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Rak Investment Authority Government of Ras Al Khaimah Ras Al Khaimah United Arab Emirates

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Rak Investment Authority Government of Ras Al Khaimah Ras Al Khaimah United Arab Emirates RAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PERIOD ENDED 30 JUNE 2008 RAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES Table of Contents Page Exhibit Independent Auditor’s Report on Review of Consolidated Condensed Interim Financial Information 1 -- Consolidated Condensed Interim Balance Sheet (Unaudited) 2 A Consolidated Condensed Interim Statement of Income (Unaudited) 3 B Consolidated Condensed Interim Statement of Changes in Equity 4 C (Unaudited) Consolidated Condensed Interim Statement of Cash Flows 5 D (Unaudited) Notes to the Consolidated Condensed Interim Financial Statements (Unaudited) 6 – 16 -- RAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES CONSOLIDATED CONDENSED INTERIM STATEMENT OF INCOME FOR THE PERIOD ENDED 30 JUNE 2008 (UNAUDITED) EXHIBIT B Six-Months Period Ended Three Months Period Ended Note 30 June 30 June 30 June 30 June 2008 2007 2008 2007 (Unaudited) (Unaudited) (Unaudited) (Unaudited) AED AED AED AED Revenue 88,190,235 59,557,607 46,921,375 37,971,936 Direct expenses (15,845,550) (18,942,302) (6,997,208) (11,317,138) __________ _________ _________ ___________ Gross profit 72,344,685 40,615,305 39,924,167 26,654,798 Other income 20,266,978 6,069,364 12,416,235 3,772,574 Marketing expenses (6,696,784) (10,427,636) (3,426,662) (5,284,947) Administrative expenses (14,823,885) (19,895,833) (3,065,104) (12,913,033) Finance costs (10,724,832) (6,958,260) 14,178,237 (3,319,632) Income from associates 9 (b) 32,188,100 -- 32,188,100 -- __________ _________ _________ __________ Profit for the period – Exhibit C 92,554,262 9,402,940 92,214,973 8,909,760 ======== ======== ======== ========= ATTRIBUTABLE TO: Equity holder of the Parent – Exhibit C 91,491,413 9,507,027 91,814,433 9,347,696 Minority interest – Exhibit C 1,062,849 (104,087) 400,540 (437,936) __________ _________ ___________ __________ Profit for the Period 92,554,262 9,402,940 92,214,973 8,909,760 ========= ======== ========== ========= THE ACCOMPANYING NOTES CONSTITUTE AN INTEGRAL PART OF THESE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) -3- RAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2008 (UNAUDITED) EXHIBIT C Cumulative changes in fair Total Minority Capital value of available- Retained Government interest Total Equity reserve for-sale earnings Equity investments AED AED AED AED AED AED Balance at 31 December 2006 – (Audited) 635,793,521 -- 8,046,135 643,839,656 282,845 644,122,501 Profit for the period – Exhibit B -- -- 9,507,027 9,507,027 (104,087) 9,402,940 Difference resulting from re-measurement of available-for-sale investments – Note 10 -- (7,800,000) -- (7,800,000) -- (7,800,000) __________ __________ __________ __________ __________ __________ Balance at 30 June 2007- (Unaudited) 635,793,521 (7,800,000) 17,553,162 645,546,683 178,758 645,725,441 ======== ======== ======== ======== ======== ========= Balance at 31 December 2007 (Audited) – Exhibit A 635,793,521 18,300,000 50,428,457 704,521,978 (908,638) 703,613,340 Profit for the period – Exhibit B -- -- 91,491,413 91,491,413 1,062,849 92,554,262 Difference resulting from re-measurement of available-for-sale investments – Note 10 -- (10,800,000) -- (10,800,000) -- (10,800,000) __________ __________ __________ __________ __________ __________ Balance at 30 June 2008 (Unaudited) – Exhibit A 635,793,521 7,500,000 141,919,870 785,213,391 154,211 785,367,602 ========= ========= ========= ========= ========= ========= THE ACCOMPANYING NOTES CONSTITUTE AN INTEGRAL PART OF THESE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) -4- RAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2008 (UNAUDITED) EXHIBIT D CASH FLOWS FROM OPERATING ACTIVITIES: 30 June 2008 31 December 2007 (Unaudited) (Audited) AED AED Profit for the period 92,554,262 41,190,839 Adjustments for: Depreciation 2,332,507 5,485,817 Amortization 25,761 48,621 End of service benefits (16,304) 205,525 Sukuk issuance costs -- 9,033,130 Finance costs 10,724,832 24,328,000 Provision for doubtful debts -- 5,000,000 Interest income (7,581,176) (4,738,713) Profit from sale of shares in an associate (2,371,756) Profit from associate -- (38,672,840) Dividend income (1,660,173) (11,324) Income from associates ( 32,188,100) -- ___________ __________ Operating profit before working capital changes 61,819,853 41,869,055 Inventories – Decrease 1,888,411 101,779 Trade and other receivables – (Increase) (73,345,389) (25,136,617) Loans and advances – (Increase) (568,019,749) (70,454,606) Trade and other payables – Increase 33,784,831 46,787,120 Advances from customers – Increase 1,025,564,071 415,502,117 ___________ __________ Net cash provided by operating activities 481,692,028 408,668,848 ========== ========= CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (1,540,784) (1,935,402) Land improvement (1,560,433) (17,322,246) Purchase of intangible assets -- (173,096) Capital work in progress (190,101,321) (68,950,924) Advances for capital work in progress (49,087,450) (13,675,677) Advances for investment projects (612,926,410) (137,153,299) Purchase of trading properties under development (353,766,712) (372,917,035) Deferred commission (106,841) (30,840,000) Investment in unconsolidated subsidiaries -- (12,822,340) Investment in associates (40,658,319) (41,663,407) Purchase of available-for-sale investments (7,377,525) (77,349,357) Sale of shares in an associate 9,905,652 Dividend received 1,660,173 11,324 Interest income 7,581,176 4,738,713 ___________ ___________ Net cash (used in) investing activities (1,237,978,794) (770,052,746) ========== ========== CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Sukuk -- 1,193,887,500 Proceeds from unsecured loans 331,209,950 23,738,989 Payment of unsecured loans (31,303,579) (11,003,000) Proceeds from medium term bank loans 47,435,000 105,000,000 Payment of medium term bank loans (8,681,000) (10,251,625) Proceeds from short-term borrowings from banks 41,280,314 115,170,840 Finance costs paid (10,724,832) (9,665,483) Sukuk issuance costs paid -- (9,033,130) ____________ ____________ Net cash from financing activities 369,215,853 1,397,844,091 =========== ========== Net (Decrease)/Increase in cash and cash equivalents (387,070,913) 1,036,460,193 Cash and cash equivalents at beginning of the period 1,046,383,642 9,923,449 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD - Exhibit A 659,312,729 1,046,383,642 ========== ========== THE ACCOMPANYING NOTES CONSTITUTE AN INTEGRAL PART OF THESE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) -5- RAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) 1. LEGAL STATUS AND ACTIVITIES: RAK Investment Authority, a government owned Entity (hereinafter referred to as “the Parent Entity”) was established by the Government of Ras Al Khaimah, U.A.E. under Emiri Decree No. 2 dated 1 February 2005 issued by H.H. Sheikh Saqr Bin Mohammad Bin Salim Al Qassimi, Ruler of the Emirate of Ras Al Khaimah. The domicile of the Parent Entity is in Ras Al Khaimah city, Emirate of Ras Al Khaimah, United Arab Emirates. The main activities of the Parent Entity are: 1. Investments in various Projects. 2. Developing and promoting Industrial, Tourism & Real Estate activities in the Emirate of Ras Al Khaimah. 3. Issuing Licenses and collecting Lease Rents from companies registered in Free Zone and Industrial Zone in the Emirate of Ras Al Khaimah. 4. Attracting Investments in Industrial Sectors in the Emirate of Ras Al Khaimah. 2. BASIS OF PREPARATION OF CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS: a) Basis of preparation : The consolidated condensed interim financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") IAS 34 Interim Financial Reporting. They do not include all the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Authority as at and for the year ended 31 December 2007. In preparing these consolidated condensed interim financial statements, the significant judgments made by the management in applying the Authority's accounting policies and the key sources of estimating uncertainty were the same as those that applied to the financial statements as at and for the year ended 31 December 2007 except for the new accounting policy adopted during the period which is given below: Borrowing costs: Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. Capitalization commenced from the later of the start of acquistion, or development, of the asset and the date from which funds were borrowed. Capitalization will be ceased once the asset will substantially complete. Capitalization will be suspended if the development of the asset is suspended. In addition, results for the six months ended 30 June 2008 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2008. -6- b) Basis of consolidation : Subsidiaries are those enterprises controlled by the Parent Entity. Control exists when the Parent Entity owns directly or indirectly more than 50% of the capital and has the power, directly or indirectly, to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities.
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