Further re 2nd Quarter Rslts
26 7월 2006 - 4:01PM
UK Regulatory
RNS Number:7369G
Associated Cement Companies Ld(The)
25 July 2006
Letter to RNS
Letter dated 19 July 2006
We are enclosing the Unaudited Financial Results (provisional) in respect of the
Company's working for the second quarter April/June 2006 and for the half year
January/June 2006 which have been reviewed by the Auditors. The text of the
said statement was approved by the Board of Directors of the Company at its
Meeting held today and the same was taken on record.
Letter from The Associated Cement Companies Limited
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 JUNE 30, 2006.
* CONSOLIDATED SALES VOLUME FOR Q-2 2006- 4.63 MT UP BY 4.3 %.
* CONSOLIDATED SALES VALUE FOR Q-2 2006 UP BY 21%
(STANDALONE UP BY 29%)
I. The following unaudited accounts of the quarter ended June 30, 2006 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 July 19, 2006. 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 (NINE
MONTHS)
ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, DECEMBER 31,
2006 2005 2006 2005 2005
REVIEWED UNAUDITED REVIEWED UNAUDITED AUDITED
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 SALES / INCOME 1635.73 1378.60 3184.81 2736.18 3878.66
FROM OPERATIONS
LESS: EXCISE DUTY 158.26 162.43 351.73 335.54 497.72
RECOVERED
NET SALES / INCOME 1477.47 1216.17 2833.08 2400.64 3380.94
FROM OPERATIONS
2 OTHER INCOME
i) Dividend 5.32 0.70 9.30 0.76 4.95
ii) Gain/(Loss) (5.75) 2.04 (3.37) 1.33 (7.08)
on foreign exchange
(Net)
iii) Other items 16.22 23.38 34.73 51.74 61.05
iv) Other 0.23 - 7.93 1.50 16.82
non-recurring items
3 Share of earnings 0.39 0.32 0.72 0.79 1.20
of Associates
TOTAL (1+2+3) 1493.88 1242.61 2882.39 2456.76 3457.88
4 TOTAL EXPENDITURE
a)( Increase) / (49.03) (27.89) 14.16 (13.24) (53.71)
Decrease in stock
in trade
b) Consumption of 170.51 214.04 338.40 413.32 564.18
Raw materials
c) Staff cost 83.10 65.43 172.07 132.01 199.15
d) Power & Fuel 255.28 226.84 486.76 422.38 678.87
e) Outward Freight 216.40 180.21 415.87 318.05 532.72
charges on Cement
etc.
f) Excise Duties 37.40 35.20 43.08 50.89 45.43
(Net)
g) Purchase of 18.43 20.08 28.71 41.34 47.90
Cement & Other
Products
h) Other 279.71 251.41 533.75 587.76 775.28
Expenditure
Total Expenditure 1011.80 965.32 2032.80 1952.51 2789.82
5 PROFIT BEFORE
INTEREST,
DEPRECIATION, 482.08 277.29 849.59 504.25 668.06
MINORITY INTEREST,
EXCEPTIONAL ITEMS
AND TAX (1+2+3-4 )
6 INTEREST (NET) 15.24 22.97 35.12 44.43 65.97
7 DEPRECIATION 59.85 55.03 121.19 112.85 171.71
8 MINORITY INTEREST 0.22 2.84 0.49 4.82 4.13
9 PROFIT/(LOSS) 406.77 196.45 692.79 342.15 426.25
AFTER MINORITY
INTEREST & BEFORE
TAX & EXCEPTIONAL
ITEMS (5-6-7-8)
10 EXCEPTIONAL ITEMS
a) Profit on sale 146.39 8.76 147.79 20.80 182.81
of land and
undertakings
b) Write back of / - - - - 1.44
( Provision) for
contingencies
c) Employee - - - - (13.15)
Benefits- Prior
Period
d) Profit from - - - - 69.00
Divestment of
Subsidiary
11 PROFIT/(LOSS)
AFTER EXCEPTIONAL
ITEMS
& BEFORE TAX 553.16 205.21 840.58 362.95 666.35
(9+10)
12 PROVISION FOR TAX 141.37 56.26 197.45 31.76 152.62
(INCLUDING FRINGE
BENEFIT TAX)
13 PROFIT/(LOSS)
AFTER PROVISION FOR
TAXATION & 411.79 148.95 643.13 331.19 513.73
EXCEPTIONAL ITEMS
(11-12)
14 Paid- up Equity 187.23 179.15 187.23 179.15 184.72
share capital
(Face value per
share Rs.10)
15 Reserves excluding 1966.19
Revaluation
Reserves
16 Basic Earnings per Rs. 22.05 8.34 34.55 18.54 28.34
