CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Investment in Joint Ventures
and Associates
Decreased mainly due to share
of losses recorded during the
financial year.
Inventories
Increased due to costs incurred
for progressive building of
certain vessels under built to
stocks program.
Cash and Bank Balances
Decreased due to lower cash
inflow from operating activities.
Further, the Group funded its
capital expenditure through its
working capital and net proceeds
from bank borrowings.
FY2016
FY2015
$’000
$’000
Non-current assets
Property, plant and equipment
603,114
582,872
Lease prepayments
5,647
6,032
Investment in joint ventures
and associates
14,726
18,108
Intangible assets
17,840
18,674
Finance lease receivable
8,759
-
Total non-current assets
650,086
625,686
Current assets
Inventories
238,481
216,876
Construction work-in-progress
108,958
48,542
Trade and other receivables
248,767
238,907
Finance lease receivable
650
-
Derivative financial instruments
313
542
Cash and bank balances
24,710
77,919
Assets classified as held for sale
3,708
-
Total current assets
625,587
582,786
Current liabilities
Trade and other payables
223,371
180,461
Provision for warranty
54
929
Progress billings in excess
of construction work-in-progress
6,862
34,625
Trust receipts
72,196
68,847
Interest-bearing loans and borrowings
290,724
150,431
Derivative financial instruments
897
873
Income tax payables
2,810
2,390
Bank overdrafts
-
1,130
Total current liabilities
596,914
439,686
Net current assets
28,673
143,100
Non-current liabilities
Other liabilities
9,272
3,327
Interest-bearing loans and borrowings
229,266
323,075
Deferred tax liabilities
15,816
17,075
Total non-current liabilities
254,354
343,477
Net assets
424,405
425,309
Share capital
83,092
83,092
Treasury shares
(923)
(923)
Reserves
337,465
337,354
Equity attributable to owners
of the Company
419,634
419,523
Non-controlling interests
4,771
5,786
Total equity
424,405
425,309
Assets Classified as Held
for Sale
This pertained to vessels held for
sale within a year.
Net Construction Work-in-
progress in excess of
Progress Billings
Increased by $88.2 million
(633.6%) mainly due to higher
work-in-progress incurred for
certain shipbuilding projects as a
result of high project contractual
payment terms, ranging 70% -
90% upon vessel delivery.
Trade and Other Payables
Increase in trade payables in line
with higher construction work
in progress for shipbuilding and
shiprepair projects.
Interest-bearing Loans
and Borrowings
The current portion increased
by $142.5 million (64.7%) mainly
due to classification of a $100
million 4-year bond due in March
2017. There were additional
trust receipts and short term
loans drawdown for shipbuilding
projects as well as long term
loans under vessels and
assets financing.
Other Liabilities
Increased mainly due to
advance payment received for a
shipchartering project.
ASL Marine Holdings Ltd.
Annual Report 2016
11
