A.L TAJAMOUAT FOR TOURISTIC PROJECTS COMPANY (PUBLIC SHAREHOLDING COMPANY)
AMMAN - JORDAN
CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTH
ENDED SEPTEMBER 30, 2015
TOGETHER WITH THE INDEPENDENT AUDITOR'S REPORT ON THE REVIF;W OF THE CONDENSED
INTERIM FINANCIAL INFORMATION
ALTAJAMOUAT FOR TO URISTIC PROJ ECTS COMPANY (PtJl3L1C SHAREHOLDlNG COMPANy) AMMAN - JORDAN
FOR THE NlNE MONTH ENDED SEPTEMBER 30, 201~
Conten ts Pag e
Ind ependen t A uditor' s Report o n the Re view o f the Co ndense d Interim Financial In forma tion
Co ndensed In terim Sta teme nt o f' Fina nc ia l Po sition 2
Co nde nsed Interim Sta teme nt of Profit or L DSS and O ther Co mp rehe ns ive in com e
Co ndense d In ter im S tateme nt of Ch an ges in Sha reho lde rs ' Eq uity
3
4
Co ndensed In ter im State ment o f Cash F lows 5
No tes to the Co nde nsed int erim Fina ncia l Informati on 6- 1I
Tetenborie +9G2 I(;J 565-(170 1)
Kawesmy & Partners Co . Filx +96? If:) 5 ER -65~8
Am nRn - J ll r cJ ~ ; '- P.O !O x 93C07LAmm ~n 1 193 W ODsile wwvv.kpm q corn
lndependent Auditor's Report on the Review of the Condensed lnterim J.'inaneial Information
To Chairman and the Members of Board of Directors AI Tajarnouat for Touristic Projects Company (Public Shareholding Company) Amman - Jordan
We have reviewed the accompany ing condensed interim financial posiuon of AI Tajamouat for Touristic Projects Company - Public Limited Shareholding Company ("the Company") as of 30 September 20 15 and the related Statements of profit or loss and o ther comprehensive income, chan ges in shareholders' equity and cash [lows for the nine months period then ended, and notes to the interim financi al information. Man agement is responsible for the preparati on and presentati on o f this condensed interim financial information in acco rdance with [AS (34) " Interim Financial Reporting". Our responsibil ity is to express a conclusion on this conden sed interim financial informati on based on our review.
Scope of Review
We conducted our review in acco rdance with Internati onal Standard on Review Engagements (24 10) " Review of Interim Financial Informati on Perform ed by [he Independ ent Audit or of the Entity". A review of interim financial sta tements consists of mak ing inquiries, primaril y o f persons respon sible for financial and .iccouuring matters, and applying analytical and other review procedures. A review is subs tantially less in scope than an audit conducted in accordance with Intern ational Standards on Auditing and consequentl y does not enable us to obtain assurance that we would become aware of all sign; ficant matt ers that might be identified in an audit. Accordin gly. we do not express an audit opini on.
Conclusion
Based on our review, nothi ng has come to our attention that causes us to bel ieve that the accompanying condensed interim financial informati on is not presented fairl y, in all material respects, the financial position or the company as of September 30, 201 5 and its financial perform ance and its cash flows for the nine month s then ended in accordan ce with lAS (34 ) " Interim Financial Reportin g".
Other Matter
- The f nancial statements for the year ended Dece mber 3 1, 20 14 were audited by another auditor who expresse d an unqualified opini on on March 3, 2015 , moreover, the condensed and its financial information for the period ended September 30 , 2014 has been reviewed by another audit or who expressed an unqualified conclu sion on October 26, 2014 .
- The accomp anying financial information are a translated version from the condensed interim financial
information issued in Arabic.
Kawasrny and PI rt uers KP i\I ~
Hatem Kawasmy Amman - Jordan License no. (656) October 29 ,2015
!
