(AED million)	20055	2006	2007	2008	2009
Contract income	283.6	1,048.1	1,419.8	1,972.3	2,689.0
Growth (%)		269.6	35.5	38.9	36.3
Gross contract profit1	54.52	170.1	310.9	425.1	459.2
margin (%)	19.2	16.2	21.9	21.6	17.1
Adjusted EBITDA1	26.7	103.5	200.1	241.1	283.4
margin (%)	9.4	9.9	14.1	12.2	10.5
Adjusted EBIT	23.3	87.5	165	204	241.9
margin (%)	8.2	8.3	11.6	10.3	8.0
Associate income	(0.1)	2.5	8.4	16.6	23.1
Minority interest	(0.3)	10.1	20.5	30.2	49.8
Net profit to shareholders	30.6	93.2	160.5	224.56	283.8
margin (%)	10.8	8.9	11.3	11.4	10.6
Balance sheet
(AED million)	2005	2006	2007	2008	2009
Total assets	274.2	1,267.3	1,872.4	3,294.7	3,371.8
Net debt / (Cash)	(17.4)	165.8	329.5	(343.3)	(205.2)
Change in NWC3		(234.2)	(103.9)	(209.8)	(117.0)
Capital Expenditure4	(6.7)4	(73.9)	(52.7)	(96.1)	(53.5)
Notes: Calculation excludes Depreciation and Interest expense recognized in Cost of sales. Due to various acquisitions and accounting methodologies, the COGS calculation includes project related interest expense. Net working capital = Inventories + Trade receivables (pre-Allowances for doubtful debts) + Revenue in excess of billing + Other current assets - Trade payables - Other current liabilities Total PP&E additions in the year less additions in capital work in progress Pro-forma 2005 financials Does not include one-time increased allocation of project contingencies of AED 30m, representing an increase of 250% over the conservative average figure allocated to projects annually.
Net debt position
(AED million)	2005	2006	2007	2008	2009
Cash and cash equivalents	41.4	48.4	69.1	738.7	543.0
Interest bearing debt	24.1	214.2	398.6	395.4	220.5
Net debt (cash)	(17.4)	165.8	329.5	(343.3)	(205.2)