CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LIMITED 
By 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.
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 1313)
UNAUDITED QUARTERLY FINANCIAL INFORMATION FOR THE THREE MONTHS ENDED 31 MARCH 2014 For the three months ended 31 March 2014 2013 Increase (unaudited) (unaudited)Turnover (HK$ million) 6,797.1 5,972.3 13.8% Profit attributable to owners of the Company
(HK$ million) 767.7 452.7 69.6%
Basic earnings per share HK$0.118 HK$0.069
Interim dividend per share Nil Nil
As at
31/12/2013 Increase
Total assets (HK$ million) 54,653.9 54,179.7 0.9% Equity attributable to owners of the Company
(HK$ million) 25,382.0 24,820.9 2.3%
Net borrowings (HK$ million) (note 1) 18,294.8 17,618.1 3.8% Net gearing ratio (note 2) 72.1% 71.0%
Net assets per share - book (note 3) HK$3.89 HK$3.80
notes:
1. Net borrowings equal to total indebtedness less cash and bank balances and pledged bank deposits.
2. Net gearing ratio is calculated by dividing net borrowings by equity attributable to owners of the Company.
3. Net assets per share - book is calculated by dividing equity attributable to owners of the Company by the number of issued shares at the end of the relevant reporting period.
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The board (the "Board") of directors (the "Directors") of China Resources Cement Holdings Limited (the "Company") announces the unaudited consolidated financial information of the Company and its subsidiaries (the "Group") for the three months ended 31 March 2014 (the "Period") as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the three months ended 31 March 2014 2013 HK$'000 HK$'000 (unaudited) (unaudited)Turnover | 6,797,127 | 5,972,340 | |
Cost of sales | (4,635,113) | (4,579,574) |
Gross profit 2,162,014 1,392,766
Other income | 62,980 | 100,621 | |
Selling and distribution expenses | (363,536) | (310,674) | |
General and administrative expenses | (550,057) | (381,011) | |
Finance costs | (194,097) | (192,629) | |
Share of results of joint ventures | 15,706 | 13,959 | |
Share of results of associates | (71,252) | (51,309) |
Profit before taxation 1,061,758 571,723
Taxation (311,864) (128,225) Profit for the period 749,894 443,498
Attributable to:
Owners of the Company 767,688 452,681
Non-controlling interests (17,794) (9,183)
Basic earnings per share (Note 2) HK$0.118 HK$0.069
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31/3/2014
As at
31/12/2013
Fixed assets 32,261,346 32,526,564
Prepaid lease payments 2,711,172 2,752,320
Investment property 77,000 77,000
Intangible assets 2,472,438 2,200,216
Interests in associates 2,307,978 2,392,943
Interests in joint ventures 1,724,903 1,727,042
Deposits for acquisition of fixed assets 1,709,885 1,632,062
Deferred tax assets 197,262 152,878
Long term receivables 639,793 620,686
Inventories 2,275,208 2,131,961
Trade receivables 3,186,429 3,191,885
Other receivables 1,561,566 1,555,543
Amounts due from joint ventures 392,859 388,593
Taxation recoverable 6,980 5,024
Pledged bank deposits 3,146 3,171
Cash and bank balances 3,125,902 2,821,782
Trade payables 2,497,203 3,246,173
Other payables 4,003,486 4,365,452
Taxation payable 621,874 560,041
Amount due to immediate holding company 54,956 54,956
Bank loans - amount due within one year 8,513,333 6,171,482
Net current liabilities (5,138,762) (4,300,145)
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As at 31/3/2014
As at
31/12/2013
Total assets less current liabilities 38,963,015 39,781,566
Bank loans - amount due after one year 9,807,508 11,169,690
Unsecured bonds 3,103,008 3,101,840
Other long term payables 28,390 28,535
Deferred tax liabilities 115,012 119,750
Share capital 653,294 653,294
Reserves 24,728,735 24,167,560
Equity attributable to owners of the Company 25,382,029 24,820,854
Non-controlling interests 527,068 540,897
Total equity 25,909,097 25,361,751
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Notes:
1. BASIS OF PREPARATION
The accounting policies used in the preparation of the unaudited financial information for the Period are consistent with those used in the audited financial statements for the year ended 31 December 2013 except for the adoption of certain new and revised standards, amendments and interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), which are effective for the Group's financial year beginning 1 January 2014. The adoption of these new and revised standards, amendments and interpretations has had no material effects on the results and financial positions of the Group for the current and prior accounting periods. Accordingly, no prior period adjustments are required.
