REG - Steppe Cement Ltd - Half-year Report
15/09/2025 07:00
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RNS Number : 3033Z Steppe Cement Limited 15 September 2025
15 September 2025
Steppe Cement Ltd
("Steppe Cement" or the "Company")
Unaudited Interim Results for the Half Year Ended 30 June 2025 and General
Market Update
Steppe Cement Ltd (AIM: STCM), is pleased to announce its unaudited interim
results for the half year ended 30 June 2025, and a general market update.
A copy of this announcement and the full interim financial statements are
available on the Company's website at (http://www.steppecement.com/)
www.steppecement.co (http://www.steppecement.com/) m
(http://www.steppecement.com/) (http://www.steppecement.com/)
(http://www.steppecement.com/)
Unaudited Interim Results
During the six-month period to 30 June 2025 ("H1 2025" or the "Period"), the
Group reported revenue of USD40.9 million, a 19% increase from USD34.4 million
in the corresponding period in 2024. This increase was attributable to the 18%
increase in sales volume. Volume of sales has been stable in the third quarter
of 2025, and the price of cement has slightly increased as is typical during
the high season.
6 months ended 30 June 2025 6 months ended 30 June 2024 % change
Sales (Tonnes) 850,424 719,294 +18%
Consolidated Turnover (KZT million) 20,717 15,435 +34%
Consolidated Turnover (USD million) 40.9 34.4 +19%
Consolidated (loss)/profit after tax (USD million) -0.5 -3.5 n/a
(Loss)/earnings per share (Cents) -0.2 -1.6 n/a
Average exchange rate (USD/KZT) 507 449 +13%
The average sales price of cement delivered for the Company was USD48 per
tonne (KZT24,361 per tonne) the same in USD as in 2024.
The gross margin increased by 21% in the six-month period to 30 June 2025
compared with 15% in the same period last year due mostly to the higher
production and selling price in Kazakhstani Tenge ("KZT"). The cost of
electricity continues to increase well above inflation however selling
expenses have fallen by 13% as the Company concentrates on markets closer to
the factory, while administration expenses have increased by 6%.
General inflation in Kazakhstan has increased to 11.8% in H1 2025 vs 8.4% the
previous year. The increase is due to higher prices of utilities (water,
electricity and heating), food and imported goods following a 13% depreciation
of the KZT. In response, the National Bank of Kazakhstan increased the
refinancing rate in KZT to 16.5% in March 2025 to try to reduce inflation.
The Group reported a net loss for the Period of USD0.5 million compared with a
loss of USD3.5 million after tax in the same period in 2024.
Production and Capex
• Cash production costs remained flat in KZT terms in the H1 2025 compared
to the same period in 2024, as higher production levels offset increased
electricity, diesel and consumable costs. In H2 2025, further increases in
electricity tariffs and continued general inflation is expected. The
government has announced an inflation target of 11% to 12% for the full year.
• Clinker production volume increased by 4% in H1 2025 and continued to
increase in the third quarter of 2025 with a full year growth target growth of
8%.
• Capex has been focused on compliance with ecological requirements,
particularly the installation of filters.
• A new dynamic separator for raw mill number 3 has been commissioned.
• The Company is exploring the opportunities to further increase clinker
production in Line 6 as well as other options to optimise our assets.
Kazakh Cement Market Update
• During H1 2025, the Kazakh cement market increased in size by 19% compared
to the same period in 2025 due to weather conditions, general economic growth,
infrastructure projects, population growth and subsidised lending for private
mortgages. The growth has been mostly concentrated in South Kazakhstan. We
expect slower growth in the second half of 2025.
• The Company expects to maintain its market share at approximately 14% for
the full financial year ended 31 December 2025 and volumes of 1.8 to 1.85
million tonnes.
• Exports of cement from Kazakhstan in the first half of 2025 declined to
0.4 million tonnes compared to 0.45 million in the same period of 2024.
• Imports of cement in the Period represented 7.7% of the local market, 1.5
times higher than in 2024. A significant built up of capacity in Uzbekistan
has led to lower prices, resulting in reduced exports to Uzbekistan and
increased imports into South Kazakhstan.
Financial Update
• Total finance costs for the Period were USD0.6 million, including interest
expenses on bank debt of USD0.5 million, mostly from subsidised loans.
• The Company recorded USD0.1 million in advanced income tax payments, which
are expected to be offset against future tax liabilities.
• As at 30 June 2025, the Company's borrowings totalled USD4.8 million, with
a cash balance of USD7.3 million. Inventories of clinker and cement were also
valued at USD7.3 million as at 30 June 2025.
For further information, please contact:
Steppe Cement Ltd www.steppecement.com (http://www.steppecement.com/)
(http://www.steppecement.com/)
Javier del Ser Pérez, Chief Executive Officer Tel: +(603) 2166 0361
Strand Hanson Ltd (Nominated & Financial Adviser and Broker) www.strandhanson.co.uk (http://www.strandhanson.co.uk/)
(http://www.strandhanson.co.uk/)
James Spinney / Ritchie Balmer / Imogen Ellis Tel: +44 20 7409 3494
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
Note USD'000 USD'000 USD'000 USD'000
Revenue 7 40,948 34,376 871 738
Cost of sales (32,355) (29,158) - -
Gross profit 8,593 5,218 871 738
Other Income 554 760 9 88
Selling expenses (5,364) (6,138) - -
Administrative expenses (3,625) (3,417) (228) (199)
Other expenses (148) (251) - (4)
Profit/(Loss) from operations
10 (3,828) 652 623
Finance
cost
8 (611) (614) - -
(Loss)/Profit before tax (601) (4,442) 652 623
Tax credit 9 125 938 - -
(Loss)/Profit for the period (476) (3,504) 652 623
Attributable to shareholders
of the Company (476) (3,504) 652 623
Basic and diluted earnings
per ordiary share (cents) 10 (0.2) (1.6)
The accompanying notes form an integral part of the Condensed Financial
Statements.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
USD'000 USD'000 USD'000 USD'000
(Loss)/Profit for the period (476) (3,504) 652 623
Other comprehensive income/ (loss):
Item that may not be reclassified subsequently to profit or loss
Exchange differences arising on translation of foreign operations
158 (3,140) - -
Total comprehensive (loss)/income for the period
(318) (6,644) 652 623
Attributable to shareholders
of the Company
(318) (6,644) 652 623
The accompanying notes form an integral part of the Condensed Financial
Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025 (UNAUDITED)
The Group The Company
Unaudited Audited Unaudited Audited
30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024
Note USD'000 USD'000 USD'000 USD'000
Assets
Non-Current Assets
Property, plant and equipment
11 44,319 46,364 - -
Right-of-use assets 922 19 - -
Investment in subsidiary companies
- - 36,200 36,200
Loan to subsidiary company
- - 26,990 27,000
Other assets 12 220 308 - -
Total Non-Current Assets
45,461 46,691 63,190 63,200
Current Assets
Inventories 13 19,258 20,314 - -
Trade receivables 14 498 601 - -
Other receivables 5,440 3,407 18 8
Tax recoverable 2,706 2,098 - -
Loans and advances to subsidiary companies
- - 923 211
Cash and cash equivalents 15 7,267 6,064 67 117
Total Current Assets 35,169 32,484 1,008 336
Total Assets 80,630 79,175 64,198 63,536
(Cont'd)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025 (UNAUDITED)
The Group The Company
Unaudited Audited Unaudited Audited
30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024
Note USD'000 USD'000 USD'000 USD'000
Equity and Liabilities
Capital and Reserves
Share capital 65,400 65,400 65,400 65,400
Asset revaluation reserve 3,669 3,669 - -
Translation reserve (133,724) (133,883) - -
Retained earnings /
(Accumulated losses) 121,388 121,865 (1,413) (2,065)
Total Equity 56,733 57,051 63,987 63,335
Non-Current Liabilities
Borrowings 16 2,842 2,072 - -
Deferred taxes 2,623 2,557 - -
Deferred income 1,840 1,840 - -
Lease Payable - 17 - -
Provision for site restoration
35 32 - -
Total Non-Current Liabilities
7,340 6,518 - -
Current liabilities
Trade and payables 8,601 6,670 - -
Other payables 5,893 5,626 211 201
Borrowings 16 1,950 3,121 - -
