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China Ceramics Announces First Quarter 2013 Financial Results

        China Ceramics Announces First Quarter 2013 Financial Results

PR Newswire

JINJIANG, Fujian Province, China, May 14, 2013

JINJIANG, Fujian Province, China, May 14, 2013 /PRNewswire/ -- China Ceramics
Co., Ltd. (NASDAQ Global Market: CCCL) ("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 first quarter ended March 31, 2013.

First Quarter 2013 Summary

  oRevenue was RMB 149.2 million (US$ 24.0 million), down 59.9% from the
    first quarter of 2012;
  oGross profit was RMB 5.1 million (US$ 0.8 million), down 95.5% from the
    first quarter of 2012;
  oGross profit margin was 3.4%, down 26.9% from the first quarter of 2012;
  oEBITDA (earnings before interest, taxes, depreciation and amortization)
    was RMB 11.5 million (US$ 1.9 million), as compared to RMB 1.168 million
    (US$ 18.6 million) in the first quarter of 2012;
  oNet loss was RMB 5.4 million (US$ 0.9 million), as compared to net income
    of RMB 71.7 (US$ 11.4 million) in the first quarter of 2012;
  oOn a quarter-to-quarter sequential basis, revenue was down 39.2% and gross
    profit was down 82.6%.
  oNon-GAAP net loss, which excludes the current quarter's share-based
    compensation expenses, was RMB 4.6 million (US$ 0.7 million), as compared
    to non-GAAP net profit of RMB 73.4 million (US$ 11.7 million) in the first
    quarter of 2012;
  oLosses per fully diluted share were RMB 0.26 (US$ 0.04).

"We recorded lower than expected financial results for the first quarter of
2013 due to continued challenging market conditions in China's real estate and
construction markets. These conditions resulted in a decrease in the sales
volume and average selling price of our ceramic tile products for the
quarter," said Mr. Jiadong Huang, CEO of China Ceramics.

"The intensified price competition that has occurred in our sector caused us
to reduce the price of our products to retain market share beginning in the
fourth quarter of 2012. While our pricing has begun to improve, our strategy
to reduce prices on some of our products continued to affect our financial
results in the first quarter. Though we were able to generate positive cash
flow, this pricing strategy to retain our market position caused a decline in
revenue and gross margin which resulted in a net loss for the quarter. Given
that our financial results were due to a general contraction in our sector, we
believe that we have retained our competitive positioning and are well poised
for a turnaround in the market."

"In order to further adjust to current market conditions and reduce operating
costs, we shut down additional plant capacity in the first quarter. We are
currently utilizing production facilities capable of producing 20 million
square meters per year, a decrease from the total annual production capacity
of 56 million square meters utilized in the fourth quarter of 2012. We will
continue to monitor the macroeconomic environment for signs of an inflection
point and we are confident that our modern and efficient production capacity
will enable us to generate superior performance once conditions improve."

"We believe that China's urbanization and demographic trends are a long-term
phenomenon that will stimulate further construction in China's cities, and
real estate development continues to be is a cornerstone of China's growth.
We are confident that this will lead to a return to a more normalized market
environment and that these fundamentals will generate a substantial demand for
our products. We plan upon capitalizing upon a rebound in what we believe is
a temporary market trough and believe that our branding and market presence
will enable us to generate sound financial results once the building materials
sector recovers," CEO Jiadong Huang concluded.

First Quarter 2013 Results

Revenue for the first quarter ended March 31, 2013 was RMB 149.2 million (US$
24.0 million), down 59.9% from RMB 372.3 million (US$ 59.1 million) for the
first quarter ended March 31, 2012. The year-over-year decrease in revenue was
primarily driven by a 47.9% decrease in the sales volume of ceramic tiles to
6.1 million square meters in the first quarter of 2013 from 11.7 million
square meters in the first quarter of 2012. The decrease in revenue was also
driven by a 23.3% decrease in the Company's average selling price, which
decreased in the first quarter of 2013 to RMB 24.4 per square meter compared
to RMB 31.8 per square meter in the comparable quarter of 2012. The Company
attributes its reduced sales volume to the continued challenging business
conditions in China's real estate sector. Beginning in December 2012, the
Company reduced the selling price of its ceramic tile products to be
competitive in the market and maintain its market share. The Company believes
that the decrease in the pricing of its ceramic tile products is temporary and
that product pricing will revert to normal levels once business conditions
improve.

