RNS Number:7320K
ACC Limited
19 October 2006
ACC LIMITED
Formerly The Associated Cement Companies Ltd.
Registered Office : Cement House,
121, Maharshi Karve Road, Mumbai - 400 020
CONSOLIDATED AND STANDALONE UNAUDITED FINANCIAL RESULTS
(PROVISIONAL) FOR THE QUARTER ENDED SEPTEMBER 30, 2006.
CEMENT SALES VOLUME FOR Q-3 2006-4.27 MT UP BY 8.4%.
CONSOLIDATED SALES VALUE FOR Q-3 2006 UP BY 30 %(STANDALONE UP BY 36 %)
I. The following unaudited accounts of the quarter
ended September 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 October 19, 2006. The text of
this statement was also taken on record.
II CONSOLIDATED RESULTS
QUARTER QUARTER NINE MONTHS NINE MONTHS YEAR (NINE MONTHS)
ENDED ENDED ENDED ENDED ENDED
SEPT 30, 2006 SEPT 30, 2005 SEPT 30, 2006 SEPT 30, 2005 DECEMBER 31,2005
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 SALES / INCOME 1530.72 1208.14 4714.19 3944.32 3878.66
FROM
OPERATIONS
LESS: EXCISE 139.17 141.06 490.90 476.60 497.72
DUTY RECOVERED
NET SALES / 1391.55 1067.08 4223.29 3467.72 3380.94
INCOME FROM
OPERATIONS
2 OTHER INCOME
i) Dividend 5.18 0.43 14.48 1.19 4.95
ii)Gain/(Loss) on 0.24 (6.75) (3.13) (5.42) (7.08)
foreign
exchange (Net)
iii) Other 14.09 33.36 50.16 85.10 61.05
items
iv) Other - - 7.93 1.50 16.82
non-recurring
items
3 Share of 0.28 0.48 1.00 1.27 1.20
earnings of
Associates
TOTAL (1+2+3) 1411.34 1094.60 4293.73 3551.36 3457.88
4 TOTAL
EXPENDITURE
a) (Increase) 25.33 (14.56) 39.49 (27.80) (53.71)
/Decrease in
stock in trade
b) Consumption 160.36 183.98 498.76 597.30 564.18
of Raw
materials
c) Staff cost 71.29 81.54 216.01 213.55 199.15
d) Power & 224.59 214.49 711.35 636.87 678.87
Fuel
e) Outward 198.96 165.08 614.83 483.13 532.72
Freight
charges on
Cement etc.
f) Excise 15.90 22.14 58.97 73.03 45.43
Duties (Net)
g) Purchase of 15.45 18.22 44.16 59.56 47.90
Cement & Other
Products
h) Other 308.30 232.24 869.41 820.00 775.28
Expenditure
Total 1020.18 903.13 3052.98 2855.64 2789.82
Expenditure
5 PROFIT BEFORE
INTEREST,
DEPRECIATION,
MINORITY
INTEREST, 391.16 191.47 1240.75 695.72 668.06
EXCEPTIONAL
ITEMS AND TAX
(1+2+3-4 )
6 INTEREST (NET) 14.44 21.12 49.56 65.55 65.97
7 DEPRECIATION 60.95 56.24 182.14 169.09 171.71
8 MINORITY 0.11 1.28 0.60 6.10 4.13
INTEREST
9 PROFIT/(LOSS)
AFTER MINORITY
INTEREST &
BEFORE TAX & 315.66 112.83 1008.45 454.98 426.25
EXCEPTIONAL
ITEMS
(5-6-7-8)
-2-
QUARTER QUARTER NINE MONTHS NINE MONTHS YEAR (NINE MONTHS)
ENDED ENDED ENDED ENDED ENDED
SEPT 30, 2006 SEPT 30, 2005 SEPT 30, 2006 SEPT 30, 2005 DECEMBER 31,2005
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
10 EXCEPTIONAL
ITEMS
a) Profit on 0.11 172.80 147.90 193.60 182.81
sale of land
and
undertakings
b) Write back - 1.44 - 1.44 1.44
of / (
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 315.77 287.07 1156.35 650.02 666.35
(9 + 10)
12 PROVISION FOR 90.50 62.33 287.95 94.09 152.62
TAX (including
Fringe Benefit Tax)
13 PROFIT/(LOSS)
AFTER
PROVISION FOR
TAXATION
& EXCEPTIONAL 225.27 224.74 868.40 555.93 513.73
ITEMS (11 -12)
14 Paid-up Equity 187.39 183.65 187.39 183.65 184.72
Share Capital
( Face value
per share
Rs.10 )
15 Reserves 1966.19
excluding
Revaluation
Reserves
16 Basic Earnings 12.05 12.42 46.59 31.10 28.34
per Share Rs.
