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AL MAZAYA HOLDING COMPANY K.S.C. (HOLDING) AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
JUNE 30,2010
(All amounts are in Kuwaiti Dinars)
7.
Investment in associates
Ownershi~ of ~ercentage
December 31,
Country of
June
30,
2009
June 30,
Name of the associate
Incor~oration
2010
(Audited)
2009
Mazaya Qatar Real Estate Development Q.S.C
Qatar
5.77%
11.52%
11.52%
Real Estate Development JS.C
Jordan
2027%
The movement during the period
I
year is as follows:
December 31,
June 30,
2009
June 30,
2010
{Audited}
2009
Balance at the beginning of the period
I
year
11,247,105
3,905,889
3,905,889
Transferred from investments available for sale
(Note 6)
6,676,330
Additions
615,920
Group's share of results from associates
(503,292)
48,811
Disposal
(6,129,587)
Dilution gain
134,620
Foreign currency translation adjustments
155
4,748,846
11,247,105
3,905,889
Provision for investment in associates
(482,380}
{832,281 }
(1,500,000)
Balance at the end of the period
I
year
4,266,466
10,414,824
2,405,889
During the period ended June 30, 2010, the Group sold its investment in Real Estate Development J.S.C.
for KD 6,676,330 which resulted in a gain on sale with an amount of KD 546,743.
During the year ended December 31, 2009, the Group accounted for a provision for its investment in the
associate - Mazaya Qatar Real Estate Development Q.S.C. with an amount of KD 832,281. During the
period ended June 30, 2010, the Group's ownership percentage in Mazaya Qatar Real Estate
Development Q.S.C. has been reduced from 11.52% to 5.77% due to the increase of the associate's
capital, for which the Group did not participate in. Accordingly, the Group's share of the provided provision
has been reduced. Therefore, the Group reversed an amount of KD 349,901 in the interim condensed
consolidated statement of income.
8.
Investment properties
December 31,
June 30,
2009
June 30,
2010
{Audited}
2009
Balance at the beginning of the period
I
year
100,232,287
18,286,395
18,286,395
Additions
6,206,490
11,620,362
10,350,779
Transferred from properties held for trading (Note 5)
86,648,299
36,024,732
Changes in fair value
(16,028,799)
Foreign currency translation adjustments
452,910
(293,970}
2,261,500
Balance at the end of the period
I
year
106,891,687
100,232,287
66,923,406
9.
Fixed assets
During the period ended June 30, 2010, the Group incurred an amount of KD 1,931,649 for construction
works related to work in progress towers which the Group intends to use in the future.
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