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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eurobank Ergasias Services and Holdings SA | TG:EFGD | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.042 | -2.01% | 2.047 | 2.047 | 2.077 | 2.064 | 2.044 | 2.064 | 1,737 | 17:06:40 |
RNS Number:4056T EFG-Hermes Holdings SAE 17 December 2003 EFG-Hermes 1H Earnings Release - 17 December 2003 1H2003 CONSOLIDATED RESULTS AND ANALYSIS Our total revenues were almost flat at EGP65.3 million in 1H2003. Net profit for 1H2003 was EGP6.4 million, down from EGP7.0 million in 1H2002. Operating revenues reached EGP50.1 million compared to EGP50.8 million in 1H2002. On a quarterly basis our operating revenues reached EGP28.4 million in 2Q2003 compared to EGP21.6 million in 1Q2003 and EGP22.4 million in 2Q2002. Operating Revenues The contributions of different EFG-Hermes divisions to operating revenue can be broken down as follows: EGP million 1H2002 1H2003 2Q2002 2Q2003 Investment Banking & Private Placement 34.3 67.5% 16.7 33.3% 21.3 95.0% 5.1 17.9% Brokerage - secondary market transactions 5.6 11.1% 12.8 25.5% 2.7 12.0% 9.3 32.9% Brokerage - placement fees for private placements 3.5 6.8% 2.1 4.2% -5.8 -25.8% 0.1 0.3% Asset Management 5.1 10.1% 17.8 35.5% 2.5 11.1% 13.9 48.9% Private Equity 2.3 4.5% 0.7 1.4% 1.7 7.7% 0.0 0.1% Total 50.8 100% 50.1 100% 22.4 100% 28.4 100% ____________________________________________________________________________________________________________________ The improvement in stock market performance during the second quarter was behind the rise in our operating revenues in 2Q2003 despite a 51% drop in revenues derived from investment banking activities, which were affected by the political and economic turbulence in the region during the first half of the year. Our brokerage revenues more than doubled, driven by a 24% rise in the company's volume. Excluding low margin fixed income trading, which accounted for a large portion of total trading volume in 2002, our net brokerage volume more than doubled in 1H2003. It is important to note that overall market volume (net of fixed income trading) increased only by 3%. On the other hand, our market share has risen from 12% in 1H2002 to 21% in 1H2003. The following table illustrates the volumes in fixed income and equity brokerage. EGP million 1Q2002 1Q2003 Growth 2Q2002 2Q2003 Growth 1H2002 1H2003 Growth Market Volume 9,414 4,181 -56% 8,890 9,324 5% 18,304 13,505 -26% Bonds Volume 3,475 1,389 -60% 3,653 561 -85% 7,128 1,950 -73% Market Net of Bonds 5,939 2,792 -53% 5,237 8,763 67% 11,176 11,555 3% EFG-Hermes Volume 1,866 1,365 -27% 2,613 4,196 61% 4,479 5,561 24% EFG bonds Volume 1,504 693 -54% 1,371 537 -61% 2,875 1,230 -57% EFG-Hermes Net of Bonds 362 672 86% 1,242 3,659 195% 1,604 4,331 170% _________________________________________________________________________________________________________________ Revenues from assets management have witnessed an impressive growth in 1H2003. Total revenues reached EGP17.8 million in 1H2003 compared to EGP5.1 million in the same period last year. This was driven by the 22% rise in total assets under management on the back of the improvement the stock market performance during the first half. Operating Costs Our general and administrative (G&A) expenses increased by 12% to EGP29.5 million. This was due to the hiring of new staff for our regional expansion. Non-operating Revenues In 1H2003, we were able to realize gains from the sale of trading investments and investments in subsidiaries of EGP2.7 million. However this was more than offset by EGP4.3 million losses incurred from selling available for sale investments resulting in a net loss from selling investments of EGP1.6 million compared to a net loss of 3.6 million in 1Q2003. Interest Expense Bank interest expense dropped by 11% to EGP24.5 million in 1H2003. This was due to the partial repayment of some loans and the decrease in bank overdrafts. Please find attached a copy of 1H2003 consolidated financials and notes. For further information please contact: Tarek El Shawarby Investor Relations Tel: +202 3360-873 Fax: +202 3361-536 tshawarby@efg-hermes.com Ramsay Zaki CFO ramsay@efg-hermes.com Hesham Khalil Assistant to the CFO hkhalil@efg-hermes.com EFG - Hermes