126 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 23 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. 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Cash flow generated from operations 53,865 95,153 210,927 198,365 Retirement benefits paid - - (1,354) (562) Zakat paid (1,000) (1,000) (1,417) - Income tax paid (23,706) (30,539) (17,413) (10,629) Net cash generated from operating activities 29,159 63,614 190,743 187,174 Net cash generated (used in)/from investing activities (32,965) 142,879 82,890 (145,095) Net cash from/(used in) financing activities 27,210 (211,038) (350,732) (116,718) Net increase/(decrease) in cash and cash equivalents 23,404 (4,545) (77,099) (74,639) Effect of foreign exchange rate changes (563) 2,703 - - Cash and cash equivalents at beginning of financial year 178,082 179,924 229,290 303,929 Cash and cash equivalents at end of financial year 200,923 178,082 152,191 229,290 24 INTERESTS IN ASSOCIATES Group 2022 RM’000 2021 RM’000 Share of net assets of associates 63,631 65,074 Summarised financial information in respect of the associates’ revenue and Group’s share of results of its associates is set out below: Group 2022 RM’000 2021 RM’000 Associates’ revenue 95,176 104,085 Group’s share of results for the financial year 2,658 3,551
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