Statement MSSF Q3_2006 ENG - COMPUTERLAND S.A INTERIM...

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COMPUTERLAND S.A. INTERIM ABRIDGED CONSOLIDATED FINANCIAL REPORT FOR 3-MONTH PERIODS ENDED 30 SEPTEMBER 2006 AND 30 SEPTEMBER 2005 PREPARED ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS
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- 2 - Table of Contents Management Board Comments to Financial Report for Q3 2006 3 Interim Consolidated Balance Sheet 8 Interim Consolidated Profit and Loss Account 10 Interim Consolidated Statement of Changes in Equity 11 Interim Consolidated Cash Flow Account 13 Explanations to Interim Consolidated Cash Flow Account 14 Notes to Abridged Consolidated Financial Report 15
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ComputerLand SA Group Consolidated quarterly financial report as of 30 September 2006 (all data in PLN thousand, unless specified otherwise) - 3 - Management Board Comments to Financial Report for Q3 2006 3 rd Quarter 2006 Results In the third quarter of 2006 the ComputerLand Group generated PLN 175 million of revenues. In the past 9 months sales exceeded PLN 500 million. After poor second quarter the Company significantly improved its results at the operating and net profit level. Operating profit amounted to PLN 3.9 million while net profit was PLN 2.4 million. Results generated during that period were affected by stable revenues from all the sectors served by the ComputerLand Group, cost savings resulting from the ongoing efficiency improvement project CoLorado as well as profit on the sale of Russian CSBI EE shares. Presented figures indicate reversal of the negative trend in the Company's results. Q3 2006 Q3 2005 Change Net revenues 174 203 183 873 (5.3%) Operating profit (loss) 3 889 8 322 (53.3%) Net profit (loss) 2 359 3 540 (33.4%) Q2 2006 Q3 2006 Change Net revenues 150 160 174 203 16.01% Operating profit (loss) (14 413) 3 889 --- Net profit (loss) (13 404) 2 359 --- Impact of the efficiency improvement program implemented since the 2 nd quarter of the year is estimated at more than PLN 7 million. Impact of the sale of CSBI EE shares on the Company's results was positive and amounted to PLN 3.8 million. Year 2006 Forecasts – second half traditionally better. On 10 August 2006 the ComputerLand Management Board presented the official forecasts of the Company and announced consolidated net profit for the second half of 2006 in the amount of PLN 20 million. It means that in the second half of 2006 the CL Group will generate nearly twice higher net profit than the profit generated in the year 2005 (PLN 11.4 million). At present the ComputerLand Management Board see no reason to change the consolidated forecasts. Both the forecasts of August 2006 and today's confirmation does not take into account the consolidation impact of the Emax Group results. The Emax Group will be fully consolidated as of 1 October 2006. ComptuerLand has 66% votes at the General Assembly of Emax which amounts to 37.65% of its share capital. Realisation of the forecast depends on the punctual completion of the Company's portfolio of high orders for the 4 quarter of the year and on the finalisation of several projects for which the sale processes are being completed. The Company's portfolio of high orders as of 1 October 2006 amounted to PLN 482 million, half of which can be attributed to the last 3 months of the year.
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