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2011 Q1 China Ceramics Financial Results
Author:Sino-report    Source:PR Newswire    Number of clicks :     Update time:2011-05-24 14:47
Sino-report Data Center May 2011

First Quarter 2011 Highlights

  • Revenue was RMB 307.9 million (US$ 46.8 million), up 34.4% from the first quarter of 2010;
  • Gross profit was RMB 95.3 million (US$ 14.5 million), up 37.5% from the first quarter of 2010;
  • Gross profit margin was 31.0%, up 80 basis points from the first quarter of 2010;
  • Net profit was RMB 54.0 million (US$ 8.2 million), up 19.2% from the first quarter of 2010;
  • Non-GAAP net profit, which excludes the share-based compensation expenses, was RMB 61.1 million (US$ 9.3 million), up 34.9% from RMB 45.3 million (US$ 6.6 million) in the first quarter of 2010;
  • Earnings per fully diluted share were RMB 2.96 (US$ 0.45).

FINANCIAL TABLES FOLLOW

 

 

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

(RMB in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

As at  

March 31, 2011

 

As at

December 31, 2010

 

 

(Unaudited)

 

 

 

ASSETS AND LIABILITIES

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

603,320

 

459,161

 

Land use rights

31,769

 

31,936

 

Goodwill

3,735

 

3,735

 

 

638,824

 

494,832

 

 

 

 

 

 

Current assets

 

 

 

 

Inventories

213,841

 

177,217

 

Trade receivables

340,709

 

282,976

 

Prepayments and other receivables

22,681

 

8,907

 

Cash and bank balances

84,923

 

263,495

 

 

662,154

 

732,595

 

 

 

 

 

 

Current liabilities

 

 

 

 

Trade payables

206,380

 

178,382

 

Accrued liabilities and other payables

34,640

 

46,108

 

Interest-bearing bank borrowings

72,000

 

72,000

 

Income tax payable

18,540

 

22,576

 

 

331,560

 

319,066

 

Non-current liabilities

 

 

 

 

Long term borrowings

25,000

 

25,000

 

Deferred tax liabilities

1,113

 

1,122

 

 

26,113

 

26,122

 

 

 

 

 

 

Net current assets

330,594

 

413,529

 

 

 

 

 

 

Net assets

943,305

 

882,239

 

 

 

 

 

 

EQUITY

 

 

 

 

Total shareholders' equity

943,305

 

882,239

 

 

 

 

 

 

 

 

 

 

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES

 

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(RMB in thousands, except EPS and share data)

 

 

 

 

 

Three months ended

 

 

 

March 31

December 31

March 31

 

 

 

2011

2010

2010

 

 

 

 

 

 

 

Revenue

 

307,865

273,050

229,110

 

Cost of Sales

 

(212,554)

(181,553)

(159,825)

 

Gross profit

 

95,311

91,497

69,285

 

Selling and distribution expenses

 

(2,534)

(2,444)

(1,480)

 

Administrative expenses

 

(15,620)

(6,498)

(5,783)

 

Finance costs

 

(1,873)

(1,544)

(1,497)

 

Other income

 

276

1,045

16

 

Other expenses

 

(692)

-

-

 

Profit before taxation

 

74,868

82,056

60,541

 

Income tax expense

 

(20,857)

(21,549)

(15,291)

 

Net Profit for the period

 

54,011

60,507

45,250

 

Attributable to: Shareholders of the Company

 

 

 

 

 

EPS-Basic

 

2.96

3.71

4.45

 

EPS-Diluted

 

2.96

3.71

4.45

 

Shares used in calculating basic EPS

 

 

 

 

 

Basic

 

18,254,002

16,287,698

10,164,298

 

Diluted

 

18,254,002

16,287,698

10,164,298

 

 

 

 

 

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES

 

UNAUDITED SALES VOLUME AND AVERAGE SELLING PRICE

 

 

 

 

 

Three months ended

 

 

 

March 31

December 31

March 31

 

 

 

2011

2010

2010

 

 

 

 

 

 

 

Sales volume (square meters)

 

11,429,245

10,110,484

8,798,307

 

Average Selling Price (in RMB/square meter)

 

26.9

27.0

26.0

 

Average Selling Price (in USD/square meter)

 

4.1

4.2

3.8

 

 

 

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(RMB in thousands)

 

 

 

 

Three months ended

 

 

March

December

March

 

 

31

31

31

 

 

2011

2010

2010

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Profit before taxation

74,868

82,056

60,541

 

Adjustments for

 

 

 

 

Amortization of land use rights

167

167

166

 

Depreciation of property, plant and equipment

8,818

8,528

6,574

 

Loss/(gain) on disposal of property, plant and equipment

103

(128)

-

 

Share-based compensation

7,111

-

-

 

Finance costs

1,873

1,544

1,433

 

Interest income

(222)

(93)

(105)

 

Operating profit before working capital changes

92,718

92,074

68,609

 

Increase in inventories

(36,625)

(26,995)

(18,214)

 

(Increase)/decrease in trade receivables

(57,733)

82,141

(12,646)

 

Increase in other receivables and prepayments

(8,774)

(8,069)

(1,692)

 

Increase in trade payables

27,999

20,582

16,296

 

Decrease in accrued liabilities and other payables

(6,016)

(44,623)

(19,752)

 

Cash generated from operations

11,569

115,110

32,601

 

Interest paid

(1,873)

(1,544)

(1,433)

 

Income tax paid

(24,902)

(23,014)

(16,505)

 

 

 

 

 

 

Net cash (used in)/generated from operating activities

(15,206)

90,552

14,663

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Proceed from disposal of property, plant and equipment

708

936

-

 

Acquisition of property, plant and equipment

(164,241)

(26,441)

(226)

 

Interest received

222

93

105

 

