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Independent Auditors’ Report Annual Report Independent Auditors’ Report Annual Report 16 Independent Auditors’ Report Annual Report Consolidated Balance Sheet Consolidated Statement Of Income Consolidated Statement Of Changes In Shareholders’ Equity Consolidated Statement Of Cash Flow 2008 Note 2009 SR SR Current Assets Cash and cash equivalents 3 66,418,421 140,705,169 Accounts receivable 4 309,314,383 415,337,072 Inventory 5 227,471,945 341,742,198 Prepaid expenses and other assets 6 80,494,808 84,390,428 Total current assets 683,699,557 982,174,867 Non-Current Assets Investment in associated company 7 76,522,462 - Property, plant and equipment, net 8 907,176,831 832,521,164 Intangible assets 9 485,829,596 444,660,450 Total non-current assets 1,469,528,889 1,277,181,614 TOTAL ASSETS 2,153,228,446 2,259,356,481 LIABILITIES AND EQUITY Current liabilities Murabaha and short-term loans 10 212,704,542 173,475,081 Obligations under capital lease-current portion 11 - 7,000,000 Deferred gains on sale and leaseback transactions current portion 11 - 3,207,511 Deferred revenue 12 13,873,486 11,146,334 Trade payables and other liabilities 13 221,346,931 253,726,102 Zakat and income tax 14 21,080,518 24,789,851 Total current liabilities 469,005,477 473,344,879 17 Independent Auditors’ Report Annual Report Consolidated Balance Sheet 1963 Consolidated Madina Printing Press (MPP) was Statement Of Income founded as the first subsidiary of Consolidated the SRMG in Jeddah. Statement Of Changes In Shareholders’ Equity 1972 Saudi Research & Publishing Co. Consolidated Statement Of Cash (SRPC) was established, which Flow later became one of the most important publishing houses in the Middle East. 2008 Note 2009 SR SR Non-current liabilities Murabaha and long-term loans 10 68,346,641 25,970,000 Customers’ deposits 15 26,805,814 26,777,878 Trade payables 16 4,844,245 11,150,236 End-of-service indemnities 17 91,039,966 86,868,761 Total non-current liabilities 191,036,666 150,766,875 TOTAL LIABILITIES 660,042,143 624,111,754 EQUITY Shareholders› Equity Share capital 1 800,000,000 800,000,000 Statutory reserve 18 176,619,792 172,084,254 Contractual reserve 18 53,968,268 51,700,502 Restricted governmental grant 8 8,361,425 8,361,425 Foreign currency translation adjustments on investments in 19 (2,271,050) (6,056,341) overseas subsidiaries Retained earnings 226,914,569 350,162,546 Total shareholders’ equity 1,263,593,004 1,376,252,386 Minority interest 21 229,593,299 258,992,341 Total equity 1,493,186,303 1,635,244,727 TOTAL LIABILITIES AND EQUITY 2,153,228,446 2,259,356,481 The accompanying notes 1 to 33 form an integral part of these consolidated financial statements 18 Independent Auditors’ Report Annual Report Consolidated Balance 1975 Sheet Arab News, the 1st Saudi Consolidated English daily newspaper Statement Of Income was launched. Consolidated Statement Of Changes In Shareholders’ 1978 Equity Asharq Al-Awsat, a daily Consolidated newspaper founded in Statement Of Cash London-UK by SRPC. Flow 2009 2008 Note SR SR Revenues 968,532,699 1,342,225,011 Costs of revenues (673,822,780) (838,904,181) GROSS PROFIT 294,709,919 503,320,830 Declin in inventory prices 5 (20,886,317) - Equity income of associated companies 7 - 4,351,299 Selling and marketing expenses 23 (37,536,874) (48,776,258) General and administration expenses 24 (171,549,816) (183,506,571) Professional and consulting fees (11,344,250) (15,395,163) Depreciation and amortization (22,776,634) (25,497,746) Recoverable value of assets’ impairment - 11,292,362 INCOME FROM MAIN OPERATIONS 30,616,028 245,788,753 Other income, net 25 89,237,830 36,407,185 Financial charges, net (16,888,284) (4,935,403) INCOME FROM CONTINUING OPERATIONS 102,965,574 277,260,535 Non recurring income and expenses, net 26 (27,629,443) 16,590,164 INCOME BEFORE ZAKAT AND INCOME TAX AND MINORITY INTEREST 75,336,131 293,850,699 Zakat and income tax 14 (11,134,085) (17,009,629) INCOME BEFORE MINORITY INTEREST 64,202,046 276,841,070 Minority interest in net income and loss of subsidiaries 21 (18,846,719) (52,386,534) NET INCOME 45,355,327 224,454,536 Earnings per share From main operations 27 0.38 3.07 From income before minority interest 27 0.80 3.46 From net income for the year 27 0.57 2.81 The accompanying notes 1 to 33 form an integral part of these consolidated financial statements 19 Independent Auditors’ Report Annual Report Consolidated Balance Sheet Consolidated Statement Of Income Consolidated Statement Of Changes In Shareholders’ Equity Consolidated Statement Of Cash Flow 2009 2008 SR SR OPERATING ACTIVITIES Income before zakat and income tax and minority interest 75,336,131 293,850,699 Adjustments for: Equity income of associated company - (4,351,299) Gain from sale of investment in an associated company - (19,786,280) Depreciation and amortization 46,019,467 47,657,112 Gain from sale of property, plant, & equipment (3,381,090) (1,336,146) Recoverable value of assets’ impairment - (11,292,362) Declin in inventory prices 20,886,317 - Employees’ end-of-service indemnities 19,274,501 16,831,008 Changes in operating assets and liabilities: Accounts receivable, prepayments and other assets 109,918,309 (53,681,404) Inventory 93,383,936 (83,148,804) Deferred revenue 2,727,152 (6,783,018) Trade payables and other liabilities (39,328,242) (32,292,485) Customers’ deposits 27,936 385,953 End-of-service indemnities paid (15,103,296) (10,949,271) Zakat and income tax paid (14,843,418) (19,273,632) Net cash from operating activities 294,917,703 115,830,071 20 Independent Auditors’ Report Annual Report Consolidated Balance 1980 Sheet Al-Majalla weekly political magazine Consolidated was launched. Statement Of Income Consolidated 1981 Statement Of Changes Sayidaty, a weekly family magazine In Shareholders’ was launched. Equity Consolidated Statement Of Cash Flow 2009 2008 SR SR INVESTING ACTIVITIES Investments in associated company (76,522,462) - Proceeds from sale of investment in subsidiary - 113,525,250 Acquisition of subsidiaries - (175,474,671) Purchase of property, plant and equipment (131,272,804) (137,145,081) Foreign currency adjustment on property, plant and equipment, net (4,404,806) 13,896,561 Proceeds from sale of property, plant and equipment, net 18,383,566 1,995,179 Intangible assets (41,169,146) (2,138,192) Net cash used in investing activities (234,985,652) (185,340,954) FINANCING ACTIVITIES Murabaha and long-term loans 81,606,102 100,147,209 Obligations under capital lease (7,000,000) (37,374,092) Deferred gains on sale and lease back transactions (3,207,511) (48,048,463) Foreign currency translation adjustments on investments in overseas subsidiaries 3,785,291 (15,869,151) Board of Directors’ remuneration (1,800,000) (1,800,000) Dividends paid (159,356,920) (243,587,531) Minority interests (48,245,761) (3,802,875) Net cash used in financing activities (134,218,799) (250,334,903) Net change in cash and cash equivalents (74,286,748) (319,845,786) Cash and cash equivalents, January 1 140,705,169 460,550,955 Cash and cash equivalents, december 31 66,418,421 140,705,169 Non-cash transactions: Restricted governmental grant - 8,361,425 21 Independent Auditors’ Report Annual Report Consolidated Balance Sheet Consolidated Statement Of Income Consolidated Statement Of Changes In Shareholders’ Equity Consolidated Statement Of Cash Flow Foreign currency translation adjustments Restricted on investments Share Statutory Contractual governmental in overseas Retained capital reserve reserve grant subsidiaries earnings Total Note SR SR SR SR SR SR SR Balance, January 1, 2008 1 800,000,000 149,638,800 40,477,775 - 9,812,810 401,176,191 1,401,105,576 Net income for 2008 - - - - - - 224,454,536 224,454,536 Transfer to statutory reserve 18 - 22,445,454 - - - (22,445,454) - Transfer to contractual 18 - - 11,222,727 - - (11,222,727) - reserve Restricted governmental grant 8 - -- - 8,361,425 - - 8,361,425 Foreign currency translation 19 - - - - (15,869,151) - (15,869,151) adjustments, net Dividends distribution and Board of Directors’ remunera- 20 - - - - - (241,800,000) (241,800,000) tion Balance, December 31, 2008 1 800,000,000 172,084,254 51,700,502 8,361,425 (6,056,341) 350,162,546 1,376,252,386 Net income for 2009 45,355,327 45,355,327 Transfer to statutory reserve 18 - 4,535,538 - - - (4,535,538) - Transfer to contractual 18 - - 2,267,766 - - (2,267,766) - reserve Foreign currency translation 19 - - - - 3,785,291 - 3,785,291 adjustments, net Dividends distribution and Board of Directors’ 20 - - - - - (161,800,000) (161,800,000) remuneration Balance, December 31, 2009 800,000,000 176,619,792 53,968,268 8,361,425 (2,271,050) 226,914,569 1,263,593,004 22 Notes To The Consolidated Financial Statements Annual Report Notes To The Consolidated Financial Statements Annual Report 24 Notes To The Consolidated Financial Statements Annual Report 1. ORGANIZATION AND ACTIVITIES Saudi Research and Marketing Group (the Company) is a Saudi Joint Stock Company registered in Riyadh, Kingdom of Saudi Arabia under Commercial Registration number 1010087772 dated Rabi Al Awal 29, 1421 H (corresponding to July 1, 2000) with a branch in Jeddah with sub commercial registration number 1010087772/001. The share capital of the Company amounting to SR 800 million is divided into 80 million shares of SR 10 each.
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