A N N U A L R E P O R T 2 0 0 1 - IGB Corporation Berhad

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CASH FLOW STATEMENTSfor the financial year ended 31 December 2001GroupCompanyNote 2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000Operating activitiesReceipts from customers 171,717 299,713 4,083 60,811Payments to contractors, suppliers andemployees (128,481) (269,801) (16,453) (85,683)Cash flow from/(used in) operations 43,236 29,912 (12,370) (24,872)Interest paid (34,728) (30,162) (4,469) (3,181)Income taxes paid (7,968) (13,785) (5,536) (6,345)Net cash generated from/(used in)operating activities 540 (14,035) (22,375) (34,398)Investing activitiesProceeds from sale of shares in anassociate 124,047 19,044 124,047 19,044Proceeds from sale of investments 23,508 0 0 0Interest received 1,917 4,760 1,732 4,657Purchase of property, plant andequipment (10,867) (105,407) (235) (205)Proceeds from sale of property, plant andequipment 133 55 117 0Investment in subsidiaries 0 0 (1,000) 0Investment in associates (9,099) (4,815) (8,646) (4,815)Investment in other investments (82) 0 0 0Dividends received from subsidiaries 0 0 910 0Dividends received from associates 19,401 15,667 10,921 11,269Dividends received from investments 1,030 917 330 330Repayment from subsidiaries 0 0 35,088 0Repayment to subsidiaries 0 0 (28,384) (68,357)Advances to subsidiaries 0 0 0 (6,106)Repayment from associates 8,396 68,671 8,396 68,671Advances to associates (20,174) (51,581) (20,174) (30,798)Advances from associates 8,190 13,825 8,190 1,296Repayment to associates (4,733) (816) (4,672) (816)Net cash generated from/(used in)investing activities 141,667 (39,680) 126,620 (5,830)Financing activitiesProceeds from shares issued by the Company 58 1,426 58 1,426Repayment of bank borrowings (98,689) (134,032) (9,689) (135,097)Receipt of bank borrowings 90,000 23,000 30,000 10,000Dividends paid (10,691) (5,928) (10,691) (5,928)Advances from a related party 0 14,000 0 14,000Net cash (used in)/generated fromfinancing activities (19,322) (101,534) 9,678 (115,599)Foreign currencies exchange differenceon opening balances (5) 3 0 0Net increase/(decrease) in cash and cashequivalents during the financial year 122,880 (155,246) 113,923 (155,827)Cash and cash equivalents at beginningof financial year 12,426 167,672 (2,276) 153,551Cash and cash equivalents at end offinancial year 29 135,306 12,426 111,647 (2,276)<strong>IGB</strong> Annual Report 200173
NOTES TO THE FINANCIAL STATEMENTSfor the financial year ended 31 December 20011. Principal activitiesThe principal activities of the Company during the financial year are those of investment holding and propertydevelopment. The principal activities of the subsidiaries and associates are set out on pages 99 and 100. Therehave been no significant changes in the nature of these activities during the financial year.2. Summary of significant accounting policiesThe following accounting policies have been used consistently in dealing with items considered material inrelation to the financial statements:(a)Basis of preparation of the financial statementsThe financial statements of the Group and Company have been prepared under the historical costconvention except as disclosed in this summary of significant accounting policies.The financial statements of the Group and Company have been prepared in accordance with theprovisions of the Companies Act, 1965 and the applicable approved accounting standards in Malaysia.(b)Basis of consolidationThe consolidated financial statements include the financial statements of the Company and all itssubsidiaries made up to the end of the financial year. Subsidiaries are those enterprises in which the Grouphas power to exercise control over the financial and operating policies so as to obtain benefits from theiractivities. Subsidiaries are consolidated from the date on which control is transferred to the Group and areno longer consolidated from the date that control ceases. Subsidiaries are consolidated using theacquisition method of accounting. Under the acquisition method of accounting, the results of thesubsidiaries acquired or disposed during the year are included in the consolidated income statementfrom the date of acquisition or up to the date of their disposal. Inter-company transactions are eliminatedon consolidation and consolidated financial statements reflect external transaction only. Wherenecessary, adjustments are made to the financial statements of subsidiaries to ensure consistency ofaccounting policies with those of the Group.(c)Goodwill on consolidationGoodwill or capital reserve arising on consolidation represents the excess or deficit of purchase price overthe fair value of the net assets of subsidiaries at the date of acquisition. Goodwill or capital reserve arisingon consolidation is written off against reserves.(d)SubsidiariesInvestments in subsidiaries are stated at cost. An allowance is made when the Directors are of the opinionthat there is a permanent diminution in the value of the investments.74<strong>IGB</strong> Annual Report 2001
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(5745-A)ANNUAL REPORT 2001FIABCI Aw
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A N N U A L R E P O R T 2 0 0 1 - IGB Corporation Berhad

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