LONG TERM FORECAST
HKS Billion
LUAN AUCOUNT
1992
1093 1994 F
1104 1997 1990 1990 2009 2001 242424 2007
4
2993 2006 2007 2008 2009
3.4
3.0
44
4.9
5.6
4.2
4.9
7.8
8.4
30.7
11.1
12.2
13.4
14.8 15.2 17.5
18.0
0.0
0.0
0.0
0.0 0,0
0.4
1.0
1.3
1.4
17
2.0
2.3
2.7
1.2
2.7
3.1
3.6
* 2
0.0
0.0
0.0
0.0
0.0
0.3
0.7
0.6
1.0
1.2
1.5
17
2.0
2.3
2.7
31
2.5
41
1.4
4.8
4.4
3.0
4.4
7,0
8.7
0.7
10.8
12.1 14.5 15.1
15.9
18.9
20.1 22.4 25.0
27 3
Total
Ziherravenye
MTRC
0.6
0.7
0.8
0.0
1.1
1.2
1.A
1.4
15
1.6
1.7
1,0
3.0
2.2
2.4
2.8
2.9
3.0
pa
LAR
0.0
0.0
0.0
0.0
0.0
0,0
0.0
0.0
0.1
0,1
7.1
0.1
0.1
01
9.1
0.1
0.1
Total other POVEDUA
9.0
9.7
0.8
(0.0)
1.1
1.2
1.3
1.4
1.5
1.4
1.0
1.9
2.1
23
2.3
2.7
2.9
3.1
Total revenue
40
5.2
5.9
9.7
4.2
19.0
11.1
12.3
15.7
15.3
17.0 19.9
21.2
22 8
25.1
27.9
31 0
-perang costą
Stadt cost
Energy
Others
LAR
Total operating costs
(0.3) (1.1) (0.3) (0.3) (0.6) (0.7) (0.7) 0.0 0.0 0.0 (1,9) (2.1) (2.3)
(0.3)
(1.21 (1,4) (1.7) (1.97)
(0.3) (0.4) (0.4) (0,4) (0.0) (0.0) (0.9)
(1.0)
(2.1) (2.4)
(2.7) (3.01 (3.3)
(3.8) (4.2)
(4.7)
(53)
(5.9)
(8 7)
(7.5)
(0.5)
(0.5) (0.6)
(0.0)
(0.7) (0.7)
(0.8)
(0.8)
(0.9)
(1.0)
(1.9)
(1.0)
(1.1)
(1.2)
(1.3)
(1.4) (1.5)
(37) (1.8)
(2.0) (2.2)
(2.3)
0.0
0.0 (29) (2.9)
(0.4) (0.8)
(0.0)
(4.0) (1.3)
(1.5)
(1.6)
(1.8)
12.9-
(2.9)
(3.2) (5.6) 14 01
(3.8)
(4.4)
(4.8)
(5.3)
(8.1)
(6.7)
(7 51
(8.3)
(9.2)
O DI
(12.1) (134) 114 31
Cperating profil
2.2
2.5
2.9
Depreciation
(0.6)
(0.8)
(0.0)
3.3 (0.7)
3.8
4.8
5.0
6.3
7.0
7.7
8.0
0.6
10.7
12.0
11.7
13.0
14.5 18.2
(0.8) (1.4) (20)
(2001
(2.0)
(2.0)
(4.00)
(1.0)
(2.1)
(2 3)
(2.2) (2.2)
(2.0) (2.3)
Profit before ritorast
1.6
1.9
2.2
2.0 3,0 3.2 3.5 4.2 4,0
5.7
6.8
7.4
4.0
9.4
9.5
10.8
12.2 13.7
Interest
(07) (1.8)
(2.0)
(2.2)
Proft belare extra ordinary nams.
(0.1)
0.1
4.3
0.4
(2.0) 1.0
Property development profit
0.0
0.0
0.0
0.0 0.1 0.0
(4.5) [((7.3) (1.3) (3.8)
0.0
(7.2) 7.11 (3.0)*
0.0 0.0
(7.4)
(7.0)
(0.9)
(0.9) (7.1)
(7 01
(0.5)
(5.7)
(4 81
(2.1)
(1.4) (0.4)
Q.B
1.7
2.7
2.5
4.3
55
8.9
0.0 0.0
0.0
0.0
0,0
0.0
0.0
9.0
0.0
Profit before taxation
(01)
0.1
0.0
0.4
1.1 (1.3)
(3.0)
(3.0) (2.1)
(1,4) (4.4)
0.6
1.7
2.7
2.3
4.3
6.3
8.9
Taxation
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Prolit before dividend
Dividend
Het pralit / (loss)
(0.1) Q.1
0.3
04
1,4
(1.3)
(3.0)
(20)
(1.4) (0.4)
4.8
1.7
2.7
2.5
4.3
8.5
4.5
0.0 9.0
0.0
0.0 0.0
0.0
0.0
0.0
0.0
0,0 0.0
0.0
0.0 0.0
0.0
00
0.0
00
0.1
0.3
0.4... 1.1 (1.3) (5.8)
(3.0)
(2.1)
(1.4). (0.4)
0.8
1.7
2.7
55
*9
ZABRELOW FORENAST
Cashflow from business
interest / finance payment
Capital expenditure
AR
ase payment
axation
Mdand
sans repayment
Existing loan repayment
Assumed repayment of new
faciles for Baxu Cano + LAR
Jnotanned prepayment
Total (aqurament) / surpla
1092 1993
1994
192925
1999
Z 1994
1999
2001 2002
2004 2005 2009
2007 2009 2009
2.3 2.0 20 4.0 (1.4) (1.9) (2.7) (4.0) (0.8) (1.0) (1.4) (1.2)
3.9 4.0
6.3
(0.8)
(7,70
(7.1)
(0.7)
(0.3)
(0.3)
(0.4)
(1.1) (2.5) (0.1)
0.0 0.0
(8.0) (15.2) (0,1) (0.1)
(1.8) (1.8)
(210)
(0.1)
0.0
0.0
9.0
0.0 0.0
0.0
(0.2) (0.2) (0.2) (0.7)
0.0 0.0 0.0 0,0 0.0 0.0
0.0
0.0
0.0
0.0
7.0 7.7 4.0 0.6 10.7 12.0 11.7 13.1 14.5 15.2 (7.0) (7.0) (7.0) (0.0) (4.9) (7.1) (7.0) (6.5) (9.7) (4.8) (0.4) (0.5) (0.5) (0.5) (0.6) (0,5) (0.0) (0.7) (0.8) (1.3) (0.4) (0,3) (0.22) (0.1) (1.2) (4,4) (6.3) (3.1) (0.4) (1.0) (2.2)
(0.2) (0.24) (0.3) (0.2) 0.0 0.0
(0.2) (0.2) (0.2) (0.2) 00 0.0
0.0
0.0
0.0
0.0
0.0
0.0 0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9.0
0.0
(1.8)
(2.0)
(23)
(3.3)
(5.4) (1.7) (1,9)
(0.4)
(0.4)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0 0.0
0.0
0.0
0.0
0.0 (0.2) 0,0 (3.1) (8.0) (12.3)
0.0 0.0 0.0 0.0 (214) (17.7)
(0.8) (4.5)
(4.6)
(4.8) (4.0)
(4.0)
(4.6)
(4,6)
(4.6)
(1.8) 0.0
0.0
0.0
0.0
0.0 0.0
0.0
0.0 0.0 0.0
00 (5.3)
[6.7)】
(4.0)
(6.6)
(1.4)] (4.9)
(3.9)
(3.7) (55) (6.7)
(0.8)
DO
oto
0.0 00
(7.0)
(7.9)
0.0
00
Eoczews of financing:
Courty
0.0
0.0
14
1.8
10
4.2
2.5
1.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
FOTOWING
2.8
fadampton of investments
cowfacilities required
oral financing
1.7 0.8 0.0 0.6 0.2 0.3 0.0 2.3 3.1 6.0
16.6 11.2 1.1
0.0
0.0 0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
00
0.0
0.0 0.0
0.0
0.0
0.0
0.0
0.6
0.0 0.0
0.0
0.0
0.0
0.0
0.0 0.0
3.4 4.6 12.9 FIXA 17.7
3.7
4.8
4.5
4.8
4.5
3.9
3.7
5.9
6.7
0.8
00 0.0 0.0
6.7
8.0
6.4
4.9
3.9
3.7
5.9
8.7
O A
0.0
0.0
stat cumulativa inan bālārkow
18.5
10.0
28.7 46.5
55.6 54.2
55.3 34.6
FAX. 54.1 $3.3 52.4
53.7 55.7
54 7
49.4
42 4
34.5
ratunding investment
0.4
9.2
0.0
0.0..
