CVC LIMITED — Annual Report 2003

Sep 1, 2003

Level 42, AAP Centre 259 George Sireet Sydney NSW 2000 Australia Tel: (02) 9087 8000 Fax: (02) 9087 8088 www.cvcltd.com.au

2 September 2003

The Manager Company Announcements Australian Stock Exchange Limited

By Facsimile: 1900 999 279

Dear Sir/ Madam

We are pleased to enclose, in accordance with Listing Rule 4.1.1 of the Australian Stock Exchange, Continental Venture Capital Limited's Appendix 4E report for the period ended 30 June 2003.

Yours faithfully CONTINENTAL VENTURE CAPITAL LIMITED

Alexander Damien Beard Director

Continental Venture Capital Lim ted Appendix $4E - 30$ June 2003

Level 42, AAP Centre 259 George Street Sydney NSW 2000 Australia Tel. (02) 9037 8000 Fax: (02) 9087 8088 www.cvcltd.com.au

Commentary on Results, Future Expectations and Dividend Announcement

Commentary on Results:

For the year to June 30, 2003 CVC has conjunced to make substantial progress in its objective of building long term capital growth underpinned by a base of recurrent earnings.

This objective necessarily involves the holding of investments for longer periods and the making of capital profit realisations that are not spread evenly across reporting periods. As foreshadowed in the December Half Yearly report, during the current reporting period there were no significant realisations of either listed investments or private equity investments whereas the prior year results reflected gains of \$4.2 million on over \$14 million of share realisations.

In addition, despite not accounting for increases in value of investments until realisation, CVC immediately makes provision for any considered impairment of investment value, even when also unrealised. In the current reporting period \$3.7 million of such provisions have been charged against the result for the period in relation to investments in Vita Life Sciences Limited and Stericorp Limited.

In view of these factors, the current year results of:

• Net Profit attributable to Shareholders of \$5.04 Million (2002: \$10.08m); $\blacksquare$
• Earnings per share 4.6 cents (2002: 9.2 cents); and
• Increase in Net Assets to \$82.7 Million (2002: \$78.8m)

are considered to be very satisfactory even t efore considering the following further factors:

• Substantial increase in the market value of the investment in Sunland Group Limited. At the year end p there was an unrealised gain of \$7 million based on the then market value of 64 cents per share and since the year end the matket value of Sunland shares has risen substantially further.
• Increasing value of the joint venture investment in the Chevron Renaissance Shopping Centre. Eased on yields paid for similar centres, there may be upwards of \$5 million of unrealised increases in value of the centre attributable to CVC but not reflected in these results.
• Unrealised profits on other listed investments as at year-end of \$9.6 million not reflected in the results. Again these have further substantially increased since year-end and justified management decisions to not realise holdings during the poor investment climate of the reporting period.
• The making of a substantial investment in the Fro-Pac packaging group which we are optimistic will provide a platform both for future recurrent profitability and capital growth.

Dividends:

Once all the above factors are considered, the performance of CVC for the reporting period is considered to be strong and the Directors are pleased to announce a 33% increase in final dividend to 2 cents per share with this report.

Future Expectations:

As discussed above the profit for CVC in 2003/04 is again dependent upon the realisation of both listed and unlisted investments and at this stage it is no: possible to forecast a likely level of profitability.

However, the new year has started well as a result of the significant strengthening in value of listed investments including Sunland Group Lim ted, Greens Foods Limited and Stargames Limited. In add tion $CVC$ .

• has received \$5 million in interest and capital from the repayment of mezzanine finance provided; and
• has concluded mediation of its Newcastle joint venture with a positive framework for a Heads of ٠ Agreement to develop the site with a major developer and see the short term return of invested capital and accrued interest.

These realisations will allow CVC to continue with its aim to strengthen its balance sheet and to seek firther acquisitions which will both further underpin a base level of profitability and provide for growth in that base.

