PDF《WEST CHINA CEMENT LIMITED 中国西部水泥有限公司》

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1 C Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

WEST CHINA CEMENT LIMITED 中国西部水泥有限公司(Incorporated in Jersey with limited liability with registered number 94796) (Stock Code: 2233)

2010 Annual Results Announcement Financial highlights: ? Revenue increased by approximately 95.2% from approximately RMB1,516.8 million for the year ended December 31,

2009 to approximately RMB2,960.8 million for the year ended December 31, 2010, as a result of the Group'

s robust expansion which in turn resulted in an increase in sales volume. ? Gross profit increased by approximately 86.7% from approximately RMB638.7 million for the year ended December 31,

2009 to approximately RMB1,192.4 million for the year ended December 31, 2010. Gross profit margin for the reporting period was approximately 40.3% (2009: approximately 42.1%). ? Basic earnings per share, after being adjusted for the exceptional charge of losses on warrant redemption of RMB168.5 million for the year ended December 31,

2009 and shares delisting and listing expenses of RMB 65.7 million for the year ended December 31, 2010, increased by approximately 80.0% from RMB0.155 per share to RMB0.273 per share, reflecting strong revenue and profit growth. ? Gearing, measured as net debt to equity, improved significantly from approximately 99.1% as at December 31,

2009 to approximately 23.0% as at December 31, 2010, mainly attributable to the increase in equity by approximately RMB2,278.8 million to approximately RMB3,574.0 million as a result of the initial public offering of the Company in Hong Kong in August 2010, an increase in earning and the repayment of borrowings during the year ended December 31, 2010. ? Proposed declaration of final dividend of RMB1.53 cents per ordinary share for the year ended December 31, 2010. C

2 C The board of directors (the Board ) of West China Cement Limited (the Company ) is pleased to announce its first annual results of the Company and its subsidiaries (collectively, the Group ) for the year ended December 31,

2010 together with the comparative figures for the corresponding year of

2009 as follows: CONSOLIDATED BALANCE SHEET As at December 31,

2010 (All amounts in RMB thousands unless otherwise stated) As at December 31, Note

2010 2009 ASSETS Non-current assets Property, plant and equipment 3,819,616 2,611,502 Land use rights 178,054 124,571 Mining rights 64,867 46,373 Other intangible assets 63,077 65,104 Advances for business combination 13(a) 300,000 ― Deferred income tax assets 17,124 13,540 4,442,738 2,861,090 Current assets Inventories 166,898 128,979 Trade and other receivables and prepayments

2 545,457 317,670 Restricted cash 16,122 19,582 Cash and cash equivalents 374,459 346,258 1,102,936 812,489 Total assets 5,545,674 3,673,579 EQUITY Capital and reserves attributable to equity holders of the Company Share capital 118,850 97,623 Share premium C Proposed final dividend 65,033 ― C Others 1,936,884 672,775 Share options reserve

593 5,439 Reverse acquisition reserve (341,304) (341,304) Statutory reserve 220,388 118,140 Retained earnings 1,540,448 717,553 3,540,892 1,270,226 Non-controlling interests 33,124 25,000 Total equity 3,574,016 1,295,226 C

3 C As at December 31, Note