Financial Statements & Independent Auditor's Report |
| Tabuk Cement Company has announced its final financial statements for the year 1999. The following is a detailed presentation of these statements along with the Independent Auditor's report. (Negative values are in red): |
Balance Sheet for the year ended Dec 31, 1999 - SR |
||
| Year 1999 | Year 1998 | |
| Assets | ||
| Current Assets | ||
| Cash and Bank Balances | 1.444.868 | 735.810 |
| Accounts Receivable | 6.630.923 | ___ |
| Prepayments and Other Assets | 4.138.237 | 6.417.394 |
| Investments | 94.477.560 | 91.275.622 |
| Inventories | 6.240.787 | 4.827.024 |
| Accrued Revenue | 433.179 | 382.236 |
| Total Current Assets | 113.365.554 | 103.638.086 |
| Advances to Contractors for Projects Under Construction | 965.482 | 1.395.818 |
| Projects Under Construction | 149.553.867 | 1.073.433.486 |
| Property, Plant, and Equipment, net | 932.265.989 | 4.480.834 |
| Pre-Operating Expenses | 21.212.282 | 17.999.673 |
| Deferred Expenses | ___ | 27.092.000 |
| Total Assets | 1.217.363.174 | 1.228.039.897 |
| Liabilities & Shareholders' Equity | ||
| Current Liabilities | ||
| Accounts Payable | 9.393.711 | 3.397.666 |
| Accrued Expenses and Other Liabilities | 12.118.728 | 4.485.066 |
| Contract Retentions | 2.095.966 | 27.721.439 |
| Provision for Zakat and Income Tax | 351.951 | 526.756 |
| Total Current Liabilities | 23.960.356 | 36.130.927 |
| Saudi Industrial Development Fund Loan | 400.000.000 | 400.000.000 |
| End of Service Benefit | 1.808.876 | 1.289.439 |
| Total Liabilities | 425.831.868 | 437.419.968 |
| Shareholders' Equity | ||
| Capital | 700.000.000 | 700.000.000 |
| Statutory Reserve | 9.159.394 | 9.061.993 |
| Retained Earnings | 82.434.548 | 81.557.936 |
| Total Shareholders' Equity | 791.593.942 | 790.619.929 |
| Total Liabilities and Shareholders' Equity | 1.217.363.174 | 1.228.039.897 |
Statement of Income Dec 31, 1999 - SR: |
||
| Year 1999 | Year 1998 | |
| Revenue | 4.810.186 | 11.191.359 |
| General and Administrative Expenses | 3.604.786 | 7.906.378 |
| Directors' Remuneration | 126.000 | 207.000 |
| Net Income for the Year Before Zakat and Taxes | 1.079.400 | 2.642.545 |
| Zakat and Taxes | 105.387 | 27.570 |
| Net Income for the Year | 974.013 | 2.614.975 |
Changes in Shareholders' Equity Dec 31, 1999 - SR |
||
| Year 1999 | Year 1998 | |
| Capital | 700.000.000 | 700.000.000 |
| Statutory Reserve | ||
| Beginning of the Year | 9.061.993 | 8.800.495 |
| Transfer from Retained Earnings | 97.401 | 261.498 |
| End of the Year | 9.159.394 | 9.061.993 |
| Retained Earnings | ||
| Beginning of the Year | 81.557.936 | 79.204.459 |
| Net Income for the Year | 974.013 | 2.614.975 |
| Transfers to the Statutory Reserve | 97.401 | 261.498 |
| End of the Year | 82.434.548 | 81.557.936 |
| Total Shareholders' Equity | 791.593.942 | 790.619.929 |
Statemet of Cash Flows - Dec 31, 1999 - SR: |
||
| Year 1999 | Year 1998 | |
| Cash Flows from Operating Activities | ||
| Net Income for the Year | 974.013 | 2.614.975 |
| Adjustments to Reconcile Net Income to Net Cash Provided for (Used in) Operating Activities | ||
| Depreciation | 93.533 | 886.425 |
| Changes in Assets & Liabilities | ||
| Increae in Accounts Receivable | 6.630.923 | ___ |
| Decrease (Increase) in Prepayments and Other Assets | 2.279.157 | 652.979 |
| Increase in Inventories | 1.413.763 | 4.827.024 |
| Increase in Accrued Revenue | 50.943 | 240.701 |
| Increase in Pre-Operating Expenses, Net | 3.212.609 | 11.640.880 |
| Increase (Decrease) in Accounts Payable | 5.996.045 | 30.746.963 |
| Increase in Accrued Expenses and Other Liabilities | 7.633.622 | 2.102.955 |
| Increase in End of Service Benefits | 519.835 | 572.969 |
| Increase (Decrease) in Zakat Provision | 174.805 | 29.406 |
| Total Adjustments | 5.039.189 | 45.166.037 |
| Net Cash from (Used in) Operating Activities | 6.013.202 | 42.551.062 |
| Cash Flows from Investing Activities | ||
| Decrease in Deferred Expenses | 1.620.000 | 1.902.000 |
| Decrease in Contract Retentions | 25.425.473 | 107.776.341 |
| Decrease in Advances to Contractors for Projects Under Contstruction | 430.336 | 14.188.410 |
| Decrease (Increase) in Property, Pland, and Equipment and Projects Under Construction | 24.712.931 | 106.033.661 |
| (Increase) Decrease in investments | 3.201.938 | 204.243.797 |
| Net Cash (used in) from Investing Activities | 5.034.144 | 2.720.205 |
| Cash Flows from Financing Activities | ||
| Loan Proceeds from Saudi Industrial Development Fund | ___ | 40.197.000 |
| Net Cash from Financing Activities | ___ | 40.197.000 |
| Net Increase in Cash and Bank Balances | 709.058 | 366.143 |
| Beginning Cash and Bank Balances | 735.810 | 369.667 |
| Ending Cash and Bank Balances | 1.444.868 | 735.810 |
| Non Cash Transactions | ||
| Classification of the Costs of Plant and its Facilities to Property, Plant, and Equipment | 968.266.056 | ___ |
Independent Auditor's Report |
|
To: Shareholders Tabuk Cement Company |
|
We have audited the accompanying balance sheets of TABUK CEMENT COMPANY (a Saudi joint stock company) as of December 31, 1999 and the related statement of income. Changes in Shareholders' Equity and Cash Flows for the year ended December 31, 1999 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 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 audits.
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, 1999 and 1998 and the results of its operations and its cash flows for the year ended December 31, 1998 based on the presentation and disclosure of the information included in the financial statements 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 Abdulrahman S. Al-Mudaiheem - License No. 77 Riyadh - Kingdom of Saudi Arabia - 25 Mar, 2000. |
