Deutsche Gulf Finance (A Saudi Joint Stock Company)

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1 FINANCIAL STATEMENTS 31 DECEMBER

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3 STATEMENT OF COMPREHENSIVE INCOME For the year ended Notes OPERATING INCOME Income from Ijara receivables held at fair value through income 6 statement 73,271,796 55,801,853 Financial charges (21,334,000) (13,011,947) 51,937,796 42,789,906 Application fee and other income 1,560,860 1,419,529 Servicing fees 1,332,595 1,386,488 Special commission income on murabaha deposits - 95,035 TOTAL OPERATING INCOME, NET 54,831,251 45,690,958 OPERATING EXPENSES Compensation and employees benefits 23,081,158 25,230,965 General and administration 7 10,297,278 12,689,105 Selling expenses 8 3,646,691 5,748,688 Depreciation 12 2,258,539 5,117,119 TOTAL OPERATING EXPENSES 39,283,666 48,785,877 PROFIT (LOSS) BEFORE ZAKAT AND INCOME TAX 15,547,585 (3,094,919) Zakat and income tax expense 10 (2,860,929) (2,156,011) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR 12,686,656 (5,250,930) EARNINGS (LOSS) PER SHARE: 9 Basic earnings (loss) per share 0.43 (0.18) Diluted earnings (loss) per share 0.42 (0.18) The attached notes 1 to 24 form part of these financial statements. 2

4 STATEMENT OF FINANCIAL POSITION As at Notes ASSETS NON-CURRENT ASSET Property and equipment 12 1,977,985 3,988,027 1,977,985 3,988,027 CURRENT ASSETS Ijara receivables ,547, ,164,842 Prepayments, accrued income and other receivables 13 51,787,611 8,743,703 Bank balances 14 79,684,218 33,559,112 TOTAL CURRENT ASSETS 1,095,019, ,467,657 TOTAL ASSETS 1,096,997, ,455,684 SHAREHOLDERS EQUITY AND LIABILITIES SHAREHOLDERS EQUITY Share capital ,500, ,500,000 Proposed increase in share capital 15 50,000,000 - Accumulated losses (120,598,874) (133,285,530) TOTAL SHAREHOLDERS EQUITY 221,901, ,214,470 NON-CURRENT LIABILITIES Payable to a shareholder 16 1,281,299 1,281,299 Employees' terminal benefits 1,306, ,205 TOTAL NON-CURRENT LIABILITIES 2,588,161 2,174,504 CURRENT LIABILITIES Accounts payable and accruals 17 23,454,586 23,803,367 Short term loans ,238, ,828,399 Due to related parties 16 67,857,000 71,318,152 Zakat and income tax 10 4,957,721 2,116,792 TOTAL CURRENT LIABILITIES 872,507, ,066,710 TOTAL LIABILITIES 875,095, ,241,214 TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 1,096,997, ,455,684 The attached notes 1 to 24 form part of these financial statements. 3

5 STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY For the year ended Saudi shareholder Capital Non-Saudi shareholder Total Proposed capital increase Saudi Shareholder Accumulated losses Saudi Non-Saudi shareholder shareholder Total Shareholders equity Saudi Non-Saudi shareholder shareholder Total As at 1 January 175,500, ,000, ,500,000 - (81,798,214) (51,487,316) (133,285,530) 93,701,786 65,512, ,214,470 Total comprehensive income for the year ,633,993 6,052,663 12,686,656 6,633,993 6,052,663 12,686,656 Proposed increase in capital ,000, ,000,000-50,000,000 Balance at 175,500, ,000, ,500,000 50,000,000 (75,164,221) (45,434,653) (120,598,874) 150,335,779 71,565, ,901,126 As at 1 January 175,500, ,000, ,500,000 - (77,785,252) (50,249,348) (128,034,600) 97,714,748 66,750, ,465,400 Total comprehensive loss for - the year (4,012,962) (1,237,968) (5,250,930) (4,012,962) (1,237,968) (5,250,930) Balance at 31 December 175,500, ,000, ,500,000 - (81,798,214) (51,487,316) (133,285,530) 93,701,786 65,512, ,214,470 The attached notes 1 to 24 form part of these financial statements. 4

