budget of gran canary 2.5.2011

8/13/2019 Budget of Gran Canary 2.5.2011

1/13

Input and Statistics 4/29/2011

Sales and Marketin com an Resort mana ement com

assets assets

Intangible and, -

collected and invoiced from the seller 1 year 2 year 3 year 4 year Tangible Assets

1,828,527 548,558 731,411 548,558 0 Years 10 5 60 10

LEFT 1,279,969 548,558 0 0 FIXED ASSETS

Other long terminvestment (expences

related to deal)

FFE linked tomngnt

business

REALESTATE

PREMISES Goodwill

collection pattern 0.3 0.4 0.3 Euros 112,707 370,602 2,982,000 3,463,497

cost of collection 50 40 30 Depriciation/year 11271 74120 49700 346,350

Per month 45713 60951 45713 Poisto per kk -939 -6177 -4142 28,862-

New accounts receivables generated

between 1.1.2011 and 1.3.2011 627,374

Maintenance fees to be invoiced from seller

TS WEEKS - Inventory To inventory

Maintenance fees for

unsold inventory one year

time period 1,443,115

Weeks (including sold and not sold) 12,291 Per month 160,346

Not sold weeks to inventory 2,634 3,730,000 Maintenance

Additional payment in week 17 108 170,100 1,575 each Mangnt fee to P&L 599,186 Personnel

Missing 7 -21,000 3,000 each months 12 Salary per kk

Sold weeks 9,657 Social fees

Sol amadores --> leased weeks (does

not has an effect to BS valuation

according to FAS) 4,829 2011 left 1.1.2011 alkaen 9 TOTAL

Year 2011 allocated mangnt fee 449,390 per month

Cost of one week in HC inventory 1,416 Credit Loss 2011 -67,408 Own personn

Credit Loss 2012 onwards -89,878

Fixed assets 10 Personnel cosOther long term investment (expences

related to deal) 105,093 Maintenance cost (water -102917 -1235000 Maintenance

Depriciation per year 10509 water -111000

Depriciation per month -876 gas -36000

electricity -271000

other resort costs (maintena -817000

Rent Income from R&E per 30000

SALES AND MARKETING

PAYROLL CALC Monthly pay social fees 30 Together 15 Monthly p social fees 30 Together 51 RESORT COMP Holiday pay debt

Back Office emplyees 15 + 36 sales

representatives (counted f rom board

member information package) 1,800 2,340 35,100 1,800 2,340 119,340 Holiday pay debt

Holiday pay debt 2 weeks esimate on

1.4.2011 17,550 59,670 Personnel 80

Monthly pay 1000

Social cost 30%

Holiday pay debt 0,5 month 0.5

ToTAL 52000

TS WEEKS

Weeks (including sold and not sold) 12,291

Not sold weeks to inventory 2,404 3,943,695

Sold weeks 9,887

Sol amadores --> leased weeks (does not

has an effect to BS valuation according to

FAS) 4,944 3,994,575

Average condo fee 325 781300

Cost of one week in HC inventory 1,640

Share of mangnt fee for HCR OY 15%

Mnangnt fee average that is not paid 15%

Sales receivables - Old Base

Sales receivables - New Base


2/13

Jan 1,

2011 -

Sept 30, 04.2011 05.2011 06.2011 07.2011 08.2011 09.2011

Oct 1, 2011

Sept 30,

2012 10.2011 11.2011 12.2011 01.2012 2.2012 03.2012 04.2012 05.2012 06.2012

Estimate Bud Bud Bud Bud Bud Bud Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate E

ales, Time Share 2700 450 450 450 450 450 450 9050 900 900 900 900 900 900 900 550 550

IC 5% -135 -23 -23 -23 -23 -23 -23 -453 -45 -45 -45 -45 -45 -45 -45 -28 -28

ales, Renting 180 30 30 30 30 30 30 360 30 30 30 30 30 30 30 30 30

ales, Hotel

ales, Restaurant

ales, Spa

ales, Treatment

ales, Sport Activities

ales, MANAGEMENT FEE 449 200 50 50 50 50 50 599 50 50 50 50 50 50 50 50 50

ales Adjustments -140 -23 -23 -23 -23 -23 -23 -468 -47 -47 -47 -47 -47 -47 -47 -28 -28

URNOVER 3055 634 484 484 484 484 484 9089 888 888 888 888 888 888 888 574 574

her operating income 672 620 10 10 10 10 10 124 10 10 10 10 10 10 10 10 10

edit loss provision -67 -11 -11 -11 -11 -11 -11 -90 -7 -7 -7 -7 -7 -7 -7 -7 -7

ustomer Service SuppliesmeShare, cost of goods sold -364 -61 -61 -61 -61 -61 -61 -1219 -121 -121 -121 -121 -121 -121 -121 -74 -74

her purchases, cost of goods sold

otal Cost of goods sold 240 548 -62 -62 -62 -62 -62 -1186 -129 -129 -129 -129 -129 -129 -129 -82 -82

