891.562 33 .581.016 408 .170.468 57 .376.573

EQUITY AND LIABILITIESEquity attributable to equity holders of the parentIssued share capital 26 11.000.000 11.000.000 18.794.616 18.794.616Reserves 48 .601.884 13 .078.909 83 .041.249 22 .346.643

59.601.884 24.078.909 101.835.865 41.141.259Minority interest 89 .295.313 2 .828.135 152 .570.100 4 .832.156 Total equity 148 .897.197 26 .907.044 254 .405.965 45 .973.415 Non –current liabilitiesInterest bearing loans 27 48.876.650 5.900.000 83.510.715 10.080.749Deferred tax liability 28 28 .281.124 32 .942 48 .321.169 56 .285

77 .157.774 5 .932.942 131 .831.884 10 .137.034 Current liabilitiesInterest bearing loans 27 3.854.878 117.860 6.586.450 201.376Amount payable to related parties 29 429.475 36.381 733.802 62.161Creditors and other payables 30 4.594.959 535.081 7.850.955 913.737Taxation payable 46.379 - 79.243 -Bank overdrafts 24 3 .910.900 51 .708 6 .682.169 88 .348

12 .836.591 741 .030 21 .932.619 1 .266.124 Total equity and liabilities 238 .891.562 33 .581.016 408 .170.468 57 .376.573

These financial statements were approved by the Board of Directors on 7 April 2008.…...........................................George St. GalatariotisExecutive Chairman

…...........................................Vassos LazaridesFinance Director



PARENT COMPANY BALANCE SHEET 31 DECEMBER 2007


Note 2007 2006 2007 2006 £ £ € €

ASSETS

Non-current assets Investments in associated companies 14 9.035.632 8.565.757 15.438.294 14.635.465Investment in subsidiaries 15 9.428.762 9.328.363 16.109.996 15.938.454Available-for-sale investments 16 32.100 32.100 54.846 54.846Long-term loan granted to shareholder 17 - 309 .341 - 528 .541

18 .496.494 18 .235.561 31 .603.136 31 .157.306 Current assetsTrade and other receivables 20 22.086 - 37.736 -Amount receivable from subsidiary company 21 515.097 1.131.955 880.095 1.934.060Amounts receivable from related parties 22 1.500 140 2.563 239Corporation tax refundable 15.522 15.522 26.521 26.521Special contribution to the defence fund refundable 4.075 4.075 6.963 6.963Short-term loans granted to third parties 23 263.349 283.012 449.959 483.554Cash at bank 24 64 .601 - 110 .377 -

886 .230 1 .434.704 1 .514.214 2 .451.337 Total assets 19 .382.724 19 .670.265 33 .117.350 33 .608.643 EQUITY AND LIABILITIESEquity Issued share capital 26 11.000.000 11.000.000 18.794.616 18.794.616Retained earnings 3 .085.776 3 .398.125 5 .272.361 5 .806.041 Total equity 14 .085.776 14 .398.125 24 .066.977 24 .600.657 Non-current assetsInterest bearing loans 27 4 .900.000 4 .900.000 8 .372.147 8 .372.147 Current liabilities Interest bearing loans 27 143.242 80.119 244.744 136.891Creditors and other payables 30 253.706 250.345 433.482 427.740Bank overdrafts 24 - 41 .676 - 71 .208

396 .948 372 .140 678 .226 635 .839 Total equity and liabilities 19 .382.724 19 .670.265 33 .117.350 33 .608.643

These financial statements were approved by the Board of Directors on 7 April 2008.

..............................................George St. GalatariotisExecutive Chairman

..............................................Vassos LazaridesFinance Director



CONSOLIDATED CASH FLOW STATEMENTYear ended 31 December 2007


2007 2006 2007 2006Note £ £ € €

Cash flows from operating activitiesNet profit before taxation 13.003.401 1.488.490 22.217.630 2.543.236Adjustments for : Negative goodwill written off 15 (12.011.848) (2.097.425) (20.523.461) (3.583.663) Depreciation of property plant and equipment 676.290 1.906 1.155.510 3.257 Share of profits in associated companies (482.000) (449.621) (823.546) (768.223) Share option granted to senior management 124.616 - 212.919 - Minority interest on acquisition in subsidiary of subsidiary 17.361.398 - 29.663.709 - Reversal of revaluation of share in associate (1.980.232) - (3.383.427 Interest payable 1 .317.959 364 .161 2 .251.867 622 .206 Operating profit/(loss) before working capital changes 18.009.584 (692.489) 30.771.201 (1.183.187)Decrease/(increase) in property under development 1.509.248 (811.126) 2.578.703 (1.385.891)Decrease in inventories 441.822 - 754.896 -Net change in movements with related parties 356.215 22.979 608.629 39.262Decrease/(increase) in loan granted to shareholder 309.341 (309.341) 528.540 (528.540)Decrease in trade and other receivable amounts 475.673 1.418.952 812.737 2.424.423Decrease in trade and other payable amounts (707 .350 (72 .616 (1 .208.579 (124 .072 Cash inflow/(outflow) from operations 20.394.533 (443.641) 34.846.127 (758.005)Interest paid (1.317.959)(211.494) (2.251.867) (361.359)Taxation paid (273 .712 (19 .037 (467 .664 (32 .527 Net cash inflow/(outflow) from operations 18 .802.862 (674 .172 32 .126.596 (1 .151.891

Cash flows from investing activitiesAcquisition of shares in associated companies - (13.218) - (22.584)Purchase of additional shareholding in subsidiary company (15.804.392) (3.137.724) (27.003.407) (5.361.120)Acquisition of available for sale investments (1 .114.878 - (1 .904.882 - Net cash outflow from investing activities (16 .919.270 (3 .150.942 (28 .908.289 (5 .383.704

Cash flows from financing activitiesChange in bank loans (1.819.120) 5.900.000 (3.108.151) 10.080.749Decrease in short-term loans granted to third parties 59 .528 484 .414 101 .710 827 .670 Net cash inflow from financing activities (1 .759.592 6 .384.414 (3 .006.441 10 .908.419 Increase in cash and cash equivalents 124.000 2.559.300 211.866 4.372.824Cash and cash equivalents 24 1 January 420 .608 (2 .138.692 718 .652 (3 .654.172 31 December 544 .608 420 .608 930 .518 718 .652



PARENT COMPANY CASH FLOW STATEMENTYear ended 31 December 2007

Supplementary information

in Euro (note 39) 2007 2006 2007 2006

Note £ £ € €Cash flows from operating activitiesNet loss before taxation (312.349) (290.777) (533.680) (496.822)Adjustments for : Interest payable 323.995 263.781 553.578 450.697 Interest receivable (67 .694 (71 .257 (115 .662 (121 .750 Operating loss before working capital changes (56.048) (98.253) (95.764) (167.875)Loan granted to shareholder - (309.341) - (528.540)Increase in creditors and other payables 3.361 2.500 5.743 4.271Decrease/(increase) in amount receivable from subsidiary company 616.858 (887.785) 1.053.965 (1.516.871

)Increase in trade and other receivables (22.086) - (37.736) -Increase in amounts receivable from related companies (1 .360 (10 ) (2 .324 (17

)Cash inflow/(outflow) from operations 540.725 (1.292.889

)923.884 (2.209.032

)Interest paid (260.872) (183.662) (445.726) (313.805)Interest received 67 .694 71 .257 115 .662 121 .750 Net cash inflow/(outflow) from operations 347 .547 (1 .405.294

)

593 .820 (2 .401.087

)

Cash flows from investing activitiesAcquisition of shares in associated and subsidiary companies (570 .274 (3 .144.204

) (974 .371 (5 .372.191

)Net cash outflow from investing activities (570 .274 (3 .144.204

)

(974 .371 (5 .372.191

)

Cash flows from financing activitiesDecrease in loan granted to shareholder 309.341 - 528.541 -New loan - 4.900.000 - 8.372.147Decrease in loans provided to third parties 19 .663 484 .414 33 .596 827 .670 Net cash inflow from financing activities 329 .004 5 .384.414 562 .137 9 .1 Increase in cash and cash equivalents 106.277 834.916 181.586 1.426.539Cash and cash equivalents 24 1 January (41 .676 (876 .592 (71 .208 (1 .497.746

) 31 December 64 .601 (41 .676 110 .378 (71 .207


15 C.C.C. HOLDINGS & INVESTMENTS PUBLIC COMPANY LIMITED

Notes to the consolidated financial statementsYear ended 31 December 2007

1. REPORTING ENTITY AND PRINCIPAL ACTIVITIES

C.C.C. Holdings & Investments Public Company Limited (the “Company” was incorporated in Cyprus on 14 April 1988 as a private limited liability company and in September 1988 it was converted into a public company in accordance with the provisions of the Companies Law, Cap.113. Its Registered Office is situated at 197 Makarios III Avenue, Gala Tower, 3030 Limassol. The principal activity of the Company continues to be that of an investment holding company. Other activities include the provision of credit facilities for investments in quoted shares. Since March 2005 K+G Complex Public Company Limited (K+G) has become a subsidiary company. The principal activities of this subsidiary are the construction and sale of residential units and the development and sale of land located in the Amathus area of Limassol, the sale of shops and flats in the Galatex Beach Centre in the tourist area of Yermasoyia, Limassol and the holding of investments. Since August 2007, The Cyprus Cement Public Company Limited (CCC Ltd) has become a subsidiary company as a result of the increased shareholding of K+G in the share capital of CCC Ltd. The principal activities of CCC Ltd are the manufacture and sale of cement and the acquisition of strategic investments in companies operating in related and other fields of business, including quarrying, industrial laundry and dry-cleaning and hotel and tourism. The Company is a tax resident of Cyprus in accordance with the provisions of the Income Tax Law 118 (I) 2002.