6 STATEMENT OF CASH FLOWS For the year ended Notes OPERATING ACTIVITIES Profit (loss) before zakat and income tax 15,547,585 (3,094,919) Adjustments to reconcile profit before zakat and income tax to net cash flows: Depreciation 12 2,258,539 5,117,119 Employees terminal benefits, net 413,657 (4,326) Unrealised gain on Ijara receivables 6 (16,339,186) (14,792,264) 1,880,595 (12,774,390) Working capital adjustments: Increase in ijara receivables (197,043,176) (307,866,448) Increase in prepayments, accrued income and other receivables (43,043,908) (6,982,805) (Decrease) increase in Accounts payable and accruals (348,781) 4,399,464 Decrease in due to related parties (3,461,152) (359,520) Cash used in operations (242,016,422) (323,583,699) Zakat paid 10 (20,000) (2,450,447) Net cash flows used in operating activities (242,036,422) (326,034,146) INVESTING ACTIVITY Purchase of property and equipment 12 (248,497) (958,135) Net cash flows used in investing activity (248,497) (958,135) FINANCING ACTIVITIES Proceeds from short term loans, net 238,410, ,894,138 Proposed increase in share capital 50,000,000 - Net cash flows from financing activities 288,410, ,894,138 NET INCREASE (DECREASE) IN BANK BALANCES 46,125,106 (111,098,143) Bank balances at 1 January 33,559, ,657,255 BANK BALANCES AT 31 DECEMBER 79,684,218 33,559,112 The attached notes 1 to 24 form part of these financial statements. 5

7 NOTES TO THE FINANCIAL STATEMENTS 1 CORPORATE INFORMATION Deutsche Gulf Finance (the Company ) is a closed Saudi joint stock company established pursuant to a ministerial resolution numbered 3/Q dated 6 Muharram 1431H (corresponding to 23 December 2009) and registered in the Kingdom of Saudi Arabia under commercial registration number dated 9 Safar 1431H (corresponding to 25 January 2010). The Company has a branch in Jeddah registered under commercial registration numbered dated 19 Jumad Thani 1434H (corresponding to 29 April ) and a branch in Al Khobar registered under commercial registration numbered dated 19 Jumad Thani 1434H (corresponding to 29 April ). The registered office of the Company is located at King Abdullah Road, Riyadh, Kingdom of Saudi Arabia. The Company is engaged in home financing (in the form of Ijara, Ijara of real estate under construction) and similar financing facilities that includes acquisition, purchase of lands and buildings for the purposes of those facilities (except in Makkah and Madina), Ijara financing services that relates to real estates, movables and financing facilities guaranteed by mortgage in accordance with license number dated 2 Dhul- Qadah 1430H (corresponding to 21 October 2009) as obtained from the Saudi Arabian General Investment Authority. All revenue generating transactions of the Company are approved through its Shariah Board. During the current year, the Saudi Arabian Monetary Agency ( SAMA ) has issued the Implementing Regulations of The Law On Supervision Of Finance Companies which was published on 24 February following the Financial Lease Law and Law on Supervision of Finance Companies (the laws ) published on 27 August. These laws have given existing companies a grace period of two years to align their current position with the new law s requirements. However, the companies still have to register and submit their alignment plan to SAMA before. The Company has submitted its plan and the application for license before the deadline and is awaiting SAMA approval. The financial statements of the Company for the year ended were approved by the Board of Directors on 29 April BASIS OF PREPARTION These financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). The financial statements are prepared under the historical cost convention, except for financial assets carried at fair value through income statement. The financial statements are presented in Saudi Riyals, which is also the functional currency of the Company. In order to comply with the Saudi Arabian regulatory requirements, the Company prepares a set of financial statements in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia ( Local GAAP ). Early adoption of IFRS 9 The Company has early adopted IFRS 9 Financial Instruments, issued in November 2009 and revised in October 2010 together with related consequential amendments in advance of its effective date. The effective date to apply IFRS 9 is for annual periods beginning on or after 1 January 2018 with early application continuing to be permitted. The date of initial application of IFRS 9 (i.e. the date on which the Company has assessed its existing financial assets and financial liabilities) is 1 January 2011 in accordance with the transitional provisions of IFRS 9. All other financial assets are measured at fair value. The standard eliminates the existing IAS 39 categories of held to maturity, available-for-sale and loans and receivables. The Company has voluntarily adopted this standard, as this is considered to result in a presentation that better reflects the performance and operations of the Company. IFRS 9 (phase 1) has been applied by the Company for the classification and measurement of financial assets and financial liabilities. IAS 39 is still being followed for impairment of financial assets and hedge accounting, as these will be covered through phase 2 and phase 3 of IFRS 9, respectively, which have not yet been completed by the International Accounting Standards Board (IASB). As IASB completes these phases, it will delete the relevant portions of IAS 39 and create chapters in IFRS 9 that would replace the requirements in IAS 39. 6

8 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following are the significant accounting policies adopted in the preparation of these financial statements are set out below: Revenue recognition Special commission income on murabaha deposits and Ijara receivables are recognised on an effective yield basis. Application fee charged and received from the customer at the time of submission of application documents is recognised in the statement of comprehensive income upon receipt. Fee income earned on servicing sold Ijara receivable balances on behalf of the buyer are recognised as services are rendered. Fee income on Ijara receivables are recognised directly in the statement of comprehensive income upon receipt. Any amounts in excess of carrying value received upon sale of receivables are recognised in the statement of comprehensive income. Expenses Selling and distribution expenses are those that specifically relate to salesmen and marketing expenses. All other expenses are classified as general and administration expenses. Foreign currencies Transactions in foreign currencies are recorded in Saudi Riyals at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the financial reporting date. All differences are taken to the statement of comprehensive income. Zakat and income tax Current zakat and income tax Zakat is provided in accordance with the Regulations of the Department of Zakat and Income Tax (the DZIT ) in the Kingdom of Saudi Arabia and on accrual basis. The income tax as applicable to the foreign shareholders share of income in the Company is provided as per the Saudi Arabian Income Tax law. Zakat and Income tax is charged to the statement of comprehensive income. Deferred income tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against 7

9 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Zakat and income tax (continued) which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss. Property and equipment Property and equipment are stated at cost less accumulated depreciation and any impairment in value. The cost less estimated residual value of property and equipment is depreciated on a straight line basis over the estimated useful lives of the assets. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. Leasehold improvements are amortised on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Expenditure for repair and maintenance are charged to income. Improvements that increase the value or materially extend the life of the related assets are capitalised. Financial instruments recognition, measurement and subsequent measurement All financial assets and liabilities are initially recognised on the trade date, i.e., the date that the Company becomes a party to the contractual provisions of the instrument. This includes regular way trades: purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place. 8

10 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Financial instruments recognition, measurement and subsequent measurement (continued) IFRS 9 introduces new classification and measurement requirements for financial assets that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement. Specifically, IFRS 9 requires all financial assets to be classified and subsequently measured at either amortised cost or fair value on the basis of the entity s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. At inception, financial assets are classified at amortised cost or fair value. The Company is in the business of originating debt instruments, Ijara receivables with the intent to sale. Ijara receivables represent non-derivative debt instruments with fixed or determinable payments. These are notes receivable from customers on finance lease. Ijara receivables are classified as finance lease whenever the terms of the lease transfer substantially all of the risks and rewards of ownership of the underlying asset to the lessee. As per IFRS 9, a debt instrument shall not be measured at amortised cost if both of the following conditions are not met: (a) (b) The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Since the Company s business model does not meet condition (a) above, Ijara receivables are measured at fair value through income statement at the end of each reporting period, with any gains or losses arising on re-measurement recognised in statement of comprehensive income. Special commission income on Ijara receivables is included in the statement of comprehensive income. Impairment of financial assets The Company assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if there is objective evidence of impairment as a result of one or more events that has occurred since the initial recognition of the asset (an incurred loss event ) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the receivables or a group of receivables is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when: The rights to receive cash flows from the asset have expired; or The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a passthrough arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. 9

