QATAR NATIONAL CEMENT (Q.S.C.) DOHA - QATAR

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1 QATAR NATIONAL CEMENT (Q.S.C.) DOHA - QATAR INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REVIEW REPORT FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2015

2 INTERIM CONDENSED FINANCIAL STATEMENTS INDEX Page Independent auditor s review report -- Interim condensed statement of financial position 1 Interim condensed statement of profit or loss 2 Interim condensed statement of profit or loss and other comprehensive income 3 Interim condensed statement of changes in equity 4 Interim condensed statement of cash flows 5 Notes to the interim condensed financial statements 6 to 13

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6 INTERIM CONDENSED STATEMENT OF PROFIT OR LOSS Six month period ended June 30, Notes (Reviewed) (Reviewed) QR 000 QR 000 Revenue 583, ,984 Cost of revenue (352,999) (297,048) Gross profit 230, ,936 Other income 15 33,794 19,236 Selling and distribution expenses (3,159) (2,953) General and administrative expenses (19,914) (17,901) Share of profit / (loss) from associates 1,435 (468) Profit for the period 242, ,850 Earnings per share Basic earnings per share (QR.) Diluted earnings per share (QR.) THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE INTERIM CONDENSED FINANCIAL STATEMENTS. 2

7 INTERIM CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Six month period ended June 30, Notes (Reviewed) (Reviewed) QR 000 QR 000 Profit for the period 242, ,850 Other comprehensive income Items that may be reclassified subsequently to statement of profit or loss Net changes in fair value of available-for-sale financial assets 10 1,161 1,839 Net changes in associates share of fair value reserves 2,198 2,375 Other comprehensive income for the period 3,359 4,214 Total comprehensive income for the period 245, ,064 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE INTERIM CONDENSED FINANCIAL STATEMENTS 3

8 INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY Cumulative share in fair value reserves Share capital Legal reserve Development reserve Available for sale Investment in associates Retained earnings Total QR 000 QR 000 QR 000 QR 000 QR 000 QR 000 QR 000 Balance at January 1, 2014 (Restated) 491, , ,589 55,688 6,407 1,269,282 2,474,475 Profit for the period , ,850 Other comprehensive income for the period ,839 2, ,214 Dividends distribution (Note 17) (294,604) (294,604) Balance at June 30, 2014 (Reviewed) 491, , ,589 57,527 8,782 1,212,528 2,421,935 Balance at January 1, 2015 (Audited) 491, , ,589 60,234 8,782 1,384,508 2,596,622 Profit for the period , ,616 Issue of bonus shares 49, (49,101) -- Other comprehensive income for the period ,161 2, ,359 Dividends distribution (Note 17) (196,402) (196,402) Balance at June 30, 2015 (Reviewed) 540, , ,589 61,395 10,980 1,381,621 2,646,195 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE INTERIM CONDENSED FINANCIAL STATEMENTS. 4

9 INTERIM CONDENSED STATEMENT OF CASH FLOWS For the six months period ended June 30, (Reviewed) (Reviewed) QR 000 QR 000 OPERATING ACTIVITIES Profit for the period 242, ,850 Adjustments for: Depreciation and amortization 73,154 70,619 Dividend income (8,634) (9,024) Interest income (3,606) (2,216) Share of (profit) / loss from associates (1,435) 468 Provision for employees end of service benefits 1, , ,622 Working capital changes: Inventories (1,226) (12,201) Accounts and other receivables (7,822) 12,285 Accounts and other payables 5,365 4,039 Cash from operations 299, ,745 Employees end of service benefits paid (383) (257) Net cash from operating activities 299, ,488 INVESTING ACTIVITIES Additions in property, plant and equipment (130,212) (62,493) Advances paid for construction of plant (221) (143,475) Dividend income received 8,634 9,024 Interest income received 3,606 2,216 Net cash used in investing activities (118,193) (194,728) FINANCING ACTIVITIES Dividend distribution (196,402) (294,604) Net cash used in financing activities (196,402) (294,604) Net decrease in cash and cash equivalents (15,309) (186,844) Cash and cash equivalents at the beginning of the period 568, ,372 Cash and cash equivalents at the end of the period 552, ,528 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE INTERIM CONDENSED FINANCIAL STATEMENTS. 5

