TIDMABL
HALF YEAR RESULTSFOR THE PERIOD ENDED 30 JUNE 2010
Ablon Group Limited ("Ablon" or "the Company"), a leading real estate owner and developer in Central and Eastern Europe, today announces its results for the six months ended 30 June 2010 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and in compliance with the Companies (Guernsey) Law, 2008.
PROPERTY OVERVIEW
-- Property Assets with a combined estimated market value of EUR5271
million.
-- 195,790 square metres of existing and income generating office,
retail, hotel and logistics assets (at 13 locations) in Budapest and
Prague.
-- Significant land bank comprising a further 1,273,230 square metres (at
24 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk to
develop as market conditions permit.
HALF YEAR 2010 FINANCIAL HIGHLIGHTS
-- Gross sales income up 56% to EUR14.4 million (H1 2009: EUR9.2 million)
mainly as a result of EUR5.3 million gross residential income received
from the sale of 37 units at the Viva Residence project in Prague.
-- Gross rental income of EUR8.7 million for the period ended 30 June 2010,
representing a 5.6% decrease compared to the same period last year.
-- Adjusted net asset value per share of EUR2.69 or GBP2.24 at 30 June 2010
(EUR2.68 or GBP2.43 at 31 December 2009).
-- Pre-tax profit of EUR5.3 million (H1 2009: loss of EUR2.9 million)
primarily due to an increase in the value of properties due to
currency exchange gains in the first six months of 2010.
-- Shareholders' funds unchanged from 31 December 2009 at EUR210 million.
RESULTS IN BRIEF
Six months ended 30 June
in thousands of Euros 2010 2009
Gross rental income 8,692 9,209
Gross residential income 5,284 2
Hotel income 369 -
Service income 2,728 3,173
Revenue 17,073 12,384
Cost of sales (7,318) (3,182)
Gross profit 9,755 9,202
Net gain from fair value adjustment 11,180 3,887
on investment property
Impairment of inventory 754 (222)
Impairment of property, plant and equipment. 4,133 -
Sales and administrative expenses (3,116) (3,034)
Other income 212 49
Net operating profit 22,918 9,882
Net financing expense (17,615) (12,812)
Profit / (loss) before income tax 5,303 (2,930)
Tax 1,641 1,468
Profit / (loss) for the period 3,662 (1,462)
Basic earnings/(losses) per share (euro) 0.03 (0.01)
Diluted earnings/(losses) per share (euro) 0.03 (0.01)
SUMMARY CONSOLIDATED BALANCE SHEET
in thousands of Euros 30 June 2010 31 Dec 2009
Assets
Total non-current assets 467,618 465,175
Total current assets 28,522 39,819
Total assets 496,140 504,994
EQUITY
Total equity 209,896 210,227
LIABILITIES
Total non-current liabilities 213,836 210,862
Total current liabilities 72,408 83,905
Total liabilities 286,244 294,767
Total equity and liabilities 496,140 504,994
CHAIRMAN'S STATEMENT
Alex Borrelli, Chairman of Ablon, commented:
"As Ablon's newly appointed Chairman, I would firstly like to express my enthusiasm about the Group's prospects and thank my predecessor Dennis Twining for his contribution over the years.
The first half of the year saw the completion of Ablon's Viva Residence project in Prague and the successful completion and opening of Ablon's first hotel development, operated by Marriott in the centre of Budapest.
Whilst market conditions in Central and Eastern Europe remain difficult, there is evidence that the Polish market is improving, as reflected by the positive negotiations of Ablon's debt facility for further investment in Poland. However, until the banking sector improves and financing can be procured in all markets, Ablon remains in a holding pattern with regards to the execution of its development plans.
Nonetheless, Ablon's underlying business remains solid, mainly due to the quality of its real estate portfolio, which has increased slightly in value in the latest external valuation report. Occupancy rates are showing signs of stabilisation. The balance sheet continues to be strong, with a relatively low level of gearing, but the Company is maintaining its defensive position to preserve cash and cut costs until the credit environment improves.
Ablon is therefore well positioned to benefit from the eventual improvement in its markets, its significant land bank is well located and will provide excellent opportunities in the long-term."
For further information, please contact:
Ablon Group LimitedUri Heller / Adrienn LovroTel. +36 1 225 6600
Religare Capital MarketsJames Pinner / Derek Crowhurst (Nominated Adviser)Daniel Briggs (Joint Corporate Broker)Tel. +44 (0)20 7444 0500
ING Wholesale Banking(Joint Corporate Broker)Nathalie Bachich de Recina / Julie WakkieTel. +44 (0)20 7767 8362
Shared Value LimitedNicolas Duperrier / Mark WalterTel. +44 (0)20 7321 5010ablon@sharedvalue.net
NOTES TO EDITORS
About Ablon Group Limited
Founded in 1993 in Budapest (Hungary), Ablon and its subsidiaries (together the "Ablon Group" or the "Group") has properties at 34 locations, of which there are 16 completed projects and 24 development projects in Budapest, Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a diversified mix of office, residential, retail, logistics and hotel developments valued at EUR527 million by external independent appraisers (GVA and King Sturge), as at 30 June 2010. Ablon has, as at 30 June 2010, 195,790 square metres of existing and income generating office, hotel and retail assets (at 13 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,273,230 square metres (at 24 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk. Ablon's shares are traded on the AIM market of the London Stock Exchange under the ticker 'ABL'.
DIRECTORS' REPORT
The Directors' Report is prepared under the Companies (Guernsey) Law, 2008 as amended.
Property Portfolio
As at 30 June 2010, Ablon's portfolio comprised properties at 34 locations in Central and Eastern Europe, of which there were 16 completed projects and 24 development projects:
-- Properties at 19 locations in Budapest: 13 completed projects and 11
development projects or partially developed sites;
-- Properties at 6 locations in Prague: 3 completed projects and 4
development projects or partially developed sites;
-- Properties at 6 locations in Bucharest: all for development.
-- Property at 3 locations in Poland: all for development.
