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RNS Number : 7717S
China Shoto plc
16 September 2010
China Shoto plc
("China Shoto" or "the Company")
Interim Results
China Shoto plc, a leading Chinese battery producer and the largest supplier of
back-up batteries to China's telecommunications operators, announces interim
results for the six months ended 30 June 2010.
Highlights
1. Profit before tax up 1.3% to GBP6.48m (H1 2009: GBP6.40m)
2. Substantial cost-control benefits: distribution and administrative
expenses down by 38% to GBP13.7m (H1 2009: GBP22.2m)
3. Maintained status as largest back-up battery supplier to China's telecoms
market
4. Back-up battery sales into markets other than the telecoms sector
accounted for 17% (H1 2009: 9%) of total back-up battery revenue
5. Successful development of two new series of battery for wide application
in telecoms and e-bike markets: 12V (Narrow Type) and 16V (Power Type)
Chairman Yang Shanji said: "the Company will continue to develop sales and
marketing in new domestic market sectors such as electric power, financial
services, railways, and solar energy. The Company is also targeting the motor
vehicle and energy storage markets. In addition, we remain committed in the
long-term to developing international exports. Gaining recognition in new
overseas markets in a global recession has been difficult but is a strategic
necessity for the future. By establishing and developing strategic cooperation
relationships with international companies, such as Eltek and Emerson Network,
the Company is hoping to achieve increased levels of export market penetration."
For further information, please contact:
+-----------------------------------+------------------------------------+
| China Shoto plc | Tel: +44 (0) 20 7242 2666 / +86 |
| Yang Shanji, Executive Chairman | 159 6108 0515 |
| | www.chinashoto.com |
| | |
+-----------------------------------+------------------------------------+
| Seymour Pierce Limited | Tel: +44 (0) 20 7107 8000 |
| Stewart Dickson | www.seymourpierce.com |
| | |
+-----------------------------------+------------------------------------+
| Media enquiries: | |
| Allan Piper/ Jiang Lei | Tel: +44 (0) 20 7242 2666 / +852 |
| lei@firstcitypr.com | 2854 2666 |
| | www.firstcitypr.cn |
+-----------------------------------+------------------------------------+
Chairman's Statement
We informed shareholders on 16 August 2010 that trading conditions remained
difficult, and while the results we are announcing today reflect those
circumstances, I am able to report that the Company nonetheless continued to
implement measures intended to overcome the continuing challenges. Among other
advances during this period, we introduced significant cost controls, maintained
our market share as the largest back-up battery supplier to the Chinese telecoms
sector, and developed new products to address our drive into wider domestic
markets such as electric power, railways, and electric bicycles. These steps
further bolstered our involvement in environmentally-friendly developments such
that we can report a small increase in profit before tax for the period despite
our anticipated fall in sales, and we remain confident that we are
well-positioned to meet the challenges ahead.
For the first six months of 2010, sales revenue decreased 11% to GBP85.45m (H1
2009: GBP96.46m). Profit before tax increased 1.3% to GBP6.48m (H1 2009:
GBP6.40m). As a Foreign Investment Enterprise, the Company has benefited from
preferential income tax policies. As these policies mature, the Company has seen
an effective increase in its tax rate from 13% in 2009 to 22% in 2010. As a
result, the Company recorded a profit after tax of GBP5.05m for the period (H1
2009: GBP5.56m).
We also reported in our August Trading Update that, in common with other Chinese
battery manufacturers, our sales continue to be impacted by the lower levels of
investment in 3G infrastructure by China's major telecoms operators. To some
extent this reflects a fallback from unusually high spending in 2009 which was
fuelled partially by the economic stimulus package from the Chinese Government.
Even so, the Company has retained its strong market position in this sector,
continuing as the single largest supplier to all three domestic telecoms
providers - China Mobile, China Unicom and China Telecom - as well as to two
other key players, Huawei Technology and ZTE Corporation. As we seek actively to
develop new markets for our products, it is encouraging that during this
challenging period we continued to take a near 26% share of China's telecoms
market.
Our results for the period were also impacted by adjustments to existing lead
price linkage agreements which meant we were unable to increase our product
prices to reflect increases in raw material costs to the same degree as
previously. While this cut our gross margins to 23.6% (H1 2009: 30.8%) they
still remain higher than those of our domestic competitors and reflect our drive
to maintain tight cost controls. This has been achieved in part through
continued technical innovation and the development of energy conservation and
emission reductions as well as through savings on distribution and
administrative expenses which fell 38% to GBP13.7m (H1 2009: GBP22.2m).
In summary, against a difficult economic background, the Board believes the
Company's continued commitment to Research and Development, its successes with
new product development, and the opportunities raised by its strategic targeting
of new domestic and international markets, position it well to meet the
challenges ahead. I also note that in previous financial years, performance in
the second half of the year has been better than that of the first six months.
Operating Review
In January 2010, the Company acquired a battery recycling capability through the
acquisition of Rugao Tianpeng Metallurgy Co., Ltd. This acquisition is
consistent with, and furthers, the Company's social and environmental
responsibilities as a National Environmental Enterprise. As a result, the
Company was in July entered into the 2010 Battery Recycling Enterprises
Directory by China Mobile, effectively becoming one of seven partners qualified
to recycle China Mobile's batteries, and potentially facilitating further
increases of the Company's market share. It is expected that the recycling
volume will increase substantially during the second half of 2010.
