|
Condensed Statement of Financial Position at 31 March 2010
|
|
Bahraini Dinars |
| |
31 March
2010 (reviewed)
|
31 December 2009
(audited)
|
| CURRENT ASSETS |
|
|
| Cash and bank balances |
1,662,478 |
989,622 |
| Short-term bank deposits |
8,160,608 |
7,797,025 |
| Trade receivables |
853,834 |
676,151 |
| Inventory |
70,537 |
72,936 |
| Prepayments and other receivables |
378,983 |
317,259 |
| TOTAL CURRENT ASSETS |
11,126,440 |
9,852,993
|
|
| NON-CURRENT ASSETS |
| Available-for-sale investments |
3,659,114 |
3,685,101 |
| Investment in associate company |
3,487,277 |
3,497,614 |
| Investment property |
1,236,201 |
1,249,062 |
| Property and equipment |
11,669,825 |
11,667,737 |
| Total non-current assets |
20,052,417 |
20,099,514 |
| TOTAL ASSETS |
31,178,857 |
29,952,507 |
|
| CURRENT LIABILITIES |
| Trade payables |
472,724 |
430,325 |
| Accrued expenses and other payables |
946,073 |
901,317 |
| Dividends payable |
1,564,205 |
255,024 |
| Total current liabilities |
2,983,002 |
1,586,666 |
| NON-CURRENT LIABILITIES |
|
|
| Provision for employees’ leaving indemnity |
279,301 |
267,330 |
| TOTAL LIABILITIES |
3,262,303 |
1,853,996 |
| TOTAL NET ASSETS |
27,916,554 |
28,098,511 |
|
| SHAREHOLDERS' EQUITY |
| EQUITY |
|
|
| Share capital |
7,200,000 |
7,200,000 |
| Treasury shares |
(972,295) |
(972,295) |
| Statutory reserve |
3,600,000 |
3,600,000 |
| Capital and development reserves |
5,371,637 |
5,371,637 |
| Investments fair value reserve |
2,418,506 |
2,405,859 |
| Retained earnings |
10,298,706 |
10,493,310 |
| TOTAL EQUITY |
27,916,554 |
28,098,511 |
|
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
for the three months ended 31 March 2010
|
|
Bahraini Dinars |
| |
31 March
2010
(reviewed)
|
31 March
2009
(reviewed)
|
| HOTEL OPERATIONS |
|
|
| Revenue |
2,360,535 |
2,328,027 |
| Operating costs |
(1,323,368) |
(1,203,428) |
| |
|
|
| PROFIT BEFORE DEPRECIATION |
1,037,167 |
1,124,599 |
| Depreciation of hotel and conference center |
(213,148)
|
(289,605) |
| Profit from hotel operations |
824,019 |
834,994 |
|
| INVESTMENT ACTIVITIES |
| Dividend income |
146,317 |
145,225 |
Provision for impairment of available for sale investments |
(3,786) |
(115,892) |
| Share of profit of associate |
275,062 |
213,685 |
| Property income |
80,618 |
69,325 |
| Depreciation of investment property |
(12,861) |
(12,567) |
| Other income |
2,055 |
1,703 |
| Foreign exchange loss |
(7,926) |
(3,461) |
| Interest on short-term deposits |
61,922 |
49,856 |
| Profit from investment activities |
541,401 |
347,874 |
| TOTAL INCOME |
1,365,420 |
1,182,868 |
| GENERAL AND ADMINISTRATIVE EXPENSES |
(167,571) |
(152,434) |
| PROFIT FOR THE PERIOD |
1,197,849 |
1,030,434 |
|
| Other comprehensive income |
| Fair value reserve (Available for sale investments): |
|
|
Net change in fair value
|
(5,739) |
(612,233) |
Transfer to income statement
|
3,786 |
115,892 |
| Share in fair value reserve of associate |
14,600 |
- |
Total other comprehensive income for the period |
12,647 |
(496,341) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,210,496 |
534,093 |
| Earnings per share of 100 fils for the period |
18.2 Fils |
15.6 Fils |
|
|
|
|
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the three months ended 31 March 2010
| 2010 (reviewed) |
Share capital |
Treasury shares |
Statutory reserve |
Capital and development reserves |
Fair value reserve |
Retained earnings |
Total |