Operational Review
Budapest
Occupancy Rate
Despite continuing difficult market conditions throughout the first half of 2010, the occupancy rate for Ablon's Budapest portfolio only decreased by 2% in the six months to 30 June 2010 compared to 68% occupancy at 31 December 2009.
Completion and opening of Ablon's first hotel development
The Group completed the development of its Europeum hotel project in the centre of Budapest. The 235-room hotel is Ablon's first such development and is managed by Marriott Courtyard, under a 30-year contract. The site also includes an additional 5,500 square metres of retail space and 295 underground parking spaces. The company is in advance negotiations to lease the retail space.
Arbitration Court update
On 27 November 2009, Ablon's wholly owned subsidiary, Global Center LLC ("Global Center"), was informed by its lawyer that a verdict issued by the Arbitration Court attached to the Hungarian Chamber Of Commerce And Industry obliged the Defendant, BVM Épelem Eloregyártó és Szolgáltató Kft ("BVM") to reimburse in 30 days HUF 4,988,000,000 as principal, plus due interest of approximately HUF 3,000,000,000 (approximately EUR29 million in aggregate). Details of this verdict were published by Ablon on 1 December 2009. On 1 February 2010, the Economic Department of the Budapest Municipal Court rejected a claim filed by BVM to annul a decision made by the Arbitration Court, and decided that the arbitration verdict issued on 27 November 2009 remained valid. Global Center is therefore following an execution process to collect the verdict amount. Following BVM's request on 15 February 2010, between 8 March 2010 and 6 June 2010, BVM was under bankruptcy moratorium with the effect that all payments by BVM were suspended. Following the opening of the bankruptcy procedure, BVM submitted a supervisory request to the Supreme Court of the Republic of Hungary in respect of the judgment adopted on rejecting the annulment of the Arbitration Award. On 8 June 2010, the Supreme Court in Hungary suspended the execution of the verdict made by the Arbitration Court. The suspension will last until a material decision on BVM`s application for the cancellation of the said verdict has been reached.
Prague
Ablon completed the construction of its Viva Residence project in Prague. The project includes 162 apartments over occupying 10,800 square metres. 37 units were delivered to buyers in the period between 1 January 2010 and 30 June 2010. As at 30 June 2010, 56 units had been sold.
Bucharest
The Company decided to stop any further marketing and construction of the first phase of the Sunset residential project in Timisoara blv. in Bucharest until the financial and market environment become more favourable.
Poland
Ablon's developments in Poland are also on hold until market conditions improve.
Portfolio summary
The updated list of the Group's projects as at 30 June 2010 is detailed:
Project Group Project Type Completed Expected Occupancy Under Future Valuation
holding Area Annualized rate development Development (EUR million)
(sq. m) Gross Rent (%)As As sites as
(EUR million at at 30.06.10 (sq. m) at
p.a.) 30.06.10 as at 30.06.10
as 30.06.10
at 30.06.10
=--------------------------------------------------------------------------------------------------------------
Budapest
=--------------------------------------------------------------------------------------------------------------
BC. 99 100% Office 15,900 2.4 82% 0 37,600
=--------------------------------------------------------------------------------------------------------------
Budafoki 100% Office 2,600 0.2 57% 0 136,000
=--------------------------------------------------------------------------------------------------------------
Fogarasi 100% Office 2,700 0.4 100% 0 0
=--------------------------------------------------------------------------------------------------------------
M3 100% Office 17,400 0.4 17% 0 0
=--------------------------------------------------------------------------------------------------------------
BC. 91 100% Office 6,700 0.8 79% 0 0
=--------------------------------------------------------------------------------------------------------------
BC. 30 100% Office 12,900 1.7 68% 0 0
=--------------------------------------------------------------------------------------------------------------
Buy-Way 100% Retail 21,600 1.1 45% 0 3,700
Dunakeszi
=--------------------------------------------------------------------------------------------------------------
Buy-Way 100% Retail 11,900 0.7 51% 0 0
Soroksar
=--------------------------------------------------------------------------------------------------------------
Zoldvaros 100% Residential 0 0 - 0 29,100
=--------------------------------------------------------------------------------------------------------------
Gateway 100% Office 35,800 5.5 94% 0 0
=--------------------------------------------------------------------------------------------------------------
Europeum 100% Hotel/Retail 18,700 0 - 0 0
=--------------------------------------------------------------------------------------------------------------
Airport 100% Storage 19,440 0.7 43% 0 51,450
City
=--------------------------------------------------------------------------------------------------------------
Hold 100% Hotel 0 0 - 0 6,700
=--------------------------------------------------------------------------------------------------------------
Katona 100% Hotel 0 0 - 0 6,100
=--------------------------------------------------------------------------------------------------------------
Nap 100% Hotel 0 0.1 - 0 5,100
=--------------------------------------------------------------------------------------------------------------
Rosslyn 100% Hotel 0 0 - 0 5,400
=--------------------------------------------------------------------------------------------------------------
Erzsebet 100% Office 0 0 - 0 17,900
=--------------------------------------------------------------------------------------------------------------
Newage 100% Office 0 0 - 0 13,700
=--------------------------------------------------------------------------------------------------------------
Rakoczi 100% Retail 750 0 0% 0
=--------------------------------------------------------------------------------------------------------------
Total 166,390 14.0 62% 0 312,750 343
Budapest
=--------------------------------------------------------------------------------------------------------------
=--------------------------------------------------------------------------------------------------------------
Prague
=--------------------------------------------------------------------------------------------------------------
Palmovka 100% Office 4,200 0.8 100% 0 0
=--------------------------------------------------------------------------------------------------------------
Meteor 100% Office 14,400 1.9 95% 0 5,500
=--------------------------------------------------------------------------------------------------------------
VIVA 100% Residential 10,800 0 - 0 0
Residence
=--------------------------------------------------------------------------------------------------------------
May 100% Office 0 0 - 0 7,200
House
=--------------------------------------------------------------------------------------------------------------
Kolben 100% Mixed use 0 0 - 0 73,000
=--------------------------------------------------------------------------------------------------------------
Ritka 100% Residential 0 0 - 0 64,000
=--------------------------------------------------------------------------------------------------------------
Total 29,400 2.7 96% 0 149,700 91
Prague
=--------------------------------------------------------------------------------------------------------------
=--------------------------------------------------------------------------------------------------------------
Bucharest
=--------------------------------------------------------------------------------------------------------------
Mogosaia 88% Residential 0 0 - 0 40,000
=--------------------------------------------------------------------------------------------------------------
Sunset 88% Residential 0 0 - 0 165,000
Res.