On 16 August 2010, the Board of the Company announced the closure of the factory
operated by the Yangzhou Zhenghe Power Supply Co. Ltd ("Yangzhou Zhenghe"), in
which the Company had a 59% interest. The factory accounted for approximately 3%
of the Company's total production capacity. Employee resources have been
redeployed to minimise the decrease in battery production capacity.
The Board voluntarily made this decision as part of wider cost control measures
and also to fulfill the Company's commitments to energy conservation and
emission reduction targets as a National Environmentally Friendly Enterprise.
The Company acquired Yangzhou Zhenghe in 2006 for a total consideration of
GBP0.22m.
Back-up batteries
The Company is still the largest back-up battery supplier to China's three major
telecom operators, as well as to Huawei Technology and ZTE Corporation. Sales to
these customers accounted for 83% of the total revenues from back-up battery
sales during the period (H1 2009: 91%). Sales revenues from back-up battery
products decreased 19% to GBP72.69m in (H1 2009: GBP90.09m), accounting for 85%
of the Company's total sales (H1 2009: 93%).
Power Type batteries
Sales revenues from power-type batteries increased 100% to GBP12.76m (H1 2009:
GBP6.38m), accounting for 15% of the Company's total sales (H1 2009: 7%). The
increase is mainly attributable to increased sales to electric bicycle retailers
and distributors rather than manufacturers. Given the size of the Chinese
population and the popularity of electric bicycles, the Directors believe that
there is potential for growth which is expected to become profitable with
increasing scale.
Projects under Development
During the reporting period, the Company successfully developed a 12V
narrow-type gel battery for use in the telecoms industry, with capacities
ranging from 90150Ah. The Company also successfully developed a 16V series of
batteries for use with e-bikes with capacities ranging from 10Ah to 16Ah. These
products are now being marketed, and revenues are expected to rise during the
second half of 2010.
The Company continues to develop a range of new products and to technically
improve its existing products at its Research and Development facility at
Nanjing. The Company believes that energy storage batteries offer further
significant market potential. During the first half of 2010, the Company has
attracted government grants totaling approximately RMB 2.1 million.
Patents Granted
During the first half of 2010, the Company was granted 18 patents by the China
Intellectual Property Bureau, bringing the total number of patents granted to
144 by 30 June 2010. This wide range of patents protects the technological
advantages of our products. Thanks to our continuing Research and Development
efforts, it is expected that a further number of new patents will be granted as
the financial year progresses.
Markets
Whilst maintaining its leading position as a supplier to China's three telecom
operators, as well as to Huawei Technology and ZTE Corporation, the Company
actively continued during the period to explore new opportunities in telecoms
base stations and the potential application of energy-saving products in
telecoms power rooms. At the same time, the Company has sustained a concerted
effort to develop its sales and marketing drives in new domestic market sectors
such as electric power, financial services, railways and the solar-energy
market. As a result, sales revenues from back-up batteries to customers outside
the telecoms sector nearly doubled in percentage terms to 17% of total back-up
battery sales revenues (H1 2009: 9%).
China Shoto's main focus during the period continued to be the development of
domestic markets, but as shareholders are already aware it has continued to
explore new business opportunities internationally, and the Company continues to
maintain sales offices in India, Singapore, Dubai, Russia and Germany. The
Company also believes that significant opportunities exist in emerging markets
such as Vietnam, Indonesia and South Africa. Export sales have remained
stubbornly low (accounting for approximately 1% of total sales revenues) and the
Company is continuing to seek new distribution channels.
Financial Review
During the first half of 2010, the Company achieved revenue of GBP85.45 million,
a decrease of 11% (H1 2009: GBP96.46 million). Profit for the period decreased
9% to GBP5.05 million (H1 2009: GBP5.56 million). Gross margin decreased 7.1% to
23.7% (H1 2009: 30.8%).
A number of trends have impacted on the financial performance of the Company.
Firstly, changes to the lead price linkage formula have had an adverse impact on
the Company's gross margin. Secondly, as a Foreign Investment Enterprise, the
Company had enjoyed preferential tax rates in previous reporting periods. As
these schemes mature the effective rate of taxation has increased, reaching 22%
during the period. Thirdly, net cash flow from operating activities was
-GBP27.90m, principally due to customers delaying payments as result of lower 3G
infrastructure investments by China's major telecom operators and higher
inventory levels. The Company continues to focus on the management of trade
receivables to ensure sufficient working capital.
Principal risks and uncertainties
* The Chinese Government's increased requirements on environmental protection
measures expose the Company to greater pressure on energy conservation and
emission controls. This may also carry associated vocational health labour
costs.
* Reduced growth prospects in the back-up battery market: an unclear outlook on
the speed of global economic recovery; falling battery prices in the competitive
power-type battery market and uncertain economic conditions.
* Potential RMB exchange-rate appreciation, particularly against a background of
possible RMB interest-rate adjustments in line with inflation, may have some
impact on the Company's export business.
