Tropicana Corporation Berhad Annual Report 2017

SEC 1 • SEC 2 • SEC 3 • SEC 4 • SEC 5 > SEC 6 < SEC 1 • SEC 2 • SEC 3 • SEC 4 • SEC 5 > SEC 6 < FINANCIAL STATEMENTS FINANCIAL STATEMENTS 96 97 TROPICANA CORPORATION BERHAD / Annual Report 2017 TROPICANA CORPORATION BERHAD / Annual Report 2017 STATEMENTS OF CASH FLOWS - GROUP For the financial year ended 31 December 2017 Note 2017 RM’000 2016 RM’000 Cash flows from operating activities Profit before tax 288,767 168,053 Adjustments for: Depreciation of property, plant and equipment 9 23,715 26,448 Finance income 7 (20,631) (22,180) Finance costs 8 62,478 40,447 Share of results of an associate 1,121 2,184 Share of results of joint ventures (29,651) (43,854) Gain on disposal of assets classified as held for sale - (13,594) Gain on disposal of investment properties (1,444) - Net gain on disposal of property, plant and equipment (1,957) (811) Property, plant and equipment written off 1,358 7,816 Property development costs written off - 3,587 Net fair value (gain)/loss on investment properties 17 (36,291) 463 Amortisation of deferred license fees 32(b)(iii) (2,543) (2,491) Amortisation of security retainers accumulation fund 24(b)(ii) 12 11 Impairment loss on intangible assets 22 - 1,964 Impairment loss on trade and other receivables 9 5,256 1,846 Reversal of impairment loss on trade and other receivables (180) - Bad debts written off 432 - Unrealised returns on security retainers accumulation fund 24(b)(ii) (216) (238) Unrealised foreign exchange loss 117 - Operating profit before working capital changes 290,343 169,651 Changes in working capital: Trade and other receivables (154,976) (149,351) Inventories 20,615 57,109 Property development costs 73,021 (3,081) Land held for property development 169,300 (68,288) Provision for liabilities (84,534) (60) Trade and other payables 96,552 130,521 Finance costs paid (128,722) (113,634) Net taxes paid (88,642) (90,152) Net cash from/(used in) operating activities 192,957 (67,285) STATEMENTS OF CASH FLOWS - GROUP For the financial year ended 31 December 2017 (cont’d.) Note 2017 RM’000 2016 RM’000 Cash flows from investing activities Purchase of property, plant and equipment 15(d) (126,106) (143,357) Purchase of investment properties (1,454) (20,473) Proceeds from disposal of property, plant and equipment 2,797 3,434 Proceeds from disposal of investment properties 22,490 - Proceeds from disposal of assets classified as held for sale - 198,000 Additions to assets classified as held for sale 26 - (3,666) Acquisition of shares in joint ventures - (14,500) Finance income received 20,631 22,180 Net cash (used in)/from investing activities (81,642) 41,618 Cash flows from financing activities Payment of borrowing costs (2,852) (14,215) Drawdown from borrowings 531,783 680,000 Repayment of borrowings (499,912) (617,682) Repayment of hire purchase (1,675) (3,113) Placements of debt service reserve, escrow accounts and deposits with licensed banks not available for use (150,894) 115,653 Proceeds from issuance of shares to non-controlling interests 10,540 18,259 Purchase of treasury shares (3,683) (8,150) Dividends paid to shareholders of the Company (42,716) (28,606) Net cash (used in)/from financing activities (159,409) 142,146 Net (decrease)/increase in cash and cash equivalents (48,094) 116,479 Effects of foreign exchange rate changes 21 (23) Cash and cash equivalents at beginning of financial year 609,636 493,180 Cash and cash equivalents at end of financial year 25 561,563 609,636 TROPICANA CORPORATION BERHAD Annual Report 2017 ABOUT TROPICANA STRATEGIC PERFORMANCE LEADERSHIP SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION