NIG Prospectus - London Stock Exchange

Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10c : 3776 Section 10cConsolidated statement of incomeRestatedYear Yearended ended31 Dec. 31 Dec.Note 200511112200411112KD ‘000 KD ‘000Sales ........................................................................................ 104,740 106,987Cost of sales............................................................................ (82,185)11112(88,835)11112Gross profit ............................................................................ 22,555 18,152Income from investments ...................................................... 4 173,009 54,017Share of profits of associates and joint ventures.................... 15,193 5,152Profit on disposal of investment properties ............................ – 161Change in fair value of investment properties ........................ – 1,544Other operating income .......................................................... 412 263Distribution costs .................................................................... (7,014) (6,956)General, administrative and other expenses .......................... (22,106)11112(13,163)11112Profit from operations .......................................................... 5 182,049 59,170Profit on partial disposal of associates .................................... 11 72,124 5,187Net (loss)/profit on disposal of subsidiaries/businesses.......... 6 (2,357) 560Finance costs .......................................................................... (18,735) (10,193)Impairment in value of property, plant and equipment .......... (1,709) –Loss on revaluation of freehold property ................................ – (307)Amortisation of goodwill ........................................................ – (2,174)Impairment in value of goodwill .............................................. 9 (13,086) (2,422)(Loss)/gain on foreign exchange .............................................. (1,865) 921Provision for onerous property leases and dilapidations ........ (2,129) (1,345)Provision for doubtful debts .................................................... (2,295) (1,262)Product development costs written off .................................. (183) (629)Reorganisation, redundancy, guarantee and other costs ........ (3,678)11112(966)11112Profit for the year .................................................................. 208,136 46,540Taxation .................................................................................. 7 (2,439) (902)Contribution to Kuwait Foundation for the Advancement ofSciences .............................................................................. (2,362) (424)Directors’ remuneration .......................................................... (200) (120)National Labour Support Tax.................................................... (4,581)11112(817)11112Net profit for the year .......................................................... 198,554 1111244,27711112Attributable to:Shareholders of the parent.................................................. 189,517 42,217Minority interest .................................................................. 9,037111122,06011112................................................................................................ 198,554 1111244,27711112Earnings per share attributable to the shareholders of theparent .................................................................................. 8 257 Fils 58 Fils11112 1111211112 11112The notes set out on pages 9 to 34 form an integral part of these consolidated financial statementsF-49