Annual Report - Orascom Development
Annual Report - Orascom Development
Annual Report - Orascom Development
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<strong>Orascom</strong> Hotels and <strong>Development</strong> Company, Egyptian Joint Stock Company<br />
Consolidated Income statement for the financial year ended as of 31 December 2006<br />
Revenues Note No. 31/12/2006 LE 31/12/2005 LE - Adjusted<br />
Land revenues 32,190,125 --<br />
Constructions contracts revenues 261,961,881 178,624,817<br />
Operating revenues 62,829,060 46,687,005<br />
Hotels revenues 438,824,683 369,076,290<br />
Services revenues 11,787,915 3,570,437<br />
Other operating revenues 155,904,640 84,669,438<br />
Total Revenues 963,498,304 682,627,987<br />
Cost<br />
Cost of land sold (3,600,000) --<br />
Cost of constructions contracts (129,865,758) (110,823,698)<br />
Operating costs (64,649,236) (74,554,793)<br />
Hotels’ direct costs (148,466,129) (98,913,588)<br />
Services costs (8,703,195) (4,381,355)<br />
Other operating costs (112,311,409) (31,235,180)<br />
Fixed assets depreciation (52,328,106) (44,463,022)<br />
Total cost (519,923,833) (364,371,636)<br />
Other operating costs (for hotels)<br />
General and adminstrative expenses (operation) (94,897,621) (85,417,535)<br />
Mangement fees (24,105,458) (21,961,388)<br />
Total other operating costs(for hotels) (119,003,079) (107,378,923)<br />
Gross profit 324,571,392 210,877,428<br />
Provisions (6,718,632) (7,592,915)<br />
General and administrative expenses (83,141,328) (48,845,460)<br />
Interest and financing expenses (79,137,956) (97,493,929)<br />
Other revenues (31) 51,502,157 114,906,576<br />
Credit interests 8,347,936 1,044,287<br />
Provision no longer required 15,746,107 12,115,859<br />
Amortization (322,424) (4,884,188)<br />
Capital Gains 4,756,697 1,043,269<br />
Negative goodwill -- 1,904,663<br />
Gain from sale of investments 93,435,670 9,955,639<br />
Amortization of pre-opening expenses (3,358,945) --<br />
Losses in investments in subsidiaries -- (17,343,607)<br />
Gain from investment percentage decrease in subsidiaries -- 468,000<br />
Foreign currencies exchange differences (4,814,937) 8,236,288<br />
Net profit before taxes and minority interest 320,865,737 184,391,910<br />
Deferred tax (30) (10,226,852) (3,035,901)<br />
Income tax (4,962,583) (1,609,667)<br />
Minority interest (11,751,256) (12,839,567)<br />
Net profit for the year after taxes and minority interest 293,925,046 166,906,775<br />
Earnings per share (26) 1.72 2.23<br />
The accompanying notes from 1 to 36 are considered as an integral part of these financial statements and are to be read therewith.
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