Final Results
24 1월 2006 - 11:51PM
UK Regulatory
RNS Number:3537X
Associated Cement Companies Ld(The)
24 January 2006
Letter to RNS
Sub: Recommendation by the Board of Directors in respect of dividend for the
financial year ended 31st December 2005 (comprising of a nine months
period 1st April 2005 to 31st December 2005)
We have to inform you that the Board of Directors of the Company at its Meeting
held today have considered the Audited Statement of Accounts for the
financial year ended 31st December 2005 (comprising of a nine months period 1st
April 2005 to 31st December 2005) and recommended payment of dividend at the
rate of Rs 8/- (Rupees Eight only) per share.
2. It has accordingly been decided to close the Register of Members and Share
Transfer Books of the Company from Saturday, the 1st April 2006 to Wednesday,
the 12th April 2006 (both days inclusive) for the purpose of determining payment
of the above dividend to the shareholders.
3. The said dividend, if approved by the shareholders at the Annual General
Meeting (AGM) of the Company to be held on Wednesday, the 12th April 2006,
will be made payable to those shareholders whose names stand on the Register
of Members on Wednesday, the 12th April 2006. In respect of shares held in
dematerialised form in the Depository System, the dividend will be paid to the
beneficial owners as on 31st March 2006 as per the list provided by the
Depositories. The dividend will be payable on and from 25th April 2006.
For The Associated Cement Companies Ltd
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 PERIOD APRIL 2005-DECEMBER-2005
* CONSOLIDATED PROFIT AFTER TAX FOR APRIL-DECEMBER-05 UP BY 133%
AT Rs. 513.73 CRORE.(STANDALONE - Rs.544.18 CRORE UP BY 156%)
* CONSOLIDATED SALES VOLUME FOR APRIL-DECEMBER-05 12.97 MT UP BY 6.8%.
* CONSOLIDATED SALES VALUE FOR APRIL-DECEMBER-05 UP BY 10%
(STANDALONE UP BY 15%)
* CHANGE IN ACCOUNTING PERIOD
* DIVIDEND 80%
I. The audit committee have reviewed and the Board of Directors of the company
have approved the audited Consolidated and Standalone accounts for the period
April to December-2005 at its meeting held on January 24, 2006 and the text
of this statement was also taken on record.
II AUDITED CONSOLIDATED RESULTS
YEAR (NINE MONTHS) ENDED NINE MONTHS ENDED YEAR ENDED
DEC 31, 2005 DEC 31, 2004 MARCH 31, 2005
AUDITED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore
1 NET SALES / INCOME FROM OPERATIONS 3861.18 3508.79 4864.72
LESS: EXCISE DUTY RECOVERED 497.72 464.39 637.50
NET SALES 3363.46 3044.40 4227.22
2 OTHER INCOME
i) Dividend 4.72 0.17 0.23
ii) Gain/(Loss) on foreign exchange (Net) (6.98) (3.88) (4.59)
iii) Other items 84.63 38.31 68.32
iv) Other non-recurring items 25.58 18.37 31.91
3 Share of earnings of Associates 1.20 0.35 0.82
TOTAL (1+2+3) 3472.61 3097.72 4323.91
4 TOTAL EXPENDITURE
a) (Increase) /Decrease in stock in trade (53.71) (62.35) (47.70)
b) Consumption of Raw materials 568.75 533.87 733.15
c) Staff cost 204.35 190.39 256.97
d) Power & Fuel 678.87 647.10 842.64
e) Outward Freight charges on Cement etc. 532.72 404.40 542.24
f) Excise Duties (Net) 45.43 49.26 64.95
g) Purchase of Cement & Other Products 47.90 62.85 84.11
h) Other Expenditure 771.49 700.40 1037.28
Total Expenditure 2795.80 2525.92 3513.64
5 PROFIT BEFORE INTEREST, DEPRECIATION, MINORITY
INTEREST, EXCEPTIONAL ITEMS AND TAX (1+2+3-4 ) 676.81 571.80 810.27
6 INTEREST (NET) 65.97 71.08 92.54
7 DEPRECIATION 171.70 168.41 225.70
8 MINORITY INTEREST 4.13 4.13 6.11
9 PROFIT/(LOSS) AFTER MINORITY INTEREST &
BEFORE TAX & EXCEPTIONAL ITEMS (5-6-7-8) 435.01 328.18 485.92
10 EXCEPTIONAL ITEMS
a) (Provision) / Write back of contingencies 1.44 (0.50) (0.50)
