FGV Audited Financial Statements 2019

151 01 S E C T I O N NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AUDITED FINANCIAL STATEMENTS 2019 24 INVESTMENT IN SUBSIDIARIES (CONTINUED) (e) Summarised financial information on subsidiaries with material non-controlling interests (continued) Set out below are the summarised financial information for each subsidiary that has non-controlling interests that are material to the Group (other subsidiaries that have non-controlling interests are individually not significant). (continued) Summarised statements of cash flows MSM Malaysia Holdings Berhad Group FGV Palm Industries Sdn. Bhd. 2019 RM’000 2018 RM’000 2019 RM’000 2018 RM’000 Cash flow generated from operations 268,982 299,623 1,083,474 201,215 Retirement benefits paid - - (4,482) (1,459) Zakat paid (14) (1,500) - (1,612) Income tax refund/(paid) 6,579 (12,108) (14,183) - Net cash generated from operating activities 275,547 286,015 1,064,809 198,144 Net cash used in investing activities (13,243) (326,221) (19,696) (670,725) Net cash (used in)/generated from financing activities (207,525) (16,771) (1,092,200) 644,421 Net increase/(decrease) in cash and cash equivalents 54,779 (56,977) (47,087) 171,840 Effect of foreign exchange rate changes (38) 410 - - Cash and cash equivalents at beginning of financial year 98,220 154,787 255,489 83,649 Cash and cash equivalents at end of financial year 152,961 98,220 208,402 255,489 25 INTERESTS IN ASSOCIATES Group 2019 RM’000 2018 RM’000 Share of net assets of associates 39,757 101,082 Summarised financial information in respect of the associates’ revenue and Group’s share of results of its associates is set out below: Group 2019 RM’000 2018 RM’000 Associates’ revenue 229,749 459,704 Group’s share of results for the financial year (1,625) (11,721)