Notes to the Consolidated Financial Statements
(Thousands of US dollars)
64
Dar Al-Maal Al-Islami Trust
Annual Report 2013
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:
2013
2012
Net accounting (loss)/profit
(65,677)
(10,794)
Weighted average applicable domestic
corporate tax rate
(5.78)% (11.67)%
Weighted average applicable domestic
corporate tax
6,012
3,133
Effect of revenue taxed at a different rate
than domestic corporate tax rate
(2,214)
(1,874)
Effective tax gain
3,798
1,259
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.
2013
2012
Restated
Non-controlling
Non-controlling
%
%
Ithmaar Bank B.S.C. and wholly
owned subsidiaries
51 293,844
47 295,478
Faysal Bank Limited
33
78,614
33
91,337
Gulf Investors Asset Management
27
7,566
27
8,207
Health Island B.S.C. (C)
50 110,382
50 111,512
Cityview Real Estate
Development B.S.C. (C)
49
1,663
49
103
Marina Reef Real Estate
Development B. S.C. (C)
49
-
49
557
Sakana Holistic Housing
Solutions B. S.C. (C)
50
26,730
50
26,448
518,799
533,912
The non-controlling interest appropriation in the consolidated statement of
income of $42.5 million represents the non-controlling shareholders’ share of
the loss of these subsidiaries for 2013 (2012: $16.0 million).