I(I'MG Kawa srny S: Par tners C0 , a regi stered Jordanian pan nc islup und er No. 1 ~~ 61, is a mem ber linn ol' KJ'I....1G Irucrna uo nal, a Swiss cooperauvc
AL TAJAMOUAT FOR TOURISTIC PROJECTS C OPMANY (PUBLIC SHAREHOLDING COMPANY) AMMAN - JORDAN
CO NDENSED INT ERL'\1 STATEMENT OF FIN ANCIAL POSITION
III Jordanian Dinar Asset s Non -Current Asset s Property and equipment In vestment pro perties
Deferred tax assets Total Non-Current Assets
Current Ass ets Receivabl es and cheques under co llection Due fro m related part ies
Other deb it balances
Cash and cash equ ivalents
Total Current Assets
Total Assets
Eq uity and Liabilities E q uity Paid up Cap ital Share premium Share discount Sta tu tory reserve Accumu lated losses
Net Eq uity
Lia bilities Non -Current Liabilities Syndica te loan- Long term
Lessees refundable deposit
Total Non -Current Liabilities
Cu rrent Liabiliti es Syndica te loan-short term No tes payable Deferred cheques -short term Payables and other credit balance Unea rned revenue Due to related parti es Total Current Liabilities Total Liabilities
Total Equity and Liabilities
As of 30 Se(!temher 2015
5 6 7
62,890 141 ,R 27 ,874
164,7;<; 0
14Vl55,514
4 ,973,212 4,991
3,082,298 9 2,661,6[2
10,722,113
152,777,627
100,000,000 200,7 14
(7.000,000) 475,433
(1, 626,291)
92,049,856
10 41,091,1 85 795599
4UHl6,784
10 4,109,118
8
267 ,14 1 3,911,905
10,462,4 16 90 ,40 7
18,840 ,98 7 60 ,727 ,771
152,777,627
As 0[31 December 201
79,152 144,1 06.121
220..'i6X 144,405 ,841
3,5 18,704
x49
1,880,301
1,748,960 7, 148,814
151,554,655
100,000,000 200 ,7 )4
(7,000,000) 475,4 3.1
( 3 .(11 2 ,4 ~ I)
90 ,063 ,666
4 1,21)9,X·l l 796 ,97U
42,066,811
9,826, I53 963 ,760 003,07:>
3,628,R 71 4,306.:'42
95,x17
19,424,178 61,490,989
151.554,655
The companying notes on pages (6) to (II ) are an integral part o f these co ndensed interim financ ial information and shuwld h<: read with them and with the review report.
The rruerim financial stateme nts were approved by the hoard of director on October 26. 20 lSand was signed by:
Finance Manager General Manager
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AL TAJAMOUAT FOR TOURISTIC PROJECTS COPlVlANY (PUBLJC SHAREHOLDING COMPANY) AMMAN -JORDAN
CONDENSED INTERlM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMF.
The companying notes on pages (6) 10 (I I) are all integral part of these condensed i ru eri m financial lnfon narion and sho uld be read with them and with the review report.
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AL TAJAMOUAT FOR TOURISTIC PROJECTS COPl.\1.AI'tIT)' (PUBLIC SHAREHOLDfNG COMPANY) AMMAN - JORDAN
CONDENSED INTERIM STATEMENT OF CH ANGES IN SHAREHOLDl.:RS' EQUIT\ ____ _ _ __ _
Paid up Share Share Statutory Accumulated III Jordanian Dinars Capital ----p'r em ium d iscoun t reserve los se ~ T ota l For the period ended September 3D, Balan ce at the beginning of the peri od 100,000,000 200 ,7L4 (7,000 ,000) 475,433 (3,fi12,4RI) 90,063,666 Total com prehe nsive incom e for the peri od - - 1,986,190 1,986, 190
Balance as of September 30, 2015 100,000,000 200,714 (7,000,000) 475,433 (1,626,291) 92,049,856
For the period ended September 30, Balance at the beg-inning of the period 100,000,000 200,7 14 (7,000 ,000) 324,520 (4,674)95) 88,850,839 To tal comprehensive incom e for the period - 1,012,1 X8 1,012,188
Balance as of September 30,2014 100,000,000 200,714 (7,000,000) 324,520 (3,662 ,207) 89,863.027
Th e companying notes on r ages (6) to (1 1\ arc , ll l integral part ofthese condensed interim financial Information and should be read wi th them and with the review report.
