TIDMNAT
RNS Number : 7687S
Nanette Real Estate Group N.V.
26 May 2009
Nanette Real Estate Group NV
"Nanette" or "the Group"
Q1 Financial Results 2009
Nanette Real Estate Group, the Central & Eastern European focused residential
real estate developer is pleased to announce its unaudited financial results,
for the 3 months ended 31 March 2009.
Financial Highlights
* Turnover EUR956 k (EUR9.4 m Q1 2008)
* EUR956 k income from sales of apartments (EUR9.4 m Q1 2008)
* Loss before tax: EUR7.5 m (Profit EUR1.3 m Q1 2008)
Operational Highlights
* 54 apartments sold in the period (112 Q1 2008)
* 77 apartments were recognized in the revenues (169 Q1 2008)
* 2,676 apartments sold in total
* Total land-bank not recognized to profit 11,920, apartments (11,567 Q1
2008) excluding investment properties, which includes land of 617,000 sqm in
Hungary Poland and Ukraine
Outlook
The loss in these financial statements caused primarily by exposure to weakening
currencies in CEE. This resulted in unrealised foreign exchange losses for the
company, without effect on the local market activity, where each country is
independently operated. In the current currency's exchange rate the company will
recognize back part of the losses in the second quarter.
Despite the current global weakening, the company is encouraged by the positive
activity in Poland, where the market has peaked up again at the end of February
and in the last three months it sold more than 100 flats, which represents a
substantial growth, compared to the total number of flats it sold (86) during
the whole year of 2008.
Shaul Lotan, Chairman, and Oscar Kazanelson CEO, commentated:
"Despite the current global economic situation, which affected the real estate
development sector in the region, the company has continued to present
sustainable sales for long term profitability. The company believes that there
is still a significant demand for high quality residential property in Central
and Eastern Europe, as recently was demonstrated in Poland."
"The Company, with its highly capable management team and diversified portfolio,
combined with its recent financing and refinancing facilities, will expedite the
projects' development in accordance with its business plan. These facilities are
providing Nanette an additional leverage and demonstrating the Company's strong
positions in the local markets were it is active."
26th May 2009
Enquiries:
+--+-------------------+-------------------+----------------------+-------------------+
| | |
+------------------------------------------+------------------------------------------+
| Nanette Real Estate | |
+------------------------------------------+------------------------------------------+
| | Shaul Lotan | + 31 20 778 4141 |
+--+---------------------------------------+----------------------+
| | Eyal Keltsh | + 48 606 141 201 |
+--+---------------------------------------+----------------------+
| | |
+------------------------------------------+----------------------+
| Global Equity IR | |
+------------------------------------------+----------------------+
| | Amira Bardichev | 07956 206270 |
+--+---------------------------------------+----------------------+
| | | |
+--+---------------------------------------+----------------------+
| KBC Peel Hunt | |
+------------------------------------------+----------------------+
| | Capel Irwin | 0207 418 8900 |
+--+---------------------------------------+----------------------+
| | Nicholas Marren | |
| | | |
+--+-------------------+-------------------+----------------------+-------------------+
CONSOLIDATED BALANCE SHEETS
Euro in thousands
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | March 31, | | December 31, |
+----------------------------------------------+-+--------------------------+--+--------------+
| | | 2009 | | 2008 | | 2008 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | Unaudited | | Audited |
+----------------------------------------------+-+--------------------------+--+--------------+
| ASSETS | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| CURRENT ASSETS: | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Cash and cash equivalents | | 16,228 | | 31,190 | | 22,056 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Deposits | | 19,991 | | 48,229 | | 22,657 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Trade and other receivables | | 3,029 | | 9,434 | | 7,351 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Inventory of land and housing units | | 28,134 | | 97,328 | | 24,330 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | 67,382 | | 186,181 | | 76,394 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| NON-CURRENT ASSETS: | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Land | | 34,584 | | 17,983 | | 43,130 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Investment properties | | 14,639 | | 18,354 | | 17,036 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Furniture and equipment | | 168 | | 143 | | 170 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Other financial assets | | 15,865 | | 40,253 | | 16,746 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Goodwill | | 370 | | 2,269 | | 455 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Deferred tax asset | | 1,421 | | 802 | | 357 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Investment in associates (Note 3) | | 53,102 | | 452 | | 52,114 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | 120,149 | | 80,256 | | 130,008 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Total assets | | 187,531 | | 266,437 | | 206,402 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
CONSOLIDATED BALANCE SHEETS
Euro in thousands
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | March 31, | | December 31, |
+----------------------------------------------+-+--------------------------+--+--------------+
| | | 2009 | | 2008 | | 2008 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | Unaudited | | Audited |
