GHL System Berhad Annual Report 2018

a n n u a l r e p o r t 2 0 1 8 77 STAT EMENTS OF CASH F LOWS f o r t h e f i n a n c i a l y e a r e n d e d 3 1 D e c e m b e r 2 0 1 8 Group Company 2018 2017 2018 2017 Note RM RM RM RM CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 33,491,693 25,409,775 12,093,291 497,558 Adjustments for: Amortisation of: - intangible assets 13 253,164 325,657 14,741 87,233 - deferred income 27 (3,883,808) (1,855,282) (3,146,508) (918,492) Bad debts written off 1,368,698 223,794 - 12,000 Depreciation of property, plant and equipment 12 22,699,930 20,382,340 701,462 604,665 Dividend income - - (12,000,000) (2,800,000) Impairment losses on: - trade and other receivables 21(k) 2,859,682 1,410,478 18,666,631 831,254 - investments in subsidiaries 15 - - 1,074,677 2,400,000 Fair value loss on other investment 18(c) 2,117,588 - 2,117,588 - Fair value gain on contingent consideration 28(f) (307,210) - - - Interest expense 1,716,778 1,710,205 45,389 118,529 Interest income (2,678,902) (899,936) (1,245,402) (124,944) Inventories written off 20 23,494 122,759 23,494 - Inventories written back 20 (21,310) (19,357) - - Loss/(Gain) on disposal of property, plant and equipment 157,844 (216,568) (347) (210,917) (Gain)/Loss on de-registration of subsidiaries 15(f) (52,122) 110,613 - - Gain on deemed disposal of a joint venture 16(c) (841,267) - - - Unrealised (gain)/loss on foreign exchange, net (485,468) 3,708,218 (505,318) 3,921,811 Property, plant and equipment written off 12 49,099 12,145 5 1,714 Reversal of impairment losses on: - property, plant and equipment 12(e) (664,241) - - - - trade and other receivables 21(k) (4,258,046) (869,279) (23,777,282) (2,400,000) Share options granted under ESS 7 1,018,945 18,962 375,097 18,962 Share of loss of an associate 16(h) 796,615 - - - Share of profit of joint ventures 16(d) - (18,253) - - Operating profit/(loss) before changes in working capital 53,361,156 49,556,271 (5,562,482) 2,039,373 (Increase)/Decrease in inventories (22,969,682) 19,316,166 35,057 256,801 Increase in trade and other receivables (62,108,904) (22,989,601) (1,663,689) (221,953) Increase/(Decrease) in trade and other payables 38,370,092 16,468,136 354,897 (1,128,742) Advance receipts for deferred income 27 4,587,036 2,068,818 2,736,276 1,511,817 Cash generated from/(used in) operations 11,239,698 64,419,790 (4,099,941) 2,457,296