Public company info - TCC International Holdings Ltd. , 01136.HK
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TCC International Holdings Ltd., 01136.HK - Company Profile
Chairman Chang, An-Ping, Nelson
Share Issued (share) 4,294,967,295
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Construction Materials
Corporate Profile Business Summary: The principal activities of the Group consist of the import and distribution of cement in Hong Kong and the manufacture and distribution of cement, clinker and slag powder in other areas of the People’s Republic of China (the “PRC”). Through the Group’s associates, the Group is also engaged in the production and distribution of ready-mixed concrete in Hong Kong. Performance for the year: For the year ended 31 December 2016, the Group reported a revenue of HK$11,412.8 million, up by 4.6 per cent from that of the previous year. The Group managed to resume profitability to report a profit attributable to owners of the Company of HK$193.8 million, against a loss of HK$249.4 million in the previous year. Business Review： The Group reported a sales volume of 53.3 million metric tons for the year ended 31 December 2016, representing a 11.2 per cent year-on-year growth. The growth in the Group’s sales volume was mainly driven by healthy demand from both the private and public sectors. The Group’s cement ASP started from a relatively low level at the beginning of the year and remained steady till May 2016, when cement ASP started to gradually pick up. The Group’s cement ASP soared in the fourth quarter of 2016, rising by approximately 22.0 per cent quarter-on-quarter. At the end of 2016, the Group’s cement ASP rose by approximately 39.0 per cent from the beginning of the year. Mirroring the performance of cement ASP, the Group’s unit profitability recovered from the bottom in the first quarter of 2016 to reach its peak in the fourth Quarter. For the year ended 31 December 2016, the Group reported a revenue of HK$11,412.8 million, up by 4.6 per cent from that of the previous year. Gross profit and gross profit margin of the Group stood at 2,390.5 million and 20.9 per cent, representing year-on-year increases of 42.7 per cent and 5.6 percentage points, respectively. The significant improvement in both gross profit and gross profit margin was mainly attributed to strong cement ASP, in particular in Southern region in which the Group enjoyed a dominant position. One of the causes for the Group’s loss in 2015 was significant foreign exchange loss incurred from devaluation of Renminbi against US dollars, since US dollar-denominated loan accounted for a significant portion of the Group’s debt portfolio. To minimize its foreign exchange exposure, the Group radically replaced its US dollar-denominated loan by domestically sourced funding. Further reduction in US dollar-denominated loan was achieved through premature repayment and capitalisation of debts at the subsidiary level. Such efforts resulted in significant slicing of foreign exchange loss in 2016. Fueled by strong cement ASP and enhanced operation efficiency along with effective Renminbi hedging strategies, the Group managed to resume profitability to report a profit attributable to owners of the Company of HK$193.8 million, against a loss of HK$249.4 million in the previous year. As of the end of 2016, the Group operated a total of 32 clinker production lines and was equipped with 59 cement grinding mills with overall clinker and cement capacities of 48,411,000 metric tons and 58,642,000 metric tons, respectively. Southern Region The Group’s operations in the Southern region reported a sales volume of 24.9 million metric tons for the year 2016, representing a year-on-year growth of 12.5 per cent. The Group’s plants in Guangdong and Guangxi provinces reported sales volumes of 15.3 million metric tons (excluding 194,157 metric tons of clinker shipped to Fuzhou) and 9.5 million metric tons (excluding 185,244 metric tons of intercompany sales to Fuzhou) Respectively. The Southern region contributed 46.6 per cent of the total sales volume of the Group, making it the Group’s largest market in 2016. The Group’s effort in improving cost-effectiveness in the region resulted in reduction in unit cost during the year. Driven by enhanced operational efficiency and higher cement ASP, the Southern region operations experienced substantial upsurge in operating profit and offered significant contribution to the Group’s favourable performance during the year. High market concentration in the Southern region, evidenced by domination of more than half of the market’s share by a handful of large cement enterprises, led to effective cooperation in maintaining disciplined supply. The concerted effort of leading players in the region contributed to strong ASP for most part of 2016. The Group’s plants in Guangdong recorded a 40-50 per cent hike during the year in cement ASP, while its plants in Guangxi experienced a 20 per cent surge in ASP during the year. Unlike the previous year when a sizeable portion of the output from the Group’s Guigang plant in Guangxi was shipped to the Pearl River Delta, strong local demand had consumed almost all of the output from the Guigang plant. Reduced cement supply to the Guangdong market served to strengthen