Ablon Group
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008
Ablon Group Limited ("Ablon" or "the Company"), a leading real estate owner and
developer in CEE, today announces its results for the period ended 30 June 2008
in accordance with International Financial Reporting Standards (IFRS) as adopted
by the EU.
PROPERTY OVERVIEW
-- Property Assets:
-- Combined estimated value of EUR 654.2(1) million, an increase of 6%
compared to the valuation on 31 December 2007 (EUR 617.4 million).
-- 149,650 square metres of existing and income generating office, retail
and logistical assets (at 13 locations) in Budapest and Prague
-- Significant development land bank comprising a further 1,314,200 square
metres in the next five years (at 26 locations) in Budapest, Prague,
Bucharest, Warsaw and Gdansk
-- Well positioned to expand in other cities in Central and Eastern Europe
following additional plot acquisitions in Prague, Warsaw and Gdansk for
residential development and in Bucharest for an office and residential
development
FINANCIAL HIGHLIGHTS
-- Gross Asset Value growth of 6% to EUR 654.2 million for the 6 months
ended 30 June 2008
-- Net asset value per share decreased marginally from EUR 3.66 to *3.53 at
30 June 2008
-- Pre-tax loss of EUR 14.3 million for the 6 months ended 30 June 2008,
primarily due to the FX impact of local currency revaluations and due to
the absence of scheduled project completions during the period, and a
one-off impairment charge
-- Gross rental income of EUR 8.4 million for the six months of 2008,
representing a 64% increase since the first half of 2007
-- Shareholders funds decreased from EUR 296 million at 31 December 2007 to
EUR 291 million at 30 June 2008
RESULTS IN BRIEF
--------------------------------------
Period ended 30 June
in thousands of Euros 2008 2007
Gross rental income 8,440 5,151
Gross residential income 2 613
---------------------
Gross sales income 8,442 5,350
---------------------
Net gain (loss) from fair value
adjustment on investment property (23,085) 21,314
Impairment of goodwill (3,699) 0
Sales and administrative expenses (4,486) (3,105)
Other income / (expenses) (108) 19
---------------------
Net operating loss / profit (22,826) 23,578
---------------------
---------------------
Net financing income / (expense) 8,532 (874)
Loss / profit before income tax (14,294) 22,704
---------------------
Tax (1,855) (5,577)
---------------------
Minority interest 98
---------------------
---------------------
Loss / profit for the period (12,439) 17,127
---------------------
Basic earnings per share (euro) (0.11) 0.17
---------------------
Diluted earnings per share (euro) (0.11) 0.17
---------------------
SUMMARY CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------
in thousands of Euros 30 June 2008 31 Dec 2007
Assets
Total non-current assets 454,782 404 741
Total current assets 119,100 146 572
-------------------------------
Total assets 573,882 551 313
-------------------------------
EQUITY
-------------------------------
Total equity 290,659 296 090
-------------------------------
LIABILITIES
Total non-current liabilites 243,627 205 303
Total current liabilities 39,596 49 920
-------------------------------
Total liabilities 283,223 255 223
-------------------------------
-------------------------------
Total equity and liabilities 573,882 551 313
-------------------------------
Dennis Twining, Chairman of Ablon, commented: Our first half results reinforce
our ability to generate growth in our core markets in Central and Eastern Europe
and we are pleased to report on the continued growth of our development
portfolio while maintaining relatively low levels of leverage compared to the
industry norm.
In spite of the recent economic downturn and a challenging operating
environment, the demand for the newly built, high-quality office, retail and
residential developments, that Ablon is renowned for, continues to be strong in
the region. During the first half of 2008, Ablon recorded a 64% increase in
gross rental income compared to the same period in 2007 and a 6% increase in
Gross Asset Value to EUR 654.2 million. This is further proof of Ablon's strong
market position and reflects the strength of the Company's business model as we
consolidate our position as one of the leading real estate owners and developers
in Central and Eastern Europe.
As reported in our CEO's statement, the Directors have decided against
recommending a dividend payment for 2008. We remain committed to our long term
strategy of generating enhanced value for our shareholders through secure income
streams and asset realizations. We are optimistic about our prospects for the
remainder of 2008 and on behalf of Ablon's Board and Executive Management I
would like to thank our dedicated employees and committed shareholders, for
their support in enabling us to expand our market position during the first half
of 2008.
CONFERENCE CALL INFORMATION
The Company will host a conference call to present the results at 3 pm (London
Time) / 4 pm (CET) / 10 am (New York Time) today.
To participate in the conference call, please register online at:
www.sharedvalue.net/ablon/hy2008.
The number for the conference call will be available upon registration.
For further information, please contact:
Ablon Group Limited Shared Value Limited
Daniel Avidan, CFO Nicolas Duperrier
Tel. +36 1 225 6600 Tel. +44 (0)20 7321 5010
ablon@sharedvalue.net
KBC Peel Hunt Ltd ING Wholesale Banking
(Nominated Adviser and Broker) (Joint Corporate Broker)
Capel Irwin / Alex Vaughan / Daniel Harris Aur�lie Barry
Tel. +44 (0)20 7418 8900 Tel. +44 (0)20 7767 6572
ABOUT ABLON GROUP
Founded in 1993 in Budapest (Hungary), Ablon Group has properties at 33
different locations split into 66 different projects or phases, of which there
are 14 completed projects and 19 development projects in Budapest, Prague,
Bucharest, Warsaw and Gdansk. Its portfolio comprises a diversified mix of
office, residential, retail, logistics and hotel developments valued at EUR
654.24 million by King Sturge, an independent valuation firm, as at 30 June
2008. Ablon has to date approximately 149,650 square metres of existing and
income generating office and retail assets (at 14 locations) in Budapest and
Prague, with a significant development land bank comprising a further 1,253,500
square metres in the next five years (at 26 locations) in Budapest, Prague,
Bucharest, Warsaw and Gdansk. Ablon's shares are traded on the AIM market of the
London Stock Exchange under the ticker 'ABL'.
C.E.O. INTERIM STATEMENT
Property Portfolio
As at 23 September 2008, Ablon Group's portfolio comprised properties at 33
different locations split into 66 different projects or phases, of which there
were 14 completed projects and 19 development projects as follows:
-- Properties at 18 locations in Budapest, with a total of 31 phases of
development. The properties comprised 12 completed projects (including
Z�ldv�ros Residential Park which has sold 239 out of the total of 240
flats) and 19 development projects,
-- Properties at 7 locations in Prague, with a total of 12 phases of
development, comprising 3 completed projects and 9 development projects,
-- Properties at 6 locations in Bucharest, with a total of 18 phases of
development, comprising 18 development projects,
-- Property at 2 locations in Poland, with a total of 5 phases of
development.
Operational Review
During 2008, Ablon Group had residential, retail and office development projects
at the following locations:
Budapest
Global Immo Kft., a wholly owned subsidiary of Ablon Group and the project
company for the Gateway Office Park project in Budapest, completed 35,800 square
metres at the beginning of the year, and by June 2008 achieved 94% occupancy
with highly qualified tenants.
In December 2007, the Company signed a 30-year management contract with Marriott
for its hotel at the Blaha Center (previously called Europeum). The development
includes a four-star hotel which will have 235 rooms, 5,500 square metres of
retail space and 229 parking places. Construction is expected to be completed
during the fourth quarter of 2009 and the total cost of the project is estimated
to be EUR 40 million, while net operating income from the project, including
income from the hotel, parking and retail space, is expected to reach around EUR
4.5 million per year for the Company.
In August 2007, the Group started the construction of the second phase of the M3
business centre. The property is an office building situated in the developing
business district of Budapest, located near the junction of the M3 highway and
Hungaria krt. Once the entire development is completed, it will provide a total
of approximately 18,000 square metres of lettable office space. Completion of
the second and final phase of development, totaling 8,400 square metres of
office space, is expected to happen during the fourth quarter of 2008.
In June 2008, the Group completed the construction of the first phase of the
Airport City Logistics Park in the southeast of Budapest. The first phase
includes 10,000 square metres of warehouse and office space. As of 30 June 2008,
the Company had leased 46% of the first phase. The remaining phases of the
project are expected to be completed by the end of 2009. The total project will
include a logistics centre with a 50,000 square metres warehouse and 21,000
square metres of office space.
In June 2008, the Group started the construction of the third phase of the BC99
project. The new office building will have 17,000 square meters of high quality
office space. Construction at the site is expected to be completed by the end of
2009.
In March 2008, the Group completed the acquisition of a 5,409 square meter
building in Budapest with the intention of converting it into a 74 bedroom
luxury boutique hotel for a total development cost of EUR 11 million. Work on
the development is expected to be completed towards the second quarter of 2009.
Located in the 6th district on the Pest side of Budapest, the property is part
of a historical residential area with traditional retail units on the ground
levels of the site. The development lies on the border of Budapest's historic
centre and the dynamic 13th district, opposite the planned new Government
Quarter. Budapest's biggest shopping centre (Westend) and the West Railway
Station are also in close proximity.
