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