ROSS MARGIN 3295 1182 423 423 423 423 423 7903 760 760 760 760 760 760 760 492 492

ross Margin % 108% 186% 87% 87% 87% 87% 87% 87% 86% 86% 86% 86% 86% 86% 86% 86% 86%

aintenance cost (cleaning of flats etc.)

ersonnel costs -716 -161 -111 -111 -111 -111 -111 -2152 -212 -212 -212 -212 -212 -212 -212 -133 -133

xternal service -16 -3 -3 -3 -3 -3 -3 -32 -3 -3 -3 -3 -3 -3 -3 -3 -3

wn personnel and maintenance cost for office space -145 -32 -23 -23 -23 -23 -23 -270 -23 -23 -23 -23 -23 -23 -23 -23 -23

oup internal service

otal -877 -195 -136 -136 -136 -136 -136 -2455 -237 -237 -237 -237 -237 -237 -237 -159 -159

ERVICE MARGIN 2419 987 286 286 286 286 286 5449 522 522 522 522 522 522 522 334 334

ervice margin % 79% 156% 59% 59% 59% 59% 59% 60% 59% 59% 59% 59% 59% 59% 59% 58% 58%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

arketing -364 -61 -61 -61 -61 -61 -61 -1219 -121 -121 -121 -121 -121 -121 -121 -74 -74

perating costs -73 -12 -12 -12 -12 -12 -12 -244 -24 -24 -24 -24 -24 -24 -24 -15 -15

-30 -5 -5 -5 -5 -5 -5 -60 -5 -5 -5 -5 -5 -5 -5 -5 -5

oject Start Up

otal -467 -78 -78 -78 -78 -78 -78 -1523 -151 -151 -151 -151 -151 -151 -151 -94 -94

ROFIT BEFORE REAL ESTATE COSTS 1952 909 209 209 209 209 209 3925 372 372 372 372 372 372 372 240 240

ofit before real estate costs % 64% 179% 40% 40% 40% 40% 40% 43% 41% 41% 41% 41% 41% 41% 41% 41% 41%

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

ent

eal Estate costs -431 -71 -74 -109 -47 -53 -77 -791 -71 -52 -57 -71 -52 -57 -71 -74 -109

tal real estate costs -431 -71 -74 -109 -47 -53 -77 -791 -71 -52 -57 -71 -52 -57 -71 -74 -109

BITDA 1521 838 134 99 162 156 132 3135 301 320 315 301 320 315 301 165 131

BITDA % 50% 247% 94% 85% 100% 99% 93% 34% 104% 107% 106% 104% 107% 106% 104% 97% 90%

epreciation according to plan -246 -41 -41 -41 -41 -41 -41 -492 -41 -41 -41 -41 -41 -41 -41 -41 -41

PERATING PROFIT (EBIT) 1275 797 93 58 121 115 91 2643 260 279 274 260 279 274 260 124 90perating profit % 42% 229% 43% 35% 50% 49% 43% 29% 54% 56% 56% 54% 56% 56% 54% 47% 40%

nancial expenses and income -562 -94 -94 -94 -94 -93 -93 -1104 -93 -93 -93 -92 -92 -92 -92 -92 -92

ROFIT BEFORE EXTRAORDINARY ITEMS AND T 713 703 -1 -35 28 22 -2 1539 167 186 181 167 187 181 168 33 -2

ofit before extraordianry items and taxes % 23% 111% 0% -7% 6% 4% 0% 17% 19% 21% 20% 19% 21% 20% 19% 6% 0%

xes -278 -214 -3 7 -12 -10 -3 -502 -55 -61 -60 -56 -61 -60 -56 -15 -5

ROFIT/LOSS FOR THE PERIOD 436 488 -4 -28 16 12 -5 1036 111 125 121 112 125 122 112 17 -7


3/13

GC Total company

HC Canarias Sales and Marketing S.L. HC Canarias Resort Management S.L. HC Canarias Investme

4/28/2011

ASSETS ASSETS ASSETS

FIXED ASSETS AND OTHER LONG-TERM INVESTMENTS FIXED ASSETS AND OTHER LONG-TERM INVESTMENTS FIXED ASSETS AND O

Intangible assets Intangible assets Intangible assets

Intangible assets, Goodwill Intangible assets, Goodwill 3463 Intangible assets

Other long term investment (expences related to deal) 105 Other long term investment (expences related to deal) 113

Accumulated depreciation according to plan -1 Accumulated depreciation according to plan -30 Accumulated depreciat

Total Intangible assets 104 Total Intangible assets 3546 Total Intangible assets

Tangible assets Tangible assets Tangible assets

Tangible assets, other long term Buildings: Real Estate premises+taxes 2982 Tangible assets

