Financial
Download PDFConsolidated statement of profit or loss
for the year ended 31 December
Notes |
2021 |
2020 AED’000 |
|
Revenue |
6 (a) |
53,342,246 |
51,708,211 |
Operating expenses |
7 (a) |
(34,081,274) |
(31,839,996) |
Impairment loss on trade receivables and contract assets |
35 (b) |
(1,069,210) |
(1,159,364) |
Impairment loss on other assets - net |
12 |
(148,141) |
(296,704) |
Share of results of associates and joint ventures |
16 |
297,462 |
197,407 |
Operating profit before federal royalty |
18,341,083 |
18,609,554 |
|
Federal royalty |
7 (b) |
(5,541,606) |
(5,594,431) |
Operating profit |
12,799,477 |
13,015,123 |
|
Finance and other income |
8 |
1,289,120 |
1,112,374 |
Finance and other costs |
9 |
(1,284,136) |
(2,361,052) |
Profit before tax |
12,804,461 |
11,766,445 |
|
Income tax expenses |
10 |
(1,744,972) |
(1,450,709) |
Profit for the year |
11,059,489 |
10,315,736 |
|
Profit attributable to: |
|||
Owners of the Company |
9,317,045 |
9,026,522 |
|
Non-controlling interests |
15(c) |
1,742,444 |
1,289,214 |
11,059,489 |
10,315,736 |
||
Earnings per share |
|||
Basic and diluted |
39 |
AED 1.07 |
AED 1.04 |
Consolidated statement of profit or loss and other comprehensive income
for the year ended 31 December
Notes |
2021 AED’000 |
2020 AED’000 |
|
Profit for the year |
11,059,489 |
10,315,736 |
|
Other comprehensive income / (loss) |
|||
Items that will not be reclassified to profit or loss: |
|||
Remeasurement of defined benefit obligations - net of tax |
(51,594) |
103,136 |
|
Share of other comprehensive loss of associates and joint ventures – net of tax |
(2,189) |
(12,669) |
|
Items that are or may be reclassified subsequently to profit or loss: |
|||
Exchange differences on translation of foreign operations |
(1,285,250) |
1,508,303 |
|
Gain / (loss) on net investment hedge |
28,34 |
782,797 |
(720,856) |
Fair value gain/(loss) arising on cash flow hedges |
97,490 |
(76,498) |
|
Loss on revaluation of financial assets |
(5,458) |
(4,635) |
|
Share of other comprehensive income / (loss) of associates and joint ventures – net of tax |
20,012 |
(11,546) |
|
Total other comprehensive (loss) / income |
(444,192) |
785,235 |
|
Total comprehensive income for the year |
10,615,297 |
11,100,971 |
|
Total comprehensive income attributable to: |
|||
Owners of the Company |
9,560,109 |
9,402,898 |
|
Non-controlling interests |
1,055,188 |
1,698,073 |
|
10,615,297 |
11,100,971 |
Consolidated statement of financial position
as at 31 December
Notes |
2021 AED’000 |
2020 AED’000 |
|
Non-current assets |
|||
Goodwill and other intangible assets |
11 |
25,830,041 |
26,276,442 |
Property, plant and equipment |
13 |
43,715,088 |
45,803,436 |
Right-of-use assets |
14 |
2,436,921 |
2,700,102 |
Investments in associates and joint ventures |
17 |
4,452,409 |
4,250,007 |
Other investments |
18 |
3,597,210 |
3,160,512 |
Other receivables |
21 |
459,899 |
343,459 |
Finance lease receivables |
23 |
123,448 |
159,535 |
Derivative financial instruments |
28 |
5,171 |
- |
Contract assets |
22 |
460,317 |
450,242 |
Deferred tax assets |
10 |
136,863 |
175,489 |
81,217,367 |
83,319,224 |
||
Current assets |
|||
Inventories |
20 |
748,786 |
704,908 |
Trade and other receivables |
21 |
14,288,386 |
14,572,812 |
Current income tax assets |
725,836 |
630,896 |
|
Finance lease receivables |
23 |
25,505 |
- |
Due from related parties |
19 |
82,026 |
75,300 |
Contract assets |
22 |
1,389,614 |
1,295,065 |
Other investments |
18 |
434,192 |
1,074,823 |
Cash and bank balances |
24 |
28,575,372 |
31,344,883 |
Assets held for sale |
42 |
709,982 |
- |
46,979,699 |
