Page 12 - Q4-2024-EN

AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2023
(All amounts are in Kuwaiti Dinars)

2023 2022
Cash flows from operating activities:
Loss for the year from continuing operations (3,492,108) (11,433,918)
Loss for the year from discontinued operations (22,585,383) (1,922,568)
Loss for the year (26,077,491) (13,356,486)
Adjustments:
Net loss on financial assets 26,870 77,528
Allowance for expected credit losses 760,961 695,400
Allowance for expected credit losses no longer required (470,427) (398,736)
Impairment loss on properties held for trading 568,229 450,457
Share of results from an associate (4,069) (28,331)
Depreciation 341,736 307,425
Change in fair value of investment properties 3,731,833 12,182,957
Partial gain from termination of sale of a subsidiary (400,000) -
Amortization of finance cost related to lease liabilities 1,483,647 994,974
Finance costs 6,044,671 4,677,042
Loss (gain) on disposal of subsidiaries 22,045,507 (464,435)
(Gain) loss on sale of investment properties (4,148,986) 261,209
Impairment loss on goodwill 2,254,210 -
Net monetary gain (75,048) (216,705)
Provision for employees’ end of service indemnity 218,826 245,074
6,300,469 5,427,373
Change in operating assets and liabilities:
Accounts receivable and other debit balances 783,099 5,767,495
Inventory (36,338) 39,259
Properties held for trading 402,052 1,917,788
Accounts payable and other credit balances (238,924) (1,716,251)
Advances from customers 880,155 516,303
Cash flows generated from operations 8,090,513 11,951,967
KFAS paid (256,108) -
Employees’ end of service indemnity paid (84,710) (424,926)
Net cash flows generated from operating activities 7,749,695 11,527,041

Cash flows from investing activities:
Net movement in restricted cash balances (5,851,848) 93,027
Net movement in assets/ liabilities held for sale (350,643) (158,030)
Paid for purchase of property, plant and equipment (386,490) (713,023)
Proceeds from sale of financial assets at fair value through profit or loss 226,309 -
Paid for additions on investment properties (606,277) (462,738)
Proceeds from sale of investment properties 32,159,139 1,883,077
Proceeds from partial disposal of subsidiary - 306,363
Proceed from disposal of a subsidiary 4,027,555 300,000
Cash dividend received 12,242 207,222
Net cash flows generated from investing activities 29,229,987 1,455,898

Cash flows from financing activities:
Lease liabilities paid (2,712,580) (1,940,118)
Net movement in Islamic bank facilities (30,255,704) (6,778,028)
Dividend paid (9,461) (3,766)
Purchase of treasury shares (1,657,736) -
Finance costs paid (5,419,716) (4,152,101)
Net cash flows used in financing activities (40,055,197) (12,874,013)

Net (decrease) increase in cash and cash equivalents (3,075,515) 108,926
Cash on hand and at banks relating to assets classified as held for sale (Note 6) 749,383 (199,294)
Cash on hand and at banks related to the disposed subsidiary (Note 6) (108,754) (139,269)
Foreign currency translation adjustments (283,593) (408,206)
Cash and cash equivalents at the beginning of the year (Note 3) 5,774,968 6,412,811
Cash and cash equivalents at the end of the year (Note 3) 3,056,489 5,774,968

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