2010 FIRST QUARTER PRELIMINARY RESULTS OF DANUBIUS HOTELS GROUP

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1 Danubius Hotels Nyrt, today announced its first quarter preliminary, unaudited results. This report contains consolidated financial statements for the period ended 31 March as prepared by the management in accordance with International Financial Reporting Standards (IFRS). In the traditionally weaker season lower EUR prices combined with a strong forint and crown to reduce revenues, but once again, this reduction was mainly compensated by continued cost cutting measures. HIGHLIGHTS HUF million EUR million 1 Danubius Hotels Group (IFRS) Net sales revenues 7,481 8,769 (15) (6) EBITDA (933) (546) 71 (3.5) (1.9) 90 Operating loss (2,003) (1,666) 20 (7.5) (5.7) 33 Financial results 260 (3,483) n.a. 1.0 (11.8) n.a. Profit/(Loss) before tax (1,743) (5,149) (66) (6.5) (17.5) (63) Operating cash flow (1,206) (1,705) (29) (4.5) (5.8) (22) CAPEX (40) (34) HUF/EUR (9) n.a. 1 The presentation currency of the Group is HUF. The EUR amounts are provided as a convenience translation using average f/x rates of the respective periods. In the first quarter of total net sales revenues were HUF 7.5 billion, down by 15 compared to last year figure. The movements in HUF/EUR and CZK/EUR FX rates had a considerable negative effect on Group revenue in compared to, but in EUR terms there was a 6 decrease. Group occupancy in was 45.1 compared to 48.5 in. In spite of the revenue drop of HUF 1.3 billion, EBITDA decreased by HUF 0.4 billion to HUF 0.9 billion and operating loss increased only by HUF 0.3 billion compared to figures, thanks to the significantly positive effect of cost cutting measures. Operating loss in is up by 20 to HUF 2.0 billion from HUF 1.7 billion, due to the following: Hungarian segment s revenue for decreased by 12 to HUF 4.4 billion as the occupancy of hotels fell by 1.8 from 43.6 to 41.8 and HUF was 9 stronger against EUR than in comparative period, while the operating result remained at the same level of last year as savings on payroll and other operating expenses compensated the negative effect of lower revenues. Czech hotels contributed an operating loss of HUF 198 million in compared to a loss of HUF 126 million in, due to the fall of revenue by 12 partly because of the stronger crown against euro. Slovakian segment s operating loss was HUF 339 million in compared to a HUF 144 million loss in. Revenue in HUF terms decreased by 22 to HUF 1.7 billion partly thanks to the significant HUF strengthening against EUR. Costs were kept tightly under control. In the total revenue of Romanian segment decreased by 16 to HUF 200 million, therefore operating result was a loss of HUF 81 million, compared to loss of HUF 57 million. The Financial results in was a gain of HUF 0.3 billion compared to the significant loss of HUF 3.5 billion in due to unrealised FX differences. In HUF 3.0 billion FX loss (mostly unrealised) was recognised on monetary assets and liabilities, while in recognised FX gain of HUF 0.4 billion. The interest expenses decreased to HUF 204 million in from HUF 560 million achieved in, due to low EURIBOR rates and in the comparative period interest expenses were increased by the unfavourable change in the fair values of cap&collar interest rate swap agreements. Loss before tax in was HUF 1.7 billion, compared to a loss of HUF 5.1 billion in. Net cash used in operating activities in was HUF 1.2 billion, a significant improvement compared to HUF 1.7 billion net cash used in, due to favourable working capital changes. During capital expenditure and investments amounted to HUF 0.4 billion compared to HUF 0.7 billion in. Group level average headcount in was 4,502 compared to 4, MAY 1/13

