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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Steppe Cement Ltd | LSE:STCM | London | Ordinary Share | MYA004433001 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.00 | 18.00 | 20.00 | 19.00 | 19.00 | 19.00 | 25,598 | 07:45:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Cement, Hydraulic | 86.73M | 17.78M | 0.0812 | 2.34 | 41.61M |
TIDMSTCM
RNS Number : 5825A
Steppe Cement Limited
26 September 2022
Steppe Cement Ltd
Interim Results for the Half Year ended 30 June 2022
and General Market Update
1. Interim Results
Steppe Cement Ltd ("Steppe Cement" and "the Company") posted a consolidated profit after tax of USD10.2 million for the six months ended 30 June 2022, an increase of 65% over the corresponding period for the previous year.
6 months 6 months % of change ended ended 30 June 30 June 22 21 Sales (Tonnes) 837,063 840,661 0% ------------- ------------- ---------------- Consolidated turnover KZT million 19,779 16,657 19% ------------- ------------- ---------------- Consolidated turnover (USD million) 43.1 39.5 9% ------------- ------------- ---------------- Consolidated profit after tax (USD million) 10.2 6.2 65% ------------- ------------- ---------------- Earnings per share (Cents) 4.7 2.8 47% ------------- ------------- ---------------- Average exchange rate (USD/KZT) 449 424 -6% ------------- ------------- ----------------
-- The Company managed to increase prices in the first during the first half of 2022, with the average ex-factory price achieved increasing from 16,571 KZT /tonne (USD39 per tonne) to 20,485 KZT/tonne (USD 45 per tonne) or 18% compared with first half 2021.
-- Steppe Cement's gross margin increased from 44% to 46% in USD terms compared with first half 2021 due to the price increases.
-- Selling expenses per tonne decreased in USD terms by 20% compared with the corresponding period in 2021 primarily due to increased sales to markets closer to the factory.
-- Administrative expenses increased by 7% in USD terms compared with first half of 2021.
-- On average, the Kazakh Tenge depreciated by 6% compared to the first half of 2021 but only translated in a small foreign exchange loss of USD 0.2 million.
-- The Company generated operating profit before working capital changes of USD 16.3 million in 1H 2022 against USD 12.9 million in the corresponding period for 2021.
-- Kazakhstan GDP increased by 3.4% in the first half of 2022 compared to the first half of 2021. In the first quarter of 2022 the GDP growth was 4.6% despite the January and February local and international instability.
-- Reported inflation has been 15% up to the end of June 2022.
2. Production and capex
-- Production costs increased by 11% in KZT in the first half of 2022 primarily due to the higher electricity cost, diesel and spare parts for maintenance.
-- The separator of cement mill number 1 has been commissioned and work has started in the separator of cement mill number 2.
3. Update on the Kazakh cement market
-- The Kazakh cement market increased by 2% during the first half of the year as the government has maintained its incentives for construction.
-- Steppe Cement maintained its local market share at 14.5% in 1H2022. We expect to maintain or increase this share for the full year.
-- Exports at 0.54 million tonnes represented 10% of the volumes in the 1H2022 from 9% last year.
-- Imports into Kazakhstan have been decreased to 0.35 million tonnes in 2022 and represent 6% of the market.
-- Overall production of all factories in Kazakhstan has decreased by 0.4 million tonnes to 4.8 million tonnes for the 1H2022 as reductions in bigger factories were balanced by increased volumes in Gezhuoba and Alacem.
-- Currently 82% of production in the country is manufactured from dry lines a similar figure than last year.
4. Finance
-- Interest expenses on bank debt reduced to USD 0.2 million from USD 0.3 million in 2021 mostly on subsidised loans while we maintained interest expenses on lease liabilities at USD 0.1 million after to the application of IFRS 16 on the 3-year wagon leases. The rental on those wagons was previously treated as selling expenses. The contract to rent wagons is due for renewal in in the second half of 2022.
-- Steppe Cement recorded a net cash position of USD9.3 million compared to net cash of USD7.4 million as of 30 June 2021.
-- The borrowings of the Company as of 30 June 2022 were USD5.4 million while we carried a cash balance of USD14.7 million. For comparison, on 30 June 2021 the Company had USD6.1 million of borrowings and USD13.5 million in cash.
-- Pursuant to the announcement of the Company on 13 June 2022, the Company has reserved GBP11 million in cash (5p/share) for payment to shareholders through a dividend or alternative process such as a capital return, in respect of the results for the full year ended 31 December 2021. The approach to be taken on how to proceed with payment of this amount to shareholders in the most tax effective way remains under consideration, however, the Company anticipates an announcement regarding this distribution and its timing will be made in November.
