OPERATIONS AND FINANCIAL REVIEW
in charter rates and higher maintenance costs
incurred on the tugboats.
Dredge Engineering
Engineering segment reported revenue of $27.6
million for FY2016, 40.3% lower compared to
that of FY2015. No new order was received of
New Buildings projects and lower orders were
received for spare parts and cutting/coupling
products in FY2016. In line with the decrease
in revenue, Engineering segment generated
a lower gross profit of $8.4 million with gross
profit margin maintained at 30.4% for FY2016.
Newly Incorporated
Subsidiary and Struck-offs
In November 2015, the Company has
incorporated one wholly-owned subsidiary,
ASL Project Logistics Pte. Ltd. with principal
activities relating to shipchartering and
provision of freight services. During the
financial year, the Group had liquidated and
stuck off 2 wholly owned subsidiaries which
were dormant, namely VOSTA LMG Dredging
Technologies (South East Asia) Pte. Ltd. and
CFT International GmbH respectively.
Net Profit
The Group reported net profit attributable
to shareholders of $2.0 million for FY2016,
compared to $7.9 million for FY2015. Earnings
per share were 0.47 Singapore cents for FY2016
compared to 1.89 Singapore cents for FY2015.
The Group did not proposed a final dividend
for FY2016.
($ Million)
30 June
2016
30 June
2015
Current
Bonds
100.0
–
Short term loan
- shipbuilding related
46.7
29.8
- general
54.4
49.0
101.1
78.8
Trust receipts
- shipbuilding related
58.0
41.1
- general
14.2
27.7
72.2
68.8
Long term loan
- vessels loan
48.2
30.7
- assets financing
35.6
31.6
83.8
62.3
Finance lease liabilities
5.8
9.4
Bank overdraft
–
1.1
362.9
220.4
Non-current
Bonds
50.0
150.0
Long term loan
- vessels loan
111.3
85.5
- assets financing
62.7
74.6
174.0
160.1
Finance lease liabilities
5.3
13.0
229.3
323.1
Total borrowings
592.2
543.5
Borrowings and Funding Arrangement
As at 30 June 2016, the Group’s total borrowings
of $592.2 million (30 June 2015: $543.5 million)
were as follows:
To strengthen the financial position and
capital base of the Group, the Group has on
29 August 2016, announced a renounceable
non-underwritten rights issue (“Rights Issue”)
to raise up to $25 million. The net proceeds
from the Rights Issue is for the Group’s working
capital and will provide the Group with greater
financial and operational flexibility to adapt and
respond to the current challenging economic
conditions. To address the Group’s short term
funding requirements, the Group is obtaining
new facility loans from certain capital providers.
20
ASL Marine Holdings Ltd.
Annual Report 2016
