EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 55 Group Company 2019 2018 2019 2018 Note RM RM RM RM Cash flows from operating activities Profit before tax 8,290,110 7,934,907 8,015,418 7,717,522 Adjustments for: Amortisation of product development costs 2,453,044 2,103,599 1,876,429 1,581,267 Depreciation of property, plant equipment 692,004 826,610 689,042 815,346 Depreciation of right-of-use assets 374,442 - 374,442 - Loss/(Gain) on disposal of: - property, plant and equipment 664 (21,998) 664 (22,207) - assets held for sale - (2,283,796) - (2,283,796) Impairment losses on trade receivables 36,923 101,949 36,923 80,641 Reversal of impairment losses on trade receivables (36) (17,657) - - Interest income from: - deposits with licensed banks (82,004) (43,389) (63,342) (36,923) - short-term funds (1,391,366) (769,945) (1,391,366) (769,945) - amount due from subsidiary companies - - (77,421) (90,672) Finance costs 19,511 - 19,511 - Property, plant and equipment written off 1 162,538 - 162,538 Unrealised loss/(gain) on foreign exchange 3,749 (4,395) 3,749 (4,395) Operating profit before working capital changes 10,397,042 7,988,423 9,484,049 7,149,376 Change in working capital: Inventories 21,336 (19,468) 21,336 (19,468) Trade and other receivables (24,403,710) (1,117,215) (24,385,696) (1,329,459) Trade and other payables (7,350,612) 7,908,019 (7,368,547) 7,884,860 Contract liabilities 316,038 265,916 192,398 210,439 Amount due from subsidiary companies - - 3,078 (63,217) (31,416,948) 7,037,252 (31,537,431) 6,683,155 Cash (used in)/generated from: Operations (21,019,906) 15,025,675 (22,053,382) 13,832,531 Interest paid (19,511) - (19,511) - Tax paid (1,693,174) (1,567,778) (1,689,383) (1,566,578) Net cash (used in)/from operating activities (22,732,591) 13,457,897 (23,762,276) 12,265,953 statements of cash flows for the financial year ended 31 december 2019