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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
31. Taxes
32. Non-controlling interests
66
Dar Al-Maal Al-Islami Trust
Annual Report 2011
2011
2010
Current taxes
8,581
2,604
Gain on deferred taxes
(8,411)
(11,204)
170
(8,600)
The expected income tax expense for the Group is an aggregate of individual
amounts representing the mix of profits and losses and the applicable tax rates
in each jurisdiction. Consequently, the effective tax rate on consolidated income
may vary from year to year, according to the source of earnings. Most affiliates
of the Group operate in tax free jurisdictions.
A reconciliation between the reported income tax and the amount computed,
using the weighted average of applicable domestic corporate tax rates, is as
follows:
2011
2010
Net accounting (loss)/profit
(34,121)
68,794
Weighted average applicable domestic
corporate tax rate
(0.5)% (12.9)%
Weighted average applicable domestic
corporate tax
3,608
12,404
Effect of revenue taxed at a different rate
than domestic corporate tax rate
(3,438)
(21,004)
Effective tax gain
170
(8,600)
The relationship between profit before taxes and non-controlling interests and
the expected current income tax expense reflects the mix of profits earned in
jurisdictions with relatively high tax rates and those with relatively low tax rates.
The consolidated financial statements include 100% of the assets, liabilities
and earnings of consolidated companies. The ownership interests of the other
shareholders are called non-controlling interests.
The following table summarises the non-controlling shareholders' interests in
the equity of consolidated subsidiaries.
2011
2010
Non-
Non-
controlling %
controlling %
Ithmaar Bank B.S.C. and wholly
owned subsidiaries
47 294,486
47 325,227
Faysal Bank Limited
33
86,323
34
92,459
Gulf Investors Asset Management
27
8,654
-
-
Health Island B.S.C. (C)
50 111,866
50 111,342
Ithmaar Aviation Lease One
(Dublin) Ltd.
5
341
5
341
Cityview Real Estate
Development B.S.C. (C)
49
1,663
49
1,574
Marina Reef Real Estate
Development B. S.C. (C)
49
5,238
49
4,862
Sakana Holistic Housing
Solutions B. S.C. (C)
50
27,251
50
27,114
535,822
562,919
The non-controlling interest appropriation in the consolidated statement of
income of $18.7 million represents the non-controlling shareholders' share of
the loss of these subsidiaries for 2011 (2010: $52.8 million).