Annual - Aramex

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Consolidated statement of changes in equity for the year ended 31 December 2008 Attributable to the equity holders of the Company Share capital Translation Statutory Fair value Retained Minority Total Number Amount reserve reserve reserve earnings Total interest equity AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 Balance at 1 January 2008 1,100,000,000 1,100,000 3,694 13,699 14,320 153,464 1,285,177 25,444 1,310,621 ----------------- ------------ ------- ------- -------- ---------- ------------ --------- ------------ Directors’ fees paid (refer note 23 (b)) - - - - - (1,400) (1,400) - (1,400) Translation adjustment - - (9,820) - - - (9,820) 168 (9,652) Adjustment on sale of available for sale investments (refer note 16) - - - - (665) - (665) - (665) Net change in fair value of available for sale investments (refer note 16) - - - - (13,074) - (13,074) - (13,074) ----------------- ------------ -------- ------- -------- ---------- ---------- ---- ----------- Total income and expense recognized - - (9,820) - (13,739) (1,400) (24,959) 168 (24,197) directly in equity Profit for the year - - - - - 147,321 147,321 22,051 169,372 ----------------- ------------ -------- ------- -------- ---------- ---------- --------- ---------- Total recognized income and expense - - (9,820) - (13,739) 145,921 122,362 22,219 144,581 Bonus shares issued (refer note 21) 110,000,000 110,000 - - - (110,000) - - - Transfer to statutory reserve - - - 11,999 - (11,999) - - - Acquisition of minority interest - - - - - - - (144) (144) (refer note 5) Dividends paid during the year - - - - - - - (20,035) (20,035) Net other movements during the year - - - - - - - 1,472 1,472 ----------------- ------------ -------- -------- ----- ---------- ------------ --------- ------------- Balance at 31 December 2008 1,210,000,000 1,210,000 (6,126) 25,698 581 177,386 1,407,539 28,956 1,436,495 ========== ======= ==== ===== ===== ====== ======= ===== ======= Annual Report 2008 In accordance with the interpretation of Article 118 of the UAE Federal Law No. 8 of 1994 by the Ministry of Economy & Commerce, directors’ fees have been treated as an appropriation of shareholders’ funds. 9 The notes on pages 10 to 38 are an integral part of these consolidated financial statements.
Annual Report 2008 10 Notes (forming part of the consolidated financial statements) 1- Legal status and principal activities Aramex PJSC (“the Company”) is a Public Joint Stock Company registered in the Emirate of Dubai, UAE on 15 February 2005 under UAE Federal law No 8 of 1984 (as amended). The consolidated financial statements of the Company as at 31 December 2008 comprise the Company and its subsidiaries (collectively referred to as “the Group” and individually as “Group entities”). The principal activities of the Company is to invest in the freight, express, logistics and supply chain management businesses through acquiring and owning controlling interests in companies in the Middle East and other parts of the world. The Company’s registered office is, Office No 5, Abdul Rahman Al Zaroani real estate, Plot 121-221, Dubai Airport, Deira, Dubai, United Arab Emirates. On 22 June 2005, the Company acquired 100% shareholding in Aramex International Limited (“AIL”) from Aramex Holding Limited, a related party incorporated under the laws of Bermuda. AIL provides transportation solutions including express delivery and freight forwarding services mainly to/from countries in the Middle East. For the purpose of the express business, AIL utilizes its main stations (hubs) in Dubai and London. AIL’s operations are managed through a regional office, which was registered in Jordan on 15 March 1988 under the name of AIL (“the Regional Office”) pursuant to the foreign companies law No. (58) of 1985. The operations of the Regional Office are facilitated by the hubs of the Aramex network. The Company was listed on the Dubai Financial Market on 9 July 2005. 2- Basis of preparation Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and the requirements of the UAE Federal law No. 8 of 1984 (as amended). Basis of measurement These consolidated financial statements have been prepared under the historical cost convention basis, except for available for sale investments and derivative financial instruments, which are measured at fair value. Functional and presentation currency These consolidated financial statements are presented in United Arab Emirates (“AED”), which is the Company’s functional currency. All financial information presented in AED has been rounded to the nearest thousand, except wherever stated otherwise. Use of estimates and judgments The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognized in the financial statements are described in note 36. 3- Significant accounting policies The following accounting policies, which comply with IFRS, have been applied consistently to all periods presented in these consolidated financial statements, and have been applied consistently by Group entities.
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 28 and 29: Directors’ Report Dear Shareholde
Page 30 and 31: Aramex PJSC and its subsidiaries Co
Page 32 and 33: Consolidated statement of cash flow
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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