Financial Statements & Independent Auditor's Report |
| Tabuk Cement Company has announced its final financial statements for the year 2001. 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, 2001 - SR |
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| Year 2001 | Year 2000 | |
| Assets | ||
| Current Assets | ||
| Cash and Bank Balances | 853.846 | 1.461.472 |
| Accounts Receivable | 3.616.419 | 3.956.716 |
| Advance Payments and Other Assets | 2.139.395 | 2.617.532 |
| Investments | 183.087.028 | 157.637.826 |
| Accrued Revenues | 2.852.609 | 565.517 |
| Inventories | 43.497.943 | 35.540.471 |
| Total Current Assets | 233.760.148 | 204.066.626 |
| Projects Under Construction | 3.105.664 | 8.041.420 |
| Deferred Charges - Net | 23.390.259 | 22.872.648 |
| Fixed Assets - Net | 951.683.215 | 997.028.543 |
| Total Assets | 1.211.939.286 | 1.232.009.237 |
| Liabilities & Shareholders' Equity | ||
| Current Liabilities | ||
| Accounts Payable | 8.876.552 | 5.251.152 |
| Accruals and Other Liabilities | 6.101.903 | 9.089.301 |
| Dividends being Distributed | 4.450.320 | ___ |
| Dividiends Proposed | 49.000.000 | 42.000.000 |
| Provision for Zakat and Income Tax | 1.080.588 | 967.813 |
| Current Installment - SIDF Loan | 50.000.000 | 40.000.000 |
| Total Current Liabilities | 119.509.363 | 97.308.266 |
| Non-Current Installment - SIDF Loan | 310.000.000 | 360.000.000 |
| End of Service Benefits | 2.814.235 | 2.236.450 |
| Total Liabilities | 432.323.598 | 459.544.716 |
| Shareholders' Equity | ||
| Capital | 700.000.000 | 700.000.000 |
| Statutory Reserve | 17.216.247 | 11.446.451 |
| Retained Earnings | 62.399.441 | 61.018.070 |
| Total Shareholders' Equity | 779.615.688 | 772.464.521 |
| Total Liabilities and Shareholders' Equity | 1.211.939.286 | 1.232.009.237 |
Statement of Income Dec 31, 2001 - SR |
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| Year 2001 | Year 2000 | |
| Gross Income | 66.896.744 | 31.944.495 |
| Selling and Marketing Expenses | 1.011.129 | 1.548.289 |
| General and Administrative Expenses | 12.593.031 | 12.644.627 |
| Financing Expenses | 1.894.776 | 2.195.366 |
| Other Income - Net | 7.216.752 | 8.119.179 |
| Net Income before Zakat | 58.614.561 | 23.675.392 |
| Zakat | 916.599 | 804.813 |
| Net Income | 57.697.962 | 22.870.579 |
Changes in Shareholders' Equity - SR |
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| For the Year Ended | Capital | St. Reserve | R. Earn. | Total |
| 31 Dec 2001 | SR | SR | SR | SR |
| Balance at Beginning of the Year | 700.000.000 | 11.446.451 | 61.018.070 | 772.464.521 |
| Reconciliations of Previous Years | ___ | ___ | 700.387 | 700.387 |
| Net Income | ___ | ___ | 57.697.962 | 57.697.962 |
| Transferred to Statutory Reserve | ___ | 5.769.796 | 5.769.796 | ___ |
| Dividends Proposed | ___ | ___ | 49.000.000 | 49.000.000 |
| Directors' Remuneration | ___ | ___ | 846.408 | 846.408 |
| 700.000.000 | 17.216.247 | 62.399.441 | 779.615.688 | |
| For the Year Ended | ||||
| 31 Dec, 2000 | ||||
| Balance at Beginning of the Year | 700.000.000 | 9.159.394 | 82.434.548 | 791.593.942 |
| Net Income | ___ | ___ | 22.870.579 | 22.870.579 |
| Transferred to Statutory Reserve | ___ | 2.287.057 | 2.287.057 | ___ |
| 700.000.000 | 11.446.451 | 61.018.070 | 772.464.521 | |
| Net Income per Share for the Year 2001 Riyal/Share 4.12 | ||||
| Net Income per Share for the Year 2000 Riyal/Share 1.63 | ||||
Statement of Cash Flows - Dec 31, 2001 - SR |
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| Year 2001 | Year 2000 | |
