Madinaty Master Plan - Talaat Moustafa Group

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Selected Alexandria Real Estate Consolidated Financial InformationFor the yearended 31 DecemberFor the six monthsended 30 June2004 2005 2006 2006 2007LE LE LE US$ (1) LE LE US$ (1)(unaudited)(in millions, except per share amounts)Income Statement:Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183.7 121.1 225.1 39.5 75.2 310.8 54.6Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (152.3) (69.6) (142.2) (25.0) (59.4) (219.1) (38.5)Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.3 51.5 82.9 14.6 15.7 91.7 16.1Selling general and administrative expenses . . . . . . . . (3.5) (3.06) (5.3) (0.9) (3.9) (3.9) (0.7)Finance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.2) (24.8) (21.4) (3.8) (15.6) (8.1) (1.4)Interest income on fixed deposits with banks . . . . . . . 0.2 0.04 0.1 0.02 0.03 0.1 0.02Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.4 0.5 0.1 0.3 7.9 1.4Share of results from associates/investments . . . . . . . . 5.6 15.5 4.0 0.7 13.8 97.9 17.2Foreign exchange difference . . . . . . . . . . . . . . . . . . . (1.4) 0.1 0.1 0.02 0.03 (0.01) (0.002)Gain on disposal of interest inassociates/investments . . . . . . . . . . . . . . . . . . . . . 1.2 — 92.3 16.22 92.3 13.5 2.4Provision for claims . . . . . . . . . . . . . . . . . . . . . . . . (4.0) — — — (2.5) — —Excess of acquiree’s interest in the net fair value ofacquiree’s identifiable assets, liabilities andcontingent liabilities over cost . . . . . . . . . . . . . . . . 227.2 39.9Profit before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.4 39.7 153.3 26.9 100.2 426.3 74.9Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . — (4.9) (5.1) (0.9) (0.01) (16.6) (2.9)Profit for the year/period . . . . . . . . . . . . . . . . . . . . . 26.4 34.8 148.2 26.0 100.2 409.7 72.0Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 5.18 22.9 4.0 13.3 56.5 9.9Cash Flow Data:Net cash from (used) in operating activities . . . . . . . . 111.2 64.4 (20.5) (3.6) (2.5) 244.2 42.9Net cash (used) from in investing activities . . . . . . . . (27.0) (69.8) 10.0 1.8 (3.4) (8.2) (1.4)Net cash (used in) from financing activities . . . . . . . . (75.8) (18.3) (12.7) (2.2) 33.2 (64.7) (11.4)Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . (66.1) (89.8) (113.0) (19.9) (62.5) 58.3 10.2As 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837.5 999.7 1,137.1 199.8 1,548.3 272.0Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195.8 239.4 368.3 64.7 522.1 91.7Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,033.3 1,239.1 1,505.3 264.4 2,070.4 363.7EquityShare capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269.1 322.9 340.0 59.7 374.0 65.7Capital increase in process . . . . . . . . . . . . . . . . . . . . . . . . . 26.3 — — — — —Legal reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.7 73.1 74.4 13.1 79.7 14.0Other Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 58.3 10.2Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103.9 96.8 209.6 36.8 554.7 97.4Treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.7) (38.7) (38.8) (6.8) — —Minority interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.9 53.0 67.3 11.8 73.7 12.9Total equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506.2 507.1 652.6 114.6 1,140.4 200.3LiabilitiesNon-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148.2 294.5 256.7 45.1 180.7 31.7Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378.9 437.5 596.2 104.7 749.3 131.6Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527.1 732.0 852.8 149.8 930.0 163.4(1) Translated into U.S. dollars at an exchange rate of US$1 = LE 5.6925 for convenience.32
For the sixFor the year ended 31Decembermonths ended30 June2004 2005 2006 2006 2007Operating Data:Number of units delivered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 14 22 8 23Average selling price of delivered units (LE) . . . . . . . . . . . . . . . . . . . . . . 1,172 1,330 1,673 1,566 1,650Average cost of units delivered (LE per m 2 ) . . . . . . . . . . . . . . . . . . . . . . . 1,537 1,672 1,895 1,697 2,09333
Page 7 and 8: NOTICE TO PROSPECTIVE INVESTORS IN
Page 9 and 10: PRESENTATION OF FINANCIAL AND OTHER
Page 11 and 12: The terms set forth below have the
Page 13 and 14: SUMMARYThis summary should be read
Page 15 and 16: venture intends to develop projects
Page 17 and 18: THE COMBINED OFFERINGThis offering
Page 19 and 20: Summary Financial and Operating Dat
Page 21 and 22: Summary San Stefano Real Estate Fin
Page 23 and 24: RISK FACTORSAn investment in the Sh
Page 25 and 26: Changes in laws or government polic
Page 27 and 28: affect Four Seasons or its brand ge
Page 29 and 30: The allocation decree will not be i
Page 31 and 32: TMG’s internal controls may not b
Page 33 and 34: operating cash flows or existing de
Page 35 and 36: and semi-annual financial statement
Page 37 and 38: USE OF PROCEEDSThe proceeds to the
Page 39 and 40: services for their benefit pursuant
Page 41 and 42: SELECTED FINANCIAL INFORMATIONSelec
Page 43: Selected San Stefano Real Estate Fi
Page 47 and 48: Profit sharing to employees and boa
Page 49 and 50: Stefano Real Estate and Alexandria
Page 51 and 52: and IT support, among other service
Page 53 and 54: Interest income on fixed deposits.
Page 55 and 56: Interest income on fixed deposits w
Page 57 and 58: Other income. San Stefano Real Esta
Page 59 and 60: Gross profit. As a result of the fa
Page 61 and 62: Income tax expense. Income tax expe
Page 63 and 64: which were partially offset by:•
Page 65 and 66: Year ended 31 December 2005Net cash
Page 67 and 68: For the year ended 31 December2007
Page 69 and 70: which were partially offset by:•
Page 71 and 72: For the year ended 31 December2007
Page 73 and 74: elation to share of results of asso
Page 75 and 76: outstanding indebtedness under long
Page 77 and 78: The preparation of the Annual and I
Page 79 and 80: TMG was one of the early private se
Page 81 and 82: Set forth below is a chart showing
Page 83 and 84: market-leading position and its ext
Page 85 and 86: TMG’s Nile Hotel project and the
Page 87 and 88: final fit-out will be undertaken ei
Page 89 and 90: The following table sets forth cert
Page 91 and 92: parking area. The commercial space
Page 93 and 94: number and type of residential unit
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Although there have been few histor
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Information TechnologyTMG currently
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Title to the Al Rehab II Land will
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all technical, financial, administr
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MANAGEMENTBoard of DirectorsThe Com
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Hossam Abdallah Helal has been prop
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• respond to the queries of the s
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THE SELLING SHAREHOLDERS AND PRINCI
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INDUSTRYCertain of the information
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The following table sets forth info
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The CASE is characterised by a rela
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(or their representatives) represen
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such surplus, provided, however, th
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Convention Between the United State
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Non-U.S. Holder to be subject to U.
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consequences for U.K. Holders who h
Page 127 and 128:
PLAN OF DISTRIBUTIONEFG-Hermes and
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SELLING AND TRANSFER RESTRICTIONSSe
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(ii)(iii)(iv)to any legal entity wh
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SETTLEMENT AND TRANSFERSettlement a
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INDEX TO FINANCIAL STATEMENTSIndepe
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AUDITOR’S REPORT TO THE SHAREHOLD
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ARAB COMPANY FOR PROJECTS AND URBAN
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2.1 Basis of preparation — contin
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2.4 Summary of significant accounti
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3 Revenue and cost of revenue2006LE
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6 Property and equipment — contin
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10 Development properties — conti
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15 Interest-bearing loans and borro
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21 Financial risk management object
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3 Revenue and cost of revenueThree
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7 Investments in associateControl o
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13 Legal reserveAccording the Artic
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17 Transactions with related partie
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SAN STEFANO FOR REAL ESTATE INVESTM
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5 Income tax expense — continuedT
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8 Available-for-sale investments200
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14 Legal reserveAccording to the Ar
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19 Financial risk management object
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REPORT ON REVIEW OF INTERIM FINANCI
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Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
8 Development properties — contin
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16 Interest-bearing loans and borro
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21 Events after the balance sheet d
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AUDITORS’ REPORT TO THE SHAREHOLD
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ALEXANDRIA FOR REAL ESTATE INVESTME
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Page 223 and 224:
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3 Revenue and cost of revenue2006LE
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6 Property and equipmentEquipmentLE
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7 Investments in Associates — con
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13 Share capital2006LE2005LE2004LEA
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21 DividendsA cash dividend of LE 1
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26 Events after the balance sheet d
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REPORT ON REVIEW OF INTERIM FINANCI
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Page 245 and 246:
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Page 249 and 250:
5 Income tax expense — continuedT
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7 Investments in associates — con
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11 Account receivable and prepaymen
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18 Accounts payable and accruals30
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23 Alexandria group entitiesSignifi
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ANNEX A: CBRE REPORTA-1
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3.2 In accordance with the Standard
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Market ValueFreeholdEGPTotalEGP(i)
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9. Plant and Machinery9.1 The plant
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19.2 Neither the whole nor any part
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PROPERTYAl Rehab City (I), New Cair
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PROPERTYFour Seasons, San Stefano,
Page 273 and 274:
PROPERTYFour Seasons, Nile Plaza, C
Page 275 and 276:
Phase 3Description Land area (sq m)
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PROPERTYMarsa Alam Land , Puerto Ve
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PROPERTYNile Hotel, Cairo, EgyptLOC
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[This page intentionally left blank
Page 283:
Central Park & Club Project’s Man
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