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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asia Ceramics | LSE:ACHP | London | Ordinary Share | JE00B3PVQ001 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 37.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMACHP
RNS Number : 0890K
Asia Ceramics Holdings PLC
15 August 2012
Asia Ceramics Holdings PLC
Interim Results
The Directors of Asia Ceramics Holdings Plc are pleased to present the company's interim results for the six months to 30th June 2012.
Key Points:
-- Sales (GBP)5,783k -- Profit for period (GBP)209k -- Cash at bank (GBP)170k -- Growth in Export Division
CHAIRMAN'S STATEMENT
I am pleased to report strong growth in revenue, which has been driven in particular from the export division.
Group sales in the six months ended 30 June 2012 amounted to (GBP)5.8m compared to (GBP)0.6m for the corresponding period in 2011 and profit after tax for the period amounted to (GBP)0.2m.
The Board remains confident that further growth in export sales will be achieved in the second half of the year and
I look forward to reporting further progress in my statement at the year end
Frank Lewis
Chairman
Enquiries:
Frank Lewis, Chairman Asia Ceramic Holdings Tel: 07785 273 111 plc Shawn Wu, CFO Asia Ceramic Holdings Tel: 86-10-68531389 plc James Joyce WH Ireland Limited Tel: 020 7220 1666
Interim Condensed Statement of Comprehensive Income
For the six months ended 30 June 2012
June June Dec 31 30 30 2011 audited 2012 2011 Notes (GBP)'000 (GBP)'000 (GBP)'000 Revenue 5,783 618 4,252 Cost of sales (4,757) (465) (3,691) ---------- ---------- -------------- Gross profit 1,026 153 561 Distribution expenses (379) (71) (123) Administrative expenses (372) (243) (634) Interest Income(expenses) (1) 18 4 Profit (Loss) on ordinary activities before taxation 273 (143) (192) Income tax expenses 3 (64) - (33) Profit (Loss) after taxation 209 (143) (225) ========== ========== ============== Other comprehensive income Exchange difference arising on translation of foreign operations (19) (31) (48) Total comprehensive income for the year attributable to equity holders 190 (174) (177) ========== ========== ============== Basic profit (loss) per ordinary share (pence) 4 1.90 (4.06) (2.18) ---------- ---------- -------------- Diluted profit (loss) per ordinary share (pence) 1.89 (3.99) (2.17) ---------- ---------- --------------
Interim Condensed Statement of Financial Position
AT 30 June 2012
June 30 June Dec 31 30 2011 audited 2012 2011 Notes (GBP)'000 (GBP)'000 (GBP)'000 Non-current assets Property, plant and equipment 5 &6 29 24 28 Construction in progress 216 193 216 Investments - - - ------------ ---------- --------------- 245 217 244 Current assets Inventory 46 29 56 Trade and other receivables 7 2,570 372 1,308 Export VAT refund receivables 445 Cash and cash equivalents 170 633 669 ------------ ---------- --------------- 3,231 1,034 2,033 Total assets 3,476 1,251 2,277 ============ ========== =============== Equity and reserves 52 712 55 1,201 (56) Share capital 8 63 (251) (368) 52 Share premium 712 Other reserves 82 Retained earnings (460) ------------ ---------- --------------- Equity and reserves 1,068 340 386 Current liabilities Trade and other payables 1,960 411 1,339 Tax payable (63) 39 Borrowing 11 13 ------------ ---------- --------------- 1,908 411 1,391 Non current liabilities Loan from a shareholder 11 500 500 500 ------------ ---------- --------------- 500 500 500 Total equity and liabilities 3,476 1,251 2,277 ============ ========== ===============
Interim Condensed Statement of Cash Flows
For the six months ended 30 June 2012
June 30 June Dec 31 30 2011 audited 2012 2011 Notes (GBP)'000 (GBP)'000 (GBP)'000 Net cash generated (used) in operating activities (476) (74) (540) ============ ========== ============== Investing activities Purchase of property, plant and equipment (5) (13) (122) Construction in progress Investment - (83) in subsidiaries - - Interest received 1 1 ------------ ---------- -------------- Net cash used in investing activities (4) (96) (121) ============ ========== ============== Financing activities Loans to subsidiaries - - - Loans from shareholders - - - Shares issued - - 492 Share Issue Costs - - - Net cash from financing activities - - 492 ============ ========== ============== Net increase (decrease) in cash and cash equivalents (480) (170) (169) ============ ========== ============== Cash and cash equivalents at beginning of period 669 834 834 Exchange difference (19) (31) 4 Cash and cash equivalents at end of period 170 633 669 ============ ========== ==============
Interim Condensed Statement of changes in Equity
For the six months ended 30 June 2012
