Notes to the Consolidated Financial Statements
(Thousands of US dollars)
63
Dar Al-Maal Al-Islami Trust
Annual Report 2012
31. Taxes
(continued)
32. Non-controlling interests
A reconciliation between the reported income tax and the amount computed,
using the weighted average of applicable domestic corporate tax rates, is as
follows:
2012
2011
Net accounting (loss)/profit
(10,794)
(50,587)
Weighted average applicable domestic
corporate tax rate
(11.67)%
(0.3)%
Weighted average applicable domestic
corporate tax
3,133
3,608
Effect of revenue taxed at a different rate
than domestic corporate tax rate
(1,874)
(3,438)
Effective tax gain
1,259
170
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.
2012
2011
Restated
Non-
Non-
controlling %
controlling %
Ithmaar Bank B.S.C. and wholly
owned subsidiaries
47 300,449
47 293,401
Faysal Bank Limited
33
91,337
33
86,323
Gulf Investors Asset Management
27
8,207
27
8,654
Health Island B.S.C. (C)
50 111,512
50 111,866
Ithmaar Aviation Lease One
(Dublin) Ltd.
5
-
5
341
Cityview Real Estate
Development B.S.C. (C)
49
103
49
1,663
Marina Reef Real Estate
Development B. S.C. (C)
49
557
49
5,238
Sakana Holistic Housing
Solutions B. S.C. (C)
50
26,448
50
27,251
538,613
534,737
The non-controlling interest appropriation in the consolidated statement of
income of $16.0 million represents the non-controlling shareholders’ share of
the loss of these subsidiaries for 2012 (2011: $19.9 million).
