statistics
Journal
financial review
statistics
Journal
financial review
49
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
48
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
The Group reported net cash used in operations of
S$23.4 million, mainly due to higher working capital
required for higher inventories and lower payables.
However, this negativeoperating cashflowswereoffset
by proceeds from the disposal of an associate (S$21.9
million), proceeds from the conversion of warrants and
warrants issued (S$14,3 million), and net proceeds
from loans and borrowings (S$3.7million), whichwas
partially offset by the acquisition of additional stakes
in DO (S$4.4million) and the payment of dividends to
shareholders (S$7.7 million). This results in an overall
positive cash flows of S$4.6million for FY2012.
The Group’s cash position remains very strong at
S$173.9 million as at end 2012, or 23.6 cents per
share.
For the comparative figures in 2011, the negative
cash flows from investing and financing activities were
mainly due to the acquisition of the 17%minority stake
in DO of S$27.6 million and payment of S$21.0
million of dividends to shareholders. This was partially
offset by the inflowof S$5.5million from the conversion
of warrants bywarrant holders.
NM-Notmeaningful
GroupQuarterlyResults
Q1
Q2
Q3
Q4
FY
S$’000 S$’000 S$’000 S$’000 S$’000
Revenue
2012
35,101
25,035 21,706 16,402 98,244
2011
10,645
19,268 18,496 32,738 81,147
Gross profit
2012
4,909
7,061
8,109
5,005 25,084
2011
5,367
4,559
5,563
8,021 23,510
Pre-tax profit
2012
14,244
62,290
6,905
1,360 84,799
2011
2,143
(556)
5,290
3,753 10,630
Net profit
2012
13,604
61,330
5,705
952 81,591
2011
1,393
(886)
4,293
2,831
7,631
Gross profit margin
2012
14%
28% 37% 31% 26%
2011
50%
24% 30% 25% 29%
Net profit margin
2012
39% 245% 26%
6% 83%
2011
13%
-5% 23%
9%
9%
CASH FLOWS
Cash Flows
2012
S$’000
2011
S$’000
Change
%
Cash used in operating activities
(23,357)
(1,384)
1,588
Cash generated / (used) in investing activities
17,044 (27,898)
NM
Cash generated / (used) in financing activities
10,938 (15,571)
NM
Net increase / (decrease) in cash and cash equivalents
4,625 (44,853)
NM
Cash and cash equivalents as at end of year
173,902 169,277
3
NM-Notmeaningful
Group revenue increased 230% to S$35.1 million in
1Q2012but declinedprogressively over the next three
quarters. This was attributed mainly to the progressive
recognition of a higher level of orders secured in early
2011while order intake hadalso sloweddown further
since the last two quarters of 2012.
Gross profitmargin tend to vary fromquarter toquarter
depending on the stage of construction of projects.
For 1Q2012, gross profit margin was lower at 14%
due to the different product mix and competitive
pricing. Inaddition, a significant portionof theGroup’s
revenue for Q1was from projects in their early stages
of construction, where the margins recognised tend to
be lower.
The surge in pre-tax profits in Q1 and Q2 were due
to the gain on disposal of York (S$10.9 million) and
recognition of the deferred gain on disposal of PPLH
(S$58.2million), respectively.
