EXCEL FORCE MSC BERHAD Annual Report 2018

55 ANNUAL REPORT 2018 Group Company 2018 2017 2018 2017 RM RM RM RM Cash flows from investing activities Addition of product development costs (2,762,433) (2,659,940) (2,491,022) (2,377,050) Incorporation of a subsidiary company - - - (2) Additional investment in a subsidiary company - - - (500,001) Purchase of - property, plant and equipment (367,685) (1,870,333) (367,679) (1,870,333) - capital work-in-progress (8,384,910) - (8,384,910) - Interest income from: - deposits with licensed banks 43,389 30,513 36,923 30,513 - short term funds 769,945 531,957 769,945 531,957 Proceeds from disposal of - property, plant and equipment 46,675 4,370 46,575 4,370 - assets held for sale 15,665,000 - 15,665,000 - Repayment from a subsidiary company - - 300,000 800,000 Net cash from/(used in) investing activities 5,009,981 (3,963,433) 5,574,832 (3,380,546) Cash flows from financing activities Dividends paid (Note 27) (6,217,230) (5,171,650) (6,217,230) (5,171,650) Proceeds from issuance of ordinary shares (Note 15) 255,000 - 255,000 - Repayment of term loan (4,240,002) (981,108) (4,240,002) (981,108) Net cash used in financing activities (10,202,232) (6,152,758) (10,202,232) (6,152,758) Net increase/(decrease) in cash and cash equivalents 8,265,646 (1,702,879) 7,638,553 (1,761,537) Effect of exchange translation differences on cash and cash equivalents 5,318 (84,466) 5,318 (84,466) Cash and cash equivalents at the beginning of the financial year 21,541,617 23,328,962 21,369,345 23,215,348 Cash and cash equivalents at the end of the financial year 29,812,581 21,541,617 29,013,216 21,369,345 Cash and cash equivalents at the end of the financial year comprises: Deposits, bank and cash balances and short term funds 13 29,812,581 21,541,617 29,013,216 21,369,345 The accompanying notes form an integral part of the financial statements. Statements Of Cash Flows For The Financial Year Ended 31 December 2018 (cont’d)