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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2007
(All amounts are in Kuwaiti Dinars)
ASSETS
Notes
2007
2006
Cash and cash equivalents
3
27,500,543
16,096,502
Investments at fair value through income statement
4
17,171,474
19,555,139
Accounts receivable and other debit balances
5
43,268,002
23,567,628
Investments available for sale
6
11,728,068
2,260,844
Investment in joint ventures
7
7,016,428
1
Properties under development
8
122,359,810
59,191,060
Investment properties
9
25,662,337
43,226,075
Work in progress
10
8,824,150
1,075,479
Fixed assets
11
764,156
274,381
Leasehold right
12
1,766,002
Goodwill
2
1,005,927
920,096
267,066,897
166,167,205
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and other credit balances
13
47,836,824
30,285,627
Term loans
14
54,754,329
2,830,000
Wakala and Murabaha payables
15
10,039,068
8,000,000
Deferred consideration on acquisition of properties
16
38,699,426
33,421,846
Total liabilities
151,329,647
74,537,473
Equity:
Capital
17
31,589,150
28,601,242
Share premium
18
33,234,971
32,758,688
Statutory reserve
19
7,777,758
4,514,191
Voluntary reserve
20
7,777,758
4,514,191
Treasury shares reserve
1,359,542
97,258
Assets revaluation surplus
1,038,731
1,038,731
Foreign currency translation adjustment
(2,433,513)
Effect of changes in subsidiary's equity
68,900
Retained earnings
31,715,370
23,290,875
112,128,667
94,815,176
Treasury shares
21
(2,889,821 }
(7,013,148}
Equity attributable to equity holders of the Parent Company
109,238,846
87,802,028
Minority interest
6,498,404
3,827,704
Total equity
115,737,250
91,629,732
267,066,897
166,167,205
The accompanying notes (1) to (37) form an integral part of the consolidated financial statements
Rashid Y. AI-Nafisi
Chairman
\
Khalid S. Esbaitah
Vice Chairman and Managing Director
3