Share
Diluted Earnings Rs. 21.91 8.00 34.24 17.81 27.48
per Share
17 Aggregate of
Non-Promoter
Shareholding
Number of Shares 12,10,58,693 11,69,75,655 12,10,58,693 11,69,75,655 12,25,46,336
Percentage of 64.77% 65.37% 64.77% 65.37% 66.42%
shareholding
Notes: 1. The consolidated financial results are prepared in accordance
with the Accounting Standard (AS) 21 "Consolidated Financial Statements"
and (AS) 23 "Accounting for Investments in Associates in Consolidated
Financial Statements" issued by the Institute of Chartered Accountants
of India.
2. Exceptional items include;
(a) Profit on sale of land for the quarter ended June 30, 2006 Rs.130.19
crore (Rs.131.59 crore for six months ended June 30, 2006) and
(b) Profit on sale of Mancherial Cement Plant for quarter and six months
ended June 30, 2006 Rs.16.20 crore
3. Other non-recurring item of Rs.7.93 crore for the six months
ended June 30, 2006 is in respect of profit on sale of investments.
4. Current quarter and six months ended June 30, 2006 consolidated
figures are not comparable with the previous quarter and six months
ended June 30, 2005 consolidated figures to the extent that Tarmac (
India) Private Ltd. was acquired on December 12, 2005 and which is
consolidated as per Accounting Standard (AS)21.
5. Provision for tax, for the six months ended June 30, 2006
includes a charge of Rs. 18.86 crore pertaining to the period April -
December 2005.
6. The previous financial year was for the period from April 1,
2005 to December 31, 2005. The comparative figures for six months ended
June 30, 2005 have been provided by aggregating the figures for the
quarters ended on March 31, 2005 (extracted from the audited financial
statements) and June 30, 2005.
7. During the previous period the Company divested certain non
core businesses as mentioned below:
(i) Divestment of Refractory Business w.e.f September 30, 2005 and
(ii) Divestment of stake in Everest Industries Limited (EIL) erstwhile
subsidiary w.e.f October 14, 2005. Accordingly, the results for the
quarter and six months ended June 30, 2006 are not comparable with the
respective previous periods.
8. EPS for the quarters/ six months are not annualised.
9. Previous period figures have been regrouped wherever necessary.
(M.L.Narula)
MANAGING DIRECTOR
Mumbai - July 19, 2006
III. STANDALONE FINANCIAL RESULTS
QUARTER QUARTER SIX MONTHS SIX MONTHS YEAR
(NINE
MONTHS)
ENDED ENDED ENDED ENDED ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, DECEMBER 31,
2006 2005 2006 2005 2005
REVIEWED UNAUDITED REVIEWED UNAUDITED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 SALES / INCOME FROM OPERATIONS 1619.43 1294.08 3154.00 2581.86 3717.37
LESS: EXCISE DUTY RECOVERED 157.35 162.95 349.92 335.73 496.48
NET SALES / INCOME FROM OPERATIONS 1462.08 1131.13 2804.08 2246.13 3220.89
2 OTHER INCOME
i) Dividend 5.32 8.97 14.11 8.97 17.29
ii) Gain/(Loss) on foreign (6.18) 1.96 (3.69) 0.66 (7.16)
exchange (Net)
iii) Other items 16.18 23.37 35.02 51.15 54.92
iv) Other non-recurring items 0.23 - 7.93 1.50 16.76
3 TOTAL INCOME (1+2) 1477.63 1165.43 2857.45 2308.41 3302.70
4 TOTAL EXPENDITURE
a) ( Increase) /Decrease in stock (50.98) (32.14) 13.24 (14.55) (45.26)
in trade
b) Consumption of Raw materials 166.79 188.00 329.28 345.65 502.70
c) Staff cost 81.82 59.10 169.44 115.12 184.84
d) Power & Fuel 253.20 223.25 482.66 412.66 669.86
e) Outward Freight charges on 218.00 175.06 419.06 314.47 524.70
Cement etc.
