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 123 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) Certain investment properties amounting to KD 102,447,177 (2017 - KD 89,235,279) and KD 11,064,768 (2017 - KD 14,615,323) were pledged as collateral against tawarruq and ijara payable and term loans (Note 15,16) respectively. 13. Goodwill Goodwill represents excess of consideration paid for acquisition of First Dubai Real Estate Development Company K.S.C.P. shares over and above the fair value of the identifiable assets and liabilities. The management assessed the carrying value of goodwill for impairment and did not notice any indication for impairment loss as at 31 December 2018. 14. Accounts payable and other credit balances Class of investment property Lands Residential buildings Residential buildings Commercial complexes Commercial complexes Total Class of investment property Lands Residential buildings Commercial complexes Commercial complexes Total Valuation technique Comparable market prices Comparable market prices Income capitalization Income capitalization Comparable market prices Valuation technique Comparable market prices Comparable market prices Income capitalization Comparable market prices - - 34,774,563 81,631,493 - 116,406,056 - - 85,069,553 - 85,069,553 28,753,180 880,000 - - 339,971 29,973,151 10,663,948 35,209,669 - 722,069 46,595,686 28,753,180 880,000 34,774,563 81,631,493 339,971 146,379,207 10,663,948 35,209,669 85,069,553 722,069 131,665,239 Level 3 Level 3 2018 2017 Level 2 Level 2 Total Total In estimating the fair value of investment properties, the valuers had used the valuation techniques listed in the following schedule and had considered the nature and usage of the investment properties: 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 11,349,136 1,495,906 293,302 - 5,330,049 18,468,393 12,377,570 6,090,823 18,468,393 4,933,755 3,950,456 272,273 1,002,453 8,711,022 18,869,959 6,056,698 12,813,261 18,869,959 2018 2017 2017 2018