TIDMACHP
RNS Number : 9610P
Asia Ceramics Holdings PLC
26 August 2014
ASIA CERAMICS HOLDINGS PLC
("ASIA CERAMICS HOLDINGS" OR THE "COMPANY")
INTERIM UNAUDITED RESULTS FOR THE PERIOD ENDED 30TH JUNE
2014
The Directors of Asia Ceramics Holdings are pleased to present
the Company's interim results for the six months to 30th June
2014.
Key Points:
-- Sales GBP5,194k
-- Loss for period GBP162k
-- Cash at bank GBP216k
-- Growth in Export Division
CHAIRMAN'S STATEMENT
Sales for the six months to 30 06 2014 GBP5,194k ( GBP4,002k in 2013)
Loss for the six months to 30 06 2014 GBP162k ( GBP49k loss in 2013)
CURRENT TRADING AND PROSPECTS
The Group incurred a loss of GBP162,000 in the first half of the
year, principally as a result of higher selling and marketing
expenses.
The higher selling costs are due to the increase in the cost
base in China due to the economic climate ,and increased
competition from other suppliers and exporters.
The higher marketing costs were incurred to enable the company
to attempt to maintain its market share in a highly competitive
market.
I am pleased to report that export sales have however shown
growth in this period ,and we are looking to achieve further growth
in export sales and margins in the second half of the year, subject
to improvements in the economic climate .
I look forward to reporting further progress in my statement at
the year end.
Enquiries:
Frank Lewis , Chairman Asia Ceramic Holdings plc Tel: 07775 504 313
Shawn Wu, CFO Asia Ceramics Holdings Tel: 86-757-82019176
plc
James Joyce / James WH Ireland Limited Tel: 020 7220 1666
Bavister
Interim Condensed Statement of Comprehensive Income
For the six months ended 30 June 2014
June June Dec.31
30, 30, 2013 audited
2014 2013
Notes GBP'000 GBP'000 GBP'000
Revenue 5,194 4,002 10,998
Cost of sales (4,299) (3,428) (9,204)
---------- ------------ ---------------
Gross profit 895 574 1,794
Distribution expenses (628) (237) (766)
Administrative expenses (415) (442) (914)
Interest Income(expenses) (14) 64 (71)
Non-operating income/(expenses) 1 (5) (7)
Profit (Loss) on ordinary activities
before taxation (162) (46) 36
Income tax expenses 3 - (3) (15)
Profit (Loss) after taxation (162) (49) 21
========== ============ ===============
Other comprehensive income
Exchange difference arising on translation
of foreign operations
Total comprehensive income for the
year attributable to equity holders
Basic profit (loss) per ordinary
share (pence)
Diluted profit (loss) per ordinary
share (pence)
(162) (49) 21
========== ============ ===============
(1.48) (0.45) 0.20
---------- ------------ ---------------
(1.48) (0.45) 0.20
---------- ------------ ---------------
4
Interim Condensed Statement of Financial Position
At 30 June 2014
June June Dec.31
2013
audited
30, 30,
2014 2013
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 151
Construction in progress -
Investments -
Deferred tax assets 204 187 32
---------- ----------- -----------
5 &6 204 187 183
Current assets
Inventory 107 87 5
Trade and other receivables 7 3,737 3,523 3,757
Export VAT refund receivables 100 119 51
Cash and cash equivalents 216 680 288
---------- ----------- -----------
4,160 4,409 4,101
Total assets 4,364 4,597 4,284
========== =========== ===========
Equity and reserves
Share capital
Share premium
Other reserves 55 1,201 55 1,201 55 1,201
Retained earnings 8 37 (540) 124 (443) 92 (392)
---------- ----------- -----------
Equity and reserves
Current liabilities 753 937 956
Trade and other payables 3,107 3,012 2,760
Tax payable 4 (24) 68
Borrowing 172
---------- ----------- -----------
3,111 3,160 2,828
Non current liabilities
Loan from a shareholder 11 500 500 500
---------- ----------- -----------
500 500 500
Total equity and liabilities 4,364 4,597 4,284
========== =========== ===========
The financial statements were approved by the Board of Directors
and authorised for issue in August 2014.
Interim Condensed Statement of Cash Flows
For the six months ended 30 June 2014
June 30, June Dec.31
30, 2013 audited
2014 2013
Notes GBP'000 GBP'000 GBP'000
Net cash generated (used) in
operating activities (67) 184 (49)
=============== ============= ==================
Investing activities
Purchase of property, plant
and equipment (5) (2) (2)
Construction in progress Investment -
in subsidiaries -
Interest received 1 -
--------------- ------------- ------------------
Net cash used in investing activities (5) (1) (2)
=============== ============= ==================
Financing activities
Loans to subsidiaries Loans - -
from shareholders - -
Repayment of bank loan - (158)
Net cash from financing activities - - (158)
=============== ============= ==================
Net increase (decrease) in cash
and cash equivalents (72) 183 (209)
=============== ============= ==================
Cash and cash equivalents at
beginning of period 288 497 497
Exchange difference -
Cash and cash equivalents at
end of period 216 680 288
=============== ============= ==================
Interim Condensed Statement of changes in Equity
For the six months ended 30 June 2014
Group Share Share Other Retained Total
capital premium reserves earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 June 2013 55 1,201 124 (443) 937
======== ======== ======== ======== ========
Exchange difference arising
on the translation
of financial statements of
overseas subsidiaries (10) (10)
Loss for the period 29 29
-------- -------- -------- -------- --------
Transfer statutory reserves
Share-based payment
Share option reserve - - (22) 22 -
Balance at 31 December 2013 55 1,201 92 (392) 956
=== ====== ===== ======= =======
Exchange difference arising
on the translation
of financial statements of
overseas subsidiaries (55) 14 (41)
Loss for the period (162) (162)
Issue of shares - -
Share issue costs - -
Share option reserve - - -
Balance at 30 June 2014 55 1,201 37 (540) 753
=== ====== ===== ======= =======
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 both in
China and global market.