Lease liabilities - 4 - -
Deferred income 113 185 - -
Total Current Liabilities 16,557 15,606 211 201
Total Liabilities 23,897 22,124 211 201
Total Equity and Liabilities
80,630 79,175 64,198 63,536
The accompanying notes form an integral part of the Condensed Financial
Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
Non-distributable Distributable
The Group Share capital Revaluation reserve Translation reserve Retained earnings Total
USD'000 USD'000 USD'000 USD'000 USD'000
As at 1 January 2025 65,400 3,669, (133,882) 121,864 57,051
Loss for the period - - - (476) (476)
Other comprehensive income - - 158 - 158
Total comprehensive income/(loss) for the period
Transfer of revaluation reserve relating to property, plant and equipment - - 158 (476) (318)
through use
- - - - -
As at 30 June 2025 65,400 3,669 (133,724) 121,388 56,733
(Cont'd)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
Non-distributable Distributable
The Group Share capital Revaluation reserve Translation reserve Retained earnings Total
USD'000 USD'000 USD'000 USD'000 USD'000
As at 1 January 2024 73,761 1,516 (125,178) 120,596 70,695
Loss for the period - - - (3,504) (3,504)
Other comprehensive (loss) - - (3,140) - (3,140)
Total comprehensive (loss) for the period
Capital reduction - - (3,140) (3,504) (6,644)
(4,161) - - - (4,161)
Transfer of revaluation reserve relating to property, plant and equipment
through use
- (110) - 110 -
As at 30 June 2024 69,600 1,406 (128,318) 117,202 59,890
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
The Company Share capital Accumulated Total
losses
USD'000 USD'000 USD'000
As at 1 January 2025 65,400 (2,065) 63,335
Total comprehensive income for the period - 652 652
As at 30 June 2025 65,400 (1,413) 63,987
As at 1 January 2024 73,761 (3,148) 70,613
Total comprehensive income for the period - 623 623
Capital reduction (4,161) - (4,161)
As at 30 June 2024 69,600 (2,525) 67,075
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2025 (UNAUDITED)
The Group The Company
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
USD'000 USD'000 USD'000 USD'000
OPERATING ACTIVITIES
(Loss)/Profit before income tax (601) (4,442) 653 623
Adjustments for:
Depreciation of property,
plant and equipment 2,833 2,898 - -
Depreciation of right-of-use
Assets 3 3 - -
Other non-cash items 896 (2,413) (604) (1,094)
Operating Profit/(Loss) Before Working Capital Changes 3,131 (3,954) 49 (471)
(Increase)/Decrease in:
Inventories 1,056 5,096 - -
Trade and other receivables, advances and prepaid expenses
(3,353) (1,725) (11) (9)
Loans and advances to subsidiary companies
- - (98) (67)
Increase/(Decrease) in:
Trade and other payables, accrued and other liabilities
2,171 1,879 10 (4,152)
Cash Generated From/(Used In) Operations 3,005 1,296 (50) (4,699)
Income tax paid (661) (926) - -
Interest paid (173) (224) - -
Net Cash Generated From/(Used In) Operating Activities
2,171 146 (50) (4,699)
(Cont'd)
The Group The Company
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
USD'000 USD'000 USD'000 USD'000
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(668) (2,171) - -
Purchase of other assets (28) 7 - -
Interest received 271 119 - 200
Net Cash (Used In)/Generated From Investing Activities
(425) (2,045) - 200
FINANCING ACTIVITIES
Proceeds from borrowings 1,306 9,629 - -
Repayment of borrowings (2,034) (10,752) - -
Net Cash Used In Financing Activities
(728) (1,123) - -
NET DECREASE IN CASH AND CASH EQUIVALENTS
1,018 (3,022) (50) (4,499)
EFFECTS OF FOREIGN EXCHANGE RATE CHANGES
185 (1,370) - -
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD
6,064 6,435 117 4,624
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD (NOTE 15)
7,267 2,043 67 125
The accompanying notes form an integral part of the Condensed Financial
Statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL INFORMATION
Steppe Cement Ltd ("the Company") is incorporated and domiciled in Malaysia.