Investments FFE linked to managent business 371 Investments

Accumulated depreciation according to plan Accumulated depreciation according to plan -10 Accumulated depreciat

Total Tangible assets Total Tangible assets 3342 Total Tangible assets

CURRENT ASSETS CURRENT ASSETS CURRENT ASSETS

Inventory Inventory Inventory

TimeShare 4122 TimeShare TimeShare

Selling/Disposals -61 Selling/Disposals Selling/DisposalsTotal TimeShare 4061 Total TimeShare Total TimeShare

Current receivables Current receivables Current receivables

Accrued receivables Intra-group current non-interest-bearing loan receivables Intra-group current non

Withdrawals Withdrawals Withdrawals

Trade accounts receivable OLD BASE 1829

Trade accounts receivable NEW BASE 627 Trade accounts receivable Trade accounts receiva

Change - OLD BASE -91 Change Change

Change - NEW BASE -94 Decrease Decrease

Total Trade accounts receivables 2270 Total Trade accounts receivables Total Trade accounts r

Cash and cash equivalents 2792 Cash and cash equivalents 3755 Cash and cash equiva

TOTAL CURRENT ASSETS 9123 TOTAL CURRENT ASSETS 3755 TOTAL CURRENT ASS

TOTAL ASSETS 9227 TOTAL ASSETS 10644 TOTAL ASSETS

SHAREHOLDERS' EQUITY LIABILITIES SHAREHOLDERS' EQUITY LIABILITIES SHAREHOLDERS' EQ

Shareholders' equity Shareholders' equity Shareholders' equity

Share capital 3 Share capital 3 Share capital

Share issue Share issue Share issue

Unregistered equity fund Unregistered equity fund Share premium fund

Retained earnigns Retained earnigns Retained earnigns

Profit/Loss for the period 424 Profit/Loss for the period 76 Profit/Loss for the perio

Capital loan Capital loan Capital loan

Total Shareholders' equity 427 Total Shareholders' equity 79 Total Shareholders' equ

LIABILITIES LIABILITIES LIABILITIESNon-current liabilities Non-current liabilities Non-current liabilities

Loans from financial institutions - Caja Rural 1549 Loans from financial institutions 1661 Loans from financial ins

Withdrawals Withdrawals Withdrawals

Repayments Repayments Repayments

Total Loans from financial institutions 1549 Total Loans from financial institutions 1661 Total Loans from financ

Intra-Group long-term interest-bearing loans to HCS AB 3397 Intra-Group long-term interest-bearing loans to HCS AB 3643 Intra-Group long-term i

Intra-Group long-term interest-bearing loans to HCR Oy 105 Intra-Group long-term interest-bearing loans to HCR Oy 113 Withdrawals

Repayments Repayments Repayments

Total Intra-Group long-term interest-bearing loans Total Intra-Group long-term interest-bearing loans Total Intra-Group long-

Other long-term non-interest-bearing liability: Late payment

of 18 months 772 Other long-term non-interest-bearing liabilities 828 Other long-term non-in

Long-term accrued liaibility: ESCROW loans 844 Long-term accrued liaibility: ESCROW loans 906

Total Non-current liabilities 6667 Total Non-current liabilities 8811 Total Non-current liabiliti

Current liabilities Current liabilities Current liabilities

Short term loan to tax authority from inventory 242 Short term loan to tax authority from building 182Short term loan to tax authority from income 182 Short term loan to tax authority from income 33

Trade accounts payable Trade accounts payable Trade accounts payabl

Other short term loans: Late payment 12 months 772 Change Change

Decrease Decrease Decrease

Total Trade accounts payable 772 Total Trade accounts payable Total Trade accounts p

Accrued expenses and prepaid income

Received prepayments: netted from cash payment to sellers

concerning maintenance fees 1443 Accrued expenses and

Interest payable from bank loan 5 Interest payable from bank loan 5

Interest payable from Intra Group loan 42 Interest payable from Intra Group loan 39

Holiday pay debt 60 Holiday pay debt 52

Change Change Change

Decrease Decrease Decrease

Total Accrued expenses and prepaid income 60 Total Accrued expenses and prepaid income 52 Total Accrued expense

Total Current liabilities 2134 Total Current liabilities 1754 Total Current liabilities

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 9228 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 10644 TOTAL SHAREHOLDE

