TIDMACHP
RNS Number : 0890K
Asia Ceramics Holdings PLC
15 August 2012
Asia Ceramics Holdings PLC
Interim Results
The Directors of Asia Ceramics Holdings Plc are pleased to
present the company's interim results for the six months to 30th
June 2012.
Key Points:
-- Sales (GBP)5,783k
-- Profit for period (GBP)209k
-- Cash at bank (GBP)170k
-- Growth in Export Division
CHAIRMAN'S STATEMENT
I am pleased to report strong growth in revenue, which has been
driven in particular from the export division.
Group sales in the six months ended 30 June 2012 amounted to
(GBP)5.8m compared to (GBP)0.6m for the corresponding period in
2011 and profit after tax for the period amounted to (GBP)0.2m.
The Board remains confident that further growth in export sales
will be achieved in the second half of the year and
I look forward to reporting further progress in my statement at
the year end
Frank Lewis
Chairman
Enquiries:
Frank Lewis, Chairman Asia Ceramic Holdings Tel: 07785 273 111
plc
Shawn Wu, CFO Asia Ceramic Holdings Tel: 86-10-68531389
plc
James Joyce WH Ireland Limited Tel: 020 7220 1666
Interim Condensed Statement of Comprehensive Income
For the six months ended 30 June 2012
June June Dec 31
30 30 2011 audited
2012 2011
Notes (GBP)'000 (GBP)'000 (GBP)'000
Revenue 5,783 618 4,252
Cost of sales (4,757) (465) (3,691)
---------- ---------- --------------
Gross profit 1,026 153 561
Distribution expenses (379) (71) (123)
Administrative expenses (372) (243) (634)
Interest Income(expenses) (1) 18 4
Profit (Loss) on ordinary activities
before taxation 273 (143) (192)
Income tax expenses 3 (64) - (33)
Profit (Loss) after taxation 209 (143) (225)
========== ========== ==============
Other comprehensive income
Exchange difference arising on translation
of foreign operations (19) (31) (48)
Total comprehensive income for the
year attributable to equity holders 190 (174) (177)
========== ========== ==============
Basic profit (loss) per ordinary
share (pence) 4 1.90 (4.06) (2.18)
---------- ---------- --------------
Diluted profit (loss) per ordinary
share (pence) 1.89 (3.99) (2.17)
---------- ---------- --------------
Interim Condensed Statement of Financial Position
AT 30 June 2012
June 30 June Dec 31
30 2011 audited
2012 2011
Notes (GBP)'000 (GBP)'000 (GBP)'000
Non-current assets
Property, plant and equipment 5 &6 29 24 28
Construction in progress 216 193 216
Investments - - -
------------ ---------- ---------------
245 217 244
Current assets
Inventory 46 29 56
Trade and other receivables 7 2,570 372 1,308
Export VAT refund receivables 445
Cash and cash equivalents 170 633 669
------------ ---------- ---------------
3,231 1,034 2,033
Total assets 3,476 1,251 2,277
============ ========== ===============
Equity and reserves
52 712
55 1,201 (56)
Share capital 8 63 (251) (368) 52
Share premium 712
Other reserves 82
Retained earnings (460)
------------ ---------- ---------------
Equity and reserves 1,068 340 386
Current liabilities
Trade and other payables 1,960 411 1,339
Tax payable (63) 39
Borrowing 11 13
------------ ---------- ---------------
1,908 411 1,391
Non current liabilities
Loan from a shareholder 11 500 500 500
------------ ---------- ---------------
500 500 500
Total equity and liabilities 3,476 1,251 2,277
============ ========== ===============
Interim Condensed Statement of Cash Flows
For the six months ended 30 June 2012
June 30 June Dec 31
30 2011 audited
2012 2011
Notes (GBP)'000 (GBP)'000 (GBP)'000
Net cash generated (used) in
operating activities (476) (74) (540)
============ ========== ==============
Investing activities
Purchase of property, plant
and equipment (5) (13) (122)
Construction in progress Investment - (83)
in subsidiaries - -
Interest received 1 1
------------ ---------- --------------
Net cash used in investing activities (4) (96) (121)
============ ========== ==============
Financing activities
Loans to subsidiaries - - -
Loans from shareholders - - -
Shares issued - - 492
Share Issue Costs - - -
Net cash from financing activities - - 492
============ ========== ==============
Net increase (decrease) in cash
and cash equivalents (480) (170) (169)
============ ========== ==============
Cash and cash equivalents at
beginning of period 669 834 834
Exchange difference (19) (31) 4
Cash and cash equivalents at
end of period 170 633 669
============ ========== ==============
Interim Condensed Statement of changes in Equity
For the six months ended 30 June 2012
Group Share Share Other reserves Retained Total
capital premium earnings
(GBP)'000 (GBP)'000 (GBP)'000 (GBP)'000 (GBP)'000
Balance at 30 June 2011 52 712 (56) (368) 340
=============== ============== =================== ============== ==============
Exchange difference arising
on
the translation
of financial statements of
overseas
subsidiaries 79 79
Loss for the period (82) (82)
--------------- -------------- ------------------- -------------- --------------
Transfer statutory reserves 10 (10) -
Share-based payment 49 49
Balance at 31 December 2011 52 712 82 (460) 386
=============== ============== =================== ============== ==============
Exchange difference arising
on
the translation
of financial statements of
overseas
subsidiaries (19) (19)
Profit for the period 209 209
Issue of shares
Share issue costs 3 489 492
Balance at 30 June 2012 55 1,201 63 (251) 1,068
=============== ============== =================== ============== ==============
Notes to the Condensed Group Interim Financial Statements
1. GENERAL INFORMATION
Asia Ceramics Holdings Plc is a company incorporated in Jersey
under the Companies (Jersey) Law 1991. The company is governed by
its articles of association and the principal statute governing the
company is Jersey law. The company has an unlimited life. The
liability of the members of the company is limited. The company is
domiciled and has its registered office in Jersey and the company's
registration number is 105875 (Jersey).
The principal activity of the Company is investment holding. The
Group's principal activity is the sale of ceramic products in
China.
The Group's places of business are Hong Kong and the People's
Republic of China ("PRC").
These financial statements are presented in pounds sterling and
rounded to the nearest thousand ('000).
Asia Ceramics Holding Plc has adopted all relevant standards
effective for accounting periods beginning on or after 1 January
2011.
2. BASIS OF PREPARATION
The condensed financial statements have been prepared under
historical cost convention, except for the revaluation of certain
financial instruments. The same accounting policies, presentation
and methods have been followed in these condensed financial
statements as were applied in the preparation of the Group's
financial statements for the year ended 31 December 2011.
The Group's Financial Statements have been prepared in
accordance with International Financial Reporting Standards 34
(Interim Financial Reporting).
The report is unaudited and does not constitute the statutory
accounts for the six months ended 30 June 2012.
3. INCOME TAX EXPENSE
30 31
June December
2012 2011
(GBP)'000 (GBP)'000
Current tax charge (65) (33)
The income tax expense for the year can
be reconciled as follow:
Profit (Loss) before taxation 273 (192)
=============== ===============
Income tax calculated at 25% 64 (48)
Effect of income that is exempt from taxation - 64
Effect of different tax rate of subsidiary
operating in other jurisdiction (2)
Effect of prior year adjustment - 64
(2)
Effect of prior year adjustment - (1)
Unrelieved tax losses c/f - 14
Others - 6
(64) (33)
=============== ===============
The applicable tax of the Group is derived from the
consolidation of all Group companies applicable tax band on their
domestic tax rates. The applicable tax rate for Asia Ceramics (HK)
Ltd is 16.5% and 25% for all Chinese subsidiaries.
The income tax expenses are all due to Chinese subsidiary.
4. EARNINGS PER SHARE
Basic earning per share is calculated by dividing the loss
attributable to equity shareholders of the company by the weighted
average number of ordinary shares in issue during the year.
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The dilutive potential
ordinary shares in the company are share options. A calculation is
done to determine the number of shares that could have been
acquired at fair value (determined as the average annual market
share price of the company's shares) based on the monetary rights
attached to outstanding share options. The number of shares
calculated above is compared with the number of shares that would
have issued assuming the exercise of the share options.
30 June 31 December
2012 2011
(GBP)'000 (GBP)'000
Earnings
Earnings for the purposes of
basic and diluted earnings per
share being net profit attributable
to equity holders of the parent 208,567 (225,194)
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 10,990,071 10,311,444
Effect of dilutive potential
ordinary shares:
Share options 46,857 46,857
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 11,036,928 10,358,301
================= =====================
Profit (Loss) per share
Basic (pence) 1.90 (2.18)
================= =====================
Diluted (pence) 1.89 (2.17)
================= =====================
5. Property, plant and equipment
During this period, Foshan Louis Valentino Ceramics Co., Ltd.
purchased (GBP)5,300 office equipment.
6. Intangible Assets
There is no addition of intangible assets during this
period.
7. Trade Receivables
6 months ended 6 months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(GBP)'000 (GBP)'000 (GBP)'000
Trade receivables 956 14 662
Prepayment 1,522 305 381
Other receivables 92 53 265
------------------- ------------------- ---------------------
Less: allowance for doubtful debts - - -
------------------- ------------------- ---------------------
Total 2,570 372 1,308
=================== =================== =====================
8. SUBSIDIARIES
Details of the Company's subsidiaries at 30 June 2012 are as
follows.