Diluted 11.98 12.01 46.20 30.44 27.48
Earnings per
Share Rs.
17 Aggregate of
Non-Promoter
Shareholding
Number of 121,170,067 121,127,180 121,170,067 121,127,180 122,546,336
Shares
Percentage of 64.79% 66.16% 64.79% 66.16% 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 Rs.131.59 crore for the nine months ended
September 30, 2006 and
(b) Profit on sale of Mancherial Cement Plant for quarter ended
September 30,2006 Rs.0.11 crore and ( Rs.16.31 crore for nine months
ended September 30, 2006).
3) Other non-recurring item of Rs.7.93 crore for the
nine months ended September 30, 2006 is in respect of profit
on sale of investments.
4) The name of the company has been changed from The
Associated Cement Companies Ltd. to ACC Limited
with effect from September 1,2006.
5) Provision for tax, for the nine months ended
September 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 nine months ended September
30, 2005 have been provided by aggregating the figures for the quarter
ended on March 31, 2005 (extracted from the audited financial statements)
and half year ended September 30, 2005.
7) During the previous financial year 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 th
8) EPS for the quarters/nine months are not
annualised.
9) Previous period/quarter
figures have been regrouped
wherever necessary.
-3-
III STANDALONE
FINANCIAL
RESULTS
QUARTER QUARTER NINE MONTHS NINE MONTHS YEAR (NINE MONTHS)
ENDED ENDED ENDED ENDED ENDED
SEPT 30, 2006 SEPT 30, 2005 SEPT 30, 2006 SEPT 30, 2005 DECEMBER 31,
2005
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 SALES / INCOME 1511.94 1152.05 4677.41 3733.91 3717.37
FROM
OPERATIONS
LESS: EXCISE 138.43 140.66 488.35 476.39 496.48
DUTY RECOVERED
NET SALES / 1373.51 1011.39 4189.06 3257.52 3220.89
INCOME FROM
OPERATIONS
2 OTHER INCOME
i) Dividend 5.67 4.88 19.18 13.85 17.29
ii)Gain/(Loss) on 0.21 (6.80) (3.48) (6.14) (7.16)
foreign
exchange (Net)
iii) Other 15.81 27.29 52.26 78.44 54.92
items
iv) Other 0.00 - 7.93 1.50 16.76
non-recurring
items
3 TOTAL INCOME 1395.20 1036.76 4264.95 3345.17 3302.70
(1+2)
4 TOTAL
EXPENDITURE
a) (Increase) 24.82 (6.19) 38.06 (20.74) (45.26)
/Decrease in
stock in trade
b) Consumption 152.68 161.31 491.54 506.96 502.70
of Raw
materials
c) Staff cost 70.19 74.65 212.63 189.77 184.84
d) Power & 223.05 210.60 706.58 623.26 669.86
Fuel
e) Outward 200.31 160.44 619.37 474.91 524.70
Freight
charges on
Cement etc.
