48
BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
The reduction innon-current assetswaspartiallyoffset by thepurchaseof fixedassets for theGroup’snewpremises at 10 Jalan
Samulun andpurchase of investment securities.
Current assets decreasedmarginally from$249.7million to$239.2million. Current assets comprisedmainlyof cashand short-
term deposits amounting to$205.9million, whichwas equivalent to23.6 cents per share.
Current liabilities decreased from $24.3million to $16.3millionmainly due to the repayment of short-term bank borrowings,
and lower level of production activities as at year-end. TheGroup had zero net debt as at 31December 2013.
Shareholders’ equity decreased by $28.3 million mainly due to the payment of $87.2 million in dividends to shareholders,
whichwas partially offset by $36.5million of proceeds from the conversion of warrants, and retainedprofits for the year.
As a result, theGroup’s net asset value per share reduced from36.4 cents at the end of 2012 to27.5 cents at end2013.
Cash Flows
2013
2012
Changes
Cash Flows
$'000
$'000
%
Cash from / (used in) operating activities
52,341
(23,069)
NM
Cash from investing activities
29,302
17,044
72%
Cash (used in) / from financing activities
(54,350)
10,938
NM
Net increase in cash& cash equivalent
27,293
4,913
456%
Effect of exchange rate changes on cash and cash equivalent
677
(289)
NM
Cash& cash equivalent at beginning of year
173,901
169,277
3%
Cash& cash equivalent at end of year
201,871
173,901
16%
The Group’s operating cash flows improved in FY2013 primarily due to lower working capital requirements as a result of
lower levels of inventories, work-in-progress, and payables. The improvement in investing cash flows was mainly due to the
net proceeds from the disposal of DO. The Group reported a negative financing cash flow primarily due to the payment of
dividends of $87.2million to shareholders, partially offset by the inflow of $36.5million from the conversion of warrants by
warrant holders. TheGroup’s cash position remains very strong at over $200million as at end2013, or 23.6 cents per share.
Financial Review
reap
