JINJIANG, China, March 14, 2011 /PRNewswire-Asia/ -- China
Ceramics Co., Ltd. (Nasdaq: CCCL, CCCLW, CCCLU) ("China Ceramics"
or the "Company"), a leading Chinese manufacturer of ceramic tiles
used for exterior siding and for interior flooring and design in
residential and commercial buildings, today announced financial
results for the fourth quarter ended December 31, 2010.
Fourth Quarter 2010 Highlights
- Revenue was RMB 273.1 million
(US$ 42.5 million), up 24.3% from the
fourth quarter of 2009;
- Gross profit was RMB 91.5 million
(US$ 14.2 million), up 27.6% from the
fourth quarter of 2009;
- Gross profit margin was 33.5%, compared to 32.6% in the fourth
quarter of 2009;
- Net profit was RMB 60.5 million
(US$ 9.4 million), up 133.5% from the
fourth quarter of 2009;
- Earnings per fully diluted share were RMB 3.71(US$
0.58).
Full Year 2010 Highlights
- Revenue was RMB 1,068.6 million
(US$ 159.2 million), up 27.9% from
the same period of 2009;
- Gross profit was RMB 339.0
million (US$ 50.5 million), up
33.9% from the same period of 2009;
- Gross profit margin was 31.7%, compared to 30.3% in the same
period of 2009;
- Net profit was RMB 225.5 million
(US$ 33.6 million), up 47.5% from the
same period of 2009;
- Earnings per fully diluted share were RMB 16.96 (US$
2.53).
Fourth quarter 2010 Results
Revenue for the fourth quarter ended December 31, 2010 was RMB
273.1 million (US$ 42.5
million), up by 24.3% compared to the fourth quarter ended
December 31, 2009. The year-over-year
increase in revenue was primarily driven by a 17.4% increase in
volume from 8.6 million square meters to 10.1 million square meters
in the fourth quarter of 2010 compared with the same period in
2009. The growth in volume was primarily due to increased
production capacity at the plant in Gaoan, Jiangxi Province ("Hengdali") that we acquired
in January 2010. Hengdali contributed
RMB 55.9 million of total revenue in
the quarter ended December 31, 2010.
Revenue contributed by Hengda for the in the fourth quarter totaled
RMB 217.2 million.
Gross profit for the fourth quarter ended December 31, 2010 was RMB
91.5 million (US$ 14.2
million), up 27.6% from RMB 71.7
million for the fourth quarter ended December 31, 2009. The year-over-year increase in
gross profit was driven by higher sales volume and higher gross
margin of new products in our Hengdali operation. Gross margin was
33.5% compared to 32.6% for the same period last year.
Administrative expenses for the fourth quarter ended
December 31, 2010 were RMB 6.5 million (US$ 1.0
million), up 140.7% from RMB 2.7
million (US$ 0.4 million) in
the fourth quarter of 2009. The year-over-year increase in
administrative expenses was primarily due to the additional
depreciation and amortization expenses RMB
0.3 million (US$ 0.05 million)
incurred from the acquisition of property, plant and equipment,
consulting expenses RMB 0.5 million
(US$ 0.08 million) related to the
public offering in November 2010, as
well as from legal consulting RMB 1.6
million (US$ 0.3 million), the
increased salary RMB 0.4 million
(US$ 0.06 million) of Hengdali and
other expenses related to China Ceramics' status as a public
company.
Selling and distribution expenses for the fourth quarter
ended December 31, 2010 were
RMB 2.4 million (US$ 0.4 million), or 0.9% of sales, compared to
RMB 1.9 million, or 0.9% of sales, in
the same period of 2009. The year-over-year increase in selling
expenses was due to the higher payroll (RMB
0.2 million) and advertising expenses (RMB 0.3 million) at the newly acquired Hengdali
facility.
Finance costs for the fourth quarter ended December 31, 2010 were RMB
1.5 million (US$ 0.2million),
up 275.0% from RMB 0.4 million in the
fourth quarter of 2009. The year-over-year increase in finance
costs resulted from loans (RMB 55.0
million) assumed in connection with the acquisition of
Hengdali.
