Page 15 - Mazaya Holding_FS_E_Q3_2021

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SEPTEMBER 30, 2021
(All amounts are in Kuwaiti Dinars)

Interim condensed consolidated statement of financial position:

Key December 31,
management September 30, 2020 September 30,
personnel 2021 (Audited) 2020
Accounts receivable and other debit balances 1,226 1,226 140,371 904
Accounts payable and other credit balances 176,768 176,768 90,000 -
Lease liabilities (a) 3,663,450 3,663,450 3,973,687 4,014,965

(a) The amounts recognized for this lease liability as of September 30, 2021 that compose part of the Groups’
consolidated lease liabilities can be presented as follows:

For the nine months ended
September 30,
2021 2020
Lease liability within one year 540,000 540,000
Remaining liability till end of lease term 3,888,000 4,428,000
Total lease liability 4,428,000 4,968,000
Less: Unamortized future finance charge (764,550) (953,035)
Present value of minimum lease payments 3,663,450 4,014,965

Amounts due from / to related parties are interest free and are receivable or payable on demand.

Certain key management personnel and their reltaives have 50% ownership interest in Med Cell Medical Company
K.S.C.C (a subsidiary to the Group) – (Note 12)

Transactions included in the interim condensed consolidated statement of profit or loss:

For the nine months ended
Key September 30,
management
personnel 2021 2020
Rental income 3,590 3,590 -
Amortization of finance costs related to lease liabilities (139,763) (139,763) (152,029)

Compensation to key management personnel:
For the nine months
For the three months ended ended
September 30, September 30,
2021 2020 2021 2020
Short term benefits 137,928 155,900 413,786 467,698
Terminal benefits 14,662 16,251 43,987 48,753
152,590 172,151 457,773 516,451

During the period ended September 30, 2021, the Parent Company has recognized an expense amounting to KD Zero
(September 30, 2020 - KD 16,956) relating to equity-settled share-based payment transactions to its employees. During
the period ended September 30, 2021, some employees exercised their share options with 606,844 shares. Those shares
were issued from treasury shares held with the Group against closing the entire balance of the employee stock options
reserve and part of the statutory reserve, in accordance with the instructions of the Capital Markets Authority.

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