1st Quarter - SDC Investimentos

GRUPO SOARES DA COSTA, S.G.P.S., S.A.
Public Company
Head Office: Rua de Santos Pousada, 220
4000-478 Porto
Share Capital € 160.000.000
Commercial Registry Office of Porto: corporate body and register nr. 500 265 753
CONTACTS:
General
Marketing, Public Relations
Investor Relations
Web
[email protected]
[email protected]
[email protected]
http://www.soaresdacosta.pt
228 342 200
228 342 692
228 341 217
MANAGEMENT REPORT & CONSOLIDATED FINANCIAL STATEMENTS
1st QUARTER OF 2010
(non audited figures)
I – HIGHLIGHTS
•
Turnover reached €222.2mn in 1Q 2010 (-4% compared with the same period of the
previous year on a comparable basis (1));
•
EBITDA
(2)
amounted to €25.3mn, reflecting a margin improvement to 11.40% from
11.15% in 1Q 2009;
•
Financial results of €14.2mn, in line with the previous year figure (€14.0mn);
•
Earnings before taxes reached €2.2mn (€2.8mn in 1Q 2009);
•
Group’s net income amounted to €1.4mn versus €2.2mn in 1Q 2009;
•
Signature on May 8, 2010 of the concession contract of the Poceirão-Caia stretch,
part of the high speed rail connection between Lisbon and Madrid, between and by
the Portuguese State and the concessionaire “ELOS – Ligações de Alta Velocidade,
S.A.” in which Soares da Costa has a 16.304% stake;
•
Backlog increased 4% compared with year-end 2009 to €1,829mn.
__________________________________________________________________________________
(1)
In order to have comparable figures, we have calculated proforma accounts for 1Q 2009 reflecting the IFRIC 12 accounting
(2)
standard application. EBITDA = Operational Result (EBIT) + Depreciations + Provisions + Impairment charges
II – OPERATIONAL ACTIVITY AND FINANCIAL DATA
In spite of the negative macroeconomic context, Soares da Costa group’s activity has
benefited from its international exposure and business diversification.
In general, the group’s activity during the first quarter of 2010 (1Q 2010) occurred in a
normality context, supported by its solid backlog. However, two main factors are worth
mentioning to better understand this quarter’s figures: (i) some delays in the construction
works set off in both Portugal and Angola due to processual/ administrative reasons and (ii)
the negative impact from bad weather conditions that affected the construction pace of
some important projects, leading to a slight decrease in the group’s turnover.
Key Financial Indicators
‘000 €
1Q 2010
Turnover
EBITDA
EBITDA margin
EBIT
Financial Results
Earnings Before Taxes
Group’s Net Income
222.215
25.260
11,40%
16.388
-14.167
2.221
1.439
1Q 2009
Proforma
231.412
25.809
11,15%
16.764
-14.008
2.756
2.181
1Q 2009
YoY
226.788
25.540
11,26%
16.306
-14.008
2.298
1.824
-4,0%
-2,1%
+0,25 p.p.
-2,2%
1,1%
-19,4%
-34,0%
Note: 1Q09 proforma accounts take into consideration the IFRIC12 accounting standard application. YoY change is
calculated based in these proforma figures.
Turnover breakdown by country in the 1st quarter of 2009 and 2010 is detailed in the table
presented in next page.
We highlight a slight reduction of the domestic turnover (-2.8%), while Angolan turnover
grew by +8.9%. Portuguese speaking African countries turnover as a whole also suffered a
decrease, although expected, taking into consideration that 1Q 2009 figure benefited from
the contribution of two relevant construction works: Zambeze river bridge in Mozambique
and Cacheu river bridge in Guinea, that are now completed.
Activity in the United States also suffered a decline, with turnover fall reflecting the buildings
construction market’s stagnation, with the activity of the group now being focused in the
infra-structures segment.
Turnover Breakdown by Country
‘000 €
Country
Portugal
Angola
U.S.
S. Tomé e Príncipe
Mozambique
Guiné
Romania
Other
Consolidated Turnover
1Q 2010
%
1Q 2009
Proforma
99.510
94.813
16.231
1.300
3.666
6
5.169
1.519
222.215
44,8%
42,7%
7,3%
0,6%
1,6%
0,0%
2,3%
0,7%
100%
102.385
87.071
19.998
459
7.010
4.159
6.897
3.432
231.412
%
44,2%
37,6%
8,6%
0,2%
3,0%
1,8%
3,0%
1,5%
100%
YoY
-2,8%
8,9%
-18,8%
183,3%
-47,7%
-99,9%
-25,1%
-55,7%
-4,0%
Turnover Breakdown by Country
(1Q 2010)
7%
2%
2%
1%
Portugal
Angola
U.S.
