Final Results
31 Janvier 2008 - 1:55PM
UK Regulatory
RNS Number:9814M
ACC Limited
31 January 2008
ACC LIMITED
Registered Office : Cement House,
121, Maharshi Karve Road, Mumbai - 400 020
AUDITED CONSOLIDATED AND STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED
DECEMBER 31, 2007.
- CONSOLIDATED PROFIT AFTER TAX FOR 2007 UP BY 15 % AT Rs. 1427.34 CRORE
(STANDALONE -Rs. 1438.59 CRORE UP BY 17 %).
- CONSOLIDATED SALES VOLUME FOR 2007 19.97 MT UP BY 6.1%
- CONSOLIDATED SALES VALUE FOR 2007 UP BY 21 % (STANDALONE UP BY 21%)
- FINAL DIVIDEND 100% - TOTAL DIVIDEND 200 % INCLUDING INTERIM DIVIDEND
OF 100%.
I. The audit committee have reviewed and Board of Directors of the company
have approved the audited Consolidated and Standalone accounts for the year
2007 ( January-December) at its meeting held on January 31,2008 and the
text of this statement was also taken on record.
II CONSOLIDATED RESULTS
YEAR ENDED YEAR ENDED
31-12-2007 31-12-2006
AUDITED AUDITED
Rs. Crore Rs. Crore
1 SALES / INCOME FROM OPERATIONS 7915.98 6504.46
LESS: EXCISE DUTY RECOVERED 848.55 653.22
NET SALES / INCOME FROM 7067.43 5851.24
OPERATIONS
2 OTHER INCOME
i) Dividend 35.43 20.50
ii) Gain/(Loss) on foreign exchange (Net) 7.32 1.95
iii) Other items 66.69 87.69
iv) Profit on sale of investments 12.38 22.28
3 Share of earnings of Associates 0.18 0.90
4 TOTAL INCOME (1+2+3 ) 7189.43 5984.56
5 EXPENDITURE
a) (Increase) /Decrease in stock in 1.17 34.32
trade and work in progress
b) Consumption of Raw materials 848.52 687.46
c) Purchase of traded Cement & Other 93.31 53.42
Products
d) Employee cost 356.56 322.53
e) Power & Fuel 1198.63 979.13
f) Outward Freight charges on Cement 937.90 811.86
etc.
g) Excise Duties (Net) 129.25 86.56
h) Depreciation 313.02 260.95
i) Other Expenditure 1570.93 1220.58
Total Expenditure 5449.29 4456.81
6 Interest (Net) 24.37 54.37
7 Minority Interest 0.19 0.83
8 EXCEPTIONAL ITEMS
a) Profit on sale of land and (201.43) (160.91)
undertakings
b) Profit on sale of investments in (8.42) -
subsidiary / associates
9 Profit from ordinary activities 1925.43 1633.46
before tax (4) - (5+6+7+8)
10 Tax Expenses ( including Fringe 498.09 393.86
Benefit Tax)
11 Net Profit for the period (9-10) 1427.34 1239.60
YEAR ENDED YEAR ENDED
31-12-2007 31-12-2006
AUDITED AUDITED
Rs. Crore Rs. Crore
12 Paid-up Equity Share Capital 187.83 187.48
( Face value per share Rs.10 )
13 Reserves excluding Revaluation
Reserves 3,974.44 2977.01
14 Basic Earnings per Share Rs. 76.16 66.43
Diluted Earnings per Share Rs. 75.85 65.92
15 Public shareholding
Number of Shares 10,69,92,337 12,14,40,580
Percentage of Shareholding 57.02% 64.85%
Notes:
1) The Consolidated financial results are prepared in accordance with the
Accounting Standard (AS) 21"Consolidated Financial Statements" and
(AS) 23 " Accounting for Investments in Associates in Consolidated
Financial Statements" issued by the Institute of Chartered Accountants
of India.
2) Exceptional Items include:
i) Profit of Rs 201.43 crore on disposal of certain surplus asset
including land at Surajpur, Haryana.
ii) Profit from divestment of subsidiary and associates is on account
of wholly owned subsidiary, ACC Nihon Castings Limited.
