Wah Seong Corporation Berhad Annual Report 2020

93 ANNUAL REPORT 2020 Group Company Note 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 CASH FLOWS FROM OPERATING ACTIVITIES (Loss)/Profit before tax (268,024) 5,562 (97,730) (541) Adjustments for: Property, plant and equipment: - Depreciation charge 75,493 131,634 116 98 - Impairment charge 164,045 34,684 - - - Written off 1,282 22 1 - - Net (gain)/loss on disposal (6,735) 5,728 - - Investment properties: - Depreciation charge 103 137 273 273 - Impairment charge 30 - - - - Net gain on disposal - (6,961) - - Right-of-use assets: - Depreciation charge 21,704 21,817 - - Inventories: - Allowance for obsolescence 6,347 - - - - Write back of allowance for obsolescence (18) (4,105) - - - Written off 672 626 - - Share of results of associates (12,942) (27,156) - - Share of results of joint ventures 26,473 30,927 - - Net gain on disposal of subsidiaries 37 (18,987) - - - Trade and other receivables: - Net impairment charge 23,941 18,174 5,614 6,753 - Written off 209 228 10 - Impairment loss on: - amount owing by joint ventures 23,314 2,200 - - - amount owing by an associate 158 - 38 - - amount owing by a subsidiary - - 69,208 - - investment in a subsidiary - - 46,000 - Net provision for warranties 871 235 - - Net unrealised loss/(gain) on foreign exchange 1,717 3,950 (2,323) 128 Dividend income - - (27,414) (7,965) Interest income (4,246) (4,992) (8,884) (12,274) Interest expense 43,391 54,652 6,081 9,070 Fair value (gain)/loss on: - derivative financial instruments 31 (2,959) 896 - - - investment in equity instruments 31 1 - - - 75,840 268,258 (9,010) (4,458) Changes in working capital: Inventories 62,878 63,531 - - Receivables 32,437 (29,591) 3,731 (6,107) Payables (10,911) (35,356) 254 1,294 Cash generated from/(used in) operations 160,244 266,842 (5,025) (9,271) Interest received 4,246 4,992 8,884 12,274 Interest paid (43,391) (54,652) (6,081) (9,070) Tax paid (15,120) (10,178) (1,602) (1,369) Net cash generated from/(used in) operating activities 105,979 207,004 (3,824) (7,436) STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020