TIDMACHP
RNS Number : 8146L
Asia Ceramics Holdings PLC
16 August 2013
ASIA CERMAICS HOLDINGS PLC
("ASIA CERAMICS HOLDINGS" OR THE "COMPANY")
INTERIM UNAUDITED RESULTS FOR THE PERIOD ENDED 30THJUNE 2013
The Directors of Asia Ceramics Holdings are pleased to present
the Company's interim results for the six months to 30th June
2013.
Key Points:
-- Sales GBP4,002k
-- Loss for period GBP49k
-- Cash at bank GBP680k
-- Growth in Export Division
CHAIRMAN'S STATEMENT
Sales for the six months to 30 06 2013 GBP4,002k ( GBP5,783k in 2012)
Loss for the six months to 30 06 2013 GBP49k ( GBP209k profit in 2012)
CURRENT TRADING AND PROSPECTS
The group incurred a loss of GBP49,000 in the first half of the
year due to a reduction in sales compared to the same period last
year and also to achieving a lower gross margin. The lower sales
and gross margin are due to the current economic climate and
competition from other suppliers.
Export sales have however shown growth in this period, and we
looking to achieve further growth in export sales and gross margins
in the second half of the year, subject to improving the economic
climates. Overall we expect the second half performance of the
Company to be similar to the first half.
I look forward to reporting further progress in my statement at
the year end.
Enquiries:
Frank Lewis , Chairman Asia Ceramic Holdings plc Tel: 07775 504 313
Shawn Wu, CFO Asia Ceramics Holdings Tel: 86-10-68531389
plc
James Joyce / James WH Ireland Limited Tel: 020 7220 1666
Bavister
Interim Condensed Statement of Comprehensive Income
For the six months ended 30 June 2013
June June Dec.31
30, 30, 2012 audited
2013 2012
Notes GBP'000 GBP'000 GBP'000
Revenue 4,002 5,783 9,577
Cost of sales (3,428) (4,757) (7,850)
------------ ---------------- ---------------
Gross profit 574 1,026 1,727
Distribution expenses (237) (379) (694)
Administrative expenses (442) (372) (868)
Interest Income(expenses) 64 (1) 7
Non-operating income/(expenses) (5) (10)
Profit (Loss) on ordinary activities
before taxation (46) 273 162
Income tax expenses 3 (3) (64) (105)
Profit (Loss) after taxation (49) 209 57
============ ================ ===============
Other comprehensive income
Exchange difference arising on translation
of foreign operations
Total comprehensive income for the
year attributable to equity holders
Basic profit (loss) per ordinary
share (pence)
Diluted profit (loss) per ordinary
share (pence) (19)
(49) 190 57
============ ================ ===============
(0.45) 1.90 0.52
------------ ---------------- ---------------
(0.45) 1.89 0.52
------------ ---------------- ---------------
4
Interim Condensed Statement of Financial Position
At 30 June 2013
June 30, June Dec.31
30, 2012 audited
2013 2012
Notes GBP'000 GBP'000 GBP'000
Non-current assets
197
Property, plant and equipment 29 216 -
Construction in progressInvestments 5 &6 187 - -
------------------ ------------------- ---------------
187 245 197
Current assets
Inventory 87 46 4
Trade and other receivables 7 3,523 2,570 2,046
Export VAT refund receivables 119 445 185
Cash and cash equivalents 680 170 497
------------------ ------------------- ---------------
4,409 3,231 2,732
Total assets 4,597 3,476 2,929
================== =================== ===============
Equity and reserves
Share capital 8 55 55 55
Share premium 1,201 1,201 1,201
Other reserves 124 63 114
Retained earnings (443) (251) (435)
------------------ ------------------- ---------------
Equity and reserves
Current liabilities 937 1,068 935
Trade and other payables 3,012 1,960 1,327
Tax payable (24) (63) 2
Borrowing 172 11 165
1
------------------ ------------------- ---------------
3,160 1,908 1,494
Non current liabilities
Loan from a shareholder 11 500 500 500
------------------ ------------------- ---------------
500 500 500
Total equity and liabilities 4,597 3,476 2,929
================== =================== ===============
The financial statements were approved by the Board of Directors
and authorised for issue in August 2013.
