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

(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.
- 1 -
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.

1. Balance Sheet

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 -

Total current assets 1,598,144,243 1,873,542,575 3,586,229,352 3,911,115,891



Non-current assets:

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

Total non-current assets 7,900,721,956 7,829,876,370 3,685,693,902 3,684,293,117



Total assets 9,498,866,199 9,703,418,945 7,271,923,254 7,595,409,008



- 2 -

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 liabilities:

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 - - -

Total current liabilities 2,223,482,079 2,113,479,732 1,763,790,063 1,751,737,892



Non-current liabilities:

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 - -

Total non-current liabilities 2,484,156,151 2,800,770,061 2,413,682,855 2,729,587,266



Total liabilities: 4,707,638,230 4,914,249,793 4,177,472,918 4,481,325,158



Owners' equity:

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 - -

Total owners' equity 4,791,227,969 4,789,169,152 3,094,450,336 3,114,083,850



Total liabilities and owners' equity 9,498,866,199 9,703,418,945 7,271,923,254 7,595,409,008



- 3 -

2. Income Statement

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

II. Principal operating profit 92,838,436 88,942,829 9,368,512 21,891,178

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

III. Operating profit/(loss) (9,868,606) (3,529,166) (23,840,866) (6,935,122)

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 - -

IV. Total profit/(loss) 13,544,437 30,435,989 (19,633,514) 197,768



Less: Income tax expenses 11,485,620 5,578,188 - 29,665

V. Net profit/(loss) 2,058,817 24,857,801 (19,633,514) 168,103



- 4 -

3. Cash Flow Statement

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



Sub-total of cash inflow from operating activities 635,995,174 716,289,569 59,962,093 79,161,268



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



Sub-total of cash outflow from operating activities 525,705,169 593,439,373 57,028,179 70,964,835



Net cash flow generated from operating activities 110,290,005 122,850,196 2,933,914 8,196,433



2. Cash flow generated from investing activities:



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)

-



Sub-total of cash outflow/ (inflow) from investing activities 1,097,539 43,822,457 (40,312,394) 112,635,372



Net cash flow generated from/(used in) investing activities (60,299) (43,815,652) 41,349,634 (112,628,567)



- 5 -

Items 2014 Q1 Consolidated 2013 Q1 Consolidated 2014 Q1 Yaobai 2013 Q1 Yaobai 3. Cash flow generated from financing activities:

Cash received from
borrowings 237,088,000 1,091,977,500 237,088,000 1,091,977,500

Sub-total of cash inflow from financing activities 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

Sub-total of cash outflow from financing activities 633,078,531 467,155,544 633,078,531 467,155,544



Net cash flow generated from/(used in) financing activities (395,990,531) 624,821,956 (395,990,531) 624,821,956



4. Internal cash flow transfer in - - 495,667,574 768,399,722



5. Internal cash flow transfer out - - 437,341,837 579,494,673



6. Net increase/(decrease) in cash and cash equivalents (285,760,824) 703,856,501 (293,381,246) 709,294,871



- 6 -

The information contained in this announcement is prepared based solely on a preliminary assessment by the management of the Company with reference to the information currently available, which have not been reviewed or audited by the Co mpa ny' s audi to rs. Th e fina nc ial in for mat ion in t his an noun ce men t and in th e Quarterly Announcement, which are unaudited, have been prepared in accordance with PRC GAAP. Accordingly, the information contained in this announcement and in the Quarterly Announcement may differ from those in the unaudited or audited consolidated financial statements to be published by the Company for the six months ending 30 June 2014 and for the year ending 31 December 2014, respectively. Further, the financial information in this announcement is provided for reference only and the shareholders and potential investors of the Company are advised to exercise caution and not to place undue reliance on these information when dealing in the shares of the Company. When in doubt, the shareholders and potential investors of the Company are advised to consult their own professional or financial advisers. DEFINITIONS

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

West China Cement Limited Zhang Jimin

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.

- 7 -

distributed by