45
ANNUAL REPORT 2015
44
BAKERTECHNOLOGYlimited
5-YEARPERFORMANCEREVIEW
2015
$’000
2014
$’000
2013
$’000
2012
$’000
2011
$’000
Revenue
54,064
86,272
83,299
98,244
81,147
Grossprofit
15,219
22,707
23,768
25,084
23,510
Pre-taxprofit
11,124
16,326
26,080
84,799
10,630
Pre-taxprofit*
11,124
16,326
17,818
15,081
10,877
Net profit
9,164
13,517
22,373
81,591
7,631
Shareholders’ equity
228,913
216,901
239,843
268,143
171,791
Deferredgainondisposal of subsidiary
–
–
–
–
58,237
Loansandborrowings
–
–
–
3,678
–
Cashand short-termdeposits
140,070
168,685
205,871
173,902
169,277
Earningsper share (Cents)
0.9
1.5
2.7
11.5
1.1
Dilutedearningsper share (Cents)
0.9
1.4
2.4
8.3
0.8
*Excluding shareof results from joint ventures / associatesandgains fromdisposal of subsidiary / associates
2011
2011showedpositivesignsofrecoveryasdemandstartedtopickup.Consequently,
revenue increased steadily by 68%, from$48.4million in2010 to$81.1million in
2011. However, with competitive pricing and lower margins earned from some
projects, coupledwith less opportunity for value-added services, this resulted in
grossprofit easingby 6% to$23.5million.
Combined with the absence of contribution from PPL Shipyard Pte Ltd and
higherprofessional fees incurred for the legal disputewithSembcorpMarineLtd
(“SCM”), the Group’s pre-tax profit declined from $30.4million to $10.6million.
TheGroup’s cashposition remained strongat $169.3million.
2012
TheGrouppeaked its record revenue in 2012, growing 27% from$81.1million in
2011 to$98.2million. TheGroupalsodisposedof its49%stake inYorkTransport
Equipment (Asia)PteLtd for$22.2million,recognisingagainof$10.9million from
thedisposal. Following theHighCourt ruling in theGroup’s favour in relation to
the legal suit withSCM, theGroup recognised the deferred gain of $58.2million
from the disposal of PPL Holdings Pte Ltd. As a result of these gains, pre-tax
profit surged to$84.8million.
TheGroup’s cashposition remainedhealthy at $173.9million.
2013
With thegainof$8.8million from thedisposal of itsassociate,DiscoveryOffshore
S.A., the Group saw greater profitability in 2013. With the exclusion of the
investment gain, the Group’s pre-tax profit improved from $15.1million in 2012
to$17.8million for 2013.
Despitepayingout a recorddividendof$87.2million toshareholders forfinancial
year 2012, the Group’s cash position remained strong at $205.9 million at
December 2013 or 23.6 cents per share. Thiswas attributable to proceeds from
the conversionofwarrantsandpositive cash inflows fromoperations.
2014
In 2014, the Groupwitness its revenue increasing 4% year-on-year. The Group’s
pre-tax profit of $16.3million for FY2014 was a slight decline compared to the
pre-taxprofit (excluding investment gain) of $17.8million recorded forFY2013.
With higher administrative expenses due to new operating subsidiaries, the
Group incurred an additional administrative expense of $3.2million in FY2014.
However, this increase was offset by higher exchange gain and lower taxation
charge for the year.
2015
With oil prices declining since the second half of 2014, demand has taken a
substantialhitcausingrevenuetodeclineby37%to$54.1million.Correspondingly,
pre-taxprofit also reducedby 32% to$11.1million forFY2015.