Prague
The group has started the construction and marketing of Viva residential project
in Prague. The project includes 162 apartments over 10,800 square metres.
Construction is expected to be completed by the end of 2009.
Bucharest
The Company started the marketing of the first phase of the Sunset residential
project in Timisoara blv. in Bucharest. The project will include about 1,800
apartments that will be built in 4 phases over the next five years.
In June 2008, the Group completed the acquisition of a 133,264 square meter plot
in Northern Bucharest, Romania, in close proximity to the city's international
airport (Henri Cuanda, Otopeni). On the site of "Airport City" in Bucharest,
Ablon will develop a zone of modern offices and high tech facilities built to
exploit the increasing commercial activity around the airport. According to the
PUG (Bucharest General Urban Plan) the current building rights for the plot
extends to 266,500 meters (i.e. 200%). The total development cost is expected to
be approximately EUR 280 million. Construction is scheduled to commence within
24 months, and will continue over five phases with the final phase completed
within six years. The site is located 500 meters north of Bucharest's
international airport, and 1.8 km from the DN1 highway, and is easily accessible
by train and car.
In July 2008, the Group completed the acquisition of a 1,840 square meter plot
in the second sector of central Bucharest. Ablon has obtained building rights to
develop an 11,000 square meter class 'A' office building and the project is
expected to have a total development cost of approximately EUR 15 million.
Construction is scheduled to commence within the next 12 months and is expected
to take 24 months to complete. The project is expected to generate revenues of
approximately EUR 2.4 million per annum. The plot, which is conveniently located
between Bucharest's old and new business districts, within easy reach of Unirii
Square, Parliament and Piata Universitate, already has the specific zoning
criteria (PUD) required for the planned development.
Poland
In January 2008, Ablon completed the acquisition of the Company's first
residential venture in Poland, in line with the Company's strategy of building a
solid portfolio of assets in the most attractive cities in Central and Eastern
Europe. The plot, which is a 5,290 square metre plot located in the centre of
Warsaw, is within close proximity of the Daewoo / World Trade Tower and the new
Hilton Hotel and Residential Towers. The project is situated in one of the most
exclusive and highly sought after locations in central Warsaw. The Company plans
to build up to 13 floors of mixed use space at the site, occupying approximately
14,500 square metres of office space, and 2,500 of high end residential units.
The total development cost is estimated at EUR 40 million. Construction at the
site will commence in the first quarter of 2009 and is expected to last 2 years.
The total gross value of the project is expected to be between EUR 70 and EUR 85
million.
In March 2008, the Group completed the acquisition of an 88,000 square metre
plot of land in Gdansk, through a joint venture in which Ablon has a 51% stake.
Ablon intends to develop the site into a 3-floor luxury residential complex with
recreational facilities for a total development cost of approximately EUR 95
million. Construction at the site is scheduled to commence within 15 months over
4 different phases with completion expected 4 years later. Ablon expects the
project to generate an income of between EUR 190 million to EUR 220 million once
all 4 phases are complete. The Company also has an option to buy an additional
30,000 square metres of land in close proximity to the site.
Portfolio summary
The updated list of the Group's projects as at 30 June 2008 is detailed
overleaf:
Expected Valuation
Annualized Occupancy Future by King
Completed Gross Rent rate (%) Currently Development Sturge
Project Group Project Type Lettable (EUR under sites (sq. (EUR
holding Area million development m) as at million)
(sq. m) p.a.) September as at
as at 2008 30.6.08
30.6.08
------------------------------------------------------------------------------------------------------
Budapest
------------------------------------------------------------------------------------------------------
BC. 99 100% Office 15,900 2.5 92% 17,400 20,200 61.7
Budafoki 100% Office 2,600 0.3 81% 0 136,000 27.2
Fogarasi 100% Office 2,700 0.4 100% 0 0 5.6
M3 100% Office 9,900 0.9 54% 8,400 0 32.2
BC. 91 100% Office 6,700 1.1 100% 0 0 15.0
BC. 30 100% Office 12,900 2.3 97% 0 0 35.6
Buy-Way Retail
Dunakeszi 100% 21,600 1.5 58% 0 3,700 23.2
Buy-Way Retail
Soroksar 100% 11,900 0.7 59% 0 0 13.7
Zoldvaros 100% Residential 0 29,100 8.6
Gateway 100% Office 35,800 5.3 94% 0 0 85.7
Blaha Hotel/Retail
Center l 100% 0 18,700 0 44.4
Airport Storage
City 100% 10,300 0.6 76% 0 60,800 22.6
Hold Hotel
Residence 100% 0 6,700 10.8
Katona Hotel
Residence 100% 0 6,100 8.9
Nap Hotel
Residence 100% 0 0.05 5,100 7.1
Rosslyn Hotel
hotel 100% 0 5,400 0 8.9
Erzsebet 100% Office 0 17,900 6.8
NewAge 100% Office 0 13,700 13.7
Rakoczi Retail
(*) 100% 750 1.0
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Total
Budapest 131,050 15.65 80.0% 49,900 299,300 432.7
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Prague
------------------------------------------------------------------------------------------------------
Palmovka 100% Office 4,200 0.8 99% 0 0 9.3
Meteor 100% Office 14,400 1.9 98% 0 5,500 35.8
VIVA Residential
Residence 100% 0 10,800 0 6.3
May House 100% Office 0 0 7,200 5.9
Kolben 100% Mixed use 0 0 73,000 38.0
Ritka 100% Residential 0 0 64,000 6.9
------------------------------------------------------------------------------------------------------
Total
Prague 18,600 2.7 98.2% 10,800 149,700 102.2
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Bucharest
------------------------------------------------------------------------------------------------------
Mogosaia 88% Residential 40,000 8.6
Sunset Residential
Res. 88% 184,500 37.4
Pipera 3H 100% Mix 100,000 10.8
Pipera 4H 100% Mix 100,000 29.2
Airport Office
city (*) 100% 264,000 11.0
------------------------------------------------------------------------------------------------------
Vlad Tepes Office Not
100% 11,000 Included
Minority -2.5
------------------------------------------------------------------------------------------------------
Total
Bucharest 0 0 0 699,500 94.5
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Poland
------------------------------------------------------------------------------------------------------
Warsaw Mix
center
(*) 100% 0 0 0 17,000 18.5
------------------------------------------------------------------------------------------------------
Gdansk (*) 51% Residential 0 0 0 88,000 6.3
------------------------------------------------------------------------------------------------------
Minority
------------------------------------------------------------------------------------------------------
Total
Poland 105,000 24.8
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
Total
Group 149,650 18.35 82.5% 60,700 1,253,500 654.2
------------------------------------------------------------------------------------------------------
(*) Management valuation
Out the total valuation of EUR 654.2 million, completed projects account for EUR
299.3 million.
Financial Review
Gross rental income
Gross rental income was EUR 8.4 million for the six months ended 30 June 2008,
representing an increase of EUR 3.3 million, or 64%, from the EUR 5.2 million
generated during the six months ended 30 June 2007. This increase can be
attributed to the opening of the new Gateway project in Budapest at the
beginning of 2008, higher occupancy of the BC30 project in Budapest and the
improved occupancy at the Meteor A+B Offices in Prague.
Gross residential income
The group did not report income from residential activity during the six months
ended 30 June 2008. The EUR 0.6 million income for the six months ended 30 June
2007 was from the completion of the Zoldvaros project in Budapest.
Net service charge income
Net service charge income was EUR 0.2 million for the six months ended 30 June
2008, an increase of EUR 0.1 million from the EUR 0.1 million generated during
the six months ended 30 June 2007.
Cost of Residential income
The Cost of Residential income was EUR 0.1 million for the six months ended 30
June 2008, a decrease of EUR 0.4 million from the EUR 0.5 million during the six
months ended 30 June 2007. The decrease in residential income is a result of the
sale of all the units in the Zoldvaros residential project in Budapest.
Net (loss) / gain on fair value adjustment of investment property
Net loss on the fair value adjustment of investment property was EUR 23.1
million for the six months ended 30 June 2008, representing a decrease of EUR
44.4 million, from the EUR 21.3 million gain generated during the six months
ended 30 June 2007. Revaluation gains are mainly impacted by the completion of
investment properties projects, or due to an increase/decrease in the value of
Ablon's existing portfolio. The main reason for the 2008 revaluation losses is
the appreciation of the Hungarian Forint by 6.5% and the Czech Crown by 10.5%
against the Euro. Since the King Sturge valuation report is prepared in local
currencies but presented in Euros, with the valuation prepared by the appraisals
in Euros, there is a decrease of approximately EUR 26 million in net loss/gain
solely due the appreciation of local currencies.
Impairment of goodwill
EUR 3.7 million of the losses incurred during the six months ended 30 June 2008,
was the result of adjusting to market value the purchasing cost of the company
that owns Ablon's Warsaw development.
