Kimlun Corporation Berhad Annual Report 2017

Annual Report 2017 71 STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 Group 2017 2016 RM RM Operating activities Profit before tax 90,034,951 108,971,113 Adjustments for : Interest income (1,696,001) (1,379,505) Finance costs 4,257,221 4,753,890 Allowance for impairment on trade receivables 11,635,078 1,439,576 Reversal of allowance for impairment on trade receivables (809,370) (608,042) Impairment loss on investment properties 210,120 - Depreciation of property, plant and equipment 26,647,705 19,450,874 Gain on disposal of plant and equipment (1,409,142) (91,740) Plant and equipment written off 50,666 30,569 Share of profit of joint ventures (517,064) (3,969,269) Gain on disposal of land held for property development (10,621) - Unrealised foreign exchange loss/(gain) 7,258,000 (1,171,763) Fair value (gain)/loss on other investments (115,603) 211,938 Operating cash flows before changes in working capital 135,535,940 127,637,641 Property development costs 22,117,593 19,252,197 Inventories (55,441,014) 3,011,061 Receivables 42,294,832 (21,294,225) Other current assets (109,972,020) 4,023,033 Payables 81,556,573 (17,642,641) Other current liability (2,056,545) (7,565,596) Cash flows generated from operations 114,035,359 107,421,470 Interest received 1,696,001 1,379,505 Income taxes paid (22,027,755) (17,195,187) Interest paid (4,257,221) (4,753,890) Net cash flows generated from operating activities 89,446,384 86,851,898 Investing activities Investment in joint ventures (300,000) (4,020,000) Purchase of property, plant and equipment (18,764,143) (14,947,161) Purchase of land held for development and expenditure on land held for development (18,060,118) (22,070,850) Proceeds from disposal of plant and equipment 2,391,332 121,353 Addition to investment property (2,574,750) (5,309,749) Purchase of other investments - (385,342) Proceeds from disposal of land held for development 272,680 - Net cash flows used in investing activities (37,034,999) (46,611,749) Financing activities Dividend paid on ordinary shares (20,177,730) (17,431,465) Repayment of obligation under finance leases (15,224,022) (9,941,676) Proceeds from issuance of shares 18,399,606 15,272,076 Proceeds from conversion of warrants 1,772,736 - Share issuance expense (82,522) (231,879) Proceeds from issuance of shares by a subsidiary to non-controlling interests 299,996 4 Repayment of loans and borrowings (19,421,524) (42,801,352) Pledged of fixed deposit with licensed bank (10,794,724) (14,276,004) Net cash flows used in financing activities (45,228,184) (69,410,296) Net increase/(decrease) in cash and cash equivalents 7,183,201 (29,170,147) Effect of exchange rate changes on cash and cash equivalents (366,121) 543,058 Cash and cash equivalents at 1 January 54,684,094 83,311,183 Cash and cash equivalents at 31 December (Note 23) 61,501,174 54,684,094