AED ASSETS Cash and bank balances 6 Trade and other receivables 7 Development properties & Investment in associate 9 Other financial assets 10 Financial investments 11 Right-of-use assets 12 Total current assets Property and equipment 13 Investment properties 14 AED 2020 2019 AED 000 AED 000 4,242,238 4,645,848 7,029,139 8,010,115 7,783,004 9,527,253 293.000 0 729.246 870,394 762,912 369,753 59,637 92.458 20,899,176 23,515,821 63,898 128,040 172,647 180,771 236,545 308,811 21,135,721 23,824,632 Total assets 21,135,721 23,824,632 EQUITY AND LIABILITIES Equity Share capital 15 Statutory reserve 3. Fair value reserve Retained earnings Total equity 6,050,000 6,050,000 10 903,497 903,497 -43,459 6,079,883 7,119,355 12,989,921 14,072.852 Liabilities Trade and other payables 16 Advances from customers 17 Lease liabilities 12 Bank borrowings 18 Total Current Liabilities 2,818,052 3,445,590 2,067,676 2,371,228 65,314 93,370 124,834 549,681 5,075,876 6,459,869 Sukuk certificates 19 3,069,924 3,291,911 8,145,800 9,751,780 8,145,800 9,751,780 21,135,721 23,824,632 Total liabilities Total equity and liabilities 2 Continuing operations Revenue Cost of sales Gross profit Other operating income 22 General, administrative and selling expenses 23 Amortisation of right-of-use assets 12 Depreciation 13.14 4,670,562 4,399,217| -3,599,2981 -3,108,310 1.071,2641 1,290,907 159,123 136,541 -794,142 -975,602 -32,821 -32,820 -29,072 -31,301 0 -50,490 -1,325,059|(124,374) Provis - 146,718 -41,324 -1,147,9151 222,027 Provision for impairment on property and equipment 13 Provision for impairment on development properties 8 Provision for impairment on trade receivables 7 Operating (loss)/profit Gain on sale of financial investments at fair value through profit or loss (FVTPL) 115,914 Other income 24 Finance income 25 Finance costs 26 Gain on fair value of financial investments at fair value through profit or loss (FVTPL) Reversal/(Provision) for value added tax 27 Loss for the year 98,011 150,743 -290,999 75,8031 46,315 -236,099 33,910 72,5801 - 1,039,472 -216,661 -36,879 Other comprehensive income: Items that will not be reclassified to profit or loss: Valuation loss on fair value through other comprehensive income equity investments 11 -43,4591 Valuation loss on fair value through other comprehensive income equity investments 11 Total comprehensive loss for the year Earnings per share Basic and diluted (AED) 33 -43,459 - 1,082,931 -0.1718 -36,879 -0.0061 4.2 Using the model below calculate the following: Model Z score = Z1 = 1.2x1 + 1.4x2 + 3.3x3 + .6x4 + 1.0x5 X1 = (Current assets - current liabilities) / total assets X2 = Retained Earnings / total assets X3 = EBIT / Total Assets = Means Operating Income / Total Assets X4 = Market value of common and preferred shares / value of total liabilities X5 = Sales / total assets Total Appendix A sample format for your ratio analysis is shown below. The accounts receivable and sales balances for the years under review were as follows: 2020 2019 2018 2017 Accounts receivable 19.244 20.912 30.587 39.247 Sales net 25.449 35. 11742.778 67.101 The Accounts Receivable Turnover Ratio is calculated as: Accounts Receivable Turnover - Sales.Net Average Accounts Receivable 2020 2019 2018 Accounts Receivable Turnover Ratio 1.75 times 1.66 times 1.92 times 4.3 (Optional) Extend the analysis of the company using the following ratios: Rate of return measures = - Cash Flow/(Net Worth) Assets - liabilities - Net Income / (Net Worth) Assets - Liabilities Liquid assets composition= - Quick assets/total assets Liquidity position = - Current assets / current liabilities - Quick assets/ current liabilities 4*. Financial leverage = - Total Debt to total assets = Total liabilities / total assets Activity turnover - Cost of goods sold / Inventory - Accounts receivable sales - Total assets/ sales Fixed payment coverage = - Cash flow from operations / total debt (liabilities)
