CCSE: IVC Income Statement

Financials in millions VEF. Fiscal year is July - June.

Millions VEF. Fiscal year is Jul - Jun.

Fiscal Year	TTM	FY 2008	FY 2007	FY 2006	FY 2005	FY 2004	2003 - 2000
Period Ending	Sep '08 Sep 30, 2008	Jun '08 Jun 30, 2008	Jun '07 Jun 30, 2007	Jun '06 Jun 30, 2006	Jun '05 Jun 30, 2005	Jun '04 Jun 30, 2004	2003 - 2000
Rental Revenue	67.21	66.18	33,693	31,226	-	-	Upgrade
Other Revenue	34.97	35.01	27,191	19,584	20,714	21,629	Upgrade
Total Revenue	102.18	101.19	60,883	50,810	39,729	30,833	Upgrade
Revenue Growth (YoY	39.25%	-99.83%	19.83%	27.89%	28.85%	702.95%	Upgrade
Property Expenses	36.86	34.33	25,436	21,587	24,007	19,322	Upgrade
Selling, General & Administrative	10.16	10.48	8,237	6,439	3,432	4,127	Upgrade
Depreciation & Amortization	9.17	9.68	-	-	-	-	Upgrade
Other Operating Expenses	0.14	0.2	-	-	110.21	0.36	Upgrade
Total Operating Expenses	56.32	54.69	38,665	32,515	32,068	24,204	Upgrade
Operating Income	45.86	46.5	22,218	18,295	7,661	6,629	Upgrade
Interest Expense	-58.17	-52.66	-31,702	-27,972	-18,754	-11,816	Upgrade
Interest & Investment Income	10.18	5.08	3,749	4,095	-	186.09	Upgrade
Currency Exchange Gain (Loss)	-	-	-	-	566.91	2,262	Upgrade
Other Non-Operating Income	66.61	56.17	40,853	18,213	12,547	6,832	Upgrade
EBT Excluding Unusual Items	64.48	55.1	35,119	12,631	2,021	4,093	Upgrade
Gain (Loss) on Sale of Investments	-6.02	-5.78	-	-	-	-	Upgrade
Gain (Loss) on Sale of Assets	-	-	-930.05	-	-	-	Upgrade
Pretax Income	58.46	49.31	34,189	12,631	2,021	4,093	Upgrade
Income Tax Expense	18.96	17.71	9,690	394.46	483.92	418.95	Upgrade
Earnings From Continuing Operations	39.5	31.61	24,499	12,237	1,537	3,674	Upgrade
Minority Interest in Earnings	-9.37	-7.99	-4,978	-5,115	-1,540	-1,652	Upgrade
Net Income	30.13	23.61	19,522	7,122	-3.13	2,022	Upgrade
Net Income to Common	30.13	23.61	19,522	7,122	-3.13	2,022	Upgrade
Net Income Growth	44.97%	-99.88%	174.12%	-	-	-	Upgrade
Basic Shares Outstanding	-	-	111	111	111	111	Upgrade
Diluted Shares Outstanding	-	-	111	111	111	111	Upgrade
EPS (Basic)	-	-	175.76	64.12	-0.03	18.21	Upgrade
EPS (Diluted)	-	-	175.76	64.12	-0.03	18.21	Upgrade
EPS Growth	-	-	174.12%	-	-	-	Upgrade
Operating Margin	44.88%	45.96%	36.49%	36.01%	19.28%	21.50%	Upgrade
Profit Margin	29.49%	23.33%	32.06%	14.02%	-0.01%	6.56%	Upgrade
Free Cash Flow Margin	-149.58%	41.06%	36.04%	180.05%	156.72%	-76.75%	Upgrade
EBITDA	46.24	47.39	28,927	24,798	13,148	9,395	Upgrade
EBITDA Margin	45.25%	46.84%	47.51%	48.80%	33.09%	30.47%	Upgrade
D&A For Ebitda	0.38	0.89	6,709	6,503	5,487	2,767	Upgrade
EBIT	45.86	46.5	22,218	18,295	7,661	6,629	Upgrade
EBIT Margin	44.88%	45.96%	36.49%	36.01%	19.28%	21.50%	Upgrade
Effective Tax Rate	32.44%	35.90%	28.34%	3.12%	23.95%	10.24%	Upgrade
Revenue as Reported	104.18	101.19	60,883	50,810	39,729	30,833	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.