Gross profit for the first quarter ended March 31, 2013 was RMB 5.1 million
(US$ 0.8 million), down 95.5% from RMB 113.0 million (US$ 18.0 million) for
the first quarter ended March 31, 2012. The year-over-year decrease in gross
profit was attributable to lower sales volume and the decrease in the average
selling price of the Company's ceramic tiles in the quarter. Gross profit
margin was 3.4% for the first quarter ended March 31, 2013 compared to 30.4%
for the same period in 2012. The year-over-year decrease in gross profit
margin for the first quarter was caused by a decrease in the average selling
price of ceramic tiles in the quarter.

Administrative expenses for the first quarter ended March 31, 2013 were RMB
7.7 million (US$ 1.2 million), down 19.8% from RMB 9.6 million (US$ 1.5
million) in the first quarter of 2012. The year-over-year decrease in
administrative expenses was primarily due to a reduction to RMB 0.7 million
(US$ 0.1 million) of non-cash share-based compensation expenses related to the
2010 Incentive Compensation Plan. The comparable non-cash share-based expenses
were RMB 1.8 million (US$ 0.3 million) in the same period in 2012. It is
expected that additional non-cash share-based compensation expenses of
approximately RMB 1.7 million (US$ 0.3 million) will be incurred between April
2013 to January 2014.

Loss from operations before taxation for the first quarter ended March 31,
2013 was RMB 6.5 million (US$ 1.1 million), as compared to RMB 96.6 million
(US$ 15.4 million) of profit from operations before taxation in the first
quarter of 2012. The year-over-year decrease in profit from operations was
primarily the result of the decrease in the sales volume and lower gross
profit in the first quarter of 2013.

Net loss for the first quarter ended March 31, 2013 was RMB 5.4 million (US$
0.9 million), as compared to a net profit of 71.7 million (US$ 11.4 million)
in the comparable period of 2012. The year-over-year decrease in net profit
was primarily the result of the decrease in the sales volume and lower gross
profit in the in the first quarter of 2013.

Losses per fully diluted share were RMB 0.26 (US $0.04) for the first quarter
ended March 31, 2013 as compared to earnings per fully diluted share of RMB
3.51 (US$ 0.56) over the same period in 2012. Per share calculations for the
first quarters of 2013 and 2012 were computed using 20.4 million shares.

Non-GAAP losses before taxation, which  excludes share-based compensation
expenses, was RMB 5.8 million (US$ 0.9 million) in the first quarter ended
March 31, 2013, as compared to from RMB 98.4 million (US$ 15.6 million) of
non-GAAP profit before taxation in the same period of 2012.

Non-GAAP net loss, which excludes share-based compensation expenses, was RMB
4.6 million (US$ 0.7 million) in the first quarter ended March 31, 2013, as
compared to RMB 73.4 million (US$ 11.7 million) of non-GAAP net profit in the
same period of 2012.

Non-GAAP loss per fully diluted share, which excludes share-based compensation
expenses, was RMB 0.23 (US $0.04) in the first quarter ended March 31, 2013,
as compared to RMB 3.59 (US$ 0.57) of non-GAAP earnings per fully diluted
share in the same period of 2012.