b) Profit on sale of undertaking- Refractory Business 174.05 - -
c) Employees retirement Benefits (13.15)
d) Profit from Divestment of Subsidiary 69.00
11 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX (9 + 10) 666.35 327.68 485.42
12 PROVISION FOR CURRENT TAX 75.84 34.33 59.86
13 PROVISION FOR DEFERRED TAX 70.47 73.07 23.04
14 FRINGE BENEFIT TAX 6.31
15 PROFIT/(LOSS) AFTER PROVISION FOR TAXATION
& EXCEPTIONAL ITEMS (11-12-13-14) 513.73 220.28 402.52
16 Paid-up Equity Share Capital 184.72 179.57 178.74
( Face value per share Rs.10 )
17 Reserves excluding Revaluation Reserves 1966.89 1501.19
18 Basic Earnings per Share Rs. 28.33 12.36 22.58
Diluted Earnings per Share Rs. 27.46 11.91 21.73
19 Aggregate of Non-Promoter Shareholding
Number of Shares 122546336 178416154 178533611
Percentage of Shareholding 66.42% 100% 100%
Notes: 1) The Board has decided to change its financial year including its
subsidiaries to January 1st to December 31st. Accordingly, the
current financial year will be for a period of nine months i.e.
April 1, 2005 to December 31, 2005.
2) 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.
3) ACC has divested its Refractory Business as of 30th September,2005
and profit on sale of undertaking amounting to Rs.174.05 crore has
been indicated under Exceptional items.
4) Other non-recurring items under item 2 iv pertains to write back of
provisions no longer required ( Rs. 16.82 crore) for Nine Months
ended December 31,2005 and profit on sale of land at Thane Rs.8.76
crore.
5) Write back of contingency provision of Rs.1.44 crore for nine months
ended December 31, 2005 pertains to The ACC's investment in ACC Rio
Tinto Exploration Limited which was provided in earlier years, as
the money has been realised.
6) The Company has implemented Accounting Standard 15 (Revised 2005)
on employees benefits with effect from April 1,2005. Accordingly
Rs. 37.86 crore (Rs. 25.12 crore Net of tax) have been adjusted
against opening reserves and Rs.13.15 Crore relating to prior years
have been indicated under Exceptional Items.
7) The results of Everest Industries Ltd. have been included in
consolidation upto September 30,2005 as it has ceased to be a
subsidiary.
8) EPS for the nine months are not annualised.
9) Previous period figures have been regrouped wherever necessary.
(M.L. Narula)
Mumbai - January 24, 2006 Managing Director
-2-
III STANDALONE FINANCIAL RESULTS
YEAR
QUARTER QUARTER (NINE MONTHS) NINE MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED
DEC 31, DEC 31, DEC 31, DEC 31, MARCH 31,
2005 2004 2005 2004 2005
UNAUDITED REVIEWED AUDITED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 NET SALES/ INCOME FROM OPERATIONS 1264.94 1118.75 3699.89 3253.22 4539.35
LESS: EXCISE DUTY RECOVERED 192.87 163.40 496.48 464.51 637.29
NET SALES 1072.07 955.35 3203.41 2788.71 3902.06
2 OTHER INCOME
i) Dividend 3.44 0.00 17.29 3.24 3.24
ii) Gain/(Loss) on foreign exchange (Net) (2.32) 20.56 (7.16) (4.03) (5.33)
iii) Other items 26.44 11.27 78.50 36.92 66.35
iv) Other non-recurring items 6.98 - 25.52 17.99 31.53
3 TOTAL INCOME (1+2) 1106.61 987.18 3317.56 2842.83 3997.85
4 TOTAL EXPENDITURE
a) (Increase) / Decrease in stock in trade (7.52) 9.89 (45.26) (71.03) (53.44)
b) Consumption of Raw materials 152.87 146.08 502.70 431.64 589.29
c) Staff cost 56.30 53.38 190.05 158.74 214.76
d) Power & Fuel 236.01 190.78 669.86 596.72 775.01
e) Outward Freight charges on Cement etc. 189.20 120.95 524.70 366.86 506.27
f) Excise Duties (Net) -11.95 1.63 43.23 11.91 14.66
g) Purchase of Cement & Other Products 9.60 89.03 45.30 212.09 310.56
h) Other Expenditure 290.20 222.79 753.39 623.04 921.07
Total Expenditure 914.71 834.53 2683.97 2329.97 3278.18