Selling and marketing expenses
Selling and marketing expenses were EUR 0.9 million for the six months ended 30
June 2008, an increase of EUR 0.2 million, or 28%, from the EUR 0.7 million at
the six months ended 30 June 2007. The increase was mainly due to marketing
efforts relating to Ablon's first residential project in Romania: 'Sunset
Residences'.
Administrative expenses
Administrative expenses were EUR 3.6 million for the six months ended 30 June
2008, an increase of EUR 1.2 million or 50% from the EUR 2.4 million spent
during the six months ended 30 June 2007. This increase consisted of EUR 0.4
million spent on stock options and bonus shares granted to employees during the
IPO process and for the year 2007, an increase of EUR 0.3 million in wages due
to a higher headcount and a EUR 0.2 million increase in legal services. An
additional EUR 0.3 million comes from price inflation in Euro terms in the
different countries in which the Company is active, represented by higher
miscellaneous expenses such traveling costs, car expenses etc.
Net Financing income / (expense)
Net Financing income was EUR 8.5 million for the six months ended 30 June 2008,
representing a decrease of EUR 9.4 million from the EUR 0.9 million expense
recorded during the six months ended 30 June 2007. The decrease in financial
expenses is primarily due to appreciation of local currencies in Hungary and
Czech Republic of 6.5%, and 10.5% respectively against the Euro. Since the
Company borrows in Euro, the value of the loans in the local currencies is
substantially less.
Current Income Tax
Current Income Tax was EUR 0.7 million for the six months ended 30 June 2008, an
increase of EUR 0.3 million, from EUR 0.4 million for the six months ended 30
June 2006.
Deferred Income Tax
Deferred Income Tax decreased by EUR 7.8 million from a EUR 5.2 million expense
in the six months ended 30 June 2007 to a EUR 2.6 million income for the six
months ended 30 June 2008. The decrease is primarily due to the net valuation
losses, which were only partially offset by the finance income. Since Ablon is
incorporated in Guernsey, the deferred taxes are not expected to be paid, as the
Group is able to sell the company that holds the property and not the property
itself.
Balance Sheet Overview
Investment property
Investment property increased in value by EUR 37.2 million, to EUR 407.2 million
as of 30 June 2008, from EUR 370.0 million as at 31 December 2007. The increase
was primarily due to the purchase of 2 sites in Warsaw and Bucharest, and the
completion of the first building in the Airport city project in Budapest.
Current assets
Current assets include inventories (in particular, property intended for sale),
current receivables (rent receivables, receivables from property sales, and
receivables from shareholders) and other assets, bank balances and cash. Total
current assets decreased by EUR 27.5 million from EUR 146.6 million at
31 December 2007 to EUR 119.1 million at 30 June 2008. The decrease was
primarily due to a EUR 37.7 million decrease in cash and financial securities as
a result of purchasing new development sites in Poland and Romania. The
inventory increase of EUR 12.3 million is due to the purchase of one site in
Poland for residential purpose, and investments in the current projects in
Bucharest and Prague.
Non-Current Liabilities
Non-current liabilities include long-term borrowings from commercial banks and
shareholders, as well as deferred tax liabilities for future tax obligations.
Total non-current liabilities increased by EUR 38.3 million from EUR 205.3
million as at 31 December 2007 to EUR 243.6 million as at 30 June 2008. This was
primarily due to an increase of EUR 35.3 million in long term borrowing, mainly
as a result of the refinancing of some of the yielding assets, and for project
finance.
Current Liabilities
Current liabilities decreased by EUR 10.3 million from EUR 49.9 million at
31 December 2007 to EUR 39.6 million at 30 June 2008. The decrease was primarily
due to EUR 10.5 million in short term loans that were refinanced to long term
loans.
Liquidity and capital resources
The Group's liquidity and capital resources come from operations, rental income
and the sale of apartments. The Group finances its development activity with
bank loans and shareholder loans. Typically, project finance covers the 3 year
duration of the construction, and after the construction completion, the loan is
usually extended to a long term loan of between 12-15 years.
The loan to value ratio is 33% at 30 June 2008, compared to 31% at 31 December
2007.
NAV
The Company's real estate assets were valued on 30 June 2008 at EUR 654.2
million (for its share) by an external independent appraiser (King Sturge), in
accordance with International Valuation Standards. The Company's policy is to
revalue its assets twice each year, ordinarily on 30 June and 31 December. The
following table demonstrates the calculation of Adjusted Net Asset Value based
on the King Sturge valuation report and the Company's financial statements as of
30 June 2008:
EUR Million
June 30, 2008 December 31, 2007
Shareholders' equity 290.7 296.1
Valuation Adjustments(2) 140.4 167.4
Deferred Tax Liability 48.9 45.7
Minority rights -0.1 -2.6
Total adjusted net asset value 479.9 506.6
NAV per share EUR 4.41 4.65
NAV per share * 3.53 (EUR /* = 1.25) 3.66 (EUR /* = 1.27)
The decrease in the NAV is primarily due to the change in the assumptions that
was used by the appraisals, which have resulted in higher exit yields, higher
discount rates and higher construction costs for new development projects.
Dividend Policy
As explained in the Company's Admission Document, the Company has adopted a
dividend policy that will reflect long-term earnings and cash flow potential
while at the same time maintaining both prudent dividend cover and adequate
capital resources within the business.
In May 2008, the Group paid a cash dividend of *4.0 million to the Group's
shareholders (or 2 per cent of Ablon's net asset value (NAV) on September 2006)
on account of the profits of 2007. This dividend is in line with the dividend
policy that was declared before the IPO. This was Ablon's first dividend payment
to shareholders since the Company's initial public offering in February 2007.
Based on the total number of 109,608,919 shares in issue at the time, the
dividend per share was �0.0365.
As a result of increased volatility in the global financial markets, and
resulting uncertainty, the Company's Board of Directors has decided it would not
be prudent to recommend the payment of a dividend for the current year.
Ablon has taken this step to support the Company's growth initiatives during the
current challenging market environment. The Company's Management and Board of
Directors believe that shareholders' interests will be better served by
retaining its earnings. The board will revisit the dividend policy when it will
discuss the 2008 full year financial statements.
Further to this, the remuneration committee of the board has also approved the
issuing of 744,820 new shares as part of the senior management team's long term
incentive plan, approved during the Company's IPO in February 2007.
The Board has approved the awarding of these incentives as the Company
successfully reached Net Asset Value (NAV) growth criteria for 2007. The shares
will be kept in a trust account for a period of 12 months before being awarded
to the respective members of the management team. A similar set of NAV growth
targets will also determine incentives awarded to senior management for 2008.
Uri Heller
C.E.O.
(1) Based on the latest King Sturge valuation report as at 30 June 2008
(2) Property valuation of 654.2 less IFRS Investment property (EUR 407.2m),
investment property under development (EUR 29.1m), property plant and equipment
(EUR 7.2m) and inventories (EUR 70.3m)
Independent Auditors' Report on Review of Interim Financial Statements
To the shareholders of Ablon Group Limited
Introduction
We have reviewed the accompanying condensed consolidated balance sheet of Ablon
Group Limited ("the Company") as at 30 June 2008, and the related condensed
consolidated income statement, condensed consolidated statement of changes in
equity and condensed consolidated cash flow statement for the 6 month period
then ended, and a summary of significant accounting policies and other
explanatory notes (the interim financial statements). Management is responsible
for the preparation and fair presentation of these condensed consolidated
interim financial statements in accordance with IAS 34, 'Interim Financial
Reporting'. Our responsibility is to express a conclusion on these interim
financial statements based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity". A review of interim financial statements
consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the accompanying condensed consolidated interim financial statements do not
give a true and fair view of the financial position of the entity as at 30 June
2008, and of its financial performance and its cash flows for the 6 month period
then ended in accordance with IAS 34, 'Interim Financial Reporting'.
23 September 2008
KPMG Hung�ria Kft.
Ag�cs G�bor
Partner
ABLON Group
Condensed Consolidated Interim
Financial Statements
Prepared under IFRS as adopted by the EU
Six months ended 30 June 2008
All amounts in thousands of Euros except otherwise stated.
The notes on pages 7 to 22 are an integral part of these consolidated condensed
financial statements.
