Assets
Our non-current assets increased
by 54.9% to $22.8 million as at 30
June 2016 from $14.7 million as at
30 June 2015. This was mainly due
to the acquisition of new assets of
$9.1 million, which was offset by the
depreciation of fixed assets of $2.1
million and the disposal of assets of
$0.5 million during FY2016; assets
from our newly acquired subsidiaries
of $0.2 million; intangible assets and
goodwill arising from the acquisition
of a new subsidiary of $1.7 million in
FY2016 and offset by amortisation
of intangible assets of $1.4 million
arising from the acquisition of new
subsidiaries in FY2015 and FY2016; and
investment in bonds of $1.1 million.
Our current assets increased by
17.2% to $71.6 million as at 30 June
2016 from $61.0 million as at 30
June 2015. This was attributed
mainly to increases in cash and bank
balances of $1.9 million; trade and
other receivables of $2.6 million;
amounts due from customers for
contract work-in-progress of $5.0
million; intangible assets of $0.1
million; and investment in bonds of
$1.0 million.
Liabilities
Our non-current liabilities increased
by 125.9% to $4.8 million as at
30 June 2016 from $2.1 million
as at 30 June 2015. This was
attributed to the drawdown of bank
borrowings of $1.6 million; finance
lease facilities of $0.9 million; and
an increase in deferred tax liabilities
of $0.2 million.
Our current liabilities rose by 30.9%
to $35.7 million as at 30 June 2016
from $27.3 million as at 30 June
2015. This was attributed mainly
to an increase in amounts due
to customers for contract work-
in-progress of $3.2 million; an
increase in trade and other payables
of $3.9 million; a drawdown of
bank borrowings of $1.8 million; a
drawdown of finance lease liabilities
of $0.3 million; and a decrease in
tax payable of $0.8 million.
Statement of Cash Flows
Consolidated Statement of Cash Flows
As at 30 June 2016
$’000
As at 30 June 2015
$’000
(Restated)
Net cash generated from operating activities
15,607
17,063
Net cash used in investing activities
(10,465)
(4,533)
Net cash (used in) / generated from financing activities
(3,458)
2,486
Cash and cash equivalents at end of financial year
32,359
30,675
Net Cash Generated From
Operating Activities
The Group generated a net cash of
$13.4 million from operating activities
before changes in working capital
while net working capital inflows
amounted to $3.9 million for FY2016.
This was mainly due to a decrease
in trade and other receivables of
$4.8 million; an increase in trade
and other payable of $0.5 million;
and an increase in contract work-
in-progress of $1.4 million. After
payment of income tax of $1.7
million and interest of $0.3 million
after offsetting with interest received
of $0.3 million, we generated
approximately $15.6 million in net
cash from operating activities.
Net Cash Used In Investing
Activities
Net cash used in investing activities
amounted to $10.5 million. This
mainly attributable to the purchase
of plant and equipment of $7.2
million and offset by the proceeds
from disposal of property, plant and
equipment of $1.0 million; investment
in bonds of $2.1 million; and net cash
outflow from the acquisition of a
subsidiary of $2.2 million.
Net Cash Used In Financing
Activities
Net cash used in financing activities
amounted to $3.4 million. This was
mainly due to the net drawdown
of bank borrowing of $1.1 million;
repayment of finance lease of $0.7
million; fixed deposit pledged to
the bank of $0.2 million; dividend
payment of $1.6 million; and
purchase of treasury shares of
$2.0 million.
35
ISOTEAM LTD.
ANNUAL REPORT 2016
