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AL MAlAYA HOLDING COMPANY
K.S.C.
(CLOSED) AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS OF JUNE
30,
2008
(All amounts are in Kuwaiti Dinars)
December 31,
June
30,
2007
June 30,
ASSETS
Notes
2008
(Audited)
2007
Cash and cash equivalents
3
76,899,391
27,500,543
20,262,308
Investments at fair value through income statement
11,997,475
17,171,474
28,871,171
Accounts receivable and other debit balances
4
42,828,761
43,268,002
33,758,552
Properties held for trading
5
15,608,624
Investments available for sale
11,254,595
11,728,068
Investment in joint ventures
6
15,270,701
7,016,428
5,737,491
Properties under development
7
177,550,630
122,359,810
89,815,429
Investment properties
13,980,427
25,662,337
25,762,776
Work in progress
9,453,895
8,824,150
1,605,265
Fixed assets
697,707
764,156
615,494
Leasehold land
1,729,713
1,766,002
Goodwill
2
2,214,420
1,005,927
1,052,479
379,486,339
267,066,897
207,480,965
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and other credit balances
8
101,673,762
47,728,304
60,018,651
Term loans
9
53,741,758
54,754,329
19,842,354
Wakala and Murabaha payables
8,195,369
10,039,068
7,000,000
Gross amount due to customers for properties under
development
1,835,811
Deferred consideration on acquisition of properties
34,835,375
38,699,426
30,677,114
End of service indemnity
174,233
108,520
93,411
Total liabilities
200,456,308
151,329,647
117,631,530
Equity:
Capital
10
45,406,980
31,589,150
31,589,150
Share premium
75,714,971
33,234,971
33,234,971
Statutory reserve
7,777,758
7,777,758
4,514,191
Voluntary reserve
7,777,758
7,777,758
4,514,191
Treasury shares reserve
1,561,889
1,359,542
430,966
Employees' share option reserve
347,024
Cumulative changes in fair value
76,035
Assets revaluation surplus
934,858
1,038,731
1,038,731
Foreign currency translation adjustments
(2,595,651 )
(2,433,513)
(64,530)
Effect of changes in subsidiary's treasury shares
(104,136)
Effect of changes in subsidiary's equity
57,768
68,900
68,900
Retained earnings
35,051,324
31,715,370
18,277,436
171,659,554
112,128,667
93,951,030
Treasury shares
11
{2,581,421}
(2,889,821 )
(7,525,440)
169,078,133
109,238,846
86,425,590
Minority interest
9,951,898
6,498,404
3,423,845
Total equity
179,030,031
115,737,250
89,849,435
379,486,339
267,066,897
207,480,965
The accompanying notes (1) to (20) form an integral part of the interim consolidated financial information
Khalid S. Esbaitah
Vice Chairman and Managing Director
2