Ablon Group
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
Ablon Group Limited ("Ablon" or "the Company"), a leading real estate owner and
developer in Budapest with a well-established presence in Prague and new sites
in Bucharest, today announces its final results for the year ended 31 December
2006 in accordance with International Financial Reporting Standards (IFRS) as
adopted by the EU. These results represent the performance of Ablon in 2006
before its flotation on AIM, which took place on 7 February 2007.
PROPERTY HIGHLIGHTS
-- Property Assets:
-- Diversified mix of office, residential, retail, logistics and hotel
developments
-- Combined estimated value of EUR 421.5 million as at 30 September
2006(1).
-- 13 existing and income generating office, retail and residential assets
over approximately 103,400 square meters (at 11 locations) in Budapest
and Prague.
-- 34 development projects comprising a further 690,000 square meters in
the next five years (at 19 locations) in Budapest, Prague and Bucharest.
-- Well positioned to expand in other cities in Central and Eastern Europe.
(1) The King Sturge valuation is presented as at 30 September 2006 and therefore
does not include the Ablon group's two recently acquired properties in
Bucharest, which the Company has valued at a combined cost of EUR 15.7 million.
FINANCIAL HIGHLIGHTS
-- Pre tax Profit of EUR 51.0 million in 2006.
-- Gross rental income of EUR 9.2 million in 2006.
-- Gross residential income of EUR 3.7 million in 2006.
-- Shareholders funds increased from EUR 92.1 million at 31 December 2005
to EUR 127.0 million at 31 December 2006, an increase of EUR 34.9
million or 38%.
-- Adjusted net asset value per share of EUR 3.92 (*2.67) at 31 December
2006.
-- In February, Ablon Group commenced trading on AIM, raising �97.2 million
(EUR 145.9) (including over-allotment option) gross proceeds.
RESULTS IN BRIEF
Year ended 31
December
in thousands of Euros 2006 2005
Gross rental income 9,209 8,322
Gross residential income 3,668 2,286
---------------------
Net sales income 10,124 9,129
---------------------
Net gain from fair value adjustment on
investment property 48,584 34,180
Gain on sale of group companies 0 16,652
Sales and administrative expenses (4,740) (3,809)
Other income/expenses (137) (56)
---------------------
Net operating profit 53,831 56,096
---------------------
---------------------
Net financing income / (expense) (2,812) (2,850)
Profit before income tax 51,019 53,246
---------------------
Tax (15,263) (6,836)
---------------------
Profit for the year 35,756 46,410
---------------------
Basic earnings per share (euro) 0.5108 0.6630
---------------------
Diluted earnings per share (euro) 0.5108 0.6630
---------------------
CEO'S STATEMENT
We are delighted to present Ablon Group's first set of results since our recent
listing on London's AIM market. 2006 was a very successful year for Ablon Group,
culminating in a strong set of results that validates our business model for
expansion.
These strong results can be attributed to our long-term presence in some of the
most dynamic property markets in Europe. We expect the macroeconomic trends
prevalent in these markets to continue to impact positively our business with
general economic growth, GDP growth, EU membership and increasing disposable
income all strengthening our marketplace of Central and Eastern Europe.
Over the next 12 months, and the coming years, we will be focusing on our
ambition to become the leading city real estate owner and developer in Central
and Eastern Europe. The funds raised during our offering on AIM will enable us
to finance both our current and future real estate projects and we are focused
on generating strong returns and creating value for all our shareholders.
BUSINESS REVIEW
Property Portfolio
As at 31 December 2006, Ablon Group's portfolio comprised properties at 24
different locations split into 47 different projects or phases, of which there
were 13 completed projects and 34 development projects as follows:
-- Properties at 17 locations in Budapest, with a total of 31 phases of
development. The properties comprised 10 completed projects (including
Z�ldv�ros Residential Park which had sold 233 out of 240 flats) and 21
development projects.
-- Properties at five locations in Prague, with a total of nine phases of
development, comprising three completed projects and six development
projects.
-- Properties at two locations in Bucharest, with a total of seven phases
of development, comprising seven development projects.
2006 review
Budapest
In April 2006 the Group opened the retail park Buyway Dunakeszi with a lettable
area of 21,600 square meters, and a total annualized rent income of EUR
1,488,000 as at 31 December 2006, and the occupancy rate reached 55%.
In December 2006, the Business Center 30 office building was completed and the
first tenant moved in. The total annualized rent income was EUR 988,000 as at 31
December 2006, and the occupancy rate reached 38%.
The Group started the construction of the Gateway office project, which includes
36,300 square meters of offices and retail space. The completion of the first
tower is expected during the fourth quarter of 2007.
The Group started the construction of the Europeum project, a four-star hotel
that will include 229 rooms, 5,500 square meters of retail space and 229 parking
places. The construction completion is expected during the second quarter of
2009.
Prague
The Meteor B office building that was completed at the end of 2005 was marketed
during the year 2006, and together with Meteor A, the annualized rent income was
EUR 1.3 million as at 31 December 2006, and the occupancy rate reached 74%.
Bucharest
The Group purchased in the fourth quarter of 2006 its first two sites in the
Romanian capital. The two sites have building rights for 220,000 square meters
of residential apartments and villas. The Group plans to get the construction
permit in the second quarter of 2007, and the construction work will start on
the third quarter of 2007.