Lead Acid Battery Recycling Project
In January 2010, the Company acquired a battery recycling capability through the
acquisition of Rugao Tianpeng Metallurgy Co., Ltd. Through the recycling of used
batteries, the Company expects to reduce its exposure to fluctuations in the
price of lead raw material. Lead alloy smelted from used batteries can provide a
cost saving of approximately 5%. During the period, 60% of the batteries
recycled were originally manufactured by the Company with the remainder
originating from other suppliers. The Company plans further efficiency
improvements to its recycling and disposal capability.
Our ownership of the recycling plant, located in Rugao in Jiangsu Province, may
also help to attract customers as it offers a solution for customers to meet
their own environmental obligations.
Interim Dividend
The challenging domestic battery market and higher lead prices, and resulting
lower levels of profitability after tax all reflect a demanding operating
environment. There were delays in payments from major customers and more cash
tied up in production and final products. The Board, therefore, is not
recommending an interim dividend for 2010, but will consider a final dividend
payment in the light of the Company's financial performance at the end of the
period to 31 December 2010.
Outlook
The Company has experienced difficult domestic trading conditions as expenditure
on 3G infrastructure projects by the major telecoms operators fell approximately
35-40% on a year-on-year basis. The Company will make a continued effort to
develop energy conservation and emission-reduction products for the telecoms
market and to consolidate its market share with China's three major telecom
operators, as well as with Huawei Technology, and ZTE Corporation.
The Company also recognises the need to diversify into wider domestic markets,
where the margins are greater than for international sales. The new 12V
narrow-type battery is an example of a move to increase the sales of back-up
batteries in wider domestic markets in order to mitigate sales decreases in the
domestic telecoms market. The Company will continue to develop sales and
marketing in new domestic market sectors such as electric power, financial
services, railways, and solar energy. The Company is also targeting the motor
vehicle and energy storage markets.
In addition, China Shoto remains committed in the longer-term to developing
international export markets. Gaining recognition in new overseas markets in a
global recession has been difficult but is a strategic necessity for the future.
By establishing and developing strategic cooperation relationships with
international companies, such as Eltek and Emerson Network, the Company is
hoping to achieve increased levels of export market penetration.
Yang Shanji
Chairman
+----------------------+--------+-------+--+----+-----------+--+----------------+--+
| | |
| | |
| Consolidated statement of comprehensive income | |
+-------------------------------------------------------------------------------+--+
| For the 6 months ended 30 June 2010 | | | |
+------------------------------------------+----------------+-------------------+--+
| | Period ended | Period ended 30 | Year ended 31 | |
| | 30 June 2010 | June 2009 | December 2009 | |
+----------------------+----------------+-------------------+-------------------+--+
| | GBP000 | GBP000 | GBP000 | |
+----------------------+----------------+-------------------+-------------------+--+
| | (Unaudited) | (Unaudited) | (Audited) | |
+----------------------+----------------+-------------------+-------------------+--+
| Revenue | 85,452 | 96,464 | 212,569 | |
+----------------------+----------------+-------------------+-------------------+--+
| Cost of sales | (65,203) | (66,746) | (144,547) | |
+----------------------+----------------+-------------------+-------------------+--+
| Gross profit | 20,249 | 29,718 | 68,022 | |
+----------------------+----------------+-------------------+-------------------+--+
| Other operating | 1,532 | 121 | 4,540 | |
| income | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Distribution | (8,452) | (15,142) | (31,653) | |
| expenses | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Administrative | (5,264) | (7,048) | (11,766) | |
| expenses | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Other operating | (1,220) | (479) | (2,804) | |
| expenses | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Profit from | 6,845 | 7,170 | 26,339 | |
| operations | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Finance income | 344 | 188 | 440 | |
+----------------------+----------------+-------------------+-------------------+--+
| Finance costs | (707) | (960) | (1,705) | |
+----------------------+----------------+-------------------+-------------------+--+
| Profit before tax | 6,482 | 6,398 | 25,074 | |
| from continuing | | | | |
| operations | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Income tax expense | (1,433) | (835) | (1,610) | |
+----------------------+----------------+-------------------+-------------------+--+
| Profit for the | 5,049 | 5,563 | 23,464 | |
| periods/year | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Attribute to : | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Owners of the parent | 5,033 | 5,455 | 23,304 | |
+----------------------+----------------+-------------------+-------------------+--+
| Non-controlling | 16 | 108 | 160 | |
| interest | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| | 5,049 | 5,563 | 23,464 | |
+----------------------+----------------+-------------------+-------------------+--+
| Profit for the | 5,049 | 5,563 | 23,464 | |
| periods/year | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Exchange difference | 2,822 | (4,449) | (2,855) | |
| on translating | | | | |
| foreign operations | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Total comprehensive | 7,871 | 1,114 | 20,609 | |
| income for the | | | | |
| periods/year | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Total comprehensive | | | | |
| income attribute to: | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Owners of the parent | 7,797 | 1,113 | 20,521 | |
+----------------------+----------------+-------------------+-------------------+--+
| Non-controlling | 74 | 1 | 88 | |
| interest | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| | 7,871 | 1,114 | 20,609 | |
+----------------------+----------------+-------------------+-------------------+--+
| | | | | |
+----------------------+----------------+-------------------+-------------------+--+
| Earnings per share for profit | 2010-6-30 | 2009-6-30 | 2009-12-31 |
| attributable to the equity | | | |
| holders of the parent during | (Unaudited) | (Unaudited) | (Audited) |
| the year | | | |
+-------------------------------+---------------+--------------+-------------------+
| -Basic | 21.56p | 23.37p | 99.83p |
+-------------------------------+---------------+--------------+-------------------+
