MISC Annual Report 2018

HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 223 MISC BERHAD ANNUAL REPORT 2018 222 Group Note 2018 RM'000 2017 RM'000 CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities 31 (3,636,803) (2,761,097) CASH FLOWS FROM FINANCING ACTIVITIES Net cash used in financing activities 32 (822,695) (2,058,698) Net decrease in cash and cash equivalents (360,271) (80,681) Cash and cash equivalents at beginning of financial year 5,792,035 6,408,971 Currency translation differences 103,085 (536,255) Cash and cash equivalents at end of financial year 5,534,849 5,792,035 Cash and cash equivalents comprise: Cash, deposits and bank balances 24 5,755,604 5,900,724 Less: Cash pledged with bank - restricted (218,429) (104,732) Deposits with maturity more than 90 days (2,326) (3,957) Cash and cash equivalents 5,534,849 5,792,035 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Note Corporation 2018 RM'000 2017 RM'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 1,252,261 1,663,552 Adjustments for: Ships and other property, plant and equipment - Depreciation 348,426 400,366 - Written off 4,377 4,224 - Impairment loss 49,802 227,431 Amortisation of prepaid lease payments 121 129 Amortisation of upfront fees for borrowings 6,121 8,770 Gain on disposal of other property, plant and equipment - (547) Gain on disposal of ships (4,985) - Impairment loss on: - Trade and other receivables 133,327 126,643 - Finance lease receivables 7,662 - Bad debts written off - 17,805 Writeback of impairment loss on trade and other receivables - (64,893) Impairment loss on investment in subsidiaries 41,789 129,452 Impairment loss on other investments - 2,681 Net unrealised foreign exchange (gain)/loss (9,497) 26,223 Dividend income from equity investments (1,153,064) (1,462,084) Net movement in provision - (12,445) Gain on acquisition of businesses (100,001) - Gain on disposal of a joint venture - (118,085) Fair value movement in other investments 15,120 - Finance income (224,384) (186,228) Finance costs 207,300 180,252 Operating profit before working capital changes 574,375 943,246 Inventories 21,182 1,953 Trade and other receivables 1,706,346 1,871,443 Trade and other payables 242,116 (1,237,263) Net cash generated from operating activities 2,544,019 1,579,379 CASH FLOWS FROM INVESTING ACTIVITIES Net cash (used in)/generated from investing activities 31 (609,617) 1,462,037 CASH FLOWS FROM FINANCING ACTIVITIES Net cash used in financing activities 32 (2,590,475) (3,637,190) Net decrease in cash and cash equivalents (656,073) (595,774) Cash and cash equivalents at beginning of financial year 2,577,773 3,468,856 Currency translation differences 36,119 (295,309) Cash and cash equivalents at end of financial year 1,957,819 2,577,773 Cash and cash equivalents comprise: Cash, deposits and bank balances 24 1,957,819 2,577,773 STATEMENTS OF CASH FLOWS STATEMENTS OF CASH FLOWS For the year ended 31 December 2018 For the year ended 31 December 2018