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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Steppe Cement Ltd | LSE:STCM | London | Ordinary Share | MYA004433001 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 19.00 | 18.00 | 20.00 | 19.00 | 19.00 | 19.00 | 11,001 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Cement, Hydraulic | 86.73M | 17.78M | 0.0812 | 2.34 | 41.61M |
From Apr 2019 to Apr 2024
TIDMSTCM
RNS Number : 4404Q
Steppe Cement Limited
13 September 2017
Steppe Cement Ltd
Interim Results for the Half Year 30 June 2017
and General Market Update
1. Interim Results
Steppe Cement Ltd ("Steppe Cement" and "the Company") posted a consolidated loss after tax of USD0.3 million for the six months ended 30 June 2017.
Hot Features
Premium
6 months 6 months % of
ended ended change
30 June 30 June
17 16
------------------------------ ------------- ------------- ------------
Sales (Tonnes) 650,333 761,771 (15)%
------------------------------ ------------- ------------- ------------
Consolidated turnover
KZT million 8,553 8,190 4%
------------------------------ ------------- ------------- ------------
Consolidated turnover
(USD Million) 26.8 23.7 13%
------------------------------ ------------- ------------- ------------
Consolidated loss
after tax (USD Million) (0.3) (1.5)
------------------------------ ------------- ------------- ------------
Loss per share (Cents) (0.2) (0.7)
------------------------------ ------------- ------------- ------------
Average exchange
rate (USD/KZT) 319 342
------------------------------ ------------- ------------- ------------
-- The Company continued its strategy of focusing on price rather than volume until the summer and the sales volume decreased by 15% but turnover increased by 4% in KZT.
-- The average ex-factory price increased from 8,781 KZT/tonne to 11,147 KZT/tonne or 27% during the period.
-- Steppe Cement's gross margin increased from 22% to 25% in USD terms.
-- Selling expenses and administrative expenses were maintained relative to turnover reflecting partly the inflation in transportation cost.
-- The Kazakh Tenge continue to appreciate in the first half by 8% compared to the first half of 2016. The company booked foreign exchange gains of USD0.4 million in the first half of 2017 similar to the level in 1H2016.
-- The Company generated operating profit before working capital changes of USD4.9 million in 1H 2017 against USD2.8 million in 2016.
-- The Kazakhstan economy is expected to grow at 3.5% in 2017.
-- Reported inflation has been 5.6% until the end of August 2017. For the full 2016 inflation was 15.5%.
2. Production costs
-- Cement production costs per tonne increased by 17% in KZT partly because of the high inflation recorded in the second half of last year and partly as a reflection of fixed costs in lower volumes in the first half of 2017.
-- Volumes are recovering strongly in the second half of 2017 and we expect to contain cost per tonne increases.
3. Update on the Kazakh cement market
-- The Kazakh cement market remained stable during the first half of the year. Steppe Cement expects a market demand of about 9 million tonnes for the full year 2017 similar to 2016.
-- Steppe Cement decreased its local market share from 18% in 1H2016 to 15% in 1H2017. We expect to achieve 18% market share for the full year. Exports represented 10% of the volumes in the 1H2017 from 4% last year.
-- Imports into Kazakhstan have increased by 30% in 2017 to 0.26 million tonnes and they represent 6% of the market up from 5% last year.
-- Exports have increased from 0.16 million tonnes to 0.45 million tonnes in the first half of 2017.
-- Exports from Kazakhstan now represent 11% of local production up from 4% last year.
-- Overall production of all factories in Kazakhstan has increased by 5% to 4.2 million tonnes for the 1H2017.
-- Currently 74% of production in the country is coming from dry lines, similar to last year's level.
-- Road building activity as well as construction remains strong particularly in the west and south of the country.
4. Financing
The debt position of the company as of 30 June 2017 comprised:
-- A Halyk bank loan of USD4 million at 6% p.a. interest due in 2018.
-- A long-term USD9 million loan outstanding to Halyk Bank for the purchase of the wagons and repayable monthly till November 2021 at 6.5% p.a. and secured with the pledge of the wagons.
-- A 1.45 billion Kazakh Tenge 10% bond outstanding for redemption in November 2017.
-- A loan of KZT1.688 million with Halyk Bank JSC subsidised by the government for capital investment at 6%.
-- We have maintained KZT4.9 billion of available working capital lines from Halyk Bank, Altyn Bank and VTB Bank. The current rates are 6% p.a. in USD and 12% p.a. in KZT. As of 30 June 2017 we have the equivalent of USD7 million outstanding from these working capital loans and by the end of August 2017 they have all been repaid.
As of 31 August 2017, total bank debt net of cash amounts to USD20 million of which 65% is denominated in USD and the balance in KZT
A new loan of 580 million KZT was signed in July 2017 to fund a new packing plant to be installed near the dry lines. The loan carries a 6% interest in KZT and is repayable in 7 years with one-year grace. The loan will be drawn until August 2018.
