The Cyprus Cement Company Limited

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

REPORT AND CONSOLIDATED

FINANCIAL STATEMENTS

Year ended 31 December 2006

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Year ended 31 December 2006

C O N T E N T S

Page

Officers and professional advisers1

Directors’ report2 - 4

Declaration of the directors’ and other responsible persons’

responsible for the preparation of the financial statements 5

Independent auditors’ report6 & 7

Consolidated income statement 8

Parent company income statement 9

Consolidated statement of changes in equity10 & 11

Parent company statement of changes in equity12

Consolidated balance sheet13

Parent company balance sheet14

Consolidated cash flow statement15

Parent company cash flow statement16

Notes to the consolidated financial statements17 - 49

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

DirectorsGeorge St. Galatariotis, Executive Chairman and Managing Director

Thomas M. Schmidheiny (Swiss), Vice-Chairman

Costas St. Galatariotis, Executive Director

Stavros G. St. Galatariotis, Executive Director

Vassos G. Lazarides, Finance Director

Javier de Benito (Spanish)

Michalis Mousiouttas

Antonis Antoniou

George S. Galatariotis

(resigned 7 March 2007)

Simos G. Galatariotis

(resigned 7 March 2007)

Secretary C.C.C. Secretarial Limited

AuditorsKPMG

Legal AdvisersChrysses Demetriades & Co

George L. Savvides & Co.

Tsangarides & Tsangarides

Mouaimis & Mouaimis

BankersBank of Cyprus Public Company Limited

National Bank of Greece (Cyprus) Limited

Hellenic Bank Public Company Limited

Marfin Popular Bank Public Company Limited

Arab Bank plc

Alpha Bank Limited

Limassol Co-operative Savings Bank Limited

Registered officeMoni,

4525, Limassol

Registration number461

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

DIRECTORS’ REPORT

The Board of Directors present their annual report and the audited consolidated financial statements for the year ended 31 December 2006.

PRINCIPAL ACTIVITY

The principal activity of the Company continues to be the manufacture and sale of cement and the acquisition of strategic investments in companies operating in related and other fields of business, including quarrying, industrial laundry and dry-cleaning and hotel and tourism.

REVIEW OF CURRENT POSITION AND OPERATIONAL PERFORMANCE

The consolidated financial results for the year and the Group’s position at 31 December 2006 are presented on pages 8 and 13 of the financial statements. The net profit for the year attributable to the shareholders of the Company amounted to £1.352.911 compared to £850.211 in 2005 and total equity at 31 December 2006 amounted to £74 million (2005: £73 million).

The consolidated turnover shows a slight increase compared to 2005 (£28,8 million in 2006 compared to £28,4 million in 2005). At the same time, consolidated cost of sales decreased from £24,4 million in 2005 to £23,8 million in 2006 i.e. a decrease of 2,5%, due to decreased production costs during the year. As a result of the above, the consolidated gross operating profit increased from £4,0 million in 2005 to £5,0 million in 2006.

After the deduction of administration, selling and distribution and other operational expenses, totaling £3,5 million (2005: £3,8 million), the net operating profit for the year amounted to £1,6 million compared to £0,3 million in 2005. After net financing costs (including exchange differences) and the results of associated companies, the net profit for the year before taxation amounted to £680 thousand (2005: £313 thousand).

Deviation from the indicative results for thE year

The deviation of the final results for the year of £1,35 million from the indicative results of £1.31 million announced on 26 February 2007, is due to minor adjustments made in the financial statements of the Group Companies.

DIVIDENDS AND TRANSFER TO RESERVES

The Board of Directors do not recommend the payment of a dividend and recommend that the profit for the year be transferred to reserves.

MAIN RISKS AND UNCERTAINTIES

The activities of the Group are subject to various risks and uncertainties related to the construction and tourism industries in general. These activities are influenced by a number of factors which include, but are not restricted to, the following:

National and international economic and geopolitical factors;
The growth of the construction and real estate sectors;
The impact of war, terrorist acts, deceases and epidemics which are likely to influence tourists’ arrivals on the island;
Increases in labour and energy costs;
Increased domestic competition as well as competition from neighboring countries.

Details of the Group’s exposure to credit, interest and foreign currency risks are given in note 27 to the financial statements.

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

DIRECTORS’ REPORT

FORESEEABLE FUTURE DEVELOPMENTS

Except as mentioned in the following paragraph, the Board of Directors does not expect any significant changes in the activities of the Group in the foreseeable future.

