Statement of Cash Flows

For the year ended 31 December 2017

     
  Notes 2017 2016
  AED AED
    (Restated)
OPERATING ACTIVITIES  
Net profit /(loss) for the year 8,120,127 (19,042,763)
Adjustments for non-cash items:  
Depreciation of property and equipment 4 949,598 974,419
Change in fair value for investments carried at FVTPL 14 267,623 (1,482,161)
Gain / (loss) on sale of investments carried at FVTPL 14 2,455,888 (1,273,649)
Gain on disposal of property and equipment (34,500)
Interest and dividend income (5,581,879) (996,463)
Provision for employees end of service benefits 11 453,308 450,399
Increase in provision for doubtful debts 7

386,991

2,979,013

Operating profit/(loss) before changes in working capital 7,017,156 (18,391,205)
 
Change in working capital    
Premium and insurance balances receivable (7,988,169) (7,789,076)
Reinsurance shares of outstanding claims 3,585,319 (7,968,684)
Other receivables and prepayments (2,888,329) (8,008,737)
Insurance and other payables 6,382,049 6,618,759
Technical provisions

18,367,774

44,197,158

Net cash generated from operating activities

24,475,800

8,658,224

INVESTING ACTIVITIES  
Payments for purchase of property and equipment 4 (1,298,463) (804,022)
Proceeds from disposal of property and equipment 34,500
Disposal of investments carried at amortized cost 10,588,479 14,610,053
Purchase of investments carried at FVTOCI 5 (21,225,140) (12,078,819)
Proceed from sale of investments carried at FVTOCI 18,217,087 61,323,052
Purchase of investments carried at FVTPL 5 (12,635,339) (12,683,951)
Proceed from sale of investments carried at FVTPL 6,157,082 16,020,853
Interest and dividend received

5,581,879

996,463

Net cash generated from investing activities

5,420,085

67,383,629

   
FINANCING ACTIVITIES  
Repayment of loan (39,186,525)
Treasury shares

(15,900)

Net cash used in financing activities

(39,202,425)

   
Net change in cash and cash equivalents 29,895,885 36,839,428
 
Cash and cash equivalents, beginning of year 79,183,147 42,343,719
 
Cash and cash equivalents, end of year 9
109,079,032
79,183,147