| -Diluted | 20.92p | 23.22p | 98.34p |
+-------------------------------+---------------+--------------+-------------------+
| Continuing operations | | | |
+-------------------------------+---------------+--------------+-------------------+
| -Basic | 21.56p | 23.37p | 99.83p |
+-------------------------------+---------------+--------------+-------------------+
| -Diluted | 20.92p | 23.22p | 98.34p |
+-------------------------------+---------------+--------------+-------------------+
| | | | | | | | | |
+----------------------+--------+-------+--+----+-----------+--+----------------+--+
+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
| | | | | | |
| Consolidated balance sheet | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| As at 30 June 2010 | As at 30 | | As at 30 | | As at 31 |
| | June 2010 | | June 2009 | | December |
| | | | | | 2009 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
| | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Assets | GBP000 | | GBP000 | | GBP000 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Non-current assets | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Property, plant and | 30,852 | | 22,290 | | 26,791 |
| equipment | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Intangible assets | 2,906 | | 2,525 | | 2,565 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Deferred tax assets | 371 | | 39 | | 198 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | 34,129 | | 24,854 | | 29,554 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Current assets | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Inventories | 41,463 | | 35,643 | | 36,875 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Trade and other | 68,547 | | 47,828 | | 47,079 |
| receivables | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Short-term investments | 3,269 | | 11,559 | | 5,685 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Cash and cash equivalents | 30,318 | | 32,776 | | 63,995 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | 143,597 | | 127,806 | | 153,634 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Total assets | 177,726 | | 152,660 | | 183,188 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Liabilities | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Current liabilities | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Bank borrowings | 25,652 | | 23,891 | | 28,329 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Trade and other payables | 61,716 | | 75,028 | | 72,173 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Income tax payable | 498 | | 194 | | 60 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Dividend payable | 2 | | - | | - |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | 87,868 | | 99,113 | | 100,562 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Non-current liabilities | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Bank borrowings | 1,469 | | - | | 1,366 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Long term payable-Payroll | 8,341 | | - | | 7,775 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Deferred income | 489 | | - | | 455 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | 10,299 | | - | | 9,596 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Total liabilities | 98,167 | | 99,113 | | 110,158 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Capital and reserves | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Share capital | 2,334 | | 2,334 | | 2,334 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Share premium | 8,630 | | 8,630 | | 8,630 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Other reserve | 2,916 | | 2,916 | | 2,916 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Statutory reserves | 14,529 | | 9,252 | | 14,529 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Share option reserve | 977 | | 977 | | 977 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Retained earning | 36,899 | | 20,460 | | 33,033 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Foreign currency | 12,569 | | 8,246 | | 9,805 |
| translation reserve | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Total equity attributable | 78,854 | | 52,815 | | 72,224 |
| to equity holders | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Non-controlling interests | 705 | | 732 | | 806 |
+----------------------------+-------------+----------+-------------+----------+-----------+
| Total equity and | 177,726 | | 152,660 | | 183,188 |
| liabilities | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | |
+----------------------------+-------------+----------+-------------+----------+-----------+
Consolidated statement of changes in equity
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| | Attributable to equity holders | | |
+---------------+--------------------------------------------------------------------------------------+-----------------+---------+
| For the six | Share | Share | Other | Share |Statutory |Retained | Foreign | Total |Non-controlling | Total |
| months ended |Capital |Premium |Reserves |Option | Reserves |Earnings | currency | | interest | |
| 30 June 2010 | | | | | | |translation | | | |
| (Unaudited) | | | | | | | Reserve | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Balance as at | 2,334 | 8,630 | 2,916 | 977 | 14,529 | 33,033 | 9,805 | 72,224 | 806 | 73,030 |
| 31 December | | | | | | | | | | |
| 2009 | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Total | - | - | - | - | - | 5,033 | 2,764 | 7,797 | 74 | 7,871 |
| comprehensive | | | | | | | | | | |
| income | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Dividends | - | - | - | - | - | (1,167) | - | (1,167) | (175) | (1,342) |
| paid | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Balance as at | 2,334 | 8,630 | 2,916 | 977 | 14,529 | 36,899 | 12,569 | 78,854 | 705 | 79,559 |
| 30 June 2010 | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| For the six | Share | Share | Other | Share |Statutory |Retained | Foreign | Total |Non-controlling | Total |
| months ended |Capital |Premium |Reserves |Option | Reserves |Earnings | currency | | interest | |
| 30 June 2009 | | | | | | |translation | | | |
| (Unaudited) | | | | | | | Reserve | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Balance as at | 2,334 | 8,630 | 2,916 | 977 | 9,252 | 15,823 | 12,588 | 52,520 | 973 | 53,493 |
| 1January 2009 | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Total | - | - | - | - | - | 5,455 | (4,342) | 1,113 | 1 | 1,114 |
| comprehensive | | | | | | | | | | |
| income | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Dividends | - | - | - | - | - | (818) | - | (818) | (242) | (1,060) |
| paid | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Balance as at | 2,334 | 8,630 | 2,916 | 977 | 9,252 | 20,460 | 8,246 | 52,815 | 732 | 53,547 |
| 31 December | | | | | | | | | | |
| 2009 | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| For the | Share | Share | Other | Share |Statutory |Retained | Foreign | Total |Non-controlling | Total |
