Page 9 - Q1-2023-EN

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE PERIOD ENDED MARCH 31, 2023
(All amounts are in Kuwaiti Dinars)

For the three months ended
March 31,
Notes 2023 2022
Cash flows from operating activities:
(Loss) profit for the period from Continuing operations (17,124) 133,027
Profit for the period from Discontinued operations 201,134 176,415
Profit for the period 184,010 309,442
Adjustments for:
Allowance for expected credit losses 61,911 60,667
Allowance for expected credit losses no longer required (60,880) (1,694)
Net loss on financial assets 15,543 16,814
Share of results from an associate (1,075) -
Depreciation 90,015 102,670
Amortization of finance costs related to lease liabilities 331,540 142,187
Finance costs 1,422,172 1,039,089
Gain on sale of investment properties (76,366) -
Provision for employees’ end of service benefits 56,996 47,941
2,023,866 1,717,116
Changes in operating assets and liabilities:
Accounts receivable and other debit balances 186,660 749,762
Inventory (34,500) 6,178
Properties held for trading 133,690 -
Accounts payable and other credit balances (324,688) (296,147)
Advances from customers 1,108,211 130,592
Cash flows generated from operations 3,093,239 2,307,501
Employees’ end of service benefits paid (42,408) (91,031)
Net cash flows generated from operating activities 3,050,831 2,216,470

Cash flows from investing activities:
Net movement in restricted cash balances 153,143 18,309
Proceeds from sale of financials assets at fair value through profit or loss 201,482 -
Net movement in assets / liabilities held for sale 130,504 77,257
Proceeds from partial sale of a subsidiary - 306,271
Paid for purchase of property, plant and equipment (125,070) (92,111)
Paid for investment properties (127,150) (49,777)
Proceeds from sale of investment properties 2,621,325 -
Net cash flows generated from investing activities 2,854,234 259,949

Cash flows from financing activities:
Net movement in Islamic bank facilities (2,839,470) (2,294,907)
Lease liabilities paid (684,000) (630,000)
Purchase of treasury shares (156,471) -
Finance costs paid (2,071,129) (1,367,376)
Net cash flows used in financing activities (5,751,070) (4,292,283)
Net increase (decrease) in cash and cash equivalent 153,995 (1,815,864)
Foreign currency translation adjustments 5,503 (16,158)
Cash on hand and at banks related to assets held for sale (414,268) (145,594)
Cash and cash equivalent at the beginning of the period 3 5,774,968 6,412,811
Cash and cash equivalent at the end of the period 3 5,520,198 4,435,195

Non-cash transactions:
Paid for investment properties - (9,375,000)
Accounts payable and other credit balances - 3,375,000
Islamic bank facilities - 6,000,000
- -

The accompanying notes (1) to (11) form an integral part of the interim consolidated financial information.

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