Excel Force MSC Berhad Annual Report 2015

E X C E L F O R C E M S C B E R H A D • A N N U A L R E P O R T 2 0 1 5 45 STATEMENTS OF CASH FLOWS for the Financial Year Ended 31 December 2015 Group Company 2015 2014 2015 2014 Note RM RM RM RM CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 9,652,925 10,325,410 9,650,551 9,813,302 Adjustments for: Amortisation of product development costs 8 1,429,000 996,119 1,055,332 778,826 Depreciation of property, plant and equipment 7 1,503,938 1,414,768 1,414,515 1,373,330 Interest expense on: - hire purchase and finance lease liabilities 24 597 8,876 597 8,876 - term loan 24 - 916 - 916 Interest income from: - deposits with licensed banks (4,156) (1,901) (1,036) (1,196) - short term funds (347,427) (317,521) (338,794) (317,521) - amount owing by a subsidiary - - (105,744) (105,743) Net gain on disposal of property, plant and equipment (21,676) (1,382,650) (22,098) (1,382,650) Product development costs written off 8 - 451,304 - 451,304 Property, plant and equipment written off 7 1,468 1,622 70 1,449 Unrealised gain on foreign exchange (64,783) (28,668) (64,783) (28,668) Operating profit before changes in working capital 12,149,886 11,468,275 11,588,610 10,592,225 Increase in inventories (14,910) (13,415) (14,910) (13,415) Increase in trade and other receivables (968,078) (2,302,187) (943,628) (2,181,424) Increase/(Decrease) in trade and other payables 174,799 (92,026) (367,331) 360,907 Increase in product development costs 8 (2,903,104) (2,574,798) (2,194,248) (1,792,927) Cash generated from operations 8,438,593 6,485,849 8,068,493 6,965,366 Tax paid (2,117,543) (1,998,687) (2,094,952) (1,998,687) Net cash from operating activities 6,321,050 4,487,162 5,973,541 4,966,679