Professional Documents
Culture Documents
Sales receivables - Old Base est total to be collected, gross collected and invoiced from the seller 1 year 1,828,527 548,558
Tangible Assets
Years Other long term investment (expences related to deal) 112,707 11271 -939 10 FFE linked to mngnt business 370,602 74120 -6177 5 60 REAL ESTATE PREMISES 2,982,000 49700 -4142 10
TOTAL TOTAL
0 0.3 30 45713
0.7
0.3
Taxes per company 416,000 TOTAL DEAL PRICE 12,816,900 TOTAL DEAL PRICE inc taxes 13,232,900 Share capital Unregistered equity fund
627,374 Maintenance fees to be invoiced from seller Maintenance fees for unsold inventory one year time period Per month 3,730,000 170,100 -21,000 1,575 each 3,000 each Mangnt fee to P&L months 599,186 12
TS WEEKS - Inventory Weeks (including sold and not sold) Not sold weeks to inventory Additional payment in week 17 Missing Sold weeks Sol amadores --> leased weeks (does not has an effect to BS valuation according to FAS) Cost of one week in HC inventory 12,291 2,634 108 7 9,657
To inventory
1,443,115 160,346 Maintenance personnel costs Personnel Salary per kk Social fees 80 -1,000 1.3
Initial payment Purchase price, 1st part Cash Escrow Escrow Escrow
monthly pay 8 -2000 social cost 1.3
100,000 4,176,900
70,000 2,923,830 0
30,000 1,253,070 0 300,000 75,000 225,000 480,000 480,000 993,000 12,000 3,100
2011 left 1.1.2011 alkaen Year 2011 allocated mangnt fee Credit Loss 2011 Credit Loss 2012 onwards
-104000 -8667
Fixed assets Other long term investment (expences related to deal) Depriciation per year Depriciation per month
Purchase price, 2nd part 12 months 1,600,000 1,120,000 Purchase price, 3rd part 18 months 1,600,000 1,120,000 monthly payment, maturity 5 3,310,000 years, equal monthly 2,317,000 payments Compensation Equity 40,000 9,300 28,000 3,100
Maintenance cost (water & Energy) per month -102917 water gas electricity other resort costs (maintenance) Rent Income from R&E per kk -111000 -36000 -271000 -817000 30000
-1235000
Maintenance
1,800
2,340
35,100 17,550
1,800
2,340
119,340 59,670
Holiday pay debt Personnel Monthly pay Social cost Holiday pay debt 0,5 month ToTAL 80 1000 30% 0.5 52000
TS WEEKS Weeks (including sold and not sold) Not sold weeks to inventory Sold weeks Sol amadores --> leased weeks (does not has an effect to BS valuation according to FAS) Average condo fee Cost of one week in HC inventory 12,291 2,404 9,887 3,943,695
3,994,575 781300
Share of mangnt fee for HCR OY Mnangnt fee average that is not paid
15% 15%
Jan 1, 2011 Sept 30, Estimate Sales, Time Share IGIC 5% Sales, Renting Sales, Hotel Sales, Restaurant Sales, Spa Sales, Treatment Sales, Sport Activities Sales, MANAGEMENT FEE Sales Adjustments TURNOVER Other operating income Credit loss provision Customer Service Supplies TimeShare, cost of goods sold Other purchases, cost of goods sold Total Cost of goods sold GROSS MARGIN Gross Margin % Maintenance cost (cleaning of flats etc.) Personnel costs External service Own personnel and maintenance cost for office space Group internal service Total SERVICE MARGIN Service margin % Marketing Operating costs IT Project Start Up Total PROFIT BEFORE REAL ESTATE COSTS Profit before real estate costs % Rent Real Estate costs Total real estate costs EBITDA EBITDA % Depreciation according to plan OPERATING PROFIT (EBIT) Operating profit % 2700 -135 180
Oct 1, 2011 Sept 30, 09.2011 2012 10.2011 11.2011 12.2011 01.2012 2.2012 03.2012 04.2012 05.2012 06.2012 07.2012 08.2012 09.2012 Bud Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate 450 -23 30 9050 -453 360 900 -45 30 900 -45 30 900 -45 30 900 -45 30 900 -45 30 900 -45 30 900 -45 30 550 -28 30 550 -28 30 550 -28 30 550 -28 30 550 -28 30
-716 -16 -145 -877 2419 79% -364 -73 -30 -467 1952 64%
-161 -3 -32 -195 987 156% -61 -12 -5 -78 909 179%
-111 -3 -23 -136 286 59% -61 -12 -5 -78 209 40%
-111 -3 -23 -136 286 59% -61 -12 -5 -78 209 40%
-111 -3 -23 -136 286 59% -61 -12 -5 -78 209 40%
-111 -3 -23 -136 286 59% -61 -12 -5 -78 209 40%
-111 -3 -23 -136 286 59% -61 -12 -5 -78 209 40%
-212 -3 -23
-212 -3 -23
-212 -3 -23
-212 -3 -23
-212 -3 -23
-212 -3 -23
-212 -3 -23
-133 -3 -23
-133 -3 -23 -159 334 58% -74 -15 -5 -94 240 41%
-133 -3 -23 -159 334 58% -74 -15 -5 -94 240 41%
-133 -3 -23 -159 334 58% -74 -15 -5 -94 240 41%
-133 -3 -23 -159 334 58% -74 -15 -5 -94 240 41%
