AERODROM LJUBLJANA, D.D. HALF-YEARLY BUSINESS REPORT 2005

Transcription

1 AERODROM LJUBLJANA, D.D. HALF-YEARLY BUSINESS REPORT 2005 Brnik, August 2005 Vinko Može President and CEO

2 CONTENTS 1. INTRODUCTION HIGHLIGHTS TRAFFIC BUSINESS RESULTS Income Statement Balance Sheet INVESTMENTS PERSONNEL OWNERSHIP STRUCTURE AND AELG SHARE UNAUDITED FINANCIAL STATEMENTS Balance Sheet as at 30 June Income Statement for the period from 1 January to 30 June Cashflow Statement for the period from 1 January to 30 June Statement of Changes in Capital

3 1. INTRODUCTION The financial statements in this report are unaudited and have been compiled on the basis of the 2001 Slovenian Accounting Standards and in line with the Companies Act. The financial statements for the first six months of 2005 are comparable to the statements for the same period in The operating results of the previous period remained unchanged. 2. HIGHLIGHTS Basic information on performance Index / Number of passengers Aircraft movements Cargo (in tonnes) Operating revenues - in thousands of SIT Net operating revenues - in thousands of SIT Operating expenses - in thousands of SIT Operating profit - in thousands of SIT Net profit from ordinary activities - in thousands of SIT Net profit for the period - in thousands of SIT Net profit per share - in SIT (net profit / no. of issued shares) 202,7 192,7 105 Share book value - in SIT (capital / no. of issued shares) Capital as at 30 June - in millions of SIT Investments - in millions of SIT 1.584,0 463,0 342 No. of employees as at 30 June Operating efficiency ratio (operating revenues / operating expenses) 1,319 1, There were significant positive changes in the structure of traffic because the share of passengers carried by foreign airlines increased from 13% in the first half of 2004 to 29% in the same period this year. This represented an increase in competition among carriers and consequently an improvement in the selection available to passengers. Important events In June last year we began the construction of a parking garage with a business wing, and we completed it before the 2005 summer season. This state-of-the-art parking garage has 1,320 parking places. The business wing contains an emergency medical clinic, company office space and a multipurpose conference hall in addition to counters and office space for rent-a-car providers. The parking garage is connected to the passenger terminal by a covered walkway that was built between the two structures as part of the renovation of the site. The parking garage represents the modern image that Ljubljana Airport will have within five years and is a condition for the further development of the airport. 2

4 The gold Netko and Izidor awards, which we received last year for our redesigned Internet portal were augmented in March this year by a silver award at the 14 th Slovenian advertising festival. At the company s shareholders meeting on 30 June 2005 the following supervisory board was elected for a four-year term that began on 4 July 2005: Janez Čadež (president), Dušan Hočevar (vice president), Janez Potočnik, Miloš Bevc, Peter Habjan, David Benedek and Milan Kneževič (shareholder representatives), and Drago Čotar, Igor Domevščik and Bogdan Novak (employees representatives). At the same session of the shareholders meeting a resolution was also adopted that as of 1 January 2006 and for a period of at least five years the company will prepare its accounting reports under Article 56 of the Companies Act in accordance with the International Accounting Standards. Important events that occurred after the close of the accounting period Following several years of effort and harmonization with all government departments, in July 2005 two executive spatial planning acts were adopted: a detailed plan for relocating the main road and the spatial planning conditions for the area adjoining the airport. These ensure the conditions for the further development of airport and airportrelated programmes. At the beginning of September, Adria Airways and LOT Polish Airlines will open a new route to Warsaw, the capital of Poland. 3. TRAFFIC Air traffic In the period from January to June 2005, traffic increased in comparison to the same period last year, both in the number of landings and takeoffs as well as in the number of passengers. Over the past years, the strategy adopted for marketing, innovation in seeking new business models and active inclusion in all segments of the economy related to tourism and business has contributed the most to increasing traffic and consequently to our company s good operating results. There were 18,454 aircraft movements, which is 16% more than in the same period last year (45% of the annual plan). 513,919 passengers were carried, which is a 19% increase over the same period last year (43% of the annual plan). Scheduled traffic In the first half of this year there were 453,003 passengers on scheduled routes (17% more than in the same period last year) and there were 10,481 aircraft movements (21% more than in the same period last year). 3

