Audit report 31, December 2009
Dear Shareholders
Al-Ahsa Development Company
Al-Ahsa –Saudi Arabia
Dear Sirs,
We have audited the accompanying balance sheet consolidated of Al-Ahsa Development Company (Saudi Joint Stock Company) as of December 31, 2009, and the related statements of income, changes in partners’ equity and cash flows for the year then ended, and the notes from 1 to 24, which are an integral part of these financial statements consolidated, which were prepared by the management and presented to us together with all information and explanations that we requested. The accompanying financial statements consolidated are the responsibility of management. Our responsibility is to express an opinion on these financial statements consolidated based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements consolidated are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements consolidated. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement consolidated presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements consolidated referred to above present fairly, in all material respects, the financial position of Al-Ahsa Development Company (Saudi Joint Stock Company) as of December 31, 2009, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles applicable to the company. The financial statements consolidated gree with the requirements of the relevant regulations for Companies and company’s Articles of Association insofar as these relate to the preparation and presentation of financial statements consolidated.
تقرير مراجعي الحسابات
السادة / المساهمين
شركة الأحساء للتنمية
الأحساء - المملكة العربية السعودية
لقد راجعنا قائمة المركز المالي الموحدة لشركة الأحساء للتنمية وشركتها التابعة ( شركة مساهمة سعودية ) كما في 31 ديسمبر 2009 وقوائم الدخل وحقوق الشركاء والتدفقات النقدية وقائمة التغيرات في حقوق الشركاء الموحدة للسنة المالية المنتهية في ذلك التاريخ ، والإيضاحات من 1 إلى 24 المعتبرة جزءا من هذه القوائم المالية الموحدة والمعدة من قبل الشركة والمقدمة لنا مع كافة المعلومات والبيانات التي طلبناها. إن هذه القوائم المالية الموحدة هي مسؤولية إدارة الشركة وأن مسؤوليتنا هي إبداء رأينا على هذه القوائم المالية الموحدة بناء على المراجعة التي أجريناها .
لقد قمنا بمراجعتنا وفقا لمعايير المراجعة المتعارف عليها ، وتتطلب تلك المعايير أن نقوم بتخطيط وتنفيذ مراجعتنا للحصول على درجة معقولة من القناعة بأن القوائم المالية الموحدة خالية من أية أخطاء جوهرية . تشتمل إجراءات المراجعة على فحص اختباري للمستندات المؤيدة للمبالغ والمعلومات التي تحتويها القوائم المالية الموحدة ، كما تشتمل على تقييم المعاييرالمحاسبية المتبعة والتقديرات الهامة التي استعملتها الادارة وعلى تقييم عرض القوائم المالية الموحدة ككل . وفي اعتقادنا أن مراجعتنا تشكل أساسا معقولا نستند عليه في ابداء رأينا .
وبرأينا ، أن القوائم المالية الموحدة المذكورة أعلاه ككل تظهر بعدالة ، من كافة النواحي الجوهرية ، المركز المالي لشركة الأحساء للتنمية وشركتها التابعة كما في 31 ديسمبر 2009 ونتائج أعمالها وتدفقاتها النـقدية الموحدة للسنة المالية المنتهية في ذلك التاريخ ، وفقا لمعايير المحاسبة المتعارف عليها والملائمة لظروف الشركة،وتتفق مع نظام الشركات وعقد التأسيس للشركة المتعلق بتحضير وعرض تلك القوائم المالية الموحدة .