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AL TAJAMOUAT FOR TOURISTIC PROJ ECTS COPMANY (PUBLIC SHAREHOLDING COMPANY) AMMAN - JORDAN'
CONDE~S ED IN ERl l l ST ATE ME NT OF CASH FLOWS
III Jordanian Dinars
Cash flows from operating activities
Profit for the period before income tax
Adjustments Depreciation of properry and equipment Depreciation of investment properties Interest income Finance cost
Provision of doubt ful debts Loss on the disposal of properly and equipment
Changes in working capital item s:
Restricted cash Due from related parries Receivables and cheques under collection Other debit balances Deferred cheques Unearned revenue Payabl es and other credit balance Lessees refundable deposit
Net ca sh flows from op erating activities
Cash flows from investing acrivi ries Interest proceed Purchase of property and equipment Proceed from disposed investment propert ies Purchases of investment properti es Net cash flow s (u sed in) investing activities
Cash flows from financing activities Bank loans payments Due to related parti es Pilid interest Noles payable Net cash flow s (used in) financing act iv ities
Ne1increase in cash and cash equivalents Cash and cash equivalen ts at the beginnin g of the period
Cash and cash equivalents at th e end of the period
For th e nine month nd ed September 30 ,
Note 2015 20 14
2,042,008 I, : ~H , 9 7 1
5
6 22,450
2,460,211 (3,030)
3,036 ,212
330,443
7,888,300
20,851 2,456,005
PU24) 3,980.58 1
177 ,793 (2, 193)
7,763, 484
9
8
5 17,870 (4 ,142)
( 1,784, 95 1) ( 1,201,997 )
(335 ,884)
6,155,874
283,034 (1,371)
709 .236
(2.268 .430) (527 ,2RR)
164.106
3556.04 3 (944, 171)
.252 11,5J6,733 8,456,232
:; 6 6 -
3,030 (6,194)
4,350 ( 186,3 14) -(Hl5,12M)
(5.895,69 1) (5,420)
(3,0 36,2 12) (963J60)
(9,901 ,083)
8,524 ( I l.169)
(290, 50R)
-- t2l,l3.l53)
(3,129,25 1) 63,96 2
0 ,q~O ,58 1 )
(7,045,870)
1,430.52 2 1,11 7,209 I, I (}O.6:!2 1,139,(i4h
9 2,621, 144 2,256,855
The companying notes 011 pages (6) to ( I I) are all integral part of these condensed interim financial Information and should be read with them and with the review report.
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AL TAJAMOliAT FOR TO URI STIC PROJECTS COMPANY (PUBLIC SlIA RE HO LDING COi\'IP ANY) AMMAN - JORD AN
NOT ES TO THE ONDENSE D INTERIM FrNANCIAL INFORMATION
1) GE NERAL
Al-Tajamouat for Touristi c Project Company was incorporated during (he year 1983 as Pub lic Limited Shareholdiug Company. During the year 20 10, The Company decided to increase the paid up capital from JD 59,170,859 to 75 ,000,000 by an increase of 1D 15,829,141. Furthermore, the general assembly decided in its extraordinary meeting held on Augus t 15, 20 I I to increase the capital by .TD 25,000 ,000 through a private offering 10 become JD 100,000.0 00 after increase with share discount amounted 10 JD 7,00 0.0 00.
The Compa ny's main objective is operating Mall in Abdoun zone in Amma n under name "TAJ li [esl yle Center.,.
The condensed interim lmancial information were approved by the Board of Directors on October 26, 201 5.
2) BASIS OF PREPARATION
a) Statement of compliance
- The condensed interim fina ncial information have been prepared in acco rdance with lAS 34 "In terim Financial Reporting",
- These condensed interim financial statements do not include all the information and notes required Cor full annual financial statements prepared in accord ance with International Financial Report inc Standards. These condensed interim financial information should be read with the audited financial statements tor the year ended December 31. 20 14, AB well LIS, the financial perform ance condensed interim financial period ended September 30, 20 15 does not necessarily give 8 \1 indication for the expected financial perform ance for the year that will be ending on December 3 1,20 15. In addi tion , no appropriat ion has been made on the profit for tbe period to reserves, which will be appropriated in the annual financial state ments at the end of the year 2015.
