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Report on the Audit of Consolidated Financial Statements

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Report on the Audit of Consolidated Financial Statements IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL H.H. Sheikh Nawaf Al Ahmad H.H. Sheikh Sabah Al Ahmad H.H. Sheikh Jaber Al Mubarak Al Jaber Al Sabah Al Jaber Al Sabah Al Hamad Al Sabah Crown prince of the State of Kuwait Amir of the State of Kuwait Prime minister of the State of Kuwait CONTENTS BOARD OF DIRECTORS REPORT | 6 BOARD MEMBERS | 11 EXECUTIVE MANAGEMENT | 11 GOVERNANCE REPORT | 12 INDEPENDENT AUDITOR’S REPORT | 24 CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 28 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 29 CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 30 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 32 CONSOLIDATED STATEMENT OF CASH FLOWS | 34 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 36 TAMDEEN Real Estate Company - KPSC and subsidiaries - Kuwait 5 BOARD OF DIRECTORS REPORT 31 DECEMBER 2018 BOARD OF DIRECTORS REPORT IN THE NAME OF ALLAH, MOST GRACIOUS, MOST MERCIFUL ESTEEMED ESTEEMED BROTHERS, SHAREHOLDERS, BY THE END OF 2018, PEACE AND ALLAH’S MERCY AND KUWAIT ENJOYED A HEALTHY BLESSINGS BE UPON YOU, ECONOMY AS CONFIRMED BY THE THREE MAIN INTERNATIONAL CREDIT RATING AGENCIES; THE KUWAITI ECONOMY HAD A CREDIT RATING OF “AA” BY “STANDARD & POORS”, WHILE “MOODY’S” KEPT THE COUNTRY’S RATING AT “AA2” AND “FITCH” AT “AA”. IN THEIR RESPECTIVE REPORTS, THE THREE RATING AGENCIES IT GIVES ME A GREAT PLEASURE STATED THAT BEHIND KUWAIT’S TO MEET WITH YOU TODAY, ON GOOD RATING BASICALLY LIES BEHALF OF MY COLLEAGUES IN ITS EXCEPTIONALLY STRONG ON THE BOARD OF DIRECTORS TO REVIEW WITH YOU THE FINANCIAL AND EXTERNAL ANNUAL REPORT OF TAMDEEN POSITION, WITH THE OIL REAL ESTATE COMPANY AND PRICED AT US $ 56 PER BARREL ITS SUBSIDIARY COMPANIES FOR THE PURPOSES OF THE FOR THE YEAR ENDED ON 31ST COUNTRY’S GENERAL BUDGET. DECEMBER 2018 AND TO PRESENT THIS PRICE BEING THE LOWEST AN OUTLINE OF THE MAIN ASPECTS OF YOUR COMPANY’S AMONG OIL EXPORTING ACHIEVEMENTS DURING THAT COUNTRIES APPRAISED BY YEAR. “FITCH”. 6 Annual Report 2018 BOARD OF DIRECTORS REPORT 31 DECEMBER 2018 uwait received this high credited rating as a result ESTEEMED BROTHERS, of the huge efforts of the Ministry of Finance and Kthe Central Bank of Kuwait, through their Tamdeen Real Estate Company continued to develop monetary and fiscal policies that contributed to the Fahaheel Water Front project “Souk Al Kout” maintaining the stability of the national economy during which is a part of “Al-Kout project”, a hallmark project the crisis witnessed by the region and the global of Tamdeen Real Estate Company in the South of the economy during the past years. The success of those State of Kuwait. The company has already completed policies was, significantly reflected in maintaining the the implementation of its comprehensive country’s rating amongst the best in international development plan regarding all the elements of the ranking. North Pier sector to be reopened during the first quarter of 2019 with a new look that combines Huge and remarkable steps are being taken by the heritage with modernity in architectural style, State of Kuwait to diversify the source of income in matching that of Al-Kout Project as a whole. line with the (New Kuwait 2035) Vision with a comprehensive economic reformed plan that focuses on increasing the private sector’s participation in the The development works also included the local economy, developing partnership projects replacement of the floors and renovation of all between the public and private sectors, and facilities and services including the Music Fountain, supporting small and medium sized enterprises. the icon of the Souk. “Al-Kout Project” will be dazzling Serious efforts are being made to improve the with totally new music fountains renovated with business environment and creating an appropriate gloriously stunning colors to present magnificent atmosphere for attracting foreign investors. Kuwait is artistic portraits accompanied by Arabic and Western attempting to reduce its dependency on oil music. “Souk Al-Kout” will house new shops exportation by encouraging investment in the non-oil featuring world class and local brands to satisfy all sectors by seeking to become a financial and touristic tastes. The renovated Souk will also feature a variety center. of restaurants, coffee shops, and three movie theaters offering a total new concept managed by Kuwait National Cinema Company in addition to the ESTEEMED BROTHERS, traditional souk currently located on the South Pier including the Fruits, Vegetables and Fish Markets. It Having said this, and in view of Tamdeen Real Estate is worth mentioning that, despite those ongoing large Company’s serious desire to contribute to the desired development works within the project area, this project achieved operating revenues amounting to development and reform efforts, the Company KD 1.8 million, approximately, during 2018. continued to execute several projects during 2018. These