Please find below the updated list of the Group projects as at 31 December 2006:
Expected Under Development Valuation by
Annualised development sites King Sturge
Completed Gross Rent as at 30.9.06
Lettable (EUR p.a.) (Group share)
Area (sq. As of
Project Project Type m) 31.12.06
--------------------------------------------------------------------------------------------------------
Budapest
--------------------------------------------------------------------------------------------------------
Business Center 99 Office 15,900 2,913,000 0 37,400 63,650,000
Budafoki B. Center Office 3,300 300,000 0 145,000 26,030,000
Fogarasi Office Center Office 2,700 392,000 0 0 5,500,000
M3 Business Center Office 9,700 1,618,000 0 8,400 26,100,000
Business Center 91 Office 6,700 915,000 0 0 14,800,000
Zoldvaros - 1 Residential 16,300 14,000 0 29,100 9,588,000
Buy-Way Dunakeszi Retail 21,600 1,488,000 0 3,700 26,400,000
Buy-Way Soroksar Retail 11,900 845,000 0 0 14,600,000
Business Center 30 Office 13,000 988,000 0 0 23,900,000
Gateway Office 0 36,300 0 17,600,000
Europeum Hotel and Hotel/Retail
Mall 0 17,700 0 28,800,000
Airport City - Storage/Office 0 0 55,000 11,000,000
Hold Residence Hotel 0 6,100 12,000,000
Katona Residence Hotel 0 5,700 8,600,000
Nap Residence Hotel 0 34,000 4,100 8,000,000
Erzsebet BC Office 0 12,700 4,200,000
Newage Center Office 0 13,200 9,000,000
Total Budapest 101,100 9,507,000 54,000 320,400 309,768,000
--------------------------------------------------------------------------------------------------------
Prague
--------------------------------------------------------------------------------------------------------
Palmovka Business Office
Center 4,200 659,000 0 0 8,730,000
Meteor Office Park Office 14,400 1,326,000 0 5,500 32,840,000
Cakovice Residential Residential
Development 0 0 0 10,800 2,263,000
May House P4 Office 0 0 0 7,200 6,920,000
Kolben Business Park - Mixed use
1 0 0 0 73,000 45,230,000
--------------------------------------------------------------------------------------------------------
Total Prague 18,600 1,985,000 0 96,500 95,983,000
--------------------------------------------------------------------------------------------------------
Bucharest
--------------------------------------------------------------------------------------------------------
Mogosaia Residential 40,000 4,600,000
Timisoara Residential 180,000 11,100,000
------------------------------------------------
Total Bucharest 0 0 0 220,000 15,700,000
--------------------------------------------------------------------------------------------------------
Total Group 119,700 11,492,000 54,000 636,900 421,451,000
--------------------------------------------------------------------------------------------------------
2007 Project Developments
Budapest
On 14 February 2007, the Group purchased the remaining 33% of the shares in
Global Immo kft. the owner of the Gateway office project, for a consideration of
EUR 5.0 million plus repayment of loans of approximately EUR 1.0 million in
accordance with the terms explained in the Admission Document. After the
purchase, the Group decided to accelerate the construction of the project and to
complete the three development phases at the same time, by the end of 2007. The
project includes 36,300 square meters in total.
Bucharest
On 22 February 2007, the Group received the official zoning and building rights
for the property located on Timisoara blv. The total building rights are for a
total of 210,000 square meters of which the Group plans to build 180,000 square
meters into 1,800 apartments. The Group is in the process of receiving its
construction permit, and the marketing process is expected to start in the
second quarter of 2007.
FINANCIAL REVIEW
Financial results
Gross rental income
Gross rental income was EUR 9.2 million, an increase of EUR 887,000, or 11%,
from EUR 8.3 million in 2005. The majority of this increase can be attributed to
improve occupancy in the Meteor A+B Offices in Prague.
Gross residential income
Gross residential income was EUR 3.7 million, an increase of EUR 1.4 million, or
60% from EUR 2.3 million in 2005 as all the units in the Zoldvaros residential
project in Budapest were sold. In total, 62 units were sold in 2006, compared to
44 in 2005, and the apartments that were sold in 2006 were larger on average
than those sold in 2005.
Net service charge income/(expense)
Net service charge income was EUR 301,000, a decrease of EUR 147,000 or 48% from
EUR 448,000 in 2005. The BC 140 building in Budapest, which was sold in 2005,
contributed EUR 215,000 to the 2005 figure.
Cost of Residential income
Cost of Residential income was EUR 3.1 million, an increase of EUR 1,127,000 or
37% from EUR 1.9 million in 2005. Residential costs grew slower than residential
income as the Company benefited from higher margins on the apartments sold this
year.
Net gain on fair value adjustment of investment property
Net gain on fair value adjustment of investment property was EUR 48.6 million,
an increase of EUR 14.4 million or 42% from EUR 34.2 million in 2005. The
increase is primarily due to the completion and first time revaluation of the
Buyway retail park in Dunakeszi, Budapest, and the BC 30 office development
project in Budapest. In addition the general decrease in exit yields in the
markets in which the Company is active has also contributed to the increase.
Net Gain on Sale of Group companies
There were no such sales in 2006 while in 2005 two subsidiaries were sold, the
Business Center 140 and the Business Center 22 in Budapest, which resulted in a
profit of EUR 16.7 million in 2005.
Selling and marketing expenses
Selling and marketing expenses were EUR 1.2 million in 2006, an increase of EUR
121,000, or 10% from EUR 1.1 million in 2005. The increase is contributable to
the Czech properties where marketing expenses grew in connection with the action
to fill the Meteor buildings.
Administrative expenses
Administrative expenses were EUR 3.5 million in 2006, an increase of EUR 810,000
or 23% from EUR 2.7 million in 2005. The increase was primarily due to higher
wage and payroll costs of EUR 313,000 and EUR 174,000 worth of initial
expenditure in the new Romanian activity.
Other income/Other expenses
Other income was EUR 175,000, a decrease of EUR 29,000 or 14% from EUR 204,000
in 2005. The movement in other income is attributable to one-off items. Other
expenses amounted to EUR 312,000 in 2006, an increase of EUR 52,000 or 20% from
EUR 260,000 the year before. 2006 Bad debt expenses amounted to EUR 184,000,
mainly due to high tenant turnover during the introduction of the Buy-Ways
retail parks in Budapest.
Net Financing income (expense)
Net Financing expense was EUR 2.8 million, a decrease of EUR 38,000 or 1% from
EUR 2.8 million in 2005.
Current Income Tax
Current Income Tax increased by EUR 47,000, or 13%, from EUR 373,000 in 2005 to
EUR 420,000 in 2006. The increase was primarily due to increased tax rate in
Hungary from 16% to 20% of profits before tax.
Deferred Income Tax
Deferred Income Tax increased by EUR 8,380,000, or 130% from EUR 6.5 million in
2005 to EUR 14.8 million in 2006. The increase was primarily due to higher
revaluation gains, and to an increase in the Group's Hungarian project
subsidiaries' income tax rate from 16% of profits in 2005 to 20% of profits in
2006 due to a change in the applicable tax law. This change also affected
previous year's profits. Since the Group is incorporated in Guernsey, those
deferred taxes are not expected to be paid, since the Group sells the company
that holds the property and not the property itself.
Balance Sheet Overview
Investment property
Investment property increased from EUR 199.3 million at 31 December 2005, to EUR
269.7 million at 31 December 2006. The increase was primarily due to EUR 48.6
million in revaluation gains. The completion of the BC30 office project in
Budapest contributed EUR 11.2 million to the revaluation gains.
Current assets
Current assets include inventories (in particular, property intended for sale),
current receivables (rent receivables, receivables from property sales, and
receivables from shareholders) and other assets, bank balances and cash. Total
current assets increased by EUR 21,024,000 from EUR 15.6 million at 31 December
2005 to EUR 36.7 million at 31 December 2006. The increase was primarily due to
EUR 17.2 million purchase of 2 new plots in Bucharest for over 1,900 residential
units for sale.
Non-Current Liabilities
Non-current liabilities include long-term borrowing from commercial banks and
shareholders, deferred tax liabilities for future tax obligations. Total
non-current liabilities increased from EUR 124.5 million as at 31 December 2005
by EUR 37.2 million to EUR 161.7 million as at the end of 2006. The increase was
primarily due to an increase of EUR 21.5 million in borrowings, mainly for the
purchase of the 2 new plots in Bucharest, and for the construction of the BC30
office project in Budapest. The deferred tax liability increased by EUR 15.6
million, due to higher revaluation profits, and the increase of the tax rate in
Hungary to 20% from 16%.
Current Liabilities
Current liabilities increased by EUR 22.7 million from EUR 17.7 million at
31 December 2005 to EUR 40.4 million at 31 December 2006. This was primarily due
to an increase of EUR 21.7 million in short term borrowing. There are two main
reasons for this: the purchase of Romanian entities raised the balance of short
term borrowings from shareholders by EUR 5.5 million; while the loans on some
projects in Hungary were reclassified as they became liable within less than a
year. The Group is in negotiations to replace those loans with long term loans.
Liquidity and capital resources
2006 2005
Non current
Bank loans 125,508 98,064
Shareholders loan 0 5,646
Loans from minority shareholders 0 314
-----------------
Total non current 125,508 104,024
-----------------
Current
Bank loans 16,269 10,190
Shareholders loan 13,454 0
Loans from minority shareholders 2,196 0
-----------------
Total current 31,919 10,190
-----------------
157,427 114,214
-----------------
Group liquidity and capital resources come from operations, the rental income
and property sales. The Group finances its development activity through bank
loans and shareholder loans. Project finance typically covers the average 3 year
duration of a construction project, and following the completion of our sites,
loans are usually extended to a long term loan of between 12-15 years.
On 2 February 2007, Ablon Group completed its IPO on the AIM market of the
London Stock Exchange. The total gross proceeds from the IPO, including the
exercise of the over-allotment option, were �97.16 million, equivalent to EUR
145.9 million. The estimated IPO costs amounted to EUR 10.7 million. Following
the IPO and upon completion of the over-allotment option, Ablon Group has a
total of 108,864,099 ordinary shares in issue. From the proceeds the Group
repaid EUR 13.6 million shareholder loans, and paid EUR 5 million for the share
exchange with the previous owners of the Group entities.
NAV
On 30 September, 2006 the Company's real estate assets were valued at EUR 434.2
million (for 100% ownership) by an external independent appraiser (King Sturge),
in accordance with International Valuation Standards. The Company's policy is to
revalue its assets twice each year, ordinarily on 30 June and 31 December.
However, given the proximity of the valuation produced for the Company's IPO,
the board did not revalue the real estate assets as at 31 December 2006 but have
received confirmation from King Sturge that their valuation has not decreased
since 30 September 2006. The following table demonstrates the calculation of
Adjusted Net Asset Value based on the King Sturge valuation report and the
Company's financial statements as of 31 December 2006:
EUR Millions
Shareholders' equity 127.0
Valuation Adjustments(1) 119.4
Deferred Tax Liability 34.8
Gateway minority right (6.7)
Total adjusted net asset value 274.5
NAV per share EUR 3.92 = *2.67
Dividend Policy
As explained in the Company's Admission Document, the Company has adopted a
dividend policy that will reflect long-term earnings and cash flow potential
while at the same time maintaining both prudent dividend cover and adequate
capital resources within the business.
Subject to these factors and where it is otherwise appropriate to do so, the
Company intends to declare a dividend of minimum 2% of net asset value of the
Group as of 30 September 2006, in the first quarter of 2008, based on 2007
financial statements, and 7.5% of net asset value of the group as of 30
September 2006, in the first quarter of 2009.
Uri Heller
Chief Executive
ABOUT ABLON GROUP
Founded in 1993 in Budapest (Hungary), Ablon Group has successfully completed
properties at 13 locations comprising 15 completed projects (including two
completed projects that have been sold) and currently has properties at 19
locations comprising 34 development projects (including properties being
developed in multiple phases) in Budapest (Hungary), Prague (Czech Republic) and
Bucharest (Romania). Its portfolio comprises a diversified mix of office,
residential, retail, logistics and hotel developments valued at EUR 405.8
million by King Sturge, an independent valuation firm, as at 30 September
2006(1). Ablon has to date developed approximately 140,000 square meters of real
estate and its current development projects are expected to comprise
approximately a further 690,900 square meters. Ablon's shares are traded on the
AIM market of the London Stock Exchange under the ticker 'ABL'.
Ablon Group will host a conference call to present these results at 3:00 pm
(CET) / 2:00 pm (London Time) / 9:00 am (New York Time) on 29 March 2007. To
participate in the conference call, please register at:
http://www.sharedvalue.net/ablon/fy2006
The dial in number to join the conference call will be available upon
registration.