A pdf copy of the announcement and the full interim financial statements is available on the company's website at www.steppecement.com .
Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.
Nominated Adviser: Contact Stephen Allen or Andrew Thomson at +61 8 9480 2500.
Broker: Contact Charlie Cryer at +44 20 3440 6800
SUMMARY OF INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2022 (UNAUDITED)
(In United States Dollars)
The Notes to the Interim Financial Statements form an integral part of the Condensed Financial Statements. Please visit the Company's website at www.steppecement.com to view the full interim financial statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE PERIODED 30 JUNE 2022 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 2022 30 June 2021 30 June 30 June 2022 2021 USD'000 USD'000 USD'000 USD'000 Revenue 43,125 39,534 670 691 Cost of sales (23,148) (22,082) - - ----------------- ----------------- ------------ ------------ Gross profit 19,977 17,452 670 691 Selling expenses (5,285) (6,577) - - General and administrative expenses (3,183) (2,965) (165) (157) ----------------- ----------------- ------------ ------------ Operating profit 11,509 7,910 505 534 Interest income 266 78 - - Finance costs (435) (475) - - Net foreign exchange (loss)/gain (246) (147) 3 (1) Other income, net 940 341 - - ----------------- ----------------- ------------ ------------ Profit before income tax 12,034 7,707 508 533 Income tax expense (1,831) (1,515) - - ----------------- ----------------- ------------ ------------ Profit for the period 10,203 6,192 508 533 ================= ================= ============ ============ Attributable to: Shareholders of the Company 10,203 6,192 508 533 Earnings per share: Basic and diluted (cents) 4.7 2.8 ================= =================
^ Insignificant amount.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIODED 30 JUNE 2022 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 2022 30 June 2021 30 June 2022 30 June 2021 USD'000 USD'000 USD'000 USD'000 Profit for the period 10,203 6,192 508 533 Other comprehensive loss: Item that may be reclassified subsequently to profit or loss Exchange differences arising on translation of foreign subsidiary companies (4,941) (902) - - Total other comprehensive loss for the period (4,941) (902) - - ----------------- ----------------- ----------------- ------------ Total comprehensive income for the period 5,262 5,290 508 533 ================= ================= ================= ============ Attributable to: Shareholders of the Company 5,262 5,290 508 533 ================= ================= ================= ============
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022 (UNAUDITED)
The Group The Company Unaudited Audited Unaudited Audited 30 June 2022 31 Dec 2021 30 June 2022 31 Dec 2021 USD'000 USD'000 USD'000 USD'000 Assets Non-Current Assets: Property, plant and equipment 44,599 48,438 - - Right-of-use assets 792 1,700 Investment in subsidiary companies - - 36,200 36,200 Loan to subsidiary company - - 30,114 30,080 Advances 6 - - - Other assets 161 155 - - Total Non-Current Assets 45,558 50,293 66,314 66,280 ----------------- ---------------- ----------------- ------------ Current Assets Inventories 17,356 16,024 - - Trade and other receivables 4,544 1,752 1,265 1,724 Other assets 2,076 2,258 - - Income tax receivable 846 911 - - Loans and advances to subsidiaries companies - - 39 50 Advances and prepaid expenses 8,439 5,234 17 5 Cash and cash equivalents 14,694 10,136 1,602 614 Total Current Assets 47,955 36,315 2,923 2,393 ----------------- ---------------- ----------------- ------------ Total Assets 93,513 86,608 69,237 68,673 ================= ================ ================= ============ The Group The Company Unaudited Audited Unaudited Audited 30 June 2022 31 Dec 2021 30 June 31 Dec 2021 2022 USD'000 USD'000 USD'000 USD'000 Equity and Liabilities Capital and Reserves Share capital 73,761 73,761 73,761 73,761 Revaluation reserve 1,931 2,068 - - Translation reserve (125,379) (120,438) - - Retained earnings 120,530 110,190 (5,098) (5,606) ----------------- ---------------- -------------- ---------------- Total Equity 70,843 65,581 68,663 68,155 ----------------- ---------------- -------------- ---------------- Non-Current Liabilities Borrowings 3,621 1,941 - - Lease liabilities 4 9 - - Deferred taxes 3,654 4,319 - - Deferred income 1,868 1,588 - - Provision for site restoration 172 180 - - Total Non-Current Liabilities 9,319 8,037 - - ----------------- ---------------- -------------- ---------------- Current liabilities Trade and other payables 5,803 5,062 - - Accrued and other liabilities 3,369 1,553 284 228 Amount due to subsidiary company - - 290 290 Borrowings 1,807 3,615 - - Lease liabilities 966 2,018 - - Deferred income 100 103 - - Taxes payable 1,306 639 - - Total Current Liabilities 13,351 12,990 574 518 ----------------- ---------------- -------------- ---------------- Total Liabilities 22,670 21,027 574 518 ----------------- ---------------- ---------------- Total Equity and Liabilities 93,513 86,608 69,237 68,673 ================= ================ ============== ================
