GHL System Berhad Annual Report 2019

A N N U A L R E P O R T 2 0 1 9 89 Group Company 2019 2018 2019 2018 Note RM RM RM RM CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 39,709,587 33,491,693 18,397,591 12,093,291 Adjustments for: Amortisation of: - intangible assets 14 264,671 253,164 26,248 14,741 - contract liabilities 29 (2,434,772) (3,883,808) (1,167,490) (3,146,508) Bad debts written off 574,845 1,368,698 426,343 - Depreciation of property, plant and equipment 12 32,329,837 22,699,930 1,247,224 701,462 Dividend income - - (12,000,000) (12,000,000) Impairment losses on: - property, plant and equipment 12 506,938 - - - - trade and other receivables 9,332,249 2,859,682 5,930,841 18,666,631 - investments in subsidiaries 16 - - 1,341,860 1,074,677 Fair value (gain)/loss on other investment (43,717) 2,178,941 (53,652) 2,178,941 Fair value gain on contingent consideration 27(f) (2,541,578) (307,210) - - Interest expense 2,752,175 1,716,778 12,801 45,389 Interest income (3,294,042) (2,678,902) (1,533,557) (1,245,402) Inventories written off 19 689,769 23,494 552,608 23,494 Inventories written back 19 (90,043) (21,310) - - (Gain)/Loss on disposal of property, plant and equipment (94,029) 157,844 - (347) Gain on de-registration of subsidiaries - (52,122) - - Loss on liquidation of subsidiary 16(e) 48,450 - - - Gain on deemed disposal of a joint venture 17(b) - (841,267) - - Gain on disposal of other investments (2,163,252) - (2,152,834) - Unrealised (gain)/loss on foreign exchange, net (55,812) (485,468) 7,602 (505,318) Property, plant and equipment written off 1,767,148 49,099 3,983 5 Reversal of impairment losses on: - property, plant and equipment 12(e) - (664,241) - - - trade and other receivables (1,781,379) (4,258,046) (16,656,717) (23,777,282) Share options granted under ESS 7 1,518,227 1,018,945 567,115 375,097 Share of loss of an associate 17(h) 554,516 796,615 - - Operating profit/(loss) before changes in working capital 77,549,788 53,422,509 (5,050,034) (5,501,129) STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019