f) Excise Duties (Net) 37.38 34.00 43.10 36.75 43.23
g) Purchase of Cement & Other 15.32 18.54 25.60 117.01 45.30
Products
h) Other Expenditure 284.93 241.95 536.54 528.33 752.50
Total Expenditure 1006.46 907.76 2018.92 1855.44 2677.87
5 PROFIT BEFORE INTEREST,
DEPRECIATION,
EXCEPTIONAL ITEMS AND TAX (3-4) 471.17 257.67 838.53 452.97 624.83
6 INTEREST (NET) 14.74 22.22 34.11 42.59 63.76
7 DEPRECIATION 57.94 52.06 117.31 99.90 164.37
8 PROFIT/(LOSS) BEFORE EXCEPTIONAL 398.49 183.39 687.11 310.48 396.70
ITEMS & TAX (5-6-7)
9 EXCEPTIONAL ITEMS
a) Profit on sale of land and 146.39 8.76 147.79 20.80 182.81
undertakings
b) Write back of / ( Provision) for - - - - 7.50
contingencies
c) Employee Benefits- Prior Period - - - - (13.15)
d) Profit from Divestment of - - - - 110.26
Subsidiary
10 PROFIT/(LOSS) AFTER EXCEPTIONAL
ITEMS
& BEFORE TAX (8+9) 544.88 192.15 834.90 331.28 684.12
11 PROVISION FOR TAX 139.30 49.71 193.84 23.32 139.94
(INCLUDING FRINGE BENEFIT TAX)
12 PROFIT/(LOSS) AFTER PROVISION FOR
TAXATION & EXCEPTIONAL ITEMS 405.58 142.44 641.06 307.96 544.18
(10-11)
13 Paid- up Equity share capital 187.23 179.15 187.23 179.15 184.72
(Face value per share Rs.10)
14 Reserves excluding Revaluation 1951.21
Reserves
15 Basic Earnings per Rs. 21.72 7.97 34.44 17.24 30.02
Share
Diluted Earnings per Rs. 21.58 7.65 34.13 16.57 29.10
Share
16 Aggregate of Non-Promoter
Shareholding
Number of Shares 12,10,58,693 11,69,75,655 12,10,58,693 11,69,75,655 12,25,46,336
Percentage of shareholding 64.77% 65.37% 64.77% 65.37% 66.42%
Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter
ended June 30, 2006
Particulars Complaints Complaints Complaints Complaints
disposed
pending at received off and pending at
the during resolved the
during
beginning of the quarter the quarter end of
ended ended
the quarter June 30, June 30, the quarter
2006 2006
- 23 23 -
Notes: 1. Exceptional items include;
(a) Profit on sale of land for the quarter ended June 30, 2006 Rs.130.19
crore (Rs.131.59 crore for six months ended June 30, 2006) and
(b) Profit on sale of Mancherial Cement Plant for quarter and six months
ended June 30, 2006 Rs.16.20 crore.
2. Other non-recurring item of Rs.7.93 crore for the six months
ended June 30, 2006 is in respect of profit on sale of investments.
