RNS Number : 2006C
Steppe Cement Limited
09 June 2023
 

 

 

9 June 2023

 

Steppe Cement Ltd

 

CEO STATEMENT

 

Overall, the cement market in Kazakhstan remained stable in 2022 compared with the historical high achieved during 2021 and on a per capital level, the consumption for the 2022 year of 630 kg per capita is consistent with that which should be expected  based on  actual GDP  and the anticipated GDP growth rate.

 

The Kazak cement market remained stable at 11.6 million tonnes, with sales volume by Steppe Cement decreasing by 1% year on year, due mostly to logistical problems in the railway system in the third and fourth quarters. The blend of this was that domesticl sales increased by 4% and exports reduced to virtually zero.

 

Imports into Kazakshtan decreased by 25% to 0.6 million tonnes, being equivalent to 5% of the total market, with these coming mostly from Russia. Exports from local producers decreased again by 33% to 1.1 million tonnes, with these being mostly to Uzbekistan and Kyrgystan as new capacity has been commisioned in Uzbekistan. Exports remain concentrated to the Tashkent and Bishkek areas.

 

The market demand in 2023 has shown a decrease in the first quarter due to weather conditions, logistics and persistant high inflation and we expect the market to improve in the coming quarters. High interest rates will slow down the mortgage market but the economy remains strong driven by commodities.

 

During 2021 and 2022 the government implemented incentives which helped the construction industry, particularly the ability to withdraw part of the individual pension funds and use them for real estate acquisitions. The development of the main cities continues, and the rate of urbanization is estimated to grow from the current 59% to 69% in the next 25 years. The banks are actively promoting long term mortgages and the program has been very successful.

 

The political unrest at the beginning of 2022 as well as the conflict in Ukraine have brought higher inflation and more populist policies. After a phase of salary increases to compensate for inflation, the government seems to be committed to lowering inflation.

 

In 2022, Steppe Cement posted a net profit of USD17.9 million while EBITDA remained stable at USD31 million. Higher pricing compensated for the increase in costs and slightly lower volumes. Steppe Cement's average cement selling prices increased by 12% in KZT and 4% in USD, to USD52 per tonne delivered.

 

Steppe Cement operated both lines at 86% of their current combined capacity (which is 1.1 million tonnes for line 5 and 0.85 million tonnes for line 6).

 

Shareholders' funds remained stable at USD65.1 million after the dividend distribution USD12.6 million to shareholders (5 UK pence per share).

 

          Key financials

Year ended
31- Dec-22

Year ended
31- Dec-21

Inc/(Dec)%

Sales (tonnes of cement)

1,670,174

1,688,544

(1%)

Consolidated turnover (KZT million)

40,023

36,020

11%

Consolidated turnover (USD million)

86.7

84.6

3%

Consolidated profit before tax (USD million)

21.7

21.4

1%

Consolidated profit after tax (USD million)

17.9

17.1

5%

Profit per share (US cents)

8.2

7.8

5%

Shareholders' funds (USD million)

65.1

65.6

(1%)

Average exchange rate (KZT/USD)

461

426

(8%)

Exchange rate as at year end (KZT/USD)

462

434

(6%)

 

 

Production and costs

 

Line 5 produced 60% 995,933 tonnes of cement while Line 6 produced 663,955 tonnes.

Line 5 performed at 90% capacity as it was limited by roller maintenance while Line 6 was limited by reliability. In 2023 we expect higher production from Line 6 and similar in Line 5.

Cost per tonne increased by 20% in KZT at slightly higher pace than inflation. The average cash production cost of clinker increased from USD20/tonne to USD23/tonne while cement cash cost increased from USD23/tonne to USD26/tonne in 2022. The cost of production increased by 20% in local currency in line with inflation of 18.8% year on year. The devaluation of the currency was limited to 8%.

Despite the increase of transportation costs, selling expenses, reflecting mostly cement delivery costs, were reduced to USD6.6/tonne as we focused in markets closer to the factory.

 

General and administrative expenses we reduced to USD6.4 million from USD6.7 million in 2021 due to cost control measures.

 

On 31 March 2023 the company had 799 employees a similar level to 2022.

 

In 2022, finance costs remained stable at USD 1 million. Without operating lease interest of USD0.2 million under IFRS 16, the finance cost  was USD0.8 million, mostly interest on loans.

Other income of USD2.4 million reflects the write-back of receivables previously written down and the write-back of deferred income from the government subsidied loans.

 

The factory receives an allocation CO2 emissions from the government and does not trade them as they are at a level similar to historical production. There is a very limited market for alternative fuels and the increase in additives in the cement is not yet accepted beyond certain levels.