5 Adria Airways, the airline of Slovenia, and its ten aircraft increased its number of aircraft movements by 3% to 8,201. The total number of passengers in the first half of 2005 numbered 362,736, which was nearly 3% less than in the same period last year. At Brnik, which serves Adria Airways as both a home airport and transfer hub, 14% of all Adria Airways passengers were transfer passengers. The share of Adria Airways passengers represented 71% of all passengers on commercial flights (87% last year). With regard to the number of commercial aircraft movements, Adria Airways operated 68% of all flights (80% last year). Correspondingly, in the commercial traffic sector the number of passengers travelling on foreign carriers grew from 13% in the first half of 2004 to 29% this year, with 147,272 passengers carried this year (54,956 last year). The share of aircraft movements by foreign-operated commercial aircraft also increased, from 2,010 to 3,886, and by the first half of 2005 represented 32% of all aircraft movements (20% last year). Austrian Airlines is continuing service between Ljubljana and Vienna with a 50-seat Dash 8/300Q aircraft. From the beginning of January to the end of June this year, Austrian Airlines carried 6,369 passengers on 302 flights. The budget airline easyjet is continuing its successful route to London. In the first six months of this year there were 362 aircraft movements on this route, with 44,572 passengers carried. In November 2004 easyjet also connected Ljubljana with Berlin, the capital of Germany. 37,467 passengers flew this daily route in the period from January to June The Hungarian airline Malév is flying a 33-seat Saab 340 twice daily on the route between Budapest and Ljubljana. For part of the winter season the second flight was cancelled due to a shortage of available aircraft. In the first six months of this year Malév carried 7,512 passengers with 496 aircraft movements. In 2005 ČSA continues to offer service between Prague and Ljubljana. In 2004 ČSA added a seventh weekly flight on Saturdays and began combining 42-seat ATR42 service with a 72-seat ATR72 aircraft. In the first half of 2005 ČSA carried 11,240 passengers and made 434 aircraft movements. JAT carried 3,058 passengers on the Belgrade Ljubljana route, which was 30% less compared to the same period the previous year. Among other things, this fall in traffic is attributable to a mechanics strike at this airline that resulted in flight cancellations. At the end of 2004 Air France began flying to Ljubljana Airport. There are 12 flights a week to Paris and Ljubljana on a 50-seat Embraer RJ145. In the first six months of this year Air France carried 15,019 passengers and made 604 aircraft movements. 4

6 Charter traffic In the first half of this year 56,667 passengers travelled on charter flights (37% more than in the same period last year) and there were 582 aircraft movements (a 15% increase over the same period last year). During the winter season charter traffic was moderate. In addition to Adria Airways flights to Sharm el Sheikh and certain other tourist and fair destinations, charter traffic leased through travel agencies was also operated by foreign airlines: Air Malta (to Malta), Nouvelair (to Jerba), Jordan Aviation (to the Red Sea), Memphis Air (to Egypt) and Pegasus (to Antalya, Turkey). In June a series of foreign-operated charter flights began operating for the upcoming summer season. Robust predictions for the number of flights as well as the large variety of airlines promise a broad selection, as in the 2004 summer season. The series of flights that started in June are primarily weekly and are expected to continue until the end of September or October. These include Air Malta (to Malta), BH Air (to Burgas, Bulgaria), BMI British Midland (to East Midlands), Bulgaria Air (to Varna, Bulgaria), Dubrovnik Airlines (to Dubrovnik), Israir (to Tel Aviv, as last year) as well as Sun D'or, Montenegro Airlines (to Tivat), Nouvelair (to Tunis, Jerba and Monastir), Pegasus (again to Antalya, Turkey), SkyEurope Airlines (to Irákleion), Sun Express (also to Antalya), Tunisair (to Monastir and Jerba), and Travel Service (to Corfu, Greece). Both foreign-operated charter flights as well as Adria Airways charter flights are primarily being leased by Slovenian travel agencies, including Kompas, Globtour, Atlas, Intelekta, Ilirika, Relax and Sun Holidays, as well as TUI-Gulet once again. Certain travel agencies from Great Britain are cooperating with Slovenia s Atlas Express and, like last year, agencies are also organizing the arrival of passengers from Israel. General aviation There was an 8% growth in general aviation with regard to number of aircraft movements in comparison to the same period last year. Especially noticeable was an increase in traffic by small domestic aircraft, whereas there was a clear fall in foreign operators. This contrasts with the number of passengers carried, the number of whom amounted to 3,263, which is 9% less than in the same period last year (there was a 20% decrease in the number of domestic passengers, whereas the number of foreign passengers increased by 7%). Cargo traffic The volume of cargo carried following EU entry has decreased by 12% overall (air cargo 6%, road cargo 12%, mail 30%). In the first six months of this year a total of 5,360 tons of cargo (45% of the annual plan) was carried. The reasons for the decrease in cargo traffic are that air cargo in Europe is being redirected to trucking, open borders within the EU mean that goods are more easily transported directly to other airports, customs procedures have been simplified and foreign airlines are able to offer better rates from neighbouring airports in Austria. The 5

