Consolidated statement of cash flows for the year ended December 31, 2023

Notes 2023 AED’000 2022 AED’000 (RestatedRefer Note 31 for details regarding prior year restatement.)
OPERATING ACTIVITIES
Profit / (loss) for the year 21,275 (7,616)
Adjustments for:
Depreciation of vessels, property and equipment 6 36,725 41,275
Depreciation of right‑of‑use assets 192
Allowance for expected credit losses 10 1,000 395
Income on discounting of a financial liability to present value (191)
Provision for employees’ end of service benefits 19 276 180
Finance costs 26 22,534 33,245
Finance income (2,667)
Reversal of liabilities no more required 25 (19,466) (19,707)
Gain of settlement of Sukuk 25 (14,549)
Gain on sale of a vessel 6 (24,834)
Change in fair value of financial assets at FVTPL 11 2,009
Operating cash flows before changes in working capital 22,303 47,773
Working capital changes:
Inventories (1,118) 292
Trade and other receivables (3,681) (3,830)
Trade and other payables (23,595) (31,649)
Cash from operations (6,091) 12,586
Employees’ end of service benefits paid (232) (146)
Net cash flows (used in) / from operating activities (6,323) 12,440
INVESTING ACTIVITIES
Investments in financial assets at FVTPL 11 (178,423)
Proceeds from disposal of financial assets at FVTPL 11 76,035
Proceeds from sale of a vessel 6 99,471
Placement of a fixed deposit 12 (200,000)
Additions to vessels, property and equipment 6 (40,452) (1,512)
Acquisition of non‑controlling interests (915)
Net cash flows used in investing activities (243,369) (2,427)
FINANCING ACTIVITIES
Payment of lease liabilities (192)
Movement in restricted cash 4,466
Arrangement fee paid (4,172)
Proceeds from interest‑bearing borrowings 180,187 226,920
Repayment of interest‑bearing borrowings (106,375) (222,992)
Interest paid (15,255) (18,693)
Settlement of Islamic non‑convertible Sukuk 18 (34,983)
Proceeds from issuance of mandatory convertible Sukuk, net of transactions costs 13 202,400
Financing from liquidity provider 63,330 7,594
Movement in treasury shares, net (47,354) 5,117
Net cash flows from / (used in) financing activities 241,950 (1,952)
Net change in cash and cash equivalents (7,742) 8,061
Cash and cash equivalents at the beginning of the year 17,801 9,740
Cash and cash equivalents at the end of the year 12 10,059 17,801

The accompanying notes 1 to 34 form an integral part of these consolidated financial statements.