10 / 15
AL MAlAYA HOLDING COMPANY KS.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
JUNE 30, 2008
(All amounts are in Kuwaiti Dinars)
During the period, the Parent Company acquired additional 0.93% interest in the equity of First
Dubai Real Estate Development Company - K.S.C. (Closed) for an amount of KD 132,961. The goodwill
movement resulting from the additional acquisition of this subsidiary is as follows:
Beginning balance
Consideration paid during the period
Less: The group's share of fair value of identifiable assets and liabilities at
the date of the acquisition
Net goodwill related to additions
Related to disposals
June 30,
2008
1,005,927
1,598,700
(330,479)
2,274,148
(59,728)
2,214,420
Also, the Parent Company sold a portion of its interest in the equity of First Dubai Real Estate Development
Company - K.S.C. (Closed) representing 4.86% resulting in a gain of KD 3,391,755. The decrease in the
goodwill related to the sale transaction amounted to KD 59,728.
As of June 30, 2008, the balances in the interim consolidated financial information of the Group include the
following assets and revenues of Seven Zones Real Estate Company K.S.C.C. while the comparative figures
for the year ended December 31,2007 and the period ended June 30,2007 do not include such information:
Balance sheet:
Accounts receivable and other debit balances
Investment in joint venture
Accounts payable and other credit balances
Income statement:
Management, commission and consultancy income
Share of results from joint venture
3.
Cash and cash equivalents
June 30,
2008
Cash and bank balances
Short term bank deposits
Cash in investment portfolios
30,426,332
46,383,216
89,843
76,899,391
Amount
705,328
7,409,901
1,835,253
283,270
(27,513)
December 31,
2007
(Audited)
June 30,
2007
10,216,087
11,500,000
5,784,456
4,599,232
15,379,388
283,688
27,500,543
20,262,308
Short term bank deposits earn an average interest rate of 5.33 % (December 31,2007 - 7.08 % and June 30,
2007 - 7.5 %) per annum.
8