2019 UEM Edgenta Annual Report

152 153 UEM EDGENTA AT A GLANCE MESSAGE FROM OUR LEADERSHIP STRATEGIC FOCUS OPERATIONAL REVIEW SUSTAINABILITY EFFORTS CORPORATE GOVERNANCE INTRODUCTION FINANCIAL REVIEW ADDITIONAL INFORMATION UEM Edgenta Berhad Annual Report 2019 Group Company 2019 RM’000 2018 RM’000 2019 RM’000 2018 RM’000 Cash flows from financing activities Capital repayment to non-controlling interests of a subsidiary (3,375) - - - Finance lease repayment - (1,113) - - Drawdown of borrowings 125,331 149,636 50,000 50,000 Repayment of borrowings (137,127) (175,320) (50,000) (50,000) Repayment of lease liabilities (9,843) - (6,736) - Dividends paid (116,427) (241,171) (116,427) (241,171) Dividends paid to non-controlling shareholders of subsidiaries (1,004) (2,460) - - Withdrawal/(Placement) of fixed deposits 13,887 (2,097) - - Net cash flows used in financing activities (128,558) (272,525) (123,163) (241,171) Net increase/(decrease) in cash and cash equivalents 75,334 (25,123) 16,099 (55,878) Net foreign exchange difference 791 (831) - - Cash and cash equivalents at beginning of year 462,844 488,798 31,399 87,277 Cash and cash equivalents at end of year (Note a) 538,969 462,844 47,498 31,399 (a) Cash and cash equivalents comprise: Cash in hand and at banks 400,299 232,187 13,956 4,273 Fixed deposits with licensed banks 158,232 264,106 33,542 27,126 Cash, bank balances and deposits (Note 24) 558,531 496,293 47,498 31,399 Less: Fixed deposits on lien (3,297) (15,674) - - Less: Fixed deposits pledged (11,804) (15,877) - - Less: Cash and fixed deposit restricted in usage (4,461) (1,898) - - 538,969 462,844 47,498 31,399 Statements of Cash Flows For the year ended 31 December 2019 The accompanying accounting policies and explanatory information form an integral part of the financial statements. Notes to the Financial Statements For the year ended 31 December 2019 1. CORPORATE INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Level 17, Menara UEM, Tower 1, Avenue 7, The Horizon, Bangsar South City, No. 8 Jalan Kerinchi, 59200 Kuala Lumpur. The Company regards UEM Group Berhad and Khazanah Nasional Berhad, both incorporated in Malaysia, as its immediate and ultimate holding companies respectively. Related companies in these financial statements refer to member companies within the UEM Group of companies. The principal activities of the Company are investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries, joint ventures and associates are described in Note 45. There have been no significant changes in the nature of the principal activities during the financial year. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 23 March 2020. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”) and the requirements of the Companies Act 2016 in Malaysia. The financial statements of the Group and of the Company have been prepared on a historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Ringgit Malaysia (“RM”) and all values are rounded to the nearest thousand (RM’000) except when otherwise indicated. 2.2 Changes in accounting policies The accounting policies adopted are consistent with those of the previous nancial year, except as follows: On 1 January 2019, the Group and the Company adopted the following amended MFRSs and interpretation mandatory for annual financial periods beginning on or after 1 January 2019.