Group Note 2021 2020 RM’000 RM’000 CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities 31 (3,135,243) (4,318,022) CASH FLOWS FROM FINANCING ACTIVITIES Net cash generated from/(used in) financing activities 32 1,498,992 (1,388,707) Net increase/(decrease) in cash and cash equivalents 1,272,348 (118,824) Cash and cash equivalents at beginning of financial year 5,545,089 5,740,435 Currency translation differences 176,864 (76,522) Cash and cash equivalents at end of financial year 6,994,301 5,545,089 Cash and cash equivalents comprise: Cash, deposits and bank balances 24 7,952,347 6,855,005 Less: Cash pledged with bank (restricted) (940,954) (1,303,393) Deposits with maturity more than 90 days (17,092) (6,523) Cash and cash equivalents 6,994,301 5,545,089 Total cash outflows for leases - Lease liabilities 188,327 316,302 - Short term leases and leases of low value assets 237,268 219,628 425,595 535,930 * The working capital changes in trade, other payables and other non-current liabilities include payments for costs relating to the turnkey activities for the conversion of a vessel to a Floating, Production, Storage and Offloading (“FPSO”) facility amounting to RM1,126,075,000 in the financial year ended 31 December 2021. These payments are disclosed as part of cash flows from operating activities as the turnkey activities contribute to the recognition of contract assets per MFRS 15: Revenue from Contract with Customers. STATEMENTS OF CASH FLOWS STATEMENTS OF CASH FLOWS For the year ended 31 December 2021 For the year ended 31 December 2021 Corporation 2021 2020 RM’000 RM’000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 1,770,889 1,918,550 Adjustments for: Ships, other property and equipment and right-of-use assets: - Depreciation 372,373 366,673 - Written off 415 95 - Impairment loss 52,774 10,444 Amortisation of prepaid lease payments 99 100 Writeback of impairment loss on: - Trade and other receivables (2,507) (136) - Finance lease receivables (1,222) (814) Impairment loss on trade and other receivables 52,679 13,915 Impairment loss on investment in subsidiaries 5,187 26,627 Net unrealised foreign exchange gain (15,009) (4,748) Dividend income from: - Subsidiaries (1,322,063) (1,382,324) - Joint ventures (219,239) (221,371) - Equity investments (1,926) (1,087) Gain on disposal of interest in a subsidiary (25,025) – Fair value movement in other investments (10,399) 6,953 Finance income (65,970) (121,459) Finance costs 26,156 30,824 Operating profit before working capital changes 617,212 642,242 Inventories (2,139) – Trade and other receivables 120,613 (1,844,293) Trade and other payables (284,703) 39,495 Cash generated from/(used in) operations 450,983 (1,162,556) Net tax paid (1,633) (6,214) Net cash generated from/(used in) operating activities 449,350 (1,168,770) The accompanying accounting policies and explanatory notes form an integral part of the financial statements. The accompanying accounting policies and explanatory notes form an integral part of the financial statements. MISC Berhad 306 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 307 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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