5 PROFIT BEFORE INTEREST, DEPRECIATION,
EXCEPTIONAL ITEMS AND TAX (3-4) 191.90 152.65 633.59 512.86 719.67
6 INTEREST (NET) 21.30 27.28 63.76 67.82 88.19
7 DEPRECIATION 60.67 51.22 164.37 139.55 186.86
8 PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS & TAX (5-6-7) 109.93 74.15 405.46 305.49 444.62
9 EXCEPTIONAL ITEMS
a) (Provision) / Write back of contingencies - (0.50) 7.50 (0.50) (0.50)
b) Profit on sale of undertaking - Refractory Business 1.25 - 174.05 - -
c) Employees retirement Benefits (13.15) (13.15)
d) Profit from Divestment of Subsidiary 110.26 110.26
10 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX (8+9) 208.29 73.65 684.12 304.99 444.12
11 PROVISION FOR CURRENT TAX 14.69 5.75 63.94 23.73 45.50
12 PROVISION FOR DEFERRED TAX (1.57) 14.82 70.00 68.39 20.23
13 FRINGE BENEFIT TAX 2.69 6.00
14 PROFIT/(LOSS) AFTER PROVISION FOR TAXATION &
EXCEPTIONAL ITEMS (10-11-12-13) 192.48 53.08 544.18 212.87 378.39
15 Paid-up Equity Share Capital 184.72 179.57 184.72 179.57 178.74
( Face value per share Rs.10 )
6 Reserves excluding Revaluation Reserves 1,951.21 1418.45
17 Basic Earnings per Share Rs. 10.46 2.98 30.02 11.95 21.23
Diluted Earnings per Share Rs. 10.29 2.88 29.10 11.52 20.43
18 Aggregate of Non-Promoter Shareholding
Number of Shares 122546336 178416154 122546336 178416154 178533611
Percentage of shareholding 66.42% 100% 66.42% 100% 100%
Information on investor complaints pursuant to clause 41 of the listing
agreement for the quarter ended December 31, 2005
Particulars Complaints Complaints Complaints Closing Balance
pending at the received during disposed off and
beginning of the quarter ended resolved at the
the quarter December 31, 2005 end of the quarter
3 16 19 0
Notes:1) 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. April 1, 2005 to December 31, 2005.
2) The results of Nine months ended December 31,2005 includes figures of
Bargarh cement works and Damodhar cement works which are merged with
the Company with effect from April 1,2005 consequent upon requisite
approvals. The results for the quarter ended December 31,2005 have
been regrouped accordingly.
3) The Company has implemented Accounting Standard 15 (Revised 2005)
on employees benefits with effect from April 1,2005. Accordingly
Rs. 37.86 crore (Rs.25.12 crore net of tax) have been adjusted against
opening reserves and Rs.13.15 Crore relating to prior years have been
indicated under Exceptional Items.
4) Profit on sale of Everest Industries Ltd. shares amounting to
Rs. 110.26 crore has been indicated under Exceptional items.
5) The company has divested its Refractory Business as of September 30,
2005 and profit on sale of undertaking amounting to Rs.174.05 crore
has been indicated under Exceptional items.
6) Other non-recurring items under item 2 iv pertains to write back of
provisions no longer required ( Rs.6.98 crore) for three months ended
December 31,2005,( Rs. 16.76 crore) for Nine months ended December
31, 2005 and profit on sale of land at Thane Rs.8.76 crore.
7) During the quarter under review, the Paid up Equity Share Capital of
the Company has increased by Rs. 1.17 crore on account of allotment
of 11,69,667 shares consequent to the exercise of conversion option by
Bondholders on 9680 Foreign Currency Convertible Bonds of an aggregate
face value of Rs.43.79 crore and for the nine months ended December
31, 2005, the paid up Equity Share Capital of the Company has
increased by Rs. 5.14 crore on account of allotment of 51,38,435
shares consequent to the exercise of conversion option by Bondholders
on 42525 Foreign Currency Convertible Bonds of an aggregate face value
of Rs. 192.39 crore at conversion price of Rs.374.42 per share.
