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AL MAZAYA HOLDING COMPANY
K.S.C.
(HOLDING) AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER
31,
2010
(All amounts are in Kuwaiti Dinars)
ASSETS
Note
2010
2009
Cash and cash equivalents
3
20,483,961
28,180,304
Accounts receivable and other debit balances
4
9,685,383
31,531,428
Murabaha receivable
2,609,309
3,223,456
Properties held for trading
5
138,972,881
126,122,141
Investments available for sale
6
18,406,908
24,713,492
Investment in associates
7
13,263,803
10,414,824
Investment in joint ventures
8
11,525,814
11,790,446
Investment properties
9
115,374,019
100,232,287
Fixed assets
10
294,720
22,796,458
Leasehold land
11
1,547,470
1,620,248
Goodwill
3,091,732
3,091,732
Total assets
335,256,000
363,716,816
LIABILITIES AND EQUITY
Liabilities:
Bank overdraft
13
4,971,120
5,073,936
Accounts payable and other credit balances
12
125,823,543
107,223,322
Term loans
13
42,000,000
44,970,000
Wakala and Murabaha payables
14
8,500,000
8,500,000
Deferred consideration on acquisition of properties
15
30,070,031
31,464,443
Provision for end of service indemnity
257,276
283,952
Total liabilities
211,621,970
197,515,653
Equity:
Share capital
16
49,947,675
49,947,675
Share premium
17
75,714,971
75,714,971
Statutory reserve
18
9,646,725
9,646,725
Voluntary reserve
18
6,711,805
9,646,725
Treasury shares reserve
18
701,077
Cumulative changes in fair value
18
(202,370)
56,055
Assets revaluation surplus
18
519,366
Foreign currency translation adjustments
18
981,425
1,478,702
Effect of changes in subsidiary's treasury shares
(457,645)
(457,645)
Effect of changes in subsidiary's equity
88,612
(156,410)
(Accumulated losses) retained earnings
(8,609,811)
4,220,515
133,821,387
151,317,756
Treasury shares
20
(18,113,786)
(27,189,284)
Equity attributable to equity holders of the Parent Company
115,707,601
124,128,472
Non-controlling interests
7,926,429
42,072,691
Total equity
123,634,030
166,201,163
Total liabilities and equity
335,256,000
363,716,816
The accompanying notes
(1)
to
(36)
form an integral part of the consolidated financial
statements
3