=--------------------------------------------------------------------------------------------------------------
Pipera 100% Mix 0 0 - 0 100,000
3H
=--------------------------------------------------------------------------------------------------------------
Pipera 100% Mix 0 0 - 0 100,000
4H
=--------------------------------------------------------------------------------------------------------------
Airport 100% Office 0 0 - 0 264,000
city
=--------------------------------------------------------------------------------------------------------------
Vlad 100% Office 0 0 - 0 11,000
Tepes
=--------------------------------------------------------------------------------------------------------------
Total 0 0 - 0 680,000 59
Bucharest
=--------------------------------------------------------------------------------------------------------------
=--------------------------------------------------------------------------------------------------------------
Poland
=--------------------------------------------------------------------------------------------------------------
K.B.P. 100% Mix 0 0 - 0 17,780
=--------------------------------------------------------------------------------------------------------------
Gdansk 51% Residential 0 0 - 0 58,000
=--------------------------------------------------------------------------------------------------------------
Jerusalemska 100% Office 0 0 - 0 55,000
=--------------------------------------------------------------------------------------------------------------
Total 0 0 - 0 130,780 34
Poland
=--------------------------------------------------------------------------------------------------------------
=--------------------------------------------------------------------------------------------------------------
Total 195,790 16.7 66% 0 1,273,230 527
Group
=--------------------------------------------------------------------------------------------------------------
The above valuations are based on the appraisal reports conducted by GVA Robertson in Budapest, Prague, and Poland, and by King Sturge in Romania as at 30 June 2010. The values are based on the residual development approach for the future development sites except for Romania where the Market Comparables approach was used and discounted cash flow method for the yielding properties.
Financial Review
Gross rental income
Gross rental income was EUR8.7 million for the period ended 30 June 2010, representing a decrease of EUR0.5 million, or 5.4%, from EUR9.2 million generated during the period ended 30 June 2009. This decrease is due to a reduced total tenant occupancy from 76.4% at 30 June 2009 to 66% at 30 June 2010. The main properties affected by a substantial decrease in rental income is BC30 from 97% occupancy at 30 June 2009 to 68% occupancy at 30 June 2010 and M3 BC which dropped from 33% occupancy at 30 June 2009 to 17% occupancy at 30 June 2010.
Residential sales income
Residential income was EUR5.3 million for the period ended 30 June 2010, compared to nil for the period ended 30 June 2009. The income is attributed to 37 units delivered to buyers at the Viva Residence project in Prague. As at the date of this announcement, the Group has sold 57 units out of 162 on this project (56 as at 30 June 2010).
Residential cost of sales
Residential cost of sales was EUR3.7 million for the period ended 30 June 2010, compared to nil for the period ended 30 June 2009. The cost of sales is attributed to the 37 units delivered to buyers at the Viva Residence project in Prague.
Hotel sales income
The Group booked EUR0.4 million income in the first 2 months of the Marriott Courtyard operations that started on 26 April 2010.
Hotel cost of sales
The hotel cost of sales were EUR0.9 million for the period ended 30 June 2010. The expenses include pre-opening costs, mainly to train the new hotel staff, and initial marketing expenses.
Net gain on fair value adjustment of investment property
Net gains on the fair value adjustment of investment property were EUR11.2 million for the period ended 30 June 2010, compared to EUR3.9 million gain generated during the period ended 30 June 2009. The main reason for the gain is exchange differences caused by a 5.6% depreciation of the Hungarian Forint from 270.84 HUF/EUR as at 31 December 2009 to 286.10 as at 30 June 2010 compared with the 2.8% depreciation in the first half of 2009 from 264.78 HUF/EUR as at 31 December 2008 to 272.20 as at 30 June 2009.
Impairment gain on inventory
Impairment gain on inventory for the period ended 30 June 2010 was EUR0.8 million, as a result of exchange gain as the Romanian currency depreciated by 3.3%.
Impairment gain on property, plant and equipment
Impairment gain on property, plant and equipment for the period ended 30 June 2010 was EUR4.1 million, as a result of market value adjustments to the hotel segment of the Europeum project. The valuation increased by approximately EUR8.0 million due to the completion and the successful opening of the Marriott Courtyard hotel.
Sales and marketing expenses
Sales and marketing expenses were EUR0.4 million for the period ended 30 June 2010, an increase of EUR0.1 million, from EUR0.3 million in the first half of 2009.
Administrative expenses
Administrative expenses were EUR2.7 million for the period ended 30 June 2010, compared to EUR2.8 million for the period ended 30 June 2009.
Net financing expense
Net financing expenses were EUR17.6 million for the period ended 30 June 2010, an increase of EUR4.8 million, compared to an expense of EUR12.8 million for the period ended 30 June 2009. The increase in financial expenses is primarily due to higher depreciation of the Hungarian currency in the first six months of 2010, than in the first six months of 2009, which amounted to 5.6% and 2.8% respectively.
Current income tax
Current income tax was EUR0.4 million for the period ended 30 June 2010, an increase of EUR0.2 million, from EUR0.2 million for the six months ended 30 June 2009.
Deferred income tax
Deferred income tax increased by EUR2.9 million from a EUR1.6 million income for the six months period ended 30 June 2009 to an expense of EUR1.3 million for the period ended 30 June 2010. Deferred income tax increased due to revaluation gain on properties.
