Sinad Holding Co. — Earnings Release 2015

Feb 23, 2016

Aseer Trading, Tourism and Manufacturing Co. announces the annual financial results for the period ending on 31-12-2015

4080 · 23/02/2016 15:48:27 · Announcement #41339 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces the annual financial results for the period ending on 31-12-2015

Element	Current year	Previous year	% Change
Net profit (loss)	160.3	184.8	-13.26
Earning or loss per share, Riyals	1.27	1.46	-
Gross profit (loss)	816.9	874.2	-6.55
Operational profit (loss)	284.1	328.3	-13.46

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	due to decrease in gross income and income from main operations resulting from the decrease in gross income from sales in subsidiaries, decrease in income from investments, and increase in general and administrative expenses. The exclusion of gross income from sales in National Packing Products Company Limited during the period (from the beginning of the current year to the date of sale on 28/10/2015) has had a fundamental impact on the decrease in gross income and gross income from main operations during the current period compared to the previous period, which included it.
Reclassifications in annual financial results	Certain prior year figures have been reclassified to conform to the current year presentation.
Other notes	1. The company wishes to clarify that the reason for the difference between the results in the annual financial statements (audited) for the year 2015 and the results in the interim financial statements for the period of twelve months (unaudited ) for the year 2015, which was announced on 21-01-2016, is due to the fact that, during the final audit process of the annual financial statements, the company recorded a provision of 22.7 million riyals for impairment in the value of investments and financial assets, in addition to net adjustments to other income and to the Zakat and income tax of 1.7 million riyals, resulting in a decrease in the net profit previously declared in the interim financial statements announced on 21-01-2016 amounting to 24.4 million riyals. 2. The company wishes to clarify that, in accordance with generally accepted accounting principles, and due to the selling of its full share of 50.4 % of the capital of National Packing Products Company Limited (WatanPac) on 28-10-2015 for the amount 81.0 million Saudi riyals, the financial statements of WatanPac have not been consolidated within the annual financial statements of the Company (from the beginning of the year 2015 and until the date of sale). For the same period, the financial results of WatanPac is presented in the income statement of the Company under discontinued operations, which includes 7.5 million Saudi riyals in income from the sale of discontinued operations, which is a capital gains that was generated on the date of sale, and 8.4 million Saudi riyals, representing the company's share of the net income of WatanPac from the beginning of the year until the date of sale. WatanPac was treated as subsidiary until the date of sale on 28-10-2015. The accounting impact of the sale of WatanPac on the annual financial statements of the Company as of 31-12-2015 is clarified in the financial statements under Basis of Consolidation (Note 2c) and under Discontinued Operations (Note 26).

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