EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 58 Group Company Note 2020 2019 2020 2019 RM RM RM RM Cash flows from investing activities Additions of product development costs (3,136,620) (2,681,130) (2,803,118) (2,392,715) Acquisition of: - a subsidiary company - - (2) - - property, plant and equipment (676,546) (437,104) (376,943) (437,104) - other investments - (13,730,640) - (13,730,640) - right-of-use assets - (11,371,290) - (11,371,290) Interest income from: - deposits with licensed banks 44,614 82,004 27,754 63,342 - short-term funds 1,036,408 1,391,366 1,036,408 1,391,366 Proceeds from disposal of property, plant and equipment - 500 - 500 Repayment from a subsidiary company - - 800,000 500,000 Net cash used in investing activities (2,732,144) (26,746,294) (1,315,901) (25,976,541) Cash flows from financing activities Dividends paid 30 (5,593,784) (6,028,784) (5,593,784) (6,028,784) Proceeds from issuance of ordinary shares 16 - 68,304,785 - 68,304,785 Purchase of treasury shares 18 (8,119,858) (19,440,808) (8,119,858) (19,440,808) Payment of lease liabilities (380,336) (375,295) (380,336) (375,295) Net cash (used in)/from financing activities (14,093,978) 42,459,898 (14,093,978) 42,459,898 Net increase/(decrease) in cash and cash equivalents 71,908 (7,018,987) 403,165 (7,278,919) Effect of exchange translation differences on cash and cash equivalents (7,570) (4,531) (7,570) (4,531) Cash and cash equivalents at the beginning of the financial year 22,789,063 29,812,581 21,729,766 29,013,216 Cash and cash equivalents at the end of the financial year 22,853,401 22,789,063 22,125,361 21,729,766 Cash and cash equivalents at the end of the financial year comprises: Deposits, bank and cash balances and short-term funds 15 22,853,401 22,789,063 22,125,361 21,729,766 The accompanying notes form an integral part of the financial statements. STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 (CONT’D)