Profit from operations for the fourth quarter ended
December 31, 2010 was RMB 83.6 million (US$ 13.0
million), up 20.5% from RMB 69.4
million in the fourth quarter of 2009. The year-over-year
increase in profit from operations was the result of higher revenue
and the absence of one-time merger costs (RMB 26.4 million) incurred in the fourth quarter
of 2009.
Other income for the fourth quarter ended December 31, 2010 was RMB
1.0 million (US$ 0.2 million),
down 56.5% from RMB 2.3 million in
the same period of 2009. Other income mainly consisted of sale of
waste parts such as scrap metals, gears and transportation belts
from equipment and moldings, and foreign exchange gain/loss. The
year-over-year decrease in other income was primarily due to
foreign exchange loss (RMB 0.8
million) in the fourth quarter ended December 31, 2010.
Net profit for the fourth quarter ended December 31, 2010 was RMB
60.5 million (US$ 9.4
million), up 133.5% from the same period in 2009. The
year-over-year increase in net profit was primarily driven by
strong growth in revenue of Hengdali, 2010 and the absence of
one-time merger costs (RMB 26.4
million) incurred in November
2009, which reduced the net profit for the fourth quarter of
2009.
Earnings per fully diluted share were RMB 3.71 (US$ 0.58)
for the fourth quarter ended December 31,
2010, up 22.4% from RMB 3.03
(US$ 0.44) over the same period in
2009. The year-over-year increase in earnings per share was mainly
due to the strong growth in net profit, meanwhile offset by
increased share numbers. On November 24,
2010, 3,350,000 shares were issued, bringing the number of
issued and outstanding shares to 16,459,202 as of December 31, 2010.
Full Year 2010 Results
Revenue for the year ended December 31,
2010 increased by 27.9% to RMB
1,068.6 million (US$ 159.2
million) compared to the year ended December 31, 2009. Gross profit was RMB 339.0 million (US$
50.5 million), up 33.9% from RMB
253.2 million in the year ended December 31, 2009. Gross margin was 31.7%
compared to 30.3% in the same period of 2009. Selling expenses were
RMB 7.2 million (US$ 1.1 million), compared to RMB 6.9 million in the same period of 2009.
Administrative expenses were RMB 25.5
million (US$ 3.8 million),
compared to RMB 10.1 million for the
same period of 2009. Net profit for the whole year ended
December 31, 2010 was RMB 225.5 million (US$
33.6 million), up 47.5% from the same period in 2009.
Earnings per fully diluted share were RMB
16.96 (US$ 2.53) for the year
ended December 31, 2010, down from
RMB 23.65 in the same period of
2009.
Fourth Quarter 2010 Statements of Selected Financial Position
Items
- Cash and bank balances were RMB 263.5
million (US$ 39.9 million) as
of December 31, 2010, compared with
RMB 41.5 million (US$ 6.2 million) as of September 30, 2010 and RMB
150.1 million (US$ 22.0
million) as of December 31,
2009. The increase in the cash and bank balances was
partially due to the net proceeds generated from the sale of shares
in our November 2010 public offering,
which amounted to approximately RMB 159.6
million (US$ 24.0 million).
The dynamic growth in revenue also increased the cash generated
from operating activities.
- Inventory turnover was 73 days as of December 31, 2010 compared with 66 days as of
September 30, 2010 and 77 days as of
December 31, 2009. The increase in
inventory turnover resulted from the Company building up inventory
ahead of backlog orders. The year-over-year decrease in the
inventory turnover was due to the increased delivery rate, the
goods were picked up by customers directly now rather than
delivered by the Company.
- Trade receivables turnover was 95 days as of December 31, 2010 compared with 109 days as of
September 30, 2010 and 102 days as of
December 31, 2009. The Company's
trade receivables include a 17% value-added-tax ("VAT"), whereas
reported revenue is net of VAT. Trade receivables turnover
excluding VAT amounts was 81 days as of December 31, 2010 compared with 93 as of
September 30, 2010 and 87 days as of
December 31, 2009. The year-over-year
decrease in the trade receivables turnover was due to the better
cash collection in the fourth quarter ended December 31, 2010.