+----------------------------------------------+-+--------------------------+--+--------------+
| LIABILITIES AND EQUITY | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| CURRENT LIABILITIES: | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Interest bearing loans and | | 28,783 | | 24,889 | | 32,929 |
| borrowings | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Trade and other payables | | 5,700 | | 19,894 | | 6,302 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Customer advances | | 8,448 | | 23,321 | | 9,484 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | 42,931 | | 68,104 | | 48,715 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| NON-CURRENT LIABILITIES: | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Interest bearing loans and | | 70,581 | | 104,733 | | 75,206 |
| borrowings | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Other liabilities | | 2,554 | | 1,483 | | 2,482 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Deferred tax liability | | 454 | | 2,453 | | 96 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | 73,589 | | 108,669 | | 77,784 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Total liabilities | | 116,520 | | 176,773 | | 126,499 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| EQUITY: | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Equity attributable to equity | | | | | | |
| holders of the parent: | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Share capital | | 3,449 | | 3,435 | | 3,449 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Share premium | | 67,473 | | 67,415 | | 67,473 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Treasury shares | | (527) | | - | | (527) |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Other reserves | | (1,489) | | 272 | | 486 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Retained earnings | | 1,990 | | 18,262 | | 8,906 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | 70,896 | | 89,384 | | 79,787 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Minority interests | | 115 | | 280 | | 116 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Total equity | | 71,011 | | 89,664 | | 79,903 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| | | | | | | |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
| Total liabilities and equity | | 187,531 | | 266,437 | | 206,402 |
+----------------------------------------------+-+-----------+--+-----------+--+--------------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
+---------------------+--+-------------------+--+-------------------+--+-------------------+
| May 21, 2009 | | | | | | |
+---------------------+--+-------------------+--+-------------------+--+-------------------+
|Date of approval of | | Shaul Lotan | |Oscar Katzenelson | | Ran Jacobs |
| the | | | | | | |
+---------------------+--+-------------------+--+-------------------+--+-------------------+
| financial | | Chairman of the | | Director and CEO | | Director and CFO |
| statements | | Board of | | | | |
| | | Directors | | | | |
+---------------------+--+-------------------+--+-------------------+--+-------------------+
CONSOLIDATED STATEMENTS OF INCOME
Euro in thousands (except per share data)
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | Three months ended | | Year ended |
| | | March 31, | | December |
| | | | | 31, |
+---------------------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | Unaudited | | Audited |
+---------------------------------------------+-+------------------------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Revenues | | 956 | | 9,369 | | 26,529 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Cost of revenues | | 742 | | 7,251 | | 20,921 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Gross profit | | 214 | | 2,118 | | 5,608 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Fair value adjustment of | | - | | - | | 1,969 |
| investment property | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | 214 | | 2,118 | | 7,577 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Marketing, general and | | 1,190 | | 1,397 | | 6,351 |
| administrative expenses | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Operating profit (loss) | | (976) | | 721 | | 1,226 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Financial costs | | (13,490) | | (3,865) | | (27,685) |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Financial income | | 6,594 | | 4,041 | | 25,272 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Share in profit (loss) of | | 340 | | (200) | | 1,180 |
| associates | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Other income | | - | | 588 | | 6,330 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Profit (loss) before taxes on | | (7,532) | | 1,285 | | 6,323 |
| income | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Taxes on income (tax benefit) | | (612) | | 344 | | 701 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Profit (loss) for the period | | (6,920) | | 941 | | 5,622 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Attributable to: | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Equity holders of the | | (6,916) | | 727 | | 5,529 |
| parent | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Minority interest | | (4) | | 214 | | 93 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | (6,920) | | 941 | | 5,622 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Earnings (loss) per share | | | | | | |
| attributable to equity holders | | | | | | |
| of the parent (in Euro): | | | | | | |
+---------------------------------------------+-+----------+--+----------+--+-------------+
| Basic and diluted | | (0.04) | | - | | 0.03 |
+---------------------------------------------+-+----------+--+----------+--+-------------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | Three months ended | | Year ended |
| | | March 31, | | December |
| | | | | 31, |
+----------------------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | Unaudited | | Audited |