EVENTS AFTER THE BALANCE SHEET DATE

a)In the first quarter of 2007, the Company, through reorganization, transferred its interest in the Group Companies

- Latouros Quarries Limited

- C.C.C. Aggregates Limited

- Athinodorou Beton - Transport Limited

- Athinodorou Beton - Estates Limited

- Athinodorou Beton Limited

to C.C.C. Building Materials Limited.

b)Subsequently, on 9 March 2007, the Company concluded an agreement with Vassiliko Cement Works Public Company Limited (VCW) for the sale of the cement manufacturing and distribution operations of the Company and the sale of its interest in C.C.C. Building Materials Limited.

The sale consideration was agreed at £30.474.936 (€52.597.405) and will be paid with the issue to the Company by VCW of 18.199.794 new shares which will represent 25,3% of the new total issued share capital of VCW. The agreed price per share was calculated at £1,67 (€2,89), being the weighted average closing price of the VCW shares during the last 3 months preceeding the date of the agreement.

The agreement is subject to approval by the Commission for the Protection of Competition, the Stock Exchange and the Securities and Exchange Commission, as well as any authority which may have jurisdiction or competence in the matter. Moreover, the issue of the new shares by VCW to the Company is subject to the approval of the extraordinary general meeting of VCW.

SHARE CAPITAL

There were no changes in the share capital of the Company during the year under review and up to the date of the financial statements.

BRANCHES

The Group did not operate through any branches during the year under review.

CONTRACTS WITH DIRECTORS AND RELATED PARTIES

Other than the transactions and balances disclosed in note 15 and 25 to the financial statements, there were no other significant contracts entered by the Group at 31 December 2006 in which members of the Board of Directors or other related parties had any significant interest.

LAND REGISTERED IN THE NAME OF THE GOVERNMENT OF THE REPUBLIC

An area of 6,3 hectares of land has been expropriated during the years 1989 to 1995 by the Government of the Republic for the account of the Company from third parties at a cost of £413.744 and is used by the Company for quarrying purposes. This land is registered in the name of the Government of the Republic for the account of the Company.

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

DIRECTORS’ REPORT

DIVIDENDS AND TRANSFER TO RESERVE

The Board of Directors does not recommend the payment of a dividend and recommends that profit for the year be transferred to reserve.

CORPORATE GOVERNANCE (Code)

The Board of Directors has considered the provisions of the Code and, at present, it does not intend to adopt them but intends to consider them again in the future and decide accordingly.

BOARD OF DIRECTORS

The present membership of the Board of Directors is set out on page 1. Except for Mr. George S. Galatariotis and Mr. Simos G. Galatariotis, who resigned on 7 March 2007, all others were Members of the Board of Directors throughout the period from the Company’s last Annual General Meeting to the date of the financial statements.

In accordance with the Company’s Articles of Association, Mr. Costas St. Galatariotis, Mr. Stavros G. Galatariotis and Mr. Vassos Lazarides retire by rotation at the Annual General Meeting of the Company and, being eligible, offer themselves for re-election.

There were no significant changes in the assignment of responsibilities and remuneration of the members of the Board of Directors.

AUDITORS

The independent auditors of the Company Messrs KPMG have expressed their willingness to continue in office and a resolution authorizing the Board of Directors to fix their remuneration will be submitted at the Annual General Meeting.

By order of the Board

C.C.C Secretarial Limited

Secretary

Limassol, 23 March 2007

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

DECLARATION of directors’ AND OTHER RESPONSIBLE PERSONS’ responsibility in respect of the financial statements

We, the Members of the Board of Directors, the Chief Financial Officer and the Financial Controller, being the persons responsible for the preparation of the annual Company and consolidated financial statements of The Cyprus Cement Public Company Limited, on the basis of our knowledge which is the result of diligent and conscientious work, declare that the information included in these financial statements is true and complete.

……………………………………
George St. Galatariotis
Executive Chairman and Managing Director
……………………………………
Costas St. Galatariotis
Executive Director
……………………………………
Vasos G. Lazarides
Finance Director
……………………………………
Javier de Benito
Director
……………………………………
Tasos Anastasiou
Chief Financial Controller / ……………………………………
Thomas M. Schmidheiny
Vice-Chairman
……………………………………
Stavros G. St. Galatariotis
Executive Director
……………………………………
Michalis Mousiouttas
Director
……………………………………
Antonis Antoniou
Director
……………………………………
Andreas Constantinou
Financial Controller

