Final Results -2 -5-
31 Mars 2009 - 8:00AM
UK Regulatory
+-----+-----------------+-+-------------+-+-----------+-+-----------+-+--------------+-+----------+
| | Total | | 1,00,000 | | 545 | | 54 | | 110 | | 709 |
+-----+-----------------+-+-------------+-+-----------+-+-----------+-+--------------+-+----------+
NOTE 21:- FINANCE INCOME (COSTS)
+-----------------------------------+-+----------+-+----------+--+----------+
| | | Year ended December 31, |
+-----------------------------------+-+-------------------------------------+
| | | 2008 | | 2007 | | 2006 |
+-----------------------------------+-+----------+-+----------+--+----------+
a. Finance costs:
+----------------------------------+-+-------------+-+-------------+--+----------+
| | | | | | | |
+----------------------------------+-+-------------+-+-------------+--+----------+
| Interest expense | | (10,476) | | (4,983) | | (3,217) |
+----------------------------------+-+-------------+-+-------------+--+----------+
| Exchange differences | | (19,109) | | (11,564) | | (1,940) |
+----------------------------------+-+-------------+-+-------------+--+----------+
| Bank charges and other, | | (1,163) | | (1,015) | | (498) |
| net | | | | | | |
+----------------------------------+-+-------------+-+-------------+--+----------+
| | | | | | | |
+----------------------------------+-+-------------+-+-------------+--+----------+
| | | (30,748) | | (17,562) | | (5,655) |
+----------------------------------+-+-------------+-+-------------+--+----------+
| Capitalized borrowing | | 3,063 | | 1,528 | | 2,053 |
| costs | | | | | | |
+----------------------------------+-+-------------+-+-------------+--+----------+
| | | | | | | |
+----------------------------------+-+-------------+-+-------------+--+----------+
| | | (27,685) | | (16,034) | | (3,602) |
+----------------------------------+-+-------------+-+-------------+--+----------+
b. Finance income:
+-----------------------------------+-+-----------+-+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+-+-----------+-+-----------+--+-----------+
| Financial assets at fair | | 131 | | - | | - |
| value through profit and | | | | | | |
| loss | | | | | | |
+-----------------------------------+-+-----------+-+-----------+--+-----------+
| Gain on early repayment | | 7,937 | | - | | - |
| of debentures | | | | | | |
+-----------------------------------+-+-----------+-+-----------+--+-----------+
| Interest income | | 10,505 | | 7,259 | | 915 |
+-----------------------------------+-+-----------+-+-----------+--+-----------+
| Exchange differences | | 6,699 | | 16,395 | | 4,920 |
+-----------------------------------+-+-----------+-+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+-+-----------+-+-----------+--+-----------+
| | | 25,272 | | 23,654 | | 5,835 |
+-----------------------------------+-+-----------+-+-----------+--+-----------+
NOTE 22:- OTHER INCOME AND OTHER EXPENSES
a. Other income:
+------------------------------------+-+-----------+-+-----------+-+-----------+
| | | Year ended December 31, |
+------------------------------------+-+---------------------------------------+
| | | 2008 | | 2007 | | 2006 |
+------------------------------------+-+-----------+-+-----------+-+-----------+
| | | | | | | |
+------------------------------------+-+-----------+-+-----------+-+-----------+
| Gain on sale of interests in | | 6,527 | | 8,314 | | 4,183 |
| subsidiaries and joint ventures | | | | | | |
+------------------------------------+-+-----------+-+-----------+-+-----------+
| Other | | (197) | | 307 | | 33 |
+------------------------------------+-+-----------+-+-----------+-+-----------+
| | | | | | | |
+------------------------------------+-+-----------+-+-----------+-+-----------+
| | | 6,330 | | 8,621 | | 4,216 |
+------------------------------------+-+-----------+-+-----------+-+-----------+
b. Year ended December 31, 2008:
As described in Note 14, the Company sold its wholly-owned subsidiary to a
jointly controlled company and deferred the recognition of the gain on the sale
until the loan, which was recorded in respect of this sale, was collected.
During the third quarter, the Company collected the loan and recognized the gain
in the amount of approximately EUR 5,300.
NOTE 23:- EARNINGS PER SHARE
Earnings per share are calculated by dividing the profit attributable to equity
holders of the Company by the weighted average number of Ordinary shares in
issue after giving effect to the split:
+-----------------------------------------+-+------------+-+------------+--+------------+
| | | Year ended December 31, |
+-----------------------------------------+-+-------------------------------------------+
| | | 2008 | | 2007 | | 2006 |
+-----------------------------------------+-+------------+-+------------+--+------------+
| | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| Profit attributable to | | 5,529 | | 19,270 | | 7,031 |
| equity holders of the | | | | | | |
| parent | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| Weighted average number of | | 171,693 | | 166,342 | | 126,495 |
| Ordinary shares outstanding | | | | | | |
| (thousands) | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| Effect of dilution: | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| Share options | | 910 | | 1,811 | | 1,621 |
+-----------------------------------------+-+------------+-+------------+--+------------+
| | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| Adjusted weighted average | | 172,603 | | 168,153 | | 128,116 |
| number of Ordinary shares | | | | | | |
| for diluted earnings per | | | | | | |
| share | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
| Profit per share (basic and | | 0.03 | | 0.12 | | 0.06 |
| diluted) (EUR per share) | | | | | | |
+-----------------------------------------+-+------------+-+------------+--+------------+
NOTE 24:- RELATED PARTY DISCLOSURES
The financial statements include the financial statements of Nanette Real Estate
Group N.V. and the subsidiaries listed in the Appendix to the consolidated
financial statements.
a. Transactions with related parties:
1. Composition:
+---------------------------------+-+----------+--+----------+--+----------+
| | | Year ended December 31, |
+---------------------------------+-+--------------------------------------+
| | | 2008 | | 2007 | | 2006 |
+---------------------------------+-+----------+--+----------+--+----------+
| General and | | | | | | |
| administrative | | | | | | |
| expenses: | | | | | | |
+---------------------------------+-+----------+--+----------+--+----------+
| Key | | 1,139 | | 1,654 | | 709 |
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