RAS AL KHAIMAH CEMENT COMPANY P.S.C. RAS AL KHAIMAH UNITED ARAB EMIRATES
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1 CONDENSED INTERIM FINANCIAL STATEMENTS AND REVIEW REPORT FOR THE SIX-MONTH PERIOD ENDED JUNE 30,
2 CONDENSED INTERIM FINANCIAL STATEMENTS AND REVIEW REPORT FOR THE SIX MONTH PERIOD ENDED JUNE 30, Table of Contents Page Exhibit Report on Review of Condensed Interim Financial Information 1 -- Condensed Statement of Financial Position 2 A Condensed Statement of Income 3 B Condensed Statement of Comprehensive Income 4 C Condensed Statement of Changes in Equity 5 D Condensed Cash Flow Statement 6 E Notes to the Condensed Interim Financial Statements
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5 CONDENSED STATEMENT OF INCOME FOR THE SIX-MONTH PERIOD ENDED JUNE 30, (Unaudited) EXHIBIT B Notes For six months ended For three months ended (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales 129,223, ,448,261 59,008,979 65,722,379 Cost of sales (128,212,263) (107,272,580) (62,102,595) (41,015,581) Gross profit/(loss) 1,010,801 56,175,681 (3,093,616) 24,706,798 Other income 1,637,789 1,467, , ,433 Marketing expenses (387,507) (470,899) (206,888) (236,771) Administrative expenses (6,170,250) (6,194,095) (2,798,571) (2,990,392) Finance costs (189,255) (197,226) (78,004) (25,405) Share of profit of an associate 4 2,831,779 2,591,000 1,279,517 1,977,600 Impairment of available-for-sale investments -- (2,260,675) -- (2,260,675) (Loss)/Profit for the period Exhibit C (1,266,643) 51,110,871 (4,299,321) 21,714,588 ========= ======== ========= ========= Basic earnings per share (0.003) (0.009) ======== ======== ========= ======= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) -3-
6 CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIOD ENDED JUNE 30, (Unaudited) EXHIBIT C For six months ended For three months ended (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Loss)/Profit for the period Exhibit B (1,266,643) 51,110,871 (4,299,321) 21,714,588 Other comprehensive income Board of directors remuneration (2,160,000) (2,400,000) (2,160,000) -- Total Comprehensive (income) for the period (3,426,643) 48,710,871 (6,459,321) 21,714,588 ======== ======== ========= ========= THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) -4-
7 CONDENSED CASH FLOW STATEMENT FOR THE PERIOD ENDED JUNE 30, (Unaudited) EXHIBIT E (Unaudited) (Unaudited) Cash Flows from Operating Activities (Loss)/Profit for the period Exhibit B (1,266,643) 51,110,871 Adjustments for: Depreciation 13,385,785 11,438,326 Provision for capital spare parts 127, ,079 End of service benefits 488, ,516 Interest income (1,380,457) (1,313,205) Profit on sale of property and equipment (25,223) --. Share of profit of an associate (2,831,779) (2,591,000) Finance costs 189, ,226 Impairment loss in available-for-sale investment -- 2,260,675 Profit before working capital changes 8,687,111 61,384,488 Decrease/(increase) in inventories 3,283,517 (1,821,946) (Increase)/decrease in trade and other receivables (8,926,151) 71,272,232 (Increase) in due from an associate (3,688,117) -- Increase/(decrease) in trade and other payables 10,183,980 (38,094,250) Net cash generated from operations 9,540,340 92,740,524 Finance costs paid (189,255) (197,226) Net cash provided by operating activities 9,351,085 92,543,298 Cash Flows from Investing Activities Purchase of property, plant and equipment (370,093) (2,994,905) Disposal of capital spare parts ,723 Proceeds from disposal of property, plant & equipment 41, Investment in an associate -- (40,000,000) Purchase of available-for-sale investment -- (1,600,000) Interest income 1,380,457 1,313,205 Dividend received from an associate 4,000, Net cash provided by/(used in) investing activities 5,051,762 (42,570,977) Cash Flows from Financing Activities Dividend paid to shareholders (48,400,000) (53,240,000) Board of directors remuneration paid (2,160,000) (2,400,000) Short-term borrowings from bank (3,725,263) (26,227,862) Total cash (used in) financing activities (54,285,263) (81,867,862) Net (decrease) in cash and cash equivalents (39,882,416) (31,895,541) Cash and cash equivalents at beginning of the period 91,742,847 94,279,209 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD Note 7 & Exhibit A 51,860,431 62,383,668 ========== ======== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) -6-
