Tree Island Wire Income Fund
TSX : TIL.UN

Tree Island Wire Income Fund

August 10, 2006 16:00 ET

Tree Island Reports Strong Results for the Second Quarter of 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2006) - Tree Island Wire Income Fund (TSX:TIL.UN) will hold a conference call and webcast to discuss second quarter 2006 financial results on Friday, August 11, 2006 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern). The call can be accessed by dialing: 1-877-888-3490 or 416-695-6622. A replay will be available through August 18, 2006 at: 1-888-509-0081 or 416-695-5275, Passcode: 627542.

The live and archived webcast can be accessed at http://www.vcall.com/IC/CEPage.asp?ID=106801.

Tree Island Wire Income Fund (the "Fund") today announced financial results for the second quarter and first six months of 2006. The Fund's results are based on the performance of Tree Island Industries Ltd. ("Tree Island" or "the company")-one of North America's largest producers of wire and fabricated wire products.

Second Quarter 2006 Highlights

- Generated distributable cash per unit of $0.485 per unit, resulting in a payout ratio of 77% for the quarter, 87% for the first half of 2006 and 74% since inception.

- Increased gross profit per ton by 22.2% to $143/ton from $117/ton.

- Increased EBITDA by 14.9% to $9.8 million.

- Increased net income by 35% to $7.0 million, or $0.32 per unit.

"Our product and market diversity, combined with continuing efficiency and foreign exchange gains helped us deliver strong bottom line results during the second quarter, despite challenging business conditions," said Ted Leja, President and CEO of Tree Island and a trustee of the Fund.

"As we anticipated, residential housing starts were lower in the western United States, reflecting poor weather conditions and rising interest rates. However, strong renovation and non-residential construction markets helped offset some of this impact. We also benefited from stronger sales in our low carbon wire, fence wire, welded wire fabric and stainless steel wire products segments," added Leja.

"One of our most significant achievements during the quarter was a $26 improvement in our gross profit per ton compared to the same period in 2005. This improvement reflects the success of our profit-enhancing projects, as well as the positive impact of lower rod costs," said Leja. "With the consolidation of our U.S. operations complete and the absence of rod inventory writedowns, we were also free from unusual expenses during the second quarter of this year. As a result, our EBITDA, net income and distributable cash all improved significantly compared to Q2 2005. I'm pleased to report that we also continued to strengthen our balance sheet during the period, reducing our debt, net of cash, to $12.2 million from $28.1 million at the end of Q2 2005."

"Looking ahead, we expect that business conditions will remain challenging through the balance of 2006. However, we remain comfortable with cash distributions at our current annual level of $1.50 per unit," said Leja.



Results from Operations
(thousands of dollars except for tonnage and per unit figures)
--------------------------------------------------------------------
3 Months Ended 6 Months Ended
June 30 June 30
--------------------------------------------------------------------
2006 2005 2006 2005

--------------------------------------------------------------------
Sales Volumes - Tons 65,583 69,596 131,491 138,375
Revenue 76,507 91,052 155,736 180,429
Cost of Goods Sold (62,167) (77,611) (127,160) (151,329)
Depreciation (4,948) (5,298) (9,758) (10,413)
-------------------------------------
Gross Profit 9,392 8,143 18,818 18,687
Gross Profit per Ton 143 117 143 135
Selling, General and
Administrative Expenses (4,537) (4,909) (8,857) (9,637)
-------------------------------------
Operating Profit 4,855 3,234 9,961 9,050
Foreign Exchange Gain 2,677 2,566 3,776 5,268
Financing Expenses (871) (1,047) (1,762) (2,119)
(Provision for) Recovery
of Income Taxes 330 296 287 (542)
--------------------------------------------------------------------
Net Income 6,991 5,049 12,262 11,657

--------------------------------------------------------------------
--------------------------------------------------------------------
Operating Profit 4,855 3,234 9,961 9,050
Addback Depreciation 4,948 5,298 9,758 10,413
-------------------------------------
EBITDA 9,803 8,532 19,719 19,463
Foreign Exchange Gain 2,677 2,566 3,776 5,268
-------------------------------------
EBITDA Plus Foreign
Exchange Gains 12,480 11,098 23,495 24,731

