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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zibao Metals Recycling Holdings Plc | LSE:ZBO | London | Ordinary Share | GB00BGP6NY91 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.20 | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMZBO
RNS Number : 1931A
Zibao Metals Recycling Holdings PLC
22 December 2017
22 December 2017
Zibao Metals Recycling Holdings Plc
("Zibao" or "the Company" or "the Group")
Half Year Results
Zibao Metals Recycling Holdings Plc (AIM: ZBO), a Hong Kong based, recyclable metal trader and processor is pleased to announce its half year results for the six months ended 30 September 2017.
The Group figures are presented in Hong Kong Dollars.
Highlights
-- Revenue increased by 22% to HKD 479 million from HKD 394 million.
-- Gross profit decreased by 10% to HKD 3.83 million from HKD 4.26 million while selling and distribution expenses have increased marginally to HKD 79,500 from HKD 53,000.
-- Profit before tax decreased 6.8% to HKD 0.47 million (2016: HKD 0.51 million) mainly due to tighter margins caused by the difficult trading conditions. The decrease was partially offset by a reduction in administration expenses of HKD 0.41 million.
-- The closing cash position at period end was HKD 3.13 million (2016: HKD 0.87 million).
Joe Zhou, Zibao Chairman commented:
"The market conditions in the PRC and Europe continue to be challenging. However, we continue to control costs and manage the credit risks prudently. We believe that the Group is well positioned to benefit from a future recovery."
For further information please contact:
Zibao Metals Recycling Holdings PLC Tel: +852 2769 7662 Wenjie "Joe" Zhou, Chairman www.zibaometals.com Jianfeng "Eddy" Li, Chief Executive Officer Chor Wei "Alan" Ong, Finance Director SPARK Advisory Partners Limited (Nominated Adviser) +44 203 368 3551 Mark Brady/Neil Baldwin
About Zibao Metals Recycling Holdings PLC
Established in its current form in 2009, and incorporated as a UK registered company in 2014, Zibao is a trader and processor in non-ferrous metals - principally aluminium and copper. It imports these from a variety of international sources or indirectly from importers based in the People's Republic of China ('PRC') and resells them into the PRC to (a) operators who process them into a 'clean' form for sale to foundries (b) Customers who buy them in clean form. In addition, Zibao also operates a non-ferrous metal processing and stockholding yard based in Nanhai. The purchases by the yard are from importers based in the PRC and the customers are based in PRC.
The Company was formed by Wenjie 'Joe' Zhou, whose family has had interests in recyclable metals for nearly twenty years. During this period he has established good relationships with a range of overseas suppliers, importers based in the PRC and developed an in-depth knowledge of the PRC rules and regulations for the metals recycling industry.
Metals recycling is a multi-million pounds global industry and China is the world's leading importer of copper and aluminium and needs recycling to supplement its growing demand.
Chairman's Statement
We are pleased to report the Company's interim results for the six months ended 30 September 2017, in which Zibao further developed the business and continued to lay the foundation on which the business's future growth will be built.
Results
The Group's turnover was HKD 479 million, an increase of approximately 22% on the corresponding period last year, mainly due to an increasing demand from both new and existing customers. Profit before tax decreased during the period by 6.8% to HKD 0.47 million reflecting lower gross profit margins due to competition. A factor in the increase in orders was the slight loosening of credit in the PRC. Despite this, the overall PRC economy remains weak and margins continue to be tight. As a result, the Group's gross profit margins on sales have fallen due to increased competition from other suppliers.
Suppliers
Six new suppliers have been secured in the first half of the year, further strengthening the overall supplier base. Each supplier is vetted by the Group before becoming an approved trading partner. The Group seeks to cultivate strong and long-term relationships with its suppliers, helping maintain product quality and promoting integrity and reliability throughout its supply chain.
Customers
Ten new customers were added in the first half of the year and at the same time the Group also saw existing customers increase their order volumes.
Outlook
Market conditions in the PRC and Europe for the business remain challenging. The Group will continue its policy of tightly controlling costs and managing the credit risk prudently.
The Board believes that the Group is well positioned to benefit from any future recovery.
The Directors are currently carrying out a review of our current business, with a view to ensuring the Group is well placed to take advantage of any market recovery, whilst also ensuring that any potential future risks are mitigated as best as possible. In addition, the Board would consider looking at other opportunities which would add to our existing business; this may involve the Group acquiring complementary businesses, should suitable opportunities arise, although there is nothing in contemplation at this time.
Finally, I would like to take this opportunity to thank our long standing customers and suppliers as well as our employees for their loyalty and hard work.
Joe Zhou
Chairman
22 December 2017
Consolidated Statement of Comprehensive Income
6 months 6 months to 30 September to 30 September 2017 2016 Year to 31 March Notes 2017 HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Continuing operations Revenue 3 478,904 394,128 808,873 Cost of sales (475,075) (389,873) (800,804) -------------- -------------- -------------- Gross profit 3,829 4,255 8,069 Other revenues 6 1 368 Selling and distribution expenses (79) (53) (115) Administrative expenses (3,283) (3,695) (7,213) -------------- -------------- -------------- Operating profit 473 508 1,109 Finance cost - - - -------------- -------------- -------------- Profit before tax 473 508 1,109 Income tax expense 10 10 (80) -------------- -------------- -------------- Profit and total comprehensive income for the period 483 518 1,029 Profit and total comprehensive income for the year attributable to the owners of the Company 483 518 1,029 Earnings per share 5 HKD HKD HKD Basic 0.004 0.004 0.008 Diluted 0.004 0.004 0.008
Consolidated Statement of Financial Position
Notes As at 30 September 2017 As at 30 September 2016 As at 31 March 2017 HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Assets Non-Current Assets Property, plant and equipment 37,395 41,222 40,475 Intangible assets 1,507 1,608 1,557 -------------- -------------- -------------- 38,902 42,830 42,032 -------------- -------------- -------------- Current Assets Inventories 21,620 32,333 35,153 Trade receivables 14,840 5,908 1,685 Prepayments, deposits and other receivables 9,425 5,675 5,661 Cash and cash equivalents 6 3,131 870 1,288 -------------- -------------- -------------- 49,016 44,786 43,787
-------------- -------------- -------------- Total Assets 87,918 87,616 85,819 Equity and liabilities Equity attributable to owners of the company Share capital 7 15,549 15,549 15,549 Share premium 42,167 42,167 42,167 Group reorganisation reserve (527) (527) (527) Share based payments reserve 662 662 662 Foreign Exchange reserve (3,394) (1,265) (1,267) Retained earnings 8,711 7,717 8,228 -------------- -------------- -------------- Total Equity 63,168 64,303 64,812 -------------- -------------- -------------- Non-current liabilities Deferred tax 148 168 157 -------------- -------------- -------------- 148 168 157 -------------- -------------- -------------- Current liabilities Trade payables 9,001 9,649 6,106 Accrued liabilities and other payables 5,971 4,102 5,074 Amount due to a director - - - Tax payable 9,630 9,394 9,670 Dividends payable - - - -------------- -------------- -------------- 24,602 23,145 20,850 -------------- -------------- -------------- Total Liabilities 24,750 23,313 21,007 -------------- -------------- -------------- Total Equity and Liabilities 87,918 87, 616 85,819
Consolidated Statement of Cash Flows
6 months to 30 6 months to 30 Year to 31 March 2017 Notes September 2017 September 2016 HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Cash flows from operating activities Net cash from operating activities (786) (6,529) (5,387) Taxation (40) 370 474 ---------- ---------- ---------- Net cash (used in)/ generated from operating activities (826) (6,159) (4,913) Investing activities Addition of property, plant and equipment (14) (10) (27) Disposals of property, - - - plant and equipment Interest received - - - Acquisition of - - - subsidiary net of cash acquired ---------- ---------- ---------- Net generated from / (cash used) in investing activities (14) (10) (27) ---------- ---------- ---------- Financing activities Dividend paid - - - Net proceeds from the - - - issue of Ordinary shares ---------- ---------- ---------- Net cash from / (used - - - in) in financing activities ---------- ---------- ---------- Taxation - - - Net increase / (decrease) in cash and cash equivalents (840) (6,169) (4,940) Cash and cash equivalents at beginning of the period 1,288 5,289 5,289 Effect of foreign exchange rate changes 2,683 1,750 939 ---------- ---------- ---------- Cash