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2022 (UNAUDITED)
Non-distributable Distributable The Group Share Revaluation Translation Retained Total capital reserve reserve earnings USD'000 USD'000 USD'000 USD'000 USD'000 Balance as at 1 January 2022 73,761 2,068 (120,438) 110,190 65,581 ------------- ---------------------- ---------------- ------------------ ------------ Profit for the period - - - 10,203 10,203 Other comprehensive loss - - (4,941) - (4,941) ------------- ---------------------- ---------------- ------------------ ------------ Total comprehensive income for the period - - (4,941) 10,203 5,262 Transfer of revaluation reserve relating to the depreciation of property, plant and equipment through
use - (137) - 137 - ------------- ---------------------- ---------------- ------------------ ------------ Balance as at 30 June 2022 73,761 1,931 (125,379) 120,530 70,843 ============= ====================== ================ ================== ============ Non-distributable Distributable The Group Share Revaluation Translation Retained Total capital reserve reserve earnings USD'000 USD'000 USD'000 USD'000 USD'000 Balance as at 1 January 2021 73,761 2,370 (118,514) 100,325 57,942 ------------- ---------------------- ---------------- ------------------ ------------ Profit for the period - - - 6,192 6,192 Other comprehensive loss - - (902) - (902) ------------- ---------------------- ---------------- ------------------ ------------ Total comprehensive income/(loss) for the period - - (902) 6,192 5,290 Transfer of revaluation reserve relating to the depreciation of property, plant and equipment through use - (148) - 148 - ------------- ---------------------- ---------------- ------------------ ------------ Balance as at 30 June 2021 73,761 2,222 (119,416) 106,665 63,232 ============= ====================== ================ ================== ============ The Company Share capital (Accumulated Total losses)/ Retained earnings USD'000 USD'000 USD'000 Balance as at 1 January 2022 73,761 (5,606) 68,155 Total comprehensive income for the period - 508 508 Balance as at 30 June 2022 73,761 (5,098) 68,663 ================== =========================== ============== Balance as at 1 January 2021 73,761 631 74,392 Total comprehensive income for the period - 533 533 Balance as at 30 June 2021 73,761 1,164 74,925 ================== =========================== ==============
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2022 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 30 June 30 June 30 June 2022 2021 2022 2021 USD'000 USD'000 USD'000 USD'000 OPERATING ACTIVITIES Profit before income tax 12,034 7,707 508 533 Adjustments for: Depreciation of property, plant and equipment 3,203 3,733 - - Depreciation of right-of-use assets 823 1,031 - - Non-cash items 218 478 (1,090) (1,030) ------------ ------------ ------------ ------------ Operating Profit/(Loss) Before Working Capital Changes 16,278 12,949 (582) (497) (Increase)/ Decrease in: Inventories (2,922) (1,607) - - Trade and other receivables, (6,444) (2,175) (12) (12) advances and prepaid expenses Loans and advances from subsidiary companies - - (24) (3) Increase in: Trade and other payables, 3,494 3,317 56 5 accrued and other liabilities Cash Generated From/(Used In) Operations 10,406 12,484 (562) (507) Income tax paid (1,785) (730) - - Interest paid (198) (299) - - ------------ ------------ ------------ ------------ Net Cash Generated From/(Used In) Operating Activities 8,423 11,455 (562) (507) ------------ ------------ ------------ ------------ INVESTING ACTIVITIES Purchase of property, plant and equipment (2,870) (4,529) - - Purchase of other assets (18) (18) - - Interest received 267 78 1,550 - ------------ ------------ ------------ ------------ Net Cash (Used In)/Generated From Investing Activities (2,621) (4,469) 1,550 - ------------ ------------ ------------ ------------ FINANCING ACTIVITIES Proceeds from borrowings 3,346 3,350 - - Repayment from borrowings (2,815) (4,089) - - Payment of lease liabilities (1,090) (877) - - ------------ ------------ ------------ ------------ Net Cash Used In Financing Activities (559) (1,616) - - ------------ ------------ ------------ ------------ NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 5,243 5,370 988 (507) EFFECTS OF FOREIGN EXCHANGE RATE CHANGES (685) (114) - - CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 10,136 8,214 614 1,353 ------------ ------------ ------------ ------------ CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 14,694 13,470 1,602 846 ============ ============ ============ ============
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END
IR SEFSSMEESEFU
(END) Dow Jones Newswires
September 26, 2022 02:00 ET (06:00 GMT)
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