Second Quarter Results
18 10월 2005 - 4:00PM
UK Regulatory
RNS Number:7399S
Associated Cement Companies Ld(The)
17 October 2005
THE ASSOCIATED CEMENT COMPANIES LIMITED
Registered Office : Cement House,
121, Maharshi Karve Road, Mumbai - 400 020
CONSOLIDATED AND STANDALONE UNAUDITED FINANCIAL RESULTS (PROVISIONAL)
FOR THE QUARTER ENDED SEPTEMBER 30, 2005
* CONSOLIDATED PROFIT AFTER TAX FOR Q-2 UP BY 154 % AT Rs. 203.70 CRORE.
(STANDALONE - Rs. 203.43 CRORE UP BY 159% )
* CONSOLIDATED SALES VOLUME FOR Q-2 3.94 MT UP BY 4 %.
(STANDALONE - 3.92 MT UP BY 5% )
* CONSOLIDATED SALES VALUE FOR Q-2 UP BY 12 %
(STANDALONE UP BY 13 %)
I. The following unaudited accounts of the quarter ended September 30,2005 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 October 14,2005. The text of this statement was
also taken on record.
II. CONSOLIDATED RESULTS
Particulars QUARTER QUARTER SIX MONTHS SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED
Sept Sept Sept Sept March
30,2005 30,2004 30,2005 30,2004 31,2005
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 NET SALES / INCOME FROM OPERATIONS 1202.42 1098.57 2575.56 2324.63 4864.72
LESS: EXCISE DUTY RECOVERED 141.06 148.78 303.49 302.00 637.50
NET SALES 1061.36 949.79 2272.07 2022.63 4227.22
2 OTHER INCOME
i) Dividend 0.43 0.14 1.13 0.14 0.23
ii) Gain/(Loss) on foreign exchange (Net) (6.75) 0.34 (4.71) (24.35) (4.59)
iii) Other items 29.31 15.07 58.14 26.13 68.32
iv) Other non-recurring items 9.78 18.35 18.54 18.35 31.91
3 Share of earnings of Associates 0.48 0.15 0.80 0.03 0.82
TOTAL (1+2+3) 1094.61 983.84 2345.97 2042.93 4323.91
4 TOTAL EXPENDITURE
a)( Increase) /Decrease in stock in trade (14.56) (37.78) (42.45) (74.47) (47.70)
b) Consumption of Raw materials 183.98 170.63 398.02 348.38 733.15
c) Staff cost 81.54 63.23 146.97 125.33 256.97
d) Power & Fuel 214.49 214.42 441.33 440.19 842.64
e) Outward Freight charges on Cement etc. 165.08 126.25 345.29 269.51 542.24
f) Excise Duties (Net) 22.14 20.07 57.34 33.74 64.95
g) Purchase of Cement & Other Products 18.22 18.25 38.30 41.47 84.11
h) Other Expenditure 234.12 207.15 484.91 455.50 1037.28
Total Expenditure 905.01 782.22 1869.71 1639.65 3513.64
5 PROFIT BEFORE INTEREST,
DEPRECIATION, MINORITY INTEREST, EXCEPTIONAL 189.60 201.62 476.26 403.28 810.27
ITEMS AND TAX (1+2+3-4 )
6 INTEREST (NET) 21.12 20.90 44.09 42.85 92.54
7 DEPRECIATION 58.64 54.07 116.33 107.52 225.70
8 MINORITY INTEREST 1.28 1.04 4.12 3.11 6.11
9 PROFIT/(LOSS) AFTER MINORITY INTEREST & 108.56 125.61 311.72 249.80 485.92
BEFORE TAX & EXCEPTIONAL ITEMS (5-6-7-8)
10 EXCEPTIONAL ITEMS
a) (Provision) / Write back of contingencies 1.44 - 1.44 - (0.50)
b) Profit on sale of undertaking- Refractory 172.80 - 172.80 - -
Business
11 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX ( 9+10) 282.80 125.61 485.96 249.80 485.42
12 PROVISION FOR TAX ( INCLUDING FRINGE BENEFIT 79.10 45.41 135.31 82.82 82.90
TAX)
13 PROFIT/(LOSS) AFTER PROVISION FOR TAXATION &
EXCEPTIONAL ITEMS (11-12) 203.70 80.20 350.65 166.98 402.52
14 Paid- up Equity share capital 183.65 178.71 183.65 178.71 178.74
( Face value per share Rs.10 )
15 Reserves excluding Revaluation Reserves 1501.19
16 Basic Earnings per Share Rs. 11.25 4.50 19.50 9.38 22.58
Diluted Earnings per 10.89 4.34 18.78 9.03 21.73
Share
Rs.