8) Write back of contingency provision of Rs.7.50 crore for nine months
ended December 31, 2005 pertains to investment in ACC Rio Tinto
Exploration Limited which was provided in earlier years, as the money
has been realised.
9) EPS for the quarters/nine months are not annualised.
10) Previous period figures have been regrouped wherever necessary.
(M.L. Narula)
Mumbai - January 24, 2006 Managing Director
-3-
IV
Segment wise Revenue, Results and Capital Employed
Consolidated Standalone
Year Year
(Nine Months) Nine Months Year Quarter Quarter (Nine Months) Nine Months Year
ended ended ended ended ended ended ended ended
Particulars Dec 31,2005 Dec 31,2004 March 31,2005 Dec 31,2005 Dec 31,2004 Dec 31,2005 Dec 31,2004 March 31,2005
Audited Reviewed Audited Unaudited Reviewed Audited Reviewed Audited
Rs. Crore 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 2846.68 2525.44 3502.12 989.29 830.74 2846.59 2446.56 3428.09
b. Refractory 136.12 177.21 240.49 0.00 66.96 136.12 177.21 240.49
c. Ready Mix
Concrete 171.42 134.40 183.29 59.41 48.82 171.42 134.40 183.29
d. Others 294.59 288.37 409.73 45.32 29.47 110.62 85.65 125.57
Total 3448.81 3125.42 4335.63 1094.02 975.99 3264.75 2843.82 3977.44
Less:
Inter
segment
revenue 85.56 81.30 108.70 22.07 20.72 61.55 55.99 76.28
Net sales
/ income
from
operations 3363.25 3044.12 4226.93 1071.95 955.27 3203.20 2787.83 3901.16
Income
from
non-
segmental
operations 0.21 0.28 0.29 0.12 0.08 0.21 0.88 0.90
Total 3363.46 3044.40 4227.22 1072.07 955.35 3203.41 2788.71 3902.06
2 Segment
Results
(Profit
+ /(Loss)
(-) before
tax and
interest )
a. Cement 445.88 374.12 535.32 133.08 71.48 441.28 355.58 503.38
b. Refractory 24.58 31.35 44.74 0.00 12.26 24.58 31.35 44.74
c. Ready Mix
Concrete 10.43 9.89 14.84 2.57 3.72 10.43 9.89 14.84
d. Others 66.85 36.74 56.67 14.94 6.08 32.14 12.47 21.86
Total 547.74 452.10 651.57 150.59 93.54 508.43 409.29 584.82
Less:
i Interest 65.97 71.08 92.54 21.30 27.28 63.76 67.82 88.19
ii Other
un-
allocable
expend-
iture
net of
un-
allocable
income. 46.76 52.84 73.11 19.36 -7.89 39.21 35.98 52.01
Total Profit
Before Tax
&
Exceptional
Items 435.01 328.18 485.92 109.93 74.15 405.46 305.49 444.62
Exceptional
Items
a. Provision/
Write back
of
contingencies 1.44 (0.50) (0.50) - (0.50) 7.50 (0.50) (0.50)
b. Profit on
sale of
undertaking-
Refractory
Business 174.05 - - 1.25 - 174.05 - -
c Employees
Retirement
Benefits (13.15) (13.15) (13.15)
d Profit
from
Divestment
of
Subsidiary 69.00 110.26 110.26
Total Profit
after
Exceptional
Items &
before Tax 666.35 327.68 485.42 208.29 73.65 684.12 304.99 444.12
3 Capital
Employed
(Segment
Assets -
Segment
Liabilities)
a. Cement 3267.70 2515.46 2852.48 3057.25 2310.15 3057.25 2310.15 2572.58
b. Refractory - 64.48 71.94 - 64.48 - 64.48 71.94
c. Ready Mix
Concrete 63.26 55.62 50.74 49.29 55.62 49.29 55.62 50.74
d. Others 83.09 157.43 169.93 27.61 17.92 27.61 17.92 22.74
Sub-total 3414.05 2792.99 3145.09 3134.15 2448.17 3134.15 2448.17 2718.00
Capital
work in
progress 217.75 342.85 388.68 215.68 320.82 215.68 320.82 354.28
Capital Employed excludes assets and liabilities not allocable to specific
segment & investments.
