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AL MAZAYA HOLDING COMPANY K.S.C. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDA TED FINANCIAL INFORMATION
(UNAUDITED)
For the period from I January to 30 June 2011
2.
BASIS OF PREP ARA TION (CONTINUED)
31 December
Country of
30 June
2010
30 June
Subsidiaries {Continued}
incoq~oration
2011
{Audited)
2010
Mazaya Lebanon Company - S.A.L.
(Holding) and its subsidiary:
Lebanon
100
100
100
Seven Zones Real Estate Company
K.S.C. (Closed)
Kuwait
100
100
100
First Dubai Real Estate Development
Company - K.S.C. (Closed)
Kuwait
92.23
92.23
63.98
Future International Project
Management - W.L.L.
Kuwait
100
78.15
78.15
Waterfront Real Estate Company
K.S.C. (Closed)
Kuwait
83.44
86.43
76.42
Mezzan Combined For General
Trading - W.L.L. Company
Kuwait
100
100
3.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies used in the preparation of this interim condensed consolidated financial information
are consistent with those used in the most recent annual audited financial statements for the year ended
31 December 2010. The Group has adopted all ofthe new and revised standards issued by the International
Accounting Standard Board ("IASB") that are relevant to its operation and effective for accounting periods
beginning on or after 1 January 2010.The adoption of these new and revised standards had no material impact
on the interim condensed financial information of the Group.
4.
JUDGEMENTS AND ESTIMATES
The preparation of interim condensed consolidated financial information requires management to make
judgements,
estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing this interim condensed consolidated financial information, the significant judgements made by
management in applying the Group's accounting policies and the key sources of estimation uncertainty were
the same as those that applied to the most recent annual audited financial statements for the year ended 31
December 2010.
5.
CASH AND CASH EQUIVALENTS
(Audited)
30 June
31 December
30 June
2011
2010
2010
KD
KD
KD
Cash on hand and at banks
15,218,359
14,819,256
21,768,041
Short term bank deposits
6,303,272
5,600,000
11,617,760
Cash
in
investment portfolios
19,522
64,705
40,283
21,541,153
20,483,961
33,426,084
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