7 flight network and size of the Slovenian market influence the size of the aircraft in service, which are primarily regional 50-seat (or smaller) aircraft that do not always have space available for transporting cargo. The decrease in cargo has also resulted from the cancellation of a number of routes to the Balkans and the use of smaller aircraft. At the same time there have been bankruptcies or reduced volumes of operations at what used to be some of the largest shipping companies that operated through Brnik. Also significant is the fact that following EU entry the use of aircraft that do not meet noise pollution standards (which includes the majority of cargo aircraft) is prohibited in Slovenia. In the area of scheduled cargo traffic the carriers Air France, Austrian Airlines and Lufthansa have continued scheduled truck routes, and occasional air trucking is provided by Malév, Cargolux, ČSA, Adria Airways and other airlines. We have secured some chartered cargo aircraft, but traffic is primarily being carried out using trucks or passenger aircraft cargo holds. Express mail service: In addition to domestic carriers, Solinair operates daily air service to Bergamo for DHL express mail delivery. Deliveries for UPS are operated five times a week by the domestic carrier Alpe Air on the Vienna Ljubljana Zagreb route and back. Other express mail services (TNT, FEDEX) use scheduled routes. VOLUME OF TRAFFIC Realisation Plan Index Proportion (%) Elements /2004 Re./Pl Pl AIRCRAFT MOVEMENTS ,7 44, PUBLIC TRAFFIC ,4 46, Domestic carriers ,5 47, Foreign carriers ,3 44, GENERAL AVIATION ,9 42, Domestic ,3 40, Foreign ,3 52, OTHER ,7 38, NO. OF PASSENGERS ,2 42, PUBLIC TRAFFIC ,4 42, Domestic carriers ,5 42, Foreign carriers ,9 43, GENERAL AVIATION ,4 42, Domestic ,5 36, Foreign ,4 53, OTHER ,1 0, CARGO ,3 44, Aircraft ,1 47, Truck ,5 45, Mail ,3 35, Other ,8 21,

8 4. BUSINESS RESULTS 4.1 Income Statement In the first six months of 2005 we realized SIT 2,795 million in operating revenues. This represents a 12% increase (46% of the annual plan) in comparison to the same period last year. At SIT 2,119 million, operating expenses were 9% higher than in the same period last year (48% of the annual plan) and were SIT 675 million less than revenues (our operating profit is 24% higher than last year and amounts to 42% of the annual plan). Tallying the financial and extraordinary income, and taking into account financial and extraordinary expenses, our total profit amounts to SIT 937 million and is at last year s level, fulfilling 41% of the annual plan. The seasonal nature of the greater part of operations is responsible for the less than 50% fulfilment of the annual plan. The least traffic occurs in January, February and March, whereas the most occurs in July, August and September. In the summer months many charter connections are established, the number of scheduled routes is greater and the passenger load factor is higher. Operating Revenues STRUCTURE OF OPERATING REVENUES Revenues from commercial services 24% Other revenues 3% Revenues from airport services 49% Revenues from ground handling services 24% Revenues from airport services, which include revenues from landing services, aircraft parking, passenger fees, runway illumination and centralised infrastructure, amounted to SIT 1,364 million, which is 39% more than in the same period last year (44% of the annual plan, with an increase of 18% on the domestic market and 127% on the foreign market). The reasons for this increase are a greater number of aircraft movements, increased passenger numbers, increased prices for passenger service resulting from greater security and terminal management expenses, and substantial reallocation of revenues due to the introduction of a new fees list as required by the Aviation Act (ZLet). Centralised infrastructure services, which were included in ground handling 7

9 services until 1 May 2004, are now part of airport services, which is also a reason for the decrease in revenues from ground handling services. For this reason, revenues from ground handling services were 12% lower compared to the same period last year and amounted to SIT 658 million (50% of the annual plan). There was a decrease of 23% on the domestic market and an increase of 41% on the foreign market. Revenues from commercial services amounted to SIT 671 million and are at last year s level (47% of the annual plan). Parking revenues, which are up 40% compared to the same period last year, increased the most, primarily because of a greater number of car park users (a greater number of passengers as well as visitors). Revenues from leasing fees increased by 5%, primarily due to leasing the general aviation hangar that was built last year. Warehousing revenues were 24% lower as a result of changes in operating conditions and legislation connected with Slovenia s entry into the EU. In comparison with the same period last year, financial revenues were 28% lower (40% of the annual plan). The reason for this is a decrease in the amount of financial investments as a result of high investments. Among operating expenses, the greatest increase was in costs of materials and services (amounting to SIT 585 million, which is 18% more than in the same period last year or 48% of the annual plan). The reason for the increase is increased traffic, higher energy costs (electricity, heating oil), and greater marketing and promotion expenditures. Among operating expenses there was also an increase in labour costs, which is the result of a greater number of employees. 4.2 Balance Sheet The balance sheet total on 30 June 2005 amounted to SIT 21,751 million and was 7% greater in comparison to the situation on 30 June In the structure of assets, the share of tangible fixed assets increased (by 15 percentage points) due to new investments, whereas financial investments decreased. In the structure of capital and liabilities, the proportion of equity capital remained at 85%, which is at the level of the same period last year. 8

10 STRUCTURE OF ASSETS AS AT 30 JUNE 2005 Short-term financial investments 12% Operating receivables 4% Other assets 2% Long-term financial investments 28% Tangible fixed assets 54% STRUCTURE OF CAPITAL AND LIABILITIES AS AT 30 JUNE 2005 Short-term liabilities 8% Long-term provisions 7% Long-term liabilities 0% Equity capital 85% 5. INVESTMENTS In the first half of 2005 the company invested SIT 1,584 million of its own investment funds in constructing facilities and purchasing computer equipment and airport equipment, as follows: SIT millions 1. Investments in construction 1,458 Major investments: Parking garage 1,310 Purchase of land 88 Technical security 32 New passenger terminal Computer equipment (hardware and software) Airport equipment 107 9

11 The first half of the year saw the completion of facilities that we began building in The greatest investment is represented by the completed parking garage with its business wing. The implementation of technical security is also connected with the establishment of a security system in the same building. We have continued purchasing land for the development of airport and airport-related programmes. Two executive spatial planning acts have been adopted: a detailed plan for relocating the main road and the spatial planning conditions for the area adjoining the airport. These documents provide the basis for construction of a bypass road past the airport and make possible the development of airport programmes, the two most important of which are a new passenger terminal and a cargo traffic development centre, and they create the conditions for the development of airport-related activities. We continued by preparing project documentation for the new passenger terminal so that the project design was worked out as a conceptual project as part of the preparation of projects for the building permit. The design was verified by foreign consulting agencies and forms the basis for further planning. Among the airport equipment, there were major investments in a covered escalator, a street sweeper, an aircraft tow tractor and an airport transport vehicle. 6. PERSONNEL At the end of the first six months of the year the company had 329 employees. This number increased by 3% (11 employees) during the first half of the year and, in comparison with the same period the previous year, by 2%, or 7 employees. The increase in technical maintenance work on aircraft influenced the increase in the number of employees in the technical and fire protection service and in the aircraft handling service. In other services, increased traffic was accounted for through economical planning and flexible forms of employment. We allocated SIT 9 million for education and training, or nearly SIT 29,000 per employee. An analysis of the annual interviews conducted with all employees makes clear their educational needs and desires, which we include in our education plan. The share of education for various technical areas was 57%, for IT seminars and courses 24%, and for language classes 19%. We directed special attention to our employees' professional conduct toward passengers and therefore also organized seminars and workshops on the culture of communication. We are completing a project to renovate job allocation and our pay system. We will establish more efficient organization and an adaptable job allocation system by broadly describing jobs and clearly defining responsibilities. The incentive system will be planned so that it will serve to support the attainment of strategic goals and increase the company's competitive abilities, and will motivate employees in their professional and personal development to attain the best possible operating results. 10

