Final Results
February 29 2008 - 8:21AM
UK Regulatory
29 February 2008
China Changfa Alumina Recycling Limited
("China Changfa" or "the Company")
Results for the year ended 30 September 2007
Chairman's Statement
I am pleased to announce a strong set of results for the year ended 30
September 2007.
Highlights include:
* Revenue for the year of �2.6 million
* Profit after tax for the year of �247,701
Financial and operating overview
China Changfa, incorporated in Jersey, is the holding company of Xi'an
Changfeng Aluminium Recycling Co. Ltd ("Xi'an Changfeng") based in Shaanxi
Province, China. Xi'an Changfeng is one of the few companies in China which
recycles alumina waste, producing high silicon aluminium using its proprietary
electrolytic technology.
Revenue for the year ended 30 September 2007 was �2.6 million, with profit
after tax amounting to �247,701. Our core product, high silicon aluminium,
continues to perform strongly and we successfully maintained a high profit
margin despite significant rises in the price of transportation, fuel oils, and
raw material.
Changfa's energy saving strategy is in line with the Chinese Government's
economic policy of recycling and reducing resource consumptionIn a report
Shaanxi Province Economical Committee submitted to the National Development and
Planning Commission, Xi'an Changfeng was used as an example to develop the
technology to use "dirty material" as the raw material. The "dirty material" is
the waste dust which flies over the ground, aluminium electrolytic groove or
plant-roof during the aluminium production process.
Outlook
In December 2007, the Company started constructing the second production line
of HI-Si-AL. It is estimated that this will be completed by the end of August
2008 and achieve HI-Si-AL output of 3,500-4,000 tons per year. A second
generator will also be put into service to reduce the production cost. These
should greatly enhance the Company's profit levels.
My thanks to everyone in the Company who has contributed to this successful
result.
Chen Changwu
Chairman
29 February 2008
China Changfa Alumina Recycling Limited
Consolidated Income Statement For The Year Ended 30 September 2007
� 000's
Revenue 2,586
Cost of sales (2,040)
Gross profit 546
Administrative expenses (177)
Operating profit 370
Income tax (122)
Profit for the year 248
Earnings per share (pence)
Basic 0.83
China Changfa Alumina Recycling Limited
Consolidated Balance Sheet At 30 September 2007
� 000's
Non-current assets
Property, plant and equipment 9
9
Current assets
Inventories 126
Trade and other receivables 100
Cash and cash equivalents 87
313
Total assets 322
Current liabilities
Trade and other payables (41)
Net current assets 281
Equity
Share capital 33
Retained earnings 223
Other reserves 25
Total equity 281
China Changfa Alumina Recycling Limited
Statement Of Changes In Equity For The Year Ended 30 September 2007
Share capital Reserves
� 000's � 000's
Issue of shares 33
Profit for the year 248
Balance at 30 September 2007 33 248
China Changfa Alumina Recycling Limited
Consolidated Cash Flow Statement For The Year Ended 30 September 2007
� 000's
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 2,486
Cash paid to suppliers and employees (2,301)
Cash generated from operations 185
Income tax paid (122)
Net cash from operating activities 63
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (10)
Net cash used in investing activities (10)
NET INCREASE IN CASH AND CASH EQUIVALENTS 53
Cash and cash equivalents at beginning of the year 34
Cash and cash equivalents at end of the year 87
No comparatives have been presented as the Company was only incorporated on 24
August 2006.
Notes to the financial statements
1. Basis of preparation
The results for the Company for the year ended 30 September 2007 are audited
and have been prepared in accordance with International Financial Reporting
Standards.
The financial statements contained in this report do not constitute statutory
accounts.
2. Earnings per share
The calculation of basic earnings per share is based on the profit after tax of
�247,701 and on 30,005,000 ordinary shares being the weighted average number of
ordinary shares in issue during the period.
3. Dividend
The directors do not recommend the payment of a dividend.
4. Taxation
The Company is an Exempt company for taxation purpose under which the Company's
liability to Jersey taxation is limited to �600 per annum.
China Changfa's operating subsidiary in China is subject to an income tax
exemption for the first two years, followed by three years at a rate of 7.5%
subject to the approval of the tax authorities. The Company applied the income
tax exemption for the year 2007. After being approved by the tax authorities,
the tax paid will be refunded.
The Directors of China Changfa Alumina Recycling Limited accept responsibility
for this announcement.
For further information please contact:
Carol Chen John West/Andrew Dunn
London Asia Corporate Finance Tavistock Communications
Tel: +852 2251 8373 Tel: 020 7920 3150
END
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