Condensed consolidated balance sheet
in thousands of Euros Note 30 Jun 2008 31 Dec 2007
ASSETS
Non-current assets
Investment property 5 407 243 369 952
Investment property under development 5 29 070 24 551
Property, plant and equipment 6 7 242 1 299
Other non-current assets 11 013 8 807
Deferred income tax assets 214 132
-----------------------------
Total non-current assets 454 782 404 741
-----------------------------
Current assets
Other current assets 6 260 7 601
Inventories 7 70 292 57 991
Trade receivables 1 288 2 050
Financial instruments 24 586 51 144
Cash and cash equivalents 16 674 27 786
-----------------------------
Total current assets 119 100 146 572
-----------------------------
-----------------------------
Total assets 573 882 551 313
-----------------------------
EQUITY
Capital and reserves
Share capital 1 089 1 089
Foreign exchange reserve 11 374 178
Share based employee benefits 1 753 875
Share premium 255 893 255 893
Retained earnings 8 20 452 38 055
-----------------------------
Total equity attributable to equity
holders of the Controlling
Shareholders 290 561 296 090
-----------------------------
Minority interest 98 -
-----------------------------
Total equity 290 659 296 090
-----------------------------
LIABILITIES
Non-current liabilities
Other non-current liabilities 1 962 2 165
Borrowings 9 192 718 157 393
Deferred income tax 48 947 45 745
-----------------------------
Total non-current liabilites 243 627 205 303
-----------------------------
Current liabilities
Trade and other payables 14 515 14 663
Current income tax liabilities 492 157
Borrowings 9 24 589 35 100
Provisions 0 0
-----------------------------
Total current liabilities 39 596 49 920
-----------------------------
-----------------------------
Total liabilities 283 223 255 223
-----------------------------
-----------------------------
Total equity and liabilities 573 882 551 313
-----------------------------
Condensed consolidated income statement
6 months ended
in thousands of Euros Note 30 Jun 2008 30 Jun 2007
Gross rental income 8 440 5 151
Gross residential income 11 2 613
Net service charge income/ (expense) 161 132
Cost of residential income 11 (51) (546)
-------------------------
Net sales income 8 552 5 350
-------------------------
Net gain from fair value adjustment on
investment property 5 (23 085) 21 314
Impairment of goodwill 10 (3 699) 0
Selling and marketing costs (870) (685)
Administrative expenses (3 616) (2 420)
Other income 87 37
Other expenses (195) (18)
-------------------------
Net operating profit (22 826) 23 578
-------------------------
Financial income 17 480 4 070
Financial expense (8 948) (4 944)
-------------------------
Net financing income / (expense) 8 532 (874)
Profit before income tax (14 294) 22 704
Current income tax (718) (403)
Deferred income tax 2 573 (5 174)
-------------------------
1 855 (5,577)
-------------------------
Profit for the year (12 439) 17 127
-------------------------
Minority interest 98 0
Equity holders of the parent (12 537) 17 127
-------------------------
Profit for the period (12 439) 17 127
-------------------------
-------------------------
Basic earnings per share (euro) (0.11) 0.17
-------------------------
Diluted earnings per share (euro) (0.11) 0.17
-------------------------
Condensed consolidated cash flow statement
First six months 2008 First six months 2007
Net cash from operating activities (14 992) (23 358)
Net cash used in investing activites (10 418) (14 547)
Net cash used in financing activities 14 298 122 509
Net cash decrease in cash and cash equivalents (11 112) 84 424
Cash and cash equivalents at beginning of the
year 27 786 6 079
Cash and cash equivalents at the end of the year 16 674 90 503
Condensed consolidated statement of changes in equity
in thousands of Euros Note Attributable to equity holders of the Company Subtotal Minority Total
interest equity
--------------------------------------------------------------------------------
Share Retained Share Share Foreign Attributable
capital earnings premium based exchange to equity
employee reserve holders of
benefits the Group
------------------------------------------------------------------------------------------------------------------------
Balance at 1 January 2007 1 612 127 853 13 0 (2 449) 127 029 2 282 129 311
------------------------------------------------------------------------------------------------------------------------
Shares cancelled (1 612) (127 853) ( 13) 2 449 (127 029) (127 029)
Shares issued 1 089 0 1 089 1 089
Capital contribution by
shareholders net of costs 255 633 255 633 255 633
Minority share purchased 0 (2 282) (2 282)
Dividend paid 0 0 0 0 0 0 0
------------------------------------------------------------------------------------------------------------------------
Subtotal: Capital transactions
with shareholders ( 523) (127 853) 255 620 0 2 449 129 693 (2 282) 127 411
------------------------------------------------------------------------------------------------------------------------
Current year foreign exchange
translation adjustment 2 292 2 292 2,292
Share options granted 404 404 404
Current period profit / loss 0 17 127 0 17 127 17,127
------------------------------------------------------------------------------------------------------------------------
Subtotal: Recognised income and
expense for the year 0 17 127 0 404 2 292 19 823 0 19,823
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Balance at 30 June 2007 1 089 17 127 255 633 404 2 292 276 545 0 276 545
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Balance at 30 June 2007 1 089 17 127 255 633 404 2 292 276 545 0 276 545
------------------------------------------------------------------------------------------------------------------------
Capital contribution by
shareholders net of costs 260 260 260
Dividend paid 0 0 0 0 0 0
------------------------------------------------------------------------------------------------------------------------
Subtotal: Capital transactions
with shareholders 0 0 260 0 260 0 260
------------------------------------------------------------------------------------------------------------------------
Current year foreign exchange
translation adjustment (2 114) (2 114) (2 114)
Share options granted 471 471 471
Current period profit / loss 0 20 928 0 0 20 928 20 928
------------------------------------------------------------------------------------------------------------------------
Subtotal: Recognised income and
expense for the year 0 20 928 0 471 (2 114) 19 285 0 19 285
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Balance at 31 December 2007 1 089 38 055 255 893 875 178 296 090 0 296 090
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Balance at 1 January 2008 1 089 38 055 255 893 875 178 296 090 0 296 090
------------------------------------------------------------------------------------------------------------------------
Dividend paid 0 (5 066) 0 0 0 (5 066) (5 066)
------------------------------------------------------------------------------------------------------------------------
Subtotal: Capital transactions
with shareholders 0 (5 066) 0 0 0 (5 066) 0 (5 066)
------------------------------------------------------------------------------------------------------------------------
Current year foreign exchange
translation adjustment 11 196 11 196 11 196
Share options granted 878 878 878
Current period profit / loss 0 (12 537) 0 (12 537) 98 (12 439)
------------------------------------------------------------------------------------------------------------------------
Subtotal: Recognised income and
expense for the year 0 (12 537) 0 878 11 196 ( 463) 98 ( 365)
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Balance at 30 June 2008 1 089 20 452 255 893 1 753 11 374 290 561 98 290 659
------------------------------------------------------------------------------------------------------------------------
Notes to the condensed consolidated interim financial statements
1. Reporting Entity
ABLON Group Ltd (hereinafter "the Company") is a company domiciled in Guernsey.
The condensed consolidated interim financial statements of the Company as at and
for the period ended 30 June 2008 comprise the Company and its subsidiaries
(together referred to as the "Group" and individually as "Group entities").
The Company has been listed on the London AIM exchange. The Group is managed
from Guernsey, and the official address of its headquarters is GY1 4HQ Frances
House, Sir William Place, St Peter Port, Guernsey.
The Group owns subsidiary companies which purchase, develop, hold and sell real
estate assets with a major real estate portfolio in Central and Eastern Europe.
The Group entities are limited liability companies incorporated and domiciled in
Hungary, the Czech Republic, Romania, Poland as listed below:
Controlling
Shareholders Country of
Name of entity share incorporation
ABLON Bucharest Real Estates Development Romania
S.R.L 100%
ABLON Kft. 100% Hungary
ABLON Sp. z o.o. 100% Poland
ABLON s.r.o. 100% Czech Republic
Airport City Kft. 100% Hungary
Airport City s.r.o. 100% Czech Republic
B.C.P. Kft. 100% Hungary
BC 2000 s.r.o. 100% Czech Republic
Bright Site Kft. 100% Hungary
CD Property s.r.o. 100% Czech Republic
Century City Kft. 100% Hungary
Duna Office Center Kft. 100% Hungary
ES Bucharest Development S.R.L. 100% Romania
ES Bucharest Properties S.R.L. 100% Romania
ES Hospitality S.R.L. 100% Romania
First Chance Kft. 100% Hungary
First Site Kft. 100% Hungary
Future Field Kft. 100% Hungary
Global Center Kft. 100% Hungary
Global Development Kft. 100% Hungary
Global Estates Kft. 100% Hungary
Global Immo Kft. 100% Hungary
Global Investment Kft. 100% Hungary
Global Management Kft. 100% Hungary
Global Properties Kft. 100% Hungary
Hotel Rosslyn Kft. 100% Hungary
HD Investment s.r.o. 100% Czech Republic
ICL 1 Budapest Kft. 100% Hungary
Insite Kft. 100% Hungary
MH Bucharest Development S.R.L 88% Romania
MH Bucharest Properties S.R.L 88% Romania
Mor Eden Sp. z.o.o. (from Januar 2008, Poland
see Note 10) 100%
MQM Czech s.r.o. 100% Czech Republic
New Field Kft. 100% Hungary
New Sites Kft. 100% Hungary
Polygon BC s.r.o. 100% Czech Republic
RSL Real Estate Development S.R.L. 100% Romania
SPH Development Sp. z o.o. 51% Poland
SPH Properties Sp. z o.o. 100% Poland
STRIPMALL Management Kft. 100% Hungary
Szolg�ltat�h�z Kft. 100% Hungary
YZ Holding spol. s.r.o. 100% Czech Republic
Volanti Ltd. 100% Cyprus
These condensed consolidated interim financial statements have been authorised
for issue by the Board of Directors on the 23rd of September 2008.
