JLGC- News

Financial Statements

ANNUAL REPORT

Download The 11^th Annual Report 2004

FINANCIAL STATEMENTS

Balance Sheets as of December 31, 2006 and 2005

BALANCE SHEETS
AS AT DECEMBER 31, 2006

ASSETS	2006 JD	2005 JD
Cash on hand and at banks	10,237,068	4,657,285
Trading investments	8,681,794	8,940,611
Available for sale investments	2,093,189	2,485,609
Held to maturity investments	2,452,000	3,452,000
Property and equipment	134,050	144,372
Deferred tax assets	399,494	-
Accounts receivable and other assets	371,701	353,240
Total Assets	24,369,296	20,033,117
LIABILITIES AND EQUITY
Liabilities:
Income tax provision	343,029	136,000
Central Bank of Jordan Loan	5,160,695	-
Provisions for loan guarantee	1,911,436	1,819,577
Deferred tax liabilities	-	234,693
Accounts payable and other liabilities	273,356	311,568
Total Liabilities	7,688,516	2,501838

Equity:
Share capital	10,000,000	10,000,000
Statutory reserve	1,041,818	1,041,818
Voluntary reserve	1,874,190	1,874,190
Fair value reserve	1,011,005	1,378,898
Retained earnings	2,753,767	3,236,373
Total Equity	16,680,780	17,531,279
Total Liabilities and Equity	24,369,296	20,003,117

STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2006

Revenues	2006 JD	2005 JD
Interest income	506,099	189,565
Commissions on guaranteed loans	436,267	433,857
Commissions on guaranteed industrial loans and financial leasing	55,753	52,448
Commissions on guaranteed export loans and domestic buyers	110,880	51,926
(Loss) income from investments	( 515,515)	3,115,766
Other income	2,986	3,541
Total revenues	596,470	3,487,103

Less:
Administrative expenses	770,281	669,225
Provision for end of service indemnity	7,875	7,875
Other fees	3,552	142,958
(Loss) profit before tax	( 185,238)	3,027,045
Income tax benefits (expense)	402,632	(278,767)
Profit for the year	217,394	2,748,278
Basic and diluted earnings per share	0.022	0.275

	Paid in Capital JD	Reserves		Fair Value Reserve JD	Retained Earnings JD	Total JD
	Paid in Capital JD	Statutory JD	Voluntary JD	Fair Value Reserve JD	Retained Earnings JD	Total JD
Balance as ofJanuary 1,2006	10,000,000	1,041,818	1,874,190	1,378,898	3,236,373	17,531,279
Fair value reserve	-	-	-	(367,893)	-	( 367,893)
Total income and expenses recognised directly in equity	-	-	-	( 367,893)	-	( 367,893)
Profit for the Year	-	-	-	-	217,394	217,394
Total income and expenses for the year	-	-	-	( 367,893)	217,394	( 150,499)
Dividends paid	-	-	-	-	(700,000)	(700,000)
Balance as of December 31, 2006	10,000,000	1,041,818	1,874,190	1,011,005	2,753,767	16,680,780

Balance as of January 1, 2005	10,000,000	724,818	1,240,190	996,596	2,039,095	15,000,699
Realized revenue / effect of adopting IAS (39)	-	-	-	(32,250)	-	( 32,250)
Fair value reserve	-	-	-	414,552	-	414,552
Total income and expenses recognised directly in equity	-	-	-	382,302	-	382,302
Profit for the year	-	-	-	-	2,748,278	2,748,278
Total income and expenses for the year	-	-	-	382,302	2,748,278	3,130,580
Transfers to reserves	-	317,000	634,000	-	( 951,000)	-
Dividends paid	-	-	-	-	( 600,000)	( 600,000)
Balance as of December 31, 2005	10,000,000	1,041,818	1,874,190	1,378,898	3,236,373	17,531,279

STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2006

CASH FLOWS FROM OPERATING ACTIVITIES	2006 JD	2005 JD
(Loss) profit before tax	( 185,238)	3,027,045
Adjustments:
Depreciation	35,586	34,935
Provision for exports' guarantees and domestic buyers	7,875	7,875
Employees incentive provision	25,018	20,000
Non - cash revenues	-	(1,721)
Gain from sale of investments	-	(1,218,937)
Gain from valuation of trading investments	670,546	(1,636,231)