-2455 -237 -237 -237 -237 -237 -237 -237 -159 5449 522 522 522 522 522 522 522 334 60% 59% 59% 59% 59% 59% 59% 59% 58% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! -1219 -121 -121 -121 -121 -121 -121 -121 -74 -244 -24 -24 -24 -24 -24 -24 -24 -15 -60 -5 -5 -5 -5 -5 -5 -5 -5 -1523 -151 -151 -151 -151 -151 -151 -151 -94 3925 372 372 372 372 372 372 372 240 43% 41% 41% 41% 41% 41% 41% 41% 41% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! -791 -791 3135 34% -492 2643 29% -1104 1539 17% -502 1036 -71 -71 301 104% -41 260 54% -93 167 19% -55 111 -52 -52 320 107% -41 279 56% -93 186 21% -61 125 -57 -57 315 106% -41 274 56% -93 181 20% -60 121 -71 -71 301 104% -41 260 54% -92 167 19% -56 112 -52 -52 320 107% -41 279 56% -92 187 21% -61 125 -57 -57 315 106% -41 274 56% -92 181 20% -60 122 -71 -71 301 104% -41 260 54% -92 168 19% -56 112 -74 -74 165 97% -41 124 47% -92 33 6% -15 17
-71 -71 838 247% -41 797 229% -94 703 111% -214 488
-47 -47 193 103% -41 152 53% -91 61 11% -24 37
-53 -53 187 102% -41 146 51% -91 55 10% -22 33
Financial expenses and income -562 PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXES 713 Profit before extraordianry items and taxes % 23% Taxes PROFIT/LOSS FOR THE PERIOD -278 436
GC Total company HC Canarias Sales and Marketing S.L. 4/28/2011 Opening Balance April 2011 Opening Balance April 2011 Opening Balance April 2011 HC Canarias Resort Management S.L. HC Canarias Investments S.L.
ASSETS FIXED ASSETS AND OTHER LONG-TERM INVESTMENTS Intangible assets Intangible assets, Goodwill Other long term investment (expences related to deal) Accumulated depreciation according to plan Total Intangible assets Tangible assets Tangible assets, other long term Investments Accumulated depreciation according to plan Total Tangible assets CURRENT ASSETS Inventory TimeShare Selling/Disposals Total TimeShare Current receivables Accrued receivables Withdrawals Trade accounts receivable OLD BASE Trade accounts receivable NEW BASE Change - OLD BASE Change - NEW BASE Total Trade accounts receivables Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS SHAREHOLDERS' EQUITY LIABILITIES Shareholders' equity Share capital Share issue Unregistered equity fund Retained earnigns Profit/Loss for the period Capital loan Total Shareholders' equity LIABILITIES Non-current liabilities Loans from financial institutions - Caja Rural Withdrawals Repayments Total Loans from financial institutions Intra-Group long-term interest-bearing loans to HCS AB Intra-Group long-term interest-bearing loans to HCR Oy Repayments Total Intra-Group long-term interest-bearing loans Other long-term non-interest-bearing liability: Late payment of 18 months Long-term accrued liaibility: ESCROW loans Total Non-current liabilities Current liabilities Short term loan to tax authority from inventory Short term loan to tax authority from income Trade accounts payable Other short term loans: Late payment 12 months Decrease Total Trade accounts payable Accrued expenses and prepaid income Interest payable from bank loan Interest payable from Intra Group loan Holiday pay debt Change Decrease Total Accrued expenses and prepaid income Total Current liabilities TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
105 -1 104
ASSETS FIXED ASSETS AND OTHER LONG-TERM INVESTMENTS Intangible assets Intangible assets, Goodwill Other long term investment (expences related to deal) Accumulated depreciation according to plan Total Intangible assets Tangible assets Buildings: Real Estate premises+taxes FFE linked to managent business Accumulated depreciation according to plan Total Tangible assets CURRENT ASSETS Inventory TimeShare Selling/Disposals Total TimeShare Current receivables Intra-group current non-interest-bearing loan receivables Withdrawals
ASSETS FIXED ASSETS AND OTHER LONG-TERM INVESTMENTS Intangible assets Intangible assets Accumulated depreciation according to plan Total Intangible assets Tangible assets Tangible assets Investments Accumulated depreciation according to plan Total Tangible assets CURRENT ASSETS Inventory TimeShare Selling/Disposals Total TimeShare Current receivables Intra-group current non-interest-bearing loan receivables Withdrawals Trade accounts receivable Change Decrease Total Trade accounts receivables
Trade accounts receivable Change Decrease Total Trade accounts receivables Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS SHAREHOLDERS' EQUITY LIABILITIES Shareholders' equity Share capital Share issue Unregistered equity fund Retained earnigns Profit/Loss for the period Capital loan Total Shareholders' equity LIABILITIES Non-current liabilities Loans from financial institutions Withdrawals Repayments Total Loans from financial institutions Intra-Group long-term interest-bearing loans to HCS AB Intra-Group long-term interest-bearing loans to HCR Oy Repayments Total Intra-Group long-term interest-bearing loans 3755 3755 10644
Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS SHAREHOLDERS' EQUITY LIABILITIES Shareholders' equity Share capital Share issue Share premium fund Retained earnigns Profit/Loss for the period Capital loan Total Shareholders' equity LIABILITIES Non-current liabilities Loans from financial institutions Withdrawals Repayments Total Loans from financial institutions Intra-Group long-term interest-bearing loans Withdrawals Repayments Total Intra-Group long-term interest-bearing loans
3 3 3
424 427
76 79
1549
1661
Other long-term non-interest-bearing liabilities Long-term accrued liaibility: ESCROW loans Total Non-current liabilities Current liabilities
5 42 60
Short term loan to tax authority from building Short term loan to tax authority from income Trade accounts payable Change Decrease Total Trade accounts payable Received prepayments: netted from cash payment to sellers concerning maintenance fees Interest payable from bank loan Interest payable from Intra Group loan Holiday pay debt Change Decrease Total Accrued expenses and prepaid income Total Current liabilities TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
182 33 Trade accounts payable Change Decrease Total Trade accounts payable 1443 5 39 52 Change Decrease Total Accrued expenses and prepaid income Total Current liabilities TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 3 3 Accrued expenses and prepaid income
60 2134 9228
52 1754 10644
TOTAL Assets Inventory weeks Real Estate Premises Taxes Goodwill Accounts Receivable Fixed assets 3,730,000 2,800,000 424,450 3,463,497 2,455,901 370,602 Liaibilities 9300 Equity 1,000,000 Escrow A 424,450 Loan to tax authority 750,000 Escrow B 1,600,000 late payment 12 m 1,600,000 late payment 18 m 3,209,730 Bank Loan - Caja Rural 100,000 Release of option price to sellers 4,560,270 Cash Payment 217,800 Internal loan to HCR Oy 2,379,730 IC Loan to HCS Ab 10,009 Interest payable from bank loan April 1,443,115 Received Prepayments 17,304,404 12,820,000 48% Liaibilities 3100 Equity 482,520 Escrow A 361,890 Escrow B 772,031 late payment 12 m 772,031 late payment 18 m 1,548,758 Bank Loan - Caja Rural 48,252 Release of option price to sellers 2,200,420 Cash Payment 242,450 Loan to tax authority 4,830 Interest payable from bank loan April 105,093 Internal loan to HCR Oy 1,148,266 IC Loan to HCS Ab 7,689,640 6,185,901 Check: 0
7,040,000
Other long term investment Accrued receivables or expence in IS Bank TOTAL TOTAL including DEAL items to BS SALES AND MARKETING Assets Inventory weeks Taxes Accounts Receivable
RESORT MNGNT Assets Taxes Real Estate Premises Goodwill Fixed assets
52% Liaibilities 182,000 2,800,000 3,463,497 370,602 3100 517,480 388,110 827,969 827,969 1,660,972 51,748 2,359,850 182,000 5,179 112,707 1,443,115 1,231,464 9,611,664 6,634,099 Equity Escrow A Escrow B late payment 12 m late payment 18 m Bank Loan - Caja Rural Release of option price to sellers Cash Payment Loan to tax authority Interest payable from bank loan April Internal loan to HCR Oy Received Prepayments IC Loan to HCS Ab
3,100
Accrued receivables or expence in IS Other long term investment Bank TOTAL TOTAL including DEAL items to BS
COGS
15%
thousand
Sales, Time Share IGIC 5% Sales, Renting Sales, Hotel Sales, Restaurant Sales, Spa Sales, Treatment Sales, Sport Activities Other Sales Sales Adjustments TURNOVER Other operating income Credit loss provision Customer Service Supplies TimeShare, cost of goods sold Other purchases, cost of goods sold Total Cost of goods sold GROSS MARGIN Gross Margin % Maintenance cost (cleaning of flats etc.) Personnel costs External service Group internal service Total SERVICE MARGIN Service margin % Marketing Operating costs IT Projects Total PROFIT BEFORE REAL ESTATE COSTS Rent Real Estate costs (inc.maintenance fees) Total real estate costs EBITDA EBITDA % Depreciation according to plan OPERATING PROFIT (EBIT) Operating profit % Financial expenses and income: Takausprovisio + interest from bank loan Group internal interests 10% Minority interest PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXES Profit before extraordianry items and taxes % Taxes PROFIT/LOSS FOR THE PERIOD
-23 404 10
-23 404 10
-23 404 10
-23 404 10
-23 404 10
-47 808 10
-47 808 10
-47 808 10
-47 808 10
-47 808 10
-47 808 10
-47 808 10
-28 494 10
-28 494 10
-28 494 10
-28 494 10
-28 494 10
-364 -364 2733 112.7 % -716 -16 -732 2001 82.5 % -364 -73 -30 -467 1535
-61 -61 964 238.4 % -161 -3 -163 800 197.9 % -61 -12 -5 -78 722
-61 -61 354 87.6 % -111 -3 -114 240 59.4 % -61 -12 -5 -78 162