For further information, please contact:
Ablon Group Limited Shared Value Limited
Daniel Avidan, CFO Nicolas Duperrier
Tel. +36 1 225 6600 Tel. +44 (0)20 7321 5010
ablon@sharedvalue.net
Credit Suisse Securities (Europe) Limited
Richard Crawley / Saydam Salaheddin
Tel. +44 (0)20 7888 8888
(1) Property valuation (EUR 414.7m plus EUR 19.6m payment for Romanian assets)
less IFRS Investment property (EUR 269.7m), investment property under
development (EUR 22.9m) and inventories (EUR 22.2m)
CONSOLIDATED INCOME STATEMENT
---------------------------------------------------------------------------
Year ended 31 December
in thousands of Euros Note 2006 2005
Gross rental income 8 9,209 8,322
Gross residential sales income 8 3,668 2,286
Service charge income 8 3,789 3,301
Service charge expense 8 (3,488) (2,853)
Cost of residential sales income 8 (3,054) (1,927)
-----------------------
Net sales income 10,124 9,129
-----------------------
Net gain from fair value adjustment on
investment property 3 48,584 34,180
Gain on sale of group companies 0 16,652
Selling and marketing costs (1,221) (1,100)
Administrative expenses (3,519) (2,709)
Other income 175 204
Other expenses (312) (260)
-----------------------
Net operating profit 53,831 56,096
-----------------------
Financial income 9 2,032 1,680
Financial expense 9 (4,844) (4,530)
-----------------------
Net financing income / (expense) (2,812) (2,850)
Profit before income tax 51,019 53,246
Current income tax 10 (420) (373)
Deferred income tax 10 (14,843) (6,463)
-----------------------
(15,263) (6,836)
-----------------------
Profit for the year 35,756 46,410
-----------------------
As attributable to
Minority interest 925 625
Equity holdings of the
controlling
Shareholders 34,831 45,785
-----------------------
Profit for the year 35,756 46,410
-----------------------
COMBINED BALANCE SHEET
------------------------------------------------------------------------
As at 31 December
in thousands of Euros Note 2006 2005
ASSETS
Non-current assets
Investment property 3 269,692 199,323
Investment property under development 3 22,903 17,212
Property, plant and equipment 1,453 1,393
Other non-current assets 713 2,070
Deferred tax assets 7 34 17
----------------------
Total non-current assets 294,795 220,015
----------------------
Current assets
Other current assets 6,498 3,707
Inventories 4 22,172 6,550
Trade receivables 1,912 973
Cash and cash equivalents 6,079 4,407
----------------------
Total current assets 36,661 15,637
----------------------
----------------------
Total assets 331,456 235,652
----------------------
COMBINED BALANCE SHEET (CONTINUED)
------------------------------------------------------------------------
As at 31 December
in thousands of Euros Note 2006 2005
EQUITY
Capital and reserves
Share capital 5 1,612 1,623
Foreign exchange reserve 5 (2,449) (3,014)
Restricted reserve 5 13 178
Retained earnings 5 127,853 93,308
---------------------
Total equity attributable to equity
holders of the Controlling
Shareholders 127,029 92,095
Minority interest 2,282 1,357
---------------------
Total equity 129,311 93,452
---------------------
LIABILITIES
Non-current liabilities
Other non-current liabilities 1,414 1,303
Borrowings 6,11 125,508 104,024
Deferred tax liabilities 7 34,792 19,152
---------------------
Total non-current liabilites 161,714 124,479
---------------------
Current liabilities
Trade and other payables 8,439 7,471
Current income tax liabilities 7,10 73 60
Borrowings 6,11 31,919 10,190
---------------------
Total current liabilities 40,431 17,721
---------------------
---------------------
Total liabilities 202,145 142,200
---------------------
Total equity and liabilities 331,456 235,652
---------------------
COMBINED STATEMENT OF CHANGES IN EQUITY
-----------------------------------------------------------------------------------------------------
in thousands of Note Attributable to equity holders of the Subtotal Minority Total
Euros Controlling Shareholders interest equity
--------------------------------------------------------------------------
Share Retained Restricted Foreign Attributable
capital earnings reserve exchange to equity
reserve holders of
the
controlling
shareholders
Balance at 1 January
2005 1,433 66,484 24 (828) 67,113 732 67,845
Shares issued 45 0 0 0 45 0 45
Capital contribution
by shareholders 0 0 154 0 154 0 154
Share capital
increase from
retained earnings 169 (169) 0 0 0 0 0
Sales of group
companies (24) 0 0 (163) (187) 0 (187)
Dividend paid 0 (18,792) 0 0 (18,792) 0 (18,792)
Subtotal: Capital
transactions with
shareholders 190 (18,961) 154 (163) (18,780) 0 (18,780)
Current year foreign
exchange
translation
adjustment 0 0 0 (2 023) (2 023) 0 (2,023)
Current year profit
/ loss 0 45,785 0 0 45,785 625 46,410
Subtotal: Recognized
income and expense
for the year 0 45,785 0 (2,023) 43,769 625 44,387
--------------------------------------------------------------------------
Balance at 31
December 2005 1,623 93,308 178 (3,014) 92,095 1,357 93,452
--------------------------------------------------------------------------
Balance at 1 January
2006 1,623 93,308 178 (3,014) 92,095 1,357 93,452
Shares withdrawn (11) (286) 0 0 (297) 0 (297)
Capital contribution
repayment to
shareholders 0 0 (165) 0 (165) 0 (165)
Subtotal: Capital
transactions with
shareholders (11) (286) (165) 0 (462) 0 (462)
Current year foreign
exchange
translation
adjustment 0 0 0 565 565 0 565
Current period
profit / loss 0 34,831 0 0 34,831 925 35,756
Subtotal: Recognized
income and expense
for the year 0 34,831 0 565 35,396 925 36,321
--------------------------------------------------------------------------
Balance at 31
December 2006 1,612 127,853 13 (2,449) 127,029 2,282 129,311
--------------------------------------------------------------------------
COMBINED STATEMENT OF CASH FLOWS
-------------------------------------------------------------------------------------
Year ended 31 December
Note 2006 2005
Cash flows from operating activities
Profit for the period 35,756 46,410
Adjustments for:
- income tax expense 10 15,263 6,836
- depreciation of property, plant and equipment 167 156
- loss on disposal of property, plant and equipment 19 5
- foreign exchange (gain) or loss on translation to
functional currency 217 (286)
- net gain from fair value adjustment on investment
property - market value increases 3 (48,584) (34,180)
- net gain on sale of group companies 0 (16,652)
- interest income 9 (294) (222)
- interest expense 9 4,729 3,146
- net movements in current other liabilities 110 80
Changes in working capital:
- trade and other receivables (3,681) 181
- inventories 4 (15,622) 2,043
- payables 661 1,175
Cash generated/ (used) from operations (11,259) 8,692
-----------------------
Interest paid 9 (4,729) (4,012)
Income taxes paid / (recovered) 10 356 (126)
-----------------------
Net cash from operating activities (15,632) 4,554
-----------------------
Cash flows from investing activities
Purchases of investment property 3 (8,644) (2,521)
Expenditures on investment property under
development 3 (13,024) (25,783)
Purchases of property, plant and equipment (237) (369)
Purchases of subsidiaries, net of cash acquired 12 (3,265) 0
Proceeds from sale of group companies, net of cash
disposed of 0 37,392
Interest received 294 208
-----------------------
Net cash used in investing activities (24,876) 8,927
-----------------------
COMBINED STATEMENT OF CASH FLOWS (CONTINUED)
-------------------------------------------------------------------------------
As at 31 December
Note 2006 2005
Cash flows from financing activities
-----------------------
Proceeds from borrowings 6 60,670 29,278
Repayments of borrowings 6 (18,028) (22,612)
Capital contribution by / (repayment of)
restricted reserve (165) 154
Proceeds from / (repayment of) share capital (297) 45
Dividends paid to the Company's shareholders 0 (18,792)
-----------------------
Net cash used in financing activities 42,180 (11,927)
-----------------------
Net (decrease)/increase in cash and cash
equivalents 1,672 1,554
Cash and cash equivalents at beginning of the
year 4,407 3,293
Exchange differences on cash and cash
equivalents 0 (440)
-----------------------
Cash and cash equivalents at end of the year 6,079 4,407
-----------------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.1 Basis of preparation
The combined financial statements of ABLON Group have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted by
the EU.