49,698,687 |
||
Total assets |
128,197,066 |
133,017,911 |
|
Non-current liabilities |
|||
Other payables |
25 |
1,365,500 |
1,407,792 |
Borrowings |
27 |
19,176,107 |
13,819,946 |
Payables related to investments and licenses |
29 |
512,945 |
73,155 |
Derivative financial instruments |
28 |
- |
16,027 |
Deferred tax liabilities |
10 |
2,155,977 |
2,540,592 |
Lease liabilities |
30 |
2,109,273 |
2,211,130 |
Provisions |
31 |
377,561 |
345,572 |
Provision for employees' end of service benefits |
32 |
1,223,883 |
1,194,993 |
Contract liabilities |
26 |
42,426 |
30,885 |
26,963,672 |
21,640,092 |
||
Current liabilities |
|||
Trade and other payables |
25 |
28,701,904 |
29,040,664 |
Contract liabilities |
26 |
3,016,756 |
3,055,458 |
Borrowings |
27 |
6,556,178 |
12,881,074 |
Payables related to investments and licenses |
29 |
111,272 |
11,022 |
Current income tax liabilities |
312,264 |
278,074 |
|
Lease liabilities |
30 |
544,777 |
573,748 |
Provisions |
31 |
4,270,082 |
4,652,246 |
Derivative financial instruments |
28 |
40,660 |
149,053 |
Due to related parties |
19 |
4,733 |
84,083 |
Provision for employees' end of service benefits |
32 |
110,946 |
102,376 |
43,669,572 |
50,827,798 |
||
Total liabilities |
70,633,244 |
72,467,890 |
|
Net assets |
57,563,822 |
60,550,021 |
|
Equity |
|||
Share capital |
33 |
8,696,754 |
8,696,754 |
Reserves |
34 |
28,598,188 |
28,400,580 |
Retained earnings |
10,291,094 |
11,936,605 |
|
Equity attributable to the owners of the Company |
47,586,036 |
49,033,939 |
|
Non-controlling interests |
15 |
9,977,786 |
11,516,082 |
Total equity |
57,563,822 |
60,550,021 |
Consolidated statement of changes in equity
for the year ended 31 December 2021
Notes |
Attributable to owners of the Company |
Non-controlling interests AED’000 |
Total AED’000 |
||||
Share capital AED’000 |
Reserves AED’000 |
Retained earnings AED’000 |
Owners’ equity AED’000 |
||||
Balance at 1 January 2020 |
8,696,754 |
27,812,896 |
10,101,659 |
46,611,309 |
11,155,790 |
57,767,099 |
|
Profit for the year |
- |
- |
9,026,522 |
9,026,522 |
1,289,214 |
10,315,736 |
|
Other comprehensive income for the year |
- |
334,582 |
41,794 |
376,376 |
408,859 |
785,235 |
|
Total comprehensive income for the year |
- |
334,582 |
9,068,316 |
9,402,898 |
1,698,073 |
11,100,971 |
|
Other movements in equity |
- |
5,222 |
(31,094) |
(25,872) |
4,118 |
(21,754) |
|
Transfer to reserves |
- |
247,880 |
(247,880) |
- |
- |
- |
|
Transactions with owners of the Company: |
|||||||
Dividends |
38 |
- |
- |
(6,954,396) |
(6,954,396) |
(1,341,899) |
(8,296,295) |
Balance at 31 December 2020 |
8,696,754 |
28,400,580 |
11,936,605 |
49,033,939 |
11,516,082 |
60,550,021 |
|
Balance at 1 January 2021 |
8,696,754 |
28,400,580 |
11,936,605 |
49,033,939 |
11,516,082 |
60,550,021 |
|
Profit for the year |
- |
- |
9,317,045 |
9,317,045 |
1,742,444 |
11,059,489 |
|
Other comprehensive income / (loss) for the year |
- |
270,210 |
(27,146) |
243,064 |
(687,256) |
(444,192) |
|
Total comprehensive income for the year |
- |
270,210 |
9,289,899 |
9,560,109 |
1,055,188 |
10,615,297 |
|
Other movements in equity |
- |
1,264 |
(1,135) |
129 |
(960) |
(831) |
|
Transfer to reserves |
- |
124,406 |
(124,406) |
- |
- |
- |
|
Transactions with owners of the Company: |
|||||||
Repayment of advances to non-controlling interests |
- |
- |
- |
- |
(67,274) |
(67,274) |
|
Acquisition of non-controlling interests (NCI) without a change in control |
15(d) |
- |
(198,272) |
(378,275) |
(576,547) |
(1,286,423) |
(1,862,970) |
Dividends |
38 |
- |
- |
(10,431,594) |
(10,431,594) |
(1,238,827) |
(11,670,421) |