12 7. OWNERSHIP STRUCTURE AND AELG SHARE Aerodrom Ljubljana, d.d. has issued 3,796,527 shares that are paid up in full and have a total nominal value of 3,796,527 thousand tolars. Of these, 49% are preference participating shares with limited voting rights and are owned by the Slovenian state, while 51% are ordinary freely transferable shares traded on the Ljubljana stock exchange s organised market. As at 30 June 2005 the company held no treasury stock, and had not paid any dividends for the first half-year. Neither does it have any authorised equity capital, nor has the general meeting of shareholders adopted a resolution on a conditional increase in its share capital. In the first half of 2005 there were no significant changes in the major shareholders in Aerodrom Ljubljana, d.d. On 30 June 2005 the company had 4,616 shareholders, which is 11% more than on 30 June There was an increase in the number of small shareholders in particular. OWNERSHIP STRUCTURE AS AT 30 JUNE 2005 Legal persons 21,90% Republic of Slovenia 50,67% Private individuals 13,25% Slovenian Restitution Fund 6,82% Pension Fund 7,36% Ten largest shareholders as at 30 June 2005 No. of shares Holding (%) 1 - Republic of Slovenia , Pension Fund , Slovenian Restitution Fund , Maksima, delniška ID, d.d , Zavarovalnica Triglav, d.d , Publikum Trezor d.o.o , VS Triglav Steber I , KD Rastko, delniški vzajemni sklad , KD Galileo, vzajemni sklad fleksibilne strukture naložb , Kapitalska družba d.d. - PPS ,54 11

13 Members of the management board and the supervisory board held a total of 0.17% of the company s shares as at 30 June 2005, as follows: Management board Number of shares Equity capital interest (%) Vinko Može ,156 Zmago Skobir 300 0,008 Supervisory board Drago Čotar 320 0,008 In the first half of 2005 market capitalization on the Ljubljana stock exchange decreased by 0.8% or by SIT 25 billion. Because of the acceptance of new bonds and an increase in the number of existing bonds, the market capitalization of bonds increased by SIT 265 billion, but the market capitalization of company shares fell by SIT 217 billion and investor fund shares by SIT 73 billion because of a lowering of share prices and the exclusion of shares from trading. SIT 70 billion worth of trading was conducted on the market, which was 30% less than in the same period last year. The greatest activity was conducted in January and the least in May. In the structure of volume activity, the greatest portion was represented by shares of listed companies at 66.8%, whereas bonds and shares of investment funds represented 16.6% each. The value of indices fell during the period covered: the SBI 20 by 10.4%, the PIX by 7.9% and the BIO by 0.2%. Among the twenty-five shares officially listed on the stock exchange, there was a rise in value of only three during the period covered, whereas the value of shares included in the SBI 20 rose in only one case. AELG shares reached their all-time peak in January 2005 and also experienced record trading. They reached their greatest value on 12 January (SIT 13,747.88). In line with other events on the Slovenian stock market, there followed a drop in value, so that on 30 June 2005 the value of an AELG share was 5% lower than on the last day of trading in During this period the SBI 20 fell by 10%. In the first six months of this year, market capitalization fell by SIT 1.1 billion, but in comparison with the situation on 30 June 2004 was SIT 5.4 billion higher. The average share price during the period covered amounted to SIT 12,156, which exceeds the price in the same period last year by 44%. On the Ljubljana stock exchange SIT 1,429 million of activity was conducted in shares, which is only 4% less that the total activity in shares in

14 AELG share performance Index / Market capitalisation as at 30 June in millions of SIT Volume of trading - in millions of SIT Lowest share price - in SIT Highest share price - in SIT Average standard price in the year - in SIT Market price as at 30 June - in SIT Share book value as at 30 June (equity capital / no. of shares issued) Net profit per share (net profit / no. of shares issued) - in SIT 202,7 192,7 105 Market price / book value per share as at 30 June 2,34 1, No. of shareholders as at 30 June No. of shares issued AELG share price movements in first half of in SIT AELG SBI20 13

15 8. UNAUDITED FINANCIAL STATEMENTS Half-yearly business report Balance Sheet as at 30 June 2005 in thousands of SIT ASSETS A. FIXED ASSETS I. Intangible fixed assets Long term deferred operating expenses Long term deferred development expenses Intangible fixed assets under construction II. Tangible fixed assets Land and buildings Land Buildings Other machinery and equipment Fixed assets in acquisition Advances for acquisition of fixed assets Tangible assets under construction or production III. Long-term financial investments Equity capital interests in companies within group excluding associates Equity capital interests in associates Other long-term participating interests Other long-term financial interests B. CURRENT ASSETS I. Inventories Material II. Operating receivables a ) Long-term operating receivables Long-term operating receivables from others b ) Short-term operating receivables Short-term accounts receivable Short-term receivables from companies in group excluding associates Short-term operating receivables from others III. Short-term financial investments Short-term financial investments in others IV. Bank balance, cheques, cash C. DEFERRED EXPENSES AND ACCRUED REVENUES

