salg +100% profit endnu mere
http://finance.yahoo.com/q?s=1313.HK&ql=0
den er nok ikke billig nok, men giver et fint billede af boomet i kina i byggesektoren også i 2011 - ikke noget om bobler, overhovedet ikke
THE BUSINESS ENVIRONMENT
In the first half of 2011, the Chinese Government regards the overall price stabilization as
its primary task under its austerity policy and has implemented positive financial policy and
stable monetary policy. The People's Bank of China raised the deposit reserve ratio six times
and increased interest rate three times in order to reduce liquidity and to control inflation.
Notwithstanding the adequately tightening monetary policy implemented by the Chinese
Government, the Chinese economy has maintained a relatively high growth. According to the
Chinese National Bureau of Statistics, the Chinese gross domestic products reached RMB20.4
trillion for the first half of 2011, representing an increase of 9.6% over that for the corresponding
period in 2010. The implementation of Twelfth Five-year Plan by the provincial government has
not been impacted by the tightening policy and growth in investment has remained strong. The
fixed asset investments ("FAI") of China reached RMB12.5 trillion for the first half of 2011,
representing an increase of 25.6% over the corresponding period in 2010. The result of the
implementation of the national monetary policy is obvious. Consumer price index for June 2011
reached 6.4% and inflation appears to reach its peak. It is expected that the tightening policy will
be relaxed gradually and the focus of macroeconomic policy will be changed to adjustment of
economic structure and maintaining economic growth. The environment for the development of
the cement industry in China will become more positive.
In the provinces that we operate including Guangdong, Guangxi, Fujian, Hainan and Shanxi,
their respective gross domestic products for the first half of 2011 were approximately
RMB2,342.1 billion, RMB472.0 billion, RMB706.3 billion, RMB122.2 billion and RMB513.4
billion, representing increases of 10.2%, 12.3%, 13.4%, 10.4% and 13.3% respectively over the
corresponding period in 2010 and the respective FAI in these provinces were approximately
RMB699.1 billion, RMB435.1 billion, RMB439.2 billion, RMB66.8 billion and RMB221.7
billion, representing increases of 18.7%, 27.7%, 31.3%, 33.6% and 33.3% respectively over the
corresponding period in 2010
The various national level long term development and reform plans including the Pearl River
Delta Region Development Plan in Guangdong, the North Bay Economic Zone Development Plan
in Guangxi, the West Coast of Taiwan Straits Economic Zone Development Plan in Fujian, the
International Tourism Island Plan in Hainan and the Resources Type Economic Transform and
Integrated Reform Experimental District Plan, have entered the substantive construction period
and are expected to sustain and rapidly propel the economic development and FAI and directly
drive the strong demand for cement and concrete products in the areas we operate
Although the Chinese Government has implemented successive policies to control the fast
increase in property prices which has achieved some evident effect in the first and second tiered
cities, the active construction of affordable homes has continued to promote investment in
property. In the first half of 2011, the total national investment in property reached RMB2,625.0
billion, which represented 32.9% growth over that of the corresponding period last year. In order
to improve people's livelihood, stabilize property price, adjust the economic structure, promote
development, the Chinese Government will construct 36 million affordable homes during the
Twelfth Five-year Plan, of which 10 million houses will be constructed in 2011, representing
an increase of 69.5% over the corresponding period last year. In order to secure the targets
of construction of affordable homes, the Chinese Government has continuously strengthened
its intensity, increase the extent of financial support to the local governments and grasp the
establishment of a healthy affordable housing projects financing mechanism. As at the end of
June 2011, commencement of construction of affordable homes exceeded 5 million nationwide
and has fulfilled over 50% of the full year's target. It is expected that most affordable home
projects will commence construction by November 2011 which will push the sustainable growth
in property investment and provide a consistent and steady demand for cement and concrete
THE INDUSTRY
Demand for cement products in China remained strong in the first half of 2011 with total
cement production reaching 950.8 million tons, representing an increase of 19.6% over the
corresponding period in 2010. The total cement production in Guangdong, Guangxi, Fujian,
Hainan and Shanxi reached 54.5 million tons, 38.2 million tons, 29.9 million tons, 7.2 million
tons and 16.5 million tons, representing increases of approximately 10.6%, 20.5%, 20.3%,
15.7%, and 35.9% respectively over the corresponding period in 2010. In the first half of 2011,
approximately 49 New Suspension Preheater ("NSP") clinker production lines were put into
operation which has increased the total annual NSP clinker production capacity by approximately
60 million tons to 1.26 billion tons.
