EXCEL FORCE MSC BERHAD Annual Report 2023

EXCEL FORCE MSC BERHAD 57 Group Company 30.6.2023 31.12.2021 30.6.2023 31.12.2021 RM RM RM RM Cash flows from operating activities Profit before tax 16,353,838 16,885,529 17,049,543 17,148,015 Adjustments for: Amortisation of product development costs 4,024,257 2,710,519 3,481,881 2,319,300 Depreciation of: - property, plant and equipment 1,303,335 754,047 1,187,730 688,276 - right-of-use assets 561,372 344,187 561,372 344,187 Impairment losses on trade receivables 22,243 - 8,966 - Gain on disposal of property, plant and equipment (44,397) (124,857) (44,397) (124,857) Property, plant and equipment written off 1 806 1 774 Provision of loss claim - 600,000 - 600,000 Dividend income - - (570,000) (470,000) Interest income from: - deposits with licensed banks (107,361) (50,101) (80,244) (39,443) - short-term funds (118,313) (64,999) (118,313) (64,999) Finance cost 41,438 29,875 41,438 29,875 Reversal of impairment losses on trade receivables - (109,416) - (108,573) Share of result of an associate (18,048) - - - Unrealised gain on foreign exchange (27,241) (9,181) (27,241) (9,181) Waiver of amount due from a subsidiary company - - - 285,370 Operating profit before working capital changes 21,991,124 20,966,409 21,490,736 20,598,744 Changes in working capital: Inventories - (6,520) - (6,520) Receivables 139,538 6,053,133 273,171 6,036,719 Payables (1,442,027) (1,222,573) (1,323,689) (1,281,437) Contract liabilities 1,067,033 949,132 992,520 992,210 Subsidiary companies - - - (2,526,587) Cash generated from operations 21,755,668 26,739,581 21,432,738 23,813,129 Dividend received - - 570,000 470,000 Tax paid (5,052,792) (5,636,270) (4,705,798) (5,574,224) Net cash from operating activities 16,702,876 21,103,311 17,296,940 18,708,905 Statements of Cash Flows For the Financial Period from 1 January 2022 to 30 June 2023

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