Emirates Telecommunications Group Company PJSC
Consolidated statement of profit or loss
for the year ended 31 December 2022|
Notes |
2022 AED’000 |
2021 AED’000 |
|
|
Revenue |
6 (a) |
52,434,227 |
53,342,246 |
|
Operating expenses |
7 (a) |
(33,323,052) |
(34,081,274) |
|
Impairment loss on trade receivables and contract assets |
35 (b) |
(803,470) |
(1,069,210) |
|
Impairment loss on other assets - net |
12 |
(2,756) |
(148,141) |
|
Share of results of associates and joint ventures |
16 |
417,358 |
297,462 |
|
Operating profit before federal royalty |
18,722,307 |
18,341,083 |
|
|
Federal royalty |
7 (b) |
(5,770,893) |
(5,541,606) |
|
Operating profit |
12,951,414 |
12,799,477 |
|
|
Finance and other income |
8 |
2,000,601 |
1,289,120 |
|
Finance and other costs |
9 |
(2,674,340) |
(1,284,136) |
|
Profit before tax |
12,277,675 |
12,804,461 |
|
|
Income tax expenses |
10 |
(1,751,977) |
(1,744,972) |
|
Profit for the year |
10,525,698 |
11,059,489 |
|
|
Profit attributable to: |
|||
|
Owners of the Company |
10,007,361 |
9,317,045 |
|
|
Non-controlling interests |
15(c) |
518,337 |
1,742,444 |
|
10,525,698 |
11,059,489 |
||
|
Earnings per share |
|||
|
Basic and diluted |
39 |
AED 1.15 |
AED 1.07 |
Emirates Telecommunications Group Company PJSC
Consolidated statement of profit or loss and other comprehensive income
for the year ended 31 December 2022|
Notes |
2022 AED’000 |
2021 AED’000 |
|
|
Profit for the year |
10,525,698 |
11,059,489 |
|
|
Other comprehensive income / (loss) |
|||
|
Items that will not be reclassified to profit or loss: |
|||
|
Remeasurement of defined benefit obligations - net of tax |
20,398 |
(51,594) |
|
|
Share of other comprehensive gain/(loss) of associates and joint ventures – net of tax |
8,947 |
(2,189) |
|
|
Items that are or may be reclassified subsequently to profit or loss: |
|||
|
Exchange differences on translation of foreign operations |
(5,260,477) |
(1,285,250) |
|
|
Gain on net investment hedge |
28,34 |
545,895 |
782,797 |
|
Fair value gain arising on cash flow hedges |
28 |
209,110 |
97,490 |
|
Loss on revaluation of financial assets |
(5,724,804) |
(5,458) |
|
|
Share of other comprehensive income of associates and joint ventures – net of tax |
33,672 |
20,012 |
|
|
Total other comprehensive loss |
(10,167,259) |
(444,192) |
|
|
Total comprehensive income for the year |
358,439 |
10,615,297 |
|
|
Total comprehensive income/(loss) attributable to: |
|||
|
Owners of the Company |
1,637,852 |
9,560,109 |
|
|
Non-controlling interests |
(1,279,413) |
1,055,188 |
|
|
358,439 |
10,615,297 |
Emirates Telecommunications Group Company PJSC
Consolidated statement of financial position
as at 31 December 2022|
Notes |
2022 AED’000 |
2021 AED’000 |
|
|
Non-current assets |
|||
|
Goodwill and other intangible assets |
11 |
22,339,232 |
25,830,041 |
|
Property, plant and equipment |
13 |
39,925,299 |
43,715,088 |
|
Right-of-use assets |
14 |
1,781,560 |
2,436,921 |
|
Investments in associates and joint ventures |
17 |
8,266,101 |
4,452,409 |
|
Other investments |
18 |
15,715,504 |
3,597,210 |
|
Trade and other receivables |
21 |
446,248 |
459,899 |
|
Finance lease receivables |
23 |
1,138,181 |
123,448 |
|
Derivative financial instruments |
28 |
208,220 |
5,171 |
|
Contract assets |
22 |
556,768 |
460,317 |
|
Deferred tax assets |
10 |
220,111 |
136,863 |
|
90,597,224 |
81,217,367 |
||
|
Current assets |
|||
|
Inventories |
20 |
972,875 |
748,786 |
|
Trade and other receivables |
21 |
15,647,768 |
14,288,386 |
|
Current income tax assets |
484,686 |
725,836 |
|
|
Finance lease receivables |
23 |
195,533 |
25,505 |
|
Due from related parties |
19 |
112,319 |
82,026 |
|
Contract assets |
22 |
1,824,918 |
1,389,614 |
|
Other investments |
18 |
2,407,143 |
434,192 |
|
Derivative financial instruments |
28 |
3,357 |
- |
|
Cash and bank balances |
24 |
32,839,482 |
28,575,372 |
|
Assets held for sale |
42 |
- |
709,982 |
|