2 FINANCIAL OVERVIEW Hungarian Segment FIRST QUARTER PRELIMINARY RESULTS OF DANUBIUS HOTELS GROUP HUF million HUF million HUNGARY Net sales revenues 4,374 4,969 (12) (3) Operating profit (1,384) (1,340) 3 (5.2) (4.5) 14 Financial results 233 (3,333) n.a. 0.9 (11.3) n.a. Profit before tax (1,152) (4,673) (75) (4.3) (15.9) (73) CAPEX (69) (66) Total sales revenue and other operating income of decreased by 12 to HUF 4.4 billion, mainly due to lower revenue recognised from room and F&B services and from Gundel banqueting services. However the 9 strengthening of HUF against EUR had a considerable negative effect on total revenue compared to. Hotel occupancy in was 41.8 compared to 43.6 in. Room revenue of Hungarian hotels decreased by 15 to HUF 2.0 billion compared to due to the combined result of occupancy decrease and the decrease of average room rate achieved (ARR) to HUF 11,375, lower by HUF 1,458 than the comparative figure, due to high competition resulting lower EUR prices and relatively strong forint. The average length of stay was 2,9 days in, remained at the same level of last year. The number of guest-nights during the first quarter of decreased to 274,335 from 283,326, out of which domestic guest-nights represented 22.3 compared to level of In the number of domestic guests and guests from Great Britain and Germany decreased the most; more guests arrived from Ukraine, Japan and Sweden. Room departmental profit for year decreased by HUF 322 million, down by 19 compared to. Food and beverage revenue of hotels and restaurants for the first quarter of was HUF 1.5 billion, lower by 14 than comparative figure, as a direct result of lower occupancy and banqueting and the negative effect of VAT increase. In spite of the significant revenue drop in F&B departmental profit of our hotels fell by only HUF 116 million due to the considerable decrease of personnel expenses and cost of sale. Gundel s total revenue and income in decreased by HUF 29 million, down by 12, however its operational performance was better by HUF 8 million than in thanks to cost cutting measures. Spa revenue was HUF 301 million in, down by 9 compared to, due to the result of lower number of treatments sold, the profitability of spa department remained at the same level of last year. Revenue from security services increased by HUF 20 million in to HUF 196 million. Due to the combined effect of inflation on materials, cost saving measures and the drop in occupancy first quarter raw material expenses decreased by 11 to HUF 1.1 billion in our hotels, within this energy cost felt by 21 to HUF 565 million. The value of services used in decreased by 8 to HUF 1.1 billion, within this the amount spent on maintenance work at the hotels decreased by 6 to HUF 116 million. Personnel expenses of hotel operation in were HUF 2.5 billion, down by 8, reflecting the effect of headcount reduction. 17 MAY 2/13

3 Due to the combined effect of the decrease of 3 months EURIBOR, the increase of interest margins, the change in the average borrowings over the period and the change in the fair value of interest swap derivatives interest expenses decreased to HUF 166 million from HUF 464 million in the first quarter of. Primarily as the result of strengthening of HUF in against EUR, in which the majority of our long-term borrowings are denominated, a HUF 389 million foreign exchange gain (mostly unrealised) was recognised in profit and loss, compared to a loss of HUF 2,910 million in, when HUF weakened significantly against EUR. Capital expenditures were reduced extremely during to HUF 79 million compared to HUF 252 million spent in that was a huge reduction already. Overall the loss before tax of Hungarian segment was HUF 1.2 billion in, compared to a loss of HUF 4.7 billion in. Czech Segment HUF million CZK million CZECH Total revenue and income 1,222 1,389 (12) (10) Operating profit (198) (126) 58 (19.1) (11.8) 62 Financial results 35 (64) n.a. 3.3 (6.0) n.a. Profit before tax (164) (190) (14) (15.8) (17.8) (11) CAPEX HUF/CZK average (3) CZK/EUR average (6) Total sales revenue and other operating income in HUF term decreased by 12 to HUF 1.2 billion in the first quarter of, mainly due to the strengthening of crown and forint against euro. Room revenue of was HUF 0.6 billion, down by 11. In Marienbad hotels occupancy was 68.8 compared to 73.2, however the average room rate achieved (ARR) in CZK term increased to 1,627 from 1,559, due to increased EUR prices. The average length of stay was 7.6 days in compared to 7.9 days in. The number of guestnights was 62,282 in compared to 71,722, the significant drop in German and Russian guests was followed by decreasing number of guests arriving from the domestic market. The amount of material expenses and services used in was HUF 0.7 billion, down by 7 compared to last year. Within this energy costs increased by 7 to HUF 176 million, while maintenance expenses decreased by 40 to HUF 61 million. Total personnel expenses in were HUF 0.4 billion, down by 6 compared to due to lower average headcount. Due to the decrease of 3 months EURIBOR and the outstanding amount of bank loans the interest expense for was HUF 12 million, a significant drop compared to HUF 26 million. As the result of strengthening of CZK in against EUR in which all of LLML s long-term borrowings are denominated, a HUF 46 million foreign exchange gain was recognised in profit and loss, compared to a loss of HUF 39 million in. Capital expenditure in amounted to HUF 230 million, up by 15 compared to previous year s relative low level. 17 MAY 3/13