Holding Company (Egyptian Joint Stock Company) Consolidated Financial Statements & Review Report Thereon As Of June 30, 2003 REVIEW REPORT To The Board Of Directors Of The EFG - Hermes Holding Company We have reviewed the accompanying consolidated statement of financial position of EFG - Hermes Holding Company and Subsidiaries as at June 30, 2003, and the related consolidated statements of income, changes in equity and cash flows for the six months then ended. These financial statements are the responsibility of the company's management. Our responsibility is to issue a report on these financial statements based on our review. We conducted our review in accordance with the Egyptian Standard on Auditing applicable to review engagements. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the consolidated financial statements are free of material misstatement. A review is limited primarily to inquiries of company's personnel and analytical procedures applied to financial data, and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not give a true and fair view in accordance with the Egyptian Accounting Standards. Without qualifying our opinion, the company has included an amount of L.E. 4 723 008 in the revenue for the period ended on June 30,2003, representing dividend income from one of its investments for 2002. Such dividend was proposed by the investee's board of directors in March 2003 and approved by the general assembly in July 2003. KPMG Hazem Hassan Cairo, October 9,2003 EFG - Hermes Holding Company (Egyptian Joint Stock Company) Consolidated Statement of Financial Position as of June 30,2003 Note No. 30/6/2003 31/12/2002 LE. LE. Current Assets Cash on hand and with banks Cash on hand 240 816 61 522 Cheques under collection 101 075 5 967 600 Banks - current accounts 19 770 485 23 900 380 Banks - time deposits (5) 69 848 018 161 795 543 L/G's margin 25 100 25 100 ______________ ______________ Total cash on hand and with banks 89 985 494 191 750 145 Trading investments 119 911 771 114 551 892 Accounts and notes receivable (net of provision) (8,16) 216 065 467 245 036 139 Debtors and other debit balances (6, 16) 215 603 935 189 129 203 Other brokerage companies- Misr Clearance Co. 2 452 110 9 254 010 ______________ ______________ Total current assets 644 018 777 749 721 389 ______________ ______________ Long Term Assets Fixed assets (net) (9) 23 380 538 25 120 273 Available -for- sale investments (10) 429 559 213 464 952 083 Investments in associates (11) 3 500 000 4 625 000 Held - to - maturity investments (Arab Bank Bonds) 501 500 501 500 Settlement Guarantee Fund 10 342 550 6 667 685 Deferred expenditure (net) 1 584 224 1 821 088 ______________ ______________ Total Long Term Assets 468 868 025 503 687 629 ______________ ______________ Total assets 1 112 886 802 1 253 409 018 ______________ ______________ Current Liabilities Banks - overdraft 265 407 317 283 265 023 Accounts receivable - credit balances 49 259 120 185 592 574 Creditors and other credit balances (7) 17 315 270 17 987 614 Provisions (8) 12 648 555 12 013 555 ______________ ______________ Total current liabilities 344 630 262 498 858 766 ______________ ______________ Shareholders' equity Paid - in capital (13) 205 370 050 205 370 050 Legal reserve 104 184 913 104 399 917 General reserve 158 271 158 271 Special reserve - share issuance premium 183 376 983 183 376 983 Special reserve - revaluation differences ( 463 308) 7 322 222 Retained earnings 118 805 828 98 985 059 ______________ ______________ Shareholders' equity 611 432 737 599 612 502 Net profit for the period/year 6 317 642 14 928 536 ______________ ______________ Total shareholders' equity including net profit 617 750 379 614 541 038 Minority interest 114 693 627 077 ______________ ______________ Total shareholders' equity and minority interest 617 865 072 615 168 115 Long term liabilities Long term loans (14) 150 391 468 139 382 137 ______________ ______________ Total shareholders' equity and long term liabilities 1 112 886 802 1 253 409 018 ______________ ______________ The accompanying notes from No. (1) to No. (17) form an integral part of the financial statements and are to be read therewith . Chairman & Managing Director Review Report "Attached" KPMG Hazem Hassan Public Accountants & Consultants