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A N N U A L R E P O R T 2 0 1 5
T H E S T R E N G T H O F O U R B R A N D S
USE OF
NET PROCEEDS
Amount allocated as stated
in the offer document
(S$’million)
Amount utilised as at
31 March 2015
(S$’million)
Balance of Net Proceeds
as at
31 March 2015
(S$’million)
Expansion of our operations
locally and in other markets and
diversification into other luxury
lifestyle business
6.00
1.50
4.50
General working capital
2.46
2.46
–
Total
8.46
3.96
4.50
Equity
Equity comprises share capital, retained earnings, merger
reserves and non-controlling interest. The decrease in equity
of S$11.31 million was due to the payment of dividends
of S$7.42 million and loss attributable to owners of the
Company of S$4.01 million, which was offset by an increase
in non-controlling interest of S$0.11 million arising from the
acquisition of a subsidiary.
Non-Current Liabilities
Non-current liabilities fell from S$28.68 million as at 31 March
2014 to S$23.51 million as at 31 March 2015, mainly due to
a decrease in non-current other liabilities of S$3.33 million,
comprising the long-term portion of the deferred income
recognised under the sales and leaseback arrangement; and
a decrease in non-current other financial liabilities of S$1.84
million mainly due to the repayment of a term loan of S$0.71
million for the financing of the Group’s leasehold properties
at Chang Charn Road and a S$1.13 million repayment of hire-
purchase finance leases relating to the Group’s automobiles.
Current Liabilities
Current liabilities increased from S$14.96 million to S$23.58
million mainly due to an increase in other financial liabilities
of S$4.75 million arising mainly from increases in short-term
bank borrowings; and an increase in current other liabilities
of S$5.58 million mainly due to an increase of S$5.73 million
of deposits received.
The increase in current liabilities was offset by a decrease
in trade and other payables of S$2.01 million arising mainly
due to the payment of S$1.50 million in FY2015 in respect of
the construction of an annex at 30 Teban Gardens Crescent
which was completed at the end of the last financial period;
and the recognition of income of S$0.51 million of long
outstanding payables and non-refundable customer deposits.
CASH F LOW
In FY2015, the net cash used in operations amounted to
S$13.21 million. This comprises negative operating cash
flows before changes in working capital of S$4.16 million,
adjusted by net working capital outflow of S$8.98 million
and taxes paid of S$0.07 million. The net working capital
outflow was mainly due to an increase in inventories of
S$12.90 million and trade and other receivables of S$0.60
million, which was offset by decreases in other assets of
S$0.79 million and trade and other payables of S$2.00
million and an increase in other liabilities of S$5.73 million.
Net cash used in investing activities amounted to S$5.47
million in FY2015 mainly due to the purchase of property,
plant and equipment of S$4.30 million and net cash used
in acquisition of a subsidiary of S$1.36 million, which was
offset by an aggregate amount of S$0.19 million arising
from disposal of property, plant and equipment and interest
received.
Net cash used in financing activities amounted to S$5.89
million in FY2015 mainly due to dividends paid of S$7.42
million and finance lease repayment of S$1.95 million,
which was offset by an increase in other financial liabilities
of S$3.64 million.
Update on Use of IPO Proceeds
Of the S$8.46 million of net proceeds raised from its IPO
on 17 January 2014, the following table shows how the
proceeds have been utilised as at 31 March 2015:
