Mazaya_FS_E Q4. 20

AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC) AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2020 (All amounts are in Kuwaiti Dinars) 8 2020 2019 Cash flows from operating activities: Loss for the year (8,446,947) (8,653,426) Adjustments: Depreciation 161,711 209,642 Share of results from an associate 474,452 (46,490) Share of results from a joint venture - (587,869) Allowance for expected credit losses 2,055,364 840,706 Allowance for expected credit losses no longer required (240,534) (1,075,524) Impairment loss on properties held for trading 838,351 2,470,542 Net investment income (98,333) (540,539) Effect of reclassification of an associate to financial assets at FVTOCI (172,194) - Change in fair value of investment properties 4,076,282 769,174 Provision for employees’ end of service indemnity 223,178 176,798 Provision for employees’ stock option plan 22,608 97,880 Amortization of finance cost related to lease liabilities 657,938 315,844 Finance costs 4,947,473 5,567,876 4,499,349 (455,386) Change in operating assets and liabilities: Accounts receivable and other debit balances 2,014,669 (3,713,856) Properties held for trading 6,048,925 12,336,911 Accounts payable and other credit balances (2,142,625) (4,346,479) Advances from customers (187,263) (532,132) Cash flows generated from operations 10,233,055 3,289,058 Employees’ end of service indemnity paid (29,265) (68,521) Net cash flows generated from operating activities 10,203,790 3,220,537 Cash flows from investing activities: Net movement in restricted cash balances 2,229,511 (1,408,833) Proceeds from sale of financial assets at FVTPL 310,878 170,915 Paid for investment properties (549,090) (518,579) Purchase of property, plant and equipment (51,465) (20,518) Cash dividend received 206,187 557,220 Net cash flows generated from (used in) investing activities 2,146,021 (1,219,795) Cash flows from financing activities: Payment to lease liabilities (1,537,500) (460,000) Net movement in term loans (6,381,286) (702,694) Net movement in islamic bank facilities 792,989 5,536,019 Dividend paid (9,241) (42,869) Finance costs paid (3,909,490) (4,768,705) Net cash flows used in financing activities (11,044,528) (438,249) Net increase in cash and cash equivalents 1,305,283 1,562,493 Effect on acquisition of a subsidiary - 19,760 Foreign currency translation adjustments (1,899,750) (258,012) Cash and cash equivalents at the beginning of the year (Note 3) 6,984,204 5,659,963 Cash and cash equivalents at the end of the year (Note 3) 6,389,737 6,984,204 2020 2019 Non-cash transactions: Properties held for trading 3,094,894 (9,567,298) Investment properties (3,094,894) 17,542,817 Lease liabilities - (7,975,519) Investment in associate 9,735,533 - Financial assets at FVTOCI (9,735,533) - The accompanying notes (1) to (31) form an integral part of the consolidated financial statements.