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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