Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Cash flows from financing activities Issuance of shares to non–controlling interest – 306 – – Drawdown of borrowings 428,437 82,197 275,000 52,000 Repayment of borrowings (408,614) (126,182) (275,000) (50,000) Repayment of lease liabilities (7,251) (7,278) (7,073) (5,804) Dividends paid (24,949) – (24,949) – Dividends paid to non–controlling shareholders of subsidiaries (150) (1,965) – – Net placement of pledged fixed deposits (7,512) (5,014) – – Net cash flows used in financing activities (20,039) (57,936) (32,022) (3,804) Net increase/(decrease) in cash and cash equivalents 39,042 (91,031) 11,832 35,644 Net foreign exchange difference (489) 6,985 – – Cash and cash equivalents at beginning of year 554,760 638,806 50,457 14,813 Cash and cash equivalents at end of year (Note a) 593,313 554,760 62,289 50,457 (a) Cash and cash equivalents comprise: Cash in hand and at banks 478,242 398,649 53,289 50,457 Fixed deposits with licensed banks 131,244 201,742 9,000 – Cash, bank balances and (Note 27) 609,486 600,391 62,289 50,457 Add: Cash and bank of disposal group (Note 28) 35,840 – – – Less: Fixed deposits on lien (4,219) (3,849) – – Less: Fixed deposits pledged (22,160) (22,933) – – Less: Cash and fixed deposit restricted in usage (25,634) (18,849) – – 593,313 554,760 62,289 50,457 (b) In the previous financial year, included in the purchase of property, plant and equipment of the Group and the Company amounted to RM1.6 million and RM0.3 million, respectively, relates to amounts paid for property, plant and equipment that had been capitalised in prior years. (c) Included in the purchase of intangible assets of the Group and the Company is an amount of RM0.9 million (2021: RM17.2 million) paid for intangible assets that had been capitalised in prior years. The accompanying accounting policies and explanatory information form an integral part of the financial statements. 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 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 46. 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 20 March 2023. 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: (a) Adoption of MFRS 140 Investment Properties (“MFRS 140”) and MFRS 13 Fair Value Measurement (“MFRS 13”) (for non-financial instrument) due to the transfer of land held for property development to investment properties during the financial year ended 31 December 2022. Other than the adoption the fair value adjustment of RM13.3 million and its related tax impact, the adoption of MFRS 140 and MFRS 13 (for non-financial instrument) did not have any significant impact to the Group’s result. p.272 p.273 UEM EDGENTA BERHAD INTEGRATED ANNUAL REPORT 2022 1 2 3 4 5 6 7 8 9 FINANCIAL STATEMENTS Statements of cash flows For the year ended 31 December 2022 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
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