25 ANNUAL REPORT 2023 MST GOLF GROUP BERHAD Review of Financial Position 2019* Audited RM’000 2020 Audited RM’000 2021 Audited RM’000 2022 Audited RM’000 2023 Audited RM’000 Total Assets 107,603 147,826 177,434 258,731 412,717 Total Liabilities 81,204 109,820 132,709 163,115 157,136 Total Equity 26,399 38,006 44,725 95,616 255,581 Net Current Assets 10,804 22,938 26,305 58,839 209,566 Inventories 63,323 48,822 73,645 113,567 150,636 Trade Payable Turnover Days 28 37 50 38 30 Trade Receivable Turnover Days 13 13 12 10 11 Inventory Turnover Days 198 203 182 199 264 Total assets of the Group stood at RM412.7 million as compared to RM258.7 million in FYE2022. The increase of 59.5% year-on-year was mainly from the share issuance proceeds received from the Initial Public Offering (“IPO“) and the increase in rights-of-use assets as well as inventories due to the Group's expansion efforts during the current financial year. Total equity of the Group stood at RM255.6 million as compared to RM95.6 million in FYE2022 showing an increase of 167.4% contributed by the IPO proceeds and retained earnings. Review of Cash Flows 2019* RM’000 2020 RM’000 2021 RM’000 2022 RM’000 2023 RM’000 Net cash (used in)/from operating activities 3,374 51,591 7,379 8,954 (8,622) Net cash (used in) investing activities (6,726) (2,016) (5,114) (24,847) (24,371) Net cash from/(used in) financing activities (2,074) (8,449) (7,183) (4,565) 89,608 Net increase/(decrease) in cash and cash equivalents (5,426) 41,126 (4,918) (20,458) 56,615 Cash and cash equivalents at the beginning of the financial year 4,788 (638) 40,466 35,967 17,585 Effect of foreign exchange rate changes 0 (22) 419 2,076 5,145 Cash and cash equivalents at the end of the financial year (638) 40,466 35,967 17,585 79,345 At the end of the financial year, the Group’s cash and cash equivalents stood at RM79.3 million, an increase from RM17.6 million in FYE2022. The decrease in cash flow from operating activities were caused by a lower Profit Before Tax (“PBT“) in the financial year and payment to suppliers for inventory purchases to support the newly opened stores in FY2023 and FY2024. The increase in cash from financing activities were primarily attributed to the proceeds from issuance of ordinary shares during the Group's IPO. * The figures presented in FYE 2019 are before transition to Malaysian Financial Reporting Standards (“MFRS“).
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