Interim Condensed Statement of Cash Flows
For the six months ended 30 June 2013
June 30, June Dec.31
30, 2012 audited
2013 2012
Notes GBP'000 GBP'000 GBP'000
Net cash generated (used) in
operating activities 184 (476) (321)
============= ======== ==============
Investing activities
Purchase of property, plant
and equipment (2) (5) (10)
Construction in progress Investment - - -
in subsidiaries -
Interest received 1 1 1
------------- -------- --------------
Net cash used in investing activities (1) (4) (9)
============= ======== ==============
Financing activities
Loans to subsidiaries Loans - - -
from shareholders - - -
Bank borrowing - - 158
Net cash from financing activities - - 158
============= ======== ==============
Net increase (decrease) in cash
and cash equivalents 183 (480) (172)
============= ======== ==============
Cash and cash equivalents at
beginning of period 497 669 669
Exchange difference - (19)
Cash and cash equivalents at
end of period 680 170 497
============= ======== ==============
Interim Condensed Statement of changes in Equity
For the six months ended 30 June 2013
Group Share Share Other Retained Total
capital premium reserves earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 June 2012 55 1,201 63 (251) 1,068
========= ========= ========== ========== ========
Exchange difference arising
on the translation
of financial statements of
overseas subsidiaries 10 10
Loss for the period (143) (143)
--------- --------- ---------- ---------- --------
Transfer statutory reserves
Share-based payment
Balance at 31 December 2012 55 1,201 73 (394) 935
=== ====== ==== ====== ======
Exchange difference arising
on the translation
of financial statements of
overseas subsidiaries 51 51
Loss for the period (49) (49)
Issue of shares
Share issue costs
Balance at 30 June 2013 55 1,201 124 (443) 937
=== ====== ==== ====== ======
Notes to the Condensed Group Interim Financial Statements
1. GENERAL INFORMATION
Asia Ceramics Holdings Plc is a company incorporated in Jersey
under the Companies (Jersey) Law 1991. The company is governed by
its articles of association and the principal statute governing the
company is Jersey law. The company has an unlimited life. The
liability of the members of the company is limited. The company is
domiciled and has its registered office in Jersey and the company's
registration number is 105875 (Jersey).
The principal activity of the Company is investment holding. The
Group's principal activity is the sale of ceramic products both in
China and global market.
The Group's places of business are Hong Kong and the People's
Republic of China ("PRC").
These financial statements are presented in pounds sterling and
rounded to the nearest thousand ('000).
Asia Ceramics Holding Plc has adopted all relevant standards
effective for accounting periods beginning on or after 1 January
2011.
2. BASIS OF PREPARATION
The condensed financial statements have been prepared under
historical cost convention, except for the revaluation of certain
financial instruments. The same accounting policies, presentation
and methods have been followed in these condensed financial
statements as were applied in the preparation of the Group's
financial statements for the year ended 31 December 2012.
The Group's Financial Statements have been prepared in
accordance with International Financial Reporting Standards 34
(Interim Financial Reporting).
The report is unaudited and does not constitute the statutory
accounts for the six months ended 30 June 2013.
3. INCOME TAX EXPENSE
30 30 30 June
June June 2012
2013 2012
GBP'000 GBP'000 GBP'000
Current tax charge (3) (65) (65)
=========
The income tax expense for the year can
be reconciled as follow:
Profit (Loss) before taxation (46) 273 273
========= ========= =========
Income tax calculated at 25% 64 64
Effect of income that is exempt from - - -
taxation
Effect of different tax rate of subsidiary (3)
operating in other jurisdiction
Effect of prior year adjustment - -
Unrelieved tax losses c/f - - -
Others - - -
(3) (64) (64)
========= ========= =========
The applicable tax of the Group is derived from the
consolidation of all Group companies applicable tax band on their
domestic tax rates. The applicable tax rate for Asia Ceramics (HK)
Ltd is 16.5% and 25% for all Chinese subsidiaries.
