RNS Number:6904P
EuroTrust A/S
10 March 2008
March 10, 2008
EuroTrust A/S
Interim Result for the six months ended 31 December 2007
Strong growth in wind division
Weak performance in Danish real estate division impacts overall Group
performance
EuroTrust (the "Company") the European wind power producer and real estate
developer, today announces its interim results for the six months ended 31
December 2007.
The strategy of EuroTrust is to become a leading wind power producer and as a
result it is actively focused on divesting its Real Estate division in order to
concentrate on further wind power development. In the period to 31 December 2007
wind power production from operational wind assets has increased by 38% and
earnings before interest and tax from wind electricity production has increased
by 46%.
Summary - financial
* Revenue from Wind power production was up 38% to DKK26.5m (Euro3.6m) (2006
DKK19.2m (Euro2.6m)) with earnings before interest and tax up 46% to DKK12.8m
(Euro1.7m) (2006 DKK8.8m (Euro1.2m)).
* Revenue from the Real Estate division was down 45% to DKK82.5m (Euro11.1m)
(2006 DKK151.5m (Euro20.3m)) with a loss before interest and tax of DKK54.7m
(Euro7.3m) (2006 losses of DKK46.4m (Euro6.2m)) due to slow sales in difficult
market conditions
* Group turnover for the period was therefore down 38% to DKK113.9m
(Euro15.3m) (2006 DKK183.2m (Euro24.6m)). Group losses before interest and tax
were DKK42.1m (Euro5.7m) (2006 losses of DKK30.8 ( Euro4.1m))
* Earnings per share: loss of Euro 0.17 (2006 loss of Euro 0.14 )
Summary - operational
Wind Division
* Production of electricity from the wind assets is up 38% in line with
management expectations for the first half of the year. Weaker than expected
performance in the months of October and December has been reversed by a
strong performance in January and February this year.
* Wind assets have grown considerably to 124 MW (79 MW June 2007) with the
successful completion of construction of the Cortijo de Guerra I wind farm
in Spain, adding 40.8MW and adding a further 4.5 MW of completed capacity in
Germany
* Cortijo de Guerra I was completed within budget and is now operating
commercially while undergoing testing and commissioning procedures.
* The Company currently has a further 62 MW under construction in Poland
and Germany and 335 MW under development in Europe with secured project
rights.
* The medium term goal remains to achieve 1,000 MW of installed capacity
in the next three to five years.
* EuroTrust continues to pursue a policy of growing its wind activities
through the organic development of its portfolio and through targeted
acquisitions. We will continue to follow a strict investment performance
target requiring that our wind farm portfolio should yield on average 15%
per year of the invested equity after amortisation and interest on debt
financing.
* In September 2007, EuroTrust announced that EWF (the Company's 50.25%
subsidiary) had entered into an agreement with R.E. Wind Srl, an Italian
wind farm developer, to jointly develop a portfolio of nine Italian wind
farm projects in the regions of Tuscany, Calabria, Puglia and Sicily
totalling 683 MW. EuroTrust will own an economic interest of 171 MW of this
total.
Real Estate Division
* Trading in the Real Estate division was below management expectations
during the six months ended December 2007. Revenue was down by 45% at Euro11.1m
(2006 Euro20.3m) and losses before interest and tax were Euro7.3m (2006 losses of
Euro6.2m). This poor performance was due to a combination of a weak real estate
market and a defensive financial market for end users of residential
property. This resulted in poor sales of real estate units across some of
the Company's projects and higher than expected costs, particularly at the
Romo Golf and Wellness Centre
* Despite the implementation of management initiatives to boost sales, the
overall trading performance in the Real Estate division has continued to be
very disappointing during 2008. However, the Company's real estate
operations in Norway performed well and contributed positively to the Com
pany's earnings before interest and tax (approximately Euro0.56m). Management
expect the operations in Norway to impact even more positively for the full
year.
* Looking forward, the disposal of the Real Estate business is of paramo
unt importance to the Company and the process is continuing. The Company
continues to focus on completing the disposal by the end of the current
financial year. However, given the real estate market conditions the Board
recognises that a disposal of the Real Estate business in a single
transaction may prove difficult within the target timetable. As a result,
management is seeking alternative ways to dispose of the assets of the
business following a full review to ensure that the most appropriate exit
strategy is identified on a project by project basis and that costs are
minimised in the meantime.
