INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
AL MAZAYA HOLDING COMPANY K.S.C.
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statement of Al Mazaya Holding Company K.S.C. (the “Parent
Company”) and its subsidiaries (collectively the “Group”), which comprise the consolidated statement of financial position
as at 31 December 2012, and the consolidated statement of income, consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
The management of the Parent Company is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with International Financial Reporting Standards, and for such internal control as
management determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted
our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the
risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the
Group as at 31 December 2012, and its financial performance and cash flows for the year then ended in accordance with
International Financial Reporting Standards.
Other matters
The consolidated financial statements of the Group for the year ended 31 December 2011 were audited by another auditor
who expressed an unmodified opinion on those statements on 28 March 2012.
Report on Other Legal and Regulatory Requirements
Furthermore, in our opinion proper books of account have been kept by the Parent Company and the consolidated
financial statements, together with the contents of the report of the Parent Company’s Board of Directors relating to these
consolidated financial statements, are in accordance therewith. We further report that we obtained all the information and
explanations that we required for the purpose of our audit and that the consolidated financial statements incorporate all
information that is required by the Companies Law No 25 of 2012, as amended, and by the Parent Company's Articles of
Association, that an inventory was duly carried out and that, to the best of our knowledge and belief, no violations of the
Companies Law No 25 of 2012, as amended, nor of the Articles of Association have occurred during the year ended 31
December 2012 that might have had a material effect on the business of the Company or on its financial position.
WALEED A. AL OSAIMI
LICENCE NO. 68-A
OF ERNST & YOUNG
AL AIBAN, AL OSAIMI & PARTNERS
28 March 2013
Kuwait
ALI OWAID RUKHEYES
LICENCE NO. 72-A
MEMBER OF THE INTERNATIONAL
ACCOUNTING GROUP
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