At January
|
7,200,000 |
(972,295) |
3,600,000 |
5,371,637 |
2,405,859 |
10,493,310 |
28,098,511 |
| Profit for the period |
- |
- |
- |
- |
- |
1,197,849 |
1,197,849 |
|
Other comprehensive income
Fair value reserve (Available for sale investments):
-Net change in fair value
-Net amount transferred to income statement
Share in fair value reserve of associate |
-
-
- |
-
-
- |
-
-
- |
-
-
- |
(5,739)
3,786
14,600
|
-
-
- |
(5,739)
3,786
14,600
|
| Total other comprehensive income for the period |
- |
- |
- |
- |
12,647 |
- |
1,210,496 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
- |
- |
- |
- |
12,647 |
1,197,849 |
1,210,496 |
Dividend declared (2009)
Charity donations approved (2009)
Directors' remuneration declared (2009)
|
-
-
- |
-
-
- |
-
-
- |
-
-
- |
-
-
- |
(1,313,453)
(15,000)
(64,000) |
(1,313,453)
(15,000)
(64,000)
|
| At 31 March |
7,200,000 |
(972,295) |
3,600,000 |
5,371,637 |
2,418,506 |
10,298,706 |
27,916,554 |
| CONDENSED STATEMENT OF CHANGES IN EQUITY
for the three months ended 31 March 2010 |
| 2009 (reviewed) |
Share capital |
Treasury shares |
Statutory reserve |
Capital and development reserves |
Fair value reserve |
Retained earnings |
Total |
At January
|
7,200,000 |
(844,008) |
3,241,705 |
5,729,932 |
2,374,822 |
8,733,986 |
26,436,437 |
| Profit for the period |
- |
- |
- |
- |
- |
1,030,434 |
1,030,434 |
Other comprehensive income
Fair value reserve (Available for sale investments):
Net change in fair value
Net amount transferred to income statement
|
-
- |
-
- |
-
- |
-
- |
(612,233)
115,892 |
-
- |
(612,233)
115,892
|
| Total other comprehensive income for the period |
- |
- |
- |
- |
(496,341) |
- |
(496,341) |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
- |
- |
- |
- |
(496,341) |
1,030,434 |
534,093 |
Purchase of treasury shares
Dividend declared (2008)
Charity donations approved (2008)
Directors' remuneration declared (2008)
Transfer from capital and development reserve
|
-
-
-
-
- |
(34,000)
-
-
-
- |
-
-
-
-
358,295 |
-
-
-
-
(358,295) |
-
-
-
-
- |
-
(1,321,319)
(15,000)
(64,000)
- |
(34,000)
(1,321,319)
(15,000)
(64,000)
- |
| At 31 March |
7,200,000 |
(878,008 |
3,600,000 |
5,371,637 |
1,878,481 |
8,364,101 |
25,536,211 |
|
| CONDENSED STATEMENT OF CASH FLOWS for the three months ended 31 March 2010 |
| |
31 March
2010
(reviewed)
|
31 March
2009
(reviewed)
|
| OPERATING ACTIVITIES |
|
|
Cash received from customers
Rent received
Payment to suppliers
Staff salaries and related costs
Payments for overhead expenses |
2,164,982
98,488
(425,837)
(469,032)
(531,608)
|
2,408,449
51,351
(261,163)
(440,229)
(544,996)
|
| Cash flows from hotel operations |
836,993 |
1,213,412 |
| INVESTING ACTIVITIES |
|
|
Interest received
Dividend received
Capital expenditure on hotel and conference center
Proceeds from redemption of available-for-sale investments
Other receipts |
61,922
446,317
(261,249)
18,674
2,055
|
49,856
445,225
(436,019)
-
916
|
| Cash flows from investing activities |
267,719 |
59,978 |
| FINANCING ACTIVITIES |
|
|
Dividends paid
Directors’ remuneration paid
Charity paid
Purchase of treasury shares
|
(4,273)
(64,000)
-
-
|
(7,698)
(64,000)
(25,000)
(34,000)
|
| Cash flows from financing activities |
9,823,086 |
8,484,497 |
| CASH AND CASH EQUIVALENTS per statement of financial position |
|
|
Cash and bank balances
Short-term bank deposits
|
1,662,478
8,160,608
|
1,406,100
7,078,397
|
| |
9,823,086 |
8,484,497 |
|
|
|
|