17 Aggregate of Non-Promoter Shareholding
Number of Shares 121127180 178277669 121127180 178277669 178533611
Percentage of shareholding 66.16% 100% 66.16% 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. The Associated Cement Companies Ltd. has divested its Refractory Business
as of 30th September,2005 and profit on sale of undertaking amounting to
Rs.172.80 crore has been indicated under Exceptional items.
3. Other non-recurring items of Rs.18.54 crore for six months ended
September 30,2005 include write back of property tax at Kymore cement
works of Rs. 7.26 crore, profit on sale of land at Thane Rs.8.76 crore
and refund of cess on Mineral Rights Rs.2.52 crore at Bargarh Cement
Limited.
4. Write back of contingency provision of Rs.1.44 crore for the quarter and
six months ended September 30, 2005 pertains to The Associated Cement
Companies Limited's investment in ACC Rio Tinto Exploration Limited which
was provided in earlier years, as the money has been realised.
5. EPS for the quarters/six months are not annualised.
6. Previous period figures have been regrouped wherever necessary.
III. STANDALONE FINANCIAL RESULTS
QUARTER QUARTER SIX MONTHS SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED
SEPT SEPT SEPT SEPT March
30,2005 30,2004 30,2005 30,2004 31,2005
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 NET SALES / INCOME FROM OPERATIONS 1146.96 1033.51 2437.54 2134.47 4539.35
LESS: EXCISE DUTY RECOVERED 142.01 148.08 304.34 301.11 637.29
NET SALES 1004.95 885.43 2133.20 1833.36 3902.06
2 OTHER INCOME
i) Dividend 4.88 0.11 13.85 3.24 3.24
ii) Gain/(Loss) on foreign exchange (Net) (6.80) 0.10 (4.84) (24.59) (5.33)
iii) Other items 19.93 14.91 41.75 25.65 66.35
iv) Other non-recurring items 7.26 17.99 16.02 17.99 31.53
3 TOTAL INCOME (1+2) 1030.22 918.54 2199.98 1855.65 3997.85
4 TOTAL EXPENDITURE
a)( Increase) /Decrease in stock in (2.69) (34.45) (32.29) (80.92) (53.44)
trade
b) Consumption of Raw materials 150.76 138.62 322.21 285.56 589.29
c) Staff cost 70.21 53.15 124.71 105.36 214.76
d) Power & Fuel 199.97 197.11 405.89 405.94 775.01
e) Outward Freight charges on Cement etc. 155.87 118.73 329.61 245.91 506.27
f) Excise Duties (Net) 12.13 3.60 33.13 10.28 14.66
g) Purchase of Cement & Other Products 63.73 68.36 154.91 123.06 310.56
h) Other Expenditure 214.92 189.86 440.75 400.25 921.07
Total Expenditure 864.90 734.98 1778.92 1495.44 3278.18
5 PROFIT BEFORE INTEREST, DEPRECIATION,
EXCEPTIONAL ITEMS AND TAX (3-4) 165.32 183.56 421.06 360.21 719.67
6 INTEREST (NET) 19.97 19.66 41.89 40.54 88.19
7 DEPRECIATION 48.70 44.42 96.68 88.33 186.86
8 PPROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS & 96.65 119.48 282.49 231.34 444.62
TAX (5-6-7)
9 EXCEPTIONAL ITEMS
a) (Provision) / Write back of 7.50 - 7.50 - (0.50)
contingencies
b) Profit on sale of undertaking - 172.80 - 172.80 - -
Refractory Business
10 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX (8-9) 276.95 119.48 462.79 231.34 444.12
11 PPROVISION FOR TAX 73.52 40.92 120.00 71.55 65.73
(INCLUDING FRINGE BENEFIT TAX)
12 PROFIT/(LOSS) AFTER PROVISION FOR
TAXATION &
EXCEPTIONAL ITEMS (9-10-11) 203.43 78.56 342.79 159.79 378.39
13 Paid- up Equity share capital 183.65 178.71 183.65 178.71 178.74
(Face value per share Rs.10 )
14 Reserves excluding Revaluation Reserves 1418.45
15 Basic Earnings per 11.24 4.41 19.06 8.97 21.23
Share Rs.