EFG - Hermes Holding Company (Egyptian Joint Stock Company) Consolidated Income Statement for the financial period ended June 30, 2003 For the financial For the financial Note period ended period ended No. 30/6/2003 30/6/2002 L.E. L.E. Income from fees, commission and managing investments 50 061 147 50 807 167 Interest earned on time deposits 3 372 705 4 323 582 Bonds interest 168 763 719 121 Dividend income 6 083 460 2 931 671 Unrealized gains (losses) on trading investments 2 015 011 (535 076) Gains (losses) from selling fixed assets 6 421 (2 878) Other income (16) 3 478 040 6 796 574 ______________ ______________ Total revenues 65 185 547 65 040 161 ______________ ______________ Less: General administrative expenses 29 478 187 26 246 065 Bank interest 24 478 434 27 489 306 Losses (gains) from selling investments 1 565 228 (468 324) Provisions 635 000 869 687 Fixed assets depreciation (9) 1 696 443 1 765 950 Deferred expenditure amortization 236 864 191 809 Currency differences losses 776 477 1 995 754 ______________ ______________ Total expenses 58 866 633 58 090 247 ______________ ______________ Net profit before minority interest 6 318 914 6 949 914 Minority interest (1 272) 94 074 ______________ ______________ Net profit for the period 6 317 642 7 043 988 ______________ ______________ The accompanying notes from No. (1) to No. (17) form an integral part of the financial statements and are to be read therewith. EFG - Hermes Holding Company (Egyptian Joint Stock Company) Consolidated Statement of Changes in Equity For the financial period ended June 30, 2003 Share Legal General Special Reserve Special Retained Total Capital Reserve Reserve share issuance Reserve Earnings premium Revaluation Differences L.E. L.E. L.E. L.E. L.E. L.E. L.E. Balance as at 1/1/2002 205 370 050 104 119 873 158 271 183 376 983 - 105 905 118 598 930 295 Special reserve - revaluation differences - - - - 7 322 222 - 7 322 222 Transfer to reserves - 280 044 - - - (6 920 059) (6 640 015) ____________ ____________ ________ ___________ __________ ____________ ____________ Balance as at 31/12/2002 205 370 050 104 399 917 158 271 183 376 983 7 322 222 98 985 059 599 612 502 Special reserve - revaluation differences - - - - (7 785 530) - (7 785 530) Transfer to reserves - ( 215 004) - - - 19 820 769 19 605 765 ____________ ____________ ________ ___________ __________ ____________ ____________ Balance as at 30/6/2003 205 370 050 104 184 913 158 271 183 376 983 (463 308) 118 805 828 611 432 737 ____________ ____________ ________ ___________ __________ ____________ ____________ The accompanying notes from No. (1) to No. (17) form an integral part of the financial statements and are to be read therewith. EFG - Hermes Holding Company (Egyptian Joint Stock Company) Consolidated Statement of Cash Flow For the financial period ended June 30, 2003 30/6/2003 30/6/2002 L.E. L.E. Cash Flows from Operating Activities Net profit for the period before minority interest 6 318 914 6 949 914 Adjustments to reconcile net profit to net cash provided by operating activities Fixed assets depreciation 1 696 443 1 765 950 Provisions 635 000 869 687 Amount used from provision - (29 687) Available -for-sale investment's revaluation differences (715) 320 Deferred expenditures amortization 236 864 191 809 (Gains) losses from selling fixed assets (6 421) 2 878 Gains from selling trading investments (2 385 227) - Gains from selling investment in subsidiaries (339 833) - Income from investment in subsidiaries (9 126 164) - Losses from selling available -for- sale investments 4 290 288 - Unrealized (gains) losses on trading investments (2 015 011) 535 076 Foreign currency translation differences 629 634 - _____________ __________ Operating profit before changes in working capital (66 228) 10 285 947 (Increase) decrease in debtors & other debit balances (27 479 154) 10 558 778 Increase (decrease) in creditors and other credit balances 93 737 (2 472 551) Decrease (increase) in accounts receivable -(debit balances) 29 034 599 (30 406 650) Decrease in accounts receivable - credit balances (136 333 454) (60 844 764) Decrease (increase) in affiliated companies (debit balances) 27 246 146 (21 757 501) (Decrease) increase in affiliated companies (credit balances) (36 290 522) 20 087 801 