Interim Results
Steppe Cement Limited
03 September 2010
Steppe Cement Ltd
Interim Results for the Half Year Ended 30 June 2010
and General Market Update
1. Interim Results
Steppe Cement Ltd ("Steppe Cement" or the "Company") posted a consolidated loss after tax of USD3.9 million for the six months ended 30 June 2010.
|
|
6 months ended 30 June 10 |
6 months ended 30 June 09 |
% change |
|
Sales (tonnes of cement) |
523,156 |
442,227 |
18 |
|
Consolidated turnover (USD Million) |
31.5 |
24.8 |
27 |
|
Consolidated loss after tax (USD Million) |
(3.9) |
(18.8) |
(79) |
|
Loss per share (Cents) |
(2.5) |
(15.0) |
(83) |
|
Average exchange rate (USD/KZT) |
147.2 |
145.1 |
|
· Sales increased by 27% in Kazakhstan Tenge ("KZT") while volumes increased by 18%. The average sales price increased from USD54/tonne to USD61 /tonne during the period.
· Production costs per tonne increased by 10% in USD, slightly above the 7% inflation rate in Kazakhstan. The increase is concentrated in transportation, electricity, fuel and coal and was partly offset by savings in labour and additional subcontracting. The number of employees declined from 1,199 to 1,081 as at the end of June 2010 despite the increase in production.
· Selling expenses have grown on a per tonne basis due to higher transportation costs as the increase of sales was achieved through market share gains in Almaty and other cities further from the factory.
· General and administrative expenses reduced by 11% during the period.
· The KZT has remained stable as the balance of payment of Kazakhstan has remained in positive territory.
2. Update on the Kazakh cement market
· The Kazakhstan cement market increased by 20% during the first half of the year from a particularly low base in 2009. Steppe Cement expects a market of 5.4 million tonnes for the full year 2010, an increase of 6% compared to 2009.
· Prices are expected to increase marginally in the second half of 2010 compared to the first half of 2010.
· Overall local production volumes increased by 10% in the first half of 2010 compared to 2009 while the share of imported cement is expected to decrease from 21% to 17% for the full 2010 financial year and it is mostly concentrated in West Kazakhstan due to the high transportation cost for local companies.
· Steppe Cement increased its market share from 19% in 1H2009 to 20% in 1H2010 and we expect it to remain above 20% for the full year 2010.
· The residential construction industry is at early stage of recovery as bank lending to real estate companies remains low.
· The Kazakhstan Government has started a number of infrastructure projects to which the Company is supplying cement including the east west major highway.
3. Production and refurbishment progress
· Line 6 production has been increasing monthly, although it was stopped for maintenance for six weeks during the winter.
· Production resumed in March 2010 and has been increasing through June, with production levels of 2,000 tonnes per day ("tpd") of clinker or 2,500 tpd of cement.
· Line 6 reliability has improved steadily and further gains are expected in the second half of 2010.
· During June, Steppe Cement completed the commissioning of the multi-channel burner of line 6 and expects this to bring an increase in production from 2,000 tpd of clinker to between 2,200 and 2,300 tpd of clinker or the equivalent of 2,625 to 2,875 tpd of cement. At the same time we expect fuel saving of at least 5%.
· The wet lines are performing at similar levels to those of 2009 and will complement the production of Line 6 depending on the market conditions.
· Line 6 and the wet lines are expected to produce similar volumes during 2010.
· All the cement mills are in working condition and the Company is in a position to mill up to 6,000 tpd of cement.
4. Financing
· Steppe Cement's subsidiary, Karcement JSC, repaid the main installment of the HSBC Bank Kazakhstan ("HSBC") long term loan in March and has subsequently renegotiated to restructure ("Debt Restructuring") its long term loans with HSBC and European Bank for Reconstruction and Development ("EBRD"). In September 2010, Karcement JSC, HSBC and EBRD agreed a term sheet on the Debt Restructuring. As a result of the Debt Restructuring, the interest payable will be revised according to the table below:
|
Lender |
Principal Amount Outstanding (USD) |
Current Margin (%) |
Revised Margin (%) |
|
EBRD - Amortising Loan (Loan A) |
22,400,000 |
3.75% |
5.00% |
|
EBRD - Bullet Loan (Loan C) |
10,000,000 |
5.00% |
6.50% |
|
HSBC |
20,326,250 |
5.50% |
6.50% |
|
Total |
52,726,250 |
|
|
· The principal repayments have been deferred by two years from the original schedule.
