NIG Prospectus - London Stock Exchange

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Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10c : 3776 Section 10cConsolidated statement of cash flowsRestatedYear Yearended ended31 Dec. 31 Dec.200511112200411112KD ‘000 KD ‘000OPERATING ACTIVITIESProfit for the year...................................................................................... 208,136 46,540Adjustments:Depreciation of property, plant and equipment ...................................... 4,518 4,905Loss/(profit) on disposal of property, plant and equipment .................... 6 (153)Impairment in value of property, plant and equipment .......................... 1,709 –Loss on revaluation of freehold property ................................................ – 307Amortisation of goodwill ........................................................................ – 2,174Impairment in value of goodwill.............................................................. 13,086 2,422Share of profits of associates and joint ventures .................................. (15,193) (5,152)Profit on disposal of investment properties............................................ – (161)Change in fair value of investment properties ........................................ – (1,544)Income from wakala investment ............................................................ (236) –Dividend income from available for sale investments ............................ (2,477) (2,335)Profit on sale of available for sale investments ...................................... (13,793) (12,000)Impairment in value of available for sale investments............................ 999 914Reversal of impairment in value of available for sale investments ........ – (3,666)Profit on partial disposal of associates .................................................. (72,124) (5,187)Net loss/(profit) on disposal of subsidiaries/businesses ........................ 2,357 (560)Reorganisation, redundancy, guarantee and other costs........................ 3,678 966Cost of share based payments .............................................................. 2,325 –Net provisions charged .......................................................................... 3,062 1,886Finance costs .......................................................................................... 18,735 10,193Interest income ...................................................................................... (1,619)11112(190)11112Operating profit before changes in operating assets and liabilities ............ 153,169 39,359Changes in operating assets and liabilities:Inventories ............................................................................................ 3,003 138Accounts receivable and other assets .................................................... (10,174) 2,222Investments at fair value through statement of income ........................ (163,916) (48,766)Accounts payable and other liabilities .................................................... 5,451111121,13611112Cash used in operations ............................................................................ (12,467) (5,911)Payment of reorganisation, redundancy, guarantee and other costs ........ (992) (777)Taxation paid .............................................................................................. (420) (156)KFAS contribution paid................................................................................ (1,195) (55)Directors’ remuneration paid ...................................................................... (120) (120)National labour support tax paid ................................................................ (2,522)11112(31)11112Net cash used in operating activities .................................................... (17,716) (7,050)11112 1111211112 11112F-53
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10c : 3776 Section 10cConsolidated statement of cash flows (continued)RestatedYear Yearended ended31 Dec. 31 Dec.Note 200511112200411112KD ‘000 KD ‘000INVESTING ACTIVITIESPurchase of property, plant and equipment ............................ (4,720) (4,709)Proceeds from sale of property, plant and equipment............ 982 929Cash invested on acquisition of subsidiaries/businesses........ – (1,003)Net cash inflow on disposal of subsidiaries ............................ 532 30,975Proceeds from sale of investment properties ........................ – 1,022Investment in associated companies ...................................... (57,612) (8,511)Proceeds from partial disposal of associates .......................... 16,774 8,013Proceeds on reduction of capital in associated company ...... – 575Dividend received from associates ........................................ 3,692 5,917Wakala investment .................................................................. – (2,802)Proceed on realisation of wakala investment.......................... 3,038 –Purchase of available for sale investments.............................. (91,988) (41,763)Proceeds from sale of available for sale investments ............ 28,032 30,202Dividend income received from available for sale investments 2,477 2,335Interest income received ........................................................ 1,6191111219011112Net cash (used in)/from investing activities ...................... (97,174)1111221,37011112FINANCING ACTIVITIESFinance lease payments.......................................................... (1,058) 1,399Proceeds from issue of bonds ................................................ – 17,685Net increase in long-term borrowings .................................... 62,548 16,359Net increase/(decrease) in short-term borrowings .................. 119,094 (26,755)Dividend paid .......................................................................... (20,969) (20,796)Finance costs paid .................................................................. (16,615) (10,045)Purchase of treasury shares.................................................... (24,839) (6,819)Proceeds from sale of treasury shares .................................. 10,382 11,327Increase/(decrease) in minority interest .................................. 5,96611112(1,271)11112Net cash from/(used in) financing activities ...................... 134,50911112(18,916)11112Net increase/(decrease) in cash and cash equivalents............ 19,619 (4,596)Translation difference .............................................................. 3911112911111219,658 (4,505)Cash and cash equivalents at beginning of the year .............. 6,9201111211,42511112Cash and cash equivalents at end of the year .................. 29 26,578 6,92011112 1111211112 11112The notes set out on pages 9 to 34 form an integral part of these consolidated financial statements.F-54
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NIG Prospectus - London Stock Exchange

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