Diluted Earnings per 10.87 4.45 18.36 8.64 20.43
Share Rs.
16 Aggregate of Non-Promoter Shareholding
Number of Shares 121127180 178277669 121127180 178277669 178533611
Percentage of shareholding 66.16% 100% 66.16% 100% 100%
Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended
September 30, 2005
Particulars Complaints Complaints Complaints Closing
pending at Received disposed off Balance
the during and
beginning the quarter resolved at
of ended the
the Sept 30, end of the
quarter 2005 quarter
1 43 41 3
Notes:
1. The company has divested its Refractory Business as of 30th
September,2005 and profit on sale of undertaking amounting to Rs.172.80
crore has been indicated under Exceptional items.
2. Other non-recurring items of Rs.16.02 crore for six months ended
September 30,2005 include write back of property tax at Kymore cement
works of Rs. 7.26 crore and profit on sale of land at Thane Rs.8.76
crore.
3. The scheme of amalgamation of Bargarh Cement Limited into the Company has
been approved by the Shareholders. Pending final orders of the High
Courts, the results for the period ended 30th September,2005 do not
reflect any adjustment including tax position that would arise on the
amalgamation.
4. With a view to aligning ACC's operations with Holcim Limited, the Board
has decided to change its financial year to January 1st to December 31st.
Accordingly, the current financial year will be for a period of nine
months, I.e. 1st April, 2005 to 31st December, 2005.
5. The modernisation project at Chaibasa cement works was commissioned with
effect from 16th September,2005.
6. During the quarter under review, the Paid up Equity Share Capital of the
Company has increased by Rs. 3.97 crore on account of allotment of
39,68,768 shares consequent to the exercise of conversion option by
Bondholders on 32845 Foreign Currency Convertible Bonds of an aggregate
face value of Rs.148.60 crore at the conversion price of Rs.374.42 per
Share.
7. Write back of contingency provision of Rs.7.50 crore for the quarter and
six months ended September 30, 2005 pertains to investment in ACC Rio
Tinto Exploration Limited which was provided in earlier years, as the
money has been realised.
8. EPS for the quarters/six months are not annualised.
9. Previous period figures have been regrouped wherever necessary.
IV Segment wise Revenue, Results and Capital Employed
Consolidated
Particulars Quarter Quarter Six Months Six Months Year
ended ended ended ended ended
Sept Sept Sept Sept March
30,2005 30,2004 30,2005 30,2004 31,2005
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 872.69 789.58 1857.50 1681.49 3502.12
b. Refractory 62.33 61.14 136.11 110.25 240.49
c. Ready Mix 57.27 42.45 112.01 85.58 183.29
Concrete
d. Others 103.62 87.54 228.11 197.29 409.73
Total 1095.91 980.71 2333.73 2074.61 4335.63
Less: Inter segment 34.55 31.09 61.77 52.18 108.70
revenue
Net sales / 1061.36 949.62 2271.96 2022.43 4226.93
income from
operations
Income from - 0.17 0.11 0.20 0.29
non-segmental
operations
Total
2 Segment 1061.36 949.79 2272.07 2022.63 4227.22
Results
(Profit + /
(Loss)(-)
before
tax and
interest)
a. Cement 122.43 137.96 310.91 298.97 535.32
b. Refractory 8.92 11.41 22.15 19.09 44.74
c. Ready Mix 3.34 2.31 7.85 6.17 14.84
Concrete
d. Others 14.71 9.38 47.15 25.25 56.67
Total 149.40 161.06 388.06 349.48 651.57
Less: i 21.12 20.90 44.09 42.85 92.54
Interest
ii Other 19.72 14.55 32.25 56.83 73.11
un-allocable
expenditure net
of
un-allocable
income.