| twelve months |Capital |Premium |Reserves |Option | Reserves |Earnings | currency | | interest | |
| ended 31 | | | | | | |translation | | | |
| December 2009 | | | | | | | Reserve | | | |
| (Audited) | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Balance as at | 2,334 | 8,630 | 2,916 | 977 | 9,252 | 15,823 | 12,588 | 52,520 | 973 | 53,493 |
| 1January 2009 | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Total | - | - | - | - | - | 23,304 | (2,783) | 20,521 | 88 | 20,609 |
| comprehensive | | | | | | | | | | |
| income | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Transfer to | - | - | - | - | 5,277 | (5,277) | - | - | - | - |
| statutory | | | | | | | | | | |
| reserves | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Dividends | - | - | - | - | - | (817) | - | (817) | (255) | (1,072) |
| paid | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
| Balance as at | 2,334 | 8,630 | 2,916 | 977 | 14,529 | 33,033 | 9,805 | 72,224 | 806 | 73,030 |
| 31 December | | | | | | | | | | |
| 2009 | | | | | | | | | | |
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+
+-----------------------------------+-------------+-------------+-----------+
| Consolidated statement of cash | 6 | 6 | Year |
| flow | months | months | ended |
| For the period ended 30 June 2010 | ended | ended | 31 |
| | 30 | 30 | December |
| | June | June | 2009 |
| | 2010 | 2009 | |
+-----------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | | | |
+-----------------------------------+-------------+-------------+-----------+
| | | | |
| | GBP000 | GBP000 | GBP000 |
+-----------------------------------+-------------+-------------+-----------+
| Profit before tax from continuing | 6,482 | 6,398 | 25,074 |
| operations | | | |
+-----------------------------------+-------------+-------------+-----------+
| Adjustments for: | | | |
+-----------------------------------+-------------+-------------+-----------+
| Amortization of intangible assets | 39 | 37 | 79 |
| | | | |
+-----------------------------------+-------------+-------------+-----------+
| Depreciation of property, plant | 1,086 | 1,018 | 1,947 |
| and equipment | | | |
+-----------------------------------+-------------+-------------+-----------+
| Losses on disposal of property, | 182 | 262 | 558 |
| plant and equipment | | | |
+-----------------------------------+-------------+-------------+-----------+
| Provision for inventory | - | 327 | 93 |
| impairment | | | |
+-----------------------------------+-------------+-------------+-----------+
| Impairment loss on loans and | 1,005 | 868 | 763 |
| receivables | | | |
+-----------------------------------+-------------+-------------+-----------+
| Financial income | (344) | (188) | (440) |
+-----------------------------------+-------------+-------------+-----------+
| Financial expense | 707 | 959 | 1,705 |
+-----------------------------------+-------------+-------------+-----------+
| Cash flow from operating | | 9,681 | 29,779 |
| activities before changes | | | |
+-----------------------------------+-------------+ + +
| of working capital and provisions | 9,157 | | |
+-----------------------------------+-------------+-------------+-----------+
| Working capital changes: | | | |
+-----------------------------------+-------------+-------------+-----------+
| (Increase)/decrease in: | | | |
+-----------------------------------+-------------+-------------+-----------+
| Inventories | (4,588) | (10,920) | (8,559) |
+-----------------------------------+-------------+-------------+-----------+
| Trade and other receivables | (21,631) | (15,359) | (12,831) |
+-----------------------------------+-------------+-------------+-----------+
| Increase/(decrease) in: | | | |
+-----------------------------------+-------------+-------------+-----------+
| Trade and other payables | (9,840) | 21,733 | 20,530 |
+-----------------------------------+-------------+-------------+-----------+
| Cash (used in) / generated from | (26,902) | 5,135 | 28,919 |
| operations | | | |
+-----------------------------------+-------------+-------------+-----------+
| Income tax paid | (995) | (800) | (1,895) |
+-----------------------------------+-------------+-------------+-----------+
| Net cash flows from operating | (27,897) | 4,335 | 27,024 |
| activities | | | |
+-----------------------------------+-------------+-------------+-----------+
| Cash flows from investing | | | |
| activities | | | |
+-----------------------------------+-------------+-------------+-----------+
| Financial income | 344 | 188 | 440 |
+-----------------------------------+-------------+-------------+-----------+
| Purchase of property, plant and | (3,354) | (1,018) | (7,461) |
| equipment | | | |
+-----------------------------------+-------------+-------------+-----------+
| Funds placed on deposits | 2,416 | (8,901) | (1,739) |
+-----------------------------------+-------------+-------------+-----------+
| Proceeds from disposal of | - | 23 | 1,490 |
| property, plant and equipment | | | |
+-----------------------------------+-------------+-------------+-----------+
| Net cash flows used in investing | (594) | (9,708) | (7,270) |
| activities | | | |
+-----------------------------------+-------------+-------------+-----------+
| Cash flows from financing | | | |
| activities | | | |
+-----------------------------------+-------------+-------------+-----------+
| Increase in bank borrowings | 26,803 | 65,947 | 49,875 |
+-----------------------------------+-------------+-------------+-----------+
| Decrease in bank borrowings | (31,511) | (71,431) | (49,768) |
+-----------------------------------+-------------+-------------+-----------+
| Interest paid | (708) | (959) | (1,705) |
+-----------------------------------+-------------+-------------+-----------+
| Dividends paid | (1,340) | (1,060) | (1,072) |
+-----------------------------------+-------------+-------------+-----------+
| Net cash flows from financing | (6,756) | (7,503) | (2,670) |
| activities | | | |
+-----------------------------------+-------------+-------------+-----------+
| Net (decrease)/increase in cash | (35,247) | (12,876) | 17,084 |
| and cash equivalents | | | |
+-----------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at | 63,995 | 50,797 | 50,797 |
| beginning of periods/year | | | |
+-----------------------------------+-------------+-------------+-----------+
| Foreign exchange differences | 1,570 | (5,145) | (3,886) |
+-----------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at end | 30,318 | 32,776 | 63,995 |
| of periods/year | | | |
+-----------------------------------+-------------+-------------+-----------+
Notes to the interim consolidated financial statements
For the six months ended 30 June 2010
1. General information
China Shoto plc is a public limited company incorporated in the United Kingdom
on 10 May 2005 and is quoted on AIM. The principal place of business is
Shuangdeng Science and Industrial Zone, Liangxu Town, Jiangyan City, Jiangsu
Province, China.