First Quarter 2013 Statements of Selected Financial Position Items

  oCash and bank balances were RMB 151.3 million (US$ 24.4 million) as of
    March 31, 2013, compared with RMB 89.4 million (US$ 14.4 million) as of
    December 31, 2012. The increase in cash and bank balances was the result
    of a reduced level of receivables and a reduced purchase of inventory
    during the first quarter of 2013.
  oInventory turnover was 110 days as of March 31, 2013 compared with 101
    days as of December 31, 2012. The increase in inventory turnover reflects
    the decrease in sales volume, which resulted in slower moving of finished
    goods at March 31, 2013 and the price reductions in the first quarter of
    2013. The methodology for the first quarter of 2013 uses cost of sales
    for the trailing twelve months, consistent with what was used in the
    previous period.
  oTrade receivables turnover was 118 days as of March 31, 2013 compared with
    117 days as of December 31, 2012. 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 101 days as of March
    31, 2013 compared with 100 days as of December 31, 2012. The Company
    extended the credit period for certain customers to 150 days to address
    funding pressures of those customers since the quarter ended December 31,
    2012. The methodology for the first quarter of 2013 uses revenues for the
    trailing twelve months, consistent with what was used in the previous
    period.
  oTrade payables turnover was 65 days as of March 31, 2013 compared with 64
    days as of December 31, 2012. The average turnover days were within the
    Company's normal credit period.

Liquidity and Capital Resources

Cash flow generated from operating activities was RMB 99.1 million (US$ 15.9
million) for the quarter ended March 31, 2013, compared to RMB 73.8 million
(US$ 11.7 million) in the same period in 2012. The year-over-year increase of
RMB 25.3 million (US$ 4.2 million) was mainly due to the decreased purchase of
raw material, which caused a cash inflow of RMB 39.3 million (US$ 6.2 million)
in the first quarter of 2013 compared to the same period in 2012. However, the
decrease in revenue lead a reduction in cash flow by RMB 16.4 million (US$ 2.4
million) in the first quarter of 2013 compared to the same period in 2012.

Cash flow used in investing activities in the quarter ended March 31, 2013 was
RMB 37.3 million (US$ 6.0 million) mainly due to the acquisition of equipment,
compared to RMB 0.1 million (US$ 0.02 million) of cash flow generated from
investing activities in the same period of 2012 due to interest received.

Cash flow used in financing activities was nil for the quarter ended March 31,
2013, as compared to RMB 40.0 million (US$ 6.4 million) used in financing
activities for the same period of 2012, due to the repayment of bank
borrowings.

Plant Capacity and Capital Expenditures Update

Given the continued challenging economic climate for real estate development
and construction in China, the Company is currently utilizing plant facilities
capable of producing 20 million square meters of ceramic tiles annually out of
an annual production capacity out of 72 million square meters that is
available to the Company. This represents a reduction in plant capacity from
that utilized in the fourth quarter of 2012 capable of producing 46 million
square meters of ceramic tiles annually. Our Hengda facility has an annual
production capacity of 42 million square meters of ceramic tiles and we
utilized capacity capable of producing 17 million square meters of ceramic
tiles annually in the first quarter of 2013. Our Hengdali facility has an
annual productive capacity of 30 million square meters and we utilized
capacity capable of producing 3 million square meters of ceramic tiles
annually in the first quarter of 2013. The Company will bring its unused
annual productive capacity online as customer demand dictates and when there
are clear signs of an improvement in macroeconomic conditions.

Management reviews the levels of capital expenditures throughout the year and
makes adjustments to its capital expenditures subject to market conditions.
The Company expended RMB 37.4 million (US $6.0 million) in the first quarter
for the acquisition of equipment at its Hengda and Hengdali facilities. The
expenditure was a needed element of the Company's capacity expansion program
executed in 2011 and 2012 that is necessary for the new production processes
at these facilities. At this point in time, Management anticipates a modest
level of capital expenditures for the remainder of 2013.

