Aamal Company Q.S.C. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 June 2010
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF AAMAL COMPANY Q.S.C. Introduction We have reviewed the accompanying interim condensed consolidated financial statements of Aamal Company Q.S.C . (the “Company”) and its subsidiaries (together referred to as the “Group”) as at 30 June 2010, comprising of the interim consolidated statement of financial position as at 30 June 2010 and the related interim consolidated statements of comprehensive income, cash flows and changes in equity for the six month period then ended and the related explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Financial Reporting Standard IAS 34 “ Interim Financial Reporting ” ( “ IAS 34 ” ). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the In dependent Auditor of the Entity ” . A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34. Firas Qoussous of Ernst & Young Auditor's Registration No. 236 Date: 22 July 2010 Doha
Aamal Company Q.S.C. INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 30 June 2010 30 June 31 December 2009 2010 Notes (Unaudited) (Audited) QR QR ASSETS Current assets Cash and bank balances 4 480,381,773 506,122,462 Accounts receivable and prepayments 164,473,101 372,269,716 Amounts due from related parties 83,693,589 38,751,875 Inventories 113,669,597 154,679,616 1,091,024,694 823,017,035 Non-current assets Capital expenditure advances - 5,450,478 Investment in associates 5 6,037,371 5,899,041 Goodwill 3 109,132,500 - Investment properties 6 4,745,582,667 4,747,738,741 Properties under development 7 156,285,591 115,158,073 Property, plant and equipment 8 326,606,115 379,686,389 5,398,742,262 5,198,834,704 TOTAL ASSETS 6,021,851,739 6,489,766,956 LIABILITIES AND EQUITY Current liabilities Accounts payable and accruals 305,687,943 142,169,567 Amounts due to related parties 78,850,290 18,363,022 Interest bearing loans and borrowings 9 197,634,953 78,701,353 Bank overdrafts 4 15,347,962 9,004,065 591,177,251 254,581,904 Non-current liabilities Interest bearing loans and borrowings 9 869,837,021 859,675,640 Employees’ end of service benefits 14,457,961 12,033,082 884,294,982 871,708,722 Total liabilities 1,126,290,626 1,475,472,233 EQUITY Equity attributable to equity holders of the parent Share capital 4,500,000,000 3,795,000,000 Legal reserve 170,090,934 170,090,934 General reserve 26,365,990 26,365,990 Retained earnings 837,925,319 231,339,445 4,927,796,369 4,829,382,243 Non-controlling interests 86,498,354 66,178,870 Total equity 5,014,294,723 4,895,561,113 TOTAL LIABILITIES AND EQUITY 6,489,766,956 6,021,851,739 Sheikh Faisal Bin Qassim Al-Thani Tarek Mahmoud El Sayed Mohammad Ramahi Chairman Managing Director Chief Finance Officer The attached notes 1 to 15 form part of these interim condensed consolidated financial statements 2
Aamal Company Q.S.C. INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2010 For the six months ended 30 June 2010 2009 (Unaudited) (Unaudited) QR QR Notes Revenue 566,878,020 353,559,033 Direct costs (388,052,818) (201,879,915) 178,825,202 151,679,118 GROSS PROFIT Other income 17,620,965 17,510,248 Marketing and promotion expenses (5,970,716) (5,960,820) General and administration expenses (42,105,003) (33,452,111) Depreciation (6,495,250) (5,737,472) Finance costs (32,448,621) (22,323,324) Share of results of associates 5 161,670 383,314 PROFIT BEFORE FAIR VALUE GAINS ON 109,588,247 102,098,953 INVESTMENT PROPERTIES Net fair value gains on investment properties 6 - 65,671,669 PROFIT AND TOTAL COMPREHENSIVE INCOME 109,588,247 167,770,622 FOR THE PERIOD Attributable to: Equity holders of the parent 98,414,126 167,785,806 (15,184) Non-controlling interests 11,174,121 109,588,247 167,770,622 0.22 0.37 BASIC AND DILUTED EARNINGS PER SHARE 10 (attributable to equity holders of the parent) The attached notes 1 to 15 form part of these interim condensed consolidated financial statements 3