Since the issuance of the document on "Entry Conditions for Cement Industry" by the Ministry
of Industry and Information Technology for the purpose of regulating the conditions on approval
of cement projects by the provincial governments, the approval on construction of cement
capacity in each province has been under effective control. Since the announcement on the
closure of a list of 107.3 million tons of cement facilities with outdated technology by the end
of third quarter 2010 by the Ministry of Industry and Information Technology in August last
year, the closure of vertical kilns and other kilns with outdated technology are progressing
in an orderly manner. On 11 July 2011, the Ministry of Industry and Information Technology
announced its plan to close a list of kilns with outdated technology of 153.3 million tons in
total which involves 782 cement companies in 2011, of which, 3.4 million tons involving 22
companies in Guangdong, 3.0 million tons involving 18 companies in Guangxi, 1.4 million tons
involving 8 companies in Fujian, 780,000 tons involving 5 companies in Hainan and 12.8 million
tons involving 78 companies in Shanxi will be closed.
We believe the forceful implementation of the above industrial policy will strengthen the
consolidation of the cement industry and speed up the elimination of production capacity with
outdated technology. It will bring better development environment and create more expansion
opportunities for the Company, being a large sized cement company which is concerned with
reducing energy consumption, lowering Emission, adopting NSP cement production technology
and possessing high sense of social responsibility. Due to the effective implementation of the
restricted approval on construction of new clinker production lines (effective from 30 September
2009), release of new capacity will be gradually reduced in the next twelve to twenty four
months. Following the consistent implementation of the policy to eliminate kilns with outdated
technology, cement supply will be much tighter as compared with the sustainable growth in
demand for cement and will bring positive impact on the cement prices in the Chinese Mainland
as well as the earnings of the Company
On 27 January 2011, the Group has entered into a property transfer agreement with 福建紫
金恒發建材有限公司 (Fujian Zijin Hengfa Construction Materials Limited), an independent
third party, for acquiring a cement production plant under construction in Longyan City of
Fujian Province together with all the assets and liabilities associated with the plant at the total
consideration of approximately RMB277.2 million (equivalent to approximately HK$333.3
million). Further capital expenditure of approximately RMB579.5 million (equivalent to
approximately HK$696.8 million) will be incurred to complete the construction of one 4500
tons per day (annual production capacity of approximately 1.4 million tons) NSP clinker
production line and 2 cement grinding lines with total annual production capacity of 2 million
tons, which are expected to commence operation by the first quarter of 2012. Please refer to the
announcement of the Company dated 27 January 2011 for details of the acquisition. As at 30
June 2011, total deposit of RMB175.2 million (equivalent to approximately HK$210.7 million)
has been paid.
On 24 May 2011, 華潤水泥（方山）有限公司 (China Resources Cement (Fangshan) Limited),
a 72% subsidiary of the Company, entered into an agreement with an independent third party
for the acquisition of (1) a 1200 tons per day (annual production capacity of 372,000 tons) NSP
clinker production line and two cement grinding lines with total annual production capacity
of 700,000 tons, which are in operation; and (2) two 5000 tons per day (annual production
capacity of 1,550,000 tons each) NSP clinker production lines and four cement grinding lines
with total annual production capacity of 4 million tons under construction on an as is basis, in
Fangshan County, Shanxi, at a consideration of approximately RMB280.0 million (equivalent to
approximately HK$336.7 million). It is planned that further capital expenditure of approximately
RMB1.3 billion will be invested to complete the above construction. It is expected that one NSP
clinker production line and two cement grinding lines will commence operation by the end of
2012 and the other NSP clinker production line and two cement grinding lines will commence
operation by the end of 2013. Please refer to the announcement of the Company dated 24 May
2011 for details of the acquisition. As at 30 June 2011, no payment has been made.
