statistics
Journal
financial review
statistics
Journal
financial review
45
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
44
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
REVENUE
Revenue increased by 21% from S$81.1 million in
2011 to S$98.2 million in 2012. This increase can be
attributed to higher progressive recognition of orders,
particularly in the first half of 2012.
EARNINGS
Gross profit increased by 7% year-on-year, a smaller
increase than the 27% growth in revenue due to lower
margins as a result of adifferent product mix and keener
competition.
Pre-tax profit increased 698%, from S$10.6 million in
2011 toS$84.8million in2012. The strongperformance
was boosted by gains from disposals of investments
and lower administrative expenses. Following the High
Court’s ruling in favour of PPLH in the legal suit with
SCM, the Group was able to recognise the deferred
gain of S$58.2million. During the year, theGroup also
disposed of its remaining 49% stake in York for S$21.9
million and recognised a gain of S$10.9 million from
the disposal.
Earningspershare (cents)
(Basic)
dividendpershare (cents)
Earningspershare (cents)
(Diluted)
FY
12
11
10
09
08
FY
12
11
10
09
08
FY
12
11
10
09
08
The Group’s core operating subsidiary in the marine
offshore segment, Sea Deep Shipyard Pte. Ltd.,
maintained its healthy contribution to the Group’s
earnings, with a pre-tax profit contribution of S$20.0
million for 2012, compared to S$19.4million in 2011.
The Group’s effective tax rate for FY2012 was 4%
compared to 28% in 2011.
As the substantial gains from disposals were capital in
nature, suchgainswerenot subject to tax.Comparatively,
effective tax rate in 2011 was higher than the statutory
income tax rate of Singapore as administrative expenses
incurred by the corporate head office could not be offset
against taxable profits of its operating subsidiaries.
As a result, net profit increased almost ten-fold from
S$7.6million in 2011 to S$81.6million in 2012.
With the the conclusion of the legal suit in May 2012,
administrativeexpenses decreasedby18% fromS$11.9
million in 2011 to S$9.7 million in 2012 as a result of
lower legal fees incurred.
NM-Notmeaningful
Income Statement
2012
S$’000
2011
S$’000
Change
%
Revenue
98,244
81,147
21
Cost of goods sold
(73,160)
(57,637)
27
Gross profit
25,084
23,510
7
Recognition of deferred gain on disposal of subsidiary
58,237
-
NM
Gain on disposal of associate
10,894
-
NM
Other operating income / (expenses), net
(173)
(734)
(76)
Administrative expenses
(9,708)
(11,878)
(18)
Finance costs
(122)
(21)
481
Share of results of associates
587
(247)
NM
Profit before tax
84,799
10,630
698
Income tax expenses
(3,208)
(2,999)
7
Profit after tax
81,591
7,631
969
Gross profit margin
26%
29%
4.1
4.9
11.5
13.9
1.1
0.8
8.3
2.8
13.8
4.7
10
3
2.25
0.5
1