0.0
0.0 0.0
0.0
0.0 0.0 0.0 0.0
0.0
9.0
0.0
00
0.0 00
PROJECTED BALANCE SHEET
Xed as2418
1202 25.0
כפלי 1
1994 25.3 26.4
17%
frølunding investment
CAW EXTAMLIONS
Working capital
28.6 26.3 28.8 0.8 0.2 0.0 0.0 0.0 0.0 1.1 37 13.2 31.2 44,3 47.9 {0.1) 0.2
0.4
"..
1.2 1.4 28.8 29.4 40.0 56.8 [725] 75.5
1998 2000
25.4
2002 2993
2005 2006 2007
0.0
0.0
25.0 0.0
24.8 24.4 24.5
44.9
46.0
45.1
0.0 0.0 0.0 44.0 42.9 42.7
2008 2909 24.5 24.5 24.5 24.7 24.9 25.7
· 0.0 0.0 0.0
0.0 0.0
By
0.0
45.7 50.3 51.7
30.4
49 7
50.0
1.4
74.4
1.8 73.1
2.0 2.2 2.4 2.6 77.1 71.0 60.0 80.8
2.9 73.0 779
3.1
3.4
3.7
2.0
4 3
79.6
78.8
78 5
79 8
valed zmara capta
5.4
12.1
12.1
133 15.4
17.3
20.5
23.0 24.6 24.6
24.8
24.0 24.6 24.5
24.6
24 6
24.6
24.8
1
Accumulated profit / (loss) .
Doening balarıve
Profit/(loss) for the period
(3.5) (0.1)
(0.0) 0.1
nvestment property revaluation reserva
Asset revaluaton reserve
1.9 0.0
2.2
2.4
2.7
1.0
32
5.4
0.4
0.4
04
0.4
0.4
(3.5) (3.3) (2.9) (1.8)
(3.1) (5.0) (0.8) (11,0) (13.3) (13.6) 0.3 0.4 1,1 (1.5] (0.0) (3.0) (2.1) (1.4) (0.4) 0.8 (3.6) (3.5) (3.3) (2.0) (1.0))
(0.9) (9.8) (11.8) (13.3) (13.6) (12.9) (11.2)
3.0 3.8 4.0 4.2 0.4 0.4 0.4
(12.9) (11.2)
1.7
(9.4)
(5.0)
(1.4) 4.o 12
2.7
2.5
4.3
e.s
8.0
'ן
(8.4) (3.8) (1.8)
4.9
1J.S 25
0.4
4.5
0.4
4.7 5.0 5.2 5.5 0.4 04 0.4 04
3.8
6 1
یر
0.4
0.4
C
Shareholdere kuzid
8.7 10.8 11.7 13.8
17.1
Total kang outstanding (including prefunding) Deferred libilities (estabs owner's tanants' funds) Obligations under finance lea10
18.3
16.9
25.7 45.5 53.0
17.0 17.4 17.2 16.0 15.8 15.6 16.6 19.8 21.0 24.3 20.0 35.7 56.2 65.3 54.0 53.9 $4,1 53.3 $2.4 53.7 55.7 54 7
45.0
$7
49.4 42.4
34 5
23
0.3
0,3
0.3
0.3
1.4
1.4
1.4
1.4
0.3 0.2 1.3 1.2
0.3
0.3
0.3
0.3
9.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0
1.2
1.1
0.0
0.8
0.6
0.5
0.4
0.3
Q 1
0.0
0.0
00
ง
26 8 29.4 40.0 ... 729 75.0 74.3 73.1
71.0 69.9 89.8 73.0
77 9
79.0
78.8
78 5 79.9 8'
Operating rulio
Interest covered
Debt/Equity rate
542% 34.4% 55.8% 56.3% 57.0% $8,0% 55,8% 58.4% $6.7% 55.8% 56.0% 54.2% 56.4% 56.8% 51.0% 52.0% 32.0% 52.1% 52.2*-
1.2
1.3
1.1 0.7 0.6
Z.D
1,7
24
4.3
3.2 4.2
0.7 0.6 0.0 3.2
1.0
1.1
1.2
1.4
1.6
1.7
1.7
12 3.2 9.5
3.4
3.2
20 2.6 2.3
2.0 2.5 3.4
1.7
5
1.2
0.8
Q.
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