- Trade payables turnover was 76 days as of December 31, 2010 compared with 71 days as of
September 30, 2010 and 69 days as of
December 31, 2009. The increase in
the trade payables turnover compared to the third quarter of 2010
resulted from the increased balance of trade payables as of
December 31, 2010 with the
significant increase in inventory.
- Bank borrowings (including both short-term borrowings and
long-term borrowings) were RMB 97.0
million (US$ 14.7million) as
of December 31, 2010 compared to
RMB 99.7 million (US$ 14.9 million) as of September 30, 2010 and RMB
26.5 million (US$ 3.9 million)
as of December 31, 2009.
- Capital expenditures for Hengda were approximately RMB 100.4 million (US$
15.0 million) in 2010. In the fourth quarter ended
December 31, 2010, the Company
invested RMB 26.4 million
(US$ 3.9 million) to replace and
improve older manufacturing equipment at Hengda. The enhancement of
production lines increased annual production capacity at Hengda to
32.2 million square meters of ceramic tiles, up from 28 million
square meters. China Ceramics' total capacity from the beginning of
2011 currently stands at 42.2 million square meters. The capital
expenditure for phase II of the construction and expansion of the
Hengdali plant was approximately RMB 91.6
million (US$ 13.6 million) in
2010. The Company expects the completion of phase II at Hengdali
will happen at the beginning of second quarter of 2011, which is
expected to increase annual production capacity to 24 million
square meters, up from 10 million square meters. As a result, China
Ceramics expects to have total production capacity of approximately
56.2 million square meters after the completion of the phase II in
the second quarter of 2011, up from 38 million square meters at the
end of 2010.
Liquidity and capital resources
Cash flow provided by operating activities was
RMB 204.2 million (US$ 30.4 million) for the year ended December 31, 2010, an increase of RMB 44.6 million (US$ 7.1
million), or 27.9% from the RMB 159.6
million (US$ 23.3 million) net
cash provided by operating activities for the same period in 2009.
The year-over-year increase was mainly due to the increase in
revenue and a decrease in trade receivables of RMB 62.9 million, primarily offset by an increase
in inventories of RMB 68.0 million
and a decrease in accrued liabilities and other payables of
RMB 29.1 million..
Cash flow used in investing activities in the year ended
December 31, 2010 was RMB 254.1 million (US$
37.8 million), compared to RMB 152.3
million (US$ 22.3 million) of
net cash outflow used in investing activities in the same period of
2009. The increase was mainly due to an increase in acquisition of
property, plant and equipment for (i) the completion of phase I
construction and expansion of Hengdali (RMB
30.2 million (US$ 4.5
million)) (ii) the initial stage of phase II construction
for Hengdali (RMB 91.6 million
(US$ 13.6 million)) and (iii)
improvements of RMB 100.4 million
(US$ 15.0 million) at our Hengda
facility, which led to capital expenditures of an aggregate of
RMB 222.2 million (US$ 33.1 million) during 2010.
Cash flow generated from financing activities was
RMB 163.2 million (US$ 24.5 million) for the year ended December 31, 2010, as compared to approximately
RMB 91.1 million (US$ 13.3 million) cash generated from financing
activities in the same period of 2009 and was primarily
attributable to a RMB 159.6 million
(US$ 24.0 million) from issuance of
new shares, which was partially offset by the repayment of bank
loans of RMB 62.2 million
(US$ 9.3 million).
