Investor Relations - News
Full Year Financial Statement And Dividend Announcement
Full-year financial statement on consolidated results for the year ended 31 March 2002.
These figures have not been audited.
 |
|
Group |
Company | ||||
| - | - |
S$'000 |
% |
S$'000 |
% | ||
| - | -. |
31.03.2002 |
31.03.2001 Restated# |
Change |
31.03.2002 |
31.03.2001 Restated# |
Change |
|
|
|
|
|
|
|
|
| 1.(a) | Turnover |
42,412 |
49,670 |
(14.6) |
3,552 |
12,184 |
(70.8) |
|
|
|
|
|
|
|
|
| 1.(b) | Investment income |
0 |
7 |
N/M |
0 |
2 |
N/M |
|
|
|
|
|
|
|
|
| 1.(c) | Other income including interest income |
465 |
576 |
(19.3) |
368 |
2,221 |
(83.4) |
|
|
|
|
|
|
|
|
| 2.(a) | Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items |
4,318 |
3,619 |
19.3 |
1,035 |
2,547 |
(59.4) |
|
|
|
|
|
|
|
|
| 2.(b)(i) | Interest on borrowings |
(357) |
(413) |
(13.6) |
(12) |
(54) |
(77.8) |
|
|
|
|
|
|
|
|
| 2.(b)(ii) | Depreciation and amortisation |
(2,134) |
(2,420) |
(11.8) |
(688) |
(1,389) |
(50.5) |
|
|
|
|
|
|
|
|
| 2.(b)(iii) | Foreign exchange gain/(loss) |
87 |
13 |
569.2 |
13 |
13 |
0 |
|
|
|
|
|
|
|
|
| 2.(c) | Exceptional items (#) |
(221) |
1,481 |
N/M |
(1,591) |
401 |
N/M |
|
|
|
|
|
|
|
|
| 2.(d) | Operating profit/(loss) before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items |
1,693 |
2,280 |
(25.7) |
(1,243) |
1,518 |
N/M |
|
|
|
|
|
|
|
|
|
. |
. |
31.03.2002 |
31.03.2001 Restated# |
Change |
31.03.2002 |
31.03.2001 Restated# |
Change |
|
|
|
|
|
|
|
|
| 2.(e) | Income derived from associated companies |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(f) | Less income tax |
(434) |
(418) |
3.8 |
(32) |
(25) |
28.0 |
|
|
|
|
|
|
|
|
| 2.(g)(i) | Operating profit after tax before deducting minority interests |
1,259 |
1,862 |
(32.4) |
(1,275) |
1,493 |
N/M |
|
|
|
|
|
|
|
|
| 2.(g)(ii) | Less minority interests |
222 |
87 |
155.2 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(h) | Operating profit/(loss) after tax attributable to members of the company |
1,481 |
1,949 |
(24.0) |
(1,275) |
1,493 |
N/M |
|
|
|
|
|
|
|
|
| 2.(i)(i) | Extraordinary items (#) |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(ii) | Less minority interests |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iii) | Extraordinary items attributable to members of the company |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iv) | Transfer to/from Exchange Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(v) | Transfer to Capital Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(vi) | Transfer to Reserve Fund |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(j) | Operating profit/(loss) after tax and extraordinary items attributable to members of the company |
1,481 |
1,949 |
(24.0) |
(1,275) |
1,493 |
N/M |
N/M : Not Meaningful
#Prior year adjustments arise from the implementation of:
(1) SAS 17 (2000) (Employee Benefits): With effect from 1 April 2001, accrual was made for unconsumed annual leave on an earned basis instead of on a consumed basis. This change in accounting policy has the effect of reducing current year's Group and Company profit before tax by about S$0.09m and S$0.02m respectively. The cumulative charge for prior years has been made against the opening revenue reserves of the Group and the Company by approximately S$0.18m and S$0.04m respectively.
(2) SAS 10 (revised 2000) (Events after the Balance Sheet Date) : With effect from 1 April 2001, proposed final dividend are recognised only after they have been formally declared payable by shareholders. This change has been applied retrospectively by adjusting the opening revenue reserves of the Group and the Company by S$0.75m.
