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.
(Incorporated in Jersey with limited liability, with registered number 94796)
(Stock Code: 2233) FIRST QUARTERLY RESULTS OF 2014 OF YAOBAI AND ITS SUBSIDIARIES
Reference is made to the announcements of West China Cement Limited (the "Company") dated 21 March 2013 and 28 March 2013 in relation to the issuance of the Medium-term Notes by Yaobai (collectively, the "Announcements"). This announcement is made by the Company pursuant to Rule 13.09(2) of the Listing Rules and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance. Unless otherwise stated, terms used in this announcement shall have the same meanings as those defined in the Announcements.
Yaobai, an indirectly wholly-owned subsidiary of the Company incorporated in the PRC, has successfully registered with the National Association of Financial Market Institutional Investors of the PRC (9'l!l*',lriJi!3/1Jil!1liili) the issue approval of the Medium-term Notes with an aggregate principal amount of RMB1,600,000,000. On 28 March 2013, Yaobai completed the issuance of the first tranche of the Medium-term Notes. The first tranche of the Medium-term Notes was issued in the principal amount of RMB800 million, at the interest rate of 6.1% per annum, and with a term of three years. Relevant documents containing the details of the issue of the Medium-term Notes are available on the websites of China Money (http://www.chinamoney.com.cn) and China Bond (http://ww.chinabond.com.cn).
According to the relevant PRC regulations, Yaobai and its subsidiaries is required to publish its quarterly results for the three months ended 31 March 2014 (the "Quarterly Announcement") on the websites of China Money and China Bond during the three-year term of the Medium-term Notes.
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Shareholders of the Company and potential investors are advised that the quarterly results in the Quarterly Announcement are unaudited and prepared in accordance with the PRC GAAP. To ensure that all shareholders and potential investors of the Company have equal and timely access to the information pertaining to the Company, set forth below are the financial information of Yaobai and its subsidiaries for the three months ended 31 March 2014 prepared in accordance with the PRC GAAP, which is also published simultaneously on the websites of China Money and China Bond.
Prepared by: Yaobai Special Cement Group Co., Ltd Unit: RMB
Items As at 31 March 2014 Consolidated As at 31 December 2013 Consolidated As at 31 March 2014 Yaobai As at 31 December 2013 Yaobai Current Assets:
Monetary capital 279,540,368 565,301,193 220,108,527 513,489,773
Tradable financial assets - 50,000,000 - 50,000,000
Bills receivable 68,532,443 116,016,789 15,394,766 21,790,263
Accounts receivable 192,632,761 180,370,126 21,539,883 26,047,775
Other receivables 332,963,912 362,779,182 3,253,365,030 3,233,265,043
Advance payments 140,166,191 121,871,320 1,686,318 1,860,760
Inventory 521,275,466 471,791,114 68,136,306 64,662,277
Other current assets 63,033,102 5,412,851 5,998,522 -
Long-term equity investment - - 2,903,958,535 2,903,958,535
Fixed assets 6,012,749,270 6,119,960,865 617,578,814 633,766,189
Construction materials 833,866 1,755,877 - - Construction in progress 1,111,191,617 945,838,947 128,848,850 111,062,883
Intangible assets 551,647,510 538,020,988 34,672,392 34,870,199
Goodwill 220,178,064 220,178,064 - - Deferred tax assets 4,121,629 4,121,629 635,311 635,311 4,121,629.46
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Short-term borrowings 587,088,000 609,423,360 587,088,000 609,423,360
Bills payable 21,533,000 - 21,533,000 - Accounts payable 771,047,970 684,901,325 75,833,004 96,730,713
Receipts in advance 149,692,928 132,822,346 14,675,022 8,295,424
Wages payable 28,991,488 16,539,523 5,962,280 2,504,249
Tax payable (3,866,059) (17,728,327) 4,809,531 2,074,260
Interests payable 312,371,486 328,573,881 312,371,486 328,573,881
Dividend payable 695,592 695,592 695,592 695,592
Other payables 335,438,716 358,252,032 740,822,148 703,440,413
Other liabilities 20,488,958 - - -
Long-term borrowings 1,618,630,977 1,935,398,577 1,618,630,977 1,935,398,577
Bonds payable 795,051,878 794,188,689 795,051,878 794,188,689