3. The projects at Lakheri Cement Works for expansion of capacity
and setting up 25MW Captive Power Plant are in progress. The Company is
taking up expansion of Bargarh Cement Works from 0.96 MTPA to 2.14 MTPA
and setting up 30 MW Captive Power Plant at a Capital outlay of
Rs.537.00 crore.
4. The scheme of amalgamation of Tarmac (India) Private Ltd. into
the Company has been approved by the Shareholders. Pending final order
of the High Court, the results for the period ended June 30, 2006 do not
reflect any adjustment that would arise on the amalgamation.
5. During the quarter the paid up Equity Share Capital of the
Company increased by Rs. 0.41 crore on account of allotment of 4,10,349
shares consequent to the exercise of conversion option by Bondholders on
3396 Foreign Currency Convertible Bonds of an aggregate value of Rs.
15.36 crore at a conversion price of Rs.374.42 per share.
6. Provision for tax, for the six months ended June 30, 2006
includes a charge of Rs. 18.86 crore pertaining to the period April -
December 2005.
7. The previous financial year was for the period from April 1,
2005 to December 31, 2005. The comparative figures for six months ended
June 30, 2005 have been provided by aggregating the figures for the
quarters ended on March 31, 2005 (extracted from the audited financial
statements) and June 30, 2005.
8. During the previous period the Company divested certain non
core businesses while merging cement businesses carried on by its
subsidiaries with itself. As a result, the following events have been
effected in the accounts:
(i) Amalgamation of Bargarh Cement Limited (BCL) and Damodhar Cement and
Slag Limited (DCSL) w.e.f April 1, 2005 and
(ii) Divestment of Refractory Business w.e.f September 30, 2005.
Accordingly, the results for the quarter and six months ended June 30,
2006 are not comparable with the respective previous periods.
9. EPS for the quarters/ six months are not annualised.
10. The previous period figures have been recast to reflect the
amalgamation of Bargarh Cement Limited (BCL) and Damodhar Cement and
Slag Limited (DCSL) w.e.f April 1, 2005, which had been recorded in the
quarter ended December 31, 2005 pursuant to receipt of necessary court
orders. Further the previous period figures have been regrouped wherever
necessary.
(M.L.Narula)
MANAGING DIRECTOR
Mumbai - July 19, 2006
IV Segment wise Revenue, Results and Capital Employed
Consolidated Standalone
Particulars Quarter Quarter Half Half YEAR Quarter Quarter Half Half YEAR
Year Year (Nine Year Year (Nine
Months) Months)
ended ended ended ended ended ended ended ended ended ended
June June June June December June June June June December
30,2006 30,2005 30,2006 30,2005 31,2005 30,2006 30,2005 30,2006 30,2005 31,2005
Reviewed Unaudited Reviewed Unaudited Audited Reviewed Unaudited Reviewed Unaudited Audited
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 Segment
Revenue
(net
sale/
income from
each
segment )
a. Cement 1382.22 989.89 2647.18 1968.22 2863.99 1382.25 984.08 2646.74 1967.27 2863.88
b. Refractory - 73.97 - 137.24 136.31 - 73.97 - 137.24 136.31
c. Ready Mix 78.92 54.74 151.96 103.63 171.42 72.15 54.74 139.69 103.63 171.42
Concrete
d. Others 59.82 124.68 112.38 246.05 294.58 35.43 35.77 68.73 75.69 110.62
Total 1520.96 1243.28 2911.52 2455.14 3466.30 1489.83 1148.56 2855.16 2283.83 3282.23
Less: Inter 43.75 27.22 78.79 54.62 85.57 28.01 17.54 51.43 37.83 61.55
segment
revenue
Net sales / 1477.21 1216.06 2832.73 2400.52 3380.73 1461.82 1131.02 2803.73 2246.00 3220.68
income from
operations
Income from 0.26 0.11 0.35 0.12 0.21 0.26 0.11 0.35 0.13 0.21
non-segmental
operations
Total 1477.47 1216.17 2833.08 2400.64 3380.94 1462.08 1131.13 2804.08 2246.13 3220.89
2 Segment
Results
(Profit +
/(Loss)(-)
before
tax and
interest )
a. Cement 425.76 190.74 728.56 351.94 446.31 424.47 180.45 725.75 316.21 441.28
b. Refractory - 13.23 - 26.62 24.58 - 13.23 - 26.62 24.58
c. Ready Mix 3.69 4.51 7.80 9.46 10.43 3.59 4.51 7.76 9.46 10.43
Concrete
d. Others 13.00 23.47 18.02 31.36 55.25 10.20 5.94 14.85 15.33 23.38
Total 442.45 231.95 754.38 419.38 536.57 438.26 204.13 748.36 367.62 499.67
Less:
i Interest 15.24 22.97 35.12 44.43 65.97 14.74 22.22 34.11 42.59 63.76
ii Other 20.44 12.53 26.47 32.80 44.35 25.03 -1.48 27.14 14.55 39.21
un-allocable
expenditure
net of
un-allocable
income.
