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

2010 2009 LIABILITIES Non-current liabilities Borrowings

4 131,255 360,058 Provisions for other liabilities and charges 8,444 6,265 Deferred income tax liabilities 8,959 8,079 Other liabilities 39,215 117,049 187,873 491,451 Current liabilities Trade and other payables

3 644,056 559,395 Current income tax liabilities 59,548 38,639 Borrowings

4 1,080,181 1,288,868 1,783,785 1,886,902 Total liabilities 1,971,658 2,378,353 Total equity and liabilities 5,545,674 3,673,579 Net current liabilities (680,849) (1,074,413) Total assets less current liabilities 3,761,889 1,786,677 C

4 C CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31,

2010 (All amounts in RMB thousands unless otherwise stated) Year ended December 31, Note

2010 2009 Revenue

5 2,960,781 1,516,766 Cost of sales

6 (1,768,358) (878,087) Gross profit 1,192,423 638,679 Selling and marketing expenses

6 (27,860) (15,064) Administrative expenses

6 (179,028) (77,846) Other income

7 171,611 71,526 Other losses - net

8 (215) (1,057) Operating profit 1,156,931 616,238 Finance income

9 1,678 1,190 Finance costs

9 C Loss on redemption of warrants ― (168,451) C Other finance costs (101,005) (73,830) Finance costs - net (99,327) (241,091) Profit before income tax 1,057,604 375,147 Income tax expense

10 (124,337) (44,687) Profit for the year 933,267 330,460 Other comprehensive income ― ― Total comprehensive income for the year 933,267 330,460 Profit / total comprehensive income attributable to C Equity holders of the Company 925,143 330,460 C Non-controlling interests 8,124 ― 933,267 330,460 Earnings per share for profit attributable to the equity holders of the Company during the year (expressed in Renminbi per share) Basic earnings per share 11(a) 0.255 0.102 Diluted earnings per share 11(b) 0.254 0.101 Dividends

12 65,033 ― C

5 C NOTES: (All amounts in RMB thousands unless otherwise stated)

1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ( IFRSs ). The consolidated financial statements have been prepared under the historical cost convention, except that certain financial assets and financial liabilities are stated at fair value or recognised initially at fair value and subsequently measured at amortised cost using the effective interest method as appropriate. The preparation of consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group'

s accounting policies. Going concern basis As at December 31, 2010, the Group'

s current liabilities exceeded its current assets by approximately RMB680,849,000. The Group'

s current liabilities mainly included bank borrowings, trade and other payables and advances from customers. The directors of the Company have prepared the Group'

s cash flow projections for the period from January 1,

2011 to May 31,

2012 and have assessed the compliance of loan covenants. The directors are of the opinion that, having taken into consideration of the expected cash flows and available financial resources of the Group, the Group has sufficient financial resources to meet its liabilities as and when they fall due in the

12 months from December 31, 2010. In addition, the Group has received net proceeds of approximately RMB2,578,154,000 (equivalent to US$391,335,000) through issuing US$400,000,000 Senior Notes due January 25,