The unaudited condensed consolidated statements of profit and loss, comprehensive income, financial position, changes in equity and cash flow follow. A copy of the full interim financial statements is available on the company's website at www.steppecement.com.
Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.
Nominated Adviser: Contact Stephen Allen or Andrew Thomson at +61 8 94802500.
Broker: Contact Charlie Cryer at +44 20 3440 6800
SUMMARY OF INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2017 (UNAUDITED)
(In United States Dollars)
The Notes to the Interim Financial Statements form an integral part of the Condensed Financial Statements. Please visit the Company's website at www.steppecement.com to view the full interim financial statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE PERIODED 30 JUNE 2017 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 30 June 30 June 30 June
2017 2016 2017 2016
USD'000 USD'000 USD'000 USD'000
Revenue 26,839 23,722 50 50
Cost of sales (20,050) (18,388) - -
------------- ------------- ------------ ------------
Gross profit 6,789 5,334 50 50
Selling expenses (4,145) (3,891) - -
General and administrative
expenses (2,195) (2,200) (138) (114)
------------- ------------- ------------ ------------
Operating profit/(loss) 449 (757) (88) (64)
Interest income 16 5 ^ -
Finance costs (1,310) (1,468) - -
Net foreign exchange
gain/(loss) 572 368 47 97
Other income,
net 278 150 - -
------------- ------------- ------------ ------------
Profit/(Loss)
before income
tax 5 (1,702) (135) 33
Income tax (expense)/credit (346) 223 - -
------------- ------------- ------------ ------------
(Loss)/Profit
for the period (341) (1,479) (135) 33
============= ============= ============ ============
Attributable
to:
Shareholders
of the Company (341) (1,479) (135) 33
Loss per share:
Basic and diluted
(cents) (0.2) (0.7)
============= =============
^ Insignificant amount.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2017 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 30 June 30 June 30 June
2017 2016 2017 2016
USD'000 USD'000 USD'000 USD'000
(Loss)/Profit
for the period (341) (1,479) (135) 33
Other comprehensive
income:
Item that may
be reclassified
subsequently
to profit or
loss
Exchange differences
arising on translation
of foreign subsidiary
companies 2,453 46 - -
Total other comprehensive
income for the
period 2,453 46 - -
------------ ------------ ------------ ------------
Total comprehensive
income/(loss)
for the period 2,112 (1,433) (135) 33
============ ============ ============ ============
Attributable
to:
Shareholders
of the Company 2,112 (1,433) (135) 33
============ ============ ============ ============
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017 (UNAUDITED)
The Group The Company
Unaudited Audited Unaudited Audited
30 June 31 Dec 30 June 31 Dec
2017 2016 2017 2016
USD'000 USD'000 USD'000 USD'000
Assets
Non-Current
Assets:
Property, plant
and equipment 71,695 71,887 - -
Investment
in subsidiary
companies - - 26,500 26,500
Advances and
prepaid expenses 132 459 - -
Other assets 965 1,439 - -
Deferred taxes - 47 - -
-------------- ------------ -------------- ------------
Total Non-Current
Assets 72,792 73,832 26,500 26,500
-------------- ------------ -------------- ------------
Current Assets
Inventories 18,517 16,162 - -
Trade and other
receivables 4,929 3,169 - -
Income tax
receivable 605 505 - -
Loans and advances
to subsidiary
companies - - 39,622 39,710
Advances and
prepaid expenses 3,006 1,077 20 9
Cash and cash
equivalents 1,753 1,023 130 74
Total Current
Assets 28,810 21,936 39,772 39,793
-------------- ------------ -------------- ------------
Total Assets 101,602 95,768 66,272 66,293
============== ============ ============== ============
The Group The Company
Unaudited Audited Unaudited Audited
30 June 31 Dec 30 June 31 Dec
2017 2016 2017 2016
USD'000 USD'000 USD'000 USD'000
Equity and Liabilities
Capital and
Reserves
Share capital 73,761 73,761 73,761 73,761
Revaluation
reserve 2,865 3,062 - -
Translation
reserve (104,532) (106,985) - -
Retained earnings/
(Accumulated
loss) 88,059 88,203 (8,589) (8,454)
-------------- -------------- -------------- ------------
Total Equity 60,153 58,041 65,172 65,307
-------------- -------------- -------------- ------------
Non-Current
Liabilities
Borrowings 14,341 15,453 - -
Deferred taxes 245 - - -
Deferred income 1,555 1,525 - -
Provision for
site restoration 65 59 - -
Total Non-Current
Liabilities 16,206 17,037 - -
-------------- -------------- -------------- ------------
Current liabilities
Trade and other
payables 6,188 7,578 - -
Accrued and
other liabilities 5,073 1,918 1,100 986
Borrowings 13,717 10,964 - -
Taxes payable 265 230 - -
Total Current
Liabilities 25,243 20,690 1,100 986
-------------- -------------- -------------- ------------
