Annual - Aramex

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Directors’ Report Dear Shareholders, Annual Report 2008 We have concluded year 2008 with a strong financial performance; Aramex revenues grew from AED 1.8 billion to AED 2.1 billion, an increase of 17% compared to year 2007. Furthermore, net profits increased by 21% over the same period, from AED 122 million to AED 147 million. We were able to maintain our revenue growth and profit margins at a very healthy level, a result of serious cost cutting measures taken to control the upward spiraling costs in the first 9 months of the year Going forward, Aramex is well positioned to deal with the challenges ahead in year 2009. We continue to maintain a very healthy balance sheet with little debt and our non-asset based business model enables us to maintain flexibility in our costs We are confident of our ability to achieve long term sustainable growth for the company despite the challenges ahead in 2009. Abdullah Al Mazroui Fadi Ghandour Chairman Founder and CEO 3
Annual Report 2008 4 Independent auditors’ report The Shareholders Aramex PJSC Report on the consolidated financial statements We have audited the accompanying consolidated financial statements of Aramex PJSC (“the Company”) and its subsidiaries (collectively referred to as «the Group»), which comprise the consolidated balance sheet as at 31 December 2008, and the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting principles used and reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2008, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards and comply with the relevant Articles of the Company and the UAE Federal Law No. 8 of 1984 (as amended). Report on other legal and regulatory requirements As required by the UAE Federal Law No. 8 of 1984 (as amended), we further confirm that we have obtained all information and explanations necessary for our audit, that proper financial records have been kept by the Company and the contents of the Directors’ report which relates to these consolidated financial statements are in agreement with the Company’s financial records. We are not aware of any violation of the above-mentioned Law and the Articles of Association having occurred during the year ended 31 December 2008, which may have had a material adverse effect on the business of the Company or its financial position. Vijendranath Malhotra Date: 26 February 2009 (Registration: No. B48) Dubai, United Arab Emirates
Page 4: Mission and Purpose Mission To be r
Page 7: Reach has no limits We continue our
Page 11: Tomorrow has no limits The year fol
Page 14 and 15: Innovation has no limits Our innova
Page 16 and 17: Hope has no limits We contribute to
Page 18 and 19: and our support of the Arab Fund fo
Page 20 and 21: Selected Financial Data Annual Repo
Page 22 and 23: Annual Report 2008 Wholesale expres
Page 24 and 25: Year 2007 Description International
Page 26 and 27: Aramex PJSC and its subsidiaries Co
Page 30 and 31: Aramex PJSC and its subsidiaries Co
Page 32 and 33: Consolidated statement of cash flow
Page 34 and 35: Consolidated statement of changes i
Page 36 and 37: Notes (Continued) 3- Significant ac
Page 42 and 43: Notes (Continued) 4- Financial risk
Page 44 and 45: Notes (Continued) 7- Cost of servic
Page 46 and 47: Notes (Continued) 12- Income taxes
Page 48 and 49: Notes (Continued) 14- Goodwill 2008
Page 50 and 51: Notes (Continued) 19- Trade receiva
Page 52 and 53: Notes (Continued) 24- Loans and bor
Page 54 and 55: Notes (Continued) 28- Other current
Page 56 and 57: Notes (Continued) 33- Information a
Page 58 and 59: Notes (Continued) 35- Financial ins

Annual - Aramex

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