This day 2^nd of September 2003

Alexander Damien Beard Chief Executive Officer

Appendix 4E

Preliminary Final Report Results for announcement to the market

Continental Venture Capital Limited
AEN	Financia Year ended (Reporting Period')	Previous Financial Year ended ('Corresponding period')
34 002 700 361	30 June 2003	30 June 2002

Results

Revenues from Ordinary Activities	up /down		71.68% to \$6,985,120
Profit from Ordinary Activities after Tax attributable to Members	up /down	49.96 % to	\$5.043.060
Net Profit for the Period attributable to Members	up /down	49.96 % to	\$5.043.060

Dividends (distributions)

	Amount per security	Franked amount per security
Final Dividend	2 ¢	2 é
Interim Dividend	Nil ¢	Nil c

Information on Dividends:

The Directors today announce a fully frauleed final dividend in respect of the current financial year, erded 30 June 2003, of 2 cents per share to be paid on 4 December 2003. This dividend is not reflected in the financial statements included in this Preliminary Final Report.

A final dividend in respect of the year ended 30 June 2002 of 1.5 cents per shares was paid on 5 December 2002 and is reflected in the financial state nents included in this Preliminary Final Report.

Record date for determining entitlements to the dividend

20 November 2003

Commentary

Brief explanation of any of the figures reported above:

Please refer to the attached commentary for a detailed review.

$\qquad \qquad \overline{\qquad \qquad }$

$\overline{\phantom{0}}$

STATEMENT OF FINANCIAL PERFORMANCE FOR THE 'YEAR ENDED 30 JUNE 2003

	Notes	Consolid: ted
		2003 5	2002 \$
Revenue from Sale of Goods		3,994,716
Revenue from Rendering of Services			4,167,782
Proceeds from Share Sales		98,473	14,289,695
Interest Income		2,594,689	2,792,656
Other Revenue from Ordinary Activities		297,242	3,411,419
Total Revenues From Ordinary Activities	1	6,985,120	14,661,552
Share of Net Profits of Associates Accounted for using the Equity Method	16	4,305,914	2,618,441
Share of Net Profits of Joint Ventures Accounted for using the Equity Method	16	4,543,120	3,611,892
Expenses
Audit Fees		77,050	79,550
Amortisation of Goodwill		103,081
Borrowing Costs		203,118	186,794
Cost of Shares Sold		192.829	.0009,712
Cost of Goods Sold		2,174,925
Depreciation Expense		30,434	439,794
Directors Fees		39.582	31,250
Employee Expenses		702,479	1,406,093
Freight Costs		54.637
Insurance		34,628	42,839
Legal Costs		131,418
Loans Written off		1,290,523
Management & Consultancy Fees		2,635,464 (1,615,693)	2,162,998
(Reduction)/ Increase in Loan Provisions for Non-Recovery Provision against Loan to Related Entity			2,167,269 2,376,861
Urrealised Loss on Investments		3,742,843	137,752
Royalty Costs		108,527
Other Expenses from Ordinary Activities		466,135	1,651,563
Profit from Ordinary Activities Before Related Income Tax Expense		5,412,174	1.0,199,360
Income Tax Expense	2	177,471	102,007
Net Profit	11	5,234,703	10,097,353
Net Profit Attributable to Outside Equity Interests		191,643	18,294
Net Profit Attributable to Members of the Paren: Entity		5,043,060	1.0,079,059
Other Changes in Equity Attributable to Members of the Parent Entity other than those arising from transactions with Owners as Owners Share of Decrease in Equity of Associate accounted for using the Equity Method in relation to adoption of UIG 42 in relation to deferred expenditure
Total Changes in Equity Attributable to Members of the Parent Entity other		(805,093)
than those arising from transactions with Owners as Owners		4,237,967	0,079,059

