C.A. Inmuebles Y Valores Caracas (CCSE: IVC)

IVC Income Statement

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

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

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