2015
2014
$’000
$’000
Cash flows from financingactivities
Net proceeds from conversionofwarrants
13,241
8,696
Dividendspaidonordinary shares
(10,075)
(45,246)
Net cash flows from/(used in) financingactivities
3,166
(36,550)
Net decrease incashandcashequivalents
(32,287)
(35,645)
Effect of exchange rate changeson cashand cashequivalents
3,672
2,459
Cashand cashequivalentsat beginningof financial year
168,685
201,871
Cashandcashequivalentsat endof financial year (Note19)
140,070
168,685
1.
Corporate information
Baker Technology Limited (the “Company”) is a limited liability company incorporated and domiciled in Singapore and is listed on the Singapore Exchange
SecuritiesTradingLimited (SGX-ST).
The registeredofficeandprincipal placeof businessof theCompany isat 10JalanSamulun, Singapore629124.
The principal activities of the Company are investment holding and the provision of specialisedmarine offshore equipment and services for the oil and gas
industry. Theprincipal activitiesof the subsidiariesaredisclosed inNotes12 to the financial statements.
2.
Summaryof significant accountingpolicies
2.1
Basisof preparation
Theconsolidated financial statementsof theGroupand thebalancesheet andstatement of changes inequityof theCompanyhavebeenprepared inaccordance
withSingaporeFinancial ReportingStandards (“FRS”).
The financial statementshavebeenpreparedonahistorical cost basis, except asdisclosed in theaccountingpoliciesbelow.
The financial statements are presented in SingaporeDollars (SGD or $) and all values in the tables are rounded to the nearest thousand ($’000), except when
otherwise indicated.
The accountingpolicies adopted are consistent with those of theprevious financial year except in the current financial year, theGrouphas adopted all thenew
and revisedstandardswhichareeffective forannual periodsbeginningonorafter1January2015. Theadoptionof thesestandardsdidnothaveanyeffect on the
financial performanceor positionof theGroupand theCompany.
2.2
Standards issuedbut not yet effective
TheGrouphasnot adopted the following standardsapplicable to theGroup that havebeen issuedbut not yet effective:
Description
Effective for annual periods
beginningonor after
Amendments toFRS1
Disclosure Initiative
1January 2016
Amendments toFRS16andFRS38
Clarificationof AcceptableMethodsof DepreciationandAmortisation
1January 2016
Amendments toFRS110, FRS112andFRS28
Investment Entities: Applying theConsolidationException
1January 2016
FRS115
Revenue fromContractswithCustomers
1January 2018
FRS109
Financial Instruments
1January 2018
Consolidatedcashflowstatement
For the financial year ended31December 2015
Theaccompanyingaccountingpoliciesandexplanatorynotes forman integral part of the financial statements.
Notestothefinancialstatements
For the financial year ended31December 2015
77
ANNUAL REPORT 2015
76
BAKERTECHNOLOGYlimited
