Final Results
09 5월 2005 - 11:40PM
UK Regulatory
RNS Number:0534M
Associated Cement Companies Ld(The)
09 May 2005
PRESS RELEASE
THE ASSOCIATED CEMENT COMPANIES LIMITED
Registered Office : Cement House,
121, Maharshi Karve Road, Mumbai - 400 020
CONSOLIDATED AND STANDALONE AUDITED FINANCIAL RESULTS FOR THE
YEAR ENDED MARCH 31, 2005
*CONSOLIDATED PROFIT AFTER TAX FOR 2004 - 05 - Rs 402.52 CRORE UP BY 83%
(STANDALONE - Rs378.39 Crore UP BY 89%)
*CONSOLIDATED SALES IN VOLUME IN 2004-05 16.70 MT.(STANDALONE - 16.29 MT)
*CONSOLIDATED SALES VALUE FOR 2004-05 UP BY 19% (STANDALONE - 19%)
*DIVIDEND 70%
I. The audit committee have reviewed and the Board of
Directors of the company have approved the audited Consolidated and Standalone
accounts for the year 2004-05 at its meeting held on May 6, 2005 and the text of
this statement was also taken on record.
II AUDITED CONSOLIDATED RESULTS
YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
2005 2004
AUDITED AUDITED
Rs. Crore Rs. Crore
1 NET SALES / INCOME FROM OPERATIONS 4864.72 4149.04
LESS: EXCISE DUTY RECOVERED 637.50 588.60
NET SALES 4227.22 3560.44
2 OTHER INCOME
i) Dividend 0.23 0.14
ii) Gain/(Loss) on foreign exchange (Net) (4.59) 42.18
iii) Other items 68.32 59.44
iv) Other non-recurring items 31.91 63.74
3 Share of earnings of Associates 0.82 (0.01)
TOTAL (1+2+3) 4323.91 3725.93
4 TOTAL EXPENDITURE
a) (Increase) /Decrease in stock in trade (47.70) 14.24
b) Consumption of Raw materials 733.15 575.90
c) Staff cost 256.97 234.88
d) Power & Fuel 842.64 789.89
e) Outward Freight charges on Cement etc. 542.24 497.77
f) Excise Duties (Net) 64.95 51.30
g) Purchase of Cement & Other Products 84.11 59.16
h) Other Expenditure 1037.28 897.24
Total Expenditure 3513.64 3120.38
5 PROFIT BEFORE INTEREST, DEPRECIATION
EXCEPTIONAL ITEMS AND TAX (1+2+3-4 ) 810.27 605.55
6 INTEREST (NET) 92.54 98.91
7 DEPRECIATION 225.70 198.95
8 MINORITY INTEREST -6.11 (13.84)
9 PROFIT/(LOSS) AFTER MINORITY INTEREST &
BEFORE TAX & EXCEPTIONAL ITEMS (5-6-7-8) 485.92 293.85
10 EXCEPTIONAL ITEMS
a) WRITE DOWN OF VALUE OF ASSETS - (8.00)
b) PROVISION FOR CONTINGENCIES (0.50) 2.01
11 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX (9 - 10) 485.42 287.86
12 PROVISION FOR CURRENT TAX 59.86 27.59
13 PROVISION FOR DEFERRED TAX 23.04 40.14
14 PROFIT/(LOSS) AFTER PROVISION FOR
TAXATION & EXCEPTIONAL ITEMS (11 -12-13) 402.52 220.13
15 Paid-up Equity Share Capital 179.23 177.94
( Face value per share Rs.10 )
16 Reserves excluding Revaluation Reserves 1,501.19 1235.72
17 Basic Earnings per Share Rs. 22.58 12.84
Diluted Earnings per Share Rs. 21.73 12.76
18 Aggregate of Non-Promoter Shareholding
Number of Shares 178533611 177195530
Percentage of Shareholding 100% 100%
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 of Rs.31.91 crore for the year ended March 31,2005
includes sale of land at Mancherial in the state of Andhra Pradesh ( Rs.12.04
Crore), sale of transferable developmental rights at Thane( Rs.1.50 crore) &
reversal of provision of entry tax in the state of Bihar (Rs.17.99 crore)
3) Deferred tax has been recomputed based on proposed reduction in the rate of
corporate tax in the Finance Bill (2005). Accordingly credit of Rs.27.13 crore
has been adjusted from deferred tax charge.
