8 Investments in an Associate

Investment in an associate

The Group has the following investment in an associate

  Country of incorporation   Percentage of holding   Principal activity
  2017   2016  
       
Mainland Management L.L.C.

United Arab Emirates

33.33%

33.33%

Hospitality management services

The Group’s interest in an associate is accounted for using equity method in the consolidated financial statements. Movement in investment in an associate is as follows:

  2017 2016
AED’000 AED’000
 
At 1 January 50,477 51,687
Share of results for the year 1,243 (1,210)
At 31 December
51,720
50,477

Summarised financial information of the associate is set out below.

  2017 2016
AED’000 AED’000
Associate’s statement of financial position  
Assets 208,047 212,256
Liabilities (52,888) (60,823)
Net assets
155,159
151,433
 
Group’s share of net assets 51,720 50,477
Carrying amount of investment in associates
51,720
50,477
 
Associate’s revenue and loss:  
Revenue 33,281 34,406
Profit (loss) for the year
3,729
(3,630)
Group’s share of results for the year

1,243

(1,210)