-61 -61 354 87.6 % -111 -3 -114 240 59.4 % -61 -12 -5 -78 162
-61 -61 354 87.6 % -111 -3 -114 240 59.4 % -61 -12 -5 -78 162
-61 -61 354 87.6 % -111 -3 -114 240 59.4 % -61 -12 -5 -78 162
-61 -61 354 87.6 % -111 -3 -114 240 59.4 % -61 -12 -5 -78 162
-1219 -1219 7034 86.5 % -2152 -32 -2184 4850 59.7 % -1219 -244 -60 -1523 3327
-212 -3 -215 483 59.7 % -121 -24 -5 -151 332 0 -71 -71 261 32.3 % -1 260 32.2 % -6 -39 215 26.6 % -65 151
-212 -3 -215 483 59.7 % -121 -24 -5 -151 332 0 -52 -52 281 34.7 % -1 280 34.6 % -6 -39 235 29.1 % -71 165
-212 -3 -215 483 59.7 % -121 -24 -5 -151 332 0 -57 -57 275 34.0 % -1 274 33.9 % -6 -39 229 28.4 % -69 161
-212 -3 -215 483 59.7 % -121 -24 -5 -151 332 0 -71 -71 261 32.3 % -1 260 32.2 % -6 -39 216 26.7 % -65 151
-212 -3 -215 483 59.7 % -121 -24 -5 -151 332 0 -52 -52 281 34.7 % -1 280 34.6 % -6 -39 235 29.1 % -71 165
-212 -3 -215 483 59.7 % -121 -24 -5 -151 332 0 -57 -57 275 34.0 % -1 274 33.9 % -6 -39 230 28.4 % -69 161
-212 -3 -215 483 59.7 % -121 -24 -5 -151 332 0 -71 -71 261 32.3 % -1 260 32.2 % -6 -39 216 26.7 % -65 151
-133 -3 -136 294 59.5 % -74 -15 -5 -94 200 0 -74 -74 126 25.5 % -1 125 25.3 % -6 -39 81 16.3 % -24 56
-133 -3 -136 294 59.5 % -74 -15 -5 -94 200 0 -109 -109 91 18.4 % -1 90 18.2 % -6 -39 46 9.3 % -14 32
-133 -3 -136 294 59.5 % -74 -15 -5 -94 200 0 -47 -47 154 31.1 % -1 153 30.9 % -6 -39 109 22.0 % -33 76
-133 -3 -136 294 59.5 % -74 -15 -5 -94 200 0 -53 -53 148 29.9 % -1 147 29.7 % -5 -39 103 20.8 % -31 72
-133 -3 -136 294 59.5 % -74 -15 -5 -94 200 0 -77 -77 123 25.0 % -1 123 24.8 % -5 -39 117 23.7 % -35 82
-431 -431 1104 45.5 % -5 1099 45.3 % -39 -232 828 34.1 % -248 579
-71 -71 651 161.1 % -1 650 160.9 % -7 -39 605 149.7 % -182 424
-791 -791 2536 31.2 % -11 2526 31.1 % -70 -464 2056 25.3 % -610 1446
Maintenance fees according to Budget by Pilvi Jan Feb, OCT March, November April, December May June July August September
0.30
thousand
04.2011 Bud
05.2011 Bud
06.2011 Bud
07.2011 Bud
08.2011 Bud
09.2011 Bud
10.2011 Bud
11.2011 Bud
12.2011 Bud
01.2012 Bud
2.2012 Bud
03.2012 Bud
04.2012 Bud
05.2012 Bud
06.2012 Bud
07.2012 Bud
08.2012 Bud
09.2012 Bud
Sales, Time Share IGIC 5% Sales, RentingHotel and Restaurant Sales, Hotel Sales, Restaurant Sales, Spa Sales, Treatment Sales, Sport Activities Other Sales, management fees Sales Adjustments TURNOVER Other operating income, mngnt fee Credit loss provision Customer Service Supplies TimeShare, cost of goods sold Other purchases, cost of goods sold Total Cost of goods sold GROSS MARGIN Gross Margin %
180
30
30
30
30
30
30
360
30
30
30
30
30
30
30
30
30
30
30
30
449 629
200 230
50 80
50 80
50 80
50 80
50 80
599 959
50 80
50 80
50 80
50 80
50 80
50 80
50 80
50 80
50 80
50 80
50 80
50 80
-67
-11
-11
-11
-11
-11
-11
-90
-7
-7
-7
-7
-7
-7
-7
-7
-7
-7
-7
-7
-11 218 95.1 % -103 -156 270 -32 -21 198 86.0 %
-90 869 90.6 % -1235 -1300 2625 -270 -181 689 71.8 %
Maintenance cost (water, energy) -618 Personnel costs -698 Cost offset from above 1527 External service Own personnel and maintenance cost for office space -145 Total 67 SERVICE MARGIN 629 Service margin % 100.0 % Marketing Operating costs IT Projects Total PROFIT BEFORE REAL ESTATE COSTS Profit before real estate costs % Rent Real Estate costs (inc.maintenance fees) Total real estate costs EBITDA EBITDA % Depreciation according to plan OPERATING PROFIT (EBIT) Operating profit %
629
198
57
57
57
57
57
689
57
57
57
57
57
57
57
57
57
57
57
57
Financial expenses and income: Takausprovisio + interest -42from bank loan -7 Group internal interests 10% -249 -41 Minority interest PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXES 98 109 Profit before extraordianry items and taxes % 16% 47% Taxes PROFIT/LOSS FOR THE PERIOD -29 68 -33 76
100
48%
52%
Interests
Loans INVEST Interest Euribor 17.2.2011 SUM, interest payment per month Resort mangtshare Sales&Marketing COMP Share 3,100 Monthly Payment Loan repayment done 5 years, months total Total monts Purchase price, 2nd part 12 months
Tilanne 1.3.2011
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
TOTAL TOTAL 1 Taxes per company TOTAL DEAL PRICE TOTAL DEAL PRICE inc taxes Share capital Unregistered equity fund Initial payment 100,000 Purchase price, 1st part 4,520,270 424,450 12,820,000 13,244,450
12 60 1,600,000 1,600,000 1.50% 0.25 0.1 9,610,270 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 480513.5 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 961027.0 80085.6 80085.6 80085.6 80085.6 80085.6 80085.6 480513.5 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000
48,252 2,179,623 0