4) The Board of Directors have approved in principle a proposal to merge the
Company's Subsidiaries, Bargarh Cement Ltd..( BCL) and Damodhar Cement and Slag
Ltd.( DCSL) with the company subject to requisite approvals to be effective from
April 1, 2005.
5) Pursuant to Open Offer by Holdcem Cement Pvt. Limited alongwith Ambuja
Cements India Ltd.( ACIL), the shareholding of ACIL is 34.71% of the Equity
Share Capital of the Company.Consequently, ACIL has filed declaration with the
Company on April 27,2005 under Regulations 7(1), 8(1) and 8(2) of the SEBI (
Substantial Acquisition of Shares and Takeovers) Regulations,1997 indicating
their Shareholding and declaring itself as a Promoter of the Company.
6) Annual consolidated figures for 2004-05 are not comparable with the previous
year 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.
7) Previous period figures have been regrouped wherever necessary.
III STANDALONE FINANCIAL RESULTS
NINE
MONTHS QUARTER QUARTER YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
DEC 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2004 2005 2004 2005 2004
REVIEWED UNAUDITED UNAUDITED AUDITED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 NET SALES/ 3253.22 1286.13 1123.77 4539.35 3889.65
INCOME FROM
OPERATIONS
LESS: EXCISE 464.51 172.78 160.80 637.29 605.17
DUTY RECOVERED
NET SALES 2788.71 1113.35 962.97 3902.06 3284.48
2 OTHER INCOME
i) Dividend 3.24 - 33.77 3.24 37.60
ii) Gain/(Loss) (4.03) (1.30) 26.70 (5.33) 41.83
on foreign
exchange (Net)
iii) Other 36.92 29.43 15.03 66.35 57.13
items
iv) Other 17.99 13.54 0.00 31.53 11.97
non-recurring
items
3 TOTAL INCOME 2842.83 1155.02 1038.47 3997.85 3433.01
(1+2)
4 TOTAL EXPENDITURE
a) (Increase) / (71.03) 17.59 2.61 (53.44) 7.98
Decrease in
stock in trade
b) Consumption 431.64 157.65 142.22 589.29 486.13
of Raw materials
c) Staff cost 158.74 56.02 53.73 214.76 203.22
d) Power & Fuel 585.60 189.41 197.85 775.01 755.24
e) Outward 366.86 139.41 130.48 506.27 459.23
Freight charges
on Cement etc.
f) Excise 11.91 2.75 1.82 14.66 9.87
Duties (Net)
g) Purchase of 212.09 98.47 55.04 310.56 184.28
Cement & Other
Products
h) Other 634.16 286.91 242.19 921.07 793.14
Expenditure
Total 2329.97 948.21 825.94 3278.18 2899.09
Expenditure
5 PROFIT BEFORE
INTEREST,
DEPRECIATION,
EXCEPTIONAL 512.86 206.81 212.53 719.67 533.92
ITEMS AND TAX
(3-4)
6 INTEREST (NET) 67.82 20.37 20.82 88.19 92.91
7 DEPRECIATION 139.55 47.31 44.89 186.86 176.85
8 PROFIT/(LOSS) 305.49 139.13 146.82 444.62 264.16
BEFORE
EXCEPTIONAL
ITEMS & TAX
(5-6-7)
9 EXCEPTIONAL
ITEMS
a) WRITE DOWN - - - - (8.00)
OF VALUE OF
ASSETS
b) PROVISION (0.50) - 2.20 (0.50) (2.30)
FOR
CONTINGENCIES
10 PROFIT/(LOSS)
AFTER
EXCEPTIONAL
ITEMS
& BEFORE TAX 304.99 139.13 149.02 444.12 253.86
(8-9)
11 PROVISION FOR 23.73 21.77 7.86 45.50 16.09
CURRENT TAX
12 PROVISION FOR 68.39 (48.16) 35.26 20.23 37.53
DEFERRED TAX
13 PROFIT/(LOSS) AFTER PROVISION
FOR TAXATION &
EXCEPTIONAL 212.87 165.52 105.90 378.39 200.24
ITEMS (10-11-12)
14 Paid-up Equity 179.57 179.23 177.94 179.23 177.94
Share Capital
(Face value
per share Rs.10)
15 Reserves 1418.45 1175.79
excluding
Revaluation
Reserves
16 Basic Earnings 11.95 9.27 6.15 21.23 11.68
per Share Rs.