and cash equivalents at the end of the period 3,131 870 1,288 Represented by: Bank balances and cash 3,131 870 1,288 ---------- ---------- ---------- 3,131 870 1,288 Notes for Consolidated Statement of Cash Flows 6 months to 30 September 6 months to 30 2017 September 2016 Year to 31 March 2017 HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Profit before income tax 473 508 1,109 Adjustments for: Depreciation on property, plant and equipment 405 768 941 Interest income 6 - - Amortisation 50 50 101 Foreign Exchange Difference (2,127) (1,400) - (Increase) / decrease in inventories 13,534 (6,281) (9,101) Decrease/(Increase) in trade receivables (13,155) (3,245) 978 Decrease / (Increase) in prepayments, deposits and other receivables (3,764) 2,909 3,015 Increase / (decrease) in trade payables 2,896 (317) (3,860) Increase / (decrease) in accrued liabilities and other payables 896 479 1,430 ---------- ---------- ---------- Cash generated from / (used in) operations (786) (6,529) (5,387)
Consolidated Statement of Changes in Equity
Share Share Share Group Foreign Retained Total Capital premium based Reorgan-isation exchange Earnings payment Reserve reserve reserves HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 As at 31 March 2016 15,549 42,167 662 (527) 135 7,199 65,185 Total comprehensive income for the period - - - - - 518 518 Foreign exchange difference - - - - (1,400) - (1,400) ---------- ---------- ---------- ---------- ---------- ---------- ---------- As at 30 September 2016 15,549 42,167 662 (527) (1,265) 7,717 64,303 Total comprehensive income for the period - - - - - 511 511 Foreign exchange difference - - - - (2) - (2) ---------- ---------- ---------- ---------- ---------- ---------- ---------- As at 31 March 2017 15,549 42,167 662 (527) (1,267) 8,228 64,812 Total comprehensive income for the period - - - - - 483 483 Foreign exchange difference - - - - (2,127) - (2,127) ---------- ---------- ---------- ---------- ---------- ---------- ---------- 15,549 42,167 662 (527) (3,394) 8,711 63,168 ---------- ---------- ---------- ---------- ---------- ---------- ----------
Notes to the interim financial information
1. General information
Zibao Metals Recycling Holdings Plc is a company incorporated in England on 9 October 2013 under the Companies Act 2006 but domiciled in Hong Kong. It was listed on the AIM market on 20 June 2014. The Group's principal activity is that of trading and processing scrap metals.
2. Basis of preparation and significant accounting policies
This interim report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statements for the year ended 31 March 2017.
Taxes
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
Standards and Interpretations adopted with no material effect on financial statements
There are no IFRS or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the Group.
Standards, interpretations and amendments to published standards that are not yet effective.
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial period beginning 1 April 2018 and have not been early adopted:
Reference Title Summary Application date Application of standard date of Group ---------- ----------------- ------------------------------- ------------------- ----------- IFRS 9 Financial Revised standard for Periods commencing 1 April Instruments accounting for financial on or after 1 2018 instruments January 2018 ---------- ----------------- ------------------------------- ------------------- ----------- IFRS 15 Revenue from Specifies how and when Periods commencing 1 April contracts to recognise revenue on or after 1 2018 with customers from contracts as well January 2018 as requiring more informative and relevant disclosures ---------- ----------------- ------------------------------- ------------------- ----------- IFRS 16 Leases Original issue Periods commencing 1 April on or after 1 2019 January 2019 ---------- ----------------- ------------------------------- ------------------- ----------- IFRS 17 Insurance IFRS 17 Insurance Contracts Periods Commencing 1 April Contracts on or after 1 2021 January 2021 ---------- ----------------- ------------------------------- ------------------- ----------- IFRIC 22 Foreign Currency Interpretation that Periods commencing 1 April Transactions addresses foreign currency on or after 1 2018 and Advance transactions or parts January 2018 Consideration transactions ---------- ----------------- ------------------------------- ------------------- -----------
The directors anticipate that the adoption of these standards and the interpretations in future periods will have no material impact on the financial statements of the Group.
