15
/ MTQ CORPORATION LIMITED /
ANNUAL REPORT
2014/2015
The Group’s total liabilities amounted to S$118.1 million,
a decrease of 10% or S$12.9 million from FY2014. Bank
borrowings decreased by S$4.9 million mainly due to
the repayment of loans during the year as well as the
revaluation of Australian dollar denominated loans.
Shareholders’ funds amounted to S$129.0 million as at
31 March 2015, a slight decrease of 1% compared to 31
March 2014 despite a net translation loss of S$3.0 million
arising from the translation of foreign subsidiaries.
DIVIDENDS
The Board of Directors is recommending a one-tier
final cash dividend of 2.0 Singapore cents to be paid
for FY2015. Subject to shareholders’ approval for the
payment of the final dividend at the forthcoming Annual
General Meeting, dividend for FY2015, including the
interim dividend of 2.0 Singapore cents paid (cash and
scrip), will total to 4.0 Singapore cents per share.
CASH FLOWS
Despite lower cash from operating activities as a result
of lower profits for the year, the Group continued
to generate strong operating cash flows with more
efficient working capital management, lower interest
and tax payments.
The Group continue to invest in its businesses. While
the Group is looking to grow the ROV capabilities
in SE Asia, bulk of the capital expenditure in FY2015
and FY2014 relates to the new purpose built facility in
Welshpool which was substantially completed as at 31
March 2015.
Within the financing activities, the Group paid a total
of S$3.6 million dividends and had a net repayment of
S$2.5 million bank loans during the year.
Overall, cash balances increased by S$6.7 million to
S$44.1 million as at 31 March 2015.
FINANCIAL RESOURCES AND CAPITAL
STRUCTURE
Total bank borrowings and finance lease payables
decreased by 8% to S$60.4 million as at 31 March 2015,
while net debt position decreased by 43% to S$16.3
million. Consequently, net gearing ratio decreased from
17% to 11% during FY2015. The Group’s gearing level
remains healthy and there is headroom available to
fund further growth.
The Company issued 2.0 million new ordinary shares in
FY2015 as scrip dividends to eligible shareholders who
elected to take up scrip in lieu of cash dividend under
the MTQ Corporation Limited Scrip Dividend Scheme.
25.4 million new ordinary shares were also issued
during the year pursuant to the bonus issue that was
approved during the year.
FINANCIAL REVIEW