23 march 2007

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

OF

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

Report on the Consolidated and Company’s Separate Financial Statements

We have audited the consolidated financial statements of The Cyprus Cement Public Company Limited (the “Company”) and its subsidiaries (the “Group”) and the Company’s separate financial statements on pages 8 to 49, which comprise the balance sheets of the Group and the Company as at 31 December 2006, and the income statements, statements of changes in equity and cash flow statements of the Group and the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Board of Directors’ Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the preparation and fair presentation of these consolidated and Company’s separate financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (EU) and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and the requirements of the Cyprus Companies Law, Cap. 113. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated and Company’s separate financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the entity's preparation and fair presentation of the financial statements, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated and the Company’s separate financial statements give a true and fair view of the financial position of the Group and the Company as of 31 December 2006, and of the financial performance and the cash flows of the Group and the Company for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU and International Financial Reporting Standards as issued by the IASB and the requirements of the Cyprus Companies Law, Cap. 113.

Report on Other Legal Requirements

Pursuant to the requirements of the Companies Law, Cap. 113, we report the following:

We have obtained all the information and explanations we considered necessary for the purposes of our audit.
In our opinion, proper books of account have been kept by the Company.
The Company’s financial statements are in agreement with the books of account.
In our opinion and to the best of the information available to us and according to the explanations given to us, the financial statements of the Group and the Company give the information required by the Companies Law, Cap. 113, in the manner so required.
In our opinion, the information given in the report of the Board of Directors on pages 2 to 4 is consistent with the consolidated and Company’s separate financial statements.

Other Matter

This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 156 of the Companies Law, Cap.113 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.

Chartered Accountants

Limassol, 23 March 2007

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

CONSOLIDATED INCOME STATEMENT

Year ended 31 December 2006

Supplementary
information (note 37)
2006 / 2005 / 2006 / 2005
Note / £ / £ / € / €
Revenue / 28.813.574 / 28.360.674 / 49.833.076 / 49.049.786
Cost of sales / (23.796.168) / (24.401.669) / (41.155.473) / (42.202.686)
Gross profit / 5.017.406 / 3.959.005 / 8.677.603 / 6.847.100
Other operating income / 4 / 87.703 / 297.978 / 151.682 / 515.353
Administration expenses / (2.893.032) / (2.692.269) / (5.003.499) / (4.656.279)
Selling and distribution expenses / (377.438) / (385.366) / (652.779) / (666.490)
Other operating expenses / 5 / (273.814) / (851.191) / (473.568) / (1.472.135)
Operating profit before financing costs / 6 / 1.560.825 / 328.157 / 2.699.439 / 567.549
Financial income / 7 / 419.640 / 540.244 / 725.767 / 934.352
Financial expenses / 7 / (1.904.673) / (1.473.097) / (3.294.132) / (2.547.721)
Net financing costs / (1.485.033) / (932.853) / (2.568.365) / (1.613.369)
Share of profit of associates / 604.409 / 918.262 / 1.045.325 / 1.588.134
Profit before taxation / 680.201 / 313.566 / 1.176.399 / 542.314
Taxation income / 8 / 81.581 / 111.273 / 141.094 / 192.447
Profit for the year before
minority interest / 761.782 / 424.839 / 1.317.493 / 734.761
Minority interest / 591.129 / 425.372 / 1.022.358 / 735.681
Net profit for the year attributable to the shareholders of the parent / 1.352.911 / 850.211 / 2.339.851 / 1.470.442
Cents / Cents / Cents / Cents
Basic and diluted earnings per share / 9 / 1,15 / 0,73 / 1,99 / 1,26

The notes on pages 17 to 49 form an integral part of the financial statements.

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

PARENT COMPANY INCOME STATEMENT

Year ended 31 December 2006

Supplementary
information (note 37)
2006 / 2005 / 2006 / 2005
Note / £ / £ / € / €
Revenue / 15.528.869 / 14.988.853 / 26.857.179 / 25.923.221
Cost of sales - cement manufacture / (11.769.449) / (13.178.095) / (20.355.262) / (22.791.515)
Gross profit / 3.759.420 / 1.810.758 / 6.501.917 / 3.131.706
Other operating income / 4 / 37.940 / 17.570 / 65.617 / 30.387
Selling and distribution expenses / (12.033) / (9.263) / (20.811) / (16.020)
Administration expenses / (1.522.558) / (1.341.089) / (2.633.264) / (2.319.413)
Other operating expenses / 5 / (19.811) / (22.691) / (34.263) / (39.244)
Operating profit before financing costs / 6 / 2.242.958 / 455.285 / 3.879.196 / 787.416
Financial income / 7 / 457.814 / 1.401.338 / 791.789 / 2.423.614
Financial expenses / 7 / (424.341) / (348.585) / (733.898) / (602.878)
Net financing income / 33.473 / 1.052.753 / 57.891 / 1.820.736

Profit before taxation

/ /

2.276.431

1.508.038

3.937.087

/ 2.608.152

Taxation (expense)/income

(220.809)

17.086

(381.889)

29.550

Net profit for the year / 2.055.622 / 1.525.124 / 3.555.198 / 2.637.702

The notes on pages 17 to 49 form an integral part of the financial statements.

