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AL MAlAYA HOLDING COMPANY K.S.C. (HOLDING) AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,2010
(All amounts are in Kuwaiti Dinars)
2010
2009
Cash flows from operating activities:
Net (Loss) Profit for the year
(10,301,640)
5,996,718
Adjustments for:
Net investment loss (income)
1,725,645
(428,031)
Group's share of results from associates
493,477
(48,811)
Gain from sale of an associate
(546,743)
Dilution gain
(134,620)
Group's share of results from joint ventures
177,737
226,592
Loss on partial disposal of a subsidiary
568,002
Gain on waiver of capital subscription
(7,308,045)
Provisions no longer required
(349,901)
(8,255,715)
Murabaha income
(131,077)
(45,637)
Interest income
(519,122)
(717,726)
Impairment losses for Properties held for trading
1,912,000
Changes in fair value of investments properties
8,863,029
16,028,799
Provisions for doubtful accounts
158,565
800,889
Expenses related to equity settled share based payments
122,543
Depreciation and amortization
371,274
385,567
Foreign currency exchange differences
(114,662)
774,095
Finance charges
2,670,351
2,386,362
Provision for end of service indemnity
{23,768}
106,753
4,250,545
10,592,355
Changes in operating assets and liabilities:
Accounts receivable and other debit balances
22,152,037
4,915,507
Murabaha receivable
302,185
Properties held for trading
(22,727,738)
(26,165,536)
Investment properties
(9,933,242)
(9,380,400)
Accounts payable and other credit balances
30,443,370
18,977,276
Deferred consideration on acquisition of properties
{996,795}
(3,582,792)
23,490,362
(4,643,590)
End of service indemnity paid
{2,611}
(37,450)
Net cash generated from (used in) operating activities
23,487,751
(4,681,040)
Cash flows from investing activities:
Proceeds from sale of investments at fair value through income statement
1,258
Paid for purchase of investments available for sale
(11,003,541 )
(47,011,510)
Proceeds from sale of investments available for sale
6,040,726
39,663,320
Proceeds from partial disposal of a subsidiary
3,239,441
Investment in associates
5,898,858
(616,075)
Investment in joint ventures
(215,133)
Investment in an unconsolidated subsidiary
268,400
Dividend income received
422,122
960,751
Murabaha income received
131,077
Interest income received
519,122
668,605
Paid against increase in equity holding of a subsidiary
1,866,266
(546,220)
Fixed assets
1,387,123
(14,836,930)
Net cash generated from (used in) investing activities
5,261l53
(18,424,093)
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