f) Excise 15.84 21.18 58.93 57.93 43.23
Duties (Net)
g) Purchase of 13.89 17.16 39.61 134.17 45.30
Cement & Other
Products
h) Other 306.73 219.98 872.02 748.31 752.50
Expenditure
Total 1007.51 859.13 3038.74 2714.57 2677.87
Expenditure
5 PROFIT BEFORE
INTEREST,
DEPRECIATION,
EXCEPTIONAL 387.69 177.63 1226.21 630.60 624.83
ITEMS AND TAX
(3-4)
6 INTEREST (NET) 14.41 20.24 47.92 62.83 63.76
7 DEPRECIATION 59.28 52.90 177.15 152.80 164.37
8 PROFIT/(LOSS) 314.00 104.49 1001.14 414.97 396.70
BEFORE
EXCEPTIONAL
ITEMS & TAX
(5-6-7)
9 EXCEPTIONAL
ITEMS
a) Profit on 0.11 172.80 147.90 193.60 182.81
sale of land
and
undertakings
b) Write back - 7.50 - 7.50 7.50
of / (Provision) for
contingencies
c) Employee - - - - (13.15)
Benefits-
Prior Period
d) Profit from - - - - 110.26
Divestment of
Subsidiary
10 PROFIT/(LOSS)
AFTER
EXCEPTIONAL
ITEMS
& BEFORE TAX 314.11 284.79 1149.04 616.07 684.12
(8+9)
-4-
QUARTER QUARTER NINE MONTHS NINE MONTHS YEAR (NINE mONTHS)
ENDED ENDED ENDED ENDED ENDED
SEPT 30, 2006 SEPT 30, 2005 SEPT 30, 2006 SEPT 30, 2005 DECEMBER 31,
2005
REVIEWED REVIEWED REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
11 PROVISION FOR 89.43 56.50 283.27 79.82 139.94
TAX (including
Fringe Benefit
Tax)
12 PROFIT/(LOSS)
AFTER
PROVISION FOR
TAXATION &
EXCEPTIONAL 224.68 228.29 865.77 536.25 544.18
ITEMS (10-11)
13 Paid-up Equity 187.39 183.65 187.39 183.65 184.72
Share Capital
( Face value
per share
Rs.10 )
14 Reserves 1951.21
excluding
Revaluation
Reserves
15 Basic Earnings 12.02 12.61 46.45 30.00 30.02
per Share Rs.
Diluted 11.95 12.20 46.06 29.37 29.10
Earnings per
Share Rs.
16 Aggregate of
Non-Promoter
Shareholding
Number of 121,170,067 121,127,180 121,170,067 121,127,180 122,546,336
Shares
Percentage of 64.79% 66.16% 64.79% 66.16% 66.42%
shareholding
Information on investor complaints pursuant to clause 41 of the listing agreement for the
quarter ended September 30, 2006
Particulars Complaints Complaints Complaints disposed Complaints
pending at received off and pending at
the during resolved during the
beginning of the quarter the quarter end of
ended ended
the quarter September 30, September 30, the quarter
2006 2006
- 23 22 1 -
Notes:
1) Exceptional items include; (a) Profit on sale of land Rs.131.59 crore for the nine months ended
September 30, 2006 and (b) Profit on sale of Mancherial Cement Plant for quarter ended September
30,2006 Rs.0.11 crore and ( Rs.16.31 crore for nine months ended September 30, 2006).
2) Other non-recurring item of Rs.7.93 crore for the nine months ended September 30,
2006 is in respect of profit on sale of investments.
3) The projects at Lakheri Cement Works expansion of capacity with 25MW Captive Power Plant and
Bargarh Cement Works expansion of capacity with 30 MW Captive Power Plant are in progress.
4) The results of the nine months ended September 30, 2006 includes figures of Tarmac (India) Private
Ltd.which is merged with the Company with effect from January 1,2006 consequent upon requisite
approvals.The results for the quarter ended September 30, 2006 have been regrouped accordingly.