51,748 2,337,547 0 517,480 129,370 388,110 827,969 827,969 1,660,972 20,699 3,100 3,100 Yhtiiden vliset lainat HCR--> HCS--> Invest Canaria 7040000--> tm otettava konsernin raprotoinnissa otettava huomioon Pit maksaa minimi 1% korkoa per vuosi - tee tst sisiseen velkaan liittyv taulukko ja vaiktuukset tulokseen Purchase price, 3rd part 18 months Takausprovisio maksetaan 3 kk:n vlein etukteen GROUP Finance 6,746M, korko 10% per vuosi, voidaan Canarialla maksaa "osakaslainana max 10%" GROUP LOAN - to be paid once ayear
Cash Escrow Escrow Escrow Purchase price, 2nd part 12 months Purchase price, 3rd part 18 months monthly payment, maturity 5 years, equal monthly Compensation Equity 1,000,000 250,000 750,000 1,600,000 1,600,000 3,209,730 40,000 9,300
9,610,270
Agreement / Private Deed Section number Purchase Price Purchase Price Price Reduction Number of weeks without powers (a' 3 000 eur each) Number of weeks without NIE (a' 3 000 eur each) Additional adjustment Purchase Price - Adjusted Additional Single Payment by way of compensation for the facility terms Total amounts to be paid 12.1 Agrmnt 49 41 5. Agrmnt 15 Prvt Dd 15.1 Prvt Dd 15.1 Prvt Dd 15.2 Prvt Dd
EUR
Comments
13,500,000
2434 weeks are the weeks for sale + 241 maintenance weeks + 41 w/o NIE + 68 w/o PoA kun thn listn 109 tulee myymttmiksi viikoiksi yhteens 2543 kpl.
-147,000 -123,000 -450,000 12,780,000 40,000 12,820,000 Reduction of 250.000 + 200.000 for the EBITDA
109
16 Prvt Dd
163,500 -22,050
To be paid under a separate contract Niden netto on se summa joka maksetaan myyjlle viikolla 17
12,961,450
Payments Release of option price to sellers Closing Payment Additional single payment Escrow 6.1 c) Escrow 6.1 d) Late payment 12 months Late payment 18 months Advanced payment of the Loan Facility Related Payment Deferred part of Loan Facility Related Payment - Caja Rural Retention for the 3% Income Tax for Foreign Sellers Total payments to sellers 6.1 Agrmnt 15 Prvt Dd 12.1 Agrmnt 6.1 Agrmnt 6.1 Agrmnt 6.1 Agrmnt 6.1 Agrmnt 13 Prvt Dd 6.1 / 9 Agrmnt 24 Prvt Dd 100,000 4,520,270 40,000 1,000,000 750,000 1,600,000 1,600,000 0 3,209,730 0
All amounts to be split between assets following the price allocation rule of the Agreement
Thn +250 t Escrown purkua - Advanced payment of the Loan facility Agreement
accrued liaibilities and advance payments accrued liaibilities and advance payments
Advanced payment to match the actual outstanding amount of the Loan Facility
Price per week x Number of weeks of foreigners that are transferred directly with PoA. Amount will need to be established on Completion 12,820,000
Amounts to be paid at Closing Payments in cash at Completion as per Agreement Adjustment of EBITDA as per Agreement 24 Prvt Dd 4,560,270 -206,708 Closing Payment + Single Amount + Advanced Payment Loan Facility Invoice to be issued by Buyers to Sellers for this amount plus 5% IGIC
Other items to be off-set, net amount Balance after offsetting Retention for the 3% Income Tax for Foreign Sellers Retentions (Items to be withheld)
24 Prvt Dd
0 4,353,562
No amount is indicated, since the 6,000 Euros foreseen in the McMarketing agreement shall be reiumbursed directly by Sellers since MacMarketing Agreement will be terminated before completion
24 Prvt Dd 24 Prvt Dd
-3,714 -120,000 Amount by way of retention only. If final amounts are different, amount shall be adjusted (in favour of sellers or against them)
Final sum payable in cash at Completion ("Cash at Completion") Actual payments to sellers at the point of Completion Option Price Cash at Completion Total bank transfers to Escrow A and Escrow B A. Total Actual payments to buyers at the point of Completion B. Payment for maintenance fees C. Payment for collected accounts receivables TOTAL NET CASH OUT AT COMPLETIONFOR BUYERS: A-B-C Balance
24 Prvt Dd
4,229,848
25 Prvt Dd 26 Prvt Dd
1,443,115 It is agreed that buyers get 100% of the maintenance fees collected less only the amount required for the IBI payment in April 2011 which will be paid by the sellers 423,129 4,213,604 This will be the net cash out amount for Buyers at completion (without taking into account the additional payment for the 109 weeks) Invoice to be issued by Buyers to Sellers for this amount plus 5% IGIC
Collection of Maintenance Fees Total Maintenance fees to be collected as per budgets 2011 Maintenance Fees payable for Unsold Weeks Subtotal invoiced to owners to be collected by Puerto Calma Maintenance Outstanding Maintenance fees receivables 17 Prvt Dd 17 Prvt Dd 17 Prvt Dd 17 Prvt Dd 3,913,614 861,528 3,052,086 771,051 Total amount as per the budgets of the 5 resorts (including IGIC) Maintenance fees corresponding to unsold weeks