--------------------------------------------------------------------
--------------------------------------------------------------------
Distributable Cash per Unit 0.4849 0.3529 0.8640 0.8366
Distributable Cash Paid or
Payable per Unit 0.3750 0.3750 0.7500 0.7500
Distribution Payout % 77% 106% 87% 90%

--------------------------------------------------------------------
Total Assets 252,185 292,981 252,185 292,981
Revolving Credit (Net of Cash) 11,990 25,557 11,990 25,557
--------------------------------------------------------------------
Long-Term Debt 134 2,528 134 2,528
--------------------------------------------------------------------


Operating Results

For the three months ended June 30, 2006, the Fund generated distributable cash of $0.485 per unit, and declared distributions of $0.375 per unit, for a payout ratio of 77%. By comparison, the Fund generated distributable cash of $0.353 per unit, and declared distributions of $0.375 per unit during the same period in 2005, for a payout ratio of 106%.

Of the $0.485 per unit of distributable cash generated in the second quarter of 2006, $0.405 per unit was generated by operations. Gains from foreign exchange conversion activities contributed the balance of $0.080 per unit, net of taxes.

Second quarter revenue was $76.5 million, down 16% from the same period in 2005. The change in revenue reflects a 5.7% decline in sales volume, a decrease in average product prices of 3.8% in Canada and 4.4% in the U.S., and the negative impact of a stronger Canadian dollar.

Sales volumes of stucco reinforcing products and collated nails were unfavourably affected by reduced housing starts in the Western U.S., extremely wet weather in the early part of the quarter and continued growth in import competition. Upholstery spring wire and bright low carbon wire also continued to be affected by increased imports of the finished products that this wire is used to manufacture, and sales of baling wire to the pulp industry were lower. Helping to offset these volume declines were higher sales of low carbon galvanized wire (used in chain link fences) and other fence products, as well as increased sales of high carbon bright wire.

The reduction in average selling prices during the quarter reflects the impact of pricing initiatives designed to respond to competitive conditions, as well as to reflect a year-over-year decline in wire rod costs.

The negative foreign exchange impact reflects an 11.3% increase in the value of the Canadian dollar compared to the U.S. dollar between the second quarters of 2005 and 2006. Had exchange rates remained consistent with Q2 2005 levels, second quarter revenue would have been 9% higher at $83.4 million.

Selling, general and administration expenses were $4.5 million, down 7.6% from the second quarter of 2005. This reduction was due to the impact of the stronger Canadian dollar on the conversion of the SG&A expenses at Tree Island's U.S. operations and a $0.2 million recovery of an accounts receivable bad debt that was written off in a prior year.

Gross profit was $9.4 million, up 15% from $8.1 million in the second quarter of 2005, reflecting higher gross profit per ton and the absence of $3.3 million in unusual expenses that affected Q2 2005 results. On a per-ton basis, gross profit of $143 per ton was 22.2% higher than the $117 per ton achieved in Q2 2005. The gain in gross profit per sales ton was partially offset by lower sales volumes.

EBITDA increased 14.9% to $9.8 million, reflecting the higher gross profit. Gains on foreign exchange conversions added an additional $2.7 million to EBITDA, up from $2.6 million in Q2 2005. Net income for the period increased 38% to $7.0 million ($0.32 per unit), from $5.0 million ($0.23 per unit) in the second quarter of 2005, reflecting the increase in EBITDA and a $0.7 million credit to current tax which was related to a revision of prior period estimates.

Year-to-Date Results

For the six months ended June 30, 2006, the Fund generated distributable cash of $0.864 per unit, and declared distributions of 0.75 per unit, for a payout ratio of 87%. During the same period in 2005, the Fund generated distributable cash of $0.837 per unit, and declared distributions of $0.75 for a payout ratio of 90%.

Year-to-date revenue was $155.7 million, compared to $180.4 million during the first six months of 2005, reflecting the lower sales volumes, reduced pricing, and the negative impact of a stronger Canadian dollar on revenue.

