WEST CHINA CEMENT LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
中 國 西 部 水 泥 有 限 公 司
(Incorporated in Jersey with limited liability, with registered number 94796)
(Stock Code: 2233) 2015 ANNUAL RESULTS ANNOUNCEMENT Financial highlights:RMB' Million (unless otherwise specified) | Year ended 31 December 2015 | Year ended 31 December 2014 | % Change |
Total Cement and Clinker Sales Volume (million tons) | 17.1 | 17.7 | (3.4%) |
Cement Sales Volume (million tons) | 16.8 | 17.0 | (1.2%) |
Revenue | 3,500.9 | 3,883.4 | (9.8%) |
Gross Profit | 463.5 | 598.1 | (22.5%) |
EBITDA (including deductions for Senior Notes Redemption Costs in 2014) | 965.8 | 996.9 | (3.1%) |
(Loss)/Profit Adjusted for Foreign Exchange Difference and Written-off of Construction in Progress (and Senior Note Redemption Costs in 2014) | (25.9) | 137.0 | (118.9%) |
(Loss)/Profit Attributable to Owners | |||
of the Company | (309.2) | 35.9 | (961.3%) |
Basic (Loss)/Earnings Per Share(1) | (6.2 cents) | 0.8 cents | (875.0%) |
Interim Dividend | Nil | Nil | Nil |
Proposed Final Dividend | Nil | 0.2 cents | (100.0%) |
Gross Profit Margin | 13.2% | 15.4% | (2.2 ppt) |
EBITDA Margin | 27.6% | 25.6% | 2.0 ppt |
31 December 2015 | 31 December 2014 | ||
Total Assets | 11,382.5 | 10,768.0 | 5.7% |
Net Debt(2) | 3,375.7 | 3,409.6 | (1.0%) |
Net Gearing(3) | 57.2% | 68.0% | (10.8 ppt) |
Net Assets Per Share | 109 cents | 111 cents | (1.8%) |
Notes:
The decline was largely due to the written-off of construction in progress of RMB124.4 million (2014: Nil) and the unrealized foreign exchange loss of RMB157.1 million (2014: RMB5.3 million) relating to the Group's Senior Notes during the year.
Net debt equal to total borrowings, medium-term notes and senior notes less bank balances and cash and restricted bank deposits.
Net gearing is measured as net debt to equity.
The board ("Board") of directors ("Directors") of West China Cement Limited (the "Company") is pleased to announce its annual results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2015 together with the comparative figures for the corresponding year of 2014 as follows:
For the year ended 31 December 2015
2015 | 2014 | |||
NOTES | RMB'000 | RMB'000 | ||
Revenue | 3 | 3,500,931 | 3,883,385 | |
Cost of sales | (3,037,447) | (3,285,332) | ||
Gross profit | 463,484 | 598,053 | ||
Other income | 4 | 109,352 | 148,156 | |
Selling and marketing expenses | (42,953) | (35,826) | ||
Administrative expenses | (270,629) | (258,243) | ||
Other gains and losses, net | 5 | (297,560) | (94,911) | |
Interest income | 6 | 18,277 | 4,925 | |
Finance costs | 7 | (236,508) | (227,118) | |
(Loss)/Profit before tax | 8 | (256,537) | 135,036 | |
Income tax expense | 9 | (50,820) | (95,546) | |
(Loss)/Profit and total comprehensive (expense) income for the year | (307,357) | 39,490 | ||
Attributable to: | ||||
- Owners of the Company | (309,205) | 35,902 | ||
- Non-controlling interests | 1,848 | 3,588 | ||
(307,357) | 39,490 | |||
(Loss)/Earnings per share | ||||
- Basic (RMB) | 10 | (0.062) | 0.008 | |
- Diluted (RMB) | 10 | (0.062) | 0.008 | |
At 31 December 2015
2015 | 2014 | |||
NOTES | RMB'000 | RMB'000 | ||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 8,256,747 | 8,071,487 | ||
Prepaid lease payments | 498,429 | 452,929 | ||
Mining rights | 281,842 | 162,956 | ||
Other intangible assets | 195,315 | 168,102 | ||
Deferred tax assets | 54,405 | 16,118 | ||
Amount due from non-controlling shareholder of a subsidiary | 11 | 53,260 | 39,457 | |
9,339,998 | 8,911,049 | |||
Current assets | ||||
Inventories | 575,656 | 548,318 | ||
Trade and other receivables and prepayments | 11 | 685,493 | 600,921 | |
Restricted bank deposits | 73,397 | 212,119 | ||
Bank balance and cash | 454,823 | 495,605 | ||
Short-term investments | 253,128 | - | ||
2,042,497 | 1,856,963 | |||
Total assets | 11,382,495 | 10,768,012 | ||
EQUITY | ||||
Share capital | 141,519 | 124,098 | ||
Share premium and reserves | 5,714,901 | 4,846,769 | ||
Equity attributable to owners of the Company | 5,856,420 | 4,970,867 | ||
Non-controlling interests | 47,480 | 45,632 | ||
Total equity | 5,903,900 | 5,016,499 | ||
West China Cement Ltd. issued this content on 14 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 March 2016 15:11:18 UTC
Original Document: http://www.westchinacement.com/downloads/en/ann160314.pdf
