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 131 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) Revenue Cost of revenue Net change in fair value of investment properties Share of result from associate & joint venture (Loss) Reversal of impairment loss on properties held for trading General and administrative & selling and marketing expenses Net other (expenses) & income Finance cost Others Segment profit (loss) Total segment assets Total segment liabilities • Contingencies: Subsequent to the date of the consolidated financial statements, a final court verdict was issued in favor of the Parent Company for a legal case file for an amount of KD 837,806 and its legal interest at the rate of 7% per annum from the date of entitlement until full payment. The management of the Group has taken the conservative basis that this amount should not be recorded in the consolidated financial statements for the year ended 31 December 2018 until the implementation proceedings are commenced to collect the full amount due to the parent company. A lawsuit is raised against a subsidiary of the Group in the UnitedArab Emirates for a claim of AED 17,277,295 (KD 1,429,140) representing settlements of accounts between the plaintiff and the subsidiary. The Group's management believes that based on the opinion of the independent legal counsel and the supporting provided from the opponent that the plaintiff claim is not fixed in addition to the subsidiary claimed the plaintiff to compensate all losses resulted from settlement of accounts and not breach his liability. Since the claim is in its early stages and is subject to dispute between the parties and no court decision has been made, it is not possible to estimate the results that will result from this claim until the final decision is made. Therefore, the Group's management decided that there is no need to record provisions in its books for this claim as of the date of the consolidated financial statements. 29. Segment reporting For management purposes, the Group is divided into four main geographical segments that are: State of Kuwait, United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA), Turkey in addition to other segments, where the Group performs its main activities in the real estate segment. There is no income generating transactions between the Group’s segments. 2018 Kuwait UAE Turkey KSA Others Total 4,420,169 )557,279( 2,679,965 1,501,354 - )2,630,899( )1,070,109( )3,052,814( 963,175 2,253,562 98,954,300 72,186,443 11,288,437 )7,800,983( 59,892 - )26,426( )2,507,068( 3,293,419 )1,009,185( )201,432( 3,096,654 74,279,938 32,101,531 1,067,950 )209,890( )525,479( - - )19,469( )270,532( - )11,884( 30,696 15,748,126 222,280 1,618,487 )1,293,592( 452,854 - - )502,768( 173,439 )702,015( - )253,595( 17,406,591 10,279,055 3,661,055 )2,755,208( 50,648 - 85,220 )137,942( )88,665( )109,107( - 706,001 19,232,944 6,709,562 22,056,098 )12,616,952( 2,717,880 1,501,354 58,794 )5,798,146( 2,037,552 )4,873,121( 749,859 5,833,318 225,621,899 121,498,871