The combined financial statements have been prepared under the historical cost
convention except that investment property and certain financial instruments are
carried at fair value. Non-current assets and asset disposal groups held for
sale are stated at the lower of carrying amount and fair value less cost to
sell.
These combined financial statements comprise a line-by-line amalgamation (i.e.
adding together) of all of the assets, liabilities and equity of each of the
entities in the Group. There are no associates or joint ventures. If any of the
entities in the combined financial statements has a subsidiary, this has been
consolidated into its parent during the preparation of the combined financial
statements. Therefore, minority interests arise in group companies that are less
wholly owned and are disclosed as such.
Financial statements of the companies within the ABLON Group are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) of Hungary,
Czech Republic and Romania. These local GAAPs differ in certain respects from
IFRS. When preparing these combined financial statements, management has made
adjustments to those financial statements for changes to certain accounting and
valuation methods applied in the local GAAP financial statements to comply with
IFRS as adopted by the EU.
The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group's accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the combined financial
statements, are disclosed in Note 4.1 (Critical accounting estimates and
judgements).
A number of new Standards, amendments to Standards and Interpretations are not
yet effective and have not been applied in preparing these financial statements.
Of these pronouncements, potentially the following will have an impact on the
Group's financial statements: IFRS 7 Financial Instruments: Disclosures
(effective from 1 January 2007), Amendment to IAS 1 Presentation of Financial
Statements - Capital Disclosures (effective from 1 January 2007), IFRIC 8 Scope
of IFRS 2 (effective from 1 May 2006), IFRIC 9 Reassessment of Embedded
Derivatives (effective from 1 June 2006). The Group has not yet completed its
analysis of the impact of the new pronouncements on its financial statements.
These financial statements are not intended to be used for statutory filing
purposes.
1.2 Combination and consolidation
Companies within the Group are all entities over which Controlling Shareholders
have the power to govern the financial and operating policies generally
accompanying a shareholding of more than one half of the voting rights. The
existence and effect of potential voting rights that are currently exercisable
or convertible are considered when assessing whether the Group controls an
entity.
Subsidiaries are fully consolidated from the date on which control is commences
until the date control ceases.
The purchase method of accounting is used to account for the acquisition of
subsidiaries. The cost of an acquisition is measured as the fair value of the
assets given, equity instruments issued and liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the acquisition.
Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the
acquisition date. The excess of the cost of acquisition over the fair value of
the Group's share of the identifiable net assets acquired is recorded as
goodwill. If the cost of acquisition is less than the fair value of the net
assets of the subsidiary acquired, the difference is recognised directly in the
income statement.
Inter-company transactions, and balances and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of subsidiaries have been aligned with those of
the individual entities and the combined Group where necessary to ensure
consistency with the policies adopted by the Group.
The net assets of the Group entities are aggregated (with eliminations for
intercompany transactions and balances), as are the related share capital
balances and reserves. The equity section of the combined balance sheet
incorporates the equity sections of all combining entities. If an entity is sold
or otherwise disposed of the related profit or loss is included in current
year's net operating profit for the period until the date of disposal.
1.3 Investment property and investment property under development
Property that is held for long-term rental yields or for capital appreciation or
both, and which is not occupied by the companies in the Group, is classified as
investment property.
Investment property under development comprises uncompleted buildings and
construction work. Investment property under development (excluding land on
which construction takes place) is measured at cost.
Investment property comprises freehold land (including land on which
construction takes place) and buildings leased out.
Investment property is measured initially at its cost, including related
transaction costs.
After initial recognition, or at completion of the construction, investment
property is valued to fair value. Fair value is based on active market prices,
adjusted, if necessary, for any difference in the nature, location or condition
of the specific asset. If this information is not available, the Group uses
alternative valuation methods such as recent prices on less active markets or
discounted cash flow projections. Investment property that is being redeveloped
for continuing use as investment property or for which the market has become
less active continues to be measured at fair value.
The fair value of investment property reflects, among other things, rental
income from current leases and assumptions about rental income from future
leases in the light of current market conditions. The fair value also reflects,
on a similar basis, any cash outflows that could be expected in respect of the
property.
The Group applies the fair value model for all building leased out under
operating leases.
The Group obtained an independent valuation report prepared by King Sturge
Budapest and King Sturge Prague as of 30 September 2006. Based on this valuation
the Group made its own valuation in respect of 31 December 2005 and 31 December
2006. The exit yield was 7.2% for 2005 and the report was still valid as at 31
December 2006, therefore no adjustment was made.
Subsequent expenditure is charged to the asset's carrying amount only when it is
probable that future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. All repairs and
maintenance costs are charged to the income statement during the financial
period in which they are incurred. Borrowing costs that are directly
attributable to the acquisition, construction or production of a qualifying
asset are capitalised as a part of the cost of the asset. Borrowing costs
include interest expense and foreign exchange differences to the extent that
such differences supplement the lower interest rates on foreign exchange
borrowings.
