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 10c10 Property, plant and equipmentProperty Leasedon Furniture plant, PropertyFreehold Leasehold leasehold Plant and Motor and machinery under con- Total Totalproperty 11111 property 11111 land 11111 machinery 11111 vehicles 11111 equipment 11111 & vehicles 11111 struction 11111 2005 11111 200411111KD ‘000 KD ‘000 KD ‘000 KD ‘000 KD ‘000 KD ‘000 KD ‘000 KD ‘000 KD ‘000 KD ‘000Cost or valuationAt 1 January .................................. 8,373 2,820 30,496 60,810 6,478 5,988 3,628 347 118,940 113,624Foreign exchange adjustments ...... (1,018) (321) – (3,061) (14) – (457) – (4,871) 3,332Additions/transfers .......................... 666 26 255 2,286 282 337 12 856 4,720 4,709Disposals ........................................ (1,000) – – (3,036) (156) (16) (52) – (4,260) (3,490)Revaluation adjustments ................ – – – – – – – – – (127)Acquisitions .................................... – – – – – – – – – 2,640Reclassification .............................. – – – 1,007 – – (1,007) – – –Transferred to investment properties – 11111 – 11111 – 11111 – 11111 – 11111 – 11111 – 11111 – 11111 – 11111 (1,748)11111At 31 December.............................. 7,021 11111 2,525 11111 30,751 11111 58,006 11111 6,590 11111 6,309 11111 2,124 11111 1,203 11111 114,529 11111 118,94011111Accumulated depreciation andimpairment lossesAt 1 January .................................. 1,376 493 28,439 43,181 5,938 4,868 2,197 – 86,492 82,651Foreign exchange adjustments ...... (206) (69) – (1,949) (8) – (256) – (2,488) 1,650Charge for the year ........................ 272 253 328 3,013 235 270 147 – 4,518 4,905Impairment in value ........................ – – – 1,709 – – – – 1,709 –Relating to disposals ...................... (35) – – (1,889) (89) (16) (79) – (2,108) (2,714)Reclassification .............................. – 11111 – 11111 – 11111 393 11111 – 11111 – 11111 (393) 11111 – 11111 – 11111 –11111At 31 December.............................. 1,407 11111 677 11111 28,767 11111 44,458 11111 6,076 11111 5,122 11111 1,616 11111 – 11111 88,123 11111 86,49211111Net book valueAt 31 December.............................. 5,614 11111 1,848 11111 1,984 11111 13,548 11111 514 11111 1,187 11111 508 11111 1,203 11111 26,406 11111 32,44811111F-67
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10c : 3776 Section 10cThe revaluation adjustments in the previous year arose due to the valuation of certain freeholdproperties at their fair values, before being transferred to investment properties (see note 13).A full independent valuation of all freehold properties held by NIC Holding (Guernsey) and <strong>NIG</strong>(Guernsey) Limited was obtained as at 1 January 1999 and the valuation was incorporated into theconsolidated financial statements. The directors of the group consider that there has been nosignificant change in the market value since the last valuation of these properties.Property under construction represents the cost incurred on the expansion of one of thesubsidiaries existing factories and the construction of a new office building for the samesubsidiary. This amount will be transferred to the appropriate asset categories when the assets areready for their intended use.11 Investment in associatesThe significant associates of the group as at 31 December 2005 and 2004 are as follows:Percentageownership1111223411112200511112200411112Kuwait Ceramic Factory Company – WLL ................................................ 49% 49%Kuwait Rocks Company – SAK (Closed)...................................................... 38% 38%Karachi Electric Supply Corporation Ltd. .................................................... 29% –Kuwait Privatization Project Holding Company – SAK (Closed) .................. 28% 31%Kuwait Cement Company – SAK (Closed) .................................................. 22% 20%Al Raya International Real Estate – KSC (Closed) ...................................... 23% –Marsa Alam Holding Company – KSC (Closed) .......................................... 20% 20%Eastern United Petroleum Services Company – KSC (Closed) .................. 20% 20%Kuwait National Real Estate Investment and Services Company– KSC (Closed) ........................................................................................ 16% 20%Mabanee Company – SAK (Closed) ............................................................ 16% 47%All of the above associates are registered in Kuwait except for Karachi Electric Supply CorporationLtd. which is registered in PakistanSignificant influence in Mabanee Company – SAK (Closed) and Kuwait National Real EstateInvestment and Services Company – KSC (Closed) is demonstrated by representation of twodirectors of the group on the board of directors of each of the investee’s.Acquisitions and disposal during 2005:a. During May 2005 the group invested an amount of KD4,721 thousand to participate in theestablishment of Al Rayah International Real Estate – KSC (Closed), which will engageprincipally in real estate management activities. A major part of the investment was financedthrough a Tawarruq financing arrangement agreed with a local Islamic financial institutionand is secured against that facility (see note 28).b. During November 2005 the group invested an amount of KD36,554 to participate inacquiring 28.6% of Karachi Electric Supply Corporation Ltd (KESC) (see also Note 3c). Thegroup’s management has provisionally assessed that the group’s share of the fair value ofthe net assets of the investee is equal to the investment made. KESC is principally engagedin the generation, transmission and distribution of electric energy to industrial and otherconsumers.c. During the year the group also invested a total amount of KD8,259 thousand to participatein the capital increase of its associates, Kuwait Privatization Project Holding Company – KSC(Closed) and Marsa Alam Holding Company – SAK (Closed).F-68
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