(Rs.2.51 crore) and associates Almatis ACC Ltd. ( Rs.5.91 crore)
3) Based on a review and reassessment of the intrinsic machine
configuration and capabilities, plant and machinery items at the
Company's grinding units at Tikaria, Sindri and Damodhar which
hitherto being depreciated on the basis of " Continuous Process" are
now being depreciated at shift rate on the Straight Line Method. In
consequence of the above, depreciation charge for the current year is
higher by Rs.38.29 crore and the net profit is lower by Rs.25.28 crore
( Net of tax provision Rs.13.01 crore).
4) With effect from 17th November,2007 the company acquired 100% stake in
Lucky Minmat Private Limited, a company engaged in mining of Limestone
with estimated reserve of 80 M.T.
5) During the year pursuant to implementation of SAP ERP system certain
cost formulas for inventory valuation have been changed. The impact of
these changes is estimated to be immaterial.
6) Tax expenses for the year ended December 31, 2006 includes a charge of
Rs.18.66 crore pertaining to prior period.
7) Previous period figures have been regrouped wherever necessary.
III STANDALONE RESULTS
YEAR ENDED YEAR ENDED
31-12- 2007 31-12-2006
AUDITED AUDITED
Rs. Crore Rs. Crore
1 SALES / INCOME FROM OPERATIONS 7848.32 6453.07
LESS: EXCISE DUTY RECOVERED 841.15 649.59
NET SALES / INCOME FROM 7007.17 5803.48
OPERATIONS
2 OTHER INCOME
i) Dividend 41.03 26.00
ii) Gain/(Loss) on foreign exchange (Net) 7.32 1.60
iii) Other items 68.07 91.79
iv) Profit on sale of investments 12.38 22.26
3 TOTAL INCOME (1+2) 7135.97 5945.13
4 EXPENDITURE
a) (Increase) /Decrease in stock in (6.93) 32.29
trade and work in progress
b) Consumption of Raw materials 816.74 677.39
c) Purchase of traded Cement & Other 93.31 53.42
Products
d) Employee cost 352.73 318.02
e) Power & Fuel 1194.62 972.66
f) Outward Freight charges on Cement 944.22 818.84
etc.
g) Excise Duties (Net) 129.17 86.50
h) Depreciation 305.07 254.25
i) Other Expenditure 1565.92 1221.14
Total Expenditure 5394.85 4434.51
5 Interest (Net) 23.94 52.03
6 EXCEPTIONAL ITEMS
a) Profit on sale of land and (201.43) (160.91)
undertakings
b) Profit on sale of investments in (11.68) -
subsidiary / associates
7 Profit from ordinary activities 1930.29 1619.50
before tax (3) - (4+5+6)
8 Tax Expenses ( including Fringe 491.70 387.66
Benefit Tax)
9 Net Profit for the period (7-8) 1438.59 1231.84
YEAR ENDED YEAR ENDED
31-12- 2007 31-12-2006
AUDITED AUDITED
Rs. Crore Rs. Crore
10 Paid-up Equity Share Capital 187.83 187.48
( Face value per share Rs.10 )
11 Reserves excluding Revaluation 3964.78 2955.16
Reserves
12 Basic Earnings per Share Rs. 76.75 66.02
Diluted Earnings per Share Rs. 76.45 65.52
13 Public shareholding
Number of Shares 10,69,92,337 12,14,40,580
Percentage of Shareholding 57.02% 64.85%
Notes:
1) Exceptional Items include:
i) Profit of Rs 201.43 Crore on disposal of certain surplus asset
including land at Surajpur, Haryana.
ii) Profit from divestment of subsidiary and associates is on account
of wholly owned subsidiary, ACC Nihon Castings Limited.
( Rs.3.98 crore) and associates Almatis ACC Ltd. ( Rs..7.70
crore).
2) During the year the following projects were commissioned:
i) Augmentation of grinding capacity at Tikaria Cement Works by 0.31
M.T.
ii) Capacity expansion alongwith Captive Power plant at Lakheri and
augmentation of grinding capacity at Kymore.
iii) 9 MW Wind farm in Tamil Nadu & 25 MW TG set at Kymore plant.
iv) Further, Board has approved the setting up of the additional 7000
TPD clinker line alongwith a new additional 25 MW Captive Power
Plant at
Chanda at a total outlay of Rs.1451 crore.