Balance at 31 December 2021 |
8,696,754 |
28,598,188 |
10,291,094 |
47,586,036 |
9,977,786 |
57,563,822 |
Consolidated statement of cash flows
for the year ended 31 December
Notes |
2021 AED’000 |
2020 AED’000 |
|
Operating profit |
12,799,477 |
13,015,123 |
|
Adjustments for: |
|||
Depreciation |
6,370,772 |
6,203,909 |
|
Amortisation |
1,824,688 |
1,695,888 |
|
Impairment loss on other assets - net |
148,141 |
296,704 |
|
Share of results of associates and joint ventures |
(297,462) |
(197,407) |
|
Provisions and allowances |
35,500 |
(1,198,892) |
|
Unrealised currency translation (gain) / loss |
(905,547) |
745,698 |
|
Operating cash flows before changes in working capital |
19,975,569 |
20,561,023 |
|
Changes in: |
|||
Inventories |
(66,299) |
84,421 |
|
Due from related parties |
(6,481) |
37,552 |
|
Trade and other receivables including contract assets |
(380,286) |
811,300 |
|
Trade and other payables including contract liabilities |
821,242 |
(521,673) |
|
Cash generated from operations |
20,343,745 |
20,972,623 |
|
Income taxes paid |
(2,118,248) |
(1,786,826) |
|
Payment of employees’ end of service benefits |
(114,641) |
(217,311) |
|
Net cash generated from operating activities |
18,110,856 |
18,968,486 |
|
Cash flows from investing activities |
|||
Proceeds from disposal of investments at amortised cost |
185,213 |
- |
|
Acquisition of investments at amortised cost |
(1,231,372) |
(658,433) |
|
Acquisition of subsidiaries (net of cash and bank balances acquired) |
41 |
(57,340) |
(153,059) |
Acquisition of investments classified as fair value through profit or loss |
(769,720) |
(1,168,939) |
|
Proceeds from disposal of investments classified as fair value through profit or loss |
2,122,619 |
624,724 |
|
Acquisition of non-controlling interests without a change in control |
15 (d) |
(1,862,970) |
- |
Acquisition of investments classified as fair value through other comprehensive income (“OCI”) |
(12,756) |
(1,668) |
|
Proceeds from disposal of investments classified as fair value through OCI |
- |
13,645 |
|
Purchase of property, plant and equipment |
(6,446,212) |
(6,073,778) |
|
Proceeds from disposal of property, plant and equipment |
50,306 |
128,756 |
|
Purchase of intangible assets |
(1,916,139) |
(1,021,812) |
|
Proceeds from disposal of intangible assets |
2,332 |
1,997 |
|
Dividend income received from associates, joint ventures and other investments |
124,344 |
80,744 |
|
Term deposits made with maturities over three months |
(8,023,167) |
(18,692,281) |
|
Term deposits matured with maturities over three months |
17,440,742 |
27,359,270 |
|
Cash flows from unwinding of derivative financial instruments - net |
28 |
(8,101) |
- |
Finance and other income received |
1,044,438 |
1,098,518 |
|
Net cash generated from investing activities |
642,217 |
1,537,684 |
|
Cash flows from financing activities |
|||
Proceeds from borrowings |
27(c) |
10,639,273 |
4,599,030 |
Repayments of borrowings |
27(c) |
(10,214,403) |
(3,372,872) |
Payments of lease liabilities |
(714,931) |
(739,592) |
|
Repayment of advances to non-controlling interests |
(67,274) |
- |
|
Dividends paid |
(11,574,258) |
(8,401,773) |
|
Finance and other costs paid |
(1,154,800) |
(1,528,272) |
|
Net cash used in financing activities |
(13,086,393) |
(9,443,479) |
|
Net increase in cash and cash equivalents |
5,666,680 |
11,062,691 |
|
Cash and cash equivalents at the beginning of the year |
13,205,530 |
2,827,314 |
|
Effect of foreign exchange rate changes |
1,039,310 |
(684,475) |
|
Cash and cash equivalents at the end of the year |
24 |
19,911,520 |
13,205,530 |