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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)

For the six months ended
June 30,
2023
(Audited) 2022
Cash flows from operating activities:
(Loss) profit for the period from continuing operations (2,300,753) 576,284
(Loss) profit for the period from discontinued operations (22,538,120) 194,142
(Loss) profit for the period (24,838,873) 770,426
Adjustments:
Allowance for expected credit losses 247,794 97,801
Allowance for expected credit losses no longer required (158,379) (110,022)
Reversal of impairment loss on properties held for trading (28,149) -
Net loss (gain) on financial assets 16,783 (7,741)
Share of results from an associate (4,926) (10,374)
Change in fair value of investment properties 2,690,510 -
Depreciation 171,882 169,514
Amortization of finance cost related to lease liabilities 659,914 375,352
Finance costs 2,946,679 2,175,182
Loss (gain) on disposal of subsidiaries 22,041,901 (464,435)
Gain on sale of investment properties (665,455) -
Net monetary gain (75,048) (171,005)
Provision for employees’ end of service indemnity 110,165 106,579
¤ 3,114,798 2,931,277
Changes in operating assets and liabilities:
Accounts receivable and other debit balances 615,962 3,148,023
Inventory (40,148) 37,733
Properties held for trading 279,268 400,797
Accounts payable and other credit balances 1,071,651 (1,919,048)
Advances from customers 956,549 15,119
Cash flows generated from operations 5,998,080 4,613,901
Employees’ end of service indemnity paid (67,389) (119,908)
Net cash flows generated from operating activities 5,930,691 4,493,993

Cash flows from investing activities:
Net movement on restricted cash balances (3,971,023) 37
Net movement on term deposits (1,218,000) -
Net movement on assets / liabilities held for sale 308,741 (87,615)
Paid for purchase of property, plant and equipment (219,502) (319,835)
Paid for additions on investment properties (201,878) (98,325)
Proceeds from sale of financial assets at FVTPL 226,277 -
Proceeds from sale of investment properties 12,903,322 -
Proceeds from partial disposal of subsidiary - 306,271
Proceeds from disposal of a subsidiary 4,027,555 200,000
Cash dividend received 12,242 127,025
Net cash flows generated from investing activities 11,867,734 127,558

Cash flows from financing activities:
Net movement on Islamic bank facilities (10,775,810) (3,301,804)
Lease liabilities paid (1,091,559) (912,000)
Purchase of treasury shares (692,898) -
Finance costs paid (3,326,705) (2,426,638)
Net cash flows used in financing activities (15,886,972) (6,640,442)

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