Balance Sheet Overview
Investment property
Investment property was EUR379.5 million as at 30 June 2010, from EUR379.8 million as at 31 December 2009.
Property, plant and equipment
Property plant and equipment increased by EUR2.9 million from EUR30.2 million at 31 December 2009 to EUR33.1 million at 30 June 2010. The increase is due to a EUR4.2 million impairment gain caused by an increased valuation due to the completion and successful opening of the Marriott Courtyard hotel.
Long-term inventory
Long-term inventory decreased by EUR0.3 million from EUR53.3 million at 31 December 2009 to EUR53 million at 30 June 2010.
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 decreased by EUR11.3 million from EUR39.8 million at 31 December 2009 to EUR28.5 million at 30 June 2010. The decrease was primarily due to an EUR8.1 million decrease in cash and financial securities as a result of construction expenditure mainly to complete the Viva Residence and Europeum projects, amortisation of loans and reduced rental income. In addition, there was a EUR2.6 million decrease in short-term inventory due to delivery of 37 residential units to buyers at the Viva Residence project in Prague.
Non-current liabilities
Non-current liabilities include long-term borrowings from commercial banks and shareholders, as well as deferred tax liabilities for future tax obligations. Total non-current liabilities increased by EUR2.9 million from EUR210.9 million as at 31 December 2009 to EUR213.8 million as at 30 June 2010. This was primarily due to a EUR3 million increase in long-term loans as a result of refinancing one of the Group's short-term loans into a long-term loan.
Current liabilities
Current liabilities decreased by EUR11.5 million from EUR83.9 million at 31 December 2009 to EUR72.4 million at 30 June 2010. The decrease was primarily due to a EUR6.5 million decrease of trade and other payables in connection with the completions of the construction on the Viva Residence and Europeum projects, and a EUR5.2 million decrease of short-term loans due to refinancing one of the Group's short-term loan to a long-term loan.
Liquidity and capital resources
The Group's liquidity and capital resources come from operations, rental income and the sale of apartments. The Group finances its development activity with bank loans.
The Company's loan to value ratio was 46% at 30 June 2010, a decrease of 1% from 31 December 2009. The decrease is due the completion of the Europeum project which contributed to an increase in the total assets valuation to EUR527.0 million and amortization of long-term loans.
Due to the unprecedented global economic downturn that has had a particularly severe impact on the economies of Central and Eastern European countries where Ablon operates, the Group has experienced difficulties in applying for new loans in order to finance the construction of new projects. Other than in Poland, there are no early signs of improvement in the banking sector. For the present time, therefore, the Group is not in a position to execute its development plan until the banking sector improves and a sufficient amount of finance can be procured.
Even though the Group managed to extend the loans which expired in 2009, if the economic downturn does not recede, the Group may also face problems in renewing certain short-term loans that are due to mature in the coming year. That said, the Group does have 10 properties with an appraised value of EUR82.0 million with no debt. There are five loans with loan-to-value ("LTV") and Interest Service Cover ("ISC") covenants. One has an 80% LTV covenant and, based on the most recent valuation at 30 June 2010, the Group is technically in breach of this covenant although the lender hasn't issued a default notice and the Group is working closely with the lender to find a solution to this issue. Another loan has a debt-service coverage ratio covenant and the Group is currently in breach of this covenant and, in order to resolve the situation, the lender has asked the subsidiary involved to deposit EUR 300,000 into a special reserve account until such time as the covenant ceases to be breached. Two of the other loans have a 75% LTV requirement and, based on the latest valuations, the Company is comfortably within that covenant. A remaining loan has a 71% LTV covenant and, based on the latest valuations, the Company is within that covenant. The Group is actively seeking to increase liquidity, by marketing properties for sale, applying for new loans and by cutting expenses across the business.
Net Asset Value ("NAV")
The Company's real estate assets were valued on 30 June 2010 at EUR527.0 million (for its share) by external independent appraisers (GVA and King Sturge), in accordance with International Valuation Standards. The following table demonstrates the calculation of Adjusted Net Asset Value based on the GVA and King Sturge valuation report and the Company's financial statements as at 30 June 2010:
EUR Million
June 30, 2010 Dec 31, 2009
Shareholders' equity 209.9 210.2
Valuation Adjustments2 50.4 48.3
Deferred Tax Liability 34.9 34.9
Minority rights (0.6) (0.6)
Total adjusted net asset value 294.6 292.8
NAV per share EUR 2.69 2.68
NAV per share GBP 2.24 (EUR/GBP = 1.2) 2.43 (EUR/GBP = 1.1)
Dividend Policy
As explained in the Company's AIM 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.
As a result of prevailing continued uncertainty in the economic outlook of Ablon's markets, the Board of Directors of the Company has decided it would not be prudent to recommend the payment of a dividend for the current year.
Ablon has taken this step to support the Company's initiatives to preserve cash during the current challenging market environment. The Board of Directors of the Company believe that shareholders' interests will be better served by retaining its earnings to improve the Company's working capital position. The Company cannot at this stage indicate when it will pay its next dividend.
Disclosure of information to auditors
So far as each of the Directors is aware, there is no relevant audit information of which the company's auditor is unaware, and each of the Directors has taken all the steps required to have been taken as a Director to make himself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Appendix 1
Statement of Directors' responsibilities
The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards and applicable law.
The financial statements are required by law to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and estimates that are reasonable and prudent;
-- state whether applicable accounting standards have been followed,
subject to any material departures disclosed and explained in the
financial statements; and
-- prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with The Companies (Guernsey) Law, 2008. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
______________________________________
1 Based on the latest external valuation reports as at 30 June 2010
2 Property valuation of EUR527 m less IFRS Investment property (EUR379.5m), property plant and equipment (EUR33.1m) and inventories (EUR64.0m)
KPMG Hungária Kft.Váci út 99.H-1139 BudapestHungary
Tel.: +36 (1) 887 71 00Fax: +36 (1) 887 71 01E-mail: info@kpmg.huInternet: kpmg.hu
Independent Auditors' Report on Review of Interim Financial Information
To the shareholders of ABLON Group Limited
Introduction
We have reviewed the accompanying condensed consolidated statement of financial position of ABLON Group Limited as at 30 June 2010, the condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six month period then ended and a summary of significant accounting policies and selected explanatory notes (the "condensed consolidated interim financial information"). Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2010 is not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'.