8 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, (Unaudited) 1. GENERAL INFORMATION: Ras Al Khaimah Cement Company P.S.C. (the Company ) is a public shareholding company incorporated in Ras Al Khaimah by Amiri Decree number 4 dated May 27, 1995 issued by H.H. Sheikh Saqr Bin Mohammad Al Qassimi, The Ruler of the Emirate of Ras Al Khaimah. The Company was duly registered according to the law with the official competent authorities and Ministry of Economy and Commerce. The ministerial decision number 7 concerning approval of the Company s incorporation was issued on February 11, The Company is listed in Abu Dhabi Securities Market. The principal activity of the Company is producing and marketing portland cement. The Company has started its commercial production on April 1, BASIS OF PREPARATION OF CONDENSED INTERIM FINANCIAL STATEMENTS: The condensed interim financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") IAS 34 Interim Financial Reporting. They do not include all the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Company as at and for the year ended December 31,. In preparing these condensed interim financial statements, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements as at and for the year ended December 31,. In addition, results for the six months ended are not necessarily indicative of the results that may be expected for the financial year ending December 31,. -7-
9 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, (Unaudited) Continued 4. INVESTMENT IN AN ASSOCIATE: a) Investment in an associate represents the Company s investment in Reem Ready Mix LLC, Abu Dhabi. The total number of shares acquired is 6,000 shares of 1,000/- each. The Company presently possesses 20% of the shareholders capital of Reem Ready Mix LLC. Investment in an associate is accounted for using the equity method. The details are as follows: Cost (6,000 shares of 1,000/-each) 6,000,000 Goodwill on acquisition Note 4 (b) 34,000,000 Total acquisition cost 40,000,000 Share of profit for the year 10,394,396 Balance as on December 31, (Audited ) Exhibit A 50,394,396 Less: dividend received (4,000,000) Share of profit for the period 2,831,779 Balance as on (Unaudited) Exhibit A 49,226,175 ======== b) Goodwill amounting to 34,000,000 has arisen on acquisition of the shares in an associate, Reem Readymix LLC. Goodwill is initially measured at cost and is tested for impairment annually (at December 31) and when circumstances indicate that the carrying value may be impaired. Impairment is determined by assessing the recoverable amount of goodwill and where the recoverable amount is less than carrying amount; an impairment loss is recognized in current year s income statement. 5. AVAILABLE-FOR-SALE INVESTMENTS: a) The movement over these investments are as follows: December 31, (Unaudited) (Audited) At January 1 42,540,496 30,613,254 Addition during the period -- 15,534,000 Impairment loss on investment -- (3,606,758) Net - Exhibit A 42,540,496 42,540,496 ========= ======== b) The above investments are classified as follows: December 31, (Unaudited) (Audited) Unquoted investments 42,477,242 42,477,242 Quoted investment 63,254 63,254 Total 42,540,496 42,540,496 ======== ======== -9-
