General and administrative expenses
increased by 27.5% yoy to $12.1
million in FY2016 from $9.5 million
in FY2015. The increase was mainly
attributable to an increase in staff
costs of $1.7 million from business
expansion and the acquisition
of a subsidiary; an increase in
depreciation of $0.7 million; and
an increase in overhead cost of
OPERATING AND
FINANCIAL REVIEW
(CONT'D)
$0.2 million which is in line with
the expansion of business and
acquisition of a new subsidiary.
The Group's finance costs increased
by 52.0% yoy to $0.4 million in
FY2016 from $0.3 million in FY2015
mainly attributable to interest
incurred for trust receipt and the
property loan.
Other Operating Expenses
The Group's other operating
expenses increased by 94.2% yoy
to $1.5 million in FY2016 from $0.8
million in FY2015 mainly from an
increase in amortisation of intangible
assets of $1.3 million offset by
decrease in goodwill written off
of $0.6 million arising from the
acquisitions of new subsidiaries.
Statement of Financial Position
As at 30 June 2016
$’000
As at 30 June 2015
$’000
(Restated)
Non-current assets
- Property, plant and equipment
16,429
9,721
- Intangible assets
2,243
2,124
- Goodwill
2,658
2,483
- Other investments
1,477
400
Current assets
- Due from customers for contract work-in-progress
17,053
12,081
- Other investments
984
–
- Inventories
180
158
- Intangible assets
77
–
- Trade and other receivables
19,105
16,517
- Cash and bank balances
34,148
32,273
Total assets
94,354
75,757
Non-current liabilities
- Bank borrowings
2,162
569
- Finance lease liabilities
1,733
859
- Deferred tax liabilities
869
681
Current liabilities
- Due to customers for contract work-in-progress
8,638
5,382
- Bank borrowings
4,131
2,360
- Trade and other payables
21,410
17,459
- Finance lease liabilities
792
519
- Tax payables
707
1,545
Total liabilities
40,442
29,374
Net assets
53,912
46,383
Share capital
29,618
29,618
Treasury shares
(373)
–
Accumulated profits
31,726
24,143
Foreign currency translation reserve
1
–
Merger reserve
(7,338)
(7,338)
Other reserves
(151)
(107)
Non-controlling interests
429
67
Total equity
53,912
46,383
34
ISOTEAM LTD.
ANNUAL REPORT 2016