Mozambique
43%
Romania
45%
Others
In spite of the slight turnover reduction, EBITDA margin improved to 11.4% from 11.15%,
which allowed operational results (EBIT) to only decrease 2.2% compared with the same
period of the previous year.
Average cost of debt recorded an important drop (to €-7.9mn in 1Q 2010 from €-9.6mn in
1Q 2009), however foreign exchange losses of €-2.1mn (contrary to what happened in 1Q
2009 when €1.8mn of gains were accounted) lead to flat financial results in this quarter
compared with the previous year (€-14.2mn in 1Q 2010 versus €-14.0mn in 1Q 2009).
Earnings before taxes amounted to €2.22mn, in line with 1Q 2009 (€2.30mn). The group’s
net income reached €1.44mn, negatively influenced by a higher effective tax rate in 1Q 2010.
In the following table we detail each business unit performance in 1Q 2010.
Key Financial Indicators by Business Unit
‘000 €
Business Unit
Holding
Construction
Industry
Real Estate
Concession
Total
Turnover
57
200.275
3.872
1.626
16.386
222.215
EBITDA
-16
15.012
-149
914
9.499
25.260
Net Income
-983
3.155
-98
-150
-487
1.439
Regarding the consolidated financial statements, we highlight that some accounting changes
happened in this quarter as a consequence of the application of the IFRIC Interpretation 12.
This interpretation of the mentioned International Accounting Standard, that establishes the
criterions to be used in the measure, recognition, presentation and release of the activities
that are based on a public service concession contract, led to some changes with some
impact in the consolidated figures of Soares da Costa group, mainly in its Concession
business unit.
(i) Re-classification as an intangible asset of part of the concession fixed assets in which
the group has a exploitation right and in which it assumes the demand risk of the
operation (intangible asset model);
(ii) Re-classification as a receivable of part of the concession fixed assets in which the
group has an unconditional right to receive pre-established values and in which it
does not assume the demand risk of the operation (financial asset model);
(iii) Changes in the depreciations of the fixed assets and recognition of provisions
covering the need of future major repairs in the assets under concession.
Therefore, taking into consideration this interpretation, and for comparison purposes, we
have restated 1Q 2009 accounts.
Net debt as of March 31, 2010, reached €721.5mn (of which €284.4mn was non-recourse
debt from the concessions business segment), versus €675.9mn by year-end 2009. The net
debt increase in the quarter is explained namely by the investment made in the
development of real estate project in Angola and by some degradation in the receivables
average collection time (∆ = €27.4mn between Dec 2009 and Mar 2010).
IV – COMMERCIAL ACTIVITY, BACKLOG
In 1Q 2010, the domestic market continued to experience a depressing background, that was
eventually aggravated compared with the previous year, both in terms of projects’ bids
launched and works awarded. This situation reflects our economy structural difficulties, and
had a negative impact on both the public and private investment level.
Nevertheless, in the domestic market we highlight the following construction works that
were awarded to Soares da Costa:
• Cascais Tower Inn (Pousada da Cidadela de Cascais) from Pestana group;
• Road access to Lisbon North logistic platform, from Brisa.
In the domestic market we also highlight that, on May 8, 2010, the concession contract of
the Poceirão-Caia stretch, part of the high speed rail connection between Lisbon and
Madrid, has been signed today by and between the Portuguese State and the concessionaire
“ELOS – Ligações de Alta Velocidade, S.A.”. Soares da Costa Concessões SGPS, SA was coleader of the consortium and has a 16.304% stake in the mentioned concessionaire.
Furthermore, the project reached its financial close. This 40-year concession implies a total
investment of € 1,495mn, with €1,441mn for the project and construction, which should be
performed by a joint undertaking of companies - LGV-Engenharia e Construção de Linhas de
Alta Velocidade, ACE - led by Sociedade de Construções Soares da Costa, S.A. with a 17.25%
participation.
As for the international activity we would like to mention:
• In Angola, the award of the Dipanda building from Novinvest, the headquarters of the
Angolan national Statistic Organization and two other works from Sonils.
• In Romania, the award, to a consortium in which Soares da Costa participates, of the
Wind Park Cernavada II construction in Constance, from Global Energy Services
(GES)-SIEMSA.
