- Title:
Final Results and Accounts 2019 - Time:
07:00:05 - Date:
10 Jun 2020 - Category:
Results - ID:
5054P
CEO STATEMENT
In 2019, Steppe Cement posted a net profit of USD 9.7 million. Steppe Cement's EBITDA increased to USD 23.9 million from USD 21.4 million in 2018 as higher prices in KZT, lower cost of production and the implementation of IFRS 16 were balanced by a devaluation of 11%.
The overall domestic cement market increased by 2% to 8.9 million tonnes, while our sales volume remained flat. Our local sales increased by 4% while exports decreased by 29% due to increased competition from new factories and the strength of the KZT against the Uzbek Som in the second half of the year.
In 2019 our cost of production per tonne in KZT increased by 10%, higher than inflation of 5% due to coal and transportation pricing.
Steppe Cement operated both lines at 88% of their current combined capacity (which is 1.1 million tonnes for line 5 and 0.85 million tonnes for line 6).
Shareholders' funds increased to USD62.9 million from USD61.0 million after dividend distribution to shareholders. The replacement cost of the Company's assets remains many times higher than their current book value.
| Key financials |
Year ended |
Year ended |
Inc/(Dec)% |
| Sales (tonnes of cement) |
1,715,761 |
1,720,629 |
0 |
| Consolidated turnover (KZT million) |
30,594 |
28,342 |
8% |
| Consolidated turnover (USD million) |
79.9 |
82.2 |
(3%) |
| Consolidated profit before tax (USD million) |
12.5 |
10.8 |
16% |
| Consolidated profit after tax (USD million) |
9.7 |
9.1 |
7% |
| Profit per share (US cents) |
4.4 |
4.1 |
|
| Shareholders' funds (USD million) |
62.9 |
61.0 |
3% |
| Average exchange rate (KZT/USD) |
383 |
345 |
(11%) |
| Exchange rate as at year end (KZT/USD) |
381 |
384 |
1% |
The Kazakh cement market increased by 2% in 2019 but we expect headwinds in 2020
The Kazakh cement market in 2019 was 8.9 million tonnes, an increase of 2% from 2018. Imports into Kazakshtan decreased by 10% to 0.7 million tonnes or 8% of the total market. Exports from local producers decreased by 17% to 1.6 million tonnes.
The market demand in 2020 is very difficult to estimate as we can see the drop in demand during the COVID-19 lock down period. We expect a potential decrease of 10% as the effect of the lockdown and lower oil prices are felt across the economy. However we are still confident to maintain the volumes over the summer.
Exports, mostly to Uzbekistan and Kyrgyzstan, were reduced as they deployed their new factories and prices became more competitive. Still the companies located in the south of Kazakhstan benefited most. In April 2020, the government closed imports from Iran to west Kazakhstan and so it will benefit the companies operating in that region. At the same time Uzbekistan stopped imports from Kazakhstan. We expect imports and exports to be significantly reduced.
Steppe Cement's average cement selling prices increased by 8% in KZT, but decreased by 2% in USD, to USD 46.6 per tonne delivered.
Line 5 produced 995,141 tonnes of cement while Line 6 produced 720,620. We continue to make small improvements in Line 6 that will deliver additional production capabilities and lower costs in 2020.
Capital investment in 2019 was directed to the improvement of cement mills, silos, packing and to reduce power consumption. In 2020 we will endeavour to conserve cash and limit the capital investment to ecological and energy saving projects.
In 2019 we completed the following projects:
- Increasing the capacity of the new 50 kg bags packing line to 2,400 bags per hour, equivalent to 120 tonnes per hour,
- Commissioning the fully automated loading of wagons and trucks,
- Installing a separator in cement mill number four that will allows us to increase the sales of M500 and decrease the production cost of M400,
- Changing the two preheater fans in Line 6 to improve energy efficiency, and
- Automating the silos and loading in the wet line mills area.
Capital investment was maintained at USD3 million.
In 2020, we plan the limit the capex to USD2 million including:
- Cooler EP fan system,
- Pan conveyor replacement,
- Slag drier filter and automation,
- Cooler fan replacement, and
- Laboratory equipment.
Cost per tonne increased on the back of coal price increases
The average cash production cost of cement was maintained at USD23/tonne as cost increases in KZT were balanced by currency depreciation of 11% over the year.
We expect the coal price to be reduced in 2020.