26 August 2010
KPMG Hungária Kft.
Agócs GáborPartner
KPMG Hungária Kft., a Hungarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. Company registration: Budapest, Fovárosi Bíróság, no: 01-09-063183
ABLON Group Limited - 30 June 2010
All amounts in thousands of Euros except otherwise stated.
ABLON Group Limited
Condensed Consolidated InterimFinancial Statements
Prepared under IAS 34 'Interim Financial Reporting
Six months ended 30 June 2010
Condensed consolidated statement
of financial position
In thousands of euro Note 30 Jun 2010 31 Dec 2009
ASSETS
Non-current assets
Investment property 5 379 513 379 840
Property, plant 6 33 111 30 165
and equipment
Deferred tax assets 1 965 1 886
Long term inventory 7 53 029 53 284
Total non-current assets 467 618 465 175
Current assets
Inventories 7 10 921 13 473
Trade and other receivables 3 721 4 300
Cash and cash equivalents 13 880 22 046
Total current assets 28 522 39 819
TOTAL ASSETS 496 140 504 994
EQUITY
Capital and reserves
Share capital 1 096 1 096
Treasury shares (68) (68)
Translation reserve (11 540) (7 568)
Share based payment reserve 1 813 1 834
Share premium 257 727 257 727
Retained earnings (39 132) (42 794)
Total equity attributable 209 896 210 227
to the
equity holders
of the parent
Non-controlling interest 0 0
TOTAL EQUITY 209 896 210 227
LIABILITIES
Non-current liabilities
Borrowings 8 177 744 174 756
Deferred tax liability 34 902 34 868
Other non-current 1 190 1 238
liabilities
Total non-current 213 836 210 862
liabilities
Current liabilities
Borrowings 8 64 325 69 452
Trade and other payables 7 878 14 394
Current income tax 205 59
liabilities
Total current liabilities 72 408 83 905
TOTAL LIABILITIES 286 244 294 767
TOTAL EQUITY AND 496 140 504 994
LIABILITIES
Condensed consolidated statement
of comprehensive income
For the six months ended 30 June
In thousands of euro Note 2010 2009
Revenue 17 073 12 384
Cost of sales (7 318) (3 182)
Gross profit 9 755 9 202
Net gain / (loss) from fair value adjustment 11 180 3 887
on investment property
Impairment of inventory 754 (222)
Impairment of property, plant and equipment 4 133 0
Selling and marketing costs (406) (283)
Administrative expenses (2 710) (2 751)
Other income 455 113
Other expenses (243) (64)
Net operating profit / (loss) 22 918 9 882
Finance income 2 096 2 662
Finance expenses (19 711) (15 474)
Net finance income / (expenses) (17 615) (12 812)
Profit / (loss) before income tax 5 303 (2 930)
Current tax (375) (164)
Deferred tax (1 266) 1 632
Total income tax (expenses) / income (1 641) 1 468
Profit / (loss) for the period 3 662 (1 462)
Other comprehensive income
Foreign currency translation differences (3 972) (1 738)
Share-based payment reserve (21) 564
Income tax on other comprehensive income 0 0
Other comprehensive income for (3 993) (1 174)
the period, net of income tax
Total comprehensive income for the period (331) (2 636)
Profit attributable to:
The owners of the Company 3 662 (1 462)
Non-controlling interest 0 0
Profit for the period 3 662 (1 462)
Total comprehensive income attributable to:
The owners of the Company (331) (2 636)
Non-controlling interest 0 0
Total comprehensive income for the period (331) (2 636)
Earnings per share
Basic earnings per share (euro) 9 0,03 (0,01)
Diluted earnings per share (euro) 9 0,03 (0,01)
Condensed consolidated statement of changes in equity
in thousands of Euros Attributable to equity holders of the Company Total attributable to equity holders of the Group Non-controlling interest Total equity
Share capital Treasury shares Retained earnings Share premium Share based payment reserve Translation reserve
Balance at 1 January 2009 1 089 (16) (16 790) 255 893 2 975 (4 414) 238 737 0 238 737
Cash paid to acquire Treasury shares (52) (52) (52)
Shares issued as employee benefits 7 1 834 (1 841) 0 0
Subtotal: Capital transactions with shareholders 7 (52) 0 1 834 (1 841) 0 (52) 0 (52)
Total comprehensive income for the period 0 0 (1 462) 0 564 (1 738) (2 636) 0 (2 636)
Balance at 30 June 2009 1 096 (68) (18 252) 257 727 1 698 (6 152) 236 049 0 236 049
Balance at 1 July 2009 1 096 (68) (18 252) 257 727 1 698 (6 152) 236 049 0 236 049
Subtotal: Capital transactions with shareholders 0 0 0 0 0 0 0 0 0
Total comprehensive income for the period 0 0 (24 542) 0 136 (1 416) (25 822) 0 (25 822)
Balance at 31 December 2009 1 096 (68) (42 794) 257 727 1 834 (7 568) 210 227 0 210 227
Balance at 1 January 2010 1 096 (68) (42 794) 257 727 1 834 (7 568) 210 227 0 210 227
Subtotal: Capital transactions with shareholders 0 0 0 0 0 0 0 0 0
Total comprehensive income for the period 0 0 3 662 0 (21) (3 972) (331) 0 (331)
Balance at 30 June 2010 1 096 (68) (39 132) 257 727 1 813 (11 540) 209 896 0 209 896
Notes to the condensed consolidated interim financial statements
Condensed consolidated statement of cash flows
For the six months ended 30 June
In thousands of euro 2010 2009
Cash flows from operating activities
Profit for the period 3 662 (1 462)
Adjustments for:
- Income tax expense 1 641 (1 468)