* Whichever exit route is selected, the Company remains committed to
completing an exit of the Real Estate division by the end of the current
financial year.
* Once the Real Estate business has been exited, it is expected that the
Board will be restructured appropriately for a wind power producer. At that
stage, those members of the Board who, historically, have had responsibility
for the Real Estate business will leave the Company, including Bo Kristensen
(Chairman) and Peter Juul (Chief Operating Officer) and it is expected that
Brian Birkenhead, currently a non-executive director, will become Chairman
of the Company.
Group performance
* In accordance with IFRS the Company has revalued its 22.5% shareholding
in Europe Vision Plc to DKK95.1m (Euro12.8m) resulting in a reduction of
DKK187m (Euro25.1m) of the equity based on the investment's last trade on AIM
at 30p, prior to Europe Vision Pls's delisting from AIM in January 2008.
Europe Vision Plc is now listed on the Frankfurt Borse.
* In November 2007 the Company announced that it had issued 3,735,000
ordinary shares in an offering valued at Euro31m, placed with the UK
institutional investor, Invesco Perpetual, which now holds 23.3% of the
shares in EuroTrust.
* As a consequence of the intention to focus on renewable energy, the
Company decided to change its advisory team in January 2008 and appointed
Kaupthing Singer & Friedlander as Nominated Advisor and Broker.
* The Company was admitted to electronic trading on the AIM market of
London Stock Exchange on 6 February 2008.
* This condensed consolidated interim report is the first time the Company
is reporting under the recognition and measurement provisions of IFRS.
Please visit the webpage www.eurotrust.dk for further information on
accounting policies, IFRS measurements and developments for both the Wind
division and Real Estate division.
Chief Executive, Robert Skjodt said:
"I am delighted with the performance of our wind assets which have shown strong
growth. With the completion of the 40.8 MW wind farm near Cadiz in Spain we have
greatly increased our generation capacity. We have now started selling power to
the Spanish grid and the project is a strong endorsement of the business model
for our wind farm business. We remain focused on strict technical and financial
criteria and to delivering average annual internal returns of 15% on our
invested capital in wind assets and this was reflected in our decision not to
proceed with the two key projects in Sicily, Italy.
"We are delighted that January and February have experienced strong wind
conditions and the weaker than expected performance during the second half of
2007, has been reversed.
"Our real estate portfolio is up for sale and the Danish business has not
performed in line with management expectations. While the disposal process has
not moved forward as quickly as we would have liked, it remains our primary
concern, and we remain optimistic of a sale by the end of June.
"However, we recognise that in these markets parts of the Real Estate business
may remain in the Company for longer than expected and a comprehensive review is
currently under way to ensure that in the meantime we limit costs and eradicate
any strain on our excellent progress in wind. We do not wish opportunities in
the wind power business to be constrained by the financial demands of Real
Estate.
"The outlook for the wind business remains attractive both in the short and
longer term and, outside of our real estate business, we remain confident in the
outlook for the full year."
ENDS
For further information please contact:
EuroTrust A/S
Robert Skjodt Tel: +45 7696 6099
Chief Executive Officer
Kaupthing Singer & Friedlander
Capital Markets Limited Tel: +44 (0)20 3205 5000
Jos Trusted
Richard Savage
Cubitt Consulting
Simon Brocklebank-Fowler Tel: +44 (0)20 7367 5100
Michael Henman
Allison Reid
Notes to editors
EuroTrust A/S (AIM:EURO) is a leading Danish renewable power producer and a real
estate developer listed on the AIM market of London Stock Exchange. EuroTrust
has 186 MW of wind power generation in operation or under construction in
Germany, Italy, Spain and Poland, and 44 commercial and residential real estate
development projects in Denmark and Norway.
EuroTrust has a market capitalization of approximately Euro 127 m
www.eurotrust.dk
DKK amount have been converted into Euros at an exchange rate of Euro1 = 7.4566 for
the interim report for the fiscal year 2007/08 and Euro1 = 7.4560 for the interim
report for the fiscal year 2006/07. This conversion is used on all following
pages.