Total 406.77 196.45 692.79 342.15 426.25 398.49 183.39 687.11 310.48 396.70
Profit
Before Tax
&
Exceptional
Items
Exceptional
Items
a. Profit on 146.39 8.76 147.79 20.80 182.81 146.39 8.76 147.79 20.80 182.81
sale of
land and
undertakings
b. Write back - - - - 1.44 - - - - 7.50
of / (
Provision )
for
contingencies
c Employee (13.15) (13.15)
Benefits-
Prior
Period
d Profit from 69.00 110.26
Divestment
of
Subsidiary
Total 553.16 205.21 840.58 362.95 666.35 544.88 192.15 834.90 331.28 684.12
Profit
after
Exceptional
Items &
before Tax
3 Capital
Employed
(Segment
assets-
Segment
Liabilities)
a. Cement 3008.92 2780.50 3008.92 2780.50 3267.70 2976.97 2749.97 2976.97 2749.97 3057.25
b. Refractory - 72.56 - 72.56 - - 72.56 - 72.56 -
c. Ready Mix 63.64 50.32 63.64 50.32 63.26 46.18 50.04 46.18 50.04 49.29
Concrete
d. Others 73.13 197.47 73.13 197.47 83.09 17.11 24.50 17.11 24.50 27.61
Sub-total 3145.69 3100.85 3145.69 3100.85 3414.05 3040.26 2897.07 3040.26 2897.07 3134.15
Capital 381.06 385.71 381.06 385.71 217.75 384.05 352.25 384.05 352.25 215.68
work in
progress
Capital Employed excludes assets and liabilities not allocable to specific
segment & investments.
Notes: 1. Exceptional items include;
(a) Profit on sale of land for the quarter ended June 30, 2006 Rs.130.19
crore (Rs.131.59 crore for six months ended June 30, 2006) and
(b) Profit on sale of Mancherial Cement Plant for quarter and six months
ended June 30, 2006 Rs.16.20 crore.
2. The previous financial year was for the period from April 1,
2005 to December 31, 2005. The comparative figures for six months ended
June 30, 2005 have been provided by aggregating the figures for the
quarters ended on March 31, 2005 (extracted from the audited financial
statements) and June 30, 2005.
3. During the previous period the Company divested certain non
core businesses as mentioned below:
(i) Divestment of Refractory Business w.e.f September 30, 2005,
(ii) Divestment of stake in Everest Industries Limited (EIL) erstwhile
subsidiary w.e.f October 14, 2005.
Accordingly, the result for the quarter and six months ended June 30,
2006 are not comparable with the respective previous periods.
4. The previous period figures have been recast to reflect the
amalgamation of Bargarh Cement Limited (BCL) and Damodhar Cement and
Slag Limited (DCSL) w.e.f April 1, 2005, which had been recorded in the
quarter ended December 31, 2005 pursuant to receipt of necessary court
orders. Further the previous period figures have been regrouped wherever
necessary.
(M.L.Narula)
MANAGING DIRECTOR
Mumbai - July 19, 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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