The Company prepared its financial statements for all prior periods including the year ended December 31, 2014 in accordance with the SOCPA standards. These condensed interim financial statements for the six months period ended June 30, 2015 are the first condensed interim financial statements prepared by the Company in accordance with International Financial Reporting Standards (IFRSs) issued by the IASB as endorsed by SOCPA / adopted in KSA and other standards and pronouncements endorsed by SOCPA. The requirements of IFRS 1 "First-time Adoption of International. Financial Reporting Standards" have also been followed, refer to note 7 on the Company’s compliance with the requirements, which are applicable for the first time preparation of financial statements under IFRSs.