statistics
Journal
Five-Year performance review
statistics
Journal
Five-Year performance review
51
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
50
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
2012
2011
2010
2009
2008
S$’000 S$’000 S$’000 S$’000 S$’000
Revenue
98,244
81,147
48,427
79,245 74,381
Gross profit
25,084
23,510
24,931
51,299 21,942
Pre-tax profit
84,799
10,630
30,389
96,130 34,418
Pre-tax profit*
15,668
10,630
14,566
40,719 17,162
Net profit
81,591
7,631
27,401
88,580 30,764
Shareholders’ equity
268,143 171,791 187,133 166,285 77,253
Loans & borrowings
3,678
-
99
145
245
Cash & short-term deposits
173,902 169,277 214,130
76,428 31,109
Basic earnings per share (cents)
11.5
1.1
4.1
13.9
4.9
Diluted earnings per share (cents)
8.3
0.8
2.8
13.8
4.7
* - Excluding shareof results fromPPLSandgains fromdisposal of PPLHandYork
2008
2008 was a pivotal year for the Group as it acquired
a 100% stake in Sea Deep Shipyard Pte. Ltd. (“Sea
Deep”) in April. With this strategic move, the Group
transformed itself from amanufacturer and distributor of
trailer axles, to a manufacturer and service provider in
the oil and gas industry. The impact of this acquisition
was immediately felt, with Sea Deep contributing about
50% to theGroup’s pre-taxprofit in theeight months that
it was part of theGroup in 2008. The remaining profits
were contributed by the share of results from PPLS.
2009
Despite a full 12-month contribution from Sea Deep,
group revenue increased only marginally to S$79.3
million due to the slowdown of activities in the marine
offshore sector following theonset of theglobal financial
crisis.Credit availabilityhadbeenaffectedby theglobal
credit crunch, leading to delays in the finalisation of a
number of offshore projects. As a result, theGroup’s net
order book fell toa lowof US$7million as at December
2009, fromUS$57million a year prior.
2009 (cont’d)
However, as a number of higher value projects that
were secured in previous years for the fabrication of
specialised steel structures were nearing completion,
higher margins were recognised in their final stages.
This resulted in a significant increase in gross profit from
S$21.9 million in 2008 to S$51.3 million in 2009.
Coupled with a strong performance from PPLS, where
the Group’s 15% share of profits amounted to S$55.4
million, the Group’s pre-tax profit surged to a record
S$96.1million for the year.
2010
The effects of the global financial crisis continued
to weigh down on the Group. Revenue decreased
from S$79.2 million to S$48.4 million as a result of
slower order intake in 2009. Correspondingly, gross
profit dropped to S$24.9 million. Over the course of
the year, however, activities in the oil and gas industry
startedpicking upand theGroup’s order book began to
strengthenagain.As at December 2010, theorder book
recovered toUS$33million.
2010 (cont’d)
Themost notable development in 2010was theGroup’s
saleof its stake in PPLH for US$116.25million (S$150.5
million). However, due to the pending legal suit between
PPLH and SCM over the disposal, the gain on disposal
of S$58.2million had tobe deferred until the final ruling
was passed in 2012.
As a result of lower contributions from Sea Deep and a
lower shareof results from PPLH, pre-taxprofit decreased
from S$96.1 million to S$30.4 million in 2010.
However, following the completion of the disposal of
PPLH, the Group’s cash position improved significantly
from S$76.4million to S$214.1million.
2011
2011 was a good year for the Group as order intake
started to strengthen. The Group’s net order book
improved from US$33 million to a high of US$102
million in September 2011, before ending the year
at US$80 million on 31 December 2011. As a result,
revenue increased by 68%, from S$48.4 million in
2010 to S$81.1 million in 2011. However, gross profit
decreasedby6% toS$23.5million, mainly due to lower
gross profit margins from some projects undertaken
during the year with lesser opportunity for value-added
services, as well as competitive pricing.
2011 (cont’d)
With the absence of contribution from PPLS, lower gross
profit, and higher professional fees incurred for the legal
dispute with SCM, the Group’s pre-tax profit declined
fromS$30.4million toS$10.6million. TheGroup’s cash
position remained strong at S$169.3million.
2012
2012 was a year of record revenue for the Group.
Revenue increased 27%, from S$81.1 million in 2011
to S$98.2million in 2012. The Group also disposed of
its 49% stake inYork for S$21.9million, realisingagain
of S$10.9million from the disposal. Following the High
Court ruling in theGroup’s favour in relation to the legal
suit with SCM, the Group also recognised the deferred
gain of S$58.2 million from the disposal of PPLH. As a
result of the gains from the disposal of these investments,
pre-tax profit surged to S$84.8million.
However, due to the uncertain global economic
environment, order intake began to slow down in the
second half of the year. As at December 2012, our net
order book stood at US$49million.
The Group’s cash position remained strong at S$173.9
million.