 

Capital investment increased significantly in 2022 but it will be limited going forward

 

Capital investment was accelerated to USD10 million to complete the work started in 2021 and to compensate for the slow down in investment during 2019 and 2020 due to COVID19. Apart from the traditional maintenance capex and purchase of key spares for USD3 million per year,  we managed to complete a significant number of projects in 2022:

 

-     New FL Smith close circuit separator for cement mill number 1 with an investment of USD3.6 million. The mill capacity was increased by 30%, slag content can be increased to 25%, power consumption has been reduced and the quality and stability has improved

-     A similar separator for cement mill number 2,. The project was started and USD1.5 million was spent in 2022. Commissioning will be done between the winter 2023 and spring 2024.

-     Replacement of one reducer for one cement mill at a cost of USD 0.9 million

-     Bucket crane revamping to support summer sales USD 0.3 million

-     Online monitoring of main stack emissions to comply with ecological requirements USD0.15 million

-     Coal dosing system to improve feeding reliability

-     High tension drive motors to maintain key spares

-     Additional gas analyzer for kiln system to maintain clinker stability

 

Those projects were financed by USD4.3 million in subsidized loans and USD 3.5 million from internal cash flow.

 

We have plans for a further USD4 million investment in 2023 and the first quarter of 2024 including:

 

-     Complete the new separator for cement mill 2 for USD 2 million

-     Preheater raiser duct extension by 24 meters to improve the preheater calcination in line 6

-     Software upgrades to the ABB control system at a cost of USD0.7 million to allow further automatisation of the factory and prevent obsolescence

-     Engineering of raw mill 3 separator conversion to dynamic separator to support the increase in production of line 6 by 10% when completed

-     Upgrades to bag filters to improve maintenance and future enviroment requirements

 

 

The government has announced that the subsidized credit lines will be limited as the focus shifts to the control of inflation. We will try to complete the remaining capex planned with our cash flow to avoid borrowings at commercial KZT rates as much as possible.

 


Financial position: New debt will be limited as interest rates in Kazakhstan have increased to 20% per annum in 2023

 

During the year, our total loans outstanding were stable at USD6.7 million versus USD5.6 million in 2021. The loans had good subsidized rates in KZT but the renewal will be most likely made at near commercial rates and the company has an incentive to reduce the borrowing in 2023. The company ended the year with net debt of USD2.6 million, excluding IFRS 16 leases.

 

Long-term loans were increased from USD3.2million to USD5.4million while short term loans were reduced from USD 2.3 to USD 1.3million. 

 

Despite the politically unstable environment in Kazakhstan at the beginning of the year, the unpredictable situation in the region and the surge in inflation, the KZT had only an 8% devaluation against the USD and an average exchange rate of 461 vs 426 in 2021.

We maintain short term credit lines available as stand by:

 

-     KZT 1 billion short term in a government subsidized program in KZT at 6% per annum, but it will difficult to renew

-     KZT 2  billion from Halyk Bank at 6% p.a. in USD or 20% in KZT.

 

Depreciation of property, plant and equipment decreased to USD6.1 million in 2022 due to devaluation

 

Steppe Cement's effective income tax rate was 20% consistent with last year.

 

 

 

 

 

 

 

Javier del Ser Perez
Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annual Report 2022 and Annual General Meeting 

 

Steppe Cement will release its Annual Report 2022 on its web site at www.steppecement.com during the week commencing 20th June 2023. The Company's Annual General Meeting is expected to take place at its Malaysian Office at Suite 10.1, 10th Floor, West Wing, Rohas Perkasa, 8 Jalan Perak, Kuala Lumpur Malaysia on Wednesday, 12th July 2023 at 4 p.m.

 

Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.

 

Nominated Adviser contact: Stephen Allen or Andrew Thomson on +61 8 9480 2500.

