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AL MAZAYA 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)
15.
General Assembly
The Shareholders' Annual General Assembly for the year ended December 31, 2008 has not been held until
the date of preparation of the interim consolidated financial information. Accordingly, the consolidated
financial statements for the year ended December 31, 2008 have not yet been approved. The interim
consolidated financial information for the period ended March 31, 2009 do not include any adjustments,
which might have been required, had the Shareholders' Annual General Assembly approved the
consolidated financial statements for the year ended December 31, 2008.
The General Assembly held on March 31, 2008 approved the distribution of cash dividends of 50 fils per
share and 20 bonus shares for every 100 shares held as of the General Assembly date, for the year ended
December 31, 2007. Also, the General Assembly had approved the increase in capital by 75,000,000 shares
at 100 fils par value and 766 fils share premium or the equivalent after the distribution of cash dividends and
bonus shares.
16.
Fiduciary accounts
The Group manages projects on behalf of others, and maintains cash balances and notes receivable in
fiduciary accounts, which are not reflected in the interim consolidated financial information. Assets under
management at March 31, 2009, amounted to KD 68,920,295 (December 31,2008 - KD 65,696,016 and
March 31,2008 - KD 27,268,598).
17.
Segment information
For management purposes, the Group is divided into three geographical segments, which are: State of
Kuwait, United Arab Emirates and Lebanon, where the Group periorms its main activities in the real estate
segment. Accordingly, the Group has no secondary segment. There are no income generating transactions
between the Group's segments.
18.
Contingent liabilities and commitments
Letters of guarantee
Capital commitments
March 31,
2009
December 31,
2008
(Audited)
37,430,000
87,506,742
27,861,300
103,856,803
131,718,103
March 31,
2008
124,936,742
20,579,000
57,538,953
78,117,953
19. Financial risk management
In the normal course of business, the Group uses primary financial instruments such as cash and cash
equivalents, investments, accounts receivable, accounts payable, term loans and Wakala payable and as a
result, is exposed to the risks indicated below. The Group currently does not use derivative financial
instruments to manage its exposure to these risks.
Foreign currency risk
The Group incurs foreign currency risk on transactions that are denominated in a currency other than the
Kuwaiti Dinar. The Group may reduce its exposure to fluctuations in foreign exchange rates through the use
of derivative financial instruments. The Group ensures that the net exposure is kept to an acceptable level,
by dealing in currencies that do not fluctuate significantly against the Kuwaiti Dinar.
20. Comparative figures
Certain prior year / period figures have been reclassified to conform with the current period presentation.
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