Current quarter and nine months ended September 30, 2006 figures are not comparable with the
previous quarter and nine months ended September 30,2005 figures to the extent that Tarmac (India)
Private Ltd.is merged with the Company with effect from January 1, 2006.
5) The name of the company has been changed from The Associated Cement Companies Ltd. to ACC Limited
with effect from September 1,2006.
6) During the quarter the paid up Equity Share Capital of the Company increased by Rs. 0.024
crore on account of allotment of 24,166 shares consequent to the exercise of conversion
option by Bondholders on 200 Foreign Currency Convertible Bonds of an aggregate value of Rs.
0.90 crore at a conversion price of Rs.374.42 per share.
7) Provision for tax, for the nine months ended September 30, 2006 includes a charge of
Rs. 18.86 crore pertaining to the period April - December 2005.
8) The previous financial year was for the period from April 1, 2005 to December 31, 2005. The
comparative figures for nine months ended September 30, 2005 have been provided by
aggregating the figures for the quarters ended on March 31, 2005 (extracted from the audited
financial statements) and half year ended September 30, 2005.
9) During the previous financial year 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.
10) EPS for the quarters/ nine months are not annualised.
11) 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/ quarter figures have been regrouped wherever necessary.
IV Segment wise Revenue,
Results and Capital Employed
Consolidated Standalone
Quarter Quarter Nine Nine YEAR Quarter Quarter Nine Nine YEAR
ended ended Months Months (Nine ended ended Months Months (Nine
ended ended Months) ended ended Months)
ended ended
Particulars Sept Sept Sept Sept December Sept Sept Sept Sept December
30,2006 30,2005 30,2006 30,2005 31,2005 30,2006 30,2005 30,2006 30,2005 31,2005
Reviewed Reviewed Reviewed Reviewed Audited Reviewed Reviewed Reviewed Reviewed Audited
Rs. Crore Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Crore Crore Crore Crore Crore Crore Crore Crore Crore
1 Segment Revenue
(net sales / income
from each segment)
a. Cement 1308.76 878.41 3954.60 2847.01 2863.99 1303.58 882.14 3954.15 2849.60 2863.88
b. Refractory - 62.33 - 199.39 136.31 - 62.33 - 199.38 136.31
c. Ready Mix 71.30 57.27 223.26 160.90 171.42 70.76 57.27 223.26 160.90 171.42
Concrete
d. Others 44.39 103.62 156.77 349.47 294.58 27.16 29.53 95.89 105.22 110.62
Total 1424.45 1101.63 4334.63 3556.77 3466.30 1401.50 1031.27 4273.30 3315.10 3282.23
Less: Inter 32.83 34.55 111.62 89.17 85.57 27.92 19.88 84.52 57.71 61.55
segment revenue
Net sales
/ income
from
operations 1391.62 1067.08 4223.01 3467.60 3380.73 1373.58 1011.39 4188.78 3257.39 3220.68
Income (0.07) - 0.28 0.12 0.21 (0.07) - 0.28 0.13 0.21
from
non-segmental
operations
Total 1391.55 1067.08 4223.29 3467.72 3380.94 1373.51 1011.39 4189.06 3257.52 3220.89
2 Segment Results
(Profit + /(Loss)(-)
before tax and
interest )
a. Cement 358.75 126.70 1087.31 478.43 446.31 358.00 127.62 1083.75 443.83 441.28
b. Refractory - 8.92 - 35.54 24.58 - 8.92 - 35.54 24.58
c. Ready Mix (0.80) 3.34 7.00 12.80 10.43 (0.79) 3.34 7.00 12.80 10.43
Concrete
d. Others 15.00 14.71 33.02 46.28 55.25 9.08 2.50 23.93 17.83 23.38
Total 372.95 153.67 1127.33 573.05 536.57 366.29 142.38 1114.68 510.00 499.67
Less: 14.44 21.12 49.56 65.55 65.97 14.41 20.24 47.92 62.83 63.76
i Interest
ii Other
un-allocable
expenditure
net of
un-allocable 42.85 19.72 69.32 52.52 44.35 37.88 17.65 65.62 32.20 39.21
income.
