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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Zibao Metals Recycling Holdings Plc | LSE:ZBO | London | Ordinary Share | GB00BGP6NY91 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.35 | 0.20 | 0.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMZBO
RNS Number : 2249S
Zibao Metals Recycling Holdings PLC
19 December 2016
19 December 2016
Zibao Metals Recycling Holdings Plc
("Zibao" or the "Company")
Half Year Results
Zibao Metals Recycling Holdings Plc (AIM: ZBO), a Hong Kong based, recyclable metal trader is pleased to announce its half year results for the six months ended 30 September 2016 .
The Group figures are presented in Hong Kong Dollars.
Highlights
-- Revenue increased by 145% to HKD 394 million from HKD161 million
-- Gross profit increased by 0.02% to HKD4.26 million from HKD4.18 million while selling and distribution expenses have decreased to HKD53,000 from HKD265,000
-- Profit before tax increased 169% to HKD 0.5 million (2015: HKD 0.2 million) mainly due to increased sales volumes.
-- The closing cash position at period end was HKD 0.87 million (2015: HKD 3.1 million)
Joe Zhou, Zibao Chairman commented: "The market conditions in the PRC and Europe continue to be challenging. However we continue to control costs and manage the credit risks prudently. We believe that the Group is well positioned to benefit from a future recovery."
For further information please contact:
Zibao Metals Recycling Holdings Tel: +852 2769 PLC 7662 Wenjie "Joe" Zhou, Chairman www.zibaometals.com Jianfeng "Eddy" Li, Chief Executive Officer Chor Wei "Alan" Ong, Finance Director ZAI Corporate Finance Limited Tel: +44 (0)20 (Nominated Adviser and Broker) 7060 2220 Ray Zimmerman/Tim Cofman/ Songdi www.zaicf.com Lin
Zibao Metals Recycling Holdings PLC
Established in its current form in 2009, and incorporated as a UK registered company in 2014, Zibao is a trader in non-ferrous metals - principally aluminium and copper. It imports these from a variety of international sources or indirectly from importers based in the People's Republic of China ("PRC") and resells them into the PRC to (a) operators who process them into a 'clean' form for sale to foundries (b) customers who buys them in clean form.
The Company was formed by Wenjie 'Joe' Zhou, whose family has had interests in recyclable metals for nearly twenty years. During this period he has established good relationships with a range of overseas supplier, importers based in the PRC and developed an in-depth knowledge of the PRC rules and regulations for the metals recycling industry.
Metals recycling is a multi-million pounds global industry and China is the world's leading importer of copper and aluminium and needs recycling to supplement its growing demand.
Chairman's Statement
We are pleased to report the Company's interim results for the six months ended 30 September 2016,
Results
The Group's turnover was HKD 394 million, an increase of approximately 145% mainly due to an increasing demand from both new and existing customers. Profit before tax increased during the period by 169% to HKD 0.5 million reflecting the growth in sales and the tight control over overhead costs.
Suppliers
Some five new suppliers have been secured in the first half of the year, further strengthening the overall supplier base . Each supplier is vetted by the Group before becoming an approved trading partner. The Group seeks to cultivate strong and long-term relationships with its suppliers, helping maintain product quality and promoting integrity and reliability throughout its supply chain.
Customers
Over five new customers were added in the first half of the year and at the same time the Group also saw existing customers increase their order volumes. A factor in the increase in orders was the slight loosening of credit in the PRC. Despite this, the overall PRC economy remains weak and margins continue to be tight. As a result, the Group's gross profit margins on sales have fallen due to competition from other suppliers.
Outlook
Market conditions in the PRC and Europe continue to be challenging. The Group will continue its policy of controlling costs and managing the credit risk prudently.
The Board believes that the Group is well positioned to benefit from any future recovery.
I would like to take this opportunity to thank our long standing customers and suppliers as well as our employees for their loyalty and hard work.
