Financial Statements
Consolidated statement of income
| Year ended 31 Dec 2015 | Year ended 31 Dec 2014 | ||
| Note | KD | KD | |
| Revenue | 8 | 61,906,141 | 36,437,200 |
| Cost of revenue | (36,057,375) | (17,167,967) | |
| Net income | 25,848,766 | 19,269,233 | |
| Net income from ticket sale and related services | 213,391 | 263,028 | |
| Net loss on investment properties | 17.2 | (58,117) | (1,927,195) |
| Loss on disposal of investment properties | 17 | - | (22,603) |
| Net loss from investment in associates and joint venture | 7.2.2 | - | (10,596,267) |
| Impairment in value of assets | 11a | (4,120,256) | (3,447,809) |
| Net gain on disposal of subsidiary | 7.1.2 | 15,287,357 | - |
| Interest income | 9 | 239,845 | 472,024 |
| Other income | 10 | 3,440,625 | - |
| 40,851,611 | 4,010,411 | ||
| Expenses and other charges | |||
| Staff costs | 6,093,685 | 4,996,849 | |
| Sales and marketing expenses | 1,905,283 | 2,576,686 | |
| Other operating expenses and charges | 11b | 17,383,630 | 12,273,024 |
| Depreciation | 15 | 4,546,928 | 4,996,563 |
| Finance costs | 12 | 8,985,301 | 9,499,092 |
| Total expenses and other charges | 38,914,827 | 34,342,214 | |
| Profit/(loss) before taxation, KFAS, NLST and Zakat | 1,936,784 | (30,331,803) | |
| Tax credit (expense) relating to overseas subsidiaries | 13 | 18,873 | (137,163) |
| Contribution to Kuwait Foundation for the Advancement of Sciences (KFAS) | (22,629) | - | |
| Provision for National Labour Support Tax (NLST) | (64,171) | - | |
| Provision for Zakat | (25,668) | - | |
| Profit /(loss) for the year | 1,843,189 | (30,468,966) | |
| Attributable to: | |||
| Owners of the Parent Company | 2,401,874 | (29,920,281) | |
| Non-controlling interests | (558,685) | (548,685) | |
| 1,843,189 | (30,468,966) | ||
|
Basic and diluted earnings/(loss) per share attributable to the owners of the Parent Company |
14 | 3.95 Fils | 49.04 Fils |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Year ended 31 Dec 2015 | Year ended 31 Dec 2014 | ||
| KD | KD | ||
| Profit /(loss) for the year | 1,843,189 | (30,468,966) | |
| Other comprehensive income: | |||
| Items to be reclassified to consolidated statement of profit or loss in subsequent periods: | |||
| Exchange differences arising on translation of foreign operations | (1,379,586) | 1,231,868 | |
| Realisation of foreign currency translation gain on disposal of subsidiary | 7.1.2 | (213,330) | - |
| Available for sale investments | |||
| - Net changes in fair value arising during the year | (1,507,279) | (117,675) | |
| - Transferred to consolidated statement of profit or loss on impairment | 68,510 | 86,295 | |
| Total other comprehensive (loss)/income for the year | (3,031,685) | 1,200,488 | |
| Total comprehensive loss for the year | (1,188,496) | (29,268,478) | |
| Attributable to: | |||
| Owners of the Parent Company | (604,233) | (28,750,563) | |
| Non-controlling interests | (584,263) | (517,915) | |
| (1,188,496) | (29,268,478) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| 31 Dec 2015 | 31 Dec 2014 | ||
| Note | KD | KD | |
|
Assets Non-current assets |
|||
| Goodwill | 174,246 | 261,000 | |
| Property, plant and equipment | 15 | 108,775,864 | 120,171,062 |
| Capital work-in-progress | 16 | 46,891,897 | 45,738,705 |
| Investment properties | 17 | 7,642,994 | 8,209,603 |
| Properties under development | 20 | - | 135,390,175 |
| Investment in associates and Joint Ventures | 7 | 11,660,643 | 6,524,798 |
| Available for sale investments | 18 | 6,039,553 | 7,386,106 |
| Total non-current assets | 181,185,197 | 323,681,449 | |
| - | |||
| Current assets | |||
| Accounts receivable and other assets | 19 | 18,926,640 | 21,485,546 |
| Properties under development | 20 | 74,378,714 | 26,962,169 |
| Trading properties | 21 | 7,191,727 | 3,902,163 |
| Cash and cash equivalents | 22 | 12,639,001 | 6,050,753 |
| Total current assets | 113,136,082 | 58,400,631 | |
| Total assets | 294,321,279 | 382,082,080 | |
|
Equity and Liabilities Equity Equity attributable to the owners of the Parent Company |
|||
| Share capital | 23 | 63,543,420 | 63,543,420 |
| Share premium | 23 | 12,519,938 | 14,524,176 |
| Treasury shares | 24 | (12,519,938) | (12,519,938) |
| Statutory reserve | 25 | 251,434 | 14,228,601 |
| Voluntary reserve | 25 | 251,434 | 11,002,519 |
| Cumulative changes in fair value | (1,438,769) | - | |
| Foreign currency translation reserve | (10,803,952) | (9,236,614) | |
| Retained earnings/(accumulated losses) | 9,295,913 | (28,746,566) | |
| Total equity attributable to the owners of the Parent Company | 61,099,480 | 52,795,598 | |
| Non-controlling interests | 4,230,126 | 208,826 | |
| Total equity | 65,329,606 | 53,004,424 | |
| Non-current liabilities | |||
| Redeemable preference shares | 27 | 3,040,647 | 2,939,281 |
| Term loans | 28 | 88,245,980 | 78,453,456 |
| Advances received from customers | 31 | - | 119,491,375 |
| Retention payable | 29 | 3,216,059 | 208,512 |
| Employee’s end of service benefits | 1,296,667 | 1,071,094 | |
| Total non-current liabilities | 95,799,353 | 202,163,718 | |
| Current liabilities | |||
| Due to related parties | 35 | 48,014,158 | 41,769,421 |
| Accounts payable and other liabilities | 30 | 46,757,496 | 46,850,160 |
| Term loans | 28 | 27,261,006 | 23,201,698 |
| Advances received from customers | 31 | 11,159,660 | 15,092,659 |
| Total current liabilities | 133,192,320 | 126,913,938 | |
| Total liabilities | 228,991,673 | 329,077,656 | |
| Total equity and liabilities | 294,321,279 | 382,082,080 |