include the development of the investment lands it owns within the “Tamdeen Square” project, ESTEEMED BROTHERS located in a vital location in Sabah Al-Salem to the During 2018, Tamdeen Real Estate Company West of King Abdulaziz Al Saud Express Road. This continued to apply its strategic thought based on location is among the most strategic in the State of focusing on real estate development by entrusting Kuwait, and it is currently witnessing the execution the management and implementation of the operation of the last phase of the internal finishing of the plans to specialized subsidiary and associate residential units in the project’s three towers that companies within the investment, real estate and was expected to be completed by the end of 2018. services development sectors. The ongoing The towers, along with the two hotel apartment application of this strategic thought contributes to buildings, hotel and shopping center will form a increasing the value of the Company’s investments, vibrant hub of upscale units that set new standards in which positively reflects on the size of the parent modern residential compound quality and providing a company’s assets and results in the improved new lifestyle in the State of Kuwait. efficiency and effectiveness of operating its assets. TAMDEEN Real Estate Company - KPSC and subsidiaries - Kuwait 7 BOARD OF DIRECTORS REPORT 31 DECEMBER 2018 The following are the main aspects of various entertainment facilities to attract all age the achievements made by those groups. companies during 2018: To facilitate movement among the various parts of “Al-Kout Project”, “Al-Kout Mall” is linked with a At the level of the subsidiary companies, Tamdeen pedestrian overpass to the traditional “Souk Al-Kout” Investment Company continued to reap achievements with its charming water fountains so that visitors in its operating and investment activities. This can be may round up their trip with a visit to the remaining clearly seen in the increasing of operating revenues experiences of “Nag’aat Al-Kout”, “Marsa Al-Kout” and larger cash dividends received in the amount of and “Sahel Al-Kout”. To ensure the comfort of our KD 8.9 million compared to KD 8.4 million in 2017. visitors, the Mall provides internal and external car Most notable is the distribution of dividends received parks for 3600 cars. from investing in Ahli United Bank, which underlines the soundness and strength of the company’s The Project also includes “Hyatt Regency Al-Kout present assets. Mall Hotel”, one of the major high points of “Al-Kout Project” experience. The hotel management This is in addition to the tangible achievements made agreement has recently been signed with Hyatt by the subsidiary companies of Tamdeen Investment Hotels Group. The “Hyatt Regency” brand, offers an Company, as follows: integrated experience that provides all the needs of Tamdeen Imtiazat Holding Company’s profits in 2018 its guests under one roof, in addition to a magnificent amounted to KD 3.4 million, while Tamdeen Food package of services and facilities, many of which Company inaugurated three restaurants at Al-Kout have been renovated with the addition of advanced Mall and one at Mall 360 all of which are global technology services and comfortable spaces for work brands. and relaxation, all under the supervision of a highly experienced professional team who are attentive of Manshar Real Estate Company (a subsidiary the smallest detail. The hotel with its vibrant lobby, company) opened “Al-Kout Mall’, one of the will provide an integrated residence experience with experiences provided by “Al-Kout Project”, the unlimited communication possibilities, and the largest shopping and entertainment center in South “Regency Club Lounge”, which provides an exclusive of the State of Kuwait. “Al-Kout Mall” is distinguished experience to the guests, whuch also include a new by its contemporary and spacious architectural Italian cuisine restaurant. Furthermore, the hotel’s designs, serving the Southern areas and all inhabitants guestrooms will be fully renovated with a creative of and visitors to Kuwait. The mall enriches the family modern design, as well as the modern Grand shopping experience, by combining it with joy and Banqueting hall and several meeting rooms equipped amusement. With the opening of “Al-Kout Mall”, the with state-of-the-art systems, all of which guarantees total leasing area at “Al-Kout Project” incrased to 100 that guests, both businessmen and tourists, will have thousand square meters. a thrilling experience. Al-Kout Project, is the largest water front for shopping With regard to our sister companies, and entertainment in the State of Kuwait. It offers a one-stop diversified and unique experience in Tamdeen Shopping Centers Company amusement, shopping and hospitality. Offering 360 accomplished the following operating shops, 12 sophisticated movie theaters equipped and financial developments during with IMAX, 4DX and other state-of-the-art systems 2018:- with the most advanced cinematic effects managed by Kuwait National Cinema Company (Cinescape).
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