In the Industry business area, was awarded to a consortium in which OFM holds a 24% stake,
the expansion of the Porto Novo harbour (phase 1) in Sto. Antão Island (Cape Verde), a
project amounting to €24.3mn.
Soares da Costa group reinforces that keeps seeking for business opportunities outside its
traditional markets.
This commercial dynamism has allowed the group to maintain, and even increase, its
backlog, which has reached €1.829mn, rising 4% from the €1.759mn figure of year-end 2009.
Soares da Costa Backlog Evolution
2.000
1.750
1.500
1.250
1.000
750
500
250
0
2006
2007
2008
2009
1º T 2010
More recently it was awarded to Prince Contracting LLC, two infrastructure works contracts
worth a total value of USD74.8mn, which have not yet been included in the above
mentioned backlog figure:
- Refurbishment and improvement of the East - West (SR408) highway for the “Expressway
Authority” of Orange County, Orlando, Florida, worth USD20.8mn and a completion deadline
of 13 months.
- Reconstruction and refurbishment of Interstate Highway I-75/SR401, for the Department of
Transport of the State of Georgia, worth USD54.0mn and a completion deadline of 30
months.
V – FOLLOWING EVENTS, CORPORATIVE INFORMATION
Additionally to the above mentioned operational events and awards, in this section it is
important to refer to the group’s general assembly, held on April 26, 2010, and in which the
following resolutions were adopted:
1. Approval of the management report, individual accounts and consolidated accounts
for 2009;
2. Approval of the proposal from the Board of Directors for allocation of the individual
net profit of € 26,738,495.24 earned by the company in the year ended 31 December
2009 as follows:
a) To the Legal Reserve (5% of Net Profit for the year)
€ 1,336,924.76
b) To Results Carried Forward
€ 18,457,534.06
c) For the distribution of dividends:
i) Attributable to Preferred shares, pursuant to articles 341 and 342 of
the Commercial Companies Code:
5,518 shares x 0.05
€ 275.90
ii) Attributable to Ordinary Shares:
159,994,482 shares x 0.0434
€6,943,760.52
3. Approval of a vote of confidence in the Board of Directors and the Supervisory Board.
4. Approval of the alteration of part of the company’s bylaws, namely regarding Article
8 (1) and (3), through which now to each share corresponds one vote, and article 12,
13, 16 (1) and 21 (1), with corporate bodies elections every 3 years from previous 4
years.
5. Election of the company officers for the three year term 2010-2012:
Board of the General Meeting of Shareholders
Chairman: Fernando Enes Gaião
Secretary: João Pessoa e Costa
Board of Directors
Chairman: Manuel Roseta Fino
António Pereira da Silva Neves
Pedro Manuel de Almeida Gonçalves
Pedro Gonçalo de Sotto-Mayor de Andrade Santos
José Manuel Baptista Fino
António Manuel Pereira Caldas Castro Henriques
PANIRAMA – Participação e Investimentos, SGPS, SA, corporate body no. 509 016
987, which nominated Ana Maria Martins Caetano to occupy the position under her
own name.
Martim Salema de Sande e Castro Fino
António Manuel Formigal de Arriaga
Carlos Moreira Garcia
Supervisory Board
Chairman:
Júlio de Lemos de Castro Caldas
Carlos Pedro Machado de Sousa Góis
Joaquim Augusto Soares da Silva
Júlio de Jesus Pinto (substitute)
Statutory Auditor
“PATRÍCIO, MOREIRA, VALENTE & ASSOCIADOS, SROC no. 21” (NIPC 501 612 181),
with registered office at Avenida do Brasil, no. 15 - 1º, LISBON, represented by Jorge
Bento Martins Ledo, Roc no. 591 (NIF 127 125 841) with professional residence at
Rua da Saudade, no. 132, 3rd floor, 4150-682 Oporto.
Remuneration Committee
Chairman:
José Manuel Batista Fino
João Pessoa e Costa
António Jorge Gonçalves Afonso
6. Approval of the remuneration policy statement proposed by the Remuneration
Committee.
7. Authorize the Company to purchase and sell own shares in a regulated market.
8. Approval of the attribution and establishment of remuneration for members of the
Remuneration Committee.
VI – OWN SHARES. LISTED SHARES PERFORMANCE
As of December 31, 2009 the group did not have any own shares and during the 1st quarter
of 2010 did not acquire or sell any own shares.