4. EARINGSPER SHARE
Basic earing per share is calculated by dividing the loss
attributable to equity shareholders of the company by the weighted
average number of ordinary shares in issue during the year.
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The dilutive potential
ordinary shares in the company are share options. A calculation is
done to determine the number of shares that could have been
acquired at fair value (determined as the average annual market
share price of the company's shares) based on the monetary rights
attached to outstanding share options. The number of shares
calculated above is compared with the number of shares that would
have issued assuming the exercise of the share options.
30 June 30 June 2012
2013
GBP'000 GBP'000
Earnings
Earnings for the purposes of
basic and diluted earnings per
share being net profit attributable
to equity holders of the parent (49,453) 208,567
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 10,990,071 10,990,071
Effect of dilutive potential
ordinary shares:
Share options 46,857 46,857
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 11,036,928 11,036,928
================= =====================
Profit (Loss) per share
Basic (pence) (0.45) 1.90
================= =====================
Diluted (pence) (0.45) 1.89
================= ===================== ======
5. Property, plant and equipment
The showroom and office in Foshan has been completed and
transferred to fixed assets from construction in progress in
2012.
During this period, Foshan Louis Valentino Ceramics Co., Ltd.
purchased a vehicle amount to GBP2,100.
6. Intangible Assets
There is no addition of intangible assets during this
period.
7. Trade and Other Receivables
6 months ended 6 months ended Year ended
30 June 2013 30 June 2012 31 December 2012
GBP'000 GBP'000 GBP'000
Trade receivables 1,313 956 392
Payment on accounts 1,886 1,522 1,220
Other debtors 324 92 434
--------------- --------------- -----------------
Less: allowance for doubtful debts - - -
--------------- --------------- -----------------
Total 3,523 2,570 2,046
=============== =============== =================
8. SUBSIDIARIES
Details of the Company's subsidiaries at 30 June 2013 are as
follows.
Place of Proportion
incorporation of ownership Principal activities
Name of (or registration) interest
subsidiary and operation %
Asia CeramicsGBP..HKGBP(c) Hong Kong 100 Retail of ceramics
Ltd products in
Hong Kong Market
Shenyang Louis Building P.R. China 100 Establishment of ceramics
Materials Ltd retail shops in China
and sale of ceramics
Foshan Louis Valentino P.R. China 100 Sale of ceramics products
Ceramics Co., Ltd in PRC and global
** market
** Held by subsidiary company
Foshan Louis Valentino Ceramics Co., Ltd was established on 5
July 2011 with registered share capital of RMB500,000. On the same
day, Shenyang Louis Buildings Materials Co., Ltd subscribed 50% of
the registered share capital of the company for RMB250,000. On 8
August 2011, the remaining 50% of the registered share capital was
transferred to Shenyang Louis Buildings Materials Co., Ltd for
RMB250,000. As a result of this, Foshan Louis Valentino Ceramics
Co., Ltd is wholly owned by the Group.
Foshan Louis Valentino Ceramics Co., Ltd commenced trading in
October 2011 and the results of the company were fully consolidated
in these financial statements.
9. SHARE CAPITAL
The company has one class of ordinary share capital which carry
no rights to fixed income, any preferences or
restrictions.
June 30,2013 June December
30,2012 31,2012
GBP'000 GBP'000 GBP'000
Authorised:
2,000,000,000 Ordinary shares of GBP0.005
each 10,000 10,000 10,000
============= ========= =========
Issued and fully paid:
10,990,071 Ordinary shares of GBP0.005
each
(10,311,444 Ordinary shares as at 31 Dec.