Group Share Share Other reserves Retained Total capital premium earnings (GBP)'000 (GBP)'000 (GBP)'000 (GBP)'000 (GBP)'000 Balance at 30 June 2011 52 712 (56) (368) 340 =============== ============== =================== ============== ============== Exchange difference arising on the translation of financial statements of overseas subsidiaries 79 79 Loss for the period (82) (82) --------------- -------------- ------------------- -------------- -------------- Transfer statutory reserves 10 (10) - Share-based payment 49 49 Balance at 31 December 2011 52 712 82 (460) 386 =============== ============== =================== ============== ============== Exchange difference arising on the translation of financial statements of overseas subsidiaries (19) (19) Profit for the period 209 209 Issue of shares Share issue costs 3 489 492 Balance at 30 June 2012 55 1,201 63 (251) 1,068 =============== ============== =================== ============== ==============
Notes to the Condensed Group Interim Financial Statements
1. GENERAL INFORMATION
Asia Ceramics Holdings Plc is a company incorporated in Jersey under the Companies (Jersey) Law 1991. The company is governed by its articles of association and the principal statute governing the company is Jersey law. The company has an unlimited life. The liability of the members of the company is limited. The company is domiciled and has its registered office in Jersey and the company's registration number is 105875 (Jersey).
The principal activity of the Company is investment holding. The Group's principal activity is the sale of ceramic products in China.
The Group's places of business are Hong Kong and the People's Republic of China ("PRC").
These financial statements are presented in pounds sterling and rounded to the nearest thousand ('000).
Asia Ceramics Holding Plc has adopted all relevant standards effective for accounting periods beginning on or after 1 January 2011.
2. BASIS OF PREPARATION
The condensed financial statements have been prepared under historical cost convention, except for the revaluation of certain financial instruments. The same accounting policies, presentation and methods have been followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2011.
The Group's Financial Statements have been prepared in accordance with International Financial Reporting Standards 34 (Interim Financial Reporting).
The report is unaudited and does not constitute the statutory accounts for the six months ended 30 June 2012.
3. INCOME TAX EXPENSE 30 31 June December 2012 2011 (GBP)'000 (GBP)'000 Current tax charge (65) (33) The income tax expense for the year can be reconciled as follow: Profit (Loss) before taxation 273 (192) =============== =============== Income tax calculated at 25% 64 (48) Effect of income that is exempt from taxation - 64 Effect of different tax rate of subsidiary operating in other jurisdiction (2) Effect of prior year adjustment - 64 (2) Effect of prior year adjustment - (1) Unrelieved tax losses c/f - 14 Others - 6 (64) (33) =============== ===============
The applicable tax of the Group is derived from the consolidation of all Group companies applicable tax band on their domestic tax rates. The applicable tax rate for Asia Ceramics (HK) Ltd is 16.5% and 25% for all Chinese subsidiaries.
The income tax expenses are all due to Chinese subsidiary.
4. EARNINGS PER SHARE
Basic earning per share is calculated by dividing the loss attributable to equity shareholders of the company by the weighted average number of ordinary shares in issue during the year.
Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares in the company are share options. A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the company's shares) based on the monetary rights attached to outstanding share options. The number of shares calculated above is compared with the number of shares that would have issued assuming the exercise of the share options.
30 June 31 December 2012 2011 (GBP)'000 (GBP)'000 Earnings Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent 208,567 (225,194) Number of shares Weighted average number of ordinary shares for the purposes of basic earnings per share 10,990,071 10,311,444 Effect of dilutive potential ordinary shares: Share options 46,857 46,857 Weighted average number of ordinary shares for the purposes of diluted earnings per share 11,036,928 10,358,301 ================= ===================== Profit (Loss) per share Basic (pence) 1.90 (2.18) ================= ===================== Diluted (pence) 1.89 (2.17) ================= ===================== 5. Property, plant and equipment
During this period, Foshan Louis Valentino Ceramics Co., Ltd. purchased (GBP)5,300 office equipment.
6. Intangible Assets
There is no addition of intangible assets during this period.
7. Trade Receivables 6 months ended 6 months ended Year ended 30 June 2012 30 June 2011 31 December 2011 (GBP)'000 (GBP)'000 (GBP)'000 Trade receivables 956 14 662 Prepayment 1,522 305 381 Other receivables 92 53 265 ------------------- ------------------- --------------------- Less: allowance for doubtful debts - - - ------------------- ------------------- --------------------- Total 2,570 372 1,308 =================== =================== ===================== 8. SUBSIDIARIES
Details of the Company's subsidiaries at 30 June 2012 are as follows.