(3) SAS 8 (revised 2000) (Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies): With effect from 1 April 2001, Extraordinary Items which do not meet the definition of extraordinary items in SAS 8 have been reclassified to Exceptional Items. This change has been applied retrospectively by reclassifying the comparatives in the Profit & Loss Accounts to conform with the current year's presentation.
|
Group Figures | |||
|
|
Latest year |
Previous year |
| 3.(a) | Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above] |
2.97% |
3.75% |
|
|
|
|
| 3.(b) | Operating profit [2(h) above] as a percentage of issued capital and reserves at end of year |
5.30% |
7.18% |
|
|
|
|
| 3.(c) | Earnings per ordinary share for the year based on 2(h) above after deducting any provision for preference dividends:- |
|
|
|
|
|
|
| 3.(c)(i) | Based on existing issued share capital |
1.87 cents |
2.46 cents |
|
|
|
|
| 3.(c)(ii) | On a fully diluted basis |
1.86 cents |
2.46 cents |
|
|
|
|
| 3.(d) | Earnings per share based on 2(j) above:- | |
|
|
(i) Based on existing issued share capital |
1.87 cents |
2.46 cents |
|
|
|
|
|
(ii) On a fully diluted basis |
1.86 cents |
2.46 cents |
|
|
|
|
| 3.(e) | Net tangible asset backing per ordinary share |
35.27 cents |
34.30 cents |
Note: The figures for the previous year have been restated.
| - | - |
Group |
Company | ||||
| - | - |
S$'000 |
% |
S$'000 |
% | ||
| - | - |
31.03.2002 |
31.03.2001 Restated# |
Change |
31.03.2002 |
31.03.2001 Restated# |
Change |
| - | |
|
|
|
|
|
|
| 4.(a) | Sales reported for first half year |
21,292 |
26,769 |
(20.5) |
1,681 |
6,019 |
(72.1) |
|
|
|
|
|
|
|
|
| 4.(b) | Operating profit/(loss) [2(g)(i) above] reported for first half year |
156 |
540 |
(71.1) |
(1,397) |
378 |
N/M |
|
|
|
|
|
|
|
|
| 4.(c) | Sales reported for second half year |
21,120 |
22,901 |
(7.8) |
1,871 |
6,165 |
(69.7) |
|
|
|
|
|
|
|
|
| 4.(d) | Operating profit [2(g)(i) above] reported for second half year |
1,103 |
1,322 |
(16.6) |
122 |
1,115 |
(89.1) |
5.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years
Under provision of the Group's prior year's current taxation amounted to S$37,249 and over provision of the Group's prior year's deferred taxation amounted to S$30,987.
5.(b) Amount of any pre-acquisition profits
NIL
5.(c) Amount of profits on any sale of investments and/or properties
| Sale of investments/properties |
$Profit/(Loss) |
| Profit on sale of quoted equity investment |
$2,260.00 |
NIL
5.(d) Any other comments relating to Paragraph 5
NIL
6. Segmental Results
| BY INDUSTRY SEGMENTS 31 March 2002 |
Marine & Oifield |
Turbocharger |
Trading |
Foundry |
Subsea Robotics |
Eliminations |
Group |
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
|
|
| Revenue | |
|
|
|
|
|
|
| External sales |
24,007 |
16,073 |
23 |
463 |
1,846 |
- |
42,412 |
| Inter-segment sales |
514 |
- |
- |
79 |
- |
(593) |
- |
| Total sales |
24,521 |
16,073 |
23 |
542 |
1,846 |
(593) |
42,412 |
|
|
|
|
|
|
|
|
| Segment results |
2,006 |
940 |
564 |
(520) |
(792) |
(505) |
1,693 |
|
|
|
|
|
|
|
|
| Taxation |
(260) |
(413) |
39 |
- |
(16) |
216 |
(434) |
| Minority interest |
