statistics
Journal
financial review
Shareholders’ equity increased by S$96.4 million
mainly due to the higher profits retained for the year
as well as the increase in share capital. Share capital
increasedbyS$14.3millionasa resultof theconversion
of warrants amounting to S$11.7 million during the
year, as well as the issuance of approximately 280
millionwarrants in June2012, resulting innet proceeds
of S$2.6million.
As a result, the Group’s net asset value per share
improved from 24.5 cents in 2011 to 36.4 cents in
2012.
The Group’s investment in associates in 2012 reflected
its investment inDiscoveryOffshoreS.A. (“DO”). During
2012, the Group purchased 2.06 million additional
shares in DO in the open market for S$4.4 million,
thereby increasing its interest in DO from 17% to 20%.
With the increase of the stake, the investment in DO
has been re-designated from an available-for-sale
investment to an associate. Prior to the re-designation,
the appreciation in value of DO’s share price enabled
theGroup to recordanet gainon the fair value changes
of available-for-sale investment of S$7.5million.
The2011comparativefigure for investment inassociates
reflected that of the Group’s 49% interest in York. In
March2012, theGroupdisposedof its stake inYork for
S$21.9million, resulting in a gain of S$10.9million.
The Group’s current assets increased from S$225.5
million toS$249.7million in2012, comprisingmainlyof
S$173.9million incashand short termdeposits.Current
liabilities decreased from S$95.6 million to S$24.3
million, mainly due to the recognition of the deferred
gain on the Group’s disposal of PPLH to QD back in
October 2010 in the current period. The recognition of
the gain on disposal was deferred previously due to the
pending outcome of the legal disputewith SCM.
The Group’s total borrowings amounted to S$3.7
million, comprising short term borrowings for working
capital purposes.
FINANCIALPOSITION
statistics
Journal
financial review
47
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
46
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
Balance Sheet
2012
S$’000
2011
S$’000
Change
%
Non-current assets
Investment in associates
32,020 10,358
209
Available-for-sale investment
-
20,118
NM
Property, plant and equipment (PPE)
2,822
3,842
(27)
Goodwill
7,551
7,551
-
Deferred tax assets
392
-
NM
42,785 41,869
2
Current assets
249,700 225,505
11
Current liabilities
(24,342)
(95,583)
(75)
Net current assets
225,358 129,922
73
Net assets
268,143 171,791
56
Share capital
50,317 36,053
40
Reserves
217,826 135,738
60
Shareholders’ equity
268,143 171,791
56
NM-Notmeaningful
Basic earnings per share were 11.5 cents for 2012,
compared to 1.1 cents in 2011. Fully diluted earnings
per share, were8.3 cents, after adjusting for the dilutive
effect of 280millionwarrants outstanding.
The Directors have recommended a record dividend of
10 cents per share to be paid for the year ended 31
December 2012, comprisinga first and final tax exempt
(one-tier) dividend of 1.5 cents and a special dividend
tax exempt (one-tier) of 8.3 cents. This is subject to
shareholders’ approval at the forthcoming Annual
General Meeting of theCompany.
