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 (All amounts are in Kuwaiti Dinars) OF ACHIEVEMENTS 9,852,650 46,490 )39,398( 9,859,742 9,670,587 311,207 )129,144( 9,852,650 Balance at the beginning of the year share of results from associate Share of associate’s foreign currency translation reserve Balance at the end of the year The movement during the year was as follows: The Parent Company’s ownership in First Qatar Real Estate Development K.S.C (Closed) is 17.53% as of December 31, 2019 (2018 - 17.53%). However, the Parent Company’s has a significant influence over this associate through participating in its Board of Director’s member. Investment in associate amounting to KD 9,859,742 (2018 – KD 9,852,650) is pledged as collateral against Islamic bank facilities (Note 14). Summarized financial information for associate is as follows: Summarized statement of financial position: Summarized statement of profit or loss and other comprehensive income: Assets Liabilities Equity Ownership percentage Carrying value of the investment Profit for the year Share of result for the year 143,622,524 )87,377,561( 56,244,963 17.53% 9,859,742 265,203 46,490 132,105,962 )75,901,455( 56,204,507 17.53% 9,852,650 1,775,282 311,207 2019 2019 2019 2018 2018 2018 9. Investment properties Balance at the beginning of the year Additions Transferred from advance payments for purchase of properties Effect on acquisition of a subsidiary (Note 11) Disposals Transferred from properties held for trading (Note 6) Foreign currency translation adjustments Change in fair value Balance at the end of the year 146,379,207 8,494,098 - 8,732,519 - 9,567,298 )1,251,567( )769,174( 171,152,381 131,665,239 1,325,476 14,660,610 - )366,192( - )3,623,806( 2,717,880 146,379,207 2019 2018