Joe Zhou
Chairman
19 December 2016
Consolidated Statement of Comprehensive Income
Hot Features
Premium
6 months 6 months
to 30 to 30
September September Year to
2016 2015 31 March
Notes 2016
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Continuing operations
Revenue 3 394,128 160,989 496,978
Cost of sales (389,873) (156,806) (488,550)
-------------- -------------- --------------
Gross profit 4,255 4,183 8,428
Other revenues 1 2 751
Selling and distribution
expenses (53) (265) (346
Administrative expenses (3,695) (3,731) (8,247
-------------- -------------- --------------
Operating profit 508 189 586
Finance cost - - -
-------------- -------------- --------------
Profit before tax 508 189 586
Income tax (expense)/credit 10 - 23
-------------- -------------- --------------
Profit and total comprehensive
income for the period 518 189 609
Profit and total comprehensive
income for the year attributable
to the owners of the
Company 518 189 609
Earnings per share 5 HKD HKD HKD
Basic 0.004 0.002 0.005
Diluted 0.004 0.002 0.005
Consolidated Statement of Financial Position
Notes As at 30 September 2016 As at 30 September 2015 As at 31 March 2016
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Assets
Non-Current Assets
Property, plant and equipment 41,222 44,563 43,730
Intangible assets 1,608 1,772 1,658
-------------- -------------- --------------
42,830 46,335 45,388
-------------- -------------- --------------
Current Assets
Inventories 32,333 18,355 26,052
Trade receivables 5,908 9,099 2,663
Taxes recoverable - 9,107 92
Prepayments, deposits and other
receivables 5,675 4,864 8,584
Cash and cash equivalents 6 870 3,077 5,289
-------------- -------------- --------------
44,786 44,502 42,680
-------------- -------------- --------------
Total Assets 87,616 90,837 88,068
Equity and liabilities
Equity attributable to owners of
the company
Share capital 7 15,549 15,549 15,549
Share premium 42,167 42,167 42,167
Group reorganisation reserve (527) (527) (527)
Share based payments reserve 662 589 662
Foreign exchange reserve (1,265) 135
Retained earnings 7,717 6,779 7,199
-------------- -------------- --------------
Total Equity 64,303 64,557 65,185
-------------- -------------- --------------
Non-current liabilities
Deferred tax 168 200 177
-------------- -------------- --------------
168 200 177
-------------- -------------- --------------
Current liabilities
Trade payables 9,649 8,981 9,966
Accrued liabilities and other
payables 4,102 4,979 3,624
Amount due to a director - 3,004 -
Corporate Tax payable 9,394 9,116 9,116
-------------- -------------- --------------
23,145 26,080 22,706
-------------- -------------- --------------
Total Liabilities 23,313 26,280 22,883
-------------- -------------- --------------
Total Equity and Liabilities 87,616 90,837 88,068
Consolidated Statement
of Cash Flows
6 months to Sep 2016 6 months to Sep 2015 Year to 31 March
2016
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Cash flows from
operating activities
Net cash from
operating activities (6,529) 1,814 4,480
Taxation 370 (238) (237)
Net cash (used in)/
generated from
operating activities (6,159) 1,576 4,243
----------------------- ---------------------- ---------------------
Investing activities
Addition of property,
plant and equipment (10) - (92)
Sales of property,
plant and equipment - 397 34
Net cash (used
in)/generated from
investing activities (10) 397 (58)
Net
(decrease)/increase
in cash and cash
equivalents (6,169) 1,973 4,185
Cash and cash
equivalents at
beginning of the
period 5,289 1,104 1,104
Effect of foreign
exchange rate changes 1,750 - -
Cash and cash
equivalents at end of
the period 870 ` 3,077 5,289
Represented by:
Bank balances and cash 870 3,077 5,289
870 3,077 5,289
Notes for Consolidated
Statement of Cash Flows
6 months to Sep 2016 6 months to Sep 2015 Year to 31 March 2016
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Cash flows from
operating activities
before changes in
working capital and
provisions
Profit before income tax 508 189 586
Adjustments for:
Depreciation on property,
plant and equipment 768 488 966
Interest income - (2) -
Amortisation 50 - 113
Share option payment - - 73
Foreign exchange difference (1,400) - 135
(Increase) in inventories (6,281) (1,122) (8,819)
(Increase) / decrease in
trade receivables (3,245) 5,675 12,111
Decrease in prepayments,
deposits and other
receivables 2,909 8,934 15,038
(Decrease) in trade payables (317) (13,809) (12,825)
Increase in accrued
liabilities and other
payables 479 1,461 106
