Wah Seong Corporation Berhad Annual Report 2020

94 WAH SEONG CORPORATION BERHAD Group Company Note 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (52,829) (62,282) (125) (81) Purchase of investment properties (117) - - - Proceeds from disposal of: - property, plant and equipment 75,051 32,116 - - - investment properties 14,105* - - - Transfer to deposits and short term investment (712) (5,816) (19) (14) Dividends received from: - subsidiaries - - 27,414 7,965 - a joint venture 6,692 21 - - - an associate 1,731 1,735 - - Advances to subsidiaries - - (11,475) (27,576) Repayments from subsidiaries - - 18,038 27,979 Additional investment in an associate (1,500) - - - Net advances to joint ventures (921) (1,018) - - Net advances from/repayment from associates 1,700 703 - - Net cash inflow from disposal of subsidiaries 37 22,914 - - - Net cash generated from/(used in) investing activities 66,114 (34,541) 33,833 8,273 CASH FLOWS FROM FINANCING ACTIVITIES Drawdown from term loans 7,373 179,113 - - Repayments of term loans (61,014) (122,485) - - Drawdown of fixed rate notes - 19,583 - - Repayments of fixed rate notes - (9,027) - - Drawdown from other bank borrowings 504,085 1,252,488 50,000 610,322 Repayments of other bank borrowings (516,111) (1,210,265) (74,085) (627,689) Advances from subsidiaries - - 27,200 21,810 Repayments to subsidiaries - - (29,905) (8,700) Proceeds received from non-controlling interests on issuance of shares by subsidiaries - 1,690 - - Dividends paid to owners of the Company (3,082) - (3,082) - Dividends paid to non-controlling interests - (2,980) - - Utilisation of advances from customer - (357,464) - - Lease repayment (principal portion) (12,822) (12,141) - - Net cash used in financing activities (81,571) (261,488) (29,872) (4,257) NET CHANGES IN CASH AND CASH EQUIVALENTS 90,522 (89,025) 137 (3,420) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR 124,172 215,259 5,960 9,354 EFFECTS OF EXCHANGE RATE CHANGES 832 (2,062) (19) 26 CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR 215,526 124,172 6,078 5,960 STATEMENTS OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020