Page 10 - Q3-2024-EN

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, 2023
(All amounts are in Kuwaiti Dinars)

For the nine months ended
September 30
2023 2022
Cash flows from operating activities:
(Loss) profit for the period from continuing operations (253,107) 755,664
(Loss) profit for the period from discontinued operations (22,423,210) 311,414
(Loss) profit for the period (22,676,317) 1,067,078
Adjustments for:
Net allowance for expected credit losses charged (no longer required) 144,602 (152,688)
Reversal of Impairment loss on properties held for trading (28,149) -
Net loss (gain) on financial assets 30,396 (49,936)
Share of results from an associate (9,938) (19,117)
Change in fair value of investment properties 2,690,510 -
Depreciation 253,005 228,367
Amortization of finance costs related to lease liabilities 1,074,448 662,269
Finance costs 4,408,478 3,263,061
Loss (gain) on disposal of a subsidiary 22,041,901 (464,435)
(Gain) loss on sale of investment properties (3,610,686) 259,619
Net monetary gain (75,048) (301,699)
Provision for employees’ end of service indemnity 167,445 161,977
4,410,647 4,654,496
Changes in operating assets and liabilities:
Accounts receivable and other debit balances 664,281 3,738,605
Inventories (35,349) 38,220
Properties held for trading 461,277 708,457
Accounts payable and other credit balances 1,176,967 (1,605,042)
Advances from customers 534,510 83,171
Cash flows generated from operations 7,212,333 7,617,907
Employees’ end of service indemnity paid (75,169) (130,728)
Net cash flows generated from operating activities 7,137,164 7,487,179

Cash flows from investing activities:
Net movement on restricted cash balances (782,151) 95,094
Net movement on term deposits (1,100,000) -
Net movement on assets / liabilities held for sale 406,009 (275,708)
Paid for purchase of property, plant and equipment (327,087) (452,928)
Proceeds from sale of financial assets at fair value through profit or loss 226,277 -
Paid for investment properties (410,658) (259,101)
Proceeds from sale of investment properties 26,101,449 1,034,113
Proceeds from partial disposal of a subsidiary - 306,363
Proceed from disposal of a subsidiary 4,027,555 200,000
Cash dividend received 12,242 127,025
Net cash flows generated from investing activities 28,153,636 774,858

Cash flows from financing activities:
Net movement on Islamic bank facilities (18,061,928) (4,369,533)
Lease liabilities paid (2,117,236) (1,685,118)
Purchase of treasury shares (1,099,994) -
Finance costs paid (4,195,099) (3,154,413)
Net cash flows used in financing activities (25,474,257) (9,209,064)

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