Tabreed 06 Prospectus - London Stock Exchange

NATIONAL CENTRAL COOLING COMPANY (PJSC)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2004
16 SHARE CAPITAL
Authorised,
issued and
fully paid
2004 & 2003
AED
50,000,000 ordinary shares of AED 10 each ........................................................................... 500,000,000
17 STATUTORY RESERVE
As required by the U.A.E. Commercial Companies Law of 1984 (as amended) and the articles of
association of the Company and its subsidiaries, 10% of the net profit for the year is transferred to
the statutory reserve. The transfer for the year represents 10% of the profit of the Company before
accounting for the Company’s share in the results of its subsidiaries, and the Company’s share in the
subsidiaries’ statutory reserve transferred for the year. The Company and its subsidiaries may resolve
to discontinue such transfers when the reserve equals 50% of the share capital. The reserve is not
available for distribution.
18 PROPOSED DIVIDEND
The Board of Directors has proposed dividend amounting to AED 25,000,000 or AED 0.5 per share
(2003: AED 15,000,000 or AED 0.3 per share). The dividend will be submitted for approval at the
Annual General Meeting in 2005.
19 MINORITY INTERESTS
The movement in minority interests recognised in the balance sheet is summarised as follows:
2004 2003
AED AED
Balance at 1 January..................................................................................... 7,986,372 6,216,595
Contribution during the year ........................................................................ 4,876,781 160,000
Purchase of minority interests during the year ............................................. (1,041,508) —
Dividend paid................................................................................................ (1,200,000) —
Share of results of subsidiary companies during the year ............................ 3,908,200 1,609,777
Balance at 31 December................................................................................ 14,529,845 7,986,372
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