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AL MAZAYA HOLDING COMPANY K.S.C. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED FINANCIAL INFORMATION
(UNAUDITED)
For the period from 1 January to 31 March 2012
2.
BASIS OF PREPARATION
This interim consolidated fmancial information has been prepared in accordance with International Accounting
Standard 34, "Interim Financial Reporting". This interim consolidated financial information does not contain all
information and disclosures required for complete set of fmancial statements prepared in accordance with the
International Financial Reporting Standards.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary
for fair presentation have been included. Operating results for the three-month period 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 financial statements included in the Group's annual report for the year ended 31
December 20 Il.
3.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies used in the preparation of this interim consolidated fmancial information are consistent
with those used in the most recent annual audited financial statements for the year ended 31 December 20 Il.
4.
JUDGEMENTS AND ESTIMATES
The preparation of interim 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 consolidated fmancial 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 20 Il.
5.
RESTATEMENT
During 2011, Group's management discovered that the method of calculating the income based on percentage of
completion method from certain properties under development, classified as held for trading, was incorrect. This
was based on certain items specified in the contracts for the sale of these properties and laws governing real
estate in the jurisdiction where the Group builds and sells these properties. These regulations indicate that the
transfer of risks and rewards associated with ownership of properties will not happen until project completion.
Consequently, the Group reassessed the revenues recognised based on percentage of completion method instead
of completed contract basis for the years 2008 to 2010 in compliance with lAS 18, in order to make the revenue
recognition consistent with the transfer of risk and rewards to the buyer. The comparative figures in these
fmancial statements have been restated as follows:
31 March
2011
(restated)
31 March
2011
(as reported
previously)
KD
140,911,357
11,458,151
70,956,767
(9,577,751)
133,059,542
Consolidated condensed statement of financial position
Properties held for trading
Investment in joint ventures
Advances from customers
Accumulated losses
Equity attributable to shareholders of the Parent Company
KD
115,341,442
10,986,750
78,566,l37
(43,231,061)
99,408,857
The restatement did not have any impact on the profit or earnings per share reported during the period ended
31 March 2011.
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