(Decrease) in amounts due to
a director - - (3,004)
Cash used in operations (6,529) 1,814 4,480
Consolidated Statement
of Changes in Equity
Share Share Share Group Foreign Retained Total
Capital premium based Reorgan-isation exchange Earnings
payment reserve reserve
reserves
HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 HKD'000
As at 31 March 2015 15,549 42,167 589 (527) - 6,590 64,368
Total comprehensive
income for
the period - - - - - 189 189
--------- --------- ---------- ----------------- ---------- ---------- --------
As at 31
September
2015 15,549 42,167 589 (527) - 6,779 64,557
Total comprehensive
income for
the period 420 420
Share options
expense for
the period 73 73
Foreign exchange
differences 135 135
--------- --------- ---------- ----------------- ---------- ---------- --------
As at 31 March 2016 15,549 42,167 662 (527) 135 7,199 65,185
Total comprehensive
income for
the period 518 518
Foreign exchange
difference (1,400) (1,400)
--------- --------- ---------- ----------------- ---------- ---------- --------
As at 31
September
2016 15,549 42,167 662 (527) (1,265) 7,717 64,303
========= ========= ========== ================= ========== ========== ========
Notes to the interim financial information
1. General information
Zibao Metals Recycling Holdings Plc is a company incorporated in England on 9 October 2013 under the Companies Act 2006 but domiciled in Hong Kong. It was listed on the AIM market on 20 June 2014. The Group's principal activity is that of trading scrap metals.
2. Basis of preparation and significant accounting policies
This interim report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statements for the year ended 31 March 2016.
Taxes
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
Standards and Interpretations adopted with no material effect on financial statements
There are no IFRS or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the Group.
Standards, interpretations and amendments to published standards that are not yet effective.
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial period beginning 1 April 2016 and have not been early adopted:
Reference Title Summary Application Application
date of standard date of
Group
---------- ---------------- --------------------------- ------------------- -----------
IFRS Financial Revised standard Periods commencing 1 April
9 Instruments for accounting on or after 2018
for financial instruments 1 January
2018
---------- ---------------- --------------------------- ------------------- -----------
IFRS Revenue Specifies how and Periods commencing 1 April
15 from contracts when to recognise on or after 2018
with customers revenue from contracts 1 January
as well as requiring 2018
more informative
and relevant disclosures
---------- ---------------- --------------------------- ------------------- -----------
IFRS Lease IFRS 16 Leases Periods commencing 1 April
16 published on or after 2019
1 January
2019
---------- ---------------- --------------------------- ------------------- -----------
Reference Title Summary Application Application
date of standard date of
Group
---------- ---------------- --------------------------- ------------------- -----------
IFRS Financial Revised standard Periods commencing 1 April
9 Instruments for accounting on or after 2018
for financial instruments 1 January
2018
---------- ---------------- --------------------------- ------------------- -----------
IFRS Revenue Specifies how and Periods commencing 1 April
15 from contracts when to recognise on or after 2018
with customers revenue from contracts 1 January
as well as requiring 2018
more informative
and relevant disclosures
---------- ---------------- --------------------------- ------------------- -----------
IFRS Lease IFRS 16 Leases Periods commencing 1 April
16 published on or after 2019
1 January
2019
---------- ---------------- --------------------------- ------------------- -----------
The directors anticipate that the adoption of these standards and the interpretations in future periods will have no material impact on the financial statements of the Group.
3. Segmental reporting
In the opinion of the directors, the Group has one class of business, being the trading of scrap materials. The Group's primary reporting format is determined by the geographical segment according to the location of its establishments. There is currently only one geographic reporting segment, which is China. All revenues and costs are derived from the single segment.