Business Outlook

In the first quarter of 2013, the Company experienced a contraction in both
its sales volume and average selling price compared to the first quarter of
2012. This was attributable to the effects of a slowdown in China's
construction and real estate sectors that impacted the Company's fourth
quarter 2012 financial results and was still present in the first quarter of
2013. The Company's sales volume was 6.1 million square meters of ceramic
tiles in the first quarter of 2013, a decrease of 47.9% as compared to the
year-ago quarter, and the Company's average selling price in the first quarter
of 2013 was RMB 24.4 (per square meter of ceramic tiles), a decrease of 23.3%
as compared to the year-ago quarter.

As stated in our fourth quarter and fiscal year-end 2012 earnings press
release, we experienced an increase in our average selling price in February
and March from the lows that occurred in the December to January time frame,
where we reduced our average selling price in order to meet competitors' sharp
discounting and retain market share. We note that since the Company does not
record its sales until shipment, typically 90 days after the order date, there
is a lag between the time that its products ship and the effect that an
improved average selling price has on its financial statements. Based on the
Company's backlog of orders and its estimate of sales volume for April and May
2013, the Company's average selling price of RMB 26.3 for April and May 2013
shows a 7.8% increase from its average selling price of RMB 24.4 (per square
meter of ceramic tiles) in the first quarter of 2013.

As widely reported, China's real estate sector has been alleged to be under
price pressure due to speculative buying activities and there have been
reports of possible government policies intended to rein in rising prices.
The Company believes that uncertainty as to government policy has contributed
to a general slowdown in the real estate and construction sectors in China as
customers could be deferring orders and/or are waiting to start new projects
to see if the government adopts new policies to aid the construction industry.
However, recent reports indicate that real estate developers have improved
their liquidity and the government has been urging municipalities to free up
land for development. These factors could support the beginning of new
construction activity that would bode well for China's building materials
sector and induce a change in the current market environment.

As of March 31, 2013, The Company's backlog of orders for delivery in April
and May of 2013 is approximately RMB 126.30 million (US$ 20.3 million),
compared to approximately RMB 269.77 million (US$ 43.4 million) for the same
period of 2012. Under normal circumstances, the Company's backlog is an
indicator of revenues in the next quarter, though it is subject to change as a
result of unforeseen business conditions and events, including extended credit
payment terms. The Company estimates that its sales volume of ceramic tiles in
April and May of 2013 will be approximately 4.8 million squares meters.

In terms of the construction sector's long-term fundamentals, we believe that
China's urbanization trend will continue into the foreseeable future and favor
the building of new residential properties in China, while government support
for an increase in both affordable and senior housing should also generate
opportunities for real estate development companies. As a sign of continued
government support, China's continued strong migration into major cities from
rural areas has caused the government to allocate more resources to
infrastructure and has included extending social security, education and
health care benefits to new city dwellers. An additional potential boon for
construction is the need for some of China's existing housing stock to be
upgraded to meet today's market standards.

Conference Call Information

The Company will host a conference call at 8:00 am ET on Tuesday, May 14,
2013. 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
68807963. A replay of the conference call will be available for 14 days
starting from 11:00 pm ET on May 14, 2013. To access the replay, dial +1 (855)
859-2056. International callers should dial +1 (404) 537-3406. The pass code
is 68807963 for the replay.

Annual Shareholders Meeting

The Annual Meeting of the Shareholders of China Ceramics will be held on May
16, 2013 at the offices of Loeb & Loeb, New York, NY at 9:15 am local time.
Please access information and the materials for the Annual Meeting on the
Company's website at http://www.cceramics.com/Annual-Meeting.html.

Dividends

The Company previously announced that it will pay a semi-annual cash dividend
of $0.10 per share. The first two cash dividends will be payable on July 13,
2013 and January 14, 2014, with record dates of June 13, 2013 and December 13,
2013, respectively.

