50
BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
reap
Five-Year
PerformanceReview
2013
2012
2011
2010
2009
$'000
$'000
$'000
$'000
$'000
Revenue
83,299
98,244
81,147
48,427
79,245
Gross profit
23,768
25,084
23,510
24,931
51,299
Pre-tax profit
26,080
84,799
10,630
30,389
96,130
Pre-tax profit*
17,818
15,081
10,877
14,177
40,970
Net profit
22,373
81,591
7,631
27,401
88,580
Shareholders' equity
239,843
268,143
171,791
187,133
166,285
Loans andborrowings
-
3,678
-
99
145
Cash and short-term deposits
205,871
173,902
169,277
214,130
76,428
Earnings per share (Cents)
2.7
11.5
1.1
4.1
13.9
Diluted Earnings per share (Cents)
2.4
8.3
0.8
2.8
13.8
* - Excluding share of results from joint venture& associates andgains fromdisposal of subsidiary / associates.
2009
2009 was the first full year of contribution from Sea Deep Shipyard Pte. Ltd. (“Sea Deep”) following its acquisition in April
2008. However, group revenue increased only marginally to $79.3 million due to the slowdown of activities in the marine
offshore sector following the onset of the global financial crisis. Credit availability had been affected by the global credit
crunch, leading to delays in the finalisation of a number of offshore projects. As a result, theGroup’s net order book fell to a
low of US$7million as at December 2009, fromUS$57million a year prior.
However, as theGrouphad securedanumber of high value specialised steel structureprojects inprevious years, highermargins
were recognised in thefinal stages as theprojects neared completion. This resulted in a significant increase ingross profit from
$21.9million in2008 to$51.3million in2009. Coupledwith a strongperformance from PPL Shipyard Pte Ltd (“PPLS”),where
the Group’s 15% share of profits amounted to $55.4million, the Group’s pre-tax profit surged to a record $96.1million for
the year.
2010
The Group continued to weather the effects of the global financial crisis. Revenue decreased from $79.2 million to $48.4
millionas a result of slower order intake in2009.Correspondingly, grossprofit dropped to$24.9million.Over the courseof the
year, however, activities in the oil and gas industry started picking up and theGroup’s order book began to strengthen again.
As of December 2010, the order book had recovered toUS$33million.
Most notably, theGroup sold its stake in PPLHoldings Pte Ltd (“PPLH”) during the year for US$116.25million ($150.5million).
However, due to the ensuing legal suit between PPLH and Sembcorp Marine Ltd (“SCM”) over the disposal, the gain on
disposal of $58.2millionwas deferred until the final rulingwas passed in2012.
As a result of lower contributions from Sea Deep and a lower share of results from PPLH, pre-tax profit decreased from
$96.1million to $30.4million in 2010. However, following the completion of the disposal of PPLH, theGroup’s cash position
improved significantly from $76.4million to $214.1million.
