Page 11 - ar2012

07 Annual Report 2012
Liabilities
Current trade and other payables increased by
$3.0 million from $5.3 million as at 30 September
2011 to $8.3 million as at 30 September 2012. This
was due mainly to further deposits received from
buyers of development properties for ongoing
projects which were not recognised as revenue
under the Percentage of Completion method
and partially offset by deposits received which
were recognised as revenue during the fnancial
year.
Total fnance lease liabilities decreased from $0.1
million as at 30 September 2011 to $0.05 million
in FY2012 due to periodic settlement of hire
purchase obligations.
Borrowings increased by $23.7 million from $57.6
million as at 30 September 2011 to $81.3 million
as at 30 September 2012 due mainly to higher
fnancing obtained for the acquisition of land
banks and for construction costs and partially
offset by redemption of loans for completed and
sold properties.
Income tax payable and deferred tax liabilities
increased by $1.3 million from $1.9 million as at 30
September 2011 to $3.2 million as at 30 September
2012. This was due mainly to income tax provided
for higher profts recognised for this fnancial year.
The Group had a net positive working capital
of $10.3 million as at 30 September 2012 as
compared to $6.4 million as at 30 September
2011, an increase of $3.9 million.
Capital and Reserves
Share capital increased by $0.06 million from $8.67
million as at 30 September 2011 to $8.73 million
as at 30 September 2012 as 358,000 warrants
amounting to $0.06 million were exercised and
converted into ordinary shares during FY2012.
Retained earnings increased by $22.7 million from
$21.0 million as at 30 September 2011 to $43.7
million as at 30 September 2012. This was due
to the net proft of $24.6 million earned for the
current fnancial year offset by dividend payment
of $1.9 million.
Statement of Cash Flows
Cash and cash equivalent increased by $5.2
million from $12.9 million as at 30 September 2011
to $18.0 million as at 30 September 2012. This was
mainly due to net cash generated from operating
activities before working capital changes of $15.4
million, increase in trade receivables of $4.1 million
and cash generated from fnancing activities
of $23.7 million attributable to increase in net
borrowings for the acquisition of development
properties. The net cash infow was partially offset
by net cash used in acquisition of development
properties for sale of $25.9 million, income tax
paid of $0.8 million, interest paid of $2.2 million,
dividend paid of $1.9 million and purchase of
property, plant and equipment of $0.2 million.