Consolidated statement of cash flows

2022/2023

2021/2022

Profit for the year

628

–

Adjustments for:

Income tax expense

12

1,907

2,066

Impairment trade receivables and contract assets

189

181

Depreciation and amortization

14, 15

36,927

35,469

Net impairment loss

14

88

528

Finance income

10

-899

-188

Finance expenses

11

9,971

7,629

Gain on sale of shares in KPMG Investments Malta Ltd.

–

-4,634

Cash flows before movements in working capital and provisions

48,811

41,051

Change in contract assets

5

-4,093

-1,885

Change in receivables

17

-45,303

-25,447

Change in other assets

2,560

482

Change in contract liabilities

5

-3,915

7,780

Change in trade and other payables

23

10,379

6,720

Change in provisions

22

43,063

-613

Change in employee benefits

21

-10,129

5,867

Cash flows from operating activities

41,373

33,954

Income tax paid

-2,344

-1,681

Net cash from operating activities

39,029

32,273

Acquisition of property, plant and equipment

15

-6,019

-6,685

Investment in software

14

-2,578

-1,574

Net proceeds of sale shares in KPMG Investments Malta Ltd.

–

4,634

Net cash used in investing activities

-8,597

-3,625

Addition to share premium by partners

2,310

2,160

Net (repayment)/proceeds of loans and borrowings from partners

20

-35,638

20,277

Net (repayment)/proceeds of loans and borrowings from former partners

20

-1,234

532

Interest paid to Coöperatie KPMG U.A. re partners and former partners

11

-5,945

-4,530

Repayment of share premium to Coöperatie KPMG U.A.

-1,320

-990

Interest and bank charges paid

-4,054

-3,126

Interest received

10

899

188

Payment of lease liabilities

-29,453

-29,830

Proceeds of employee bonds

20

2,040

1,977

Repayment of employee bonds

20

-1,150

-632

Net cash used in financing activities

-73,545

-13,974

Net change in cash and cash equivalents

-43,113

14,673

Cash and cash equivalents at 1 October

179,267

164,594

Cash and cash equivalents at 30 September

18

136,154

179,267