11 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Financial instruments recognition, measurement and subsequent measurement (continued) Derecognition (continued When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the asset is recognised to the extent of the Company s continuing involvement in the asset. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. Employees' terminal benefits Provision is made for amounts payable under the Saudi Arabian labour law applicable to employees' accumulated periods of service at the financial reporting date. The liability is calculated as the current value of the vested benefits to which the employee is entitled, should the employee leave at the financial reporting date. Statutory reserve As required by Saudi Arabian Regulations for Companies, 10% of the income for the year (after zakat and income tax and after deducting losses brought forward) should be transferred to the statutory reserve. The company may resolve to discontinue such transfers when the reserve totals 50% of the capital. Due to accumulated losses, no such transfer was made. Segment reporting A segment is a distinguishable component of the Company that is engaged either in providing products or services (a geographic segment) or in providing products or services within a particular economic environment, which is subject to risks and rewards that are different from those of other segments. Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents consists of bank balances and Murabaha deposits that have an original maturity of three months or less. Accounts payable and accruals Liabilities are recognised for amounts to be paid in the future for goods or services received, whether billed by the supplier or not. Provisions Provisions are recognised when the Company has an obligation (legal or constructive) arising from a past event, and the costs to settle the obligation are both probable and can be measured reliably. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Fair values of financial instruments The Company measures financial instruments, such as, ijara receivables at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: 10

12 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair values of financial instruments (continued) in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible to by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 Level 2 Level 3 Quoted (unadjusted) market prices in active markets for identical assets or liabilities Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between Levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. The Company s management determines the policies and procedures for both recurring fair value measurement, such as unquoted available for sale financial assets, and for non-recurring measurement, such as assets held for distribution in discontinued operation whenever applicable. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Critical accounting judgements, estimates and assumptions The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting judgements, estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires management to exercise its judgment in the process of applying the Company s accounting policies. Such judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including obtaining professional advices and expectations of future events that are believed to be reasonable under the circumstances. 11

13 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Critical accounting judgements, estimates and assumptions ( continued) i) Business model In making an assessment whether a business model s objective is to hold assets in order to collect contractual cash flows, the Company considers at which level of its business activities such assessment should be made. Generally, a business model is a matter of fact which can be evidenced by the way business is managed and the information provided to management. However, in some circumstances it may not be clear whether a particular activity involves one business model with some infrequent asset sales or whether the anticipated sales indicate that there are two different business models. In determining whether its business model for managing financial assets is to hold assets in order to collect contractual cash flows the Company considers: management s stated policies and objectives for the portfolio and the operation of those policies in practice; how management evaluates the performance of the portfolio; whether management s strategy focuses on earning contractual special commission income; the degree of frequency of any expected asset sales; the reason for any asset sales; and whether assets that are sold are held for an extended period of time relative to their contractual maturity or are sold shortly after acquisition or an extended time before maturity. ii) Contractual cash flows of financial assets The Company exercises judgement in determining whether the contractual terms of financial assets it originates or acquires give rise on specific dates to cash flows that are solely payments of principal and commission income on the principal outstanding and so may qualify for amortised cost measurement. In making the assessment the Company considers all contractual terms, including any prepayment terms or provisions to extend the maturity of the assets, terms that change the amount and timing of cash flows and whether the contractual terms contain leverage. iii) Going concern The Company s management has made an assessment of the Company s ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt on the Company s ability to continue as a going concern. Therefore, the financial statements continue to be prepared on a going concern basis. iv) Fair value of financial instruments Where the fair value of financial assets and financial liabilities recorded in the statement of financial position cannot be derived from active markets, they are determined using valuation techniques including the discounted cash flows model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. 12