Total Profit 108.56 125.61 311.72 249.80 485.92
Before Tax &
Exceptional
Items
Exceptional
Items
a. Provision/ 1.44 - 1.44 - (0.50)
Write back of
contingencies
b. Profit on sale 172.80 - 172.80 - -
of
undertaking-
Refractory
Business
Total Profit 282.80 125.61 485.96 249.80 485.42
after
Exceptional
Items & before
Tax
3 Capital Employed
(Segment assets-
Segment
Liabilities)
a. Cement 3056.57 2540.91 3056.57 2540.91 2852.48
b. Refractory - 64.74 - 64.74 71.94
c. Ready Mix 49.12 54.81 49.12 54.81 50.74
Concrete
d. Others 188.46 176.10 188.46 176.10 169.93
Sub-total 3294.15 2836.56 3294.15 2836.56 3145.09
Capital work in 199.13 242.60 199.13 242.60 388.68
progress
Capital Employed excludes assets not allocable to specific segment &
Investments.
Standalone
Particulars Quarter Quarter Six Months Six Months Year
ended ended ended ended ended
Sept Sept Sept Sept March
30,2005 30,2004 30,2005 30,2004 31,2005
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 875.70 771.20 1857.09 1615.82 3428.09
b. Refractory 62.33 61.14 136.11 110.25 240.49
c. Ready Mix
Concrete 57.27 42.45 112.01 85.58 183.29
d. Others 29.53 29.68 65.30 56.18 125.57
Total 1024.83 904.47 2170.51 1867.83 3977.44
Less: Inter segment
revenue 19.88 19.36 37.42 35.27 76.28
Net sales/ 1004.95 885.11 2133.09 1832.56 3901.16
income from
operations
Income from - 0.32 0.11 0.80 0.90
non-segmental
operations
Total
2 Segment Results 1004.95 885.43 2133.20 1833.36 3902.06
(Profit + /
(Loss)(-)
before tax
and interest)
a. Cement 119.51 133.06 293.35 284.10 503.38
b. Refractory 8.92 11.41 22.15 19.09 44.74
c. Ready Mix
Concrete 3.34 2.31 7.85 6.17 14.84
d. Others 2.50 2.46 17.20 6.39 21.86
Total 134.27 149.24 340.55 315.75 584.82
Less: i Interest 19.97 19.66 41.89 40.54 88.19
ii Other
un-allocable 17.65 10.10 16.17 43.87 52.01
expenditure
net of
un-allocable
income.
Total Profit 96.65 119.48 282.49 231.34 444.62
Before Tax &
Exceptional
Items
Exceptional
Items
a. Provision/ 7.50 - 7.50 - (0.50)
Write back of
contingencies
b. Profit on 172.80 - 172.80 - -
sale of
undertaking-
Refractory
Business
Total Profit
after
Exceptional 276.95 119.48 462.79 231.34 444.12
Items &
before Tax
3 Capital
Employed
(Segment
assets-
Segment
Liabilities)
a. Cement 2852.16 2338.78 2852.16 2338.78 2572.58
b. Refractory - 64.74 - 64.74 71.94
c. Ready Mix 48.60 54.81 48.60 54.81 50.74
Concrete
d. Others 16.39 22.46 16.39 22.46 22.74
Sub-total 2917.15 2480.79 2917.15 2480.79 2718.00
Capital work 152.52 235.40 152.52 235.40 354.28
in progress
Capital Employed excludes assets not allocable to specific segment &
Investments.
Notes:
1. The company has divested its Refractory Business as of 30th
September,2005 and profit on sale of undertaking amounting to Rs.172.80
crore has been indicated under Exceptional items.