4 Overall, the loss before tax of Czech operations for decreased by 14 to HUF 164 million compared to HUF 190 million. Slovakian Segment HUF million EUR million SLOVAKIA Total revenue and income 1,685 2,174 (22) (15) Operating profit (339) (144) 136 (1.3) (0.5) 158 Financial results (21) (59) (64) (0.1) (0.2) (61) Profit before tax (360) (203) 77 (1.3) (0.7) 95 CAPEX (72) (69) HUF/EUR (9) The functional currency of the Slovakian subsidiary is Euro as of 1 January. Total sales revenue and other operating income in declined by 22 to HUF 1.7 billion, partly due to the stronger forint against euro. In EUR the total revenue recognised in the Slovakian segment decreased by 15 in compared to. Room revenue in EUR decreased by 14 in as the occupancy decreased from 58.4 to 50.7 and the average room rate (ARR) decreased to EUR 35.9 from EUR The number of rooms sold decreased from 69,009 to 59,547 in. The number of guestnights in was 94,866 compared to 111,881 in, the average length of stay in the first quarter of year of was 8.7 days compared to 9.3 days last year. The number of German guests decreased by more than 20 compared to, together with the decrease of guest from neighbouring countries like Austria and Czech Republic. Comparative revenue included HUF 94 million (EUR 0.3 million) one-off gain on the sale of a land, while there was no sale of fixes assets in the fist quarter of. In part due to the significant HUF strengthening against EUR the amount of material expenses and services used in was HUF 0.7 billion, down by 16, within this, energy cost decreased by 40 to HUF 183 million, mainly due to the implementation of energy savings systems and developments, and maintenance expenses was HUF 49 million, higher by HUF 13 million than in. Personnel expenses for were HUF 0.8 billion, a decrease of 10 in HUF terms, reflecting almost entirely the stronger HUF. Due to the decrease of 3 months EURIBOR and the lower average level of borrowings the interest expenses for amounted to HUF 23 million, compared to HUF 64 million in. Capital expenditures during the first quarter of was kept on the minimum level and was HUF 63 million therefore compared to the HUF 222 million in. Overall, the loss before tax of Slovakian operations for increased by 77 to HUF 360 million, compared to HUF 203 million in. 17 MAY 4/13

5 Romanian Segment HUF million RON million ROMANIA Total revenue and income (16) (11) Operating profit (81) (57) 42 (1.2) (0.8) 51 Financial results 14 (26) n.a. 0.2 (0.4) n.a. Profit before tax (67) (83) (19) (1.0) (1.2) (14) CAPEX HUF/RON average rate (5) RON/EUR average rate (4) Total sales revenue and other operating income for decreased by 16 in HUF terms compared to the first quarter of last year. In the occupancy was 29.8, a decrease of 3.9 compared to last year, in addition the guest mix changed towards pension guests, hence the average room rate (ARR) decreased from RON 113 to RON 105. Room departmental profitability in RON terms decreased by 22 in. The number of guests during the first quarter of decreased to 7,435 from 8,019 primarily due to the decreasing number of leisure and conference tourists. Due to the combined effect of inflation and the drop in occupancy and extensive refurbishment works total material expenses and services used in was HUF 139 million, up by 9 compared to last year. Within this, energy cost was HUF 41 million, down by 7 compared to. Due to decrease of 3 months EURIBOR and average outstanding borrowings the interest expenses for amounted to HUF 3 million compared to HUF 7 million in. Capital expenditure during the first quarter of was HUF 47 million compared to HUF 28 million in, the majority of which relates to the refurbishment of hotel rooms. Being the result of the above the loss before tax of Romanian operations for was HUF 67 million compared to a loss of HUF 83 million in. 17 MAY 5/13