Selling expenses, reflecting mostly cement delivery costs, decreased to USD8/tonne from USD9/tonne in 2018, due to lower export volumes (-29%) and the net reclassification of 0.4 million wagon rental expenses from selling expenses to cost of sales and finance costs based on IFRS 16.
Effects of application of IFRS 16 in the accounts
The application of IFRS 16 in our accounts affects mostly the accounting of the expenses associated with the rental of wagons that Steppe Cement does not own. Some wagons are rented for more than one year and the accounting standard requires to account for a new non-current asset called right-of-use assets evaluated at USD6.1 million (note 11 of the financial statements). The corresponding entries in the liabilities are called lease liabilities segregated between non-current and current at USD4.3 million and USD2.2 million respectively (note 21). The transportation expenses have been reduced by USD0.4 million to USD13.3 million while the corresponding lease finance cost has been calculated at USD0.9 million (note 5) increasing the financial expenses.
Without IFRS 16 accounting, the finance expenses would have been USD1.1 million and the transportation expenses USD13.8 million. Consequently, the gross profit has been reduced by USD0.4 million. As the tax authorities do not recognise for the effects of IFRS 16 accounting, Steppe Cement's effective income tax rate has increased to 23%.
The EBITDA has been increased due to the recognition of the depreciation of right of use assets. Without this depreciation, the EBITDA for 2019 would have been USD21.6 million.
General and administrative expenses
General and administrative expenses decreased by 5% to USD5.9 million from USD6.2 million in 2018 as we reduced the number of expatriates and contained inflation in salaries.
On 31 March 2020, the labour count stood at 751 from 735 in 2018. The increase is due to the termination of the subcontractor for bag packing. We are now employing directly the required personnel.
Financial position: Continuous debt reduction
During the year, our total loans outstanding were reduced from USD11.8 million to USD10.3 million. The cash position increased to USD 9.0 million leaving the company almost in net cash position at the end of 2019.
Long term loans were reduced from USD6.6 million to USD3.9 million. Of this reduction USD 1.6 million were due to repayment of loans and the balance due to the lower value in USD of long term KZT denominated loans. The effective blended interest rate in the long term loans in USD and KZT was maintained at 6.2% per annum.
Our short term loans and current part of the long term loans were slightly increased from USD5.2 million in 2018 to USD6.4 million in 2019, while the cash position at the end of the year was increased from USD5.7 million to USD9.0 million.
In 2019, finance costs (ex-operating leases) decreased to USD1.1 million from USD1.6 million in 2018 due to the continuous repayment of loan principal. Finance costs increased to USD2.0 million after accounting for operating lease interest costs of USD0.9 million under IFRS 16.
Following the drop of oil prices and the devaluation of the Russian Rouble in March 2020, the KZT devalued from 380 to 430 KZT/USD. Our current loans in USD are balanced by similar cash deposits in foreign currency.
We maintain two short term credit lines available as stand by:
- KZT3 billion from Halyk Bank at 6% p.a. in USD or 13% in KZT which includes a government subsidized program of KZT0.5 billion in KZT at 6% p.a.
- KZT0.9 billion from Altyn Bank at 11% p.a. in KZT.
All covenants under the various credit lines have been met comfortably. Depreciation of property, plant and equipment decreased slightly from USD7.1 million in 2018 to USD6.9 million in 2019.
The statutory corporate income tax rate remains at 20% in Kazakhstan.
Javier del Ser Perez
Chief Executive Officer
2019 Annual Report and Annual General Meeting
Steppe Cement will release its 2019 Annual Report on its website at www.steppecement.com during the week commencing 8 June 2020.
The Company's Annual General Meeting is expected to take place at its Malaysian Office at Suite 10.1, 10th Floor, West Wing, Rohas Perkasa, 8 Jalan Perak, Kuala Lumpur Malaysia on 8 July 2020 at 4 p.m. and telematically due to travelling restrictions.
Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.
Nominated Adviser contact: Stephen Allen or Andrew Thomson on +61 8 9480 2500.
