9 / 17
Al Mazaya Holding Company K.S.C. and its Subsidiaries
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2013(UNAUDITED)
1 CORPORATE INFORMATION
Al Mazaya Holding Company - K.S.C. (the "Parent Company") was incorporated on 7 November 1998 under the
Companies Law No. 25 of 2012 and as amended. The Parent Company is engaged in investment in local and foreign
companies, real estate properties and consultancy services. This interim condensed consolidated financial information
present the results of the Parent Company and its subsidiaries (collectively referred to as the "Group").
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 2013 was
authorised for issue in accordance with a resolution of the Board of Directors on 21 July 2013.
The Companies Law issued on 26 November 2012 by Decree Law no 25 of2012 (the "Companies Law"), which was
published
in
the Official Gazette on 29 November 2012, which cancelled the Commercial Companies Law No 15 of
1960. The Companies Law was subsequently amended on 27 March 2013 by Decree Law no 97 of 20 13 (the Decree).
According to article 2 and 3 of the Decree, Executive Regulations which shall be issued by the Minister of Industry
and Commerce by 26 September 2013 will determine the basis and rules which the Parent Company shall adopt to
regularise its affairs with the Companies Law as amended.
2 BASIS OF PREPERATION AND SIGNIFICANT ACCOUNTING POLICIES
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 of the Group 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 fmancial statements for the year ended 31 December 2012. 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 2013 are not necessarily indicative of the results that may be expected for the year ending
31 December 2013. For further information, refer to the annual audited consolidated financial statements and notes
thereto for the year ended 31 December 2012.
The interim condensed consolidated financial information is presented in Kuwaiti Dinars ("KD"), which is the
functional currency of the Group.
Significant accounting policies
The accounting policies used in the preparation of the interim condensed consolidated financial information are
consistent
with
those used in the preparation of the annual consolidated financial statements of the Group for the year
ended 31 December 2012, except for the adoption of the following amended International Accounting Standards
Board (lASB) Standard, applicable to the Group:
lAS 1
Financial Statement Presentation
The amendments to lAS 1 change the grouping of items presented in other comprehensive income. Items that could be
reclassified (or 'recycled') to profit or loss at a future point in time (for example, upon derecognition or settlement) will
be presented separately from items that will never be reclassified. The adoption of this standard did not have any impact
on the interim condensed consolidated financial information of the Group.
lAS 19
Employee Benefits (Revised)
The lASB has issued numerous amendments to lAS 19. These range from fundamental changes such as removing the
corridor mechanism and the concept of expected returns on plan assets to simple clarifications and re-wording. The
amendments are effective for annual periods beginning on or after 1 January 2013 and have had no effect on the Group's
financial position, performance or its disclosures.
8