EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 57 Group Company 2020 2019 2020 2019 RM RM RM RM Cash flows from operating activities Profit before tax 14,174,969 8,290,110 13,814,830 8,015,418 Adjustments for: Amortisation of product development costs 2,523,242 2,453,044 2,103,308 1,876,429 Depreciation of property, plant and equipment 652,101 692,004 643,406 689,042 Depreciation of right-of-use assets 369,400 374,442 369,400 374,442 Finance cost 9,182 19,511 9,182 19,511 Goodwill written off 123,505 - - - Impairment losses on trade receivables - 36,923 - 36,923 Loss on disposal of property, plant and equipment 1 664 1 664 Property, plant and equipment written off - 1 - - Unrealised loss on foreign exchange 7,550 3,749 7,550 3,749 Interest income from: - deposits with licensed banks (44,614) (82,004) (27,754) (63,342) - short-term funds (1,036,408) (1,391,366) (1,036,408) (1,391,366) - amount due from a subsidiary company - - (49,531) (77,421) Reversal of impairment losses on trade receivables (15,040) (36) (3,567) - Operating profit before working capital changes 16,763,888 10,397,042 15,830,417 9,484,049 Changes in working capital: Inventories - 21,336 - 21,336 Trade and other receivables (226,138) (24,403,710) (348,813) (24,385,696) Trade and other payables 2,425,048 (7,350,612) 2,524,703 (7,368,547) Contract liabilities 239,841 316,038 250,496 192,398 Amount due from subsidiary companies - - (143,629) 3,078 2,438,751 (31,416,948) 2,282,757 (31,537,431) Cash generated from/(used in) operations 19,202,639 (21,019,906) 18,113,174 (22,053,382) Interest paid (9,182) (19,511) (9,182) (19,511) Tax paid (2,295,427) (1,693,174) (2,290,948) (1,689,383) Net cash from/(used in) operating activities 16,898,030 (22,732,591) 15,813,044 (23,762,276) STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020