C.C.C. HOLDINGS & INVESTMENTS PUBLIC COMPANY LTD
Interim management report
for the six months ended 30 June 2009
The Board of Directors, at a meeting held on 27 August 2009, considered and approved the unaudited interim,
condensed consolidated financial statements of C.C.C. Holdings & Investments Public Company Ltd for the six
months period ended 30 June 2009.
The consolidated results include the results of its subsidiary companies The Cyprus Cement Public Company
Ltd, C.C.C. Tourist Enterprises Public Company Ltd and K + G Complex Public Company Limited as well as the
share of profits of its associated company Vassiliko Cement Works Public Company Ltd.
The unaudited interim condensed consolidated financial statements, which are expressed in Euro, have been
prepared in accordance with IAS34 ‘Abridged Interim Financial Statements’ and comply with the provisions of
the Cyprus Stock Exchange Laws and Regulations in relation to the announcement of interim financial results.
The same accounting principles and bases of computation were applied in compiling the interim results for the
first six months period of 2009 as those applied for the preparation of the annual financial statements for the
year ended 31 December 2008. The results for the first six months period of 2009 have not been audited by
the external auditors of the Group.
The interim condensed financial statements must be read in conjunction with the annual financial statements
for the year ended 31 December 2008.
Principal activities of the Group
The principal activity of the Company continues to be that of an investment company. The principal activity of
it’s subsidiary company K + G Complex Public Company Ltd is the erection and sale of residential units as well
as the development and sale of land at the Amathus area in Limassol, and the holding of investments. The
principal activities of the subsidiary company The Cyprus Cement Public Company Ltd (CCC), after the
conclusion of the agreement with Vassiliko Cement Works Public Company Ltd, on 1 January 2008, is the
development of its land, after the cessation of the cement production activity at the Moni plant as well as the
holding of strategic investments in companies operating in the hotel industry and companies operating in the
production and distribution of cement and other related activities. For the development of its land the
Subsidiary is proceeding with feasibility studies for the formation of its development action plan.
Review of the financial position of the Group
The Group presented losses from continuing operations after taxation amounting to €5.612.686 and losses of
€61.351 from discontinued operations compared to profit of €4.428.197 and €6.827.914 respectively, during
the corresponding period of 2008.
The total net losses of the Group after taxation that is attributable to the Company’s shareholders is
€3.460.571 compared to profit of €7.297.424 during the corresponding period of 2008.
The negative differentiation of the results compared to those of last year is mainly due to the following
reasons:
Interim management report
for the six months ended 30 June 2009
Loss from financial assets designated at fair value of €1m compared to profit of €3.6m in the same
period of 2008.
In 2008 CCC presented, due to the conclusion of it’s agreement with Vassiliko Cement Works Public
Company Ltd, non-recurring profit of €13m.
The total net assets that are attributable to the shareholders of the Group at the end of the six month period
were €101.629.697 compared to €105.034.252 at 31 December 2008.
Risks and uncertainties
The Group’s activities are subject to various risks and uncertainties. The most significant of which are credit
risk, liquidity risk and market risk that arise from adverse movements in exchange rates, interest rates as well
as operational risks.
The operations are affected by a number of factors including but not limited to:
International and national economic and geopolitical conditions
The impact of war, terrorist activity but also diseases that might affect tourists arrivals
Increases in labour and energy costs
Increased competition within Cyprus and the neighbouring countries
The growth of the construction and real estate sectors
The Group is analyzing, monitoring and managing these risks through various control mechanisms, and forms,
wherever possible, its strategy with a view to minimizing the effects of these risks.
Extracts of the results of the first six months of 2009 will be published in the newspaper ‘Phileleftheros’ on 28
August 2009.
Copies of the Group’s unaudited condensed consolidated financial statements for the period ended 30 June
2009 are available, free of charge, at the company’s head offices, 197 Makarios III Avenue, 3030 Limassol,
tel: 25891000.
C.C.C. HOLDINGS & INVESTMENTS PUBLIC COMPANY LTD
Condensed interim consolidated statement of comprehensive income
for the six months ended 30 June 2009
30 June 30 June
2009 2008
€ €
Sales 7.478.121 9.290.178
Cost of sales (7.291.039) (7.621.181)
_________ _________
Gross profit 187.082 1.668.997
(Loss)/ Profit from financial assets at fair value
(1.069.288) 3.560.324
Other operating income 8.153 41.396
Administrative expenses (3.058.675) (3.074.025)
Selling and distribution expenses (11.025) (42.155)
Other operating expenses - (2.146.247)
_________ _________
Operating (loss) / profit (3.943.753) 8.290
Finance costs (1.837.237) (3.268.152)
Share of profit of associates 61.226 1.864.357
Negative goodwill - 5.688.512
_________ _________
(Loss)/Profit before tax from continuing (5.719.764) 4.293.007
operations
Tax 107.078 135.190
_________ _________
(Loss)/Profit for the year from continuing operations (5.612.686) 4.428.197
_________ _________
Discontinued operations
(Loss)/Profit for the period from discontinued operations (61.351) 6.827.914
_________ _________
(LOSS)/PROFIT FOR THE PERIOD (5.674.037) 11.256.111
_________ _________
Other comprehensive income/(expenses) for the
period:
Fair value gains on available-for- sale financial assets - 3.060
Revaluation reserve adjustment 217 (115.720)
Share of reserves of associates 21.315 (1.830.708)
Deferred tax adjustment 92.665 -
_________ _________
Total comprehensive income/(expenses) for the (5.559.840) 9.312.743
period
========= =========
(Loss)/Profit attributable to:
Equity holders of the Company (3.460.571) 7.297.424
Minority interest (2.213.466) 3.958.687
_________ _________
(5.674.037) 11.256.111
========= =========
Total comprehensive income/(expenses) attributable
to:
Equity holders of the Company (3.403.831) 6.037.523
Minority interest (2.156.009) 3.272.220
_________ _________
(5.559.840) 9.312.743
========= =========
Basic and diluted (loss)/earning per share (cent (7,86) 16,58
per share):
- Continuing operations
(7,79) 8,89
- Discontinued operations
(0,07) 7,69