Union Properties P.J.S.C and its Subsidiaries

Unaudited interim condensed

consolidated financial statements

30 September 2021

Union Properties Public Joint Stock Company and its subsidiaries

Unaudited interim condensed consolidated financial statements

30 September 2021

Contents

Page(s)

Interim condensed consolidated statement of profit or loss and other comprehensive income

....... 1-2

Interim condensed consolidated statement of financial position ............................................................

3

Interim condensed consolidated statement of cash flows .......................................................................

4

Interim condensed consolidated statement of changes in equity............................................................

5

Notes to the interim condensed consolidated financial statements................................................

6 - 16

Union Properties Public Joint Stock Company and its subsidiaries

Interim condensed consolidated statement of profit or loss and other comprehensive income (unaudited)

For the nine-month period ended 30 September 2021

Nine-month period ended

30 September

2021

2020

Notes

AED'000

AED'000

Revenue from contracts with customers

17

296,018

286,315

Net gain/(loss) on financial instruments at FVTPL

10

5,338

(54,959)

Share of profits from associates, net

-

7,818

Loss on disposal of an associate

5

-

(234,524)

Gain on fair valuation of investment properties

7

78,854

821,990

Loss on sale of investment properties

7

(17,860)

(20,000)

Finance income

1,519

1,984

Other income

6

35,778

11,760

Direct costs

17

(244,362)

(291,093)

Administrative and general expenses

17

(89,195)

(84,170)

Finance cost

17

(64,721)

(96,342)

Profit/(loss) for the period

1,369

348,779

Other comprehensive income for the period

-

(15,508)

Total comprehensive income for the period

1,369

333,271

Basic and diluted earnings per share (AED)

12

0.0003

0.0813

The notes from 1 to 18 form an integral part of these interim condensed consolidated financial statements

1

Union Properties Public Joint Stock Company and its subsidiaries

Interim condensed consolidated statement of profit or loss and other comprehensive income (unaudited)

For the three-month period ended 30 September 2021

Three month period ended 30

September

2021

2020

Notes

AED'000

AED'000

Revenue from contracts with customers

17

98,570

90,521

Net (loss)/gain on financial instruments at FVTPL

10

(3,066)

19,317

Share of profit from associates, net

-

5,480

Loss on disposal of an associate

5

-

(234,524)

Gain on fair valuation of investment properties

7

-

821,990

Gain/(loss) on sale of investment properties

7

5,425

(164)

Finance income

497

1,243

Other income

6

2,810

2,603

Direct costs

17

(81,001)

(140,084)

Administrative and general expenses

17

(34,047)

(26,207)

Finance cost

17

(20,203)

(30,969)

(Loss)/profit for the period

(31,015)

509,206

Other comprehensive income for the period

-

-

Total comprehensive (loss)/income for the period

(31,015)

509,206

Basic and diluted earnings per share (AED)

12

(0.007)

0.119

The notes from 1 to 18 form an integral part of these interim condensed consolidated financial statements.

2

Union Properties Public Joint Stock Company and its subsidiaries

Interim condensed consolidated statement of financial position

As at 30 September 2021

Unaudited

Audited

30 September 2021

31 December 2020

Notes

AED'000

AED'000

ASSETS

Non-current assets

Property, plant and equipment

345,433

348,076

Right-of-use assets

24,032

26,371

Investment properties

7

4,447,220

4,612,744

Development properties

7,504

7,504

Investments in an associate

87,368

87,368

Investments at fair value through profit or loss

10

-

114,608

Non-current receivables

8

5,417

33,194

Total non-current assets

4,916,974

5,229,865

Current assets

Investments at fair value through profit or loss

10

155,376

37,276

Inventories

14,343

7,913

Contract assets

226,695

218,864

Trade and other receivables

8

583,142

394,888

Due from related parties

9

-

7,648

Cash and cash equivalents

11

49,937

45,400

Total current assets

1,029,493

711,989

Total assets

5,946,467

5,941,854

EQUITY AND LIABILITIES

Equity

Share capital

4,289,540

4,289,540

Statutory reserve

352,978

352,978

Asset revaluation surplus

212,689

212,689

Accumulated losses

(1,959,704)

(1,961,073)

Total equity attributable to the shareholders of the Company

2,895,503

2,894,134

Non-current liabilities

Non-current portion of bank loans

13

321,060

463,056

Contract liabilities

8,118

8,118

Lease liabilities

18,572

20,333

Provision for staff terminal benefits

36,576

32,935

Total non-current liabilities

384,326

524,442

Current liabilities

Trade and other payables

14

1,286,690

1,237,010

Contract liabilities

128,157

88,692

Lease liabilities

4,643

5,084

Bank overdrafts

15

203,965

192,235

Current portion of bank loans

13

1,043,183

1,000,257

Total current liabilities

2,666,638

2,523,278

Total liabilities

3,050,964

3,047,720

Total equity and liabilities

5,946,467

5,941,854

.

The notes from 1 to 18 form an integral part of these interim condensed consolidated financial statements.

3

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Union Properties PJSC published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 04:23:00 UTC.