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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)

The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights
in an investee are sufficient to give it power, including:
 The size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote
holders;
 potential voting rights held by the Company, other vote holders or other parties;
 rights arising from other contractual arrangements; and
 Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability
to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous
shareholders’ meetings.

The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control effectively commences until the date that control effectively ceases. Specifically, income and expenses of
a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss
and other comprehensive income from the date the Parent Company gains control until the date when the Parent
Company ceases to control the subsidiary. All inter-company balances and transactions, including inter-company
profits and unrealized profits and losses are eliminated in full on consolidation. Consolidated financial statements
are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s
equity therein. Profit or loss and each component of other comprehensive income are attributed to the owners of
the Parent Company and to the non-controlling interests, even if this results in the non-controlling interests having
a deficit balance.

A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity
transaction. The carrying amounts of the group’s ownership interests and non-controlling interests are adjusted
to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which non-
controlling interests are adjusted and fair value of the consideration paid or received is recognized directly in
equity and attributable to owners of the Parent Company. 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 profit or loss.
• Reclassifies the Parent Company’s share of components previously recognised in other comprehensive
income to profit or loss or retained earnings as appropriate.

c) Current vs non-current classification
The Group presents assets and liabilities in the consolidated statement of financial position based on current /
non-current classification.

An asset is current when it is:
• Expected to be realized or intended to be sold or consumed in the normal operating cycle
• Held primarily for the purpose of trading
• Expected to be realized within twelve months after the reporting period or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.

The Group classifies all other assets as non-current.

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