Continental Venture Capital Linúted
Appendix 4E – 30 June 2003

=

$\frac{1}{1}$

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2003

	Notes		Consolidated
		2003	2002
		\$	\$
CURRENT ASSETS
Cash Assets	11	2,477,100	4,438 772
Receivables	з	13,165,058	9,628 397
Inventories	4	801,437
Other Financial Assets	5	4,669,488	9,686 269
Current Tax Assets		311,203	1,899.217
Other Assets		60,612	322.160
Total Current Assets		21,464,903	25,975.315
NON-CURRENT ASSETS
Receivables	з	17,218,269	21,542.212
Investments Accounted for using the Equity Method	16	33,402,952	26,554.448
Other Financial Assets	5	10,328,167	6,776.706
Intangible Assets	6	5,257,104
Property, Plant and Equipment		617,178
Deferred Tax Assets		4,015	3.000
Total Non-Current Assets		66,827,685	54,876,366
TOTAL ASSETS		88,312,588	80,851,681
CURRENT LIABILITIES
Payables	7	3,044,732	1,425,936
Interest Bearing Liabilities		215,000
Provisions	8	1,935,389
Current Tax Liabilities		368,817
Total Current Liabilities		5,563,938	1,425.936
NON-CURRENT LIABILITIES
Interest Bearing Liabilities			100,000
Deferred Tax Liabilities			491.232
Total Non-Current Liabilities			591,232
TOTAL LIABILITIES		5,563,938	2,017 168
NET ASSETS		82,748,650	78,834.513
EQUITY
Contributed Equity	9	26,633,636	26,632,636
Retained Profits	10	54.202,318	51,585.177
Total Parent Entity Interest		80,835,954	78,222,813
Outside Equity Interest		1,912,696	611,700
TOTAL EQUITY		82,748,650	78,834.513

Continental Venture Capital Limited
Appendix 4E - 30 June 2003

$\bar{\beta}$

STATIMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2003

	Notes		Consolidated
		2003	2002
		s	\$
CASH FLOWS RELATED TO OPERATING ACTIVITIES
Cash Receipts in the Course of Operations		4,274,068	4,329,969
Cash Payments in the Course of Operations		(6.381.214)	(6,236,655)
Interest Received		1,000,022	1,653,185
Dividends Received		1,319,223	352,000
Interest Paid		(88,117)	(161,983)
Income Taxes Repaid/(Paid)		1,011,160	(717,331)
Net Cash Provided by/ (Used in) Operating Activities	11	1,135,162	(780.815)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for Property, Plant and Equipment		(11,700)	(1,247,638)
Payments for Equity Investments		(2,231,587)	(8,158,177)
Payments for Controlled Entity net of Cash Acquired		(3,282,931)	(6,480)
Proceeds on Disposal of Equity Investments		58,691	3,427,593
Proceeds on Disposal of Controlled Entity			6,722,409
Loans Provided		(12, 448, 690)	(7,986,480)
Loans Repaid		16.964.000	17,393,460
Other			(192,943)
Net Cash (Used in)/ Provided by Investing Activities		(952, 217)	9,951,744
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of Borrowings			(9,652,554)
Dividends Paid to Members of the Parent Entity Dividends Paid to Outside Equity Interests of a Controlled		(1.646, 041)	(1,371,700)
Entity		(1,713,000)
Issue of Shares by Subsidiary to Outside Equity Interests		1,214,404
Cash Used in Financing Activities		(2,144,637)	(11,024,254)
Net Decrease in Cash Held		(1,961,672)	(1,853,325)
Cash at the Beginning of the Financial Year		4,438,772	6,292,097
CASH AT THE END OF THE FINANCIAL YI'AR	11	2,477,100	4,438,772

$\epsilon$

NOTES TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2003

	Consolidated
	2003.	2012
	s	\$
NOTE 1: REVENUES FROM ORDINARY AC ITVITIES
Revenue from Sale of Goods	3,994,716
Rendering of Services from Operating Activities		4,167,732
Proceeds from Share Sales	93,473	14,289,645
Effect of Discontinuance of Proportionate Accounting for Joint Venture		2,376,851
Other Revenues from Operating Activities:
Dividends:
Other Parties	102,569	519,850
Interest: Related Parties	364,401	1,221,4:4
Other Parties	2,230,288	1,571,1'2
Other Revenue	194,673	514,708
	6.985,120	24,661,552
NOTE 2: TAXATION
Income Tax Expense:
Prima facie Income Tax Expense calculated at 30% (2002: 30%) on the Profit
from Ordinary Activities	1,623,653	3,059,818
Increase in Income Tax Expense due to:
Provision to reflect Recoverable Amount of Equity Accounted component of
Investment carrying value	170,440
Sundry Items		1378
Tax Losses Not Recognised	28,274	80.434
Decrease in income tax expense due to:
Tax attributable to Equity Accounted Profits	(926,778)	(785,562)
Sundry Items	(22, 996)
Dividend Rebate	(378, 738)	(22,760)
Div 43 Building Allowances	(402, 673)	(367, 56)
Recovery of Tax Losses Not Previously Recognised	(65, 765)	(1,158,980)
	25,417	806,752
Prior Year Under/(Over) Provision	152,054	(704,745)
Income Tax Expense attributable to Profit from Ordinary Activities	177,471	102,017

