Annual report eng.2018

N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2018 121 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) 9,670,587 311,207 )129,144( 9,852,650 9,352,843 339,582 )21,838( 9,670,587 - 1,190,947 - 80% Real Estate Development Kuwait 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 2018 2018 2017 2017 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, 2018 (2017: 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 9,852,650 (2017 – KD 9,670,587) is pledged against tawaroq and ijara payable (Note 15) Summarized financial information for associate is as follows: Summarized statement of financial position : Summarized statement of profit or loss: 11. Investment in a joint venture The investment in a joint venture consists of the following: The Group's investment in Al Mazaya Prime Project Management – W.L.L was accounted for as investment in a joint venture, where the memorandum of incorporation of the joint venture provided that the company shall be managed by the representatives of the owners of the company together in addition to that all decisions concerning the activities and management of the company must be approved by consensus of the partners, which meet the conditions of joint control of the joint venture, IFRS 11 "Joint Arrangements". The movements during the year is as follows: Al-Mazaya Prime for projects management – W.L.L. Name of associate Country of incorporation Principal activity Percentage of ownership Amount Assets Liabilities Equity Ownership percentage Carrying value of the investment Revenues Profit for the year share of result for the year Paid for incorporation of a joint venture Share of result from a joint venture Balance at the end of the year 132,105,962 )75,901,455( 56,204,507 17.53% 9,852,650 - 1,775,282 311,207 800 1,190,147 1,190,947 89,769,411 )34,603,486( 55,165,925 17.53% 9,670,587 42,796 1,937,148 339,582 - - - 2018 2018 2018 2018 2017 2017 2017 2017