16 v TSIT LIABILITIES AND CAPITAL A. EQUITY CAPITAL I. Called - up capital Share capital II. Profit reserves Legal reserves Reserves under articles of association Other profit reserves III. Retained earnings IV. Net profit for financial year V. Equity capital revaluation adjustment General equity capital revaluation adjustment B. PROVISIONS Other provisions C. Financial and operating liabilities a ) Long-term financial and operating liabilities Long-term financial and operating liabilities to others b ) Short-term financial and operating liabilities Short-term operating liabilities from advances Short-term accounts payable Short-term financial and operating liabilities to others D. ACCRUED EXPENSES AND DEFERRED REVENUES

17 8.2 Income Statement for the period from 1 January to 30 June 2005 in thousands of SIT Net sales revenues Other operating revenues Costs of goods, materials and services Historical cost of goods and material sold and costs of material used Costs of services Labour costs Wages and salaries Social security costs Other labour costs Write-downs Amortisation, depreciation and revaluation operating expenses for intangible fixed assets and tangible fixed assets Revaluation operating expenses for operating assets Other operating expenses OPERATING PROFIT Other financial revenues from equity capital interests Interest revenues and other financial revenues From long-term receivables to others From short-term receivables Financial revenues from interest and short-term receivables from companies in group excluding associates Interest expenses and financial expenses from other liabilities Other interest expenses and financial expenses from other liabilities PROFIT FROM ORDINARY ACTIVITY Extraordinary revenues Extraordinary expenses TOTAL PROFIT Corporate income tax NET PROFIT

18 8.3 Cashflow Statement for the period from 1 January to 30 June 2005 A. Cashflows from operating activities in thousands of SIT a.) Inflows from operating activities Operating revenues Extraordinary revenues associated with operations Opening minus closing operating receivables (6.948) (3.209) Opening minus closing short-term deferred expenses and accrued revenues b.) Outflows from operating activities Operating expenses excluding amortisation, depreciation and long-term provisions Extraordinary expenses associated with operations Corporate income tax and other taxes not included in operating expenses Opening minus closing inventories (20.823) Opening minus closing operating debts ( ) ( ) Opening minus closing short-term accrued expenses and deferred revenues c.) Net inflows from operating activities B. Cashflows from investing activities a.) Inflows from investing activities Financial revenues associated with investing activities Offset decrease in short-term financial investments b.) Outflows from investing activities Financial expenses associated with investing activities Offset increase in intangible fixed assets Offset increase in tangible fixed assets Offset increase in long-term financial investments c.) Net outflows from investing activities ( ) ( ) d.) Net inflows from operating and investing activities C. Cashflows from financing activities a.) Inflows from financing activities 92 0 Offset increase in long-term financial debts 92 0 b.) Outflows from financing activities Decrease in equity capital (excluding net loss) Offset decrease in long-term provisions Offset decrease in short-term financial debts Offset decrease in long-term financial debts Decrease in liabilities to owners associated with profit-sharing (1.220) (274) c.) Net outflows from financing activities ( ) ( ) d.) Net inflows or outflows (47.658) D. Closing balance of cash and cash equivalents x.) Net cashflow for period (sum of net flows Ac, Bc and Cc) (47.658) y.) Opening balance of cash and cash equivalents

19 8.4 Statement of Changes in Capital Statement of Changes in Capital for the period between 1 January and 30 June 2005 in thousands of SIT Opening balance Equity capital inflows Changes in equity capital Equity capital outflows Closing balance I. CALLED - UP CAPITAL Share capital II. CAPITAL RESERVES III. PROFIT RESERVES Legal reserves Reserves under articles of association Other profit reserves IV. RETAINED EARNINGS V. NET PROFIT FOR FINANCIAL YEAR VI. EQUITY CAPITAL REVALUATION ADJUSTMENT General equity capital revaluation adjustment TOTAL EQUITY CAPITAL Statement of Changes in Capital for the period between 1 January and 30 June 2004 in thousands of SIT Opening balance Equity capital inflows Changes in equity capital Equity capital outflows Closing balance I. CALLED - UP CAPITAL Share capital II. CAPITAL RESERVES III. PROFIT RESERVES Legal reserves Reserves under articles of association Other profit reserves IV. RETAINED EARNINGS V. NET PROFIT FOR FINANCIAL YEAR VI. EQUITY CAPITAL REVALUATION ADJUSTMENT General equity capital revaluation adjustment TOTAL EQUITY CAPITAL