Page 82 - Inegrated Annual Report 2020-Eng
P. 82
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 31 DECEMBER 2020
19. TRADE AND OTHER PAYABLES
2020 2019
AED’000 AED’000
Trade payables 907,990 619,222
Accrued liabilities 510,484 432,743
Advances from customers (Note 19.1) 195,258 245,480
Provisions (Note 19.2) 127,428 95,745
Dividends payable (Note 19.3) 22,765 24,330
Finance lease liability (Note 3) 876 876
Gross amount due to customers on construction 209,566
contracts (Note 19.4) 191,873
Retentions payable 28,997 8,033
Other payables 197,657 115,812
2,183,328 1,751,807
The Group has financial risk management policies in place to ensure that all payables are paid within the credit
timeframe. No interest is payable on the outstanding balances.
19.1 Advances From Customers
These represent amounts received in advance from customers for certain projects which will be adjusted against
future billing during the course of the projects as per contractual terms
19.2 Provisions
2020 2019
AED’000 AED’000
Provision for Board remuneration and employee 48,500
bonus 50,727
Provision for unused vacations 31,702 17,669
Provision for warranty 2,499 7,225
Provision for liquidated damages 42,500 21,868
127,428 95,745
19.3 Dividends Payable
2020 2019
AED’000 AED’000
At 1 January 24,330 28,006
Dividends declared during the year 62,500 62,500
Payments during the year (64,065) (66,176)
22,765 24,330
At the annual general meeting held on 21 June 2020, the shareholders approved a dividend of AED 0.25 per
share for a total amounting to AED 62.5 million (2019: AED 62.5 million) and remuneration of the Board of
Directors amounting to AED 11 million (2019: AED 11 million), relating to the year ended 31 December 2019.
The Board of Directors at the meeting held on 28 February 2021, recommended a dividend of AED 0.25 per
share, totaling AED 62.5 million for the year ended 31 December 2020. This is subject to approval by the
shareholders at the Annual General Meeting expected to be held on 28 March 2021.
82 2020 Integrated Annual Report