Diluted 11.52 8.91 6.08 20.43 11.61
Earnings per
Share Rs.
17 Aggregate of
Non-Promoter
Shareholding
Number of 178416154 178533611 177195530 178533611 177195530
Shares
Percentage of 100% 100% 100% 100% 100%
shareholding
Information on investor complaints pursuant to clause 41 of the listing
agreement for the quarter ended March 31, 2005
Particulars Complaints Complaints Complaints Closing
Balance
pending at received disposed off
the during and
beginning the quarter resolved at
of the ended the
quarter March 31, end of the
2005 quarter
4 27 29 2
Notes:
1) Other non -recurring item of Rs.13.54 crore for quarter ended March
31, 2005 and Rs.31.53 crore for the year ended March,2005 includes sale of land
at Mancherial in the state of Andhra Pradesh ( Rs.12.04 Crore), sale of
transferable developmental rights at Thane( Rs.1.50 crore) & reversal of
provision of entry tax in the state of Bihar ( Rs.17.99 crore).
2) Deferred tax has been recomputed based on proposed reduction in the rate of
corporate tax in the Finance Bill (2005). Accordingly, credit of Rs.25.74 crore
has been adjusted from deferred tax charge.
3) Pursuant to Open Offer by Holdcem Cement Pvt. Limited alongwith Ambuja
Cements India Ltd.( ACIL), the shareholding of ACIL is 34.71% of the Equity
Share Capital of the Company.Consequently, ACIL has filed declaration with the
Company on April 27,2005 under Regulations 7(1), 8(1) and 8(2) of the SEBI (
Substantial Acquisition of Shares and Takeovers) Regulations,1997 indicating
their Shareholding and declaring itself as a Promoter of the Company.
4) EPS for the quarters/ nine months are not annualised.
5) Previous period figures have been regrouped wherever necessary.
