Financial Statements & Independent Auditor's Report |
| Tabuk Cement Company has announced its final financial statements for the year 1995. The following is a detailed presentation of these statements along with the Independent Auditor's report. (Negative values are in red): |
Balance Sheet December 31, 1995 |
|
| Saudi Riyal | |
| Assets | |
| Current Assets | |
| Cash in Bank | 421.929 |
| Payments and other assets | 2.591.378 |
| Accrued revenue | 24.662.143 |
| Total current assets | 26.765.450 |
| Investments | 662.533.906 |
| Advances to contractors for projects under construction | 115.479.547 |
| Projects under construction | 41.034.117 |
| Property and equipment, net | 2.635.513 |
| Deferred expenses | 24.170.000 |
| Total assets | 833.825.533 |
| Liabilities & Shareholders' Equity | |
| Current Liabilities | |
| Accounts payable | 3.892.668 |
| Accrued expenses and other liabilities | 4.094.308 |
| Provision for Zakat | 1.518.248 |
| Total current liabilities | 9.505.244 |
| Shareholder's Equity | |
| Capital | 700.000.000 |
| Statutory reserve | 5.169.527 |
| Retained earnings | 46.525.747 |
| Total Shareholders' Equity | 751.695.274 |
| Total Liabilities & Shareholders' Equity | 833.528.533 |
Statement of Income for Inception Period ending 31 Dec 1995: |
|
| Saudi Riyal | |
| Revenue | 73.093.391 |
| General, administrative, and depreciation expenses | 18.953.869 |
| Director's remuneration | 962.000 |
| Net income for the period before Zakat and taxes | 53.213.522 |
| Zakat and taxes | 1.518.248 |
| Net income for the period after Zakat and taxes | 51.695.274 |
Changes in Shareholders' Equity until 31 Dec 1995 |
|
| Saudi Riyal | |
| Capital | 700.000.000 |
| Statutory reserve | |
| Begining of period | ____ |
| Transfer from retained earnings | 5.169.527 |
| End of period | 5.169.527 |
| Retained earnings | ____ |
| Transfer to the statutory reserve | 5.169.527 |
| Net income for the period | 51.695.274 |
| End of period | 46.525.747 |
| Total Shareholders' Equity | 751.695.274 |
Cash Flow Statement until Dec 31, 1995 |
|
| Saudi Riyal | |
| Cash flows from operating activities | |
| Net income for the period | 51.695.274 |
| Adjustments to reconcile net income to net cash from operating activities | ____ |
| Depreciation | 1.042.110 |
| Changes in assets and liabilities | |
| Prepayments and other assets | 2.591.378 |
| Accrued revenue | 24.662.143 |
| Accounts payable | 3.892.668 |
| Accrued expenses and other liabilities | 4.094.308 |
| End of service benefit | 219.035 |
| Zakat provision | 1.518.248 |
| Total adjustments | 16.487.152 |
| Net cash from operating activities | 35.208.122 |
| Cash flow from investment activities | |
| Deferred expenses | 170.000 |
| Advances to contractors for projects under construction | 115.479.547 |
| Projects under construction | 41.034.117 |
| Purchases of property and equipment | 3.677.623 |
| Investments | 622.533.906 |
| Net cash used in investment activities | 782.895.193 |
| Cash flows from financing activities | |
| Capital | 700.000.000 |
| Loan proceeds | 48.109.000 |
| Net cash from financing activities | 748.109.000 |
| Net cash from financing activities | 421.929 |
| Net increase in bank balances | 421.929 |
Independent Auditors' Report: |
|
To: The Shareholders Tabuk Cement Company |
|
We have audited the balance sheet of Tabuk Cement Company (a Saudi joint stock company) as of December 31, 1995 and the related statement of income, changes in shareholders' equity and cash flows for the period from inception on November 1, 1992 to December 31, 1995, and the notes from 1 to 15 which are an integral part of these financial statements which were prepared by the management in accordance with the article (123) of the companies by-laws and presented to us together with all the information and explanations which we requested. We express our opinion on these financial statements based on our audit and the information and explanations we obtained which we considered necessary for the purposes of our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we pland and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tabuk Cement Company as of December 31, 1995 and the results of its operations and its cash flows for the period from inception on November 1, 1992 to December 31, 1995 based on the presentation and disclosure of the information included in the financial staements and in conformity with generally accepted accounting principles as summarized in Note 2. We are also of the opinion that the preparation and presentation of the above financial statements comply with the commercial code and the company's by-laws and are in agreement with the accounting records which are maintained in the Kingdom of Saudi Arabia and are computerized in accordance with the related commercial books regulations. Arther Andersum AlMohandis & Co. Arfan K. Ayass - License No. 98 Riyadh - Kingdom of Saudi Arabia - 29 Feb, 1996. |