Opening Balance April 2011 Opening Balance April 2011


4/13


5/13

NCOME STATEMENT ( in thousands)28/2011 COGS 15%

thousand

1.10.2010 -

30.9.2011 04.2011 05.2011 06.2011 07.2011 08.2011 09.2011

1.10.2011 -

30.9.2012 10.2011 11.2011 12.2011 01.2012 2.2012 03.2012 04.2012 05.20

Act Bud Bud Bud Bud Bud Bud Act Bud Bud Bud Bud Bud Bud Bud B

ales, Time Share 2700 450 450 450 450 450 450 9050 900 900 900 900 900 900 900 5

GIC 5% -135 -23 -23 -23 -23 -23 -23 -453 -45 -45 -45 -45 -45 -45 -45 -

ales, Renting

ales, Hotel

ales, Restaurant

ales, Spa

ales, Treatment

ales, Sport Activities

ther Sales

ales Adjustments -140 -23 -23 -23 -23 -23 -23 -468 -47 -47 -47 -47 -47 -47 -47 -

URNOVER 2425 404 404 404 404 404 404 8130 808 808 808 808 808 808 808 4

ther o eratin income 672 620 10 10 10 10 10 124 10 10 10 10 10 10 10

redit loss provision

ustomer Service Supplies

imeShare, cost of goods sold -364 -61 -61 -61 -61 -61 -61 -1219 -121 -121 -121 -121 -121 -121 -121 -

ther purchases, cost of goods sold

otal Cost of oods sold -364 -61 -61 -61 -61 -61 -61 -1219 -121 -121 -121 -121 -121 -121 -121 -

ROSS MARGIN 2733 964 354 354 354 354 354 7034 698 698 698 698 698 698 698 4

ross Margin % 112.7 % 238.4 % 87.6 % 87.6 % 87.6 % 87.6 % 87.6 % 86.5 %

Maintenance cost (cleaning of flats etc.)

ersonnel costs -716 -161 -111 -111 -111 -111 -111 -2152 -212 -212 -212 -212 -212 -212 -212 -1

xternal service -16 -3 -3 -3 -3 -3 -3 -32 -3 -3 -3 -3 -3 -3 -3

roup internal service

otal -732 -163 -114 -114 -114 -114 -114 -2184 -215 -215 -215 -215 -215 -215 -215 -1

ERVICE MARGIN 2001 800 240 240 240 240 240 4850 483 483 483 483 483 483 483 2ervice mar in % 82.5 % 197.9 % 59.4 % 59.4 % 59.4 % 59.4 % 59.4 % 59.7 % 59.7 % 59.7 % 59.7 % 59.7 % 59.7 % 59.7 % 59.7 % 59.5

Marketing -364 -61 -61 -61 -61 -61 -61 -1219 -121 -121 -121 -121 -121 -121 -121 -

perating costs -73 -12 -12 -12 -12 -12 -12 -244 -24 -24 -24 -24 -24 -24 -24 -

T -30 -5 -5 -5 -5 -5 -5 -60 -5 -5 -5 -5 -5 -5 -5

rojects

otal -467 -78 -78 -78 -78 -78 -78 -1523 -151 -151 -151 -151 -151 -151 -151 -

ROFIT BEFORE REAL ESTATE COSTS 1535 722 162 162 162 162 162 3327 332 332 332 332 332 332 332 2

ent 0 0 0 0 0 0 0

eal Estate costs (inc.maintenance fees) -431 -71 -74 -109 -47 -53 -77 -791 -71 -52 -57 -71 -52 -57 -71 -

otal real estate costs -431 -71 -74 -109 -47 -53 -77 -791 -71 -52 -57 -71 -52 -57 -71 -

BITDA 1104 651 88 53 116 110 86 2536 261 281 275 261 281 275 261 1

BITDA % 45.5 % 161.1 % 21.8 % 13.2 % 28.7 % 27.2 % 21.2 % 31.2 % 32.3 % 34.7 % 34.0 % 32.3 % 34.7 % 34.0 % 32.3 % 25.5

epreciation according to plan -5 -1 -1 -1 -1 -1 -1 -11 -1 -1 -1 -1 -1 -1 -1

PERATING PROFIT (EBIT) 1099 650 87 52 115 109 85 2526 260 280 274 260 280 274 260 1

perating profit % 45.3 % 160.9 % 21.6 % 13.0 % 28.5 % 27.0 % 21.0 % 31.1 % 32.2 % 34.6 % 33.9 % 32.2 % 34.6 % 33.9 % 32.2 % 25.3

nancial expenses and income: Takausprovisio + interest from bank lo -39 -7 -7 -7 -7 -6 -6 -70 -6 -6 -6 -6 -6 -6 -6

roup internal interests 10% -232 -39 -39 -39 -39 -39 -39 -464 -39 -39 -39 -39 -39 -39 -39 -

