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21 views75 pages434 0 2023-02-19 17-11-48 en 7681924048291911
mathematics paper for scribd
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© © All Rights Reserved
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/ 75
UNITED ELECTRONICS COMPANY
(A Saudi Joint Stock Company)
CONSOLIDATED FINANCIAL STATEMENTS,
FOR THE YEAR ENDED 31 DECEMBER 2022,
AND INDEPENDENT AUDITOR’S REPORT, UNITED ELECTRONICS COMPANY
{A Saud Joint Stock Company)
CONSOLIDATED FINANCIAL STATEMENTS
FORTHE YEAR ENDED 91 DECEMBER 2022
Page
Independent auditors report 26
‘Consolidated statement of pro or ossandoter comprehensive ince ?
Consolidated statement of rani poston 8-0
Consulidated statement of changes in equity 10
Consodated statement fcash ows a
[Notes othe consolidated Snancil tatemente a3-74 pwe
Independent auditor's report lo the shareholders of United
Electronics Company
Report on the audit of the consolidated financial statements
Our opinion
In our opinion, the consolidated financial statements present fly, in ll material respects, the
onsoidted financial position of United Electonics Company (he “Company") aa is beiiaies
{Gopeter the “Group as at 32 December 2029, ad ta consoldaed finan performance anf
onsoliated cash Naw for the year then ended in accordance wth international Financial Reporting
Standards, that are endorsed in the Kingdom of Saudi Arabia, and. other standard, and
pronouncements {sued by the Saudi Organization for Chastrel and Professional accountants
Csocea")
What we have audited
‘The Group’ consolidated financial statements comprise
‘© the consolidated statement of profit or loss and other comprehensive income forthe yea ended
51 December 2028
ihe consolidated statement of financial postion as at a1 December 2022
the consolidated statement of hanges in ty forthe year thes ended
the consolidated statement afeas ows or the year then ended
‘the notes tothe consolidated fnancl statements, which ince significant accounting policies
and other explanatory information
Basis for opinion
conde ut aut in acordance wth
the Kingdom of Saud Arabia Ou expos
Auttors Responsibilities for the Audit of the Consolidated Financial Statements scion of Our
repo,
‘We belive thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis
{or our opinion
Independence
‘Wiest independent ofthe Group in accordance with the International Code of this for Professional
Accountants including International Independence Standards), endorsed in the Kingdom of adh
‘Aras (the “Code” that is relevant to our auto the consliated financial statements and we have
fulfiled our other ethical responibiies in accordance withthe Codes requirement.
‘ur audit approach
Overview:
evant marers Expected eredit loss allowance agains investment in Ilamic financing
As part of designing our audit, we determined materiality and assesed the risk of materia
nistatement inthe consolidated financial statements In partcla, we considered. where
‘Management made subjective judgements: for example, n espect of significant accounting estimates
‘hat invoved acing assumpuons and considering fate evets that ate inerenlyunceat As
allof our aus, we also addressed the riskof management override of internal cones, inciadig,
“mount other matters consideration of whether thee was erence of Bias tat represented ask of
‘Buterlal misstatement due to fad
Wo tailored the scope of our aut in order to perform sufficient work to enable us to provide am
‘opinion onthe consodated financial statements as 2 whale taking int acount the strutur of the
‘Group, the acounting processes and conto nd the Industry in which the Group operates,
PrcazterhurCoopas, Liens No-25,
‘A ttagaye Tower, 0. ax 407, Dalvan Alport 932, Kingdom of Sod Arabia
1 906g) 849-1, #98 (i) 8608s, pec mca 3
pwe
Independent auditor’s report to the sharehalders of United
Electronics Company (continued)
‘Our audit approach (continued)
Key audit matters
Key audit matters are those matters that, in out profesional judgment, were of most significance in
‘ur audit ofthe consolidated faanda statements of the carent period. These nates were adresse
in the context of our audit of the consolidated Saandial statements asa hole, and informing out
opinion theron, and we donot provide separate opinion on these mates
spect ret os allasanceaga'nst investment
in Tolamic Financing conteets
las at_31 December 2022, the Groups gross
investment in Islamic financing contacts was
[Sau Rial 2. lion agaist which an expected
lrait oss CCL) allowance of Scud Rial 72.5,
iillon was maintained,
ithe determination of EC. invoves signficnt
Imanagement Judgement. The hey areas of
iudgernent used by management ta determine the
Tee incude
Categorisition of receivables ino stages 1 2 oF
‘based on the enticton of
(exposures with a signa ierease in
fred esk CSIR) since thet
‘oviinaton: and
(@ individually impaired / defaulted
Assumptions ased in the ECL model for
‘determining probability of deat CPD), loss
faven default LGD") snd exposes st dealt
CHAD?) tncludng, bot not imited to. the
expected future cash flows, changes. from
[ssumptlons used i the prior yan developing
nd incorporating forwand ooking
‘information, macroeconomie factors and the
sociated scenarios and expected probability
‘weights io line with the requsements of
International Financial Reportag Standard 9
nancial Instruments CIERS 0)
Ce rey
(Ouraut procedures ncided the folloring
(+ Upsted our understanding of accounting
ply adopted and methodology appli by
Management in the ECL” model 19
Getermine the” ECL, "allowance for
Investment in Islami financing contracts
ahd compared. them agiaet the
‘eurements of IFRS,
(+ Fraluated and tested the design,
Implementation and. the" opersting
tffectveness of key controls over the ECL
‘model neding
(© governance and approval of key
sumptions used
‘tasifcation of exposures into stages
12.083, eters for entiation of
SICK” hd" the determination of
Individually. impaired" deta
‘exposures; and
i integeiey of data inputs into the BCL
model
»
Ascesed, fr a slated sample of Islamic
‘Bnancing contracts, the appropriateness of
the sagingclasfieaton and
Managements” computation of |
Allowance 2
pwe
Independent auditor's report to the shareholders of United
Electronics Company (continued)
(Our audit apprach (continued)
volved our specialists to. asst us in
reviewing "model calculations, eraluating
Interelated' puts and. atsessing the
easonsblenes of assumptions sal in the
[ECL model including those wed to determine
PD, LGD and EAD inlaing bat net ited
Refer to the significant accountng polices in | to actual past performances expected future
INote 2.25 for the impalement af’ Gnancing | tach flows, changes om acurplions vcd
lontrats: Note which contain the disclosure | the prior years macroconomic variables,
loteritalaccouting judgements, estimates and | forested ‘macrosconomieseenatos and
[emp nu 0 pact ses od) prt wei
Jrnpaiean “loses” ‘pata clartes of |, pssssed the adequaty of disclosures in the
lsneosment methodoiogy, ered quality analy | clad Gna
JKeyasaumptions and’ factors "considered ia
ldeermination of EC.
‘molved. and. consequently the
fsscated adit sk around BCL cleans
Other information
Managemen is responsible forthe other information. The othe information comprises information
Included in the Groups 2022 anna! report, (but does not include the consoliated nani
“Satements ond cur auditor's report there), which is expected tobe made avalable tous afer the
‘Sate ofthis ators ep.
‘Our opinion on the consolidated financial statements does not cover the other information and we
will nat express any frm of assurance conclsion thereon,
In connetion with our aut of he consolidated financial statements, our reponsibity ito ead the
‘ther Information ented above and, a doings, consider whether the lhe Inforoaton
materially inconsistent withthe consolidated fnancl statements or our knowledge obtained inthe
Ait or others appears tobe materially misstated.
‘hin we rea the Annual Report ofthe Group, if we conlue that there isa material misstatement
‘therein, we are required to communicate the matter to hase changed with governance pwe
Independent auditor's report to the shareholders of United
Electronies Company (continued)
Responsibilities f management and thixe charged with gavernarce Jor the
ceonsclidated financial statements
‘Management is responsible for the preparation and fair presentation of the consolidated financial
ements in acordanee with International Financial Reparting Standseds, tht are endorsed in the
Kingdom of Saudi Arabia and other standards and pronouncements icued by SOCPA, and the
applicable requirements ofthe Regulations for Companies and the Companys By-laws, and for such
Internal contol as management determines necessary to enable the preparation of consolidated
financial statements that are re fom material misstatement, whether dv to faud or err,
tn preaing th consisted San statement, management i esponnble , steing the
Groups ability to continue as a going concern, dslosing, as applate, mates rlted to foine
concer and sing the going concern bass of accountng unless management either intends 1
Iigldat the Group oto ease operations, or has realistic alternative tut odo so
‘Those charged with governance, e. the Boar of Directors, are exponlle for overseeing the Group's
nancial reporting process.
Auditor’sresponsibilities for the aucit of the consolidated financial siatements
cr objectives are to obtain reasonable assurance about whether the consolidated nancial statements
6a whole are fee fom materal misstatement, whether dve to frand or stron, and teste a
‘aulitorsrepor that includes ou pinion. Reasonable asorance ia high level of ssurance taf not
1 guarantee that an aut conduit in accordance with International Standards on Awaiting, that are
‘norsed in the Kingdom of Saudi Arabia, wil ways dete a material misstatement whet it exists
DMistatements can arise fom laud or error and are considered materials individual or inthe
agree, they ould reasonably be expsted to nflence the economic dekons of wer taken om the
Ins of these consolidated financial stement,
“Asparof an audit in accordance wth International Standards on Audi
Kingdom of Sau Arabia, we exereise profesional judgment and mains
throughout the audit We ato:
‘+ Tentify and assess the sks of material misstatement ofthe consolidated financial eatements,
whether de to aud or error, design and perform suit procedures responsive to thse sk,
nd obtain audit evidence that is suffient and appropiate to provide a bse for ov opinion,
‘The sk of not detecting a material misstatement resting ftom fraud is higher than for one
resulting. trom eon, as fraud may involve. collision, frgey, intentional omissions
imsrepresenations, or he ovrde of internal ctl
‘Obtain an understanding of internal contol relevant to the audit in onder to design audit
procedures that are appropriate Inthe circumstances, but no for the purpose of expressing an
pinion onthe effetivenes of the Groups internal conta
‘+ Evaluate the appropritenes of accounting pois used and the reasonableness of counting
‘etimates and rated disclosures made management
hat ate endorsed inthe
Professional scepticism,
* Conclude onthe appropriateness of management's use ofthe going concer basis of scounting
land, based om the audit evidence obtained, whether a material uncertainty exists related to
‘rents or conditions that may cast significant doubt onthe Group's ability to connie as a gong
‘oncern I we condude that a mater uncertainty exists, wea equied to draw aestion in
‘urauditors report to the related disclosures nthe consolidated nancial statementson if such
flicosures are inadequate, to modify our opinion. Our coselasons are bared onthe audit
‘etidence obtained upto the date af our auditors report. However, fture events or cnditons
