3 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
    2017   2016  
 

Third Vision Investment L.L.C. U.A.E.     100   Management
National Project House L.L.C. U.A.E. 100 Construction
Benyan Development Company L.L.C. U.A.E. 100 Construction
Emirates National Electromechanical L.L.C. U.A.E. 100 Electromechanical contracting
FH Capital Limited (D.I.F.C.) U.A.E. 100 Investment and asset management
Islamic Finance House P.J.S.C. U.A.E. 100 100 Islamic financing services
Insurance House P.S.C. U.A.E. 44.83 44.83 Insurance
Finance House Securities Co L.L.C. U.A.E. 70 70 Brokerage
CAPM Investment P.J.S U.A.E. 100 100 Investment and asset management


Summarised financial information of subsidiaries with material non-controlling interests is provided below. This information is based on amounts before inter-company eliminations

  Insurance House P.S.C.     Finance House Securities Co. LLC   Total
  2017

2016

2017

2016 2017 2016
  AED’000   AED’000     AED’000   AED’000 AED’000  AED’000
         
Non-controlling interests %

55.17

55.17

30

30

 

 

Accumulated balance of        
material non-controlling interests

49,033

51,573

23,399

22,218

72,432

73,791

Subsidiaries’ statement of      
financial position      
Assets 254,000 217,238 205,221 192,680 459,221 409,918
Liabilities (162,505) (121,482) (124,608) (116,002) (287,113) (237,484)
Net assets
91,495
95,756
80,613
76,678
172,108
172,434
     
Subsidiaries’ revenues and profits (losses)      
Revenues, net

26,410

25,933

12,687

11,952

39,097

37,885

Net (loss) profit for the year

(5,208)

(5,715)

3,935

3,273

(1,273)

(2,442)

Net (loss) profit for the year      
allocated to non-controlling interest (2,897) (3,179) 1,181 982 (1,716) (2,197)
Total comprehensive (loss) income      
for the year
(4,260)
(5,280)
3,935
3,274
(325)
(2,006)
Total comprehensive (loss) income      
allocated to non- controlling interest

(2,370)

(3,039)

1,181

1,038

(1,189)

(2,001)

     
Subsidiaries’ summarized cash flow information      
Operating 24,476 13,805 20,832 (56,278) 45,308 (42,473)
Investing 5,420 49,456 (90) 155 5,330 49,611
Financing (41,578) 3,566 24,806 3,566 (16,772)
Net increase (decrease) in cash  and cash equivalents
29,896
21,683
24,308
(31,317)
54,204
(9,634)

 

During the year, the Company effected an outright sale of a subsidiary and derecognized all assets and liabilities associated with this subsidiary from the consolidated financial statements, as of the date of sale. The total assets and total liabilities as at the date of sale were AED 1,838 thousand and AED 15,839 thousand respectively. The cash consideration received on sale is AED 1,000 thousand. The resultant net gain of AED 15,001 thousand has been recognized in the income statement.