Fujairah Building Industries P.J.S.C. and its subsidiaries (the "Group")

Transcription

Fujairah Building Industries P.J.S.C. and its
subsidiaries (the "Group")
Fujairah - United Arab Emirates
`
Independent auditors' review report
and condensed consolidated interim
financial information
For the nine month period ended
September 30, 2014 (Unaudited)
Independent auditors' review report and condensed consolidated interim financial information
For the nine month period ended September 30, 2014 (Unaudited)
Table of contents
Pages
General information
1
Chairman's report
2
Independent auditors' report on review of condensed consolidated interim financial information
3
Condensed consolidated interim statement of financial position
4
Condensed consolidated interim statement of profit or loss
5
Condensed consolidated interim statement of other comprehensive income
6
Condensed consolidated interim statement of changes in shareholders' equity
7
Condensed consolidated interim statement of cash flows
8
Notes to the condensed consolidated interim financial information
9 - 20
General information
Principal Office Address
: P. O. Box: 383
T: +971 9 222 2051
F: +971 9 222 7314
Email: fbi_fuj@emirates.net.ae
Website
: www.fbifuj.ae
The Auditors
: Horwath Mak
P. O. Box: 1650
1
F~airah
Building lr,dusc,i8S
es c
Chairman's report for the nine month period ended September 30, 2014
The Chairman has pleasure in presenting his report and the reviewed condensed consolidated interim financial
information for the nine month period ended September 30, 2014.
Principal activities of the Group:
The principal activities of the Group are unchanged since the previous year and comprise production of concrete
blocks, interlocks, kerbstones, ceramic tiles, rockwool insulation materials, marble products, terrazzo tiles and
quarry products.
Financial performance:
Sales
Gross profit
Gross profit margin
Net profit
For the nine month period ended
Sep 30, 2014
Sep 30, 2013
AED
AED
203,187,728
192,670,797
61,926,887
51,388,808
30.5%
26.7%
6,896,467
938,109
Risk management and internal control systems:
The Group is committed to management of risk to achieve sustainability, employment and surpluses. The risk
management framework identifies, assesses, manages and reports risk on a consistent and reliable basis. The
primary risks are those of credit, market (liquidity, interest rate and foreign exchange) and operational risk.
Management recognises its responsibility for system of internal control and for reviewing its effectiveness. In view
of the above, the Group continuously monitors risks through means of administrative and information systems.
Periodic MIS reports are generated by the subsidiaries, which help to mitigate risks and provide transparency.
Events after the period end:
In the opinion of the Board of Directors, no item, transaction or event of a material and unusual nature has arisen in
the interval between the end of the reporting period and the date of this report which is likely to affect, substantially
the result of the operations of the Group for the nine month period ended September 30,2014.
Property, plant and equipment:
The movement in property, plant and equipment is set out in note 4 to the condensed consolidated interim financial
information.
Available-for-sale investments:
The movement in available-for-sale investments is set out in note 5 to the condensed consolidated interim financial
information.
On behalf of the Board of Directors
November 13,2014
A
Horwath Mak
Crowe Horwath
Member Crowe Horwath International
Suite 51, Fujairah Insurance Bldg.
P. O. Box: 1650, Fujairah, UAE.
T + 971 9 222 2005
F + 971 9 222 3335
M + 971 50 657 2575
E admin.fujairah@crowehorwath.ae
www.crowehorwath.ae
Ref: JMIARIF -14/07 6
Independent
auditors'
To,
The Shareholders
Mis. Fujairah Building Industries
P. O. Box: 383
report on review of condensed consolidated
interim financial information
P.J.S.C.
Introduction
We have reviewed the accompanying condensed consolidated interim financial information of Mis. Fujairah Building
Industries P.J.S.c., Fujairah - United Arab Emirates (the "Entity") and its subsidiaries (collectively referred to as the
"Group") which comprise the condensed consolidated interim statement of financial position as at September 30, 2014, and
the condensed consolidated interim statement of profit or loss, the condensed consolidated interim statement of other
comprehensive income, the condensed consolidated interim statement of changes in shareholders' equity and the condensed
consolidated interim statement of cash flows for the nine month period then ended. Management is responsible for the
preparation and presentation of this condensed consolidated interim financial information in accordance with International
Accounting Standard 34 Interim Financial Reporting. Our responsibility is to express a conclusion on this condensed
consolidated interim financial information based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410 Review of Interim
Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated interim financial information as at September 30, 2014 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 Interim Financial Reporting.
For Horwath
Mak
Managing Partner
Reg. no. 548
November 13,2014
3
Registered with the Fujairah Muncipality, Government of Fujairah (#27705)
11'
?~
,,\y
DIFC
Fujairah Building Industries P.J.S.c.
Condensed consolidated
and its subsidiaries
(the "Group")
interim statement of financial position as at September 30, 2014 (Unaudited)
~In Arab Emirates Dirhams2
Notes
Sea! 30,2014
(Unaudited~
Dec31,2013
(Audited2
Assets
Non-current assets
Property, plant and equipment
Available-for-sale investments
Total non-current assets
Current assets
Inventories
Trade receivables
Advances, deposits and other receivables
Fixed deposit
Cash and bank balances
Total current assets
4
198,499,453
5
36,561,107
235,060,560
211,356,683
41,190,553
252,547,236
6
7
8
9
10
82,538,463
68,115,814
9,816,605
7,000,000
8,224,863
175,695,745
79,317,537
69,295,257
6,029,022
7,000,000
10,808,796
172,450,612
410,756,305
424,997,848
Total assets
Shareholders' equity and liabilities
Shareholders' equity
Share capital
Statutory reserve
Investments revaluation reserve
Retained earnings
Total shareholders' equity
II
13
14
15
126,500,000
27,029,465
27,765,387
33,712,066
215,006,918
126,500,000
27,029,465
30,500,850
26,815,590
210,845,905
Non-current liabilities
Bank borrowings - non-current portion
Finance lease liability - non-current portion
Employees' end of service benefits
Total non-current liabilities
16
17
18
71,864,656
841,736
12,595,474
85,301,866
92,001,885
2,838,386
12,352,825
107,193,096
Current liabilities
Trade and other payables
Bank borrowings
Finance lease liability
Total current liabilities
19
16
17
Total liabilities
59,181,276
49,245,640
2,020,605
110,447,521
195,749,387
44,764,737
60,173,943
2,020,167
106,958,847
214,151,943
Total shareholders' equity and liabilities
410,756,305
424,997,848
The accompanying notes form an integral part of this condensed consolidated interim financial information.
The review report ofthe auditors is set out on page 3.
The condensed consolidated interim financial information on pages 4 to 20 were approved by the Board of Directors on
November 13,2014 and signed on its behalf by:
Board member
4
Fujairah
Building Industries
P.J.S.c.
(the "Group")
Condensed consolidated
interim statement of profit or loss
(In Arab Emirates Dirhams)
Jul 01, 2014 to
Jul 01, 2013 to
Jan 01, 2014 to
Jan 01, 2013 to
Sep 30, 2014
SeE 30, 2013
SeE 30, 2013
Sep 30, 2014
(3 months)
p months)
(Unaudited)
(Unaudited)
(9 months)
(Unaudited)
~9months)
(Unaudited)
203,187,728
(141,260,841 )
61,926,887
(1,229,000)
(31,158,601)
(22,711,476)
(4,954,711)
5,023,377
6,896,476
192,670,797
(141,281,989)
51,388,808
Sales
Cost of goods sold
Gross profit
Impairment of available-tor-sale investments
Selling and distribution expenses
Administrative expenses
Finance costs
Other income
(Loss)/profit for the period
20
63,843,780
(44,156,050)
19,687,730
57,740,851
(42,021,458)
15,719,393
21
22
(10,393,971)
(8,675,971)
(1,499,209)
455,559
(425,862)
(9,555,190)
(6,541,519)
(2,036,986)
808,479
(1,605,823)
Basic (loss)/earnings per share (U.A.E. Fils)
12
(0.34)
(27,512,061 )
( 18,448,288)
(6,995,270)
2,504,920
938,109
0.74
5.45
( 1.27~
The review report of the auditors is set out on page 3.
The condensed consolidated interim financial information on pages 4 to 20 were approved by the Board of Directors on November 13,2014 and signed on its behalfby:
s
Board member
5
Fujairah Building Industries P.J.S.c.
(the "Group")
Condensed consolidated interim statement of other comprehensive
income
Note
Other comprehensive income:
Impairment of available-for-sale investments
Change in fair value of available-for-sale investments
Total comprehensive income/(Ioss) for the period
14
14
Jul 01, 2013 to
SeE 30, 2013
p months}
(Unaudited)
(425,862)
(1,605,823)
6,896,476
938,109
202,529
(1,403,294}
(110,000)
(1,530,390)
5,256,086
(4,423,403)
(3,485,294}
6,340,772
5,914,910
Jan 01, 2014 to
Sel! 30, 2014
(9 months)
(Unaudited)
Jan 01,2013 to
SeE 30, 2013
(9 months)
(Unaudited)
Jul 01, 2014 to
Sel! 30, 2014
{3 months)
(Unaudited)
The condensed consolidated interim financial information on pages 4 to 20 were approved by the Board of Directors on November 13, 2014 and signed on its behalf by:
c
Board member
6
Condensed consolidated interim statement of changes in shareholders' equity
Share capital
Balance as at December 31, 2012 (Audited)
126,500,000
Statutory
reserve
26,740,331
Investments
revaluation
reserve
25,710,303
Profit for the period
-
-
-
-
(4,423,403)
Total comprehensive (loss)
-
-
(4,423,403)
-
Retained earnings
24,213,387
938,109
938,109
Total
shareholders'
equity
203,164,021
938,109
(4,423,403)
Balance as at September 30, 2013 (Unaudited)
126,500,000
26,740,331
21,286,900
25,151,496
(3,485,294)
199,678,727
Balance as at December 31, 2013 (Audited)
126,500,000
27,029,465
30,500,850
26,815,590
210,845,905
6,896,476
6,896,476
Profit for the period
Impairment of available-for-sale investments
-
-
-
-
(110,000)
-
(110,000)
-
-
(1,530,390)
-
(1,530,390)
Total comprehensive (loss)
-
-
(1,640,390)
On disposal of available-for-sale investments during the period
Balance as at September 30, 2014 (Unaudited)
-
-
(1,095,073)
126,500,000
7
27,029,465
-
27,765,387
6,896,476
33,712,066
5,256,086
(1,095,073)
215,006,918
Condensed consolidated interim statement of cash flows
Cash flows from operating activities
Adjustments for:
(Gain) on disposal of property, plant and equipment
(Gain) on disposal of available-for-sale investments
Impairment losses on available-for-sale investments
Depreciation on property, plant and equipment
Allowance for slow-moving inventories
Reversal of allowance for slow-moving inventories
Allowance for doubtful debts
Provision for employees' end of service benefits
Operating profit before changes in operating assets and liabilities
(Increase)/decrease in current assets
Inventories
Trade receivables
Increase/(decrease) in current liabilities
Cash generated from operations
Employees' end-of-service benefits paid
Net cash from operating activities
Cash flows from investing activities
Investment in fixed deposits
Acquisition of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Proceeds from the disposal of available-for-sale investments
Net cash (used in) investing activities
Cash flows from financing activities
(Repayment) of term loans
(Repayment) of bank borrowings
Proceeds from finance lease liability
(Payment) of finance lease liability
Net cash (used in) financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents, beginning of the period
Cash and cash equivalents, end of the period
Represented by:
Cash in hand
Bank balances - current accounts
Short-term fixed deposits
Jan 01, 2014 to
Sep 30, 2014
(9 months)
(Unaudited)
Jan 01, 2013 to
Sep 30, 2013
(9 months)
(Unaudited)
6,896,476
938,109
(29,175)
(1,633,892)
1,229,000
22,957,234
2,907,044
(1,148,969)
977,808
1,032,202
33,187,728
(51,043)
(1,152)
24,458,874
839,972
795,000
1,014,363
27,994,123
(4,979,001)
201,635
(3,787,583)
7,612,673
11,123,551
(3,964,973)
14,416,539
39,039,318
(789,553)
38,249,765
(8,429,635)
34,335,739
(630,446)
33,705,293
(10,102,973)
32,144
2,298,875
(7,771,954)
(35,778)
(18,146,590)
57,000
16,793
(18,108,575)
(16,739,449)
(14,326,083)
(1,996,212)
(33,061,744)
(2,583,933)
10,808,796
8,224,863
(10,992,552)
(4,532,171)
6,060,737
(1,178,228)
(10,642,214)
4,954,504
7,324,999
12,279,503
104,867
5,846,361
2,273,635
8,224,863
118,455
1,636,519
10,524,529
12,279,503
8
1
2
Legal status and business activities
1.1
M/s. Fujairah Building Industries P.J.S.C. (the “Entity”) was incorporated as a public joint stock company
in the Emirate of Fujairah, United Arab Emirates, by an Emiri Decree issued by His Highness, The Ruler of
Fujairah. The Entity’s ordinary shares are listed on the Abu Dhabi Securities Exchange.
1.2
1.3
The Entity and its subsidiaries (note 2.2) are collectively referred to as the “Group”.
The principal activities of the Group are unchanged since the previous year and comprise production of
concrete blocks, interlocks, kerbstones, ceramic tiles, rockwool insulation materials, marble products, terrazzo
tiles and quarry products.
1.4
The registered address of the Entity is P.O. Box: 383, Fujairah, United Arab Emirates.
1.5
This condensed consolidated interim financial information incorporates the operating results of the industrial
licenses (note 2.2) issued by different municipalities in the Emirate of Fujairah.
Basis of preparation and consolidation
2.1
Basis of preparation
This condensed consolidated interim financial information has been presented in Arab Emirates Dirhams (AED)
which is the functional currency of the Group and is prepared in accordance with International Accounting Standard
34 Interim Financial Reporting.
This condensed consolidated interim financial information does not contain all of the information and disclosures
required for full financial statements prepared in accordance with International Financial Reporting Standards and
should be read in conjunction with the Group’s annual consolidated financial statements for the year ended
December 31, 2013.
In addition, consolidated result for the nine month period ended September 30, 2014 is not necessarily indicative of
the consolidated result that may be expected for the financial year ending December 31, 2014.
The Group’s accounting policies, presentation methods, financial risk management objectives and policies in this
condensed consolidated interim financial information are consistent with those disclosed in the Group’s annual
audited consolidated financial statements for the year ended December 31, 2013.
This condensed consolidated interim financial information has been prepared on the historical cost basis, except for
the revaluation of the financial instruments.
The preparation of this condensed consolidated interim financial information requires the management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, incomes and expenses. Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial information, the significant judgements made by
management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the
same as those that were applied to the Group’s annual audited consolidated financial statements for the year ended
December 31, 2013.
2.2
Basis of consolidation
These condensed consolidated interim financial information comprise the financial information of the Entity and its
subsidiaries (the "Group").
9
2
Basis of preparation and consolidation (continued)
2.2
Basis of consolidation (continued)
Details of the subsidiaries of the Entity as of the reporting date are as follows:
Sl.
Name of subsidiary
No.
Place of
incorporation
Industrial
license no.
Percentage of
ownership
Acquisition
year
1
Fujairah National
Quarry
Fujairah - U.A.E.
80004
100%
1978
2
Fujairah Concrete
Products
Fujairah - U.A.E.
80095
100%
1978
3
Emirates Ceramic
Factory
Fujairah - U.A.E.
80007
100%
2006
4
Fujairah Rockwool
Factory
Fujairah - U.A.E.
80008
100%
2006
5
Fujairah Marble and
Tiles Factory
Fujairah - U.A.E.
3923
100%
2007
Principal
product
Quarry
products
Blocks,
kerbstones and
interlocks
Ceramic tiles
Rockwool
insulation
materials
Marble
products and
terrazzo tiles
A subsidiary is consolidated from the acquisition date, which is the date the Entity gains control over the subsidiary,
and lasts till the Entity loses that control. Control usually occurs when the Entity has the power to govern the
financial and operating policies of the subsidiary for the purpose of benefiting from its activities. During the period
and the prior year, there were neither acquisitions nor loss of control and the percentage of ownership in the
subsidiaries remained same.
All significant transactions and balances between the Entity and its subsidiaries, including income and expenses are
eliminated.
3
Significant accounting policies
Available-for-sale investments are non-derivatives that are either designated in this category or not classified in any
of the other categories are stated at fair value or cost at the end of each reporting period.
Available-for-sale investments are initially measured at fair value plus transactions costs, if any. After initial
recognition, available-for-sale investments are measured at fair value unless fair value is undeterminable.
Available-for-sale investments that do not have a quoted market price in an active market and whose fair value
cannot be measured reliably are measured at cost less any identified impairment losses at the end of each reporting
period.
Gains and losses arising from the changes in the fair value are recognised directly in the condensed consolidated
interim statement of other comprehensive income and accumulated in equity under investments revaluation reserve
with the exception of impairment losses.
Where the investment is disposed off or is determined to be impaired, the cumulative gain or loss previously
recognised in the investments revaluation reserve is recognized in profit or loss.
Dividends on available-for-sale equity instruments are recognised in profit or loss when the Group's right to receive
the dividends is established.
10
4
Property, plant and equipment
Buildings
Plant and
machinery
Heavy
equipment &
light vehicles
Furniture and
fixtures
Capital work-inprogress
Total
Cost
As at December 31, 2012 (Audited)
Addition during the year
Transferred from capital work-in-progress
Disposal during the year
114,341,195
66,328
424,072
(647,449)
291,934,321
1,376,397
7,540,056
(6,590,845)
45,247,817
1,722,589
8,508,198
(208,000)
15,161,015
1,268,452
858,630
(2,175,911)
5,343,160
17,650,048
(17,330,956)
-
472,027,508
22,083,814
(9,622,205)
Transferred to expenses
Addition during the period
Transferred from capital work-in-progress
Disposal during the period
114,184,146
27,500
-
294,259,929
4,779,737
1,852,906
(2,400)
55,270,604
1,060,206
188,076
(90,000)
15,112,186
650,893
880,868
(46,550)
5,662,252
(260,000)
3,844,637
(2,921,850)
-
484,489,117
(260,000)
10,362,973
(138,950)
As at September 30, 2014 (Unaudited)
114,211,646
300,890,172
56,428,886
16,597,397
6,325,039
494,453,140
Accumulated depreciation
Charge for the year
Eliminated on disposal during the year
45,570,682
7,218,378
(647,449)
156,845,819
19,670,684
(6,133,602)
35,359,233
4,302,129
(202,043)
11,984,813
1,308,383
(2,144,593)
-
249,760,547
32,499,574
(9,127,687)
Charge for the period
Eliminated on disposal during the period
52,141,611
4,968,915
-
170,382,901
13,429,829
(1,735)
39,459,319
3,349,939
(90,000)
11,148,603
1,208,551
(44,246)
-
273,132,434
22,957,234
(135,981)
57,110,526
183,810,995
42,719,258
12,312,908
-
295,953,687
57,101,120
117,079,177
13,709,628
4,284,489
6,325,039
198,499,453
62,042,535
123,877,028
15,811,285
3,963,583
5,662,252
211,356,683
Carrying value
Notes:
- Property, plant and equipment are constructed/erected on plots of land obtained on lease from the Government of Fujairah and renewed on an annual basis.
- Certain heavy equipment are mortgaged against finance lease liability (note 17).
- Balance of AED 6,325,039 in capital work-in-progress represents installation of new machinery at various subsidiaries, pending capitalization.
11
5
Sep 30, 2014
(Unaudited)
Dec 31, 2013
(Audited)
34,841,107
1,720,000
36,561,107
38,180,553
3,010,000
41,190,553
41,190,553
(1,760,056)
(1,229,000)
(110,000)
(1,530,390)
36,561,107
36,415,647
(15,641)
4,790,547
41,190,553
Equity securities
: Quoted
: Unquoted
Movement in available-for-sale investments is as follows:
Balance at the beginning of the period/year
Disposal during the period/year
Impairment during the period - charged to profit or loss
Impairment during the period - adjusted with revaluation reserve (note 14)
Change in fair value during the period/year (note 14)
Balance at the end of the period/year
All available-for-sale investments represent investments in local companies in the United Arab Emirates.
