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 10c24 Bonds payableDue after more than one year:On 6 May 2004, the parent company issued unsecured floating rate bonds of U.S. Dollar 60,000thousand (equivalent to KD17,527 thousand at 31 December 2005 and KD17,685 thousand at 31December 2004) at face value. The bonds which mature in May 2009, bear interest at 0.90% perannum above LIBOR for 6 months U.S. Dollar deposits and payable semi-annually in arrears.Due within one year:The parent company issued KD35,000 thousand, unsecured bonds on 3 December 2001 at anissue price of 100%. The bonds bear interest at 6.25% per annum, payable semi annually inarrears, and mature in December 2006. At 31 December 2005 the bond payable was reclassifiedunder current liabilities as it is maturing within 12 months from the balance sheet date.25 Long-term borrowingsCurrency Interest rate Security111121212 1111212200511112200411112KD ‘000 KD ‘000Kuwaiti Dinars........................................ 7.00% – 7.50% Unsecured 30,000 40,000US Dollars.............................................. 4.96% – 5.30% Unsecured 66,891 5,187Sterling .................................................. 5.50% Unsecured 756 –Long-term portion of loans in Euro........ 5.00% – 5.55% Secured 494111124061111298,141 1111245,59311112During July 2005 the parent company obtained an unsecured syndicated term loan of US Dollar225,000 thousand (KD65,725 thousand) from local and foreign banks. The loan has a one yeargrace period and is then repayable in 5 equal semi annual instalments commencing from June2006 and it carries interest at 1.15% above six-month LIBOR payable semi annually.As at 31 December 2005 a loan denominated in Kuwaiti Dinar amounting to KD10,000 thousandwas reclassified to short-term borrowings as it is maturing within 12 months from the balancesheet date.The Euro loans are secured against property, plant and equipment with a book value of KD633thousand (2004 : KD712 thousand).26 Provisions200511112200411112KD ‘000 KD ‘000Provision for staff indemnity ...................................................................... 3,676 3,436Provision for land-fill expenses .................................................................. 652 590Provision for rental property - amount due in more than one year ............ 5,452 5,111Provision for amounts payable under guarantees ...................................... 1,249 –Pension liabilities/(assets) (see Note 31) .................................................... 50411112(666)1111211,533 111128,47111112The provision for rental property relates to onerous property rental costs (net of estimated rentreceivable) and dilapidations obligations which are payable over various periods upto 2017.F-73
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:20 pm – mac5 – 3776 Section 10c : 3776 Section 10c27 Accounts payable and other liabilities200511112200411112KD ‘000 KD ‘000Trade payables ............................................................................................ 11,499 15,969Accrued interest.......................................................................................... 2,891 771Dividend payable ........................................................................................ 939 829Leasing creditors - amount due in less than one year................................ 665 323Provision for rental property – amount due in less than one year.............. 1,423 594National labour support tax ........................................................................ 4,581 2,522Kuwait Foundation for the Advancement of Sciences ................................ 2,362 1,195Corporation tax............................................................................................ – 108Other accruals ............................................................................................ 13,476 5,250Other liabilities ............................................................................................ 4,413111124,5561111242,249 1111232,1171111228 Short-term borrowingsCurrency Interest rate Security 200511112200411112KD ‘000 KD ‘000Conventional loansKuwaiti Dinars ................................ 5.69% - 8.50% Unsecured 102,450 42,750US Dollars ...................................... 2.91% - 6.07% Unsecured 77,706 15,917Sterling .......................................... 2.50% - 5.50% Unsecured 20,503 23,290Sterling .......................................... 4.00% - 7.50% Secured 504 889Euro – current portion.................... 5.00% - 5.55% Secured 1721111214411112201,3351111282,99011112Islamic financing arrangementsGross amount:– Tawarruq facilities– Kuwaiti Dinar ...................... 7.00% - 8.00% Secured 5,936 –– Tawarruq facilities– US Dollars .......................... 6.00% Unsecured 2,983 –– Wakala payable– Kuwaiti Dinar ...................... 6.25% Unsecured 2,00011112–1111210,919 –Less: deferred cost........................ (170)11112 1111210,74911112–11112Total .............................................. 212,084 1111282,99011112The Sterling loan is secured against property, plant and equipment, inventories and debtors (seenote 29).One of the above Tawarruq facilities amounting to KD4,301 thousand is secured by an investmentin associate carried at KD4,721 thousand (see note 11a).F-74
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NIG Prospectus - London Stock Exchange

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