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 | ||
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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) | ||
———————— | ———————— |