We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 18.50 | 17.00 | 20.00 | 18.50 | 18.50 | 18.50 | 311 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Cement, Hydraulic | 86.73M | 17.78M | 0.0812 | 2.28 | 40.52M |
TIDMSTCM
RNS Number : 0891M
Steppe Cement Limited
12 September 2019
Steppe Cement Ltd
Interim Results for the Half Year ended 30 June 2019
and General Market Update
1. Interim Results
Steppe Cement Ltd ("Steppe Cement" and "the Company") posted a consolidated profit after tax of USD 3.1 million for the six months ended 30 June 2019.
6 months 6 months % of change ended ended 30 June 30 June 19 18 Sales (Tonnes) 780,315 738,228 6% ------------- ------------- ---------------- Consolidated turnover (KZT million) 14,079 10,539 34% ------------- ------------- ---------------- Consolidated turnover (USD Million) 37.1 32.8 13% ------------- ------------- ---------------- Consolidated profit after tax (USD Million) 3.1 0.2 ------------- ------------- ---------------- Profit per share (Cents) 1.4 0.1 ------------- ------------- ---------------- Average exchange rate (USD/KZT) 379 326 -16% ------------- ------------- ----------------
-- The Company continued to maintain prices from last summer while taking advantage of the slight increase of volumes in the first few months of 2019.
-- The average ex-factory price increased from 11,560 KZT /tonne to 15,148 KZT /tonne or 31% during the period.
-- Steppe Cement's gross margin increased from 32% to 37% in USD terms.
-- Selling expenses decreased in USD terms but increased in KZT by 12% on per tonne basis due to inflation in transport costs.
-- Administrative expenses were reduced by 3% in KZT.
-- The Kazakh Tenge depreciated by 16% compared to the first half of 2018. However, the devaluation took part mostly in the second half of 2018 and therefore the Company only booked foreign exchange losses of USD 0.04 million in 1H 2019.
-- The Company generated operating profit before working capital changes of USD 7.9 million in 1H 2019 against USD 5.3 million in 2018.
-- The Kazakhstan economy grew at 3.8% up to April 2019. -- Reported inflation has been 5.5% up to the end of August 2019.
2. Production costs
-- Production costs increased by 17% in KZT mostly due to the lower level of clinker production as both lines were stopped for longer than usual annual maintenance in 1H 2019.
-- The volumes lost in 1H should be recovered in the second half as less maintenance stops are planned.
3. Update on the Kazakh cement market
-- The Kazakh cement market decreased by 3% during the first half of the year. Steppe Cement expects a market of about 8.4 million tonnes for the full year 2019, a 3% decrease compared to 2018.
-- Steppe Cement increased its local market share from 15.5% in 1H2018 to 17% in 1H2019. We expect to maintain or increase slightly this share for the full year. Exports represented 13% of the volumes in the 1H2019 similar to last year's.
-- Imports into Kazakhstan have remained stable at 0.34 million tonnes in 2019 and they represent 8% of the market.
-- Exports from Kazakhstan have decreased slightly to 0.87 million tonnes from 0.92 million last year.
-- Exports from Kazakhstan represent 19% of local production.
-- Overall production of all factories in Kazakhstan has decreased by 4% to 4.6 million tonnes for the 1H2019.
-- Currently 80% of production in the country is coming from dry lines, an increase of 2% compared to last year's level.
4. Financing
The debt position of the company as of 30 June 2019 was USD10.7 million (USD 4.6 million current and USD 6.1 million long term):
-- A long-term USD 5.1 million loan outstanding to Halyk Bank for the purchase of the wagons and repayable monthly till November 2021 at 6.5% p.a. and secured with the pledge of the wagons.
-- A loan of KZT 1.178 billion with Halyk Bank JSC subsidised by the government for capital investment at 6% p.a.
-- A loan of KZT 500 million with Halyk Bank JSC subsidised by the government for working capital at 6% p.a.
-- We have maintained KZT3.9 billion of available working capital lines from Halyk Bank, Altyn Bank and VTB Bank. The current rates are 6% p.a. in USD and 13% p.a. in KZT respectively. As of 30 June 2019 we had the equivalent of USD 1.1 million outstanding from these working capital loans.
At the same time we carried a balance of USD 10.8 million in cash of which USD 8.3 million were subsequently used to pay a dividend.
As of 31 August 2019, the total debt was USD 9 million (53% in USD and the rest in KZT)
The total bank debt net of cash amounted to USD 5.1 million.