On 29 June 2011, the Group entered into a share purchase agreement for the acquisition of the
40.6% equity interest in 內蒙古蒙西水泥股份有限公司 (Inner Mongolia Mengxi Cement Co.,
Ltd.), a foreign-invested joint stock limited liability company established in Inner Mongolia,
at the total consideration of RMB1,563.1 million (approximately HK$1,879.6 million). Inner
Mongolia Mengxi Cement Co., Ltd. is engaged in the production and sale of cement and clinker
in Inner Mongolia and is the largest NSP clinker and cement producer in Inner Mongolia. It
operates 8 NSP clinker production lines with total production capacity of approximately 29,900
tons per day (equivalent to total annual production capacity of approximately 9,269,000 tons)
and 22 cement grinding lines with total annual production capacity of approximately 12,470,000
tons, of which annual production capacities of approximately 9,117,000 tons clinker and
approximately 11,809,000 tons cement are attributable to its shareholders. It also has a 5000
tons per day (annual production capacity of 1,550,000 tons) NSP clinker production line and 2
cement grinding lines with total annual production capacity of approximately 2,000,000 tons
under construction. The clinker production line and the cement grinding lines are expected to
be completed and put into operation in August 2011 and March 2012 respectively. Please refer
to the announcement of the Company dated 29 June 2011 for details of the acquisition. The
acquisition was completed on 21 July 2011.
New production plants
During the Period, construction of three clinker production lines namely, Wuxuan 1st line,
Fengkai 4th line and Liulin 2nd line were completed and put into operation, increasing our total
annual clinker production capacity by 4.6 million tons. There were also four cement grinding
lines completed and commenced operation during the Period, increasing our total annual cement
production capacity by 3.9 million tons. Two concrete batching lines were upgraded during the
Period, increasing two concrete production capacity by 200,000 m3. As at 30 June 2011, our
annual production capacities for clinker, cement and concrete amounted to 37.6 million tons,
53.4 million tons and 29.0 million m3 respectively. During the Period, we managed to maintain
the utilization rates of our cement, clinker and concrete production lines at 83.8%, 116.7% and
42.8% respectively as compared with 80.0%, 110.1% and 45.9% for the corresponding period
last year.
Turnover
The consolidated turnover for the six months ended 30 June 2011 amounted to HK$10,051.7
million, representing an increase of 97.3% over HK$5,094.9 million for the corresponding period
last year. An analysis of segmental turnover by product is as follows:
For the six months ended 30 June
2011 2010
Volume
Average
selling
price Turnover Volume
Average
selling
price Turnover
'000 tons/m3 HK$ HK$'000 '000 tons/m3 HK$ HK$'000
Cement 19,354 371.7 7,193,815 11,031 306.6 3,382,158
Clinker 2,322 301.5 700,151 1,717 252.6 433,768
Concrete 6,200 348.0 2,157,736 4,283 298.6 1,278,937
Total 10,051,702 5,094,863
The increase in volume sold during the Period reflected the stronger demand for our products.
Our newly constructed production lines and acquisitions made since 2010 have contributed to
the increased production capacity which enables us to increase our production volume. During
the Period, approximately 78.8% of the cement sales were generated from 42.5 or higher grades
(82.3% for the corresponding period in 2010) and approximately 30.3% of the volume of our
cement products were sold in bags (32.9% for the corresponding period in 2010). Internal
sale volume of cement for our concrete production was 1,156,000 tons (2010: 784,000 tons),
representing 5.6% (2010: 6.6%) of the total volume of cement sold. The intra-group transactions
of HK$433,440,000 (2010: HK$240,558,000) were eliminated from the consolidated turnover for
the Period.
Our cement sales by geographical areas for the Period were as follows:
For the six months ended 30 June
2011 2010
Volume
Average
selling
price Turnover Volume
Average
selling
price Turnover
'000 tons HK$ HK$'000 '000 tons HK$ HK$'000
Guangdong 8,304 397.5 3,300,612 3,744 342.4 1,282,212
Guangxi 7,658 319.6 2,447,601 5,688 273.1 1,553,324
Fujian 1,166 448.6 523,075 16 270.9 4,302
Hainan 1,634 458.9 749,810 1,583 342.6 542,320
Shanxi 592 291.8 172,717 - - -
Total 19,354 371.7 7,193,815 11,031 306.6 3,382,158
The average selling prices of cement, clinker and concrete for the Period were HK$371.7 per
ton, HK$301.5 per ton and HK$348.0 per m3, representing increases of 21.2%, 19.4% and 16.5%
respectively over the corresponding period last year. The increases in average selling prices for
the Period primarily reflected:
(1) Increased coal price for the Period: As mentioned in the section on major production costs,
average coal price increased by 15.7% over that of the corresponding period last year. We
adjusted our selling prices to reflect the increase in coal cost.
(2) Increase in selling price due to strong market demand.
(
Major production costs
The average price of coal we purchased for the Period was around HK$810 per ton, representing
an increase of 15.7% from the average price of HK$700 per ton for the corresponding period
last year, while the quality of coal was improved with average thermal Value increased by
3.8% to 4,737 KCal per Kg. Coal prices fluctuated mildly in the first half of 2011 and went
up steadily with 2.0% increase in the first quarter of 2011 over the average price for the fourth
quarter of 2010, and further by 4.4% in the second quarter of 2011. During the Period, our unit
coal consumption in the clinker production process increased to 165.6 Kg per ton of clinker,
representing an increase of 1.0% from the average of 164.0 Kg per ton of clinker for the
corresponding period in 2010. Our standard coal consumption in the clinker production process
increased to 110.2 Kg per ton of clinker for the Period from the average of 108.4 Kg per ton
of clinker for the same period last year, due to the performance of the small kilns which were
acquired and the new clinker production lines which commenced operation during the Period.
Due to the increases in coal price and coal consumption, our average coal cost of production for
the Period increased by 17.0% to HK$134.2 per ton of clinker produced from HK$114.7 per ton
of clinker produced in the corresponding period of 2010. Coal cost represented approximately
45.6% of the cost of sales for cement for the Period (43.4% in the corresponding period of
2010) and approximately 37.3% of the Group's total cost of sales for the Period (34.8% in the
corresponding period of 2010).
Our average electricity cost increased by 2.4% to HK$43.2 per ton of cement mainly due
to translation of expenses incurred which was in line with the appreciation of RMB against
HK$. We managed to improve our electricity consumption to 90.0 KWh per ton of cement
for the Period (91.8 KWh per ton of cement for the corresponding period of 2010) during the
production process, representing a cost saving of approximately HK$24.8 million (HK$36.5
million for the corresponding period of 2010). Our residual heat recovery generators performed
satisfactorily and generated 493.0 million KWh of electricity for the Period, representing an
increase of 56.9% over 314.2 million KWh of electricity generated in the corresponding period
last year. The electricity generated during the Period accounted for approximately 23.4% of our
required electricity consumption (25.0% for the corresponding period of 2010) and we achieved
a cost saving of approximately HK$284.8 million for the Period (HK$174.9 million for the
corresponding period of 2010) from the use of residual heat recovery generators. Electricity cost
represented approximately 17.9% of the cost of sales for cement for the Period (19.4% in the
corresponding period of 2010) and approximately 14.7% of the Group's total cost of sales for the
Period (15.5% for the corresponding period in 2010).
http://finance.yahoo.com/q?s=1313.HK&ql=0
den er nok ikke billig nok, men giver et fint billede af boomet i kina i byggesektoren også i 2011 - ikke noget om bobler, overhovedet ikke
THE BUSINESS ENVIRONMENT
In the first half of 2011, the Chinese Government regards the overall price stabilization as
its primary task under its austerity policy and has implemented positive financial policy and
stable monetary policy. The People's Bank of China raised the deposit reserve ratio six times
and increased interest rate three times in order to reduce liquidity and to control inflation.
