GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 %*4$644*0/ "/% "/"-:4*4 0' 5)& '*/"/$*"- 3&46-54 "/% $0/%*5*0/4 (Cont’d) 1SPmU BUUSJCVUBCMF UP &RVJUZ )PMEFST PG UIF HSPVQ The profit attributable to equity holders of the Group recorded a marginal improvement to RM28.3 million, which was slightly higher than 2021. Fully diluted earnings per ordinary share for the year amounted to 2.48 sen (2021: 2.47 sen). The performance in 2022 reflected that consumption remains robust as consumers returned to stores as lockdowns were eased. "OOVJUZ WFSTVT /PO "OOVJUZ 3FWFOVF Annuity vs Non-Annuity Revenue (RM’ million) 2021 52.2 308.0 Annuity Non-Annuity 70.8 339.6 2022 85.5% 14.5% 82.7% 360.2 410.4 17.3% The annuity-based revenue component within the Group’s total revenue in 2022 remains high at 82.7% and this compared to 85.5% achieved in 2021 due to higher EDC sales in 2022. Despite this 2.8% decline in percentage terms, the absolute annuity revenue in 2022 grew by RM31.6 million YoY. The Group’s strategy is to grow the TPA and other businesses that have a strong recurring annuity-based revenue, and at the same time, to continue to support our main bank partners with their hardware and software requirements. As TPA recovery gathers momentum in all our geographical markets, we expect the annuity revenue to remain strong and improve in the coming financial quarters. -JRVJEJUZ BOE $BQJUBM 3FTPVSDFT As at 31 December 2022, the Group’s Net Cash Position (Note 1) amounted to RM122.6 million 31 December 2021 – RM121.8 million). There are further funds placed in fixed income fund with financial institution included in Other Investments amounting to RM14.9 million (31 December 2021 – RM101.6 million). (Note 1 – Defined as Total Cash and Bank Balances less all Bank Borrowings and Lease Liabilities) The key items that impacted the Group’s cashflow in 2022 were as follow: - (i) Net cash used in operating activities was RM18.3 million (2021 – Net cash generated from operating activities was RM88.6 million), mainly due to an increase in working capital requirements of RM99.8 million from an increase in trade and others payables (RM20.8 million), increase in advance receipts for contract liabilities (RM3.9million), an increase in inventories (RM13.1 million) and increase in trade and other receivables (RM112.1million), and decrease in operating profit before working capital changes of RM9.1 million, and also a slight increase in movement of tax and interest of RM2.0 million. MANAGEMENT DISCUSSION AND ANALYSIS CONT’D
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