164 AL-SALAM REIT Group Fund Note 2022 RM 2021 RM 2022 RM 2021 RM Cash flows from operating activities Profit before tax 66,001,130 3,187,189 65,731,806 2,113,933 Adjustments for: Finance costs on loan: - Finance costs charged by financing institution 26,629,136 24,474,076 26,629,136 24,474,076 - Imputed finance costs 1,747,164 1,698,896 1,747,164 1,565,096 Depreciation of equipment 180,748 172,286 180,748 172,286 Fair value (gain)/loss on investment properties (46,674,736) 12,740,709 (46,674,736) 12,740,709 Investment income (511,630) (329,773) (511,630) (329,773) Unbilled rental income (3,593,176) (3,734,166) (3,593,176) (3,734,166) Allowance for expected credit losses of trade receivables 142,646 9,527,577 142,646 9,527,577 Operating profit before working capital changes 43,921,282 47,736,794 43,651,958 46,529,738 (Increase)/decrease in: Trade receivables 8,568,116 (14,701,907) 8,568,116 (14,568,107) Other receivables and prepaid expenses (1,453,803) (92,130) (1,428,925) (92,357) Amount due from immediate holding company (26,373) 50,377 (26,373) 50,377 Amount due from related companies (108,804) (580,999) (108,804) (580,999) (Decrease)/increase in: Other payables and accrued expenses (125,363) 3,235,806 (98,210) 3,230,745 Amount due to immediate holding company (54,496) 54,496 (54,496) 54,496 Amount due to related companies 381,738 849,605 381,738 849,605 Net cash generated from operating activities 51,102,297 36,552,042 50,885,004 35,473,498 Cash flows from investing activities Income received from other investments 511,630 329,773 511,630 329,773 Purchase of equipment (275,101) (3,500) (275,101) (3,500) Additions to investment properties (262,088) (612,542) (262,088) (612,542) Net cash used in investing activities (25,559) (286,269) (25,559) (286,269) Cash flows from financing activities Increase in pledged deposits with licensed banks (31,000) (74,893) (31,000) (14,893) Income distributions paid (16,239,915) (9,975,968) (16,239,915) (9,975,968) Islamic financing costs paid (26,591,583) (24,546,741) (26,592,739) (24,546,741) Transaction cost paid (133,800) (897,860) (129,800) (917,059) Increase/(decrease) in amount due to a subsidiary - - 155,358 (68,020,965) Net drawdown in Islamic Financing - 1,000,000 - 70,000,000 Net cash used in financing activities (42,996,298) (34,495,462) (42,838,096) (33,475,626) Net increase in cash and cash equivalents 8,080,440 1,770,311 8,021,349 1,711,603 Cash and cash equivalents at beginning of year 29,004,187 27,233,876 28,934,366 27,222,763 Cash and cash equivalents at end of year (Note 14) 37,084,627 29,004,187 36,955,715 28,934,366 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. STATEMENTS OF CASH FLOWS For the year ended 31 December 2022
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