Baker Technology Limited
T
he Group’s non-current assets
decreased40%mainlydue to the
impairment lossongoodwill in
a subsidiary and the reclassification of
investmentsecuritieswhicharematuring
in thenext 12months tocurrent assets.
Netcurrentassetssawaslight increaseof
1%.Approximately96%of theGroup’s
current assetscomprisedofcash, short-
termdepositsand investment securities
($110.2million), andwork-in-progress
for the self-propelled multi-purpose
jack-up liftboatandotherproject related
work ($85.9million). TheGroup has
noborrowingsasat31December2016
and 31December 2015.
Shareholders’ equity decreased from
$228.9millionasat31December2015
to $215.7 million as at 31 December
2016, attributable mainly to the net
loss and the payment of dividends to
shareholders during the year. Baker
Tech’snet assetvalueper share reduced
from 112.8 cents at the end of 2015 to
106.3 cents by end 2016 (based on the
revisednumber of shares as a result of
the share consolidation).
BalanceSheets
2016
$'000
2015
$'000
Changes
%
Non-current assets
Property, plant and equipment
16,461
18,076
-9%
Intangible assets
2,050
9,747
-79%
Investment securities
3,317
8,399
-61%
Deferred tax assets
248
360
-31%
22,076
36,582
-40%
Current assets
202,514
209,484
-3%
Current liabilities
(8,468)
(17,003)
-50%
Net current assets
194,046
192,481
+1%
Non-current liabilities –
deferred tax liabilities
455
150
+203%
Net assets
215,667
228,913
-6%
Share capital
108,788
108,788
-
Reserves
106,879
120,125
-11%
Shareholders' equity
215,667
228,913
-6%
* NM denotesNotMeaningful
Financial Review
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29
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