This is the difference between total invoiced maintenance fees and collected maintenance fees. These receivables are assigned to HCC RM. Full detail of receivables to be provided (name of client and week) Amounts collected after 1 March will be adjusted within 6 weeks. Full details of collections including contract number to be included
Maintenance fees collected in 2010 and between 1.1.2011 - 18.3.2011 & 2011 fees collected in 2010
17 Prvt Dd
2,281,035
Total Maintenance expenses Expenses Maintenance January 2011 Expenses Maintenance February 2011 Expenses Maintenance March 2011 Amount retained by Sellers at Completion for paying IBI Amount to be transferred by Sellers to Buyers ("Maintenance Fees Payment")
17 Prvt Dd
780,726
HCC RM shall issue an invoice to PCMaint S.L. for this amount including IGIC (i.e. IGIC is included in the amount so this shall be the gross amount -net amount plus IGIC-) 287,482 Final figures for expenses - not to be adjusted. Final figure not subject to review 243,244 Final figures for expenses - not to be adjusted. Final figure not subject to review 250,000 Estimation of March. Subject to revision after closing
17 Prvt Dd 17 Prvt Dd
57,194 1,443,115
Indicate the amount that will be paid in April 2011 as IBI (real estate tax)
HCC RM shall issue an invoice to PCMaint S.L. for this amount including IGIC (i.e. IGIC is included in the amount so this shall be the gross amount -net amount plus IGIC-)
Accounts receivables Accounts receivables as of 31 December 2010 Accounts receivables (31.12.2010) collected in 1.1.2011 - 1.3.2011
Any additional amounts collected by Sellers shall be transferred to Buyers. Amounts subject to reconciliation and consequently to adjustment within 6 weeks.Full list of collections per contract and client. This amount will be invoiced plus 5% IGIC.
Any additional amounts collected by Sellers shall be transferred to Buyers. Amounts subject to reconciliation and consequently to adjustment within 6 weeks.Full list of collections per contract and client. This amount will be invoiced plus 5% IGIC. New accounts receivables generated between 1.1.2011 and 1.3.2011 Accounts receivables as of 18 March 2011 627,374 2,476,051 Accounts receivables are being assigned to buyers, inlcuding any generated until closing. Full list of receivables per contract to be attached
Advance payments, funds and deposits Deposits of rental agreements Advance funds (commercial contracts, rental agreements) Subtotal 20 Prvt Dd 20 Prvt Dd 0 0 0 Deposit for McMarketing contract. According to sellers this is the only deposit. Other lease agreements have no deposits
EBITDA of Business considering only cash deals or cash deposits (not financed amounts) Business Income January + February + 1-4 March Business Income March 5-31 March Other incomes 1.1.2011 - 28.2.2011 (rental, minimarket, rents, etc.) Other incomes 1.3- 20.3.2011 (rental, minimarket, rents, etc.)
18 Prvt Dd 238,092 134,015 55,294 18,753 This EBITDA considers only cash deals and cash payments. Any receivables are included in the increase figure of Accounts Receivables. Actual Jan&Feb. This amount is equal to 620,867 less the account receivables collections for 382,770. Final figure not subject to review Estimate. Subject to review within 6 weeks after Completion
Actual. Final figure not subject to review Estimation of 1-20 March. Final figures until 31 March will need to be established and the whole amount revisited and adjusted.
Expenses Marketing January/February 2011 Expenses Marketing March 2011 Subtotal 18 Prvt Dd
Actual Jan&Feb and an estimation of 1-20 March. Figures for January and February are final and figures for March are estimates. Pending discussion whether this would be final or it would be subject to revision after closing Estimation of March. Final figures until 31 March will need to be established and adjusted. Invoice is to be issued for this amount plus 5%
Retentions in respect of certain oustanding amounts Employees and Sales Staff Payment Unpaid comissions (back office) Unpaid comissions (sales reps) Accrued salaries in March until Completion Date (20.3) Holiday pay debt Unpaid RCI fees Total Retentions
22 and 23 Prvt Dd 22.1 Prvt Dd 40,000 50,000 0 0 22.2 Prvt Dd 30,000 120,000
These amounts will be retained by the Buyers and Buyers will pay those amounts on behalf of Sellers to the relevant creditors. If the actual amounts are higher, Sellers will pay any additional amount. If the actual amounts are lower, Buyers will reimburse the corresponding part to Sellers.