2. PUBLIC COMPANY STATUSThe Company is a public company in accordance with the provisions of the Companies Law, Cap. 113 and the Cyprus Stock Exchange Law and Regulations. Its shares are listed on the Cyprus Stock Exchange.

3. BASIS OF PREPARATION(a) Statement of compliance

The consolidated financial statements of the Group for the year ended 31 December 2007 comprise the Company and its subsidiaries K + G Complex Public Company Limited and The Cyprus Cement Public Company Limited (together referred to as the “Group”) and the Group’s interest in associates. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113 and the Cyprus Stock Exchange Law and Regulations.The consolidated financial statements were approved by the Board of Directors on 7 April 2008.

(i) Adoption of new and revised International Financial Reporting Standards

In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the IASB and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 January 2007. The adoption of these new and revised Standards and Interpretations has not resulted in significant changes to the Group’s accounting policies and therefore does not affect the amounts reported for the current or prior years.

(ii) Standards and Interpretations in issue but not yet effective:

As at the date of approval of these financial statements the following Standards and Interpretations, relevant to the Group’s operation were in issue but not yet effective:Standards and Interpretations adopted by the EU

IFRS 8: “Operating Segments” (effective for annual periods beginning on or after 1 January 2009.) IFRIC 11: “IFRS 2: Group and Treasury Share Transactions” (effective for annual periods beginning on or after 1 March 2007). The application of the above standard and interpretation is not expected to have a significant impact on the financial statements of the Group. Standards and Interpretations not adopted by the EU

IAS 1 (revised): “Presentation of Financial Statements: A Revised Presentation” (effective for annual periods beginning on or after 1 January 2009). IAS 23 (revised): “Borrowing Costs” (effective for annual periods beginning on or after 1 January 2009). IFRIC 12: “Service Concession Arrangements” (effective for annual periods beginning on or after 1 January 2008). IFRIC 13: “Customer Loyalty Programmes” (effective for annual periods beginning on or after 1 July 2008). The application of the above Standards and Interpretations is not expected to have a significant impact on the financial statements of the Group.



3. BASIS OF PREPARATION (cont’d)

(b) Basis of preparation and measurement

The consolidated financial statements have been prepared on the historical cost basis, modified to include the fair value of available-for-sale investments and property, plant and equipment. The accounting policies followed by the Group have been consistently applied by the Group companies.The methods used to measure fair values are discussed further in note 5.

(c) Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment in which the Group companies operate (“the functional currency”). These statements are presented in Cyprus pounds (£), which is the Group companies’ functional currency.

(d) Use of estimates and judgementsThe preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

4. SIGNIFICANT ACCOUNTING POLICIES(a) Basis of consolidation(i) Subsidiaries

Subsidiaries are those entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group.

(ii) Associates (equity accounted investees)

Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting power of another entity. Associates are accounted for using the equity method (equity accounted investees) and are initially recognized at cost. The Group’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.

(iii) Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealized gains arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated to the extent of the Group’s interest in the enterprise against the investment in the associate. Unrealized losses are eliminated in the same way as unrealized gains except that they are only eliminated to the extent that there is no evidence of impairment.

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C.C.C. HOLDINGS & INVESTMENTS PUBLIC COMPANY LIMITEDNotes to the consolidated financial statements


4. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

(b) Foreign currency transactionsTransactions in foreign currencies are translated to Cyprus pounds at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Cyprus pounds at the exchange rate ruling at that date. Foreign exchange differences arizing on translation are recognized in the income statement for the year. Non-monetary assets and liabilities denominated in foreign currencies are translated to Cyprus pounds at the exchange rate ruling at the date of the transaction.

(c) Financial instruments(i) Non-derivative financial instruments

Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.Non- derivative financial instruments are recognized initially at fair value plus, for instruments not at fair value thought profit or loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial instruments are measured as described below.Cash and cash equivalents comprise cash balances and cash in hand. Bank overdrafts that are repayable on demand and form an integral part to the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.Loans and receivables are included in current assets, except for maturities greater than twelve months after the balance sheet date. These are classified as non-current assets.Borrowing are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date.Accounting for finance income and expense is discussed in note 4(r) below:Investments in equity and debt securities are accounted for as follows: Available-for-sale financial assets

The Group’s investments in equity securities and certain debt securities are classified as available for-sale financial assets. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses (see note 4(k)) and foreign exchange gains and losses on available-for-sale monetary items (see note 4b) are recognized directly in equity. When an investment is derecognized, the cumulative gain or loss in equity is transferred to profit or loss.

Investments in subsidiaries:In the Company’s financial statements, investments in subsidiaries (refer to accounting policy 4a (i)) are carried at cost less any amounts written off to recognize declines, other than temporary, in the value of the investment (refer to accounting policy 4(k)).Investments in associates:Investments in associates are accounted for in the consolidated financial statements under the equity method (refer to accounting policy 4a(ii)) and in the Company’s financial statements at cost, less impairment losses (refer to accounting policy 4(k)).

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4. SIGNIFICANT ACCOUNTING POLICIES (cont’d)(c) Financial instruments (cont’d)(i) Non-derivative financial instruments (cont’d)

Held-to-maturity investments

If the Group has the positive intent and ability to hold debt securities to maturity, then they are classified as held-to-maturity. Held-to-maturity investments are measured at amortized cost using the effective interest method, less any impairment losses. Financial assets at fair value thought profit or loss:

An instrument is classified at fair value through profit or loss if it is held for trading or is designated as such upon initial recognition. Financial instruments are designated at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group’s documented risk management or investment strategy. Upon initial recognition attributable transaction costs are recognised in profit or loss when incurred. Financial instruments at fair value, through profit or loss are measured at fair value, and changes therein are recognized in profit or loss.

Other

Other non-derivative financial instruments are measured at amortized cost using the effective interest method, less any impairment losses (refer to accounting policy 4(k)).

(ii) Share capital

Ordinary Shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity.

Repurchase of share capital (treasury shares)

When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as reserve for own shares and are presented as a deduction from total equity. When repurchased shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/from retained earnings.

(d) Property, plant and equipment (i) Recognition and measurement

Items of property, plant and equipment are measured at cost or revaluated amounts less accumulated deprecation and accumulated impairment losses (refer to accounting policy 4(k)(ii)).

(ii) Cost

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, labour and any other cost directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the side on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Borrowing costs related to acquisition or construction of qualifying assets is recognized in profit or loss as incurred.When parts of an item of property, plant and equipment have different useful lives they are accounted for as separated items (major components) of property, plant and equipment.




(d) Property, plant and equipment (cont’d) (iii) Revaluation

When an asset’s carrying amount is increased as a result of a revaluation, the increase is credited directly to equity under the heading of revaluation reserve. The increase is recognized in the income statement for the year to the extent that it reverses a revaluation decrease of the same asset previously recognized in the income statement. When an asset’s carrying amount is decreased as a result of a revaluation, the decrease is recognized in the income statement for the year. However, the decrease is debited directly to equity to the extent of any credit balance existing in the revaluation reserve in respect of that asset.

(iv) Subsequent expenditure

The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The cost of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

(v) Disposal

Gains and losses of disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within “other income” in profit or loss. When revalued assets are sold, the amounts included in the revaluation surplus reserve are transferred to retained earnings.

(vi) Depreciation

Depreciation is recognized in profit or loss on a straight-line over the estimated useful lives of each part of an item of property, plant and equipment. Assets are depreciated from the year of acquisition or, in respect of self-constructed assets, from the year the asset is completed and put into use. Land is not depreciated and no amortization or depletion is provided in relation to the extraction of marl from the Group’s quarries for production purposes. The estimated useful lives for the current and comparative periods are as follows:

Buildings 25 to 50 years Plant and machinery 10 to 20 years Motor vehicles 5 to 8 years Furniture and equipment 5 to 20 years

Depreciation methods, useful lives and residual values are reviewed at each reporting date. (e) Intangible assets

Goodwill

Goodwill arising on an acquisition represents the excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities, and contingent liabilities of the acquiree. When the excess is negative (negative goodwill), it is recognized immediately in the income statement.

Subsequent measurement

Goodwill is measured at cost less accumulated impairment losses (refer to accounting policy 4(k)(ii)). Goodwill is allocated to cash-generating units and is not amortized but is tested annually for impairment. In respect of associates, the carrying amount of goodwill is included in the carrying amount of the investment.

(f) Loans granted to third partiesLoans granted to third parties are stated at nominal value less writedowns for any amounts considered to be irrecoverable.



4. SIGNIFICANT ACCOUNTING POLICIES (cont’d)(g) Interest-bearing loans and borrowings

Interest-bearing loans and borrowings are initially recorded at the proceeds received. The total finance cost represents the interest on the outstanding amount of the debt and is charged to profit or loss as it accrues.

(h) InventoriesInventories are stated at the lower of cost and net realizable value. In general, cost includes all direct expenditure and other related overheads. Net realizable value is the estimated selling price in the ordinary course of business less applicable variable selling expenses.

(i) Trade and other receivablesTrade and other receivables are stated at their nominal value less impairment losses (refer to accounting policy 4(k)).

(j) Creditors and other payablesCreditors and other payables are stated at their cost.

(k) Impairment (i) Financial assets

A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its fair value.Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.All impairment losses are recognized in profit or loss. Any cumulative loss in respect of an available for-sale financial asset recognized previously in equity is transferred to profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost and available-for-sale financial assets that are debt securities, the reversal is recognized in profit or loss. For available-for-sale financial assets that are equity securities, the reversal is recognized directly in equity.

(ii) Non financial assets

The carrying amounts of the Group’s non financial assets, other than inventories (refer to accounting policy 4(h)) and deferred tax assets (refer to accounting policy 4(s)) are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date.The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assesssed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognized.

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(l) Non – current assets and disposal groups held for saleNon-current assets (or disposal groups comprising assets and liabilities) that are expected to be recovered primarily though sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets (or components of a disposal Group) are remeasured in accordance with the Groups accounting policies. Thereafter, generally the assets (or disposal group) are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group first is allocated to goodwill and then to remaining assets, deferred tax and liabilities on pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets and employee benefits assets which continue to be measured in accordance with the Group’s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains or losses on remeasurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss.

(m) Employee benefits

(i) Defined contribution plans

A defined contribution plan is a post employment benefit plan under which an entity pays fixed contributions into separate entity and will have no legal or constructive obligation to pay further amounts. The Group contributes to the Provident Fund of its employees and to the Provident Fund of its management team which are defined contribution plans. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss when they are due.

(ii) Share-based compensation

A subsidiary has a Share Options Scheme in place (the Scheme) whose beneficiaries are the top management team of the subsidiary. Under the terms and condition of the scheme the beneficiaries are granted share options at the absolute discretion of the Administrative Committee which has been set up for this purpose. The beneficiaries will have the right to exercise the share options granted to them on predetermined dates being January 2008 and January 2009. The exercise price of the share options will be the market value of the shares at the time of granting the options and will always be at least equal to the nominal value of the share. The share options can be exercised within six years from the start date of the Scheme for each of the years in which the Scheme will be implemented. The total number of the new shares that will be issued under the terms of the Scheme will not exceed 4% of the subsidiary’s issued share capital. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. At each balance sheet date, the Group revises its estimates of the number of options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity over the remaining vesting period.

(n) Provisions

A provision is recognized if, as result of past event , the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the liability.




(o) Revenue

(i) Goods sold

Revenue from the sale of goods is recognized as turnover in the income statement when the significant risks and rewards of ownership have been transferred to the buyer. Specifically, turnover represents the amounts invoiced in respect of goods sold to customers during the year and it is stated net of trade discounts and returns.

(ii) Income from services

Income from services rendered is recognized in the income statement as it is earned on the basis of the services rendered up to the balance sheet date.

(p) Government grantsGovernment grants are recognized initially as deferred income when there is reasonable assurance that they will be received and that the Group will comply with the conditions associated with the grant. Grants that compensate the Group for expenses incurred are recognized in profit or loss on a systematic basis in the same periods in which the expenses are recognized. Grants that compensate the Group for the cost of an asset are recognized in profit or loss on a systematic basis over the useful life of the asset.

(q) Operating lease paymentsPayments made under operating leases are recognized in the income statement on a straight line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense over the term of the lease.

(r) Finance income and expenses

Finance income and expenses include exchange differences, interest payable on borrowings and overdue amounts, as well as dividend income, interest receivable from customers, on funds deposited with banks and on advances to related companies. Interest is recognized as it accrues, using the effective interest method.

(s) TaxationTaxation on the profit or loss for the year comprises current and deferred tax. Current tax comprises corporation tax payable on the taxable profit for the year using the applicable tax rates and any adjustment of tax payable or receivable in respect of previous years, as well as special contribution to the defence fund on interest received on deposits with banks.Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, except differences relating to the initial recognition of assets or liabilities that affect neither accounting nor taxable profit. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities using the tax rates enacted at the balance sheet date. The effect on deferred tax of any changes in tax rates is charged to the income statement to the extent that it does not relate to items previously charged or credited directly to equity.A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the unused tax losses and credits can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized.




(t) Earnings per shareThe Group presents basic and diluted earning per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise convertible notes and share options granted to employees.

(u) Segment reportingA segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment), or products or services within a particular economic environment (geographical segment), which is subject to risks and rewards different from those of other segments.Inter-segment pricing is determined on an arm’s length basis.

(i) Business segments

The Group presents information with respect to its business segments which are determined on the basis of the type of goods/services sold. As a result, sales and cost of sales as well as the assets and liabilities of the Group are analysed on the basis of the following business segments:- Cement production- Industrial laundry and drycleaning - Hotel and tourism- Property development and sales

(ii) Other analyses

No other analysis other than by business segment, as described above, is provided since any other analysis will be of no additional significant benefit.

(v) Deferred expenditure (i) Overburden removal

Deferred expenditure includes amounts paid for the removal of overburden in the quarries and are recognized at cost. These costs relate to a predetermined process which is technically and commercially feasible and for which the Group has sufficient resources to complete the process and to utilize commercially the resulting product. These costs are capitalized provided the income resulting from the commercial use of the product will cover the said costs and are written off in the income statement over a period of five years.

(ii) Royalty fees

Annual commercial contribution fees are based on annual turnover and are written off to the income statement so as to match this expenditure against the income it relates to.

(iii) Impairment

The carrying value of deferred expenditure is reviewed regularly to determine whether there is any indication of impairment (refer to accounting policy 4(k)(ii)).

(w) ComparativesWhere necessary, comparative figures have been adjusted to conform to changes in presentation in the current year.



5. DETERMINATION OF FAIR VALUES

A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the methods described below. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

(i) Property, plant and equipment The fair value of property, plant and equipment recognized as a result of a business combination is based on market values. The market value of property is the estimated amount for which property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. The market value of items of plant, equipment, fixtures and fittings is based on the market prices for similar items.

(ii) InventoriesThe fair value of inventories acquired in a business combination is determined based on its estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories.

(iii) Investments in equity and debt securities The fair value of financial assets at fair value through profit or loss, held-to-maturity investments and available for sale financial assets is determined by reference to their quoted bid price or, if not listed, by reference to professional valuations at the reporting date. The fair value of held-to-maturity investment is determined for disclosure purposes only.

(vi) Trade and other receivables The fair value of trade and other receivables, excluding construction work in progress, is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date.

(v) Non – derivative financial liabilitiesFair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows discounted at the market rate of interest at the reporting date.

(vi) Share-based payment transactionsDue to the proximity of the year end date to the exercise date the fair value of the shares less the exercise price of the options was used as an approximation of the fair value of the stock options for the purpose of the calculations.

6. FINANCIAL RISK MANAGEMENT

OverviewThe Group has exposure to the following risks from its use of financial instruments:

● credit risk● liquidity risk● market risk

This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework.