Acquisition of subsidiary, net of cash acquired

-

-

(36,311)

 

 

 

 

 

 

Net cash used in investing activities

(163,311)

(25,412)

(36,432)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Bank borrowings obtained

-

-

8,000

 

Repayment of short-term loans

-

(2,700)

(4,500)

 

Proceeds from issuance of ordinary shares

-

159,551

-

 

 

 

 

 

 

Net cash generated from financing activities

-

156,851

3,500

 

 

 

 

 

 

Net increase(decrease) in cash and cash equivalents

(178,517)

221,991

(18,269)

 

Cash and cash equivalents, beginning of period

263,495

41,478

150,121

 

Effect of foreign exchange rate differences

(55)

26

8

 

 

 

 

 

 

Cash and cash equivalents, end of period

84,923

263,495

131,860

 

 

 

 

 

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

(U.S. Dollar in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

As at  

March 31, 2011

 

As at

December 31, 2010

 

 

 

 

 

 

ASSETS AND LIABILITIES

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

92,134

 

69,570

 

Land use rights

4,851

 

4,839

 

Goodwill

570

 

566

 

 

97,555

 

74,975

 

 

 

 

 

 

Current assets

 

 

 

 

Inventories

32,656

 

26,851

 

Trade receivables

52,030

 

42,875

 

Prepayments and other receivables

3,464

 

1,350

 

Cash and bank balances

12,969

 

39,923

 

 

101,119

 

110,999

 

 

 

 

 

 

Current liabilities

 

 

 

 

Trade payables

31,517

 

27,028

 

Accrued liabilities and other payables

5,290

 

6,986

 

Interest-bearing bank borrowings

10,995

 

10,909

 

Income tax payable

2,831

 

3,421

 

 

50,633

 

48,344

 

Non-current liabilities

 

 

 

 

Long term borrowings

3,818

 

3,788

 

Deferred tax liabilities

170

 

170

 

 

3,988

 

3,958

 

 

 

 

 

 

Net current assets

50,486

 

62,655

 

 

 

 

 

 

Net assets

144,053

 

133,672

 

 

 

 

 

 

EQUITY

 

 

 

 

Total shareholders' equity

144,053

 

133,672

 

 

 

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(U.S. Dollar in thousands, except EPS and share data)

 

 

 

 

Three months ended

 

 

March

December

March

 

 

31

31

31

 

 

2011

2010

2010

 

 

 

 

 

 

Revenue

46,830

42,474

33,515

 

Cost of Sales

(32,332)

(28,284)

(23,379)

 

Gross profit

14,498

14,190

10,136

 

Selling and distribution expenses

(385)

(375)

(216)

 

Administrative expenses

(2,376)

(1,011)

(846)

 

Finance costs

(285)

(240)

(219)

 

Other income

42

162

2

 

Other expenses

(105)

-

-

 

Profit before taxation

11,389

12,726

8,857

 

Income tax expense

(3,173)

(3,339)

(2,237)

 

Net Profit for the period

8,216

9,387

6,620

 

Attributable to:

 

 

 

 

Shareholders of the Company

 

 

 

 

EPS-Basic

0.45

0.58

0.65

 

EPS-Diluted

0.45

0.58

0.65

 

Shares used in calculating basic EPS

 

 

 

 

EPS-Basic

18,254,002

16,287,698

10,164,298

 

EPS-Diluted

18,254,002

16,287,698

10,164,298

 

 

 

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(U.S. Dollar in thousands)

 

 

 

 

Three months ended

 

 

March

December

March

 

 

31

31

31

 

 

2011

2010

2010

 

Cash flows from operating activities

 

 

 

 

Profit before taxation

11,389

12,726

8,857

 

Adjustments for

 

 

 

 

Amortization of land use rights

25

27

24

 

Depreciation of property, plant and equipment

1,341

1,319

962

 

Loss/(gain) on disposal of property, plant and equipment

16

(20)

-

 

Share-based compensation

1,082

-

-

 

Finance costs

285

240

210

 

Interest income

(34)

(14)

(15)

 

Operating profit before working capital changes

14,104

14,278

10,038

 

Increase in inventories

(5,571)

(4,076)

(2,664)

 

(Increase)/decrease in trade receivables

(8,782)

12,023

(1,850)

 

Increase in other receivables and prepayments

(1,335)

(1,195)

(248)

 

Increase in trade payables

4,259

3,111

2,384

 

Decrease in accrued liabilities and other payables

(915)

(6,613)

(2,889)

 

Cash generated from operations

1,760

17,528

4,771

 

Interest paid

(285)

(240)

(210)

 

Income tax paid

(3,788)

(3,541)

(2,414)

 

 

 

 

 

 

Net cash (used in)/generated from operating activities

(2,313)

13,747

2,147

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Proceed from disposal of property, plant and equipment

108

147

-

 

Acquisition of property, plant and equipment

(24,983)

(4,381)

(33)

 

Interest received

34

14

15

 

Acquisition of subsidiary, net of cash acquired

-

-

(5,318)

 

 

 

 

 

 

Net cash used in investing activities

(24,841)

(4,220)

(5,336)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Bank borrowings obtained

-

-

1,170

 

Repayment of short-term loans

-

(537)

(658)

 

Proceeds from issuance of ordinary shares

-

23,981

-

 

 

 

 

 

 

Net cash generated from financing activities

-

23,444

512

 

 

 

 

 

 

Net increase(decrease) in cash and cash equivalents

(27,154)

32,971

(2,677)

 

Cash and cash equivalents, beginning of period

39,923

6,193

21,957

 

Effect of foreign exchange rate differences

200

759

9

 

Cash and cash equivalents, end of period

12,969

39,923

19,289

 

 

 

 

 

 

 

 

 

 



















 

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