|
| Financial Information |
| Financial Statements |
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| Comprehensive Income |
| Year ended December 31, 2010 |
|
|
|
| |
Note |
2010 |
2009 |
| |
|
$ |
$ |
| Revenue |
23 |
41,131,620 |
52,688,339 |
| |
|
|
|
| Cost of services |
|
(30,823,719) |
(37,774,601) |
| Gross profit |
|
10,307,901 |
14,913,738 |
| |
|
|
|
| Other operating income |
24 |
1,303,587 |
1,564,262 |
| Administrative expenses |
|
(4,301,994) |
(3,370,406) |
| Other operating expenses |
25 |
(5,282,920) |
(3,654,709) |
| Finance costs |
26 |
(299,757) |
(299,712) |
| Profit before income tax |
|
1,726,817 |
9,153,173 |
| |
|
|
|
| Income tax expense |
27 |
(465,621) |
(852,807) |
| Profit for the year |
28 |
1,261,196 |
8,300,366 |
| |
|
|
|
| Exchange differences on translation of foreign operations, |
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|
|
| representing other comprehensive income for the year, |
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|
|
| net of tax |
|
249,570 |
132,788 |
| Total comprehensive income for the year |
|
1,510,766 |
8,433,154 |
| |
|
|
|
| Profit attributable to: |
|
|
|
| Owners of the Company |
|
1,578,495 |
6,343,643 |
| Non-controlling interests |
|
(317,299) |
1,956,723 |
| |
|
1,261,196 |
8,300,366 |
| |
|
|
|
| Total comprehensive income attributable to: |
|
|
|
| Owners of the Company |
|
1,702,793 |
6,410,037 |
| Non-controlling interests |
|
(192,027) |
2,023,117 |
| |
|
1,510,766 |
8,433,154 |
| |
|
|
|
| Basic and diluted earnings per share (cents) |
29 |
1.2 |
5.3 |
| |
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| See accompanying notes to financial statements. |
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| Cash Flows |
| Year ended December 31, 2010 |
|
|
| |
2010 |
2009 |
| |
$ |
$ |
| |
|
|
| Operating activities |
|
|
| |
|
|
| Profit before income tax |
1,726,817 |
9,153,173 |
| Adjustments for: |
|
|
| Interest income |
(4,963) |
(1,308) |
| Interest expense |
299,757 |
299,712 |
| Allowance for foreseeable loss on contract work-in-progress |
- |
108,100 |
| Property, plant and equipment written off |
340 |
48,286 |
| Depreciation of property, plant and equipment |
1,717,748 |
1,632,564 |
| Net foreign exchange losses (gains) |
70,036 |
(59,253) |
| Gain on disposal of property, plant and equipment |
(90,849) |
(9,909) |
| Operating cash flows before movements in working capital |
3,713,886 |
11,171,365 |
| |
|
|
| Trade receivables |
4,991,798 |
1,028,159 |
| Other receivables |
(1,299,476) |
(8,388) |
| Work-in-progress |
(5,547,291) |
1,022,478 |
| Inventories |
66,926 |
(143,087) |
| Trade payables |
638,505 |
(403,690) |
| Other payables |
117,082 |
(1,112,196) |
| Cash generated from operations |
2,686,430 |
11,554,641 |
| |
|
|
| Interest received |
4,963 |
1,308 |
| Income tax paid |
(477,014) |
(2,584,943) |
| Net cash from operating activities |
2,214,379 |
8,971,006 |
| |
|
|
| Investing activities |
|
|
| |
|
|
| Acquisition of subsidiaries (Note 31) |
84,742 |
- |
| Proceeds on disposal of property, plant and equipment |
219,849 |
32,798 |
| Purchases of property, plant and equipment (Note A) |
(3,279,921) |
(387,832) |
| Net cash used in investing activities |
(2,975,330) |
(355,034) |
| |
|
|
| Financing activities |
|
|
| |
|
|
| Restricted cash deposit |
(17,568) |
(1,661) |
| Dividends paid |
(2,800,000) |
(2,500,000) |
| Interest paid |
(299,757) |
(299,712) |
| |
|
|
| Proceeds from: |
|
|
| Issuance of ordinary share capital, net of share issue expenses |
4,764,879 |
- |
| Term loans |
300,000 |
- |
| Invoice financing |
1,070,360 |
- |
| Bridging loan |
- |
2,000,000 |
| Factoring loans |
6,051,510 |
- |
| |
|
|
| Repayments of: |
|
|
| Term loans |
(521,246) |
(211,477) |
| Bridging loan |
(833,333) |
- |
| Factoring loans |
(6,051,510) |
- |
| A third party loan |
(105,933) |
(529,667) |
| Obligations under finance leases |
(82,635) |
(64,676) |
| Net cash from (used in) financing activities |
1,474,767 |
(1,607,193) |
| |
|
|
| Net increase in cash and cash equivalents |
713,816 |
7,008,779 |
| Cash and cash equivalents at beginning of the year |
7,085,978 |
77,199 |
| Cash and cash equivalents at end of the year (Note B) |
7,799,794 |
7,085,978 |
| |
|
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| Note to statement of cash flows |
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|
| |
| A) During the year, the Group acquired property, plant and equipment with an aggregate cost
of $3,570,921 (2009 : $387,832) of which $291,000 (2009 : $Nil) was acquired under finance
arrangements. Cash payments of $3,279,921 (2009 : $387,832) were made to purchase property,
plant and equipment. |
| |
| B) Cash and cash equivalents comprise of: |
| |
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|
| |
2010 |
2009 |
| |
$ |
$ |
| |
|
|
| Cash at banks and on hand (Note 7) |
6,509,794 |
7,085,978 |
| Fixed deposits (Note 7) |
1,290,000 |
- |
| |
7,799,794 |
7,085,978 |
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| See accompanying notes to financial statements. |
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