‘may cause the Group to cease to continge a poing concern, -
pwe
Independent auditor's report to the shareholders of United
Electronics Company (continued)
‘Auditor’ responsibilities for the audit of the consolidated financial statements
(continued)
+ Bouse the overall presentation, structure and content ofthe consolidate financial statements,
Indadine the dclourec an wtber thr toarted gnc motets epee oe
“dering transaction and events naman that ahve fa resentation,
+ Obtain suficent appropiate aut evidence egading the financial information ofthe ene
or business actives within the Group to expres an opiion on the consort financial
Suements, We ae response forthe dzeton, sperviion sod performance ofthe Group
fudit We remain salaly responsible frou uit ono
We communicate with thse charged with governance cegarting, among oer mates the planned
scope and timing o he aut and sgncant audit adigs, inating any signa defences
Fneemal contol tht we enti dang ou aut
‘We also provide those charged with governance with statement hat we have complied with rerant
chia reements regarding independence, and to communicate wih toe ll elatonships ad
‘ther mates that may reasonably be tought to bea on out independence and where aplesbl,
tions taken toeliinate heats orsfeguarde ape
‘rom the mater communicated with thse charged with governance, we determine those matters
‘hat were of mos sigifieancy inthe audit of the cogoidsted financial watements ofthe caret
Diol and are therefore the key auit matter. We deserbe these matters in our auditor report
Unless iw or regulation peeludes publ dslanure abou the mater or when extemey ae
ticumstances, we determine that a mater should not be sommamisted in au report erase te
fdverse consequences of doing 50 would reasonably be expected to owe the rubles
tenets 0 sul communication
PricewaterhouseCoopers
cans
ALA Alou
eense Number 375
a tony 209 UNITED ELECTRONICS COMPANY
naiated etatanen of ro row and other comprehensive in
‘amounts in Sal Riyals oman une eee aed)
_Wear ended 1 December
ote °
Sale and seins [Sener canes
Incame om a fain conta 21998 "6869
‘Tal revenue 4 eagiieet——sAana8
at of eenve —Gar66,000 64g)
‘Grose prof 265.061
Sein nd tribution expen 5 Gs6aa0
(ener and admire eens 6 Gaaaay,
‘etinpaement oer on fase ees Gone
Other epee Gan
Other income 7 aaa
Pinups cares 8 ___Gosey azar
Profit before ala and income tax eae
‘aa expense 3% Gua
Tame tx repens) = a
Net prot fr the ear owe
‘ther comprehensive income
nos that i nt bread proto se 1
Remeassrentsofenioes beret cigatons 23
tensa ay bread prof oro
Exchange diferencsca aman of org
pero
Other comprehensive income or the year
‘otal comprehensive income for the year
‘Barings per share (Sead Riyals)
‘usierings perature Py 83 so
ine earnings pershare Ps 0 ra
“The accompayig nts ran integral prof tee consoaed ancl sateen
“The contiaed ancl sateen acluing sats and ote explana information were
‘thee fo ite the ou of Decors on 1 ebay 2029 and were gi oy tn bey
/ LET ee
—Srotammed GahTA—
Mohammed Kil Fahey
ohammed
Altbdaiabbar
(Chet Financial Ofcer Managing Director Chairman ofthe Board of
snd Chit nective Directors par gcmnonas conn
na
(Aeoouns in Seud Riyal toonands ues ahenwie tated)
ote As stgs December
ast
omcurent seta
Proper andeguipmest 3 apse sents
gine sae Mente Se
etre nance oes u ‘e508 voass
Intungblewses & bas sso
eed S 0 ‘39
“Tada ober eenble 4 6398 it
invent ncn otra S __eegioge aba
‘Total non curent asta iestinas ——osto
leven 6 Noman saoasir
etinvernentin ance eset = 09s oe
Sade tnd er eae re uén0
Tivescstn ie unig conan 1 ease og
Gahan ct equates 7 146660“
“Total curren set eesvase aaa
“Tol ate —serisoo _séstaos_
auly and abilities
uty
Stare ct 1 beers soon
Satay ene ® ‘ans ‘ast
| ‘Stree 2087 ‘Bao
eck cnes sense ant
| ‘reuse a s5.050___iszoood.