- Depreciation of property, plant and equipment 477 149
- (Gain) or loss on sale of property, 29 14
plant and equipment
- Foreign exchange (gain) or loss on 13 087 9 326
translation to functional currency
- Change in fair value of investment property (11 180) (3 887)
- Impairment loss on PPE (4 133) -
- Impairment loss on Inventory (754) -
- Interest income (101) (374)
- Interest expenses 4 014 4 977
- Goodwill impairment - -
- Cost of share based payments (21) 564
Change in inventories 2 913 (3 656)
Change in trade and other receivables 580 1 802
Change in trade and other payables (6 515) (5 188)
Change in other non-current liabilities (1 358) (1 233)
Interest paid (4 276) (4 977)
Income taxes paid (229) (101)
Net cash (used in) from operating activities (2 164) (5 514)
Cash flows from investing activities
Interest received 101 374
Proceeds from sale of investments -
Addition to investment property (3 150) (9 743)
Acquisition of property, plant and equipment (1 033) (599)
Acquisition of subsidiaries, net of cash acquired - -
Sale or (purchase) of financial securities - 2 510
Net cash used in investing activities (4 082) (7 458)
Cash flows from financing activities
Proceeds from borrowings 1 327 9 836
Repayment of borrowings (3 467) (6 885)
Repurchase of treasury shares - (53)
Dividend paid - -
Net cash from (used in) financing activities (2 140) 2 898
Net increase / (decrease) in (8 386) (10 074)
cash and cash equivalents
Cash and cash equivalents at 1 January 22 046 29 999
Effect of exchange rate fluctuations on cash held 220 124
Cash and cash equivalents at 30 June 13 880 20 049
Notes to the condensed consolidated interim financial statements
1. Reporting Entity
2. Basis of preparation
(a) Statement of compliance
(b) Basis of measurement
(c) Functional and presentation currency
(d) Use of estimates and judgements
3. Significant accounting policies
4. Segment information
5. Investment property
6. Property, plant and equipment
7. Inventories
8. Borrowings
9. Earnings per share
10. Events after the reporting period
1. Reporting Entity
ABLON Group Limited (hereinafter "the Company") is a company domiciled in Guernsey. The consolidated financial statements of the Company as at and for the six months ended 30 June 2010 comprise the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities").
The Company is quoted on the AIM Market of the London Stock Exchange. The official address of the Company's headquarters is GY1 4HQ Frances House, Sir William Place, St Peter Port, Guernsey.
The Group's primary activity is to purchase, develop, rent, hold and sell real estates with a real estate portfolio mainly located in Central and Eastern Europe.
The Group entities are limited liability companies incorporated and domiciled in Hungary, the Czech Republic, Romania, Poland, Croatia and Cyprus as listed below:
Name of entity Controlling Shareholders Country of incorporation
share
AB-GR NEKRETNINE 100% Croatia
d.o.o.
ABLON Bucharest 100% Romania
Real Estates
Development S.R.L
ABLON GROUP d.o.o. 100% Croatia
ABLON Kft. 100% Hungary
ABLON s.r.o. 100% Czech Republic
ABLON Sp. z o.o. 100% Poland
Airport City Kft. 100% Hungary
Airport City s.r.o. 100% Czech Republic
ALAMONDO LIMITED 100% Cyprus
Avacero Ltd. 100% Cyprus
AVIDANO LIMITED 100% Cyprus
B.C.P. Kft. 100% Hungary
BC 2000 s.r.o. 100% Czech Republic
Bluebeat Ltd. 100% Cyprus
BREGOVALIMITED 100% Cyprus
Bright Site Kft. 100% Hungary
CD Property s.r.o. 100% Czech Republic
Century City Kft. 100% Hungary
Cymanco Ltd. 100% Cyprus
DERISA LIMITED 100% Cyprus
DH Est-Europe Real 100% Romania
Estate SRL
DORESTO LIMITED 100% Cyprus
Duna Office Center 100% Hungary
Kft.
ES Bucharest 100% Romania
Development
S.R.L.
ES Bucharest 100% Romania
Properties
S.R.L.
ES Hospitality 100% Romania
S.R.L.
First Chance Kft. 100% Hungary
First Site Kft. 100% Hungary
Future Field Kft. 100% Hungary
GARET Investments 100% Poland
Sp. z.o.o.
Global Center Kft. 100% Hungary
Global Development 100% Hungary
Kft.
Global Estates Kft. 100% Hungary
Global Immo Kft. 100% Hungary
Global Investment 100% Hungary
Kft.
Global Management 100% Hungary
Kft.
Global Properties 100% Hungary
Kft.
GOMENDO LIMITED 100% Cyprus
GORANDALIMITED 100% Cyprus
HD Investment s.r.o. 100% Czech Republic
Hotel Rosslyn Kft. 100% Hungary
ICL 1 Budapest Kft. 100% Hungary
Insite Kft. 100% Hungary
ISTAFIA LIMITED 100% Cyprus
JONVERO LIMITED 100% Cyprus
LERIEGOS LIMITED 100% Cyprus
LN Est-Europe 100% Romania
Development
SRL
MESARGOSA LIMITED 100% Cyprus
MH Bucharest 88% Romania
Development
S.R.L
MH Bucharest 88% Romania
Properties
S.R.L
Mor Eden Sp. z.o.o. 100% Poland
(from Januar
2008, see Note 10)
MQM Czech s.r.o. 100% Czech Republic
New Field Kft. 100% Hungary
New Sites Kft. 100% Hungary
OSMANIA LIMITED 100% Cyprus
Polygon BC s.r.o. 100% Czech Republic
PRINGIPOLIMITED 100% Cyprus
RSL Est-Europe 100% Romania
Properties SRL
RSL Real Estate 100% Romania
Development
S.R.L.
SHAHEDA LIMITED 100% Cyprus
SPH Development 51% Poland
Sp. z o.o.
SPH Properties 100% Poland
Sp. z o.o.
