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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 : 2967A
Asia Ceramics Holdings PLC
28 September 2015
ASIA CERAMICS HOLDINGS PLC
("ASIA CERAMICS HOLDINGS" OR THE "COMPANY")
INTERIM UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2015
The Directors of Asia Ceramics Holdings are pleased to present the Company's interim results for the six months to 30 June 2015.
Key Points:
-- Sales GBP2,978k -- Loss for period GBP278k -- Cash at bank GBP92k
CHAIRMAN'S STATEMENT
Sales for the six months to 30 June 2015 GBP2,978k (GBP5,194k in 2014) Loss for the six months to 30 June 2015 GBP278k (GBP162k loss in 2014)
The group incurred a loss of GBP278,000 in the first half of the year as trading conditions in China remained challenging. Lower sales were offset by savings in distribution and administration expenses compared to the same period last year. Gross margins were impacted by a charge of approximately GBP180,000 relating to the non recovery of vat on export sales from 2014 that had been carried on the balance sheet at the year end.
I look forward to reporting further progress in my statement at the year end and overall we expect the underlying second half performance of the Company to be similar with the first half .
Enquiries:
Alei Duan , Chairman Asia Ceramic Holdings plc Tel: 07776481237 Shawn Wu, CFO Asia Ceramics Holdings Tel: 86-757-82019176 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 2015
June June Dec.31 30, 30, 2014 audited 2015 2014 Notes GBP'000 GBP'000 GBP'000 Revenue 2,978 5,194 10,797 Cost of sales (2,671) (4,299) (8,743) --------- ------------ --------------- Gross profit 307 895 2,054 Distribution expenses (288) (628) (1,215) Administrative expenses (336) (415) (869) Interest Income(expenses) (10) (14) 35 Non-operating income/(expenses) 49 1 (1) Profit (Loss) on ordinary activities before taxation (278) (162) 4 Income tax expenses 3 - 46 Profit (Loss) after taxation (278) (162) 50 ========= ============ =============== 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 (278) (162) 69 ========= ============ =============== (2.53) (1.48) 0.46 --------- ------------ --------------- (2.53) (1.48) 0.46 --------- ------------ --------------- 4
Interim Condensed Statement of Financial Position
At 30 June 2015
June 30, June30, Dec.31 2014 audited 2015 2014 Notes GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 110 Construction in progress - Investments 5 & - Deferred tax assets 6 236 204 65 ---------- ----------- ----------- 236 204 175 Current assets Inventory 69 107 11 Trade and other receivables 7 3,874 3,737 5,032 Export VAT refund receivables 2 100 - Cash and cash equivalents 92 216 33 ---------- ----------- ----------- 4,036 4,160 5,076 Total assets 4,273 4,364 5,251 ========== =========== =========== Equity and reserves 55 1,201 Share capital 8 58 (620) 55 55 1,201 Share premium 1,201 111 Other reserves 37 (540) (342) Retained earnings ---------- ----------- ----------- Equity and reserves Current liabilities 694 753 1,025 Trade and other payables 2,816 3,107 3,711 Tax payable Borrowing 163 4 15 ---------- ----------- ----------- 2,979 3,111 3,726 Non current liabilities Loan from a shareholder 11 600 500 500 ---------- ----------- ----------- 600 500 500 Total equity and liabilities 4,273 4,364 5,251 ========== =========== ===========
The financial statements were approved by the Board of Directors and authorised for issue in September 2015.
Interim Condensed Statement of Cash Flows
For the six months ended 30 June 2015
June 30, June Dec.31 30, 2014 audited 2015 2014 Notes GBP'000 GBP'000 GBP'000 Net cash generated (used) in operating activities (41) (67) (10) ============= ============== ================== Investing activities Purchase of property, plant and equipment - (5) (7) Construction in progress Investment - in subsidiaries - Interest received - - ------------- -------------- ------------------ Net cash used in investing activities - (5) (7) ============= ============== ================== Financing activities Loans to subsidiaries Loan to director - - (239) Loans from shareholders 100 - - Repayment of bank loan - - Net cash from financing activities 100 - (239)
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2015 02:00 ET (06:00 GMT)
============= ============== ================== Net increase (decrease) in cash and cash equivalents 59 (72) (256) ============= ============== ================== Cash and cash equivalents at beginning of period 33 288 288 Exchange difference 1 Cash and cash equivalents at end of period 92 216 33 ============= ============== ==================
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 2014.
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 2015.
3. INCOME TAX EXPENSE 30 June 30 June 31 Dec. 2015 2014 2014 GBP'000 GBP'000 GBP'000 Current tax charge Deferred tax - - 19 ========= (34) The income tax expense for the year can be reconciled as follow: (31) Profit (Loss) before taxation (278) (162) (46) ========= ========= ========= Income tax calculated at 25% - - Effect of income that is exempt from taxation - Effect of different tax rate of subsidiary - operating in other jurisdiction - 4 Effect of prior year adjustment Unrelieved tax losses c/f - 1 Deferred tax arising from unused tax losses (22) (15) Others - - (34) --------- - - 16 ========= ========= =========
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. EARINGS PER 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 2014 2015 Earnings Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent (277,535) (162,489) 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 - Weighted average number of ordinary shares for the purposes of diluted earnings per share 10,990,071 10,990,071 ============= ============= Profit (Loss) per share Basic (pence) (2.53) (1.48) ============= ============= Diluted (pence) (2.53) (1.48) ============= ============= 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.
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 2015 30 June 2014 31 December 2014 GBP'000 GBP'000 GBP'000 Trade receivables 1,841 1,173 1,657 Payment on accounts 1,557 1,957 1,569 Other debtors 476 607 531 --------------- --------------- ----------------- Less: allowance for doubtful debts - --------------- --------------- ----------------- Total 3,874 3,737 3,757 =============== =============== ================= 8. SUBSIDIARIES
Details of the Company's subsidiaries at 30 June 2015 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 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.
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2015 02:00 ET (06:00 GMT)
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