Aamal Company Q.S.C. INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2010 For the six months ended 30 June 2010 2009 (Unaudited) (Unaudited) Notes QR QR OPERATING ACTIVITIES Profit for the period 109,588,247 167,770,622 Adjustments for: Net fair value gains on investment properties - (65,671,669) Depreciation 9,330,334 7,861,868 Provision for employees’ end of service benefits 3,155,027 2,122,269 Interest income (11,428,566) (16,398,528) Profit on disposal of plant and equipment - (8,856) Share of results of associates 5 (383,314) (161,670) Finance costs 32,448,621 22,323,324 Operating profit before working capital changes: 142,931,993 117,615,716 Inventories (7,637,896) (29,034,588) Accounts receivable and prepayments (89,784,765) (63,731,461) Accounts payable and accruals (23,617,264) 43,172,089 Net movement in amounts due from and due to related parties 15,545,554 (56,604,345) Cash from operations 37,437,622 11,417,411 Finance costs paid (32,448,621) (22,232,712) End of service benefits paid (950,578) (417,757) Net cash from (used in) operating activities 4,038,423 (11,233,058) INVESTING ACTIVITIES Additions to property, plant and equipment (55,520,952) (69,075,698) Additions to investment properties (2,156,074) - Additions to properties under development (41,127,518) (15,028,724) Acquisition of a subsidiary, net of cash acquired 3 (85,076,863) - Dividends received from associates 300,000 - Proceeds from disposal of plant and equipment 368,465 524,340 Interest income received 16,398,528 11,428,566 Net cash used in investing activities (171,784,376) (67,181,554) FINANCING ACTIVITIES Net movement in interest bearing loans and borrowings 129,094,981 36,136,313 Contribution from non-controlling interests 195,000 20,000,000 Net cash from financing activities 36,331,313 149,094,981 DECREASE IN CASH AND CASH EQUIVALENTS (18,650,972) (42,083,299) Cash and cash equivalents at 1 January 555,677,673 490,028,680 4 513,594,374 CASH AND CASH EQUIVALENTS AT 30 JUNE 471,377,708 The attached notes 1 to 15 form part of these interim condensed consolidated financial statements 4
Aamal Company Q.S.C. INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2010 Attributable to equity holders of the parent Non- Share Legal General Retained controlling Total capital reserve reserve earnings Total interests equity QR QR QR QR QR QR QR At 1 January 2010 (Audited) 3,795,000,000 170,090,934 26,365,990 837,925,319 4,829,382,243 66,178,870 4,895,561,113 (705,000,000) Bonus shares issued (Note 11) 705,000,000 - - - - - - 98,414,126 98,414,126 109,588,247 Total comprehensive income for the period - - 11,174,121 20,000,000 20,000,000 Contribution from non-controlling interests - - - - - Non-controlling interest arising on business combination (Note 3) 382,500 382,500 - - - - - (11,237,137) (11,237,137) Acquisition of non-controlling interests (Note 3) - - - - - 4,500,000,000 170,090,934 26,365,990 231,339,445 4,927,796,369 86,498,354 5,014,294,723 At 30 June 2010 (Unaudited) Attributable to equity holders of the parent Non- Share Legal General Retained controlling Total capital reserve reserve earnings Total interests equity QR QR QR QR QR QR QR 3,795,000,000 144,780,615 26,365,990 613,364,755 4,579,511,360 66,241,685 4,645,753,045 At 1 January 2009 (Audited) - 167,785,806 167,785,806 167,770,622 Total comprehensive income for the period - - (15,184) Contribution from non-controlling interests - - - - - 195,000 195,000 At 30 June 2009 (Unaudited) 3,795,000,000 144,780,615 26,365,990 781,150,561 4,747,297,166 66,421,501 4,813,718,667 The attached notes 1 to 15 form part of these interim condensed consolidated financial statements 5
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