RNS Number:5572I
Associated Cement Companies Ld(The)
06 September 2006
Re: Limited Review of the Unaudited Financial (Provisional) Results for the
quarter and six months ended June 30,2006
1. We have reviewed the accompanying statement of unaudited financial results of
The Associated Cement Companies Limited ("the Company") for the quarter and six
months ended June 30, 2006. This statement is the responsibility of the
Company's management and has been approved by the Board of Directors on July
19,2006. In respect of unaudited consolidated financial results we did not
review the statement of unaudited financial results of certain subsidiaries,
whose unaudited financial results reflect capital employed (including CWIP) of
Rs 45.02 Crore as at June 30, 2006, total revenue of Rs 17.36 Crore for the
quarter ended June 30,2006 and Rs 32.74 Crore for the six months ended June
30.2006 and of an associate which reflects Group's share of profit of Rs 0.39
Crore for the quarter ended June 30, 2006 and Rs 0.72 crore for the six months
ended June 30,2006. The financial information for these subsidiaries have been
reviewed by the other auditors whose reports have been furnished to us, and our
opinion is based solely on the reports of the other auditors.
2. A review of interim financial information consists principally of applying
analytical procedures for financial data and making inquiries of persons
responsible for financial and accounting matters. It is substantially less in
scope than an audit conducted in accordance with the generally accepted auditing
standards, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.
3. Based on our review as aforesaid, nothing has come to our notice that causes
us to believe that the accompanying statement of unaudited financial results
referred to in paragraph 1 and notes thereon prepared in accordance with
Accounting Standards and other recognised accounting practices and policies has
not disclosed the information required to be disclosed in terms of Clause 41 of
the Listing Agreement including the manner in which it is to be disclosed, or
that it contains any material misstatement.
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 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
QUARTER QUARTER SIX MONTHS SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED
June June June June December
30,2006 30,2005 30,2006 30,2005 31,2005
REVIEWED UNAUDITED REVIEWED UNAUDITED AUDITED
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 SALES / INCOME FROM OPERATIONS 1635.73 1378.60 3184.81 2736.18 3878.66
LESS: EXCISE DUTY RECOVERED 158.26 162.43 351.73 335.54 497.72
NET SALES / INCOME FROM OPERATIONS 1477.47 1216.17 2833.08 2400.64 3380.94
2 OTHER INCOME
i) Dividend 5.32 0.70 9.30 0.76 4.95
ii) Gain/(Loss) on foreign exchange (Net) (5.75) 2.04 (3.37) 1.33 (7.08)
iii) Other items 16.22 23.38 34.73 51.74 61.05
iv) Other non-recurring items 0.23 - 7.93 1.50 16.82
3 Share of earnings of Associates 0.39 0.32 0.72 0.79 1.20
TOTAL (1+2+3) 1493.88 1242.61 2882.39 2456.76 3457.88
4 TOTAL EXPENDITURE
a)( Increase) /Decrease in stock in trade (49.03) (27.89) 14.16 (13.24) (53.71)
b) Consumption of Raw materials 170.51 214.04 338.40 413.32 564.18
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 charges on Cement etc. 216.40 180.21 415.87 318.05 532.72
f) Excise Duties (Net) 37.40 35.20 43.08 50.89 45.43
g) Purchase of Cement & Other Products 18.43 20.08 28.71 41.34 47.90
h) Other Expenditure 279.71 251.41 533.75 587.76 775.28
Total Expenditure 1011.80 965.32 2032.80 1952.51 2789.82
5 PROFIT BEFORE INTEREST,
DEPRECIATION, MINORITY
INTEREST, EXCEPTIONAL ITEMS AND TAX (1+2+3-4 ) 482.08 277.29 849.59 504.25 668.06
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) AFTER MINORITY INTEREST &
BEFORE TAX & EXCEPTIONAL ITEMS (5-6-7-8) 406.77 196.45 692.79 342.15 426.25
10 EXCEPTIONAL ITEMS
a) Profit on sale of land and undertakings 146.39 8.76 147.79 20.80 182.81
b) Write back of / ( Provision) for contingencies - - - - 1.44
c) Employee Benefits- Prior Period - - - - (13.15)
d) Profit from Divestment of Subsidiary - - - - 69.00
11 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX ( 9+10) 553.16 205.21 840.58 362.95 666.35
12 PROVISION FOR TAX
(INCLUDING FRINGE BENEFIT TAX) 141.37 56.26 197.45 31.76 152.62
13 PROFIT/(LOSS) AFTER PROVISION FOR
TAXATION & EXCEPTIONAL ITEMS (11-12) 411.79 148.95 643.13 331.19 513.73
14 Paid- up Equity share capital 187.23 179.15 187.23 179.15 184.72
(Face value per share Rs.10)
15 Reserves excluding Revaluation Reserves 1966.19
16 Basic Earnings per Share Rs. 22.05 8.34 34.55 18.54 28.34
Diluted Earnings per Share Rs. 21.91 8.00 34.24 17.81 27.48
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 shareholding 64.77% 65.37% 64.77% 65.37% 66.42%
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 subsdiary
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.
