Financial Statements & Independent Auditor's Report |
| Tabuk Cement Company has announced its final financial statements for the year 2002. 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, 2002 - SR |
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| Year 2002 | Year 2001 | |
| Assets | ||
| Current Assets | ||
| Cash and Bank Balances | 1.909.371 | 853.846 |
| Investments in Government Bonds | 153.000.000 | 183.087.028 |
| Accounts Receivable | 2.428.603 | 3.616.419 |
| Advance Payments and Other Assets | 16.713.429 | 2.139.395 |
| Revenue Receivable | 425.088 | 565.517 |
| Inventories | 49.712.392 | 43.497.943 |
| Total Current Assets | 224.188.883 | 233.760.148 |
| Investment in Other Companies | 18.000.000 | ___ |
| Fixed Assets - Net | 902.372.628 | 951.683.215 |
| Projects Under Construction | 4.247.561 | 3.105.664 |
| Deferred Charges - Net | 22.923.133 | 23.390.259 |
| Total Assets | 1.171.732.205 | 1.211.939.286 |
| Liabilities and Shareholders' Equity | ||
| Current Liabilities | ||
| Accounts Payable | 10.165.225 | 8.876.552 |
| Accruals and Other Liabilities | 7.736.258 | 6.101.903 |
| Dividends being Distributed | 6.538.362 | 4.450.320 |
| Dividends Proposed | 700.000.000 | 49.000.000 |
| Provision for Zakat and Income Tax | 2.777.618 | 1.080.588 |
| Current Installment - SIDF Loan | 70.000.000 | 50.000.000 |
| Total Current Liabilities | 167.217.463 | 119.509.363 |
| Non-Current Installment - SIDF Loan | 215.000.000 | 310.000.000 |
| End of Service Benefit | 3.509.047 | 2.814.235 |
| Total Liabilities | 385.726.510 | 432.323.598 |
| Shareholders' Equity | ||
| Capital | 700.000.000 | 700.000.000 |
| Statutory Reserve | 25.091.915 | 17.216.247 |
| Reatained Earnings | 60.913.780 | 62.399.441 |
| Total Shareholders' Equity | 786.005.695 | 779.615.688 |
| Total Liabilities and Shareholders' Equity | 1.171.732.205 | 1.211.939.286 |
Statement of Income Dec 31, 2002 - SR |
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| Year 2002 | Year 2001 | |
| Sales | 214.049.048 | 178.117.833 |
| Cost of Sales | 121.371.923 | 111.221.089 |
| Gross Income | 92.677.125 | 66.896.744 |
| General and Administrative Expenses | 12.975.554 | 12.593.031 |
| Selling and Marketing Expenses | 1.384.135 | 1.011.129 |
| Financing Expenses and Banking Commissions | 2.460.504 | 1.894.776 |
| Net Income before Zakat | 75.856.932 | 51.397.809 |
| Other Income | 4.946.729 | 7.216.752 |
| Net Income before Zakat | 80.803.661 | 58.614.561 |
| Zakat | 2.046.980 | 916.599 |
| Net Income | 78.756.681 | 57.697.962 |
| Share's Revenue | 5.62 | 4.12 |
Changes in Shareholders' Equity |
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| For the Year Ended | Capital | S. Reserve | R. Earn. | Total |
| Dec 31, 2002 | SR | SR | SR | SR |
| Balance at Beginning of the Year | 700.000.000 | 17.216.247 | 62.399.441 | 779.615.688 |
| Reconciliations of Previous Years | ___ | ___ | 572.623 | 572.623 |
| Net Income | ___ | ___ | 78.756.681 | 78.756.681 |
| Transferred to Statutory Reserve | ___ | 7.875.668 | 7.875.668 | ___ |
| Dividends Proposed | ___ | ___ | 70.000.000 | 70.000.000 |
| Directors' Remuneration | ___ | ___ | 1.794.051 | 1.794.051 |
| 700.000.000 | 25.091.915 | 60.913.780 | 786.005.695 | |
| For the Year Ended | ||||
| Dec 31, 2001 | ||||
| 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 |
| Director's Remuneration | ___ | ___ | 846.408 | 846.408 |
| 700.000.000 | 17.216.247 | 62.399.441 | 779.615.688 | |
| Net Income per Share for the Year 2002 Riyal/Share 4.35 | ||||
| Net Income per Share for the Year 2001 Riyal/Share 4.46 | ||||
Statement of Cash Flows - Dec 31, 2002 - SR |
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| Year 2002 | Year 2001 | |
| Cash Flows from Operating Activities | ||
| Net Income | 78.756.681 | 57.697.962 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
| Depreciation | 58.097.107 | 58.053.487 |
| Loss (Earnings) on Sale of Fixed Assets | 71.997 | 38.008 |
| Amortization of Deferred Charges | 2.983.652 | 2.856.757 |
| Provision for Zakat and Income Tax | 2.094.835 | 982.772 |
| End of Service Benefit | 1.075.525 | 954.308 |
| Reonciliations of Previous Years | ___ | 700.387 |
| Increase (Decrease) in Operating Assets | ||
| Accounts Receivable | 1.187.816 | 340.297 |
| Advance Payments and Other Assets | 14.574.034 | 478.137 |
| Revenues Receivable | 140.429 | 2.287.092 |
| Inventories | 6.214.449 | 7.957.742 |
| Increase (Decrease) in Operating Liabilities | ||
| Accounts Payable | 1.288.673 | 3.625.400 |
| Accruals and Other Payables | 159.696 | 3.833.806 |
| Provision for Zakat and Income Tax - Paid | 970428 | 869.997 |
| End of Service Benefits - Paid | 380.713 | 376.523 |
| Net Cash Flows from Operating Activities | 123.253.401 | 113.576.035 |
| Investments in Other Companies | 18.000.000 | ___ |
| Deferred Charges | 2.516.526 | ___ |
| Projects Under Construction | 1.141.897 | 1.303.780 |
| Additions of Fixed Assets | 8.786.523 | 9.920.999 |
| Profits of Sale of Fixed Assets | 72.000 | 40.000 |
| Net Flow - Investing Activities | 285.918 | 36.633.981 |
| Cash Flows - Financing Activities | ||
| Dividends Distributed | 46.911.958 | 37.549.680 |
| Paid Installments - SIDF Loan | 75.000.000 | 40.000.000 |
| Net Cash Flow - Financing Activities | 121.911.958 | 77.549.680 |
| Increase (Decrease) in Cash and Bank Balances | 1.055.525 | 607.626 |
| Cash and Bank Balances - Beginning of Year | 853.846 | 1.461.472 |
| Cash and Bank Balances - End of Year | 1.909.371 | 853.846 |
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, 2002 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: 1- present fairly in all material aspects, the financial position of Tabuk Cement Company as of December 31, 2002 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. 2- Are in conformity with the regulations for companies and the company bylaws in accordance with the applied standards for preparing and presenting the financial statements 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 - 05 Feb, 2003. |
