Final Results -16-
March 31 2009 - 2:00AM
UK Regulatory
+-------------------------------------------+--+------------+--+------------+
| | | Year ended |
| | | December 31, |
+-------------------------------------------+--+----------------------------+
| | | 2008 | | 2007 |
+-------------------------------------------+--+------------+--+------------+
| | | | | |
+-------------------------------------------+--+------------+--+------------+
| Revenues | | 20,512 | | - |
+-------------------------------------------+--+------------+--+------------+
| | | | | |
+-------------------------------------------+--+------------+--+------------+
| Profit | | 1,180 | | - |
+-------------------------------------------+--+------------+--+------------+
d. During the first quarter of 2008, the Company acquired through a
wholly-owned subsidiary 15% (of which 11% was acquired from a related party) of
the issued and outstanding share capital of Osnova-C LLC ("Osnova-C"), for a
nominal consideration of EUR 1. Osnova-C is a Ukrainian company that is the owner
of a plot of land in Kiev, Ukraine. The Company also granted loans to Osnova-C
in the total amount of $ 6,000 thousand (approximately EUR 4,000), at an annual
interest rate of LIBOR with a margin of 5%. The repayment dates of the loans
have not yet been determined. The investment in the Company is accounted for
under the equity method.
Subsequent to the balance sheet date, the Company acquired an additional 15% of
Osnova-C (see Note 26b).
e. In October 2007, the Company signed a memorandum of understandings with
Lehman Brothers Real Estate Partners L.P. ("Lehman") to reorganize the holdings
of the jointly-controlled Polish companies of the Company and of Lehman. The
Company accounted for its investment in these Polish companies under the
proportionate consolidation method. This reorganization was subject to court
approval in Poland.
In April 2008, the court approved the reorganization plan. Accordingly, the
Company and Lehman each contributed their interests in all jointly-controlled
Polish companies to a holding company (Robyg S.A.) established for this purpose.
In consideration of the contribution, the Company and Lehman received an equal
number of shares of Robyg S.A., thus retaining (indirectly) the joint ownership
of the Polish companies. In addition, the collaboration agreement between the
Company and Lehman was amended such that the Company and Lehman do not have
joint control of Robyg S.A. Accordingly, commencing from the second quarter of
2008, the Company includes the accounts of Robyg S.A. under the equity method
and, consequently, the Polish companies are no longer proportionately
consolidated.
f. Terms and conditions of loans to associates:
+-------------------------------------------+--+------------+--+------------+
| | | Weighted | | December |
| | | average | | 31, 2008 |
| | | interest | | |
| | | rate | | |
+-------------------------------------------+--+------------+--+------------+
| | | % | | |
+-------------------------------------------+--+------------+--+------------+
| | | | | |
+-------------------------------------------+--+------------+--+------------+
| In Euros (1) | | 4.99 - | | 5,398 |
| | | 5.93 | | |
+-------------------------------------------+--+------------+--+------------+
| In U.S. dollars (2) | | 6.25 | | 5,395 |
+-------------------------------------------+--+------------+--+------------+
| In Polish Zloty (3) | | 7.22 - | | 30,220 |
| | | 8.86 | | |
+-------------------------------------------+--+------------+--+------------+
| | | | | |
+-------------------------------------------+--+------------+--+------------+
| | | | | 41,013 |
+-------------------------------------------+--+------------+--+------------+
(1) Interest in respect of these loans for the year ended December 31,
2008, is based on EURIBOR with a margin of 3% - 4%. The rate of EURIBOR as of
December 31, 2008 is 2.89%.
(2) Interest in respect of these loans for the year ended December 31,
2008, is based on LIBOR with a margin of 3% - 5%. The rate of LIBOR as of
December 31, 2008 is 1.42%.
(3) Interest in respect of these loans for the year ended December 31,
2008, is based on WIBOR with a margin of 1.5% - 3%. The rate of WIBOR as of
December 31, 2008 is 5.88%.
The repayment dates of these loans have not yet been determined.
NOTE 9:- INTEREST IN PROPORTIONATELY CONSOLIDATED ENTITIES
The Group's share in the assets, liabilities, income and expenses of the
proportionately consolidated entities (see Appendix) at December 31, 2008 and
2007 and for the years then ended, which are included in the consolidated
financial statements are as follows.
+-------------------------------------------------+-+-------------+--+-------------+
| | | December 31, |
+-------------------------------------------------+-+------------------------------+
| | | 2008 | | 2007 |
+-------------------------------------------------+-+-------------+--+-------------+
| | | | | |
+-------------------------------------------------+-+-------------+--+-------------+
| Balance sheets: | | | | |
+-------------------------------------------------+-+-------------+--+-------------+
| Current assets | | 30,142 | | 64,669 |
+-------------------------------------------------+-+-------------+--+-------------+
| Non-current assets | | 19,585 | | 25,965 |
+-------------------------------------------------+-+-------------+--+-------------+
| | | | | |
+-------------------------------------------------+-+-------------+--+-------------+
| | | 49,727 | | 90,634 |
+-------------------------------------------------+-+-------------+--+-------------+
| | | | | |
+-------------------------------------------------+-+-------------+--+-------------+
| Current liabilities | | (19,809) | | (33,678) |
+-------------------------------------------------+-+-------------+--+-------------+
| Non-current liabilities | | (14,890) | | (27,811) |
+-------------------------------------------------+-+-------------+--+-------------+
| | | | | |
+-------------------------------------------------+-+-------------+--+-------------+
| | | (34,699) | | (61,489) |
+-------------------------------------------------+-+-------------+--+-------------+
| | | | | |
+-------------------------------------------------+-+-------------+--+-------------+
| | | 15,028 | | 29,145 |
+-------------------------------------------------+-+-------------+--+-------------+
+------------------------------------+--+------------+--+------------+--+------------+
| | | Year ended December 31, |
+------------------------------------+--+--------------------------------------------+
| | | 2008 | | 2007 | | 2006 |
+------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+------------------------------------+--+------------+--+------------+--+------------+
| Income statements: | | | | | | |
+------------------------------------+--+------------+--+------------+--+------------+
| Revenues | | 12,832 | | 7,570 | | 8,216 |
+------------------------------------+--+------------+--+------------+--+------------+
| Cost of revenues | | (9,601) | | (5,634) | | (6,002) |
+------------------------------------+--+------------+--+------------+--+------------+
| Fair value adjustment | | 1,969 | | 5,122 | | - |
| of investment property | | | | | | |
+------------------------------------+--+------------+--+------------+--+------------+
| Marketing, general and | | (779) | | (763) | | (288) |
| administrative expenses | | | | | | |
Nanette Real Estate N.V (LSE:NAT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nanette Real Estate N.V (LSE:NAT)
Historical Stock Chart
From Jul 2023 to Jul 2024