SG&A expenses were $8.9 million, down from $9.6 million in the first half of 2005. The improvement reflects the benefit of a stronger Canadian dollar on the conversion of U.S. division costs and a $0.2 million recovery of an accounts receivable bad debt that was written off in a prior year.

EBITDA was $19.7 million, an increase of 1% from $19.5 million in the first half of 2005. EBITDA included a $3.8 million gain on foreign exchange conversion activities. This compares to $5.3 million in the first half of 2005. Net income for the six months increased 5.2% to $12.3 million ($0.56 per unit), from $11.7 million ($0.53 per unit) in 2005.

Outlook

Looking forward, Tree Island anticipates that continuing declines in residential housing starts, particularly in the company's key western U.S. market area, will have a negative impact on sales volumes through the balance of the year. This impact should be partially offset by strong demand from the renovation and non-residential construction markets and by sales of Tree Island's non-construction related products.

Prices for wire rod, Tree Island's primary raw material, are expected to increase slightly in the second half before leveling off or declining by year end, but on average, should remain below 2005 levels. Prices for zinc remain high. Used in the manufacture of galvanized nails, galvanized fencing and galvanized wire, zinc normally represents a small proportion of Tree Island's cost of sales (1.7% in 2005). However, at current prices, zinc is having a greater impact on overall costs. Tree Island, along with the industry, announced price increases on its zinc-based products during the second quarter of 2006 and expects to begin recouping some of the higher raw material cost in the second half of the year.

Operationally, Tree Island continues to perform well. The automation project completed in the first quarter at the company's welded reinforcing mesh facility in Richmond, B.C. is providing increased production volumes and enhanced efficiency. Installation of the new $1.2 million hot dip nail galvanizing facility at the Richmond facility is now complete and start-up has commenced. The new facility is designed to increase Tree Island's nail galvanizing capacity, while enhancing product quality and operating efficiency.

Overall, management anticipates that Tree Island's operating efficiency, product and market diversity and strong balance sheet will continue to support its performance through the second half of 2006.

Fund Profile

The Fund was launched on November 12, 2002, with the completion of an Initial Public Offering. There are 21,918,400 units of the Fund outstanding, representing a 100% ownership interest in Tree Island and is set up as a trust on corporation structure.

The Fund's performance depends entirely on the performance of Tree Island.

Tree Island Profile

Tree Island Industries produces a diverse range of products including nails, bright wire, stainless steel wire, galvanized wire, stucco reinforcing products, fence products and other fabricated wire products primarily for customers in Western Canada and the Western United States. Headquartered in Richmond, British Columbia, the company markets these products under five highly respected brand names: Tree Island, K-Lath, Halsteel, Tree Island Wire and Industrial Alloys.

Forward-Looking Statements

This press release contains forward-looking statements based on assumptions considered reasonable at the time they were prepared. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. These statements speak only to the conditions in existence as of the date of this press release, and the Fund maintains no obligation to update such statements.

Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Such risks and uncertainties include, but are not limited to, risks associated with operations such as competition, dependence on the construction industry, supplies of raw materials, dependence on key personnel, labour relations, regulatory matters, environmental risks, the successful execution of acquisition and integration strategies, foreign exchange fluctuations, the effect of leverage and restrictive covenants in financing arrangements, product liability, the ability to obtain insurance, energy cost increases, the ability to fund necessary future capital investments, and changes in tax legislation.

Unaudited Interim Consolidated Financial Statements of

TREE ISLAND WIRE INCOME FUND

June 30, 2006



TREE ISLAND WIRE INCOME FUND
Interim Consolidated Balance Sheets (Unaudited)
(In thousands of dollars)

-------------------------------------------------------------------
-------------------------------------------------------------------
As at As at
June 30 December 31
2006 2005

