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ANNUAL REPORT
Download The 17th Annual Report 2010
Download The 16th Annual Report 2009
Download The 15th Annual Report 2008
Download The 14th Annual Report 2007
Download The 13th Annual Report 2006
Download The 12th Annual Report 2005
FINANCIAL STATEMENTS
Balance Sheets as of December 31, 2010 and 2009
Statements of income
for 2010 and 2009
Statements of
changes in
shareholders' equity
for 2010
Statements of cash flows for 2010
STATEMENT OF FINANCIAL
POSITION AS AT 31 DECEMBER 2010
(In Jordanian Dinars)
|
ASSETS |
2010
JD |
2009
JD |
|
Cash & cash equivalents |
10,604,975 |
8,986,537 |
|
Restricted bank deposits |
6,263,844 |
6,047,575 |
|
Trading financial assets |
1,194,187 |
2,208,751 |
|
Available for sale financial assets |
606,940 |
826,380 |
|
Held to maturity financial assets |
334,640 |
1,444,640 |
| Receivables and other current assets |
304,084 |
283,173 |
Deferred tax assets |
305,429 |
609,212 |
|
Property and equipment |
3,295,945 |
3,170,132 |
Total Assets |
22,910,044 |
23,576,400 |
|
LIABILITIES AND EQUITY |
|
Liabilities: |
|
Provisions for loans guarantee |
2,738,045 |
3,091,219 |
|
Central Bank of Jordan loan |
5,160,695 |
5,160,695 |
|
Payables and other current liabilities |
369,503 |
382,247 |
|
Income tax provision |
65,757 |
164,402 |
|
Total Liabilities |
8,334,000 |
8,798,563 |
|
|
|
Equity: |
|
Paid in capital |
10,000,000 |
10,000,000 |
|
Statutory reserve |
1,314,708 |
1,244,852 |
|
Voluntary reserve |
2,204,824 |
2,065,112 |
|
Fair value adjustments |
48,263 |
167,075 |
|
Retained earnings |
1,008,249 |
1,300,798 |
|
Total Equity |
14,576,044 |
14,777,837 |
|
Total Liabilities and Equity |
22,910,044 |
23,576,400 |
|
STATEMENTS OF INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010
(In Jordanian Dinars)
|
Revenues
|
2010
JD |
2009
JD |
|
Interest income |
389,464 |
490,125 |
|
Commissions on guaranteed loans |
363,781 |
367,276 |
|
Commissions on guaranteed export loans and domestic buyers |
140,843 |
136,234 |
|
Commissions on guaranteed industrial loans and financial leasing |
81,768 |
62,498 |
|
Unneeded provisions |
594,759 |
- |
|
Gain from sale of financial assets |
122,205 |
749,261 |
|
Trading financial assets revaluation |
5,296 |
141,345 |
|
Bonds interest income |
69,600 |
113,567 |
|
Dividends income |
79,423 |
55,015 |
|
Other revenues |
2,943 |
11,589 |
|
Total revenues |
1,712,268 |
2,126,910 |
|
|
|
|
|
Less: |
|
|
|
Administrative expenses |
1,140,233 |
903,182 |
|
Special provision |
- |
260,612 |
|
Provision for end of service indemnity |
11,292 |
8,509 |
|
Fees and other expenses |
6,986 |
60,472 |
|
Total Expenses |
1,158,511 |
1,232,775 |
|
Profit (Loss) for the year before income tax |
691,571 |
894,135 |
|
Income tax (expenses) benefits |
(374,552) |
( 25,721) |
|
Profit for the year |
317,019 |
868,414 |
|
Earnings per share |
0.032 |
0.087 |
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
| |
Paid in capital |
Reserves |
Fair value adjustments |
Retained
Earnings |
Total |
Statutory |
Voluntary |
| Balance as at 1 January 2010 |
10,000,000 |
1,244,852 |
2,065,112 |
167,075 |
1,300,798 |
14,777,837 |
| Divided paid |
- |
- |
- |
- |
(400,000) |
(400,000) |
| comprehensive income for the year |
- |
- |
- |
( 118,812) |
317,019 |
198,207 |
| Reserves |
- |
69,856 |
139,712 |
- |
( 209,568) |
- |
| Balance as at 31 December 2010 |
10,000,000 |
1,314,708 |
2,204,824 |
48,263 |
1,008,249 |
14,576,044 |
| Balance as at 1 January 2009 |
10,000,000 |
1,149,391 |
1,874,190 |
890,655 |
1,218,767 |
15,133,003 |
| Dividends paid |
- |
- |
- |
- |
( 500,000) |
(500,000) |
| comprehensive income for the year |
- |
- |
- |
( 723,580) |
868,414 |
144,834 |
| Reserves |
- |
95,461 |
190,922 |
- |
( 286,383) |
- |
| Balance as at 31 December 2009 |
10,000,000 |
1,244,852 |
2,065,112 |
167,075 |
1,300,798 |
14,777,837 |
* Retained earnings of the company as at the end of 2010 include unrealized gains related to portfolio of trading securities amounted to JD 5,296.
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES |
2010
JD |
2009
JD |
Profit for the year before income tax |
691,571 |
894,135 |
Depreciation |
95,562 |
29,590 |
Change in fair value of trading financial assets |
( 5,296) |
(141,345 ) |
Gain on sale of available for sale financial assets |
( 105,392) |
(700,442 ) |
Provision for end of service indemnity |
11,292 |
8,509 |
Provisions for loan guarantee |
( 367,102) |
614,952 |
Change in working capital |
Trading financial assets |
1,019,860 |
4,754,645 |
Receivables and other current assets |
( 20,911) |
( 21,930 ) |
Payables and other current liabilities |
( 24,036) |
42,810 |
Net payments for loans guarantee |
13,928 |
( 71,318 ) |
Income taxes paid |
( 160,026) |
(196,789 ) |
Net Cash Flows From Operating Activities |
1,149,450 |
5,212,817 |
Cash Flows From Investing Activities |
Redemption of held to maturity financial assets |
1,110,000 |
205,000 |
Property & equipment |
( 221,375) |
( 3,049,745 ) |
Available for sale financial assets |
196,632 |
1,062,704 |
Net Cash Flows From Investing Activities |
1,085,257 |
( 1,782,041 ) |
Cash Flows From Financing Activities |
Increase in restricted bank deposits |
( 216,269) |
(254,025 ) |
Dividends paid |
( 400,000) |
( 500,000 ) |
Net Cash Flows From Financing Activities |
( 616,269) |
( 754,025 ) |
Change in cash & cash equivalents |
1,618,438 |
2,676,751 |
Cash & cash equivalents at beginning of the year |
8,986,537 |
6,309,786 |
Cash & cash equivalents at end of the year |
10,604,975 |
8,986,537 |
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