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