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 94802500.
Broker: Contact Charlie Cryer at +44 20 3440 6800
SUMMARY OF INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2019 (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 2019 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 2019 30 June 2018 30 June 30 June 2018 2019 USD'000 USD'000 USD'000 USD'000 Revenue 37,122 32,838 629 50 Cost of sales (23,515) (22,114) - - ----------------- ----------------- ------------ ----------------- Gross profit 13,607 10,724 629 50 Selling expenses (6,584) (6,450) - - General and administrative expenses (2,380) (2,838) (147) (145) ----------------- ----------------- ------------ ----------------- Operating profit/(loss) 4,643 1,436 482 (95) Interest income 147 15 ^ ^ Finance costs (554) (942) - - Net foreign exchange (loss)/gain (36) (500) 3 21 Other income, net 148 396 - - ----------------- ----------------- ------------ ----------------- Profit/(Loss) before income tax 4,348 405 485 (74) Income tax expense (1,266) (199) - (2) ----------------- ----------------- ------------ ----------------- Profit/(Loss) for the period 3,082 206 485 (76) ================= ================= ============ ================= Attributable to: Shareholders of the Company 3,082 206 485 (76) Profit per share: Basic and diluted (cents) 1.4 0.1 ================= =================
^ Insignificant amount.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2019 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 2019 30 June 2018 30 June 2019 30 June 2018 USD'000 USD'000 USD'000 USD'000 Profit/(Loss) for the period 3,082 206 485 (76) Other comprehensive income/(loss): Item that may be reclassified subsequently to profit or loss Exchange differences arising on translation of foreign subsidiary companies 759 (1,756) - - Total other comprehensive income/(loss) for the period 759 (1,756) - - ----------------- ----------------- ----------------- ----------------- Total comprehensive income/(loss) for the period 3,841 (1,550) 485 (76) ================= ================= ================= ================= Attributable to: Shareholders of the Company 3,841 (1,550) 485 (76) ================= ================= ================= =================
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019 (UNAUDITED)
The Group The Company Unaudited Audited Unaudited Audited 30 June 2019 31 Dec 2018 30 June 2019 31 Dec 2018 USD'000 USD'000 USD'000 USD'000 Assets Non-Current Assets: Property, plant and equipment 52,733 54,612 - - Investment in subsidiary companies - - 26,500 26,500 Loan to subsidiary company - - 30,160 30,170 Lease receivable 960 - - - Advances and prepaid expenses 291 191 - - Other assets 2,247 2,203 - - Total Non-Current Assets 56,231 57,006 56,660 56.670 ----------------- ---------------- ----------------- ---------------- Current Assets Inventories 12,205 13,381 - - Trade and other receivables 4,393 3,500 9,308 8,884 Lease receivable 612 - - - Income tax receivable 171 175 - - Loans and advances to subsidiary companies - - 9,671 9,634 Advances and prepaid expenses 2,860 2,313 13 7 Cash and cash equivalents 10,777 5,720 83 23 Total Current Assets 31,018 25,089 19,075 18,548 ----------------- ---------------- ----------------- ---------------- Total Assets 87,249 82,095 75,735 75,218 ================= ================ ================= ================ The Group The Company Unaudited Audited Unaudited Audited 30 June 2019 31 Dec 2018 30 June 31 Dec 2018 2019 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 2,182 2,349 - - Translation reserve (115,507) (116,266) - - Retained earnings/ (Accumulated loss) 91,000 96,113 (7,478) 399 ----------------- ---------------- -------------- ---------------- Total Equity 51,436 55,957 66,283 74,160 ----------------- ---------------- -------------- ---------------- Non-Current Liabilities Borrowings 6,084 6,607 - - Deferred taxes 3,028 2,055 - - Deferred income 1,610 1,629 - - Provision for site restoration 224 65 - - Total Non-Current Liabilities 10,946 10,356 - - ----------------- ---------------- -------------- ---------------- Current liabilities Trade and other payables 15,521 6,615 8,362 - Accrued and other liabilities 3,484 2,682 1,090 1,058 Borrowings 4,569 5,217 - - Taxes payable 1,293 1,268 - - Total Current Liabilities 24,867 15,782 9,452 1,058 ----------------- ---------------- -------------- ---------------- Total Liabilities 35,813 26,138 9,452 1,058 ----------------- ---------------- ---------------- Total Equity and Liabilities 87,249 82,095 75,735 75,218 ================= ================ ============== ================