Place of Proportion
incorporation of ownership Principal activities
Name of (or registration) interest
subsidiary and operation %
Asia Ceramics (HK) Hong Kong 100 Retail of Ceramics
Ltd Products in Hong Kong
Market
Shenyang Louis Building P.R. China 100 Establishment of Ceramics
Materials Ltd retail shops in China
and sale of Ceramics
Foshan Louis Valentino P.R. China 100 Sale of ceramics products
Ceramics Co., Ltd in PRC and export
** market
** Held by subsidiary company
Foshan Louis Valentino Ceramics Co., Ltd was established on 5
July 2011 with registered share capital of RMB500,000. On the same
day, Shenyang Louis Buildings Materials Co., Ltd subscribed 50% of
the registered share capital of the company for RMB250,000. On 8
August 2011, the remaining 50% of the registered share capital was
transferred to Shenyang Louis Buildings Materials Co., Ltd for
RMB250,000. As a result of this, Foshan Louis Valentino Ceramics
Co., Ltd is wholly owned by the Group.
Foshan Louis Valentino Ceramics Co., Ltd commenced trading in
October 2011 and the results of the company were fully consolidated
in these financial statements.
9. SHARE CAPITAL
The company has one class of ordinary share capital which carry
no rights to fixed income, any preferences or restrictions.
June 30 June December31,2011
2012 30
2011
(GBP)'000 (GBP)'000 (GBP)'000
Authorised:
2,000,000,000 Ordinary shares of (GBP)0.005
each 10,000 10,000 10,000
============== ============== ====================
Issued and fully paid:
10,990,071 Ordinary shares of (GBP)0.005
each
(10,311,444 Ordinary shares as at 31 Dec.
2011) 55 52 52
============== ============== ====================
Shares issued during the year
Note Share Share Share
numbers Capital Premium
On Incorporation (i) 2 2 -
On 12 July 2010 (ii) 42,448 42,448 -
On 18 July 2010 (iii) 8,490,000 42,450 -
On 2 August 2010 (iv) 1,821,444 9,107 1,193,046
Less share issue
costs (v) - - (480,955)
On 17 March 2012 678,627 3,393 488,611
Total 10,990,071 54,950 1,200,702
=============== ============= ==============
(i) On incorporation, the Company issued 2 shares at par value of (GBP)1 each.
(ii) On 12 July 2010, the Company issued 42,448 additional
shares at its par value of (GBP)1 each.
(iii) Pursuant to a special resolution of the Company dated 15
July 2010 the authorized share capital of the Company was
sub-divided into 2,000,000,000 shares of (GBP)0.005 each.
(iv) On 2 August 2010, the Company raised (GBP)1.20 million
gross of expenses in a private placing through the issue of
1,821,444 additional shares at (GBP)0.66 each.
(v) On 17 March 2012 the company signed a share subscription
agreement with Better Group (Holding) Co., Ltd where Better Group
(Holding) Co., Ltd subscribes 678,627 shares at 72.5p each amount
of (GBP)492,005 (HKD 6 million) and the company agrees to issue new
shares within 90 days from date of this agreement. The shares were
issued on 29 March 2012 and fully paid. The company received the
fund in December 2011 and recorded in other creditors.
10. DERIVATIVE FINANCIAL INSTRUMENTS
On 31 August 2010 the company executed a deed poll constituting
warrants to subscribe for ordinary shares in favour of WH Ireland.
Pursuant to this instrument, WH Ireland will be entitled to
subscribe for such number of Ordinary Shares amount to 257,786
which is equal to 2.5 percentage of the fully diluted share capital
of the company on Admission at an exercise price of (GBP)0.66 until
the third anniversary of Admission.
On the same date, the company granted warrants to Alexander
David to subscribe for such number of Ordinary Shares amount to
206,229 which is equal to 2 percentage of the company's issued
Ordinary Share capital following Admission at an exercise price of
(GBP)0.66 per Ordinary Share. The warrants are exercisable at any
time following Admission until the fifth anniversary of
Admission.
Details of the share options outstanding during the year are as
follows:
2012 2011
------------------------------------------- --------------------------------------------
Average Option Option Average Option Option
exercise 1 2 Exercise 1 2
price price
in (GBP) in (GBP)
per share per share
At beginning of
the year 0.66 257,786 206,229 0.66 257,786 206,229
Granted - - -
Forfeited - - - - - -
Executed - - - - - -
Expired - - - - - -
At end of year 0.66 257,786 206,229 0.66 257,786 206,229
=============== ============ ============ ================ ============ ============
As at 30 June 2012, none of the above options had been
exercised.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLFTVIELIF
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