Page 43 - Inegrated Annual Report 2020-Eng

CONSOLIDATED STATEMENT OF CASH FLOWS | FOR THE YEAR ENDED 31 DECEMBER 2020

Notes 2020 2019
AED ’000 AED ’000
OPERATING ACTIVITIES
Profit before tax 364,971 191,173

Adjustments for:
Depreciation of property, plant and equipment 4 200,849 164,969
Gain on disposal of property, plant and equipment 24 (212) (5,659)
Impairment of assets held for sales 5 (1,254) -
Fair value (gain) loss on financial assets at fair value
through profit or loss 9 (685) (1,097)
Provision for slow moving and obsolete inventory 11 8,052 5,095
Share of profit of a joint venture 7 (2,987) (1,245)
Dividend income 24 (1,412) (2,674)
(Reversal)/allowance for expected credit losses 17,361 (90,258)
Other provisions 31,683 42,823
Finance costs, net 747 (51)
Provision for employees’ end of service benefits 18 17,050 22,430

634,163 325,506
Tax paid (7,666) (18,914)
Employees’ end of service benefit paid 18 (3,662) (4,842)

622,835 301,750
Working capital changes:
Change in inventories (6,086) (160,095)
Change in trade and other receivables (1,400,633) (320,193)
Change in trade and other payables 392,311 841,723

Net cash from (used in) operating activities (391,573) 663,185
INVESTING ACTIVITIES
Purchase of property, plant and equipment 4 (302,479) (498,440)
Proceeds from disposal of FVTOCI shares 8 26,139 -
Investments in joint venture 7 - (3,337)
Proceeds from disposal of property, plant and equipment 850 27,098
Interest received 12,871 22,367
Dividend received 24 1,412 2,674

Net cash used in investing activities (261,207) (449,638)

FINANCING ACTIVITIES
Proceeds from term loan 14 222,978 248,565
Repayment of loan (91,665) (8,334)
Dividends paid 19.3 (64,065) (66,176)
Interest paid (14,091) (21,869)
Net cash from (used in) financing activities 53,157 152,186

NET INCREASE.(DECREASE) IN CASH AND CASH
(599,623) 365,733
EQUIVALENTS
Cash and cash equivalents at 1 January 149,603 (221,727)
Foreign exchange translation adjustment 2,443 5,597

CASH AND CASH EQUIVALENTS AT 31 DECEMBER 13 (447,577) 149,603

The attached notes 1 to 31 form part of these consolidated financial statements.

2020 Integrated Annual Report 43