Decrease in other brokerage companies - Misr Clearance 6 801 900 19 217 568 Decrease in trading investments 1 570 284 2 754 418 _____________ __________ Net cash used in operating activities (135 422 692) (52 576 954) _____________ __________ Cash Flows from Investing Activities Fixed assets purchases (148 266) (285 315) Proceeds from sale of fixed assets 198 378 110 121 Purchases of available -for- sale investments (1 157 698 252) (23 911 721) Purchases of investments in associates and subsidiaries (2 815 000) (1 077 500) Proceeds from redemption & selling available -for- sale investments 1 193 374 813 22 128 544 Proceeds from sale of investments in subsidiaries 5 704 833 - Proceeds from redemption of company's share in Settlement Guarantee Fund - 145 110 Payment to increase the company's share in Settlement Guarantee Fund (3 674 865) (1 193 628) _____________ __________ Net cash provided from (used in) investing activities 34 941 641 (4 084 389) _____________ __________ Cash Flows from Financing Activities Increase in paid - in capital 3 000 000 1 000 000 Increase in retained earnings 23 796 946 6 966 000 Paid dividends (21 257 006) (7 549 407) (Decrease) increase in banks - overdraft (17 832 871) 74 409 661 Increase (decrease) in long term loans 11 009 331 (18 770 664) Decrease in short term loans - (1 558 680) _____________ __________ Net cash provided from financing activities (1 283 600) 54 496 910 _____________ __________ Net change during the period (101 764 651) (2 164 433) Cash and cash equivalent at the beg. of the period 191 750 145 102 420 383 _____________ __________ Cash and cash equivalent at the end of the period 89 985 494 100 255 950 ============= ========== The accompanying notes from No. (1) to No. (17) form an integral part of the financial statements and are to be read therewith. EFG - Hermes Holding Company (Egyptian Joint Stock Company) Notes to the Consolidated Financial Statements for the financial period ended June 30, 2003 1. Purpose of Preparation The consolidated financial statements and accompanying notes were prepared for the purpose of submitting them to the London Stock Exchange as one of the requirements of Global Depositary shares (GDS). 2. General - EFG - Hermes Holding Company -Egyptian Joint Stock Company- was founded in pursuance of decree No. 106 of 1984. - The company's extraordinary general meeting held on July 22, 1997 resolved to adjust the company's status and convert it in pursuance to the provisions of law No. 95/1992 and its executive regulation and amend the company's purpose to become participation in the companies establishment which issue securities or in increasing their share capitals. - EFG- Hermes holding company, the parent company, owns the following subsidiaries: Direct Indirect ownership ownership % % Financial Brokerage Group (FBG) 99.76 0.04 Egyptian Fund Management Group (EFMG) 84.23 11.49 Egyptian Portfolio Management Group (EPMG) 66.33 33.34 Hermes Securities Brokerage 97.58 2.42 Hermes Fund Management 89.95 10.05 Hermes Corporate Finance * 100 - EFG- Hermes Advisory Inc. 100 - Hermes Financial Management (Egypt) Ltd. 100 - EFG- Hermes for Promoting & Underwriting 99.67 - Bayonne Enterprises Ltd. -- 100 EFG -Hermes & Hermes Ltd. -- 100 EFG- Hermes (UK) Limited -- 100 EFG- Hermes Fixed Income 99 1 EFG- Hermes Private Equity 96.3 3.7 * The parent company purchased .5 % of the shares in Hermes Corporate Finance Co. through irrevocable sales contracts. The transfer of title was not executed due to a restriction on the transfer of the shares. The transfer of title of the shares will be executed when the restrictions on the transfer of shares are lifted, however for accounting purposes the HCF Company was consolidated as a subsidiary as it is demonstrated that the parent has effective control over these shares. 3. Significant Accounting Policies Applied The significant accounting policies adopted in the preparation of these consolidated financial statements are set out below: 3-1 Basis of Preparation of Financial Statements The financial statements were prepared in accordance with Egyptian Accounting Standards, and applicable local laws and regulations. 