NOTES TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2003 (CONTINUED)

	Consolidated
	2003	.002
	\$	\$
NOTE 3: RECEIVABLES
Current
Trade Debtors	2,630,330
Other Debtors	79,460	614.251
Loans to Other Corporations	10,908,949	5,284.440
Provision for Non-Recovery of Loans to Other Corporations	(1,913,681)	(1,244,394)
Loans to Related Entities	1,460,000
Loans to Joint Ventures		4,975.100
Total Current Receivables	13,165,058	9,625.897
Non-Current
Loans to Other Corporations	5,735,383	7,995,700
Provision for Non-Recovery of Loans to Other Corporations	(29, 143)	(2,000,000)
Loans to Director Related Entities	3,162,256	981,979
Loans to Other Related Entities		10,892,994
Provision for Non-Recovery of Loans to Other I's lated Entities		(2,953,480)
Loans to Joint Ventures	8,349,768	6,621,019
Total Non-Current Receivables	17,218,269	21,547,212
NOTE 4: INVENTORIES
Current Finished Goods-at Cost	801,437
Total Inventories	801,437
NOTE 5: OTHER FINANCIAL ASSETS
Current
Shares in Listed Corporations
at Cost	3,609,776	6,37(,055
at Market Value	1,059,712	3,316,214
	4,669,488	9,68t, 269
Non-Current
Investments comprise:
Shares in listed corporations - at Cost o: Realisable Value	5,578,817	3,424,322
Shares in Other investments at Cost or Realisable Value	4,749,350	3,351,384
Total Non-Current Investments	10,328,167 The Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company	6,776,706
Market Value of Shares in Listed Corporations	19,569,274	18,130,382

$\hat{\mathcal{A}}$

NOTES TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2003 (CONTINUED)

		Consolidated
	2003	2002
	\$	\$
NOTE 6: INTANGIBLE ASSETS
Coodwill	5,360,185
Accumulated Amortisation	(103, 081)
	5,257,104
NOTE 7: PAYABLES
Current
Trade Creditors	1,632,839	355074
Loans from Joint Venture Entities	756,875	687078
Loans from Other Persons		85751
Sundry Creditors and Accruals	472,803	298033
GST Payable	182,211
Total Current Accounts Payable	3,044,733	1,425 936
NOTE 8: PROVISIONS
Current
Employee Entitlements	303,374
Deferred Consideration & Costs for Acquisition of Controlled Entity	1,632,015
Total Current Provisions
	1,935,389
NOTE 9: CONTRIBUTED EQUITY
Issued and Paid-Up Share Capital
	Б
Fully Paid Ordinary Shares	26,633,636	26,633.636
	Number	Nunber
Fully Paid Ordinary Shares: Balance at Beginning and End of Year	109,736,032	109,736.032
All shares are quoted on the Australian Stock E a hange Limited
NOTE 10: RETAINED PROFITS
	5	\$
Retained Profits at the Beginning of the Year	51,589,177	42,807.596
Net Profit Attributable to Members of the Parer t Company	5,043,060	10,075.059
Dividends	(1,646,041)	(1,371,700)
Transfer from Capital Profits Reserve	21,215	74.222
Share of Decrease in Associate of Initial Adoption of Principles of UIG42 in relation to Deferred Expenditure	(305,093)
Retained Profits at the End of the Year	54,202,318	51,589.177

NOTES TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2003 (CONTINUED)

$CVC$

	Consolidated
	2003	2002
		s.
NOTE 11: NOTES TO THE STATEMENT OF CASH FLOWS

a) Reconciliation of Cash

For the purposes of the statements of cash flows, cash includes cash on hand and at bank and short-term deposits a: call, net of outstanding bank overdrafts. Cash as at the end of the financial year as shown in the statements of cash flows is reconciled to the related items in the statements of financial position as follows:

Cash Assets	2,477,100	4.438.732

b) Reconciliation of Profit from Ordinary Activities after Income tax to the Net Cash Provided by Operating Activities:

Profit from Ordinary Activities after Income Tax	5.234.703	10,097353
Add/(Less) Non-Cash Items:
Share of Equity Accounted Profits	(7.632,380)	(6,230,333)
Depreciation and Amortisation of Property, Plan: and Equipment	30,434	439.794
Amortisation of Goodwill	103,081
Discount on Acquisition	(55,971)
Write-back on ceasing to Equity Account Joint Venture		(2,376,361)
Unrealised Loss on Investments	3,742,843	137.352
Dividends Not Received in Cash		(167, 350)
Profit on Disposal of Investments		(4,633,783)
Loss on Disposal of Short-term Investments	91,050	407.144
Movement in Loan Provisions	(561,265)	4,544.130
Borrowing Costs in Operating Profits	92,500	24 311
Interest Income Not Received	(1,604,487)	(1,128,327)
Movement in Income Tax Provision	1,679,574	(1,474,106)
Movement in Deferred Tax Assets & Liabilities	(492, 247)	858.982
Changes in Assets and Liabilities:
Receivables	570,940	(1,012,170)
Inventories	34.910	(779)
Payables	(301.057)	(399, 540)
Provisions	19,422	229.877
Prepayments	183,132	(90, 109)
Net Cash Provided By/(Used In) Operating Activities	1,135,182	(780, 315)
	_____

NOTES TO THE PRELIMINARY FINAL REPORT FOR THE YEAR INDED 30 JUNE 2003 (CONTINUED)

	Consolidated
	2003	1002
	\$	\$
NOTE 12: DIVIDENDS
Dividends proposed or paid and not provided for in respect of previous years by the company are:
Final Dividend of 1.5 Cents Per Share for the Year: Ended 30 June 2002 Paid
on 5 December 2002	1,646,041
Final Dividend of 1.25 cents Per Share for the Yuar Ended 30 June 2001 Paid
on 14 December 2001		1,371,700
	1.646.041	1,371,700
NOTE 13: ASSETS PER SECURITY
	Cento	Cents
Net Assets Per Security	73.66	71.28
Market Value Adjusted Net Assets Per Security	88.59	85.62
Net Tangible Assets Per Security	69.95	71.28
Market Value Adjusted Net Tangible Assets Per Security	84.88	£5.62

Market Value Adjusted assets per security figures reflect the difference between market value of listed investments at balance date compared to their carrying value in the statement of financial position based on cost, recoverable amount or equity accounting.

NOTE 14: EARNINGS PER SHARE

	Cents	Cents
Basic and Diluted Earnings Per Share	4.60	9.18
Reconciliation of Earnings used in calculation of Earnings Per Share:
	\$	\$
Profit After Income Tax	5.234.703	10.097.353
Less: Outside Equity Interests	(191.643)	(18, 294)
Earnings used in calculation of Earnings Per Share:	5,043,060	10,079,059
IAIrishtad, Assesses Number of Ordinary Charge used in the calculation	Number of Shares

Weighted Average Number of Ordinary Shares used in the calculation
of Basic Earnings Per Share	109.736.032	109.736.032

NOTE 15: CONTROL GAINED OVER ENT. HES HAVING MATERIAL EFFECT

Pro-Pac Group Limited, a subsidiary of Continental Venture Capital, acquired an 80% private equity interest in Pro-Pac Packaging (Aust) Pty Limited and it's subsidiaries with effect from 1 April 2003. Pro-Pac Packaging (Aust) Pty Limited and it's subsidiaries contributed \$420,755 to consolidated profit from operating activities after taxation for the period from acquisition to the end of the finantial year.