IV Segment wise Revenue, Results and Capital Employed
Consolidated Standalone
Year ended Year Nine Quarter Quarter Year Year
ended Months ended ended
Particulars March March ended ended ended March March
31,2005 31,2004 Dec March March 31,2005 31,2004
31,2004 31,2005 31,2004
Audited Audited Reviewed Unaudited Unaudited Audited Audited
Rs. Crore Rs.Crore Rs.Crore Rs. Crore Rs. Crore Rs.Crore Rs.Crore
1 Segment Revenue
(net sales/income
from each segment)
a. Cement 3502.12 2996.35 2446.55 981.54 860.34 3428.09 2935.59
b. Refractory 240.49 180.73 177.22 63.27 51.57 240.49 180.73
c. Ready Mix 183.29 128.86 134.40 48.89 36.10 183.29 128.86
Concrete
d. Others 409.73 332.42 85.65 39.92 29.99 125.57 95.27
Total 4335.63 3638.36 2843.82 1133.62 978.00 3977.44 3340.45
Less: Inter segment 108.70 80.06 55.99 20.29 15.57 76.28 58.11
revenue
Net sales /
income from
operations 4226.93 3558.30 2787.83 1113.33 962.43 3901.16 3282.34
Income from 0.29 2.14 0.88 0.02 0.54 0.90 2.14
non-segmental
operations
Total 4227.22 3560.44 2788.71 1113.35 962.97 3902.06 3284.48
2 Segment Results
(Profit+/Loss)(-)
before tax and
interest)
a. Cement 535.32 287.94 355.58 147.80 115.04 503.38 270.98
b. Refractory 44.74 23.53 31.35 13.39 6.93 44.74 23.53
c. Ready Mix 14.84 10.96 9.89 4.95 2.15 14.84 10.96
Concrete
d. Others 56.67 40.91 12.47 9.39 2.87 21.86 18.41
Total 651.57 363.34 409.29 175.53 126.99 584.82 323.88
Less: i Interest 92.54 98.91 67.82 20.37 20.82 88.19 92.91
ii Other un-allocable
expenditure net of
un-allocable income 73.11 -29.42 35.98 16.03 -40.65 52.01 -33.19
Total Profit 485.92 293.85 305.49 139.13 146.82 444.62 264.16
Before Tax &
Exceptional Items
Exceptional Items
Write down of (8.00) - - - 0.00 (8.00)
value of assets
Provision for (0.50) 2.01 (0.50) - 2.20 (0.50) (2.30)
contingencies
Total Profit
after Exceptional
Items & before Tax 485.42 287.86 304.99 139.13 149.02 444.12 253.86
3 Capital Employed
(Segment Assets
- Segment Liabilities)
a. Cement 2852.48 2544.27 2348.90 2572.58 2330.49 2572.58 2330.49
b. Refractory 71.94 63.21 64.48 71.94 63.21 71.94 63.21
c. Ready Mix 50.74 62.11 55.62 50.74 62.11 50.74 62.11
Concrete
d. Others 169.93 171.83 17.92 22.74 22.47 22.74 22.47
Sub-total 3145.09 2841.42 2486.92 2718.00 2478.28 2718.00 2478.28
Capital work in 388.68 96.79 320.82 354.28 96.46 354.28 96.46
progress
Capital Employed excludes assets not allocable to specific segment &
investments.
Notes:
1) Segment Results for the quarter ended March 31,2005 include sale of
land at Mancherial in the State of Andhra Pradesh ( Rs.12.04 crore). Segment
results for the nine months ended December 31,2004 include reversal of entry tax
provision of (Rs.17.99 crore) in Cement Activity.
2) Previous period figures have been regrouped wherever necessary.
V. Turnover and Profits
CONSOLIDATED
The profit after tax for the year 2004-05 increased by 83% to Rs.402.52 crore as
compared to Rs.220.13 crore for the previous year.
Sale of cement for the year 2004-05 increased by 8.5% to 16.70 million tonnes as
compared to 15.39 million tonnes in the previous year. Sales turnover for the
year 2004-05 was up by 19% at Rs.4227.22 crore as compared to Rs.3560.44 crore
for the previous year.
Higher volumes, better realisation and improved operating efficiency resulted in
higher profit before interest, depreciation, exceptional items, tax and minority
interest at Rs.810.27 crore for 2004-05 compared to Rs.605.55 crore for the
previous year reflecting an increase of 34%.
Despite acquisition of 75 MW CPP at Wadi from July1, 2004, interest cost (net)
was lower by 6% at Rs.92.54 crore as compared to Rs.98.91 crore in the previous
year due to improved financial and working capital management. Depreciation was
higher at Rs.225.70 crore as compared to Rs.198.95 crore in the previous year
mainly on account of acquisition of Wadi CPP.
The provision for deferred tax includes a credit of Rs.27.13 crore due mainly to
recomputation of the deferred tax liability based upon the proposed reduction of
corporate tax rates as per Finance Bill 2005.