The following graph displays Soares da Costa shares price performance compared with the
Euronext Lisbon reference index, PSI 20, and to other listed companies operating in the
construction sector. Index 100 corresponds to the share price as of December 31, 2009. In
the 1st trimester it is visible the existence of some volatility in the stocks price behaviour,
which was also noticeable in the financial markets in general during this period.
110
105
100
S.COSTA
95
TEIXEIRA
DUARTE
90
85
80
MOTA
ENGIL
75
PSI 20
70
65
60
31-12-2009
31-01-2010
28-02-2010
31-03-2010
VII – OUTLOOK FOR 2010
Taking into consideration that the full-year 2009 management report, which included the
board of directors expectations to 2010, was released relatively recently, the board
reiterates the targets then announced to full-year, as there were no news or occurrences
that materially change its view on the evolution of the company’s activity.
Porto, May 24, 2010
The Board of Directors
CONSOLIDATED FINANCIAL POSITION STATEMENT
March 31, 2010 and December 31, 2009
ASSETS
31-Mar-10
Net Assets
31-Dec-2009
Restated Net Assets
€
31-Dec-2009
Net Assets
NON CURRENT
Inta ngibl e fi xed a s s ets :
Goodwil l
Other i nta ngibl e fi xed a s s ets
Ta ngi bl e fi xe d a s s ets :
La nd a nd bui l dings
Ba s ic equi pment
Fi xed a s s ets i n progres s
Other ta ngible fi xed a s s ets
Fi na nci a l inve s tments :
Inves tme nt properti es
Fi na nci a l i nves tments under the equi ty me thod
Loa ns to a s s ocia ted compa nies
Other fina nci a l i nves tments
Deferred ta xes (a s s ets )
Other non current a s s ets
Total non current assets
81,768,523
278,183,238
359,951,761
81,768,523
281,561,918
363,330,440
81,768,523
2,562,571
84,331,094
148,912,378
69,061,800
39,992,679
26,943,303
284,910,160
150,447,965
69,721,533
30,913,006
27,748,135
278,830,638
418,271,867
69,721,533
47,773,154
27,748,135
563,514,688
6,681,027
8,280,318
2,684,643
15,820,182
33,466,170
6,514,869
9,916,520
4,983,170
15,303,624
36,718,183
6,514,869
9,916,520
4,983,170
15,303,624
36,718,183
22,217,354
22,544,796
17,428,521
17,669,430
16,986,015
-
723,090,240
713,977,212
701,549,980
165,806,603
182,113,038
182,113,038
398,643,085
1,919,856
44,167,401
444,730,342
371,178,462
3,518,433
46,910,955
421,607,850
371,178,462
3,518,433
46,910,955
421,607,850
164,099,211
95,276,274
123,994,848
93,283,117
125,500,405
93,283,117
869,912,430
820,998,852
822,504,409
1,593,002,670
1,534,976,064
1,524,054,390
CURRENT
Inventorie s
Accounts recei va ble :
Tra de Debtors
Receiva bl es from Publi c Enti ti es
Other a ccounts recei va ble
Other current a s s ets
Ca s h, Depos i ts a nd Securi ties
Total current assets
TOTAL ASSETS
The Cha rtered Accounta nt
The Boa rd of Di rectors
CONSOLIDATED FINANCIAL POSITION STATEMENT
March 31, 2010 and December 31, 2009
EQUITY AND LIABILITIES
31-Mar-10
31-Dec-2009
Restated
€
31-Dec-2009
SHAREHOLDERS' EQUITY
Share ca pi ta l
Own s ha res
Res erves a nd reta i ned ea rni ngs
Net i ncome
Equity attributable to the group
160,000,000
(34,277,680)
1,438,537
127,160,857
160,000,000
(39,238,701)
10,314,284
131,075,583
160,000,000
(42,214,632)
11,491,132
129,276,500
1,311,398
1,005,445
1,005,445
128,472,254
132,081,028
130,281,945
9,644,045
9,153,596
609,672
100,000,000
449,050,481
549,050,481
100,000,000
428,173,069
528,173,069
100,000,000
428,173,069
528,173,069
Accounts paya bl e:
Fi xed as s ets s uppl i ers
Other a ccounts pa ya bl e
5,991,470
12,482,869
6,483,562
14,039,298