+----------------------------------------------+-+------------------------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Profit (loss) for the period | | (6,920) | | 941 | | 5,622 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Other comprehensive income (loss): | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Currency translation differences | | (534) | | 339 | | (392) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Group's share in other comprehensive income | | (1,438) | | 3 | | (2,198) |
| (loss) of associates | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Other comprehensive income (loss) for the | | (1,972) | | 342 | | (2,590) |
| period, net of tax | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Total comprehensive income (loss) for the | | (8,892) | | 1,283 | | 3,032 |
| period, net of tax | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Attributable to: | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Equity holders of the parent | | (8,891) | | 1,057 | | 2,910 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Minority interests | | (1) | | 226 | | 122 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | (8,892) | | 1,283 | | 3,032 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Euro in thousands
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | Attributable to equity holders of the parent | | | | |
+-----------------------------------------------+-+-------------------------------------------------------------------------------------------+-+--------------+-+-----------+
| | | Share | | Share | | Treasury | | Other | | Retained | | | | Minority | | Total |
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | capital | | premium | | shares | | reserves | | earnings | | Total | | interests | | equity |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Balance at January 1, 2008 | | 3,435 | | 67,415 | | - | | (58) | | 17,535 | | 88,327 | | 568 | | 88,895 |
| (audited) | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Total comprehensive | | - | | - | | - | | (2,619) | | 5,529 | | 2,910 | | 122 | | 3,032 |
| income (loss) for the | | | | | | | | | | | | | | | | |
| period | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Exercise of options | | 14 | | 58 | | - | | - | | - | | 72 | | - | | 72 |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Treasury shares | | - | | - | | (527) | | - | | - | | (527) | | - | | (527) |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Dividend paid | | - | | - | | - | | - | | (10,995) | | (10,995) | | - | | (10,995) |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Dividend to minority | | - | | - | | - | | - | | - | | - | | (159) | | (159) |
| interest | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Acquisition of minority | | - | | - | | - | | - | | - | | - | | (415) | | (415) |
| interest | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Reclassification | | - | | - | | - | | 3,163 | | (3,163) | | - | | - | | - |
| according to statutory | | | | | | | | | | | | | | | | |
| requirements | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | 14 | | 58 | | (527) | | 3,163 | | (14,158) | | (11,450) | | (574) | | (12,024) |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Balance at December 31, 2008 | | 3,449 | | 67,473 | | (527) | | 486 | | 8,906 | | 79,787 | | 116 | | 79,903 |
| (audited) | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Total comprehensive loss | | - | | - | | - | | (1,975) | | (6,916) | | (8,891) | | (1) | | (8,892) |
| for the period | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
| Balance at March 31, 2009 | | 3,449 | | 67,473 | | (527) | | (1,489) | | 1,990 | | 70,896 | | 115 | | 71,011 |
| (unaudited) | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-------------+-+-------------+-+--------------+-+-----------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Euro in thousands
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| | | Attributable to equity holders of the parent | | | | |
+-----------------------------------------------+-+---------------------------------------------------------------------------------------+-+--------------+-+-----------+
| | | Share | | Share | | Treasury | | Other | | Retained | | | | Minority | | Total |
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| | | capital | | premium | | shares | | reserves | | earnings | | Total | | interests | | equity |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| Balance at January 1, 2008 | | 3,435 | | 67,415 | | - | | (58) | | 17,535 | | 88,327 | | 568 | | 88,895 |
| (audited) | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| Total comprehensive | | - | | | | - | | 330 | | 727 | | 1,057 | | 226 | | 1,283 |
| income for the period | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| Dividend to minority | | - | | | | - | | - | | - | | - | | (102) | | (102) |
| interest | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| Acquisition of minority | | - | | | | - | | - | | - | | - | | (412) | | (412) |
| interest | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
| Balance at March 31, 2008 | | 3,435 | | 67,415 | | - | | 272 | | 18,262 | | 89,384 | | 280 | | 89,664 |
| (unaudited) | | | | | | | | | | | | | | | | |
+-----------------------------------------------+-+------------+-+------------+-+-------------+-+-------------+-+-----------+-+-----------+-+--------------+-+-----------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Euro in thousands
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | Three months ended | | Year ended |
| | | March 31, | | December |
| | | | | 31, |
+----------------------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | Unaudited | | Audited |
+----------------------------------------------+-+------------------------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Cash flows from operating | | | | | | |