The principal accounting policies applied in the preparation of these condensed
consolidated interim financial statements are set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
2. Summary of Accounting Policy
2.1 Basis of preparation
(a) Statement of compliance
ABLON Group's condensed consolidated interim financial statements for January 1
- June 30, 2008 has been prepared in line with International Financial Reporting
Standards (IFRSs) as adopted by the EU. ABLON Group Ltd has applied the same
accounting principles in the preparation of condensed consolidated interim
report as in its consolidated financial statements for 2007. The information
presented in the consolidated report has been reviewed by the auditor.
These financial statements are not intended to be used for statutory filing
purposes.
(b) Basis of measurement
The condensed consolidated interim financial statements have been prepared under
the historical cost convention except that investment property and financial
instruments at fair value through profit or loss are measured at fair value.
Non-current assets are stated at the lower of carrying amount and fair value
less cost to sell. The Group does not have asset disposal groups held for sale.
(c) Functional and presentation currency
Items included in the financial statements of each of the Group's entities are
measured using the currency of the primary economic environment in which the
entity operates (the 'functional currency'), which is either Hungarian Forint
(HUF) in Hungary, Czech Crowns (CZK) in Czech, Polish Zloty (PLN) in Poland or
Romanian Lei (RON) in Romania. The condensed consolidated interim financial
statements are presented in euros (rounded to the nearest thousand), which is
the Group's presentation currency in line with requirements of the European
markets.
(d) Basis of consolidation
Financial statements of the companies within the ABLON Group are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) of Hungary,
Czech Republic, Poland and Romania. These local GAAPs differ in certain respects
from IFRSs. When preparing these condensed consolidated interim financial
statements, management has made adjustments to those financial statements for
changes to certain accounting and valuation methods applied in the local GAAP
financial statements to comply with IFRSs as adopted by the EU.
The preparation of financial statements in conformity with IFRSs requires the
use of certain critical accounting estimates. It also requires management to
exercise its judgment in the process of applying the Group's accounting
policies. The areas involving a higher degree of judgment or complexity, or
areas where assumptions and estimates are significant to the condensed
consolidated interim financial statements, are disclosed in Note 3 (Critical
accounting estimates and judgments).
(e) Application of new standards
A number of new standards, amendments to standards and interpretations are not
yet effective for the period ended 30 June 2008, and have not been applied in
preparing these condensed consolidated interim financial statements:
IFRS 8 Operating Segments introduces the "management approach" to segment
reporting. IFRS 8, which becomes mandatory for the Group's 2009 financial
statements, will require the disclosure of segment information based on the
internal reports regularly reviewed by the Group's Chief Financial Officer in
order to assess each segment's performance and to allocate resources to them.
Currently the Group presents segment information in respect of its business (see
note 4). Under the management approach, the Group will present segment
information in respect of residential and commercial segments.
IFRIC 11 IFRS 2 - Group and Treasury Share Transactions, IFRIC 12 Service
Concession, IFRIC 13 Customer Loyalty, IFRIC 14 IAS 19 - The Limit on a Defined
Benefit Asset, Minimum Funding Requirements and their Interaction are not
relevant for the Group.
2.2 Basis of consolidation
Subsidiaries within the Group are all entities over which Ablon Group Ltd. has
the power to govern the financial and operating policies generally accompanying
a shareholding of more than one half of the voting rights. The existence and
effect of potential voting rights that are currently exercisable or convertible
are considered when assessing whether the Group controls an entity.
Subsidiaries are fully consolidated from the date on which control is commences
until the date control ceases.
The purchase method of accounting is used to account for the acquisition of
subsidiaries. The cost of an acquisition is measured as the fair value of the
assets given, equity instruments issued and liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the acquisition.
Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the
acquisition date. The excess of the cost of acquisition over the fair value of
the Group's share of the identifiable net assets acquired is recognised as
goodwill. If the cost of acquisition is less than the fair value of the net
assets of the subsidiary acquired, the difference is recognised directly in the
income statement.
Inter-company transactions, balances and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of subsidiaries have been aligned with those of
the individual entities and the consolidated Group where necessary to ensure
consistency with the policies adopted by the Group.
2.3 Segment reporting
Based on its organisational and management structure, and internal financial
reporting system, the Group uses business segments, being a distinguishable
component of the Group that provides a similar type or class of customers with a
group of related products and services subject to substantially similar risks
and returns, as its primary segment reporting format and geographical segments,
being a particular economic and political environment subject to substantially
similar risks and returns, as its secondary segment reporting format.
Segment revenues, segment expenses, segment assets and segment liabilities are
determined as those that are directly attributable or can be allocated to a
segment on a reasonable basis, including factors such as the nature of items,
the conducted activities and the relative autonomy of the unit. The Group
allocates segment revenues and segment expenses through an inter-segment pricing
process.
2.4 Foreign currency translation
(a) Transactions and balances
Transactions in foreign currencies are translated into the respective functional
currencies of the Group entities using the commercial bank exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in
foreign currencies into the relevant functional currency are recognised in the
income statement. Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the exchange rate
at the date of the transaction. Non-monetary assets and liabilities denominated
into the relevant functional currencies that are stated at fair value are
translated to the functional currency at the foreign exchange rates prevailing
at the dates the fair value was determined.
(b) Group companies
The results and financial position of all of the Group entities (none of which
has the currency of a hyperinflationary economy) that have a functional currency
different from the presentation currency (Euro) are translated into the
presentation currency as follows:
(i) assets and liabilities for each balance sheet presented are translated at
the closing rate at the date of that balance sheet;
(ii) income and expenses for each income statement are translated at average
exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which
case income and expenses are translated at the dates of the transactions); and
(iii) All resulting exchange differences are recognised as a separate component
of equity as Foreign exchange reserve.
(iv) The exchange rates used for above transactions are the foreign exchange
rates determined by the central banks of each country.
On consolidation, exchange differences arising from the translation of the net
investment in foreign entities, and of borrowings and other currency instruments
designated as hedges of such investments, are taken to shareholders' equity as
Foreign exchange reserve. When a foreign operation is sold, such exchange
differences are recognized in the income statement as part of the gain or loss
on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign
entity are treated as assets and liabilities of the foreign entity and
translated into the relevant functional currency at the closing rate.
2.5 Investment property and investment property under development
Property that is held for long-term rental yields or for capital appreciation or
both, and which is not occupied by the companies in the Group, is classified as
investment property.
Investment property under development comprises uncompleted buildings and
construction work. Investment property under development (excluding land on
which construction takes place) is measured at cost.
Investment property comprises freehold land (including land on which
construction takes place) and buildings leased out.
Investment property is measured initially at its cost, including related
transaction costs.
After initial recognition, or at completion of the construction, investment
property is valued at fair value. Fair value is based on active market prices,
adjusted, if necessary, for any difference in the nature, location or condition
of the specific asset. If this information is not available, the Group uses
alternative valuation methods such as recent prices on less active markets or
discounted cash flow projections. Investment property that is being redeveloped
for continuing use as investment property or for which the market has become
less active continues to be measured at fair value.
The fair value of investment property reflects, among other things, rental
income from current leases and assumptions about rental income from future
leases in the light of current market conditions. The fair value also reflects,
on a similar basis, any cash outflows that could be expected in respect of the
property.
The Group uses King Sturge as the appraisers for the investment properties. The
group have a policy to revalue the investment properties twice a year, on the
end of June, and on the end of December. Fair value is determined by King Sturge
based on economic evaluations that are also performed according to the income
capitalization method. This method consists of estimating the value of the asset
by discounting the expected flow of revenues over the useful life of the asset.
This calculation involves making assumptions, among other things, as to the
capitalization rates, the continued lease of the assets by the existing tenants,
including during the option periods, and the occupancy rates in the different
assets. Fair value is sometimes measured with reference to recent real estate
transactions with similar characteristics and location to the estimated asset.
The Group applies the fair value model for all building leased out under
operating leases.
Subsequent expenditure is charged to the asset's carrying amount only when it is
probable that future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. All repairs and
maintenance costs are charged to the income statement during the financial
period in which they are incurred. Borrowing costs that are directly
attributable to the acquisition, construction or production of a qualifying
asset are capitalized as a part of the cost of the asset. Borrowing costs
include interest expense and foreign exchange differences to the extent that
such differences supplement the lower interest rates on foreign exchange
borrowings.
Changes in fair values are recorded in the income statement.
If an investment property becomes owner-occupied, it is reclassified as
property, plant and equipment, and its fair value at the date of
reclassification becomes its cost for accounting purposes.
Property that is being constructed or developed for future use as investment
property is classified as investment property under development and stated at
cost except land until construction or development is complete, at which time it
is reclassified and subsequently accounted for as investment property. Land is
classified immediately as investment property and is stated at fair value.