The interim consolidated financial information of the Company for the six months
ended 30 June 2010 comprises China Shoto plc (the 'Company') and its subsidiary
undertakings (the 'Group').
2. Accounting policies
The consolidated financial statements of China Shoto plc and its subsidiary
undertakings (the 'Group') and the individual financial statements of China
Shoto plc (the 'Company') have been prepared in accordance with those
International Financial Reporting Standards and Interpretations in force
('IFRS'), as adopted by the European Union, and those parts of the Companies Act
2006 applicable to companies preparing financial statements under IFRS.
The interim financial statements are unaudited and do not constitute statutory
accounts as defined in Section 434 (3) of the Companies Act 2006. The principal
accounting policies adopted in the preparation of the interim financial
statements have been consistently applied to all the periods represented, unless
otherwise stated.
The comparative figures for the year ended 31 December 2009 were derived from
the statutory accounts for that year which have been delivered to the Registrar
of the Companies. Those accounts received an unqualified audit report which did
not contain statements under sections 498(2) or (3) of the Companies Act 2006.
The Board of Directors approved this interim statement on 16 September 2010.
Foreign currencies
The functional currency of the subsidiary undertakings is Renminbi ('RMB'), and
the unaudited interim consolidated financial information of the subsidiary
undertakings have been drawn up in RMB. The presentation currency of the Group
is pounds sterling and therefore the interim consolidated financial information
has been translated from RMB to pounds sterling at the following exchange rates:
+----------------+----------------+----------------+
| | Period-end | Average rates |
| | rates | |
+----------------+----------------+----------------+
| June 30 2010 | GBP1 = RMB | GBP1 = RMB |
| | 10.2135 | 10.4092 |
+----------------+----------------+----------------+
| June 30 2009 | GBP1 = RMB | GBP1 = RMB |
| | 11.2387 | 10.2127 |
+----------------+----------------+----------------+
| December 31 | GBP1 = RMB | GBP1 = RMB |
| 2009 | 10.978 | 10.7197 |
+----------------+----------------+----------------+
3. Segmental Information
The Group is comprised of the following segments:
The Power Type Batteries ('PTB') segment is comprised of power-aided bicycle
batteries.
The Back-up batteries business segment includes Value Regulated Lead Acid
Batteries and Flooded and Gel Batteries.
Allocation basis and transfer pricing
Segment results, assets and liabilities include items directly attributable to a
segment as well as those that can be allocated on a reasonable basis.
The following tables present certain sales, profit regarding the Group's
business segments for the period ended 30 June 2010 and 2009.
