FGV Audited Financial Statements 2020

24 INVESTMENT IN SUBSIDIARIES (CONTINUED) (f) 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. 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Cash flow generated from operations 285,133 268,982 198,907 1,087,317 Retirement benefits paid - - (438) (4,482) Zakat paid - (14) (3,395) - Income tax refund/(paid) (32,930) 6,579 (14,615) (14,183) Net cash generated from operating activities 252,203 275,547 180,459 1,068,652 Net cash (used in)/generated from investing activities (25,917) (13,243) 85,812 (19,696) Net cash used in financing activities (199,345) (207,525) (174,587) (1,092,200) Net increase/(decrease) in cash and cash equivalents 26,941 54,779 91,684 (43,244) Effect of foreign exchange rate changes (709) (38) - - Cash and cash equivalents at beginning of financial year 152,961 98,220 212,245 255,489 Cash and cash equivalents at end of financial year 179,193 152,961 303,929 212,245 25 INTERESTS IN ASSOCIATES Group 2020 RM’000 2019 RM’000 Share of net assets of associates 38,058 39,757 Summarised financial information in respect of the associates’ revenue and Group’s share of results of its associates is set out below: Group 2020 RM’000 2019 RM’000 Associates’ revenue 46,332 229,749 Group’s share of results for the financial year 366 (1,625) 130 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 FGV HOLDINGS BERHAD Audited Financial Statement 2020