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AL MAZAYA HOLDING COMPANY K.S.C. (HOLDING) AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31,2010
(All amounts are in Kuwaiti Dinars)
(i) Gain on waiver of capital subscription
During the year ended December 31,2009, the portfolio manager has compensated the Parent Company
for 50% of this investment subscription by offering shares in several companies with a fair value of
KD 7,308,045 as of that date, and accordingly recognized a gain amounting to KD 7,308,045 in the
consolidated statement of income for the reversed provision.
(ii) Provision no longer required
Subsequent to the consolidated statement of financial position date December 31, 2009, the portfolio
manager has compensated the Parent Company for remaining 50% of the investment subscription;
accordingly the provision provided is no longer required.
c) The other classes within accounts receivable and other debit balances do not contain impaired assets. The
maximum exposure to credit risk at the reporting date is the fair value of each class of receivable mentioned
above. The Group does not hold any collateral as security.
5.
Properties held for trading
2010
Balance at the beginning of the year
Additions
Disposals (Note 21)
Transferred to investment properties (Note 9)
Foreign currency translation adjustments
Impairment losses
Balance at the end of the year
126,122,141
32,882,984
(13,251,380)
(3,174,783)
(1,694,081 )
(1,912,000)
138,972,881
6.
Investments available for sale
2010
Quoted:
Equity securities
Unquoted:
Equity securities
Funds & Portfolios
2,496,543
4,419,702
11,490,663
18,406,908
The movement during the year is as follows:
2010
24,713,492
11,003,541
(4,032,005)
(8,569,475)
(546,170)
(5,987)
(4,156,488)
18,406,908
Balance at the beginning of the year
Additions
Disposals
Transferred to investment in associates (Note 7)
Changes in fair value
Foreign currency translation adjustments
Impairment losses (Note 23)
Balance at the end of the year
2009
197,864,613
60,695,339
(49,168,968)
(86,648,299)
3,379,456
126,122,141
2009
1,393,094
17,235,067
6,085,331
24,713,492
2009
24,251,504
47,011,510
(39,925,963)
(6,676,330)
56,055
(3,284)
24,713,492
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