Long-term payables 15,420,000 15,420,000 - - Special payables 3,000,000 3,000,000 - - Other liabilities 36,990,957 37,700,456 - - Deferred income tax liabilities 15,062,339 15,062,339 - -
Share capital 1,620,000,000 1,620,000,000 1,620,000,000 1,620,000,000
Capital reserve 52,662,775 52,662,775 12,715,940 12,715,940
Surplus reserve 201,472,792 201,472,792 201,472,792 201,472,792
Unappropriated profits 2,830,672,177 2,828,613,360 1,260,261,604 1,279,895,118
Minority interests 86,420,225 86,420,225 - -
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Prepared by: Yaobai Special Cement Group Co., Ltd Unit: RMB
Items 2014 Q1 Consolidated 2013 Q1 Consolidated 2014 Q1 Yaobai 2013 Q1 Yaobai I. Principal operating revenue 670,477,267 646,657,907 71,973,707 101,335,219
Less: Operating cost 569,170,241 549,738,168 61,657,551 77,797,315
Business tax and
surcharges 8,468,590 7,976,910 947,644 1,646,726
Add: Other operating revenue 378,801 153,332 - - Less: Selling expenses 7,801,959 5,960,584 1,857,537 2,058,558
Administrative expenses 56,044,189 46,945,130 14,675,232 12,877,358
Financial expenses 39,239,695 39,719,613 16,676,609 13,890,384
Add: Investment income 1,037,240 6,805 1,037,240 6,805
Non-operating income 23,059,258 35,200,031 3,283,312 7,137,185
Less: Non-operating expenses 593,455 940,061 113,200 11,100
Others 90,000 301,620 - -
Less: Income tax expenses 11,485,620 5,578,188 - 29,665
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Prepared by: Yaobai Special Cement Group Co., Ltd Unit: RMB
Items 2014 Q1 Consolidated 2013 Q1 Consolidated 2014 Q1 Yaobai 2013 Q1 Yaobai 1. Cash flow generated from operating activities:Cash received from sale of
goods and rendering of | |||||||
services | 612,727,926 | 690,997,257 | 58,893,574 | 78,854,236 | |||
Tax and charges refund | 13,709,629 | 23,131,517 | 109,337 | - | |||
Cash received relating | |||||||
to other operating activities | 9,557,619 | 2,160,795 | 959,182 | 307,032 |
Cash paid for goods and
services 350,815,824 444,315,228 29,930,621 42,690,600
Cash paid to and on behalf of
employees | 65,062,121 | 63,359,117 | 14,704,101 | 11,810,445 | |||
Various types of tax paid | 52,737,268 | 44,726,130 | 3,333,323 | 6,278,019 | |||
Cash paid relating to other | |||||||
operating activities | 57,089,956 | 41,038,898 | 9,060,134 | 10,185,771 |
Cash received from
investment income | 1,037,240 | 6,805 | 1,037,240 | 6,805 | |||
Sub-total of cash inflow | |||||||
from investing activities | 1,037,240 | 6,805 | 1,037,240 | 6,805 | |||
Cash paid for acquisition and | |||||||
construction of fixed assets, | |||||||
intangible assets and other | |||||||
long-term assets | 51,097,539 | 38,822,457 | 9,687,606 | 7,635,372 | |||
Cash paid for investment | - | 5,000,000 | - | 105,000,000 | |||
Cash paid for other investing | |||||||
activities | (50,000,000) | - | (50,000,000) | - |
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Cash received from
borrowings 237,088,000 1,091,977,500 237,088,000 1,091,977,500
Cash paid for repaying
borrowings 576,190,961 445,369,500 576,190,961 445,369,500
Cash paid for distribution of dividends, profits or
payment of interest 56,887,570 21,786,044 56,887,570 21,786,044
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In this announcement, the following terms shall have the following meanings unless the context requires otherwise:
"Listing Rules" th e Rul es Go ve rni ng the L is tin g o f S ec uri tie s on Th e S toc k
Exchange of Hong Kong Limited
"PRC" the People's Republic of China, excluding, for the purpose of this announcement only, the Hong Kong Special Administrative Region, the Macau Special Administrative Region, and Taiwan
"PRC GAAP" the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC on 15 February 2006, and other r e le v a n t a c co u n ti n g p r in c i pl e s a nd fi n a nc i a l r e g ul a t io n s a s promulgated in the PRC
"RMB" Renminbi yuan, the lawful currency of the PRC
By Order of the Board
Chairman
Hong Kong, 28 April 2014
As at the date of this announcement, the executive directors of the Company are Mr. Zhang Jimin, Mr. Wang Jianli, Ms. Low Po Ling and Mr. Tian Zhenjun, the non-executive directors of the Company are Mr. Ma Zhaoyang and Mr. Ma Weiping, and the independent non-executive directors of the Company are Mr. Lee Kong Wai Conway, Mr. Wong Kun Kau, Mr. Tam King Ching, Kenny and Mr. Xu Delong.
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