RAK Properties PJSC

Consolidated statement of comprehensive income

For the year ended 31st Decemeber 2009
2009 2008
AED'000 AED'000

Valuation(loss)/gain on investment properties -44,605 91,242

Government grants 2,32,000 386,256

Gain on sale of investment properties - 1,850

General and administrative expenses -33,233 -43,445

Results from operating activities 154,162 435,903

Gain on sale of investments 305 2,223

Net change in Fair value of investments at fair 5,558 -60,805

value through profit or loss

Provision for impairment on investments -34,714 -58,863

other in come 11,454 25,756

Finance income 51,844 36,948

Finance expenses -18,524 -1,701

Net finance income 33,320 35,247

Profit for the year 170,085 379,461

other comprehensive income - -

Total comprehensive income of the year 170,085 379,461

Basic and diluted earnings per share

for the year(AED) 0.09 0.19

RAK PROPERTIES PJSC

Consolidated statement of financial position
as at 31st december 2009
 2009 2008
aed'000 aed'000

Non current assets

Property and equipment 2,392 4,452

Investments properties 779,383 719,578

Investment properties under development 394,260 189,800

Trading properties under development 1,169,881 941,192

Investements 662,714 666,816

Advances to contracters 117,972 137,129

Total non current assets 3,126,602 2,658,967

Current Assets

Trading properties under development 551,714 300,157

Investments 51,199 103,939

Trades and other receivables 186,105 224,956

Advances to contractors 194,502 157,855

Cash and cash equivalents 822,872 735,986

Total current assets 1,806,392 1,522,893

Current Liabilities

Payables and accruals 337,717 207,899

Advances from customers 324,921 173,263

Total current liabilities 662,638 381,162

Net current assets 1,143,754 1,141,731

Non current liabilities

Term loan 551,070 -

Advances from customers 575,832 672,389

Total non current liabilities 1,126,902 672,389

Net assets 3,143,454 3,128,309

Equity

share capital 2,000,000 2,000,000

statuatory reserve 237,922 220,913
legal reserve 151,967 134,959
Retained earnings 753,565 772,437

Total Equity 3,143,454 3,128,309

Consolidated statement of changes in Equity Share Capital Statuatory Reserve Legal Reserve
AED'000 AED'000 AED'000

At 1st january 2008 2,000,000 182,967 97,013

Dividend distributed - - -
Director's remunaration - - -
Profit for the year - - -
Transfers - 37,946 37,946

At 31st decmber 2008 2,000,000 220,913 134,959

AT 1st january 2009 2,000,000 220,913 134,959

Dividend distributed - - -
Director's remunaration - - -
Profit for the year - - -
Transfers' - 17,009 17,008

At 31st december 2009 2,000,000 237,922 151,967

Consolidated Income Statement

for the year ended 31st december 2008
2008 2007
AED'000 AED'000

Valuation gain on investment properties 91,242 79,201

government grants 386,256 294,000

gain on sale of investment properties 1,850 -

general and administrative expenses -43,445 -41,690

Results from operating activities 435,903 331,511

Gain on sale of investments 2,223 43,104

Net change in fair value of investments at -60,805 29,380

fair value through profit and loss

Provision for impairment -58,863 -

other income 25,756 170

Finance income 36,948 94,044

Finance expenses -1,701 1,981

Net finance income 35,247 92,063

Profit for the year 379,461 496,228

Basic and diluted earnings per share 0.19 0.25

for the year(AED)

Consolidated Balance Sheet

as at 31st december 2008
2008 2007
Non current assets AED'000 AED'000

Property and equipment 4,452 4,090

Investments properties 719,578 377,199

Investment properties under development 189,800 128,763

Trading properties under development 941,192 735,737

Investements 666,816 404,061

Total non current assets 2,521,838 1,649,850

Current Assets

Trading properties under development 300,157 -

Investments 103,939 150,696

Advances and other receivables 519,940 343,801

Cash and cash equivalents 735,986 1,129,792

Total Current Assets 1,660,022 1,624,289

Current Liabilities

Payables and accruals 1,053,551 370,351

Total current liabilities 1,053,551 370,351

Net current assets 606,471 1,253,938

Net Assets 3,128,309 2,903,788

Equity

share capital 2,000,000 2,000,000

statuatory reserve 220,913 182,967
legal reserve 134,959 97,013
Retained earnings 772,437 623,808

Total Equity 3,128,309 2,903,788

Consolidated statement of changes in Equity Share Capital Statuatory Reserve Legal Reserve
AED'000 AED'000 AED'000

At 1st january 2007 2,000,000 133,344 47,390

Dividend distributed - - -
Director's remunaration - - -
Profit for the year - - -
Transfers - 49,623 49,623

At 31st decmber 2007 2,000,000 182,967 97,013

At 1st january 2008 2,000,000 182,967 97,013

Dividend distributed - - -
Director's remunaration - - -
Profit for the year - - -
Transfers' - 37,946 37,946

At 31st december 2008 2,000,000 220,913 134,959

Cash flows statement 2008 2007
Cash flows from operating activities aed'000 aed'000
Profit for the year 379,461 496,228

Adjustment for-:

Depriciation 1,700 1,239

Net finance Income -35,247 -92,062

Net change in fair value of investments at 60,805 -29,380

fair value through profit or loss

Gain on sale of investments -2,223 -43,104

Gain on sale of investment properties -1,850 -

Valuation gain on investment properties -91,242 -79,201

Government grants -386,256 294,000

-74,852 -40,280
Change in trading properties under development -293,171 -162,868

Change in advances and receivables -176,139 -253,636

Changes in payables and accruals 671,568 223,203

127,406 -233,581

Director's remunaration paid -4,940 -2,291

Net cash from/(used) in operating activities 122,466 -235,872

Cash flows from investing activities

Additions to properties and equipments -2062 -1570

Interest received 35,247 97,594

Addition in investments -278,945 -231,513

Proceeds from sale of investments 4,365 149,592

Addition to investment properties -98,110 -30,598

Proceeds from sale of investment properties 22,638 -

Addition in investment properties under development -61,037 -103,968

Net cash used in investing activities -377,904 -120,463

Cash flow from financing activities

Dividend paid -138,368 -133,109

Net cash used in financing activities -138,368 -133,109

Net decrease in cash and cash equivalents -393,806 -489,444

Cash and cash equivalents at 1st january 1,129,792 1,619,236

Cash and cash equivalents at 31st december 735,986 1,129,792

Legal Reserve Retained earnings Total
AED'000 AED'000

623,808 2,903,788
-150,000 -150,000
-4,940 -4,940
379,461 379,461
-75,892 -

772,437 3,128,309

772,437 3,128,309
-150,000 -150,000
-4,940 -4,940
170,085 170,085
-34,017 -

753,565 3,143,454
Legal Reserve Retained earnings Total
AED'000 AED'000

379,117 2,559,851
-150,000 -150,000
-2,291 -2,291
496,228 496,228
-99,246 -

623,808 2,903,788

623,808 2,903,788
-150,000 -150,000
-4,940 -4,940
379,461 379,461
-75,892 -

772,437 3,128,309