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 2013.
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 2014.
3. INCOME TAX EXPENSE
30 30 31 Dec.
June June 2013
2014 2013
GBP'000 GBP'000 GBP'000
Current tax charge - 3 47
Deferred tax (32)
15
=========
The income tax expense for the year can
be reconciled as follow:
Profit (Loss) before taxation (162) (46) 36
========= ========= =========
Income tax calculated at 25% - - 9
Effect of income that is exempt from
taxation - 36
Effect of different tax rate of subsidiary
operating in other jurisdiction 3 (23)
-
Effect of prior year adjustment 2
Unrelieved tax losses c/f - 22
Deferred tax arising from unused tax
losses (32)
Others - - 1
---------
- 3 15
========= ========= =========
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.
4. EARINGS PER SHARE
Basic earing 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 30 June 2013
2014
Earnings
Earnings for the purposes of
basic and diluted earnings per
share being net profit attributable
to equity holders of the parent (162,489) (49,453)
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 10,990,071 10,990,071
Effect of dilutive potential
ordinary shares:
Share options - -
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 10,990,071 10,990,071
============= =============
Profit (Loss) per share
Basic (pence) (1.48) (0.45)
============= =============
Diluted (pence) (1.48) (0.45)
============= =============
5. Property, plant and equipment
The showroom and office in Foshan has been completed and
transferred to fixed assets from construction in progress in
2012.
During this period, Foshan Louis Valentino Ceramics Co., Ltd.
purchased a vehicle amount to GBP4,744 (RMB50,000 ).
6. Intangible Assets
There is no addition of intangible assets during this
period.
7. Trade and Other Receivables
6 months ended 6 months ended Year ended
30 June 2014 30 June 2013 31 December 2013
GBP'000 GBP'000 GBP'000
Trade receivables 1,173 1,313 1,657
Payment on accounts 1,957 1,886 1,569
Other debtors 607 324 531
--------------- --------------- -----------------
Less: allowance for doubtful debts - -
--------------- --------------- -----------------
Total 3,737 3,523 3,757
=============== =============== =================
8. SUBSIDIARIES
Details of the Company's subsidiaries at 30 June 2014 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 global
** 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 30,2014 June December
30, 31,2013
2013
GBP'000 GBP'000 GBP'000
Authorised:
2,000,000,000 Ordinary shares of GBP0.005
each 10,000 10,000 10,000
============= ======== =========
Issued and fully paid:
10,990,071 Ordinary shares of GBP0.005
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
GBP1 each.
(ii)On 12 July 2010, the Company issued 42,448 additional shares
at its par value of GBP1 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 GBP0.005 each.
(iv)On 2 August 2010, the Company raised GBP1.20 million gross
of expenses in a private placing through the issue of 1,821,444
additional shares at GBP0.66 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 GBP492,005 (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 INSTRUMETNS
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 GBP0.66 until
the third anniversary of Admission. On 31 August 2013, the share
option has been expired and not exercised.
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
GBP0.66 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:
2014 2013
--------------------------------- ------------------------------------
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 - 206,229 0.66 257,786 206,229
Granted - - -
Forfeited - - - - - -
Executed - - - - - -
Expired - - - (257,786) -
----------
At end of year 0.66 206,229 0.66 206,229
=========== ======== ========== ============ ========== ==========
As at 30 June 2014, none of the above options had been
exercised.
11. RELATED PARTY TRANSACTIONS
Transactions within the Group have been eliminated in the
preparation of the financial information set out in this report and
are not disclosed in this note. Balance with other related parties
have been disclosed under the relevant notes.
i) On 18 August 2010, Dr Dingxin Pu, the Chief Executive Officer
and the majority shareholder of the company entered into a loan
facility agreement with the company, whereby Dr Dingxin Pu agreed
to make available to the company a loan facility of GBP500,000. The
loan is interest free and is repayable over five equal quarterly
installments commencing from 18 months following the date of the
loan facility agreement. The loan was fully drawn down on 18 August
2010.
On 20 February 2013, the loan has extended the date of repayment
to five equal instalments commencing on 31 January 2015 subject to
the Company having sufficient funds to meet the repayments.
ii) At 30 June 2014, included in other debtors an amount of
HKD2,114,173 due from Dr Dingxin Pu. The amount is unsecured,
interest free and repayable on demand.
12. Events after the end of the reporting period
There are no events after the end of reporting period to be
disclosed.
13. Approval of interim financial statements
The interim financial statements were approved by the board of
directors on 22 August 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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