Page 9 - Mazaya Holding_FS_E_Q3_2021

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE PERIOD ENDED SEPTEMBER 30, 2021
(All amounts are in Kuwaiti Dinars)

For the nine months ended
September 30
Notes 2021 2020
Cash flows from operating activities:
Profit (Loss) for the period from Continuing operations 140,976 (5,162,232)
Profit (Loss) for the period from Discontinued operations 291,573 (58,601)
Profit (Loss) for the period 432,549 (5,220,833)
Adjustments for:
Net allowance for expected credit losses 136,586 2,226,558
Impairment loss on properties held for trading - 280,997
Net loss (profit) of financial assets 33,361 (38,931)
Share of results from an associate - 474,452
The effect of reclassification of an associate to financial assets at FVTOCI - (172,194)
Change in fair value of investment properties - 2,068,356
Finance income (12,443) (83,490)
Depreciation 98,238 128,251
Amortization of finance costs related to lease liabilities 458,164 498,728
Finance costs 3,043,238 3,995,213
Gain on sale of property, plant and equipment (45,068) -
Provision for employees’ stock option plan - 16,956
Provision for employees’ end of service benefits 147,950 143,683
4,292,575 4,317,746
Changes in operating assets and liabilities:
Accounts receivable and other debit balances 2,489,250 706,300
Inventory (33,088) -
Properties held for trading 426,581 5,858,531
Accounts payable and other credit balances (1,825,814) (2,800,644)
Advances from customers (214,041) (161,510)
Cash flows generated from operations 5,135,463 7,920,423
Employees’ end of service benefits paid (13,778) (31,300)
Net cash flows generated from operating activities 5,121,685 7,889,123

Cash flows from investing activities:
Net movement in restricted cash balances 87,428 2,394,358
Paid for property, plant and equipment (387,932) (35,727)
Proceeds from sale of property, plant and equipment 171,335 -
Paid for investment properties (271,860) (413,098)
Proceeds from sale of investment property 850,000 -
Paid for establishment of a subsidiary (250,000) -
Proceeds from partial disposal of a subsidiary 102,326 -
Effect of acquisition of additional shares of a subsidiary 233,497 -
Finance income received 12,443 83,490
Dividend received - 85,050
Net cash flows generated from investing activities 547,237 2,114,073

Cash flows from financing activities:
Net movement in term loans - (1,754,297)
Net movement in Islamic bank facilities (1,264,579) 1,378,586
Lease liabilities paid (1,515,000) (1,430,000)
Finance costs paid (3,953,359) (2,715,190)
Net cash flows used in financing activities (6,732,938) (4,520,901)
Net (Decrease) increase in cash and cash equivalent (1,064,016) 5,482,295
Cash related to established subsidiary 500,000 -
Cash on hand and at banks associated with assets classified as held for sale (Note 5) (190,720) -
Foreign currency translation adjustments (252,448) (278,332)
Cash and cash equivalent at the beginning of the period (Note 3) 6,389,737 6,984,204
Cash and cash equivalent at the end of the period (Note 3) 5,382,553 12,188,167

The accompanying notes (1) to (14) form an integral part of the interim consolidated financial information.

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