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other receivables was due mainly to the proceeds from the
disposal of medical equipment received in 2014, additional
rental deposit for the new premises at 10th floor Shaw
House, and reimbursements for performance guarantee
and consultancy expenses. The short-term receivables
represent working capital loans extended to the medical
and post-natal centres in Shanghai, net of impairment
provision.
Current Liabilities
The increase in trade payables was due mainly to the
inclusion of CHI and Astique. The increase in other payables
was due mainly to purchase consideration for the CHI
acquisition, provision for reinstatement costs of premises,
amounts payable for purchase of medical equipment
and renovations on 10th floor of Shaw House, and rental
deposits received from sub-tenants. The Group obtained
f inance leases and term loan f inancing for its capital
expenditure and acquisitions. Deferred income represents
advanced payments from patients of the aesthetics and
wellness clinics.
Net Current Assets
As a result of the higher current liabilities, net current assets
decreased to S$4.3 million as at 31 December 2013 from
S$8.8 million as at end of FY2012.
Non-Current Liabilities
The increase in finance leases and loans and borrowings
was due to bank borrowings obtained for the Group’s
capital expenditure and acquisitions. Derivative financial
instruments represent the present value of the redemption
amount of put options given to the minority shareholders of
CHI and Astique to sell their shares to the Group.
Equity
The increase in share capital was due to issue of new
shares for the acquisition of Astique. The increase in other
reserves was due mainly to the put options mentioned in
non-current liabilities above.
Cash Flow
During the year, the Group’s cash flow from operating
activities decreased to S$0.6 million from S$1.6 million in
FY2012 due to increase in working capital. The Group paid
S$3.5 million for new medical equipment and premises
and acquisi t ions/ investments in new businesses for
future growth. These investments were financed by bank
borrowings and internal cash resources. As a result, cash
and short-term deposits decreased to S$7.2 million as at
31 December 2013 from S$9.2 million as at the end of
FY2012.
ASIAMEDIC LIMITED
ANNUAL REPORT 2013
08
FINANCIAL
REVIEW
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