Financial Tables Analysis of Zara Investment Company

FINANCIAL TABLES ANALYSIS OF ZARA INVESTMENT COMPANY

Horizontal Vertical

Balance Sheet Dec.31,2009 Dec.31,2008 ?Amount ?Percent 2009 2008

CURRENT ASSETS

Cash on hands and at banks 7088301 15433236 -8344935 -54,07% 2,60% 6,04%

Trading investment 0% 0%

Inventories 2141115 2114546 26569 1,26% 0,78% 0,83%

Account receivables 7001659 7572885 -571226 -7,54% 2,57% 2,96%

Other current assets 8362940 5209347 3153593 60,54% 3,07% 2,04%

Total current assets 24594015 30330014 -5735999 -18,91% 9,02% 11,87%

NON-CURRENT ASSETS

Property and equipment 192087675 161953400 30134275 18,61% 70,47% 63,37%

Projects in progress 21719739 31244359 -9524620 -30,48% 7,97% 12,22%

Available for sales investment 31680994 27351906 4329088 15,83% 11,62% 10,70%

Advance payment on investment 2486537 4700000 -2213463 -47,09% 0,91% 1,84%

Total non-current assets 247974945 225249665 22725280 10,09% 90,98 88,13%

Total assets 272568960 255579679 16989281 6,65% 100,00% 100,00%

CURRENT LIABILITIES

Current portion of long term loans 6807142 1464285 5342857 364,88% 2,50% 0,60%

Current portion of long term bonds 18000000 -18000000 -100% 0% 7,43%

Account payable 8595204 8365556 229648 2,75% 3,15% 3,45%

Other current liabilities 12014800 10089518 1925282 19,08% 4,41% 4,16%

Due to banks 1309842 1309842 0,48% 0%

Total current liabilities 28726988 37919359 -9192371 -24,24% 10,54% 15,64%

NON-CURRENT LIABILITIES

85832400 70703142 15129258 21,40% 31,49% 29,16%

Long term bonds 0% 0

Deferred tax liabilities 1249615 1165058 84557 7,26% 0,46% 0,48%

Total non-current liabilities 87082015 71868200 15213815 21,17% 31,95% 29,65%

Total liabilities 115809003 109787559 6021444 5,48% 42,49% 45,29%

SHAREHOLDERS' EQUITY

Paid in capital 125000000 125000000 0 0% 45,86% 51,57%

Statuory reserve 2747747 1026381 1721366 167,71% 1,01% 0,42%

Voluntary reserve 689496 689496 0 0% 0,25% 0,28%

Fair value reserve 18744229 15313275 3430954 22,40% 6,88% 6,31%

(-)Accumulated losses -7214533 -22362562 15148029 -67,74% -2,65% -9,22%

139966939 119666590 20300349 16,96% 51,35% 49,37%

Minority interest 16793018 12947562 3845456 29,70% 6,16% 5,34%

Net equity 156759957 132614152 24145805 18,20% 57,51% 54,70%

Total equity and liabilities 272568960 242401711 30167249 12,44% 100,00% 100,00%

ZARA INVESTMENT (HOLDING) COMPANY LTD.

Income Statement 12 Months Ended Horizontal Vertical

Dec.31,2009 Dec.31,2008 ?Amount ?Percent 2009 2008

Operating revenues 76698399 77820204 -

1121805 -1,44% 100,00% 100,00%

Operating expenses 52003387 48536029 3467358 7,14% 67,80% 62,37%

Gross operating income 24695012 29284175 -4589163 -15,67% 32,20% 37,63%

Less: Administrative expenses 3555950 3382417 173533 5,13% 4,64% 4,35%

Losses from financial invest. 25520 8603 16917 196,64% 0,03% 0,01%

Add: Other income 1351073 1156182 194891 16,86% 1,76% 1,49%

Profit from operations 22464615 27049317 -4584702 -16,95% 29,29% 34,76%

Less: Net financing expenses 5618698 5205178 413520 7,94% 7,33% 6,69%