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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
61
Dar Al-Maal Al-Islami Trust
Annual Report 2014
15. Investments in
associates
(continued)
The summarised financial information of the Group’s principal associates is as
follows:
Name and Country of
Assets
Liabilities Income Profit/
Published Carrying
incorporation
(loss)
price
value
% holding
quotation per share Subsidiary Group
2014
Listed:
BBK B.S.C. (Bahrain)
9,286,305 8,333,117 432,769 133,439 BHD .47 BHD .64
25
12
2013
Listed:
Faisal Islamic Bank
of Egypt (Egypt)
6,527,273 6,061,126 527,213 93,622 USD 7.92 USD 9.39
49
49
BBK B.S.C. (Bahrain)
8,569,401 7,686,305 298,103 120,072 BHD .43 BHD .68
25
13
USD United States Dollar
BHD Bahrain Dinar
Included in investment in associates at 31 December 2014 is $110.9 million
(2013: $155.5 million) of goodwill. The movement is as follows:
2014
2013
At 1 January
155,462
157,131
Additions
-
8
Conversion associated
company to a subsidiary
-
(1,677)
Disposals
(44,523)
-
Impairment
-
-
At 31 December
110,939
155,462
Ithmaar Bank holds a 25.38% shareholding in BBK. As per management’s
valuation report, the estimated fair value of Ithmaar Bank’s investment in BBK
was determined to be $419.1 million (2013: $415.5 million) compared
to a carrying value of $426.7 million (2013: $397.2 million). Based
on this assessment management did not impair BBK’s carrying value at
31 December 2014 (2013: $Nil million).