- |
- |
- |
- |
- |
222 |
222 |
| Net profit/(loss) attributable to shareholders |
1,746 |
527 |
603 |
(520) |
(808) |
(67) |
1,481 |
|
|
|
|
|
|
|
|
| Assets and Liabilities | |
|
|
|
|
|
|
| Segment assets |
19,880 |
11,570 |
10,441 |
(55) |
10,604 |
(4,797) |
47,643 |
|
|
|
|
|
|
|
|
| Segment liabilities |
(5,460) |
(5,552) |
(300) |
(9) |
(7,476) |
(18) |
(18,815) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BY GEOGRAPHICAL SEGMENTS 31 March 2002 |
Singapore |
Australia |
Malaysia |
United Kingdom |
Total |
|
|
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
|
|
|
|
| External sales |
24,030 |
16,073 |
463 |
1,846 |
42,412 |
|
|
| Segment assets |
38,779 |
6,842 |
(55) |
2,077 |
47,643 |
|
|
| Capital expenditure |
7,424 |
289 |
- |
3,033 |
10,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BY INDUSTRY SEGMENTS 31 March 2001 |
Marine & Oilfield |
Turbocharger |
Trading |
Foundry |
Subsea Robotics |
Eliminations |
Group |
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
| Revenue | |
|
|
|
|
|
|
| External sales |
20,517 |
14,994 |
12,993 |
1,166 |
- |
- |
49,670 |
| Inter-segment sales |
3,096 |
36 |
69 |
173 |
- |
(3,374) |
- |
| Total sales |
23,613 |
15,030 |
13,062 |
1,339 |
- |
(3,374) |
49,670 |
|
|
|
|
|
|
|
|
| Segment results (restated) |
846 |
881 |
386 |
(53) |
(275) |
495 |
2,280 |
|
|
|
|
|
|
|
|
| Taxation |
(25) |
(427) |
62 |
(1) |
- |
(27) |
(418) |
| Minority interest |
- |
- |
- |
- |
- |
87 |
87 |
| Net profit/(loss) attributable to shareholders |
821 |
454 |
448 |
(54) |
(275) |
555 |
1,949 |
|
|
|
|
|
|
|
|
| Assets and Liabilities | |
|
|
|
|
|
|
| Segment assets |
22,100 |
10,837 |
12,270 |
1,398 |
3,156 |
(3,835) |
45,926 |
|
|
|
|
|
|
|
|
| Segment liabilities |
(6,590) |
(5,782) |
(2,732) |
(954) |
(2,180) |
(216) |
(18,454) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BY GEOGRAPHICAL SEGMENTS 31 March 2001 |
Singapore |
Australia |
Malaysia |
Total |
|
|
|
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
|
|
|
|
|
| External sales |
33,510 |
14,994 |
1,166 |
49,670 |
|
|
|
| Segment assets |
38,303 |
6,225 |
1,398 |
45,926 |
|
|
|
| Capital expenditure |
4,054 |
543 |
181 |
4,778 |
|
|
|
7.(a) Review of the performance of the company and its principal subsidiaries
The Group's turnover of S$42.4m reflected a decline of 14.6% from S$49.7m in the last financial year, attributable largely to the sale of the Group's trading business in Aqua-Terra Supply Co. Pte Ltd on 31 March 2001.
The absence of the revenue contribution from Aqua-Terra was mitigated by higher sales from the Group's other operating divisions in oilfield, turbocharger and subsea robotics services. In particular, the Group enjoyed maiden revenue contributions from MTQ Subsea Technology Pte Ltd in the year with the launch of its first two survey class remotely operated vehicles (ROVs).
Meanwhile, the Group's marine operations continued to operate under severe competition in the industry. On 15 February 2002, the Group entered into an agreement with Ciserv Singapore Pte Ltd for the sale of its marine repair services business. The sale is expected to be completed by May 2002.
