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AL MAlAYA HOLDING COMPANY K.S.C. (HOLDING) AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
MARCH 31, 2009
(All amounts are in Kuwaiti Dinars)
The application of IFRIC 15 gives the guidance for accounting of revenue and associated expenses
regarding construction of real estate and whether the agreement is within the scope of lAS 11 - Construction
Contract or lAS 18 - Revenue. An agreement for the construction of real estate meets the definition of a
construction contract where the buyer is able to specify the major structural elements of the design of the real
estate before construction begins and or specify major structural changes once construction is in progress
and in that case lAS 11 - Construction Contract applies.
In case of agreement for construction of real estate in which buyers have only limited ability to influence the
design of the real estate, it is within the scope of lAS 18 - Revenue.
The interim consolidated financial information do not include all of the information and footnotes required for
complete financial statements prepared in accordance with Intemational Financial Reporting Standards. In the
opinion of management, all adjustments consisting of normal recurring accruals considered necessary for a fair
presentation have been included. Operating results for the period ended March 31, 2009 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2009. For further information,
refer to the consolidated financial statements and notes thereto for the year ended December 31, 2008.
The interim consolidated financial information include the financial information of AI Mazaya Holding Company -
K.S.C. (Holding) (the Parent Company) and the following subsidiaries (the Group):
Subsidiaries
AI Mazaya Real Estate Development Company -
K.S.C. (Closed)
AI Mazaya Real Estate FZlLLC and its subsidiaries:
AI Dana Real Estate Limited
AI Rayhan Real Estate Limited
Advantage General Trading Co. W.L.L.
AI Mazaya AI Khalijia for General Trading and
Contracting - Khalid S. Esbaitah and Partners
- WH.
AI Mazaya Arabian Real Estate Company - Khalid
S. Esbaitah and Partners - W.L.L.
AI Mazaya Intemational for Projects Management
Company - Khalid S. Esbaitah and Partners-
W.L.L.
Mazaya Lebanon Company - S.A.L. (Holding) and
its subsidiary:
Mazaya Lamartien - SAL.
Seven Zones Real Estate Company K.S.C.
(Closed)
First Dubai Real Estate Development Company -
K.S.C. (Closed) and its subsidiary:
Future Intemational Project Management -
W.L.L. and its subsidiary:
Waterfront Real Estate Company K.S.C.
(Closed)
Country of
incorporation
Kuwait
U.A.E
UAE
U.A.E
UAE
Kuwait
Kuwait
Kuwait
Lebanon
Lebanon
Kuwait
Kuwait
Kuwait
Kuwait
Ownership percentage %
December 31,
March 31,
2008
March31,
2009
(Audited)
2008
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
66.81
66.88
77.03
85.16
85.16
91.97
91.97
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