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 115 (All amounts are in Kuwaiti Dinars) ANNUAL REPORT 2019 The average lease term is 10 year and the average effective borrowing rate is 5% for the year ended December 31, 2019. All leases are on a fixed repayment basis and no arrangements have been entered into for additional contingent rental payments. The amortized finance charges for lease liabilities during the year ended December 31, 2019 had amounted to KD 315,844. 12. Accounts payable and other credit balances 13. Lease liabilities Trade payables Retention payables to contractors Dividends payable to shareholders Deferred tax liability Other payables and accrued expenses Classified as: Current portion Non-current portion Leases liabilities: Within one year From second to 10 years inclusive Total lease liabilities Less: Unamortized future finance charge Present value of minimum lease payments 6,999,008 1,666,658 250,433 239,504 6,616,552 15,772,155 8,945,123 6,827,032 15,772,155 1,685,000 15,778,000 17,463,000 )3,513,778( 13,949,222 1,027,062 12,922,160 13,949,222 - 13,949,222 - - - - - - - - - - 11,349,136 1,495,906 293,302 - 5,330,049 18,468,393 12,377,570 6,090,823 18,468,393 2019 2018 2018 2018 2018 2019 Minimum lease payments Present value of minimum lease payments 2019 2019