Consolidated statement of cash flows

(All amounts in Saudi Riyals thousands unless otherwise stated)

Notes 2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before zakat and tax from continuing operations 1,491,428 888,344
Profit / (loss) before zakat and tax from discontinued operations 217,856 (61,313)
Adjustments for:
Depreciation and amortisation 5.3, 6.2 465,817 620,926
Financial charges, net 31, 33.6 1,228,674 1,059,769
Gain recognised on loss of control in a subsidiary 33 (235,700) -
Unrealised exchange loss 30 56,756 15,007
Share in net results of equity accounted investees, net of zakat and tax 7.1 (291,373) (225,606)
Charge for employees’ end of service benefits 16.1 35,629 40,820
Fair value of cash flow hedges recycled to profit or loss (5,933) 2,662
Provisions 112,442 52,736
Provision for long term incentive plan 23.3 30,814 60,995
Impairment loss in relation to property, plant and equipment and goodwill 29.1 121,595 60,024
(Gain) / loss on disposal of property, plant and equipment 28 (23,278) 7,747
Development cost, provision and write offs, net of reversals 11.4 35,438 133,249
Loss on disposal of an equity accounted investee 17,179 -
Finance income from shareholder loans and deposits (259,152) (72,338)
Gain on remeasurement of derivatives and options 28 (106,986) (6,075)
2,891,206 2,576,947
Changes in operating assets and liabilities:
Accounts receivable, prepayments and other receivables 39.3 (477,405) (98,570)
Inventories (28,948) (4,399)
Accounts payable and accruals 39.3 (218,053) 295,087
Due from related parties (17,643) 16,355
Net investment in finance lease 39.3 410,719 373,959
Other assets 36,512 38,098
Other liabilities 210,943 38,536
Deferred revenue 36,320 (8,973)
Net cash from operations 2,843,651 3,227,040
Employee end of service benefits’ paid 16.1 (29,874) (41,936)
Zakat and tax paid 20.3 (101,080) (192,946)
Dividends received from equity-accounted investees 7.1 198,670 209,021
Net cash generated from operating activities 2,911,367 3,201,179
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, and intangible assets (1,562,870) (2,052,022)
Proceeds on partial disposal of equity accounted investees 391,440 -
Proceeds on partial disposal of subsidiary without loss of control 60,905 -
Proceeds on disposal of property, plant and equipment 26,982 21,924
Investments in equity accounted investees (949,054) (3,946,171)
Other assets 15.5 (236,250) -
Finance income from deposits received 118,391 52,399
Short term deposits with original maturities of more than three months 12 (199,998) -
Cash deconsolidated on loss of control (11,162) -
Net cash used in investing activities (2,361,616) (5,923,870)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 13.1 - 4,778,864
Transaction costs on issue of shares 39.3 - (124,868)
Proceeds from financing and funding facilities, net of transaction cost 6,023,840 9,771,211
Repayment of financing and funding facilities 39.3 (3,284,988) (5,391,528)
Due to related parties (757,933) 27,774
Other financial liabilities - (142,060)
Financial charges paid (1,281,418) (1,073,831)
Dividends paid 13.4 (625,619) (905,924)
Capital contributions from and other adjustments to non-controlling interest 351,672 121,566
Net cash generated from financing activities 425,554 7,061,204
Net increase in cash and cash equivalents during the year 975,305 4,338,513
Cash and cash equivalents at beginning of the year 5,172,921 832,668
Net foreign exchange difference 39.3 6,298 1,740
Cash and cash equivalents at end of the year 12 6,154,524 5,172,921

The attached notes 1 to 40 form an integral part of these consolidated financial statements.