WEST CHINA CEMENT LIMITED 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 國 西 部 水 泥 有 限 公 司
(Incorporated in Jersey with limited liability, with registered number 94796)
(Stock Code: 2233) THIRD QUARTERLY RESULTS OF 2016 OF YAOBAI AND ITS SUBSIDIARIESReference is made to the announcements of West China Cement Limited (the "Company") dated 10 March 2016 and 15 March 2016 in relation to the issuance of the Short-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 (中國銀行間市場交易商協會) the issue approval of the Short-term Notes with an aggregate principal amount of RMB1,200,000,000. On 15 March 2016, Yaobai completed the issuance of the first tranche of the Short-term Notes. The first tranche of the Short-term Notes was issued in the principal amount of RMB800 million, at the interest rate of 5.5% per annum, and with a term of one year. Relevant documents containing the details of the issue of the Short-term Notes are available on the websites of China Money (http://www.chinamoney.com.cn).
According to the relevant PRC regulations, Yaobai and its subsidiaries ("Yaobai Group") is required to publish its quarterly results for the nine months ended 30 September 2016 (the "Quarterly Announcement") on the websites of China Money and China Bond during the one- year term of the Short-term Notes.
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. There are thus a number of accounting treatments and other differences between the quarterly results of Yaobai Group ("Yaobai Group Results"), and the interim and final results of the Company which are prepared in accordance with IFRS. These differences include, amongst others:
the exclusion of the results of the Shaanxi Fuping Cement Company Ltd ("Fuping Cement Ltd") from the Yaobai Group Results, as Fuping Cement Ltd is an indirect subsidiary of the Company;
only part of the interests payable under the Senior Notes are included in the Yaobai Group Results, with the balance being accounted for under the Company's accounts, and there is no foreign exchange translation differences of these Senior Notes in the Yaobai Group Results; and
none of the expenses of the Company's offshore entities are included in the Yaobai Group Results.
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 unaudited financial information of Yaobai Group for the nine months ended 30 September 2016 prepared in accordance with the PRC GAAP, which is also published simultaneously on the websites of China Money.
1. Combined Balance SheetPrepared by: Yaobai Special Cement Group Co., Ltd Unit: RMB
Items | As at 30 September 2016 Consolidated | As at 31 December 2015 Consolidated | As at 30 September 2016 Yaobai | As at 31 December 2015 Yaobai | |||
Current Assets: | |||||||
Monetary capital | 1,084,400,226.83 | 420,627,028.14 | 1,026,849,791.62 | 312,818,277.99 | |||
Bills receivables | 77,064,990.03 | 79,894,374.75 | 19,597,357.36 | 30,130,000.00 | |||
Account receivables | 356,303,738.15 | 329,850,354.37 | 23,380,634.98 | 17,265,085.86 | |||
Advance payments | 58,631,333.84 | 47,975,380.51 | 3,408,172.91 | 1,821,897.45 | |||
Other receivables | 271,598,255.01 | 288,280,646.70 | 3,888,406,431.15 | 4,212,046,010.15 | |||
Inventory | 400,595,748.21 | 519,865,467.27 | 30,766,239.68 | 45,860,984.17 | |||
Other current assets | 44,545,988.13 | 309,337,676.22 | 8,891,869.06 | 250,475,599.03 | |||
Total current assets | 2,293,140,280.20 | 1,995,830,927.96 | 5,001,300,496.76 | 4,870,417,854.65 | |||
Non-current assets: | |||||||
Long-term equity investment | 36,592,225.86 | 3,319,779,838.45 | 3,307,486,015.22 | ||||
Fixed assets | 6,983,856,247.46 | 7,435,938,943.32 | 647,837,738.88 | 691,853,562.71 | |||