3-2 Principles of Consolidation The consolidated financial statements include all subsidiaries that are controlled by the parent company. The basis of the consolidation are as follows: - All intragroup balances and transactions are eliminated. - Minority interest, in the equity and results of the entities that are controlled by the parent company , is shown as a separate item in the consolidated financial statements. - The cost of acquisition is allocated as follows: a) The fair value of the assets and liabilities acquired as of the date of the exchange to the extent of the parent's interest obtained in the exchange, and b) The minority's proportion of the pre-acquisition carrying amounts of the assets and liabilities of the subsidiary. 3-3 Foreign Currencies Transactions - The company maintains its accounts in Egyptian Pounds. Transactions denominated in foreign currencies are recorded at the prevailing exchange rate at the dates of transactions. Balances of monetary assets and liabilities denominated in foreign currency at the balance sheet are translated at the prevailing exchange rates. The exchange differences are recorded in the income statement. - Assets and liabilities of financial statements for foreign companies were translated using the prevailing exchange rates on the financial position date, shareholders' equity items are translated using historical rates, while revenues and expenses were translated using an average of the prevailing rates during the financial year. The resulted translation differences were included within the shareholders' equity in the statement of financial position as a special reserve- foreign currency translation differences. 3-4 Fixed Assets Depreciation Fixed assets are recorded at the historical cost and are depreciated by the straight line method over the estimated productive life for each type of asset at the following: Useful Life - Building 33.3 Years - Office furniture & electrical appliances 5-16.67 Years - Vehicles 3.33 - 4 Years - Computer equipment 3.33 - 5 Years 3-5 Amortization of deferred expenditure The cost of obtaining long term loans is capitalized and amortized over the loan period (Note No. 14). 3-6 Trading Investments Trading investments are valued on the basis of prevailing market value at the balance sheet date and the revaluation differences are recorded in the income statement. 3-7 Investments in Associates Investments in associates are valued at cost. However, when there is an impairment in the market or computed value of the investments compared to book value, the book value should be adjusted with the impairment value and charge the impairment to the income statement. 3-8 Available -for- sale Investment - Available -for- sale investments are recorded at cost. Actively quoted investments are revalued at cost or market value whichever is lower and non quoted investments are valued at cost or computed value of the investments (based on latest certified financial statements) whichever is lower and the resulting decline in value is charged to income statement. - Concerning the nonactive available -for- sale securities (don't have quoted market price in an active market) and whose fair value can not be reliably measured, such investments are recognized at cost. However, when there is an impairment in the market or computed value of the investments compared to book value, the book value is adjusted with impairment value and charge the impairment to the income statement. 3-9 Held -to -Maturity Investments (Bonds) Held - to- Maturity investments (Bonds) are recorded at cost. However, when there is an impairment in value of these investments, it charged to the income statement. 3-10 Taxation - A tax provision has been formed to meet tax obligations based on detailed studies for each claim. - Due to the nature of the Egyptian tax laws and legislations, applying the principles of the deferred taxes according to the International Accounting Standard "taxes on Income" will not usually result in material deferred tax liabilities. Further, if this application results in a deferred tax assets, it will be recognized in the financial statements whenever there is a sufficient comfort that these assets will be realised in the foreseeable future. 3-11 Cash Flow Statement For the purpose of preparing the Cash Flow Statement, cash and cash equivalent are represented in the cash on hand, cheques under collection, current accounts & time deposits with banks and L/G's margin. 