58 EXCEL FORCE MSC BERHAD Group Company 30.6.2023 31.12.2021 30.6.2023 31.12.2021 Note RM RM RM RM Cash flows from investing activities Additions of product development costs (7,281,466) (2,953,584) (6,176,304) (2,043,016) Acquisition of: - property, plant and equipment 4 (2,231,832) (454,885) (2,214,980) (436,846) - right-of-use assets 5 (270,547) - (270,547) - - a subsidiary company 8(a) (15,525) - (30,000) - - non-controlling interests 8(b) (1) - (1) - - an associate 9 (300,000) - (300,000) - - other investments 10 (1,962,300) - (1,962,300) - 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 Proceeds from disposal of property, plant and equipment 44,400 176,196 59,619 176,196 Proceeds from disposal of quoted investment - 261,980 - 261,980 Net cash used in investing activities (11,791,597) (2,855,193) (10,695,956) (1,937,244) Cash flows from financing activities Interest paid (41,438) (29,875) (41,438) (29,875) Repayment from a subsidiary company - - (605,625) - Dividends paid 32 (5,593,784) (8,390,676) (5,593,784) (8,390,676) Payment of lease liabilities (489,906) (333,200) (489,906) (333,200) Net cash used in financing activities (6,125,128) (8,753,751) (6,730,753) (8,753,751) Net (decrease)/increase in cash and cash equivalents (1,213,849) 9,494,367 (129,769) 8,017,910 Effect of exchange translation differences on cash and cash equivalents 28,199 8,604 28,199 8,604 Cash and cash equivalents at the beginning of the financial year 32,356,372 22,853,401 30,151,875 22,125,361 Cash and cash equivalents at the end of the financial period/year 16 31,170,722 32,356,372 30,050,305 30,151,875 Statements of Cash Flows (Cont’d) The accompanying notes form an integral part of the financial statements.
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