The Company's and its subsidiaries' ("the Group") principal place of business
is located at Aktau village, Karaganda region, Republic of Kazakhstan. The
Company's shares are listed on the AIM Market of the London Stock Exchange
plc.
The registered office of the Company is located at Brumby Centre, Lot 42,
Jalan Muhibbah, 87000 Labuan FT, Malaysia.
2. BASIS OF PREPARATION OF CONDENSED INTERIM FINANCIAL STATEMENTS
Basis of presentation
The condensed interim financial statements of the Group and the Company are
unaudited and have been prepared in accordance with International Financial
Reporting Standards ("IFRS").
The condensed interim financial statements do not include all the information
and disclosures required in the annual financial statements and should be read
in conjunction with the audited financial statements for the year ended 31
December 2024.
The condensed interim financial statements of the Group and the Company were
authorised for issue by the Board of Directors on 10 September 2025.
Use of estimates and assumptions
The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, revenues and expenses and the disclosure of
contingent assets and liabilities. Due to the inherent uncertainty in making
those estimates, actual results reported in future periods could differ from
such estimates.
3. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Group and the Company have been prepared under
the historical cost convention except the revaluation of land and building to
fair values in accordance with IAS 16 "Property, Plant and Equipment" (Note
11).
The accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
December 2024, except for the adoption of new standards effective as of 1
January 2025.
The adoption of these Amendments did not have an impact on the Group's
condensed consolidated interim financial statements.
The principal closing rates used in translation of foreign currency amounts
are as follows:
USD
1 Pound Sterling 1.3713
1 Ringgit Malaysia 0.2371
1 Euro Dollar 0.8541
1 Kazakhstan Tenge ("KZT") 0.0019
KZT
1 US Dollar 520.39
4. REVIEW OF RESULTS FOR THE PERIOD
During the six-month period ended 30 June 2025, the Group posted revenue of
USD40.9 million, an increase of 19% from USD34.4 million in the corresponding
period of 2024. The growth in revenue was mainly attributable to an 18%
increased in sales volume, particularly in regions nearer to the plant.
The average sales price in tenge was KZT24,656 per tonne compared with
KZT21,458 per tonne in the same period of 2024. However, in USD terms, the
average price remained unchanged at USD48 per tonne.
The gross margin improved to 21% in the six-month period to 30 June 2025,
compared with 15% in the same period last year, driven by higher volumes,
increased selling prices and production efficiencies despite higher costs.
Selling expenses decreased by USD0.7 million or 13% to USD5.4 million, while
general and administration expenses increased by 6% (USD0.2 million) to USD3.6
million.
As a result, the Group recorded a lower net loss of USD0.5 million, compared
with a loss after tax of USD3.5 million in the same period of 2024.
5. SEASONAL OR CYCLICAL FACTORS
The Group's revenue is closely linked to the construction sector which
experiences seasonal, significant slow-down in construction activities due to
extreme, cold temperature especially during the months of December, January
and February in most parts of Kazakhstan. Each year, the Group's sales improve
after winter and typically peak during the summer months.
6. SEGMENTAL REPORTING
No industry and geographical segmental reporting are presented as the Group's
primary business is in the production and sale of cement which is located in
the central region of the Republic of Kazakhstan.
