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AL MAZAYA HOLDING COMPANY
K.S.C.
(CLOSED) AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS OF SEPTEMBER
30,
2008
(All amounts are in Kuwaiti Dinars)
December
31,
September 30,
2007
September
30,
ASSETS
Notes
200B
(Audited)
2007
Cash and cash equivalents
3
55,773,710
27,500,543
23,740,636
Investments at fair value through income statement
4
2,240,835
17,171,474
27,016,361
Accounts receivable and other debit balances
5
37,401,633
43,268,002
28,927,032
Properties held for trading
6
20,940,369
Investments available for sale
7
44,265,617
11,728,068
Investment in joint ventures
8
15,306,203
7,016,428
5,873,906
Properties under development
9
189,974,222
122,359,810
83,560,443
Investment properties
14,022,399
25,662,337
86,483,448
Work in progress
10
28,885,439
8,824,150
673,936
Fixed assets
675,183
764,156
602,373
Leasehold land
1,711,369
1,766,002
1,820,635
Goodwill
2
19,387,087
1,005,927
1,063,458
430,584,066
267,066,897
259,762,228
LIABILITIES AND EQUITY
Liabilities:
Bank overdrafts
616,380
Accounts payable and other credit balances
11
104,693,166
47,728,304
46,434,278
Term loans
12
42,158,619
54,754,329
38,955,783
Wakala and Murabaha payables
3,146,330
10,039,068
7,000,000
Gross amount due to customers for properties under
development
3,915,281
Deferred consideration on acquisition of properties
34,533,868
38,699,426
63,257,159
End of service indemnity
195,781
108,520
97,030
Total liabilities
188,643,045
151,329,647
156,360,630
Equity:
Capital
13
45,406,980
31,589,150
31,589,150
Share premium
13
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
1,148,894
Employees' share option reserve
389,168
Cumulative changes in fair value
122,648
Assets revaluation surplus
623,239
1,038,731
1,038,731
Foreign currency translation adjustments
(2,585,431 )
(2,433,513)
(394,333)
Effect of changes in subsidiary's treasury shares
(457,645)
Effect of changes in subsidiary's equity
50,671
68,900
68,900
Retained earnings
62,819,871
31,715,370
27,683,232
198,812,709
112,128,667
103,787,095
Treasury shares
14
(16,918,480}
(2,889,821)
(3,786,094)
181,894,229
109,238,846
100,001,001
Minority interest
60,046,792
6,498,404
3,400,597
Total equity
241,941,021
115,737,250
103,401,598
430,584,066
267,066,897
259,762,228
The accompanying notes (1) to (24) form an"integral part of the interim consolidated financial information
r
G
~i
Khalid S. Esbaitah
Chairman
Vice Chairman and Managing Director
2