MS AR 2018 (1)

STATEMENT OF CASH FLOWS
DIRECT METHOD
Rupees 2018 2017
Cash flows from operating activities
Cash receipt from customers 22,309,601,537 18,395,658,999
Cash paid to suppliers and employees (20,356,033,746) (19,152,013,070)
Cash generated from / used in operations 1,953,567,791 (756,354,071)
Net decrease in long-term loans to employees 7,533,459 1,142,685
Net Increase in long-term deposits (2,587,004) –
Defined benefits paid (5,885,829) (5,504,109)
Finance cost paid (517,684,178) (219,433,011)
Workers’ profit participation fund paid (65,304,280) (68,013,042)
Income tax paid (437,312,304) (224,664,034)
(1,021,240,136) (516,471,511)
Net cash generated from / used in operating activities 932,327,655 (1,272,825,582)
Cash flows from investing activities
Payments for property, plant & equipment (2,205,109,816) (473,866,042)
Proceeds from disposal of tangible fixed assets 2,158,500 2,641,480
Profit received on term deposit receipts 23,108,723 18,812,847
Net cash used in investing activities (2,179,842,593) (452,411,715)
Cash flow from financing activities
Repayment of long-term financing (31,712,571) (407,495,915)
Proceeds from long-term financing 829,000,000 –
Short-term loans from banking companies - net (436,535,304) 3,442,287,432
Short-term loans from Directors & their relatives - net (37,082,301) –
Proceeds from issuance of ordinary shares – 1,257,998,250
Transaction costs – (12,340,105)
Dividend paid (163,784,311) (613,166,100)
Net cash generated from financing activities 159,885,513 3,667,283,563
Net decrease / increase in cash and cash equivalents (1,087,629,425) 1,942,046,265
Cash and cash equivalents at the beginning of the year 2,338,800,897 396,754,632
Cash and cash equivalents at the end of the year 1,251,171,472 2,338,800,897
76 MUGHAL IRON & STEEL INDUSTRIES LIMITED