6. FINANCIAL RISK MANAGEMENT

Overview (Cont’d)The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Board of Directors oversees how management monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers.Trade and other receivables

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Group’s customer base, including the default risk of the industry and country, in which customers operate, has less of an influence on credit risk. The Board of Directors has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Group’s standard payment and delivery terms and conditions are offered. The Group’s review includes external ratings, where available, and in some cases bank references. Customers that fail to meet the Group’s benchmark creditworthiness may transact with the Group only on a cash on delivery basis.In monitoring customer credit risk, customers are grouped according to their credit characteristics, including whether they are an individual or legal entity, whether they are a wholesale or retail customer, geographic location, industry, ageing profile, maturity and existence of previous financial difficulties. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. The main component of this allowance is a specific loss component that relates to individual transactions with customers with whom the Group is in litigation or that have declared bankruptcy and are n the process of liquidation. Guarantees

The Group’s policy is to provide financial guarantees to subsidiaries as well as to government departments that may require such guarantees in relation to the Group’s operations. At 31 December 2007 guarantees of 7.900.000 were outstanding (31 December 2006: 9.062.000).

Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group constantly assesses its funds requirements, which assists it in monitoring cash flow requirements and optimising its cash return on investments. Typically the Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the Group maintains the following lines of credit: £2,95 million overdraft facility that is secured. Interest would be payable at basic rate plus 150 basis points. £8,3 million overdraft facility that is secured. Interest would be payable at basic rate plus 120 basis points. £0,11 million overdraft facility that is secured. Interest would be payable at basic rate plus 200 basis points £0,90 million overdraft facility that is secured. Interest would be payable at basic rate plus 100 basis points. £0,25 million overdraft facility that is unsecured. Interest would be payable at basic rate plus 150 basis points.

From the total overdraft facilities of more than £12 million, the Group had withdrawn as at 31 December 2007 £3,9 million.



6. FINANCIAL RISK MANAGEMENT (cont’d)

Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.Currency riskThe Group is exposed to currency risk on purchases and borrowings that are denominated in a currency other than the Cyprus pound, primarily the euro (€), but also the U.S. dollars (USD), the pound sterling (GBP) and the Swiss Franc (CHF). Interest rate riskInterest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Group income and operating cash flows are substantially independent of changes in market interest rates as the Group has no significant interest bearing assets. The Group is exposed to interest rate risk in relation to its borrowings. Borrowings issued at variable rate expose the group to cash flow interest rate risk. The Group’s management monitors the interest rate fluctuations on continuous basis.Industry risk The activities of the Group are subject to various risks and uncertainties related to the construction and tourism industries in general. These activities are influenced by a number of factors which include, but are not restricted to, the following:o National and international economic and geopolitical factors;o The growth of the construction and real estate sectors;o The impact of war, terrorist acts, deceases and epidemics which are likely to influence tourists’ arrivals on the

island;o Increases in labour and energy costs;o Increased domestic competition as well as competition from neighboring countries.

Operational riskOperational risk is the risk that derives from the deficiencies relating to the Group’s information technology and control systems as well as the risk of a human error and natural disasters. The Group’s systems are evaluated, maintained, and upgraded continuously.Compliance riskCompliance risk is the risk of financial loss, including fines and other penalties, which arises from non-compliance with the laws and regulations of the Republic of Cyprus and the European Union. The risk is limited through the monitoring controls applied by the Group.Litigation riskLitigation risk is the risk of financial loss which arises from the interruption of the Group’s operations or any other undesirable situation that arises from the possibility of non-execution or violation of legal contracts and consequently from lawsuits. The risk is restricted through the contracts used by the Group to execute its operations.ReputationThe risk of loss of reputation arising from the negative publicity relating to the Group’s operations (whether true or false) may result in a reduction of its clientele, reduction in revenue and legal cases against the Group.Capital management The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of Directors monitors the return on capital which the Group defines as total shareholders’ equity, excluding minority interests, and the level of dividends to ordinary shareholders.The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.



7. OTHER OPERATING INCOME The Group The Company

2007 2006 2007 2006£ £ £ £

Amortization of government grants 33.129 - - -Other income 26 .844 20 .390 - -

59 .973 20 .390 - -

8. OTHER OPERATING EXPENSESThe Group The Company

2007 2006 2007 2006£ £ £ £

Warehouse, office and quarry rental 49.019 - - -Impairment loss of property, plant, equipment and inventories 182.340 - - -Royalty fees 51.200 - - -Decrease of profit already recognised due to cancellation of sales contract - 137.920 - -Other operating costs 32 .764 - - -

315 .323 137 .920 - -

9. PROFIT BEFORE TAXATION (For the company loss) The Group The Company

2007 2006 2007 2006£ £ £ £

Operating profit is stated after charging:Depreciation 676.290 1.906 - -Wages, salaries and employee benefits 2.960.787 - - -Employer’s contributions to employees’/ management teams’ provident funds - for Directors 14.264 - - - - for employees 169.924 - - -Auditors’ remuneration 32.085 17.300 7.000 6.500Directors’ remuneration As Directors 32.168 3.300 1.800 1.800 As executives 128 .883 29 .996 - -

The average number of employees of the Group during the year was 629.

10. NET FINANCING (EXPENSES )/INCOMEThe Group The Company

2007 2006 2007 2006 £ £ £ £

Bank interest received 10.758 14.840 - -Interest received on loan to subsidiary - - 43.523 54.715Interest received on loans to third parties 24.171 16.542 24.171 16.542Interest received on contracts receivable 41.133 74.838 - -Foreign exchange gain 124 .653 - 540 - Financial income 200 .715 106 .220 68 .234 71 .257 Loan and other bank interest paid 1.307.315 324.036 313.351 253.184Bank charges 40.160 29.529 164 25.961Interest paid on loans from third parties 10.644 10.596 10.644 10.597Write-off of prior year’s interest receivable due to cancellation of sales contract and/or settlement of amounts 17.922 302.642 - -Change in the provision for doubtful debts 12.164 - - -Exchange loss 31 .230 - - - Financial expenses (1 .419.435 (666 .803) (324 .159) (289 .742) Net financing expenses (1 .218.720 (560 .583) (255 .925 (218 .485



11. TAXATIONThe Group The Company

2007 2006 2007 2006£ £ £ £

Corporation taxCurrent year 132.168 - - -Prior years (1 .225 - - -

130 .943 - - - Defence tax Current year 547 1.481 - -Prior years 105 - - -

652 1 .481 - - Deferred tax 50 .007 (28 .740 - -

181 .602 (27 .259 - -

The Group companies are subject to corporation tax at 10% on their taxable profits. Also interest received on banks deposits is subject to defence tax at 10%.Due to tax losses for the year, no tax liability arises for 2007 for the Company. At 31 December 2007 the Company’s tax losses amounted to £526.457(2006 £459.125) which can be carried forward to be deducted from future profits.The following is a reconciliation of taxation, calculated at the applicable tax rates with the taxation expense:

The Group The Company2007 2006 2007 2006

£ £ £ £Accounting profit/(loss) before taxation 13 .003.401 1 .448.490 (312 .349 (290 .777

Tax computed using applicable tax rates 1.300.340 144.849 (31.235) (29.078)Tax effect of: Write off of negative goodwill (1.201.185) (209.743) - - Share of profits of associates (48.200) (44.962) - - Subsidiaries and other non taxable income (81.387) - - - Deferred tax 55.547 35.587 6.733 11.437 Non-deductible expenses 155.835 45.529 24.502 17.641 Defence tax 652 1 .481 - - Taxation as per the profit and loss account 181 .602 (27 .259 - -

12. BASIC AND DILUTED EARNINGS PER SHAREThe Group

2007 2006£ £

Profit for the year 12 .510.998 1 .646.150 Weighted average number of shares 44 .000.000 44 .000.000

cents centsProfit per share 28,43 3,74

The calculation of earnings per share is based on the net profit for the year attributable to the shareholders of the Company and the weighted average number of shares during the year.There is no difference between the basic and fully diluted earnings per share for the current or the previous year.