Construction in progress | 72,657,139.48 | 91,953,902.14 | 660,086.26 | 363,482.87 | |||
Intangible assets | 718,125,501.93 | 735,755,982.70 | 31,946,853.66 | 32,507,619.27 | |||
Goodwill | 177,057,251.54 | 177,057,251.54 | - | - | |||
Deferred income tax assets | 44,666,046.76 | 44,643,691.26 | 1,165,940.64 1,165,940.64 | ||||
Other non-current assets | - | - | - | - | |||
Total non-current assets | 8,032,954,413.03 | 8,485,349,770.96 | 4,001,390,457.89 | 4,033,376,620.71 | |||
Total assets | 10,326,094,693.23 | 10,481,180,698.92 | 9,002,690,954.65 | 8,903,794,475.36 | |||
Current liabilities: | |||||||
Short-term borrowings | 500,000,000.00 | 458,400,000.00 | 490,000,000.00 | 448,400,000.00 | |||
Bills payable | 98,000,000.00 | 85,000,000.00 | 98,000,000.00 | 85,000,000.00 | |||
Accounts payable | 424,743,095.04 | 567,265,156.89 | 43,230,224.11 | 52,299,987.11 | |||
Receipts in advance | 118,953,471.45 | 115,701,363.27 | 8,440,058.45 | 17,289,368.16 | |||
Wages payable | 30,731,979.71 | 26,332,416.68 | 2,797,327.26 | 3,801,906.07 | |||
Tax payable | 74,498,889.15 | 48,410,183.69 | 3,250,689.14 | 1,162,986.29 | |||
Interests payable | 391,866,202.73 | 423,012,045.41 | 391,866,202.73 | 423,012,045.41 | |||
Dividend payable | 74,695,591.79 | 74,695,591.79 | 74,695,591.79 | 74,695,591.79 | |||
Other payables | 298,930,184.82 | 411,383,635.72 | 196,869,049.61 | 20,649,822.16 | |||
Non-current liabilities due within one year | 798,272,950.13 | 80,000,000.00 | 798,272,950.13 | 80,000,000.00 | |||
Other current liabilities | 1,696,617.61 | - | - | - | |||
Total current liabilities | 2,812,388,982.43 | 2,290,200,393.45 | 2,107,422,093.22 | 1,206,311,706.99 | |||
Items | As at 30 September 2016 Consolidated | As at 31 December 2015 Consolidated | As at 30 September 2016 Yaobai | As at 31 December 2015 Yaobai | |||
Non-current liabilities: | |||||||
Long-term borrowings | 2,031,257,776.56 | 2,031,257,776.56 | 2,031,257,776.56 | 2,031,257,776.56 | |||
Bonds payable | - | 799,060,214.05 | - | 799,060,214.05 | |||
Long-term payables | 15,420,000.00 | 15,420,000.00 | - | - | |||
Estimated liabilities | 21,636,381.56 | 20,999,489.74 | - | - | |||
Deferred income | 59,329,951.45 | 62,583,447.02 | 15,061,509.10 | 15,061,509.10 | |||
Deferred income tax liabilities | 11,147,852.26 | 11,147,852.24 | - | - | |||
Total non-current liabilities | 2,138,791,961.83 | 2,940,468,779.61 | 2,046,319,285.66 | 2,845,379,499.71 | |||
Total liabilities | 4,951,180,944.26 | 5,230,669,173.06 | 4,153,741,378.88 | 4,051,691,206.70 | |||
Owners' equity: | |||||||
Paid-in capital (or share capital) | 1,890,000,000.00 | 1,890,000,000.00 | 1,890,000,000.00 | 1,890,000,000.00 | |||
Capital reserve | 52,662,775.46 | 52,662,775.46 | 12,715,940.06 | 12,715,940.06 | |||
Surplus reserve | 201,472,792.06 | 201,472,792.06 | 201,472,792.06 | 201,472,792.06 | |||
Unappropriated profits | 3,141,573,335.43 | 3,016,564,754.71 | 2,744,760,843.65 | 2,747,914,536.54 | |||
Total equity attributable to owners of the parent company | 5,285,708,902.95 | 5,160,700,322.23 | - | - | |||
Minority interests | 89,204,846.02 | 89,811,203.63 | - | - | |||
Total owners' equity | 5,374,913,748.97 | 5,250,511,525.86 | 4,848,949,575.77 | 4,852,103,268.66 | |||
Total liabilities and owners' equity | 10,326,094,693.23 | 10,481,180,698.92 | 9,002,690,954.65 | 8,903,794,475.36 | |||
West China Cement Ltd. published this content on 31 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 November 2016 08:07:04 UTC.
Original documenthttp://www.westchinacement.com/downloads/en/ann161031.pdf
Public permalinkhttp://www.publicnow.com/view/8FD1992A5C61ACFF2862C356CA0A7AEDA009647E