Minority interest

ROFIT BEFORE EXTRAORDINARY ITEMS AND TAXES 828 605 42 7 70 64 40 2056 215 235 229 216 235 230 216

rofit before extraordianr items and taxes % 34.1 % 149.7 % 10.4 % 1.8 % 17.3 % 15.8 % 9.8 % 25.3 % 26.6 % 29.1 % 28.4 % 26.7 % 29.1 % 28.4 % 26.7 % 16.3

axes -248 -182 -13 -2 -21 -19 -12 -610 -65 -71 -69 -65 -71 -69 -65 -

ROFIT/LOSS FOR THE PERIOD 579 424 29 5 49 45 28 1446 151 165 161 151 165 161 151

Maintenance fees according to Budget by Pilvi Income tax in Canarias 30%

an -237,000 0.30 0.3eb, OCT -172,000

March, November -191,000

pril, December -237,000

May -248000

une -364000

uly -155000

ugust -175000

eptember -256000


6/13

NCOME STATEMENT ( in thousands)8/2011

housand

1.10.2010 -

30.9.2011 04.2011 05.2011 06.2011 07.2011 08.2011 09.2011

1.10.2011 -

30.9.2012 10.2011 11.2011 12.2011 01.2012 2.2012 03.2012 04.2012 05.2012 06.2012 07.2

Act Bud Bud Bud Bud Bud Bud Act Bud Bud Bud Bud Bud Bud Bud Bud Bud B

les, Time Share

IC 5%

les, RentingHotel and Restaurant 180 30 30 30 30 30 30 360 30 30 30 30 30 30 30 30 30

les, Hotel

les, Restaurant

les, Spa

les, Treatment

les, Sport Activities

her Sales, management fees 449 200 50 50 50 50 50 599 50 50 50 50 50 50 50 50 50les Adjustments

URNOVER 629 230 80 80 80 80 80 959 80 80 80 80 80 80 80 80 80

her operating income, mngnt fee

edit loss provision -67 -11 -11 -11 -11 -11 -11 -90 -7 -7 -7 -7 -7 -7 -7 -7 -7

ustomer Service Supplies

meShare, cost of goods sold

her purchases, cost of goods sold

tal Cost of goods sold -67 -11 -11 -11 -11 -11 -11 -90 -7 -7 -7 -7 -7 -7 -7 -7 -7

ROSS MARGIN 562 218 69 69 69 69 69 869 72 72 72 72 72 72 72 72 72

ross Margin % 89.3 % 95.1 % 85.9 % 85.9 % 85.9 % 85.9 % 85.9 % 90.6 % 90.6 % 90.6 % 90.6 % 90.6 % 90.6 % 90.6 % 90.6 % 90.6 % 90.6 % 90.6

aintenance cost (water, energy) -618 -103 -103 -103 -103 -103 -103 -1235 -103 -103 -103 -103 -103 -103 -103 -103 -103 -

rsonnel costs -698 -156 -108 -108 -108 -108 -108 -1300 -108 -108 -108 -108 -108 -108 -108 -108 -108 -

st offset from above 1527 270 222 222 222 222 222 2625 219 219 219 219 219 219 219 219 219

ternal servicewn personnel and maintenance cost for offi -145 -32 -23 -23 -23 -23 -23 -270 -23 -23 -23 -23 -23 -23 -23 -23 -23

tal 67 -21 -11 -11 -11 -11 -11 -181 -15 -15 -15 -15 -15 -15 -15 -15 -15

ERVICE MARGIN 629 198 57 57 57 57 57 689 57 57 57 57 57 57 57 57 57

rvice margin % 100.0 % 86.0 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8 % 71.8

arketing

perating costs

ojects

tal

ROFIT BEFORE REAL ESTATE COS 629 198 57 57 57 57 57 689 57 57 57 57 57 57 57 57 57

ofit before real estate costs %

nt

al Estate costs ( inc.maintenance fees)

tal real estate costs

BITDA 629 198 57 57 57 57 57 689 57 57 57 57 57 57 57 57 57

BITDA % 100% 86% 72% 72% 72% 72% 72% 72% 72% 72% 72% 72% 72% 72% 72% 72% 72% 7

preciation according to plan -241 -40 -40 -40 -40 -40 -40 -481 -40 -40 -40 -40 -40 -40 -40 -40 -40

PERATING PROFIT (EBIT) 389 158 17 17 17 17 17 207 17 17 17 17 17 17 17 17 17

perating profit % 62% 69% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 2

nancial expenses and income: Takausprovi -42 -7 -7 -7 -7 -7 -7 -67 -7 -7 -6 -6 -6 -6 -6 -6 -6

oup internal interests 10% -249 -41 -41 -41 -41 -41 -41 -497 -41 -41 -41 -41 -41 -41 -41 -41 -41

nority interest

ROFIT BEFORE EXTRAORDINARY

EMS AND TAXES 98 109 -31 -31 -31 -31 -31 -357 -31 -31 -31 -31 -30 -30 -30 -30 -30

ofit before extraordianry items and tax 16% 47% -39% -39% -39% -39% -39% -37% -39% -38% -38% -38% -38% -38% -38% -38% -38% -3

xes -29 -33 9 9 9 9 9 107 9 9 9 9 9 9 9 9 9

ROFIT/LOSS FOR THE PERIOD 68 76 -22 -22 -22 -22 -22 -250 -22 -21 -21 -21 -21 -21 -21 -21 -21


7/13

100 48% 52% Interests Tilanne 1.3.2011 Apr-11 May-11 Ju

TOTAL

SALES AND

MARKETING

RESORT

MANAGEMENT INVEST

Loans 3,209,730

TOTAL TOTAL TOTAL Interest 1.75%

Euribor 17.2.2011 1.99% SUM, interest payment per month 3.74% 10009 9837 9

Taxes per company 424,450 204,805 219,645 Sales&Marketing COMP Share 48% 4830 4747 4

