Global Telecom E : GTH consolidated English Q4 2021

Global Telecom Holding S.A.E.

Consolidated Financial Statements

As of and for the year ended December 31, 2021 (EAS)

Together with the Audit report

Translation to the financial statement

Originally issued in Arabic

Global Telecom Holding S.A.E.

Table of contents

Page

Contents

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF ............................................................................1

CONSOLIDATED STATEMENT OF INCOME ............................................................................................................... 2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ............................................................................... 3

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................................................................................... 4

CONSOLIDATED STATEMENT OF CASH FLOWS ..................................................................................................... 5

• 1 GENERAL INFORMATION ABOUT THE GROUP ............................................................................................. 6

• 2 BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ......................................... 6

• 3 SIGNIFICANT ACCOUNTING POLICIES APPLIED ........................................................................................... 7

• 4 SIGNIFICANT TRANSACTIONS ...................................................................................................................... 15

• 5 PROFIT AFTER TAX FROM DISCONTINUED OPERATIONS ........................................................................ 15

• 6 (LOSS) / GAIN ON SALE OF DISCONTINUED OPERATIONS, NET OF TAX ................................................ 16

• 7 ASSETS AND LIABILITIES HELD FOR SALE ................................................................................................. 16

• 8 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ............................................................................ 17

• 9 OTHER EXPENSES ........................................................................................................................................ 17

• 10 OTHER INCOME ............................................................................................................................................. 18

• 11 FINANCE COST ............................................................................................................................................... 18

• 12 FINANCE INCOME .......................................................................................................................................... 18

• 13 EARNINGS / (LOSSES) PER SHARE .............................................................................................................. 18

• 14 INVESTMENTS IN SUBSIDIARIES ................................................................................................................. 19

• 15 OTHER FINANCIAL ASSETS AND LIABILITIES ............................................................................................. 19

• 16 OTHER RECEIVABLES ................................................................................................................................... 22

• 17 TRADE AND OTHER PAYABLES .................................................................................................................... 22

• 18 CASH AND CASH EQUIVALENTS .................................................................................................................. 22

• 19 ISSUED CAPITAL ............................................................................................................................................ 23

• 20 DIVIDENDS PAID AND PROPOSED ............................................................................................................... 23

• 21 RELATED PARTIES ........................................................................................................................................ 24

• 22 LEGAL STATUS ............................................................................................................................................... 24

• 23 TAX STATUS ................................................................................................................................................... 24

• 24 UNRECOGNIZED DEFERRED TAX ASSETS ................................................................................................. 24

• 25 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT ................................................................................ 25

• 26 GOING CONCERN .......................................................................................................................................... 26

• 27 SIGNIFICANT EVENTS ................................................................................................................................... 26

• 28 SUBSEQUENT EVENTS ................................................................................................................................. 26

Translation to the financial statement

Originally issued in Arabic

Global Telecom Holding S.A.E.

Consolidated Statement of Financial Position as of

NoteDecember 31, 2021	December 31, 2020
(In millions of US dollars)
Assets
Non-current assets

The accompanying notes from (1) to (28) form an integral part of these consolidated financial statements and to be read therewith.

Other financial assets	15	469	377
Total non-current assets	469	377
Current assets
Other receivables	16	6	14
Other financial assets	15	512	26
Other assets	4	4
Cash and cash equivalents	18	1	4
523	48
Assets held for sale	7	-	1,274
Total current assets	523	1,322
Total assets	992	1,699
Equity and liabilities
Equity
Equity attributable to equity owners of the parent	982	1,075
Non-controlling interests	-	196
Total equity	982	1,271
Liabilities
Non-current liabilities
Deferred tax liabilities	-	6
Total non-current liabilities	-	6
Current liabilities
Trade and other payables	17	9	13
Other liabilities	1	-
10	13
Liabilities associated with assets held for sale	7	-	409
Total current liabilities	10	422
Total liabilities	10	428
Total equity and liabilities	992	1,699
On behalf of the board
Gerbrand Nijman
Managing Director and Vice-Chairman
1

Auditor's report "attached"