Mazaya Holding_FS_E_Q1_2021

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, 2021 (All amounts are in Kuwaiti Dinars) 6 For the three months ended March 31, Notes 2021 2020 Cash flows from operating activities: Profit (Loss) for the period 97,771 (3,456,466) Adjustments for: Allowance for expected credit losses 90,202 1,466,591 Allowance for expected credit losses no longer required (104,020) (840) Impairment loss on properties held for trading - 280,997 Net loss profit of financial assets 6,397 9,682 Share of results from an associate - 97,216 Change in fair value of investment properties - 2,068,356 Depreciation 22,335 60,556 Amortization of finance costs related to lease liabilities 156,506 169,294 Finance costs 1,001,958 1,435,924 Gain from sale Property, plant and equipment (48,444) - Provision for employees’ end of service benefits 48,570 48,279 Provision for employees’ stock option plan - 5,652 1,271,275 2,185,241 Changes in operating assets and liabilities: Accounts receivable and other debit balances 1,773,767 (776,914) Properties held for trading 278,508 1,559,379 Accounts payable and other credit balances (2,518,173) (1,367,276) Advances from customers (118,505) (123,682) Cash flows generated from operations 686,872 1,476,748 Employees’ end of service benefits paid (2,562) (1,883) Net cash flows generated from operating activities 684,310 1,474,865 Cash flows from investing activities: Net movement in restricted cash balances 58,678 (23,684) Proceeds from sale Property, plant and equipment 184,167 - Paid for investment properties (33,384) (152,277) Net cash flows generated from (used in) investing activities 209,461 (175,961) Cash flows from financing activities: Net movement in term loans - (208,795) Net movement in Islamic bank facilities (9,905) 4,606,727 Lease liabilities paid (630,000) (545,000) Finance costs paid (329,439) (684,336) Net cash flows (used in) generated from financing activities (969,344) 3,168,596 Net (decrease) increase in cash and cash equivalent (75,573) 4,467,500 Foreign currency translation adjustments (168,131) (72,604) Cash and cash equivalent at the beginning of the period 3 6,389,737 6,984,204 Cash and cash equivalent at the end of the period 3 6,146,033 11,379,100 The accompanying notes (1) to (11) form an integral part of the interim consolidated financial information.