· The Debt Restructuring documentation is expected to be completed in the second half of 2010.
A pdf copy of this announcement and the full interim financial statements is available on the Company's website at www.steppecement.com.
Steppe Cement's AIM nominated adviser is RFC Corporate Finance Ltd. Contact Stephen Allen or Trinity McIntyre at +61 8 94802500.
SUMMARY OF INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2010 (UNAUDITED)
(In United States Dollars)
The Notes to the Interim Financial Statements form an integral part of the Condensed Financial Statements. Please visit the Company's website at www.steppecement.com to view the full interim financial statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2010 (UNAUDITED)
|
|
|
|
The Group |
|
The Company |
|
|||||
|
|
|
|
6 months ended |
|
6 months ended |
|
|||||
|
|
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
|
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
31,556 |
|
24,844 |
|
50 |
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
(23,946) |
|
(18,320) |
|
- |
|
- |
|
|
|
|
|
|
-------------- |
|
---------------- |
|
---------------- |
|
--------------- |
|
|
|
Gross profit |
|
|
7,610 |
|
6,524 |
|
50 |
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
|
(5,083) |
|
(3,826) |
|
- |
|
- |
|
|
|
General and administrative expenses |
|
|
(4,802) |
|
(5,407) |
|
(298) |
|
(314) |
|
|
|
|
|
|
-------------- |
|
---------------- |
|
---------------- |
|
--------------- |
|
|
|
Operating loss |
|
|
(2,275) |
|
(2,709) |
|
(248) |
|
(264) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
|
^ |
|
59 |
|
^ |
|
1 |
|
|
|
Finance costs |
|
|
(3,062) |
|
(3,640) |
|
- |
|
- |
|
|
|
Other income/(expense), net |
|
|
736 |
|
(13,204) |
|
54 |
|
- |
|
|
|
|
|
|
-------------- |
|
---------------- |
|
---------------- |
|
--------------- |
|
|
|
Loss before tax |
|
|
(4,601) |
|
(19,494) |
|
(194) |
|
(263) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax credit |
|
|
717 |
|
697 |
|
- |
|
- |
|
|
|
|
|
|
-------------- |
|
---------------- |
|
---------------- |
|
--------------- |
|
|
|
Loss for the period |
|
|
(3,884) |
|
(18,797) |
|
(194) |
|
(263) |
|
|
|
|
|
|
-------------- |
|
---------------- |
|
---------------- |
|
--------------- |
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the company |
|
|
(3,884) |
|
(18,797) |
|
(194) |
|
(263) |
|
|
|
|
|
|
-------------- |
|
--------------- |
|
---------------- |
|
--------------- |
|
|
|
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (cents) |
|
|
(2.5) |
|
(15.0) |
|
|
|
|
|
|
|
|
|
|
---------------- |
|
---------------- |
|
|
|
|
|
|
^ - Insignificant amount
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2010 (UNAUDITED)
|
|
|
|
The Group |
|
The Company |
|
||||
|
|
|
|
6 months ended |
|
6 months ended |
|
||||
|
|
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
(3,884) |
|
(18,797) |
|
(194) |
|
(263) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences arising on translation of foreign subsidiary companies |
|
|
758 |
|
(27,370) |
|
- |
|
- |
|
|
|
|
|
-------------- |
|
---------------- |
|
---------------- |
|
--------------- |
|
|
Total comprehensive loss for the period |
|
|
(3,126) |
|
(46,167) |
|
(194) |
|
(263) |
|
|
|
|
|
-------------- |
|
---------------- |
|
---------------- |
|
--------------- |
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the company |
|
|
(3,126) |
|
(46,167) |
|
(194) |
|
(263) |
|
|
|
|
|
-------------- |
|
---------------- |
|
--------------- |
|
--------------- |
|
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2010 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Group |
|
The Company |
|
||||