Notwithstanding a lower turnover, the Group achieved a profit before exceptional items, taxation and minority interests [item 2(a)] of S$4.3m, which represents a 19.3% improvement over the corresponding figure of S$3.6m for the previous year. The Group's oilfield services division, in particular, achieved significant growth in the financial year under review led by an increase in exploration activities in the oil and gas industry.
The exceptional loss of S$0.2m arose from retrenchment costs incurred in the first half of the financial year. Profit after taxation and minority interests of S$1.5m was lower than S$1.9m recorded last year as the profit last year included an exceptional gain of S$1.5m arising mainly from the sale of Aqua-Terra's business assets.
Profit after taxation and minority interests in the second half of the financial year was significantly higher than the first half due to the absence of further losses from the Group's foundry operations in Metalock Castings Sdn Bhd, which ceased operations from July 2001. The Group's turbocharger operations in Australia also performed better in the second half.
Pursuant to a restructuring exercise in 1 April 2002, the Company became an investment holding company providing only corporate services to its subsidiary companies. The Company's turnover of S$3.6m for the financial year ended 31 March 2002 represented management fees and rental income derived from its subsidiary companies.
The Company suffered a loss of S$1.2m due to provisions for diminution in value of the Company's investments in its foundry operations in Metalock Castings Sdn Bhd and Aqua-Terra, both of which ceased operations in the year.
7.(b) A statement by the Directors of the Company on whether "any item or event of a
material or unusual nature which would have affected materially the results of
operations of the Group and Company has occurred between the date to which the
report refers and the date on which the report is issued". If none, to include a
negative statement.
In the opinion of the Directors, no item, transaction or event of a material or unusual nature has arisen in the interval between 31 March 2002 and the date of this announcement that would materially affect the results of the Company and the Group.
8. Commentary on current year prospects
By the first quarter of the new financial year, the Group's existing ROV fleet will be boosted by the addition of 2 light work-class SuperMohawk ROVs and 2 heavy work-class Phoenix ROVs. MTQ Subsea Technology Pte Ltd is expected to start contributing positively to the Group in the year.
Contributions from the Group's oilfield services business in MTQ Engineering Pte Ltd is likely to continue as conditions in the oil and gas industry remain buoyant. The Group is currently looking into expanding its involvement in this sector.
Performance of the Group's turbocharger operation in Australia is also expected to remain healthy.
Barring unforeseen circumstances, in view of the above factors and given the sale of its loss-making marine repair services business, the Group is expected to perform better in the new financial year.
9. Dividend
| (a) Present Period | |||
| Name of Dividend |
Final |
|
|
| Dividend Type |
Cash |
||
| Dividend Rate | 5 % per ordinary share less tax | ||
| Par value of shares |
S$0.25 |
||
| Tax Rate |
24.50% |
||
|
|
|
|
| |||
| (b) Previous Corresponding Period | |||
|
|
|
|
| Name of Dividend |
Final |
|
|
|
|
|
|
| Dividend Type |
Cash |
||
|
|
|
|
| Dividend Rate | 5 % per ordinary share less tax | ||
|
|
|
|
| Par value of shares |
S$0.25 |
||
|
|
|
|
| Tax Rate |
24.50% |
||
|
|
|
|
| (c) Total Annual Dividend | |||
| - | |
|
|
| - |
Latest Year (S$) |
Previous Year (S$) |
|
|
|
|
|
| Ordinary |
747,450 |
747,450 |
|
| Preference |
0 |
0 |
|
| Total: |
747,450 |
747,450 |
|
|
|
|
|
9(d) Date payable
The proposed dividend, if approved at the Annual General Meeting, will be paid at a date to be announced later.
9(e) Books closing date
Notice will be given at a later date on the closure of the Share Transfers Books and Register of Members to determine shareholders' entitlements to the proposed final dividend.
