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)
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============= ============== ==================
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.
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