Recent Developments
The shareholders of the Company approved the 2010 Incentive
Compensation Plan ("the Plan") at the annual meeting held on
December 27, 2010. In accordance with
the Plan, the Board of Directors of the Company has appointed the
Compensation Committee (the "Committee") to administer the Plan. In
accordance with the Plan, on January 27,
2011, the Committee recommended, and the Board approved,
awards of 1,130,000 options to Huang Jia
Dong, Su Pei Zhi,
Su Wei Feng, Hen Man Edmund,
Paul K. Kelly, Cheng Yan Davis, Ding
Wei Dong and William L. Stulginsky
effective as of January 27, 2011
("Award Date") at an exercise price of $7.65 per share (25% of the options awarded vest
on January 27, 2011, 25% on
January 27, 2012 (12 months from
Award Date), 25% on January 27, 2013
(24 months from Award Date) and 25% on January 27, 2014 (36 months from the Award Date)
respectively). The fair value evaluation of the equity has not been
completed as of the report date.
Business Outlook
The Company's backlog of orders for delivery in the first
quarter of 2011 is approximately RMB 323.2
million (US$ 49.0 million),
representing a year-over-year growth rate of 33.4% compared to the
first quarter of 2010. The expected sales volume in the first
quarter of 2011 is approximately 11.5 million square meters,
representing a 30.7% increase from 8.8 million square meters sold
in the first quarter of 2010.
Conference Call Information
The Company will host a conference call at 9:00 am EDT on Monday,
March 14, 2011. Listeners may access the call by dialing +1
(866) 395-5819 five to ten minutes prior to the scheduled
conference call time. International callers should dial +1 (706)
643-6986. The conference participant pass code is 49178270. A
replay of the conference call will be available for 14 days
starting from 11:00 am ET on
Monday, March 14, 2011. To access the
replay, dial +1 (800) 642-1687. International callers should dial
+1 (706) 645-9291. The pass code is 49178270.
About China Ceramics Co., Ltd
China Ceramics Co., Ltd. is a leading manufacturer of ceramic
tiles in China. The Company's
ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics'
products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL",
"TOERTO" and "WULIQIAO" brands, are available in over 2000 styles,
colors and sizes combinations and are distributed through a network
of exclusive distributors or directly to large property developers.
For more information, please visit http://www.cceramics.com
Currency Convenience Translation
The Company's financial information is stated in Reminbi
("RMB"). The translation of RMB amounts into United States dollars in the earning release
is included solely for the convenience of readers. For statements
of financial position data, translation of RMB into U.S. dollars
has been made using historic spot exchange rates published by
www.federalreserve.gov. For statements of comprehensive income
data, translation of RMB into U.S. dollars has been made using the
average of historical daily exchange rates. Such translations
should not be construed as representations that RMB amounts could
be converted into U.S. dollars at that rate or any other rate, or
to be the amounts that would have been reported under IFRS.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the
meaning and protections of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates, intentions,