III. STANDALONE FINANCIAL RESULTS
QUARTER QUARTER SIX MONTHS SIX MONTHS YEAR (NINE MONTHS)
ENDED ENDED ENDED ENDED ENDED
JUNE 30, 2006 JUNE 30, 2005 JUNE 30, 2006 JUNE 30, 2005 DECEMBER 31, 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
exchange (Net) (6.18) 1.96 (3.69) 0.66 (7.16)
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 in trade (50.98) (32.14) 13.24 (14.55) (45.26)
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 Cement etc. 218.00 175.06 419.06 314.47 524.70
f) Excise Duties (Net) 37.38 34.00 43.10 36.75 43.23
g) Purchase of Cement &
Other Products 15.32 18.54 25.60 117.01 45.30
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 PPROFIT/(LOSS) BEFORE EXCEPTIONAL
ITEMS & TAX (5-6-7) 398.49 183.39 687.11 310.48 396.70
9 EXCEPTIONAL ITEMS
a) Profit on sale of land and
undertakings 146.39 8.76 147.79 20.80 182.81
b) Write back of / ( Provision)
for contingencies - - - - 7.50
c) Employee Benefits- Prior Period - - - - (13.15)
d) Profit from Divestment of Subsidiary - - - - 110.26
10 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX (8+9) 544.88 192.15 834.90 331.28 684.12
11 PPROVISION FOR TAX
(INCLUDING FRINGE BENEFIT TAX) 139.30 49.71 193.84 23.32 139.94
12 PROFIT/(LOSS) AFTER PROVISION FOR
TAXATION & EXCEPTIONAL ITEMS(10-11) 405.58 142.44 641.06 307.96 544.18
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
Reserves 1951.21
15 Basic Earnings per Share Rs. 21.72 7.97 34.44 17.24 30.02
Diluted Earnings per Share Rs. 21.58 7.65 34.13 16.57 29.10
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 disposed Complaints
pending at the received during off and resolved during pending at the
beginning of the quarter ended the quarter ended end of
the quarter June 30, 2006 June 30, 2006 the quarter
- 23 23 -
1) Notes: 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.
IV Segment wise Revenue, Results and Capital Employed
Consolidated
Year
Particulars Quarter Quarter Half Year Half Year (Nine Months)
ended ended ended ended ended
June June June June December
30,2006 30,2005 30,2006 30,2005 31,2005
Reviewed Unaudited Reviewed Unaudited Audited
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
b. Refractory - 73.97 - 137.24 136.31
c. Ready Mix 78.92 54.74 151.96 103.63 171.42
Concrete
d. Others 59.82 124.68 112.38 246.05 294.58
Total 1520.96 1243.28 2911.52 2455.14 3466.30
Less: Inter segment 43.75 27.22 78.79 54.62 85.57
revenue
Net sales / 1477.21 1216.06 2832.73 2400.52 3380.73
income from
operations
Income from 0.26 0.11 0.35 0.12 0.21
non-segmental
operations
Total 1477.47 1216.17 2833.08 2400.64 3380.94
2 Segment
Results
(Profit + /
(Loss)(-)
before
tax and
interest)
a. Cement 425.76 190.74 728.56 351.94 446.31
b. Refractory - 13.23 - 26.62 24.58
c. Ready Mix 3.69 4.51 7.80 9.46 10.43
Concrete
d. Others 13.00 23.47 18.02 31.36 55.25
Total 442.45 231.95 754.38 419.38 536.57
Less: i 15.24 22.97 35.12 44.43 65.97
Interest
ii Other 20.44 12.53 26.47 32.80 44.35
un-allocable
expenditure net
of
un-allocable
income.