TOTAL DEAL PRICE 12,820,000 6,185,901 6,634,099 3,100 Monthly Payment 55000 55000 55000 55

TOTAL DEAL PRICE inc

taxes 13,244,450 6,390,707 6,853,743Loan repayment done 55000 110000 165

Share capital5 years, months total 12

Unregistered equity fund Total monts 60

Initial payment

100,000 48,252 51,748Purchase price, 2nd part 12 months 1,600,000 6000

Purchase price, 1st part4,520,270 2,179,623 2,337,547 Purchase price, 3rd part 18 months 1,600,000 6000

Cash 0 0 Takausprovisio 1.50%

Escrow 1,000,000 482,520 517,480maksetaan 3 kk:n vleinetukteen 0.25

Escrow 250,000 120,630 129,370GROUP Finance 6,746M, korko 10% per vuosi, voidaan

Canarialla maksaa "osakaslainana max 10%"0.1 80085.6 80085.6 800

Escrow 750,000 361,890 388,110 GROUP LOAN - to be paid once ayear 9,610,270

Purchase price, 2nd part 121,600,000 772,031 827,969

Purchase price, 3rd part 18

months 1,600,000 772,031 827,969

years, equal monthly 3,209,730 1,548,758 1,660,972

Compensation 40,000 19,301 20,699

Equity 9,300 3,100 3,100 3,100

9,610,270

Yhtiiden vliset lainat HCR--> HCS--> Invest Canaria 7040000--> tm otettava konsernin raprotoinnissa otettava huo

Pit maksaa minimi 1% korkoa per vuosi - tee tst sisiseen velkaan liittyv taulukko ja vaiktuukset tulokseen


8/13

Agreement / Private Deed Section

number EUR

Purchase Price

Purchase Price 5. Agrmnt 13,500,000 2434 weeks are the weeks for sale + 241 maintenance weeks + 41 w

kun thn listn 109 tulee myymttmiksi viikoiksi yhteens 254

Price Reduction 15 Prvt Dd

Number of weeks without powers (a' 3 000 eur each) 49 15.1 Prvt Dd -147,000

Number of weeks without NIE (a' 3 000 eur each) 41 15.1 Prvt Dd -123,000

Additional adjustment 15.2 Prvt Dd -450,000 Reduction of 250.000 + 200.000 for the EBITDA

Purchase Price - Adjusted 12,780,000

Additional Single Payment by way of compensation for the facility terms 12.1 Agrmnt 40,000

Total amounts to be paid 12,820,000

Post closing payments to sellers in reference to weeks pending 109 16 Prvt Dd 163,500 To be paid under a separate contract

-22,050 Niden netto on se summa joka maksetaan myyj lle viikolla 17

TOTAL PURCHASE PRICE 12,961,450

Payments All amounts to be split between assets following the price allocation rule o

Release of option price to sellers 6.1 Agrmnt 100,000

Closing Payment 15 Prvt Dd 4,520,270 Thn +250 t Escrown purkua - Advanced payment of the Loan facility

Additional single payment 12.1 Agrmnt 40,000

Escrow 6.1 c) 6.1 Agrmnt 1,000,000 accrued liaibilities and advance payments

Escrow 6.1 d) 6.1 Agrmnt 750 000 accrued liaibilities and advance payments

Late payment 12 months 6.1 Agrmnt 1,600,000

Late payment 18 months 6.1 Agrmnt 1,600,000

Advanced payment of the Loan Facility Related Payment 13 Prvt Dd 0 Advanced payment to match the actual outstanding amount of the Loan

Deferred part of Loan Facility Related Payment - Caja Rural 6.1 / 9 Agrmnt 3,209,730

Retention for the 3% Income Tax for Foreign Sellers 24 Prvt Dd 0

Total payments to sellers 12,820,000

Amounts to be paid at Closing

Payments in cash at Completion as per Agreement 4,560,270 Closing Payment + Single Amount + Advanced Payment Loan Facility

Adjustment of EBITDA as per Agreement 24 Prvt Dd -206,708 Invoice to be issued by Buyers to Sellers for this amount plus 5% IGIC

Other items to be off-set, net amount 24 Prvt Dd 0

No amount is indicated, since the 6,000 Euros foreseen in the McMarketi

terminated before completion

Balance after offsetting 4,353,562

Retention for the 3% Income Tax for Foreign Sellers 24 Prvt Dd -3,714

Retentions (Items to be withheld) 24 Prvt Dd -120,000

Final sum payable in cash at Completion ("Cash at Completion") 24 Prvt Dd 4,229,848