13. PROPERTY, PLANT AND EQUIPMENTThe Group

Furniture Assets CutleryLand and Plant and Motor and Linen in under andbuildings machinery vehicles equipmen

tcirculation constructio

nlinen Total

£ £ £ £ £ £ £ £Cost or valuation1 January 2007 - - 11.700 12 - - - 24.217 On acquisition 191

11352

496.694 496

139.244 97.574 860.022 211.752.003

Transfer to non-current assets/disposal group

held for sale (5 )

(7 1)

(3 .736) (265 7)

- (62 .366) -

(13 .030.99 4)

31 December 2007 186 7

6.102.96 1

504 .658 4 06

139 .244 35 .208 860.022

198 .745.42 6

Depreciation1 January 2007 - - 11.700 12 - - - 23.810On acquisition 4 5

3408.078 3

61- - - 12.576.238

On disposals and write offs

- - - - - - -

Charge for the year 227 335 23.225 90 - - - 676.290Transfer to non-current

assets/disposal groupheld for sale (1

) (2 1)

(5 .881) (179 6)

- - - (3 .443.683 )

31 December 2007 3 3.257.05

8

437 .122 2 71

- - -

9 .832.655

Net book value31 December 2007 183

3 2.845.90

3

67 .536 1 35

139 .244 35 .208 860 .022 188 .912.77 1

31 December 2006

-

-

- 407

- - - 407

The land of CCC Ltd covers a total area of 128,2 hectares. An area of 121,9 hectares is registered in the name of CCC Ltd while 6,3 hectares of land had been expropriated for the account of CCC Ltd by the Government of the Republic from third parties and is being used by CCC Ltd for quarrying. This land is registered in the name of the Government of the Republic for the account of CCC Ltd. The land and buildings of L’Union Nationale (Tourism and Sea Resorts) Limited are subject to first, second, third and fourth priority mortgages upto an amount of £27,7 million, while the other fixed assets are subject to fixed and floating charges upto an amount of £4 million, as security for the provision of the loans and other facilities described in note 27 of the financial statements.



14. INVESTMENTS IN ASSOCIATED COMPANIESThe Group The Company

Ownership Equity accounting Ownership At cost2007 2006 2007 2006 2007 2006 2007 2006

% % £ £ % % £ £Investment in shares and share warrants of associated companiesThe Cyprus Cement Public Company Limited

- 33,23 - 22.184.167

23,15 22,26 9.033.632

8.563.757

C.C.C. Secretarial Limited 20 20 3 .33 9

3 .56 1

20 20 2 .00 0

2 .0 00

3 .33 9

22 .187.7 28

9 .035.63 2

8 .565.7 27

During 2007, the subsidiary Company, K+G Complex Public Company Limited, acquired an additional 18,73% in The Cyprus Cement Public Company Limited. As a result, the total effective shareholding of the group in the latter company became 49,69%. For Group purposes the investment in The Cyprus Cement Public Company Limited is considered as “Investment in subsidiaries” (see note 15).

Summary of financial information for the associates, not adjusted for percentage ownership held by the Group, is as follows :

The Cyprus CementC.C.C. Secretarial Public Company

Limited Limited2007 2006 2007 2006

£ £ £ £AssetsNon-current assets 55.253 67.955 215.009.940 112.366.514Current assets 50 .462 66 .754 10 .331.640 13 .776.467

105 .715 134 .709 225 .341.580 126 .142.981 LiabilitiesNon-current liabilities 72.010 82.509 56.961.392 39.345.051Current liabilities 24 .933 42 .624 12 .138.370 12 .652.620

96 .943 125 .133 69 .099.762 51 .997.671 Net assets 8 .772 9 .576 156 .241.818 74 .145.310

Revenue 425.527 468.989 32.085.370 30.006.907Expenses (426 .402 (468 .869 (31 .462.338 (29 .245.125 (Loss)/profit after taxation (875 ) 120 623 .032 761 .782



15. INVESTMENT IN SUBSIDIARIES

The CompanyShareholding

Country Activity 2007 2006 2007 2006% % £ £

K+G Complex Public Company Limited

Construction

83.271.285 (2006 : 82.388.847) of residentialordinary shares of £0,10 each, units and at cost development

and sale ofCyprus land 83,27 82,39 9 .428.762 9 .328.363

The GroupIn addition to the above, the Group owns the following subsidiaries through its 83,27% subsidiary K+G Complex Public Company Limited.

InterestCountry Activity 2007 2006

% %Galatex Tourist Enterprises Limited Cyprus Sale of apartments

and shops 100 100Hawthorn Trading Limited Cyprus Holding of investments - 100 (dissolved in 2007) Manufacture and saleThe Cyprus Cement Public Company Limited Cyprus of cement and holding

investment 49,69 - In accordance to a special resolution passed at an Extraordinary General Meeting held on 30 November 2006,

Hawthorn Trading Limited was placed in members’ voluntary liquidation. The Final General Meeting of members was held on 19 February 2007.During the year K + G Complex Public Company Limited increased its shareholding in The Cyprus Cement Public Company Limited and as a result the Group has an overall effective shareholding of 49,69%. In addition six out of nine directors of the Company are also directors in the The Cyprus Cement Public Company Limited. During the year the Company increased its shareholding in K + G Complex Public Company Limited. As a result of the above acquisitions the following negative goodwill arises:The acquisition of the additional share capital of the subsidiaries had the following effect on the Group’s assets and liabilities:

K+G PublicCCC Ltd Company Ltd 2007 2006

£ £ £ £Fair value of net identifiable assets and liabilities acquiredProperty, plant and equipment 199.175.765 - - -Investment in associate company 8.213.846 - - -Available for sale investments 34.810 - - -Property under development 1.834.405Inventories 7.676.711 - - -Trade and other receivables 6.316.933 - - -Taxation receivable 149.114Cash and bank balances 243.703 - - -Non current assets classified as held for sale 320.542Interest bearing loans and borrowings (48.721.623) - - -Deferred taxation (28.246.989) - - -Trade and other payables (4.766.331) - - -Bank overdrafts (5 .399.968 - - -

136 .830.918 - - -

Fair value corresponding to the share acquired 22.522.370 137.605 22.659.975 5.235.149Consideration paid (10 .547.728 (100 .399 (10 .648.127 (3 .137.724 Negative goodwill on acquisition 11 .974.642 37 .206 12 .011.848 2 .097.425


Notes to the consolidated financial statements


15. INVESTMENT IN SUBSIDIARIES (CONT’D)

2007 2006£ £

Net cash outflowConsideration paid 10.648.127 3.137.724Bank overdrafts acquired 5.399.968 -Cash and bank balances (243 .703 -

15 .804.392 3 .137.724

16. OTHER AVAILABLE-FOR-SALE INVESTMENTS The Group The Company

2007 2006 2007 2006Country Activity £ £ £ £

Investments in private companies and public companies not listedon the Cyprus Stock Exchange

Suphire (Venture Capital) Cyprus Venture Limited capital 46.080 22.080 22.080 22.080Suphire (Finance) Limited Cyprus Financial

services 16.020 10.020 10.020 10.020Elite Golf Course (Limassol) Cyprus Property Limited development 3.145 - - -Allstate Insurance Brokers Limited Cyprus Insurance 1 .665 - - -

66 .910 32 .100 32 .100 32 .100 Share warrants listed on the Cyprus Stock Exchange

The Cyprus Cement Public Company Limited Cyprus Manufacture

and sale ofcement 2 .788.169 - - -

2 .855.079 32 .100 32 .100 32 .100

No audited financial statements or other relevant information were available to the Directors that would enable them to make a reasonable assessment of the fair value of the investments in the non listed companies although the Directors believe that any possible further impairment will not have any material effect on the financial position of the Company or the Group.Available-for-sale investments are classified as non-current assets, unless they are expected to be realized within twelve months of the balance sheet date or unless they will need to be sold to raise operating capital.

17. LONG TERM LOAN GRANTED TO SHAREHOLDERThe Group The Company

2007 2006 2007 2006£ £ £ £

George S. Galatariotis & Sons Limited (note 31) - 309 .341 - 309 .341

The above loan was granted on normal commercial terms and bore interest at the basic interest rate on marginal lending plus 2% per annum. Interest earned during the year on the above loan amounted to £15.328 (2006 £9.341).




18. PROPERTY UNDER DEVELOPMENTThe Group The Company

2007 2006 2007 2006£ £ £ £

Development costs and land at costLand 5.821.526 3.987.121 - -Development costs 2.964.201 1.945.680 - -Completed shops and residential units 224 .248 2 .252.017 - -

8 .509.975 8 .184.818 - -

19. INVENTORIESThe Group The Company

2007 2006 2007 2006£ £ £ £

Cement, clinker and marl 527.250 - - -Raw materials, spare parts and other consumables 6.257.654 - - -Cleaning and guest supplies 194.072 - - -Food and beverage 143.974 - - -Spa and health club 111 .939 - - -

7.234.889 - - -Transferred to non current assets (disposal group) held for sale (note 25) (6 .139.928 - - -

1 .094.961 - - -

20. TRADE AND OTHER RECEIVABLESThe Group The Company

2007 2006 2007 2006£ £ £ £

Non-current assetsContract receivables 2 .850 9 .805 - -

Current AssetsContract receivables 6.275.793 1.890.206 - -Other receivables and prepayments 289 .560 55 .646 22 .086 -

6 .565.353 1 .945.852 22 .086 -




21. AMOUNT RECEIVABLE FROM SUBSIDIARY COMPANYThe Group The Company

2007 2006 2007 2006£ £ £ £

K + G Complex Public Company Limited - - 515 .097 1 .131.955

The receivable amount from K+G Complex Public Company Limited represents an advance of £1.300.000 granted on 2 May 2006 and bears interest at the basic interest rate on marginal lending plus 1,20% per annum. Interest earned on the above advance amounted to £43.523 (2006 £51.955).

