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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 | 83,482 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Cement, Hydraulic | 86.73M | 17.78M | 0.0812 | 2.34 | 41.61M |
From Apr 2019 to Apr 2024
TIDMSTCM
RNS Number : 1446Z
Steppe Cement Limited
16 September 2020
Steppe Cement Ltd
Interim Results for the Half Year ended 30 June 2020
and General Market Update
1. Interim Results
Steppe Cement Ltd ("Steppe Cement" and "the Company") posted a consolidated profit after tax of USD4.1 million for the six months ended 30 June 2020.
Hot Features
Premium
6 months 6 months % of change
ended ended
30 June 30 June
20 19
Sales (Tonnes) 764,752 780,315 -2%
------------- ------------- ----------------
Consolidated turnover KZT
million 13,677 14,079 -3%
------------- ------------- ----------------
Consolidated turnover (USD
Million) 33.8 37.1 -9%
------------- ------------- ----------------
Consolidated profit after
tax (USD Million) 4.1 3.1
------------- ------------- ----------------
Earnings per share (Cents) 1.9 1.4
------------- ------------- ----------------
Average exchange rate (USD/KZT) 405 379 -7%
------------- ------------- ----------------
-- The Company maintained prices from last summer until the Covid crisis affected the second quarter.
-- The average ex-factory price decreased slightly from 15,148 KZT /tonne to 14,727 KZT/tonne or 3% during the period.
-- Steppe Cement's gross margin increased from 37% to 40% in USD terms due to cost containment measures.
-- Selling expenses per tonne decreased in USD terms by 20% and in KZT by 13% due to distribution in areas closer to the factory and the implementation of IFRS 16 as some of the rental fees for wagons have been transferred to financial leases reducing the transport costs.
-- Administrative expenses remained constant in USD.
-- The Kazakh Tenge depreciated by 7% compared to the first half of 2019 that translated in a foreign exchange loss of USD 0.6 million.
-- The Company generated operating profit before working capital changes of USD 11 million in 1H 2020 against USD 7.9 million in 2019.
-- Kazakhstan GDP increased by 2.7% in 1Q2020 but decreased -1.8% in 1H2020 because of Covid-19. -- Reported inflation has been 6.5% up to the end of July 2020.
2. Production costs
-- Production costs decreased by 4% in KZT mostly due to the higher production of clinker and lower maintenance and coal costs.
3. Update on the Kazakh cement market
-- The Kazakh cement market increased by 2% during the first half of the year. The increase happened mostly in the 1Q while 2Q was slightly below 2019. Steppe Cement currently expects a market of about 9.1 million tonnes for the full year 2020, an increase of 2% over 2019.
-- Steppe Cement decreased its local market share from 17% in 1H2019 to 16.5% in 1H2020. We expect to maintain this share for the full year. Exports represented 11% of the volumes in the 1H2020 like last year.
-- Imports into Kazakhstan have been reduced to 0.25 million tonnes in 2020 due to the closure of the market to Iranian exports. Imports represent 6% of the market.
-- Exports from Kazakhstan have been maintained at 0.87 million tonnes. -- Exports from Kazakhstan represent 18% of local production from 19% last year.
-- Overall production of all factories in Kazakhstan has increased by 2% to 4.7 million tonnes for the 1H2020 as closures in the smaller factures were balanced by increased in Kokshe and Gezhuoba.
-- Currently 80% of production in the country is manufactured from dry lines.
4. Financing
-- Interest expenses on bank debt were reduced to USD 0.41 million from USD 0.55 million in 2019 while we added interest expenses on lease liabilities of USD 0.35 million due to the application of IFRS 16. The rental on those wagons was considered selling expenses before.
-- Steppe Cement recorded a net cash position of USD6.4 million compared to net debt of USD1.1 million as of 30 June 2019.
-- The borrowings of the Company as of 30 June 2020 were USD3.2 million (USD 2.3 million current and USD 0.9 million long term) while we carried a cash balance of USD 9.6 million. For comparison, on 30 June 2019 we had USD10.1 million in borrowings and USD 9 million in cash.
-- The USD loan outstanding to Halyk Bank for the purchase of the wagons and repayable monthly till November 2021 at 6.5% p.a. was subsequently repaid in August 2020 in advance.