Total Liabilities 41,449 37,727 1,100 986
-------------- -------------- ------------
Total Equity
and Liabilities 101,602 95,768 66,272 66,293
============== ============== ============== ============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2017 (UNAUDITED)
Non-distributable Distributable
The Group Share Revaluation Translation Retained Total
capital reserve reserve earnings
USD'000 USD'000 USD'000 USD'000 USD'000
Balance as at
1
January 2017 73,761 3,062 (106,985) 88,203 58,041
------------- ---------------------- ---------------- ------------------ ------------
Loss for the
period - - - (341) (341)
Other
comprehensive
income - - 2,453 - 2,453
------------- ---------------------- ---------------- ------------------ ------------
Total
comprehensive
income/(loss)
for
the period - - 2,453 (341) 2,112
Transfer of
revaluation
reserve
relating
to the
depreciation
of property,
plant
and equipment
through
use - (197) - 197 -
------------- ---------------------- ---------------- ------------------ ------------
Balance as at
30
June 2017 73,761 2,865 (104,532) 88,059 60,153
============= ====================== ================ ================== ============
Non-distributable Distributable
The Group Share Revaluation Translation Retained Total
capital reserve reserve earnings
USD'000 USD'000 USD'000 USD'000 USD'000
Balance as at
1
January 2016 73,761 3,443 (108,124) 87,646 56,726
------------- ---------------------- ---------------- ------------------ ------------
Loss for the
period - - - (1,479) (1,479)
Other
comprehensive
income - - 46 - 46
------------- ---------------------- ---------------- ------------------ ------------
Total
comprehensive
(loss)/income
for
the period - - 46 (1,479) (1,433)
Transfer of
revaluation
reserve
relating
to the
depreciation
of property,
plant
and equipment
through
use - (187) - 187 -
------------- ---------------------- ---------------- ------------------ ------------
Balance as at
30
June 2016 73,761 3,256 (108,078) 86,354 55,293
============= ====================== ================ ================== ============
The Company Share capital Accumulated Total
losses
USD'000 USD'000 USD'000
Balance as at 1 January 2017 73,761 (8,454) 65,037
Total comprehensive loss
for the period - (135) (135)
------------------ ---------------- ------------
Balance as at 30 June 2017 73,761 (8,589) 65,172
================== ================ ============
Balance as at 1 January 2016 73,761 (8,428) 65,333
Total comprehensive loss
for the period - 33 33
------------------ ---------------- ------------
Balance as at 30 June 2016 73,761 (8,395) 65,366
================== ================ ============
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2017 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 30 June 30 June 30 June
2017 2016 2017 2016
USD'000 USD'000 USD'000 USD'000
OPERATING ACTIVITIES
Profit/(Loss) before
income tax 5 (1,702) (135) 33
Adjustments for
non-cash items 4,898 4,509 47 (93)
------------- ------------- ------------ ------------
Operating Profit/(Loss)
Before Working Capital
Changes 4,903 2,807 (88) (60)
(Increase)/ Decrease
in:
Inventories (1,741) 301 - -
Trade and other
receivables, (2,878) (838) (11) (11)
advances and prepaid
expenses
Loans and advances
to subsidiary companies - - 88 119
Increase/(Decrease)
in:
Trade and other
payables, 1,234 959 67 (278)
accrued and other
liabilities
------------- ------------- ------------ ------------
Cash Generated From/(Used
In) Operations 1,518 3,229 56 (230)
Income tax paid (51) (80) - -
Interest paid (1,303) (1,389) - -
------------- ------------- ------------ ------------
Net Cash Generated
From/(Used In) Operating
Activities 164 1,760 56 (230)
------------- ------------- ------------ ------------
INVESTING ACTIVITIES
Purchase of property,
plant and equipment (740) (3,410) - -
Purchase of other
assets (32) (34) - -
Interest received 16 5 - -
------------- ------------- ------------ ------------
Net Cash Used In
Investing Activities (756) (3,439) - -
------------- ------------- ------------ ------------
FINANCING ACTIVITIES
Proceeds from borrowings 13,611 13,618 - -
Repayment from borrowings (12,319) (11,854) - -
------------- ------------- ------------ ------------
Net Cash Generated
From Financing Activities 1,292 1,764 - -
------------- ------------- ------------ ------------
NET INCREASE/(DECREASE)
IN CASH AND CASH
EQUIVALENTS 700 85 56 (230)
EFFECTS OF FOREIGN
EXCHANGE RATE CHANGES 30 4 - -
CASH AND CASH EQUIVALENTS
AT BEGINNING OF
THE PERIOD 1,023 2,406 74 338
------------- ------------- ------------ ------------
CASH AND CASH EQUIVALENTS
AT END OF THE PERIOD 1,753 2,495 130 108
============= ============= ============ ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKBDPDBKKNCD
(END) Dow Jones Newswires
September 13, 2017 02:00 ET (06:00 GMT)
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