----------- -----------
Assets

Current
Cash $ 8,545 $ 1,718
Accounts receivable 32,883 25,757
Income and other taxes receivable 2,404 2,132
Inventories 77,617 93,054
Prepaid expenses 2,284 2,476
Future income taxes 2,661 2,280
----------- -----------
126,394 127,417
Property, plant and equipment 83,802 90,885
Deferred charges 720 1,008
Goodwill 41,269 42,111
----------- -----------
$ 252,185 $ 261,421
----------- -----------
----------- -----------
Liabilities
Current
Revolving credit $ 20,535 $ 18,806
Accounts payable and accrued
liabilities 49,072 50,014
Interest payable 215 195
Current portion of long-term debt 84 83
----------- -----------
69,906 69,098
Long-term debt, net of current portion 134 185
Other non-current liabilities 449 551
Future income taxes 16,349 18,703
----------- -----------
86,838 88,537
----------- -----------

Unitholders' Equity 165,347 172,884
----------- -----------
$ 252,185 $ 261,421
----------- -----------
----------- -----------

See accompanying Notes to Unaudited Interim Consolidated Financial
Statements.


TREE ISLAND WIRE INCOME FUND
Interim Consolidated Statement of Operations (Unaudited)
For the three month and six month periods ended June 30, 2006
and June 30, 2005
(In thousands of dollars, except units and per unit amounts)

--------------------------------------------------------------------
--------------------------------------------------------------------
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
---------------------- ----------------------

Sales $ 76,507 $ 91,052 $ 155,736 $ 180,429
Cost of goods sold 62,167 77,611 127,160 151,329
Depreciation 4,948 5,298 9,758 10,413
---------------------- ----------------------
Gross profit 9,392 8,143 18,818 18,687
Selling, general
and administrative
expenses 4,537 4,909 8,857 9,637
---------------------- ----------------------
Operating profit 4,855 3,234 9,961 9,050
Foreign exchange
gain 2,677 2,566 3,776 5,268
Financing expenses (871) (1,047) (1,762) (2,119)
---------------------- ----------------------
Income before
provision for
income taxes 6,661 4,753 11,975 12,199
Recovery of /
(provision for)
income taxes
(note 3) 330 296 287 (542)
---------------------- ----------------------

Net income for
the period $ 6,991 $ 5,049 $ 12,262 $ 11,657
---------------------- ----------------------
---------------------- ----------------------


Basic and diluted
net income per unit $ 0.32 $ 0.23 $ 0.56 $ 0.53
---------------------- ----------------------
---------------------- ----------------------

Weighted-average
number of units
(Basic and diluted) 21,918,400 21,918,400 21,918,400 21,918,400
---------------------- ----------------------
---------------------- ----------------------

See accompanying Notes to Unaudited Interim Consolidated Financial
Statements.


TREE ISLAND WIRE INCOME FUND
Interim Consolidated Statements of Unitholders' Equity (Unaudited)
For the three month and six month periods ended June 30, 2006 and
June 30, 2005
(In thousands of dollars)

-----------------------------------------------------------------------
-----------------------------------------------------------------------
Total Total
Cumul- for for
ative six six
Trans- months months
Unit- Accumu- lation ended ended
holders' lated Distri- Adjust- June 30, June 30,
Capital Earnings butions ment 2006 2005
--------- --------- --------- --------- --------- ---------

Balance,
beginning
of period $ 209,857 $ 67,621 $ (82,247)$ (22,347)$ 172,884 $ 188,875

Activity for
the three
months
ended
March 31 - 5,271 (8,219) 87 (2,861) (1,219)

--------- --------- --------- --------- --------- ---------
209,857 72,892 (90,466) (22,260) 170,023 187,656

Activity for
the three
months
ended
June 30 - 6,991 (8,219) (3,448) (4,676) (2,126)

--------- --------- --------- --------- --------- ---------
Balance, end
of period $ 209,857 $ 79,883 $ (98,685)$ (25,708)$ 165,347 $ 185,530
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------

See accompanying Notes to Unaudited Interim Consolidated Financial
Statements.