-- As of 31 August 2020 after paying the dividend, the financial debt was the equivalent of USD 2 million (all denominated in KZT) and the cash was USD 5.7 million.
-- We have maintained the working capital lines available for the winter.
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
INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 30 JUNE 2020
(Unaudited)
(In United States Dollars)
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 2020 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 2020 30 June 2019 30 June 30 June
2020 2019
USD'000 USD'000 USD'000 USD'000
Revenue 33,786 37,122 701 629
Cost of sales (20,285) (23,515) - -
----------------- ----------------- ------------ ------------
Gross profit 13,501 13,607 701 629
Selling expenses (5,162) (6,584) - -
General and administrative
expenses (2,566) (2,563) (135) (147)
----------------- ----------------- ------------ ------------
Operating profit 5,773 4,460 566 482
Interest income 112 147 ^ ^
Finance costs (766) (554) - -
Net foreign exchange
(loss)/gain (571) (36) 3 3
Other income, net 248 148 82 -
----------------- ----------------- ------------ ------------
Profit before income
tax 4,796 4,165 651 485
Income tax expense (736) (1,083) - -
----------------- ----------------- ------------ ------------
Profit for the period 4,060 3,082 651 485
================= ================= ============ ============
Attributable to:
Shareholders of the
Company 4,060 3,082 651 485
Earnings per share:
Basic and diluted
(cents) 1.9 1.4
================= =================
^ Insignificant amount.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIODED 30 JUNE 2020 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 2020 30 June 2019 30 June 2020 30 June
2019
USD'000 USD'000 USD'000 USD'000
Profit for the period 4,060 3,082 651 485
Other comprehensive
(loss)/income:
Item that may be reclassified
subsequently to profit
or loss
Exchange differences
arising on translation
of foreign subsidiary
companies (3,499) 759 - -
Total other comprehensive
(loss)/income for
the period (3,499) 759 - -
----------------- ----------------- ----------------- ------------
Total comprehensive
income for the period 561 3,841 651 485
================= ================= ================= ============
Attributable to:
Shareholders of the
Company 561 3,841 651 485
================= ================= ================= ============
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020 (UNAUDITED)
The Group The Company
Unaudited Audited Unaudited Audited
30 June 2020 31 Dec 2019 30 June 2020 31 Dec 2019
USD'000 USD'000 USD'000 USD'000
Assets
Non-Current Assets:
Property, plant
and equipment 51,614 55,808 - -
Right-of-use assets 4,707 6,140
Investment in subsidiary
companies - - 36,198 26,500
Loan to subsidiary
company - - 30,140 30,140
Advances 12 6 - -
Other assets 2,287 2,427 - -
Total Non-Current
Assets 58,620 64,381 66,338 66,338
----------------- ---------------- ----------------- ----------------
Current Assets
Inventories 9,668 10,812 - -
Trade and other
receivables 6,173 5,790 9,710 8,848
Lease receivable 12 - - -
Income tax receivable 432 405 - -
Loans and advances
to subsidiary companies - - 20 30
Advances and prepaid
expenses 4,186 3,683 26 16
Cash and cash equivalents 9,567 9,014 68 262
Total Current Assets 30,038 29,704 9,824 6,156
----------------- ---------------- ----------------- ----------------
Total Assets 88,658 94,085 76,162 75,494
================= ================ ================= ================
The Group The Company
Unaudited Audited Unaudited Audited
30 June 2020 31 Dec 2019 30 June 31 Dec 2019
2020
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 1,859 2,016 - -
Translation reserve (116,785) (113,286) - -
Retained earnings 104,603 100,386 2,228 1,577
----------------- ---------------- -------------- ----------------
Total Equity 63,438 62,877 75,989 75,338
----------------- ---------------- -------------- ----------------
Non-Current Liabilities
Borrowings 2,300 3,893 - -
Lease liabilities 3,147 4,307 - -
Deferred taxes 4,828 4,652 - -
Deferred income 1,308 1,421 - -
Provision for site
restoration 75 74 - -
Total Non-Current
Liabilities 11,658 14,347 - -
----------------- ---------------- -------------- ----------------
Current liabilities
Trade and other
payables 4,351 6,204 - -
Accrued and other
liabilities 5,033 1,405 173 156
Borrowings 910 6,420 - -
Lease liabilities 1,988 2,191 - -
