Half Yearly Report

31 March 2015

Tejoori Limited

("Tejoori" or the "Company")

Interim results for the six months ended 31 December 2014

Chairman's Statement

Welcome to the results of Tejoori Limited ("Tejoori" or the "Company"), the Dubai-based Shari'a compliant investment company, for the six month period ending 31 December 2014.

Financial performance during the period under review

As at 31 December 2014, the Company had cash available for investment of USD 3,598,746 (31 December 2013: USD 4,058,090). As at 31 December 2014, USD 3,590,030 of the cash available for investment was placed on short term wakala deposits which carry a profit rate of 5 per cent per annum. This was in line with the board's strategy of placing a significant portion of the Company's available cash on wakala deposits. During the period under review Tejoori generated income of USD 77,226 from these wakala deposits (six months ended 31 December 2013: USD 219,746) and a net profit of USD 26,481 (six months ended 31 December 2013: net profit of USD 89,175).

Operational highlights 

No new investments were made in the period as the existing investment portfolio continues to mature. The Company has maintained its position in cash and Wakala deposits.

Existing investments

Arjan Plots

As announced on 17 December 2012, Tejoori successfully entered into settlement agreements to cancel the sale and purchase agreements with regards to its investment in the Lagoons Plots Development in Dubai. At the same time Tejoori also entered into an agreement to acquire 3 replacement plots of land in Dubai Land, namely the Arjan Plots. Under these arrangements, the final deferred consideration payment of approximately USD 320,000 was paid by Tejoori in February 2014 and the Group does not hold any further liability towards the acquisition of the Arjan Plots. Whilst the third Arjan Plot has been fully acquired by the Company the title deed for the third plot has not yet been granted in the Company's name.

Tejoori is considering options for either developing the plots in conjunction with real estate developers or selling them off in their current state. The board of Tejoori is continuing to evaluate the options for the Arjan Plots with a view to maximising value for Tejoori shareholders.

BEKON Holding AG

As at the date of this announcement Tejoori retains a 10.1% equity interest in BEKON Holding AG ("BEKON"). BEKON specialises in the construction and operation of biogas plants for the generation of electricity and gas injection, as well as the production of compost and organic fertilizer.

Outlook

We expect the company to be more active in the current financial year. The Board will continue to work towards strengthening the Company's investment portfolio and delivering value to shareholders.

Khalid Al NasserChairman of the Board

For further information:

Consolidated Statement of Financial Position

as at December 31, 2014

These financial statements were approved for issue by the Board of Directors of the company on 31 March 2015 and signed on its behalf by:

Consolidated Statement of comprehensive income

as at December 31, 2014

Statement of changes in shareholders' equity

Statement of cash flows

Notes to the Interim Statement for the Six Months ended 31 December 2014

1 Cash and bank balances

2 Wakala Deposits

Cash at bank and investment in Wakala deposits are placed with reputable corporates based in the United Arab Emirates. The Wakala deposits carried a profit rate of 5%.

3 Trade and other receivables

The Group had invested a total of Euro 1.5 million (USD 1.7 million) in a joint venture with Martin Hage for the development of an innovative Safety system for motor vehicles designed to significantly improve vehicular safety standards. The advance is considered to be irrecoverable and had been written off.

4 Other Assets

5 Available-for-sale investment

The available-for-sale investment represents 10.1% (31 December 2013: 10.1%) investment in Bekon Holding AG.

6 Advance towards acquisition of investment property

During the year ended 30 June 2007, the Group made advance payments towards acquisition of three plots of land in the Lagoon project in Dubai, United Arab Emirates. On 26 October 2008, the Group entered into a contract to sell its interest in one of its plots, Lagoons plot 3, for USD 12.6 million.

A settlement agreement, effective 9 December 2012, was signed between Lagoons LLC and the Group. The original plot sale and purchase agreement was terminated and, in exchange, the amount paid by the Group for the plots of land in Lagoons was applied against the purchase of new plots in the Arjan project in Dubai, United Arab Emirates.

As at 31 December 2013 the Group has a payable of USD 0.7 million against one plot in the Arjan project, which is held for the beneficial interest of a third party as security against a receivable of USD 3.7 million.

The Group has made full payment and holds title deeds for two plots in the Arjan project. In accordance with the Group's accounting policies the advance payments towards acquisition of investment property has been reclassified as investment property.

7 Investment in property

During the year ended 30 June 2013 an amount of USD 10.5 million was transferred from 'Advances towards acquisition of investment property' to 'Investment property'. The investment property pertains to two plots of land in the Arjan project, Dubai, United Arab Emirates.

The fair value of the investment property is USD 16.46 million as at 31 December 2014.

8 Property and equipment

9 Due to a shareholder

In accordance with the company's placement document, the shareholding of individual investors cannot exceed eight percent of the issued and fully paid share capital. This balance represents funds received from a shareholder in excess of the eight percent limit and is refundable to the investors unless the company is able to secure additional capital from the other shareholders.

10 Trade and other payables

11 Share capital

The authorised share capital of the Company comprises 1 billion shares of USD 0.01 each (2012: 1 billion shares of USD 0.01 each).

The issued and fully paid share capital of the Company comprises 27,708,864 shares of USD 0.01 each (2012: 27,708,864 shares of USD 0.01 each).

11.1 Share premium

Share premium represents amounts received from shareholders in excess of the nominal value of the shares allotted to them.

12 Revenue

13 Administrative and other operating expenses

14 Earnings per share

The basic earnings per share is calculated by dividing the net profit/loss attributable to shareholders by the weighted

average number of ordinary shares in issue during the year.

15 Related party transactions and balances

Related parties comprise key management, businesses controlled by shareholders and directors as well as businesses over which they exercise significant influence. During the year, the company entered into significant transactions with related parties in the ordinary course of business. In addition to the disclosure in note 1, following are the other transactions and balances arising from these transactions:

Related party balances are profit fee and payable/receivable on demand.