12 / 16
Al Mazaya Holding Company K.S.C. and its Subsidiaries
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(UNAUDITED)
At 30 June 2012
6
PROPERTIES HELD FOR TRillING
(Audited)
(Restated)
30June
31 December
30June
2012
2011
2011
lm
KD
KD
Balance at the beginning of the period
I
year
128,044,428
114,814,365
115,314,965
Additions
.5,660,656
73,452,345
1,227,245
Disposals
(10,070,370)
(59,361,095)
(37,045,394)
Transferred to investment properties (Note 5)
(235,219)
(801,770)
Foreign currency translation adjustments
(2,056)
(59,417)
(2,351,951)
123,397,439
128,044,428
77,144,865
Less:
Provision for impairment loss
(21,370,839)
(20,672,205)
(1,912,000)
Balance at the end of the period
I
year
102,026,600
107,372,223
75,232,865
During the period ended 30 June 2012, the Group has recorded impairment loss ofKD 698,634 (31 December
2011: KD 18,760,205 and 30 June 2011: KD Nil) based on recent arms length transaction that indicated a decline
in the fair value.
Certain properties held for trading with a carrying value ofKD 41,793,685 (31 December 2011: KD 42,492,319 and
30 June 2011: KD 32,912,982) are collateralized against term loans (Note 10).
7
CASH AND CASH EQUIVALENTS
(Audited)
30June
31 December
30 June
2012
2011
2011
KD
KD
KD
Cash in hand and at banks
14,249,312
16,652,549
15,218,359
Short term deposits
3,362,932
5,476,413
6,303,272
Cash in portfolios
(20,151)
1,413,770
19,522
17,592,093
23,542,732
21,541,153
Bank. overdrafts
(2,965,299)
(2,971,842)
(5,031,748)
14,626,794
20,570,890
16,509,405
Restricted bank. balances
(7,165,041)
(8,614,418)
(14,206,125)
7,461,753
11,956,472
2,303,280
Restricted bank. balances represent escrow accounts restricted for receiving and making payments for specific
construction activity and these may not be available for use within 90 days.
The average effective interest rate on short term deposits is 1.4% (31 December 2011:1.4%, 30 June 2011:1.75%).
The average effective interest rate on bank. overdrafts is 2.5% (31 December 2011: 2.5%,30 June 2011: 2.5%).
8 SHARE
PREMIUM
On 14 June 2012, the ordinary Annual General Meeting of the Parent Company's shareholders approved to
extinguish accumulated losses ofKD 58,105,339 as of31 December 2011 against the share premium.
Il