NIG Prospectus - London Stock Exchange

11.07.2015 Views
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:19 pm – mac5 – 3776 Section 06 : 3776 Section 06The AdministratorWalkers SPV Limited will also act as the corporate administrator of the Issuer (in such capacity,the Corporate Administrator). The office of the Corporate Administrator will serve as the generalbusiness office of the Issuer. Through the office, and pursuant to the terms of a corporate servicesagreement to be entered into between the Issuer and the Corporate Administrator (the CorporateServices Agreement), the Corporate Administrator will perform in the Cayman Islands variousadministrative functions on behalf of the Issuer, including communications with shareholders andthe general public, and the provision of certain clerical, administrative and other services untiltermination of the Corporate Services Agreement. In consideration of the foregoing, the CorporateAdministrator will receive various fees payable by the Issuer at rates agreed upon from time totime, plus expenses. The terms of the Corporate Services Agreement provide that the Issuer mayterminate the appointment of the Corporate Administrator by giving one month’s notice to theCorporate Administrator and terminate without notice upon the happening of any certain statedevents, including any breach by the Corporate Administrator of its obligations under the CorporateServices Agreement. In addition, the Corporate Services Agreement provides that the CorporateAdministrator shall be entitled to retire from its appointment by giving at least one month’s noticein writing provided that a replacement acceptable to the Issuer has been appointed.The Corporate Administrator will be subject to the overview of the Issuer’s Board of Directors. TheCorporate Services Agreement may be terminated (other than as stated above) by either theIssuer or the Corporate Administrator giving the other party at least three months’ written notice.The Corporate Administrator’s principal office is 87 Mary Street, George Town, Grand Cayman,KY1-9002, Cayman Islands.The Directors of the Issuer are all employees or officers of the Corporate Administrator. The Issuerhas no employees and is not expected to have any employees in the future.58

Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:19 pm – mac5 – 3776 Section 06 : 3776 Section 06SELECTED FINANCIAL INFORMATION AND FINANCIAL REVIEWThe following information has been derived from, and should be read in conjunction with, and isqualified in its entirety by reference to, the consolidated financial statements of NIG and the otherinformation included elsewhere in this Base Prospectus.The following table sets out selected consolidated financial information of NIG for the years ended31 December 2006, 2005 and 2004 as extracted from NIG’s audited consolidated financialstatements. NIG prepares its financial statements in accordance with International FinancialReporting Standards issued by the International Accounting Standards Board.31 December200611112200511112200411112(KD’000)Selected balance sheet data:Investment in associates ........................................................ 125,912 120,911 62,628Available for sale investments ................................................ 426,399 368,451 125,048Total non-current assets .......................................................... 598,065 528,064 249,913Investments at fair value through statement of income ........ 456,165 386,741 222,825Short term deposits ................................................................ 248,758 34,993 14,007Total current assets ................................................................ 859,079 580,896 301,599Total non current assets .......................................................... 598,06511112528,06411112249,91311112Total assets ............................................................................ 1,457,144111121,108,96011112551,51211112Equity attributable to shareholders of the parent company .... 721,783 623,632 291,812Retained earnings.................................................................... 260,404 247,777 103,758Minority interests .................................................................... 111,0571111249,8781111223,98511112Total equity ............................................................................ 832,84011112673,51011112315,79711112Long-term borrowings ............................................................ 79,710 98,141 45,593Total non-current liabilities ...................................................... 137,264 128,990 108,835Short-term borrowings ............................................................ 403,185 212,084 82,990Total current liabilities .............................................................. 487,04011112306,46011112126,88011112Total equity and liabilities .................................................... 1,457,144111121,108,96011112551,51211112Selected statement of income data:Sales ........................................................................................ 99,741(1) 104,740 106,987Cost of sales............................................................................ (76,018) (82,185) (88,835)Gross profit.............................................................................. 23,723 22,555 18,152Profit from operations .......................................................... 105,579 176,076 59,170Profit for the year .................................................................. 146,66011112208,1361111246,54011112Net profit for the year .......................................................... 141,994 198,554 44,27711112 11112 1111211112 11112 11112Selected ratios:Return on average assets (%) ................................................ 11.10 23.90 8.50Return on average equity (%).................................................. 18.90 40.10 15.00Current ratio (Times)................................................................ 1.76 1.90 2.38Total debt to total equity (Times) ............................................ 0.67 0.56 0.61Notes:(1) This amount represents Sales for the eleven months ended 30 November 2006 whereas the comparative information for2004 and 2005, respectively, represents Sales for the twelve months ended 31 December 2004 and 31 December 2005,respectively. The reason for this is because during 2006, NIG decided to change the annual accounting period of itsforeign subsidiaries, in order to ensure that NIG can file its consolidated financial statements with the Dubai FinancialMarket (the DFM) within the necessary time period subsequent to the end of each financial year.59

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