6 Consolidated Balance Sheet Total consolidated asset value amounted to HUF 86.6 billion as of 31 March, an 8 decrease compared to the end of. Current assets include assets held for sale which comprises the net carrying value, less cost of sale, of a hotel and hospitality property in Hungary. The Group expects to sell these assets within the next twelve months. Trade receivables decreased by 25, reflecting lower revenues, FX rates movements and the positive effect of our debt collection activities. The amount of property, plant and equipment was HUF 76.2 billion at the end of March, a decrease of 6 over the last 12 months. The majority of this decrease is due to the FX translation effect of foreign subsidiaries. From August the 50 investment in Egészségsziget Kft., our established associate to utilise the land acquired near Hotel Gellért became a fully consolidated subsidiary (before this date it was treated as an associate). CP Holdings purchased the remaining 50 shareholding in August and Danubius simultaneously entered into a put and call option agreement with a view to purchase this shareholding. The underlying purchase price paid by CP Holdings and the amount to be paid by Danubius under the option agreement is the same (EUR 1.7m). The option agreements provide for an option fee of EUR 100,000 and, if relevant, interest from August. Total liabilities at the end of was HUF 35.9 billion, a 16 decrease compared to 31 March due to the decrease of bank loans and trade payables and the strengthening of national currencies against euro. The Group had EUR 94.5 million long-term loans, including short-term portion as of 31March. The value of shareholders equity decreased by 2 compared to 31 March being the combined effect of the after tax gain of HUF 2.4 billion of previous 12 months (due to the reversal of unrealised FX loss), the HUF 3.2 billion decrease of translation reserve and HUF 0.3 billion decrease in minority interest. The parent company mitigates its interest exposure by means of hedging instruments the effect of which is included in P&L in accordance with IAS 39. Cash flow Net cash used in operating activities in the first quarter of was HUF 1.2 billion, a significant improvement compared to HUF 1.7 billion net cash used in, due to the positive result of working capital changes. Capital expenditure in was HUF 0.4 billion, a 40 decrease compared to, reflecting our tight cash management program. During the first quarter of EUR 5.0 million loan has been drawn down for corporate financing purposes, and EUR 0.5 million repayment of borrowings has taken place. 17 MAY 6/13

7 APPENDIX I - Unaudited CONSOLIDATED STATEMENT OF FINANCIAL POSITION PREPARED IN ACCORDANCE WITH IFRS (HUF million) 31 December 31 March 31 March ange Assets 3,537 Cash and cash equivalents 3,529 2, ,372 Trade receivables 1,654 2,198 (25) 824 Inventory (6) 78 Assets held for sale (78) 984 Other receivables current assets 1,043 1,437 (27) 6,795 Total current assets 7,075 7,768 (9) 76,795 Property, plant and equipment 76,171 81,060 (6) 3,208 Intangible assets 3,161 2, Other non-current assets 69 2,109 (97) 201 Deferred tax assets (73) 80,276 Total non-current assets 79,574 86,512 (8) 87,071 Total assets 86,649 94,280 (8) Liabilities and Shareholders' Equity 1,995 Trade accounts payable 1,382 1,733 (20) 672 Advance payments from guests 1, Income tax payable - 3 n.a. 2,901 Other payables and accruals 3,210 3,639 (12) 5,290 Interest-bearing loans and 5,459 8,013 (32) 344 Provisions (23) 11,208 Total current liabilities 11,474 14,700 (22) 21,005 Interest-bearing loans and 21,907 25,236 (13) 1,332 Deferred tax liabilities 1,379 1,410 (2) 1,033 Provisions 1,166 1,230 (5) 23,370 Total non-current liabilities 24,452 27,876 (12) 34,578 Total liabilities 35,926 42,576 (16) Shareholders' Equity 8,285 Share capital 8,285 8,285-7,435 Capital reserve 7,435 7,435 - (1,162) Treasury shares (1,162) (1,162) - 6,354 Translation reserve 6,409 9,586 (33) 29,152 Retained earnings 27,394 24, ,064 Attributable to equity holders of the 48,361 49,092 (2) 2,429 Minority interests 2,362 2,612 (10) 52,493 Total shareholders equity 50,723 51,704 (2) 87,071 Total liabilities and shareholders' 86,649 94,280 (8) 17 MAY 7/13

8 APPENDIX II - Unaudited CONSOLIDATED INCOME STATEMENT PREPARED IN ACCORDANCE WITH IFRS (HUF million) Room revenue 3,234 3,844 (16) Food and beverage revenue 2,365 2,812 (16) Spa revenue 1,148 1,323 (13) Other departmental revenue (4) Revenue from wineries Revenue from security services Other income (47) Total operating revenue and other income 7,481 8,769 (15) Cost of goods purchased for resale Raw material costs 1,956 2,365 (17) Services used 2,001 2,049 (2) Material expenses and services used 4,033 4,478 (10) Wages and salaries 2,717 3,008 (10) Other personnel expenses (5) Taxes and contributions 952 1,020 (7) Personnel expenses 3,940 4,312 (8) Depreciation and amortisation 1,070 1,120 (4) Other expenses (16) anges in inventories of finished goods and work in progress (27) Work performed by the entity and capitalised (4) (6) (33) Total operating expenses 9,484 10,435 (9) Loss from operations (2,003) (1,666) 20 Interest income (60) Interest expense (204) (560) (64) Foreign currency gain/(loss) 445 (2,971) (115) Financial Income/(loss) 260 (3,483) n.a. Loss before tax (1,743) (5,149) (66) 17 MAY 8/13