22. AMOUNTS RECEIVABLE FROM RELATED PARTIES


£ £ £ £Relationship

Vassos Galatariotis Limited Related to the directors 2.392 - - -Katia Galatariotou Limited Related to the directors 2.900 - - -George St. Galatariotis Director 647 - - -Galacon Limited Related to the directors 2.646 - - -C.C.C. Secretarial Limited Subsidiary of a Company Limited subsidiary company - 140 1.500 140C.C.C. Amathusia Services Associate of a Limited subsidiary company 1.075 1.065 - -Athinodorou Beton Limited Associated of a

subsidiary company 1 .253.895 - - - 1 .263.555 1 .205 1 .500 140

Related company balances arise from normal trading activities on normal commercial terms.

23. SHORT-TERM LOANS GRANTED TO THIRD PARTIESThe Group The Company

2007 2006 2007 2006£ £ £ £

Short term loans granted to third parties 143.138 203.727 183.003 203.727Short term loan granted to director – Vassos Lazarides 80 .346 79 .285 80 .346 79 .285

223 .484 283 .012 263 .349 283 .012 The above loans were granted on normal commercial terms and bear interest at the rates of 6,25% to 6,5% (2006 6,25% to 6,5%). Interest earned in respect of the loan to the director amounted to £5.061 (2005 £4.722).




24. CASH AND CASH EQUIVALENTSThe Group The Company

2007 2006 2007 2006£ £ £ £

Cash at bank and in hand 4.455.508 472.316 64.601 -Bank overdrafts (3 .910.900 (51 .708 - (41 .676 544 .608 420 .608 64 .601 (41 .676

The bank overdrafts of the Group are guaranteed by the Company and/or the subsidiary company The Cyprus Cement Public Company Limited and/or its subsidiary C.C.C. Tourist Enterprises Public Company Limited.

25. NON-CURRENT ASSET AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALEIn the first quarter of 2007, the subsidiary company CCC Ltd (which at the time was an associate), through reorganization, transferred its interest in the Group Companies- Latouros Quarries Limited- C.C.C. Aggregates Limited- Athinodorou Beton - Transport Limited- Athinodorou Beton - Estates Limited- Athinodorou Beton Limitedto C.C.C. Building Materials Limited.Subsequently, on 9 March 2007, CCC Ltd concluded an agreement with Vassiliko Cement Works Public Company Limited (VCW) for the sale of its cement manufacturing and distribution operations and of its interest in C.C.C. Building Materials Limited.The sale consideration was agreed at £30.474.936 (€52.597.405) and will be paid with the issue to CCC Ltd by VCW of 18.199.794 new shares which will represent 25,3% of the new total issued share capital of VCW. The agreed price per share was calculated at £1,67 (€2,89), being the weighted average closing price of the VCW shares during the last 3 months preceeding the date of the agreement.The agreement was granted the approval of the Commission for the Protection of Competition, the Stock Exchange and the Securities and Exchange Commission. Moreover, the issue of the new shares by VCW to CCC Ltd was approved by the extraordinary general meeting of VCW on 19 December 2007. The effective date of the sale was the 1 st of January 2008. Following the agreements all the assets comprising the cement manufacturing and distribution operation of CCC Ltd were classified as disposal group held for sale.

At 31 December 2007 the disposal group comprised of assets as follow:


£ £ £ £Non current assets and disposal group classified as held for saleProperty, plant and equipment 8.518.222 - - -Inventories 6.139.928 - - -Share of associate’s net assets cost of acquisition 4.892.291 - - -Goodwill on acquisition of associates 3.621.386 - - -Other non current assetsProperty 1 .389.632 - - -

24 .561.459 - - -



26. SHARE CAPITAL2007 2006

£ £Authorised48.000.000 ordinary shares of 25 cents each 12 .000.000 12 .000.000 Issued and fully paid44.000.000 ordinary shares of 25 cents each 11 .000.000 11 .000.000

27. INTEREST-BEARING LOANS This note provides information about the contractual terms of the Groups’ interest bearing loans which are measured at amortized cost. For more information about the Group’s exposure to interest rate, foreign currency and liquidity risk see note 5.


Non-current liabilities £ £ £ £Secured bank loans 48.876.650 5.900.000 4.900.000 4.900.000

Current liabilitiesCurrent portion of secured bank loans 3 .854.878 117 .860 143 .242 80 .119

52 .731.528 6 .017.860 5 .043.242 4 .980.119

Terms and debt repayment schedule

The terms and conditions of outstanding loans were as follows:The Group

2007 2006Nominal Year of Carrying Carrying

Currency interest maturity amount amount £ £

Alpha Bank Cyprus Limited CHF 6 monthsLibor + 1,5% 2010 2.490.815 -

CYP Basic + 1,5% 2009 122.851 -Bank of Cyprus Public Company Ltd CHF 6 months

Libor + 1,2% 2020 13.588.773 - EUR 6 months

Libor + 1,2% 2020 1.220.521 -CYP Basic + 1,2% 2010 3.153.690 -CYP Basic + 1,2% 2027 10.757.153 -

Marfin Popular Bank Public Company Ltd CYP Basic + 1,5% 2009 64.361 -Hellenic Bank Public Company Ltd CYP Basic + 1,5% 2016 599.398 -National Bank of Greece (Cyprus) Ltd EUR 6 months

Libor + 1,5% 2009 386.985 -Alpha Bank Cyprus Limited CYP Euribor+1% 2017 14.262.247 -Bank of Cyprus Public Company Limited CYP Basic + 1,2% 2009 1.041.494 1.037.741Bank of Cyprus Public Company Limited CYP Basic+1,2% 2009 5 .043.242 4 .980.119

52 .731.528 6 .017.860 The loans from Bank of Cyprus Public Company Limited and Alpha Bank Cyprus Limited are each secured by a fixed charge of £3.000.000 on a subsidiary Company’s land and a floating charge of £3.000.000 on the assets of the same subsidiary.The loan from the National Bank of Greece (Cyprus) Limited is secured by the corporate guarantee of a subsidiary.The loan from Hellenic Bank Public Company Limited is secured by the corporate guarantee of a subsidiary and by first priority mortgage on the immovable property of the subsidiary of a subsidiary.

The Company£ £

Bank of Cyprus Public Company Ltd CYP Basic+1,2% 2009 5 .043.242 4 .980.119

The loan of the Company from Bank of Cyprus Public Company Limited bears interest at the basic plus 1,2% per annum and is guaranteed by George S. Galatariotis & Sons Limited which holds 52,01% of the ordinary share capital of the Company (note 31).




28. DEFERRED TAX LIABILITYThe Group The Company

2007 2006 2007 2006£ £ £ £

In respect of

Difference of gross profit, commissions payable and immovable property tax 34.135 32.942 - -Excess of annual capital allowances over depreciation 2.282.307 - - -Losses carried forward (1.997.186) - - -Surplus on revaluation of buildings, plant and machinery 271.331 - - -Surplus on revaluation of land 26.729.235 - - -Deemed distribution 376.800 - - -Disposal group 596.964 - - -Senior management share option scheme (12 .462) - - -

28 .281.124 32 .942 - -

29. AMOUNTS PAYABLE TO RELATED COMPANIESThe Group The Company

2007 2006 2007 2006Relationship £ £ £ £

Holcim Trading SA Related to directorof subidiary 425.975 - - -

George Galatariotis and Sons Limited Common directors 3.500 - - -The Cyprus Cement Public Company Limited Subsidiary company - 34.583 - -C.C.C. Secretarial Limited Subsidiary company - 1 .798 - -

429 .475 36 .381 - - The above payable amounts arose from normal commercial transactions and bear no interest.

30. CREDITORS AND OTHER PAYABLESThe Group The Company

2007 2006 2007 2006£ £ £ £

Trade creditors 2.283.910 204.878 - -Retention of work billed by the contractors 54.827 54.827 - -Amounts payable on demand 242.592 240.013 242.592 240.013Other payables and accrued expenses 2.011.630 33.563 9.114 8.532Directors’ current accounts 2 .000 1 .800 2 .000 1 .800

4 .594.959 535 .081 253 .706 250 .345

Amounts payable on demand represent amounts payable by the Company to third parties and carry interest at the rate of 4,5% (2006 4,5%) per annum.




