T
heGroup’s non-current
assets increasedfive-folds
to$117.6million as at
31December 2017 from$22.1
million as at 31December 2016,
as a result of the increase in
property, plant andequipment
in viewof thecompletion and
capitalisationof the liftboat.
Correspondingly, net current assets
decreasedby 56% to$84.9million.
Shareholders’ equitydecreased
to$202.5millionas at 31December
2017 from$215.7million as at
31December 2016, attributable
mainly to thenet loss and
thepayment of dividends to
shareholders during the year.
Baker Tech’s net asset valueper
share reduced to99.8cents at
theendof 2017 from 106.3cents
at theendof 2016.
TheGrouphas recently secured
a timecharter for BlueTitanium,
tobedeployed in Southeast Asia
in the later part of 2Q2018 to
support rejuvenationworks for oil
andgas platforms for anational
oil company.
FinancialPosition
BalanceSheets
2017
2016 Change
$’000
$’000
%
Non-current assets
Property, plant andequipment
113,410
16,461
+589%
Intangible assets
1,810
2,050
-12%
Investment securities
2,388
3,317
-28%
Deferred tax assets
17
248
-93%
117,625
22,076 +433%
Current assets
91,248
202,514
-55%
Current liabilities
(6,315)
(8,468)
-25%
Net current assets
84,933
194,046
-56%
Non-current liability–deferred tax liabilities
44
455
-90%
Net assets
202,514
215,667
-6%
Sharecapital
108,788
108,788
–
Reserves
93,726
106,879
-12%
Shareholders' equity
202,514
215,667
-6%
* NM denotes Not Meaningful
. 2 9
ANNUAL
REPORT
20 1 7
THE BE ST
I N US