6,483,562
14,039,298
Deferred a s s ets (l i a bi l i ti es )
28,362,298
28,300,752
27,722,083
605,531,163
586,150,277
577,027,685
203,571,211
43,892,434
247,463,645
192,051,762
27,983,326
220,035,088
192,051,762
27,983,326
220,035,088
247,343,268
8,392,993
131,032,373
3,134,790
47,410,064
437,313,488
259,014,667
9,424,128
133,090,993
4,301,906
43,294,106
449,125,801
259,014,667
9,424,128
133,090,993
4,301,906
43,294,106
449,125,801
36,966,794
137,255,325
25,913,439
121,670,433
25,913,439
121,670,433
858,999,252
816,744,760
816,744,760
Total liabilities
1,464,530,415
1,402,895,037
1,393,772,445
Total shareholders's equity and liabilities
1,593,002,670
1,534,976,064
1,524,054,390
Mi nori ti es
Total shareholders' equity
LIABILITIES
NON CURRENT
Provi s i ons
Loans :
Bonds
Ba nk l oa ns
Total non current liabilities
CURRENT
Loans :
Ba nk l oa ns
Outher l oans
Accouns t paya bl e:
Tra de Credi tors
Fi xed as s ets s uppl i ers
Adva nces on s a l es
Pa ya bl es to Publ i c Enti ti es
Other a ccounts pa ya bl e
Fi na nci a l deri vati ves
Other current l i a bi l i ti es
Total current liabilities
The Cha rtered Accountant
The Boa rd of Di rectors
SEPARATE CONSOLIDATED INCOME STATEMENT
for the period ended March 31, 2010 and 2009
31-Mar-10
Sa l es a nd s e rvi ces rendered
Cha nge i n producti on
Other opera ti ng i ncome
Operating income
31-Mar-09
Restated
€
31-Mar-09
222,214,627
(17,582,841)
6,935,088
211,566,874
231,411,557
(11,052,111)
8,844,431
229,203,876
226,788,196
(11,052,111)
12,798,816
228,534,901
(42,988,425)
(102,822,883)
(36,874,840)
(8,394,460)
(778,190)
(3,320,009)
(195,178,808)
(54,264,388)
(108,887,306)
(35,826,650)
(8,326,873)
(734,553)
(4,400,130)
(212,439,900)
(54,264,388)
(108,487,406)
(35,826,650)
(9,047,376)
(203,178)
(4,400,130)
(212,229,128)
16,388,066
16,763,976
16,305,773
(7,865,336)
(631,497)
(5,670,585)
(14,167,418)
(9,616,345)
(412,224)
(3,979,581)
(14,008,149)
(9,616,345)
(412,224)
(3,979,581)
(14,008,150)
Earnings before taxes
2,220,648
2,755,827
2,297,623
Income ta x
(664,640)
(478,864)
(377,896)
Consolidated net income
Attri buta bl e to the Group
Attri buta bl e to mi nori ty i nteres ts
1,556,009
1,438,537
117,472
2,276,963
2,180,901
96,063
1,919,727
1,823,665
96,063
Ea rni ngs per s ha re of conti nued a cti vi ti e s :
Ba s i c
Di l uted
0.009
0.009
0.014
0.014
0.011
0.011
Ea rni ngs per s ha re:
Ba s i c
Di l uted
0.009
0.009
0.014
0.014
0.011
0.011
Cos t of goods s ol d
Thi rd pa rty s uppl i es & s ervi ces
Sta ff cos ts
Depreci a ti on a nd i mpa ri ty l os s es
Provi s i ons
Other opera ti ng cos ts
Operating costs
Operating profit
Net fi na nci ng cos ts
Profi ts a nd l os s es i n a s s oci a ted compa ni es
Other fi na nci a l i ncome a nd cos ts
Financial results
The Cha rtered Accounta nt
The Boa rd of Di re ctors
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME
for the period ended March 31, 2010 and 2009
31-Mar-10
Cons ol i da ted net profi t for the peri od
€
31-Mar-09
31-Mar-09
Restated
1,556,009
2,276,963
1,919,727
973,756
201,664
201,664
(5,427,895)
(4,630,232)
(4,630,232)
(711,043)
45
45
Tota l compre hens i ve i ncome for the peri od
(3,609,174)
(2,151,559)
(2,508,796)
Attributable:
to mi nori ty i nteres ts
to the group
305,952
(3,915,127)
120,168
(2,271,727)
120,168
(2,628,964)
Other comprehensive income
Excha nge di fference s temmi ng from tra ns pos i ti on of fi na nci a l
s ta tements e xpres s ed i n forei gn currenci es
