Cyprus Cement and CCCT revalue land holdings

The Board of Directors of The Cyprus Cement Public Company Ltd has decided to revalue the company’s land at EUR171 mln in accordance with the Company’s policy to carry out revaluation of its property at regular intervals. The land was last revalued at EUR42,8 mln (CYP25 million). The revaluation was based on two separate valuations performed by independent chartered land surveyors. The basis of the valuation was the present condition (current use of land). The resulting deferred taxation is EUR25,6 mln. As a result of the revaluation the net assets will increase by EUR102,6 mln. The revaluation will be incorporated in the financial statements for the year ended 31 December 2007.

 

CCCT revaluation

The Board of Directors of L’ Union Nationale (Tourism and Sea Resorts) Ltd, wholy owned subsidiary of C.C.C. Tourist Enterprises Public Company Ltd, has decided the following:
The reclassification of an area of land of 8,000 m² with book value EUR3,1 mln from the non-current assets to the current assets. This land will be used for real-estate development.
To revalue the remaining land to EUR67,5 mln. The previous value was EUR22,6 mln. The revaluation took into account two separate valuations performed by independent chartered land surveyors and it has been carried out in accordance with the policy of revaluing property in regular intervals. The resulting deferred taxation is estimated at EUR9 mln. As a result of the revaluation the net assets will increase by EUR35,9 mln.
The above will be incorporated in the financial statements for the year ended 31 December 2007.