DMIT_Annual_Report_2018_EN

N OTES TO THE C ONSOLIDATED F INANCIAL S TATEMENTS (Thousands of US dollars) Dar Al-Maal Al-Islami Trust 70 15. Investments in associates (continued) During December 2018, the Group acquired through its wholly owned Subsidiary IB Capital additional shareholding in Solidarity Group Holding (the “investee”) resulting from part settlement of a financing facility. As a result, Solidarity Group Holding has been converted into a subsidiary from an associate which increased IB Capital’s shareholding in the investee to 55.42% from 36.39%. The Group conducted an assessment of its power over the investee, exposures or rights to variable returns from the involvement and the investee the ability to use power over the investee to affect the amount of Group’s return and have concluded that the Group has a control over the investee as at 31 December 2018 therefore, the investee has been included in the consolidated financial statements of the Group starting 31 December 2018. Group’s share of fair value of net assets acquired equated the consideration paid by the Group therefore, no goodwill arisen from such business combination. Solidarity Group Holding B.S.C. (c) is a Bahrain based joint stock company engaged in providing cooperative insurance services according to the Islamic Sharia principles. There is no quoted market price for its shares. The company’s products are structured into two segments; individual products and corporate products. Contingent liabilities relating to the Group’s interest in the associates are found in Note 37. Summarised financial information for associates Set out below are the summarised financial information for Naseej B.S.C. (c) and Solidarity Group Holding B.S.C. (c) which are accounted for using the equity method. Summarised balance sheet At 31 December Naseej B.S.C. (c) Solidarity Group Holding B.S.C. (c) BBK B.S.C. Total 2018 2017 2018 2017 2018 2017 2018 2017 Cash and cash equivalents 63,916 122,525 - 22,811 507,109 - 571,025 145,336 Other assets 336,002 303,191 - 374,449 9,000,988 - 9,336,990 677,640 Total assets 399,918 425,716 - 397,260 9,508,097 - 9,908,015 822,976 Financial liabilities 92,576 76,158 - - 1,598,659 - 1,691,235 76,158 Other liabilities 1,395 1,078 - 187,532 6,580,956 - 6,582,351 188,610 Total liabilities 93,971 77,236 - 187,532 8,179,615 - 8,273,586 264,768 Net assets 305,946 348,480 - 209,728 1,328,482 - 1,634,428 558,208