Fin. Report 31 July 06

FINANCIAL REPORT 31 JULY 06

INCOME

• SHMEC contract: 100 000 000 isk
• EMFI dividend: 8 210 400 isk
• NCIB: 100 589.67 isk
• Ship sold: 22 000 000 isk
• mission + loot: 6 921 577.24 isk

TOTAL INCOME: 137 232 566.91 isk

EXPENDITURE:

• Offices rental: 30 000 isk
• Wage: 3 005 113 isk
• Ship bought: 36 500 000 isk
• ore purchased: 1 208 155 isk
• Dividend: 84 000 000 isk

TOTAL EXPENDITURE: 123 013 268 isk

NET INCOME: 14 219 298.91 isk

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ASSET

Wallet: 51 233 809.95 isk
Bank Account: 123 088 664 isk
Shares portfolio: 129 130 000 isk
Blueprints: 50 020 000 isk
Ship: 76 625 000 isk
Minerals in stock: 225 512 802.60 isk
Property: 1 375 000 isk

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NEW NET ASSET VALUE( NAV): 656 985 276.55 isk
New NAV per Share: 32 849.26 (+45.30%)

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Our minerals extraction raise again we have now 3 medium barge for our corp mining night and in 2 weeks from now our mining squadron will be 4 medium barge and 1 large barge. that should push our extraction even higher.

I also decided to stop all production until my production efficiency skill is at 5 ( 2 weeks from now) at that point all our BPO should have ME 15, that will have for effect to increase the profit on our sales.

The CEO and me agreed about bringing the dividend from 50% to 25% for the next 2 months. By doing this our NAV should increase faster and meet the requirement to become public in October-November 06.

The moon scanning should start soon to give us time to found a good moon for our first POS for moon harvesting. We hope to be able to found a good one for early October, just in time for the IPO.

Tolmar
SHMEC VCEO and Financial EO