and future performance, and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance, capital,
ownership or achievements of the Company to be materially different
from future results, performance or achievements expressed or
implied by such forward-looking statements. All statements other
than statements of historical fact are statements that could be
forward-looking statements. You can identify these forward-looking
statements through our use of words such as
"may," "will,"
"anticipate," "assume,"
"should," "indicate,"
"would," "believe,"
"contemplate," "expect,"
"estimate," "continue,"
"plan," "point to,"
"project," "could,"
"intend," "target" and
other similar words and expressions of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2009 and
otherwise in our SEC reports and filings, including the final
prospectus for our offering. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet
website at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
FINANCIAL TABLES FOLLOW
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMEMTS OF FINANCIAL POSITION
|
|
(RMB in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
December 31, 2010
|
|
As at
December 31, 2009
|
|
|
(UNAUDITED)
|
|
|
|
ASSETS AND
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Property, plant and
equipment
|
459,161
|
|
64,184
|
|
Land use rights
|
31,936
|
|
165
|
|
Goodwill
|
3,735
|
|
-
|
|
|
494,832
|
|
64,349
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Inventories
|
177,217
|
|
114,658
|
|
Trade receivables
|
282,976
|
|
270,840
|
|
Prepayments and other
receivables
|
1,973
|
|
149,268
|
|
Cash and bank
balances
|
263,495
|
|
150,121
|
|
|
725,661
|
|
684,887
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Trade payables
|
178,382
|
|
126,251
|
|
Accrued liabilities and other
payables
|
39,174
|
|
74,749
|
|
Interest-bearing bank
borrowings
|
72,000
|
|
26,500
|
|
Income tax payable
|
22,576
|
|
16,639
|
|
|
312,132
|
|
244,139
|
|
Non-current
liabilities
|
|
|
|
|
Long term borrowings
|
25,000
|
|
-
|
|
Deferred tax
liabilities
|
1,122
|
|
-
|
|
|
26,122
|
|
-
|
|
|
|
|
|
|
Net current
assets
|
413,529
|
|
440,748
|
|
|
|
|
|
|
Net assets
|
882,239
|
|
505,097
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Total
shareholders' equity
|
882,239
|
|
505,097
|
|
|
|
|
|
|
|
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|
(RMB in
thousands, except EPS and share data)
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Year ended
|
|
|
December
|
September
|
December
|
|
December
|
December
|
|
|
31
|
30
|
31
|
|
31
|
31
|
|
|
2010
|
2010
|
2009
|
|
2010
|
2009
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
273,050
|
294,088
|
219,716
|
|
1,068,551
|
835,747
|
|
Cost of Sales
|
(181,553)
|
(200,724)
|
(148,043)
|
|
(729,576)
|
(582,530)
|
|
Gross profit
|
91,497
|
93,364
|
71,673
|
|
338,975
|
253,217
|
|
Selling and distribution
expenses
|
(2,444)
|
(1,738)
|
(1,889)
|
|
(7,176)
|
(6,912)
|
|
Administrative
expenses
|
(6,498)
|
(7,268)
|
(2,679)
|
|
(25,524)
|
(10,088)
|
|
Finance costs
|
(1,544)
|
(1,652)
|
(430)
|
|
(6,170)
|
(1,375)
|
|
Merger costs
|
-
|
-
|
(26,429)
|
|
-
|
(26,429)
|
|
Other income
|
1,045
|
2,649
|
2,307
|
|
3,966
|
3,735
|
|
Profit before
taxation
|
82,056
|
85,355
|
42,553
|
|
304,071
|
212,148
|
|
Income tax
expense
|
(21,549)
|
