16
TEHO INTERNATIONAL INC LTD.
Annual Report 2015
OPERATIONS &
BUSINESS REVIEW
CURRENT ASSETS
Current assets increased by $20.3 million or
24.9% to $101.8 million as at 30 June 2015
from $81.5 million as at 30 June 2014. The
increase is due to the following:
• Inventories increased by $2.4 million.
Inventory turnover days in FY2015 increased
to 225 days compared to 204 days in
FY2014. The Marine, Offshore Oil & Gas
segment has been increasing its range of
products sold, including stocking up of
spare parts to meet customer demands.
• Development properties increased by $19.9
million, mainly due to recognition of the land
in relation to “The Bay” project contributed
by the Group’s non-controlling interests in
Cambodia.
• No material changes to trade and other
receivables.
• Cash and cash equivalents, including the
effect of exchange rate fluctuations on cash
held, decreased by $2.1 million. Please refer
to the “Cash Flows Review” section below
for details.
NON-CURRENT LIABILITIES
Non-current liabilities increased by $7.8 million
or 29.6% to $34.0 million as at 30 June
2015 from $26.2 million as at 30 June 2014.
The increase is due to the following:
• Non-current portion of loans and
borrowings increased by $7.5 million. The
Group drawn down additional term loans
during the year with a non-current portion
of $5.4 million at the end of FY2015. The
Property Development segment acquired
two properties funded by term loans with
a non-current portion of $2.8 million. These
were offset by repayments during the year
of $0.7 million.
• Deferred tax liabilities increased by
$0.2 million.
CURRENT LIABILITIES
Current liabilities increased by $5.7 million or
15.3% to $42.7 million as at 30 June 2015
from $37.0 million as at 30 June 2014. The
increase is due to the following:
• Current portion of loans and borrowings
increased by $5.9 million. The Group drawn
down additional short-term loans of $5.5
million and term loans with a current portion
of $1.0 million at the end of FY2015. The
current portion of the term loans obtained
by the Property Development segment for
two properties amounted to $0.1 million.
In addition, the Property Development
segment drawn down $2.1 million of loans
for the construction of properties in its
two development projects in Singapore.
These were offset by a loan repayment of
$2.8 million.
• Current tax liabilities decreased by
$0.2 million.