| activities: | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Profit (loss) for the period | | (6,920) | | 941 | | 5,622 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Adjustments for: | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Non-cash: | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Depreciation | | 7 | | 19 | | 40 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Financial costs | | 13,490 | | 3,865 | | 27,685 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Financial income | | (6,594) | | (4,041) | | (25,272) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Taxes on income (tax | | (612) | | 344 | | 701 |
| benefit) | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Other income | | - | | (482) | | 370 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Share of loss (gain) in | | (340) | | 200 | | (1,180) |
| associate | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Gain on sale of interest | | - | | - | | (6,527) |
| in joint ventures and | | | | | | |
| subsidiaries | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Fair value adjustment of | | - | | - | | (1,969) |
| investment property | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | 5,951 | | (95) | | (6,152) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Working capital adjustments: | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Decrease (increase) in | | 3,596 | | 3,925 | | (1,114) |
| trade and other | | | | | | |
| receivables | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Increase in inventory of | | (1,846) | | (12,708) | | (29,310) |
| land and housing units | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Decrease in trade and | | (131) | | (1,582) | | (4,014) |
| other payables | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Increase in customer | | 342 | | 982 | | 2,462 |
| advances | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | 1,961 | | (9,383) | | (31,976) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Interest paid | | (279) | | (3,520) | | (9,294) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Interest received | | 788 | | 3,598 | | 8,973 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Income tax paid | | (238) | | (888) | | (958) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | 271 | | (810) | | (1,279) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Net cash provided by (used in) | | 1,263 | | (9,347) | | (33,785) |
| operating activities | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Euro in thousands
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | Three months ended | | Year ended |
| | | March 31, | | December |
| | | | | 31, |
+----------------------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | Unaudited | | Audited |
+----------------------------------------------+-+------------------------+--+-------------+
| Cash flows from investing activities: | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Acquisition of subsidiaries, | | - | | - | | (29,855) |
| net of cash acquired (a) | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Deconsolidation of | | - | | - | | (4,624) |
| proportionately consolidated | | | | | | |
| company (b) | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Initially proportionately | | - | | - | | 24,152 |
| consolidated company (formerly | | | | | | |
| a subsidiary) (c) | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Exercise of option granted to | | - | | - | | (582) |
| minority | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Loans granted, net | | (4,850) | | (4,973) | | (5,862) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Restricted bank deposits, net | | (578) | | (33,330) | | (12,735) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Purchases of furniture and | | - | | - | | (74) |
| equipment | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Net cash used in investing | | (5,428) | | (38,303) | | (29,580) |
| activities | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Cash flows from financing | | | | | | |
| activities: | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Short-term loans, net | | - | | - | | 2,995 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Issue of debentures, net of | | - | | - | | 24,402 |
| issue costs | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Repayments and reacquisition | | (1,230) | | - | | (18,025) |
| of debentures | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Receipt of long-term loans | | 1,267 | | 14,704 | | 32,363 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Repayments of long-term loans | | - | | (6,835) | | (14,584) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Dividend paid (Note 5) | | - | | - | | (10,995) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Exercise of options | | - | | - | | 72 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Purchase of treasury shares | | - | | - | | (527) |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Net cash provided by financing activities | | 37 | | 7,869 | | 15,701 |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Effect of exchange rate changes on | | (1,700) | | 66 | | (1,185) |
| cash and cash equivalents | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Increase (decrease) in cash and cash | | (5,828) | | (39,715) | | (48,849) |
| equivalents | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Cash and cash equivalents at | | 22,056 | | 70,905 | | 70,905 |
| beginning of period | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
| Cash and cash equivalents at end of | | 16,228 | | 31,190 | | 22,056 |
| period | | | | | | |
+----------------------------------------------+-+----------+--+----------+--+-------------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Euro in thousands
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | Three months ended | | Year ended |
| | | | March 31, | | December |
| | | | | | 31, |
+--------+------------------------------------------+-+------------------------+--+-------------+