Estimate Estimate
If salaries for March are included in the expenses marketing figure, then Sellers should pay this amount to Buyers. If salaries are not included, then there is no need to include it. Estimate Estimate
Purchase Price Additional Single Payment by way of compensation for the facility terms Unsold Weeks Puerto Calma Marketing S.L. Vista Amadores S.L. Subtotal Premises in Club Puerto Calma T1 T2 Subtotal Subtotal Premises in Club Vista Amadores T1 T2 Subtotal Subtotal Premises in Club Jardn Amadores T1 T1 PH T2 T2S T2P Subtotal Subtotal Premises in Club Playa Amadores T1 PCM / VA SUITE PCM / VA T2 PH PCM / VA Subtotal Subtotal Premises in Club Sol Amadores T1 T1 SP T1 S T1 P T2 S T2 P Subtotal Subtotal PCM / VA PCM / VA PCM / VA PCM / VA PCM / VA PCM / VA 502 157 291 122 133 162 1367 1367 Grandsubtotal Real Estate Premises Puerto Calma Marketing S.L. Vista Amadores S.L. Subtotal Premises in Club Puerto Calma Local Piano Bar, planta 2 (primera planta sobre rasante) Local restaurante, planta 3 Local buffet, planta 4 Local bar piscina Premises in Club Vista Amadores almacen TRASTERO planta baja Vista Restaurante Vista planta 2 saln polivalente plata 3 vista (Mac Mk)) almacen/garaje Vista planta 2 Premises in Club Jardn Amadores Owner PCM PCM PCM PCM Owner VA VA VA VA Owner 51.22% 48.78% Registry Plot 23406/BIS 23408 23410 23412 Subtotal Registry Plot 33622 33624 33626 33628 Subtotal Registry Plot 35022 35024 35024 Subtotal Registry Plot 19841/34 19843/35 19845/36 19847/37 38 Subtotal Registry Plot 41968/41 41970/42 41972/43 41974/44 Subtotal Grand subtotal Goodwill Puerto Calma Marketing S.L. Vista Amadores S.L. Goodwill Trademarks Accounts Receivables Puerto Calma Marketing S.L. Vista Amadores S.L. Management Business Puerto Calma Maintenance S.L. Fixed Assets 100.00% 51.38% 48.62% 75.00% 25.00% 0.00 0.00 0.00 0.00 0.00 0.00 1,368.67 2634 183 5 8 196 196 0.00 0.00 0.00 1,257.92 Owner PCM PCM 56.62% 43.38% Number of weeks 547 42 589 589 Price per week 0.00 0.00 1,577.98 VA VA 277 37 314 314 143 8 10 6 1 168 168 0.00 0.00 1,607.10 PCM / VA PCM / VA PCM / VA PCM / VA PCM / VA 0.00 0.00 0.00 0.00 0.00 1,061.99
12,780,000 40,000 3,730,000 2,111,926.00 1,618,074.00 3,730,000.00 93% 7% 929,430.09 0.00 929,430.09 929,430.09
88% 12%
504,630.74 0.00 504,630.74 504,630.74 178,414.24 0.00 0.00 0.00 0.00 178,414.24 178,414.24
85% 5% 6% 4% 1%
93% 3% 4%
Commercial Premises Sixth Floor 50 m2 construidos, con terraza privativa de 38,98 PCMm2 / VA local destinado a patio y zona recreativa en 4 niveles o cotas PCM / VA local en planta 5, superficie 120 m2 construidos (lavandera) PCM / VA Premises in Club Playa Amadores Restaurant Playa Amadores Premises 25,78m2 Premises 10.15m2 Premises in ground floor + offices + leisure area 422.23m2 Ground floor 400m2 (stano de piano bar, credibility room) Premises in Club Sol Amadores Local Privativo A Bar Cocina Almacn Recepcin y Mini Mercado Sala Despacho y Archivos Parking y zona de carga-descarga Owner PCM / VA PCM / VA PCM / VA PCM / VA PCM / VA Owner PCM / VA PCM / VA PCM / VA PCM / VA
33,159.81 48,002.37 45,104.72 367,851.86 494,118.77 2,800,000 2,627,742 1,970,806.50 656,935.50 2,618,742.00 9,000.00 2,251,656 1,156,900.85 1,094,755.15 1,000,000 1,000,000.00 370,602
Puerto Calma Marketing S.L. Vista Amadores S.L. Puerto Calma Maintenance S.L. Additional Single Payment by way of compensation for the facility terms Puerto Calma Marketing S.L. Vista Amadores S.L. Total amounts to be paid
Payments Release of option price to sellers Closing Payment + Reduction of the Escrow B - Advanced payment of the Loan Facility Agreement Additional single payment Escrow A Escrow B Late payment 12 months Late payment 18 months Advanced payment of the Loan Facility Related Payment Deferred part of Loan Facility Related Payment - Caja Rural Total payments to sellers 6.1 Agrmnt 15 Prvt Dd 12.1 Agrmnt 6.1 Agrmnt 6.1 Agrmnt 6.1 Agrmnt 6.1 Agrmnt 13 Prvt Dd 6.1 / 9 Agrmnt 100,000.00 4,520,270.00 40,000.00 1,000,000.00 750,000.00 1,600,000.00 1,600,000.00 (included above) 3,209,730.00 12,820,000.00
Amounts to be paid at Closing Payments in cash at Completion as per Agreement Adjustment of EBITDA as per Agreement Other items to be off-set, net amount Balance after offsetting Retention for the 3% Income Tax for Foreign Sellers Retentions (Items to be withheld) Final sum payable in cash at Completion ("Cash at Completion") Actual payments to sellers at the point of Completion Option Price Cash at Completion Bank cheque for Escrow A Bank cheque for Escrow B A. Total Actual payments to buyers at the point of Completion B. Payment for maintenance fees C. Payment for collected accounts receivables Subtotal TOTAL NET CASH OUT AT COMPLETIONFOR BUYERS: A-B-C Balance 25 Prvt Dd 26 Prvt Dd 1,443,115.00 423,129.00 1,866,244.00 4,213,603.97 629,837.25 24 Prvt Dd 24 Prvt Dd 6.1 Agrmnt 6.1 Agrmnt 100,000.00 4,229,847.97 1,000,000.00 750,000.00 6,079,847.97 24 Prvt Dd 24 Prvt Dd 24 Prvt Dd 24 Prvt Dd 24 Prvt Dd 4,560,270.00 -206,708.25 0.00 4,353,561.75 -3,713.78 -120,000.00 4,229,847.97
GC Total company
Balance sheet
####### Oct 1, 2011 2011 2011 Septem Sept 30, August ber 2012 Estimate Estimate Estimate
Balance sheet
#REF! Oct 1, 2011 Sept 30, 2012 Estimate
Balance sheet
2011 2011 April 2011 May 2011 June July Estimate Estimate Estimate Estimate
-5 -5
-1 -1
-1 -2
-1 -3
-1 -4
-1 -4
-1 -5
-5
Intangible assets Intangible assets, Goodwill Investments Disposals Accumulated depreciation according to plan Total Intangible assets
#REF!
