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ANNUAL REPORT
Download The 18th Annual Report 2011
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, 2011 and 2010
Statements of income
for 2011 and 2010
Statements of
changes in
shareholders' equity
for 2011
Statements of cash flows for 2011
STATEMENT OF FINANCIAL
POSITION AS AT 31 DECEMBER 2011
(In Jordanian Dinars)
|
ASSETS |
2011
JD |
2010
JD |
|
Cash & cash equivalents |
7,026,381 |
10,604,975 |
|
Restricted bank deposits |
4,501,896 |
6,263,844 |
|
Restricted financial assets measured at amortized cost |
1,677,963 |
- |
|
Financial assets measured at fair value through profit or loss |
195,415 |
- |
|
Trading financial assets |
- |
1,194,187 |
|
Financial assets measured at fair value through other comprehensive income |
604,006 |
- |
|
Available for sale financial assets |
- |
606,940 |
|
Financial assets measured at amortized cost |
4,027,945 |
- |
|
Held to maturity financial assets |
- |
334,640 |
| Receivables and other current assets |
401,373 |
304,084 |
Deferred tax assets |
303,405 |
305,429 |
|
Property and equipment |
3,243,359 |
3,295,945 |
Total Assets |
21,981,743 |
22,910,044 |
|
LIABILITIES AND EQUITY |
|
Liabilities: |
|
Provisions against loans guarantee |
2,449,845 |
2,738,045 |
|
Central Bank of Jordan loan |
5,160,695 |
5,160,695 |
|
Payables and other current liabilities |
329,590 |
369,503 |
|
Income tax provision |
30,155 |
65,757 |
|
Total Liabilities |
7,970,285 |
8,334,000 |
|
|
|
Equity: |
|
Paid in capital |
10,000,000 |
10,000,000 |
|
Statutory reserve |
1,314,708 |
1,314,708 |
|
Voluntary reserve |
2,204,824 |
2,204,824 |
|
Fair value adjustments |
45,519 |
48,263 |
|
Retained earnings |
446,407 |
1,008,249 |
|
Total Equity |
14,011,458 |
14,576,044 |
|
Total Liabilities and Equity |
21,981,743 |
22,910,044 |
|
STATEMENTS OF INCOME
FOR THE YEAR ENDED 31 DECEMBER 2011
(In Jordanian Dinars)
|
Revenues
|
2011
JD |
2010
JD |
|
Interest income |
415,678 |
389,464 |
|
Commissions on guaranteed loans |
363,233 |
363,781 |
|
Commissions on guaranteed export loans and domestic buyers |
192,363 |
140,843 |
|
Commissions on guaranteed industrial loans and financial leasing |
85,261 |
81,768 |
|
Unneeded provisions |
- |
594,759 |
|
Profit from sale of financial assets |
- |
122,205 |
|
Financial assets measured at fair value through profit or loss revaluation |
(47,115) |
- |
|
Trading financial assets revaluation |
- |
5,296 |
|
Bonds interest income |
102,265 |
69,600 |
|
Dividends income |
48,000 |
79,423 |
|
Other revenues |
13,815 |
2,943 |
|
Total revenues |
1,712,268 |
2,126,910 |
|
|
|
|
|
Expenses |
|
|
|
Administrative expenses |
959,094 |
1,140,233 |
|
Special provision |
168,542 |
- |
|
Impairment of financial assets measured at amortized cost |
289,547 |
- |
|
Provision for end of service indemnity |
16,634 |
11,292 |
|
Fees and other expenses |
- |
6,986 |
|
Total Expenses |
1,433,817 |
1,158,511 |
|
(Loss) Profit for the year before income tax |
(260,317) |
691,571 |
|
Income tax expenses |
(2,124) |
( 374,552) |
|
(Loss) Profit for the year |
(262,441) |
317,019 |
|
Basic and diluted earnings per share |
0.026 |
0.032 |
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2011
| |
Paid in capital |
Reserves |
Fair value adjustments |
Retained
Earnings |
Total |
Statutory |
Voluntary |
| Balance as at 1 January 2011 |
10,000,000 |
1,314,708 |
2,204,824 |
48,263 |
1,008,249 |
14,576,044 |
| Divided paid |
- |
- |
- |
- |
(300,000) |
(300,000) |
| comprehensive income for the year |
- |
- |
- |
( 2,145) |
(262,441) |
(264,586) |
| Sale of financial assets measured at fair value through other comprehensive income |
- |
- |
- |
(599) |
599 |
- |
| Balance as at 31 December 2011 |
10,000,000 |
1,314,708 |
2,204,824 |
45,519 |
446,407 |
14,011,458 |
| Balance as at 1 January 2010 |
10,000,000 |
1,244,852 |
2,065,112 |
167,075 |
1,300,798 |
14,777,837 |
| Dividends 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 |
* Retained earnings of the Company as at 31 December 2011 do not include unrealized gains related to financial assets measured at fair value through profit or loss
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2011
OPERATING ACTIVITIES |
2011
JD |
2010
JD |
(Loss) Profit for the year before income tax |
(260,317) |
691,571 |
Depreciation |
57,033 |
95,562 |
Financial assets measured at fair value through profit or loss revaluation |
47,115 |
- |
Trading financial assets revaluation |
- |
( 5,296) |
Gain from sale of available for sale financial assets |
- |
( 105,392) |
Provision against end of service indemnity |
16,634 |
11,292 |
Impairment of financial assets measured at amortized cost |
289,547 |
- |
Provisions against loan guarantee |
498,404 |
( 367,102) |
Change in working capital |
Receivables and other current assets |
(109,096) |
( 20,911) |
Payables and other current liabilities |
( 56,547) |
( 24,036) |
Financial assets measured at fair value through profit or loss |
951,657 |
- |
Trading financial assets |
- |
1,019,860 |
Net payments for loans guarantee |
(786,604) |
13,928 |
Income taxes paid |
( 35,602) |
( 160,026) |
Net Cash Flows From Operating Activities |
612,224 |
1,149,450 |
Investing Activities |
Financial assets measured at amortized cost |
( 3,971,045) |
- |
Redemption of held to maturity financial assets |
- |
1,110,000 |
Property & equipment |
( 4,447) |
( 221,375 ) |
Financial assets measured at fair value through other comprehensive income |
689 |
- |
Available for sale financial assets |
- |
196,632 |
Net Cash Flows From Investing Activities |
(3,974,803) |
1,085,257 |
Financing Activities |
Increase in restricted bank deposits |
1,761,948 |
( 216,269) |
Restricted financial assets measured at amortized cost |
(1,677,963) |
- |
Dividends paid |
( 300,000) |
( 400,000 ) |
Net Cash Flows From Financing Activities |
(216,015) |
( 616,269) |
Net change in cash and cash equivalents |
(3,578,594) |
1,618,438 |
Cash and cash equivalents, beginning of the year |
10,604,975 |
8,986,537 |
Cash and cash equivalents, end of the year |
7,026,381 |
10,604,975 |
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