If an item of property, plant and equipment becomes an investment property
because its use has changed, any difference resulting between the carrying
amount and the fair value of this item at the date of reclassification is
recognized in equity as a revaluation of property, plant and equipment under IAS
16. However, if a fair value gain reverses a previous impairment loss, the gain
is recognised in the income statement.
Investment property held for sale without redevelopment is classified within
non-current assets held for sale when relevant criteria are met.
Borrowing costs are capitalized if they are directly attributable to the
acquisition, construction or production of a qualifying asset. Capitalisation of
borrowing costs commences when the activities to prepare the asset are in
progress and expenditures and borrowing costs are being incurred. Capitalisation
of borrowing costs may continue until the assets are substantially ready for
their intended use. If the resulting carrying amount of the asset exceeds its
recoverable amount, an impairment loss is recognized. The capitalization rate is
arrived at by reference to the actual rate payable on borrowings for development
purposes or, with regard to that part of the development cost financed out of
general funds, to the average rate.
2.6 Property, plant and equipment
Items of property, plant and equipment are stated at historical cost less
accumulated depreciation and impairment losses. Cost includes expenditure that
is directly attributable to the acquisition of the items of property, plant and
equipment.
Subsequent costs are included in the asset's carrying amount or recognized as a
separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. Repairs and maintenance are charged to the income
statement during the financial period in which they are incurred.
Depreciation, based on a component approach, is calculated using the
straight-line method to allocate the cost over an asset's estimated useful life,
as follows:
- Land Nil
- Buildings 50 years
- Vehicles 5 years
- Fixtures and fittings 7 years
- IT equipment 3 years
- Other equipment 7 years
The assets' residual values are considered as nil, however they are reviewed,
along with assets' estimated useful lives and depreciation methods at least at
each financial year-end and adjusted if appropriate.
Gains and losses on disposals are determined by comparing proceeds with the
carrying amount. These are included in the income statement as other income or
expense.
2.7 Intangible assets
i) Goodwill
All business combinations are accounted for by applying the purchase method.
Goodwill represents amounts arising on the acquisition of subsidiaries,
associates and joint ventures.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is
allocated to cash-generating units and is no longer amortised but is tested
annually for impairment (see accounting policy 2.9.)
When the excess of the cost of the acquisition over the Group's interest in the
net fair value of the identifiable assets, liabilities and contingent
liabilities of the acquiree is negative (negative goodwill), it is recognised
immediately in profit or loss.
ii) Other intangible asset
Other intangible assets that are acquired by the Group, which have finite useful
lives, are measured at cost less accumulated amortisation and accumulated
impairment losses.
iii) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
benefits embodied in the specific asset to which it relates. All other
expenditure, including expenditure on internally generated goodwill and brands,
is recognised in profit or loss as incurred.
iv) Amortisation
Amortisation is charged to the income statement on a straight-line basis over
the estimated useful lives of intangible assets unless such lives are
indefinite. Goodwill and intangible assets with an indefinite useful life are
systematically tested for impairment at each balance sheet date. Other
intangible assets are amortised from the date they are available for use. The
estimated useful lives are as follows:
-- Patents and trademarks 10-20 years
-- Software 3 years
2.8 Leases
(a) A group company is the lessee
i) Operating lease
Leases in which substantially all of the risks and rewards of ownership are
retained by another party, the lessor, are classified as operating leases.
Payments, including prepayments, made under operating leases (net of any
incentives received from the lessor) are charged to the income statement on a
straight-line basis over the period of the lease.
ii) Finance lease
Leases of assets where the Group has substantially all the risks and rewards of
ownership are classified as finance leases. Finance leases are capitalised at
the lease's commencement at the lower of the fair value of the leased property
and the present value of the minimum lease payments. Each lease payment is
allocated between the liability and finance charges so as to achieve a constant
rate on the finance balance outstanding. The corresponding rental obligations,
net of finance charges, are included in current and non-current borrowings. The
interest element of the finance cost is charged to the income statement over the
lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The investment properties
acquired under finance leases are carried at their fair value.
(b) A group company is the lessor
i) Operating lease
Properties leased out under operating leases are included in investment property
in the balance sheet (Note 5). The Group's lease contracts are considered to be
operating leases as the Group entities have not transferred substantially all
the risks and rewards of the properties to the lessee. This may be indicated if
-- the lease does not transfer ownership of the asset to the lessee by the
end of the lease term,
-- the lessee does not have the option to purchase the asset,
-- the lease term is not for the major part of the economic life of the
asset,
-- at the inception of the lease the present value of the minimum lease
payments amounts are substantially less then all of the fair value of
the leased asset; and
-- the leased assets are not of such a specialised nature that only the
lessee can use them without major modifications.
Substantially all operating lease contracts are denominated in Euro. The
embedded foreign exchange derivatives in these host lease contracts have not
been separately accounted for, as Euro is commonly used in all contracts to
purchase or sell non-financial items in the economic environments in which the
transactions take place.
ii) Finance lease
When assets are leased out under a finance lease, the present value of the lease
payments is recognised as a receivable. The difference between the gross
receivable and the present value of the receivable is recognised as unearned
finance income.
Lease income is recognised over the term of the lease, which reflects a constant
periodic rate of return.
2.9 Impairment
The carrying amounts of the Group's assets, other than inventories (note 7),
investment property (note 5) are reviewed at each balance sheet date to
determine whether there is any indication of impairment. If any such indication
exists, the asset's recoverable amount is estimated.
For goodwill, intangible assets that have an indefinite useful life and
intangible assets that are not yet available for use, the recoverable amount is
estimated at each balance sheet date.
Assets that are subject to amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be
recoverable.
An impairment loss is recognised whenever the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Impairment losses are
recognised in the income statement.
Individually significant financial assets are tested for impairment on an
individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics.
Impairment losses recognised in respect of cash-generating units are allocated
first to reduce the carrying amount of any goodwill allocated to the
cash-generating unit (Group of units) and then, to reduce the carrying amount of
the other assets in the unit (Group of units) on a pro rata basis.
i) Calculation of recoverable amount
The recoverable amount of the Group's receivables carried at amortised cost is
calculated as the present value of estimated future cash flows, discounted at
the original effective interest rate (i.e. the effective interest rate computed
at initial recognition of these financial assets). Receivables with a short
duration are not discounted.
The recoverable amount of non-financial assets is the greater of their fair
value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specified to the asset. For an asset that does not
generate largely independent cash inflows, the recoverable amount is determined
for the cash-generating unit to which the asset belongs.
ii) Reversal of impairment
An impairment loss in respect of a receivable carried at amortised cost is
reversed if the reversal can be related objectively to an event occurring after
the impairment loss was recognised. Such reversal is recognised in the income
statement.
An impairment loss in respect of goodwill is not reversed.
In respect of other assets, an impairment loss is reversed when there is an
indication that the impairment loss may no longer exist and there has been a
change in the estimates used to determine the recoverable amount. An impairment
loss is reversed only to the extent that the asset's carrying amount does not
exceed the carrying amount that would have been determined, net of depreciation
or amortisation, if no impairment loss had been recognised.
2.10 Inventories
Properties that are being developed for future sale are classified as
inventories at their deemed cost. Inventories are measured at the lower of cost
and net realisable value. As inventories are not ordinarily interchangeable the
cost of inventories are assigned by using specific identification of their
individual cost. Net realisable value is the estimated selling price in the
ordinary course of business less cost to complete redevelopment and selling
expenses.
2.11 Trade receivables
Trade receivables are recognised initially at fair value and measured
subsequently at amortised cost, less provision for impairment. A provision for
impairment of trade receivables is established when there is objective evidence
that one or more events have had a negative effect on the estimated future cash
flows of that asset. All receivables are individually estimated for impairment.
The amount of the provision is the difference between the asset's carrying
amount and the present value of estimated future cash flows, discounted at the
effective interest rate. The amount of the provision is recognised in the income
statement. In addition to individual impairment, collective assessment of
impairment is performed on groups of financial assets that share similar credit
risk characteristics based on past experiences of loss incurred (incurred loss
model).
2.12 Securities
Securities held by the Group are classified as financial assets at fair value
through profit or loss. Upon initial recognition attributable transaction costs
are recognised in profit or loss when incurred. Financial instruments at fair
value through profit or loss are measured at fair value, and changes therein are
recognised in profit or loss.
2.13 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with
banks.
2.14 Shareholders' equity
Share capital
Ordinary shares are classified as equity
The Group has a total of 108,864,099 ordinary shares in issue. The shares of the
Group are measured at their acquisition costs.
Share capital only includes paid up shares.
Foreign exchange reserve
The Foreign exchange reserve comprises all foreign exchange differences arising
from the translation of the financial statements of Group companies into
euro-denominated consolidated financial statements.
