Notes to the Consolidated Financial Statements
(Thousands of US dollars)
50
Dar Al-Maal Al-Islami Trust
Annual Report 2013
12. Accounts receivable
13. Investment property
2013
2012
Accounts receivable
115,833
115,635
Provision for bad and doubtful
debts (note 9)
(47,303)
(41,899)
Funds under management
92,814
83,559
Derivative financial instruments
3,614
4,087
164,958
161,382
Included in accounts receivable are prepayments in the amount of $14.1 million
(2012: $15.9 million) and loans to employees and directors of $22.0 million
(2012: $31.0 million). The remaining balance relates primarily to project
management fees and balances due from customers. Included in the receivable
from funds under management at 31 December 2013 was $24.9 million
(2012: $26.2 million) in bridge financings made to real estate development
funds which were sponsored by a subsidiary of the Group. Bridge financings are
generally short term in nature and are repaid following the sale of participation
units in the funds to external investors.
Derivative financial instruments
Foreign exchange derivatives held for trading:
2013
Contractual amount
Fair value
Currency swap
6,121
(947)
Interest rate swap
185,305
4,090
Currency forwards
2,000
471
2012
Currency forwards
267,766
4,087
2013
2012
At 1 January
385,921
393,094
Additions
-
961
Disposals
(37,243)
(3,858)
Fair value gains/(losses) during the year
(2,591)
14
Transfer to property, plant and equipment
(12,681)
(84)
Impairment provision
-
(7,267)
Net exchange differences
1,507
3,061
At 31 December
334,913
385,921
Rental income from investment property amounting to $3.8 million
(2012: $3.4 million) has been included in the consolidated statement
of income under other income. There were $Nil thousand direct operating
expenses (including repairs and maintenance) arising from investment property
that generated rental income (2012: $9.4 thousand) and $Nil thousand
operating expenses arising from investment property that did not generate rental
income (2012: $19.7 thousand).
