Consolidated statement of profit or loss

for the year ended 31 December

Notes

2021
AED’000

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
equity

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