|
|
|
|
Unaudited |
|
Audited |
|
Unaudited |
|
Audited |
|
|
|
|
|
As at |
|
As at |
|
As at |
|
As at |
|
|
|
|
|
30.6.10 |
|
31.12.09 |
|
30.6.10 |
|
31.12.09 |
|
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Assets |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
133,875 |
|
135,126 |
|
- |
|
- |
|
|
Investment in subsidiary companies |
|
|
- |
|
- |
|
26,500 |
|
26,500 |
|
|
Advances paid |
|
|
6,312 |
|
6,705 |
|
- |
|
- |
|
|
Other assets |
|
|
28,152 |
|
28,182 |
|
- |
|
- |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Non-Current Assets |
|
|
168,339 |
|
170,013 |
|
26,500 |
|
26,500 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
Inventories, net |
|
|
15,262 |
|
14,275 |
|
- |
|
- |
|
|
Trade receivable, net |
|
|
1,359 |
|
826 |
|
- |
|
- |
|
|
Amount owing by subsidiary companies |
|
|
- |
|
- |
|
14,488 |
|
10,889 |
|
|
Other receivables, advances and prepaid expenses |
|
|
9,630 |
|
7,483 |
|
- |
|
4 |
|
|
Cash and bank balances |
|
|
1,678 |
|
6,545 |
|
22 |
|
3,886 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Current Assets |
|
|
27,929 |
|
29,129 |
|
14,510 |
|
14,779 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Assets |
|
|
196,268 |
|
199,142 |
|
41,010 |
|
41,279 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Group |
|
The Company |
|
||||
|
|
|
|
Unaudited |
|
Audited |
|
Unaudited |
|
Audited |
|
|
|
|
|
As at |
|
As at |
|
As at |
|
As at |
|
|
|
|
|
30.6.10 |
|
31.12.09 |
|
30.6.10 |
|
31.12.09 |
|
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and Reserves |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
1,540 |
|
1,540 |
|
1,540 |
|
1,540 |
|
|
Share premium |
|
|
41,296 |
|
41,296 |
|
41,296 |
|
41,296 |
|
|
Revaluation reserve |
|
|
3,024 |
|
3,024 |
|
- |
|
- |
|
|
Translation reserve |
|
|
(20,106) |
|
(20,864) |
|
- |
|
- |
|
|
Retained earnings/(Accumulated losses) |
|
|
73,120 |
|
77,004 |
|
(2,950) |
|
(2,756) |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Equity |
|
|
98,874 |
|
102,000 |
|
39,886 |
|
40,080 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Bonds |
|
|
18,159 |
|
18,035 |
|
- |
|
- |
|
|
Loans |
|
|
52,428 |
|
43,031 |
|
- |
|
- |
|
|
Deferred tax liabilities, net |
|
|
6,224 |
|
6,420 |
|
- |
|
- |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Non-Current Liabilities |
|
|
76,811 |
|
67,486 |
|
- |
|
- |
|
|
|
|
|
---------- |
|
-------------- |
|
------------- |
|
------------- |
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Trade payable |
|
|
5,825 |
|
6,446 |
|
- |
|
- |
|
|
Other payables and accrued liabilities |
|
|
3,136 |
|
3,214 |
|
673 |
|
748 |
|
|
Loans |
|
|
11,443 |
|
19,683 |
|
- |
|
- |
|
|
Amount owing to subsidiary companies |
|
|
- |
|
- |
|
451 |
|
451 |
|
|
Taxes payable |
|
|
179 |
|
313 |
|
- |
|
- |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Current Liabilities |
|
|
20,583 |
|
29,656 |
|
1,124 |
|
1,199 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Liabilities |
|
|
97,394 |
|
97,142 |
|
1,124 |
|
1,199 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
|
Total Equity and Liabilities |
|
|
196,268 |
|
199,142 |
|
41,010 |
|
41,279 |
|
|
|
|
|
------------ |
|
-------------- |
|
------------- |
|
------------- |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2010 (UNAUDITED)
|
|
|
|
Non-distributable |
|
Distributable |
|
|
||||
|
|
Share |
|
Share |
|
Revaluation |
|
Translation |
|
Retained |
|
|
|
The Group |
Capital |
|
Premium |
|
Reserve |
|
Reserve |
|
Earnings |
|
Total/Net |
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 January 2009 |
1,140 |
|
26,647 |
|
3,365 |
|
5,400 |
|
92,369 |
|
128,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