Deferred income 76 81 - -
Taxes payable 1,204 560 - -
Total Current Liabilities 13,562 16,861 173 156
----------------- ---------------- -------------- ----------------
Total Liabilities 25,220 31,208 173 156
----------------- ---------------- ----------------
Total Equity and
Liabilities 88,658 94,085 76,162 75,494
================= ================ ============== ================
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2020 (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
2020 73,761 2,016 (113,286) 100,386 62,877
------------- ---------------------- ---------------- ------------------ ------------
Profit for the
period - - - 4,060 4,060
Other
comprehensive
loss - - (3,499) - (3,499)
------------- ---------------------- ---------------- ------------------ ------------
Total
comprehensive
(loss)/income
for the
period - - (3,499) 4,060 561
Transfer of
revaluation
reserve
relating to
the
depreciation
of property,
plant and
equipment
through
use - (157) - 157 -
------------- ---------------------- ---------------- ------------------ ------------
Balance as at
30 June
2020 73,761 1,859 (116,785) 104,603 63,438
============= ====================== ================ ================== ============
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
============ ================ ================ ============= ============
The Company Share capital Retained earnings/ Total
Accumulated losses
USD'000 USD'000 USD'000
Balance as at 1 January 2020 73,761 1,577 75,338
Total comprehensive income for the
period - 651 651
Balance as at 30 June 2020 73,761 2,228 75,989
================== ======================= ============
Balance as at 1 January 2019 73,761 399 74,160
Total comprehensive loss for the period - 485 485
Dividend payable - (8,362) (8,362)
------------------ ----------------------- ------------
Balance as at 30 June 2019 73,761 (7,478) 66,283
================== ======================= ============
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2020 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 2020 30 June 30 June 2020 30 June
2019 2019
USD'000 USD'000 USD'000 USD'000
OPERATING ACTIVITIES
Profit before income
tax 4,796 4,165 651 485
Adjustments for:
Depreciation of property,
plant and equipment 3,559 3,355 - -
Depreciation of right-of-use 1,446 - - -
assets
Adjustments for non-cash
items 3,530 358 (329) (631)
----------------- ------------ ----------------- ------------
Operating Profit/(Loss)
Before Working Capital
Changes 10,993 7,878 322 (146)
(Increase)/ Decrease
in:
Inventories 541 1,531 - -
Trade and other receivables, (1,411) (3,401) (430) (430)
advances and prepaid
expenses
Loans and advances from
subsidiary companies - - 10 (27)
Increase in:
Trade and other payables, 2,251 1,517 16 34
accrued and other liabilities
Cash Generated From/(Used
In) Operations 12,374 7,525 (524) (569)
Income tax paid (185) (85) - -
Interest paid (580) (420) - -
----------------- ------------ ----------------- ------------
Net Cash Generated From/(Used
In) Operating Activities 11,609 7,020 (524) (569)
----------------- ------------ ----------------- ------------
INVESTING ACTIVITIES
Purchase of property,
plant and equipment (2,644) (844) - -
Purchase of other assets - (29) - -
Interest received 112 147 330 629
----------------- ------------ ----------------- ------------
Net Cash (Used In)/Generated
From Investing Activities (2,532) (726) 330 629
----------------- ------------ ----------------- ------------
FINANCING ACTIVITIES
Proceeds from borrowings 2,098 4,515 - -
Repayment from borrowings (9,003) (5,805) - -
Payment of lease liabilities (1,133) - - -
----------------- ------------ ----------------- ------------
Net Cash Used In Financing
Activities (8,038) (1,290) - -
----------------- ------------ ----------------- ------------
NET INCREASE/(DECREASE)
IN CASH AND CASH EQUIVALENTS 1,039 5,004 (194) 60
EFFECTS OF FOREIGN EXCHANGE
RATE CHANGES (486) 54 - -
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE PERIOD 9,014 5,719 262 23
----------------- ------------ ----------------- ------------
CASH AND CASH EQUIVALENTS
AT END OF THE PERIOD 9,567 10,777 68 83
================= ============ ================= ============
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END
IR GPUPUBUPUUCQ
(END) Dow Jones Newswires
September 16, 2020 02:00 ET (06:00 GMT)
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