CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes | 2022 AED’000 | 2021 AED’000 (RestatedRefer Note 34 for details regarding prior year adjustments) | |
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the year | 4,665 | 56,888 | |
| Adjustments for: | |||
| Depreciation of vessels, property and equipment | 5 | 41,275 | 39,659 |
| Amortisation of right-of-use assets | 6 | 192 | 383 |
| Provision for impairment of trade receivables | 9 | 395 | 2,142 |
| Income on discounting of a financial liability to its present value | 13 | (191) | (3,265) |
| Provision for employees’ end of service benefits | 15 | 180 | 128 |
| Finance costs | 23 | 33,245 | 40,418 |
| Liabilities no longer required written back | 24(ii) | (19,707) | (6,661) |
| Operating cash flows before changes in operating assets and liabilities | 60,054 | 129,692 | |
| Inventories | 292 | (1,815) | |
| Due from a related party | - | (144) | |
| Trade and other receivables | (11,562) | 8,790 | |
| Trade and other payables | (20,151) | 8,809 | |
| Cash generated from operations | 28,633 | 145,332 | |
| Employees’ end of service benefits paid | 15 | (146) | (299) |
| Net cash generated from operating activities | 28,487 | 145,033 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchase of vessels, property and equipment | 5 | (1,512) | (18,322) |
| Acquisition of non-controlling interest | 32(ii) | (915) | - |
| Net cash used in investing activities | (2,427) | (18,322) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Payment of principal portion of lease liabilities | 6 | (192) | (422) |
| Movement in restricted cash | 10 | 4,466 | (279) |
| Payment of arrangement fee | 13 | (4,172) | (3,301) |
| Proceeds from borrowings | 13 | 226,920 | 52,155 |
| Repayment of borrowings | 13 | (222,992) | (148,517) |
| Repayment of loan obtain from related party | - | (6,000) | |
| Interest paid | (18,693) | (17,842) | |
| Purchase of treasury shares | 31 | (3,335) | - |
| Net cash used in financing activities | (17,998) | (124,206) | |
| Net increase in cash and cash equivalents during the year | 8,062 | 2,505 | |
| Cash and cash equivalents at the beginning of the year | 9,740 | 7,235 | |
| Cash and cash equivalents at the end of the year | 10 | 17,802 | 9,740 |
| Restricted cash | 10 | 10,469 | 14,935 |
| Total cash and bank balances | 10 | 28,271 | 24,675 |
The attached notes 1 to 36 form part of these consolidated financial statements.