Kekrops: The decision of A.P. dismisses the claim of the State for the area within the project

Clarifications regarding the estimated effects from the issuance of the decision 747/2022 of the Supreme Court for the area of ​​approximately 300 acres in the old Psychiko Quarries, KEKROΨ proceeds following a relevant letter of the Hellenic Capital Market Commission.

As the company states, following the sub no. 1078 / 05.05.2022 letter of the Hellenic Capital Market Commission, for the information of the investing public, regarding the estimated effects from the issuance of decision 747/2022 of the Supreme Court In the activity, in the property and financial situation of the company KEKROPS and the provision of any information deemed necessary for the correct and complete information of the investing public, we know the following:

Decision 747/2022 of the Supreme Court according to the operative part that the company KEKROPS (hereinafter the “Company”) has recognized the Greek State as the owner of the out-of-plan surface area of ​​242.25 acres while for the in-plan surface area 49 , 75 acres rejects the claim of the Greek State.

The Company after receiving the full text of the decision will evaluate its further legal actions.

Regarding the estimated effects on the assets and financial situation of the Company from the decision 747/2022 of the Supreme Court, the Company estimates that the decision 747/2022 gives the Company the right to recognize in the following Financial Statements the following properties in the plan which had Recognized in previous uses:
– Plot located at 6 Nefelis Street (7,094 sq.m.),
– Plot located at Perseos 11 – 19 (5,829 sq.m.)

The specific actions are expected to result in goodwill which will be determined during the recognition period in accordance with the provisions of International Accounting Standards.

Regarding the off-plan area on which the ownership of the Greek State is recognized, the property and financial situation of the Company is not affected by the decision 747/2022 of the Supreme Court, given that the said area had been derecognized in previous years.

Relevant information for these properties that have been derecognized is available in the Annual Financial Report for the year 2021 in notes 2.4. Summary of accounting principles and 4.2.Investments in real estate as well as in the Management Report of the Board of Directors of the Company – Real Estate.

The loss of the out-of-plan area of ​​242.25 acres limits the implementation of the Company’s plan regarding the development of investment in the area in question.

The Company, after learning the text of the decision, will immediately inform the investing public about anything new.

Source: Capital

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