Broker contact: Charlie Cryer at +44 20 3440 6800
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
STATEMENTS OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2019
| |
|
|
The Group |
|
The Company |
||||
| |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| |
|
|
USD |
|
USD |
|
USD |
|
USD |
| |
|
|
|
|
Restated |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
79,929,953 |
|
82,184,670 |
|
9,915,657 |
|
8,912,843 |
| |
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
|
(46,244,126) |
|
(46,737,415) |
|
- |
|
- |
| |
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
33,685,827 |
|
35,447,255 |
|
9,915,657 |
|
8,912,843 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Selling expenses |
|
|
(13,371,624) |
|
(15,612,203) |
|
- |
|
- |
| General and administrative |
|
|
|
|
|
|
|
|
|
| expenses |
|
|
(5,921,545) |
|
(6,226,994) |
|
(318,980) |
|
(300,517) |
| Interest income |
|
|
128,735 |
|
42,649 |
|
6,023 |
|
458 |
| Finance costs |
|
|
(2,061,008) |
|
(1,637,834) |
|
- |
|
- |
| Net foreign exchange (loss)/gain |
|
|
(84,400) |
|
(1,786,724) |
|
(35,941) |
|
26,141 |
| Other income/(expense), net |
|
|
166,115 |
|
576,570 |
|
- |
|
(4,855) |
| |
|
|
|
|
|
|
|
|
|
| Profit before income tax |
|
|
12,542,100 |
|
10,802,719 |
|
9,566,759 |
|
8,634,070 |
| |
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
(2,835,709) |
|
(1,744,486) |
|
- |
|
- |
| |
|
|
|
|
|
|
|
|
|
| Profit for the year |
|
|
9,706,391 |
|
9,058,233 |
|
9,566,759 |
|
8,634,070 |
| |
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
| Shareholders of the Company |
|
|
9,706,391 |
|
9,058,233 |
|
9,566,759 |
|
8,634,070 |
| |
|
|
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|
|
| Basic and diluted (cents) |
|
|
4.4 |
|
4.1 |
|
|
|
|
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
| |
|
|
The Group |
|
The Company |
|
||||
| |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
| |
|
|
USD |
|
USD |
|
USD |
|
USD |
|
| |
|
|
|
|
Restated |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Profit for the year |
|
|
9,706,391 |
|
9,058,233 |
|
9,566,759 |
|
8,634,070 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Exchange differences arising on translation of foreign operations |
|
|
572,722 |
|
(9,445,330) |
|
- |
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total other comprehensive income/(loss) |
|
|
572,722 |
|
(9,445,330) |
|
- |
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income/(loss) for the year |
|
|
10,279,113 |
|
(387,097) |
|
9,566,759 |
|
8,634,070 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
| Shareholders of the Company |
|
|
10,279,113 |
|
(387,097) |
|
9,566,759 |
|
8,634,070 |
|
STATEMENTS OF FINANCIAL POSITION
AS OF 31 DECEMBER 2019
| |
|
The Group |
|
The Company |
|
||||||||||||||
| |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|||||||||
| |
|
|
USD |
|
USD |
|
USD |
|
USD |
|
|||||||||
| |
|
|
|
|
Restated |
|
|
|
|
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Assets |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Non-Current Assets: |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Property, plant and equipment |
|
|
55,807,917 |
|
59,642,055 |
|
- |
|
- |
|
|||||||||
| Right-of-use assets |
|
|
6,140,152 |
|
- |
|
- |
|
- |
|
|||||||||
| Investment in subsidiary companies |
|
|
- |
|
- |
|
36,197,767 |
|
26,500,001 |
|
|||||||||
| Loan to subsidiary company |
|
|
- |
|
- |
|
30,140,000 |
|
30,170,000 |
|
|||||||||
| Advances |
|
|
5,992 |
|
191,242 |
|
- |
|
- |
|
|||||||||
| Other assets |
|
|