Changes in fair values are recorded in the income statement.
If an investment property becomes owner-occupied, it is reclassified as
property, plant and equipment, and its fair value at the date of
reclassification becomes its cost for accounting purposes.
Property that is being constructed or developed for future use as investment
property is classified as investment property under development and stated at
cost except land until construction or development is complete, at which time it
is reclassified and subsequently accounted for as investment property. Land is
classified immediately as investment property and is stated at fair value.
If an item of property, plant and equipment becomes an investment property
because its use has changed, any difference resulting between the carrying
amount and the fair value of this item at the date of reclassification is
recognised in equity as a revaluation of property, plant and equipment under IAS
16. However, if a fair value gain reverses a previous impairment loss, the gain
is recognised in the income statement.
Investment property held for sale without redevelopment is classified within
non-current assets held for sale when relevant criteria are met.
2. Segment information
Primary reporting format * business segments
The Group is organised on a worldwide basis into two main business segments
determined in accordance with the functionality of investment property:
-- Commercial
-- Residential
---------------------------------------------------------------------------------
Period ended 31 December 2006 Note Commercial Residential Unallocated Group
---------------------------------------------------------------------------------
Gross income 8 9,209 3,668 12,877
Service charge income 8 3,789 3,789
---------------------------------------------
Segment result 9,401 723 10,124
Operating profit 53,518 313 53,831
Finance costs - net 2,576 236 2,812
Profit before income tax 50,942 77 51,019
Tax expense 10 15,263 15,263
Segment assets 329,075 2,347 0 331,422
Deferred taxes 7 0 0 34 34
Total assets 329,075 2,347 34 331,456
Segment liabilities 165,006 2,347 0 167,353
Deferred taxes 7 0 0 34,792 34,792
Total liabilities 165,006 2,347 34,792 202,145
Capital expenditure 3,4 19,564 18,665 38,229
Depreciation 167 0 167
---------------------------------------------------------------------------------
Period ended 31 December 2005 Note Commercial Residential Unallocated Group
---------------------------------------------------------------------------------
Gross Income 8 8,322 2,286 0 10,608
Service charge income 8 3,301 3,301
---------------------------------------------
Segment result 8,770 359 0 9,129
Operating profit 55,992 104 0 56,096
Finance costs - net 2,735 115 0 2,850
Profit before income tax 53,257 (11) 0 53,246
Tax expense 10 6,836 6,836
Segment assets 230,113 5,522 0 235,635
Deferred taxes 7 0 0 17 17
Total assets 230,113 5,522 17 235,652
Segment liabilities 118,379 4,669 0 123,048
Deferred liabilities 7 19,152 19,152
Total liabilities 118,379 4,669 19,152 142,200
Capital expenditure 3,4 27,908 122 28,030
Depreciation 156 0 156
Segment assets consist primarily of investment property, property plant and
equipment and receivables. Unallocated assets comprise deferred tax assets.
Segment liabilities comprise operating liabilities and finances. Unallocated
liabilities mainly comprise deferred taxation liabilities. Capital expenditure
comprises additions to investment property (Note 3) and property, plant and
equipment.
There are no inter-segment transactions.
Secondary reporting format * geographical segments
The Group's single geographical segment is Central Eastern Europe.
3. Investment property and investment property under development
Movements of the investment property balances were as follows:
Year ended 31 December
2006 2005
At beginning of period 199,323 157,690
Acquisitions of property 836 2,125
Acquisitions of subsidiaries 2,607 0
Reclassification from property under
development 10,193 28,436
Capitalized expenses 7,808 396
Disposals 0 (21,306)
Net exchange differences 341 (2,198)
Net gain from fair value adjustments on
investment property 48,584 34,180
-------------------------
At end of period 269,692 199,323
-------------------------
The Group uses the same EUR figures for investment property valuation as in its
30 September 2006 combined financial statements, as there were no significant
changes in property prices in the last quarter of 2006. The BC30 office in
Budapest was completed in the last quarter of 2006 and was transferred to
investment property from investment property under development and subsequently
valued at fair value.
There were no transfers to or from inventory and property, plant and equipment.
If the length of the periods assumed in the discounted cash flow analysis were
to differ by 10% from management's estimates, the carrying amount of investment
properties would be an estimated Euro 27,180 thousands lower or Euro 88,949
thousands higher as at the 31 December 2006 asset valuation on which the current
valuation is based.
If the discounted rate used in the discounted cash flow analysis would differ by
10% from management's estimates, the carrying amount of investment properties
would be an estimated Euro 29,449 thousands lower or Euro 28,497 thousands
higher as as at the 31 December 2006 asset valuation on which the current
valuation is based.
At 31 December 2006 and 2005 all investment properties shown above are subject
to registered collateral to secure bank loans up to Euro 196 million at 31
December 2006 and Euro 143 million at 31 December 2005 (see note 14).
Movements of the investment property under development were as follows:
Year ended 31 December
2006 2005
As at beginning of period 17,212 19,865
Acquisitions and expenditures 13,025 25,783
From which acquisitions of subsidiaries 2,859 0
Reclassification to investment property (10,193) (28,436)
------------------------
As at closing of period 22,903 17,212
------------------------
The closing amounts include the following projects:
2006 2005
Project name Place Company name
Europeum Budapest/Blaha L. square Duna Office
Center 7,170 6,559
Gateway Budapest/Arpad bridge Global Immo
Pest side 5,464 1,128
Katona J. u. Budapest, Centre K9 3,099 0
Hold u. Budapest, Centre Insite 2,555 2,553
BC30 Budapest, V�ci �t BCP 0 2,238
Polygon Prague Polygon 1,981 1,721
Others 2,634 3,013
----------------
Total 22,903 17,212
----------------
See Note 12 for more information on recognising investment properties and
investment properties under development via acquisitions of group companies
(Sarokhaz and K9).
4. Inventories
Year ended 31 December
2006 2005
Opening Balance 6,550 8,593
Additions 18,665 122
Sales (3,054) (1,927)
Exchange differences 11 (238)
--------------------------
Closing Balance 22,172 6,550
--------------------------
Inventories comprise residential apartments for sale and areas earmarked as
residential development for sale. There were no circumstances necessitating a
write-down to net realisable value in 2006 and 2005.