4. Financial Instruments and management of related risks: The Company's financial instruments are represented in the financial assets and liabilities. Financial assets include cash balances with banks, investments and debtors while financial liabilities include banks - overdraft and creditors. Note (No. 3) of notes to financial statements includes significant accounting policies applied regarding basis of recognition and measurement of the important financial instruments and related revenues and expenses by the company to minimize the consequences of such risks. 4/1 Market Risk: Market risk is represented in the factors which affect values, earnings and profits of all securities negotiated in stock exchange or affect the value, earning and profit of a particular security. According to the company's investment policy, the following procedures are undertaken to reduce the effect of this risk. - Performing the necessary studies before investment decision in order to verify that investment is made in potential securities. - Diversification of investments in different sectors and industries. - Performing continuous studies required to follow up the company's investments and their development. 4/2 Foreign currency risk The foreign currency exchange risk represents the risk of fluctuation in exchange rates, which in turn affects the company's cash inflows and outflows as well as the value of its foreign currency assets and liabilities. As of the date of the balance sheet the company has foreign currency assets and liabilities equivalent to L.E. 233 421 447 and L.E. 261 874 714 respectively. The company's net exposure in foreign currencies are as follows: Surplus/ (Deficit) L.E. U.S. Dollar 66 161 821 Euro (94 615 088) - As disclosed in note 3-3, the company has used the prevailing exchange rates to revaluate monetary assets and liabilities at the balance sheet date. - As disclosed in note no. (15) the company has executed SWAP agreements to cover its deficit and required needs of foreign currencies and meet the risks of exchange and interest rates related thereto. 4/3 Financial Instruments Fair Value The financial instruments fair value do not substantially deviated from their book value at the balance sheet date. According to the valuation basis applied, in accounting policies to the assets and liabilities, which included in the notes to the financial statements, note No. 10, 11 of the notes to financial statements disclose the fair values of investments, which are, reported at cost. 5. Banks - time deposits The Banks - time deposits item includes an amount of LE 68 707 039 as blocked deposits to guarantee the facilities granted by the Banks to the subsidiary company (Financial Brokerage Group) under the guarantee of the parent company- EFG - Hermes Holding Company. 6. Debtors and Other Debit Balances 30/06/2003 31/12/2002 L.E. L.E Deposits with others 232 734 238 128 Prepayments to suppliers 332 569 316 569 Prepaid expenses 1 288 738 1 019 992 Employees advances 529 931 465 681 Accrued revenues 23 552 226 4 499 483 Taxes withheld by others 2 270 834 2 016 857 Commercial International Investment Company (CIIC) * 53 000 000 53 000 000 Commercial International Investment Company (CIIC) - other 44 464 541 28 999 322 El Mansour & El Maghraby for Investment And Development Company * 45 000 000 45 000 000 Eiad Mazhar Saleh Malas * 2 000 000 2 000 000 Unrealized swap gains 390 176 18 489 442 Downpayment to purchase investments ** 15 721 300 13 571 600 Sundry debtors 26 820 886 19 512 129 ___________ ___________ 215 603 935 189 129 203 =========== =========== * The balances represent payments to fully purchase of the capital shares of Fleming CIIC- Holding. (Note No. 16). The required procedures to carry out the transaction in the Stock Exchange are under processing. ** The balance represents downpayment to purchase 75% of Financial Transaction House (FTH) capital shares. 