Place of Proportion incorporation of ownership Principal activities Name of (or registration) interest subsidiary and operation % Asia Ceramics (HK) Hong Kong 100 Retail of Ceramics Ltd Products in Hong Kong Market Shenyang Louis Building P.R. China 100 Establishment of Ceramics Materials Ltd retail shops in China and sale of Ceramics Foshan Louis Valentino P.R. China 100 Sale of ceramics products Ceramics Co., Ltd in PRC and export ** market
** Held by subsidiary company
Foshan Louis Valentino Ceramics Co., Ltd was established on 5 July 2011 with registered share capital of RMB500,000. On the same day, Shenyang Louis Buildings Materials Co., Ltd subscribed 50% of the registered share capital of the company for RMB250,000. On 8 August 2011, the remaining 50% of the registered share capital was transferred to Shenyang Louis Buildings Materials Co., Ltd for RMB250,000. As a result of this, Foshan Louis Valentino Ceramics Co., Ltd is wholly owned by the Group.
Foshan Louis Valentino Ceramics Co., Ltd commenced trading in October 2011 and the results of the company were fully consolidated in these financial statements.
9. SHARE CAPITAL
The company has one class of ordinary share capital which carry no rights to fixed income, any preferences or restrictions.
June 30 June December31,2011 2012 30 2011 (GBP)'000 (GBP)'000 (GBP)'000 Authorised: 2,000,000,000 Ordinary shares of (GBP)0.005 each 10,000 10,000 10,000 ============== ============== ==================== Issued and fully paid: 10,990,071 Ordinary shares of (GBP)0.005 each (10,311,444 Ordinary shares as at 31 Dec. 2011) 55 52 52 ============== ============== ====================
Shares issued during the year
Note Share Share Share numbers Capital Premium On Incorporation (i) 2 2 - On 12 July 2010 (ii) 42,448 42,448 - On 18 July 2010 (iii) 8,490,000 42,450 - On 2 August 2010 (iv) 1,821,444 9,107 1,193,046 Less share issue costs (v) - - (480,955) On 17 March 2012 678,627 3,393 488,611 Total 10,990,071 54,950 1,200,702 =============== ============= ============== (i) On incorporation, the Company issued 2 shares at par value of (GBP)1 each.
(ii) On 12 July 2010, the Company issued 42,448 additional shares at its par value of (GBP)1 each.
(iii) Pursuant to a special resolution of the Company dated 15 July 2010 the authorized share capital of the Company was sub-divided into 2,000,000,000 shares of (GBP)0.005 each.
(iv) On 2 August 2010, the Company raised (GBP)1.20 million gross of expenses in a private placing through the issue of 1,821,444 additional shares at (GBP)0.66 each.
(v) On 17 March 2012 the company signed a share subscription agreement with Better Group (Holding) Co., Ltd where Better Group (Holding) Co., Ltd subscribes 678,627 shares at 72.5p each amount of (GBP)492,005 (HKD 6 million) and the company agrees to issue new shares within 90 days from date of this agreement. The shares were issued on 29 March 2012 and fully paid. The company received the fund in December 2011 and recorded in other creditors.
10. DERIVATIVE FINANCIAL INSTRUMENTS
On 31 August 2010 the company executed a deed poll constituting warrants to subscribe for ordinary shares in favour of WH Ireland. Pursuant to this instrument, WH Ireland will be entitled to subscribe for such number of Ordinary Shares amount to 257,786 which is equal to 2.5 percentage of the fully diluted share capital of the company on Admission at an exercise price of (GBP)0.66 until the third anniversary of Admission.
On the same date, the company granted warrants to Alexander David to subscribe for such number of Ordinary Shares amount to 206,229 which is equal to 2 percentage of the company's issued Ordinary Share capital following Admission at an exercise price of (GBP)0.66 per Ordinary Share. The warrants are exercisable at any time following Admission until the fifth anniversary of Admission.
Details of the share options outstanding during the year are as follows:
2012 2011 ------------------------------------------- -------------------------------------------- Average Option Option Average Option Option exercise 1 2 Exercise 1 2 price price in (GBP) in (GBP) per share per share At beginning of the year 0.66 257,786 206,229 0.66 257,786 206,229 Granted - - - Forfeited - - - - - - Executed - - - - - - Expired - - - - - - At end of year 0.66 257,786 206,229 0.66 257,786 206,229 =============== ============ ============ ================ ============ ============
As at 30 June 2012, none of the above options had been exercised.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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