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2019 (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 2019 73,761 2,349 (116,266) 96,113 55,957 ------------- ---------------------- ---------------- ------------------ ------------ Profit for the period - - - 3,082 3,082 Other comprehensive income - - 759 - 759 ------------- ---------------------- ---------------- ------------------ ------------ Total comprehensive income for the period - - 759 3,082 3,841 Dividend payable - - - (8,362) (8,362) Transfer of revaluation reserve relating to the depreciation of property, plant and equipment through use - (167) - 167 - ------------- ---------------------- ---------------- ------------------ ------------ Balance as at 30 June 2019 73,761 2,182 (115,507) 91,000 51,436 ============= ====================== ================ ================== ============ 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 2018 73,761 2,680 (106,741) 89,817 59,517 ------------- ---------------------- ---------------- ------------------ ------------ Profit for the period - - - 206 206 Other comprehensive loss - - (1,756) - (1,756) ------------- ---------------------- ---------------- ------------------ ------------ Total comprehensive (loss)/income for the period - - (1,756) 206 (1,550) Dividend payable - - - (2,891) (2,891) Transfer of revaluation reserve relating to the depreciation of property, plant and equipment through use - (186) - 186 - ------------- ---------------------- ---------------- ------------------ ------------ Balance as at 30 June 2018 73,761 2,494 (108,497) 87,318 55,076 ============= ====================== ================ ================== ============ The Company Share capital Accumulated Total losses USD'000 USD'000 USD'000 Balance as at 1 January 2019 73,761 399 74,160 Total comprehensive income for the period - 485 485 Dividend payable - (8,362) (8,362) ------------------ ---------------- ------------ Balance as at 30 June 2019 73,761 (7,478) 66,283 ================== ================ ============ Balance as at 1 January 2018 73,761 (5,275) 68,486 Total comprehensive loss for the period - (76) (76) Dividend payable - (2,891) (2,891) ------------------ ---------------- ------------ Balance as at 30 June 2018 73,761 (8,242) 65,519 ================== ================ ============
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2019 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 2019 30 June 30 June 2019 30 June 2018 2018 USD'000 USD'000 USD'000 USD'000 OPERATING ACTIVITIES Profit/(Loss) before income tax 4,348 405 485 (73) Adjustments for non-cash items 3,530 4,870 (631) (21) ----------------- ------------ ----------------- ------------ Operating Profit/(Loss) Before Working Capital Changes 7,878 5,275 (146) (94) (Increase)/ Decrease in: Inventories 1,531 (1,309) - - Trade and other receivables, (3,401) (2,169) (430) (12) advances and prepaid expenses Loans and advances from - - (27) - subsidiary companies Increase/(Decrease) in: Trade and other payables, 1,517 4,038 34 45 accrued and other liabilities Loans and advances to subsidiary companies - - - 138 ----------------- ------------ ----------------- ------------ Cash Generated From/(Used In) Operations 7,525 5,835 (569) 77 Income tax paid (85) - - - Interest paid (420) (947) - - ----------------- ------------ ----------------- ------------ Net Cash Generated From/(Used In) Operating Activities 7,020 4,888 (569) 77 ----------------- ------------ ----------------- ------------ INVESTING ACTIVITIES Purchase of property, plant and equipment (844) (2,437) - - Purchase of other assets (29) (28) - - Interest received 147 15 629 - ----------------- ------------ ----------------- ------------ Net Cash Used In Investing Activities (726) (2,450) 629 - ----------------- ------------ ----------------- ------------ FINANCING ACTIVITIES Proceeds from borrowings 4,515 7,253 - - Repayment from borrowings (5,805) (9,013) - - ----------------- ------------ ----------------- ------------ Net Cash Used In Financing Activities (1,290) (1,760) - - ----------------- ------------ ----------------- ------------ NET INCREASE IN CASH AND CASH EQUIVALENTS 5,004 678 60 77 EFFECTS OF FOREIGN EXCHANGE RATE CHANGES 54 (69) - - CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 5,719 3,045 23 13 ----------------- ------------ ----------------- ------------ CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 10,777 3,654 83 90 ================= ============ ================= ============
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR EALNAFFDNEEF
(END) Dow Jones Newswires
September 12, 2019 02:00 ET (06:00 GMT)
1 Year Steppe Cement Chart |
1 Month Steppe Cement Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions