CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

	NOTES	2021 AED’000	2020 AED’000 (RESTATED)
Assets
Non-current assets
Vessels, property and equipment	5	626,884	648,221
Rights-of-use assets	6	192	575
Goodwill	7	143,463	143,463
Total non-current assets		770,539	792,259
Current assets
Inventories	8	8,258	6,443
Trade and other receivables	9	30,965	41,896
Cash and bank balances	10	24,675	21,891
Total current assets		63,898	70,230
Total assets		834,437	862,489
Equity and liabilities
Equity
Share capital	11	1,019,209	1,019,209
Statutory reserve	12	19,747	19,747
Accumulated losses		(668,909)	(729,659)
Other reserves		(2,724)	(2,724)
Equity attributable to owners of the Company		367,323	306,573
Non-controlling interests	32	10,148	11,376
Total equity		377,471	317,949
Liabilities
Non-current liabilities
Lease liabilities	6	–	128
Interest payable on borrowings	16	10,946	–
Borrowings	13	171,686	54,539
Islamic non-convertible sukuk	14	81,385	79,546
Provision for employees’ end of service benefits	15	1,177	1,348
Total non-current liabilities		265,194	135,561
Current liabilities
Lease liabilities	6	192	486
Borrowings	13	57,546	271,272
Trade and other payables	16	123,196	120,239
Loan from related parties	17	10,838	16,838
Due to a related party	17	–	144
Total current liabilities		191,772	408,979
Total liabilities		456,966	544,540
Total equity and liabilities		834,437	862,489

The consolidated financial statements were approved by the Board of Directors on 31 March 2022 and signed on its behalf by:

Dr. Abdul Rahman Al Afeefi
BOARD MEMBER

Ahmad “M.F.” A. Al Kilani
BOARD MEMBER

Ali Abouda
CHIEF FINANCIAL OFFICER