7. Creditors and Other Credit Balances 30/06/2003 31/12/2002 L.E. L.E Tax Authority 9 000 508 10 016 261 Social Insurance Association 113 345 117 008 Suppliers 1 360 000 1 360 000 Accrued expenses 3 023 461 2 790 734 Unearned revenues 37 166 77 755 Accrued interest 1 988 171 1 927 763 Sundry creditors 1 792 619 1 698 093 __________ __________ 17 315 270 17 987 614 ========== ========== 8. Provisions Contingent Provision for Liability Severance Tax claims doubtful debts provision pay provision provision L.E L.E L.E L.E Balance as at 1/1/2003 2 454 247 11 839 166 52 219 122 170 Formed during the period -- 635 000 -- -- ____________ __________ _____________ _________ Balance as at 30/6/2003 * 2 454 247 12 474 166 52 219 122 170 ============ ========== ============= ========= * It is deducted from accounts receivable item in the balance sheet. 9. Fixed Assets Office Furniture, equipment & Electrical Computer Particulars Land Building Appliances Equipment Vehicles Total LE LE LE LE LE LE Balance as at 1/1/2003 5 360 000 13 685 823 11 254 837 7 259 989 1 683 691 39 244 340 Additions during the period -- -- 43 443 79 515 25 308 148 266 Disposals during the period -- -- (30 868) -- (265 000) (295 868) _________ __________ __________ _________ _________ __________ Total cost as at 30/ 6/2003 5 360 000 13 685 823 11 267 412 7 339 504 1 443 999 39 096 738 _________ __________ __________ _________ _________ __________ Accumulated depreciation as at 1/1/2003 -- 1 519 771 6 397 268 5 216 800 989 827 14 123 666 Depreciation during the period -- 205 287 794 674 548 690 147 792 1 696 443 Disposals accumulated depreciation -- -- (26 297) -- (77 612) (103 909) _________ __________ __________ _________ _________ __________ Accumulated depreciation as at 30/6/2003 -- 1 725 058 7 165 645 5 765 490 1 060 007 15 716 200 _________ __________ __________ _________ _________ __________ Net cost as at 30/6/2003 5 360 000 11 960 765 4 101 767 1 574 014 383 992 23 380 538 ========= ========== ========== ========= ========= ========== 10. Available - for- sale investments 30/06/2003 31/12/2002 L.E. L.E Quoted investments 176 452 500 174 824 369 Non - quoted investments 253 106 713 290 127 714 ___________ ___________ 429 559 213 464 952 083 =========== =========== - The market value of the quoted investments amounted to L.E 100 166 190 on June 30 ,2003 versus L.E. 151 122 748 on December 31,2002. 11. Investments in associates Investments in associates companies represent the value of the non-quoted investments amounted to LE. 3 500 000 as at June 30,2003 versus L.E. 4 625 000 as at December 31,2002. 12. European Investment Bank Contract: According to the contract signed between EFG- Hermes - Holding Company and the European Investment Bank dated March 1, 2001, EFG- Hermes Holding Company purchases investments in its name in favor of the bank in a range of 5 Million Euro for each investment. The total amount of these investments is limited to 25 Million Euro and the participation of European Investment Bank is limited to 50% of total investment. This contract is valid until August 30, 2013. The European Investment Bank pays the value of these investments. The proceeds is reported as a liability to the company versus the investments reported as an asset. An off-setting is made between the asset and liability at the balance sheet date. The investments purchased according to this contract amounted to LE 38 507 298 (the equivalent amount of Euro 10 601 054) which are as follows: Balance as of 30/06/2003 31/12/2002 L.E. L.E. Gas & Energy Group Limited 8 104 041 8 104 041 Founoon Holding Co. (BVI) 16 984 000 16 984 000 Commercial International Investments Company (CIIC) 13 419 257 13 419 257 __________ __________ 38 507 298 38 507 298 ========== ========== 13. Capital - The company's issued and paid - in capital LE 205 370 050 distributing into 41 074 010 shares of par value L.E. 5 per share. - The company's extraordinary general assembly approved in its session held on August 28, 2003 to increase the company's authorized capital from LE. 200 Million to LE. 700 Million. 