(22,099)
|
(16,639)
|
|
(78,597)
|
(59,287)
|
|
Net Profit for the
period
|
60,507
|
63,256
|
25,914
|
|
225,474
|
152,861
|
|
Attributable
to:
|
|
|
|
|
|
|
|
Shareholders of the
Company
|
|
|
|
|
|
|
|
EPS-Basic
|
3.71
|
5.69
|
3.36
|
|
16.96
|
24.47
|
|
EPS-Diluted
|
3.71
|
5.69
|
3.03
|
|
16.96
|
23.65
|
|
Shares used in calculating basic EPS
|
|
|
|
|
|
|
|
Basic
|
16,287,698
|
11,124,593
|
7,713,538
|
|
13,292,189
|
6,246,820
|
|
Diluted
|
16,287,698
|
11,124,593
|
8,557,205
|
|
13,292,189
|
6,462,424
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
SALES VOLUME
AND AVERAGE SELLING PRICE
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
|
September
|
December
|
|
December
|
December
|
|
|
31
|
30
|
31
|
|
31
|
31
|
|
|
2010
|
2010
|
2009
|
|
2010
|
2009
|
|
Sales volume (square
meters)
|
10,110,484
|
11,359,920
|
8,569,919
|
|
40,899,720
|
33,597,744
|
|
Average Selling
Price
(in
RMB/square meter)
|
27.0
|
25.9
|
25.6
|
|
26.1
|
24.9
|
|
Average Selling
Price
(in
USD/square meter)
|
4.2
|
3.8
|
3.8
|
|
3.9
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(RMB in
thousands)
|
|
|
Three months ended
|
|
Year ended
|
|
|
December
|
September
|
December
|
|
December
|
December
|
|
|
31
|
30
|
31
|
|
31
|
31
|
|
|
2010
|
2010
|
2009
|
|
2010
|
2009
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Cash flows
from operating activities
|
|
|
|
|
|
|
|
Profit before
taxation
|
82,056
|
85,355
|
42,553
|
|
304,071
|
212,148
|
|
Adjustments for
|
|
|
|
|
|
|
|
Amortization of land use
rights
|
167
|
168
|
-
|
|
668
|
3
|
|
Depreciation of property,
plant
and equipment
|
8,528
|
8,182
|
3,798
|
|
30,195
|
15,628
|
|
Gain on disposal of
property,
plant and equipment
|
(128)
|
(219)
|
(328)
|
|
(485)
|
(328)
|
|
Merger costs by share-based
payment
|
-
|
-
|
14,100
|
|
-
|
14,100
|
|
Finance costs
|
1,544
|
1,652
|
446
|
|
6,170
|
1,375
|
|
Interest income
|
(93)
|
(53)
|
(159)
|
|
(377)
|
(402)
|
|
Operating profit before
working capital
changes
|
92,074
|
95,085
|
60,410
|
|
340,242
|
242,524
|
|
(Increase)/decrease in
inventories
|
(26,995)
|
2,626
|
(12,330)
|
|
(51,086)
|
16,904
|
|
(Increase)/decrease in trade
receivables
|
82,141
|
(26,997)
|
20,387
|
|
(12,136)
|
(74,992)
|
|
(Increase)/decrease in
other
Receivables and
prepayments
|
(1,135)
|
906
|
520
|
|
2,311
|
70
|
|
Increase/(decrease) in trade
payables
|
20,582
|
(11,971)
|
6,341
|
|
40,578
|
31,956
|
|
Increase/(decrease) in accrued
liabilities
and other payables
|
(51,557)
|
27,166
|
(5,682)
|
|
(36,803)
|
(7,686)
|
|
Cash generated from
operations
|
115,110
|
86,815
|
69,646
|
|
283,106
|
208,776
|
|
Interest paid
|
(1,544)
|
(1,652)
|
(446)
|
|
(6,170)
|
(1,375)
|
|
Income tax paid
|
(23,014)
|
(18,548)
|
(17,668)
|
|
(72,695)
|
(47,781)
|
|
|
|
|
|
|
|
|
|
Net cash
generated from
operating
activities
|
90,552
|
66,615
|
51,532
|
|
204,241
|
159,620
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
|
|
Proceed from disposal of
property,
plant and equipment
|
936
|
1,382
|
729
|
|
4,092
|
729
|
|
Acquisition of property, plant
and
equipment
|
(26,441)
|
(89,512)
|
(7,339)
|
|
(222,246)
|
(8,041)
|
|
Interest received
|
93
|
53
|
159
|
|
377
|
402
|
|
Prepayment for the
Gaoan
facility acquisition
|
-
|
-
|
(145,384)
|
|
-
|
(145,384)
|
|
Acquisition of subsidiary, net
of
cash acquired
|
-
|
-
|
-
|
|
(36,311)
|
-