9(f) Any other comments relating to Paragraph 9
NIL
10. Balance sheet
|
Group |
Group |
Company |
Company |
|
31.03.02 |
31.03.01 |
31.03.02 |
31.03.01 |
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
(Restated#) |
|
(Restated#) |
|
|
|
|
|
| Share capital |
19,800 |
19,800 |
19,800 |
19,800 |
| Share premium account |
1,944 |
1,944 |
1,944 |
1,944 |
| Reserves |
6,190 |
5,419 |
13,653 |
15,675 |
|
|
|
|
|
| Share capital & reserves |
27,934 |
27,163 |
35,397 |
37,419 |
| Minority interests |
894 |
309 |
- |
- |
| Capital employed |
28,828 |
27,472 |
35,397 |
37,419 |
|
|
|
|
|
| Represented by: | |
|
|
|
| Non-current assets | |
|
|
|
| Fixed assets |
21,773 |
17,996 |
4,307 |
6,698 |
| Associated company |
- |
- |
- |
- |
| Investments |
685 |
390 |
28,269 |
28,152 |
| Staff loans receivable |
290 |
368 |
98 |
250 |
|
22,748 |
18,754 |
32,674 |
35,100 |
|
|
|
|
|
| Current assets | |
|
|
|
| Cash at bank and in hand |
7,881 |
1,490 |
3,448 |
37 |
| Current assets |
17,014 |
25,682 |
987 |
6,924 |
|
24,895 |
27,172 |
4,435 |
6,961 |
|
|
|
|
|
| Current liabilities | |
|
|
|
| Term loans & overdraft |
(3,593) |
(3,060) |
- |
(1,230) |
| Other current liabilities |
(11,100) |
(11,757) |
(987) |
(2,591) |
|
(14,693) |
(14,817) |
(987) |
(3,821) |
|
|
|
|
|
| Net current assets |
10,202 |
12,355 |
3,448 |
3,140 |
|
|
|
|
|
| Non-current liabilities | |
|
|
|
| Term loans |
(3,562) |
(2,666) |
- |
- |
| Deferred taxation |
(494) |
(821) |
(725) |
(821) |
| Hire Purchase creditors |
(66) |
(150) |
- |
- |
| Non-current liabilities |
(4,122) |
(3,637) |
(725) |
(821) |
|
|
|
|
|
| Net assets |
28,828 |
27,472 |
35,397 |
37,419 |
The presentation and classification of items in the Balance Sheet have been changed to provide a proper comparison with the current year's presentation.
11. Details of any changes in the company's issued share capital
There has been no changes in the company's issued share capital.
12. Comparative figures of the group's borrowings and debt securities
| (a) Amount repayable in one year or less, or on demand | |||
|
|
|
|
|
As at 31/03/2002 |
As at 30/09/2001 | ||
|
|
|
|
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
S$'000 3,593 |
S$'000 0 |
S$'000 3,242 |
S$'000 0 |
|
|
|
|
| (b) Amount repayable after one year | |||
|
|
|
|
|
As at 31/03/2002 |
As at 30/09/2001 | ||
|
|
|
|
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
S$'000 3,562 |
S$'000 0 |
S$'000 2,032 |
S$'000 0 |
(c) Any other comments relating to Paragraph 12
NIL
13. Summarised Statement of Changes in Equity
| Group |
Share Capital |
Share Premium |
Foreign Currency Translation |
Retained Earnings |
Share Capital & Reserves |
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
| Balance as at 1 April 2001 (as previously reported) |
19,800 |
1,944 |
531 |
4,321 |
26,596 |
| Prior year adjustments (#) |
- |
- |
- |
567 |
567 |
|
|
|
|
|
|
| Balance as at 1 April 2001 as restated |
19,800 |
1,944 |
531 |
4,888 |
27,163 |
|
|
|
|
|
|
| Net profit attributable to shareholders for the year |
- |
- |
- |
1,481 |
1,481 |
|
|
|
|
|
|
| Exchange difference on translation of overseas subsidiary companies |
- |
- |
37 |
- |
37 |
|
|
|
|
|
|
| Dividends paid in respect of the previous year |
- |
- |
- |
(747) |
(747) |
|
|
|
|
|
|
| Balance as at 31 March 2002 |
19,800 |
1,944 |
568 |
5,622 |
27,934 |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
Share Capital |
