Consolidated Statement of Cash Flows

Consolidated statement of cash flows

for the year ended 31 December

2019 2018
Note AED’000 AED’000
Cash flows from operating activities 
Profit for the year 22,445 17,840
Adjustments for:
Depreciation of property, fixtures and equipment 16,382 8,701
Amortization of intangible assets 261
Interest on lease liabilities 318
Share of result of equity accounted investee 365 1,235
Dividend income from investments 20,413 27,560
Loss / (gain) on disposal of investments
  carried at fair value through profit or loss 25,475 3,531
Net change in fair value of investments carried at fair
  value through profit or loss 16,051 31,498
Net impairment loss on loans and advances and Islamic assets 70,458 79,496
Net change in fair valuation of investment properties 157 2,592
Net movement in provision for employees’ end of service
   benefits 493 456
————————- ————————-
99,629 110,988
Changes in:
   Islamic financing and investing assets 50,564 21,959
   Loans and advances 224,388 101,764
   Interest receivable and other assets 34,859 1,163
   Insurance receivables and contract assets 16,803 27,126
   Customers’ deposits and margin accounts 276,084 203,653
   Unearned premiums 5,952 36,404
   Gross claims outstanding 4,501 44,234
   Interest payable and other liabilities 8,391 45,064
————————- ————————-
Net cash used in operating activities 322,381 147,865
————————- ————————-
Cash flows from investing activities 
Purchase of investments carried at fair value through
   other comprehensive income 20,076 78,603
Proceeds from sale of investments carried at fair value
  through other comprehensive income 249,254 192,031
Purchase of investments carried at fair value through
   profit or loss 16,726 123,303
Proceeds from sale of investments carried at fair value
  through profit or loss 82,699 110,310
Proceeds from sale of investments carried at amortized cost 1,837 81,654
Purchase of investments carried at amortized cost 1,837
Purchase of property, fixtures and equipment 3,065 19,343
Disposal of property, fixtures and equipment 20
Purchase of investments in equity accounted investee 39,975
Dividend received 20,413 27,560
————————- ————————-
Net cash generated from investing activities 274,381 188,469
————————- ————————-

 

2019 2018
Note AED’000 AED’000
Cash flows from financing activities
Repayments of short-term borrowings 14,500 238,810
Repayment of Medium-term loans 83,332 87,499
Proceed from Short Term borrowings 160,000 150,000
Movement in Tier 1 Sukuk 1,100 2,050
Proceeds from Tier 1 Bonds 15,000
Tier 1 SUKUK coupon paid 21,076 22,500
Tier 1 Bonds dividend paid 962
Lease liabilities paid 8,374   –
Cash dividend paid 8,873 15,141
Change in non-controlling interest 1,388
Directors’ remuneration paid 1,064 3,090
————————- ————————-
Net cash generated from / (used in) financing activities 35,719 220,478
————————- ————————-
Net decrease in cash and cash equivalents 12,281 179,874
Cash and cash equivalents at 1 January 508,764 688,638
————————- ————————-
Cash and cash equivalents at 31 December 18 496,483 508,764
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The notes on pages 15 to 106 are an integral part of this consolidated financial statements.