9 APPENDIX III - Unaudited CONSOLIDATED STATEMENT OF CASH FLOWS PREPARED IN ACCORDANCE WITH IFRS (HUF million) Loss from operations (2,003) (1,666) 20 Depreciation and amortisation 1,070 1,120 (4) Gain on sale of fixed assets - (95) n.a. ange of provisions 133 (5) n.a. Write off of receivables - 11 n.a. anges in working capital (Increase)/decrease of accounts receivable and current assets (758) 359 n.a. Decrease of inventory (Decrease)/increase of accounts payable and other current liabilities 593 (1,059) n.a. Interest paid (294) (396) (26) Income tax paid - (17) n.a. Net cash used in operating activities (1,206) (1,705) (29) Purchase of property, plant and equipment and intangibles (419) (701) (40) Interest received (42) Proceeds on sale of property, plant and equipment - 98 n.a. Net cash used in investing activities (391) (555) (30) Receipt of long-term bank loans 1,343 - n.a. Repayment of long-term bank loans (143) (154) (7) Net cash provided/ (used) by financing activities 1,200 (154) n.a. Net decrease in cash held (397) (2,414) (84) Cash at the beginning of the financial year, net 1 1,981 3, Cash and cash equivalents at the end of the period, net 1 1, Represents the amount of cash and cash equivalents less the amount of bank overdrafts 17 MAY 9/13

10 17 MAY 10/13

11 APPENDIX VII - Unaudited BALANCE SHEET OF DANUBIUS HOTELS NYRT. PREPARED IN ACCORDANCE WITH HAL HUF thousand 31 March 31 March A NON-CURRENT ASSETS 53,626,381 51,719,238 4 I INTANGIBLE ASSETS 57, , Capitalised cost of foundation and restructoring n.a. 2 Capitalised research and development costs n.a. 3 Rights and titles n.a. 4 Intellectual property 57, ,943 (53) 5 Goodwill n.a. 6 Advance payment on intangible assets n.a. 7 Revaluation of intangible assets n.a. II PROPERTY, PLANT AND EQUIPMENT 6,288,700 6,624,831 (5) 1 Real estates and relating rights 6,142,344 6,459,874 (5) 2 Equipments, machines, vehicles 8,286 22,073 (62) 3 Other equipments, fixtures, vehicles 7,742 9,622 (20) 4 Livestock n.a. 5 Capital investments and refurbishments 130, ,262 (2) 6 Advance payments on capital investments n.a. 7 Revaluation of tangible assets n.a. III NON-CURRENT FINANCIAL INVESTMENTS 47,280,296 44,971, Long-term investments 43,728,969 40,300, Long-term loan to related parties 3,534,596 4,653,492 (24) 3 Other long-term investments 15,218 15, Long-term loan to other investments n.a. 5 Other long term loans 1,513 1,946 (22) 6 Long term securities n.a. 7 Revaluation of non-current financial assets n.a. B CURRENT ASSETS 1,849,701 1,546, I INVENTORIES 8,591 8, Raw materials n.a. 2 Work in progress and semifinished goods n.a. 3 Grown, fattened and other livestock n.a. 4 Finished products n.a. 5 Goods, Commodities 8,591 8, Advance payments on stocks n.a. II RECEIVABLES 419, , Receivables from supply of goods and services 1,281 2,168 (41) 2 Receivables from related parties 412, , Receivables from other investment n.a. 4 Bills of exchange n.a. 5 Other receivables 5,020 12,971 (61) III SECURITIES 1,161,021 1,161, Investment in related parties n.a. 2 Other investments n.a. 3 Treasury shares 1,161,021 1,161, Short term securities n.a. IV TOTAL CASH AND CASH EQUIVALENTS 260,877 77, Cash at hand, cheques Bank deposits 260,455 77, C ACCRUALS AND PREPAYMENTS 452, , Accrued income 449, , Prepaid costs and expenses 3,094 24,264 (87) 3 Defered expenses n.a. TOTAL ASSETS 55,928,626 53,539, MAY 11/13

