SHMEC Fin report 30 Sept 06

September financial result

INCOME

• Market sale : 636,428,172.00 ISK
• Shares( sell+ div) : 57,548,566.15 ISK
• 10% Corp Tax: 41,773,754.21 ISK
• Minerals sold: 1,381,052,417.38 ISK

Total Income : 2,116,802,909.74 ISK

EXPENDITURES

• Mineral buy: 2,027,516,223.79 ISK ( including Broker Fee)
• Production fees : 589,340.53 ISK
• Sales Tax: 12,626,315.30 ISK
• Broker fees : 9,266,885.78 ISK
• BPO : 5 ,000 ,000 ISK
• Ship : 22 ,000, 000 ISK
• Dividend : 49,000,000,ISK
• Office Rent : 173,492 ISK
• Mining Division OP Budget : 25,000,000 ISK
• Security& Exploration Division OP Budget: 35,993,338.80 ISK
• Trade & Production Division OP Budget: 27,000,000 ISK

TOTAL EXPENDITURES : 2,214,165,596.20 ISK

NET INCOME: -97,362,686.46**

** Income is negative because we increase our ASSET( minerals, BPO Etc..)

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ASSET

Wallet : 145,977,399.55 ISK

Shares portfolio: 86,520,000,ISK

BPO : 55,312,500 ISK

Minerals : 562,543,506.43 ISK

Corp Ships: 123,775,000 ISK

Production inventory: 52,133,862.50 ISK

Buy Order: 126,115,279.63 ISK

Sell Order: 183,848,050 ISK

Total Asset : 1,336,225,598.11 IS

Liabilities : 200,000,000 ISK ( Loan from Alliance Fund)

NET ASSET VALUE( NAV ): 1,136,225,598.11 ISK

NEW NAV per share : 56,811.28 ISK ( +20.93%)

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Even if this month our net income is negative , we increase our NAV by almost 21% and we given 3500 isk per share in dividend. I am really happy to our performance for a small corp like us.

We still looking for a good moon and I hope we can find one soon to install our first POS to harvest moon.

Our dividend will stay low until we reach a NAV per share equal to our IPO price.

Tolmar

SHMEC VCEO and Financial EO