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities
|
(25,412)
|
(88,077)
|
(151,835)
|
|
(254,088)
|
(152,294)
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
|
|
(RMB in
thousands)
|
|
|
Three months ended
|
|
Year ended
|
|
|
December
|
September
|
December
|
|
December
|
December
|
|
|
31
|
30
|
31
|
|
31
|
31
|
|
|
2010
|
2010
|
2009
|
|
2010
|
2009
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Cash flows
from financing activities
|
|
|
|
|
|
|
|
Bank borrowings
obtained
|
-
|
35,800
|
-
|
|
72,700
|
42,300
|
|
Repayment of short-term
loans
|
(2,700)
|
(40,800)
|
(8,000)
|
|
(62,200)
|
(28,100)
|
|
Cash acquired in
reverse
recapitalization
|
-
|
-
|
104,491
|
|
-
|
104,491
|
|
Payment of underwriter
fee
|
-
|
-
|
(8,500)
|
|
-
|
(8,500)
|
|
Advances from a
director
|
-
|
-
|
-
|
|
-
|
3,364
|
|
Proceeds from issuance of
ordinary
shares
|
159,551
|
-
|
-
|
|
159,551
|
0*
|
|
Purchase of warrants
|
-
|
-
|
-
|
|
(6,803)
|
-
|
|
Dividend paid
|
-
|
-
|
-
|
|
-
|
(22,455)
|
|
|
|
|
|
|
|
|
|
Net cash
generated from /(used in)
financing
activities
|
156,851
|
(5,000)
|
87,991
|
|
163,248
|
91,100
|
|
|
|
|
|
|
|
|
|
Net
increase(decrease)
in cash and
cash equivalents
|
221,991
|
(26,462)
|
(12,312)
|
|
113,401
|
98,426
|
|
Cash and cash
equivalents,
beginning of
period
|
41,478
|
67,986
|
162,344
|
|
150,121
|
51,606
|
|
Effect of foreign exchange
rate
differences
|
26
|
(46)
|
89
|
|
(27)
|
89
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents,
end of
period
|
263,495
|
41,478
|
150,121
|
|
263,495
|
150,121
|
|
|
|
* Amount less than RMB
1,000
|
|
|
|
|
|
|
|
|
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
|
(U.S Dollar
in thousands)
|
|
|
As at
|
|
December 31, 2010
|
|
ASSETS AND
LIABILITIES
|
|
|
|
|
|
Non-current
assets
|
|
|
Property, plant and
equipment
|
69,570
|
|
Land use rights
|
4,839
|
|
Goodwill
|
566
|
|
|
74,975
|
|
|
|
|
Current assets
|
|
|
Inventories
|
26,851
|
|
Trade receivables
|
42,875
|
|
Prepayments and other
receivables
|
299
|
|
Cash and bank
balances
|
39,923
|
|
|
109,948
|
|
|
|
|
Current
liabilities
|
|
|
Trade payables
|
27,028
|
|
Accrued liabilities and other
payables
|
5,935
|
|
Interest-bearing bank
borrowings
|
10,909
|
|
Income tax payable
|
3,421
|
|
|
47,293
|
|
Non-current
liabilities
|
|
|
Long term borrowings
|
3,788
|
|
Deferred tax
liabilities
|
170
|
|
|
3,958
|
|
|
|
|
Net current
assets
|
62,655
|
|
|
|
|
Net assets
|
133,672
|
|
|
|
|
EQUITY
|
|
|
Total
shareholders' equity
|
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
|
|
Year ended
|
|
|
December
|
|
September
|
|
December
|
|
|
31
|
|
30
|
|
31
|
|
|
2010
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
|
Revenue
|
42,474
|
|
43,342
|
|
159,178
|
|
Cost of Sales
|
(28,284)
|
|
(29,584)
|
|
(108,682)
|
|
Gross profit
|
14,190
|
|
13,758
|
|
50,496
|
|
Selling and distribution
expenses
|
(375)
|
|
(256)
|
|
(1,069)
|
|
Administrative
expenses
|
(1,011)
|
|
(1,071)
|
|
(3,802)
|
|
Finance costs
|
(240)
|
|
(244)
|
|
(919)
|
|
Other income
|
162
|
|
389
|
|
591
|
|
Profit before
taxation
|
12,726
|
|
12,576
|
|
45,297
|
|
Income tax expense
|
(3,339)
|
|
(3,256)
|
|
(11,708)
|
|
Net Profit for the
period
|
9,387
|
|
9,320
|
|
33,589
|
|
Attributable to:
|
|
|
|
|
|
|
Shareholders of the
Company
|
|
|
|
|
|
|
EPS-Basic
|
0.58
|
|
0.84
|
|
2.53
|
|
EPS-Diluted
|
0.58
|
|
0.84
|
|
