3rd Quarter Results
21 1월 2005 - 12:54AM
UK Regulatory
RNS Number:6153H
Associated Cement Companies Ld(The)
20 January 2005
THE ASSOCIATED CEMENT COMPANIES LIMITED
Registered Office : Cement House,
121, Maharshi Karve Road, Mumbai - 400 020
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED DECEMBER 31,2004
- TOTAL INCOME FOR Q-3 UP BY 25 %.
- PROFIT BEFORE TAX FOR Q-3 Rs. 53.08 CRORE UP BY 138%.
- THRUST ON COST REDUCTION CONTINUES.
I. The following unaudited accounts for the quarter ended December 31, 2004
which have been subjected to a limited review by the auditors have been
reviewed by the audit committee and have been approved by the Board of
Directors of the Company at its meeting held on January 20, 2005. The text
of this statement was also taken on record.
II. SUMMARISED FINANCIAL RESULTS
NINE NINE
QUARTER QUARTER MONTHS MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED
DEC DEC DEC DEC March
31, 2004 31, 2003 31, 2003 31, 2003 31, 2004
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Lakh Lakh Lakh Lakh Lakh
Tonnes Tonnes Tonnes Tonnes Tonnes
SALE OF CEMENT
OWN (INCLUDING INHOUSE SALES ETC.) 38.89 34.94 111.78 107.84 146.66
SUBSIDIARIES 2.73 1.14 5.69 3.44 4.84
OTHER TRADED CEMENT 0.22 0.28 0.52 0.83 1.01
TOTAL SALES 41.84 36.36 117.99 112.11 152.51
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 NET SALES / INCOME FROM OPERATIONS 1118.31 905.77 3251.80 2765.12 3888.30
LESS: EXCISE DUTY RECOVERED 162.98 143.79 463.26 443.61 603.83
NET SALES 955.33 761.98 2788.54 2321.51 3284.47
2 OTHER INCOME
i) Dividend - 0.03 3.24 3.83 37.60
ii) Gain/(Loss) on foreign exchange (Net) 20.56 1.73 (4.03) 15.13 41.83
iii) Other items 11.72 20.82 38.34 42.10 58.48
iv) Other non-recurring items - 6.61 17.99 11.97 11.97
3 TOTAL (1+2) 987.61 791.17 2844.08 2844.08 3434.35
4 TOTAL EXPENDITURE
a)(Increase)/Decrease in stock in trade 9.89 (13.76) (71.03) 5.37 7.98
b) Consumption of Raw materials 146.08 115.47 431.64 343.91 486.13
c) Staff cost 53.38 50.16 158.74 149.49 203.22
d) Power & Fuel 190.78 187.16 596.72 557.39 755.24
e) Outward Freight charges on Cement etc. 120.95 112.73 366.86 328.75 459.23
f) Excise Duties (Net) 2.05 2.74 13.16 8.81 11.21
g) Purchase of Cement & Other Products 89.03 41.41 212.09 129.24 184.28
h) Other Expenditure 222.80 190.44 623.04 550.19 793.14
Total Expenditure 834.96 686.35 2331.22 2073.15 2900.43
5 PROFIT BEFORE INTEREST, DEPRECIATION,
EXCEPTIONAL ITEMS AND TAX (3-4) 152.65 104.82 512.86 321.39 533.92
6 INTEREST (NET) 27.28 22.86 67.82 72.09 92.91
7 DEPRECIATION 51.22 44.19 139.55 131.96 176.85
8 PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS &
TAX (5-6-7) 74.15 37.77 305.49 117.34 264.16
NINE NINE
QUARTER QUARTER MONTHS MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED
DEC DEC DEC DEC March
31, 2004 31, 2003 31, 2003 31, 2003 31, 2004
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
9 EXCEPTIONAL ITEMS
a) WRITE DOWN OF VALUE OF ASSETS - - - (8.00) (8.00)
b) PROVISION FOR CONTINGENCIES (0.50) - (0.50) (4.50) (2.30)
10 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX ( 8-9) 73.65 37.77 304.99 104.84 253.86
11 PROVISION FOR CURRENT TAX 5.75 2.96 23.73 8.23 16.09
12 PROVISION FOR DEFERRED TAX 14.82 12.49 68.39 2.27 37.53
13 PROFIT/(LOSS) AFTER PROVISION FOR
TAXATION &
EXCEPTIONAL ITEMS (10-11-12) 53.08 22.32 212.87 94.34 200.24
14 Paid- up Equity share capital
(Face value per share Rs.10) 179.57 172.11 179.57 172.11 177.94
15 Reserves excluding Revaluation Reserves 1175.79
16 Basic Earnings per
Share Rs. 2.98 1.30 11.95 5.52 11.68
Diluted Earnings per
Share Rs. 4.25 1.30 11.52 5.49 11.61
17 Aggregate of Non-Promoter Shareholding
Number of Shares 178416154 171354912 178416154 171354912 177195530
Percentage of shareholding 100% 100% 100% 100% 100%
Information on investor complaints pursuant to clause 41 of the listing
agreement for the quarter ended December 31, 2004
Particulars Complaints Complaints Complaints
pending at Received disposed ofF
the during and
beginning the quarter resolved at
of ended the
the Sept 30, end of the Closing
quarter 2004 quarter Balance
3 36 35 4
Notes: 1. Other non -recurring item of Rs.17.99 crore for nine months ended
December 31, 2004 pertains to reversal of provision for entry tax
in the State of Bihar, consequent to favourable judgement of the
Supreme Court.
