Annual report eng.2019

N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2019 111 (All amounts are in Kuwaiti Dinars) ANNUAL REPORT 2019 6. Properties held for trading The movement in properties held for trading is as follows: Net realizable value for properties held for trading is determined by independent valuer in compliance with the Executive Regulations of Capital Markets Authority regarding the valuation of real estate properties. Properties held for trading mainly comprise of the following: Properties held for trading amounting to KD 7,602,681 (2018 – KD 15,289,394) are pledged as collateral against term loan and Islamic bank facilities (Note 14 and 15). 7.Financial assets at fair value through other comprehensive income (“FVOCI”) Financial assets at FVOCI amounting to KD 3,115,718 (2018 – KD 3,964,805) are pledged as collateral against Islamic bank facilities (Note 14). Balance at the beginning of the year Additions Transferred to investment property (Note 9) Disposals (Impairment loss) reversal of impairment loss on property held for trading Foreign currency translation adjustments Balance at the end of the year 41,741,409 7,677,484 )9,567,298( )20,014,395( )2,470,542( )287,400( 17,079,258 34,271,531 19,273,024 - )10,985,182( 58,794 )876,758( 41,741,409 Properties under development Developed properties 6,256,794 10,822,464 17,079,258 20,144,281 21,597,128 41,741,409 2019 2019 2018 2018 - 3,115,718 3,115,718 714,551 3,964,805 4,679,356 Unquoted equity securities Portfolios 2018 2019 9,852,650 9,859,742 17.53% 17.53% Real Estate Development State of Kuwait 2019 2019 2018 2018 8. Investment in an associate The investment in a joint venture consists of the following: First Qatar Real Estate Development - K.S.C. (Closed) Name of associate Country of incorporation Principal activity Percentage of ownership Amount