The Group has not early applied the new and revised standards and amendments that have been issued by HKICPA but are not yet effective. The directors of the Company anticipate that the application of these standards and amendments will have no material impact on the Group's results of operations and financial positions.
2. EARNINGS PER SHARE
The calculation of the basic earnings per share attributable to the owners of the Company is based on the following data:
For the three months ended 31 March
2014 2013
HK$'000 HK$'000
(unaudited) (unaudited)
Earnings
Earnings attributable to owners of the Company
for the purpose of basic earnings per share 767,688 452,681
For the three months ended 31 March
2014 2013
(unaudited) (unaudited)
Number of shares
Number of shares for the purpose of basic earnings per share 6,532,937,817 6,519,255,462
No diluted earnings per share is presented as the Company did not have any potential share outstanding.
3. REVIEW OF QUARTERLY FINANCIAL INFORMATION FOR THE THREE MONTHS ENDED 31 MARCH
2014
The above quarterly financial information for the Period has been reviewed by the Audit Committee of the Company.
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INTERIM DIVIDEND
The Board does not recommend the payment of any dividend for the Period (Three months ended
31 March 2013: Nil).
The consolidated turnover for the Period amounted to HK$6,797.1 million, representing an increase of 13.8% over HK$5,972.3 million for the corresponding period last year. An analysis of segmental turnover by product is as follows:
For the three months ended 31 March
Sales volume
Average selling
price Turnover
Cement 13,189 375.1 4,947,206 13,351 312.5 4,171,704
Clinker 2,051 283.6 581,628 2,759 231.5 638,594
Concrete 3,015 420.7 1,268,293 3,068 378.8 1,162,042
Total 6,797,127 5,972,340
Cement sales by geographical area were as follows:
Province
Sales volume Average selling price Turnover
Sales volume
Average selling
price Turnover
Guangdong 5,514 413.1 2,277,999 4,574 331.6 1,516,660
Guangxi 3,832 344.5 1,320,040 5,023 308.9 1,551,546
Fujian 1,755 360.3 632,338 2,049 287.6 589,280
Hainan 950 429.9 408,383 720 294.8 212,270
Shanxi 382 237.9 90,864 332 266.7 88,555
Yunnan 756 287.8 217,582 653 326.8 213,393
Total 13,189 375.1 4,947,206 13,351 312.5 4,171,704
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Gross profit and gross margin
The consolidated gross profit for the Period was HK$2,162.0 million, representing an increase of 55.2% from HK$1,392.8 million for the corresponding period last year. The consolidated gross margin for the Period was 31.8%, representing an increase of 8.5 percentage points from
23.3% for the corresponding period last year. The increases in consolidated gross profit and gross margin for the Period were mainly attributable to improved selling prices compared with the corresponding period last year. The gross margins of cement, clinker and concrete for the Period were 35.9%, 19.2% and 21.5%, as compared with 24.8%, 10.8% and 24.8% respectively for the corresponding period last year.
General and administrative expenses for the Period included exchange loss of HK$132.6 million from the non-Renminbi denominated net borrowings as Renminbi fluctuated (exchange gain of HK$47.6 million included in other income for the three months ended 31 March 2013).
Net margin
Net margin for the Period was 11.0%, which was 3.6 percentage points higher than that of 7.4% for the corresponding period last year. Excluding the share of results of associates and joint ventures, net profit per ton of cement products and per m3 of concrete for the Period were about HK$48.9 and HK$7.8 respectively (HK$26.1 and HK$14.4 respectively for the three months ended 31 March 2013).
By order of the Board
Chairman
Hong Kong, 12 May 2014
As at the date of this announcement, the executive Directors are Mr. ZHOU Longshan, Mr. PAN Yonghong and Mr. LAU Chung Kwok Robert; the non-executive Directors are Mr. DU Wenmin, Mr. WEI Bin, Mr. HUANG Daoguo and Mr. CHEN Ying; and the independent non-executive Directors are Mr. IP Shu Kwan Stephen, Mr. SHEK Lai Him Abraham, Mr. XU Yongmo, Madam ZENG Xuemin and Mr. LAM Chi Yuen Nelson.
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