10 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, (Unaudited) Continued 5. AVAILABLE-FOR-SALE INVESTMENTS: (continued ) c) Available-for-sale investments are classified into the following business segments: December 31, (Unaudited) (Audited) Investment in an airline company 12,797,867 12,797,867 Investment in a petroleum company 3,945,375 3,945,375 Investment in construction company 13,284,000 13,284,000 Investment in a power company 2,250,000 2,250,000 Investment in financing companies 10,263,254 10,263,254 Total 42,540,496 42,540,496 ======== ======== d) The entire available-for-sale investments amounting to 42,540,496 as shown above have been invested in local market of United Arab Emirates. 6. DUE FROM AN ASSOCIATE: Due from an associate as shown in Exhibit A amounting to 16,166,150 represents balance due from Reem Ready Mix LLC as of the financial statements date. 7. CASH AND CASH EQUIVALENTS: This item comprises of the following: December 31, (Unaudited) (Audited) Cash on hand 32,710 6,660 Petty cash account 34,500 34,500 Current account with bank 37,265 37,265 Dividend payment deposit account 3,514,134 1,514,135 Call deposit with bank 5,241,822 5,150,287 Fixed deposit with maturity of three months or less 43,000,000 85,000,000 Total Exhibit A 51,860,431 91,742,847 ======== ======== -10-
11 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, (Unaudited) Continued 8. CAPITAL COMMITMENTS: As at, the Company has contractual capital commitments amounting to 3,889,825 related to its ongoing projects. 9. CONTINGENT LIABILITIES: The Company has issued corporate guarantees and letters of credit to third parties. The details are as follows: December 31, (Unaudited) (Audited) Bank Letters of Credit 7,538,383 8,705,099 Bank Letters of Guarantee 60,000 60, APPROVAL OF CONDENSED INTERIM FINANCIAL STATEMENTS: The condensed interim financial statements were approved by the Chairman of the Board of Directors and authorized for issue on July 29,. 11. GENERAL: a) Certain figures have been reclassified, wherever necessary, to conform to the presentation adopted in these condensed interim financial statements. b) The figures in these condensed interim financial statements are rounded to the nearest Dirham of United Arab Emirates. -11-
12 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, (Unaudited) Continued 3. PROPERTY, PLANT AND EQUIPMENT: a) Property, plant and equipment have been stated at cost less accumulated depreciation up to the interim condensed financial statements date, as follows: Cost Factory building Plant & equipment Mobile equipment & passenger cars Office furniture & equipment Land improvements Specialized tools Total At January 1, 24,117, ,430,049 3,049,989 3,093, , , ,994,668 Additions ,184 83,000 3, ,093 Disposal (74,500) (74,500) At 24,117, ,713,233 3,058,489 3,097, , , ,290,261 Accumulated Depreciation At January 1, 8,278, ,096,723 1,767,385 2,331, ,397 74, ,242,341 Charge for the period 386,477 12,558, , ,624 62, ,385,785 Disposal (58,325) (58,325) At 8,664, ,655,047 1,938,603 2,480, ,214 74, ,569,801 Carrying Amount At December 31, (Audited) Exhibit A 15,839, ,333,326 1,282, , , , ,752,327 ======== ========= ======== ======= ======== ======= ========== At (Unaudited) Exhibit A 15,452, ,058,186 1,119, ,811 49, , ,720,460 ======== ========= ======== ======= ======== ======= ========== b) The Company's plant is constructed on a leased land renewable on annual basis. -8-
13 CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED JUNE 30, (Unaudited) EXHIBIT D Share capital Reserves Cumulative changes in fair value of investment in shares Retained earnings Net Description Balance at December 31, 2008 (Audited) 484,000, ,906,454 (266,917) 208,390, ,029,837 Profit for the period Exhibit B ,110,871 51,110,871 Board of directors remuneration paid (2,400,000) (2,400,000) Total comprehensive income for the period Exhibit C ,710,871 48,710,871 Cash dividend paid (53,240,000) (53,240,000) Balance at (Unaudited) 484,000, ,906,454 (266,917) 203,861, ,500,708 ========= ========== ========= ========== ========= Balance at December 31, - (Audited) - Exhibit A 484,000, ,267,442 (266,917) 210,194, ,194,778 Loss for the period Exhibit B (1,266,643) (1,266,643) Board of directors remuneration paid (2,160,000) (2,160,000) Total comprehensive income for the period Exhibit C (3,426,643) (3,426,643) Cash dividend paid (48,400,000) (48,400,000) Balance at (Unaudited) Exhibit A 484,000, ,267,442 (266,917) 158,367, ,368,135 ========== ========== ========= ========== ========== THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) -5-
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