54,488,081 |
46,979,699 |
||
|
Total assets |
145,085,305 |
128,197,066 |
|
|
Non-current liabilities |
|||
|
Trade and other payables |
25 |
1,247,240 |
1,365,500 |
|
Borrowings |
27 |
24,209,643 |
19,176,107 |
|
Payables related to investments and licenses |
29 |
302,250 |
512,945 |
|
Deferred tax liabilities |
10 |
1,645,275 |
2,155,977 |
|
Lease liabilities |
30 |
2,602,977 |
2,109,273 |
|
Provisions |
31 |
381,677 |
377,561 |
|
Provision for employees’ end of service benefits |
32 |
1,166,134 |
1,223,883 |
|
Contract liabilities |
26 |
97,855 |
42,426 |
|
31,653,051 |
26,963,672 |
||
|
Current liabilities |
|||
|
Trade and other payables |
25 |
30,583,955 |
28,701,904 |
|
Contract liabilities |
26 |
2,991,721 |
3,016,756 |
|
Borrowings |
27 |
23,744,566 |
6,556,178 |
|
Payables related to investments and licenses |
29 |
13,686 |
111,272 |
|
Current income tax liabilities |
415,036 |
312,264 |
|
|
Lease liabilities |
30 |
542,233 |
544,777 |
|
Provisions |
31 |
5,028,677 |
4,270,082 |
|
Derivative financial instruments |
28 |
- |
40,660 |
|
Due to related parties |
19 |
- |
4,733 |
|
Provision for employees’ end of service benefits |
32 |
113,280 |
110,946 |
|
63,433,154 |
43,669,572 |
||
|
Total liabilities |
95,086,205 |
70,633,244 |
|
|
Equity |
|||
|
Share capital |
33 |
8,696,754 |
8,696,754 |
|
Reserves |
34 |
20,240,124 |
28,598,188 |
|
Retained earnings |
13,326,978 |
10,291,094 |
|
|
Equity attributable to the owners of the Company |
42,263,856 |
47,586,036 |
|
|
Non-controlling interests |
15 |
7,735,244 |
9,977,786 |
|
Total equity |
49,999,100 |
57,563,822 |
|
|
Total liabilities and equity |
145,085,305 |
128,197,066 |
Emirates Telecommunications Group Company PJSC
Consolidated statement of changes in equity
for the year ended 31 December 2022|
Notes |
Attributable to owners of the Company |
Non-controlling interests AED’000 |
Total AED’000 |
||||
|
Share capital AED’000 |
Reserves AED’000 |
Retained earnings AED’000 |
Owners’ AED’000 |
||||
|
Balance at 1 January 2021 |
8,696,754 |
28,400,580 |
11,936,605 |
49,033,939 |
11,516,082 |
60,550,021 |
|
|
Profit for the year |
- |
- |
9,317,045 |
9,317,045 |
1,742,444 |
11,059,489 |
|
|
Other comprehensive income/(loss) for the year |
- |
270,210 |
(27,146) |
243,064 |
(687,256) |
(444,192) |
|
|
Total comprehensive income for the year |
- |
270,210 |
9,289,899 |
9,560,109 |
1,055,188 |
10,615,297 |
|
|
Other movements in equity |
- |
1,264 |
(1,135) |
129 |
(960) |
(831) |
|
|
Transfer to reserves |
- |
124,406 |
(124,406) |
- |
- |
- |
|
|
Transactions with owners of the Company: |
|||||||
|
Repayment of advances to non-controlling interests |
- |
- |
- |
- |
(67,274) |
(67,274) |
|
|
Acquisition of non-controlling interests (NCI) without a change in control |
15(d) |
- |
(198,272) |
(378,275) |
(576,547) |
(1,286,423) |
(1,862,970) |
|
Dividends |
38 |
- |
- |
(10,431,594) |
(10,431,594) |
(1,238,827) |
(11,670,421) |
|
Balance at 31 December 2021 |
8,696,754 |
28,598,188 |
10,291,094 |
47,586,036 |
9,977,786 |
57,563,822 |
|
|
Balance at 1 January 2022 |
8,696,754 |
28,598,188 |
10,291,094 |
47,586,036 |
9,977,786 |
57,563,822 |
|
|
Profit for the year |
- |
- |
10,007,361 |
10,007,361 |
518,337 |
10,525,698 |
|
|
Other comprehensive income / (loss) for the year |
- |
(8,399,796) |
30,287 |
(8,369,509) |
(1,797,750) |
(10,167,259) |
|
|
Total comprehensive income for the year |
- |
(8,399,796) |
10,037,648 |
1,637,852 |
(1,279,413) |
358,439 |
|
|
Other movements in equity |
- |
(368) |
(5,268) |
(5,636) |
(12,321) |
(17,957) |
|
|
Transfer to reserves |
- |
87,102 |
(87,102) |
- |
- |
- |
|
|
Transfer of fair value reserve of equity instruments designated at FVTOCI |
- |
(45,002) |
45,002 |
- |
- |
- |
|
|
Transactions with owners of the Company: |
|||||||
|
Acquisition of a subsidiary |
41.2 |
- |
- |
- |
- |
218,232 |
218,232 |
|
Dividends |
38 |
- |
- |
(6,954,396) |
(6,954,396) |
