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For the year ended 31 December |
Note(s) |
2024 RO’000 |
2023 RO’000 |
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Cash flows from operating activities |
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| Profit for the year before tax from continuing operations | 336,549 | 350,177 | ||
| Profit for the year before tax from discontinuing operations | 892 | – | ||
| Profit for the year before tax | 337,441 | 350,177 | ||
| Adjustments for: | ||||
| Depreciation, amortisation and impairment | 10, 11, 12 | 582,748 | 565,948 | |
| Expected credit loss on financial assets | 68,201 | 47,070 | ||
| Interest income | (12,037) | (19,869) | ||
| Investment income | 21 | (11,373) | (15,627) | |
| Share of results of associates and joint venture | 9 | (7,546) | (4,373) | |
| Gain on sale and lease back transactions | 8 | (1,659) | (70,084) | |
| Gain on disposal of discontinued operations and sale of subsidiary | 8 | – | (686) | |
| Gain on business combination | (29,345) | – | ||
| Finance costs | 22 | 200,041 | 199,906 | |
| Gain from currency revaluation | (14,449) | (7,637) | ||
| Net monetary gain | (2,014) | – | ||
| (Gain)/loss on sale of property and equipment | (907) | 1,062 | ||
| Cash flows from operating activities before working capital changes | 1,109,101 | 1,045,887 | ||
| Increase in bank balances held in customers account | (3,639) | (5,881) | ||
| Increase in trade and other receivables | (283,442) | (214,804) | ||
| (Increase)/Decrease in inventories | (33,083) | (12,563) | ||
| Increase/(Decrease) in trade and other payables and deferred revenue | (37,544) | 79,074 | ||
| Cash generated from operations | 751,393 | 891,713 | ||
| Income tax | (22,354) | (22,643) | ||
| Net cash from operating activities | 729,039 | 869,070 | ||
| Cash flows from investing activities | ||||
| Deposits maturing after three months and cash at banks under lien | (1,992) | 17,674 | ||
| Purchase of financial instruments | (14,552) | (1,331) | ||
| Proceeds from sale of financial instruments | 2,635 | 77,422 | ||
| Investment in associate | (3,012) | (2,976) | ||
| Acquisition of property and equipment (net) | (334,254) | (353,598) | ||
| Acquisition of intangible assets (net) | (59,142) | (98,449) | ||
| Proceeds from sale of telecom assets (sale and lease back) | 8 | 7,592 | 246,502 | |
| Acquisition of subsidiaries, net of cash acquired | 3 | (59,566) | (13,535) | |
| Interest received | 6,273 | 6,952 | ||
| Dividends received | 3,906 | 3,153 | ||
| Net cash used in investing activities | (452,112) | (118,186) | ||
| Cash flows from financing activities | ||||
| Proceeds from borrowings | 964,494 | 436,944 | ||
| Repayment of borrowings | (839,234) | (681,987) | ||
| Sale and lease back-impact at above market terms-Financing | (9,421) | (8,690) | ||
| Repayment of lease liabilities | 16 | (91,445) | (77,177) | |
| Acquisition of own shares through liquidity provider | (2,006) | – | ||
| Dividends paid to Company’s shareholders | (41,250) | (45,000) | ||
| Dividends paid to minority shareholders of subsidiaries | (189,771) | (179,121) | ||
| Share capital introduced by minority shareholder in subsidiary | 506 | 480 | ||
| Finance costs paid | (163,393) | (156,971) | ||
| Net cash used in financing activities | (371,520) | (711,522) | ||
| Net (decrease)/increase in cash and cash equivalents | (94,593) | 39,362 | ||
| Effects of exchange rate changes on cash and cash equivalents | (36,182) | (34,229) | ||
| Cash and cash equivalents at beginning of year | 427,285 | 422,152 | ||
| Cash and cash equivalents at end of the year | 4.1 | 296,510 | 427,285 | |
The accompanying notes are an integral part of these consolidated financial statements.