10 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 1 CORPORATE INFORMATION Qatar National Cement Company (Q.S.C.) (the Company ) was incorporated in the State of Qatar as a Qatari Shareholding Company, under the Emiri Decree No. 7 of 1965 with Commercial Registration No. of 25. The Company s head office is located in Doha, State of Qatar. The Company is primarily engaged in the production and sale of cement, washed sand and lime at its plants located in Ummbab and Al Rakiya in the State of Qatar. 2 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The interim condensed financial statements for the six months ended June 30, 2015 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. The interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the annual financial statements as at December 31, In addition, results for the six month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the financial year ending December 31, The interim condensed financial statements are prepared in Qatari Riyal ( QR ), which is the Company s functional and presentation currency and all values are rounded to the nearest thousands (QR 000), except otherwise indicated. 2.2 Significant accounting policies The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the annual financial statements for the year ended December 31, 2014 except for the adoption of new and revised standards and interpretations effective as of January 1, However, they do not impact the interim condensed financial statements of the Company. In the current financial period, the Group has adopted certain new and revised standards and interpretations, mainly including: IAS 19 (Amended) Annual Improvements Cycle Annual Improvements Cycle Defined Benefit Plans: Employee Contributions IFRS 2: definition of 'vesting condition. IFRS 3: accounting for contingent consideration. IFRS 8: aggregation of segments, reconciliation of segment assets. IAS 16: proportionate restatement of accumulated depreciation on revaluation. IAS 24: management entities IAS 38: proportionate restatement of accumulated depreciation on revaluation IFRS 3: scope exception for joint ventures. IFRS 13: scope of the portfolio exception in paragraph 52. IAS 40: interrelationship between IFRS 3 and IAS 40. 6

11 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 3. CRITICAL JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Company s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 4. SEGMENT REPORTING The Company is organized into one business segment, which comprises the manufacture and sale of cement, sand and other by products. Geographically, the Company s entire business operations are concentrated in State of Qatar. The Chief Operating Decision Maker evaluates the results of the Company for this overall segment. 5. PROPERTY, PLANT AND EQUIPMENT The movements during the period/year were as follows: June 30, 2015 (Reviewed) Dec. 31, 2014 (Audited) Cost Balance at beginning of the period/year 3,136,841 3,030,878 Additions during the period/year 130,212 94,232 Transferred from advances for construction of plant 13,330 10,149 Reclassified from intangible assets -- 1,582 Balance at end of the period/year 3,280,383 3,136,841 Accumulated Depreciation Balance at beginning of the period/year 1,556,345 1,412,380 Depreciation charge for the period/year 71, ,692 Reclassified from intangible assets Balance at end of the period/year 1,627,769 1,556,345 Net book value at end of the period/year 1,652,614 1,580,496 7

12 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 6. INVESTMENT PROPERTIES a) The movements during the period/year were as follows: June 30, 2015 (Reviewed) Dec. 31, 2014 (Audited) Cost Balance at beginning of the period/year 42,557 42,557 Balance at end of the period/year 42,557 42,557 Accumulated Depreciation Balance at beginning of the period/year 34,875 33,342 Depreciation charge for the period/year 760 1,533 Balance at end of the period/year 35,635 34,875 Net book value at end of the period/year 6,922 7,682 b) The interim condensed statement of profit or loss includes a sum of QR million as rental income from investment properties for the six month period ended June 30, 2015 (June 30, 2014: QR million). As per Management s estimation, the fair value of the investment properties as at June 30, 2015 is QR. 535 million (December 31, 2014: QR. 535 million). 7. INTANGIBLE ASSETS a) The movements during the period/year were as follows: June 30, 2015 (Reviewed) Dec. 31, 2014 (Audited) Cost Balance at beginning of the period/year 5,872 7,454 Reclassified to property, plant and equipment -- (1,582) Balance at end of the period/year 5,872 5,872 Accumulated Amortization Balance at beginning of the period/year 3,376 1,825 Amortization charge for the period/year 970 1,824 Reclassified to property, plant and equipment -- (273) Balance at end of the period/year 4,346 3,376 Net book value at end of the period/year 1,526 2,496 b) Intangible assets represent the cost of software development SAP ERP. The software development cost is amortized on straight line basis over the estimated useful life of three years. 8

13 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 8. ADVANCES FOR CONSTRUCTION OF PLANT The advances for capital nature assets are as follows: June 30, 2015 Dec. 31, 2014 (Reviewed) (Audited) Construction of Plant V 130, ,475 Construction of New Sub- Station for Plant V 4,876 4,953 Supply of Slip ring/ Induction Motors 2,056 2,056 Other advances Total 137, , INVESTMENT IN ASSOCIATES 10. AVAILABLE-FOR-SALE FINANCIAL ASSETS Country of June 30, 2015 Dec. 31, 2014 Ownership Incorporation (Reviewed) (Audited) 2014 Qatar Saudi Gypsum Industries Co. (W.L.L.) % Qatar 29,837 26,924 Qatar Quarries & Building Materials Co. (P.Q.S.C.) % Qatar 23,110 22,390 52,947 49,314 The available-for-sale financial assets comprise of investments in shares of companies listed on Qatar Exchange. The fair value of the quoted equity shares is determined by reference to published price quotations in Qatar Exchange. The movements during the period/year were as follows: June 30, 2015 Dec. 31, 2014 (Reviewed) (Audited) Balance at beginning of the period/year 168, ,979 Net changes in fair value for the period/year 1,161 4,546 Balance at end of the period/year 169, ,525 9