Share Premium |
Retained Earnings |
Share Capital & Reserves |
|
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
|
| Balance as at 1 April 2001 (as previously reported) |
19,800 |
1,944 |
14,970 |
36,714 |
|
| Prior year adjustments (#) |
- |
- |
705 |
705 |
|
|
|
|
|
|
|
| Balance as at 1 April 2001 as restated |
19,800 |
1,944 |
15,675 |
37,419 |
|
|
|
|
|
|
|
| Net loss attributable to shareholders for the year |
- |
- |
(1,275) |
(1,275) |
|
|
|
|
|
|
|
| Dividends paid in respect of the previous year |
- |
- |
(747) |
(747) |
|
|
|
|
|
|
|
| Balance as at 31 March 2002 |
19,800 |
1,944 |
13,653 |
35,397 |
|
14. Consolidated Statement of Cash Flows for the Year Ended 31 March 2002
|
2002 |
2001 |
|
S$'000 |
S$'000 |
| Cash flows from operating activities: | |
|
| Profit before taxation |
1,693 |
2,280 |
|
|
|
| Add/(Less): | |
|
| Depreciation of property, plant and equipment |
2,134 |
2,420 |
| Impairment of property, plant and equipment |
170 |
238 |
| Profit on sale of property, plant and equipment |
(110) |
(408) |
| Profit on sale of quoted investments |
(2) |
(56) |
| Dilution of minority interest in a subsidiary company, net |
(3) |
- |
| Investment and interest income |
(62) |
(38) |
| Interest expense |
357 |
413 |
| Write back of provision for diminution in quoted investments |
- |
(10) |
| Profit on sale of business assets by a subsidiary company |
- |
(1,103) |
| Write-back of provision for amounts due from associated company |
- |
(34) |
| Operating income before reinvestment in working capital |
4,177 |
3,702 |
|
|
|
| Decrease/(increase) in receivable |
2,644 |
(479) |
| (Increase)/decrease in inventories and work-in-progress |
(146) |
1,486 |
| Decrease in payable |
(654) |
(1,024) |
| Decrease in amounts receivable from associated company |
- |
18 |
| Currency re-alignment |
90 |
(211) |
|
|
|
| Cash generated from operations |
6,111 |
3,492 |
|
|
|
| Investment and interest income |
62 |
38 |
| Interest expense |
(357) |
(413) |
| Income taxes paid |
(602) |
(703) |
|
|
|
| Net cash provided by operating activities |
5,214 |
2,414 |
|
|
|
| Cash flows from investing activities: | |
|
| Purchase of property, plant and equipment |
(10,746) |
(4,609) |
| Proceeds from sale of property, plant and equipment |
4,969 |
935 |
| Proceeds from sale of quoted investments |
43 |
162 |
| Additional investment in unquoted investment |
(336) |
(349) |
| Subscription for shares in a subsidiary company by minority shareholders |
810 |
235 |
| Staff loans receivable |
145 |
259 |
| Proceeds from sale of business assets by a subsidiary company in prior year |
5,970 |
- |
| Acquisition of business assets by a subsidiary company |
- |
(65) |
| Net cash used in investing activities |
855 |
(3,432) |
|
|
|
| Cash flows from financing activities: | |
|
| Dividends paid |
(747) |
- |
| Repayment of finance leases |
(123) |
(52) |
| Proceeds from finance leases |
37 |
96 |
| (Repayment)/Proceeds from bank overdraft, secured |
(94) |
463 |
| Proceeds from term loans |
3,820 |
900 |
| Repayment of term loans |
(1,615) |
(618) |
|
|
|
| Net cash provided by financing activities |
1,278 |
789 |
|
|
|
| Net change in cash and cash equivalents |
7347 |
(229) |
| Cash and cash equivalents at beginning of financial year |
534 |
763 |
|
|
|
| Cash and cash equivalents at end of financial year |
7,881 |
534 |
BY ORDER OF THE BOARD
Fong Choon Seng
Company Secretary
03/05/2002