the cement ASP and sales of the Group’s two plants in Yingde Guangdong. Southwestern Region Most of the Group’s facilities in the Southwestern region which comprised Chongqing municipality, Sichuan, Guizhou and Hunan provinces, completed their run-in period and began to operate up to their desired efficiency. However, improvement in cement ASP in the region was relatively modest compared to that of the Southern region, as the region’s coordination on market discipline was not as effective as that in the Southern region among cement manufacturers, due to lack of dominant players. There had been noticeable variation in ASP movement among the various provinces and municipality within the region. The Group’s Guizhou operations experienced a significant upsurge in cement ASP during the last quarter of 2016, while the Sichuan province only registered modest ASP recovery due to demand constraint. As a result of improvement in overall operation efficiency and enhancement in cement ASP, the Group’s Southwestern operations reported a healthy operating profit in 2016 as opposed to a loss in the previous year. The region reported a sales volume of 20.9 million metric tons, up 17.8 per cent year-on-year. The Group’s production lines in Chongqing municipality and Sichuan province together generated a sales volume of 10.5 million metric tons. TCC Huaihua Cement Company Limited, which demonstrated enhanced operational efficiency during the year under review, reported a sales volume of 3.3 million metric tons, representing 78.6 per cent yearon- year increase. The aggregate sales volume of the Group’s Guizhou plants amounted to 7.1 million metric tons during the Year. The Group’s urban waste treatment project in Anshun Guizhou province became fully operational during the year. The Anshun plant processed 33,400 metric tons of household wastes in 2016, being its first year of operation. Applying mature and proven technologies developed by the Group’s parent company in Taiwan, the plant is serving as a pilot showcase for the Group’s exploration of the eco-solution market in Mainland China. Eastern Region During the year, the Group’s operations in the region reported a sales volume of 4.7 million metric tons, down 1.5 per cent as compared to that of the previous year. The sales volume of the plant in Jurong recorded a slight increase, while there was a modest decline in sales volume for the Fuzhou plant. Cement ASP in the Eastern region remained volatile due to severe competition. Although the region’s operations failed to resume profitability, the Group’s Jurong plant began to break even in the last quarter of the year under review, and thus managed to significantly narrow its loss for the year. The Fuzhou plant, which mainly relied on clinker supply from the Southern region operations, suffered widened loss due to higher raw material cost. Northeastern Region The Group’s Liaoning plant reported a sales volume of 1.1 million metric tons, down by 15.5 per cent year-on-year. Despite the local government’s effort in stabilizing cement ASP, it has yet to see any noticeable improvement in the market condition. Hong Kong The Group’s operations in Hong Kong generated a sales volume of approximately 530,000 metric tons, down by 15.2 per cent as compared with that in 2015. The retreat in sales volume was due partly to the Group insistence on maintaining a reasonable price in tendering for public sector projects and the overhaul of its cement plant in the territory. Despite the drop in sales volume, the Hong Kong operations continued to generate a decent profit for the year. Others The Group’s two slag powder non-wholly owned subsidiaries in Anhui and Guangxi provinces together generated a sales volume of 1.3 million metric tons, up 17.0 per cent year-on-year. Prospects: Our strong market presence in the Southern region had been a major impetus for the Group’s encouraging performance during the year under review. Our business in this region will continue to be an important driver of the Group’s performance in 2017. The Group’s operations in the Southwestern region also displayed healthy improvement in 2016. Given the continued enhancement in cost-effectiveness and operational efficiency in our various plants within the region, we expect the Southwestern operations to provide more significant contribution to the Group’s bottom line in 2017. Our traditional business of cement manufacturing has developed a sizeable portfolio with mature and effective operational mechanism. Our cement operations are already in the forefront of the industry. The advanced facilities and extensive local connections of our cement operations offer a concrete foundation for our transformation into an eco-solutions provider in the near future. I am confident that our commitment to the “green value chain strategy” will lead our Group to a new era of growth and development. This approach will not only broaden our earnings base and income sources, but more importantly, it will align the interest of our operations with the well-being of the local communities. I believe the best way for us to pay our tribute to the late Chairman is to realise his vision of optimising the Group’s resources to contribute to a circular economy.

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