Share based employee benefits
The fair value of employee stock options is measured using the Black-Scholes
formula. Measurement inputs include share price on measurement date, exercise
price of the instrument, expected volatility (based on weighted average historic
volatility adjusted for changes expected due to publicly available information),
weighted average expected life of the instruments (based on historical
experience and general option holder behaviour), expected dividends, and the
risk-free interest rate (based on government bonds). Service and non-market
performance conditions attached to the transactions are not taken into account
in determining fair value.
The grant date fair value of options granted to employees is recognised as an
employee expense, with a corresponding increase in equity, over the period that
the employees become unconditionally entitled to the options. The amount
recognised as an expense is adjusted to reflect the actual number of share
options that vest.
Minority interest
Minority interest arises when the Controlling Shareholders have less than 100%
control over entities in the Group. Minority interest is attributable to the
minority shareholders and it is classified as equity, separately from equity
attributable to equity holders of the parent.
2.15 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs
incurred. Borrowings are subsequently stated at amortised cost; any difference
between the proceeds (net of transaction costs) and the redemption value is
recognised in the income statement over the period of the borrowings using the
effective interest method.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months
after the balance sheet date.
2.16 Income tax
Income tax expense comprises current and deferred tax. Income tax expense is
recognised in profit or loss except to the extent that it relates to items
recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the reporting date, and any
adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for
temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary differences: the
initial recognition of assets or liabilities in a transaction that is not a
business combination and that affects neither accounting nor taxable profit, and
differences relating to investments in subsidiaries and jointly controlled
entities to the extent that it is probable that they will not reverse in the
foreseeable future. In addition, deferred tax is not recognised for taxable
temporary differences arising on the initial recognition of goodwill. Deferred
tax is measured at the tax rates that are expected to be applied to the
temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date. Deferred tax assets and
liabilities are offset if there is a legally enforceable right to offset current
tax liabilities and assets, and they relate to income taxes levied by the same
tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax
assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future
taxable profits will be available against which the temporary difference can be
utilised. Deferred tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer probable that the related tax benefit
will be realised.
Additional income taxes that arise from the distribution of dividends are
recognised at the same time as the liability to pay the related dividend is
recognised.
2.17 Provisions
Provisions for legal claims are recognised when all of the following criteria
are met: the Group has a present legal or constructive obligation as a result of
past events; it is more likely than not that an outflow of resources will be
required to settle the obligation; and the amount has been reliably estimated.
A provision for onerous contracts is recognized when the expected benefits to be
derived by the Group from a contract are lower than the unavoidable cost of
meeting its obligations under the contract.
2.18 Trade and other payables
Trade payables are not interest bearing and are recognised initially at fair
value, subsequent to which they are stated at amortized cost.
2.19 Revenue recognition
Revenue includes rental income, service charges and management charges from
properties, and income from residential property sales.
Rental income from operating leases is recognised on a straight-line basis over
the lease term. When the Group provides incentives to its customers (such as
rental free periods), the cost of such incentives is recognised over the lease
term, on a straight-line basis, as a reduction of rental income.
Revenue from the sale of residential properties is recognised in the income
statement when the significant risks and rewards of ownership have been
transferred to the buyer. The transfer of risks and rewards usually occurs when
the sales contract are signed by the seller and the buyer.
Service and management charges are recognised in the accounting period in which
the services are rendered. When the Group is acting as an agent, the commission
retained by the Group rather than gross income is recorded as revenue.
2.20 Net financing costs
Net financing costs comprise interest payable on borrowings calculated using the
effective interest rate method net of interest capitalized, dividends received,
foreign exchange gains and losses.
2.21 Dividend distribution
Dividend distribution to the Group's shareholders is recognised as a liability
against retained earnings in the Group's financial statements in the period in
which the dividends are approved.
2.22 Employee benefits, other than share based payments
The Group does not operate a defined contribution or a defined benefit
retirement scheme. Defined contributions to pension funds are deducted from the
gross salaries as they fall due.
2.23 Financial instruments recognition and derecognition
Any contract that gives rise to a financial asset, a financial liability or
equity is classified as a financial instrument. All financial instruments are
initially recognised in the Group's balance sheet when the Group becomes a party
to the contractual agreement at cost (at trade date). Initial cost represents
given or received consideration and all transaction costs. 'Regular way'
purchases or sales of financial assets are recognised using trade date
accounting.
Financial assets are derecognised when the Group loses control of the
contractual rights that comprise the financial assets (at trade date). Financial
liabilities are derecognised from the Group's balance sheet when they are
extinguished, repaid or cancelled.
2.24 Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its
ordinary shares. Basic EPS is calculated by dividing the profit or loss
attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares outstanding during the period. Diluted EPS is
determined by adjusting the profit or loss attributable to ordinary shareholders
and the weighted average number of ordinary shares outstanding for the effects
of all dilutive potential ordinary shares, which comprise share options granted
to employees.
3. Critical accounting estimates and judgements
3.1 Critical accounting estimates and assumptions
Estimates and judgments are continually evaluated and are based on historical
experience as adjusted for current market conditions and other factors.
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results.
(a) Estimate of fair value of investment properties
The best evidence of fair value is current prices in an active market for
similar lease and other contracts. In the absence of such information, the Group
determines the amount within a range of reasonable fair value estimates. In
making its judgement, the Group considers information from a variety of sources
including:
i) current prices in an active market for properties of different nature,
condition or location (or subject to different lease or other contracts),
adjusted to reflect those differences;
ii) recent prices of similar properties in less active markets, with adjustments
to reflect any changes in economic conditions since the date of the transactions
that occurred at those prices; and
iii) discounted cash flow projections based on reliable estimates of future cash
flows, derived from the terms of any existing lease and other contracts and
(where possible) from external evidence such as current market rents for similar
properties in the same location and condition, and using discount rates that
reflect current market assessments of the uncertainty in the amount and timing
of the cash flows.
b) Principal assumptions for management's estimation of fair value
If information on current or recent prices for investment properties is not
available, the fair values of investment properties are determined using
discounted cash flow valuation techniques. The Group uses assumptions that are
mainly based on market conditions existing at each balance sheet date.
The principle assumptions underlying management's estimation of fair value are
those related to: the receipt of contractual rentals; expected future market
rentals; void periods; maintenance requirements; and appropriate discount rates.
These valuations are regularly compared to actual market yield data and actual
transactions by the Group and those reported by the market.
The expected future market rentals are determined on the basis of current market
rentals for similar properties in the same location and condition.
3.2 Critical judgements in applying the Group's accounting policies
Distinction between investment properties and owner-occupied properties
The Group determines whether a property qualifies as investment property. In
making its judgement, the Group considers whether the property generates cash
flows largely independently of the other assets held by an entity.
Owner-occupied properties generate cash flows that are attributable not only to
property but also to other assets used in the production or supply process.
Some properties comprise a portion that is held to earn rentals or for capital
appreciation and another portion that is held for use in the production or
supply of goods or services or for administrative purposes. If these portions
can be sold separately (or leased out separately under a finance lease), the
Group accounts for the portions separately. If the portions cannot be sold
separately, the property is accounted for as investment property only if an
insignificant portion is held for use in the production or supply of goods or
services or for administrative purposes. Judgment is applied in determining
whether ancillary services are so significant that a property does not qualify
as investment property. The Group considers each property separately in making
its determination.
4. Segment information
Primary reporting format - business segments
The Group is organised on a worldwide basis into two main business segments determined in
accordance with the functionality of investment property:
-- Commercial
-- Residential
---------------------------------------------------------------------------------------------------
Period ended 30 June 2008 Note Commercial Residential Unallocated Group
---------------------------------------------------------------------------------------------------
Revenue 8 440 2 8 442
Segment result 8 601 ( 49) ( 0) 8 552
Unallocated costs
Operating profit (20 846) ( 411) (1 569) (22 826)
Finance (costs)/income-net 5 119 594 2 819 8 532
Profit before income tax (15 727) 183 1 250 (14 294)
Tax expense 1 855 1 855
---------------------------------------------------------------------------------------------------
Period ended 30 June 2008 Note Commercial Residential Unallocated Group
---------------------------------------------------------------------------------------------------
Segment assets 464 022 64 913 44 733 573 668
Deferred taxes 0 214 214
Total assets 464 022 64 913 44 947 573 882
Segment liabilities 205 261 28 824 191 234 276
Deferred taxes 48 947 48 947
Total liabilities 205 261 28 824 49 138 283 223
Capital expenditure 5,6,7 39 921 11 633 51 554
Depreciation 6 74 74
---------------------------------------------------------------------------------------------------
Period ended 30 June 2007 Note Commercial Residential Unallocated Group
---------------------------------------------------------------------------------------------------
Revenue 5 151 613 5 764
------------------------------------------------
Segment result 5 282 68 5 350
Unallocated costs
Operating profit 24 717 13 (1 152) 23 578
Finance (costs)/income-net (2 268) ( 442) 1 836 ( 874)
Profit before income tax 22 449 ( 429) 684 22 704
Tax expense 5 577 5 577
---------------------------------------------------------------------------------------------------
Period ended 31 December 2007 Note Commercial Residential Unallocated Group
---------------------------------------------------------------------------------------------------
Segment assets 418 917 52 307 79 958 551 181
Deferred taxes 0 132 132
Total assets 418 917 52 307 80 090 551 313
Segment liabilities 156 955 216 209 477
Deferred taxes 45 745 45 745
Total liabilities 156 955 52 307 45 961 255 222
Capital expenditure 5,6,7 46 899 36 634 83 523
Depreciation 6 155 0 155
Segment assets consist primarily of investment property, property plant and
equipment and receivables. Unallocated assets comprise loans given to third
parties, cash held by the holding company and deferred tax assets. Segment
liabilities comprise operating liabilities and finances. Unallocated liabilities
mainly comprise of taxation liabilities. Capital expenditure comprises additions
to investment property (Note 5) and property, plant and equipment (Note 6).
