Further to the company announcements in Tadawul regarding the conversion of the financial statements to IFRS the latest was on 29/12/2016, Saudi Ceramic Company wishes to announce the following:
1-The statements in line with IFRS have been prepared for the opening balances as at 1 January 2016 First quarter 2016 Second quarter 2016 and the Third quarter 2016.
2-The effects on the financial statements as a result of implementing the IFRS are not significant.
3-There are no hindrances that might affect the Company ability to prepare its IFRS financial statements, except the stated in the company announcement on 30/8/2016 regarding the availability of the IFRS compliant financial statements for its associates, since these associates are required to provide the IFRS compliant financial statements starting from 1/1/2018. The company is taking the necessary steps to comply.
4-The Company confirm its readiness to prepare its IFRS financial statements for 2017 first quarter within the applicable regulatory period.