2. The Government of Karnataka has accorded its approval as on
January 4, 2005 to the acquisition of 75 MW Power Generating
Capacity (CPP) at Wadi from Tata Power Company Limited, which as
per agreement is effective from July 1, 2004 at a cost of
Rs.235.45 crore and the same has been dealt with in the accounts.
3. The results for the quarter and nine months ended December 31,
2004 include a charge of Rs. 13.05 crore arising out of the
Supreme Court Judgement in respect of Cess on Power generation at
Kymore Cement Works.
4. Deferred tax for the nine months ended December 31, 2004 includes
a charge of Rs.5.50 crore on account of Education Cess on opening
deferred tax liability as on April 1, 2004.
5. The Company is in the process of seeking approval of its
shareholders for the sale of its Mancherial Cement Works.
6. PS for the quarter/ nine months are not annualised.
7. Previous period figures have been regrouped wherever necessary.
III CONSOLIDATED RESULTS
CONSOLIDATED CONSOLIDATED CONSOLIDATED CONSOLIDATED CONSOLIDATED
Particulars QUARTER QUARTER NINE MONTHS NINE MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED
DEC 31, 2004 DEC 31, 2003 DEC 31, 2004 DEC 31, 2003 MARCH 31, 2004
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 NET SALES / INCOME FROM OPERATIONS 1185.14 958.56 3508.79 2917.38 4147.69
LESS: EXCISE DUTY RECOVERED 163.22 140.21 464.39 427.53 587.25
NET SALES 1021.92 818.35 3044.40 2489.85 3560.44
2 OTHER INCOME
i) Dividend 0.03 0.05 0.17 0.14 0.14
ii) Gain/(Loss) on foreign exchange (Net) 20.47 1.80 (3.88) 15.20 42.91
iii) Other items 11.21 18.23 38.31 39.48 60.15
iv) Other non-recurring items 0.02 7.11 18.37 12.77 63.74
3 Share of earnings of Associates 0.32 0.16 0.35 (0.18) (0.01)
TOTAL (1+2+3) 1053.97 845.70 3097.72 2557.26 3727.37
4 TOTAL EXPENDITURE
a)(Increase)/Decrease in stock in trade 12.12 (12.62) (62.35) 6.91 14.24
b) Consumption of Raw materials 185.49 144.31 533.87 420.62 575.90
c) Staff cost 65.06 57.58 190.39 170.82 234.88
d) Power & Fuel 206.91 178.26 647.10 559.59 789.89
e) Outward Freight charges on Cement etc. 134.89 119.82 404.40 352.81 497.77
f) Excise Duties (Net) 14.69 12.31 49.26 39.01 52.65
g) Purchase of Cement & Other Products 21.38 14.48 62.85 44.42 59.16
h) Other Expenditure 244.91 218.50 700.40 611.80 897.33
Total Expenditure 885.45 732.64 2525.92 2205.98 3121.82
5 PROFIT BEFORE INTEREST,
DEPRECIATION AND TAX (1+2+3-4) 168.52 113.06 571.80 351.28 605.55
6 INTEREST (NET) 28.23 24.10 71.08 76.51 98.91
7 DEPRECIATION 60.89 49.04 168.41 145.03 198.95
8 MINORITY INTEREST 1.02 0.40 4.13 2.46 13.84
9 PROFIT/(LOSS) AFTER MINORITY INTEREST & BEFORE 78.38 39.52 328.18 127.18 293.85
TAX & EXCEPTIONAL ITEMS (5-6-7-8)
10 EXCEPTIONAL ITEMS
a) WRITE DOWN OF VALUE OF ASSETS - - - (8.00) (8.00)
b) PROVISION FOR CONTINGENCIES (0.50) - (0.50) (1.44) 2.01
11 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX ( 9-10) 77.88 39.52 327.68 117.84 287.86
12 PROVISION FOR CURRENT TAX 7.61 4.09 34.33 13.89 27.59
13 PROVISION FOR DEFERRED TAX 16.97 12.23 73.07 2.27 40.14
14 PROFIT/(LOSS) AFTER PROVISION FOR TAXATION &
EXCEPTIONAL ITEMS (11-12-13) 53.30 23.30 220.28 101.68 220.13
15 Paid- up Equity share capital 179.57 172.11 179.57 172.11 177.94
(Face value per share Rs.10)
16 Reserves excluding Revaluation Reserves 1235.72
17 Basic Earnings per Share Rs. 2.99 1.35 12.36 5.94 12.84
Diluted Earnings per Share Rs. 2.89 1.35 11.91 5.92 12.76
18 Aggregate of Non-Promoter Shareholding
Number of Shares 178416154 171354912 178416154 171354912 177195530