Actual payments to sellers at the point of Completion

Option Price 24 Prvt Dd 100,000

Cash at Completion 24 Prvt Dd 4,229,848

Total bank transfers to Escrow A and Escrow B 6.1 Agrmnt 1,750,000

A. Total 6,079,848

Actual payments to buyers at the point of Completion

B. Payment for maintenance fees 25 Prvt Dd 1,443,115

C. Payment for collected accounts receivables 26 Prvt Dd 423,129 Invoice to be issued by Buyers to Sellers for this amount plus 5% IGIC

TOTAL NET CASH OUT AT COMPLETIONFOR BUYERS: A-B-C Balance 4 213 604

Price per week x Number of weeks of foreigners that are transferred direc

Amount by way of retention only. If final amounts are different, amount sh

It is agreed that buyers get 100% of the maintenance fees collected less


9/13

New accounts receivables generated between 1.1.2011 and 1.3.2011 627,374

Accounts receivables as of 18 March 2011 2,476,051 Accounts receivables are being assigned to buyers, inlcuding any genera

Advance payments, funds and deposits

Deposits of rental agreements 20 Prvt Dd 0

Advance funds (commercial contracts, rental agreements) 20 Prvt Dd 0 Income for rentals should be included in "Estimated EBITDA calculation"

Subtotal 0

EBITDA of Business considering only cash deals or cash deposits

(not financed amounts) 18 Prvt Dd

Business Income January + February + 1-4 March 238,092 Actual Jan&Feb. This amount is equal to 620,867 less the account recei

Business Income March 5-31 March 134,015 Estimate. Subject to review within 6 weeks after Completion

Other incomes 1.1.2011 - 28.2.2011 (rental, minimarket, rents, etc.) 55,294 Actual. Final figure not subject to review

Other incomes 1.3- 20.3.2011 (rental, minimarket, rents, etc.) 18,753 Estimation of 1-20 March. Final figures until 31 March will need to be est

Expenses Marketing January/February 2011 -156,889

Actual Jan&Feb and an estimation of 1-20 March. Figures for January an

final or it would be subject to revision after closing

Expenses Marketing March 2011 -92,400 Estimation of March. Final figures until 31 March will need to be establish

Subtotal 18 Prvt Dd 196,865

Retentions in respect of certain oustanding amounts 22 and 23 Prvt Dd

Employees and Sales Staff Payment 22.1 Prvt Dd

Unpaid comissions (back office) 40,000 Estimate

Unpaid comissions (sales reps) 50,000 Estimate

Accrued salaries in March until Completion Date (20.3) 0

Holiday pay debt 0 Estimate

Unpaid RCI fees 22.2 Prvt Dd 30,000 Estimate

Total Retentions 120,000

Deposit for McMarketing contract. According to sellers this is the only dep

This EBITDA considers only cash deals and cash payments. Any receiva

Invoice is to be issued for this amount plus 5%

If salaries for March are included in the expenses marketing figure, then S

include it.

collections per contract and client. This amount will be invoiced plus 5% I

These amounts will be retained by the Buyers and Buyers will pay those a

pay any additional amount. If the actual amounts are lower, Buyers will re


10/13

Purchase Price 12,780,000

Additional Single Payment by way of compensation for the facility terms 40,000

Unsold Weeks 3,730,000Puerto Calma Marketing S.L. 56.62% 2,111,926.00

Vista Amadores S.L. 43.38% 1,618,074.00Subtotal 3,730,000.00

Premises in Club Puerto Calma Owner Number of weeks Price per weekT1 PCM 547 0.00 93% 929,430.09T2 PCM 42 0.00 7% 0.00

Subtotal 589 929,430.09Subtotal 589 929,430.09

1,577.98

Premises in Club Vista AmadoresT1 VA 277 0.00 88% 504,630.74T2 VA 37 0.00 12% 0.00


1,607.10Premises in Club Jardn Amadores

T1 PCM / VA 143 0.00 85% 178,414.24T1 PH PCM / VA 8 0.00 5% 0.00

T2 PCM / VA 10 0.00 6% 0.00

T2S PCM / VA 6 0.00 4% 0.00T2P PCM / VA 1 0.00 1% 0.00


1,061.99Premises in Club Playa Amadores

T1 PCM / VA 183 0.00 93% 246,552.51SUITE PCM / VA 5 0.00 3% 0.00T2 PH PCM / VA 8 0.00 4% 0.00


1,257.92Premises in Club Sol Amadores

T1 PCM / VA 502 0.00 37% 1,870,972.42

T1 SP PCM / VA 157 0.00 11% 0.00T1 S PCM / VA 291 0.00 21% 0.00T1 P PCM / VA 122 0.00 9% 0.00T2 S PCM / VA 133 0.00 10% 0.00T2 P PCM / VA 162 0.00 12% 0.00