2,426,938 |
|
2,203,459 |
|
- |
|
- |
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Total Non-Current Assets |
|
|
64,380,999 |
|
62,036,756 |
|
66,337,767 |
|
56,670,001 |
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Current Assets |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Inventories |
|
|
10,811,542 |
|
13,381,295 |
|
- |
|
- |
|
|||||||||
| Trade and other receivables |
|
|
5,790,278 |
|
3,500,468 |
|
8,847,922 |
|
8,883,956 |
|
|||||||||
| Income tax recoverable |
|
|
405,147 |
|
175,336 |
|
- |
|
- |
|
|||||||||
| Loans and advances to subsidiary companies |
|
|
- |
|
- |
|
30,079 |
|
9,634,325 |
|
|||||||||
| Advances and prepaid expenses |
|
|
3,682,896 |
|
2,312,534 |
|
15,944 |
|
6,704 |
|
|||||||||
| Cash and cash equivalents |
|
|
9,014,360 |
|
5,719,491 |
|
261,798 |
|
23,570 |
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Total Current Assets |
|
|
29,704,223 |
|
25,089,124 |
|
9,155,743 |
|
18,548,555 |
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Total Assets |
|
|
94,085,222 |
|
87,125,880 |
|
75,493,510 |
|
75,218,556 |
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| |
|
The Group |
|
The Company |
|||||||||||||||
| |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
| |
|
|
USD |
|
USD |
|
USD |
|
USD |
||||||||||
| |
|
|
|
|
Restated |
|
|
|
|
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Equity and Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Capital and Reserves |
|
|
|
|
|
|
|
|
|
||||||||||
| Share capital |
|
|
73,760,924 |
|
73,760,924 |
|
73,760,924 |
|
73,760,924 |
||||||||||
| Revaluation reserve |
|
|
2,015,943 |
|
2,349,282 |
|
- |
|
- |
||||||||||
| Translation reserve |
|
|
(113,285,956) |
|
(113,858,678) |
|
- |
|
- |
||||||||||
| Retained earnings |
|
|
100,386,012 |
|
98,735,515 |
|
1,576,763 |
|
399,237 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Total Equity |
|
|
62,876,923 |
|
60,987,043 |
|
75,337,687 |
|
74,160,161 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Non-Current Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
| Borrowings |
|
|
3,892,851 |
|
6,606,910 |
|
- |
|
- |
||||||||||
| Lease liabilities |
|
|
4,306,929 |
|
- |
|
- |
|
- |
||||||||||
| Deferred taxes |
|
|
4,651,541 |
|
2,054,758 |
|
- |
|
- |
||||||||||
| Deferred income |
|
|
1,421,368 |
|
1,490,942 |
|
- |
|
- |
||||||||||
| Provision for site restoration |
|
|
74,435 |
|
65,354 |
|
- |
|
- |
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Total Non-Current Liabilities |
|
|
14,347,124 |
|
10,217,964 |
|
- |
|
- |
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Current liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
| Trade and other payables |
|
|
6,203,453 |
|
6,614,604 |
|
- |
|
- |
||||||||||
| Accrued and other liabilities |
|
|
1,405,123 |
|
2,682,569 |
|
155,853 |
|
1,058,395 |
||||||||||
| Borrowings |
|
|
6,420,573 |
|
5,217,009 |
|
- |
|
- |
||||||||||
| Lease liabilities |
|
|
2,190,586 |
|
- |
|
- |
|
- |
||||||||||
| Deferred income |
|
|
81,387 |
|
138,566 |
|
- |
|
- |
||||||||||
| Taxes payable |
|
|
560,053 |
|
1,268,125 |
|
- |
|
- |
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Total Current Liabilities |
|
|
16,861,175 |
|
15,920,873 |
|
155,853 |
|
1,058,395 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Total Liabilities |
|
|
31,208,299 |
|
26,138,837 |
|
155,853 |
|
1,058,395 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
||||||||||
| Total Equity and Liabilities |
|
|
94,085,222 |
|
87,125,880 |
|
75,493,510 |
|
75,218,556 |
||||||||||