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", the "TOERTO" and
"WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty" brands, are
available in over 2,000 style, color and size combinations and are distributed
through a network of exclusive distributors as well as 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 Renminbi ("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 and statements of cash flows 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, 2012 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 STATEMENTS OF FINANCIAL POSITION
(RMB in thousands)
                                        As at           As at

                                        March 31, 2013  December 31, 2012
                                        (Unaudited)
ASSETS AND LIABILITIES
Non-current assets
Property, plant and equipment           816,552         795,983
Land use rights                         30,430          30,598
Goodwill                                3,735           3,735
Deferred tax asset                      3,559           1,059
                                        854,276         831,375
Current assets
Inventories                             279,273         290,603
Trade receivables                       334,599         455,885
Prepayments and other receivables       14,242          4,092
Cash and bank balances                  151,320         89,448
                                        779,434         840,028
Current liabilities
Trade payables                          92,042          115,123
Accrued liabilities and other payables  42,056          51,169
Interest-bearing bank borrowings        10,000          10,000
Income tax payable                      -               869
                                        144,098         177,161
Non-current liabilities
Long term borrowings                    50,000          50,000
Deferred tax liabilities                1,043           1,052
                                        51,043          51,052
Net current assets                      635,336         662,867
Net assets                              1,438,569       1,443,190
EQUITY
Total shareholders' equity              1,438,569       1,443,190



CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(RMB in thousands, except EPS and share data)
                                     Three months ended
                                     March31   December31 March31
                                     2013       2012        2012
Revenue                              149,227    245,330     372,288
Cost of Sales                        (144,092 ) (216,004)   (259,280)
Gross profit                         5,135      29,326      113,008
Selling and distribution expenses    (2,705)    (2,591)     (2,962)
Administrative expenses              (7,732)    (6,632)     (9,593)
Finance costs                        (1,082)    (1,189)     (3,570)
Other expenses                       (156)      (293)       (246)
Profit/(loss) before taxation        (6,540)    18,621      96,637
Income tax income/(expense)          1,170      (5,338)     (24,966)
Net profit /(loss) for the period    (5,370)    13,283      71,671
Attributable to:

Shareholders of the Company
EPS-Basic                            (0.26)     0.65        3.51
EPS-Diluted                          (0.26)     0.65        3.51
Shares used in calculating basic EPS
Basic                                20,430,838 20,430,838  20,430,838
Diluted                              20,430,838 20,430,838  20,430,838





CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES
SALES VOLUME AND AVERAGE SELLING PRICE
                                            Three months ended
                                            March 31  December 30 March 31
                                            2013      2012        2012
Sales volume (square meters)                6,124,475 8,686,025   11,719,104
Average Selling Price (in RMB/square meter) 24.4      28.2        31.8
Average Selling Price (in USD/square meter) 3.9       4.6         5.0



CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(RMB in thousands)
                                                 Three months ended
                                                 March31 December31 March 31
                                                 2013     2012        2012
Cash flows from operating activities
Profit/(Loss) before taxation                    (6,540)  18,621      96,637
Adjustments for
Amortization of land use rights                  167      167         167
Depreciation of property, plant and equipment    16,830   16,832      16,448
Provision for inventory                          (3,049)  (3,179)     -
Share-based compensation                         736      1,286       1,761
Finance costs                                    1,082    1,189       3,570
Interest income                                  (131)    (72)        (103)
Operating profit before working capital changes  9,095    34,844      118,480
Decrease/(Increase) in inventories               14,378   53,927      (41,829)
Decrease in trade receivables                    121,287  22,563      34,532
Decrease/(Increase) in other receivables and     (8,163)  (2,783)     6,818
prepayments
Decrease in trade payables                       (23,081) (119,162)   (6,173)
Increase/(decrease) in accrued liabilities and   (9,128)  3,934       2,940
other payables
Cash generated from operations                   104,388  (6,677)     114,768
Interest paid                                    (1,067)  (1,142)     (3,586)
Income tax paid                                  (4,196)  (25,399)    (37,340)
Net cash generated from/(used in) operating      99,125   (33,218)    73,842
activities
Cash flows from investing activities
Acquisition of property, plant and equipment     (37,399) -           -
Interest received                                131      72          103
Net cash generated from/(used in) investing      (37,268) 72          103
activities
Cash flows from financing activities
Repayment of short-term loans                    -        -           (40,000)
Net cash generated from/(used in) financing      -        -           (40,000)
activities
Net increase/(decrease) in cash and cash         61,857   (33,146)    33,945
equivalents
Cash and cash equivalents, beginning of period   89,448   122,615     42,149
Effect of foreign exchange rate differences      15       (21)        (3)
Cash and cash equivalents, end of period         151,320  89,448      76,091



CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMEMTS OF FINANCIAL POSITION
(U.S Dollar in thousands)
                                       As at           As at

                                       March 31, 2013  December 31, 2012
ASSETS AND LIABILITIES
Non-current assets
Property, plant and equipment          131,473         127,764
Land use rights                        4,900           4,911
Goodwill                               601             600
Deferred tax asset                     573             170
                                       137,547         133,445
Current assets
Inventories                            44,966          46,645
Trade receivables                      53,874          73,175
Prepayments and other receivables      2,294           657
Cash and bank balances                 24,364          14,357
                                       125,498         134,834
Current liabilities
Trade payables                         14,820          18,479
Accrued liabilities and other payables 6,771           8,213
Interest-bearing bank borrowings       1,610           1,605
Income tax payable                     -               140
                                       23,201          28,437
Non-current liabilities
Long term borrowings                   8,050           8,026
Deferred tax liabilities               168             169
                                       8,218           8,195
Net current assets                     102,297         106,397
Net assets                             231,626         231,647
EQUITY
Total shareholders' equity             231,626         231,647



CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(U.S Dollar in thousands, except EPS and share data)
                                     Three months ended
                                     March 31   December 31 March 31
                                     2013       2012        2012
Revenue                              23,990     40,011      59,134
Cost of Sales                        (23,164)   (35,084)    (41,184)
Gross profit                         826        4,927       17,950
Selling and distribution expenses    (435)      (420)       (470)
Administrative expenses              (1,243)    (1,076)     (1,523)
Finance costs                        (174)      (195)       (567)
Other expenses                       (25)       (48)        (39)
Profit /(loss)before taxation        (1,051)    3,188       15,351
Income tax income/(expense)          188        (908)       (3,966)
Net profit/(loss) for the period     (863)      2,280       11,385
Attributable to:

Shareholders of the Company
EPS-Basic                            (0.04)     0.11        0.56
EPS-Diluted                          (0.04)     0.11        0.56
Shares used in calculating basic EPS
Basic                                20,430,838 20,430,838  20,430,838
Diluted                              20,430,838 20,430,838  20,430,838

CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S Dollar in thousands)
                                                 Three months ended
                                                 March 31 December 31 March 31
                                                 2013     2012        2012
Cash flows from operating activities
Profit/(loss) before taxation                    (1,051)  3,188       15,351
Adjustments for
Amortization of land use rights                  27       27          27
Depreciation of property, plant and equipment    2,706    2,722       2,613
Provision for inventory                          (490)    (502)       -
Share-based compensation                         118      208         280
Finance costs                                    174      195         567
Interest income                                  (21)     (12)        (16)
Operating profit before working capital changes  1,463    5,826       18,822
Decrease/(Increase) in inventories               2,311    8,572       (6,644)
Decrease in trade receivables                    19,498   3,600       5,485
Decrease/(Increase) in other receivables and     (1,312)  (427)       1,083
prepayments
Decrease in trade payables                       (3,711)  (19,042)    (981)
Increase/(decrease) in accrued liabilities and   (1,467)  630         467
other payables
Cash generated from operations                   16,782   (841)       18,232
Interest paid                                    (172)    (188)       (570)
Income tax paid                                  (675)    (4,122)     (5,931)
Net cash generated from/(used in) operating      15,935   (5,151)     11,731
activities
Cash flows from investing activities
Acquisition of property, plant and equipment     (6,012)  -           -
Interest received                                21       12          16
Net cash generated from/(used in) investing      (5,991)  12          16
activities
Cash flows from financing activities
Repayment of short-term loans                    -        -           (6,354)
Net cash generated from/(used in) financing      -        -           (6,354)
activities
Net increase/(decrease) in cash and cash         9,944    (5,139)     5,393
equivalents
Cash and cash equivalents, beginning of period   14,357   19,510      6,697
Effect of foreign exchange rate differences      63       (14)        (7)
Cash and cash equivalents, end of period         24,364   14,357      12,083