Percentage of shareholding 100% 100% 100% 100% 100%
Notes: 1) The consolidated Financial Results are prepared in accordance
with Accounting Standard (AS) 21 on Consolidated Financial
Statements and (AS) 23 on Accounting for Investments in
Associates in Consolidated Financial Statements issued by the
Institute of Chartered Accountants of India.
2) Other non -recurring item includes Rs.17.99 crore for nine months
ended December 31,2004 pertains to reversal of provision for
entry tax in the State of Bihar, consequent to favourable
judgement of the Supreme Court.
3) The Government of Karnataka has accorded its approval as on
January 4,2005 to the acquisition of 75 MW Power Generating
Capacity (CPP) at Wadi from Tata Power Company Limited, which as
per agreement is effective from July 1, 2004 at a cost of
Rs.235.45 crore and the same has been dealt with in the accounts.
4) The results for the quarter and nine months ended December 31,
2004 include a charge of Rs. 13.05 crore arising out of the
Supreme Court Judgement in respect of Cess on Power generation at
Kymore Cement Works of The A.C.C. Limited.
5) Current quarter and nine months consolidated figures are not
comparable with the previous quarter and nine months consolidated
figures to the extent that Bargarh Cement Limited (Subsidiary
Company) was acquired on December 23, 2003 and which is
consolidated as per Accounting Standard (AS)21.
6) EPS for the quarter/ nine months are not annualised.
7) Previous period figures have been regrouped wherever necessary.
IV Segment wise Revenue, Results and Capital Employed
Quarter Quarter Nine Months Nine Months Year
Particulars ended ended ended ended ended
Dec 31,2004 Dec 31,2003 Dec 31,2004 Dec 31,2003 Mar 31, 2004
Reviewed Reviewed Reviewed Reviewed Audited
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 Segment Revenue (net sale/
income from each segment)
a. Cement 830.71 675.26 2446.39 2075.25 2935.58
b. Refractory 66.97 44.39 177.21 129.16 180.73
c. Ready Mix Concrete 48.82 32.15 134.40 92.76 128.86
d. Others 29.47 23.13 85.65 65.28 95.27
Total 975.97 774.93 2843.65 2362.45 3340.44
Less:Inter segment revenue 20.72 13.39 55.99 42.54 58.11
Net sales / income from
operations 955.25 761.54 2787.66 2319.91 3282.33
Income from 0.08 0.44 0.88 1.60 2.14
non-segmental
operations
Total 955.33 761.98 2788.54 2321.51 3284.47
2 Segment Results
(Profit + /(Loss)
(-) before
tax and interest )
a. Cement 71.48 47.83 355.58 155.94 270.98
b. Refractory 12.26 5.98 31.35 16.60 23.53
c. Ready Mix Concrete 3.72 2.97 9.89 8.81 10.96
d. Others 6.08 11.90 12.47 15.54 18.41
Total 93.54 68.68 409.29 196.89 323.88
Less: i Interest 27.28 22.86 67.82 72.09 92.91
ii Other un-allocable
expenditure net
of un-allocable
income. -7.89 8.05 35.98 7.46 -33.19
Total Profit Before 74.15 37.77 305.49 117.34 264.16
Tax &
Exceptional Items
Exceptional Items
Write down of value - - - (8.00) (8.00)
of assets
Provision for (0.50) - (0.50) (4.50) (2.30)
contingencies
Total Profit after
Exceptional
Items & before 73.65 37.77 304.99 104.84 253.86
Tax
3 Capital Employed
(Segment assets-
Segment
Liabilities)
a. Cement 2310.15 2311.70 2310.15 2311.70 2305.03
b. Refractory 64.48 69.18 64.48 69.18 63.21
c. Ready Mix Concrete 55.62 64.06 55.62 64.06 62.11
d. Others 17.92 23.17 17.92 23.17 22.47
Sub-total 2448.17 2468.11 2448.17 2468.11 2452.82
Capital work in progress 320.82 135.09 320.82 135.09 96.46
Capital Employed excludes assets not allocable to specific segment &
Investments.
