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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, 2022
(All amounts are in Kuwaiti Dinars)

For the three months ended
March 31,
Notes 2022 2021
Cash flows from operating activities:
Profit (Loss) for the period from Continuing operations 171,932 (24,839)
Profit for the period from Discontinued operations 137,510 122,610
Profit for the period 309,442 97,771
Adjustments for:
Allowance for expected credit losses 60,667 90,202
Allowance for expected credit losses no longer required (1,694) (104,020)
Net loss profit of financial assets 16,814 6,397
Depreciation 102,670 22,335
Amortization of finance costs related to lease liabilities 142,187 156,506
Finance costs 1,039,089 1,001,958
Gain from sale property, plant and equipment - (48,444)
Provision for employees’ end of service benefits 47,941 48,570
1,717,116 1,271,275
Changes in operating assets and liabilities:
Accounts receivable and other debit balances 749,762 1,773,767
Inventory 6,178 -
Properties held for trading - 278,508
Accounts payable and other credit balances (296,147) (2,518,173)
Advances from customers 130,592 (118,505)
Cash flows generated from operations 2,307,501 686,872
Employees’ end of service benefits paid (91,031) (2,562)
Net cash flows generated from operating activities 2,216,470 684,310

Cash flows from investing activities:
Net movement in restricted cash balances 18,309 58,678
Net movement in assets/liabilities held for sale (68,337) -
Proceeds from partial sale of a subsidiary 306,271 -
Proceeds from sale property, plant and equipment - 184,167
Paid for purchase of property, plant and equipment (92,111) -
Paid for investment properties (49,777) (33,384)
Net cash flows generated from investing activities 114,355 209,461

Cash flows from financing activities:
Net movement in Islamic bank facilities (2,294,907) (9,905)
Lease liabilities paid (630,000) (630,000)
Finance costs paid (1,367,376) (329,439)
Net cash flows used in financing activities (4,292,283) (969,344)
Net decrease in cash and cash equivalent (1,961,458) (75,573)
Foreign currency translation adjustments (16,158) (168,131)
Cash and cash equivalent at the beginning of the period 3 6,412,811 6,389,737
Cash and cash equivalent at the end of the period 3 4,435,195 6,146,033

Non-cash transactions:
Paid for investment properties 4 (9,375,000) -
Accounts payable and other credit balances 4 3,375,000 -
Islamic bank facilities 4 6,000,000 -
- -

The accompanying notes (1) to (12) form an integral part of the interim consolidated financial information.

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