There are no inter-segment transactions.
5. Investment property and investment property under development
Movements of the investment property balances were as follows:
Investment property Period ended 30 Year ended 31
Jun 2008 Dec 2007
At beginning of period 369 952 269 692
Acquisitions 26 034 7 030
Reclassification from property under
development 5 342 37 422
Capitalized expenses 1 550 1 919
Net exchange differences 27 450 532
Net gain from fair value adjustments
on investment property (23 085) 53 358
-------------------------------
At end of period 407 243 369 952
-------------------------------
Movements of the investment property under development balances were as follows:
Investment property under development Period ended 30 Year ended 31
Jun 2008 Dec 2007
As at beginning of period 24 551 22 903
Acquisitions 8 002 39 070
Net exchange differences 1 859 0
Reclassification to investment
property (5 342) (37 422)
-------------------------------
As at closing of period 29 070 24 551
-------------------------------
The closing amount includes the following projects:
Project name Place Company name 30 Jun 2008 31 Dec 2007
Europeum Budapest/Blaha L. Duna Office
square Center 15 887 11 742
M3 Budapest "B" Building Budapest Global Estates 4 033 1 771
Hold u. Budapest, Centre Insite 2 999 2 794
Kolben Park Prague Polygon 2 233 2 449
BC99 Budapest ICL-1 1 065 1 247
Airport City Budapest Airport City 0 1 870
Others 2 853 2 679
---------------------------
Total 29 070 24 551
---------------------------
6. Property, plant and equipment
Land & Plant and Total
buildings equipment
Cost
Balance at 1 January 2007 658 1 571 2 229
Acquisitions 538 251 789
Disposal 0 ( 947) ( 947)
Effect of movements in foreign exchange 15 ( 5) 10
--------------------------------
Balance at 31 December 2007 1 211 870 2 081
--------------------------------
Balance at 1 January 2008 1 211 870 2 081
Acquisitions 5 543 342 5 885
Disposal 0 ( 19) ( 19)
Effect of movements in foreign exchange 128 62 190
--------------------------------
Balance at 30 June 2008 6 882 1 254 8 136
--------------------------------
Depreciation
Balance at 1 January 2007 122 654 776
Charge for the year 39 116 155
Eliminated on disposal/reclass 50 ( 200) ( 150)
Effect of movements in foreign exchange 5 ( 4) 1
--------------------------------
Balance at 31 December 2007 216 566 782
--------------------------------
Balance at 1 January 2008 216 566 782
Charge for the year 16 58 74
Eliminated on disposal/reclass 0 ( 19) ( 19)
Effect of movements in foreign exchange 23 36 58
--------------------------------
Balance at 30 June 2008 255 640 895
--------------------------------
Carrying amount
--------------------------------
At 31 December 2007 995 304 1 299
--------------------------------
As at 30 June 2008 6 627 615 7 242
--------------------------------
Acquisition include the purchase of Hotel Rosslyn in Budapest (TEUR 5 215),
which is a hotel under construction at period end.
7. Inventories Period ended
30 Jun 2008 31 Dec 2007
Opening Balance 57 991 22 172
Additions 11 633 36 634
Sales ( 4) ( 844)
Exchange differences 672 29
------------------------
Closing Balance 70 292 57 991
------------------------
Inventories comprise residential apartments for sale and areas earmarked for
residential development for sale.
There were no circumstances necessitating a write-down to net realisable value.
Breakdown of inventory value Period ended
30 Jun 2008 31 Dec 2007
Project name Company name
Bucharest - Sunset residencies MH Development 18 165 16 899
Bucharest - Pipera ESD 13 329 13 315
Bucharest - Pipera ES Properties 9 441 9 391
Prague - *itka MQM 8 573 7 695
Bucharest - Mogosoaia MH Properties 6 524 6 286
Gdansk SP Development 6 193
Budapest- Z�ldv�ros Global Investment 3 322 2 759
Prague - Cakovice HD Investment 2 163 1 646
Warsaw Mor Eden 2 581
----------- -----------
Total 70 292 57 991
----------- -----------
8. Equity
Period ended
Profit per share calculation 30 Jun 2008 30 Jun 2007
Net profit (12 439) 17 127
Number of shares 108 864 101 354
Diluted number of shares 108 864 101 784
Basic earning per share (in euro) (0.114) 0.169
Dilutive earning per share (in euro) (0.114) 0.168
Dividend per share Period ended Period ended 30
30 June 2008 June 2007
------------------------------
Dividend paid 5 066 0
------------------------------
Dividend per share (in euro) 0.0465 0.0000
------------------------------
Dilution occurred as a result of share options issued in the previous period.
On 25th of March 2008 the company issued shares under the Long term incentive
plan. The shares become vested on 25 March 2009, if the employee stays until
that date with the company. As of June 30 2008 there are 734.420 pieces of
shares under this plan. Until the retention period is over the shares are held
by the Trust and are presented under 'Share based employee benefits' in the
equity section of the balance sheet. As shares are treated as own shares at this
reporting they do not have a diluting effect.
9. Borrowings
Most of the Group's borrowings are at floating rates of interest. Therefore
interest costs may increase or decrease as a result of such changes.
Period ended 30 Year ended 31
June 2008 December 2007
Non-current
Bank borrowings 190 378 156 370
Loans from minority shareholders 2 340 1 023
---------------------------------
192 718 157 393
---------------------------------
Current
Bank borrowings 24 573 35 084
Related party loans from shareholders 16 16
---------------------------------
24 589 35 100
---------------------------------
---------------------------------
Total borrowings 217 307 192 493
---------------------------------
The maturity of non-current borrowings is as Period ended 30 Year ended 31
follows: June 2008 December 2007
Between 1 and 5 years 130 201 82 597
Over 5 years 62 517 74 796
---------------------------------
192 718 157 393
---------------------------------
The effective interest rates at the balance Period ended 30 Year ended 31
sheet date were as follows: June 2008 December 2007
---------------------------------
% %
Bank borrowings and other loans
EUR 6.6% 6.4%
CHF 4.9% 4.7%
PLN 7.0%
The carrying amounts of the Group's Period ended 30 Year ended 31
borrowings are denominated in the following June 2008 December 2007
currencies (in original currency):
EUR 214 091 190 594
CHF 3 155 3 157
PLN 4 419 0
10. Acquisition of new subsidiaries
On 30 January 2008 the Group has purchased Mor-Eden Investment Sp. z o.o.,
an SPV which owns 5,290 square meters of land earmarked for office and
residential development, located in Central Warsaw.
Investment property acquired 14 180
Inventory acquired 2 501
Cash acquired 36
Other assets acquired 6
Less: Liabilities acquired 4 123
Less: Deferred taxes acquired 2 392
Net assets acquired 10 208
Purchase consideration, cash paid 13 907
Goodwill 3 699
----------------------------------------------------------------------------
Net cash outflow from acquisition* 13 871
----------------------------------------------------------------------------
*Net cash outflow = Purchase consideration - cash acquired
The Goodwill was impaired by the reporting date taking into accounts market
developments.
11. Residential cost and income in the period
Residential cost higher than the residential income is in connection with
property taxes in connection with previous building activities levied by the
local authorities. Current sales activity is limited to sale of remaining
parking places during the period as all apartments in the finished Z�ldv�ros
Lak�park project in Budapest had been sold earlier. Parking sites are sold at
normal profit margins.
12. Events after the balance sheet date (i.e. after 30 June 2008):
In July 2008, the Group completed the acquisition of a 1,840 square meter plot
in the second sector of central Bucharest. Ablon has obtained building rights to
develop an 11,000 square meter class 'A' office building and the project is
expected to have a total development cost of approximately EUR 15
million. Construction is scheduled to commence within the next 12 months and is
expected to take 24 months to complete. The project is expected to generate
revenues of approximately EUR 2.4 million per annum. The plot, which is
conveniently located between Bucharest's old and new business districts, within
easy reach of Unirii Square, Parliament and Piata Universitate, already has the
specific zoning criteria (PUD) required for the planned development.
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