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AL MAZAYA HOLDING COMPANY
K.S.C.
(CLOSED) AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER
31,
2008
(All amounts are in Kuwaiti Dinars)
2007
ASSETS
Notes
2008
(Restated)
Cash and cash equivalents
3
48,756,857
27,500,543
Investments at fair value through income statement
4
1,335
17,171,474
Accounts receivable and other debit balances
5
42,239,927
43,268,002
Properties held for trading
6
81,504,695
Investments available for sale
7
24,248,220
11,728,068
Investment in an associate
8
2,405,889
Investment in an unconsolidated subsidiary
268,400
Investment in joint ventures
9
11,733,949
4,638,293
Properties under development
10
136,689,183
108,325,614
Investment properties
11
25,662,337
Work in progress
12
11,574,714
8,824,150
Fixed assets
662,695
764,156
Leasehold land
13
1,693,025
1,766,002
Goodwill
2
3,259,607
1,005,927
365,038,496
250,654,566
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and other credit balances
14
107,582,850
47,728,304
Term loans
15
50,063,743
54,754,329
Wakala and Murabaha payables
16
6,070,000
10,039,068
Gross amount due to customers for properties under development
17
11,625,049
Deferred consideration on acquisition of properties
18
34,007,819
38,699,426
End of service indemnity
210,357
108,521
Total liabilities
209,559,818
151,329,648
Equity:
Capital
19
45,406,980
31,589,150
Share premium
20
75,714,971
33,234,971
Statutory reserve
21
9,131,420
7,777,758
Voluntary reserve
21
9,131,420
7,777,758
Treasury shares reserve
1,561,889
1,359,542
Cumulative changes in fair value
68,567
Assets revaluation surplus
623,239
1,038,731
Foreign currency translation adjustments
(807,542)
(2,433,513)
Effect of changes in subsidiary's treasury shares
(457,645)
Effect of changes in subsidiary's equity
57,768
68,900
Retained earnings
4,638,767
16,229,758
145,069,834
96,643,055
Treasury shares
22
(28,049,447)
(2,889,821 )
Equity attributable to equity holders of the Parent Company
117,020,387
93,753,234
Minority interest
38,458,291
5,571,684
Total equity
155,478,678
99,324,918
365,038,496
250,654,566
Vice Chairman and Managing Director
3