6
Inventories
Raw materials
Work-in-progress
Finished goods
Less: Allowance for slow-moving items
(a)
7,493,864
1,085,446
52,406,140
(7,314,305)
53,671,145
5,972,609
567,407
50,040,958
(6,157,857)
50,423,117
(b)
27,758,598
6,526,053
(6,685,883)
27,598,768
24,259,345
7,919,094
(6,167,037)
26,011,402
(c)
1,268,550
2,883,018
(a)+(b)+(c)
82,538,463
79,317,537
12,324,894
2,907,044
(1,148,969)
(82,781)
14,000,188
10,371,998
1,952,896
12,324,894
75,132,920
(7,017,106)
68,115,814
75,405,683
(6,110,426)
69,295,257
6,110,426
977,808
(71,128)
7,017,106
4,932,309
1,335,539
(46,448)
(110,974)
6,110,426
Spare parts
Consumables
Less: Allowance for slow-moving items
Inventories in transit
Movement in allowance for slow-moving inventories is as follows:
Charge during the period/year (note 22)
Reversal of allowance during the period/year
Written-off-during the period/year
7
Trade receivables
Trade receivables
Less: Allowance for doubtful debts
Movement in allowance for doubtful debts is as follows:
Charge during the period/year (note 22)
Written-off-during the period/year
Reversal during the period/year
12
8
Dec 31, 2013
(Audited)
3,770,113
5,602,735
15,279
428,478
9,816,605
1,323,721
2,345,847
19,512
2,339,942
6,029,022
7,000,000
7,000,000
104,867
5,846,361
2,273,635
8,224,863
78,549
1,352,504
9,377,743
10,808,796
Prepayments
Advances to suppliers
Interest receivable
Other receivables
9
Sep 30, 2014
(Unaudited)
Fixed deposit
Fixed deposit with bank
Fixed deposit is under lien against credit facilities (note 16).
10
Cash and bank balances
Cash in hand
Bank balances - current accounts
Short-term fixed deposits
Maturity dates of short-term fixed deposits range from 1 to 3 months from the date of placement.
Bank balances and fixed deposits are maintained with banks registered in the United Arab Emirates.
11
12
Share capital
Number of shares
(Nos.)
126,500,000
126,500,000
Nominal value per share
(AED)
1
1
Issued and fully paid-up share capital
(AED)
126,500,000
126,500,000
Jul 01, 2013 to
Sep 30, 2013
(3 months)
(Unaudited)
Jan 01, 2014 to
Sep 30, 2014
(9 months)
(Unaudited)
Jan 01, 2013 to
Sep 30, 2013
(9 months)
(Unaudited)
(425,862)
(1,605,823)
6,896,476
126,500,000
126,500,000
(1.27)
5.45
0.74
Sep 30, 2014
(Unaudited)
Dec 31, 2013
(Audited)
27,029,465
27,029,465
26,740,331
289,134
27,029,465
Basic earnings per share
(AED)
Weighted average number
of shares
(Nos.)
(Loss)/earnings per share for
the period
(U.A.E. Fils)
13
Jul 01, 2014 to
Sep 30, 2014
(3 months)
(Unaudited)
126,500,000
(0.34)
938,109
126,500,000
Statutory reserve
Add: Transferred from net profit (note 15)
According to the Articles of Association of the Entity and Article 193 of the United Arab Emirates Federal
Commercial Companies Law No. 8 of 1984 (as amended), 10% of annual profit is allocated to the statutory reserve.
The transfer to statutory reserve may be suspended, when the reserve reaches 50% of the paid-up share capital. This
reserve is not available for distribution, except in the circumstances stipulated by law.
No transfer was effected at the end of the reporting period as this will be based on the result for the financial year.
13
Sep 30, 2014
(Unaudited)
14
Investments revaluation reserve
On disposal during the period/year
Impairment during the period/year (note 5)
Change in fair value of available-for-sale investments (note 5)
15
30,500,850
(1,095,073)
(110,000)
(1,530,390)
27,765,387
25,710,303
4,790,547
30,500,850
26,815,590
6,896,476
33,712,066
24,213,387
2,891,337
(289,134)
26,815,590
114,534,647
(16,739,449)
97,795,198
130,292,111
(15,757,464)
114,534,647
71,864,656
25,930,542
97,795,198
92,001,885
22,532,762
114,534,647
15,483,156
82,312,042
97,795,198
19,817,442
94,717,205
114,534,647
22,027,644
1,287,454
23,315,098
31,673,530
5,967,651
37,641,181
71,864,656
92,001,885
25,930,542
23,315,098
49,245,640
22,532,762
37,641,181
60,173,943
121,110,296
152,175,828
Retained earnings
Profit for the period/year
Transferred to statutory reserve (note13)
16
Dec 31, 2013
(Audited)
Bank borrowings
(a) Term loans
Repaid during the period/year
Comprising:
Non-current portion
Current portion
Break-up of term loans
Term loan 1
Term loan 2
(b) Due to banks
Bank overdrafts
Trust receipts
Bank borrowings - non-current portion
Term loans
(refer a)
Bank borrowings - current portion
Term loans
Due to banks
(refer a)
(refer b)
Total bank borrowings
Bank borrowings are secured by:
i) Corporate guarantee of the Entity.
ii) Assignment of certain insurance policies covering buildings and plant and machinery, in favour of the bank.
iii) Lien over fixed deposit of AED 7,000,000 (note 9).