Notwithstanding the adequately tightening monetary policy implemented by the Chinese
Government, the Chinese economy has maintained a relatively high growth. According to the
Chinese National Bureau of Statistics, the Chinese gross domestic products reached RMB20.4
trillion for the first half of 2011, representing an increase of 9.6% over that for the corresponding
period in 2010. The implementation of Twelfth Five-year Plan by the provincial government has
not been impacted by the tightening policy and growth in investment has remained strong. The
fixed asset investments ("FAI") of China reached RMB12.5 trillion for the first half of 2011,
representing an increase of 25.6% over the corresponding period in 2010. The result of the
implementation of the national monetary policy is obvious. Consumer price index for June 2011
reached 6.4% and inflation appears to reach its peak. It is expected that the tightening policy will
be relaxed gradually and the focus of macroeconomic policy will be changed to adjustment of
economic structure and maintaining economic growth. The environment for the development of
the cement industry in China will become more positive.
In the provinces that we operate including Guangdong, Guangxi, Fujian, Hainan and Shanxi,
their respective gross domestic products for the first half of 2011 were approximately
RMB2,342.1 billion, RMB472.0 billion, RMB706.3 billion, RMB122.2 billion and RMB513.4
billion, representing increases of 10.2%, 12.3%, 13.4%, 10.4% and 13.3% respectively over the
corresponding period in 2010 and the respective FAI in these provinces were approximately
RMB699.1 billion, RMB435.1 billion, RMB439.2 billion, RMB66.8 billion and RMB221.7
billion, representing increases of 18.7%, 27.7%, 31.3%, 33.6% and 33.3% respectively over the
corresponding period in 2010
The various national level long term development and reform plans including the Pearl River
Delta Region Development Plan in Guangdong, the North Bay Economic Zone Development Plan
in Guangxi, the West Coast of Taiwan Straits Economic Zone Development Plan in Fujian, the
International Tourism Island Plan in Hainan and the Resources Type Economic Transform and
Integrated Reform Experimental District Plan, have entered the substantive construction period
and are expected to sustain and rapidly propel the economic development and FAI and directly
drive the strong demand for cement and concrete products in the areas we operate
Although the Chinese Government has implemented successive policies to control the fast
increase in property prices which has achieved some evident effect in the first and second tiered
cities, the active construction of affordable homes has continued to promote investment in
property. In the first half of 2011, the total national investment in property reached RMB2,625.0
billion, which represented 32.9% growth over that of the corresponding period last year. In order
to improve people's livelihood, stabilize property price, adjust the economic structure, promote
development, the Chinese Government will construct 36 million affordable homes during the
Twelfth Five-year Plan, of which 10 million houses will be constructed in 2011, representing
an increase of 69.5% over the corresponding period last year. In order to secure the targets
of construction of affordable homes, the Chinese Government has continuously strengthened
its intensity, increase the extent of financial support to the local governments and grasp the
establishment of a healthy affordable housing projects financing mechanism. As at the end of
June 2011, commencement of construction of affordable homes exceeded 5 million nationwide
and has fulfilled over 50% of the full year's target. It is expected that most affordable home
projects will commence construction by November 2011 which will push the sustainable growth
in property investment and provide a consistent and steady demand for cement and concrete
THE INDUSTRY
Demand for cement products in China remained strong in the first half of 2011 with total
cement production reaching 950.8 million tons, representing an increase of 19.6% over the
corresponding period in 2010. The total cement production in Guangdong, Guangxi, Fujian,
Hainan and Shanxi reached 54.5 million tons, 38.2 million tons, 29.9 million tons, 7.2 million
tons and 16.5 million tons, representing increases of approximately 10.6%, 20.5%, 20.3%,
15.7%, and 35.9% respectively over the corresponding period in 2010. In the first half of 2011,
approximately 49 New Suspension Preheater ("NSP") clinker production lines were put into
operation which has increased the total annual NSP clinker production capacity by approximately
60 million tons to 1.26 billion tons.
