Fraser & Neave Holdings Bhd Annual Report 2019

WWW . F N . C O M . M Y 144 F R A S E R & N E A V E H O L D I N G S B H D Group Company Note 2019 RM’000 2018 RM’000 Restated 2019 RM’000 2018 RM’000 Cash flows from operating activities Profit before tax 532,956 424,144 242,223 453,671 Adjustments for: Amortisation of intangible assets 6 2,353 2,948 – – Bad debts recovered 24 (64) (35) – – Change in fair value of investment properties 4 – (3) – – Depreciation of property, plant and equipment 3 100,065 88,066 – – Dividend income 20 – – (216,953) (437,918) Finance income 21 (15,223) (16,047) (28,998) (18,009) Finance costs 22 4,555 15,571 – – Gain on disposal of intangible assets (5) – – – Impairment loss: – Plant and equipment 3 363 149 – – – Trade receivables 29(D) 511 491 – – Inventories written down 12 3,333 6,626 – – Inventories written off 12 8,485 4,950 – – Investment property written off 4 543 – – – Net fair value loss/(gain) on derivatives 24 50 (1,330) – – Net loss/(gain) on disposal of plant and equipment 24 417 (687) – – Net unrealised foreign exchange (gain)/loss 24 (201) 428 18 (19) Plant and equipment written off 24 3,298 2,534 – – Employee benefits expense 17 6,567 3,842 – – Reversal of impairment loss: – Plant and equipment 3 (697) (2,337) – – – Trade receivables 29(D) (199) (551) – – Reversal of inventories written down 12 (433) – – – Share-based payment expense 24 2,275 7,221 – – Share of profit of equity-accounted associate, net of tax 8 (9,139) (8,571) – – Share of loss of equity-accounted joint venture, net of tax 9 7,295 6,558 – – Operating profit/(loss) before changes in working capital 647,105 533,967 (3,710) (2,275) Changes in working capital: Changes in provisions – (7,405) – – Changes in inventories (92,624) 36,988 – – Changes in trade and other payables 94,784 (11,704) 3,701 (556) Changes in trade and other receivables 2,228 16,022 (121,917) (165,029) Cash generated from/(used in) operations 651,493 567,868 (121,926) (167,860) Employee benefits paid 17 (5,077) (1,408) – – Tax paid (68,805) (31,503) (12,281) (2,957) Tax refunded 724 13,920 – – Net cash from/(used in) operating activities 578,335 548,877 (134,207) (170,817) STATEMENTS OF CASH FLOWS for the financial year ended 30 September 2019