Regarding the current developments concerning the Banking sector and in general the Cyprus economy, we wish to announce that their effect to Vassiliko Cement Works Public Company Ltd is as follows:
- It is expected to have some diminution to the bank balances, which does not materially affect the liquidity and the financial results of the Company.
- It is expected to have increased credit risk resulting from uninsured receivables, as a result of the lack of liquidity in the market.
- It is expected to face a further reduction in the turnover of the local market, which shall negatively affect the financial results of the Company. At present, it is not possible to determine the extent of the decrease and the degree to which the financial results will be affected.
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