Statement of Changes in Equity
Statement of Changes in Equity
For the year ended 31 December 2020
|
|
Share capital | Tier 1 capital | Accumulated losses |
Board of Directors’ remuneration |
Reinsurance reserve |
Investment revaluation reserve | Legal reserve | Total shareholders’ equity | |
| AED | AED | AED | AED | AED | AED | AED | |||
| Balance as at 1 January 2020 | 118,780,500 | 15,000,000 | (8,920,743) | 1,454,955 | – | 865,535 | 5,203,087 | 132,383,334 | |
| Dividends declared (Note 10) |
– |
– |
(4,751,220) |
– |
– |
– |
(4,751,220) |
||
| Profit for the year |
– |
– |
10,885,879 |
– |
– |
– |
– |
10,885,879 |
|
| Transfer to statutory reserve | – | – | (1,088,588) | – | – | – | 1,088,588 | – | |
| Transfer to reinsurance reserve | – | – | (423,698) | – | 423,698 | – | – | – | |
| Other comprehensive income for the year | – | – | – | – | – | 361,088 | – | 361,088 | |
| Payment of Board of Directors’ remuneration | – | – | 4,955 | (1,454,955) |
– |
– | – | (1,450,000) | |
| Proposed Board of Director’s remuneration | – | – | (979,729) | 979,729 | – | – | – | – | |
| Transfer of realised loss on disposal of equity investment carried at FVTOCI | – | – | (352,021) | – |
– |
– | – | (352,021) | |
| Transfer of unrealised gain on disposal of equity investments carried at FVTOCI | – | – | 1,415,753 | – |
– |
(1,415,753) | – | – | |
| Transfer of unrealised loss on disposal of debt investments carried at FVTOCI | – | – | – | – |
– |
209,991 | – | 209,991 | |
| Tier 1 Capital accrued coupon | – | – | (1,237,500) | – | – | – | – | (1,237,500) | |
| Balance as at 31 December 2020 |
118,780,500 |
15,000,000 |
(5,446,912) |
979,729 |
423,698 |
20,861 |
6,291,675 |
136,049,551 |
|
| Share capital | Tier 1 capital | Accumulated losses | Board of Directors’ remuneration | Investment revaluation reserve | Legal reserve | Total shareholders’ equity | |
| AED | AED | AED | AED | AED | AED | AED |
| Balance as at 1 January 2019 | 118,780,500 | – | (19,026,036) | – | (4,242,730) | 3,586,470 | 99,098,204 |
| Tier 1 Capital | – | 15,000,000 | – | – | – | – | 15,000,000 |
| Dividends declared (Note 10) |
– |
– |
(1,187,805) |
– |
– |
– |
(1,187,805) |
| Profit for the year |
– |
– |
16,166,174 |
– |
– |
– |
16,166,174 |
| Transfer to statutory reserve | – | – | (1,616,617) | – | – | 1,616,617 | – |
| Other comprehensive income for the year | – | – | (839,000) | – | 4,871,759 | – | 4,032,759 |
| Transfer of realised loss on disposal of investment at FVTOCI | – | – | – | – | 236,506 | – | 236,506 |
| Proposed Board of Directors’ remuneration | – | – | (1,454,955) | 1,454,955 | – | – | – |
| Tier 1 Capital accrued coupon |
– |
– |
(962,504) |
– |
– |
– |
(962,504) |
| Balance as at 31 December 2019 |
118,780,500 |
15,000,000 |
(8,920,743) |
1,454,955 |
865,535 |
5,203,087 |
132,383,334 |