2. Write back of contingency provision of Rs.1.44 crore in consolidation and
Rs.7.50 crore in Standalone for the quarter & six months ended September
30, 2005 pertains to investment in ACC Rio Tinto Exploration
3. Previous period figures have been regrouped wherever necessary.
V. Turnover and Profits
CONSOLIDATED
Sale of cement during Q2 2005-06 was adversely affected due to floods and heavy
rains in many parts of the country.
Despite the above, sales volume increased by 4% to 3.94 million tonnes as
compared to 3.80 million tonnes for the corresponding previous period. Sales
turnover for Q2 2005-06 was up by 12% at Rs.1061.36 crore as compared to
Rs.949.79 crore for the corresponding previous period.
The profit after tax for Q2 2005-06 including profit on sale of Refractory
business amounting to Rs.172.80 crore increased to Rs.203.70 crore as compared
to Rs.80.20 crore for the corresponding previous period.
Increase in cost of inputs such as coal, petroleum products together with change
in railway freight classification, increase in royalty on limestone has resulted
in increase in cost of production. Although the impact has been partly offset by
higher volumes and improved realization, this has resulted in lower profit
before interest, depreciation, exceptional items and tax at Rs.189.60 crore for
Q2 2005-06 as compared to Rs.201.62 crore for the corresponding previous period.
Profit before exceptional item and tax for Q2 2005-06 was Rs. 108.56 crore as
compared to Rs. 125.61 crore for the corresponding previous period.
Interest cost (net) was Rs.21.12 crore for Q2 2005-06 as compared to Rs. 20.90
crore in corresponding previous period despite acquisition of Wadi CPP and
commissioning of Chaibasa modernisation. Depreciation was higher at Rs. 58.64
crore as compared to Rs.54.07 crore in the corresponding previous period mainly
on account of acquisition of Wadi CPP and commissioning of Chaibasa
modernization.
Sale of cement for six months ended 30 September, 2005 increased by 7% to 8.38
million tonnes as compared to 7.82 million tonnes for the corresponding previous
period. Sales turnover for six months ended 30 September, 2005 was up by 12% at
Rs.2272.07 crore as compared to Rs. 2022.63 crore for the corresponding previous
period.
The profit after tax for six months ended 30 September, 2005 including profit on
sale of Refractory business increased to Rs.350.65 crore from Rs. 166.98 crore
for the corresponding previous period.
Higher volume and improved realization as offset by increase in cost of inputs
has resulted in higher profit before interest, depreciation, exceptional items
and tax at Rs. 476.26 crore for six months ended 30 September, 2005 compared to
Rs.403.28 crore for the corresponding previous period reflecting an increase of
18%.
Profit before exceptional item and tax for six months ended 30 September, 2005
was Rs 311.72 crore, 25% higher as compared to Rs. 249.80 crore for the
corresponding previous period.
Interest cost (net) was Rs. 44.09 crore for six month ended 30 September, 2005
as compared to Rs 42.85 crore for corresponding previous period. Depreciation
was higher at Rs.116.33 crore as compared to Rs.107.52 crore for the
corresponding previous period.
The above explanations hold good for standalone results.
VI. New Projects/Modernisation
The modernisation project at Chaibasa commenced commercial production with
effect from 16th September, 2005. The augmentation of capacity at Gagal Unit II
and projects at Lakheri for expansion of capacity and setting up 25 MW Captive
Power Plant are progressing as per schedule.
VII. Divestment of Refractory Business
The Company has divested its Refractory Business as on 30th September, 2005 and
profit on sale of undertaking amounting to Rs. 172.80 Crore has been recognised
during the quarter.
VIII. Outlook
The cement industry recorded a growth rate of around 10% for six months ended 30
September, 2005 as compared to 6.3% in the corresponding previous period. With
the continued emphasis on infrastructure and housing sector and with good
monsoon in most parts of the country, industry is expected to do well in future.
With the improving overall growth of the economy (GDP) expected to grow over 7%
per annum and with improving demand-supply dynamics, cement industry may
experience stable to improved cement prices.
(M.L.Narula)
MANAGING DIRECTOR
Mumbai - October 14, 2005
This information is provided by RNS
The company news service from the London Stock Exchange
END
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