Since the issuance of the document on "Entry Conditions for Cement Industry" by the Ministry
of Industry and Information Technology for the purpose of regulating the conditions on approval
of cement projects by the provincial governments, the approval on construction of cement
capacity in each province has been under effective control. Since the announcement on the
closure of a list of 107.3 million tons of cement facilities with outdated technology by the end
of third quarter 2010 by the Ministry of Industry and Information Technology in August last
year, the closure of vertical kilns and other kilns with outdated technology are progressing
in an orderly manner. On 11 July 2011, the Ministry of Industry and Information Technology
announced its plan to close a list of kilns with outdated technology of 153.3 million tons in
total which involves 782 cement companies in 2011, of which, 3.4 million tons involving 22
companies in Guangdong, 3.0 million tons involving 18 companies in Guangxi, 1.4 million tons
involving 8 companies in Fujian, 780,000 tons involving 5 companies in Hainan and 12.8 million
tons involving 78 companies in Shanxi will be closed.
We believe the forceful implementation of the above industrial policy will strengthen the
consolidation of the cement industry and speed up the elimination of production capacity with
outdated technology. It will bring better development environment and create more expansion
opportunities for the Company, being a large sized cement company which is concerned with
reducing energy consumption, lowering Emission, adopting NSP cement production technology
and possessing high sense of social responsibility. Due to the effective implementation of the
restricted approval on construction of new clinker production lines (effective from 30 September
2009), release of new capacity will be gradually reduced in the next twelve to twenty four
months. Following the consistent implementation of the policy to eliminate kilns with outdated
technology, cement supply will be much tighter as compared with the sustainable growth in
demand for cement and will bring positive impact on the cement prices in the Chinese Mainland
as well as the earnings of the Company
On 27 January 2011, the Group has entered into a property transfer agreement with 福建紫
金恒發建材有限公司 (Fujian Zijin Hengfa Construction Materials Limited), an independent
third party, for acquiring a cement production plant under construction in Longyan City of
Fujian Province together with all the assets and liabilities associated with the plant at the total
consideration of approximately RMB277.2 million (equivalent to approximately HK$333.3
million). Further capital expenditure of approximately RMB579.5 million (equivalent to
approximately HK$696.8 million) will be incurred to complete the construction of one 4500
tons per day (annual production capacity of approximately 1.4 million tons) NSP clinker
production line and 2 cement grinding lines with total annual production capacity of 2 million
tons, which are expected to commence operation by the first quarter of 2012. Please refer to the
announcement of the Company dated 27 January 2011 for details of the acquisition. As at 30
June 2011, total deposit of RMB175.2 million (equivalent to approximately HK$210.7 million)
has been paid.
On 24 May 2011, 華潤水泥（方山）有限公司 (China Resources Cement (Fangshan) Limited),
a 72% subsidiary of the Company, entered into an agreement with an independent third party
for the acquisition of (1) a 1200 tons per day (annual production capacity of 372,000 tons) NSP
clinker production line and two cement grinding lines with total annual production capacity
of 700,000 tons, which are in operation; and (2) two 5000 tons per day (annual production
capacity of 1,550,000 tons each) NSP clinker production lines and four cement grinding lines
with total annual production capacity of 4 million tons under construction on an as is basis, in
Fangshan County, Shanxi, at a consideration of approximately RMB280.0 million (equivalent to
approximately HK$336.7 million). It is planned that further capital expenditure of approximately
RMB1.3 billion will be invested to complete the above construction. It is expected that one NSP
clinker production line and two cement grinding lines will commence operation by the end of
2012 and the other NSP clinker production line and two cement grinding lines will commence
operation by the end of 2013. Please refer to the announcement of the Company dated 24 May
2011 for details of the acquisition. As at 30 June 2011, no payment has been made.
