CASH FLOW
Net cash used in operating activities for the year was
$1.2 billion compared to $1.4 billion last year. Please
refer to Consolidated Statement of Cash Flows for
more details.
Net cash used in investing activities for the year was
$98.7 million. This comprised principally the purchase
of fixed assets, partly offset by proceeds from the sale
of fixed assets, by shipyard operations during the year.
Net cash provided by financing activities was $1.3
billion. This was due mainly to net proceeds of bank
borrowings loans, partly offset by the payment of bank
interests during the year.
BALANCE SHEET
(31 December 2015 vs 31 December 2014)
Cash and cash equivalents remained almost unchanged
at $1.6 billion.
Trade and other receivables increased $634.0 million to
$5.2 billion mainly due to higher construction contracts
due from customers in the marine engineering segment,
partially offset by a decrease in advances paid to
suppliers (from $494.7 million to $262.2 million).
Trade and other payables decreased $214.7 million to
$2.4 billion mainly due to lower accruals for operating
expenses and a decrease in advances received from
customers (from $364.9 million to $241.9 million).
Total borrowings increased by $1.6 billion to $6.5 billion
due to additional funding procured to finance shipyard
operations.
SHARE CAPITAL
COSCO’s share capital remained unchanged at $270.6
million. There was no new issue and allotment of shares
under the COSCO Group Employees’ Share Option
Scheme 2002.
EQUITY
Shareholder’s equity decreased by $545.7 million mainly
due to the transfer of 2015 loss to retained earnings
and payment of dividends in May 2015, partially offset
by increase in currency translation reserve.
GEARING
Total bank borrowings increased from $5.0 billion
to $6.5 billion due to additional funding procured for
business operations. The Group had a gearing ratio
(net of cash) of 6.0 at the end of 2015.
EARNINGS PER SHARE
On a fully diluted basis, net earnings per share decreased
from 0.9 cents in 2014 to (25.5) cents in 2015.
DIVIDENDS PER SHARE
No dividend has been declared/recommended by the
Board of Directors.
NET ASSET VALUE PER SHARE
The net asset value per share of COSCO Corporation
decreased by 39.9% from 61.1 cents per share at
31 December 2014 to 36.7 cents per share at 31
December 2015.
Operations and Financial Review
29
COSCO Corporation (Singapore) Limited
Annual Report 2015
