22 Investment in equity accounted investee
Investment in equity accounted investee
The Group has the following investment in an associate
| Country of
incorporation |
Percentage of holding | Principal activity | |||||
| 2020 | 2019 | ||||||
|
Mainland Management L.L.C. |
U.A.E | 33.33% | 33.33% | Hospitality management services | |||
Movement in investment in an associate is as follows:
| 2020 | 2019 | |||
| AED’000 | AED’000 | |||
| At 1 January | 90,095 | 50,485 | ||
| Share of results for the year | (307) | (365) | ||
| Addition during the year | – | 39,975 | ||
| ———————— | ———————— | |||
| At 31 December | 89,788 | 90,095 | ||
| ============= | ============= |
Summarized financial information of the associate is set out below:
| 2020 | 2019 | |||
| AED’000 | AED’000 | |||
| Associate’s statement of financial position | ||||
| Assets | 222,542 | 241,798 | ||
| Liabilities | (32,959) | (51,293) | ||
| ———————— | ———————— | |||
| Net assets | 189,583 | 190,505 | ||
| ============= | ============= | |||
| Group’s share of net assets | 89,844 | 90,152 | ||
| ———————— | ———————— | |||
| Carrying amount of investment in an associate | 89,788 | 90,095 | ||
| ============= | ============= | |||
| Income statement | ||||
| Revenue | (885) | (1,063) | ||
| (Loss)/profit for the year | (921) | (1,095) | ||
| ============= | ============= | |||
| Group’s share of results for the year | (307) | (365) | ||
| ———————— | ———————— |
