Date:21/5/2002

Source: Union Properties
Group consolidated balance sheet as at 31st March 2002
Unaudited Audited
31 March 2002 31 Dec 2001
AED'000   AED'000
Current assets:
 Cash and banks 164,448 333,262
 Accounts receivable and prepayments, net 115,110 136,624
 Other assets 40,574 38,116
Total current assets 320,132   508,002
Current liabilities:
 Due to banks 122,228 255,696
 Current portion of long term loans 9,791 6,833
 Accounts payable and accruals 99,522 121,986
 Advances and deposits 14,676 13,668
Total current liabilities 246,217   398,183
Net current assets/(liabilities) 73,915   109,819
Fixed assets, net 37,073 38,433
Goodwill and deferred expenditure 380 500
Investment properties 944,558 934,212
Development properties 389,747 320,243
Investments 59,338 59,577
Long term contract receivables and retentions 19,766 19,080
Long term loans (218,905) (190,008)
Provision for end-of-service benefits (10,391) (9,855)
Minority interest (3,811) (3,897)
Net assets 1,291,670   1,278,104
Financed by:
Share capital 639,891 639,891
Statutory reserve 408,143 408,143
General reserve 25,152 25,152
Proposed dividend 44,792 44,792
Retained earnings 173,692 160,126
1,291,670   1,278,104

Next                                                                                                                                             Page 1 of  2