Notes to the Consolidated Financial Statements
(Thousands of US dollars)
51
Dar Al-Maal Al-Islami Trust
Annual Report 2013
13. Investment property
(continued)
14. Investments in
associates
Investment properties are located in the Middle East, Asia and Europe. The
valuation of the investment properties is based on the sales comparable
approach with the key inputs being the price per square feet. On this basis and
considering that there are no observable inputs, these investment properties are
classified as level 3.
Investment property under operating leases
The Group leases out part of its investment property under operating leases. The
leases are for terms of one to five years.
The future aggregate minimum rentals receivable under non cancellable
operating leases are as follows:
2013
2012
Not later than one year
1,996
1,730
Later than one year and
not later than five years
2,724
3,850
4,720
5,580
2013
2012
At 1 January
958,649
884,886
Share of results before tax
125,693
144,820
Share of tax
(44,160)
(41,991)
Dividends paid
(17,355)
(24,878)
Share of fair value gains/(losses)
5,624
28,626
Additions
8
3,521
Disposals
(32,661)
(58)
Recycling of reserves on disposal
-
(17)
Loss on disposal
-
(66)
Goodwill impairment
-
(17,658)
Amortisation of intangibles
(6,749)
(6,749)
Exchange differences
(21,500)
(11,787)
At 31 December
967,549
958,649
Investment in associates included $462.5 million (2012: $217.5 million)
pledged as collateral against borrowings (note 22) with the terms and
conditions in the ordinary course of business.
Set out below are the associates of the Group as at 31 December 2013, which,
in the opinion of the Group, are material. The associates as listed below have
share capital consisting solely of ordinary shares, which are held directly by a
subsidiary of the Group; the country of incorporation or registration is also their
principal place of business.
Nature of investment in associates 2013 and 2012:
Place of
% of
% of
business/country ownership ownership Measurement
Entity
of incorporation subsidiary
Group
method
Faisal Islamic Bank
of Egypt
Egypt
49
49
Equity
BBK B.S.C.
Bahrain
25
13
Equity
Solidarity Group
Holding B.S.C. (c)
Bahrain
34
17
Equity
