2021 2020 RM’000 RM’000 Cash flows from investing activities Purchase of property, plant and equipment (13,985) (40,659) Purchase of investment properties (23,668) (64,210) Purchase of intangible assets – (879) Net cash (outflow)/inflow on acquisition of subsidiaries (113,088) 32 Deposit paid on acquisition of a subsidiary – (7,021) Proceeds from disposal of property, plant and equipment 902 454 Proceeds from disposal of investment property 103,000 – Proceeds from disposal of asset held for sale – 74,162 Proceeds from disposal of quoted shares 68,335 72,393 Subscription of shares in joint ventures – (17,000) Acquisition of quoted shares (41,592) (227,706) Acquisition of non-controlling interests (3) – Repayment from an associate – 727 (Advances to)/repayment from a joint venture (442) 2,391 Finance costs paid (55) (4,621) Finance income received 6,549 17,780 Dividend income received 9,265 33 Net cash used in investing activities (4,782) (194,124) Cash flows from financing activities Payment of borrowing costs (10,904) (20,161) Repayment of principal portion of lease liabilities (3,599) (4,689) Prepaid lease (3,783) (889) Drawdown from borrowings 782,370 939,568 Repayment of borrowings (755,854) (1,276,017) Proceeds from issuance of perpetual bond 270,000 – Proceeds from issuance of Islamic Medium Term Notes 293,000 1,207,000 Uplift/(placement) of debt service reserve, escrow accounts and deposits with licensed banks not available for use 13,498 (34,577) Proceeds from issuance of shares to non-controlling interests 19,452 10,000 Proceeds from issuance of ordinary shares 1,846 – Redemption of preference shares from non-controlling interests – (1,600) Distribution of surplus on liquidation of a subsidiary – (150) Purchase of treasury shares (19,221) (47,063) Perpetual bond distribution paid (17,455) (17,409) Net cash generated from financing activities 569,350 754,013 Net increase/(decrease) in cash and cash equivalents 31,342 (187,201) Effects of foreign exchange rate changes 265 (45) Cash and cash equivalents at beginning of financial year 404,092 591,338 Cash and cash equivalents at end of financial year (Note 26) 435,699 404,092 1 Included in trade and other receivables are deposits paid for the acquisitions of land amounting to RM33,454,000 (2020: RM40,249,000). 2 Included in inventories are cash consideration paid for the acquisitions of land amounting to RM362,245,000 (2020: RM270,990,000). For the financial year ended 31 December 2021 (cont’d.) 2021 2020 RM’000 RM’000 Cash flows from operating activities Loss before tax (41,369) (28,755) Adjustments for: Depreciation of property, plant and equipment 376 470 Depreciation of right-of-use assets 667 1,102 Fair value gain on transferable corporate golf club memberships – (575) Finance income (121,289) (68,418) Finance costs 164,752 101,389 Impairment loss on investments in subsidiaries – 16,895 Right-of-use assets written off 173 – Loss on disposal of investments in subsidiaries, net 3,082 – Dividend income (21,754) (35,750) Operating loss before working capital changes (15,362) (13,642) Changes in working capital: Trade and other receivables (200,293) (1,392,171) Trade and other payables (178,337) 265,052 Cash used in operations (393,992) (1,140,761) Finance costs paid (97,436) (49,405) Net tax paid (549) (1,204) Net cash used in operating activities (491,977) (1,191,370) Cash flows from investing activities Purchase of property, plant and equipment (71) (45) Dividend income received 21,754 35,750 Finance income received 121,289 68,418 Subscription of additional shares in subsidiaries, net of expenses (54,127) (9,437) Net cash generated from investing activities 88,845 94,686 Cash flows from financing activities Drawdown from borrowings 70,000 187,393 Repayment of borrowings (211,227) (238,746) Perpetual bond distribution paid (17,455) (17,409) Proceeds from issuance of perpetual bond 270,000 – Proceeds from issuance of Islamic Medium Term Notes 293,000 1,207,000 Proceeds from issuance of ordinary shares 1,846 – Uplift/(placement) of debt service reserve, escrow accounts and deposits with licensed banks not available for use 11,544 (20,753) Purchase of treasury shares (19,221) (47,063) Repayment of principal portion of lease liabilities (840) (1,110) Prepaid lease – (29) Net cash generated from financing activities 397,647 1,069,283 Net decrease in cash and cash equivalents (5,485) (27,401) Cash and cash equivalents at beginning of financial year (12,024) 15,377 Cash and cash equivalents at end of financial year (Note 26) (17,509) (12,024) For the financial year ended 31 December 2021 The accompanying accounting policies and explanatory information form an integral part of the financial statements. CASH FLOWS - COMPANY STATEMENT OF CASH FLOWS - GROUP STATEMENTS OF Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 222 223
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