CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| NOTES | 2021 AED’000 | 2020 AED’000 (RESTATED) | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit / (loss) for the year | 59,522 | (284,607) | |
| Adjustments for: | |||
| Write-off of a vessel | 5 | – | 197,541 |
| Provision for impairment of vessels | 5 | – | 12,649 |
| Loss on disposal of vessel | 5 | – | 9,610 |
| Depreciation of vessels, property and equipment | 5 | 39,659 | 46,113 |
| Amortisation of right-of-use assets | 6 | 383 | 730 |
| Impairment of rights-of-use asset | 6 | – | 230 |
| Provision for impairment of trade receivables | 9 | 2,142 | – |
| Income on discounting of a financial liability to its present value | 13 | (3,265) | – |
| Provision for employees’ end of service benefits | 15 | 128 | 230 |
| Finance costs | 23 | 40,418 | 46,622 |
| Liabilities no longer required written back | 25 | (6,661) | (1,926) |
| Operating cash flows before changes in operating assets and liabilities | 132,326 | 27,192 | |
| Inventories | (1,815) | 2,906 | |
| Due from a related party | (144) | – | |
| Trade and other receivables | 8,790 | 9,103 | |
| Trade and other payables | 6,175 | (6,062) | |
| Cash generated from operations | 145,332 | 33,139 | |
| Employees’ end of service benefits paid | 15 | (299) | (694) |
| Net cash generated from operating activities | 145,033 | 32,445 | |
| Cash flows from investing activities | |||
| Purchase of vessels, property and equipment | 5 | (18,322) | (3,110) |
| Proceeds from disposal of vessels, property and equipment | – | 5,459 | |
| Net cash (used in)/from investing activities | (18,322) | 2,349 | |
| Cash flows from financing activities | |||
| Payment of principal portion of lease liabilities | 6 | (422) | (1,120) |
| Increase in restricted cash | 10 | (279) | (3,177) |
| Payment of arrangement fee | 13 | (3,301) | (9,195) |
| Proceeds from borrowings | 13 | 52,155 | – |
| Repayment of borrowings | 13 | (148,517) | (71,479) |
| Proceeds from Islamic non-convertible sukuk | 14 | – | 87,572 |
| Loan from related parties | 17 | – | 10,008 |
| Repayment of loan obtained from a related party | 17 | (6,000) | (32,019) |
| Interest paid | (17,842) | (25,070) | |
| Net cash used in financing activities | (124,206) | (44,480) | |
| Net increase/ (decrease) in cash and cash equivalents | |||
| During the year | 2,505 | (9,686) | |
| Cash and cash equivalents at the beginning of the year | 7,235 | 16,921 | |
| Cash and cash equivalents at the end of the year | 10 | 9,740 | 7,235 |
| Restricted cash | 10 | 14,935 | 14,656 |
| Total cash and bank balances | 10 | 24,675 | 21,891 |