173 #REF!
346 #REF!
#REF!
#REF!
Tangible assets Tangible assets FF & E and Real Estate premises 3465 Investments #REF! Disposals Nutek subsidy Accumulated depreciation according to plan Total Tangible assets CURRENT ASSETS Inventory TimeShare Investments Selling/Disposals Total TimeShare Current receivables Long term receivables : Prepayments - ESCROW loans Trade accounts receivable Change Decrease Total Trade accounts receivables Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS SHAREHOLDERS' EQUITY LIABILITIES Shareholders' equity Share capital Share issue Unregistered equity fund Retained earnigns Profit/Loss for the period Capital loan Total Shareholders' equity LIABILITIES Non-current liabilities Loans from financial institutions Withdrawals Repayments Total Loans from financial institutions Intra-Group long-term interest-bearing loans Withdrawals Repayments Total Intra-Group long-term interest-bearing loans Intra-Group long-term interest-bearing loans Withdrawals Repayments Total Intra-Group long-term interest-bearing loans Other long-term non-interest-bearing liabilities Increase Decrease Total Other long-term non-interest-bearing liabilities Total Non-current liabilities Current liabilities Short term loan to tax authority Trade accounts payable Change Decrease Total Trade accounts payable Accrued expenses and prepaid income Interest payable from bank loan Interest payable from Intra Group loan Holiday pay debt Change Decrease Total Accrued expenses and prepaid income Total Current liabilities 156 #REF! 457 457
3465 #REF!
#REF!
#REF!
#REF! #REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS SHAREHOLDERS' EQUITY LIABILITIES Shareholders' equity Share capital Share issue Share premium fund Retained earnigns Profit/Loss for the period Capital loan Total Shareholders' equity LIABILITIES Non-current liabilities Loans from financial institutions Withdrawals Repayments Total Loans from financial institutions Intra-Group long-term interest-bearing loans Withdrawals Repayments Total Intra-Group long-term interest-bearing loans Intra-Group long-term interest-bearing loans Withdrawals Repayments Total Intra-Group long-term interest-bearing loans
579 583
424 427
453 456
458 461
507 510
552 555
579 583
1422 1425
68 72
-250 -247
3212
3212
3212
3212
3212
3212
3212
3212
3445
3445
3212 1544
3212 1544
3212 1544
3212 1544
3212 1544
3212 1544
3212 1544
3445 1656
1544 6074
1544 6228
1544 6190
1544 6151
1544 6113
1544 6074
1544 6036
1656 6663
Other long-term non-interest-bearing liabilities Increase Decrease Total Other long-term non-interest-bearing liabilities Total Non-current liabilities Current liabilities
156 Trade accounts payable Change Decrease Total Trade accounts payable Accrued expenses and prepaid income
73 673 60
73 673 60
73 673 60
73 673 60
73 673 60
73 673 60
73 673 60
73 673 60
62 288 52
62 288 52 Change Decrease Total Accrued expenses and prepaid income Total Current liabilities TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES #VALUE!
402 558
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 7293 #VALUE! #VALUE! #REF! 444
GC Total company
Company Total Muokattu 1.3.2011
CASH FLOW
CASH FLOW
#REF!
CASH FLOW
OPERATING ACTIVITIES Operating profit / loss TS Income Management Fee and rents Depreciation according to plan (+) Paid interest expenses (-) Paid income taxes (-) Change in working capital Investments, purchases in timeshare (-) Decrease in timeshare (cost of goods sold) (+) Decrease (+), increase (-) in other inventories Decrease (+), increase (-) in long-term non-interest-bearing receivables Decrease (+), increase (-) in trade accounts receivable Decrease (+), increase (-) in prepaid expenses and accrued income Decrease (+), increase (-) in other short-term receivables Increase (+), decrease (-) in other long-term non-interest-bearing liabilities Increase (+), decrease (-) in trade accounts payable Increase (+), decrease (-) in accrued expenses andpreapid income Increase (+), decrease (-) in other non-interes-bearing liabilities Difference between proceeds from sale and disposals of fixed assets Difference between paid and accrued interest expenses Difference between paid and accrued income taxes CASH PROVIDED BY OPERATING ACTIVITIES INVESTING ACTIVITIES
93 87 17 41 -94 -3
58 52 17 41 -94 7
91 85 17 41 -93 -3
90 90 17 41 -92 -61
61
61
61
61
61
1219
121
121
121
121
121
121
121
74
74
74
74
74
-1866
-1933
-116
46
46
46
46
656
-104
-101
61
61
61
61
61
187
187
61
61
61
1207 361
1207 416
-2983
-3450
-18
119
163
159
142
3403
169
187
344
335
355
343
331
279
238
177
175
192