 

Broker contact: Charlie Cryer at +44 20 3440 680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF PROFIT OR LOSS

FOR THE YEAR ENDED 31 DECEMBER 2022

 

 


 

The Group


The Company


Note


2022


2021


2022


2021


 


USD


USD


USD


USD


 


 


 


 


 

Revenue

4


86,732,039


84,578,739


14,641,442


1,469,264

Cost of sales



(49,107,243)


(44,834,182)


-


-











Gross profit



37,624,796


39,744,557


14,641,442


1,469,264











Selling expenses



(10,997,920)


(12,264,221)


-


-

General and

   administrative

   expenses



 

 

(6,393,080)


 

 

(6,761,722)


 

 

(369,812)


 

 

(324,207)

Interest income



573,913


401,619


-


-

Finance costs

5


(1,048,888)


(1,090,949)


-


-

Net foreign exchange

   loss

6


 

(435,204)


 

(227,951)


 

(330,675)


 

(825)

Other income, net



2,367,459


1,616,216


-


112,940











Profit before income tax

7


21,691,076


21,417,549


13,940,955


1,257,172

Income tax expense

8


(3,807,706)


(4,352,182)


-


-











Profit for the year



17,883,370


17,065,367


13,940,955


1,257,172











Attributable to










   shareholders of the

   Company



 

17,883,370


 

17,065,367


 

13,940,955


 

1,257,172











Earnings per share:










Basic and diluted (cents)

9


8.2


7.8





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2022

 

 


 


The Group


The Company



 


2022


2021


2022


2021



 


USD


USD


USD


USD



 


 


 


 


 


Profit for the year



17,883,370


17,065,367


13,940,955


1,257,172













Other comprehensive

   (loss)/income:






















Items that may not be

   reclassified subsequently to

   profit or loss:











Revaluation gain on property,

   plant and equipment, net of

   tax



 

 

-


 

 

-


 

 

-


 

 

-


Gain on recovery of impaired

   assets



 

-


 

15,373


 

-


 

-


Increase in provision for











   site restoration



-


(23,611)


-


-


Items that may be reclassified

   subsequently to profit or

   loss:











Exchange differences

   arising from translation of

   foreign operations

 

 

 


 

 

(5,829,119)


 

 

(1,923,738)


 

 

-


 

 

-


Total other comprehensive

   loss



 

(5,829,119)

 

 

 

(1,931,976)


 

-


 

-













Total comprehensive

   income for the year



 

12,054,251


 

15,133,391


 

13,940,955


 

1,257,172













Attributable to the











   shareholders of the

   Company



 

12,054,251


 

15,133,391


 

13,940,955


 

1,257,172


 

 

 

 

 

 

 

 

 

 

 

 

 

 

.

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF FINANCIAL POSITION

AS OF 31 DECEMBER 2022

 

 


 

The Group


The Company


Note


2022


2021


2022


2021


 


USD


USD


USD


USD


 


 


 


 


 

Assets




















Non-Current Assets










Property, plant and

   equipment

 

10


 

49,361,749


 

48,437,801


 

-


 

-

Right-of-use assets

11


5,525


1,700,510


-


-

Investment in subsidiary

   companies

 

12


 

-


 

-


 

36,199,599


 

36,199,599

Loans to subsidiary

   company

 

27


 

-


 

-


 

30,050,000


 

30,080,000

Other assets

13


1,530,916


155,132


-


-











Total Non-Current

   Assets



 

50,898,190


 

50,293,443


 

66,249,599


 

66,279,599











Current Assets










Inventories

14


20,646,156


16,023,541


-


-

Trade and other receivables

15


2,045,004


1,751,720


2,372,114


1,724,364

Other assets

13


1,081,719


2,258,501


-


-

Income tax recoverable



602,734


911,395


-


-

Loans and advances to

   subsidiary companies

 

27


 

-

 

 

 

-


 

60,352


 

49,536

Advances and prepaid

   expenses

 

16


 

8,577,714


 

5,233,894


 

7,305


 

4,971

Cash and cash

   equivalents

 

17


 

4,143,953


 

10,136,022


 

1,239,827


 

614,225











Total Current Assets



37,097,280


36,315,073


3,679,598


2,393,096











Total Assets



87,995,470


86,608,516


69,929,197


68,672,695

 

 

 

 

 

 

 

 

 

 

 



 

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF FINANCIAL POSITION

AS OF 31 DECEMBER 2022 (CONTINUED)

 

 


 


The Group

 

The Company


Note


2022

 

2021

 

2022

 

2021


 


USD

 

USD

 

USD

 

USD

Equity and Liabilities




















Capital and Reserves










Share capital

18


73,760,924


73,760,924


73,760,924


73,760,924

Revaluation reserve

19


1,795,426


2,068,114


-


-

Translation reserve

19


(126,267,201)


(120,438,082)


-


-

Retained earnings/

   (Accumulated losses)

 

19


 

115,791,111


 

110,190,323


 

(4,220,191)


 

(5,605,876)











Net Equity



65,080,260


65,581,279


69,540,733


68,155,048











Non-Current Liabilities










Borrowings

20


3,913,689


1,941,383


-


-

Lease liabilities

21


-


8,571


-


-

Deferred taxes

22


3,266,775


4,318,652


-


-

Deferred income

23


2,572,552


1,588,098


-


-

Provision for site

   restoration



 

178,420


 

180,314


 

-


 

-











Total Non-Current

   Liabilities



 

9,931,436


 

8,037,018


 

-


 

-











Current Liabilities










Trade and other payables

24


7,348,587


5,061,705


-


-

Accrued and other

   liabilities

 

25


 

2,250,689


 

1,552,778


 

143,808

 

 

 

227,897

Amount owing to a

   subsidiary company

 

27


 

-


 

-


 

244,656


 

289,750

Borrowings

20


2,814,525


3,614,801


-


-

Lease liabilities

21


58,960


2,017,879


-


-

Deferred income

23


140,259


103,720


-


-

Taxes payable

26


370,754


639,336


-


-











Total Current Liabilities



12,983,774


12,990,219


388,464


517,647

 










Total Liabilities



22,915,210


21,027,237


388,464


517,647











Total Equity and

   Liabilities



 

87,995,470


 

86,608,516


 

69,929,197


 

68,672,695

 

 

 

 

 

 


 

Company No. LL04433

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

 

 

 

 

  Non-distributable

 


 


 


Distributable


 

 

The Group

Share

capital


Revaluation reserve


Translation reserve


Retained earnings


 

Net*


USD


USD


USD


USD


USD











As of 1 January 2022

73,760,924


2,068,114


(120,438,082)


110,190,323


65,581,279











Profit for the year

-


-


-


17,883,370


17,883,370

Other comprehensive loss

-


-


(5,829,119)


-


(5,829,119)











Total comprehensive income for the year

-


-


(5,829,119)


17,883,370


12,054,251











Other transactions impacting equity:










   Dividends paid (Note 19)

-


-


-


(12,555,270)


(12,555,270)

   Transfer of revaluation reserve relating to

   property, plant and equipment through use

 

-


 

(272,688)


 

-


 

272,688


 

-











As of 31 December 2022

73,760,924


1,795,426


(126,267,201)


115,791,111


65,080,260

 

* Attributable to the shareholders of the Company

Company No. LL04433

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

 

 

 

 

  Non-distributable

 


 


 


Distributable


 

 

The Group

Share

capital


Revaluation reserve


Translation reserve


Retained earnings


 

Net*


USD


USD


USD


USD


USD











As of 1 January 2021

73,760,924


2,370,706


(118,514,344)


100,325,002


57,942,288











Profit for the year

-


-


-


17,065,367


17,065,367

Other comprehensive loss

-


(8,238)


(1,923,738)


-


(1,931,976)











Total comprehensive income for the year

-


(8,238)


(1,923,738)


17,065,367


15,133,391











Other transactions impacting equity:










   Dividends paid (Note 19)

-


-


-


(7,494,400)


(7,494,400)

   Transfer of revaluation reserve relating to

      property, plant and equipment through use

 

-


 

(294,354)


 

-


 

294,354


 

-











As of 31 December 2021

73,760,924


2,068,114


(120,438,082)


110,190,323


65,581,279

 

* Attributable to the shareholders of the Company


Company No. LL04433

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

 

 


 

 

(Accumulated

losses)/

Distributable

 

 

 

The Company

Share

Capital

 

Retained earnings

 

 

Net


USD

 

USD

 

USD


 

 

 

 

 

As of 1 January 2022

73,760,924


(5,605,876)


68,155,048

Total comprehensive income

   for the year

 

-


 

13,940,955


 

13,940,955

Dividends paid (Note 19)

-


(12,555,270)


(12,555,270)







As of 31 December 2022

73,760,924


(4,220,191)


69,540,733







As of 1 January 2021

73,760,924


631,352


74,392,276

Total comprehensive income

   for the year

 

-


 

1,257,172


 

1,257,172

Dividends paid (Note 19)

-


(7,494,400)


(7,494,400)







As of 31 December 2021

73,760,924


(5,605,876)


68,155,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Company No. LL04433

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

 

 


The Group


The Company


2022


2021


2022


2021


USD


USD


USD


USD


 


 


 


 

CASH FLOWS FROM/

   (USED IN) OPERATING

   ACTIVITIES








Profit before income tax

21,691,076


21,417,549


13,940,955


1,257,172

Adjustments for:








   Depreciation of property,

      plant and equipment

 

6,135,236


 

7,039,116


 

-


 

-

   Depreciation of right-of-use

      assets

 

1,587,293


 

1,716,748


 

-


 

-

   Dividend income

-


-


(13,309,140)


-

   Gain on disposal of property, plant

      and equipment

 

(27,725)


 

-


 

-


 

-

   Interest income

(573,913)


(401,619)


(1,332,302)


(1,469,264)

   Finance costs

1,048,888


1,090,949


-


-

   Net unrealised foreign exchange

      loss

 

538,663


 

227,951


 

-


 

-

   Provision for obsolete

      inventories

 

167,628


 

142,387


 

-


 

-

   Credit loss allowance for

      doubtful receivables

 

174,650


 

594,901


 

-


 

-

   Allowance for advances paid

      to third parties

 

157,723


 

11,676


 

-


 

-

   Deferred income

(140,259)


(105,947)


-


-

   Reversal of allowance for trade receivable no longer required

 

(172,464)


 

(769,654)


 

-


 

-









Operating cash flows before








   movements in working capital

30,586,796


30,964,057


(700,487)


(212,092)









Movement in working capital:








(Increase)/Decrease in:








   Inventories

(8,501,824)


(6,054,197)


-


-

   Trade and other receivables

(427,760)


302,194


(865,000)


(90,000)

   Loans and advances to

      subsidiary companies

 

-


 

-


 

19,184


 

20,176

   Advances, prepaid expenses and

      other assets

 

(5,608,461)


 

(2,820,912)


 

(2,334)


 

877









 

 

 

 

 



 

Company No. LL04433

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

 

 


The Group


The Company


2022


2021


2022


2021


USD


USD


USD


USD


 


 


 


 

Increase/(Decrease) in:








   Trade and other payables

2,097,417


659,458


-


-

   Accrued and other liabilities

786,440


54,890


(84,089)


41,149

 








Cash Generated From/(Used In)

   Operations

 

18,932,608


 

23,105,490


 

(1,632,726)


 

(239,890)

Income tax paid

(4,599,594)


(3,985,384)


-


-

 








Net Cash From/(Used In) Operating

   Activities

 

14,333,014


 

19,120,106

 

 

 

(1,632,726)


 

(239,890)

 








CASH FLOWS (USED IN)/ FROM INVESTING ACTIVITIES








Purchase of property, plant and

   equipment

 

(7,768,695)


 

(6,215,744)


 

-


 

-

Contribution to site restoration








   fund

(334)


(18,414)


-


-

Proceeds from disposal of 

   property, plant and equipment

 

85,599


 

118,234


 

-


 

-

Dividends received from

   subsidiary

 

-


 

-


 

13,309,140


 

6,610,895

Interest received

573,913


401,619


1,549,552


-









Net Cash (Used In)/From

   Investing Activities

 

(7,109,517)


 

(5,714,305)


 

14,858,692


 

6,610,895









CASH FLOWS FROM/

   (USED IN) FINANCING

   ACTIVITIES








(Repayment to)/Advance from a subsidiary company

 

-


 

-


 

(45,094)


 

289,750

Return of net investment from a

   subsidiary company

 

-


 

-


 

-


 

94,920

Proceeds from borrowings*

7,299,722


5,502,753


-


-

Repayment of borrowings*

(4,472,018)


(6,345,979)


-


-

Repayment of lease liabilities*

(1,838,949)


(1,805,362)


-


-

Dividends paid

(12,555,270)


(7,494,400)


(12,555,270)


(7,494,400)

Interest paid

(1,038,335)


(1,081,123)


-


-









Net Cash Used In Financing

   Activities

 

(12,604,850)


 

(11,224,111)


 

(12,600,364)


 

(7,109,730)











 

 

Company No. LL04433

 

STEPPE CEMENT LTD

(Incorported in Labuan FT, Malaysia under Labuan Companies Act, 1990)

 

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

 

 


The Group


The Company


2022


2021


2022


2021


USD


USD


USD


USD









NET (DECREASE)/INCREASE

   IN CASH AND CASH

   EQUIVALENTS

 

 

(5,381,353)


 

 

2,181,690


 

 

625,602


 

 

(738,725)

 








EFFECTS OF FOREIGN

   EXCHANGE RATE

   CHANGES

 

 

(610,716)


 

 

(259,348)


 

 

-


 

 

-

 








CASH AND CASH

   EQUIVALENTS AT

   BEGINNING OF YEAR

 

 

10,136,022


 

 

8,213,680


 

 

614,225


 

 

1,352,950

 








CASH AND CASH

   EQUIVALENTS AT

   END OF YEAR (Note 17)

 

 

4,143,953


 

 

10,136,022


 

 

1,239,827


 

 

614,225

 

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