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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SEPTEMBER 30, 2008
(All amounts are in Kuwaiti Dinars)
During the period ended September 30, 2008, a subsidiary to the Group (First Dubai Real Estate Development
Company K.S.C.C.) acquired 77.89% in equity of Future International Project Management - WL.L. which in
turn owns 91.97% in equity of Water Front Real Estate Company K.S.C.C. Accordingly, the balances in the
interim consolidated financial information of the Group include the following assets and liabilities for this
subsidiary, while the comparative figures for the year ended December 31, 2007 and the period ended
September 30, 2007 do not include such information:
Balance sheet:
Cash and cash equivalents
Accounts receivable and other debit balances
Investments available for sale
Properties under development
Accounts payable and other credit balances
Minority interest
Amount
6,139,808
2,401,754
11,128,931
41,547,608
10,859,723
4,042,433
The goodwill resulting from the acquisition of this subsidiary is as follows:
Consideration paid
Less: Fair value of identifiable assets and liabilities at the date of the
acquisition
53,225,000
(36,062,759)
17,162,241
The goodwill pertaining to the additional equity interest acquired in Future International Project Management-
WL.L. has been provisionally determined as the management is in the process of determining the fair values of
identifiable assets, liabilities and contingent liabilities acquired.
Total goodwill
Related to First Dubai Real Estate Development K.S.C. (Closed)
Related to Future International Project Management - WL.L.
2,224,846
17,162,241
19,387,087
As of September 30, 2008, the balances in the interim consolidated financial information of the Group include
the following assets, liabilities and revenues of Seven Zones Real Estate Company K.S.C. (Closed) while the
comparative figures for the year ended December 31, 2007 and the period ended September 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
Amount
477,441
7,423,135
1,528,489
Income statement:
Management, commission and consultancy income
Share of results from joint venture
318,547
(14,279)
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