2011) 55 52 52
============= ========= =========
Shares issued during the year
Note Share Share Share
numbers Capital Premium
On Incorporation (i) 2 2 -
On 12 July 2010 (ii) 42,448 42,448 -
-
On 18 July 2010 (iii) 8,490,000 42,450 -
On 2 August 2010 (iv) 1,821,444 9,107 1,193,046
Less share issue
costs (v) - - (480,955)
On 17 March 2012 678,627 3,393 488,611
Total 10,990,071 54,950 1,200,702
=========== ================ ===========
(i)On incorporation, the Company issued 2 shares at par value of
GBP1 each.
(ii)On 12 July 2010, the Company issued 42,448 additional shares
at its par value of GBP1 each.
(iii)Pursuant to a special resolution of the Company dated 15
July 2010 the authorized share capital of the Company was
sub-divided into 2,000,000,000 shares of GBP0.005 each.
(iv)On 2 August 2010, the Company raised GBP1.20 million gross
of expenses in a private placing through the issue of 1,821,444
additional shares at GBP0.66 each.
(v)On 17 March 2012 the company signed a share subscription
agreement with Better Group (Holding) Co., Ltd where Better Group
(Holding) Co., Ltd subscribes 678,627 shares at 72.5p each amount
of GBP492,005 (HKD 6 million) and the company agrees to issue new
shares within 90 days from date of this agreement. The shares were
issued on 29 March 2012 and fully paid. The company received the
fund in December 2011 and recorded in other creditors.
10. DERIVATIVE FINANCIAL INSTRUMETNS
On 31 August 2010 the company executed a deed poll constituting
warrants to subscribe for ordinary shares in favour of WH Ireland.
Pursuant to this instrument, WH Ireland will be entitled to
subscribe for such number of Ordinary Shares amount to 257,786
which is equal to 2.5 percentage of the fully diluted share capital
of the company on Admission at an exercise price of GBP0.66 until
the third anniversary of Admission.
On the same date, the company granted warrants to Alexander
David to subscribe for such number of Ordinary Shares amount to
206,229 which is equal to 2 percentage of the company's issued
Ordinary Share capital following Admission at an exercise price of
GBP0.66 per Ordinary Share. The warrants are exercisable at any
time following Admission until the fifth anniversary of
Admission.
Details of the share options outstanding during the year are as
follows:
2013 2012
----------------------------------- ------------------------------------
Average Option Option Average Option Option
exercise 1 2 exercise 1 2
price price
in GBP in GBP
per share per share
At beginning of
the year 0.66 257,786 206,229 0.66 257,786 206,229
Granted - - -
Forfeited - - - - - -
Executed - - - - - -
Expired - - - - - -
----------
At end of year 0.66 257,786 206,229 0.66 257,786 206,229
=========== ========== ========== ============ ========== ==========
As at 30 June 2013, none of the above options had been
exercised.
11. RELATED PARTY TRANSACTIONS
Transactions within the Group have been eliminated in the
preparation of the financial information set out in this report and
are not disclosed in this note. Balance with other related parties
have been disclosed under the relevant notes.
i) On 18 August 2010, Dr Dingxin Pu, the Chief Executive Officer
and the majority shareholder of the company entered into a loan
facility agreement with the company, whereby Dr Dingxin Pu agreed
to make available to the company a loan facility of GBP500,000. The
loan is interest free and is repayable over five equal quarterly
installments commencing from 18 months following the date of the
loan facility agreement. The loan was fully drawn down on 18 August
2010.
On 20 February 2013, the loan has extended the date of repayment
to five equal instalments commencing on 31 January 2015 subject to
the Company having sufficient funds to meet the repayments.
ii) At 30 June 2013, included in other debtors an amount of
HKD14,134 due from Dongen Jin, a director of Shenyang Louis
Building Materials Co., Limited. The amount is unsecured, interest
free and repayable on demand.
12. Events after the end of the reporting period
There are no events after the end of reporting period to be
disclosed.
13. Approval of interim financial statements
The interim financial statements were approved by the board of
directors on 15 August 2013.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSVTIIELIV
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