Project name Company name 2006 2005
Bucharest - Timisoara Av. & MH Properties,
Mogosoaia MH Development 17,234 0
Budapest- Z�ldv�ros Global
Investment 3,602 6,550
Prague - Cakovice HD Investment 1,336 0
----------------------
Total 22,172 6,550
----------------------
5. Equity
The entities combined within the Group are incorporated as limited liability
companies. All shares are fully paid up and issued. The shares have no par
value.
No dilutive factor occurred in the periods presented.
The profit that is available for distribution under statutory local rules as of
31 December 2006 is Euro 2,970 thousands.
As at the balance sheet date capital contribution repayable was nil at 31
December 2006.
6. Borrowings
All the Group's borrowings are at floating rates of interest
therefore interest costs may increase or decrease.
Year ended 31 December
2006 2005
Non-current
Related party bank borrowings 125,508 98,064
Other related party loans from
shareholders 0 5,646
Loans from minority shareholders 0 314
----------------------
125,508 104,024
----------------------
Current
Related party bank borrowings 16,269 10,190
Related party loans from shareholders 13,454 0
Loans from minority shareholders 2,196 0
----------------------
31,919 10,190
----------------------
Total borrowings 157,427 114,214
----------------------
The interest rates on the loans range from 3 month Eurobor + 1.6% to
Eurobor + 2.0%, and the interest rate on all loans are repriced at
least quarterly.
There are no debt covenants for the above
loans.
The maturity of non-current borrowings is Year ended 31 December
as follows:
2006 2005
Between 2 and 5 years 53,086 32,769
Over 5 years 72,422 71,255
----------------------
125,508 104,024
Year ended 31 December
The effective interest rates at the
balance sheet date were as follows: 2006 2005
----------------------
% %
Bank borrowings and related party loans
from shareholders
EUR 4.9% 4.2%
CHF 3.6% 2.3%
USD 7.7% 5.3%
The carrying amounts of the Group's
borrowings are denominated in the Year ended 31 December
following currencies:
2006 2005
Euro 153,593 109,714
USD 2,248 2,105
CHF 3,377 3,454
7. Deferred tax
Deferred income tax assets and liabilities are offset when there is a
legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to
the same fiscal authority. The movements and offset amounts are as
follows:
Movement of net deferred tax assets/(liability)
Year ended 31 December
The gross movement on the deferred income tax
account is as follows: 2006 2005
Beginning of the year (Note 2.1) (19,135) (13,048)
Exchange differences (780) 376
Income statement charge (Note 20) (14,843) (6,463)
-----------------------
End of the period (34,758) (19,135)
-----------------------
Recognised tax assets and liabilities are attributable to the following:
As at 31 December
As at 31 December 2006 2005
Investment property (35,730) (19,943)
Other items (465) (400)
Tax value of losses carried forward 1,437 1,208
-----------------------
Net tax assets liabilities (34 ,758) (19,135)
-----------------------
Deferred tax assets and liabilities are split as follows:
As at 31 December
2006 2005
Tax assets 34 17
Tax liabilities (34,792) (19,152)
-----------------------
Net tax assets / (liabilities) (34 ,758) (19,135)
-----------------------
Deferred tax liabilities arise mainly on the fair value adjustment of investment
property (i.e. as it is not taxable under statutory tax rules), while deferred
tax assets mainly arise on tax loss carry forwards. Tax losses can be carried
forward upto five years if the local tax office has given permission.
Deferred tax assets and liabilities are split by each individual entity combined
into the group as such tax assets and liabilities represent balances with the
same taxation authority.
There are no unrecognised deferred tax assets or liabilities.
8. Revenue and cost of sales
Year ended 31 December
2006 2005
Gross rental income 9,209 8,322
Service charge income 3,789 3,301
Service charge expense (3,488) (2,853)
----------------------
Net rental and service income 9 510 8 770
----------------------
Residential income 3,668 2,286
Residental cost (3,054) (1,927)
----------------------
Net residential income 614 359
----------------------
The Group leases Investment property to tenants under operating leases which
have a duration period of more than one year.
The Group has signed agreements with tenants where the rental fee is contingent
upon certain conditions. For the periods presented above these conditions have
not been met, and no contingent rental income has been recognised.
The future aggregate minimum rentals receivable under non-cancellable operating
leases are as follows:
Year ended 31 December
2006 2005
No later than 1 year 9,250 9,206
Later than 1 year and no later than 5 years 27,839 19,787
Later than 5 years 5,630 10,153
----------------------
42,719 39,146
----------------------
9. Finance income and expense
Year ended 31 December
Note 2006 2005
Interest income 294 222
Foreign exchange transaction
gains 1,738 1,458
-----------------------
Total 2,032 1,680
-----------------------
Interest expense 5,087 4,690
- Less Interest capitalized 358 1,544
---------------------------------------------------------
Interest cost on bank
borrowings 4,729 3,146
Foreign exchange transaction
losses 53 1,355
Other 62 29
-----------------------
Total 4,844 4,530
-----------------------
10. Income tax expense
Year ended 31 December
2006 2005
Current tax 420 373
Deferred tax (Note 15) 14,843 6,463
-----------------------------
15,263 6,836
-----------------------------
The tax on the Group's profit before tax differs from the theoretical amount that
would arise using the weighted average tax rate of the applicable profits of the
consolidated companies as follows:
Year ended 31 December
2006 2005
Profit before tax 51,019 53,246
--------------------------------
Tax calculated at domestic tax rates applicable
to profits in the respective countries 10,528 20.6% 9,968 18.7%
-------------------------------------------------------------------------------------
Effect of tax rate changes 5,425 10.5% 0 0
Income not subject to tax -1,179 2.3% -2,813 5.3%
Other, net 489 0.9% -319 0.6%
--------------------------------
Tax charge 15,263 29.9% 6,836 12.8%
--------------------------------
The Group's income is taxed in Hungary, Czech Republic and in Romania, whereas
the tax rates ranges from 20% to 25%.
