Page 9 - FS-EN-Q2-30-06-2022

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE PERIOD ENDED JUNE 30, 2022
(All amounts are in Kuwaiti Dinars)

For the six months ended
June 30
Notes 2022 2021
Cash flows from operating activities:
Profit for the period for continuing operations 511,329 6,024
Profit for the period for discontinued operations 259,097 200,943
Profit for the period 770,426 206,967
Adjustments for:
Allowance for expected credit losses 97,801 211,316
Allowance for expected credit losses no longer required (110,022) (175,528)
Net (profit) loss of financial assets (7,741) 15,057
Share of results from an associate 5 (10,374) -
Depreciation 169,514 57,169
Amortization of finance costs related to lease liabilities 375,352 308,729
Finance costs 2,175,182 2,037,391
Gain on sale of property, plant and equipment - (46,111)
Gain on disposal of a subsidiary 5 (464,435) -
Net monetary gain 8 (171,005) -
Provision for employees’ end of service benefits 106,579 97,299
2,931,277 2,712,289
Changes in operating assets and liabilities:
Accounts receivable and other debit balances 3,148,023 2,153,079
Inventories 37,733 -
Properties held for trading 400,797 427,031
Accounts payable and other credit balances (1,919,048) (1,766,589)
Advances from customers 15,119 (119,956)
Cash flows generated from operations 4,613,901 3,405,854
Employees’ end of service benefits paid (119,908) (6,764)
Net cash flows generated from operating activities 4,493,993 3,399,090

Cash flows from investing activities:
Net movement in restricted cash balances 37 20,527
Net movement in assets / liabilities held for sale (220,207) -
Paid for purchase of property, plant and equipment (319,835) (351,111)
Proceeds from sale of property, plant and equipment - 175,297
Paid for investment properties (98,325) (254,140)
Proceeds from sale of investment properties - 850,000
Paid for establishment of a subsidiary - (250,000)
Proceeds from partial disposal of a subsidiary 306,271 102,326
Proceeds from disposal of a subsidiary 200,000 -
Dividend received 127,025 -
Net cash flows (used in) generated from investing activities 5,034 292,899

Cash flows from financing activities:
Net movement in Islamic bank facilities (3,301,804) (127,091)
Lease liabilities paid (912,000) (885,000)
Finance costs paid (2,426,638) (3,152,062)
Net cash flows used in financing activities (6,640,442) (4,164,153)

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