TREE ISLAND WIRE INCOME FUND
Interim Consolidated Statement of Cash Flows (Unaudited)
For the three month and six month periods ended June 30, 2006 and
June 30, 2005
(In thousands of dollars)

--------------------------------------------------------------------
--------------------------------------------------------------------
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
---------------------- ----------------------
Cash flows from
operating activities
Net income for
the period $ 6,991 $ 5,049 $ 12,262 $ 11,657
Items not involving
cash
Depreciation 4,948 5,298 9,758 10,413
Amortization of
deferred charges 129 136 261 271
Future income taxes (1,255) (2,083) (2,285) (3,147)
---------------------- ----------------------
10,813 8,400 19,996 19,194

Change in non-cash
operating assets
and liabilities
Accounts receivable 3,151 5,136 (7,126) (8,634)
Inventories 5,520 8,643 15,437 19,634
Accounts payable
and accrued
liabilities 3,858 6,333 (942) (2,911)
Income and
other taxes (1,350) 571 (283) (3,167)
Other (2,143) (468) (1,452) (932)
---------------------- ----------------------
Net cash provided
by operating
activities 19,849 28,615 25,630 23,184
---------------------- ----------------------

Cash flows from
investing activities
Purchase of property,
plant and equipment (924) (847) (3,971) (1,312)
---------------------- ----------------------
Net cash used in
investing activities (924) (847) (3,971) (1,312)
---------------------- ----------------------

Cash flows from
financing activities
Repayment of
long-term debt (30) (20) (50) (40)
(Repayment) drawdown
of revolving credit (5,133) (20,616) 1,729 (6,700)
Distributions
to unitholders (8,219) (8,219) (16,438) (16,438)
---------------------- ----------------------
Net cash used in
financing activities (13,382) (28,855) (14,759) (23,178)
---------------------- ----------------------

Effect of exchange
rate changes on cash
and cash equivalents (75) 1,044 (73) 1,435
---------------------- ----------------------

Increase (decrease)
in cash 5,468 (43) 6,827 129
Cash,
beginning of period 3,077 2,358 1,718 2,186
---------------------- ----------------------
Cash, end of period $ 8,545 $ 2,315 $ 8,545 $ 2,315
---------------------- ----------------------
---------------------- ----------------------

Supplemental Cashflow
Information:

Interest paid $ 747 $ 992 $ 1,481 $ 1,911
---------------------- ----------------------
---------------------- ----------------------

Income taxes paid $ 2,316 $ 1,102 $ 2,363 $ 6,817
---------------------- ----------------------
---------------------- ----------------------

See accompanying Notes to Unaudited Interim Consolidated Financial
Statements.


TREE ISLAND WIRE INCOME FUND

Notes to the Unaudited Interim Consolidated Financial Statements

For the three month and six month periods ended Jun 30, 2006 and Jun 30, 2005

(in thousands of dollars, except per unit amounts)

1. UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The accompanying Unaudited Interim Consolidated Financial Statements of Tree Island Wire Income Fund (the "Fund") have been prepared by management in accordance with Canadian generally accepted accounting principles ("GAAP") on a basis consistent with those followed in the most recent audited annual consolidated financial statements. These Unaudited Interim Consolidated Financial Statements do not include all the information and note disclosures required by GAAP for annual consolidated financial statements and therefore should be read in conjunction with the December 31, 2005 audited consolidated financial statements of the Fund and the notes below.

Operating results for the interim periods are not necessarily indicative of the result that may be expected for the full fiscal year ending December 31, 2006. Our operations are impacted by the seasonal nature of the various industries we serve, primarily the Canadian construction and agriculture industries. Accordingly, fourth quarter results are traditionally lower than other quarters due to the onset of Winter and the corresponding reduction in consumer activities.

Certain of the comparative figures have been reclassified to conform to the current interim period's presentation.

2. FORMATION OF THE FUND

The Fund is an unincorporated open-ended, limited purpose trust established under the laws of the Province of British Columbia pursuant to a Declaration of Trust dated September 30, 2002.

Each unitholder participates pro rata in distributions of net earnings and, in the event of termination of the Fund, participates pro rata in the net assets remaining after satisfaction of all liabilities.

The Fund owns 100% of the common shares of Tree Island Industries Ltd. ("TIL").

