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CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR
ENDED 31 DECEMBER 2004
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| The General
Organisation For Social Insurance
Consolidated statement of cash flows for the year
ended 31 December 2004
(Expressed in Bahrain Dinars)
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Notes
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2004
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2003
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Operating activities
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Net income for the year
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63,638,761
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55,175,697
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Adjustments for:
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Depreciation on property, plant and equipment
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14
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374,516
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419,107
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Depreciation on investment properties
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12
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785,277
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785,277
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Share of profits from associated undertakings
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16
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(2,310,521)
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(162,319)
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Realised gains on sale of investment properties
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16
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-
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(647,000)
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Realised gains on sale of available-for-sale investments
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16
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(4,416,738)
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(4,227,491)
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Fair value gains on held-for-trading investments
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16
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(12,381,988)
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(21,455,637)
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Changes in operating assets and liabilities:
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Decrease in social insurance contributions receivable
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5
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261,137
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1,771,530
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Increase in net pension loan receivable
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6
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(1,115,541)
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(1,771,126)
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Decrease/(increase) in other receivables
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7
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1,734,043
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(899,426)
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Decrease in loans to employees
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32,842
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7,686
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(Increase)/decrease in accrued interest and rent receivable
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(718,117)
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505,936
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Increase in inventories
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(170)
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(42)
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Increase/(decrease) in trade and other payables
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157,159
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(2,073,080 )
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Net cash provided by operating activities
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46,040,660
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27,429,112
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Investing activities
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Proceeds received from repayment of loans
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9,000
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10,000
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Proceeds received from redemption of
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held-to-maturity investments
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52,000,000
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77,059,000
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Purchase of held-to-maturity investments
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(9,503,740)
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(26,084,630)
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Purchase of available-for-sale investments
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9
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(2,537,657)
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(13,739,169)
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Proceeds from sale and redemption of
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available-for-sale investments
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9
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7,852,533
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12,354,719
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Proceeds from sale of investment properties
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-
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995,000
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Purchase of investment properties
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12
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(1,446,107)
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-
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Capital expenditure incurred on investment properties
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12
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(537,023)
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(448,050)
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Purchase of property, plant and equipment
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14
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(67,130 )
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(112,004 )
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Net cash provided by investing activities
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45,769,876
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50,034,866
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Net increase in cash and cash equivalents
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91,810,536
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77,463,978
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Cash and cash equivalents, beginning of the year
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360,574,832
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283,110,854
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Cash and cash equivalents, end of the year
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452,385,368
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360,574,832
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Comprising of: Cash and bank balances
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3,156,005
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4,291,109
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Placement with banks
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3
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4,755,000
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4,408,000
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Fixed deposits
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4
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444,474,363
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351,875,723
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452,385,368
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360,574,832
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The accounting policies on pages 6 to 9 and the notes on pages 10
to 22 form an integral part of these consolidated financial statements.
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