+-------------------+-----------+-----------+--------------+-----------+
| Six months to | Back-up | PTB | Eliminations | Total |
| | Batteries | | | |
+-------------------+-----------+-----------+--------------+-----------+
| June 2010 | 2010-6-30 | 2010-6-30 | 2010-6-30 | 2010-6-30 |
| (Unaudited) | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------+-----------+-----------+--------------+-----------+
| Revenue: | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Sales to external | 72,692 | 12,760 | - | 85,452 |
| customers | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Inter-segment | - | 113 | (113) | - |
| sales | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Total revenue | 72,692 | 12,873 | (113) | 85,452 |
+-------------------+-----------+-----------+--------------+-----------+
| | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Results: | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Segment profit | 6,914 | (296) | - | 6,618 |
+-------------------+-----------+-----------+--------------+-----------+
| | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Unallocated corporate expenses | | (136) |
+-------------------------------------------+--------------+-----------+
| Profit from operations before taxation | | 6,482 |
+-------------------------------------------+--------------+-----------+
| Income taxation | | | | (1,433) |
+-------------------+-----------+-----------+--------------+-----------+
| Profit for the | | | | 5,049 |
| period | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| | | | | |
+-------------------+-----------+-----------+--------------+-----------+
+-------------------+-----------+-----------+--------------+-----------+
| Six months to | Back-up | PTB | Eliminations | Total |
| | Batteries | | | |
+-------------------+-----------+-----------+--------------+-----------+
| June 2009 | 2009-6-30 | 2009-6-30 | 2009-6-30 | 2009-6-30 |
| (Unaudited) | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------+-----------+-----------+--------------+-----------+
| Revenue: | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Sales to external | 90,089 | 6,375 | - | 96,464 |
| customers | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Inter-segment | 38,214 | - | (38,214) | - |
| sales | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Total revenue | 128,303 | 6,375 | (38,214) | 96,464 |
+-------------------+-----------+-----------+--------------+-----------+
| | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Results: | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Segment profit | 7,140 | (607) | - | 6,533 |
+-------------------+-----------+-----------+--------------+-----------+
| | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| Unallocated corporate expenses | | (135) |
+-------------------------------------------+--------------+-----------+
| Profit from operations before taxation | | 6,398 |
+-------------------------------------------+--------------+-----------+
| Income taxation | | | | (835) |
+-------------------+-----------+-----------+--------------+-----------+
| Profit for the | | | | 5,563 |
| period | | | | |
+-------------------+-----------+-----------+--------------+-----------+
| | | | | |
+-------------------+-----------+-----------+--------------+-----------+
+----------------+-----------+------+---------+-+--------------+----+------------+
| Twelve months | Back up | | PTB | | Eliminations | | Continuing |
| to | Batteries | | | | | | operations |
+----------------+-----------+------+---------+-+--------------+----+------------+
| December 2009 | 2009 | | 2009 | | 2009 | | 2009 |
| (Audited) | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Revenue: | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Sales to | 196,531 | | 16,038 | | - | | 212,569 |
| external | | | | | | | |
| customers | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Inter-segment | - | | 9,676 | | (9,676) | | - |
| sales | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Total revenue | 196,531 | | 25,714 | | (9,676) | | 212,569 |
+----------------+-----------+------+---------+-+--------------+----+------------+
| | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Results: | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Segment profit | 26,011 | | (669) | | - | | 25,342 |
+----------------+-----------+------+---------+-+--------------+----+------------+
| | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Unallocated | | | | | | | (268) |
| corporate | | | | | | | |
| expenses | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Profit from | | | | | | | 25,074 |
| operations | | | | | | | |
| before | | | | | | | |
| taxation | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Income | | | | | | | (1,610) |
| taxation | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
| Profit for the | | | | | | | 23,464 |
| year | | | | | | | |
+----------------+-----------+------+---------+-+--------------+----+------------+
Geographical segments
Six months to 30 June 2010 (Unaudited)
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | India | Singapore | Other | Total |
+--------------------+-----------------------+-----------------------+-----------------------+-----------------------+
| | | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 |
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Exports | | 162 | 2,527 | 234 | 158 | 1,704 | 776 | 2,100 | 3,461 |
| sales | | | | | | | | | |
| to | | | | | | | | | |
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
Twelve months to 31 December 2009 (Audited)
+---------+----------+------+--------+------+---------+------+---------+------+--------+
| | India | Singapore | Other | Total |
+--------------------+---------------+----------------+----------------+---------------+
| | | | 2009 | | 2009 | | 2009 | | 2009 |
+---------+----------+------+--------+------+---------+------+---------+------+--------+
| | | | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+---------+----------+------+--------+------+---------+------+---------+------+--------+
| Exports | | | 5,704 | | 1,032 | | 2,908 | | 9,644 |
| sales | | | | | | | | | |
| to | | | | | | | | | |
+---------+----------+------+--------+------+---------+------+---------+------+--------+
All export sales originate from the Back-up Batteries segment.
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+-----------+-----------+
| For the period ended 30 June | | | | | |
| 2010 (Unaudited) | | | | | |
+--------------------------------------------------+-----------+-----------+-----------+-----------+-----------+
| | Back-up | PTB | Eliminations | Consolidated |
| | Batteries | | | |
+--------------+-----------------------+-----------------------+-----------------------+-----------------------+
| Assets | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 |
| and | | | | | | | | |
| liabilities: | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Segment | 166,155 | 146,499 | 13,957 | 6,822 | (2,636) | (806) | 177,476 | 152,515 |
| assets | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Unallocated | | | | | | | 250 | 145 |
| assets | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Total | | | | | | | 177,726 | 152,660 |
| assets | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Segment | 91,969 | 97,382 | 8,782 | 2,485 | (2,636) | (806) | 98,115 | 99,061 |
| liabilities | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Unallocated | | | | | | | 52 | 52 |
