Vassiliko Cement Works Public : INTERIM FINANCIAL STATEMENTS FOR THE FIRST SIX MONTHS OF 2022

VASSILIKO CEMENT WORKS PUBLIC COMPANY LTD

Report and Consolidated Interim Financial Statements

Six months ended 30 June 2022

Contents	Page
Report for the Six Months Ended 30 June 2022	1
Consolidated Statement of Profit or Loss and Other Comprehensive Income	2
Consolidated Statement of Financial Position	3
Consolidated Statement of Changes in Equity	4
Consolidated Statement of Cash Flows	5
Notes to the Consolidated Interim Financial Statements	6
Statement of the members of the Board of Directors and other responsible persons
of the Company for the interim financial statements	7

VASSILIKO CEMENT WORKS PUBLIC COMPANY LTD

Report for the Six Months Ended 30 June 2022

On July 28th 2022, the Board of Directors of Vassiliko Cement Works Public Company Ltd approved the financial results of the Group for the first half of the year that ended 30 June 2022.

Financial results

Revenues for the first half of 2022 reached €60.675.000 compared to €50.386.000 for the respective period of 2021. Revenues increased as a result of higher export sales and improved pricing, in response to the increase of electricity, fuels and other production costs.

The price increases though were not adequate to cover the continuing increases of energy costs which continued increasing to unprecedented levels. Rising inflationary pressure and devaluation of euro against the US dollar are impacting the cost structure of the Company even further.

Following the above, the profit for the period reached €5.392.000 compared to €8.783.000 for the same period of 2021.

Transactions with related parties

The transactions with related parties for the first half of 2022 are presented on note 4 of the consolidated interim financial statements.

Μain risks and uncertainties

The main risks and uncertainties faced by the Group are presented on note 5 of the Consolidated Interim Financial Statements.

Prospects for the year

Energy and fuel costs continue to increase rapidly and are expected to increase production costs as well as price levels even further. The war between Russia and Ukraine keeps putting pressure on economic and global financial markets causing disruptions in supply chains as well as limiting the fuels and materials availability, impacting consumer confidence and increasing uncertainty over estimates both in costs as well as in sales for the second half.

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VASSILIKO CEMENT WORKS PUBLIC COMPANY LTD

Consolidated Statement of Profit or Loss and Other Comprehensive Income Six months ended 30 June 2022

Six months ended

	30 June
	2022			2021
	€000	€000
Revenue	60.675			50.386
Cost of sales	(50.658)			(36.157)
Gross profit	10.017			14.229
Other operating income	713			753
Distribution expenses	(2.479)			(2.313)
Administrative expenses	(1.863)			(1.815)
Other operating expenses	(695)			(1.044)
Operating profit before financing costs	5.693			9.810
Financial income	127			39
Financial expenses	(173)			(146)
Net financial expenses	(46)			(107)
Profit from investing activities	352			-
Share of profit from equity-accounted investees	276			405
Profit before tax	6.275			10.108
Taxation expense	(883)			(1.325)
Profit for the financial period	5.392			8.783
Other comprehensive (loss)/income
Revaluation gain / (loss) on financial assets at fair value through	(14)			3
οther comprehensive income
Other comprehensive (loss)/income for the period	(14)			3
Total comprehensive income for the period	5.378			8.786
Profit attributable to:
Equity holders of the parent	5.392			8.783
Non-controlling interest	-			-
	5.392			8.783
Total comprehensive income attributable to:
Equity holders of the parent	5.378			8.786
Non-controlling interest	-			-
	5.378			8.786
Basic and diluted earnings per share (cents)	7,5			12,2

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VASSILIKO CEMENT WORKS PUBLIC COMPANY LTD

Consolidated Statement of Financial Position

30 June 2022

	30 June 2022 31 December 2021
	€000		€000
ASSETS
Property, plant and equipment	219.593	221.837
Intangible assets	12.332	12.332
Investment property	5.533	5.533
Rights of use assets	1.524	1.583
Investment in equity-accounted investee	1.857	1.625
Financial assets at fair value throught other comprehensive income	217	232
Total non-current assets	241.056		243.142
Inventories	51.766	42.078
Trade and other receivables	10.265		6.885
Total current assets	62.031	48.963
Total assets	303.087	292.105
EQUITY AND LIABILITIES
Equity and reserves
Share capital	30.933	30.932
Reserves	212.679		216.654
Total equity attributable to equity holders of the parent	243.612	247.586
Non-controlling interest	-	-
Total equity	243.612	247.586
LIABILITIES
Interest-bearing loans and borrowings	11.657	3.801
Lease liabilities	1.507	1.542
Deferred taxation	23.410		23.910
Total non-current liabilities	36.574		29.253
Bank overdraft	3.269	6.149
Interest bearing-loan and borrowings	6.249	959
Lease liabilities	115	115
Trade and other payables	10.593	6.868
Provisions for liabilities and charges	300	300
Income tax payable	2.375		875
Total current liabilities	22.901		15.266
Total liabilities	59.475	44.519
Total equity and liabilities	303.087		292.105

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