STANDALONE
The profit after tax for the year 2004-05 increased by 89% to Rs. 378.39 crore
as compared to Rs. 200.24 crore for the previous year.
Sale of cement including traded cement for the year 2004-05 increased by 7% to
16.29 million tonnes as compared to 15.25 million tonnes in the previous year.
Sales turnover for the year 2004-05 was Rs. 3902.06 crore as compared to Rs.
3284.48 crore in the previous year reflecting an increase of 19%.
Higher volumes, better realisation and improved operating efficiency resulted in
higher profit before interest, depreciation, exceptional items and tax at
Rs.719.67 crore for 2004-05 compared to Rs.533.92 crore for the previous year
reflecting an increase of 35%.
Interest cost (net) was lower by 5% at Rs.88.19 crore despite acquisition of 75
MW CPP at Wadi from July 1, 2004, as compared to Rs.92.91 crore in the previous
year due to improved financial and working capital management. Depreciation was
higher at Rs.186.86 crore as compared to Rs.176.85 crore in the previous year
mainly on account of acquisition of Wadi CPP.
The provision for deferred tax includes a credit of Rs.25.74 crore due mainly to
recomputation of the deferred tax liability based upon the proposed reduction of
corporate tax rates as per Finance Bill 2005.
VI. New Projects/Modernisation
The modernisation project at Chaibasa including installation of a 15 MW Captive
Power Plant and augmenting of grinding capacity at Gagal are progressing well
and are expected to be completed shortly. The project at Lakheri for expansion
of capacity and 25 MW Captive Power Plant has been taken in hand.
VII. Merger of Cement Subsidiaries
The Board of Directors have approved in principle a proposal to merge the
Company's Subsidiaries, Bargarh Cement Ltd. (BCL) with capacity of 9.60 Lakh
Tonnes and Damodhar Cement and Slag Ltd. (DCSL) with grinding capacity of 5.25
Lakh Tonnes with the company subject to Shareholder's, High Courts of Orissa,
Kolkatta and Mumbai and all other requisite approvals to be effective from April
1, 2005.
The present capacity of the Company is 16.5 mtpa.
Post merger of BCL and DCSL, the capacity will be 18 mtpa.
After completion of ongoing projects at Chaibasa, Gagal and Lakheri, the
capacity will stand increased to 20.6 mtpa.
VIII. Shareholding and Management
Pursuant to Open Offer by Holdcem Cement Pvt. Limited along with Ambuja Cements
India Ltd. (ACIL), the shareholding of ACIL is 34.71% of the Equity Share
Capital of the Company. Consequently, ACIL has filed declarations with the
Company on April 27, 2005 under Regulations 7(1), 8(1) and 8(2) of the SEBI
(Substantial Acquisition of Shares and Takeovers) Regulation, 1997 indicating
their shareholding and declaring itself as a Promoter of the Company.
Mr.Markus Akermann, CEO, member of Board of Directors, Holcim Ltd. and Mr.Paul
Hugentobler, Member of Executive Committee, Holcim Ltd. have been appointed as
additional Directors.
IX. Outlook
The cement industry recorded a growth rate of 7.8% for 2004-05. The growth
momentum witnessed in the second half of 2004-05 is expected to be sustained in
the current year with the continuing focus on housing and infrastructure
sectors. The expected demand growth of around 8% with no new significant
capacity addition in the pipeline is expected to lead to stable to improved
cement prices.
X. Dividend
The Board of Directors has decided to recommend a dividend of Rs.7 per Share
aggregating to Rs. 142.50 Crore (including tax on dividend).
For a more meaningful appreciation of the financial results, the format is
changed wherein the Consolidated Performance has been emphasized in the sequence
of presentation.
(M.L.Narula )
Managing Director
Mumbai - May 6, 2005
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UKASRVRRVRAR
Acc Gds (Regs) (LSE:AMCD)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Acc Gds (Regs) (LSE:AMCD)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
