Financial Statements & Independent Auditor's Report |
| Tabuk Cement Company has announced its final financial statements for the year 2003. 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, 2003 - SR |
||
| Year 2003 | Year 2002 | |
| Assets | ||
| Current Assets | ||
| Cash and Bank Balances | 3.188.864 | 1.909.371 |
| Investments - Short Term | 109.700.000 | 153.000.000 |
| Accounts Receivable | 13.106.688 | 19.567.120 |
| Inventory | 110.205.134 | 100.180.278 |
| Total Current Assets | 236.200.686 | 274.656.769 |
| Non-Current Assets | ||
| Investments | 18.000.000 | 18.000.000 |
| Fixed Assets - Net | 798.245.771 | 851.904.742 |
| Capital Works Under Construction | 47.819.331 | 4.247.561 |
| Deferred Charges - Net | 19.824.287 | 22.923.133 |
| Total Non-Current Assets | 883.889.389 | 897.075.436 |
| Total Assets | 1.120.090.075 | 1.171.732.205 |
| Liabilities and Shareholders' Equity | ||
| Current Liabilities | ||
| Accounts Payable | 17.164.803 | 17.901.483 |
| Dividends & Other Shareholders' Dues | 20.846.902 | 6.538.362 |
| Dividends Proposed | 700.000.000 | 70.000.000 |
| Long-Term Loan - Current Installments | 700.000.000 | 70.000.000 |
| Provision for Zakat and Income Tax | 2.744.346 | 2.777.618 |
| Total Current Liabilities | 180.756.051 | 167.218.463 |
| Non-Current Liabilities | ||
| Long-Term Loan | 145.000.000 | 215.000.000 |
| End of Service Benefit | 4.324.911 | 3.509.047 |
| Total Non-Current Liabilities | 149.324.911 | 218.509.047 |
| Total Liabilities | 330.080.962 | 385.726.510 |
| Shareholders' Equity | ||
| Capital | 700.000.000 | 700.000.000 |
| Statutory Reserve | 32.657.718 | 25.091.915 |
| Retained Earnings | 57.351.395 | 60.913.780 |
| Total Shareholders' Equity | 790.009.113 | 786.005.695 |
| Total Liabilities and Shareholders' Equity | 1.120.090.075 | 1.171.732.205 |
Statement of Income - Dec 31, 2003 - SR |
||
| Year 2003 | Year 2002 | |
| Sales - Net | 210.834.908 | 214.049.048 |
| Cost of Sales | 120.962.358 | 121.371.923 |
| Gross Income | 89.872.550 | 92.677.125 |
| Selling & Marketing Expenses | 1.351.599 | 1.384.135 |
| General and Administrative Expenses | 13.248.231 | 12.994.058 |
| Total Expenses | 14.599.830 | 14.378.193 |
| Net Income for Main Activities | 75.272.720 | 78.298.932 |
| Other Income (Expenses) | ||
| Other Income | 4.982.178 | 4.946.729 |
| Financing Expenses | 2.636.000 | 2.442.000 |
| Total - Other Income (Expenses) | 2.346.178 | 2.504.729 |
| Net Income - Before Zakat | 77.618.898 | 80.803.661 |
| Provision for Zakat | 1.960.869 | 2.046.980 |
| Net Income | 75.658.029 | 78.756.681 |
| Share's Revenue | 5.40 | 5.63 |
Changes in Shareholders' Equity - Dec 31, 2003 |
||||
| Capital | S. Reserve | R. Earn. | Total | |
| Balance at 1 Jan 2002 | 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 |
| Balance at 31 Dec, 2002 | 700.000.000 | 25.091.915 | 60.913.780 | 786.005.695 |
| Net Income | ___ | ___ | 75.658.029 | 75.658.029 |
| Transferred to Statutory Reserve | ___ | 7.565.803 | 7.565.803 | ___ |
| Dividends Proposed | ___ | ___ | 70.000.000 | 70.000.000 |
| Directors' Remuneration | ___ | ___ | 1.654.611 | 1.654.611 |
| Balance at 31 December 2003 | 700.000.000 | 32.657.718 | 57.351.395 | 790.009.113 |
Statement of Cash Flows - Dec 31, 2003 - SR |
||
| Year 2003 | Year 2002 | |
| Cash Flows from Operating Activities | ||
| Net Income | 75.658.029 | 57.697.962 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
| Depreciation of Fixed Assets | 56.303.711 | 58.097.107 |
| Amortization of Deferred Charges | 3.135.846 | 2.983.652 |
| Losses (Earnings) on Sale of Fixed Assets | 3.981 | 71.997 |
| End of Service Benefits | 1.061.664 | 1.075.525 |
| Provision for Zakat and Income Tax | 1.960.869 | 2.094.835 |
| 138.124.100 | 142.935.803 | |
|
Changes in Assets & Liabilities (Increase) Decrease: |
||
| Investments - Short Term | 43.300.000 | 30.087.028 |
| Accounts Receivable | 6.460.432 | 13.245.789 |
| Inventory | 10.024.856 | 13.296.134 |
| (Decrease) Increase: | ||
| Accounts Payable | 2.391.291 | 1.128.977 |
| Provision for Zakat and Income Tax | 1.994.141 | 970428 |
| End of Service Benefits | 245.800 | 380.713 |
| Net Cash Flow - Operating Activities | 173.228.444 | 146.258.744 |
| Cash Flow - Investing Activities | ||
| Investments | ___ | 18.000.000 |
| Purchase of Fixed Assets | 2.652.491 | 1.704.838 |
| Profits of Sale of Fixed Assets | 3.770 | 72.000 |
| Capital Works Under Construction | 43.571.770 | 1.141.897 |
| Deferred Charges | 37.000 | 2.516.526 |
| Net Flow (used in) Investing Activities | 46.257.491 | 23.291.261 |
| Cash Flows - Financing Activities | ||
| Distributed Profits | 55.691.460 | 46.911.958 |
| Long-Term Loan | 70.000.000 | 75.000.000 |
| Net Cash Flow (used in) Financing Activities | 125.691.460 | 121.911.958 |
| Net Increse in Cash Balances | 1.279.493 | 1.055.525 |
| Cash and Bank Balances - Beginning of Year | 1.909.371 | 853.846 |
| Cash and Bank Balances - End of Year | 3.188.864 | 1.909.371 |
Independent Auditor's Report |
|
To: Shareholders Tabuk Cement Company |
|
We have audited the accompanying balance sheet of Tabuk Cement Company - Saudi Joint Stock Company - as of December 31, 2003 and the related statements of income, cash flows, and changes in shareholders' equity for the year then ended at that date including the related notes (1) to (22) considered an integral part of these statements. The preparation of these financial statements drawn from the computerized accounting records in Arabic are the responsibility of the company's management. It has been prepared by them in accordance with Article (123) of the Regulations for Companies and presented to us together with the information and data which we requested. Our reponsibility is to express an opinion on these financial statements based on our donducted audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and conduct 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 of the financial statements. 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, 2003 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 For Mr. Al-Ay'yoti & Co. Certified Public Accountant - Registration No. (211) Kingdom of Saudi Arabia - 17 Feb, 2004. |