| | | | 2009 | | 2008 | | 2008 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | Unaudited | | Audited |
+--------+------------------------------------------+-+------------------------+--+-------------+
| (a) | Acquisition of subsidiaries, net of | | | | | | |
| | cash acquired | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Assets and liabilities at date | | | | | | |
| | of acquisition: | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Working capital | | - | | - | | 3,713 |
| | (excluding cash and | | | | | | |
| | cash equivalents) | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Investment property | | - | | - | | (33,568) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | - | | - | | (29,855) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| (b) | Deconsolidation of proportionately | | | | | | |
| | consolidated company | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Assets and liabilities | | | | | | |
| | at date of | | | | | | |
| | deconsolidation: | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Working capital | | - | | - | | 49,336 |
| | (excluding cash and | | | | | | |
| | cash equivalents) | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Furniture and equipment | | - | | - | | 26 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Investment property | | - | | - | | 10,515 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Goodwill | | - | | - | | 1,085 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Deferred taxes | | - | | - | | (1,900) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Long-term receivables | | - | | - | | (11,848) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Long-term liabilities | | - | | - | | (39,205) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Investment in associate | | - | | - | | (12,633) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | - | | - | | (4,624) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| (c) | Deconsolidation of proportionately | | | | | | |
| | consolidated company | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Assets and liabilities | | | | | | |
| | at date of | | | | | | |
| | deconsolidation | | | | | | |
| | (see Note 8e): | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Working capital | | - | | - | | (2,227) |
| | (excluding cash and | | | | | | |
| | cash equivalents) | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Investment properties | | - | | - | | 26,812 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Long-term receivables | | - | | - | | (6,113) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Long-term liabilities | | - | | - | | 5,026 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Deferred taxes | | - | | - | | (207) |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Currency translation | | - | | - | | (407) |
| | adjustment | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | Gain on disposal | | - | | - | | 1,268 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | | |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
| | | | - | | - | | 24,152 |
+--------+------------------------------------------+-+----------+--+----------+--+-------------+
The accompanying notes are an integral part of the interim condensed
consolidated financial statements.
NOTE 1:- GENERAL
The interim condensed consolidated financial statements of the Company for three
months ended March 31, 2009, were authorized for issue in accordance with a
resolution of the directors on May 21, 2009.
The Company is a limited liability company incorporated and domiciled in the
Netherlands. The address of its registered office is Rapenburgerstraat 204, 1011
Mn Amsterdam, The Netherlands. The Company's shares are publicly traded on AIM
in London. In addition, the Company has debentures outstanding which are
registered for trading on the Tel-Aviv Stock Exchange.
The Company and its investee companies ("the Group") are engaged in the
development, construction and sale of real estate residential projects in
Hungary, Poland, Romania, Croatia and Ukraine.
NOTE 2:-BASIS OF PREPARATION AND ACCOUNTING POLICIES
a. Basis of preparation:
The interim financial statement as of March 31, 2009 and for the three months
then ended ("the interim statements") have been prepared in a condensed format
in accordance with IAS 34, "Interim Financial Reporting", and should be read in
conjunction with the Group's audited annual financial statements and
accompanying notes as of December 31, 2008 ("2008 annual financial statements").
b. Accounting policies:
The accounting policies and methods of computations applied in preparation of
the interim condensed consolidated financial statements are consistent with
those applied in the 2008 annual financial statements, except for the adoption
of new Standards and Interpretations commencing January 1, 2009, as noted below:
IAS 1 - Revised Presentation of Financial Statements
The revised Standard separates owner and non-owner changes in equity. The
statement of changes in equity includes only details of transactions with
owners, with non-owner changes in equity presented as a single line. In
addition, the Standard introduces the statement of comprehensive income: it
presents all items of recognized income and expense, either in one single
statement, or in two linked statements. The Group has elected to present two
statements.
IFRIC 9 - Reassessment of Embedded Derivatives and IAS 39 Financial
Instruments: Recognition and Measurement
These amendments to IFRIC 9 require an entity to assess whether an embedded
derivative must be separated from a host contract when the entity reclassifies a
hybrid financial asset out of the fair value through profit or loss category.
This assessment is to be made based on circumstances that existed on the later
of the date the entity first became a party to the contract and the date of any
contract amendments that significantly change the cash flows of the contract.
