Annual report pursuant to Section 13 and 15(d)

AMAK FINANCIAL STATEMENTS - Statements of Cash Flows (Details)

v3.20.1
AMAK FINANCIAL STATEMENTS - Statements of Cash Flows (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
SAR (ر.س)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
SAR (ر.س)
Dec. 31, 2017
USD ($)
Dec. 31, 2017
SAR (ر.س)
Cash flows from operating activities:                            
Net income (loss) | $ $ (19,710,000) $ 581,000 $ 2,404,000 $ 1,751,000 $ (5,290,000) $ (1,609,000) $ 2,215,000 $ 2,352,000 $ (14,974,000)   $ (2,332,000)   $ 18,009,000  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                            
Amortization of deferred finance costs | $                 181,000   261,000   247,000  
Changes in operating assets and liabilities:                            
Accounts receivable | $                 816,000   (1,485,000)   (3,586,000)  
Inventories | $                 2,914,000   1,911,000   (579,000)  
Accounts payable and accrued liabilities | $                 (4,944,000)   2,202,000   6,976,000  
Net Cash Provided by Operating Activities - Continuing Operations | $                 25,121,000   19,895,000   30,828,000  
Cash flows from investing activities:                            
Additions to property and equipment | $                 (10,079,000)   (25,285,000)   (51,584,000)  
Cash flows from financing activities:                            
Issuance of share capital and premium | $                 0   0   25,000  
Borrowings from long-term debt | $                 2,000,000   18,177,000   26,000,000  
Payments on long-term debt | $                 (21,375,000)   (15,354,000)   (10,417,000)  
Net Cash (Used in) Provided by Financing Activities | $                 (19,680,000)   3,683,000   15,502,000  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | $                 (590,000)   3,707,000   (5,361,000)  
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $       $ 6,735,000       $ 3,028,000 6,735,000   3,028,000   8,389,000  
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ $ 6,145,000       $ 6,735,000       6,145,000   6,735,000   3,028,000  
Supplemental cash flow information                            
Cash paid for interest | $                 4,731,000   4,560,000   3,540,000  
Cash paid for Zakat and income tax | $                 53,000   (4,182,000)   92,000  
AMAK                            
Cash flows from operating activities:                            
Net income (loss)                   ر.س (26,286,335)   ر.س (25,233,338)   ر.س (62,895,574)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                            
Depreciation and amortization                   113,949,259   125,507,864   83,547,586
Accretion of deferred mine closure costs                   562,211   543,198   524,829
Amortization of deferred finance costs                   1,675,135   2,175,902   1,610,733
Gain on forgiveness of liabilities                   0   0   0
Deferred income taxes                   424,873   (7,224,929)   417,966
Changes in operating assets and liabilities:                            
Accounts receivable                   (13,408,437)   (8,021,219)   (8,213,816)
Inventories                   10,593,780   (18,644,188)   (11,351,752)
Advances to contractors and other                   (30,884,252)   563,016   (3,944,995)
Accounts payable and accrued liabilities                   11,661,674   6,084,327   9,638,009
Zakat and income tax liability                   5,532,026   1,883,327   1,583,048
End-of-service indemnities                   1,231,003   1,131,360   1,037,893
Net Cash Provided by Operating Activities - Continuing Operations                   75,050,937   78,765,320   11,953,927
Cash flows from investing activities:                            
Additions to property and equipment                   (48,246,282)   (28,945,309)   (31,550,443)
Cash flows from financing activities:                            
Issuance of share capital and premium                   0   2,453,580   0
Payments on capital lease obligations                   (1,059,694)   (72,788)   0
Repurchase of treasury stock                   (22,151,322)   0   0
Borrowings from long-term debt | $                 50,000,000   0   0  
Payments on long-term debt                   (30,000,000)   0   (5,000,000)
Net advances from (to) shareholders                   (2,859,341)   (53,015,844)   403,147
Net Cash (Used in) Provided by Financing Activities | $                 (6,070,357)   (50,635,052)   (4,596,853)  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                   20,734,298   (815,041)   (24,193,369)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                   31,510,496   32,325,537   56,518,906
CASH AND CASH EQUIVALENTS AT END OF YEAR                   52,244,794   31,510,496   32,325,537
Supplemental cash flow information                            
Cash paid for interest                   4,428,545   3,927,778   3,686,000
Cash paid for Zakat and income tax                   6,086,073   3,212,813   1,626,179
Supplemental disclosure of non-cash items                            
Assets acquired through capital lease obligations                   ر.س 7,933,140   ر.س 625,805   ر.س 0
Advances to shareholders applied to treasury stock purchase | $                 $ 52,562,028   $ 0   $ 0