14 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 11. INVENTORIES This item consists of the following: June 30, 2015 Dec. 31, 2014 (Reviewed) (Audited) Work in progress 49,026 82,968 Raw materials 67,701 71,633 Finished goods 11,940 9,878 Spare parts 110, ,970 Fuel, oil and lubricants 1,157 1,685 Other miscellaneous stocks 2,733 1,481 Sub Total 242, ,615 Provision for obsolete and slow moving inventories (14,943) (14,943) Net 227, ,672 Goods in transit 42,327 2,052 Total 269, , ACCOUNTS AND OTHER RECEIVABLES This item consists of the following: June 30, 2015 Dec. 31, 2014 (Reviewed) (Audited) Accounts receivable 180, ,931 Provision for doubtful debts (1,986) (1,986) Net 178, ,945 Advances to suppliers 10,946 4,618 Prepayments and other receivables 6,247 6,301 Total 195, , OTHER PAYABLES June 30, 2015 Dec. 31, 2014 (Reviewed) (Audited) Other payables 114, Other payables pertains to the long-term portion of take or pay claim on the consumption of natural gas payable to Qatar Petroleum recognized in During the current year, the parties agreed to pay the amount in instalment on a five (5) year term starting July Current portion of the liability is recorded under Accounts payable and accruals amounting to QR. 32,615 thousand. 10

15 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 14. SHARE CAPITAL June 30, 2015 (Reviewed) Dec. 31, 2014 (Audited) Authorised, issued and fully paid: Share capital (QR 000) 540, ,006 No. of shares at QR. 10 nominal value 54,010,656 49,100, OTHER INCOME This item consists of the following: Six months ended Six months ended June 30, 2015 June 30, 2014 (Reviewed) (Reviewed) Waiver of claim by Qatar Petroleum 12, Dividend income 8,634 9,024 Interest income 3,606 2,216 Rental income 3,546 4,375 Transportation income 3,487 1,993 Others 1,640 1,628 Total 33,794 19, EARNINGS PER SHARE a) Basic Earnings Per Share The basic earnings per share is computed by dividing the profit for the period attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period as follows: Six months ended June 30, 2015 (Reviewed) Six months ended June 30, 2014 (Reviewed) (Restated) Profit attributable to ordinary shareholders of the Company (QR. 000) 242, ,850 Weighted average number of ordinary shares outstanding 54,011 54,011 Basic earnings per share (QR.)

16 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 16. EARNINGS PER SHARE (CONTINUED) b) Diluted Earnings Per Share Diluted earnings per share is calculated by adjusting the earnings and number of shares for the effects of dilutive options and other dilutive potential ordinary shares. Six months ended June 30, 2015 (Reviewed) Six months ended June 30, 2014 (Reviewed) (Restated) Weighted average number of ordinary shares outstanding (Note 17) 54,011 54,011 Diluted earnings per share (QR.) On March 17, 2015, the Company issued bonus shares equivalent to 10% of outstanding ordinary shares as at December 31, 2014 (Note 17). The issuance of these bonus shares resulted in the restatement of basic and diluted earnings per share as of June 30, DIVIDENDS Following the approval of the Annual General Assembly held on March 17, 2015, it was decided a cash dividend distribution of 40% and non-cash dividend of 10% of the paid-up capital amounting to QR. 196,402 thousand and QR. 49,101 thousand, respectively, relating to the year ended December 31, 2014 (December 31, 2013: cash dividend distribution of 60% of the paid up capital aggregating QR. 294,604 thousand). 18. RELATED PARTY TRANSACTIONS a) Transactions with Government of Qatar and its Agencies The Government of Qatar holds 43% of the Company s share capital. In the normal course of business, the Company supplies its commodities to various Government and semi Government agencies and companies in the State of Qatar. The Company also avails of various services from Government and semi Government agencies and companies in the State of Qatar. The rental income includes a sum of QR.2.5 million for the six months period ended June 30, 2015 (June 30, 2014: QR.2.5 million) from the Government of Qatar. b) Transactions with key management personnel Key management personnel comprise the Board of Directors and key members of management having authority and responsibility for planning, directing and controlling the activities of the entity. During the period ended June 30, 2015, the Company has paid a sum of QR.1.77 million (June 30, 2014: QR.1.41 million) to members of the Committees of the Board of Directors and salaries and benefits paid to key members of management amounted to QR.3.47 million (June 30, 2014: 3.30 million). 12

17 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS 19. COMMITMENTS AND CONTINGENCIES The following summarizes the significant contractual commitments and contingencies: June 30, 2015 Dec. 31, 2014 (Reviewed) (Audited) Capital commitments 689, ,667 Contingencies - Letters of credit 2,828 95,443 Capital commitments includes commitments related to the construction of Plant V at Ummbab State of Qatar. 13

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