Fraser & Neave Holdings Bhd Annual Report 2020

154 FRASER & NEAVE HOLDINGS BHD 196101000155 (4205-V) Statements of Cash Flows FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2020 Group Company Note 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Cash flows from operating activities Profit before tax 522,911 532,956 293,085 242,223 Adjustments for: Amortisation of intangible assets 7 1,799 2,353 – – Bad debts recovered 25 (30) (64) – – Change in fair value of investment properties 5 1,206 – – – Depreciation of property, plant and equipment 3 104,907 100,065 – – Depreciation of right-of-use assets 4 25,865 – – – Dividend income 21 – – (278,256) (216,953) Employee benefits expense 18 4,739 6,567 – – Finance income 22 (5,068) (15,223) (20,315) (28,998) Finance costs 23 4,858 4,555 – – Gain on disposal of intangible assets 25 (7,805) (5) – – Gain on lease termination/modification (32) – – – Impairment loss: – Investments in subsidiaries 8 – – 1,380 – – Plant and equipment 3 582 363 – – – Trade receivables 25 513 511 – – Inventories written down 13 5,215 3,333 – – Inventories written off 13 6,498 8,485 – – Investment property written off 5 – 543 – – Net fair value loss on derivatives 25 233 50 – – Net loss on disposal of plant and equipment 25 594 417 – – Net unrealised foreign exchange loss/(gain) 25 843 (201) 23 18 Plant and equipment written off 25 458 3,298 – – Property development costs written off 6 1,089 – – – Reversal of impairment loss: – Plant and equipment 3 (538) (697) – – – Trade receivables 25 (97) (199) – – Reversal of inventories written down 13 (298) (433) – – Share-based payment expense 25 7,952 2,275 – – Share of profit of equity-accounted associate, net of tax 9 (7,824) (9,139) – – Share of loss of equity-accounted joint venture, net of tax 10 283 7,295 – – Operating profit/(loss) before changes in working capital 668,853 647,105 (4,083) (3,710) Changes in working capital: Changes in inventories (88,992) (92,624) – – Changes in contract liabilities 3,367 11,369 – – Changes in trade and other payables (149,183) 83,415 84,716 3,701 Changes in trade and other receivables 9,512 2,228 (70,229) (121,917) Cash generated from/(used in) operations 443,557 651,493 10,404 (121,926) Employee benefits paid 18 (3,880) (5,077) – – Tax paid (108,574) (68,805) (25,276) (12,281) Tax refunded 11,500 724 – – Net cash from/(used in) operating activities 342,603 578,335 (14,872) (134,207)