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Al Mazaya Holding Company K.S.C. and its Subsidiaries
NOTES TO INTERIJ\1 CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(UNAUDITED)
At 30 June 2012
1 INCORPORATION AND ACTIVITIES
Al Mazaya Holding Company - K.S.C. (the"Parent Company") was incorporated on 7 November 1998 under the
Commercial Companies Law No. 15 of 1960 and amendments thereto. The Parent Company is engaged in
investment in local and foreign companies, real estate properties and consultancy services. The registered head
office of the Parent Company is at Salhiya Complex, Fahed Al Salem Street, P.O. Box 3546, Safat 13036, State
of Kuwait.
The interim condensed consolidated financial information of the Group for the period ended 30 June 2012 was
authorised for issue in accordance with a resolution of the Board of Directors on 9 August 2012.
2 BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The interim condensed consolidated financial information of the Group has been prepared in compliance with
International Accounting Standard ("lAS") 34: Interim Financial Reporting.
The interim condensed consolidated financial information does not include all the information and disclosures
required
in
the annual audited consolidated financial statements, and should be read in conjunction with the
Group's annual audited consolidated financial statements for the year ended 31 December 20 Il. In the opinion of
management, all adjustments consisting of normal recurring accruals considered necessary for a fair presentation
have been included in the interim condensed consolidated financial information. Operating results for the interim
period ended 30 June 2012 are not necessarily indicative of the results that may be expected for the year ending
31 December 2012. For further information, refer to the annual audited consolidated financial statements and
notes thereto for the year ended 31 December 20 Il.
The interim condensed consolidated fmancial information is presented in Kuwaiti Dinars ("KD").
Significant accounting policies
The accounting policies used in the preparation of the interim condensed consolidated fmancial information are
consistent with those used in the preparation of the annual consolidated financial statements for the year ended 31
December 2011, except for the adoption of the following amended International Accounting Standards Board
(lASB) Standard applicable to the Group.
IFRS
7:
Financial Instruments: Disclosures - Enhanced Derecognition Disclosure Requirements (Amendment)
(effective
1
July 2011)
The amendment requires additional disclosure about financial assets that have been transferred but not
derecognised to enable the user of the Group's financial statements to understand the relationship with those
assets that have not been derecognised and their associated liabilities. In addition, the amendment requires
disclosures about continuing involvement in derecognised assets to enable the user to evaluate the nature of, and
risks associated with, the entity's continuing involvement
in
those derecognised assets. The amendment becomes
effective for annual periods beginning on or after 1 July 20 Il. The amendment affects disclosure only and has no
impact on the Group's financial position or performance.
The adoption of the above mentioned amendments did not have material impact on the financial position or
performance of the Group.
The Group has not early adopted any lASB Standards, International Financial Reporting Interpretations
Committee ("IFRIC") Interpretations or amendments that have been issued but not yet effective.
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