Page 15 - Q1-2023-EN

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
MARCH 31, 2023
(All amounts are in Kuwaiti Dinars)

Transactions included in the interim condensed consolidated statement of profit or loss:

For the three months ended
Key management March 31,
personnel 2023 2022
Rental income 2,154 2,154 2,154
Amortization of finance costs related to lease liabilities (83,098) (83,098) (43,297)

a) During the interim period ended March 31, 2023, a property accounted for by the Group as a leased property under
IFRS 16 has been acquired by a board member from its previous owner. Based on that, the Group’s lease liability
towards that property had been reassigned towards the new owner under the same terms and conditions of the
original contractual lease terms with the old owner for the remaining lease term which ends on October 2037.

The amounts recognized for this lease liability montioned above as at March 31 that compose part of the Groups’
consolidated lease liabilities can be presented as follows:

2023 2022
Lease liability within one year 909,000 540,000
Remaining liability till end of lease term 7,947,000 3,618,000
Total lease liability 8,856,000 4,158,000
Less: Unamortized future finance charge (2,046,853) (676,845)
Present value of minimum lease payments 6,809,147 3,481,155

Compensation to key management personnel
For the three months ended
March 31,
2023 2022
Short term benefits 126,090 143,054
Terminal benefits 11,832 15,157
137,922 158,211

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