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 | ||||
| 2021 | 2020 | ||||||
| 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
House P.S.C. |
Finance House
Securities Co. LLC |
Total | |||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||
| AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | ||||||
| Non-controlling interests % | 54.39%
———— |
54.39%
———— |
30
———— |
30
———— |
30
———— |
30
———— |
|||||
| Accumulated balance of | |||||||||||
| material non-controlling interests | 77,954
———— |
68,932
———— |
26,746
———— |
24,650
———— |
104,700
———— |
93,582
———— |
|||||
| Subsidiaries’ statement of financial position | |||||||||||
| Total assets | 385,659 | 335,853 | 345,371 | 292,743 | 731,030 | 628,596 | |||||
| Total liabilities | (231,483) | (195,591) | (254,305) | (207,964) | (485,788) | (403,555) | |||||
| Total equity |
154,176 |
|
140,262 |
91,066 |
84,779 |
245,242 |
225,041 |
||||
| Subsidiaries’ income statement | |||||||||||
| Net revenue | 53,838
———— |
53,838
———— |
11,633
———— |
11,633
———— |
65,471
———— |
65,471
———— |
|||||
| Net profit/(loss) for the year | 10,886
———— |
10,886
———— |
3,379
———— |
3,379
———— |
14,265
———— |
14,265
———— |
|||||
| Net profit/(loss) for the year allocated to non-controlling interest | 5,178 | 5,921 | 2,096 | 1,014 | 7,274 | 6,935 | |||||
| Total comprehensive income/(loss) for the year |
22,742 |
|
10,895 |
6,987 |
2,679 |
29,729 |
13,574 |
||||
| Total comprehensive income/(loss) allocated to non- controlling interest |
9,022 |
|
4,996 |
2,096 |
804 |
11,118 |
5,800 |
||||
| Subsidiaries’ cash flows | |||||||||||
| Operating | (20,006) | (1,910) | 12,038 | (84,023) | (7,968) | (85,933) | |||||
| Investing | 8,225 | 810 | (463) | (277) | 7,762 | 533 | |||||
| Financing | (1,238) | (1,237) | 7,814 | 84,781 | 6,576 | 83,544 | |||||
| Net (decrease)/increase in cash
and cash equivalents |
(13,019) |
|
(2,337) |
19,389 |
481 |
|
6,370 |
|
(1,856) |
||
