Tropicana Corporation Berhad Annual Report 2020

STATEMENT OF CHANGES IN EQUITY - COMPANY For the financial year ended 31 December 2020 Attributable to owners of the parent Non-distributable Irredeemable convertible Warrants Share preference Treasury 2009/2019 Retained Total Perpetual Total capital shares shares reserve earnings reserves Total bond equity RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 Note 28 Note 30 Note 28 Note 29(b) Note 29(c) Note 30 At 1 January 2020 2,044,322 1,004,593 (13,648) – 500,743 500,743 3,536,010 252,661 3,788,671 Total comprehensive loss – – – – (46,658) (46,658) (46,658) – (46,658) Distribution for the financial year – – – – – – – 17,361 17,361 Distribution paid for the financial year – – – – – – – (17,409) (17,409) Transactions with owners: Purchase of treasury shares – – (47,063) – – – (47,063) – (47,063) Dividends paid via distribution of treasury shares – – 53,829 – (53,829) (53,829) – – – Total transactions with owners – – 6,766 – (53,829) (53,829) (47,063) – (47,063) At 31 December 2020 2,044,322 1,004,593 (6,882) – 400,256 400,256 3,442,289 252,613 3,694,902 At 1 January 2019 2,044,314 – (25,094) 45,960 596,396 642,356 2,661,576 – 2,661,576 Total comprehensive loss – – – – (63,479) (63,479) (63,479) – (63,479) Distribution for the financial year – – – – – – – 4,661 4,661 Transactions with owners: Issuance of perpetual bond – – – – – – – 248,000 248,000 Ordinary shares issued pursuant to: - warrants exercise 8 – – – – – 8 – 8 Expiry of warrants – – – (45,960) 45,960 – – – – Shares issued for acquisition of subsidiaries – 1,004,593 – – – – 1,004,593 – 1,004,593 Purchase of treasury shares – – (26,725) – – – (26,725) – (26,725) Dividends paid via: - distribution of treasury shares – – 38,171 – (38,171) (38,171) – – – - cash – – – – (39,963) (39,963) (39,963) – (39,963) Total transactions with owners 8 1,004,593 11,446 (45,960) (32,174) (78,134) 937,913 248,000 1,185,913 At 31 December 2019 2,044,322 1,004,593 (13,648) – 500,743 500,743 3,536,010 252,661 3,788,671 The accompanying accounting policies and explanatory information form an integral part of the financial statements. STATEMENTS OF CASH FLOWS - GROUP For the financial year ended 31 December 2020 2020 2019 RM'000 RM'000 Cash flows from operating activities Profit before tax 238,404 367,474 Adjustments for: Depreciation of property, plant and equipment 28,252 27,168 Depreciation of right-of-use assets 6,296 9,606 Amortisation of intangible assets 342 271 Amortisation of deferred license fees (4,586) (4,466) Amortisation of security retainers accumulation fund 11 11 Finance income (17,780) (18,468) Finance costs 164,287 75,850 Share of results of an associate (6,046) (819) Share of results of joint ventures 1,168 (11,258) Unrealised profit arising from transaction with a joint venture 98 7,741 Unrealised foreign exchange loss, net 27 2 Unrealised returns on security retainers accumulation fund (98) (216) Gain on a bargain purchase – (321,346) Dividend income (33) – Reversal of impairment loss on trade and other receivables (4,388) (7,113) (Gain)/loss on disposal of: - property, plant and equipment, net (88) (327) - investment properties – 3,255 - quoted shares (4,823) – - assets classified as held for sale, net 1,538 (322) Fair value (gain)/loss on: - investment properties, net (138,128) 674 - quoted shares 9,162 – - transferable corporate golf club memberships (575) – Impairment loss on: - property, plant and equipment 33,650 50,767 - trade and other receivables 2,718 1,588 - intangible assets – 25,643 Property, plant and equipment written off 77 4,976 Inventories written down – 56,314 Bad debts written off 49 839 Adjustment on purchase price allocation (450) – Property development costs written off – 16,996 Operating profit before working capital changes 309,084 284,840 Changes in working capital: Trade and other receivables 1 (74,364) 372,477 Contract cost assets 128,045 165,040 Contract assets 5,047 11,319 Inventories 2 (342,356) (74,014) Biological assets (219) – Trade and other payables (388,946) (499,516) Contract liabilities (121,790) (87,265) Cash (used in)/generated from operations (485,499) 172,881 Finance costs paid (194,345) (173,374) Net taxes paid (67,246) (104,954) Net cash used in operating activities (747,090) (105,447) ANNUAL REPORT 2020 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 172 173