14 4 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES New and amended standards and interpretations The Company applied, for the first time, certain standards and amendments that require restatement of previous financial statements. These include IAS 19 Employee Benefits (Revised 2011), IFRS 13 Fair Value Measurement and amendments to IAS 1 Presentation of Financial Statements. Several other amendments apply for the first time in. However, they do not impact the annual financial statements of the Company. The nature and the impact of each new standards and amendments with a significant impact on the Company s financial statements is described below : IFRS 13 Fair Value Measurement IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS. IFRS 13 defines fair value as an exit price. As a result of the guidance in IFRS 13, the Company re-assessed its policies for measuring fair values, in particular, its valuation inputs such as non-performance risk for fair value measurement of liabilities. IFRS 13 also requires additional disclosures. Application of IFRS 13 has not materially impacted the fair value measurements of the Company. Additional disclosures where required, are provided in the individual notes relating to the assets and liabilities whose fair values were determined. Fair value hierarchy is provided in note 21. IAS 1 Presentation of Items of Other Comprehensive Income Amendments to IAS 1 The amendments to IAS 1 introduce a grouping of items presented in OCI. Items that will be reclassified ( recycled ) to profit or loss at a future point in time (e.g., net loss or gain on available for sale financial assets) have to be presented separately from items that will not be reclassified (e.g., revaluation of land and buildings). The amendments does not have any effect on presentation, financial position or performance. IAS 1 Clarification of the requirement for comparative information (Amendment) These amendments clarify the difference between voluntary additional comparative information and the minimum required comparative information. An entity must include comparative information in the related notes to the financial statements when it voluntarily provides comparative information beyond the minimum required comparative period. The amendments clarify that the opening statement of financial position (as at 1 January in the case of the Company), presented as a result of retrospective restatement or reclassification of items in financial statements does not have to be accompanied by comparative information in the related notes. The amendments does not have any effect on presentation or on the Company s financial position or performance. IFRS 9 Financial Instruments On 19 November, the IASB issued a new version of IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39). IFRS 9 ()) which includes the new hedge accounting requirements and some related amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures. IFRS 9 () also replicates the amendments in IAS 39 in respect of novations. The standard does not have a mandatory effective date, but it is available for application now. A new mandatory effective date will be set when the IASB completes the impairment phase of its project on the accounting for financial statements. Entities may elect to apply only the accounting for gains and losses from own credit risk without applying the other requirements of IFRS 9 at the same time. An accounting policy choice to continue to apply the hedge accounting requirements of IAS 39 is available for of their hedging relationships. They may later change that policy and apply the hedge accounting requirements in IFRS 9 before they eventually become mandatory. This choice is intended to be removed when the IASB completes its project on accounting for macro hedging. 13

15 5 STANDARDS ISSUED BUT NOT YET EFFECTIVE The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. IAS 32 Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 These amendments clarify the meaning of currently has a legally enforceable right to set-off and the criteria for non-simultaneous settlement mechanisms of clearing houses to qualify for offsetting. These are effective for annual periods beginning on or after 1 January These amendments are not expected to be relevant to the company. IFRIC Interpretation 21 Levies (IFRIC 21) IFRIC 21 clarifies that an entity recognises a liability for a levy when the activity that triggers payment, as identified by the relevant legislation, occurs. For a levy that is triggered upon reaching a minimum threshold, the interpretation clarifies that no liability should be anticipated before the specified minimum threshold is reached. IFRIC 21 is effective for annual periods beginning on or after 1 January The Company does not expect that IFRIC 21 will have material financial impact in future financial statements. IAS 39 Novation of Derivatives and Continuation of Hedge Accounting Amendments to IAS 39 These amendments provide relief from discontinuing hedge accounting when novation of a derivative designated as a hedging instrument meets certain criteria. These amendments are effective for annual periods beginning on or after 1 January The Company has not dealt in derivatives during the current period. However, these amendments would be considered for future derivative related transactions. 6 INCOME FROM IJARA RECEIVABLES HELD AS FAIR VALUE THROUGH INCOME STATEMENT Special commission income on Ijara receivables 54,675,593 39,339,638 Unrealised gain on ijara receivables (note 11) 16,339,186 14,792,264 Realised gain on sale of Ijara receivables 2,257,017 1,669,951 73,271,796 55,801,853 7 GENERAL AND ADMINISTRATION EXPENSES Professional fees 5,190,511 5,581,962 Rent, net 2,905,206 3,737,888 Utilities 749, ,765 Executive board fees (note 16) 318, ,222 Travel and lodging 238,705 1,070,896 Office supplies 194, ,973 Shariah board fee - 337,500 Others 700, ,899 10,297,278 12,689,105 14

16 8 SELLING EXPENSES Processing expenses 2,212,062 3,374,219 Provision for credit loss 755,111 1,281,393 Marketing expenses 332,529 1,055,186 Others 346,989 37,890 3,646,691 5,748,688 9 EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (EPS) is calculated by dividing the net profit for the year by 29,250,000 shares outstanding at the end of the year. Diluted EPS amounts are calculated by dividing the net profit by the weighted average number of shares outstanding during the year plus the weighted average number of ordinary shares that would be issued once the legal formalities for proposed increased in capital and new shares are issued. Total comprehensive income (loss) 12,686,656 (5,250,930) Weighted average number of ordinary shares for basic EPS 29,250,000 29,250,000 Effect of dilution - proposed increased in capital (note 15) 629,526 - Weighted average number of ordinary shares adjusted for the effect of dilution 29,879,526 29,250, ZAKAT AND INCOME TAX a) Zakat Zakat is a levy as defined by the Department of Zakat and Income Tax ( DZIT ) in the Kingdom of Saudi Arabia. Zakat is levied on the total of the Company s capital resources and income that are not invested in fixed assets. Such resources include the Company s capital, net profits, retained earnings (accumulated losses) and reserves not created for specific liabilities. Only resources (including income) which have been held for at least 12 months are subject to Zakat. The rate is 2.5%. Charge for the year The zakat charge for the year consists of the following: Provided for the year 2,426,714 2,116,792 Adjustment for prior year 267,844 39,219 At the end of the year 2,694,558 2,156,011 15

17 10 ZAKAT AND INCOME TAX (continued) Movement in provision The movement in zakat provision for the year was as follows: At beginning of the year 2,116,792 2,411,228 Provided for the year 2,694,558 2,156,011 Payments during the year (20,000) (2,450,447) At the end of the year 4,791,350 b) Income tax The movement in tax provision for the year was as follows: 2,116,792 Provided for the year 166,371 - At the end of the year 166,371 - No income tax provision was made on account of adjusted losses during the year ended 31 December. There is no unrecognised deferred tax asset or liability as at. c) Status of assessment Zakat and income tax declaration for all the years up to 2011 have been filed with Department of Zakat and Income Tax ( DZIT ) and acknowledgement certificates have been obtained. The DZIT has raised an assessment amounting to 18.1 million for the period ended 31 December 2010; out of which 12 million relates to additional withholding tax payable on payment to be made to an affiliate, which is reimbursable along with related penalties from the affiliate upon payment. During May, the DZIT issued an amended assessment and reduced the remaining zakat liability from 6.1 Million to 3.7 Million of which an amount of 1.3 million arose principally due to the fact that DZIT has not allowed a deduction from zakat base of the Ijarah receivables. The Company has not considered the disallowances of deduction of net investment in leases in its annual zakat computation for the years ended and also. Subsequent to the year end, the Company has filed an appeal with the Higher Appeal Committee against the additional withholding tax and zakat liabilities and made payment of 3.7 million and 12 million against additional zakat and withholding tax liability respectively. These payments were required to be made as part of the appeal process with the Higher Appeal Committee. The payment of withholding tax liabilities will be ultimately borne by an affiliate (note 16). It is management s assessment that the additional zakat liability assessment would not be upheld during the appeal process and has not accordingly provided for the assessment. 16

18 11 IJARA RECEIVABLES Opening balance 750,164, ,506,130 New Ijara receivables originated during the year 360,408, ,551,493 Sold during the year (120,364,798) (117,426,705) Principal received during the year (56,090,609) (36,258,340) Un-realised gain on Ijara originated during the year (note 6) 16,339,186 14,792,264 Receivables bought back during the year 13,089,984 - Ijara receivables, net 963,547, ,164,842 Ijara receivables have an original term period of between 5 to 30 years. As at 31 December, the ageing of past due but not impaired installments and the related gross balances of Ijara receivables are as follows: < 30 days days days days days days Total Gross Ijara receivables 92,596,076 28,143,134 13,260,005 3,220,167 1,254,158 2,386, ,859,868 Delinquent Installments 1,307, , , ,334 58, ,822 3,238, December Gross Ijara receivables 63,611,097 17,059,072 15,973,700 2,788, ,432,598 Delinquent Installments 804, , ,431 98, ,704,112 During the year, the Company sold Ijara receivable balances amounting to 120,364,798 (: 117,426,705) at fair value. Out of the Ijara receivables sold 6,652,879 originated in 2010, 25,906,916 in ,438,903 in and 33,366,100 in. The Company has entered into a service agreement with the purchasing counterparties (the counterparties ) to collect Ijara receivable on its behalf. The Company is entitled to a service fee in this respect. At the due dates of instalment, the Company in practice settles the instalment due to the counterparties regardless of whether it was able to collect from the customer. However, if the amounts are not collected within three instalments, then the counterparties are obliged to sell the underlying Ijara property and settle the outstanding Ijara balance and repay the Company for uncollected instalments. Consequently, the Company derecognises these receivables off its statement of financial position. The title deeds of the properties for which financing have been provided under Ijara receivables are held by an affiliate company. The fair values are based on recent sale transactions by the Company, as these are not traded in an active market. 17

19 12 PROPERTY AND EQUIPMENT The estimated useful lives of the assets for calculation of depreciation are as follows: Leasehold improvements Equipment and motor vehicles Furniture and fixtures Over the shorter of the useful life of the improvement or 5 years 3 years 5 years Leasehold improvements Equipment and motor vehicles Furniture and fixtures Total Total Cost: At the beginning of the year 2,025,872 12,811,295 3,345,643 18,182,810 17,224,675 Additions during the year - 216,972 31, , ,135 At the end of the year 2,025,872 13,028,267 3,377,168 18,431,307 18,182,810 Accumulated depreciation: At the beginning of the year 1,164,961 11,203,104 1,826,718 14,194,783 9,077,664 Charge for the year 457,160 1,126, ,496 2,258,539 5,117,119 At the end of the year 1,622,121 12,329,987 2,501,214 16,453,322 14,194,783 Net book amounts: At 403, , ,954 1,977,985 At 31 December 860,911 1,608,191 1,518,925 3,988, PREPAYMENTS, ACCRUED INCOME AND OTHER RECEIVABLES Amounts due on sale of Ijara receivables 48,363,968 5,930,953 Prepaid expenses 1,733,442 1,949,633 Advance for investment 576,653 - Staff receivables 537, ,000 Advances to contractors 500,000 - Accrued special commission income 76, ,117 51,787,611 8,743, BANK BALANCES Bank current accounts are with counterparties who have investment grade credit ratings, as rated by international rating agencies. 18

20 15 SHARE CAPITAL The capital of the Company is divided into authorised, issued and fully paid 29,250,000 ordinary shares of 10 each. In the Company s extra ordinary general meeting held on 7 Muharram 1435H (corresponding to 11 November ) the shareholders, unanimously passed a resolution to increase the share capital of the Company from 292,500,000 to 338,329,510. The contribution was made by conversion of loan amounting to 50,000,000. The conversion will include a share premium of 4,170,490. The legal formalities for the increase in capital was in progress as of the balance sheet date. 16 RELATED PARTY TRANSACTIONS AND BALANCES The following are the details of major related party transactions during the year and its balances at the year end: Related party Nature of transactions Amount of transactions Balance Balance Affiliates Business documentation fee payable (*) ,500,000 67,500,000 Maintenance expenses - 72,000 Security expenses - 89,200 Shareholder Additional cash contribution - 1,281,299 1,281,299 Proposed increase in share capital 50,000,000 50,000,000 Rent expenses - 3,140, ,000 3,818,152 Rent income (357,000) - Senior Management Remuneration 2,177,079 1,833, Advances paid - 500, , ,000 Board of directors Board fees 318, , Consultancy fees 2,371,975 - (*) Subsequent to the year end the Company has made a payment of 12 million as withholding tax to DZIT in relation to Business documentation fee payable. As per the agreement with the affiliate any such liability will be borne by the affiliate and the balance will be settled net. Accordingly, management has not accrued for the withholding tax liabilities (note 10). Amounts due to related parties are shown in the statement of financial position. Compensation of key management personnel of the Company Remuneration 2,177,079 1,833,717 Termination benefits 225,508 42,464 Total compensation paid to key management personnel 2,402,587 1,876,181 19