STRIPMALL Management 100% Hungary
Kft.
Szolgáltatóház Kft. 100% Hungary
TUNELIA LIMITED 100% Cyprus
Volanti Ltd. 100% Cyprus
YZ Holding spol. 100% Czech Republic
s.r.o.
2. Basis of preparation
(a) Statement of compliance
The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard No. 34 'Interim Financial Reporting' ("IAS 34").
These financial statements are not intended to be used for statutory filing purposes.
These condensed consolidated interim financial statements were authorised for issue by the Board of Directors on 26 of August, 2010.
(b) Basis of measurement
The condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following:
-- investment property is measured at fair value
-- financial instruments at fair value through profit or loss are
measured at fair value
The methods used to measure fair values are discussed further in the accounting policy published in the most recent consolidated financial statements of the Group.
The financial statements are prepared based on going concern assumption. The management constantly monitors the Group's financial position and believes that cash inflows are sufficient to cover the expected cash outflows in the next 12 months. The loans of the subsidiaries, except for one case, do not have collaterals influencing Ablon Group Limited. itself, so even if a subsidiary may cease to be in going concern status, it does not have an effect on the going concern status of the Group.
(c) Functional and presentation currency
The functional currencies of the Group's entities are the currencies of the primary economic environment in which the entities operate. The following functional currencies are used:Hungarian Forint (HUF) in Hungary, Czech Crowns (CZK) in the Czech Republic, Polish Zloty (PLN) in Poland, Romanian Lei (RON) in Romania, Croatian Kune (HRK) in Croatia and euro (EUR) in Cyprus.
The condensed consolidated interim financial statements are presented in euro, which is the Group's presentation currency. All information presented in euro has been rounded to the nearest thousand.
(d) Use of estimates and judgements
The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
Information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the condensed consolidated interim financial statements is included in the most recent consolidated financial statements of the Group.
3. Significant accounting policies
The accounting policies as described in the most recent consolidated financial statements of the Group have been applied consistently to all periods presented in these condensed consolidated interim financial statements, and have been applied consistently by Group entities.
4. Segment information
The following segment information has been prepared in accordance with IFRS 8, "Operating Segments" on the basis of the internal reports about components of the entity. Internal reports for the Group are based on IFRS.
Operating segments
The Group determines three different operating segments based on the functionality of investment properties:
1. commercial segment
2. residential segment
3. hotel segment
Commercial segment contains buildings built for the Group for the purpose of earning rental income, residential segment contains buildings constructed to private individuals for immediate sale after completion, hotel segment contains buildings held for operations as a hotel.
All the Group's activities and assets are located in Central and Eastern Europe.
Segment assets include all operating assets used by a segment and consist primarily of investment property, property plant and equipment, inventories and receivables. While most such assets can be directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more segments is allocated to the segments on a reasonable basis.
Segment liabilities include loans, all operating liabilities and consist primarily of accounts payable, wages and accrued liabilities. Unallocated liabilities mainly comprise deferred tax liabilities.
Additions to non-current assets comprises additions to investment property (Note 6) and property, plant and equipment (Note 7).
Period ended Commercial Residential Hotel Unallocated Total
30 June 2010
Revenue 11 421 5 284 368 - 17 073
Cost of (2 751) (3 684) (883) - (7 318)
sales
Segment 8 670 1 600 (515) - 9 755
gross
profit
Revaluation 11 180 - - - 11 180
gain
/(loss)
(Impairment - 754 4 133 - 4 887
losses)/Reversal
of losses
Net 18 197 2 233 3 544 (1 056) 22 918
operating
profit
/ (loss)
Net finance (14 090) (3 972) (2 179) 2 626 (17 615)
income
/ (expenses)
Profit / 4 107 (1 739) 1 365 1 570 5 303
(loss)
before
income tax
Total income - - - (1 641) (1 641)
tax
(expenses)
/ income
Period ended Commercial Residential Hotel Unallocated Total
30 June 2010
Reportable 397 095 63 446 25 389 8 245 494 175
segment
assets
Deferred tax - - - 1 965 1 965
assets
Total assets 397 095 63 446 25 389 10 210 496 140
Reportable 197 104 36 551 17 541 146 251 342
segment
liabilities
Deferred tax - - - 34 902 34 902
liabilities
Total 197 104 36 551 17 541 35 048 286 244
liabilities
Capital 4 442 771 5 213
expenditure
Depreciation 189 189
Period ended Commercial Residential Hotel Unallocated Total
30 June 2009
Revenue 9 209 2 - 9 211
Cost of (8) (1) - (9)
sales
Segment 9 201 1 - 9 202
gross
profit
Revaluation 3 887 3 887
gain
/(loss)
(Impairment - (222) - (222)
losses)/Reversal
of losses
Net 11 757 (461) (1 414) 9 882
operating
profit
/ (loss)
Net finance (9 720) (4 980) 1 888 (12 812)
income
/ (expenses)
Profit / 2 037 (5 441) 474 (2 930)
(loss)
before
income tax
Total income 1 468 1 468
tax
(expenses)
/ income
Period ended Commercial Residential Hotel Unallocated Total
31
December
2009
Reportable 421 476 68 832 12 800 503 108
segment
assets
Deferred tax - - 1 886 1 886
assets
Total assets 421 476 68 832 14 686 504 994
Reportable 216 291 43 400 208 259 899
segment
liabilities
Deferred tax - - 34 868 34 868
liabilities
Total 216 291 43 400 35 076 294 767
liabilities
Capital 19 474 6 721 26 195
expenditure
Depreciation 281 281
The hotel segment was created as the Marriott Courtyard hotel in Budapest began operating in the period.
5. Investment property
Investment property is presented in the statement of financial position using the fair value model. The 98% of the fair value of investment properties were based on independent valuation reports dated 30 June 2010. The remaining 2% of the fair value of the investment properties were valued at a more conservative value, based on management judgment.