IAS 39 now states that if an embedded derivative cannot be reliably measured,
the entire hybrid instrument must remain classified as at fair value through
profit or loss.
IFRIC 16 - Hedges of a Net Investment in a Foreign Operation
The interpretation is to be applied prospectively. IFRIC 16 provides guidance on
the accounting for a hedge of a net investment. As such, it provides guidance on
identifying the foreign currency risks that qualify for hedge accounting in the
hedge of a net investment, where within the group the hedging instruments can be
held in the hedge of a net investment and how an entity should determine the
amount of foreign currency gain or loss, relating to both the net investment and
the hedging instrument, to be recycled on disposal of the net investment.
IFRS 2 - Share-based Payment
Pursuant to an amendment to IFRS 2, the definition of vesting terms will only
include service conditions and performance conditions and the cancellation of a
grant that includes non-vesting conditions by the Company or the counterparty,
will be accounted for by way of acceleration of vesting and not by forfeiture.
Conditions that are other than service and performance conditions will be viewed
as non-vesting conditions and must therefore be taken into account when
estimating the fair value of the instrument granted.
IAS 28 - Investment in Associates
Pursuant to an amendment to IAS 28, the test of impairment of an investment in
an associate will be carried out with reference to the entire investment.
Accordingly, a recognized impairment loss is not allocated specifically but
rather attributed to the investment as a whole. Therefore, the entire impairment
loss previously recognized may be reversed to the extent that the relevant
conditions are satisfied.
IFRIC 15 - Agreements for the Construction of Real Estate
IFRIC 15 establishes rules for distinguishing between agreements for the
construction of real estate under the scope of IAS 11 and similar agreements
under the scope of IAS 18. When an agreement is specifically negotiated for the
construction of an asset or a combination of assets when the buyer is able to
specify the major structural elements and specify any changes therein, the
agreement is within the scope of IAS 11. Accordingly, revenue will be recognized
by reference to the stage of completion. In contrast, when the buyer has only
limited ability to influence the design or to specify only minor variations, the
agreement is an agreement for the sale of real estate within the scope of IAS
18.
The adoption of these amendments did not have any impact on the financial
position or performance of the Group.
c. Improvements to IFRS:
In May 2008, the Board issued its first omnibus of amendments to its standards,
primarily with a view to removing inconsistencies and clarifying wording. There
are separate transitional provisions for each standard. The adoption of the
following amendments resulted in changes to accounting policies but did not have
any impact on the financial position or performance of the Group.
IAS 1 Presentation of Financial Statements: Assets and liabilities classified as
held for trading in accordance with IAS 39 Financial Instruments: Recognition
and Measurement are not automatically classified as current in the statement of
financial position. The Group amended its accounting policy accordingly and
analyzed whether Management's expectation of the period of realization of
financial assets and liabilities differed from the classification of the
instrument. This did not result in any re-classification of financial
instruments between current and non-current in the statement of financial
position.
IAS 23 Borrowing Costs
The definition of borrowing costs is revised to consolidate the two types of
items that are considered components of "borrowing costs" into one - the
interest expense calculated using the effective interest rate method calculated
in accordance with IAS 39.
IAS 38 Intangible Assets
Expenditure on advertising and promotional activities is recognized as an
expense when the Group either has the right to access the goods or has received
the service.