|
- |
|
- |
|
- |
|
(18,797) |
|
(18,797) |
|
Exchange differences arising on translation of foreign subsidiary companies |
- |
|
- |
|
- |
|
(27,370) |
|
- |
|
(27,370) |
|
|
----------- |
|
------------- |
|
------------- |
|
----------- |
|
-------------- |
|
----------- |
|
Total comprehensive loss for the period |
- |
|
- |
|
- |
|
(27,370) |
|
(18,797) |
|
(46,167) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares |
400 |
|
14,688 |
|
- |
|
- |
|
- |
|
15,088 |
|
Share issue expenses |
- |
|
(39) |
|
- |
|
- |
|
- |
|
(39) |
|
|
----------- |
|
------------- |
|
------------- |
|
------------ |
|
-------------- |
|
------------ |
|
Balance as at 30 June 2009 |
1,540 |
|
41,296 |
|
3,365 |
|
(21,970) |
|
73,572 |
|
97,803 |
|
|
----------- |
|
------------- |
|
------------- |
|
----------- |
|
-------------- |
|
------------ |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2010 (UNAUDITED)
|
|
|
|
Non-distributable |
|
Distributable |
|
|
||||
|
|
Share |
|
Share |
|
Revaluation |
|
Translation |
|
Retained |
|
|
|
The Group |
Capital |
|
Premium |
|
Reserve |
|
Reserve |
|
Earnings |
|
Total/Net |
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 January 2010 |
1,540 |
|
41,296 |
|
3,024 |
|
(20,864) |
|
77,004 |
|
102,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
|
- |
|
- |
|
- |
|
(3,884) |
|
(3,884) |
|
Exchange differences arising on translation of foreign subsidiary companies |
- |
|
- |
|
- |
|
758 |
|
- |
|
758 |
|
|
----------- |
|
------------- |
|
------------- |
|
------------ |
|
-------------- |
|
------------ |
|
Total comprehensive income/(loss) for the period |
- |
|
- |
|
- |
|
758 |
|
(3,884) |
|
(3,126) |
|
|
------------ |
|
------------- |
|
------------- |
|
------------ |
|
------------- |
|
------------ |
|
Balance as at 30 June 2010 |
1,540 |
|
41,296 |
|
3,024 |
|
(20,106) |
|
73,120 |
|
98,874 |
|
|
----------- |
|
------------- |
|
------------- |
|
------------ |
|
------------- |
|
------------ |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2010 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Share |
|
Share |
|
Accumulated |
|
|
|
|||
|
The Company |
Capital |
|
Premium |
|
Losses |
|
Total/Net |
|
|||
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
||
|
Balance as at 1 January 2009 |
1,140 |
|
26,647 |
|
(2,368) |
|
25,419 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Loss for the period |
- |
|
- |
|
(263) |
|
(263) |
|
|
||
|
|
------------ |
|
------------- |
|
------------ |
|
----------- |
|
|
||
|
Total comprehensive loss for the period |
- |
|
- |
|
(263) |
|
(263) |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Issue of shares |
400 |
|
14,688 |
|
- |
|
15,088 |
|
|
||
|
Share issue expenses |
- |
|
(39) |
|
- |
|
(39) |
|
|
||
|
|
------------ |
|
------------- |
|
------------ |
|
----------- |
|
|
||
|
Balance as at 30 June 2009 |
1,540 |
|
41,296 |
|
(2,631) |
|
40,205 |
|
|
||
|
|
------------ |
|
------------- |
|
------------ |
|
----------- |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Balance as at 1 January 2010 |
1,540 |
|
41,296 |
|
(2,756) |
|
40,080 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Total comprehensive loss for the period |
- |
|
- |
|
(194) |
|
(194) |
|
|
||
|
|
------------ |
|
------------- |
|
------------ |
|
----------- |
|
|
||
|
Balance as at 30 June 2010 |
1,540 |
|
41,296 |
|
(2,950) |
|
39,886 |
|
|
||
|
|
------------ |
|
------------- |
|
------------ |
|
----------- |
|
|
||
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2010 (UNAUDITED)
|
|
|
|
The Group |
|
The Company |
|
||||||||||||
|
|
|
|
6 months ended |
|
6 months ended |
|
||||||||||||