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Year ended 31 December 2006

Attributable to the shareholders of the parent

Reserve arising on

ShareCapitalFairthe adoption

capitalShare(revaluation)valueof the equityRevenueIncomeMinorityTotal

(note 20)premiumreservereservemethodreservestatementTotalinterestequity

££££££££££

1 January 2005 / 29.446.510 / 354.301 / 11.070.850 / 737 / 13.247 / 10.285.205 / 9.681.457 / 60.852.307 / 11.904.910 / 72.757.217
Share in other reserves
of associated companies / - / - / - / - / 4.181 / - / - / 4.181 / - / 4.181
Transfer due to sale of revalued
property, plant and equipment / - / - / (3.995) / - / - / - / 3.995 / - / - / -
Adjustment in reserves relating
to minority due to change in
shareholding / - / - / - / - / - / - / 257.782 / 257.782 / (292.829) / (35.047)
Provision for deferred tax on
deemed distribution / - / - / - / - / - / (164.661) / (164.661) / - / (164.661)
Surplus on revaluation of
property, plant and equipment / - / - / 252.847 / - / - / - / - / 252.847 / 103.276 / 356.123
Provision for deferred tax on
surplus on revaluation of
property, plant and equipment / - / - / (45.368) / - / - / - / - / (45.368) / (20.112) / (65.480)
Transfer from deferred tax / - / - / 14.639 / - / - / - / - / 14.639 / 10.842 / 25.481
Net profit for the year / - / - / - / - / - / - / 850.211 / 850.211 / (425.372) / 424.839
31 December 2005 / 29.446.510 / 354.301 / 11.288.973 / 737 / 17.428 / 10.285.205 / 10.628.784 / 62.021.938 / 11.280.715 / 73.302.653

The notes on pages 17 to 49 form an integral part of the financial statements.

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Year ended 31 December 2006

Attributable to the shareholders of the parent

Reserve arising on

ShareCapitalFairthe adoption

capitalShare(revaluation)valueof the equityRevenueIncomeMinorityTotal

(note 20)premiumreservereservemethodreservestatementTotalinterestequity

££££££££££

1 January 2006 / 29.446.510 / 354.301 / 11.288.973 / 737 / 17.428 / 10.285.205 / 10.628.784 / 62.021.938 / 11.280.715 / 73.302.653
Share in other reserves
of associated companies / - / - / - / - / 1.808 / - / - / 1.808 / - / 1.808
Transfer to income statement
due to sale of revalued property, plant and equipment / - / - / (116.104) / - / - / - / 116.104 / - / - / -
Expenses for the issue of new shares
shares / - / - / (12.620) / - / - / - / - / (12.620) / - / (12.620)
Adjustment in reserves relating
to minority due to change in
shareholding / - / - / - / - / - / - / 384.157 / 384.157 / (102.807) / 281.350
Provision for deferred tax on
deemed distribution / - / - / - / - / - / - / (212.171) / (212.171) / - / (212.171)
Sales of shares available for sale / - / - / - / 26 / - / - / - / 26 / - / 26
Provision for deferred tax on
surplus on revaluation of
property, plant and equipment / - / - / - / - / - / - / - / - / - / -
Transfer from deferred tax / - / - / 22.482 / - / - / - / - / 22.482 / - / 22.482
Net profit for the year / - / - / - / - / - / - / 1.352.911 / 1.352.911 / (591.129) / 761.782
31 December 2006 / 29.446.510 / 354.301 / 11.182.731 / 763 / 19.236 / 10.285.205 / 12.269.785 / 63.558.531 / 10.586.779 / 74.145.310

The notes on pages 17 to 49 form an integral part of the financial statements.

