SECTION 4: FINANCIAL PERFORMANCE 162 Registration No: 199301009307 (264044-M) Note 2023 2022 2023 2022 RM '000 RM '000 RM '000 RM '000 OPERATING ACTIVITIES Profit before tax 27,260 38,841 16,766 16,045 Adjustments for:- Depreciation on property, plant and equipment 8,148 5,935 52 4 Depreciation on right-of-use assets 13,153 8,835 - - Property, plant and equipment written off 2 108 - - Gain on lease termination (138) - - - Loss on lease modification - 104 - - Loss on disposal of property, plant and equipment 24 1 - - Fair value gain on other investment (305) - (305) - Allowance for slow moving inventories (net) 223 1,417 - - Rent concession related to COVID-19 - (70) - - Dividend income - - (19,198) (16,905) Interest income (933) (7) (1,436) (181) Interest expense 6,292 4,173 55 1 Unrealised loss/(gain) on foreign exchange 322 (312) - - Operating profit/(loss) before working capital changes 54,048 59,025 (4,066) (1,036) Inventories (37,290) (41,340) - - Payables (5,520) 6,123 326 1,161 Receivables (6,938) (8,958) (3,628) (1,437) Contract liabilities 593 4,097 - - Cash generated from/(used in) operations 4,893 18,947 (7,368) (1,312) Tax paid (13,515) (9,993) (377) (10) Net cash (used in)/from operating activities (8,622) 8,954 (7,745) (1,322) INVESTING ACTIVITIES Purchase of property, plant and equipment (17,305) (23,867) (267) (50) Purchase of right-of-use assets A (32) - - - Proceeds from disposal of property, plant and equipment 304 2 - - Subscription of shares by non-controlling interest of newly incorporated subsidiary 18,691 - - - Subscription of additional shares of subsidiaries - - (20,225) - Interest received 933 7 1,436 181 Advances to subsidiaries - - (40,021) (8,250) Net investment in other investment (26,350) - (26,350) - Repayment from a related party - 15 - - Placement of fixed deposits pledged (612) (1,004) - - Dividends received - - 19,198 16,905 - Net cash (used in)/from investing activities (24,371) (24,847) (66,229) 8,786 FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 STATEMENTS OF CASH FLOWS (Incorporated in Malaysia) MST GOLF GROUP BERHAD Company Group 24
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