TECOM GROUP TECOM GROUP PJSC AND ITS SUBSIDIARIES
REVIEW REPORT AND CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH ENDED
30 JUNE 2022
TECOM GROUP PJSC AND ITS SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX-MONTH ENDED 30 JUNE 2022
Pages | |
Review report on condensed interim consolidated financial statements | 1 |
Condensed interim consolidated balance sheet | 2 - 3 |
Condensed interim consolidated statement of income | 4 |
Condensed interim consolidated statement of comprehensive income | 5 |
Condensed interim consolidated statement of changes in equity | 6 |
Condensed interim consolidated statement of cash flows | 7 |
Notes to the condensed interim consolidated financial statements | 8 - 27 |
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REVIEW REPORT ON CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The Shareholders
TECOM Group PJSC
Dubai
United Arab Emirates
Introduction
We have reviewed the accompanying condensed interim consolidated balance sheet of TECOM Group PJSC (the "Company") and its subsidiaries (together, the "Group") as at 30 June 2022 and 30 June 2021 and the related condensed interim consolidated statements of income, comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2022. Management is responsible for the preparation and presentation of this condensed interim consolidated financial statements in accordance with the accounting policies described in note 2 of the condensed interim consolidated financial statements. Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial statements is not prepared, in all material respects, in accordance with the accounting policies described in note 2 of the condensed interim consolidated financial statements.
Emphasis of matter - basis of accounting and restriction of use
We draw attention to notes 1 and 2 to the interim financial information, which describe the basis of accounting. The interim financial information has been prepared to assist the Group to comply with certain financial reporting provisions relating to Public Joint Stock Companies in the United Arab Emirates. As a result, the interim financial information may not be suitable for another purpose. Our conclusion is not modified in respect of this matter.
Deloitte & Touche (M.E.)
Musa Ramahi
Registration No.: 872
2 August 2022
Dubai
United Arab Emirates
Akbar Ahmad (1141), Cynthia Corby (995), Georges Najem (809), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056), Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.
TECOM GROUP PJSC AND ITS SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2022
30 June | 31 December | ||
2022 | 2021 | ||
Notes | AED'000 | AED'000 | |
(Reviewed) | (Audited) | ||
ASSETS | |||
Non-current assets | |||
Property and equipment | 5 | 101,702 | 108,296 |
Intangible assets | 26,503 | 34,317 | |
Investment property | 6 | 11,934,990 | 13,368,160 |
Derivative financial instruments | 7 | 181,829 | 73,116 |
Trade and unbilled receivables | 8 | 752,471 | 723,603 |
Other receivables | 9 | 18,508 | 19,990 |
13,016,003 | 14,327,482 | ||
Current assets | |||
Trade receivables | 8 | 157,954 | 202,198 |
Other receivables | 9 | 93,997 | 60,993 |
Due from related parties | 10 | 155,400 | 527,054 |
Cash and bank balances | 11 | 849,163 | 1,246,399 |
1,256,514 | 2,036,644 | ||
Total assets | 14,272,517 | 16,364,126 | |
The notes on pages 8 to 27 are an integral part of these condensed interim consolidated financial statements. (2)
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TECOM Group published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 05:01:06 UTC.
