Financial Statements & Independent Auditor's Report |
| Tabuk Cement Company has announced its final financial statements for the year 2004. 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, 2004 - SR |
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| Year 2004 | Year 2003 | |
| Assets | ||
| Current Assets | ||
| Cash and Bank Balalnces | 6.345.163 | 3.188.864 |
| Investments - Short Term | 127.300.000 | 109.700.000 |
| Accounts Receivable | 33.951.279 | 13.106.688 |
| Inventory | 103.935.289 | 110.205.134 |
| Total Current Assets | 271.531.731 | 236.200.686 |
| Non-Current Assets | ||
| Investments | 18.000.000 | 18.000.000 |
| Fixed Assets - Net | 772.155.936 | 798.245.771 |
| Capital Works Under Construction | 37.210.458 | 47.819.331 |
| Deferred Charges - Net | 17.335.346 | 19.824.287 |
| Total Non-Current Assets | 844.701.740 | 883.889.389 |
| Total Assets | 1.116.233.471 | 1.120.090.075 |
| Liabilities and Shareholders' Equity | ||
| Current Liabilities | ||
| Accounts Payable | 15.003.310 | 17.164.803 |
| Dividends & Other Shareholders' Dues | 28.468.870 | 20.846.902 |
| Dividends Proposed | -- | 70.000.000 |
| SIDF Loan - Current Installments | 50.000.000 | 70.000.000 |
| Provision for Zakat and Income Tax | 3.694.874 | 2.744.346 |
| Total Current Liabilities | 97.167.054 | 180.756.051 |
| Non-Current Liabilities | ||
| SIDF Loan | 95.000.000 | 145.000.000 |
| End of Service Benefit | 5.467.072 | 4.324.911 |
| Total Non-Current Liabilities | 100.467.072 | 149.324.911 |
| Total Liabilities | 197.634.126 | 330.080.962 |
| Shareholders' Equity | ||
| Capital | 700.000.000 | 700.000.000 |
| Statutory Reserve | 45.516.741 | 32.657.718 |
| Retained Earnings | 173.082.604 | 57.351.395 |
| Total Shareholders' Equity | 918.599.345 | 790.009.113 |
| Total Liabilities and Shareholders' Equity | 1.116.233.471 | 1.120.090.075 |
Statement of Income - Dec 31, 2004 - SR |
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| Year 2004 | Year 2003 | |
| Sales - Net | 284.113.326 | 210.834.908 |
| Cost of Sales | 141.856.088 | 120.962.358 |
| Gross Income | 142.257.238 | 89.872.550 |
| Selling & Marketing Expenses | 1.647.210 | 1.493.014 |
| General and Administrative Expenses | 13.705.297 | 13.106.816 |
| Total Expenses | 15.354.507 | 14.599.830 |
| Net Income from Operation | 126.902.731 | 75.272.720 |
| Other Income (Expenses) | 7.579.973 | 4.982.178 |
| Financing Expenses | 2.566.000 | 2.636.000 |
| Total - Other Income (Expenses) | 5.013.973 | 2.346.178 |
| Net Income - Before Zakat | 131.916.704 | 77.618.898 |
| Provision for Zakat | 3.326.472 | 1.960.869 |
| Net Income | 128.590.232 | 75.658.029 |
| Regular Share's Revenue | 9.19 | 5.40 |
Statement of Cash Flows - Dec 31, 2004 - SR |
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| Year 2004 | Year 2003 | |
| Cash Flows from Operating Activities | ||
| Net Income | 128.590.232 | 75.658.029 |
| Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
| Depreciation of Fixed Assets | 56.536.639 | 56.303.711 |
| Amortization of Deferred Charges | 3.235.441 | 56.303.711 |
| Losses (Earnings) on Sale of Fixed Assets | 50.998 | 3.981 |
| End of Service Benefits | 1.505.006 | 1.061.664 |
| Provision for Zakat and Income Tax | 3.326.472 | 1.960.869 |
| 193.142.792 | 138.124.100 | |
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Changes in Assets & Liabilities (Increase) Decrease: |
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| Investments - Short Term | 17.600.000 | 43.300.000 |
| Accounts Receivable | 20.844.591 | 6.460.432 |
| Inventory | 6.269.846 | 10.024.856 |
| (Decrease) Increase: | ||
| Accounts Payable | 2.161.694 | 2.391.291 |
| Provision for Zakat and Income Tax | 2.375.944 | 1.994.141 |
| End of Service Benefits | 362.845 | 245.800 |
| Net Cash Flow - Operating Activities | 156.067.763 | 173.228.444 |
| Investments | ||
| Purchase of Fixed Assets | 1.411.704 | 2.652.491 |
| Profits of Sales of Fixed Assets | 139.442 | 3.770 |
| Capital Works Under Construction | 18.514.669 | 43.571.770 |
| Deferred Charges | 746.500 | 37.000 |
| Net Flow (used in) Investment Activities | 20.533.431 | 46.257.491 |
| Cash Flows - Financing Activities | ||
| Distribute Profits | 62.378.033 | 55.691.460 |
| SIID Loan | 70.000.000 | 70.000.000 |
| Net Cash Flow (used in) Financing Activities | 132.378.033 | 125.691.460 |
| Net Increase in Cash Balances | 3.156.299 | 1.279.493 |
| Cash and Bank Balances - Beginning of Year | 3.188.864 | 1.909.371 |
| Cash and Bank Balances - End of Year | 6.345.163 | 3.188.864 |
| Capital Works Under Construction Transferred to Fixed Assets | 29.123.541 | -- |
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 - Saudi Joint Stock Company - as of December 31, 2004 and the related statement of income for the 3 months period and the year then ended at that 31 December, 2004 and Statement of Cash Flows for the year ended 31 December, 2004. Those initial financial statements have been prepared by the company and submitted to us with all the data and information that we requested. We have conducted a limited examination in accordance with the criteria for examining initial financial statements issued by the Saudi authority for Legal Accountants. The limited examination consists mainly of the application of analytical procedures to the financial information at hand and the inquiry from company official upon financial and accounting issues. This is considered a lower range examination than the auditing process which is conducted in compliance with the common auditing procedures, and which aims at the overall evaluation of the financial statements. Accordingly, we will not be issuing this evaluation. Based on the limited examination conducte, we have not found any noteworthy adjustments to be incorporated with the attached initial financial statements to achieve compliance with the common accounting principles. For Mr. Al-Ay'yoti & Co. Certified Public Accountant - Registration No. (211) Kingdom of Saudi Arabia - 12 Jan, 2005. |
