BiotechCorp Annual Report 2007 - Malaysian Biotechnology ...

Malaysian Biotechnology Corporation Sdn. Bhd.
(Company No.691431-D) (Incorporated in Malaysia)
Cash flow statement for the year ended 31 December 2007
2007 2006
RM RM
Cash flows from operating activities
Profit/(Loss) before taxation
Adjustments for:
360,877 (24,626,083)
Amortisation of government grants (36,661,743) (443,896)
Depreciation 1,085,878 502,697
Interest income (1,341,905) (452,975)
Interest expense 16,299 13,680
Loss from equipment written off - 715
Provision for accumulating compensated expenses (42,447) 186,330
Operating loss before working capital changes (36,583,041) (24,819,532)
Changes in working capital:
Other receivables, deposits and prepayments (2,890,453) (1,042,039)
Other payables and accruals 1,713,703 2,758,597
Net cash used in operating activities (37,759,791) (23,102,974)
Cash flows from investing activities
Purchase of property, plant and equipment (4,253,086) (1,405,100)
Acquisition of technology license (3,241,925) -
Interest received 2,044,436 597,783
Insurance compensation from loss of equipment - 4,750
Net cash used in investing activities (5,450,575) (802,567)
Cash flows from financing activities
Proceeds from issuance of ordinary shares - 45,000,000
Developmental government grants received 108,255,000 20,000,000
Non-developmental government grants received 38,500,000 -
Commercialisation grants disbursed (1,149,361) -
Hire purchase repayments (101,853) (75,455)
Interest paid (16,299) (13,680)
Net cash generated from financing activities 145,487,487 64,910,865
Net increase in cash and cash equivalents 102,277,121 41,005,324
Cash and cash equivalents at beginning of year 57,655,091 16,649,767
Cash and cash equivalents at end of year 159,932,212 57,655,091
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