31. RELATED PARTY TRANSACTIONSIdentity of related partiesThe Company is related to its directors and executive officers, its major shareholders, its subsidiaries and associated companies and their subsidiaries and to other parties which are related parties because of common directors or because they are owned or controlled by the Company’s directors. These related companies are the following:Ultimate Holding Company

George S. Galatariotis & Sons Limited

Subsidiary Companies :

(a) K + G Complex Public Company Limited and its subsidiaries Galatex Tourist Enterprises Limited and in 2006 Hawthorn Trading Limited

(b) The Cyprus Cement Public Company Limited and (i) its subsidiaries, as stated below

- C.C.C. Tourist Enterprises Public Company Limited and its subsidiary L’Union Nationale (Tourism and Sea Resorts) Limited;

- CCC Laundries Limited and its subsidiaries, CCC Laundries (Paphos) Limited and White Linen (Famagusta) Limited;

- C.C.C. Importers and Distributors Limited- C.C.C. Building Materials Limited and its subsidiary C.C.C. Aggregates Limited- C.C.C. Secretarial Limited;

(ii) its associates, as stated below

Latouros Quarries Limited and its associate Elmeni (Latomia) Limited;M.E.V.A. Limassol Limited;Athinodorou Beton Limited;Athinodorou Beton-Transport Limited;Athinidorou Beton-Estates Limited.

Other:

Gala Securities Public Company LimitedTransactions with related companiesDetails of the transactions and the balances between group and other related companies are given in notes 14, 15, 17, 21, 22 and 29.During the year the Company paid to C.C.C. Secretarial Limited the amount of £29.900 (2006 £29.900) in respect of secretarial and administration services provided by that company while the Group paid the amount of £251.600 (2006 £164.738). The Company holds 20% (2006 20%) of the share capital of C.C.C. Secretarial Limited and two of its directors are also directors of C.C.C. Secretarial Limited.




32. FINANCIAL INSTRUMENTS

Credit Risk

The carrying amount of financial assets representing the maximum credit exposure to credit risk at the reporting date was:

The Group The CompanyCarrying amount Carrying amount

Note 2007 2006 2007 2006£ £ £ £

Trade receivables 20 6.568.203 1.955.657 22.086 -Amount receivable from related parties 22 1.263.555 1.205 1.500 140Cash in hand and at bank 24 4 .455.508 472 .316 64 .601 -

Total credit risk exposure 12 .287.266 2 .429.178 88 .187 140

The Group’s most significant customer, the associated company Athinodorou Beton Limited, accounts for £1.253.894 (2006 :-).

The movement in the allowance for impairment in respect of trade and related party receivables during the year was as follows:


£ £ £ £Balance at 1 January 175.935 - - -Impairment loss recognized 36 .491 - - - Balance at 31 December 212 .426 - - -

The allowance accounts in respect of trade and related party receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off against the financial asset directly.In determining the recoverability of trade and related party receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. Based on the above and past experience, the Group believes that no additional impairment allowance is necessary in respect of receivables past due but not impaired.




32. FINANCIAL INSTRUMENTS (cont’d)Liquidity risk

The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

The Group

Payable onCarrying Contractual demand and 1-2 2-5 More thanamount cash flow up to 12 years years 5 years

Non-derivative financial

months

liabilities £ £ £ £ £ £

31 December 2007Secured bank loans 52.731.528 (69.518.506) (6.782.603) (12.723.531) (18.540.404) (31.471.968)Secured bank overdrafts 2.198.955 (2.198.955) (2.198.955) - - -Unsecured bank overdrafts 1.711.945 (1.714.139) (1.714.139) - - -Trade and other payables 4 .594.961 (4 .594.961 (4 .594.961) - - -

31 December 2006

Secured bank loans 6.017.860 (6.091.668) (80.119) (3.241.916) (2.769.633)

-

Secured bank overdrafts 51.708 (51.708) (51.708) - - -Trade and other payables (535 .081 (535 .081 (535 .081 -

- -

The Company

Payable onCarrying Contractual demand and 1-2 2-5 More than

Non-derivative financial

amount Cash flow up to 12 years years 5 years

liabilities months£ £ £ £ £ £

31 December 2007

Secured bank loans 5.043.242 5.043.242 (143.242) (4.900.000) - -Trade and other payables 253.706 (253.706) (253.706) - - -Bank overdraft - - - - - -

31 December 2006

Secured bank loans 4.980.119 (4.980.119) (80.119) (2.741.916) (2.158.084)

-

Trade and other payables 250.345 (250.345) (250.345) - - -Bank overdraft 41 .676 (41 .676) (41 .676) -

- -




32. FINANCIAL INSTRUMENTS (cont’d)Currency risk

Exposure to currency risk was as follows based on notional amounts:

The GroupEuro USD CHF Euro USD CHF

31 December 2007 31 December 2006£ £ £ £ £ £

Secured bank loans

(1.523.000) - (16.079.815) - - -

Trade and payables

(6 .351) (425.557) (18 .719) - - -

Net exposure (1 .529.351) (425.557) (16 .098.534) - - -

The CompanyEuro USD CHF Euro USD CHF

31 December 2007 31 December 2006£ £ £ £ £ £

Secured bank loans

- - - - - -

Trade and payables

- - - - - -

Net exposure - - - - - -

The following significant exchange rates applied during the year: Reporting

Average daterate spot rate2007 2007

USD 0,427 0,401EUR 0,584 0,585CHF 0,356 0,356

The Group The CompanyEquity Profit or loss Equity Profit or loss

31 December 2007 £ £ £ £USD 42.880 42.880 - -CHF 321.816 321.816 - -31 December 2006USD - - - -CHF - - - -

Sensitivity analysis

A 10 percent and 2 percent strengthening of the Cyprus pound against the US$ and CHF, respectively, at 31 December would have increased (decreased) equity and profit or loss by the amounts shown above. This analysis assumes that all other variables, in particular interest rates, remain constant.

A 10 percent and 2 percent weakening of the Cyprus pound against the US$ and CHF respectively at 31 December would have had the equal but opposite effect on the above, on the basis that all other variables remain constant.The analysis above does not include any sensitivity effect for Euro dominated financial liabilities, as the Group does not expect any currency risk with respect of the Euro as from 1 January 2008, due to the introduction of the Euro as the new official currency of the Republic of Cyprus, which will result in a change in the functional currency of the Group from £ to the Euro.




32. FINANCIAL INSTRUMENTS (cont’d)Interest rate riskThe interest rate profile of the Group’s interest bearing financial instruments at the reporting date is reported in note 27.

Sensitivity analysis

The table below indicates the effect on the Group’s income statement and equity from reasonably possible changes in the interest rates. The analysis assumes that all variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2006.

An increase for 50 basis points and a decrease of 50 basis points in interest rates at the reporting date would have the following effect:

The GroupProfit or loss Equity

50bp 50bp 50bp 50bpincrease decrease increase decrease

£ £ £ £31 December 2007Variable rate instruments 279 .472 (279 .472 279 .472 (279 .472

31 December 2006Variable rate instruments 24 .500 (24 .500 24 .500 (24 .500

The CompanyProfit or loss Equity

50bp 50bp 50bp 50bpincrease decrease increase decrease

£ £ £ £31 December 2007Variable rate instruments 24 .500 (24 .500 24 .500 (24 .500

31 December 2006Variable rate instruments 24 .500 (24 .500 24 .500 (24 .500

Fair valuesThe fair values of financial assets and liabilities approximate their carrying amounts at the balance sheet date.




33. TRANSACTIONS WITH DIRECTORS AND OTHER OFFICERSExcept as stated in note 23 and 31 there were no other transactions or contracts between the Company and its directors or officers during the year.

34. ULTIMATE HOLDING COMPANY

The Company’s ultimate holding Company is considered to be George S. Galatariotis & Sons Limited which holds 52,01% of its ordinary share capital and exercises control on its business activities.

35. OPERATING LEASES

The GroupA subsidiary company (CCC Ltd) leases land from the Government of the Republic at an annual rental of £5.087, included in other operating expenses.In addition to the lease above, the subsidiary company L’Union Nationale (Tourism and Sea Resorts) Limited leases from the Government of the Republic an area of 17.308 sq.m. of beach at an annual rental fee of £64.905. The lease expires on 17 January 2019 and the subsidiary has the right to renew it for two consecutive additional periods of 33 years each.As per the lease agreement the annual rental fee is subject to revision every five years. The last revision was made in 2007, when the annual rental fee was increased to £64.905 from £34.615.In addition to the above, the Group through its subsidiary CCC Laundries Limited, has obligations relating to leases concerning industrial plots, numbers 8 and 9, located in the Limassol Industrial Area.The lease relating to the industrial plot number 8 expires on 30 April 2009 and the subsidiary has the right to renew it for two consecutive additional periods of 33 years each. Lease rent is reviewed every five years. Lease rent for the year ended 2007 was £501,10 per annum. The lease relating to the industrial plot number 9 ends on 31 January 2010 and the subsidiary has the right to renew it for two additional consecutive periods of 33 years each. Lease rent is reviewed every five years. Lease rent for the year ended 31 December 2007 was £536,94 per annum.

On the basis of the above, at the end of the year, the future minimum amounts payable under the leases, assuming the leases are renewed for the additional two consecutive 33 year periods, based on the current annual rental fees, are as follows:

2007 2006£ £

Within one year 65.945 -Within two to five years 263.772 -After five years 4 .739.093 -

5 .068.811 -




36. CAPITAL AND OTHER COMMITMENTS

The contracted capital expenditure at 31 December 2007 of the Group not provided for in the financial statements amounted to £140.832 (2006: £174.126). Furthermore, the subsidiary of C.C.C. Tourist Enterprises Public Company Limited, L’Union Nationale (Tourism and Sea Resorts) Limited has entered into agreements with third parties and committed the use of twenty three bungalows by third parties for a period of around thirty-three years. The last agreement entered into by the subsidiary company was in 1998. The subsidiary company does not intend to enter into any other agreement of this nature. Under the provisions of the existing agreements the third parties are responsible for all running expenses including repairs and maintenance, taxes and levies associated with these bungalows. Net income from these agreements represents the amounts received as consideration less the associated write down charged to the carrying amount of the bungalows.

37. CONTINGENT LIABILITIES

LitigationAs at 31 December 2007, a legal action is pending against the subsidiary company, K+G Complex Public Company Limited in relation to work certified for contracting services for the amount of £85.684. The amount of C£54.827 is included in the Group’s liabilities in relation to retentions of work billed by the contractors. The subsidiary company recognises this liability but is claiming back the amount of C£112.487 as a compensation for contract violation (delays) and the amount of C£4.211 as a compensation for poor workmanship.In addition, there are a number of pending litigation cases against CCC Laundries (Paphos) Limited (CCCLP) by its minority shareholder (plaintiff).In the first case the minority shareholder seeks compensation from CCCLP and its majority shareholder, CCC Laundries Limited (CCCL), for alleged oppression of a minority shareholder. No provision has been made in the financial statements in respect of this claim as the Group’s legal advisors believe that the case will be in CCCL’s favour. The case was heard in 2007 but the court had not issued its final ruling by the date of approval of these financial statement.In the second case the minority shareholder demands the dissolution of CCCLP or the purchase of its shares by CCCL at a price to be determined by the court. CCCL has filed an objection and the case has not yet been tried by the court. No provision has been made in the financial statements in respect of this claim as the outcome is uncertain. The plaintiff also secured an injunction stopping the sale for £540.000 of a part of the immovable property of CCCLP in Paphos. A sales agreement was signed with The Cyprus Import Corporation Limited and the relevant capital gains tax was paid. The sale however did not materialize since the plaintiff did not consent to the sale. No profit was recognized in the consolidated financial statements as the transaction is not considered realized. Further to the above legal cases a minority shareholder of CCC Ltd filed a personal lawsuit for criminal charges against CCCLP and its directors regarding the sales agreement mentioned above. The case is due to be heard in July 2008.

Guarantees 2007 2006

£ £In respect of bank guarantees in favour of Group companies and third parties 7 .900.000 9 .062.000

A subsidiary company (CCC Ltd) is the guarantor of the overdraft and loan facilities of the group/related companies CCC Laundries Limited, White Linen (Famagusta) Limited, CCC Laundries (Paphos) Limited, L’Union Nationale (Tourism and Sea Resorts) Limited, Latouros Quarries Limited, Athinodorou Beton Limited and Athinodorou Beton-Estates Limited.




38. POST BALANCE SHEET EVENTSOn 1st January 2008, The Cyprus Cement Public Company Limited acquired 25,3% of Vassiliko Cement Works Public Company Ltd in return for the sale of its cement manufacturing and distribution operations and its interest in C.C.C. Buildings Materials Ltd.On 1 January 2008, date of introduction of the Euro as the new official currency of the Republic of Cyprus, the functional currency of the Company and its subsidiaries changed from Cyprus pounds to Euro. As a result of this change, as from 1 January 2008 all assets and liabilities of the Group have been converted using the fixed conversion rate of €1=£0,585274.

39. SUPPLEMENTARY INFORMATION

The balance sheets of the Group and the Company as at 31 December 2007 and 31 December 2006 and the income statements and the cash flow statements of the Group and the Company for the years ended 31 December 2007 and 31 December 2006 presented in Euro (€), represent supplementary information. This supplementary information is presented in accordance with paragraph 57 of IAS 21 “The Effects of Changes in Foreign Exchange Rates”. The rate of exchange used for the purpose of preparing this supplementary information (both for the current period as well as for the comparative figures of the previous financial period) is the fixed conversion rate of €0,585274, mentioned above.

40. INFORMATION REQUIRED IN ACCORDANCE WITH THE CYPRUS STOCK EXCHANGE REGULATIONS

The following information is provided in accordance with the provisions of the Cyprus Stock Exchange Regulations.

Directors’ interestsThe direct and indirect interests of directors in the issued share capital of the Company are as follows:

At At7 April 2008 31 December

2007% %

George St. Galatariotis, Costas St. Galatariotis, Stavros G. Galatariotis and Alexis G. Galatariotis 75,65 75,65

The indirect interests of the Directors are those held by their spouses, children under 18 years of age and companies in which the Director holds directly or indirectly at least 20% of the issued share capital.

There were no other changes during the period of 30 days preceeding the date of the notice convening the Annual General Meeting of the Company.

Shareholders with holdings of at least 5% of the issued share capital of the Company

The shareholders who held at least 5% of the issued share capital of the Company, with voting rights at a General Meeting and their corresponding shareholdings during the period of 30 days preceeding the date of the notice convening the Annual General Meeting of the Company, are as follows :

%George S. Galatariotis & Sons Limited 52,01*Gala Securities Public Company Limited 10,89*

* Included in the indirect percentage interest of Messrs. George St. Galatariotis, Costas St. Galatariotis, Stavros G. Galatariotis and Alexis G. Galatariotis.



41. SEGMENT REPORTING

Segment reporting is presented in respect of the Group’s business. Segment results, assets and liabilities include items directly attributable to a segment.

Business segmentsIndustrial laundry Property

developmentCement and drycleaning Hotel and tourism and sale Other Consolidated

2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006£ £ £ £ £ £ £ £ £ £ £ £

Segment resultsTurnover 5.242.385 - 554.282 - 4.341 - 3.322.000163.001 52.117 - 13.512.457163.001Cost of sales (4 .159.740 - (535 .013 - (3 .340.554 - (2 .131.143

)(52 .055 - - (10 .166.450) (52 .055

Gross profit 1 .082.645 - 14 .452 - 1 .001.119 - 1 .190.857 110 .946 52 .117 - 3.346.007110.946Unallocated expenses (2.836.454) (1.169.502)Share of profit of associates

482.000 449.621

Negative goodwill written off

12 .011.848 2 .097.425

Profit before taxation 13.003.401 1.488.490Taxation (expense)/income

(181 .602 27 .259

Profit for the year before minority interest 12.821.799 1.515.749Minority interest (310 .801 130 .401 Profit for the year attritutable to the shareholders of the parent

12 .510.998 1 .646.150

Segment assetsProperty, plant and equipment 100.523.76

1- 2.139.314 - 86.197.372 - 235 1.689 52.089 - 188.912.771407

Inventories - - 212.535 - 882.426 - - - - - 1.094.961 -Trade and other receivables

2 .065.422 - 878 .022 - 1 .850.525 - 1 .741.251 1 .955.657 28 .735 - 6.568.353 1.955.657

Unallocated assets 42 .315.477 31 .624.952 Total assets 238 .891.562 33 .581.016

2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006£ £ £ £ £ £ £ £ £ £ £ £

Segment liabilitiesInterest bearing loans and borrowings 5.647.266 - 2.512.145 - 28.136.132 - 15.303.641 1.047.773 5.043.242 5.021.795 56.642.428 6.069.568

Deferred tax liability 20.669.965

- 168.663 - 7.408.361 - 34.135 32.942 - - 28.281.124 32.942

Trade and other payables

1 .370.884 - 209 .840 - 2 .436.265 - 553 .352 281 .375 24 .618 253 .706 4.594.959535.081

Unallocated liabilities 475 . 854 36 .381 Total liabilities 89 .994.365 6 .673.972

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