Financial Quarterly Reports 2011

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Deloitte. AL-WAHA
Deloitte & Touche
AI-Fahad AI-Wazzan & Co.
AUDITING OFFICE
ALI OWAID RUKHEYES
Ahmed AI-Jaber Street, Sharq
Dar AI-Awadi Complex, Floors 7 & 9
P.O. Box 20174 Safat 13062 or
P.O. Box 23049 Safat 13091
Kuwait
Member of The International Group of Accounting Firms
P.O. Box 27387 Salat
13134 State of Kuwait
Telephone: (965) 22423415/7
22424919
Tel: + 965 22408844, 22438060
Fax: + 965 22408855, 22452080
Fax : (965) 22422026
INDEPENDENT AUDITORS' REPORT
The Shareholders
Al Mazaya Holding Company K.S.C.
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Al Mazaya Holding Company K.S.C. ("the
Parent Company") and subsidiaries (together referred to as "the Group") which comprise the consolidated statement
of financial position as at 31 December 2011, and the related consolidated statements of income, comprehensive
income, changes in equity and 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 Parent Company's management 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 fmancial statements that are free
from material misstatements, whether due to fraud or error.
Auditors'Responsibility
Our responsibility is to express an opmion on the 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 fmancial 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 accompanying consolidated fmancial statements present fairly, in all material respects, the
financial position of the Group as at 31 December 20 Il, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards.