Case study 9

0.032282 0.032703
Income Statement
(LE 000's) 2009 2010

NET SALES 46,810 53,162

COST OF GOODS SOLD (474) (611)
DEPRECIATION (12,704) (13,235)
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GROSS PROFIT 33,632 39,316

DEPRECIATION (145) (145)

SG&A EXPENSE (1,003) (1,043)
PROVISIONS 0 0
R&D 0 0
GOODWILL AMORTIZATION 0 0
OTHER AMORTIZATION 0 0
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NET OPERATING PROFIT 32,484 38,128

GROSS INTEREST EXP--EXIST (25,240) (10,595)

INTEREST EXP--NEW
CAPITALIZED INTEREST 0 0
INTEREST INCOME 1,562 673
PROVISIONS 0 0
SUNDRY INCOME (EXPENSE) 27 0
SUNDRY INCOME (EXPENSE) 0 0
FX GAIN (LOSS) 1 (9,886)
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NET PROFIT BEFORE TAX 8,834 18,320

TOTAL TAX EXPENSE (2,678) (2,019)

CURRENT TAX EXPENSE (612) (135)
DEFERRED TAX EXPENSE (2,066) (1,884)
ITC 0 0
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NET PROFIT AFTER TAX 6,156 16,301

MINORITY INTEREST EXPENSE 0 0

SALE OF PLANT 0 0
SALE OF INVESTMENT 1,498 0
OTHER UNUSUAL ITEM 0 0
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NPAUI 7,654 16,301

PREF SHARE DIVIDENDS 0 0

COMMON STOCK DIVIDENDS (6,000) (6,313)
OTHER ADJUSTMENT (3,718) (815)
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TOTAL CHANGE IN R/E (2,064) 9,173

END OF YEAR STOCK PRICE 0.00 0.00

COMMON SHARES OUTSTANDING 0 0

case study 9
11/5/2023 Spreads 1
 Balance Sheet
(LE 000's) 2009 2010
ASSETS
CASH 3,145 11,296
MARKETABLE SECURITIES 7,335 4,782
MARKETABLE SEC--EXCESS
ACCOUNTS RECEIVABLE 3,487 81
LESS ALLOWANCES (3,427) 0
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NET RECEIVABLES 60 81

INVENTORY:
RAW MATERIALS 0 0
WORK IN PROGRESS 0 0
FINISHED GOODS 0 0
OTHER 0 0
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TOTAL INVENTORY 0 0

ADVANCE PAYMENTS 0 0
DUE FROM SISTER COMPANY 17,754 21,940
OTHER CURRENT ASSET 0 0
OTHER CURRENT ASSET 0 0
-------------- --------------
TOTAL CURRENT ASSETS 28,294 38,099

PROPERTY, PLANT & EQUIP:

LAND 5,210 5,210
BUILDING & IMPROVEMENT 357,827 366,735
MACHINERY & EQUIPMENT 35,706 37,971
OTHER C.I.P 1,500 1,500
GROSS PLANT 400,243 411,416
LESS ACCUMULATED DEP (64,196) (77,576)
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NET PP&E 336,047 333,840

0 0
INVESTMENTS 9,743 9,743
OTHER TANGIBLE ASSET 180 1,490
DEFERRED TAX ASSET 0 0
PREPAIDS 78 79

GOODWILL 0 0
OTHER INTANGIBLE ASSET 0 0
LESS ACCUM AMORTIZATION 0 0
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NET INTANGIBLES 0 0
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TOTAL ASSETS 374,342 383,251

case study 9
11/5/2023 Spreads 2
 Balance Sheet
(LE 000's) 2009 2010
LIABILITIES & EQUITY
SHORT TERM BORROWING--EXISTING 0 0
SHORT TERM BORROWING--NEW
CP LONG TERM DEBT 17,239 27,517
CP SENIOR DEBT--NEW
CP TOURISTIC DEVELOPMENT AUTHORITY 0 0
CP SUB DEBT--EXISTING 0 0
CP SUB DEBT--NEW
DUE TO CONTRACTORS 0 0
TAXES PAYABLE 620 146
ACCRUED EXPENSES 60 95
INTEREST PAYABLE 0 192
DIVIDENDS PAYABLE 7,185 6,312
DOWN PAYMENTS 0 0
DUE TO SISTER CO 0 0
OTHER CURRENT LIABILITY 1,549 5,572
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TOT CURRENT LIABILITIES 26,653 39,834

LT LEASE OBLIGATION 0 0
LT TERM DEBT EXISTING 180,126 163,982
LT SENIOR DEBT--NEW
OTHER LONG TERM LIABILITY
LT SUB DEBT--NEW
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TOTAL LONG-TERM DEBT 180,126 163,982

OTHER NON-CURRENT LIAB 0 0

OTHER NON-CURRENT LIAB 0 0
OTHER NON-CURRENT LIAB 0 0
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TOTAL LIABILITIES 206,779 203,816

GREY AREA:
DEFERRED TAXES 9,804 11,688
MINORITY INTEREST 0 0
PROVISIONS 2,914 2,914
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TOTAL GREY AREA 12,718 14,602

PREFERRED STOCK 0 0
COMMON STOCK 110,000 110,000
ADDITIONAL PAID-IN CAPITAL 0 0
RETAINED EARNINGS OPENING 41,903 39,839
PLUS: NET INCOME 7,654 16,301
LESS: DIVIDENDS (6,000) (6,313)
OTHER ADJUSTMENTS (3,718) (815)
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RETAINED EARNINGS CLOSING 39,839 49,012

LEGAL RESERVES 5,006 5,821

DUE TO SHAREHOLDERS 0 0
OTHER EQUITY RESERVES 0 0
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TOTAL EQUITY 154,845 164,833
TOTAL LIABS & EQUITY 374,342 383,251

RECONCILE B/S (0) (0)

case study 9
11/5/2023 Spreads 3