2019
2018
Note(s)
KD ’000
Cash flows from operating activities
Profit for the year before income tax, KFAS, NLST, and Zakat
283,084
251,351
Adjustments for:
Depreciation and amortization
10,11,12
375,954
229,532
ECL on financial assets
38,886
13,188)
Interest income
(7,098)
(18,320)
Investment income
21
(1,007)
(3,930)
Share of results of associates and joint venture
9
(2,762)
2,444
Other income/ (expenses)
20.b
(38,955)
41,696
Gain on business combination
35
-
(30,931)
Finance costs
110,723
69,173
Provision for impairment loss on property and equipment
1,133
-
9,648
Loss from currency revaluation
13,058
14,764
Net monetary gain
33
(5,074)
(46,935)
Loss on sale of property and equipment
1,400
202
Operating profit before working capital changes
768,209
531,882
Increase in trade and other receivables
(99,916)
(84,716)
Increase in inventories
(243)
(3,730)
Increase in trade and other payables and deferred revenue
4,495
70,706
Cash generated from operations
672,545
514,142
Payments:
Income tax
(16,614)
(10,629)
Kuwait Foundation for Advancement of Sciences (KFAS)
(771)
(319)
National Labour Support Tax and Zakat
(3,349)
(5,492)
Net cash from operating activities
651,811
497,702
Cash flows from investing activities
Deposits maturing after three months and cash at bank under lien
4
(7,403)
30,286
Proceeds from sale of investment securities
7,916
1,919
Investments in securities
(325)
(4,132)
Increase in dues from associates
-
(7,039)
Acquisition of property and equipment (net)
(282,799)
(173,837)
Acquisition of intangible assets (net)
(33,417)
(43,977)
Net cash on acquisition of subsidiaries
(11,703)
101,993
Interest received
5,749
6,028
Dividends received
383
253
Net cash used in investing activities
(321,599)
(88,506)
Cash flows from financing activities
Proceeds from bank borrowings
15
540,727
203,019
Repayment of bank borrowings
15
(587,387)
(288,901)
Repayment of lease liabilities
(59,114)
-
Dividends paid to Company’s shareholders
(129,705)
(151,017)
Dividends paid to minority shareholders of subsidiaries
(5,047)
(1,569)
Finance costs paid – due to banks
(112,438)
(52,966)
Net cash used in financing activities
(352,964)
(291,434)
Net (decrease)/ increase in cash and cash equivalents
(22,752)
117,762
Effects of exchange rate changes on cash and cash equivalents
418
(13,461)
Transition adjustment on adoption of IFRS 9
-
(6,497)
Cash and cash equivalents at beginning of year
304,236
206,432
Cash and cash equivalents at end of year
4
281,902
304,236
The accompanying notes are an integral part of these consolidated financial statements.