The following table shows the movements in the balances of investment property during the period and the classification of the investment property by country and by status.:
Investment property Period ended 30 June 2010 Period ended 31
December 2009
At beginning of period 379 840 402 708
Acquisition of properties - -
Acquisition through - 7 891
business unit
Additions due to 3 410 18 776
subsequent
capitalisation
of expenditures
Transfer from/(to) - (23 894)
property,
plant and equipment
Transfer from/(to) - (1 827)
inventories
Disposal - -
Net gain/(loss) from fair 11 180 (16 588)
value adjustments
Effect of movements (14 917) (7 226)
in exchange rates
Balance at 30 June 379 513 379 840
By location Period ended 30 June 2010 Period ended 31
December 2009
Hungary 283 001 281 750
Czech Republic 56 042 57 620
Romania 17 780 17 780
Poland 22 690 22 690
Total 379 513 379 840
By status of the project Period ended 30 June 2010 Period ended 31
December 2009
Projects for future 123 774 112 828
development
Projects under development - 18 180
Finished projects 255 739 248 832
Total 379 513 379 840
6. Property, plant and equipment
Land & buildings Plant and equipment Total
Cost
Balance at 1 9 912 1 164 11 076
January 2009
Acquisitions - - -
Additions 620 78 698
Disposals - (194) (194)
Transfer from/(to) 23 894 - 23 894
investment
property
Effect of movements (187) (34) (221)
in exchange rates
Balance at 31 December 34 239 1 014 35 253
2009
Balance at 1 34 239 1 014 35 253
January 2010
Acquisitions - - -
Additions 1 000 33 1 033
Disposals - (47) (47)
Transfer from/(to) - - -
investment
property
Reclass between (4 241) 4 241 -
categories
Effect of movements (1 744) (45) (1 789)
in exchange rates
Balance at 30 June 2010 29 254 5 196 34 450
Depreciation and
impairment
losses
Balance at 1 226 554 780
January 2009
Depreciation 103 178 281
for the year
Disposals - (128) (128)
Impairment loss 4 015 - 4 015
Reversal of impairment - - -
loss
Offset of accumulated - - -
depreciation
on property
transferred to
investment
property
Effect of movements 149 (9) 140
in exchange rates
Balance at 31 December 4 493 595 5 088
2009
Balance at 1 4 493 595 5 088
January 2010
Depreciation 88 101 189
for the year
Disposals - (18) (18)
Impairment loss - - -
Reversal of impairment (4 133) - (4 133)
loss
Offset of accumulated - - -
depreciation
on property
transferred to
investment
property
Hotel depreciation 145 143 288
Effect of movements (36) (39) (75)
in exchange rates
Balance at 30 June 2010 557 782 1 339
Carrying amount
At 1 January 2009 9 685 610 10 295
Balance at 31 December 29 746 419 30 165
2009
At 30 June 2010 28 697 4 414 33 111
The reversal of the impairment loss refers to the hotel part of the Europeum project.
7. Inventories
2010 2009
CURRENT INVENTORY
Opening balance 13 473 9 825
Additions 719 6 507
Transfer from/(to) long term inventory - (167)
Transfer from/(to) investment property - (2 073)
Disposal (3 680) (790)
Impairment of inventory - -
Reversal of impairment - -
Effect of movements in exchange rates 409 171
Closing balance 10 921 13 473
LONG TERM INVENTORY
Opening balance 53 284 59 950
Additions 52 214
Transfer from/(to) current inventory - 167
Transfer from/(to) investment property - 3 900
Disposal (4) (7)
Impairment of inventory (214) (9 255)
Reversal of impairment 968 1 090
Effect of movements in exchange rates (1 057) (2 775)
Closing balance 53 029 53 284
Total inventory 63 950 66 757
Inventories comprise plots and developments for residential purposes. Inventories which are expected to be realised beyond the normal operating cycle of the residential property construction business are classified as long term inventories. These are mainly plots in Romania, Hungary, Poland and the Czech Republic where the Group plans to develop residential projects but due to the current financial and economic market conditions the development is postponed for an unknown period of time.
8. Borrowings
This note provides information about the contractual terms of the Group's interest-bearing borrowings which are measured at amortised cost.
2010 2009
Non-current liabilities
Secured bank loans 176 526 173 547
Loans from non-controlling interest 1 218 1 209
177 744 174 756
Current liabilities
Current portion of secured bank loans 63 496 68 635
Current portion of loans from non-controlling interest 811 799
Current portion of loans from related parties 18 18
64 325 69 452
Total borrowings 242 069 244 208
The maturity of non-current borrowings is as follows:
Period ended 30 June 2010 Year ended 31 December 2009
Between 1-2 years 6 420 8 676
Between 2-3 years 55 133 45 015
Between 3-4 years 7 071 6 806
Between 4-5 years 7 286 7 138
Over 5 years 101 834 107 121
Breakdown of borrowings by currency:
2010 2009
By currency Average Nominal value Carrying amount Average Nominal value Carrying amount
of interest interest
the loan in rate rate
presentation as at 30 as at 31
currency June December
(in
thousands
of Euros)
EUR 3,7% 231 768 231 768 3,3% 232 911 232 911
CHF 3,0% 2 128 2 128 2,7% 1 942 1 942
CZK 3,6% 7 272 7 272 3,9% 8 459 8 459
PLN 3,0% 901 901 2,7% 896 896
Total 242 069 242 069 244 208 244 208
borrowings
9. Earnings per share
in thousands of euro Period ended Period ended 30 June 2009
30 June 2010
Profit attributable 3 662 (1 462)
to
ordinary shareholders
Weighted average 109 413 109 185
number of
shares (in thousands)
Diluted weighted 109 413 109 185
average number
of shares (in
thousands)
Basic earnings 0,033 (0,013)
per share
Diluted earnings 0,033 (0,013)
per share
During the period the average share price was below the exercise price of the options, therefore options did not have a diluting effect.
The par value per share is 0.01 euro
The Group has 171 541 repurchased treasury shares, same as on 30 June 2009.
10. Events after the reporting period
There are no significant events identified after the reporting period.
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