- The considerations of measurement aud recogniti on were applied in the conde nsed interim financial statements as of September 30, 20 15 and for the nine-rnonth period ended in Septembe r 30. 20 15. Moreover, the Company did not have transactions effected be seasonality events.
b) li se of judgments and estimates
The preparation of the condensed interim fi nancial information in accordance with IFRSs requires management to make jud gments, estimates and assumptions that affec t the appl ication of accou nting policies and the reported amounts of asse ts and liabili ties , income and expense. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed 011 an ongoing basis, Revisions to acco unting estimates are recognized in the year in which the es timates are revised and ill any future years affected.
In part icular, inform ation about significant areas of estimation uncertainty and criti cal jud gments in applying accounting po licies that have the most signi ficant effect on the amounts recognized in the financial information are summarized as follows :
A provision for doubt ful debts is taken on the basis and estimates for the recoverable amounts which approved by management in conformity with International Financial Reporting Standards (IfRS) .
Manage ment estimates the provision for income tax based on taxable profi ts in accordance with the prevailing laws and regulations.
AL TAJAJ\iIOUAT FOR TO URI STIC PROJECTS COMP Al'lY (P UBLJC SH ARE J-I OL DI NG COMPANY) Al\'IMAN - JORDAN
NOTES TO THE CONDENSED INTERIM fINA NC iAl, INFOH j" \ TI O N
Deferred tax asse ts calculated on the basis of expected tax rates applied on temporary di Iferences in accordance to prevailing laws at the condensed interim fin ancial statement date.
Deferred tax assets reviewed at the end of each financial year and reduced when there are no future economic benefits from these deferred taxes.
A deferred tax asset is recogni zed to the extent that it is probable that future taxable profits will be available agai nst which temporary difference can be utilized. Management periodically reassesses the economic useful lives of property and equip ment and investment property based on the general condition of these assets and the expecta tion for their useful economic lives in the future.
Management frequently reviews the lawsuits raised against the company based on a leg- el l study prepared by the company's legal counsel. This study highlights potential r isks that the company may incur in the future.
- Fair value hiera rchy: The Company is requi red to determine and disclose the level in the fair value hierarchy into which the fair value measur ements are categorized ill their entirety, segrega ting fair value measurements in accordance with the levels defined in IFRS. Differentiating between Level 2 and Level 3 fair value measurements, i.e., assessing whether inputs are observable and whether the unobservable inputs are significant. may require judgment and a careful analysis of the inputs used to measure fair value, includ ing consideration of factors spec ific to the asset or liability.
Manage ment believes that its est imates and jud gments are reasonable and adequate .
3) SIGNIF ICANT ACCO UNTI NG POLICIES
The accountin g policies applied by the Company in these condensed interim financial information for the nine month ended September 30,20 15 are the same as those applied by the Company in its financial statements for the year ended December 3 1, 20 14. Except for the following that became effective for annual years beginning after I January 20 15:
Amendments
• (Ame ndments to lAS 19) Defined Benefit Plans, Employee Contributions (effective from 20 15).
Improvements
• Annual lmprovements to IFRSs 2010- 20 12 cycle (effective 20 15).
4) OPERATlNG SEGMENT
The Company operates its activities in one major operating segment which represents in leasing activities, the balances and services revenue occured ins ide of Jordan,
5) PROPERTY AND EQUIPMENT
TIle additions in property and equipment were amounted to .1 0 0 6,194 durin g the period ended September 30, 20 15 (December 3 1,20 14: JOD 15,llo).The deprec iation expense on properly and equipment was amounted to JOD 22,456 during the period ended September 30, 20 J:; (September 30, 2014: JOD 20,~ 5 1) .
6) INV ESTMENT PROPERTIES
The additions in investment property durin g the rune month ended in September 30, 20 15 "mounted to JOD 186,314 (December 31, 2014: JOD 446,449) and the disposal for the nine month ended in September 30 , 20 15: .I 0D ~}:;o (December 31, 2014: JOD 125,859), moreover , the depreciation expense amounted to: .1 0 02.400,2 11 during the nine month ended in September 30,20 15 (September 30,2014: JOD 2,456,005) .