12 31 March 31 March HUF thousand D SHAREHOLDERS' EQUITY 41,339,063 39,288,308 5 I SHARE CAPITAL 8,285,437 8,285,437 0 II REGISTERED BUT UNPAID CAPITAL n.a. III SHARE PREMIUM (CAPITAL RESERVE) 7,138,139 7,138,139 0 IV RETAINED EARNINGS 24,576,091 22,703,711 8 V COMMITED RESERVES 1,339,396 1,161, VI REVALUATION RESERVE n.a. VII NET PROFIT FOR THE PERIOD 136,656 (2,217,383) n.a. E PROVISIONS 75,419 36, Provisions for expected liabilities 75,419 36, Provisions for future expenses n.a. 3 Other provisions n.a. F LIABILITIES 14,195,300 16,260,561 (13) I BACKLISTED LIABILITIES n.a. 1 Backlisted liabilities to related parties n.a. 2 Backlisted liabilities to other investment n.a. 3 Backlisted liabilities to third parties n.a. II LONG TERM LIABILITIES 11,494,319 13,359,744 (14) 1 Long term loans n.a. 2 Convertible bonds n.a. 3 Liability from bond issue n.a. 4 Capital investment and development loans n.a. 5 Other long term loans 11,494,319 13,359,744 (14) 6 Long term liabilities to related parties n.a. 7 Long term liabilities to other investments n.a. 8 Other long term liability n.a. III SHORT TERM LIABILITIES 2,700,981 2,900,817 (7) 1 Short term credits n.a. 2 Short term loans 2,599,076 2,779,565 (6) 3 Advance payments from customers 3,643 4,064 (10) 4 Creditors, Suppliers 3,860 7,337 (47) 5 Bills of exchange n.a. 6 Short term liabilities to related parties 89,440 87, Short term liabilities to other investments n.a. 8 Other short term liabilities 4,962 22,117 (78) G DEFERRALS 182, , Deferred revenues n.a. 2 Deferred costs and expenses 181, , Defered income n.a. TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 55,928,626 53,539, MAY 12/13

13 INCOME STATEMENT OF DANUBIUS HOTELS NYRT. PREPARED IN ACCORDANCE WITH HAL HUF thousand 01. Net domestic sales revenue 467, , Export sales revenue n.a. I. Total net sales revenue 467, , ange in the stock of own prod. n.a. 04. Cap. value of assets of own prod. n.a. II. Cap. value of own production n.a. III. Other income 5 27 (81) 05. Raw material costs 1,359 2,462 (45) 06. Value of services used 149, ,705 (19) 07. Other services 3,831 17,345 (78) 08. Purchase price of goods sold n.a. 09. Value of sold services 1,530 35,815 (96) IV. Material expenditures 156, ,327 (35) 10. Salaries and wages 112, ,530 (7) 11. Other personnel payments 16,666 16, Taxes and contibutions 32,783 41,671 (21) V. Total payroll & related costs 161, ,605 (9) VI. Depreciation 102, ,134 (4) VII. Other expenditures 35,291 31, A. Operating profit 11,303 (153,920) n.a. 13. Dividend received n.a. 14. Capital gain on the sale of shares n.a. 15. Exchange gain of inv. fin. assets n.a. 16. Other interests received 33,206 80,161 (59) 17. Other financial income 288, ,588 (18) VIII Rev. from financial transact. 321, ,749 (25) 18. Exchange loss of inv. fin. assets n.a. 19. Interests payable 159, ,122 (31) 20. Loss of value -securities, deposits n.a. 21. Other financial expences 34,568 2,261,567 (98) IX. Expenditures of fin. transact. 194,213 2,491,689 (92) B. Financial profit or loss 127,070 (2,061,940) n.a. C. Profit from ordinary activities 138,373 (2,215,860) n.a. X. Extraordinary income n.a. XI. Extraordinary loss 1,717 1, D. Extraordinary profit or loss (1,717) (1,523) 13 E. Profit before tax 136,656 (2,217,383) n.a. XII. Corporate tax payable n.a. F. Profit after tax 136,656 (2,217,383) n.a. 22. Dividend paid from profit reserve n.a. 23. Dividend payable/ Minority n.a. G. NET PROFIT FOR THE PERIOD 136,656 (2,217,383) n.a. 17 MAY 13/13

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