Page 60 - Annual Report 2014

1.5 FINANCIAL POSITION As at 31 December Overview

Non-current assets 2014 2013^
Current assets
Less: Current liabilities $m $m
Less: Non-current liabilities
Net assets 1,315.6 1,238.0 Strategy
671.6 644.7
Shareholders' equity 906.0
1,192.9 866.1
^ Restated 645.3 110.6
149.0
The Group’s non-current assets increased $77.6 million from
$1,238.0 million as at 31 December 2013 to $1,315.6 million 149.0 110.6
as at 31 December 2014. The increase was attributed to higher
net book values in property, plant and equipment, as well as Total non-current liabilities decreased $220.8 million to Performance
intangible assets including the $40 million of 4G spectrum $645.3 million as at 31 December 2014, with the reclassification
license paid. of borrowings to current liabilities, and lower deferred income Governance
balances.
As at 31 December 2014, total current assets amounted to Financials
$671.6 million, up from $644.7 million a year ago. The increase The Group’s shareholders’ equity rose $38.4 million to
of $26.9 million was mainly due to higher other receivables, $149.0 million as at 31 December 2014 from higher share capital,
deposits and prepayments, partially offset by lower balance and current year’s retained profits after the distribution
due from related parties. of dividends.

Total current liabilities increased $286.9 million to Gearing
$1,192.9 million as at 31 December 2014, due mainly to the As at 31 December 2014, the Group’s total borrowings remained
reclassification of borrowings from non-current to current unchanged at $687.5 million when compared to a year ago.
liabilities, coupled with higher trade and other payables, balance
due to related parties and provision for taxation. Net debt at $423.3 million as at 31 December 2014 was
$2.7 million higher when compared to 31 December 2013, due
to lower cash balances. As a percentage of 2013 EBITDA, the
Group’s net debt was at 0.57 times as at 31 December 2014,
comparable to a year ago.

StarHub Ltd | Annual Report 2014 57