CONDENSED CONSOLIDATED PROFIT LOSS STATEMENT
Interim report for the six months ended 31 December 2007
Interim 2007/08 Interim 2006/07
6 months ended 6 months ended
31 December 2007 31 December 2006
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
Revenue 113,912 15,277 183,154 24,565
Direct cost -97,352 -13,056 -179,676 -24,098
Gross profit 16,560 2,221 3,478 467
Employee benefits expense -28,807 -3,863 -23,876 -3,202
Other expenses -22,557 -3,025 -4,890 - 656
Share of profits of associates 2,490 334 1,581 212
Depreciation and amortisation -9,835 -1,319 -7,103 -953
expense
Earnings before interest and -42,149 -5,652 -30,810 -4,132
tax
Financial income 8,243 1,105 8,312 1,115
Financial costs -32,459 -4,353 -20,883 -2,801
Loss before tax -66,365 -8,900 -43,381 -5,818
Tax benefit 17,177 2,303 12,145 1,629
Loss for the period -49,188 -6,597 -31,236 -4,189
-50,501 -6,773 -36,570 -4,904
Attributable to:
Equity holders of the parent
Minority interest 1,313 176 5,334 715
Result -49,188 -6,597 -31,236 -4,189
Basic income per weighted
average common share
Net loss -1,29 -0,17 -1,06 -0,14
Weighted average common shares 39,097 39,097 34,492 34,492
outstanding
Diluted income per weighted
average common shares
Net loss -1,29 -0,17 -1,06 -0,14
Weighted average common shares 39,097 39,097 34,492 34,492
outstanding, assuming dilution
CONDENSED CONSOLIDATED BALANCE SHEET
Interim report at 31 December 2007
Assets 31 December 2007 30 June 2007 31 December 2006
1,000 DKK 1,000 1,000 DKK 1,000 1,000 DKK 1,000 EUR
EUR EUR
Goodwill 312,808 41,950 314,270 42,228 298,678 40,059
Plant & equipment 16,414 2,201 18,830 2,530 16,493 2,212
Investment property at 8,448 1,133 8,601 1,156 15,088 2,024
cost
Property held for resale 209,811 28,138 203,835 27,389 0 0
and development
Wind turbines 342,327 45,910 333,417 44,801 289,920 38,884
Wind turbines under 790,767 106,050 267,038 35,882 129,305 17,342
construction
Investments in associates 131,945 17,695 124,734 16,760 76,996 10,327
Mortgage loans receivables 36,302 4,868 36,627 4,921 84,513 11,335
Other financial assets 73,658 9,878 76,611 10,294 14,676 1,968
Non - current assets 1,922,480 257,823 1,383,963 185,961 925,669 124,151
Trade receivables 73,771 9,893 115,069 15,462 29,717 3,984
Inventories 1,346,999 180,646 1,161,095 156,015 1,264,103 169,541
Work in progress 17,533 2,351 56,362 7,573 69,965 9,385
Other receivables 172,062 23,075 91,857 12,342 216,151 28,990
Other financial 109,014 14,620 306,184 41,142 106,720 14,313
investments
Free cash 233,033 31,252 79,591 10,695 41,985 5,631
Restricted cash 126,035 16,902 183,790 24,696 276,511 37,086
Current - assets 2,078,447 278,739 1,993,948 267,925 2,005,152 268,930
TOTAL ASSETS 4,000,927 536,562 3,377,911 453,886 2,930,821 393,081
CONDENSED CONSOLIDATED BALANCE SHEET
Interim report at 31 December 2007
Equity and liabilities 31 December 2007 30 June 2007 31 December 2006
1,000 DKK 1,000 1,000 DKK 1,000 1,000 DKK 1,000
EUR EUR EUR
316,975 42,509 288,962 38,827 286,937 38,484
Share capital
Additional paid in capital 803,761 107,792 606,627 81,512 584,895 78,446
Investment revaluation 14,398 1,931 201,066 27,018 -2,050 -275
reserve
Foreign currency -22 -3 -29 -4 0 0
translation reserve
Retained earnings -2,419 -321 48,082 6,460 66,579 8,930
(deficit)
Equity attributable to 1,132,693 151,905 1,144,708 153,813 936,361 125,585
equity holders of the
parent
Minority interest 67,092 8,998 65,588 8,813 65,426 8,775
Total equity 1,199,785 160,903 1,210,296 162,626 1,001,787 134,360
Borrowings 323,804 43,425 614,190 82,528 321,894 43,172
Retirement obligation 1,324 178 1,086 146 961 345
Deferred tax liabilities 33,939 4,552 76,453 10,273 20,685 2,774
Total non-current 359,067 48,155 691,729 92,947 343,540 46,291
liabilities
Borrowings(1) 1,935,196 259,527 1,070,529 143,846 916,917 122,976
Trade payables 354,844 47,588 278,818 37,464 517,648 69,427
Prepayments 23,221 3,114 0 0 1,086 146
Current tax liabilities 0 0 6,253 840 0 0
Debt associates 3,816 512 14,210 1,909 4,760 638