Subtotal 1367 1,870,972.42Subtotal 1367 1,870,972.42

1,368.67Grandsubtotal 2634 3,730,000.00

Real Estate Premises 2,800,000.00

Puerto Calma Marketing S.L. 51.22% 1,434,160.00Vista Amadores S.L. 48.78% 1,365,840.00

Subtotal 2,800,000.00

Premises in Club Puerto Calma Owner Registry Plot

Local Piano Bar, planta 2 (primera planta sobre rasante) PCM 23406/BIS 168,916.18Local restaurante, planta 3 PCM 23408 191,403.66Local buffet, planta 4 PCM 23410 72,305.98Local bar piscina PCM 23412 14,968.02

Subtotal 447,593.84

Premises in Club Vista Amadores Owner Registry Plot

almacen TRASTERO planta baja Vista VA 33622 26,363.90Restaurante Vista planta 2 VA 33624 154,062.08saln polivalente plata 3 vista (Mac Mk)) VA 33626 111,104.06almacen/garaje Vista planta 2 VA 33628 87,778.21

Subtotal 379,308.25

Premises in Club Jardn Amadores Owner Registry Plot

Commercial Premises Sixth Floor 50 m2 construidos, con terraza privativa de PCM / VA 35022 41,644.15

local destinado a patio y zona recreativa en 4 niveles o cotas PCM / VA 35024 339,714.94local en planta 5, superficie 120 m2 construidos (lavandera) PCM / VA 35024 99,946.44

Subtotal 481,305.53

Premises in Club Playa Amadores Owner Registry Plot

Restaurant Playa Amadores PCM / VA 19841/34 487,569.25Premises 25,78m2 PCM / VA 19843/35 17,912.90Premises 10.15m2 PCM / VA 19845/36 16,889.49Premises in ground floor + offices + leisure area 422.23m2 PCM / VA 19847/37 310,742.89Ground floor 400m2 (stano de piano bar, credibility room) PCM / VA 38 164,559.12

Subtotal 997,673.65

Premises in Club Sol Amadores Owner Registry Plot

Local Privativo A Bar Cocina Almacn PCM / VA 41968/41 33,159.81

Recepcin y Mini Mercado PCM / VA 41970/42 48,002.37Sala Despacho y Archivos PCM / VA 41972/43 45,104.72Parking y zona de carga-descarga PCM / VA 41974/44 367,851.86

Subtotal 494,118.77

Grand subtotal 2,800,000

Goodwill 2,627,742Puerto Calma Marketing S.L. 75.00% 1,970,806.50

Vista Amadores S.L. 25.00% 656,935.50

Goodwill 2,618,742.00Trademarks 9,000.00

Accounts Receivables 2,251,656Puerto Calma Marketing S.L. 51.38% 1,156,900.85

Vista Amadores S.L. 48.62% 1,094,755.15

Management Business 1,000,000Puerto Calma Maintenance S.L. 100.00% 1,000,000.00

Fixed Assets 370,602


11/13


12/13


13/13

GC Total company CASH FL CASH FLOW CASH FLOWCom an Total

Muokattu 1.3.2011 TOTAL

CASH FLOW

March 1,

2011 - Sept

30, 2011

2011

Januar

2011

Februar 011 March 2011 A ril 2011 Ma 2011 June 2011 Jul

2011

Au ust

2011

Se tember

Oct 1, 2011

- Sept 30,

2012

2011

October

2011

November

2011

December Ja

Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Est

OPERATING ACTIVITIES

O eratin rofit / loss 1275 797 93 58 121 115 91 2643 260 279 274

TS Income 1099 650 87 52 115 109 85 2526 260 280 274

Management Fee and rents 389 158 17 17 17 17 17 207 17 17 17

Depreciation according to plan (+) 246 41 41 41 41 41 41 492 41 41 41 Paid interest ex enses (-) -562 -94 -94 -94 -94 -93 -93 -1104 -93 -93 -93

Paid income taxes - -278 -214 -3 7 -12 -10 -3 -502 -55 -61 -60

Change in working capital

Investments, purchases in timeshare (-) -3730 -3730

Decrease in timeshare (cost of goods sold) (+) 364 61 61 61 61 61 61 1219 121 121 121

Decrease (+), increase (-) in other inventories

Decrease (+), increase (-) in long-term non-interest-bearing receivables

Decrease (+), increase (-) in trade accounts receivable -1866 -1933 -116 46 46 46 46 656 -104 -101 61

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 1207 1207

Increase (+), decrease (-) in other non-interes-bearing liabilities 361 416

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 -2983 -3450 -18 119 163 159 142 3403 169 187 344

INVESTING ACTIVITIES

budget of gran canary 2.5.2011

Documents