11. Related-party transactions
The following schedule details the transactions with related parties:
Year ended 31
Note December
2006 2005
Immoconsult and affiliates (1)
-------------------------------------------------------
Income statement
Expenses (including interest expenses) 4,823 3,977
Income 51 35
Balance sheet
Liabilities 18 12
Loans received from related party 148,617 110,523
Loans given to related party 1,089 1,035
Michepro and affiliates (2)
-------------------------------------------------------
Income statement
Expenses 818 1,188
Income 56 49
Balance sheet
Liabilities 136 350
Loans received from related party 6,720 3,376
Loans given to related party 1,580 1,069
Management and affiliates (3)
-------------------------------------------------------
Income statement
Expenses 56 58
From which remuneration of key management 56 58
Income 40 11
Cash flows
Capital expenditure for construction services 10,081 5,820
Balance sheet
Liabilities 0 0
(1) Immoconsult and affiliates (i.e. one of the Controlling Shareholders and its
group) include the following entities: Kotva GMBH, Investcredit Bank AG,
�sterreichische Volksbanken AG, Skalea Investments Ltd.
(2) Michepro and DH Management (i.e. one of the Controlling Shareholders and its
group) include the following entities: Michepro Holdings Ltd., DH Managament
Ltd., Tradotek Kft., A&H Fashion Kft., GVA Hungary Kft.
(3) Management includes following persons and entities related to them: Adrienn
Lovro, Inter Estates Kft., Buszer Kft., Kolorex Kft.
12. Acquisition of new subsidiaries
1. In September 2006 the Group acquired the 100% share capital of K9 Kft.
which owns a property situated in Budapest consisting of 1,600 square
meters of land. The property is planned to be developed and will have 60
service apartments, a restaurant, and 62 parking spaces. The purchase
price was Euro 1,244 thousands.
2. In September 2006 the Group acquired the 100% share capital of Sarokh�z
Kft. which owns a property situated in Budapest consisting of 1,400
square meters of land. The property is planned to be developed and will
have 95 service apartments, a restaurant, and 263 parking spaces. The
purchase price was Euro 2,040 thousands.
Investment property acquired 2,607
Investment property under
construction acquired 2,859
Cash acquired 20
Other assets acquired 32
Less: Bank loans acquired 1,928
Less: Other liabilities acquired 305
Purchase consideration, cash paid 3,285
-----------------------------------------------
Goodwill arisen on acquisition 0
-----------------------------------------------
Net cash outflow from acquisition 3,265
-----------------------------------------------
Fair value of assets and liabilities were determined on the basis of open market
values. IFRS financial statements of the acquired new subsidiaries were not
available before the acquisition. Disclosing the financial information as if the
acquisition had happened as at the beginning of the financial year would have
been impracticable, since the companies had no revenues in the related period.
13. Fair value of financial
instruments
As at 31 December 2006 As at 31 December 2005
-------------------------------- -----------------------------
Book Book Fair
As at 31 December 2006 Value Fair value Difference Value value Difference
---------------------------
Loans and advances 2,699 2,699 0 2,212 2,212 0
Trade receivables 1,912 1,912 0 973 973 0
Cash and cash equivalents 6,079 6,079 0 4,407 4,407 0
Interest bearing loans and
borrowings 157,427 157,427 0 114,214 114,214 0
Other non current
liabilities 1,414 1,414 0 1,303 1,303 0
Trade and other payables 8,439 8,439 0 7,471 7,471 0
Loans and advances include payments made in relation to purchases of property.
As the assets and the liabilities are repriced at least quarterly therefore no
difference exists between book values and fair values as at 31 December 2006 and
2005. The fair values of short term receivables and payables do not differ
significantly from carrying values due to their short term nature and liquidity.
14. Events after the balance sheet date (i.e. after 31 December 2006)
1. A Guernsey incorporated company, Ablon Group Limited was set up in
January 2007. On 19 January 2007 Ablon Group Limited acquired all of the
companies listed in Note 1. In exchange for the companies, 70,000,000
ordinary shares of Ablon Group limited were issued to the previous
owners and additional cash consideration of EUR 5,000,000 (in aggregate)
was paid to previous owners, i.e. KOTVA, Skalea, Aura Holdings and Ms.
Adrienn Lovro in line with the share exchange agreement;
2. On 2 February 2007 the Group completed an Initial Public Offering (IPO)
on the London Stock Exchange's Alternative Investment Market (AIM). The
gross proceeds from the IPO were 87.5 million pounds sterling (Euro
131.7 million), resulting from 35 million shares sold for 2.5 pounds
each. The over-allotment option, which was granted by Ablon Group
Limited, has been exercised by the Company's Stabilising Manager -
Credit Suisse. The over-allotment option covered 3,864,097 additional
new ordinary shares (the "Over-Allotment Shares"), which have been
allotted and issued by the Ablon Group Limited to Credit Suisse on 2
March. The total gross proceeds from the IPO and the Over allotment
option was 97.16 million pounds, equivalent to 145.9 million euro. The
estimated IPO cost amounts to 10.7 million euro. Following the IPO and
upon completion of the over-allotment option, Ablon Group Limited has a
total of 108,864,099 ordinary shares in issue. From the proceeds the
Group repaid EUR 13.6 million share holders loans, and paid EUR 5
million for the share exchange with the previous owners of the group
entities.
3. Ablon Group Limited granted as of 28 March 2007, 4,469,472 stock options
to the senior management. The exercise price is 2.5 pounds per share,
and the options are vesting in 3 equal parts over the next 3 years.
4. In January 2007 the Group purchased the remaining 33% of Global Immo Kft,
the entity that owns the Gateway Business Center development project in
Budapest, for EUR 5,000,000, and currently the Group owns 100% of the
company.
5. The Group received on 22 February 2007 the official zoning rights for the
Timisoara project in Bucharest. The total rights allow the group to
build 210,000 square meters of residential apartments. The group is now
in the process of getting the construction permit for the planned
project.
6. The Group has calculated the earning per share ratios using the number of
shares from the IPO. The number of shares used in the earnings per share
and dividend paid out per share calculations were based on the
70,000,000 shares which were issued in consideration of the Group
entities as an after the balance sheet date event. This number is
applied as it is gives more comparable information for the future than
using the combined share capital of the combined entities at the balance
sheet date.
Profit per share calculation Year ended 31 December
2006 2005
Net profit 35,756 46,410
Number of shares 70,000 70,000
------------------------
Basic earning per share 0.5108 0.6630
------------------------
Dilutive earning per share 0.5108 0.6630
------------------------
Dividend per share Year ended 31 December
------------------------
Dividend paid 0 18,792
------------------------
Dividend per share 0,00 0,2685
------------------------
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