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AL TAJANIO(JAT FOR TOURISTIC PROJECTS CO MPANY (PlIBLlC SHA RE HO LDING COMP ANY) AMMAN - JORDA.I\'
NOT ES TO TJ-lli CON DE NSE D INTERlM FINANCIAL INFORi\1ATI O N
Investment properties item represents all lands owned by Al-Tajamouat forTouristic Projects Company which includes the lands of T AJ Lifestyle Mall in addition to residential land polls located in opposite of TAT Lifestyle Mall which not designated for a construction of commercial projec ts. The fair value of the land polr s located in opposite of the Mall have been evaluated by real-estate expert al approximate amount oUOD 10,688,379 where its cost was .1 0 0 5,519,545. The approximate fair value for investment properties (excludin g the fair value for the lands opposi te to the Mall) is approximate .10 0 139 million, which approximately equal to its book value as of December 3 1,2014. Noting that, the company used the approacb of discountin g the estimate future cash flows for the Mall for purp ose of determining the fair value for the investment proj ect.
The bank loan granted to the company aga inst mortgaging the Mall 's land.
7)
a.
DE FERRED TAX ASSETS & mCOME T AX
The movement on the deferred tax asse ts lor the period is as follows :
III Jordanian Dinar
Deferred tax assets
Sep tember 30, 2015
December 31, 2014
Beginni ng balance for the period (Amort ized) deferred tax assets Adj ustments on tax rates I deferred tax assets
220 ,568 ( 150.347)
94.52 9
516,864 (296, 296)
Deferred ta x assets 164,750 220,568
The deferred ta-x assets for the period ended September 30,20 15 was calculated using effect ive tax rate at (20%) in accordance with the income tax law (34) for the year 2014 , hence the effective income tax rate for the year 20 14 was at (14%) in accordance with income tax law (28 ) for tbe year 2009. Moreover, the management expects to benefit from the de ferred tax assets in the near future.
b. The company obtained final clearance from (he Income Tax Department till December 3 1, 2012 which
resulted in accepting carried forward losses from the prior years by (JOD 4,479,742) , based on that, the
company did no! recognize income tax provision for the period ended in September 30, 20 15. The
management and its tax consultant believe that no taxable commitments will be impose d against the company due to the fact that there are accep ted accumulated losses.
c. During December 20 13, the company obtained final clearance (rom the Sales Tax Department till
September 30. 2013.
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AL TA.JAMOUAT FOR TOURISTIC PROJECTS COMPANY (PUBLIC SI-IAREHOLDING CO IVIPANy) AMMAN - .JORDAN
NOT ES TO THE C ON DEN SE D INTERIM FINA NCIAL INFORMAT IO N
8) TRANSACTIONS '\11TH RELAT ED PARTffi S
Na me of 1/1 Jordanian Dinar r elation ship
30 Se pte m be r
201 5
As of 3 1 Dec ember
2014
8-1) Du e from related partv Al-mostaqela com pany for logis tics and ware housing Sister se rvices Compa ny
849 849
Al-tajamouar company for catering and housing Sister services COI11 P;1I1Y 4 , 142
4.991 849
8-2) Due to related pol rty
Bank A lkhair Parent Co mpany
Al.-Sa lam company Sisler Company
90,407
90,407
87 ,1.?R
~ .nq9
95.827
8-3) SAL ARI ES AND REMUNERATlONS FOR KEY MANAGEME NT
Sho rt term salari es. remunera tions and transportations paid [0 the Com pany higher executi ve management and hoard of directors for the nine months ended Sep tember 30. 20 15 amount ed to .10 0 99,000 (Sep tember 30, 20 14 :100 99 ,000 ).
9) CA SH AND CASH EQUIVALENTS
Jordanian Dinars 30 Se ptem ber As of 31 2015 December 2014
Cash on hand and Cash at banks 47 5,500 235,902 Checks under collec tion accrued dur ing nine month 2 ,145,644 954,720
Ca sh and cash equivalent for cash flow purposes 2.621.144 1,190,622
Cash deposi t" 40 ,468 558,3J8
Cash and cash equivalent 2,661 ,612 1,748,960
* This item represe nts the restri cted cash at the bank against the syndicate loan.
10) SYNDICAT ED LOAN
The company bas ~ : ~ned a syndicated loan agreement led by The Housing Bank for Trade and Finance in January 18, 201 0, amou nted to JOO 40 ,000 ,000, durin g September 2011 the syndicate loan amoun t has been increased by JOO 20,0 00,000 to become .rOD 60,000,000. The loan has been granted against mortgaging the mall land that is located in Abdoun.
