13 / 17
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)
6.
Prol2erties under develol2ment
December 31,
March 31,
March 31,
2008
2008
2009
(Audited)
(Restated)
Balance at the beginning of the period
I
year
132,921,184
120,650,881
134,685,077
Effect of application of IFRIC 15 (Note 2)
(14,034,196)
Adjusted balance at the beginning of the period
I
year
132,921,184
120,650,881
120,650,881
Additions
15,992,394
126,426,713
45,008,018
Disposals
(7,273,412)
(81,903,536)
(5,987,827)
Related to acquisition of a newly consolidated
subsidiary
41,547,608
Transferred from investment properties
3,650,124
Transferred from
I
(to) properties held for trading
(Note 5)
2,658,686
(52,474,393)
(218,839)
Impairment loss
(24,986,342)
Foreign currency translation adjustments
5,519,888
10,129
Balance at the end of the period
I
year
149,818,740
132,921,184
159,452,233
7.
Accounts 12ayableand other credit balances
December 31,
March 31,
2008
March 31,
2009
(Audited)
2008
Trade payables
29,426,634
9,510,195
18,814,325
Advances received from customers
48,285,939
67,591,522
29,425,028
Due to related parties (Note 14)
9,524,301
9,745,139
10,372,887
Retentions payable
5,750,333
2,588,178
Accrued development costs
1,018,226
1,250,737
Dividends payable
756,139
757,182
16,277,033
Other payables and accrued expenses
7,665,049
7,602,709
6,050,070
102,426,621
99,045,662
80,939,343
8.
Wakala and Murabaha payables
The average cost rate attributable to Murabaha payable was 7.5% (December 31,2008 -Nil, March 31,
2008 -Nil) per annum.
During the period ended March 31,2009, the Group settled the Wakala payable amounts to KD 1,070,000.
9.
Ca12ital
Authorized, issued and paid-up capital consists of 454,069,800 shares (December 31, 2008 - 454,069,800
shares, March 31,2008 - 379,069,800 shares) of 100 fils each.
11