Based on the Cyprus Securities and Exchange Commission Circular with reference “ΕΓ-Εκδότες-2013-03”, Vassiliko Cement Works Public Company Ltd hereby announces that the main risks and uncertainties faced by the Group remain the same as those presented in Note 34 of the Annual Report and Financial Statements of the Group for the year ended 31 December 2012.
Furthermore it is noted that, the uncertain economic conditions in Cyprus, the limited availability of financing for individuals and businesses by the banking system in general, the loss and/or blockage of funds, together with the resolution measures of the banking system and the potential continuation or worsening of the economic recession, could affect:
- the ability of the Group to obtain new borrowings, or re-finance its existing borrowings at terms and conditions similar to those applied to earlier transactions
- the ability of the Group's trade and other debtors to repay the amounts due to the Group, and
- the cash flow forecasts of the Group and the assessment of impairment of other financial and non financial assets.
The uncertainty regarding the course of developments in Cyprus economy does not allow a safe prediction of the second half of the current year in respect of the impact on the Cyprus economy, which may affect negatively the future financial performance, cash flows and financial position of the Group. Considering the above uncertainties the Group’s Management is taking increased measures to limit any negative consequences.
