44
Baker Technology LimitedAnnual Report 2014
FINANCIALPOSITION
2014
2013
%
$’000 $’000 Change
Non-current assets
Property, plant andequipment
9,305
6,057
+54%
Intangible assets
9,764
7,551
+29%
Investment securities
8,288
2,456
+237%
Deferred tax assets
1,018
876
+16%
28,375
16,940
+68%
Current assets
207,674
239,229
-13%
Current liabilities
(19,148)
(16,326)
+17%
Net current assets
188,526
222,903
-15%
Net assets
216,901
239,843
-10%
Share capital
95,547
86,851
+10%
Reserves
121,354
152,992
-21%
Shareholders’ equity
216,901
239,843
-10%
TheGroup’snon-currentassets increasedmainlydue to theacquisitionofnewplantandmachineryby itssubsidiaries
to boost their production capabilities, the acquisition of liftboat designs and the purchase of quoted corporate
bonds toenhance its interest yield.
Current assets declined from $239.2million to $207.7million. Approximately 81% (or $168.7million) of theGroup’s
current assets is made up of cash and short-term deposits. Current liabilities saw an increase from $16.3 million
to $19.1million and this was in-line with the increase in production activities of theGroup’s operating subsidiaries
during the current year. TheGrouphad zerodebt as at 31December 2014.
Shareholders’ equitydecreasedby$22.9milliondue to thepayment of $45.2million individends to shareholders, and
thiswaspartiallyoffset by$8.7millionof proceeds from theconversionofwarrants, and retainedprofits for the year.
Asa result, theGroup’snet asset valueper share reduced from27.5centsat theendof 2013 to23.5centsbyend2014.