7. REVENUE
The Group The Company
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
USD'000 USD'000 USD'000 USD'000
Sales of manufactured goods 40,944 34,369 - -
Transmission and distribution of electricity - -
4 7
Net interest income - - 871 738
Total 40,948 34,376 871 738
8. FINANCE COSTS
The Group
6 months ended
30 June 2025 30 June 2024
USD'000 USD'000
Interest expense on borrowings 533 436
Other finance costs 78 178
Total 611 614
9. INCOME TAX EXPENSE
The Group The Company
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
USD'000 USD'000 USD'000 USD'000
- - -
Income tax expense -
125 - -
Deferred tax benefit 938
125 938 - -
10. EARNINGS PER SHARE
The Group
6 months ended 6 months ended
30 June 2025 30 June 2024
USD'000 USD'000
Loss attributable to ordinary shareholders (476) (3,504)
6 months ended 6 months ended
30 June 2025 30 June 2024
'000 '000
Number of ordinary shares in issue at beginning and at end of period
219,000 219,000
Weighted average number of ordinary shares at beginning and at end of period
219,000 219,000
Earnings per share, basic and diluted (cents) (0.2) (1.6)
The basic earnings per share is calculated by dividing the consolidated profit
attributable to shareholders of the Company by the weighted average number of
ordinary shares in issue during the financial period.
There are no dilutive instruments in issue as at 30 June 2025 and 30 June
2024.
11. PROPERTY, PLANT AND EQUIPMENT, NET
Freehold land and land improvement Railway Stand-by equipment and major spare parts
Machinery and equipment Wagons Other Construction
The Group Buildings assets in progress Total
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Cost
At 1 January 2025 1,807 9,383 66,755 5,592 10,213 6,897 1,415 102,062
Additions - - 39 - 71 50 507 667
Transfers - 63 379 453 61 (176) (780) -
Disposals - - (17) - (14) - (82) (113)
Reclassification from inventories - - (2) - 143 (389) 85 (163)
Exchange differences 11 (3,619) 1,802 27 168 (60) 13 (1,658)
At 30 June 2025 1,818 5,827 68,956 6,072 10,642 6,322 1,158 100,795
Accumulated depreciation
At 1 January 2025 - 3,700 43,701 2,781 5,516 - - 55,698
Charge for the period - 174 1,965 155 540 - - 2,834
Disposals - - (17) - (14) - - (31)
Exchange differences - (3,655) 1,591 14 25 - - (2,025)
At 30 June 2025 - 219 47,240 2,950 6,067 - - 56,476
Net Book Value
1,818 5,608 21,716 3,122 4,575 1,158 44,319
At 30 June 2025 6,322
1,807 5,683 23,054 2,811 4,697 1,415 46,364
At 31 December 2024 6,897
12. OTHER ASSETS
The Group The Company
As at As at As at As at
30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024
USD'000 USD'000 USD'000 USD'000
Site restoration fund 214 186 - -
Others 6 122 - -
220 308 - -
Total
13. INVENTORIES
The Group The Company
As at As at As at As at
30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024
USD'000 USD'000 USD'000 USD'000
Finished goods 6,105 6,527 - -
Spare parts 6,376 5,674 - -
Work in progress 1,219 4,986 - -
Raw materials 3,344 2,703 - -
Other materials 2,810 799 - -
Packing materials 94 225 - -
Total 19,948 20,914 - -
Less: Provision for obsolete inventories (690) (600) - -
Net 19,258 20,314 - -
No additional provision for obsolete inventories is necessary based on current
conditions as at 30 June 2025.
.
14. TRADE RECEIVABLES
The Group The Company
As at As at As at As at
30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024
USD'000 USD'000 USD'000 USD'000
Trade Receivables 1,270 1,267 - -
Less: Loss allowances (772) (666) - -
498 601 - -
The Company enters into sales contracts with trade customers on cash terms.
Some customers with good payment history are granted certain credit periods on
their cement purchases which are secured against bank guarantee or other
credit enhancements.
The recoverability of trade accounts receivable depends to a large extent on
the Group's customers' ability to meet their obligations and other factors
which are beyond the Group's control. The recoverability of the Group's trade
accounts receivable is determined based on conditions prevailing and
information available as at reporting date. The directors have reviewed the
trade receivables and considered no further loss allowances for trade
receivables is necessary based on conditions prevailing and available
information as at 30 June 2025.