| Netequlty —tanas0o asst
isbn
omcurent bien
j Delereeemiefomeendewamatypoyam #1 tabtg3 sh b
| {eae ber a nae ‘9061
4 2 danse? a0
Defer elas E "a
‘nvlore bet oan, © ___moae i
‘Tora non-core Habe aalngee aes
(Contouee) LUNITED ELECTRONICS COMPANY
‘Aan olnt Stock Compan)
‘Sonsobded cmon of fnancial potion (sive)
‘Caltorensin Sel ye aan ute tere se)
Note ‘As nig December
{Current abies
‘raed ther ees 4 Gyouss sate
Deteredroenue fom enendedmarany poarim 2 ‘13.397 sec
tease labttee = 28.88 wate
orovnes = mae feass
Zar and come paybe = ‘pa00 a7
‘Total caren abies eT
‘Tota abies tee ates
“otal egy and abies 08 6
‘The acompantng ner ran itera pet of tee const fal suenet,
‘he comand Gancial satenents icaing notes and other eplnsty information were
‘thd fr ste bythe Bo of Decors on 1) Pray 2059 and wee iad on Beal
Mobasomed hall "rehmy. Abdali
‘obasemed
Adair
‘Cet Pinanclal Officer Managing Director Chairman ofthe Roard of
tnd Chel executive Directors
‘Omer “unrrep evzctnoNics comPANY
‘{ASeudt Jin Stock Company)
‘Consoldatedetatement feah ows
‘OiTomownts in Se Ry hens ae otherwise ted)
‘Rouen pis (ngs) ben)
6 LUNITEDELECTRONICS COMPANY
‘Cesena oot Stock Connery
apoled atemen ofanh ows ont)
Year ended a December
Note toa ‘ont
[Net decreas in cash and cath equivalent (ebb) x00)
‘Chaat cach nen at oping gene a8 i783
‘Cash and cash equivalent at endo year 1» 89. met
"Non-cuhinvesting and foancing ative:
Reveals ahtieronteminationofeleve 235.997 ssrhe
Rewer frighten terion
‘eae © 9496 st
Right ofan recorded apittlewliabier 50) 000 reser
Recopation fe nreset nanos u 60%
Niemen infaascicans™ EHS | aay
‘Reneassumet fae abies apt ejstment,
tovghewe set ase :
Depeche ants captaedo
peperyind ecu 30 as07 -
‘The accompanying noes aren tga part efthee consisted asl sateen,
“The consned Goan eatemeneinttig netes and oer enlnaoy ination were
‘thse foo bythe Beard of Decors ot 1 Pebanry 205) 0d were ig Ou el bel
\ Sass
\ SS
= ‘Woks “Aaa Aca
Mobummed Khalil van ‘Monammed alnnapesbar
‘Chief Financial Officer Managing Director Chairman ofthe Board of,
and Chie esstve Directors
‘omeer UNITED ELECTRONICS COMPANY
(CeSaud Joim Stock Company)
Notes tothe consolidated financial statements forthe year ended 31 December 2022
(allamounts in Sai Ras thousands unless eerwse stated)
1 General information
Unitd Electonics Company (the "Companys Sud Joint Stock Compan registered in Al Khabar
under Commerdal Registration CCR") numer 2osi0a984 dated 10 umads Il 12gHl
(oresponding to 2 July 2004) The shares ofthe Corspany were lated on th Sa Stock Exchange
ny December 201,
“The etre addres fhe Company i PO. Hox 74688, I Khobsr 319, Kngdom of Sud Arabi
‘The principal activities ofthe Company and its susiires collectively refed tos the “Group”
inchde the wholesale and real ade in elece apples, cleroni gadgets computer and hit
‘fae prt and accesories, iriure, office equipment and tools, maitenonce abd tepae Seles,
‘third party marketing and consumer Hrancng services
‘The accompanying consolidated financial statements inde acounts ofthe Company and its
folowing whol med diet snd indir abides
Subsidiaries Country ine
United Company or Maintenanae Series CUCMS') ingdomot Sind Ara
‘United International Holding Company CUIHC) ingdomot Sad rss
{United Company for Financ Sens CUCFS?) Kinglomof Soul rai
ProeoFnandal Services WiLL. (Precco") ingiomef Bahrain
United Hectonis Company Era WILL-CeXta Babrls") Kingdom Brain
United Hlcronies Company Extra Lc. eXtra Oman") Sulltanteof Oman
‘Bara Elearoncs Company CeXta ED) ‘rab Repibicof Expt
"afr Import eXtra Impoe”) ‘rab Repco Expt
‘Asat1 Decne 2022 the Group had a total of 54 branches (38 December oa 52 branches) out
hich 48 branches are a the Kingdom of Sul Arabi (gh Desmibr eau 47 ranches i the
ingtom of Saudi Arabia
Daring the yar eed at December 2000, the Grp incre the tllwing hell ned
‘ubidinis which a not commenced commer aie a at Deemer 023
+ eXtra Fpt-Aimitd bby company, wth a share capital of Faypian Pounds 50.0 milion
{equtatrto Saud: Rijs 9.8 mill) divided into 50 lion shares of Egyptian Pounds so
Det share. The principal setts of eXtra Eaypt as pet the undering ates of association
[nside whskeale and retall of sacronie devs and vested reais inenante and ther
tecnica support sents
+ extra mpore-A tite lbity company, witha share apt of Eatin Pounds 2.0 milion
{equtaent to Saud als 04 millon) died ito 02 malion shares of Eaypian Pounds 10
Dt shar. The principal acts of eXra Egypt as per the nderying ales of essocation
Fnsude impor and expat, wholesale and etal ef eletoni devices
“Te scons cst Gun statements were authored for ese y the Groups Board
et ireors on 1g February 2033 UNITED FILECTRONICS COMPANY
{Saudi Joint Stock Company)
[Notes tothe consolidated financial statements forthe year ended gs December 2022
(Atsmoants in Sadi Riyals thousands unless eerie Sate)
2 Summary of significant accounting polices
‘Sigican ecting ple appa in he preparation of thn consid fans} ater
Se stout brow Tse polices have been consstenysppled to al the years presented, unless
ters sated
24 lasts of preparation
© Staxmentofcompionce
‘These consolidated financial statements of the Group have been prepared in compliance sth
Interstional Financial poring Standards CTERS), that ate endotsed in the Kingdom of Sud
‘Arabia, and other standards and pronouncement ied by Saudi Ongnition for Chartered and
Profesional Asouatants (SOCPA)
Historica cost convention
“These consolidated financial statements ae prepared unde the historical cost convention except as
‘there cos inthe relevant ssoanting pls blow
(Gi) New standards and amendment standard and interpretations
7h Grou has spl te fling amendments forthe Got tne for thr reporting pind
Cmmending on ore Jaman 2023,
‘+ Covid9- Related Rent Concessions amendments to IFRS 6"Leases (ERS 165°);
2 _AAnumber afoartow scope amendens to IFRS "Busnes combination TERS 9 TAS 16
Property, Plant and equpment (AS 16"), 1A8 57 "rovsione contingent abies and
contingent ats CTA 37) and some anual inptvemants on RS 1s ime Adoption
SERS Ci > Fnac uments CRS) 18S ‘Apc CNS)
+ Leso forgiven of ese payments TERS 9 and TFRS 16),
‘Nomateril input was denied upon adoption ofthe amended standards
(G0) Standards sued but nor yt efectioe
Cerin new accountng standards, amendments to acousting standards an interpretations have been
Dublised that are not mandtory forthe 3¢ December 2023 Feporting penn and Havent een as
lepted bythe Grou.
