Wah Seong Corporation Berhad Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 173 39 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES Group Term loans RM’000 Fixed rate notes RM’000 Other bank borrowings RM’000 Total liability from financing activities RM’000 2017 At 1 January 366,580 33,138 831,783 1,231,501 Cash flows (114,016) - (53,586) (167,602) Effect of exchange rate changes (27,969) (3,121) (56,286) (87,376) At 31 December 224,595 30,017 721,911 976,523 Company 2017 At 1 January 233,402 233,402 Cash flows (73,661) (73,661) Effect of exchange rate changes (25,574) (25,574) At 31 December 134,167 134,167 Comparative information for the previous financial year is not required to be disclosed in accordance with amendments to MFRS 107 “Statement of Cash Flows – Disclosure Initiative”. 40 SIGNIFICANT RELATED PARTY DISCLOSURES For the purposes of these financial statements, parties are considered to be related to the Group if the Group or the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions. The transactions described below were carried out on agreed terms. Group 2017 RM’000 2016 RM’000 Significant transactions with companies in which a Director of the Company, Dato’ Seri Robert Tan Chung Meng, has interest Rental of premises paid/payable 1,031 1,031 Significant transactions with an associate Lease rental of equipment 11,490 4,826