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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
69
Dar Al-Maal Al-Islami Trust
Annual Report 2014
32. Taxes
(continued)
33. 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:
2014
2013
Net accounting profit/(loss)
33,325
(65,677)
Weighted average applicable
domestic corporate tax rate
29.69%
(5.78)%
Weighted average applicable domestic
corporate tax
8,397
6,012
Effect of revenue taxed at a different rate
than domestic corporate tax rate
1,496
(2,214)
Effective tax gain
9,893
3,798
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.
2014
2013
Non-controlling
Non-controlling
%
%
Ithmaar Bank B.S.C. and wholly
owned subsidiaries
54 290,496
51 293,844
Faysal Bank Limited
33 100,524
33
78,614
Gulf Investors Asset Management
27
7,303
27
7,566
Health Island B.S.C. (C)
50 100,766
50 110,382
Cityview Real Estate
Development B.S.C. (C)
49
1,663
49
1,663
Sakana Holistic Housing
Solutions B. S.C. (C)
50
15,027
50
26,730
515,779
518,799
The non-controlling interest appropriation in the consolidated statement of
income of $11.7 million represents the non-controlling shareholders’ share of
the loss of these subsidiaries for 2014 (2013: $42.2 million).