14. Long term loans - A loan contract has been signed on March 28,2001 between EFG- Hermes Holding Company and International Finance Corporation (IFC), this contract provides for that EFG- Hermes Holding borrows a long term loan amounting to USD 30 Million for five years ending on May 31,2006 with two years grace year and annual floating interest rate over Libor based on the return on equity. This loan will be used in financing the company's expansions in the Middle East and North Africa besides new activities. According to the loan contract the company has received the first installment amounting to US$ 15 Million on May 15, 2001. The loan principle is payable on 7 semi annual installments amounted to US$ 4 285 700 each. Starting from May 15,2003 and interest will be due semi annually on 15 May and 15 November, the first interest is due on 15 November 2001. The loan contract stipulated to provide the following guarantees. - An irrevocable power of attorney from the Borrower and the borrower's subsidiaries to IFC enabling IFC to create at will (a) a first - ranking real estate mortgage over the land and the building owned by Financial Brokerage Group S.A.E. (subsidiary of 99.76 share percentage) at 58 El Tahrir Street, Dokki - Giza, Arab Republic of Egypt and (b) a first - ranking commercial mortgage on the tangible and intangible assets of the Borrower and Borrower's subsidiaries. Including such asset as may be acquired after the signature of this agreement; - An irrevocable and unconditional guarantee by the Egyptian guarantors and EFG- Hermes Advisory Inc. in a form acceptable to IFC for the benefit of IFC, payable on first demand by IFC to guarantee the Borrower's payment obligations to IFC under this agreement; - A pledge of the shares that the Borrower holds in Egyptian Portfolio Management Group S.A.E. to IFC (with par value of LE. 1 990 000). On March 13, 2002, the company paid an amount of US$ 4 144 630 to the IFC as a partial repayment of the loan. As will as, on May 15, 2003, the company has paid an amount of US$ 1 550 762. Accordingly, the loan balance amounted to US 9 304 607 (Equivalent amount of 56 478 968 LE.). - On January 4,2002, a loan contract has been signed between EFG - Hermes Holding Company and the Foundation of (DEG)- DEUTSCHE INVESTITIONS- UND ENTWICKLUNGSGESELLSCHAFT MBH. The said contract provides for that EFG- Hermes Holding Company borrows a long term loan with amount of EURO 15 Million with an applied annual floating interest rate. The loan principle is to be repaid on 12 semi annual installments of 1 250 000 Euro each. The first installment will due on May 15, 2003 and the loan interest is due semi annually on 15 May, and 15 November, The company is committed to render some guarantees to the lender as stipulated by the contract. On July 4, 2002 the company has received an amount of EURO 10 420 000, and Euro 4 580 000 on December 24,2002 representing the full amount of the mentioned loan. On May 15,2003, the company has paid an amount of Euro 1 250 000 to DEG as a partial payment of the loan. Accordingly, the loan balance amounted Euro 13 750 000 (Equivalent amount of 93 912 500 LE). 15. Contingent Liabilities and Commitments - The Holding Company undertakes the credit facilities granted from the banks to its subsidiaries - Financial Brokerage Group and Hermes Securities Brokerage. - The company has executed SWAP contracts with some Banks which will be settled according to specific rates for the foreign currencies implied in such contracts. The mentioned contracts are as follows: Transaction Transaction Amount currency Expiry Date date operation 01/04/2003 Selling USD 9 Million L.E 02/07/2003 12/06/2003 Selling Euro 10.3 Million L.E 10/07/2003 26/06/2003 Selling USD 2.7 Million L.E. 03/07/2003 16. Related Party Transactions - Other debit balances (Note No.6) include an aggregate balances of LE. 100 Million paid to Commercial International Investment Company (CIIC), El Mansour and El Maghraby for Investment and Development and Eiad Malas (who participated in the share capital of EFG-Hermes Holding Company with percentages of 32.8% , 6.8% and 0.3% respectively) under the account of purchasing all the shares of Fleming CIIC - Holdings and also include an amount of L.E. 44 464 541 due from Commercial International Investment Company (CIIC). - Other income item includes an amount of LE. 3 465 218 represents the consulting fees provided by the company during the financial period to Commercial International Investment Company (CIIC) - Note No. (6) 17. Comparative figures Certain comparative figures have been reclassified to conform with the current period classification. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFFAFILDLIV
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