Va ri a ti on, ne t of ta x of the fa i r va l ue of
fi na nci a l deri va ti ves
Other va ri a ti ons
The Cha rtered Accounta nt
The Boa rd of Di rectors
STATEMENT OF CHANGES IN EQUITY
for the period ended March 31, 2010 and 2009
Equity
capital
Ba l a nce a s of 01/Ja n/2010
Divi dend dis tri buti on
Acqui s i ti on of own s ha res
Others
Integra ted cons ol i da ted ea rni ngs
Ba l a nce a s of 31/Ma r/2010
160,000,000
160,000,000
Equity
capital
Ba l a nce a s of 01/Ja n/2009 Res tated
Divi dend dis tri buti on
Acqui s i ti on of own s ha res
Others
Integra ted cons ol i da ted ea rni ngs
Ba l a nce a s of 31/Ma r/2009 Res ta ted
Reserves and Reserves for
Coverage
Own shares
retained
foreign
derivatives
earnings
exchange
-
Own shares
(12,885,176) (1,951,180) (16,135,152)
248,007
3,238,021
785,275 (5,427,895) (711,044)
(9,647,155) (1,165,905) (21,563,047) (463,037)
Reserves and Reserves for
Coverage
retained
foreign
derivatives
earnings
exchange
160,000,000 (1,306,746) (13,794,950)
20,250
2,180,901
160,000,000 (1,306,746) (11,593,800)
The Cha rtered Accounta nt
Other
678,254
201,664
879,918
(4,994,137)
(4,630,232)
(9,624,369)
Other
247,961
45
248,006
Own funds
attributable to
shareholders
€
Own funds
attributable Total equity
to minorities
129,276,500
(2,115,643)
127,160,857
Own funds
attributable to
shareholders
1,005,445 130,281,945
305,952 (1,809,691)
1,311,397 128,472,254
Own funds
attributable Total equity
to minorities
140,830,384
20,250
(2,247,623)
138,603,011
The Boa rd of Directors
971,761 141,802,144
20,250
120,169 (2,127,454)
1,091,930 139,694,940
CONSOLIDATED CASH FLOWS STATEMENTS
for the period ended March 31, 2010 and 2009
€
31-Mar-10
Opera ti ng a cti vi ti es:
Recei pts from cus tomers
Pa yments to s uppl iers
Pa yments to s ta ff
Pa yments/ recei pts of i ncome ta x
Other pa yments / recei pts rel a ted wi th opera ti ng a cti vi ti es
145,978,434
(149,492,733)
(31,927,292)
(35,441,590)
(373,315)
(1,542,967)
(1,916,282)
Cash flow from operating activities
Inves tment a ctiviti es :
Receipts from:
Fi na nci a l i nvestments
Fi xed ta ngi bl e a s s ets
Interes t a nd s i mi l a r i ncome
Di vi dends
Pa yments rel a ted wi th:
Fi na nci a l i nvestments
Fi xed ta ngi bl e a s s ets
Inta ngi bl e a s sets
Cash flow from investment activities
Fina nci ng a cti vi ties :
Receipts from:
Loa ns
Ca pi ta l i ncrea s es , s uppl ementa ry pa yments a nd i s sue premi uns
Sa l e of own s ha res
Interes t recei ved
Pa yments rel a ted wi th:
Loa ns
Fi na nci a l l ea s i ng contra cts
Interes t pa i d
Di vi dends
Acqus iti on of own s ha res
Cash flow from financing activities
Cha nge i n ca s h a nd ca s h equi va lents
Effect of forei gn excha nge di fferences
Effect of cha nges i n sta kes / pa rti ci pa ti ons
Ca s h a nd ca s h equiva lents a t the begi nni ng of the peri od
Ca s h a nd ca s h equiva lents a t the end of the peri od
The Cha rtered Accounta nt
31-Mar-09
203,885,305
(174,911,503)
(30,783,996)
(1,810,194)
(191,649)
(9,934,638)
(10,126,287)
(37,357,873)
45,856
179,471
141,896
2,240,195
54,973
225,327
2,437,064
(2,211,737)
(11,936,481)
714,250
135,951
189,763
2,270,195
3,355,621
1,335,813
1,039,964
6,961,629
(5,921,665)
178,989,585
12,500
30,186 179,032,271
159,545,567
166,000
47,164 159,758,731
131,809,793
2,948,447
4,274,479
139,032,719
39,999,551
103,178,771
3,367,839
9,388,808
115,935,418
43,823,313
429,941
1,563,215
93,283,117
95,276,274
25,965,167
(862,958)
66,755,099
91,857,308
The Boa rd of Di rectors