14
Sep 30, 2014
(Unaudited)
17
Dec 31, 2013
(Audited)
Finance lease liability
Add: Received during the period/year
Less: Paid during the period/year
4,858,553
(1,996,212)
2,862,341
6,060,737
(1,202,184)
4,858,553
841,736
2,020,605
2,862,341
2,838,386
2,020,167
4,858,553
Comprising:
Non-current portion
Current portion
Represents acquisition of heavy equipment through finance lease agreement with the vendor. The leases are
scheduled to be repaid in monthly installments of AED 180,715, inclusive of interest, effective from March 2013
until February 2016 and carry interest @ 2.5% per annum (note 4).
18
Employees' end of service benefits
Add: Charge for the period/year
Less: Paid during the period/year
19
12,352,825
1,032,202
(789,553)
12,595,474
11,147,240
1,987,262
(781,677)
12,352,825
43,158,486
3,459,091
9,057,528
3,133,348
29,963
342,860
59,181,276
33,778,335
3,731,980
3,879,976
2,793,573
29,965
550,908
44,764,737
Trade payable
Advances received from customers
Accruals
Staff provisions
Unclaimed dividends
Interest payable
15
Jul 01, 2014 to
Sep 30, 2014
(3 months)
(Unaudited)
20
Jan 01, 2014 to
Sep 30, 2014
(9 months)
(Unaudited)
Jan 01, 2013 to
Sep 30, 2013
(9 months)
(Unaudited)
Sales
Sales : within U.A.E.
: outside U.A.E.
21
Jul 01, 2013 to
Sep 30, 2013
(3 months)
(Unaudited)
56,899,188
6,944,592
63,843,780
50,164,445
7,576,406
57,740,851
177,464,581
25,723,147
203,187,728
161,648,019
31,022,778
192,670,797
2,840,048
3,573,376
1,028,780
113,528
69,142
108,857
699,837
849,816
664,002
76,047
370,538
10,393,971
3,202,456
2,986,207
286,160
109,164
97,868
426,862
534,733
630,394
965,494
81,467
234,385
9,555,190
8,575,557
10,021,634
3,148,654
369,142
217,794
907,512
1,617,077
2,818,262
2,129,143
420,862
932,964
31,158,601
9,188,362
9,071,591
822,060
387,641
225,556
1,067,442
1,530,996
2,156,313
2,386,454
193,872
481,774
27,512,061
Selling and distribution expenses
Salaries and related benefits
Vehicle expenses
Rent
Insurance
Telephone and communication
Advertisement and business promotion
Government fees on crusher sales
Hired transportation
Depreciation of property, plant and equipment
Legal, visa, professional and related expenses
Others
16
Jul 01, 2014 to
Sep 30, 2014
(3 months)
(Unaudited)
22
Jan 01, 2014 to
Sep 30, 2014
(9 months)
(Unaudited)
Jan 01, 2013 to
Sep 30, 2013
(9 months)
(Unaudited)
Administrative expenses
Salaries and related benefits
Vehicle expenses
Rent
Insurance
Legal, visa, professional and related expenses
Telephone and communications
Utilities
Depreciation of property, plant and equipment
Allowance for slow-moving inventories (note 6)
Allowance for doubtful debts (note 7)
Social responsibility contributions
Others
23
Jul 01, 2013 to
Sep 30, 2013
(3 months)
(Unaudited)
3,962,206
196,325
167,397
62,735
272,094
154,316
92,669
623,825
2,399,014
210,000
178,402
356,988
8,675,971
3,444,599
225,541
138,969
86,781
237,879
105,940
150,822
1,032,138
279,992
265,000
96,185
477,673
6,541,519
12,453,915
407,120
509,429
178,755
885,368
396,922
217,269
1,785,402
2,907,044
977,808
776,680
1,215,764
22,711,476
9,816,880
460,070
412,920
190,596
791,259
445,211
198,045
2,337,003
839,972
795,000
831,047
1,330,285
18,448,288
Related party transactions
The Group enters into transactions with other entities that fall within the definition of a related party as contained in IAS 24 Related Party Disclosures. Such transactions are in
the normal course of business and at terms that correspond to those on normal arms-length transactions with third parties. Related parties comprise entities under common
ownership and/or common management and control; their partners and key management personnel.
