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Al Mazaya Holding Company K.S.C. and its Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 30 June 2013(UNAUDITED)
Six months
elided
30 JUlie
2013
2012
NOles
KD
KD
OPERA TING ACTIVITIES
Profit for the period
713,586
1,485,307
Adjustments to reconcile profit to net cash flows:
Depreciation
29,284
49,260
Allowance for doubtful debts
1,388
Net investment loss
640,677
1,468,892
Share of results of joint ventures
(307,814)
(446,993)
Share of results of associates
4,349
9,264
Provisions no longer required
8
(1,477,345)
Net impairment charge on properties held for trading
190,787
698,634
Interest income
(44,419)
(72,705)
Finance costs
1,321,157
1,640,118
Foreign exchange (gain) loss
(10,720)
74,403
Provision for employees' end of service benefits
64,583
48,503
1,124,125
4,956,071
Working capital adjustments:
Properties held for trading
1,838,647
(1,250,942)
Accounts receivable and other debit balances
834,054
15,013,063
Accounts payable and other credit balances
(4,950,070)
(15,476,368)
Advances from customers
677,638
(6,777,157)
Cash flows used in operations
(475,606)
(3,535,333)
Employees'
end of service benefits paid
(31,423)
(38,647)
Net cash flows used in operating activities
(507,029)
(3,573,980)
INVESTING ACTIVITIES
Decrease in restricted cash balances
799,255
1,449,377
Purchase of property and equipment
(27,671)
(79,437)
Additions to investment properties
(223,384)
(665,310)
Proceeds received on distribution of assets in joint venture
5
3,918,125
Dividend income from investment in associates
299,292
138,915
Purchase of financial assets available for sale
(2,009,101 )
Proceeds from sale of financial assets available for sale
122,229
3,312,230
Interest income received
44,419
72,705
Net cash flows from investing activities
4,932,265
2,219,379
FINANCING ACTIVITIES
Term loan repaid
(3,500,000)
(1,500,000)
Net movement in tawarruq payable
(2,700)
Net movement in murabaha and wakala payables
(l,640,118)
Finance costs paid
(1,321,157)
Net cash flows used in financing activities
(4,823,857)
(3,140,118)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(398,621)
(4,494,719)
Foreign currency translation adjustments
88,778
Cash and cash equivalents at the beginning of the period
6
4,266,287
11,956,472
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
6
3,956,444
7,461,753
NON CASH TRANSACTIONS
OPERA TING ACTIVITIES
Properties held for trading
(3,145,582)
Accounts payable and other credit balances
4
(6,000,000)
(9,145,582)
INVESTING ACTIVITIES
Investment properties
4
9,800,000
Tbe attached notes 1 to 14 form part oftbis interim condensed consolidated financial information.
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