Notes: 1) The company has divested its Refractory Business as of
September 30,2005 and profit on sale of undertaking amounting to
Rs.174.05 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 nine
months ended December 31, 2005 pertains to investment in ACC
Rio Tinto Exploration Limited which was provided in earlier years
as the money has been realised.
3) The Company has implemented Accounting Standard 15 (Revised
2005) on employees benefits with effect from April 1,2005.
Accordingly Rs. 37.86 crore (Rs.25.12 crore net of tax) have
been adjusted against opening reserves and Rs.13.15 Crore
relating to prior years have been indicated under Exceptional
Items.
4) Appropriate profit on sale of Everest Industries Ltd. shares has
been indicated under Exceptional items.
5) Previous period figures have been regrouped wherever necessary.
(M.L. Narula)
Mumbai - January 24, 2006 Managing Director
-4-
V. Turnover and Profits
CONSOLIDATED
The accounting year has been changed from April - March to January -
December. Therefore the accounts have been drawn up for Nine months for the
period ended December 31, 2005.
The profit after tax for nine months ended December 31, 2005 increased to
Rs. 513.73 crore including profit on sale of Refractory business and profit
on sale of subsidiary as compared Rs. 402.52 crore for financial year
2004-05 (12 months).
Sale of cement for nine months ended December 31, 2005 was 12.97 million
tonnes as compared to 16.57 million MT for the financial year 2004-05
(12 months). Sales turnover for nine months ended December 31, 2005 was Rs.
3,363.46 crore as compared to Rs.4227.22 crore for financial year 2004-05
(12 months).
Improved volume and realization as offset by increase in cost of inputs
has resulted in higher profit before interest, depreciation, exceptional
items and tax at Rs. 676.81 crore for nine months ended December 31, 2005
as compared to Rs. 810.27 crore for financial year 2004-05 (12 months).
Interest cost (net) was Rs. 65.97 crore for nine months ended December 31,
2005 as compared to Rs. 92.54 crore for financial year 2004-05 (12 months).
Depreciation was higher at Rs. 171.70 crore as compared to Rs. 225.70 crore
for financial year 2004-05 (12 months).
The above explanations hold good for standalone results.
VI. New Projects/Modernisation
The modernisation project at Chaibasa commenced commercial production with
effect from September 16, 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 Subsidiary
The Company has sold 85.48 lakh shares of Everest Industries Limited (EIL)
and appropriate profit on sale has been recognized during quarter ended
December 31,2005. EIL ceased to be a Subsidiary of the company.
VIII.Divestment of Refractory Business
The Company has divested its Refractory Business as on September 30, 2005
and profit on sale of undertaking amounting to Rs. 174.05 Crore has been
recognised during the nine months ended December 31, 2005.
IX. Merger
The company's subsidiaries Bargarh Cement Ltd. and Damodhar Cement and
Slag Ltd. have been merged with the Company as per the scheme for merger
duly approved by the Shareholders and confirmed by the respective Courts.
The numbers of subsidiaries are reflected in the results of the company.
X. Acquisition
The Company acquired 98.84% of the Equity shares of Tarmac (India) Pvt.
Ltd.. (TIPL) from Tarmac Heavy Building Materials Overseas Ltd., UK. TIPL
is in the Ready Mix Concrete business. TIPL is now a subsidiary of the
Company. It is proposed to merge TIPL, subject to requisite approvals with
Company with effect from January 1, 2006.
XI Outlook
The cement industry recorded a growth rate of around 10% for nine months
ended December 31,2005 as compared to 8.7% in the corresponding previous
period. With the continued emphasis on infrastructure and housing sector
and with good monsoons in most parts of the country, industry is expected
to do well in future. With the improving overall growth of the economy
(GDP) which is expected to be over 7% per annum and with improving
demand-supply dynamics, cement industry may experience stable to improved
cement prices.
XII Dividend
The Board of Directors has decided to recommend a dividend of Rs.8 per
share aggregating to Rs. 168.31 Crore ( including tax on dividend).
(M.L. Narula)
Mumbai - January 24, 2006 Managing Director
This information is provided by RNS
The company news service from the London Stock Exchange
END
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