Wah Seong Corporation Berhad Annual Report 2021 184 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 38 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (CONTINUED) Net advances from subsidiaries Other bank borrowings Total liabilities from financing activities RM’000 RM’000 RM’000 Company 2021 At 1 January 14,258 126,759 141,017 Cash flows 20,000 (24,916) (4,916) Effect of exchange rate changes - 320 320 At 31 December 34,258 102,163 136,421 2020 At 1 January 16,963 152,217 169,180 Cash flows (2,705) (24,085) (26,790) Effect of exchange rate changes - (1,373) (1,373) At 31 December 14,258 126,759 141,017 39 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 2021 2020 RM’000 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 1,049 1,049 Significant transactions with an associate Lease rental income of equipment 9,159 9,755
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