NOTE 3:- INVESTEES
a. Composition:
+------------------------------+-+----------+--+----------+--+-------------+
| | | March 31, | | Year ended |
| | | | | December |
| | | | | 31, |
+------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+------------------------------+-+----------+--+----------+--+-------------+
| | | Unaudited | | Audited |
+------------------------------+-+------------------------+--+-------------+
| | | Euro in thousands |
+------------------------------+-+-----------------------------------------+
| | | | | | | |
+------------------------------+-+----------+--+----------+--+-------------+
| Investment in associates | | 10,008 | | 452 | | 11,101 |
+------------------------------+-+----------+--+----------+--+-------------+
| Loan to associates | | 43,094 | | - | | 41,013 |
+------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+------------------------------+-+----------+--+----------+--+-------------+
| | | 53,102 | | 452 | | 52,114 |
+------------------------------+-+----------+--+----------+--+-------------+
b. Share of the associate's balance sheet:
+------------------------------+-+----------+--+----------+--+-------------+
| | | March 31, | | Year ended |
| | | | | December |
| | | | | 31, |
+------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+------------------------------+-+----------+--+----------+--+-------------+
| | | Unaudited | | Audited |
+------------------------------+-+------------------------+--+-------------+
| | | Euro in thousands |
+------------------------------+-+-----------------------------------------+
| | | | | | | |
+------------------------------+-+----------+--+----------+--+-------------+
| Current assets | | 57,935 | | 4,715 | | 67,281 |
+------------------------------+-+----------+--+----------+--+-------------+
| Non-current assets | | 39,206 | | 4,235 | | 38,568 |
+------------------------------+-+----------+--+----------+--+-------------+
| Current liabilities | | (13,139) | | (1,686) | | (18,774) |
+------------------------------+-+----------+--+----------+--+-------------+
| Non-current liabilities | | (73,994) | | (6,812) | | (75,974) |
+------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+------------------------------+-+----------+--+----------+--+-------------+
| Net assets | | 10,008 | | 452 | | 11,101 |
+------------------------------+-+----------+--+----------+--+-------------+
c. Share of the associate's revenues and profit:
+------------------------------+-+----------+--+----------+--+-------------+
| | | Three months ended | | Year ended |
| | | March 31, | | December |
| | | | | 31, |
+------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+------------------------------+-+----------+--+----------+--+-------------+
| | | Unaudited | | Audited |
+------------------------------+-+------------------------+--+-------------+
| | | Euro in thousands |
+------------------------------+-+-----------------------------------------+
| | | | | | | |
+------------------------------+-+----------+--+----------+--+-------------+
| Revenues | | 3,500 | | - | | 20,512 |
+------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+------------------------------+-+----------+--+----------+--+-------------+
| Profit (loss) | | 340 | | (200) | | 1,180 |
+------------------------------+-+----------+--+----------+--+-------------+
d. In February 2009, the Company (through a wholly-owned subsidiary)
completed the purchase from a related party of an additional 15% of the issued
and outstanding share capital of Osnova-C, for a nominal consideration of
approximately $ 1 thousand (EUR 1 thousand). Osnova-C owns vacant land (investment
property in the Ukraine). The Company also paid $ 6,000 thousand (EUR 4,286
thousand) to acquire shareholders loans previously granted to Osnova-C, and
granted a new loan to Osnova-C in the amount of $ 350 (EUR 250 thousand). The
loans bear interest at an annual rate of LIBOR+5%. Subsequent to this purchase,
the Company holds 30% of the share capital of Osnova-C.
NOTE 4:- INTEREST-BEARING LOANS AND BORROWINGS
a. During the first quarter of 2009, the Company purchased its own debentures
(series B and series C) on the Tel-Aviv Stock Exchange, at par value of NIS 2.4
million and NIS 10.1 million, respectively for a total consideration of NIS 0.8
million and NIS 5.5 million (approximately EUR 1.2 million), respectively. The
excess of the carrying amount of the debentures acquired over the consideration
paid in the amount of EUR 1.2 million was recorded as a gain in financial income.
b. On March 25, 2009, Midrug Ltd. downgraded the credit rating of the
debentures (series B and C) to the local rating of Baa1.
NOTE 5:- DIVIDENDS
+--------------------------------------+-+----------+--+----------+--+-------------+
| | | Three months ended | | Year |
| | | March 31, | | ended |
| | | | | December |
| | | | | 31, |
+--------------------------------------+-+------------------------+--+-------------+
| | | 2009 | | 2008 | | 2008 |
+--------------------------------------+-+----------+--+----------+--+-------------+
| | | Euro in thousands (except per share |
| | | data) |
+--------------------------------------+-+-----------------------------------------+
| | | | | | | |
+--------------------------------------+-+----------+--+----------+--+-------------+
| Dividends on Ordinary | | - | | - | | 10,995 |
| shares declared and paid | | | | | | |
+--------------------------------------+-+----------+--+----------+--+-------------+
| | | | | | | |
+--------------------------------------+-+----------+--+----------+--+-------------+
| Dividend per share | | - | | - | | 0.06 |
+--------------------------------------+-+----------+--+----------+--+-------------+
NOTE 6:- SEGMENT REPORTING
The Group operates internationally and its organizational structure matches its
geographical segments: Hungary and Poland. Accordingly, the division of
operations in this manner represents the basis according to which the Group
reports data for management purposes. The geographical segments are determined
according to the destination countries to which the Group's sales are made,
which are identical to the location of assets.