(1,169,040) |
(8,123,436) |
|
Balance at 31 December 2022 |
8,696,754 |
20,240,124 |
13,326,978 |
42,263,856 |
7,735,244 |
49,999,100 |
|
Emirates Telecommunications Group Company PJSC
Consolidated statement of cash flows
for the year ended 31 December 2022|
Notes |
2022 AED’000 |
2021 AED’000 |
|
|
Operating profit |
12,951,414 |
12,799,477 |
|
|
Adjustments for: |
|||
|
Depreciation |
5,794,766 |
6,370,772 |
|
|
Amortisation |
1,854,270 |
1,824,688 |
|
|
Impairment loss on other assets - net |
2,756 |
148,141 |
|
|
Share of results of associates and joint ventures |
(417,358) |
(297,462) |
|
|
Provisions and allowances |
(768,293) |
35,500 |
|
|
Unrealised currency translation loss/(gain) |
536,686 |
(905,547) |
|
|
Operating cash flows before changes in working capital |
19,954,241 |
19,975,569 |
|
|
Changes in: |
|||
|
Inventories |
(292,095) |
(66,299) |
|
|
Due from related parties |
(30,293) |
(6,481) |
|
|
Trade and other receivables including contract assets |
(2,581,546) |
(380,286) |
|
|
Trade and other payables including contract liabilities |
4,037,631 |
821,242 |
|
|
Cash generated from operations |
21,087,938 |
20,343,745 |
|
|
Income tax expenses paid |
(1,841,221) |
(2,118,248) |
|
|
Payment of employees’ end of service benefits |
(112,216) |
(114,641) |
|
|
Net cash generated from operating activities |
19,134,501 |
18,110,856 |
|
|
Cash flows from investing activities |
|||
|
Proceeds from disposal of investments at amortised cost |
349,367 |
185,213 |
|
|
Acquisition of investments at amortised cost |
(575,536) |
(1,231,372) |
|
|
Acquisition of subsidiaries (net of cash and bank balances acquired) |
41 |
(224,015) |
(57,340) |
|
Acquisition of investments classified as fair value through profit or loss |
(1,549,577) |
(769,720) |
|
|
Proceeds from disposal of investments classified as fair value through profit or loss |
366,997 |
2,122,619 |
|
|
Acquisition of non-controlling interests without a change in control |
15 (d) |
- |
(1,862,970) |
|
Acquisition of investments classified as fair value through other comprehensive income (“OCI”) |
(18,688,232) |
(12,756) |
|
|
Proceeds from disposal of investments classified as fair value through OCI |
61,838 |
- |
|
|
Acquisition of interest in an associate |
(638,889) |
- |
|
|
Purchase of property, plant and equipment |
(6,747,423) |
(6,446,212) |
|
|
Proceeds from disposal of property, plant and equipment |
67,201 |
50,306 |
|
|
Purchase of intangible assets |
(1,289,877) |
(1,916,139) |
|
|
Proceeds from disposal of intangible assets |
898 |
2,332 |
|
|
Dividend income received from associates, joint ventures and other investments |
334,570 |
124,344 |
|
|
Term deposits made with maturities over three months |
(32,373,123) |
(8,023,167) |
|
|
Term deposits matured with maturities over three months |
11,180,517 |
17,440,742 |
|
|
Cash flows from unwinding of derivative financial instruments - net |
28 |
22,323 |
(8,101) |
|
Finance and other income received |
1,241,615 |
1,044,438 |
|
|
Net cash (used in)/generated from investing activities |
(48,461,346) |
642,217 |
|
|
Cash flows from financing activities |
|||
|
Proceeds from borrowings |
27(c) |
30,439,982 |
10,639,273 |
|
Repayments of borrowings |
27(c) |
(6,646,006) |
(10,214,403) |
|
Payments of lease liabilities |
27(c) |
(707,205) |
(714,931) |
|
Repayment of advances to non-controlling interests |
- |
(67,274) |
|
|
Dividends paid |
(8,035,146) |
(11,574,258) |
|
|
Finance and other costs paid |
(1,431,103) |
(1,154,800) |
|
|
Net cash generated from/(used in) financing activities |
13,620,522 |
(13,086,393) |
|
|
Net (decrease)/increase in cash and cash equivalents |
(15,706,323) |
5,666,680 |
|
|
Cash and cash equivalents at the beginning of the year |
19,911,520 |
13,205,530 |
|
|
Effect of foreign exchange rate changes |
(1,003,002) |
1,039,310 |
|
|
Cash and cash equivalents at the end of the year |
24 |
3,202,195 |
19,911,520 |