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 122 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) As a result of the implementation of IFRS 16, the joint venture has recognized lease liabilities of a property included in the financial statements of Al Mazaya Prime Project Management –W.L.L. (Joint venture) against right to use this property in the statement of financial position of that joint venture. Summarized financial information for joint venture is as follows: Summarized statement of financial position : Summarized statement of profit or loss: 12. Investment properties Investment properties mainly compromise of the following: Management of the Group has complied with the Executive Regulations of Capital Markets Authority regarding the valuation of investment properties.Valuation of investment properties was conducted by two independent appraisers with recognized and relevant professional qualification using recognized valuation techniques and principles. Assets Liabilities Equity Ownership percentage Carrying value 8,260,851 )6,772,167( 1,488,684 80% 1,190,947 - - - - - 2018 2017 Revenues Profit for the year share of result for the year 1,848,194 1,487,684 1,190,147 - - - 2018 2017 Balance at the beginning of the year Additions Transferred from advance payments for purchase of properties (Note 7) Disposals Transferred to properties held for trading (Note 6) Foreign currency translation adjustments Change in fair value Balance at the end of the year 131,665,239 1,325,476 14,660,610 )366,192( - )3,623,806( 2,717,880 146,379,207 129,286,975 2,901,696 - - )3,096,588( )2,669,762( 5,242,918 131,665,239 2018 2017 Land Developed properties 28,753,181 117,626,026 146,379,207 10,663,948 121,001,291 131,665,239 2018 2017