Consolidated Statement of Cash Flows

Consolidated statement of cash flows

  Year ended 31 December
  2017   2016
Note AED’000   AED’000
Cash flows from operating activities  
Profit for the year 32,614 38,099
Adjustments for:  
Depreciation of property, fixtures and equipment 10 7,170 7,309
Amortisation of intangibles 11 784 783
Loss on fair valuation of assets classified as held for sale 800
Profit on disposal of investments carried at amortised cost 25 (713)
Change in fair valuation of investment properties 6,000
Share of results of an associate (1,243) 1,210
Dividend income from investments 25 (27,501) (17,967)
(Loss)/gain on disposal of investments carried at fair value through profit or loss 25 5,925 (5,441)
Change in fair value of investments carried at fair value through profit or loss 25 22,735 (16,086)
 
Net impairment charges on loans and advances and of Islamic financing and investing assets 6,7 55,959 121,770
Net movement in provision for employees’ end of service benefits

1,568

1,291

Operating cash flows before changes in working capital Changes in working capital 104,011 131,055
 
Islamic financing and investing assets (5,877) (5,402)
loans and advances (325,708) (46,190)
Interest receivable and other assets (64,063) (4,755)
Assets held for sale 12,313
Customers’ deposits and margin accounts 108,562 (403,693)
Interest payable and other liabilities

38,921

(3,041)

Net cash outflow from operating activities

(131,841)

 

(332,026)

 
Cash flow from investing activities  
Purchase of investments carried at fair value through other comprehensive income (69,367) (71,620)
Proceeds from sale of investments carried at fair value through other comprehensive income 38,895 73,950
Purchase of investments carried at fair value through profit or loss (226,471) (120,741)
Proceeds from sale of investments carried at fair value through profit or loss 226,219 193,246
Purchase of investments carried at amortised cost (41,334) (44,097)
Proceeds from sale of investments carried at amortised cost 88,249 83,434
Addition to property, fixtures and equipment (6,591) (6,441)
Proceeds from disposal of property, fixtures and equipment 207 94
Acquisition of investment properties in respect of settlement of a loan 29 (5,070)
Dividend income received

27,501

17,967

Net cash inflow from investing activities

32,238

125,792

 
Cash flow from financing activities  
Proceeds from short term borrowings and medium term loans 14 223,910 12,500
Repayment of short term borrowings and medium term loans 14 (116,666) (210,000)
Directors’ remuneration paid (1,976) (5,371)
Movement inTier I Sukuk (5,150) (9,150)
Tier 1 Sukuk coupon paid (22,500) (22,478)
Purchase of treasury shares (8,815) (2,837)
Change in non-controlling interest (15)
Cash dividend paid

(18,170)

(30,945)

Net cash inflow/(outflow) from financing activities

50,633

(268,296)

 
Net decrease in cash and cash equivalents (48,970) (474,530)
Cash and cash equivalents, beginning of the year 743,608 1,218,138
Cash and cash equivalents, end of the year 4 694,638 743,608