MANAGEMENT DISCUSSION & ANALYSIS Current Assets FY2023 (RM’000) FY2022 (RM’000) Difference (%) Inventories 397,614 463,192 (14.2) Trade and other receivables 778,768 714,362 9.0 Deposits, cash and bank balance 250,232 202,138 23.8 Current tax assets 8,321 12,899 (35.5) Total current assets 1,434,935 1,392,591 3.0 TOTAL ASSETS 2,638,418 2,619,373 0.7 Non-current liabilities have decreased by 24.8%, attributed to a significant reduction in borrowings. Despite the overall reduction in non-current liabilities, there was an increase of 10.7% in other payables, deposits, accruals and provisions. The Group’s current liabilities, which are liabilities within a 12-month period have decreased on the back of reduced borrowings as well as trade and other payables. Non-Current liabilities FY2023 (RM’000) FY2022 (RM’000) Difference (%) Borrowings 77,623 114,587 (32.3) Lease liabilities 2,182 2,201 (0.9) Deferred tax liabilities 250 125 100.0 Other payables, deposits, accruals and provision 24,510 22,148 10.7 Total non-current liabilities 104,565 139,061 (24.8) Current liabilities FY2023 (RM’000) FY2022 (RM’000) Difference (%) Trade and other payables 357,172 381,017 (6.3) Borrowings 145,112 168,274 (13.8) Lease liabilities 784 863 (9.2) Dividend payable 25,027 31,284 (20.0) Bank overdrafts 17,903 - N/A Total current liabilities 545,998 581,438 (6.1) TOTAL LIABILITIES 650,563 720,499 (9.7) CASH FLOW, CASH AND BANK BALANCES Matrix’s cash position has improved in FY2023 with cash and cash equivalents at end of the year standing at RM200.1 million, a 33.2% year-on-year improvement. As at 31 March 2023, the Group is currently in a net cash position. The Group’s cash position will continue to be supported by strong revenue recognition from property development activities as well as unbilled sales. Financial Indicators FY2023 (RM’000) FY2022 (RM’000) Difference (%) Net cash from operating activities 211,327 107,870 95.9 Net cash from/(for) investing activities 19,347 (3,381) (672.2) Net cash for financing activities (170,967) (139,792) 22.3 Net changes in cash and cash equivalents 59,707 (35,303) (269.1) Effect of exchange rate fluctuations on cash held (9,867) 24 (41,212.5) Cash and cash equivalents at beginning of the year 150,288 185,567 (19.0) Cash and cash equivalents at the end of the year 200,128 150,288 33.2 CORPORATE EXERCISES On 26 August 2022, shareholders had approved Matrix’s Bonus Issue of up to 417,116,178 new ordinary shares in Matrix (“MCHB Shares”) (“Bonus Shares”) on the basis of 1 Bonus Share for every 2 existing MCHB Shares held. The Bonus Issue was completed on 22 Sept 2022 with the issuance of 417,115,361 new ordinary shares. The Bonus Issue was intended to reward shareholders for their continued support while enabling greater market liquidity moving forward. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 47
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