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
| |
|
|
|
|
|
|
Distributable |
|
|
| The Group |
Share capital |
|
Revaluation reserve |
|
Translation reserve |
|
Retained earnings |
|
Total |
| |
USD |
|
USD |
|
USD |
|
USD |
|
USD |
| As at 1 January 2019 |
|
|
|
|
|
|
|
|
|
| As previously stated |
73,760,924 |
|
2,349,282 |
|
(116,266,492) |
|
96,112,997 |
|
55,956,711 |
| Adjustments |
- |
|
- |
|
2,407,814 |
|
2,622,518 |
|
5,030,332 |
| As restated |
73,760,924 |
|
2,349,282 |
|
(113,858,678) |
|
98,735,515 |
|
60,987,043 |
| |
|
|
|
|
|
|
|
|
|
| Profit for the year |
- |
|
- |
|
- |
|
9,706,391 |
|
9,706,391 |
| Other comprehensive income |
- |
|
- |
|
572,722 |
|
- |
|
572,722 |
| Total comprehensive income for the year |
- |
|
- |
|
572,722 |
|
9,706,391 |
|
10,279,113 |
| |
|
|
|
|
|
|
|
|
|
| Other transactions impacting equity: |
|
|
|
|
|
|
|
|
|
| Dividends paid |
- |
|
- |
|
- |
|
(8,389,233) |
|
(8,389,233) |
| Transfer on revaluation reserve relating to property, plant and equipment through use |
- |
|
(333,339) |
|
- |
|
333,339 |
|
- |
| |
|
|
|
|
|
|
|
|
|
| Balance as at 31 December 2019 |
73,760,924 |
|
2,015,943 |
|
(113,285,956) |
|
100,386,012 |
|
62,876,923 |
| |
|
|
|
|
|
|
Distributable |
|
|
| The Group |
Share capital |
|
Revaluation reserve |
|
Translation reserve |
|
Retained earnings |
|
Total |
| |
USD |
|
USD |
|
USD |
|
USD |
|
USD |
| As at 1 January 2018 |
|
|
|
|
|
|
|
|
|
| As previously stated |
73,760,924 |
|
2,680,003 |
|
(106,741,124) |
|
89,817,170 |
|
59,516,973 |
| Adjustments |
- |
|
- |
|
2,327,776 |
|
2,488,738 |
|
4,816,514 |
| As restated |
73,760,924 |
|
2,680,003 |
|
(104,413,348) |
|
92,305,908 |
|
64,333,487 |
| |
|
|
|
|
|
|
|
|
|
| Profit for the year as previously stated |
- |
|
- |
|
- |
|
8,924,453 |
|
8,924,453 |
| Adjustments |
- |
|
- |
|
- |
|
133,780 |
|
133,780 |
| Profit for the year as restated |
- |
|
- |
|
- |
|
9,058,233 |
|
9,058,233 |
| |
|
|
|
|
|
|
|
|
|
| Other comprehensive loss as previously stated |
- |
|
- |
|
(9,525,368) |
|
- |
|
(9,525,368) |
| Adjustments |
- |
|
- |
|
80,038 |
|
- |
|
80,038 |
| Other comprehensive loss as restated |
- |
|
- |
|
(9,445,330) |
|
- |
|
(9,445,330) |
| Total comprehensive (loss)/income for the year |
- |
|
- |
|
(9,445,330) |
|
9,058,233 |
|
(387,097) |
| |
|
|
|
|
|
|
|
|
|
| Other transactions impacting equity: |
|
|
|
|
|
|
|
|
|
| Dividends paid |
- |
|
- |
|
- |
|
(2,959,347) |
|
(2,959,347) |
| Transfer on revaluation reserve relating to property, plant and equipment through use |
- |
|
(330,721) |
|
- |
|
330,721 |
|
- |
| |
|
|
|
|
|
|
|
|
|
| Balance as at 31 December 2018 |
73,760,924 |
|
2,349,282 |
|
(113,858,678) |
|
98,735,515 |
|
60,987,043 |
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
| |
The Group |
|
The Company |
||||||
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
||
| |
USD |
|
USD |
|
USD |
|
USD |
||
| |
|
|
Restated |
|
|
|
|
||
| |
|
|
|
|
|
|
|
||
| CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES |
|
|
|
|
|
|
|
||
| Profit before income tax |
12,542,100 |
|
10,802,719 |
|
9,566,759 |
|
8,634,070 |
||
| |
|
|
|
|
|
|
|
||
| Adjustments for: |
|
|
|
|
|
|
|
||
| |
|
|
|
|
|
|
|
||
| Depreciation of property, plant and equipment |
6,880,944 |
|
7,138,659 |
|
- |
|
- |
||
| Depreciation of right-of-use assets |
2,285,530 |
|
- |
|
- |
|
- |
||
| Amortisation of quarry stripping costs |
- |
|
4,654 |
|
- |
|
- |
||
| Amortisation of site restoration costs |
1,410 |
|
1,566 |
|
- |
|
- |
||
| Dividend income |
- |
|
- |
|
(8,678,970) |
|