The collected interes t rate on the syndicated loan is 10 be equa l to the Slated interest rate on the Jordanian Dinar for the best custome rs at Jordani an Banks . In add ition 10 an annual marg in amounted to 1% starting from October 20 IJ , wh ich dec reased to be 0.75 % start ing August 20 15.
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AL TAJAMOUAT FOR TO UR1STIC PROJECTS COMPANY (PUBLIC SHAREHOL DING COMPANY) AMMAj~ - JO RDAl'l
NOT ES TO THE CONDENSED LNTERIM I<lNAN CIAL INFORMATION
Tile installments on the utilized balance of the synd icated loan is to be paid quarterly. The first installment related to the JD 40 ,000,000 loan should be pa id afte r thirteen months from delivering the final project from the technical consultant and based on the preset conditions staled in the contrac t and, the final installment is due in eight years and six: months from signing the agreement of the syndicated loan dated on January I R, 20 I 0.
The first installment related [0 increase in the syndicated loan amounted 10 JD 20,000 ,000 is due after 26 months from delivering the final project from the technical consultant.
During the second quarter of the year 20 15, the loan has been rescheduled by decreasing the interest rate to be equal to 7.82% and tbe final installment is due on January 18, 2024.
The annual installment amo unt and due dates for (he long term loans are as follows:
Fear ,Jo rd a n ia n Dinar
2016 L,3 (l9 ,707 20 17-2023 38,351.77 1 2024 1,3 69,707
11) BASIC AND DIL UTED EARNINGS PER SHARE For th e er iod ended Se tember 30.
2015 2014
Profi t after tax 1.986.1 90 1,012,188 Number of shares weighted average 100,000 .000 J00,000.000
Basic and diluted earnings per sha re on profit for 0,020 the period
12) CONTINGENT LIABILlTlES
a. The conting.ent liabiIities at the date of these condensed interim financial information arc as follows:
Septe mbe r 30, December 31, III Jordanian Dinar _ _ _ ......;2;.;;015 2014
Bank guara ntees 344, 500 2 ~5,500
344,500 285 ,500
Against cash margins repre sented as follows:
III Jordanian Dinar September 30, 2015 December 31, (Revi ewed not audited) 2014 (Aud ited)
Bank guarantees 29,450 4,560
29,450 4,560
b. Laws uit cases held aga inst the Company amounted to lO D 796 ,163 in addition to other cases with no value as of September 30. 20 15. In the opinion of the management and it 's legal consultant the recorded
provisions in the condensed financial stateme nts are sufficient to meet any contingent liabilities.
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0.01
AL TAJAMOUAT FOR TOURISTIC PROJECTS CO[VlPANY (PUBLIC SHAREHOLDING COMP ANY) AM:J\tIAN - JORDAN
NOTES TO THE CON D ENSED INTERIM FINANCIAL ll~FO RJ\lA n O N
13) FINANCIAL RISK MANAGEMENT Aj~D C AP ITAL MANAG EMENT
Genera)Iy, the companys objec tives, po licies and processes for managing risk are the same as Ihose disclosed in its financial statements as of and for the year ended December J I > 2014.
Capital management There have been no changes in the Company 's app roach to capital manag ement during the current interim period neither the Company is subject to externally imposed capital requirements.
- C re d it risk
The carrying amount of the financial asse ts represents the maximum credit exposure. The Company's exposure to credit risk is influ enced mainl y by the individu al characteristics of each customer, Th e demographics of the Company's customer base, includi ng the default risk o f the industry and country in which customer operate, has less of an influ ence on credi t risk
- Liquidity risk Liquidity risk is the risk that the Compa ny w ill encounter difficulty in meetin g the obligations assoc iated with its tinancial liabiliries that are se ttled by deliverin g cas h or ano ther financial asse t. The Company's approac h to managing liqu idit y is to ensure, as far as possihle , that it w ill always have sufficient liquidit y to meel its liabili ties when due, under both normal and stressed conditions, without incurring unacceptable losses or r isking damage to the Company's reputat ion, tak ing into consideration deductin g the unearned revenue balance as it does not have a materi al impact on I iquidi ry risk.
- Fair value The fair value of financial a ' . cts and liabili ties are not materially different from its book value in the condensed consolida ted interi m statements of financial position,
II
