128
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
35.
CAPITAL MANAGEMENT (CONT’D)
2014
2013
$’000
$’000
Finance lease payables
67
131
Bank borrowings
12,712
62,087
Less:
Cash and cash equivalents
(52,661)
(16,123)
Net (cash)/debt
(39,882)
46,095
Equity attributable to owners of the Company
134,839
137,479
Capital and net debt
94,957
183,574
Gearing ratio
–
25%
36.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
On 25 March 2015, a subsidiary, HG Metal Investments Pte Ltd incorporated a wholly-owned
subsidiary, HG Yangon Company Limited (“HGY”) in Myanmar with a paid up capital of US$100,000.
HGY will principally be engaged in the business of trading and distribution in steel products.
37.
APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the Board of Directors on 31
March 2015.