On 29 June 2011, the Group entered into a share purchase agreement for the acquisition of the
40.6% equity interest in 內蒙古蒙西水泥股份有限公司 (Inner Mongolia Mengxi Cement Co.,
Ltd.), a foreign-invested joint stock limited liability company established in Inner Mongolia,
at the total consideration of RMB1,563.1 million (approximately HK$1,879.6 million). Inner
Mongolia Mengxi Cement Co., Ltd. is engaged in the production and sale of cement and clinker
in Inner Mongolia and is the largest NSP clinker and cement producer in Inner Mongolia. It
operates 8 NSP clinker production lines with total production capacity of approximately 29,900
tons per day (equivalent to total annual production capacity of approximately 9,269,000 tons)
and 22 cement grinding lines with total annual production capacity of approximately 12,470,000
tons, of which annual production capacities of approximately 9,117,000 tons clinker and
approximately 11,809,000 tons cement are attributable to its shareholders. It also has a 5000
tons per day (annual production capacity of 1,550,000 tons) NSP clinker production line and 2
cement grinding lines with total annual production capacity of approximately 2,000,000 tons
under construction. The clinker production line and the cement grinding lines are expected to
be completed and put into operation in August 2011 and March 2012 respectively. Please refer
to the announcement of the Company dated 29 June 2011 for details of the acquisition. The
acquisition was completed on 21 July 2011.
New production plants
During the Period, construction of three clinker production lines namely, Wuxuan 1st line,
Fengkai 4th line and Liulin 2nd line were completed and put into operation, increasing our total
annual clinker production capacity by 4.6 million tons. There were also four cement grinding
lines completed and commenced operation during the Period, increasing our total annual cement
production capacity by 3.9 million tons. Two concrete batching lines were upgraded during the
Period, increasing two concrete production capacity by 200,000 m3. As at 30 June 2011, our
annual production capacities for clinker, cement and concrete amounted to 37.6 million tons,
53.4 million tons and 29.0 million m3 respectively. During the Period, we managed to maintain
the utilization rates of our cement, clinker and concrete production lines at 83.8%, 116.7% and
42.8% respectively as compared with 80.0%, 110.1% and 45.9% for the corresponding period
last year.
Turnover
The consolidated turnover for the six months ended 30 June 2011 amounted to HK$10,051.7
million, representing an increase of 97.3% over HK$5,094.9 million for the corresponding period
last year. An analysis of segmental turnover by product is as follows:
For the six months ended 30 June
2011 2010
Volume
Average
selling
price Turnover Volume
Average
selling
price Turnover
'000 tons/m3 HK$ HK$'000 '000 tons/m3 HK$ HK$'000
Cement 19,354 371.7 7,193,815 11,031 306.6 3,382,158
Clinker 2,322 301.5 700,151 1,717 252.6 433,768
Concrete 6,200 348.0 2,157,736 4,283 298.6 1,278,937
Total 10,051,702 5,094,863
The increase in volume sold during the Period reflected the stronger demand for our products.
Our newly constructed production lines and acquisitions made since 2010 have contributed to
the increased production capacity which enables us to increase our production volume. During
the Period, approximately 78.8% of the cement sales were generated from 42.5 or higher grades
(82.3% for the corresponding period in 2010) and approximately 30.3% of the volume of our
cement products were sold in bags (32.9% for the corresponding period in 2010). Internal
sale volume of cement for our concrete production was 1,156,000 tons (2010: 784,000 tons),
representing 5.6% (2010: 6.6%) of the total volume of cement sold. The intra-group transactions
of HK$433,440,000 (2010: HK$240,558,000) were eliminated from the consolidated turnover for
the Period.
Our cement sales by geographical areas for the Period were as follows:
For the six months ended 30 June
2011 2010
Volume
Average
selling
price Turnover Volume
Average
selling
price Turnover
'000 tons HK$ HK$'000 '000 tons HK$ HK$'000
Guangdong 8,304 397.5 3,300,612 3,744 342.4 1,282,212
Guangxi 7,658 319.6 2,447,601 5,688 273.1 1,553,324
Fujian 1,166 448.6 523,075 16 270.9 4,302
Hainan 1,634 458.9 749,810 1,583 342.6 542,320
Shanxi 592 291.8 172,717 - - -
Total 19,354 371.7 7,193,815 11,031 306.6 3,382,158
The average selling prices of cement, clinker and concrete for the Period were HK$371.7 per
ton, HK$301.5 per ton and HK$348.0 per m3, representing increases of 21.2%, 19.4% and 16.5%
respectively over the corresponding period last year. The increases in average selling prices for
the Period primarily reflected:
(1) Increased coal price for the Period: As mentioned in the section on major production costs,
average coal price increased by 15.7% over that of the corresponding period last year. We
adjusted our selling prices to reflect the increase in coal cost.
