Tropicana Corporation Berhad Annual Report 2020

2020 2019 RM'000 RM'000 Cash flows from investing activities Purchase of property, plant and equipment (40,659) (49,638) Purchase of investment properties (64,210) (400,934) Purchase of intangible assets (879) – Acquisition of minority interest – (6,205) Net cash inflow on acquisition of subsidiaries 32 14,877 Deposit paid on acquisition of a subsidiary (7,021) (48,400) Proceeds from disposal of property, plant and equipment 454 575 Proceeds from disposal of investment properties – 44,745 Proceeds from disposal of assets held for sale 74,162 59,422 Proceeds from disposal of quoted shares 72,393 – Subscription of shares in joint ventures (17,000) (3,325) Acquisition of quoted shares (227,706) – Repayment from/(advances to) an associate 727 (37,177) Repayment from/(advances to) a joint venture 2,391 (17,800) Finance costs paid (4,621) (1,812) Finance income received 17,780 18,468 Dividend income received 33 – Net cash used in investing activities (194,124) (427,204) Cash flows from financing activities Payment of borrowing costs (20,161) (10,497) Repayment of principal portion of lease liabilities (4,689) (5,594) Prepaid lease (889) – Drawdown from borrowings 939,568 756,777 Repayment of borrowings (1,276,017) (610,738) Repayment of hire purchase – (1,264) Proceeds from issuance of warrants – 8 Proceeds from issuance of perpetual bond – 248,000 Proceeds from issuance of Islamic Medium Term Notes 1,207,000 – (Placement)/uplift of debt service reserve, escrow accounts and deposits with licensed banks not available for use (34,577) 85,675 Proceeds from issuance of shares to non-controlling interests 10,000 11,862 Redemption of preference shares from non-controlling interests (1,600) (5,200) Distribution of surplus on liquidation of a subsidiary (150) – Purchase of treasury shares (47,063) (26,725) Perpetual bond distribution paid (17,409) – Dividends paid to shareholders of the Company – (39,963) Net cash generated from financing activities 754,013 402,341 Net decrease in cash and cash equivalents (187,201) (130,310) Effects of foreign exchange rate changes (45) 65 Cash and cash equivalents at beginning of financial year 591,338 721,583 Cash and cash equivalents at end of financial year (Note 26) 404,092 591,338 1 Included in trade and other receivables are deposits paid for the acquisitions of land amounting to RM40,249,000 (2019: RM30,110,000). 2 Included in inventories are cash consideration paid for the acquisitions of land amounting to RM270,990,000 (2019: RM nil). STATEMENTS OF CASH FLOWS - GROUP For the financial year ended 31 December 2020 (cont'd.) 2020 2019 RM'000 RM'000 Cash flows from operating activities Loss before tax (28,755) (58,054) Adjustments for: Depreciation of property, plant and equipment 470 548 Depreciation of right-of-use assets 1,102 1,671 Fair value gain on transferable corporate golf club memberships (575) – Finance income (68,418) (31,978) Finance costs 101,389 36,332 Impairment loss on investments in subsidiaries 16,895 62,916 Dividend income (35,750) (46,263) Operating loss before working capital changes (13,642) (34,828) Changes in working capital: Trade and other receivables (1,392,171) (898,167) Trade and other payables 265,052 806,849 Cash used in operations (1,140,761) (126,146) Finance costs paid (49,405) (23,254) Net tax paid (1,204) (242) Net cash used in operating activities (1,191,370) (149,642) Cash flows from investing activities Purchase of property, plant and equipment (45) (964) Dividend income 35,750 46,263 Finance income received 68,418 31,978 Subscription of additional shares in subsidiaries, net of expenses (9,437) (6,560) Proceeds from capital reduction – 13,800 Net cash generated from investing activities 94,686 84,517 Cash flows from financing activities Drawdown from borrowings 187,393 44,154 Repayment of borrowings (238,746) (143,140) Repayment of hire purchase – (81) Perpetual bond distribution paid (17,409) – Proceeds from issuance of warrants – 8 Proceeds from issuance of perpetual bond – 248,000 Proceeds from issuance of Islamic Medium Term Notes 1,207,000 – Placements of debt service reserve, escrow accounts and deposits with licensed banks not available for use (20,753) (1,019) Purchase of treasury shares (47,063) (26,725) Repayment of principal portion of lease liabilities (1,110) (1,774) Prepaid lease (29) – Dividends paid to shareholders of the Company – (39,963) Net cash generated from financing activities 1,069,283 79,460 Net (decrease)/increase in cash and cash equivalents (27,401) 14,335 Cash and cash equivalents at beginning of financial year 15,377 1,042 Cash and cash equivalents at end of financial year (Note 26) (12,024) 15,377 The accompanying accounting policies and explanatory information form an integral part of the financial statements. STATEMENT OF CASH FLOWS - COMPANY For the financial year ended 31 December 2020 ANNUAL REPORT 2020 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 174 175