Annual Report 2012 - ecoWise Holdings Limited

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14ecoWise Holdings Limitedannual report 2012FINANCIAL AND OPERATIONS REVIEWShare of loss from associates increasedby S$0.06 million to S$0.35 million inFY2012 mainly due to the lower quantity ofused copper slag processed by GeocycleSingapore Pte. Ltd. and losses incurredby the Group’s newly acquired associate,China-UK Low Carbon Enterprise Co., Ltd.Profit attributable to owners of the Companyimproved from S$0.56 million in FY2011 toS$1.37 million in FY2012. Basic earnings pershare increased from 0.067 cents in FY2011to 0.153 cents in FY2012.STATEMENT OF FINANCIAL POSITIONThe Group’s non-current assets as at 31October 2012 of S$52.70 million wereS$9.39 million higher as compared to 31October 2011.The Group’s investment in biomass cogenerationpower plant at Gardens by theBay was reclassified as a finance leasein FY2012. As at 31 October 2012, noncurrentand current finance lease receivablesin connection with the Group’s investmentin the biomass co-generation power plantamounted to S$13.73 million and S$0.84million respectively.The Group’s property, plant and equipmentdecreased by S$8.58 million to S$29.16million as at 31 October 2012 mainlyattributed to the reclassification of capitalexpenditure totaled S$14.60 million tofinance lease receivables for the Group’sinvestment in biomass co-generationpower plant at Gardens by the Bay. Duringthe year, the Group incurred total capitalexpenditure of S$9.89 million including the Group’s investment inbiomass co-generation power plant at Gardens by the Bay, partiallyoffset by depreciation charges of S$3.15 million, disposal of assetsof S$0.20 million, impairment loss on assets of S$0.19 million andforeign exchange translation adjustment of S$0.33 million.The Group’s investment in associates increased by S$3.65 million toS$5.00 million as at 31 October 2012 mainly due to the acquisitionof 20% equity interests in China-UK Low Carbon Enterprise Co.,Ltd. in FY2012. Other financial assets were S$0.76 million higherattributed to the increase in equity contribution by the Groupfor its 15% investment in the electrical and electronic wastemanagement company in China, Chongqing Zhongtian ElectronicWaste Management Co., Ltd.The Group’s current assets increased by S$6.45 million to S$50.27million as at 31 October 2012 mainly attributed to increase ininventories, finance lease receivables, cash and cash equivalents.Inventories were S$0.30 million higher mainly due to increase insemi-finished goods and raw materials of SRIT Group for its rubbercompound manufacturing and tyre retreading businesses.The Group’s non-current liabilities increased by S$3.92 million mainlydue to loan drawdown to finance the construction of the biomassco-generation power plant at the Gardens by the Bay and acquisitionof land and leasehold property by SRIT Group; partially offset by loanrepayment and reclassification of a portion of loan and borrowingsto current liabilities.The Group’s current liabilities increased by S$4.25 million to S$28.41million as at 31 October 2012 mainly attributable to an increase inthe Group’s loans and borrowings, trade and other payables andincome tax payable. Trade and other payables increased by S$1.35million mainly attributed to the capital expenditure incurred for theGroup’s biomass co-generation power plant at the Gardens by theBay and general increase in business activities.The Group’s total loans and borrowings increased by S$6.56 millionto S$25.84 million as at 31 October 2012. The increase was mainly
ecoWise Holdings Limitedannual report 2012 15FINANCIAL AND OPERATIONS REVIEWdue to loans drawdown to finance the construction of the biomassco-generation power plant at the Gardens by the Bay (increasedby S$4.05 million), acquisition of land and leasehold property bySRIT Group (increased by S$2.12 million) and hire purchase loans(increased by S$0.37 million).STATEMENT OF CASH FLOWSThe Group’s cash and cash equivalents increased by S$6.17 millionin FY2012 mainly due to net cash flows generated from operatingactivities of S$6.58 million and from financing activities of S$11.92million partially offset by cash flows used in investing activities ofS$12.33 million.The Group has applied the remainingproceeds of S$1.24 million as generalworking capital mainly to finance theoperating costs for the Group’s subsidiariesincluding the newly completed biomassco-generation power plant during its initialoperating months in FY2012 and to financepart of the Group’s administrative expensesincluding staff costs, rental expenses,upkeep and utilities as well as legal andconsultancy fees.Cash flows from financing activities comprised net cash proceedsof S$5.20 million from ordinary shares issuance, receipt of S$1.28million capital contribution from non-controlling interests of asubsidiary and proceeds of S$6.14 million from borrowings net ofrepayments and finance costs. Dividends of S$0.49 million werepaid to non-controlling interests.Cash flows used in investing activities comprised approximatelyS$3.99 million for acquisition of 20% equity interest in an associate,China-UK Low Carbon Enterprise Co., Ltd. and S$0.84 million foradditional equity contribution for its 15% investment ChongqingZhongtian Electronic Waste Management Co., Ltd., partially offsetby dividend income of S$0.41 million received from the latter. Netcash flows used for the Group’s capital expenditure amounted toS$8.13 million in FY 2012.STATUS OF THE USE OF PROCEEDS RAISEDFROM OFFERINGSGross proceeds from the shares issued during FY2012 amountedto S$5.25 million. Net proceeds from the shares issued wereapproximately S$5.23 million after deducting expenses. Net cashproceeds of S$3.99 million have been applied by the Group tofinance its acquisition of 20% equity interest in China-UK LowCarbon Enterprise Co., Ltd. and the remaining proceeds of S$1.24million have been deployed as general working capital for the Group.
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