Other liabilities 124,998 16,763 106,076 14,254 145,083 19,243
Total current liabilities 2,442,075 327,504 1,475,886 198,313 1,585,494 212,430
TOTAL EQUITY AND 4,000,927 536,562 3,377,911 453,886 2,930,821 393,081
LIABILITIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Interim report for the six months ended 31 December 2007
Common Common Additional Investment Foreign
Shares Shares paid in revaluation Retained Currency
Outstanding Outstanding capital reserve earnings Translation Minority
(Restated (Restated) (deficit) reserve interest Total
Balance at
30 June 2007 38,528,260 288,962 606,627 201,066 48,082 -29 65,588 1,210,296
Issuance of
3,735,000
common
shares for
cash 3,735,000 28,013 203,099 - - - - 231,112
Transaction
cost
issuance
3,735,000
shares - - -5,965 - - - - -5,965
Unrealized
gain on
marketable
securities,
net of
deferred
taxes - - - 670 - 7 - 677
Unrealized
gain on
marketable
securities
Europe
Vision Plc,
net of
deferred
taxes - - - -187,338 - - - -187,338
Result - - - - -50,501 - 1,313 -49,188
Increase in
minority
interest - - - - - - 191 191
Balance at
31 December
2007 42,263,260 316,975 803,761 14,398 -2,419 -22 67,092 1,199,785
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Interim report for the six months ended 31 December 2007
Period 1 July - 31 Period 1 July - 31
December 2007 December 2006
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxes -66,365 -8,900 -43,379 -5,818
Depreciation 9,835 1,319 7,103 953
Share of profit of -2,490 -334 -1,581 -212
associates
Financial income recognised 8,243 1,105 8,312 1,115
in profit or loss
Financial cost recognised in -32,459 -4,353 -20,883 -2,801
profit or loss
Change in tax liabilities -2,325 -312 7,459 1,000
Change in restricted cash 57,755 7,746 168,345 22,578
Change in working capital -179,227 -24,036 -631,913 -84,752
Change in accounts payable, 84,553 11,339 293,858 39,412
etc,
Interest paid 32,459 4,353 20,883 2,801
Interest received -8,532 -1,144 -8,313 -1,115
Cash flows from operating -98,553 -13,217 -200,109 -26,839
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of intangible 0 0 -102,939 -13,806
fixed assets
Acquisition of tangible -544,415 -73,011 -180,366 -24,191
fixed assets
Acquisition of financial -1,239 -166 21,597 2,897
fixed assets
Acquisition of minority 0 0 59,421 7,970
interest
Cash flows from investing -545,654 -73,177 -202,287 -27,130
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Issued share capital 223,131 29,924 383,446 51,428
Long-term borrowings -6,362 -853 286,663 38,447
Drawdown (repayment) of 580,880 77,901 -354,846 -47,592
interest bearing debt
Cash flows from financing 797,649 106,972 315,263 42,283
activities
153,442 20,578 -87,133 -11,686
Changes in cash funds
79,591 10,674 129,118 17,317
Cash funds at 1 July 2007
Cash funds at 31 December 233,033 31,252 41,985 5,631
2007
Supplementary information to condensed consolidated interim statement
Segment reporting
Interim 2007/2008 Interim 2006/2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
WIND ENERGY PRODUCTION:
Revenue 26,478 3,551 19,231 2,579
Direct costs -7,362 -987 -4,312 -578
Gross Profit 19,116 2,564 14,919 2,001
-372 -50 0 0
Staff cost
Other expenses -1,361 -183 -1,997 -268
Depreciation -7,100 -952 -5,726 -768
Associated companies 2,490 334 1,581 212
12,773 1713 8,777 1,177
Earnings before interest
and tax
Total assets 1,187,144 159,207 628,654 84,315
Total external bank 937,567 125,737 404,933 54,310
borrowing
WIND ENERGY DEVELOPMENT (EWF):
Revenue 4,918 659 12,459 1,671
Direct costs 0 0 0 0
Gross Profit 4,918 659 12,459 1,671
Staff cost -3,644 -489 -3,003 -403
Other expenses -1,424 -191 -2,669 -358
Depreciation -112 -15 -17 -2
Associated companies 0 0 0 0
-262 -36 6,770 908
Earnings before interest
and tax
Total assets 170,870 22,915 148,051 19,857
Total external bank 5,524 741 22 3
borrowing
Supplementary information to condensed consolidated
interim (continued)
Segment Reporting
Interim 2007/2008 Interim 2006/2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
REAL ESTATE DEVELOPMENT:
Revenue 82,516 11,066 151,464 20,314
Direct costs -89,990 -12,068 -175,364 -23,520
Gross Profit -7,474 -1,002 -23,900 -3,206
Employee benefits expense -24,790 -3,324 -20,872 -2,799
Other expenses -19,772 -2,652 -224 -30
Depreciation -2,622 -352 -1,360 -182
Associated companies 0 0 0 0
-54,658 -7,330 -46,356 -6,217
Earnings before interest and
tax
Total assets 1,599,204 214,468 1,213,394 162,741
Total external bank borrowing 1,316,909 176,609 833,856 111,837
CORPORATE:
1,043,709 139,972 940,722 126,170
Total corporate assets
Total corporate borrowing and 541,142 72,572 690,223 92,573
other liabilities
CONSOLIDATED:
4,000,927 536,562 2,930,821 393,083
Total assets
Total corporate borrowing and 2,801,142 375,659 1,929,034 258,723
other liabilities
Total equity 1,199,785 160,903 1,001,787 134,360
Independent auditor's review report on the condensed consolidated interim report
To the Shareholders of EuroTrust A/S
Introduction
We have reviewed the accompanying condensed consolidated interim report of
EuroTrust A/S (the "Company") for the period 1 July to 31 December 2007, which
comprises profit & loss statement, balance sheet, statements of changes in
equity, cash flow statement and supplementary information and notes. We have not
reviewed the corresponding figures.
Management is responsible for the preparation and fair representation of the
consolidated interim report in accordance with the recognition and measurement
provisions of International Financial Reporting Standards as adopted by the
European Union. Our responsibility is to express a conclusion on the condensed
consolidated interim report based on our review.
As disclosed in note 2, the annual financial statements of the Company for the
year ending 30 June 2008 will be prepared in accordance with IFRSs as adopted by
the European Union. The condensed set of financial statements included in this
half-yearly financial report have been prepared in accordance with the
accounting policies the Company intends to use in preparing its next annual
financial statements.
Scope of Review
We conducted our review in accordance with Danish Standard on Auditing on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity". A review of the condensed consolidated
interim report consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with Danish Standards on Auditing and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. We have not performed an audit and,
accordingly, we do not express an audit opinion on the condensed consolidated
interim report.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the accompanying condensed consolidated interim report does not give a true
and fair view of the financial position of the Company at 31 December 2007 and
of its financial performance and cash flow for the period 1 July to 31 December
2007 in accordance with the recognition and measurement provisions of
International Financial Reporting Standards as adopted by the European Union,
including the accounting policies that management expect to adopt when the
Company prepares its first complete set of IFRS financial statements as at 30
June 2008.
Emphasis of matter
Without qualifying our opinion, we draw attention to the fact that Note 2
explains why there is a possibility that the accompanying preliminary
comparative IFRS financial information may require adjustment before
constituting the final comparative IFRS financial information included in the
Company's first full IFRS financial statements as at 30 June 2008. Moreover, we
draw attention to the fact that, under IFRSs, only a complete set of financial
statements comprising a balance sheet, profit and loss statement, statement of
changes in equity, cash flow statement, together with comparative financial
information and explanatory notes, can provide a fair presentation of the
Company's financial position, results of operations and cash flows in accordance
with IFRSs.