Sep 30, 2014
Dec 31, 2013
(Unaudited)
(Audited)
a) Balances due from related parties (included in trade receivables)
b) Balances due to related parties (included in trade and other payables)
No bank guarantees are received from or provided to related parties against balances due from/to them.
No expense has been recognised in the year for bad or doubtful debts in respect of the amounts due from related parties.
17
2,317,167
2,318,170
893,217
560,054
23
Related party transactions (continued)
c) Transactions with related parties
The nature of significant related party transactions and the amounts involved were as follows:
Jul 01, 2014 to
Sep 30, 2014
(3 months)
(Unaudited)
Jul 01, 2013 to
Sep 30, 2013
(3 months)
(Unaudited)
Jan 01, 2014 to
Sep 30, 2014
(9 months)
(Unaudited)
Jan 01, 2013 to
Sep 30, 2013
(9 months)
(Unaudited)
Sales
1,225,641
1,658,872
3,786,460
5,255,701
Purchases
1,168,621
2,905,167
3,474,477
6,234,005
18
24
Business segments
Fujairah
National
Quarry
Fujairah
Concrete
Products
Emirates
Ceramic
Factory
Fujairah
Rockwool
Factory
Fujairah
Marble &
Tiles Factory
Fujairah
Building
Industries
P.S.C.
Eliminations
Total
For the period ended
September 30, 2014
Sales
(Loss)/profit
Depreciation charge
23,593,146
(3,974,212)
3,101,850
58,521,437
3,299,996
4,761,574
8,451,476
(4,941,041)
723,852
99,180,513
15,404,556
10,388,336
20,232,867
(4,308,688)
2,971,655
41,884,745
21,734,087
91,304,676
24,366,611
28,358,877
12,685,180
180,885,745
113,171,190
51,097,962
48,992,411
22,523,022
188,306
2,830,641
49,628,054
(1,727,016)
5,499,992
20,367,373
(5,747,244)
1,819,682
88,685,969
11,136,524
9,837,892
18,260,535
(3,754,329)
3,716,664
37,367,155
13,722,313
95,122,360
25,172,617
29,507,857
3,868,514
191,847,765
144,690,227
54,934,912
54,973,625
1,415,865
1,009,967
(6,791,711)
-
203,187,728
6,896,476
22,957,234
233,490,726
24,305,004
(216,266,426)
(49,505,096)
410,756,305
195,749,387
841,868
754,003
(6,794,156)
-
192,670,797
938,109
24,458,874
216,389,960
16,875,939
(201,795,421)
(35,607,374)
423,374,588
223,695,861
As at September 30, 2014
Total assets
Total liabilities
For the period ended
September 30, 2013
Sales
Profit/(loss)
Depreciation charge
As at September 30, 2013
Total assets
Total liabilities
19
25
Seasonality of results
Dividend on available-for-sale investments included under other income depends on market conditions, investment
activities of the Group and declaration of profits by investee companies, which are of seasonal nature. Accordingly,
consolidated result for the nine month period ended September 30, 2014 is not comparable to that relating to the
comparative period and is not indicative of the consolidated result that might be expected for the year ending December 31,
2014.
26
Contingent liabilities
Sep 30, 2014
(Unaudited)
2,161,347
3,274,471
Letters of credit
Letter of guarantee
Dec 31, 2013
(Audited)
3,273,228
5,256,847
Except for the above and ongoing business obligations which are under normal course of business against which no loss is
expected, there has been no other known contingent liability as of the reporting date.
27
Commitments
Sep 30, 2014
(Unaudited)
Capital commitments
2,310,282
Dec 31, 2013
(Audited)
5,601,847
Except for the above and ongoing business obligations which are under normal course of business against which no loss is
expected, there has been no other known commitment as of the reporting date.
28
Comparative amounts
Certain amounts of the prior period/year were reclassified to conform to the current period's presentation. However, such
reclassification has no impact on the previously reported consolidated financial result or equity.
20

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Fujairah Building Industries P.J.S.C. and its subsidiaries (the "Group")