3) The Company intends to transfer the Ready Mixed Concrete Business to
its wholly owned subsidiary ACC Concrete Limited with effect from 1st
January,2008. During the year this activity resulted loss before tax
of (Rs.60.71 crore) and loss after tax of (Rs.40.28 crore) and profit
before tax of (Rs.2.66 crore) and profit after tax of (Rs.1.59 crore)
in previous year.
4) Based on a review and reassessment of the intrinsic machine
configuration and capabilities, plant and machinery items at the
Company's grinding units at Tikaria, Sindri and Damodhar which
hitherto being depreciated on the basis of " Continuous Process" are
now being depreciated at shift rate on Straight Line Method. In
consequence of the above, depreciation charge is higher by Rs.38.29
crore and net profit is lower by Rs.25.28 crore ( Net of tax provision
Rs.13.01 crore).
5) During the year the Company made an investment in Shiva Cement Limited
( SCL) by way of 21.5 million shares at Rs.11 per share which
represents 14.7% of SCL equity. The Company has also acquired 17.7
million warrants at Rs.2 each which are exercisable upto 17th
December, 2008 at Rs.11 per share. SCL has a plant in the strategic
market of Orrisa with capacity of 0.13 Million Tonnes. The Company has
also an arrangement of trading of cement with them.
6) During the year pursuant to implementation of SAP ERP system certain
cost formulas for inventory valuation have been changed. The impact of
these changes is estimated to be immaterial.
7) Tax expenses for the year ended December 31, 2006 includes a charge of
Rs.18.66 crore pertaining to prior period.
8) Previous period figures have been regrouped wherever necessary.
9) At the beginning of the year ended December 31, 2007, there were no
investor complaints pending. During the year one hundred ninety
complaints were received and one hundred ninety complaints were
resolved. No complaints were pending disposal as on December 31, 2007.
IV Segment wise Revenue, Results and Capital Employed
Consolidated Standalone
Year ended Year ended Year ended Year ended
Particulars 31-12-2007 31-12-2006 31-12-2007 31-12-2006
AUDITED AUDITED AUDITED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 Segment Revenue (net sale / income
from
each segment)
a Cement 6750.34 5615.03 6750.35 5593.34
b Ready Mix Concrete 367.02 300.44 367.02 300.44
c Others 60.27 84.41
d Unallocated 0.22 0.38 0.22 0.38
Total 7177.85 6000.26 7117.59 5894.16
Less: Inter segment revenue 110.42 149.02 110.42 90.68
Net sales / income from operations 7067.43 5851.24 7007.17 5803.48
2 Segment Results ( Profit) (+)/ Loss
(-)
before tax and interest)
a Cement 1889.45 1608.88 1887.60 1594.17
b Ready Mix Concrete (60.71) 2.66 (60.71) 2.66
c Others 2.95 6.50
Total 1831.69 1618.04 1826.89 1596.83
Less: i Interest 24.37 54.37 23.94 52.03
ii Other Un-allocable
Expenditure net off
Un-allocable income 91.74 91.12 85.77 86.21
Total Profit Before Exceptional Items 1715.58 1472.55 1717.18 1458.59
& Tax
Exceptional Items
a Profit on sale of land and undertaking 201.43 160.91 201.43 160.91
b Profit on sale of investments in 8.42 11.68
subsidiary / associates -
-
Total Profit Before Tax 1925.43 1633.46 1930.29 1619.50
3 Capital Employed
(Segment Assets - Segment
Liabilities)
a Cement 3032.47 2938.39 2974.07 2906.92
b Ready Mix Concrete 86.56 70.56 88.20 70.56
c Others 32.13 45.18
- -
Sub-total 3151.16 3054.13 3062.27 2977.48
Capital work in progress 639.78 558.42 643.68 558.42
Capital Employed excludes assets and liabilities not allocable to specific
segment & investments.
Notes:
1) The Company has reassessed its operations and revised the segment
reporting into two segments- Cement and Ready Mixed
Concrete. Cement business includes consultancy contracts for cement
plant operations.
2) Previous period figures have been regrouped wherever necessary.
Mumbai- January 31, 2008.
(Sumit Banerjee )
MANAGING DIRECTOR
This information is provided by RNS
The company news service from the London Stock Exchange
END
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