Income Statement Income statement for the period from 01/01/2011 to 31/12/2011 US$ mn Revenue Construction consulting/management services Rental income Sale of residential
4q 2011
4q 2010
Change 4q 2011 / Change TY 2011 / TY 2011 TY 2010 4q 2010 TY 2010
0.2 33.8 1.2 35.2
0.2 11.8 9.1 21.1
0.0 22.0 (7.9) 14.1
0.3 (23.5) (5.3) (11.7) (1.0) 0.3 (41.1)
0.2 (7.4) (4.3) (7.1) (3.9) (22.5)
0.1 (16.2) (1.0) (11.7) 6.1 4.2 (18.5)
Gross profit
(5.9)
(1.4)
(4.4)
310%
Impairement of prepayment for investments Valuation gains on investment property Negative goodwill Impairement loss for trading property and hotels
69.4 3.7
124.1 (4.0)
(54.7) 7.7
Results from operating activities
67.2
-
67.2
2.8
8.2
(15.1)
Expenses Other income Operating expenses Administrative expenses Bad debt provisions and write-offs Cost of sales of residential Other expenses
Finance income Finance expense Impairement of financial asset Net finance income/(costs) Profit before income tax Income tax expense Profit from continuing operations
11% 186% -87% 67%
1.0 117.0 15.9 133.9
0.9 44.0 30.2 75.0
0.1 73.0 (14.2) 58.9
15% 166% -47% 79%
53% 0.7 220% (72.1) 22% (17.0) n/a (13.3) -86% (10.4) n/a (2.3) 82% (114.4)
0.2 (18.7) (13.2) (20.2) (7.9) (59.7)
0.5 (53.4) (3.8) (13.3) 9.8 5.5 (54.7)
209% 286% 29% n/a -48% -70% 92%
19.5
15.3
4.2
27%
n/a -44% n/a n/a
(1.2) 268.0 1.0
(17.7) 93.9 (18.1)
16.5 174.1 19.1
-93% 185% n/a n/a
287.3
73.4
213.9
(5.4)
n/a n/a -66%
1.4
(16.6)
n/a n/a
8.2 (48.9) (40.6)
13.7 (16.8) (3.1)
(5.4) (32.1) (37.5)
291% n/a -40% 360% n/a 1194%
52.1
120.1
(68.0)
-57%
246.6
70.3
176.4
251%
(27.6)
(40.3)
12.8
-32%
(75.1)
(44.4)
(30.7)
69%
24.6
79.8
(55.2)
-69%
171.5
25.9
145.7
563%
Revenue from sales and leasing in Q4 2011 amounted to
US$35.2mn. On the annual basis rental income has increased from US$44mn to US$117mn following operational start of AFIMALL City project In Q4 costs have increased to US$41.1mn – excess is
mainly explained through bad debt provisions (US$ 11.7mn) Valuation gain on investment property amounted to
US$69.4mn in Q4 2011 and US$268mn on the annual basis Finance expense significantly increased compared to
the same period of 2010 following completion of the AFIMALL asset and transfer of interest payments under the construction loan on this property to P&L from BS Following significant revaluation gain and improved
operational results the Company profit was positive in Q4 and for the whole year of 2011; equal to US$24.6mn and US$171.5mn respectively
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