Apersonalaccount
ofFY2012
Apersonalaccount
ofFY2012
Chairman’smessage
Chairman’smessage
Dear Shareholders,
This year we have decided to present
Baker Technology’s Annual Report in the form
of a travelogue. We wanted to document the
Group’s milestones, travails and successes in
its corporate journey to date, even as we prepare
to embark on the next new and exciting voyage.
MR LIM HO SENG
12
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
BAKER TECHNOLOGY LIMITEDANNUAL REPORT 2012
13
FY2012 FinancialPerformance
FY2012 was a stellar year for Baker Tech. The Group
achieved record revenue of S$98.2 million, on the
progressive recognition of contracts mainly secured in
the last two years.Our performancewas further boosted
by total gains of S$69.1 million from the recognition of
deferred gain from the disposal of PPL Holdings Pte Ltd
(“PPLH”) and gain from the disposal of York Transport
Equipment (Asia) Pte Ltd (“York”).As a result, theGroup's
net profit rose almost ten-fold to S$81.6million.
TheGroup’s financial position remains robust.Weended
theyearwithS$173.9million incashand very littledebt.
Recorddividends
With the strong performance and the victory in the
legal suit, I am pleased to announce that the Directors
have recommended dividends of 10 cents per share,
comprisingafirst andfinal tax exempt (one-tier) dividend
of 1.5 cents per shareanda special tax exempt (one-tier)
dividend of 8.5 cents per share.
Memorablealbeitchallenging times
The last twelve months were memorable, albeit
challenging, but the Group prevailed in its continuing
efforts to deliver value to our shareholders.
In the face of a global economy buffeted by the Euro
crisis, jitters over the US fiscal cliff, and the ensuing tight
credit market, the operating environment for theGroup’s
core business had been difficult. Order intake for the
core marine offshore equipment business continued
to ease further, especially in the second half of 2012.
Notwithstanding, the core businesswas able tomaintain
itsprofitability inFY2012due to the recognitionof orders
from two years ago.
