NIG Prospectus - London Stock Exchange

11.07.2015 Views
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10b : 3776 Section 10b16 Inventories200611112200511112KD ‘000 KD ‘000Finished goods and work-in-progress ........................................................ 13,774 12,328Raw materials and consumables ................................................................ 8,900 9,615Spare parts.................................................................................................. 2,814 2,864Goods in transit .......................................................................................... 612 1,413Others ........................................................................................................ 61111221111226,106 26,222Provision for obsolete and slow moving inventories .................................. (2,146)11112(2,492)1111223,960 1111223,7301111217 Accounts receivable and other assets200611112200511112KD ‘000 KD ‘000Net trade receivables .................................................................................. 19,515 16,737Proceeds due on partial disposal of investment in associate .................... – 86,000Proceed due on sale of investments .......................................................... 12,787 14,006Due from associates .................................................................................. 2,736 1,913Due from joint venture................................................................................ 498 372Prepayments .............................................................................................. 3,115 1,882Advance payments to acquire investments................................................ 3,806 –Due from Kuwait Clearing Company .......................................................... 4,455 –Due from investment brokerage companies .............................................. 1,566 –Interest receivable on fixed deposits.......................................................... 2,510 –Income receivable on murabaha and wakala investments ........................ 864 –Accrued income .......................................................................................... 580 –Other assets .............................................................................................. 3,898111125,8101111256,330 11112126,7201111218 Murabaha and wakala investmentsThese investments carry a profit rate ranging from 6% – 8.5% per annum and will mature duringthe year 2007.19 Investments at fair value through statement of income200611112200511112KD ‘000 KD ‘000Held for trading:Quoted shares ............................................................................................ 268,92411112185,41211112Designated on initial recognition:Local funds.................................................................................................. 153,305 177,105International managed portfolios and funds .............................................. 33,9361111224,22411112187,24111112201,32911112456,165 11112386,74111112F-37

Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10b : 3776 Section 10bQuoted shares with a fair value of KD23,361 thousand (2005: Nil) are secured against bank loans.20 Share capitalFollowing approval at the general assembly held on 14 November 2005, during the year the parentcompany increased the share capital to KD99,566 thousand by the issuance of 248,913,736shares at a nominal value of 100 fils per share and a premium of 500 Fils per share.Following approval of the general assembly held on 24 April 2006, the parent company issued74,674,120 bonus shares amounting to KD7,467 thousand.As of 31 December 2006 the issued and fully paid share capital of the parent company was madeup of 1,070,329,064 shares of 100 Fils each. (2005: 746,741,208 shares).21 Treasury sharesAt 31 December 2006 the group held 59,547,444 (2005 : 18,332,955) of its treasury sharesequivalent to 5.56% (2005 : 2.46%) of the shares issued. The treasury shares are stated at cost,and the market value as at 31 December 2006 amounted to KD75,030 thousand (2005 : KD29,699thousand). Reserves equivalent to the cost of the investment in treasury shares have beenearmarked as non-distributable.22 Staff sharesDuring the year the parent company issued 701,750 shares to its senior management as bonusshares by utilizing its treasury shares. The carrying amount and market value of these sharesissued amounted to KD1,059 thousand and KD997 thousand respectively and the resultant lossof KD62 thousand was debited to the gain on sale of treasury shares reserve account.F-38

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