11
FY2013 Financial Performance
Performance for FY2013was strongwith full year revenue at
$83.3million and a net profit of $22.4million. Although this
was lower as compared to FY2012 due to lower recognition
of gains on disposal of investments in FY2013, Baker Tech’s
net profits (excluding investment gains) of $13.6 million
and $12.5 million for FY2013 and FY2012 respectively
demonstrates that our subsidiary Sea Deep Shipyard Pte. Ltd.
(“SeaDeep”) continued to perform in linewith expectations.
Sea Deep’s order book also saw a recovery after several
challenging quarters and ended the year with US$54
million in orders as at 31 December 2013. These orders are
expected to be completed in the next 12 to 18 months.
Overall, our financial position strengthened with $205.9
million in cash as at 31 December 2013 and no borrowings.
Given our financial performance in FY2013 and taking into
account the gains from sale of our stake in DO, the Board
of Directors is recommending a first and final dividend of
1 cent per ordinary shareanda special dividendof 4 cents per
ordinary share. Also, inorder not todisadvantageourwarrant
holders, we will again be recommending an adjustment to
the exercise price of the 2012 warrants to reflect the lower
intrinsic value of the shares following this dividendpayout.
RecognitionandAwards
Baker Tech continued its run at the Singapore Corporate
Awards in 2013, winning a Bronze award for Best Annual
Report (for companies with less than $300million inmarket
capitalisation). This is the third consecutive year that we have
won an award in this category. We were also included in
Forbes Asia’s Best Under a Billion list, which highlights 200
of the best listed companies in the Asia Pacific region with
annual revenues of less than US$1 billion. This is the second
time that we have been included in the list. In 2013wewere
one of only seven companies in Singapore on the list.
BranchingOut
We are in a prime position to expand our footprint through
organic and inorganic growth while being mindful of the
need to enhance shareholder returns and diversify the
Group’s revenue streams. In line with our plans to grow the
business,wehaveestablished twowholly-owned subsidiaries,
Baker Engineering Pte. Ltd. (“Baker Engineering”) and
BT Investment Pte. Ltd. (“BT Investment”). Organic growth
will come through Baker Engineering which will specialise
in the design, engineering, development and fabrication of
equipment for the oil and gas and offshoremarine industry.
