GHL System Berhad Annual Report 2020

84 G H L S y s t e m S B e r h a d 1 9 9 4 0 1 0 0 7 3 6 1 ( 2 9 3 0 4 0 - D ) Group Company 2020 2019 2020 2019 Note RM RM RM RM CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax - continuing operations 21,319,771 43,555,184 5,037,487 18,397,591 - discontinued operation (2,103,799) (3,845,597) - - 19,215,972 39,709,587 5,037,487 18,397,591 Adjustments for: Amortisation of: - intangible assets 14 264,671 264,671 26,248 26,248 - contract liabilities 29 (5,660,772) (2,434,772) (1,105,635) (1,167,490) Bad debts written off 6 2,284,555 574,845 913,853 426,343 Depreciation of property, plant and equipment 12 32,078,675 32,329,837 1,418,565 1,247,224 Dividend income - - (9,000,000) (12,000,000) Impairment losses on: - property, plant and equipment 12(d) 3,827,865 506,938 - - - trade and other receivables 20 8,450,446 9,332,249 7,047,192 5,930,841 - investments in subsidiaries 16 - - 23,455 1,341,860 - investment in associates 317,756 - - - - goodwill 15 11,332,252 - - - Fair value loss/(gain) on other investment 95,896 (43,717) 110,132 (53,652) Fair value loss/(gain) on contingent consideration 26(f) 6,140,942 (2,541,578) - - Interest expense 2,065,181 2,752,175 8,132 12,801 Interest income (3,058,665) (3,294,042) (1,538,990) (1,533,557) Inventories written off 19 1,353,402 689,769 - 552,608 Inventories written back 19 - (90,043) - - (Gain)/Loss on disposal of property, plant and equipment (605,159) (94,029) 111,726 - Gain on disposal of a subsidiary 16(e) (480,500) - - - Gain on reassessment of right-of-use assets (834) - (834) - Loss on liquidation of subsidiary 16(f) - 48,450 - - Gain on disposal of other investments (387,963) (2,163,252) (320,425) (2,152,834) Unrealised loss/(gain) on foreign exchange, net 117,689 (55,812) 1,701,687 7,602 Property, plant and equipment written off 328,649 1,767,148 9,546 3,983 Reversal of trade and other receivables 20 (9,495,519) (1,781,379) (8,819,987) (16,656,717) Share options granted under ESS 7 287,229 1,518,227 107,568 567,115 Share of loss of an associate 17(g) 147,601 554,516 - - Operating profit/(loss) before changes in working capital 68,619,369 77,549,788 (4,270,280) (5,050,034) STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020