Rising Above

More documents

Recommendations

Info

CONSOLIDATED INCOME STATEMENTFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2007GroupNote 2007 2006$’000 $’000(Restated)Revenue 5 323,448 258,537Cost of sales (270,800) (194,311)Gross profit 52,648 64,226Other gains/(losses), net 7 32,697 (15,103)Expenses- Distribution and marketing expenses (503) (383)- Administrative expenses (39,419) (24,898)Profit from operating activities 8 45,423 23,842Finance income 10 10,790 7,649Finance costs 10 (3,935) (5,381)Net finance income 10 6,855 2,268Share of results of an associated company 23 (190) -Profit before income tax 52,088 26,110Income tax expense 11 (9,399) (2,843)Profit for the year 42,689 23,267Attributable to:Equity holders of the Company 35,907 20,571Minority interests 6,782 2,69642,689 23,267Earnings per share attributable to equity holders of the Company- Basic (cents per share) 12 14.08 9.45- Diluted (cents per share) 12 13.99 9.45The accompanying accounting policies and explanatory notes form an integral part of the financial statements.40 YANTAI RAFFLES SHIPYARD LIMITED
BALANCE SHEETSAS AT 31 DECEMBER 2007GroupCompanyNote 2007 2006 2007 2006$’000 $’000 $’000 $’000(Restated)(Restated)ASSETSCurrent assetsCash and bank balances 13 335,082 295,786 251,969 194,952Trade and other receivables 14 76,502 107,329 50,321 98,039Amounts due from subsidiaries (non-trade) 15 - - 2,622 5,368Inventories 16 106,276 17,400 - -Vessels under construction 17 114,506 - 180,374 -Construction work-in-progress in excess of progress billings 18 70,633 50,623 499,376 45,369Derivative financial instruments 37 24,400 2,600 24,400 2,600Other current assets 19 231,731 44,127 920 37959,130 517,865 1,009,982 346,365Non-current assetsAdvance payment 20 - 5,437 - 5,437Amounts due from subsidiaries (non-trade) 15 - - 74,134 64,708Financial assets, available-for-sale 21 58,872 12,008 - -Investment in subsidiaries 22 - - 81,608 75,944Investment in an associated company 23 579 - - -Investment in a joint venture company 23 2,894 - - -Property, plant and equipment 24 297,286 220,401 683 194Prepayments 25 8,697 590 - -Land and sea use rights 25 3,839 3,363 - -Intangible assets 26 20,428 15,844 3,174 1,366Deferred tax assets 27 10,778 5,828 - 580403,373 263,471 159,599 148,229Total assets 1,362,503 781,336 1,169,581 494,594LIABILITIESCurrent liabilitiesProgress billings in excess of construction work-in-progress 18 508,617 261,293 479,681 98,370Advances from customers 28 40,145 1,853 172 1,718Trade and other payables 29 148,123 71,131 35,118 6,621Borrowings 30 55,400 98,218 24,302 15Amounts due to subsidiaries (trade) 15 - - 82,870 30,946Income tax payable 7,511 4,064 1,600 -Provision for other liabilities 31 17,969 10,439 11,922 10,439777,705 446,998 635,665 148,109Non-current liabilitiesBorrowings 30 16,550 15,943 188 -Deferred tax liabilities 27 1,692 - 1,692 -Other long term liabilities 1,394 1,752 - -19,636 17,695 1,880 -Total liabilities 797,401 464,693 637,545 148,109Net assets 565,102 316,643 532,036 346,485EQUITYEquity attributable to equity holders of the CompanyShare capital 32 591,246 417,608 591,246 417,608Other reserves 33 39,672 4,671 2,691 137Accumulated losses (80,740) (116,647) (61,901) (71,260)550,178 305,632 532,036 346,485Minority interests 14,924 11,011 - -Total equity 565,102 316,643 532,036 346,485The accompanying accounting policies and explanatory notes form an integral part of the financial statements.ANNUAL REPORT 2007 41
Page 5 and 6: 21 August 2007“Taisun” reaches
Page 7 and 8: AT A GLANCECORPORATE HIGHLIGHTS IN
Page 9: AT A GLANCEFINANCIAL REVIEWReview o
Page 12 and 13: CHAIRMAN’ S MESSAGEDear Sharehold
Page 14 and 15: OPERATIONS REVIEWBY THE CEODear Sha
Page 17 and 18: 30,000 DWTSelf Unloading Bulk Carri
Page 19 and 20: 56 7 85 86MR FRANCIS JAMES REIDYInd
Page 21 and 22: CORPORATE STRUCTURE100%Raffles Yach
Page 23: Yantai Raffles Shipyard LimitedSing
Page 26 and 27: SUPPORT INFRASTRUCTUREHUMAN RESOURC
Page 28 and 29: SUPPORT INFRASTRUCTUREQUALITY ASSUR
Page 30 and 31: FINANCIAL CONTENTSCORPORATE GOVERNA
Page 32 and 33: CORPORATE GOVERNANCE REPORTFOR THE
Page 34 and 35: CORPORATE GOVERNANCE REPORTFOR THE
Page 36 and 37: DIRECTORS’ REPORTFOR THE FINANCIA
Page 38 and 39: DIRECTORS’ REPORTFOR THE FINANCIA
Page 40 and 41: INDEPENDENT AUDITORS’ REPORTFOR T
Page 44 and 45: STATEMENTS OF CHANGES IN EQUITYFOR
Page 46 and 47: CONSOLIDATED CASH FLOW STATEMENTFOR
Page 48 and 49: NOTES TO FINANCIAL STATEMENTSFOR TH
Page 52: NOTES TO FINANCIAL STATEMENTSFOR TH
Page 93 and 94:
NOTES TO FINANCIAL STATEMENTSFOR TH
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
NOTICE OF THE ANNUAL GENERAL MEETIN
show all

Rising Above

Create successful ePaper yourself

Delete template?

Save as template?