Madinaty Master Plan - Talaat Moustafa Group

Selected San Stefano Real Estate Financial InformationFor the year ended31 DecemberFor the six months ended30 June2004 2005 2006 2006 2007LE LE LE US$ (1) LE LE US$ (1)(unaudited)(in millions, except per share amounts)Income Statement:Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 33.9 6.0 — 92.4 16.2Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (23.5) (4.12) — (71.6) (12.6)Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 10.4 1.8 — 20.9 3.7Selling, general and administrative expenses . . . . . . . . — — (6.9) (1.2) — (4.7) (0.8)Interest income on fixed deposits with banks . . . . . . . . — — 1.4 0.2 — 0.07 0.01Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.04 0.01 — 1.8 0.3Share of results from associates . . . . . . . . . . . . . . . . . — — 0.03 0.01 — 0.2 0.03Gain on disposal of interest in associates. . . . . . . . . . . — — 21.0 3.7 — — —Foreign exchange difference . . . . . . . . . . . . . . . . . . . 0.2 0.03 — 0.03 0.01Profit before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 26.1 4.6 — 18.3 3.2Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . — — (1.1) (0.2) — (4.5) (0.8)Profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 25.1 4.4 — 13.8 2.4Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . — — 5.3 1.0 — 2.9 0.5Cash Flow Data:Net cash used in operating activities . . . . . . . . . . . . . . (84.9) (118.6) (130.8) (23.0) (21.0) (18.1) (3.2)Net cash from (used in) investing activities . . . . . . . . . (30.9) (7.0) 78.1 13.7 (1.4) (105.3) (18.5)Net cash from financing activities . . . . . . . . . . . . . . . 120.3 137.6 2.3 0.4 17.9 64.3 11.3Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . 27.0 39.0 (11.5) (2.0) 34.4 (70.5) (12.4)As at 31 December2004 2005 2006 As at 30 June 2007LE LE LE US$ LE US$ (1)(unaudited)(in millions)Balance Sheet Data:AssetsNon-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 989.6 1,345.1 994.7 174.7 1,077.6 189.3Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324.9 395.0 1,149.2 201.9 1,147.5 201.6Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,314.5 1,740.1 2,143.9 376.6 2,225.1 390.9EquityShare capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474.0 474.0 474.0 83.3 550.0 96.6Capital increase in process . . . . . . . . . . . . . . . . . . . . . . . . . — 49.7 76.0 13.3 — —Legal reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 2.8 2.8 0.5 4.2 0.7Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1.3 0.2 13.6 2.4Total equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476.8 526.5 554.2 97.4 567.8 99.7LiabilitiesNon-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733.4 1,057.4 573.7 100.8 579.0 101.7Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104.3 156.2 1,016.0 178.5 1,078.3 189.4Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837.7 1,213.6 1,589.7 279.3 1,657.3 291.1For the sixFor the year ended 31Decembermonths ended 30June2004 2005 2006 2006 2007Operating Data:Number of units delivered. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 22 — 61Average selling price of delivered units (LE). . . . . . . . . . . . . . . . . . . . . — — 1,540,322 — 1,515,390Average cost of units delivered (LE per m 2 ) . . . . . . . . . . . . . . . . . . . . . — — 5,094 — 5,381(1) Translated into U.S. dollars at an exchange rate of US$1 = LE 5.6925 for convenience.31