9 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
			2020		2019
Finance House L.L.C.	U.A.E.		100		100		Financing services
Insurance House P.S.C.	U.A.E.		45.61		45.61		Insurance
Finance House Securities Co L.L.C.	U.A.E.		70		70		Brokerage
F H Capital P.J.S.	U.A.E.		100		100		Investment and asset management
F.H. Services	U.A.E.		100		100		Services

 

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

	Insurance			Finance House			Total
	House P.S.C.			Securities Co. LLC
	2020	2019		2020	2019		2020	2019
	AED’000	AED’000		AED’000	AED’000		AED’000	AED’000
Non-controlling interests %	54.39%	54.39%		30	30		–
Accumulated balance of
material non-controlling interests	68,932	64,146		24,650	23,636		93,582	87,782
Subsidiaries’ statement of financial position
Total assets	334,354	334,354		209,488	209,488		543,842	543,842
Total liabilities	-199,213	-199,213		-694	-128,088		-199,907	-327,301
Total equity	135,141	135,141		208,794	81,400		343,935	216,541
Subsidiaries’ income statement
Net revenue	53,838	59,967		11,633	7,916		65,471	67,883
Net profit/(loss) for the year	10,886	16,166		3,379	199		14,265	16,365
Net profit/(loss) for the year allocated to non-controlling interest	5,921	8,793		1,014	60		6,935	8,853
Total comprehensive income/(loss) for the year	10,895	20,199		2,679	199		13,574	20,398
Total comprehensive income/(loss) allocated to non- controlling interest	4,996	10,986		804	60		5,800	11,046
Subsidiaries’ cash flows
Operating	(1,910)	-14,773		(84,023)	(17,402)		(85,933)	(32, 175)
Investing	810	17,902		(277)	(312)		533	17,590
Financing	(1,237)	12,849		84,781	21,352		83,544	34,201
Net (decrease)/increase in cash	(2,337)	15,978		481	3,638		(1,856)	19,616
and cash equivalents