Kolding, 10 March 2008
Deloitte
Statsautoriseret Revisionsaktieselskab
Leo Gilling Jan Peter Larsen
State Authorised Public Accountants
Notes to the condensed consolidated interim report
For the six months ended 31 December 2007
1, BASIS OF PREPARATION
The financial information contained in this document has been prepared in
accordance with the recognition and measurement provisions of International
Financial Reporting Standards as adopted by the European Union (IFRS). It is the
first statements that the EuroTrust A/S (the "Company") has prepared under IFRS.
This condensed consolidated interim report has been reviewed by an independent
firm of accountants. The Company's audited accounts for the year ended 30 June
2007 were prepared on the basis of US GAAP and it is the Board's intention that
the audited financial statements for the year ending 30 June 2008 will be
prepared on the basis of IFRS. Please visit the webpage www.eurotrust.dk for
further information.
The condensed consolidated interim report has been prepared on a going concern
basis. The Company is engaged entirely in a process to sell its real estate
development division to finance further investments in its wind energy
production business. Sales of real estate have been disappointing in a difficult
market and losses have been incurred. Management believe the sale of the real
estate division will ultimately be successful. As disposal and closure options
are being pursued, the Company is also taking cost reduction measures in the
real estate division. The interim report does not include any adjustments to
reflect the possible future effects on the classification of assets or the amo
unts and classification of liabilities that may result from sale of real estate
division.
2, ACCOUNTING POLICIES
The Company will adopt IFRS for the first time in its financial statements for
the year ending 30 June 2008, which will include comparative financial
statements for the year ended 30 June 2007. IFRS 1, First-time Adoption of
International Financial Reporting Standards, requires that an entity develop
accounting policies based on the standards and related interpretations effective
at the reporting date of its first annual IFRS financial statements (30 June
2008 for the Company). IFRS 1 also requires that those policies be applied as of
the date of transition to IFRS (1 July 2006 for the Company) and throughout all
periods presented in the first IFRS financial statements.
The accompanying interim financial statements as of and for the six month
periods ended 31 December 2007 and 2006, have been prepared in accordance with
those IASB standards and IFRIC interpretations issued and effective, or issued
and early-adopted, at 31 December 2007. The IASB standards and IFRIC
interpretations that will be applicable at 30 June 2008 including those that
will be applicable on an optional basis, are not known with certainty at the
time of preparing this interim report. As a result, the accounting policies used
to prepare these interim financial statements are subject to change up to the
reporting date of the Company's first IFRS financial statements. Please visit
the webpage www.eurotrust.dk for the Company's accounting policies and further
information.
The interim financial statements do not include all of the information required
for full annual financial statements, and should be read in conjunction with the
consolidated financial statements of EuroTrust for the year ended 30 June 2007.
These consolidated financial statements were prepared in accordance with
Generally Accepted Accounting Principles in the United States of America ("US
GAAP") and may not be comparable. EuroTrust's annual report for the year ended
30 June 2007, prepared under US GAAP, is available on our website at
www.eurotrust.dk.
IFRS 1 sets out the rules for an entity preparing its first IFRS financial
statements. The entity is required to determine the IFRS accounting policies
in accordance with the IFRS's effective at the reporting date for its first
IFRS financial statements (30 June 2008) and, in general, apply them
retrospectively. There are a number of possible exemptions from the
retrospective application to assist the entity in making the transition. The
Group has taken the following exemptions:
* Cumulative translation differences: Cumulative translation
differences for all foreign operations are deemed to be zero at the date
of transition to IFRSs
* Decommissioning liabilities: The Group will measure the liabilities
as at the transition date in accordance with IAS 37
* Business combinations: the Group has elected not to restate business
combinations prior to the transition date (1 July 2006)
EuroTrust's annual report for the year ended 30 June 2007, prepared under US
GAAP, is available on our website at www.eurotrust.dk
--------------------------
(1) Borrowings concerning wind turbines under construction 1,000DKK 340,707
(1,000Euro 45,692)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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