| Cash Flows from Operating Activities | ||
| Net Income | 57.697.962 | 974.013 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
| Depreciation | 58.053.487 | 93.533 |
| Loss on Sale of Fixed Assets | 56.007 | 17.439 |
| Earnings on Sale of Fixed Assets | 17.999 | ___ |
| Amortization of Deferred Charges | 2.856.757 | 2.541.405 |
| Provision for Zakat and Income Tax | 982.772 | 869.997 |
| End of Service Benefits | 954.308 | 927.599 |
| Reconciliations of Previous Years | 700.387 | ___ |
| Increase (Decrease) in Operating Assets | ||
| Accounts Receivable | 340.297 | 3.079.334 |
| Advance Payments and Other Assets | 478.137 | 2.478.837 |
| Investments | 25.449.202 | 63.160.266 |
| Revenue Receivables | 2.287.092 | 2.419.430 |
| Inventories | 7.957.742 | 5.423.087 |
| Increase (Decrease) in Operating Liabilities | ||
| Accounts Payable | 3.625.400 | 6.776.013 |
| Accruals and Other Payables | 3.833.806 | 2.889.716 |
| Provision for Zakat and Income Tax | 869.997 | 254.135 |
| End of Service Benefits | 376.523 | 500.025 |
| Net Cash Flows - Operating Activities | 88.126.833 | 10.737.237 |
| Cash Flows from Financing Activities | ||
| Dividends Distributed | 37.549.680 | ___ |
| Paid Installments - SIDF Loan | 40.000.000 | ___ |
| Net Cash Flows - Financing Activities | 77.549.680 | ___ |
| Cash Flows from Investing Activities | ||
| Deferred Charges | 224.779 | ___ |
| Projects Under Construction | 1.303.780 | 4.640.204 |
| Decrease (Increase) in Fixed Assets | 9.920.999 | 5.900.881 |
| Profits from Sale of Fixed Assets | 40.000 | 45.231 |
| Net Flow - Investing Activities | 11.184.779 | 10.720.633 |
| Increase (Decrease) in Cash and Bank Balances | 607.626 | 16.604 |
| Cash and Bank Balances - Beginning of Year | 1.461.472 | 1.444.868 |
| Cash and Bank Balances - End of Year | 853.846 | 1.461.472 |
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Cash Flows Supplementary Information A non-cash Transfer of SR 49.000.000 of retained earnings has been transferred to dividends proposed for distribution. |
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Independent Auditor's Report |
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To: Shareholders Tabuk Cement Company |
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We have audited the accompanying balance sheet of Tabuk Cement Company as of December 31, 2001 and the related statements of income, changes in shareholders' equity and cash flows for the year then ended, including the related notes. These financial statements are the responsibility of the company's management and have been prepared in accordance with the provisions of Regulations for Companies and presented to us together with all the information and explanations which we required. Our reponsibilitiy is to express an opinion on these financial statements on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan 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 to 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 taken as a whole present fairly in all material aspects, the financial position of Tabuk Cement Company as of December 31, 2001 and the results of its operation, changes in shareholders' equity and cash flows for the year then ended in conformity with generally accepted accounting principles. Income statement started with gross income according to the normal practice in the cement industry. For Dr. Mohamed Al-Amri & Co. Dr. Mohamed A. Al-Amri Certified Public Accountant - Registration No. (60) Kingdom of Saudi Arabia - 14 Feb, 2002. |