15. CASH AND CASH EQUIVALENTS
The Group
As at As at
30 June 2025 31 Dec 2024
USD'000 USD'000
Cash in hand and at banks 460 199
Short-term deposit 6,807 5,865
6,064
Total 7,267
16. BORROWINGS
The Group
As at As at
30 June 2025 31 Dec 2024
USD'000 USD'000
Current portion:
Bank loans 1,950 3,121
Non-current portion:
Bank loans 2,842 2,072
4,792 5,193
Total borrowings
Undrawn loan amounts
As at 30 June 2025, the Group has USD3.8 million in working capital facilities
available for drawdown under the Halyk Bank JSC short-term loan facilities.
17. RELATED PARTIES
Related parties include shareholders, directors, affiliates and entities under
common ownership, over which the Group has the ability to exercise a
significant influence.
Other related parties include entities which are controlled by a director,
which a director of the Group has ownership interests and exercises
significant influence.
Balances and transactions between the Company and its subsidiary companies,
which are related parties of the Company, have been eliminated on
consolidation and are not disclosed in this note.
The transactions between a related party and the Group included in the
condensed consolidated income statement and condensed statement of financial
position are as follows:
The Group
Purchase of services
30 June 2025 30 June 2024
USD'000 USD'000
Other related party
Office rental - 4
Payable to related parties
30 June 2025 30 June 2024
USD'000 USD'000
Other related party
Office rental - -
Compensation of key management personnel
Included in the staff costs are remuneration of directors and other members of
key management during the financial period as follows:
The Group The Company
30 June 2025 30 June 2024 30 June 2025 30 June 2024
USD'000 USD'000 USD'000 USD'000
Short-term benefits 415 429 75 75
The remuneration of directors and key executives is determined by the
remuneration committees of the Company and subsidiary companies having regard
to the performance of individuals and market trends.
18. FINANCIAL INSTRUMENTS
Financial Risk Management Objectives and Policies
The operations of the Group are subject to various financial risks which
include foreign currency risk, credit risk and liquidity risk.
The condensed interim financial statements of the Group do not include all
financial risk management information and disclosures required in the annual
financial statements. There has been no change in the financial risk
management objectives and policies since the previous financial year ended 31
December 2024. The Group continuously manages its exposures to risks and/or
costs associated with the financing, investing and operating activities of the
Group.
Fair Value of Financial Assets and Financial Liabilities
Fair value is defined as the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction in the principal (or
most advantageous) market at the measurement date under current market
condition regardless of whether that price is directly observable or estimated
using another valuation technique. As no readily available market exists for a
large part of the Group's financial instruments, judgement is necessary in
arriving at fair value, based on current economic conditions and specific
risks attributable to the instrument. The fair value of the instruments
presented herein is not necessarily indicative of the amounts the Group could
realise in a market exchange from the sale of its full holdings of a
particular instrument.
The following methods and assumptions were used by the Group to estimate the
fair value of financial instruments:
Cash and cash equivalents
The carrying value of cash and cash equivalents approximates their fair value
due to the short-term maturity of these financial instruments.
Trade and other receivables and payables and accrued and other liabilities
For assets and liabilities with maturity less than twelve months, the carrying
value approximate fair value due to the short-term maturity of these financial
instruments.
Borrowings
The fair values of the borrowings are estimated by discounting expected future
cash flows at market interest rates prevailing at the end of the relevant
period with similar maturities adjusted by credit risk.
As at 30 June 2025 and 2024, the fair values of financial assets and
short-term financial liabilities approximate their carrying values.
19. CONTINGENCIES
There are no significant changes in the contingencies since the financial year
ended 31 December 2024.
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AnnouncementREG - Steppe Cement Ltd - Result of AGM
AnnouncementREG - Steppe Cement Ltd - AGM – Submission of Shareholder Questions
AnnouncementREG - Steppe Cement Ltd - Trading Update
AnnouncementREG - Steppe Cement Ltd - Annual Financial Report
Announcement