NATIONAL CENTRAL COOLING COMPANY (PJSC) CONSOLIDATED INCOME STATEMENT Three months period ended 31 March 20<strong>06</strong> (Unaudited) Notes Three months ended 31 March 20<strong>06</strong> AED ’000 Three months ended 31 March 2005 AED ’000 Revenues ................................................................................................. 3 107,529 78,551 Operating costs ....................................................................................... (55,186) (37,470) GROSS PROFIT ................................................................................... 52,343 41,081 Salaries and staff related costs ............................................................... (11,173) (9,613) Other administrative expenses ................................................................ (10,945) (5,316) Finance costs .......................................................................................... 3 (13,488) (7,072) Other income .......................................................................................... 7,556 1,595 Share of results of associates .................................................................. 3 245 68 PROFIT FOR THE PERIOD 24,538 20,743 Attributable to: Equity holders of the parent............................................................... 3 17,907 17,140 Minority interests................................................................................ 6,631 3,603 24,538 20,743 Basic earnings per share ......................................................................... 4 0.02 0.02 The attached notes to 1 to 11 form part of these consolidated financial statements. F-3
NATIONAL CENTRAL COOLING COMPANY (PJSC) CONSOLIDATED BALANCE SHEET At 31 March 20<strong>06</strong> (Unaudited) Notes 31 March 20<strong>06</strong> AED ’000 31 December 2005 AED ’000 ASSETS Non-current assets Capital work in progress ............................................................................................... 778,824 642,921 Property, plant and equipment ..................................................................................... 6 1,091,073 1,004,108 Investments in associates............................................................................................... 46,247 46,002 Intangibles ..................................................................................................................... 38,336 38,336 Prepayments .................................................................................................................. 16,953 18,349 1,971,433 1,749,716 Current assets Inventories ..................................................................................................................... 18,121 17,651 Trade and other receivables .......................................................................................... 197,994 207,007 Financial assets carried at fair value through income statement.................................. 104,151 76,269 Contract work in progress ............................................................................................ 49,305 69,211 Prepayments .................................................................................................................. 10,120 7,453 Bank balances and cash ................................................................................................ 7 428,751 520,032 808,442 897,623 Assets classified as held for sale .................................................................................... 17,867 17,867 826,309 915,490 TOTAL ASSETS .......................................................................................................... 2,797,742 2,665,2<strong>06</strong> EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital.................................................................................................................. 10 1,000,000 1,000,000 Treasury shares.............................................................................................................. (10,050) (10,050) Statutory reserve............................................................................................................ 14,544 14,544 Retained earnings ......................................................................................................... 40,788 22,881 Foreign currency translation reserve............................................................................. (400) — Cumulative changes in fair value of derivatives............................................................ 16,447 3,800 Reserve for proposed bonus issue................................................................................. 50,000 50,000 1,111,329 1,081,175 Minority interests........................................................................................................... 69,882 64,601 Total equity.................................................................................................................... 1,181,211 1,145,776 Non-current liabilities Accounts payable and accruals ..................................................................................... 5,299 10,604 Term loans..................................................................................................................... 8 450,168 393,836 Islamic Ijara loans ......................................................................................................... 9 308,809 308,809 Islamic Istisna’a loans ................................................................................................... 9 180,075 180,075 Islamic Muqawala loans................................................................................................ 9 131,647 132,263 Employees’ end of service benefits ................................................................................ 8,562 7,884 1,084,560 1,033,471 Current liabilities Accounts payable and accruals ..................................................................................... 372,125 318,919 Bank overdrafts............................................................................................................. 7 119,274 111,933 Current portion of term loans....................................................................................... 8 10,881 25,416 Current portion of Ijara loans ...................................................................................... 9 15,514 15,514 Current portion of Muqawala loans ............................................................................. 9 14,177 14,177 531,971 485,959 Total liabilities ............................................................................................................... 1,616,531 1,519,430 TOTAL EQUITY AND LIABILITIES........................................................................ 2,797,742 2,665,2<strong>06</strong> Mohamed Saif Al Mazrouei Dany Safi CHAIRMAN CHIEF EXECUTIVE OFFICER The attached notes to 1 to 11 form part of these consolidated financial statements. 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