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Financial Statements

CHAPTER 2

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007

Note 2007 2006 Restated

Operating revenues 4.1 6.75.66 91.088.0
Other revenues
Total operating revenues 4.1 8.85.4 178.699

Operating expenses 335.110.608 291.266.731
Personnel expenses
Outsourcing expenses 4. 8.954.058 7.147.67
Public relations & marketing expenses
Utility expenses 4. 5.88.056 48.080.61
Insurance premiums
Impairment losses 4. 4.467.415 4.00.781
Other operating expenses
4. 9.997.06 9.761.58
Total operating expenses
4. 4.011.66 4.461.51
EBITDA
Depreciation & amortisation charges 4. 1.7.964 15.814.1

Operating profit 4. 7.418.407 5.66.49

Net financial expenses 130.374.599 124.903.993
Subsidies received for borrowing costs
204.736.009 166.362.738
Profit before tax
Income tax expense 4. 7.56.58 7.6.408

Profit after tax 132.172.651 93.100.330

Basic earnings per share 4.4 70.790.18 64.701.769

4.5 (64.59.) (66.198.490)

125.741.802 94.597.051

4.6 (1.764.7) (9.815.99)

93.977.069 64.781.058

4.7 3.13 2.16

The notes on pages 16 to 64 are an integral part of these financial statements.
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