Total Profit 406.77 196.45 692.79 342.15 426.25
Before Tax &
Exceptional
Items
Exceptional
Items
a. Profit on sale 146.39 8.76 147.79 20.80 182.81
of land and
undertakings
contingencies
b. Write back of/ - - - - 1.44
(Provision) for
contingencies
c. Employee Benefits- (13.15)
Prior Period
d. Profit from
Divestment of 69.00
Subsidiary
Total Profit 553.15 205.21 840.58 362.95 666.35
after
Exceptional
Items & before
Tax
3 Capital Employed
(Segment assets-
Segment
Liabilities)
a. Cement 3008.92 2780.50 3008.92 2780.50 3267.70
b. Refractory - 72.56 - 72.56 -
c. Ready Mix 63.64 50.32 63.64 50.32 63.26
Concrete
d. Others 73.13 197.47 73.13 197.47 83.09
Sub-total 3145.69 3100.85 3145.69 3100.85 3414.05
Capital work in 381.06 385.71 381.06 385.71 217.75
progress
Standalone
Year
Particulars Quarter Quarter Half Year Half Year (Nine Months)
ended ended ended ended ended
June June June June December
30,2006 30,2005 30,2006 30,2005 31,2005
Reviewed Unaudited Reviewed Unaudited Audited
Rs.Crore Rs.Crore Rs.Crore Rs.Crore Rs.Crore
1 Segment Revenue
(net sale/income
from each
segment)
a. Cement 1382.25 984.08 2646.74 1967.27 2863.88
b. Refractory - 73.97 - 137.24 136.31
c. Ready Mix
Concrete 72.15 54.74 139.69 103.63 171.42
d. Others 35.43 35.77 68.73 75.69 110.62
Total 1489.83 1148.56 2855.16 2283.83 3282.23
Less: Inter segment
revenue 28.01 17.54 51.43 37.83 61.55
Net sales/
income from
operations 1461.82 1131.02 2803.73 2246.00 3220.68
Income from
non-segmental
operations 0.26 0.11 0.35 0.13 0.21
Total 1462.08 1131.13 2804.08 2246.13 3220.89
2 Segment Results
(Profit + /
(Loss)(-)
before tax
and interest)
a. Cement 424.47 180.45 725.75 316.21 441.28
b. Refractory - 13.23 - 26.62 24.58
c. Ready Mix
Concrete 3.59 4.51 7.76 9.46 10.43
d. Others 10.20 5.94 14.85 15.33 23.38
Total 438.26 204.13 748.36 367.62 499.67
Less: i Interest 14.74 22.22 34.11 42.59 63.76
ii Other
un-allocable
expenditure
net of
un-allocable
income. 25.03 -1.48 27.14 14.55 39.21
Total Profit
Before Tax &
Exceptional
Items 398.49 183.39 687.11 310.48 396.70
Exceptional
Items
a. Profit on sale
of land and
undertakings 146.39 8.76 147.79 20.80 182.81
b. Write back of/
(Provision) for
contingencies - - - - 7.50
c. Employee Benefits-
Prior Period - - - - (13.15)
d. Profit from
Divestment of 69.00
Subsidiary - - - - 110.28
Total Profit
after
Exceptional
Items & before
Tax 544.88 192.15 834.90 331.28 684.12
3 Capital Employed
(Segment assets-
Segment
Liabilities)
a. Cement 2976.97 2749.97 2976.97 2749.97 3057.25
b. Refractory - 72.56 - 72.56 -
c. Ready Mix
Concrete 46.18 50.04 46.18 50.04 49.29
d. Others 17.11 24.50 17.11 24.50 27.61
Sub-total 3040.26 2897.07 3040.26 2897.07 3134.15
Capital work
in progress 384.05 352.25 384.05 352.25 215.68
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 slake 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.
Mumbai - July 19, 2006 M.L. Narula
MANAGING DIRECTOR
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSIFSMSMSEDU
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