Total 315.66 112.83 1008.45 454.98 426.25 314.00 104.49 1001.14 414.97 396.70
Profit
Before Tax
&
Exceptional
Items
-6-
Consolidated Standalone
Quarter Quarter Nine Nine YEAR Quarter Quarter Nine Nine YEAR
ended ended Months Months (Nine ended ended Months Months (Nine
ended ended Months) ended ended Months)
ended ended
Particulars Sept Sept Sept Sept December Sept Sept Sept Sept December
30,2006 30,2005 30,2006 30,2005 31,2005 30,2006 30,2005 30,2006 30,2005 31,2005
Reviewed Reviewed Reviewed Reviewed Audited Reviewed Reviewed Reviewed Reviewed Audited
Rs. Crore Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Crore Crore Crore Crore Crore Crore Crore Crore Crore
Exceptional
Items
a. Profit on 0.11 172.80 147.90 193.60 182.81 0.11 172.80 147.90 193.60 182.81
sale of
land and
undertakings
b. Write back - 1.44 - 1.44 1.44 - 7.50 - 7.50 7.50
of / (Provision)
for contingencies
c. Employee - - - - (13.15 - - - - (13.15
Benefits- ) )
Prior
Period
d. Profit - - - - 69.00 - - - - 110.26
from
Divestment
of
Subsidiary
Total
Profit
after
Exceptional
Items & 315.77 287.07 1156.35 650.02 666.35 314.11 284.79 1149.04 616.07 684.12
before Tax
3 Capital
Employed
(Segment
Assets -
Segment
Liabilities)
a. Cement 3028.25 3056.57 3028.25 3056.57 3267.70 2992.61 3052.65 2992.61 3052.65 3057.25
b. Refractory - - - - - - - - - -
c. Ready Mix 57.75 49.12 57.75 49.12 63.26 57.75 48.60 57.75 48.60 49.29
Concrete
d. Others 76.80 188.46 76.80 188.46 83.09 22.71 16.39 22.71 16.39 27.61
Sub-total 3162.80 3294.15 3162.80 3294.15 3414.05 3073.07 3117.64 3073.07 3117.64 3134.15
Capital 439.88 199.13 439.88 199.13 217.75 439.64 163.11 439.64 163.11 215.68
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 Rs.131.59 crore for the nine months ended September 30,
2006 and (b) Profit on sale of Mancherial Cement Plant for quarter ended September 30,2006 Rs.0.11 crore and
( Rs.16.31 crore for nine months ended September 30, 2006).
2) The results of the nine months ended September 30, 2006 include figures of Tarmac (India) Private Ltd.which
is merged with the Company with effect from January 1,2006 consequent upon requisite approvals.The results
for the quarter ended September 30, 2006 have been regrouped accordingly. Current quarter and nine months
ended September 30, 2006 figures are not comparable with the previous quarter and nine months ended September
30,2005 figures to the extent that Tarmac (India) Private Ltd.is merged with the Company with effect from
January 1, 2006.
3) The name of the company has been changed from The Associated Cement Companies Ltd. to ACC Limited with effect
from September 1,2006.
4) The previous financial year was for the period from April 1, 2005 to December 31, 2005. The comparative figures
for nine months ended September 30, 2005 have been provided by aggregating the figures for the quarters ended on
March 31, 2005 (extracted from the audited financial statements) and half year ended September 30, 2005.
5) During the previous financial year 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.
6) 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/ quarter figures
have been regrouped wherever necessary.
Mumbai- October 19, 2006.
M.L.Narula
MANAGING DIRECTOR
This information is provided by RNS
The company news service from the London Stock Exchange
END
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