Notes: 1) Segment Results for the nine months ended December 31,2004 are
after reversal of entry tax provision of Rs.17.99 crore in Cement
Activity.
2) The Government of Karnataka has accorded its approval as on
January 4, 2005 to the acquisition of 75 MW Power Generating
Capacity (CPP) at Wadi from Tata Power Company Limited, which as
per agreement is effective from July 1, 2004 at a cost of
Rs.235.45 crore and the same has been dealt with in the Segment
of Cement Activity.
3) Segment Results for the quarter and nine months ended December
31, 2004 include a charge of Rs.13.05 crore arising out of the
Supreme Court Judgement in respect of Cess on Power Generation in
Cement Activity.
4) Previous period figures have been regrouped wherever necessary.
V Consolidated Segment wise Revenue, Results and Capital Employed
Consolidated Consolidated Consolidated Consolidated Consolidated
Particulars quarter ended quarter ended nine months ended nine months ended year ended
Dec 31,2004 Dec 31,2003 Dec 31,2004 Dec 31,2003 Mar 31, 2004
Reviewed Reviewed Reviewed Reviewed Audited
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 Segment Revenue (net sale/
income from each segment)
a. Cement 844.09 681.89 2525.44 2084.41 2998.10
b. Refractory 66.97 44.39 177.21 129.16 180.73
c. Ready Mix
Concrete 48.82 32.15 134.40 92.76 128.86
d. Others 91.08 79.24 288.37 242.20 332.42
Total 1050.96 837.77 3125.42 2548.53 3640.11
Less: Inter segment 29.12 19.42 81.30 58.93 80.06
revenue
Net sales /income from
operations 1021.84 818.35 3044.12 2489.60 3560.05
Income from non-segmental
operations 0.08 - 0.28 0.25 0.39
Total 1021.92 818.35 3044.40 2489.85 3560.44
2 Segment Results(Profit + /
(Loss)(-) before tax and
interest )
a. Cement 75.15 49.04 374.12 161.76 287.94
b. Refractory 12.26 5.98 31.35 16.60 23.53
c. Ready Mix Concrete 3.72 2.97 9.89 8.81 10.96
d. Others 11.49 14.28 36.74 31.86 40.91
Total 102.62 72.27 452.10 219.03 363.34
Less: i Interest 28.23 24.10 71.08 76.51 98.91
ii Other un-allocable
expenditure net
of un-allocable
income. -3.99 8.65 52.84 15.24 -29.42
Total Profit Before Tax &
Exceptional Items 78.38 39.52 328.18 127.28 293.85
Exceptional Items
Write down of value of
assets - - - (8.00) (8.00)
Provision for contingencies (0.50) - (0.50) (1.44) 2.01
Total Profit after
Exceptional Items & before
Tax 77.88 39.52 327.68 117.84 287.86
3 Capital Employed
(Segment assets- Segment
Liabilities)
a. Cement 2515.46 2508.67 2515.46 2508.67 2544.27
b. Refractory 64.48 69.18 64.48 69.18 63.21
c. Ready Mix Concrete 55.62 64.06 55.62 64.06 62.11
d. Others 157.43 160.71 157.43 160.71 171.83
Sub-total 2792.99 2802.62 2792.99 2802.62 2841.42
Capital work in
progress 342.85 135.47 342.85 135.47 96.79
Capital Employed excludes assets not allocable to specific segment &
Investments.