3. Segmental reporting
In the opinion of the directors, the Group has one class of business, being the trading of scrap materials. The Group's primary reporting format is determined by the geographical segment according to the location of its establishments. There is currently only one geographic reporting segment, which is China. All revenues and costs are derived from the single segment.
4. Directors' remuneration 6 months 6 months to 30 September to 30 September Year to 31 2017 2016 March 2017 Salaries, Salaries, Salaries, fees and fees and fees and options options options HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Wenjie Zhou 120 240 360 Jianfeng Li 120 120 240 Alan Ong 58 67 134 Chin Phang Kwok 58 67 134 Peter Greenhalgh 58 67 134 Ajay Rajpal 58 66 134 -------------- -------------- -------------- 472 627 1,136 _________ _________ _________ 5. Earnings per share
Profit per share data is based on the Group profit for the period and the weighted average number of shares in issue.
6 months to 30 September 6 months to 30 September 2017 2016 Year to 31 March 2017 HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Profit for the period attributable to owners of Company 483 518 1,029 Weighted average number of ordinary shares for the purposes of basic earnings per share (000's) 122,010 122,010 122,010 Weighted average number of ordinary shares for the purposes of diluted earnings per share (000's) 125,453 125,453 125,453 6 months to 30 September 6 months to 30 September 2017 2016 Year to 31 March 2017 HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Basic earnings per share Total basic earnings per share 0.004 0.004 0.008 Diluted earnings per share
Total basic and diluted earnings per share 0.004 0.004 0.008 ---------- ---------- ---------- 6. Cash and cash equivalents Group As at 30 As at 30 As at 31 September September March 2017 2017 2016 HKD'000 HKD'000 HKD'000 UNAUDITED UNAUDITED AUDITED Cash and bank balances 3,131 870 1,288 -------------- -------------- -------------- Cash and bank balances as presented in balance sheets 3,131 870 1,288 Add: Pledged fixed deposits - - - -------------- -------------- -------------- Cash and cash equivalents as presented in consolidated statement of cash flows 3,131 870 1,288 _________ _________ _________ 7. Share capital
The issued share capital as at 30 September 2017 was 122,010,000 ordinary shares of GBP0.01 each (30 September 2016: 122,010,000 ordinary shares of GBP0.01, 31 March 2017: 122,010,000 ordinary shares of GBP0.01)
8. Related-party transactions
During the period, the Group entered into the following trading transactions with related parties that are not members of the Group:
Sales of goods ----------------- ----------------------------------------------------- 6 months to 30 6 months to 30 Year to 31 March September 2017 September 2016 2017 HKD' HKD' HKD' 000 000 000 ----------------- ---------------- ---------------- ----------------- Wang Kei Yip Development Limited 4,387 15,777 31,541 ----------------- ---------------- ---------------- -----------------
The following balances were outstanding at the end of the period:
Amounts owed by related Amounts owed to related parties parties ----------------- --------------------------------------- ------------------------------------ As at 30 As at 30 As at As at 30 As at 30 As at September September 31 March September September 31 March 2017 2016 2017 2017 2016 2017 HKD' HKD' HKD' HKD' HKD' HKD' 000 000 000 000 000 000 ----------------- ------------ ------------ ----------- ----------- ----------- ---------- Wang Kei Yip Development Limited - - - 597 241 237 ----------------- ------------ ------------ ----------- ----------- ----------- ----------
Ben Lee is the brother in law of the director, and is a director of Wang Kei Yip Development Limited. Wang Kei Yip Development Limited is therefore a related party.
The amount due to Wenjie Zhou was unsecured, interest-free and had no fixed term of repayment. All the above transactions were done at arm's length.
9. The unaudited results for the period ended 30 September 2017 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the period ended 31 March 2017 were extracted from the audited financial statements which contained an unqualified audit report and did not contain statements under Sections 498 to 502 of the Companies Act 2006.
10. This interim financial statement will be, in accordance with the AIM Rules for Companies, available shortly on the Company's website at www.zibaometals.com.
11. The Company is incorporated in the UK but is treated as a Hong Kong resident for tax purposes.
Macau and Hong Kong tax has been provided at a rate of 12% and 16.5% respectively.
There was deferred taxation in respect of the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KMMZZRZMGNZG
(END) Dow Jones Newswires
December 22, 2017 04:06 ET (09:06 GMT)
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