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china vanadium titano - magn (CVTMF) Snapshot

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Shares Outstanding
2.1B
EX-Date
05/14/15
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china vanadium titano - magn (CVTMF) Details

China Vanadium Titano-Magnetite Mining Company Limited, an investment holding company, is engaged in the mining, ore processing, iron pelletizing, and sale of iron concentrates, iron pellets, and titanium concentrates in the People’s Republic of China. The company owns four vanadium-bearing titano-magnetite mines, including the Baicao, Xiushuihe, Yangqueqing, and Cizhuqing mines; and one ordinary iron ore mine, the Maoling-Yanglongshan mine located in Sichuan Province. It primarily serves steel producers and downstream users of titanium-related products. The company is based in Central, Hong Kong.

1,864 Employees
Last Reported Date: 04/13/15

china vanadium titano - magn (CVTMF) Top Compensated Officers

Chief Executive Officer and Executive Directo...
Total Annual Compensation: CNY278.0K
Chairman, Chairman of Nomination Committee an...
Total Annual Compensation: CNY391.0K
Chief Financial Officer, Company Secretary an...
Total Annual Compensation: CNY1.2M
Compensation as of Fiscal Year 2013.

china vanadium titano - magn (CVTMF) Key Developments

China Vanadium Titano-Magnetite Mining Company Limited Announces Not to Recommend Final Dividend for the Year Ended December 31, 2014; Announces Audited Consolidated Earnings Results for the Year Ended December 31, 2014

The Board of China Vanadium Titano-Magnetite Mining Company Limited does not recommend the payment of a final dividend for the year ended December 31, 2014 against HKD 0.022 per share paid a year ago. The company announced audited consolidated earnings results for the year ended December 31, 2014. For the year, the company reported revenue of RMB 649,094,000 against RMB 1,429,875,000 a year ago. Loss before tax was RMB 500,577,000 against profit before tax of RMB 266,176,000 a year ago. Loss attributable to owners of the company was RMB 366,381,000 or RMB 0.18 per basic and diluted share against profit attributable to owners of the company of RMB 179,135,000 or RMB 0.09 per basic and diluted share a year ago. During the year, the group's revenue decreased of 54.6% as compared to the corresponding period in 2013. Such decrease was due to the significant decrease in sales volume and average selling prices of the group's products. The group's net cash flows from operating activities were approximately RMB 15.5 million for the year ended 31 December 2013 and the net cash flows used in operating activities were approximately RMB 764.5 million for the year. It primarily included the loss before tax of approximately RMB 500.6 million; the increase in trade and bills receivables of approximately RMB 230.1 million which was mainly due to the extension of credit terms; and the decrease in trade and bills payables of approximately RMB 643.0 million due to less procurement of raw materials and settlement to major suppliers. The group's total capital expenditure increased by RMB 367.7 million from approximately RMB 228.2 million for the year ended 31 December 2013 to approximately RMB 595.9 million for the year. The capital expenditure consisted of payment in advance of RMB 354.0 million and RMB 79.0 million in respect of the acquisition of 51% equity interest in Sichuan Haoyuan and 100% equity interest in Panzhihua Yixingda, respectively; the stripping costs classified as stripping activity assets of approximately RMB 78.5 million; the construction of vanadium-bearing iron concentrates production line at the Xiushuihe Mine of approximately RMB 59.5 million; and the development of the construction of miscellaneous projects and acquisition of machinery equipment of approximately RMB 24.9 million.

China Vanadium Titano-Magnetite Mining Company Limited Revised Earnings Guidance for the Year Ended December 31, 2014

The Board of China Vanadium Titano-Magnetite Mining Company Limited provided an update to the Shareholders and investors of the company that the independent professional valuer has recently adjusted their estimation on the fair value of the Group's exchangeable notes, rendering a decrease in fair value gains on such exchangeable notes. In view of that, upon the further review by the company of the latest unaudited management accounts of the Group, it is expected that the loss and total comprehensive loss attributable to owners of the company for the year ended December 31, 2014 will be further increased to not more than approximately RMB 390 million. As mentioned in the profit warning announcement on November 28, 2014, the group expected to record a loss and total comprehensive loss attributable to owners of the company of not more than approximately RMB 300 million for the year ended 31 December 2014 based on the initial assessment of the Group's unaudited management accounts, as compared with the profit and total comprehensive income attributable to owners of the company of approximately RMB 179.1 million recorded for the corresponding period in 2013. As announced in the update announcement on March 13, 2015, such loss and total comprehensive loss attributable to owners of the company was expected to increase to not more than approximately RMB 350 million mainly due to the recognition of further non-cash impairment loss on certain assets of the Group.

China Vanadium Titano-Magnetite Mining Company Limited Provides Earnings Guidance for the Year Ended December 31, 2014

China Vanadium Titano-Magnetite Mining Company Limited provided earnings guidance for the year ended December 31, 2014. For the period, the company expects that the loss and total comprehensive loss attributable to owners of the company for the year ended December 31, 2014 will be further increased to not more than approximately RMB 350 million. Such an increase is mainly attributable to the recognition of further non-cash impairment loss on certain assets of the group.

 

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