2.53
|
|
Shares used in calculating basic
EPS
|
|
|
|
|
|
|
EPS-Basic
|
16,287,698
|
|
11,124,593
|
|
13,292,189
|
|
EPS-Diluted
|
16,287,698
|
|
11,124,593
|
|
13,292,189
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(U.S Dollar
in thousands)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Year ended
|
|
|
December
|
|
September
|
|
December
|
|
|
31
|
|
30
|
|
31
|
|
|
2010
|
|
2010
|
|
2010
|
|
Cash flows
from operating activities
|
|
|
|
|
|
|
Profit before
taxation
|
12,726
|
|
12,576
|
|
45,297
|
|
Adjustments for
|
|
|
|
|
|
|
Amortization of land use
rights
|
27
|
|
24
|
|
100
|
|
Depreciation of property, plant
and equipment
|
1,319
|
|
1,208
|
|
4,498
|
|
Gain on disposal of property,
plant and equipment
|
(20)
|
|
(32)
|
|
(72)
|
|
Finance costs
|
240
|
|
244
|
|
919
|
|
Interest income
|
(14)
|
|
(8)
|
|
(56)
|
|
Operating profit before
working capital changes
|
14,278
|
|
14,012
|
|
50,686
|
|
(Increase)/decrease in
inventories
|
(4,076)
|
|
370
|
|
(7,610)
|
|
(Increase)/decrease in trade
receivables
|
12,023
|
|
(3,999)
|
|
(1,808)
|
|
(Increase)/decrease in other
receivables and prepayments
|
(162)
|
|
135
|
|
344
|
|
Increase/(decrease) in trade
payables
|
3,111
|
|
(1,737)
|
|
6,045
|
|
Increase(decrease) in accrued
liabilities and other payables
|
(7,646)
|
|
3,978
|
|
(5,482)
|
|
Cash generated from
operations
|
17,528
|
|
12,759
|
|
42,175
|
|
Interest paid
|
(240)
|
|
(244)
|
|
(919)
|
|
Income tax paid
|
(3,541)
|
|
(2,739)
|
|
(10,829)
|
|
|
|
|
|
|
|
|
Net cash
generated from operating activities
|
13,747
|
|
9,776
|
|
30,427
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
|
Proceed from disposal of
property, plant and equipment
|
147
|
|
204
|
|
610
|
|
Acquisition of property, plant
and equipment
|
(4,381)
|
|
(13,193)
|
|
(33,107)
|
|
Interest received
|
14
|
|
8
|
|
56
|
|
Acquisition of subsidiary, net
of cash acquired
|
-
|
|
-
|
|
(5,318)
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities
|
(4,220)
|
|
(12,981)
|
|
(37,759)
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
CERAMICS CO., LTD. AND ITS SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued)
|
|
(U.S Dollar
in thousands)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Year ended
|
|
|
December
|
|
September
|
|
December
|
|
|
31
|
|
30
|
|
31
|
|
|
2010
|
|
2010
|
|
2010
|
|
Cash flows
from financing activities
|
|
|
|
|
|
|
Bank borrowings
obtained
|
-
|
|
5,438
|
|
10,830
|
|
Repayment of short-term
loans
|
(537)
|
|
(5,996)
|
|
(9,266)
|
|
Proceeds from issuance of
ordinary shares
|
23,981
|
|
-
|
|
23,981
|
|
Purchase of warrants
|
-
|
|
-
|
|
(996)
|
|
|
|
|
|
|
|
|
Net cash
generated from /(used in) financing activities
|
23,444
|
|
(558)
|
|
24,549
|
|
|
|
|
|
|
|
|
Net
increase(decrease) in cash and cash equivalents
|
32,971
|
|
(3,763)
|
|
17,217
|
|
Cash and cash equivalents,
beginning of period
|
6,193
|
|
9,985
|
|
21,957
|
|
Effect of foreign exchange
rate differences
|
759
|
|
(29)
|
|
749
|
|
Cash and
cash equivalents, end of period
|
39,923
|
|
6,193
|
|
39,923
|
|
|
|
|
|
|
|
|
|
Contact
Information:
|
|
|
|
China Ceramics Co.,
Ltd.
|
|
Edmund Hen, Chief
Financial Officer
|
|
Email: info@cceramics.com
|
|
|
|
CCG Investor Relations
Inc.
|
|
Mr. Ed Job, CFA - Account
Manager
|
|
Email:
ed.job@ccgir.com
|
|
Phone:
+1-646-213-1914
|
|
|
SOURCE China Ceramics Co., Ltd.