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------+-----+
| | | Hungary | | Poland*) | | Other | | Consolidated |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------+
| | | Euro in thousands |
+----------------------------------+-+-------------------------------------------------------------------+
| Three months ended | | | | | | | | |
| March 31, 2009 | | | | | | | | |
| (unaudited): | | | | | | | | |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| Segment revenues | | 930 | | - | | 26 | | 956 |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| | | | | | | | | |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| Segment results | | (227) | | 299 | | (20) | | 52 |
| (includes share in | | | | | | | | |
| profit (loss) of | | | | | | | | |
| associates) | | | | | | | | |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| Unallocated expenses | | | | | | | | (688) |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| | | | | | | | | |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| Financial costs | | | | | | | | (13,490) |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| Financial income | | | | | | | | 6,594 |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| | | | | | | | | |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------------+
| Loss before taxes on | | | | | | | | (7,532) |
| income | | | | | | | | |
+----------------------------------+-+------------+-+-------------+-+----------+-+-----------------+-----+
+--------------------------------+-+----------+-+----------+-+----------+-+-------+-------+
| | | Hungary | | Poland | | Other | | Consolidated |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| | | Euro in thousands |
+--------------------------------+-+----------------------------------------------+
| | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Three months | | | | | | | | |
| ended | | | | | | | | |
| March 31, | | | | | | | | |
| 2008 | | | | | | | | |
| (unaudited): | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Segment revenues | | 1,277 | | 8,048 | | 44 | | 9,369 |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Segment results | | (9) | | 1,310 | | 17 | | 1,318 |
| (includes share in | | | | | | | | |
| profit (loss) of | | | | | | | | |
| associates) | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Unallocated | | | | | | | | (797) |
| expenses | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Financial costs | | | | | | | | (3,865) |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Financial income | | | | | | | | 4,041 |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Other income | | | | | | | | 588 |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| Profit before taxes | | | | | | | | 1,285 |
| on income | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+---------------+
| | | | | | | | | |
+--------------------------------+-+----------+-+----------+-+----------+-+-------+-------+
Year ended December 31, 2008 (audited):
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| | | Hungary | | Poland | | Other | | Consolidated |
| | | | | *) | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| | | Euro in thousands |
+-------------------------+-+-----------------------------------------------------------+
| | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| Revenues | | 18,322 | | 8,047 | | 160 | | 26,529 |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| Segment | | 3,806 | | 2,811 | | (355) | | 6,262 |
| results | | | | | | | | |
| (includes | | | | | | | | |
| share in | | | | | | | | |
| profit | | | | | | | | |
| (loss) of | | | | | | | | |
| associates) | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| Unallocated | | | | | | | | (3,856) |
| general | | | | | | | | |
| corporate | | | | | | | | |
| expenses | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| Financial | | | | | | | | (27,685) |
| costs | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| Financial | | | | | | | | 25,272 |
| income | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| Other income | | | | | | | | 6,330 |
| | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
| Profit | | | | | | | | 6,323 |
| before taxes | | | | | | | | |
| on income | | | | | | | | |
+-------------------------+-+------------+-+-----------+-+----------+-+-----------------+
NOTE 7:- EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE
In April 2009, the Company sold 50% of its interest in a fully held Hungarian
subsidiary (the subsidiary) in consideration of HUF 250 million (EUR 850 thousand)
which approximates the carrying value of the investment.
In addition, the purchaser agreed to provide the subsidiary with a shareholder
loan in an amount of EUR 893 thousand. Pursuant to the sale agreement, shares
representing 2% of the purchaser's interest in the subsidiary are to be held by
a trustee. All of the voting rights in these shares are held by the trustee for
the benefit of the Company, and all other rights relating to these shares are
held by the trustee for the benefit of the purchaser. Accordingly, the Company
will continue to consolidate the subsidiary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Nanette Real Estate N.V (LSE:NAT)
過去 株価チャート
から 5 2024 まで 6 2024
Nanette Real Estate N.V (LSE:NAT)
過去 株価チャート
から 6 2023 まで 6 2024