| liabilities | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Total | | | | | | | 98,167 | 99,113 |
| liabilities | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Other | | | | | | | | |
| segment | | | | | | | | |
| information: | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Finance | 327 | 185 | 17 | 3 | - | - | 344 | 188 |
| income | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Finance | (667) | (917) | (40) | (43) | - | - | (707) | (960) |
| costs | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Capital | | | | | | | | |
| expenditure: | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Property | 3,330 | 1,451 | 64 | 14 | - | - | 3,394 | 1,465 |
| ,plant | | | | | | | | |
| and | | | | | | | | |
| equipment | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Intangible | 189 | - | - | - | - | - | 189 | - |
| assets | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Depreciation | 993 | 938 | 132 | 117 | - | - | 1,125 | 1,055 |
| and | | | | | | | | |
| amortization | | | | | | | | |
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Twelve months to 31 December 2009 | | | | |
| (Audited) | | | | |
+-----------------------------------------------+----------+--------------+----------+--------------+
| | Back-up | | PTB | | Eliminations | | Consolidated |
| | Batteries | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Assets and | 2009 | | 2009 | | 2009 | | 2009 |
| liabilities: | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Segment | 169,119 | | 10,835 | | - | | 179,954 |
| assets | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Unallocated | | | | | | | 3,234 |
| assets | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Total | | | | | | | 183,188 |
| assets | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Segment | 104,141 | | 5,454 | | - | | 109,595 |
| liabilities | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Unallocated | | | | | | | 563 |
| liabilities | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Total | | | | | | | 110,158 |
| liabilities | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Other segment | | | | | | |
| information: | | | | | | |
+--------------------------+----------+---------+----------+--------------+----------+--------------+
| Finance | 440 | | - | | - | | 440 |
| income | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Finance | 1,705 | | - | | - | | 1,705 |
| costs | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Capital | | | | | | | |
| expenditure: | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Property, | 7,417 | | 38 | | - | | 7,455 |
| plant and | | | | | | | |
| equipment | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Intangible | 6 | | - | | - | | 6 |
| assets | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| Depreciation | 1,782 | | 244 | | - | | 2,026 |
| and | | | | | | | |
| amortization | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
| | | | | | | | |
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+
4. Income tax
+-------------------------------+-------------+-------------+-----------+
| | 30-Jun-10 | 30-Jun-09 | 31-Dec-09 |
+-------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-------------------------------+-------------+-------------+-----------+
| | GBP000 | GBP000 | GBP000 |
+-------------------------------+-------------+-------------+-----------+
| Income tax expense is as | | | |
| follows: | | | |
| | | | |
+-------------------------------+-------------+-------------+-----------+
| Current income tax | 1,588 | 835 | 1,791 |
+-------------------------------+-------------+-------------+-----------+
| Deferred income tax: | | | |
+-------------------------------+-------------+-------------+-----------+
| Origination and reversal of | (155) | - | (181) |
| temporary differences | | | |
+-------------------------------+-------------+-------------+-----------+
| | 1,433 | 835 | 1,610 |
+-------------------------------+-------------+-------------+-----------+
5. Dividends
+----------------------------------+-------------+-------------+-----------+
| | 30-Jun-10 | 30-Jun-09 | 31-Dec-09 |
+----------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+----------------------------------+-------------+-------------+-----------+
| | GBP000 | GBP000 | GBP000 |
+----------------------------------+-------------+-------------+-----------+
| Dividends on ordinary shares | 1,167 | 818 | 817 |
| declared and paid during the six | | | |
| months period | | | |
+----------------------------------+-------------+-------------+-----------+
China Shoto plc declared an annual dividend of 5p per ordinary share amounting
to GBP1,167,238.50 on 28 April 2010, which was approved by the shareholders on
the AGM on 22 June 2010 and was paid on 30 June 2010.The group's subsidiary
Yangzhou Zhenghe Power Supply Co., Ltd declared an annual dividend amounting to
RMB 4,432,848.49 of which RMB 1,800,000 (equivalent to GBP172,891) was paid to
the minority shareholder on 15 March 2010, which was approved by the board of
director on 21 February 2010.
6. Earnings per share from continuing operations
Earnings for the purpose of basic and diluted earnings per share are the net
profit for six months ended 30 June 2010 attributable to equity holders of the
parent of GBP5,033,000(for six months ended 30 June 2009: GBP5,455,000 2009:
GBP23,304,000)
The profit from continuing operations for the financial period attributable to
equity holders of the parent is as follows:
+------------------------------+-------------+-------------+-----------+
| | 30-Jun | 30-Jun | 31-Dec |
| | 2010 | 2009 | 2009 |
+------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+------------------------------+-------------+-------------+-----------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------+-------------+-------------+-----------+
| Profit from continuing | 5,033 | 5,455 | 23,304 |
| operations | | | |
| attributable to equity | | | |
| holders of the parent | | | |
+------------------------------+-------------+-------------+-----------+
The weighted average number of ordinary shares used in the calculation of
earnings per share from continuing operations has been derived as follows:
+--------------------------------+--------------------------------+-------------+------------+
| | 30-Jun | 30-Jun | 31-Dec |
+ +--------------------------------+-------------+------------+
| | 2010 | 2009 | 2009 |
+--------------------------------+--------------------------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+--------------------------------+--------------------------------+-------------+------------+
| Number of ordinary shares | | | |
+--------------------------------+--------------------------------+-------------+------------+
| Weighted average number of | 23,343,770 | 23,343,770 | 23,343,770 |
| ordinary shares - basic | | | |
+--------------------------------+--------------------------------+-------------+------------+
| Dilutive effect of share | 709,761 | 149,860 | 353,832 |
| options | | | |
+--------------------------------+--------------------------------+-------------+------------+
| Weighted average number of | 24,053,531 | 23,493,630 | 23,697,602 |
| ordinary shares - diluted | | | |
+--------------------------------+--------------------------------+-------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFFFIIFSSEEU
1 Year -3x Short China Chart |
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