(2) Increase in selling price due to strong market demand.
(
Major production costs
The average price of coal we purchased for the Period was around HK$810 per ton, representing
an increase of 15.7% from the average price of HK$700 per ton for the corresponding period
last year, while the quality of coal was improved with average thermal Value increased by
3.8% to 4,737 KCal per Kg. Coal prices fluctuated mildly in the first half of 2011 and went
up steadily with 2.0% increase in the first quarter of 2011 over the average price for the fourth
quarter of 2010, and further by 4.4% in the second quarter of 2011. During the Period, our unit
coal consumption in the clinker production process increased to 165.6 Kg per ton of clinker,
representing an increase of 1.0% from the average of 164.0 Kg per ton of clinker for the
corresponding period in 2010. Our standard coal consumption in the clinker production process
increased to 110.2 Kg per ton of clinker for the Period from the average of 108.4 Kg per ton
of clinker for the same period last year, due to the performance of the small kilns which were
acquired and the new clinker production lines which commenced operation during the Period.
Due to the increases in coal price and coal consumption, our average coal cost of production for
the Period increased by 17.0% to HK$134.2 per ton of clinker produced from HK$114.7 per ton
of clinker produced in the corresponding period of 2010. Coal cost represented approximately
45.6% of the cost of sales for cement for the Period (43.4% in the corresponding period of
2010) and approximately 37.3% of the Group's total cost of sales for the Period (34.8% in the
corresponding period of 2010).
Our average electricity cost increased by 2.4% to HK$43.2 per ton of cement mainly due
to translation of expenses incurred which was in line with the appreciation of RMB against
HK$. We managed to improve our electricity consumption to 90.0 KWh per ton of cement
for the Period (91.8 KWh per ton of cement for the corresponding period of 2010) during the
production process, representing a cost saving of approximately HK$24.8 million (HK$36.5
million for the corresponding period of 2010). Our residual heat recovery generators performed
satisfactorily and generated 493.0 million KWh of electricity for the Period, representing an
increase of 56.9% over 314.2 million KWh of electricity generated in the corresponding period
last year. The electricity generated during the Period accounted for approximately 23.4% of our
required electricity consumption (25.0% for the corresponding period of 2010) and we achieved
a cost saving of approximately HK$284.8 million for the Period (HK$174.9 million for the
corresponding period of 2010) from the use of residual heat recovery generators. Electricity cost
represented approximately 17.9% of the cost of sales for cement for the Period (19.4% in the
corresponding period of 2010) and approximately 14.7% of the Group's total cost of sales for the
Period (15.5% for the corresponding period in 2010).
14/8 2011 11:30 le 0
45040 jeg har ikke kommenteret aktiemarkedet i kina, men det faktum at det boomer i kina
venligst hold dig til trådens emne
venligst hold dig til trådens emne
14/8 2011 16:57 le 045043 nååhh nej, det tænkte jeg ikke lige på
men hvad bruger de så al den cement til, er det bare til spøgelsesbyer?
og hvorfor kan BMW ikke producere så mange biler som de kan sælge fordi salget i kina stiger næsten 100%? - men jeg ved da godt at jeg er dum og ikke når et finansgeni som dig til sokkeholderne
men hvad bruger de så al den cement til, er det bare til spøgelsesbyer?
og hvorfor kan BMW ikke producere så mange biler som de kan sælge fordi salget i kina stiger næsten 100%? - men jeg ved da godt at jeg er dum og ikke når et finansgeni som dig til sokkeholderne
14/8 2011 17:08 pete45 045044 der er ingen grung til at tro at Kina er den naste forbruger , kig paa tal og det vil sige dig at du tager fejl..... hvilket er normalt for dig
14/8 2011 17:17 le 045045 ok, så siger vi det, men kan du ikke bare lade være med at kommentere mine indlæg, men jeg må måske ikke have en anden mening end din?