About Non-GAAP Financial Measures

In addition to China Ceramics' condensed consolidation financial results under
International Financial Reporting Standards ("IFRS"), the Company also
provides Non-IFRS financial measures (referred to as Non-GAAP financial
measures) for the first quarter of 2013, including Non-GAAP profit before
taxation, Non-GAAP net income and Non-GAAP earnings per fully diluted shares,
all of which exclude the share-based compensation expenses from their
comparable IFRS measure. The Company believes that these Non-GAAP financial
measures provide investors with another method for assessing China Ceramics'
operating results in a manner that is focused on the performance of its
ongoing operations and excludes share-based compensation expenses incurred for
the stock option program. Readers are cautioned not to view Non-GAAP results
on a stand-alone basis or as a substitute for results under GAAP, or as being
comparable to results reported or forecasted by other companies, and should
refer to the reconciliation of GAAP results with Non-GAAP results below. The
Company believes that both management and investors benefit from referring to
these Non-GAAP financial measures in assessing the performance of China
Ceramics and when planning and forecasting future periods. The accompanying
tables have more details on the GAAP financial measures that are most directly
comparable to Non-GAAP financial measures and the related reconciliation
between these financial measures.



CHINA CERAMICS CO., LTD.
Unaudited Reconciliation of GAAP to Non-GAAP
Three months ended March 31, 2013
                       GAAP    (1)     Non-GAAP  GAAP    (1)     Non-GAAP
                       RMB'000 RMB'000 RMB'000   USD'000 USD'000 USD'000
Loss before taxation   (6,540) 736     (5,804)   (1,051) 118     (933)
Net loss               (5,370) 736     (4,634)   (863)   118     (745)
EPS-Basic              (0.26)          (0.23)    (0.04)          (0.04)
EPS-Diluted            (0.26)          (0.23)    (0.04)          (0.04)


CHINA CERAMICS CO., LTD.
Unaudited Reconciliation of GAAP to Non-GAAP
Three months ended December 31, 2012
                       GAAP    (1)     Non-GAAP  GAAP    (1)     Non-GAAP
                       RMB'000 RMB'000 RMB'000   USD'000 USD'000 USD'000
Profit before taxation 18,621  1,286   19,907    3,188   208     3,396
Net profit             13,283  1,286   14,569    2,280   208     2,488
EPS-Basic              0.65            0.71      0.11            0.12
EPS-Diluted            0.65            0.71      0.11            0.12


CHINA CERAMICS CO., LTD.
Unaudited Reconciliation of GAAP to Non-GAAP
Three months ended March 31, 2012
                       GAAP    (1)     Non-GAAP  GAAP    (1)     Non-GAAP
                       RMB'000 RMB'000 RMB'000   USD'000 USD'000 USD'000
Profit before taxation 96,637  1,761   98,398    15,351  280     15,631
Net profit             71,671  1,761   73,432    11,385  280     11,665
EPS-Basic              3.51            3.59      0.56            0.57
EPS-Diluted            3.51            3.59      0.56            0.57


(1) Share-based compensation.

Contact Information:
China Ceramics Co., Ltd.            CCG Investor Relations Inc.
Edmund Hen, Chief Financial Officer David Rudnick, Account Manager
Email: info@cceramics.com          Email: david.rudnick@ccgir.com
                                    Phone: +1-646-626-4172



SOURCE China Ceramics Co., Ltd.

Website: http://www.cceramics.com
 
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