GOING
THE DISTANCE
EUROSPORTS
GLOBAL
equipment of S$1.27 million arising mainly from additions of
motor vehicles which was offset by decrease in other assets
of S$0.60 million relating to the amortisation of the long-term
portion of the upfront land premium paid in the sales and
leaseback arrangement.
Current Assets
Current assets increased by S$17.81 million from S$48.47 million
as at 31 March 2015 to S$66.28 million as at 31 March 2016. The
increase in current assets was mainly due to an increase in trade
and other receivables of S$1.25 million mainly due to balances
from automobile customers; and increase in inventories of
S$19.07 million mainly due to the increase in inventories of new
automobiles and pre-owned automobiles of S$11.45million and
S$7.55 million respectively.
The increase in current assets was offset by decrease in cash and
cash equivalents of S$2.93 million. Included in other assets is an
amount of approximately S$1.90million relating to deposits with
Spania GTA Technomotive S.L. (¡°Spania GTA¡±) for the order of five
GTA automobiles. Further to the announcements made on 26
May 2015, 31 August 2015 and based on the latest information,
including a road legal car delivered for various road shows, the
Board of Directors had agreed not to exercise the indemnity for
the repayment of S$1.90 million by 31 May 2016. The Board of
Directors further agreed to extend the repayment until end of
November 2016. The Management will continue to assess the
capability of Spania GTA to deliver the automobiles.
Equity
Equitycomprisessharecapital,retainedearningsandnon-controlling
interest. The decrease in equity of S$4.60million was due to loss
for the year of S$4.50 million and decrease in non-controlling
interest of S$0.10million arising froma subsidiary which incurred
a loss of S$0.27 million during the financial year.
Non-Current Liabilities
Non-current liabilities decreased by S$1.86million from S$23.51
million as at 31March 2015 to S$21.65million as at 31March 2016.
The decrease was mainly due to decrease in non-current other
liabilities of S$3.33 million which was offset by increase in non-
current financial liabilities of S$1.47 million. Non-current other
liabilities comprises long-term portion of the deferred income
recognised under the sales and leaseback arrangement.
Current Liabilities
Current liabilities increased by S$24.95 million from S$23.58
million as at 31 March 2015 to S$48.53 million as at 31 March
2016 mainly due to an increase in trade and other payables of
OP E RAT I NG &
F I NANC I A L R E V I EW
CON T ¡¯ D
Finance Costs
Financecosts increasedby approximately S$0.89millionor 540.0%
fromS$0.16million in FY2015 to S$1.05million in FY2016, mainly
due to an increase in the level of bank borrowings during FY2016.
Income Tax Expense
Income tax expense increased by approximately S$0.12 million
or 178.2% from approximately S$0.07 million in FY2015 to
approximately S$0.19 million in FY2016. The increase in income
tax expense was pertaining to under provision of tax in respect
of prior periods.
Loss, Net of Tax
As a result of the above, the Group¡¯s net loss after tax attributable
to owners of the Company in FY2016 and FY2015 amounted to
S$4.50 million and S$4.02 million respectively.
F I NANC I AL
POS I T ION
Non-Current Assets
Non-current assets increased by S$0.67 million from S$23.68
million as at 31 March 2015 to S$24.36 million as at 31 March
2016. This was mainly due to increase in property, plant and
DEL ACOUR
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