FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
At 31 December 2009
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
At 31 December 2009
25. INVESTMENT IN JOINT VENTURES
The Group, through Gulf Technical Construction Co. L.L.C. has a 50% interest in Ranya Test Joint Venture, a joint venture
with Ranya General Contracting Company (L.L.C.) under a joint venture agreement dated 12 August 2005.
The Group through its subsidiary Drake & Scull International LLC (Abu Dhabi) has a 50% interest in King Abdullah
University of Science and Technology project, a joint venture with Drake & Scull (W.L.L) Saudi Arabia under a joint
venture agreement dated 15 January 2008.
The Group's share in the joint ventures' assets and liabilities included in the consolidated financial statements is as follows:
AED'000
Current assets
192,701
Non-current assets
2,963
Current liabilities
(87,262)
--------------------
NET ASSETS
108,402
============
The Group's share in the operating results of the joint ventures included in the consolidated financial statements is as follows:
AED'000
Revenue
358,597
============
PROFIT FOR THE PERIOD
84,427
============
26. EARNINGS PER SHARE
AED'000
EARNINGS
Profit For The Period Attributable To Equity Holders Of The Parent (AED'000)
334,390
============
SHARES
Weighted Average Number Of Shares Outstanding During The Period
2,165,835,593
=================
Basic And Diluted Earnings Per Share (AED)
0.154
============
27. EXPENDITURE COMMITMENTS
AED'000
Operating lease commitments
Future minimum lease payments:
Within one year
24,896
After more than one year
6,908
More than five years
1,633
----------------------------
TOTAL OPERATING LEASE EXPENDITURE CONTRACTED
FOR AT THE STATEMENT OF FINANCIAL POSITION DATE
33,437
============
28. CONTINGENCIES
AED'000
Performance bonds
626,769
Labour and other guarantees
405,621
============
29. RISK MANAGEMENT
INTEREST RATE RISK
The Group is exposed to interest rate risk on its interest bearing assets and liabilities (bank deposits, interest bearing loans and
advances, due to banks, and term loans). The Group's interest-bearing financial assets and financial liabilities expose it to risks
associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows.
The sensitivity analyses below have been determined based on the exposure to interest rates for bank deposit, interest bearing
loans and advances, due to banks and term loans at the statement of financial position date. For bank deposits, interest bearing
loans and advances, due to banks and term loans, the analysis is prepared assuming the amount of deposit with banks, interest
bearing loans and advances, amount due to banks and term loans outstanding at the statement of financial position date was
outstanding for the whole period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key
management personnel and represents management's assessment of the reasonably possible change in interest rates.
Period from 17 November 2008 to 31 December 2009
Period from 17 November 2008 to 31 December 2009
Drake & Scull
ANNUAL REPORT 2009
Drake & Scull
ANNUAL REPORT 2009
107