4. Directors' remuneration
6 months 6 months
to 30 September to 30 September Year to
2016 2015 31 March
2016
Salaries, Salaries, Salaries,
fees and fees and fees and
options options options
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Wenjie Zhou 240 240 480
Jianfeng Li 120 120 240
Alan Ong 67 58 159
Chin Phang Kwok 67 57 159
Peter Greenhalgh 67 58 150
Ajay Rajpal 66 57 157
-------------- -------------- --------------
627 590 1,345
_________ _________ _________
5. Earnings per share
Profit per share data is based on the Group profit for the period and the weighted average number of shares in issue.
6 months to 30 September 6 months to 30 September
2016 2015 Year to 31 March 2016
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Profit for the period
attributable to owners of
Company 518 189 609
Weighted average number of
ordinary shares for the
purposes of basic earnings
per share (000's) 122,010 122,010 122,010
Weighted average number of
ordinary shares for the
purposes of diluted
earnings per share
(000's) 125,453 123,452 125,453
6 months to 30 September 6 months to 30 September
2016 2015 Year to 31 March 2016
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Basic earnings per share
Total basic earnings per
share 0.004 0.002 0.005
Diluted earnings per share
Total basic and diluted earnings per share 0.004 0.002 0.005
---------- ---------- ----------
6. Cash and cash equivalents Group
As at As at As at
30 September 30 September 31 March
2016 2015 2016
HKD'000 HKD'000 HKD'000
Unaudited Unaudited Audited
Cash and bank balances 870 3,077 5,289
-------------- -------------- --------------
Cash and bank balances
as presented in balance
sheets 870 3,077 52,89
-------------- -------------- --------------
Cash and cash equivalents
as presented in consolidated
statement of cash
flows 870 3,077 5,289
_________ _________ _________
7. Share capital
The issued share capital as at 30 September 2016 was 122,010,000 ordinary shares of GBP0.01 each (30 September 2015: 122,010,000 ordinary share of GBP0.01, 31 March 2016: 122,010,000 ordinary shares of GBP0.01)
8. Related-party transactions
During the period, the Group entered into the following trading transactions with related parties that are not members of the Group:
Sales of
goods
------------------ ----------------- ----------------- ------------
6 months 6 months Year to 31
to 30 September to 30 September March 2016
2016 2015 HKD'000
HKD'000 HKD'000
------------------ ----------------- ----------------- ------------
Wang Kei
Yip Development
Limited 15,777 11,739 32,658
------------------ ----------------- ----------------- ------------
The following balances were outstanding at end of the period:
Amounts owed by related Amounts owed
parties to related parties
------------------ --------------------------------- ----------------------
As at As at As at As at As at
30 Sept 30 March 30 Sept 30 Sept 30 March
2016 2016 2015 2016 2016
HKD'000 HKD'000 HKD'000 HKD'000 HKD'000
------------------ ---------- ---------- --------- ---------- ----------
Wang Kei
Yip Development
Limited - 263 - 241 1,866
------------------ ---------- ---------- --------- ---------- ----------
Wenjie - - 3,004 - -
Zhou
------------------ ---------- ---------- --------- ---------- ----------
Ben Lee is the brother in law of the director, and is a director of Wang Kei Yip Development Limited. Wang Kei Yip Development Limited is therefore a related party.
The amount due to Wenjie Zhou was unsecured, interest-free and had no fixed term of repayment. All the above transactions were done at arm's length.
9. The unaudited results for the period ended 30 September 2016 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the period ended 31 March 2016 were extracted from the audited financial statements which contained an unqualified audit report and did not contain statements under Sections 498 to 502 of the Companies Act 2006.
10. This interim financial statement will be, in accordance with Rule 26 of the AIM Rules for Companies, available shortly on the Company's website at www.zibaometals.com.
11. The Company is incorporated in the UK but is treated as a Hong Kong resident for tax purposes.
Macau and Hong Kong tax has been provided at a rate of 12% and 16.5% respectively.
There was deferred taxation in respect of the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMMMZLLVGVZG
(END) Dow Jones Newswires
December 19, 2016 04:20 ET (09:20 GMT)
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