3 Subsidiaries and partly-owned subsidiaries

Subsidiaries and partly-owned subsidiaries

The consolidated financial statements comprise the financial statements of the Company and the following subsidiaries:

Name of subsidiary Country of

incorporation

  Ownership interest

%

  Principal activity
 

2018

2017

Islamic Finance House P.J.S.C. U.A.E. 100 100 Islamic financing services
Insurance House P.S.C. U.A.E. 45.15 44.83 Insurance
Finance House Securities Co L.L.C. U.A.E. 70 70 Brokerage
CAPM Investment P.J.S U.A.E. 100 100 Investment and asset management


The following table illustrates the summarised financial information of subsidiaries with material non-controlling interests. This information is based on amounts before inter-company eliminations:

  Insurance

House P.S.C.

  Finance House

Securities Co. LLC

  Total
  2018

2017

2018

2017 2018 2017
  AED’000   AED’000   AED’000   AED’000 AED’000 AED’000
       
Non-controlling interests %

54.85

55.17

30

30

   
Accumulated balance of        
material non-controlling interests

52,312

49,033

23,576

23,399

75,888

72,432

Subsidiaries’ statement of financial position
Total assets 304,468 254,000 175,117 205,221 479,585 459,221
Total liabilities (204,640) (162,505) (93,916) (124,608) (298,556) (287,113)
Total equity
99,828
 
91,495
 
81,201
 
80,613
 
181,029
 
172,108
Subsidiaries’ income statement
Net revenue

50,112

26,410

8,964

12,687

59,076

39,097

Net profit/(loss) for the year

10,643

(5,208)

589

3,935

11,232

(1,273)

Net profit/(loss) for the year allocated to non-controlling interest

5,838

(2,897)

177

1,181

6,015

(1,716)

Total comprehensive income/(loss) for the year

7,433

 

(4,260)

 

589

 

3,935

 

8,022

 

(325)

Total comprehensive income/(loss) allocated to non- controlling interest

4,077

 

(2,370)

 

177

 

1,181

 

4,254

 

(1,189)

Subsidiaries’ cash flows
Operating 23,157 24,476 37,773 20,832 60,930 45,308
Investing (73,250) 5,420 (65) (90) (73,315) 5,330
Financing

(37,727)

3,566

(37,727)

3,566

Net (decrease)/increase in cash  and cash equivalents

(50,093)

 

29,896

 

(19)

 

24,308

 

(50,112)

 

54,204