|
|
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
||||||||
|
|
|
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
USD'000 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loss before tax |
|
|
(4,601) |
|
(19,494) |
|
(194) |
|
(263) |
|
|
|||||||
|
Adjustments for non-cash items |
|
|
6,615 |
|
19,259 |
|
(38) |
|
- |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
------------- |
|
|
|||||||
|
Operating Profit/(Loss) Before Working Capital Changes |
|
|
2,014 |
|
(235) |
|
(232) |
|
(263) |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
(Increase)/ Decrease in: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Inventories |
|
|
(990) |
|
6,222 |
|
- |
|
- |
|
|
|||||||
|
Trade receivables |
|
|
(533) |
|
254 |
|
- |
|
- |
|
|
|||||||
|
Other receivable and prepaid expenses |
|
|
(1,653) |
|
147 |
|
4 |
|
(6) |
|
|
|||||||
|
Amount owing by subsidiary companies |
|
|
- |
|
- |
|
(3,599) |
|
(5,317) |
|
|
|||||||
|
Increase/ (Decrease) in: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Trade payables |
|
|
(965) |
|
(4,820) |
|
- |
|
- |
|
|
|||||||
|
Other payables and accrued liabilities |
|
|
(161) |
|
1,620 |
|
(37) |
|
12 |
|
|
|||||||
|
Amount owing to subsidiary companies |
|
|
- |
|
- |
|
- |
|
(849) |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
--------------- |
|
|
|||||||
|
Cash (Used In)/ Generated From Operations |
|
|
(2,288) |
|
3,188 |
|
(3,864) |
|
(6,423) |
|
|
|||||||
|
Income tax paid |
|
|
(303) |
|
(1,090) |
|
- |
|
- |
|
|
|||||||
|
Interest paid |
|
|
(2,938) |
|
(3,617) |
|
- |
|
- |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
--------------- |
|
|
|||||||
|
Net Cash Used In Operating Activities |
|
|
(5,529) |
|
(1,519) |
|
(3,864) |
|
(6,423) |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
--------------- |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Proceeds from disposal of property, plant and equipment |
|
|
7 |
|
3 |
|
- |
|
- |
|
|
|||||||
|
Purchase of property, plant and equipment |
|
|
(442) |
|
(505) |
|
- |
|
- |
|
|
|||||||
|
Proceeds from short-term investments |
|
|
- |
|
289 |
|
- |
|
- |
|
|
|||||||
|
Interest received |
|
|
^ |
|
59 |
|
- |
|
- |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
--------------- |
|
|
|||||||
|
Net Cash Used In Investing Activities |
|
|
(435) |
|
(154) |
|
- |
|
- |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
--------------- |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Proceeds from issue of shares |
|
|
- |
|
15,088 |
|
- |
|
15,088 |
|
|
|||||||
|
Share issue expenses |
|
|
- |
|
(39) |
|
- |
|
(39) |
|
|
|||||||
|
Net Proceeds/(Repayment) from borrowings |
|
|
1,091 |
|
(3,216) |
|
- |
|
- |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
--------------- |
|
|
|||||||
|
Net Cash From by Financing Activities |
|
|
1,091 |
|
11,833 |
|
- |
|
15,049 |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
----------------- |
|
--------------- |
|
|
|||||||
|
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(4,873) |
|
10,160 |
|
(3,864) |
|
8,626 |
|
|
|||||||
|
EFFECTS OF FOREIGN EXCHANGE RATE CHANGES |
|
|
6 |
|
(66) |
|
- |
|
- |
|
|
|||||||
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD |
|
|
6,545 |
|
730 |
|
3,886 |
|
136 |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
--------------- |
|
--------------- |
|
|
|||||||
|
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD |
|
|
1,678 |
|
10,824 |
|
22 |
|
8,762 |
|
|
|||||||
|
|
|
|
---------------- |
|
--------------- |
|
---------------- |
|
--------------- |
|
|
|||||||
^ - Insignificant amount
This information is provided by RNS
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