“The management isin the proces of assessing the impct ofthe new standards and interpretations on
infin tates
2. Foreign currencies
(a) Fortinet and presentation currency
‘The accompanying consldted financial statements ae presented in Saud Riyals which isthe
functional eurreney and presenti eurensy of the Company. Each mtn in the Group
sterner ow onetiona arent (whith the urency othe pmary economic evionment
in which the sobeiiary operates), and a tes, tems included In the nani matements of sch
‘sthiian sremeasred ting tht functional arene. [UNITED ELECTRONICS COMPANY
{Co Saud Joint Stock Company)
‘Notes tothe consolidated financial statements forthe year ended 31 December 2022
(lsmeunts in Sti Ras Nousand los ebervise ated),
2 Summary of significant accounting policies (continued)
22 Foreign currencies continved)
() Transaction and balances
orig rene tranestions ae tranlted into Sad Rivals using the exchange tes prevallng at
the die ofthe anaaclona Foreign exchange gan nd nes eng rom te cetieent of ich
Teansacion ad rom he ransatin st the yearend exchange rater of monetary suet and fables
‘denominated inforig etences ter that Sua Rae are cogil in the poo os
'Non-monetay items that ae measured in ems of istovel cost in foreign eureney are translated
Ung the exchange rte at the dts of the inal ansactions
(0 Groupentites
“The ress and financial postion of oeign auiaries having reporting surencies other than Su
‘Rial aretranlated into Saud yal flows
(assets ad bites for ach statement of Goancl postion presented are translated a the
losing exchange ata the dat of hat statement of nancial oso
(@pcome sd expenses for eich rot or los are translated at average exchange ates; nd
(i) components a the equity accounts ae tralted atthe exchange rates in effect atthe dates
‘he elated tems originated
Cumulative adjustments resting from the translations of the Ghani statements ofthe freige
‘subsidies and foreign branches to Saud Rial are reognaed in eher comprehensive income
When investment in foregn msi ie disposed off or ot, curancy tration difernoss that
{este inthe cmprtenetncane reesei prot or sa on or sok
spss or sale
2.9 Basis of consolidation
‘The consolidated financial statements comprise the nancial sutements ofthe Company and ite
‘Riidiare. Subsidiaries ar all emis wet which the Group bas control Contolsachieed whe
‘the Groups expose or ha igs to variable retro fom te invovement with the vested has
the ability to ae tho returns trough ts power over theives, Specialy the Soup contole
“an inesee and ony tbe Group as
+ power over the invesoe Ce, existing rights that gv it the current ability to diet the
elvan setiites of the investee)
+ exposure, o rights, ovarable returns rom ts involvement wth the invest; nd
+ theabiity to wets power over theinvete tose it rtur
‘Generally, there i presumption that @ majority of voting sights resi contol To support this
‘presumption and when the Group has lee than majority of the voting or sma aig ofan
{nese the Group considers ll relevant fact and circumstances in atessing whee bas poe
‘hora invente,ncodng
+ theca
rangement with he other ot older ofthe nesters
+ Highs arising rom other contractl arrangements; and
+ theCompanysvotingrshts and potential voting ight
6 UNITED ELECTRONICS COMPANY
(Saudi Joint Stock Company)
Notes to ihe consolidated financial statements forthe year ended 31 December 2022
(alfamoants in Saud ijals thousands unless there sated)
2 Summary of significant accounting policies (contac!)
2g Basis of consolidation (continued)
‘The Group reassess whether or ott conto an ives if fst and cumstances india that
{ere ate changes to ane or more of the three cements of onto Conodton ofa subsiding begs
‘nen the Geoup obtains contrl over the sbeidary and ceases when the Group loses cota of the
‘bidiny eset lable, income and expenes o's subtany aequte or disposed of during the
‘ear are includ inthe consldsed ancl statements fom the ote he Group gains control an
the dite the Group eases to contrl the subsidy.
Profi or loss and eath component of ther comprehensive income ar atibeted othe eqs olds
ff the parent ofthe Geoup and to the non-controling interests, events rose in the none
Ccntelling interests having a deft banner When necsay,asments are made tothe fan
Statements of sulidass to bring ther aeoouting pbeie into ine withthe Group's scouting
polis All inta-goup ass an Unbltles equ ocome, expenses and ash as felting 10
{Nansacions between members a he Group ae emirate in fll on consolation,
‘change inthe ownership interest of a subsiiry, without sles of contri acounted fr asa
uty tanecion Ifthe Grp ass contol one asia
+ derecognises the assets eluding gondii ofthe subs
+ aerecopnises the carrying amount of any non-