Notes: 1) Segment Results for the nine months ended December 31, 2004 are
after reversal of entry tax provision of Rs.17.99 crore in Cement
Activity.
2) The Government of Karnataka has accorded its approval as on
January 4, 2005 to the acquisition of 75 MW Power Generating
Capacity (CPP) at Wadi from Tata Power Company Limited, which as
per agreement is effective from July 1,2004 at a cost of
Rs.235.45 crore and the same has been dealt with in the Segment
of Cement Activity.
3) Segment Results for the quarter and nine months ended December
31, 2004 include a charge of Rs.13.05 crore arising out of the
Supreme Court Judgement in respect of Cess on Power Generation in
Cement Activity.
4) Current quarter and nine months consolidated figures are not
comparable with the previous quarter and nine months consolidated
figures to the extent that Bargarh Cement Limited (Subsidiary
Company) was acquired on December 23,2003 and which is
consolidated as per Accounting Standard AS) 21.
5) Previous period figures have been regrouped wherever necessary.
VI Total income for Q3 2004-05 is up by 25% to Rs.987.61 crore due to improved
price realisation and higher volumes as against Rs.791.17 crore in the
corresponding previous period.
Increase in price of coal, gypsum, diesel & freight put pressure on costs
which was partly neutralised through improved operating efficiencies.
Profit before interest, depreciation, exceptional items and tax for Q3
2004-05 is higher by 46% at Rs.152.65 crore as compared to Rs.104.82 crore
in the previous period.
Interest cost for Q3 2004-05 is higher by 19% to Rs. 27.28 crore over
previous period due to acquisition of 75 MW Power Generating Capacity (CPP)
at Wadi from Tata Power Company Limited.
Depreciation for Q3 2004-05 is higher at Rs.51.22 crore compared to
Rs.44.19 crore for the corresponding previous period on account of
acquisition of 75 MW CPP.
The profit before tax for Q3 2004-05 is higher by 95% at Rs.73.65 crore as
compared to Rs.37.77 crore for the corresponding previous period. The net
profit during Q3 2004-05 is higher by 138 % at Rs.53.08 crore as compared
to Rs.22.32 crore in the previous period.
Total income for nine months ended December 31,2004 is higher by 19% at
Rs.2844.08 crore compared to corresponding previous year due to improved
realisation.
Profit before interest, depreciation, exceptional items and tax is up by
60 % at Rs.512.86 crore as compared to Rs.321.39 crore in the corresponding
previous period.
Interest cost for nine months ended December 31,2004 is lower by 6% at
Rs.67.82 crore as compared to Rs.72.09 crore in the corresponding previous
period despite acquisition of Wadi CPP, due to improved financial and
working capital management.
Depreciation for nine months ended December 31,2004 is Rs.139.55 crore as
compared to Rs.131.96 crore in the corresponding previous period on account
of acquisition of Wadi CPP.
The profit before tax for nine months ended December 31,2004 is higher by
191% at Rs. 304.99 crore against Rs.104.84 crore in the corresponding
previous period.
The net profit for nine months ended December 31,2004 is higher by 126% at
Rs. 212.87 crore against Rs.94.34 crore in the corresponding previous
period.
VII New Projects / Modernisation / Acquisition
The modernisation Project at Chaibasa including installation of a 15 MW
Captive Power Plant and augmenting of grinding capacity at Gagal are
progressing as per schedule.
The company has acquired with effect from July 1,2004 75 MW CPP at Wadi
from Tata Power Company Limited at a cost of Rs.235.45 crore in January,
2005.
VIII Outlook
The Cement Industry has posted a growth of 7% for nine months ended
December 31, 2004 as compared to 5.3% in the corresponding period of the
previous year. With the continued growth in housing sector and higher
emphasis on rural, urban infrastructure, the cement industry is expected to
maintain its growth momentum during the remaining period of the year.
IX Consolidated Financial Statements
The consolidated net profit for the group for the quarter ended December
31, 2004 amounted to Rs. 53.30 crore as compared to Rs.53.08 crore for the
company. During nine months ended December 31,2004 the net profit for the
group is Rs. 220.28 crore as compared to Rs.212.87 crore for the company.
(M.L.Narulla)
MANAGING DIRECTOR
Mumbai - January 20, 2005
This information is provided by RNS
The company news service from the London Stock Exchange
END
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