NOTES TO THE FRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2003 (CONTINUED)

CVC

	Consolidated
	2003	2002
	\$	s
NOTE 16: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Equity Accounted Shares in Associated Entities (a)	24,087,691	21,782,909
Equity Accounted shares of Joint Ventures (b)	9,315,261	4,772,139
	33,402,952	26,554,448

a) Associated Entities

Details of material interests in associated entities are as follows:

	% Ownership at End of Period		Carrying Value		Contribution to Net l'rofit
	2003	2002	2003	2002	2003	2002
Sunland Group Limited	28.58%	29.35%	24.087.691	21,782,309	4,305,914	2,618,441

b) Joint Venture Partnerships

Details of material interests in joint ventures are as follows:

	% Ownership at End of Feriod		Carrying Value		Contribution to Net l'rotit
	2003	2002	2003	2002	2003	2002
			\$	\$	\$	-5
Chevron Developments	50%	50%	6,079,564	3.823.378	2,256,185	2,816,767
Bel Air Real Estate	50%	50%	479,856	417.451	62,404	265,874
Skyline Investments Australia	50%	50%	2,755.841	531,310	2,224,531	529,152
			9,315,261	4.772.139	4,543,120	3,611,892

NOTE 17: SEGMENT REPORTING

a) Primary Segments - Business Segments

See attachment.

b) Secondary Segments - Geographical Segments

The consolidated entity operates predominantly in Australia.

NOTE 18: ACCOUNTING STANDARDS

This report has been prepared in accordance with AASB standards, other authoritative pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to the ASX

NOTE 19: OTHER INFORMATION REGARD ING THE ACCOUNTS - AUDIT REVIEW STATUS

• 19.1 This report is based on accounts that are in the process of being audited.
• 19.2 The entity has a formally constituted audit committee

ATTACHMENT TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2003 SEGMENT REPORTING

CVC

Information By Business Segment:

	Private I quity & Venture $\square$ apital	Listed Investments	Property	Eliminations	Consolida ted
	5'000's	\$'000's	\$'000's	\$'000's	\$'0110's
Year Ended 30 June 2003:
Revenues:
Revenues from External Customers Inter-Segment Revenue	5,605 834	296	1,084	(834)	6,985
Operating Revenues Associates Net Profits	6,439 3,479	296 4,306	1,084 1,064	(834)	6,985 8,549
Total Revenues	9,918	4,602	2,148	(834)	15,834
Results:
Segment Result	3,012	3,019	2,136		8,167
Unallocated Corporate Expenses					(2, 55)
Income Tax Expense					(.77)
Profit After Taxation					5,235
Assets: Segment Assets	44,184	34,336	15,135	(5,657)	87,998
Unallocated Assets					515
Total Assets					88,313
Liabilities:
Segment Liabilities	4,048		6,646	(5,657)	5,037
Unallocated Liabilities					527
Total Liabilitics					5,564
Other Disclosures: Equity Accounted Investments
included in Segment Assets	4,537	24,088	8,153	(3,375)	33,403
Depreciation	30				30
Amortisation	103				103
Other Non-Cash Expenses	1,262	3,442	(937)		3,768

$\ddot{\phantom{a}}$

ATTACHMENT TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2003 SEGMENT FEPORTING (CONTINUED)

	Private Equity & Venture Cipital FOOO's	Listed Investments	Property \$'000's	Fliminations \$'000's	Consolidated \$000s
		\$'000's
Year Ended 30 June 2002:
Revenues:
Revenues from External Customers	15,192	5,106	4,364		24, 62
Inter-Segment Revenues	765			(765)
Operating Revenues	15,957	5,106	4,364	(765)	24,562
Associates Net Profits	2,160	2,619	1,451		0,20
Total Revenues	18,117	7,725	5,815	(765)	30,392
Results:
Segment Result	7,551	3,598	1,731		12,380
Unallocated Corporate Expenses					(263)
Income Tax Expense					(102)
Profit After Taxation					10,397
Assets:
Segment Assets	28,926	34,893	19,344	(4.624)	78, 39
Unallocated Assets					2, 113
Total Assets					80,352
Liabilities:
Segment Liabilities	250		5,411	(4.624)	1,37
Unallocated Liabilities					180
Total Liabilities					2, 117
Other Disclosures:
Equity Accounted Investments
included in Segment Assets	2,729	21,782	8,661	(6.618)	26, 554
Depreciation	440				-140
Other Non-Cash Expenses	824	138	3,720		4, 32