21 17 ACCOUNTS PAYABLE AND ACCRUALS Accrued expenses 10,431,910 8,946,775 Advances from customers 7,329,099 8,462,405 Trade accounts payable 1,459,734 3,386,935 Instalments payable on Ijara receivables sold 4,211,307 2,385,054 Withholding tax payable 18,796 24,081 Provision for doubtful commission receivable - 348,117 Other payables 3, ,000 23,454,586 23,803, SHORT TERM LOANS The short term loans are secured by assignment of proceeds from Ijara receivables, promissory note and simple pledge of title deeds of underlying real estate assets. The short term loans carry borrowing costs at commercial rates and are repayable at various maturities during the year OPERATING LEASE COMMITMENTS Payments under operating leases recognised as an expense during the year amounted to 2,905,206 (: 3,737,888). Operating lease payments represent rentals payable by the Company for office rent, the commitment of which will expire within two years. 20 RISK MANAGEMENT The Company s activities expose it to a variety of financial risks: market risk (including currency risk and special commission rate risks), credit risk and liquidity risk. The Company s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company s financial performance. Risk management is carried out by senior management. The most important risks and their management is summarised below. Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. The Company is subject to fluctuations in foreign exchange rates in the normal course of its business. The Company did not undertake any transactions in currencies other than Saudi Riyals and US Dollars, during the year. As Saudi Riyals is pegged with US Dollars, no significant currency risk was identified as at the financial reporting date. Special commission rate risk Special commission rate risk is the risk that the value of financial instruments will fluctuate due to changes in market special commission rates. The Company is subject to variations in the fair value of its financial instruments and the net special commission income arising from changes to special commission rate risk on its Ijara receivables and short term loans, which are generally priced on the floating SIBOR rates. The sensitivity to a +/- 15 basis points change in special commission rates on ijara receivables, with all other variables constant on the Company s total comprehensive income for the year is +/- 1,445,321 (: +/- 1,125,248). The sensitivity to a +/- 15 basis points change in special commission rates on short term loans, with all other variables constant on the Company s total comprehensive income for the year is +/- 1,164,358 (: +/- 806,743). 20

22 20 RISK MANAGEMENT (Continued) Credit risk Credit risk is the risk that one party will fail to discharge an obligation and will cause the other party to incur a financial loss. The Company has established a credit policy for individual borrowers. There is no refinance permitted under such policy. Furthermore, all the loans are allowed for the maximum term of 360 months. As per such policy, a Ijara is not granted unless the borrower meets certain basic requirements, which are set out below: Age limit at the time of funding and contractual maturity Income earned Debt to income ratio The Company monitors its Ijara receivables on a weekly basis. Furthermore, all Ijara receivables are backed by the legal titles of those properties beneficially registered in the name of the Company. In case of Ijara receivables past due for six months, the Company takes legal actions against the borrower and collects the receivable by selling the property against which the financing is provided. The table below reflects the maximum exposure to credit risk for the components on the statement of financial position: Bank balances 79,684,218 33,559,112 Ijara receivables 963,547, ,164,842 Accrued income and other receivables 50,054,169 6,794,070 1,093,285, ,518,024 Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from an inability to sell a financial asset quickly at an amount close to its fair value. The Company manages its liquidity risk by ensuring that bank facilities are available. The Company s financial liabilities comprise bank borrowings as of of 776,238,424 (: 537,828,399). For amounts due to shareholders, the Company has an implicit understanding with the related parties that their respective payable balance would be repaid at the Company s discretion based on usage and requirement of funds. The Company has no unutilised bank facilities. The table below summarises the maturity profile of the Company s financial liabilities at December 31, based on contractual undiscounted repayment obligations. The totals in this table do not match with the statement of financial position as special commission payments with contractual maturities are included in the table on an undiscounted basis. The contractual maturities of financial liabilities have been determined on the basis of the remaining period at the reporting date to the contractual maturity date. 21

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