Effect of change RM’million As restated RM’million Group CASH FLOWS FROM FINANCING ACTIVITIES Net decrease in deposits maturing more than 90 days 186.9 (186.9) 0 Net cash flows used in financing activities 3,595.8 (186.9) 3,408.9 CASH FLOWS FROM INVESTING ACTIVITIES Deposits maturing more than 90 days - Invested 0 (2,696.3) (2,696.3) - Matured 0 2,883.2 2,883.2 Net cash flows used in investing activities (14,553.1) 186.9 (14,366.2) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 338 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS Acquisitions during the financial year Subsidiaries acquired by the Group during the financial year ended 31 December 2023 are as follows: Note Purchase consideration RM’ million Group’s effective interest acquired Effective acquisition date Name of subsidiaries Spark Renewables(i) 1,184.9 100.0% 20 September 2023 Dullarbtons and Elipsgeen (ii) 494.0 100.0% 20 December 2023 (i) Spark Renewables Stone HoldCo Pty Ltd and Stone BidCo Pty Ltd, newly incorporated wholly owned subsidiaries of TNBI in Australia have completed its acquisition of Spark Renewables for a purchase consideration of AUD392.3 million in cash. Refer to Note 49 for the principal activities of these companies. The Group’s profit after tax for the financial year ended 31 December 2023 would have been estimated at RM2,624.8 million if Spark Renewables has been consolidated from the beginning of the financial year. From the acquisition date up to 31 December 2023, Spark Renewables contributed a loss after tax of RM5.6 million. The transaction costs incurred for this acquisition was RM52.5 million. Details of the assets, liabilities and net cash outflow as at the date of the acquisition of this subsidiary by the Group during the financial year ended 31 December 2023 are as follows: Spark Renewables Book value RM’million Fair value RM’million Recognised amounts of identifiable assets acquired and liabilities assumed: - PPE (Note 5) 476.6 514.3 -