Annual Report 2012

Notes to The Consolidated Financial Statement

AL MAZAYA HOLDING COMPANY K.S.C. AND ITS SUBSIDIARIES

31 December 2012

Non-controlling interest represents the portion of profit and loss and net assets not held by the Group and are presented

separately in the consolidated statement of income and within equity in the consolidated statement of financial position

separately from equity attributable to the equity holders of the Parent Company.

A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction.

Losses are attributed to the non controlling interest even if that results in a deficit balance. If the Group loses control over

a subsidiary, it:

• Derecognises the assets (including goodwill) and liabilities of the subsidiary;

• Derecognises the carrying amount of any non controlling interest;

• Derecognises the cumulative translation differences, recorded in equity;

• Recognises the fair value of the consideration received;

• Recognises the fair value of any investment retained;

• Recognises any surplus or deficit in consolidated statement of income; and

• Reclassifies the Parent Company’s share of components previously recognised in other comprehensive income to

consolidated statement of income or retained earnings as appropriate.

The consolidated financial statements include the financial statements of the Parent Company and the following subsidiaries:

The beneficial ownership represents direct and indirect holding of the Parent Company through subsidiaries or individuals

who have confirmed in writing that the beneficial ownership rests with the Parent Company.

Real estate development

100%

92.23%

85%

93.6%

100%

100%

92.23%

85%

93.6%

100%

-

100%

Principal activities

Al Mazaya Real Estate Development Company K.S.C. (Closed)

Al Mazaya Real Estate Free Zone( FZ)/ LLC

Al Dana Real Estate Limited

Al Rayhan Real Estate Limited

Advantage General Trading Co. W.L.L.

Mazaya Lebanon Company - S.A.L. (Holding)

Mazaya Lamartien - S.A.L.

Seven Zones Real Estate Company K.S.C. (Closed)

First Dubai Real Estate Development Company – K.S.C.

(Closed)

Future International Project Management – W.L.L.

Waterfront Real Estate Company K.S.C. (Closed)

Mezzan Combined For General Trading - W.L.L. Company

United Circle General Contracting and Building Company

W.L.L

Spectrum FZ / LLC

Al Mazaya Al Khalijia General Trading and

Contracting - Khalid S. Esbaitah and Partners – W.L.L.

Al Mazaya Arabian Real Estate Company,

Khalid S. Esbaitah and Partners W.L.L.

Al Mazaya International Projects Management

Company, Khalid S. Esbaitah and Partner W.L.L.

Beneficial

ownership

interest %

2012

Beneficial

ownership

interest %

2011

Country of

incorporation

Entity

Kuwait

U.A.E

Lebanon

Kuwait

U.A.E

Kuwait

26

Annual Report 2012 - page 31

Warning.