3. INCOME TAXES

Income tax obligations relating to distributions from the Fund are the obligations of the unitholders and, accordingly, no provision for income taxes on the income of the Fund has been made. A provision for income taxes is recognized for TIL and its subsidiaries, as TIL and its subsidiaries are subject to tax, including large corporation taxes. The provision for the period is divided between current and future taxes as follows:



Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
---------- ---------- ---------- ----------
Current tax expense $ (925) $ (1,787) $ (1,998) $ (3,689)
Future tax recovery 1,255 2,083 2,285 3,147
---------- ---------- ---------- ----------
$ 330 $ 296 $ 287 $ (542)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------


The provision for income taxes varies from the amount that would be expected if computed by applying the Canadian federal and provincial statutory income tax rates to the earnings before income taxes as shown in the following table:



Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
---------- ---------- ---------- ----------

Income before
provision for
income taxes $ 6,661 $ 4,753 $ 11,975 $ 12,199
Income of the Fund
subject to tax in
the hands of the
recipient (5,897) (5,985) (11,810) (11,894)
---------- ---------- ---------- ----------

(Loss) income of
subsidiary companies
before income taxes 764 (1,232) 165 305

Tax Rate 34.1% 35.6% 34.1% 35.6%

Expected recovery/
(provision) for
income taxes $ (261) $ 439 $ (56) $ (109)
Increased
(Reduced) by:
Revisions of prior
period estimates 689 (102) 689 (102)
Expenses not
deductible for tax (50) 72 (73) (19)
Differential tax
rates on U.S.
subsidiaries (70) 1 (181) (83)
Differential in
current income
tax rate (227) - (193) -
Other 249 (114) 101 (229)
---------- ---------- ---------- ----------
Income tax recovery/
(provision) $ 330 $ 296 $ 287 $ (542)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------


4. POST-RETIREMENT BENEFITS

(a) The Fund has four defined contribution pension plans. Contributions made by the Fund amounted to $438 for the three months ended June 30, 2006 ($428 for the three months ended June 30, 2005) and $815 for the six months ended June 30, 2006 ($873 for the six months ended June 30, 2005). Funding obligations are satisfied upon making contributions.

(b) The Fund has one multi employer defined benefit pension plan. Contributions made by the Fund amounted to $6 for the three months ended June 30, 2006 ($6 for the three months ended June 30, 2005) and $12 for the six months ended June 30, 2006 ($13 for the six months ended June 30, 2005.

(c) The Fund has one senior executive retirement plan which is unfunded. The cost expensed in the three months ended June 30, 2006 is $47 ($52 in the three months ended June 30, 2005) and $96 in the six months ended June 30, 2006 ($104 in the six months ended June 30, 2005). At June 30, 2006, the estimated amount payable under the plan of $2,334 ($2,342 as at December 31, 2005) is included in accounts payable.

5. SEGMENTED INFORMATION

(a) General information

The Fund operates primarily within one industry, the steel wire and fabricated wire products industry with no separately reportable business segments. The products are sold primarily to customers in the United States and Canada.

(b) Geographic information



Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
---------- ---------- ---------- ----------
SALES(i)
Canada $ 20,374 $ 21,907 $ 41,855 $ 46,059
United States 55,784 68,745 113,038 133,641
Other 349 400 843 729
---------- ---------- ---------- ----------
$ 76,507 $ 91,052 $ 155,736 $ 180,429
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------

As at As at
June 30 December 31
2006 2005
---------- ----------
PROPERTY, PLANT AND
EQUIPMENT(ii)
Canada $ 57,362 $ 59,373
United States 26,440 31,512
---------- ----------
$ 83,802 $ 90,885
---------- ----------
---------- ----------
GOODWILL(ii)
Canada $ 23,463 $ 23,463
United States 17,806 18,648
---------- ----------
$ 41,269 $ 42,111
---------- ----------
---------- ----------

(i) Sales are attributed to geographic areas based on the location
of customers.

(ii) Property, plant and equipment and goodwill are attributed to
geographic areas based on the location of the subsidiary company
owning the assets.



Contact Information