(8,389,233) |
||
| Reversal of dividend accrued |
- |
|
- |
|
- |
|
4,855 |
||
| Loss on disposal of property, plant and equipment |
140,656 |
|
30,925 |
|
- |
|
- |
||
| Interest income |
(128,375) |
|
(42,649) |
|
(1,242,710) |
|
(524,068) |
||
| Finance costs |
2,061,008 |
|
1,637,834 |
|
- |
|
- |
||
| Net foreign exchange loss/(gain) |
84,400 |
|
1,786,724 |
|
1,339 |
|
(50,676) |
||
| Provision for obsolete inventories |
36,146 |
|
46,562 |
|
- |
|
- |
||
| Loss allowance for doubtful receivables |
433,412 |
|
168,365 |
|
- |
|
- |
||
| Allowance for advances paid to third parties |
142,400 |
|
139,979 |
|
- |
|
- |
||
| Reversal of provision for obsolete inventories |
(118,792) |
|
(346,533) |
|
- |
|
- |
||
| Deferred income |
(246,290) |
|
(41,192) |
|
- |
|
- |
||
| |
|
|
|
|
|
|
|
||
| |
24,114,189 |
|
21,327,613 |
|
(353,582) |
|
(325,052) |
||
| |
|
|
|
|
|
|
|
|
|
| Movement in working capital: |
|
|
|
|
|
|
|
|
|
| Decrease/(Increase) in: |
|
|
|
|
|
|
|
|
|
| Inventories |
2,704,172 |
|
(2,304,350) |
|
- |
|
- |
|
|
| Trade and other receivables |
(2,687,961) |
|
(2,434,470) |
|
- |
|
(125) |
|
|
| Loans and advances to subsidiary companies |
- |
|
- |
|
(63,520) |
|
(199,034) |
|
|
| Advances and prepaid expenses |
(1,514,504) |
|
- |
|
(9,240) |
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
| (Decrease)/Increase in: |
|
|
|
|
|
|
|
|
|
| Trade and other payables |
(354,224) |
|
(161,809) |
|
- |
|
- |
|
|
| Accrued and other liabilities |
(2,002,941) |
|
2,244,060 |
|
(903,911) |
|
39,589 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Cash Generated From/(Used In) Operations |
20,258,731 |
|
18,671,044 |
|
(1,330,253) |
|
(484,622) |
|
|
| Income tax paid |
(493,734) |
|
(151,305) |
|
- |
|
(4,941) |
|
|
| |
|
|
|
|
|
|
|
|
|
| Net Cash From/(Used In) Operating Activities |
19,764,997 |
|
18,519,739 |
|
(1,330,253) |
|
(489,563) |
|
|
| |
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
(2,837,509) |
|
(3,138,098) |
|
- |
|
- |
|
|
| Purchase of other assets |
(14,982) |
|
(25,621) |
|
- |
|
- |
|
|
| Proceeds from disposal of property, plant and equipment |
149,482 |
|
- |
|
- |
|
- |
|
|
| Dividends received from subsidiary |
- |
|
- |
|
8,389,233 |
|
3,430,150 |
|
|
| Interest received |
128,735 |
|
42,649 |
|
1,568,481 |
|
29,345 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Net Cash (Used In)/From Investing Activities |
(2,574,274) |
|
(3,121,070) |
|
9,957,714 |
|
3,459,495 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
| Proceeds from bank borrowings |
7,834,646 |
|
9,363,949 |
|
- |
|
- |
|
|
| Repayment of bank borrowings |
(9,432,630) |
|
(16,732,905) |
|
- |
|
- |
|
|
| Repayment of lease liabilities |
(1,929,741) |
|
- |
|
- |
|
- |
|
|
| Dividends paid |
(8,389,233) |
|
(2,959,347) |
|
(8,389,233) |
|
(2,959,347) |
|
|
| Interest paid |
(2,036,609) |
|
(1,650,182) |
|
- |
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
| Net Cash Used In Financing Activities |
(13,953,567) |
|
(11,978,485) |
|
(8,389,233) |
|
(2,959,347) |
|
|
| |
|
|
|
|
|
|
|
|
|
| NET INCREASE IN CASH AND CASH EQUIVALENTS |
3,237,156 |
|
3,420,184 |
|
238,228 |
|
10,585 |
|
|
| |
|
|
|
|
|
|
|
|
|
| EFFECTS OF FOREIGN EXCHANGE RATE CHANGES |
57,713 |
|
(746,029) |
|
- |
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
5,719,491 |
|
3,045,336 |
|
23,570 |
|
12,985 |
|
|
| |
|
|
|
|
|
|
|
|
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR |
9,014,360 |
|
5,719,491 |
|
261,798 |
|
23,570 |
|
|
Final Results and Accounts 201907:00:0510 Jun 2020Results5054P