NIG Prospectus - London Stock Exchange

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Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10b : 3776 Section 10b3 Subsidiary companiesThe significant consolidated subsidiaries as at 31 December 2006 and 2005 are as follows:Country ofPercentageregistration11111111ownership1111111111200611112200511112% %NI Group (Bahrain) EC .......................................... Bahrain 100 100NIC Holdings (Guernsey) Limited ........................ Guernsey 100 100<strong>NIG</strong> (Guernsey) Limited........................................ Guernsey 100 100NIC Holdings (UK) Plc .......................................... United Kingdom 100 100BI Group Plc ........................................................ United Kingdom 100 100National Land Transport Company – SAK (Closed) Kuwait 100 100Loloah National Industries Trading Company– WLL [formerly Luluat Al Nasrullah TradingCompany – WLL] ................................................ Kuwait 100 100D & B Kuwait for Economic & ManagementConsulting – KSC (Closed) .................................. Kuwait 100 –Combined National Industries Company forEnergy – KSC (Closed) ........................................ Kuwait 100 –Gas & Oil Field Services Co. – WLL .................... Kuwait 100 –Ikarus Industrial Petroleum Company – SAK(Closed) [formerly National Company for CementIndustries – SAK (Closed)].................................... Kuwait 72 100Denham Investment LTD .................................... Cayman Islands 71 80National Industries Company for BuildingMaterials – SAK (Closed) .................................... Kuwait 51 74Noor Financial Investment Company– KSC (Closed) .................................................... Kuwait 51 51National Company for Ready Mix Concrete– SAK (Closed)...................................................... Kuwait – 100a. <strong>NIG</strong> (Guernsey) Limited is the ultimate European holding company of the UK trading groupand owns 100% of NIC Holdings (UK) Plc which in turn owns 100% of BI Group Plc.b. Certain minority shareholdings in the above subsidiary companies are held on behalf of theparent company by third party nominees.4 Income from investments200611112200511112KD ‘000 KD ‘000Dividend income:– From investments at fair value through statement of income ................ 10,796 7,720– From available for sale investments ........................................................ 4,081 2,477Profit on sale of available for sale investments .......................................... 42,353 13,793Impairment in value of available for sale investments................................ (1,173) (999)Realised gain on investment at fair value through statement of income .. 5,324 68,491Unrealised gain on investment at fair value through statement of income 18,849 79,672Income from wakala and murabaha investments ...................................... 2,139 236Interest income .......................................................................................... 8,403111121,6191111290,772 173,00911112 1111211112 11112F-31
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10b : 3776 Section 10b5 Profit from operationsProfit from operations is stated after charging:200611112200511112KD ‘000 KD ‘000Depreciation................................................................................................ 4,640 4,518Staff costs .................................................................................................. 28,201 1111239,088111126 Disposal of subsidiaries/businessesSignificant disposals during 2006:a. The parent company sold 28%, out of its 100% owned subsidiary Ikarus IndustrialPetroleum Company SAK (Closed), for a consideration of KD 64,140 thousand resulting in aprofit of KD34,258 thousand.b. The parent company sold 9%, out of its 80% owned subsidiary Denham Investment Ltd. fora consideration of KD17,487 thousand resulting in a profit of KD14,264 thousand.c. The parent company realised a profit of KD21,083 thousand on distribution of shares of thesubsidiary National Industries Company for Building Materials – SAK (Closed), whichrepresents the difference between the carrying value amounting to KD18,494 thousand andthe fair value amounting to KD39,577 thousand of the distributed shares. Further thisdistribution has diluted the group’s holding in the subsidiary from 74% to 51%.d. The parent company sold its 100% owned subsidiary Bunyan Al Mashrik Co. – KSCC [formerly named National Company for Readymix Concrete – SAK (Closed)]; for aconsideration of KD7,387 thousand resulting in no profit or loss in the consolidatedstatement of income.Significant disposals during 2005:a. The group disposed Newage Transmission Limited, a wholly owned subsidiary located in theUnited Kingdom, for a cash consideration of KD532 thousand resulting in a loss of KD1,264thousand.b. The group disposed Blanson trading division of BI Plastic and the group’s 50% interest inPerry Barromedical Inc. for a net combined cash consideration of KD1,117 thousandresulting in a loss of KD213 thousand.c. Provision of KD904 thousand has been made for pension obligations relating to businessesdisposed of in the United Kingdom.d. The group disposed 1% of its stake in its 52% owned subsidiary Noor Financial InvestmentCompany – KSC (Closed) for a consideration of KD564 thousand which resulted in a profitof KD24 thousand.F-32
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NIG Prospectus - London Stock Exchange

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