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

PARENT COMPANY STATEMENT OF CHANGES IN EQUITY

Year ended 31 December 2006

Reserve
arising on
the adoption / Profit
Share / Capital / of the equity / and loss
capital / Share / (revaluation) / method / Revenue / account
(note 20) / premium / reserve / (Restated) / reserve / (Restated) / Total
£ / £ / £ / £ / £ / £
1 January 2005, as previously reported / 29.446.510 / 390.164 / 10.843.190 / (13.247) / 10.312.655 / 10.779.789 / 61.785.555
Change in accounting policy for the recognition
of associates in the parent company (note 33) / - / - / - / - / - / (168.848) / (182.095)
1 January 2005, as restated / 29.446.510 / 390.164 / 10.843.190 / (13.247) / 10.312.655 / 10.610.941 / 61.603.460
Transfer due to sale of revalued property,
plant and equipment / - / - / (3.995) / - / - / 3.995 / -
Provision for deferred tax on deemed
distribution / - / - / - / - / - / (164.665) / (164.665)
Net profit for the year / - / - / - / - / - / 1.525.124 / 1.525.124
31 December 2005 / 29.446.510 / 390.164 / 10.839.195 / - / 10.312.655 / 11.975.395 / 62.963.919
1 January 2006 / 29.446.510 / 390.164 / 10.839.195 / - / 10.312.655 / 11.975.395 / 62.963.919
Provision for deferred tax on deemed
distribution / - / - / - / - / - / (212.133) / (212.133)
Net profit for the year / - / - / - / - / - / 2.055.622 / 2.055.622
31 December 2006 / 29.446.510 / 390.164 / 10.839.195 / - / 10.312.655 / 13.818.884 / 64.807.408

The notes on pages 17 to 49 form an integral part of the financial statements.

THE CYPRUS CEMENT PUBLIC COMPANY LIMITED

CONSOLIDATED BALANCE SHEET 31 DECEMBER 2006

Supplementary
information (note 37)
2006 / 2005 / 2006 / 2005
Note / £ / £ / € / €
ASSETS
Property, plant and equipment / 11 / 101.531.353 / 102.929.990 / 175.598.475 / 178.017.420
Goodwill on acquisition of subsidiary
companies / 10 / 2.162.512 / 1.455.250 / 3.740.082 / 2.516.855
Investments in associates / 13 / 8.317.243 / 7.961.024 / 14.384.243 / 13.768.591
Other investments / 14 / 34.864 / 35.508 / 60.297 / 61.411
Total non-current assets / 112.045.972 / 112.381.772 / 193.783.097 / 194.364.277
Inventories / 16 / 7.124.953 / 6.631.549 / 12.322.606 / 11.469.264
Trade and other receivables / 17 / 4.929.605 / 5.734.306 / 8.525.752 / 9.917.482
Amounts receivable from related parties / 15 / 1.253.314 / 997.825 / 2.167.606 / 1.725.738
Tax receivable / 282.252 / 291.435 / 488.155 / 504.037
Cash at bank and in hand / 18 / 186.343 / 203.841 / 322.280 / 352.545
Total current assets / 13.776.467 / 13.858.956 / 23.826.399 / 23.969.066
Non-current assets classified as held for sale / 19 / 320.542 / - / 554.377 / -
14.097.009 / 13.858.956 / 24.380.776 / 23.969.066
Total assets / 126.142.981 / 126.240.728 / 218.163.873 / 218.333.341
EQUITY AND LIABILITIES
Issued share capital / 20 / 29.446.510 / 29.446.510 / 50.927.740 / 50.927.740
Reserves / 34.112.021 / 32.575.428 / 58.996.739 / 56.339.203
Total equity attributable to
the shareholders of the parent / 63.558.531 / 62.021.938 / 109.924.479 / 107.266.943
Minority interest / 10.586.779 / 11.280.715 / 18.309.834 / 19.509.997
Total equity / 74.145.310 / 73.302.653 / 128.234.313 / 126.776.940
Interest-bearing loans and borrowings / 21 / 31.144.450 / 32.108.040 / 53.864.326 / 55.530.855
Deferred tax liability / 22 / 8.014.153 / 8.325.077 / 13.860.478 / 14.398.221
Deferred government grants / 23 / 186.448 / 174.883 / 322.462 / 302.460
Total non-current liabilities / 39.345.051 / 40.608.000 / 68.047.266 / 70.231.536
Interest-bearing loans and borrowings / 21 / 8.402.152 / 8.892.556 / 14.531.400 / 15.397.676
Trade and other payables / 24 / 3.646.998 / 3.426.269 / 6.307.328 / 5.925.732
Amounts payable to related companies / 25 / 603.470 / 11.250 / 1.043.566 / 19.457
Total current liabilities / 12.652.620 / 12.330.075 / 21.882.274 / 21.342.865
Total liabilities / 51.997.671 / 52.938.075 / 89.929.540 / 91.556.401
Total equity and liabilities / 126.142.981 / 126.240.728 / 218.164.173 / 218.333.341

These financial statements were approved by the Board of Directors on 23 March 2007.