9 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 | ||||
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 | ||||||||