المحاسبون المتضامنون
عضو مجموعة بي دي أو العالمية
(حمود بن علي الربيعان ـ رقم 222)
|
Riyadh - Saudi Arabia |
Associated Accountants |
|
Date: February 4, 2010 |
Member of BDO International |
|
|
Hamoud Ali Al-Rubian |
|
|
License No. 222 |
Al-Ahsa Development Company
(Saudi Joint Stock Company)
Consolidated Balance Sheet
as of December 31, 2009
(Saudi Riyals)
|
Assets |
Notes |
|
2009 |
|
2008 |
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
6,890,937 |
|
5,560,006 |
|
|
Trading investments |
(4) |
|
68,289,493 |
|
59,461,908 |
|
|
Trade Receivables – net |
(5) |
|
17,167,669 |
|
17,190,669 |
|
|
Inventories – Net |
(6) |
|
1,639,097 |
|
1,835,668 |
|
|
Prepayments and other receivables |
(7) |
|
652,624 |
|
671,362 |
|
|
Due from affiliates |
(8) |
|
737,995 |
|
168,052 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
95,377,815 |
|
84,887,665 |
|
|
Non-current assets: |
|
|
|
|
|
|
|
Investments in affiliated company |
(10) |
|
31,024,378 |
|
31,044,116 |
|
|
Available for sale investments |
(9) |
|
67,686,562 |
|
49,746,292 |
|
|
Investment in company’s share capital |
(11) |
|
82,134,482 |
|
83,259,482 |
|
|
Investment and participations in properties |
(12) |
|
196,917,400 |
|
196,917,400 |
|
|
Property & equipment |
(13) |
|
92,176,833 |
|
96,586,119 |
|
|
Projects under study |
(14) |
|
5,671,730 |
|
5,528,610 |
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
475,611,385 |
|
463,082,019 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
570,989,200 |
|
547,969,684 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Partners' Equity |
|
|
|
|
||
|
Current Liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
|
2,528,497 |
|
2,733,119 |
|
|
Accrued expenses and other liabilities |
(15) |
|
6,646,503 |
|
12,413,509 |
|
|
Current portion of long term-loan |
(16) |
|
25,092,842 |
|
31,792,422 |
|
|
Zakat provision |
(17) |
|
14,392,029 |
|
13,092,824 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
48,659,871 |
|
60,031,874 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
long term loans |
(16) |
|
28,331,877 |
|
16,702,224 |
|
|
SIDF loan |
(16) |
|
72,470,000 |
|
72,470,000 |
|
|
End-of-service benefits |
|
|
1,538,997 |
|
1,381,752 |
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
102,340,874 |
|
90,553,976 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
151,000,745 |
|
150,585,850 |
|
|
|
|
|
|
|
|
|
|
Partners’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
490,000,000 |
|
490,000,000 |
|
|
Statutory reserve |
|
|
31,839,606 |
|
31,503,587 |
|
|
Retained deficits |
|
|
(17,560,610) |
|
(21,888,943) |
|
|
Unrealized losses from available for sale investments |
|
|
(84,290,541) |
|
(102,230,810) |
|
|
|
|
|
|
|
|
|
|
Total Partners’ equity |
|
|
419,988,455 |
|
397,383,834 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and Partners’ equity |
|
|
570,989,200 |
|
547,969,684 |
|
Al-Ahsa Development Company
(Saudi Joint Stock Company)
Consolidated Statement of Income
as of December 31, 2009
(Saudi Riyals)
|
|
Note |
|
2009 |
|
2008 |
|
|
|
|
|
|
|
Net (Loss) / profit from investments |
(18) |
|
16,259,773 |
|
(20,534,188) |
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
|
16,259,773 |
|
(20,534,188) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
(19) |
|
(4,771,461) |
|
(6,215,552) |
|
Depreciation of fixed assets |
|
|
(4,425,676) |
|
(4,157,830) |
|
Operating income (loss) |
|
|
7,062,636 |
|
(30,907,570) |
|
|
|
|
|
|
|
|
Provision of obsolete and slow moving inventory |
|
|
- |
|
(4,000,000) |
|
Provision of doubtful debts |
|
|
- |
|
(15,576,610) |
|
Impairment of fixed assets |
|
|
- |
|
(10,000,000) |
|
Provisions no longer required |
|
|
- |
|
5,000,000 |
|
Other income |
|
|
1,917,892 |
|
9,113,205 |
|
Financing charges |
|
|
(4,321,128) |
|
(4,716,038) |
|
|
|
|
|
|
|
Net (Loss)/ income before Zakat |
|
|
4,659,400 |
|
(51,087,013) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zakat charge |
(17) |
|
(1,299,205) |
|
(5,157,988) |
|
|
|
|
|
|
|
|
Net (loss)/income for the year |
|
|
3,360,195 |
|
(56,245,001) |
|
(Loss) /Earnings per share from net income |
(20) |
|
0.07 |
|
(1.15) |