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Corporate Presentation January 2012 Contents Page Highlights 3 Company Background 4 Market and Outlook 9 Financial Analysis 16 Macro and Demand 21 Appendices 28 – Financial Information – Board of Directors 2 Operational Highlights Jan 2011: Successfully issued US$400m 5-Year Senior Notes at 7.5% p.a. interest rate, strengthening our balance sheet and providing capital for expansion. Our Growth and Consolidation in Shaanxi May 2011: Commissioned the 1.1mt Xixiang Plant in Hanzhong. June 2011: Acquired an 80% interest in the 2mt Hancheng Yangshanzhuang Plant. This plant has energy reducing technology, uses slag and fly ash as low cost inputs and extends our market reach to southern Yan‟an and to neighbouring Shanxi Province. Purchase cost of RMB330 per ton. Danfeng Line 2 Plant of 1.5mt, construction completed in Dec 2011. Capacity by mid-2012, Commissioning in Feb 2012. Shaanxi – 17.1mt Our Move into Xinjiang Xinjiang – 2.6mt April 2011: Commenced construction of the 2mt Yutian Plant in Keriya County, Southern Xinjiang. Targeted completion 3Q12 with estimated construction cost of RMB650 million, including residual heat recovery system. May 2011: Acquired the 650K ton Hetian Plant in Hotan, Southern Xinjiang. Purchase cost of RMB270 per ton. 3 West China Cement Limited Company Background 4 Company Development We target up to 25-30 million tons capacity by 2015… Dec 04: Dec 07: Dec 09: Dec 10: Jun 11 1.4 mt 3.6 mt 8.5 mt 12.5 mt 16.2 mt Jan and Jul 2010, production facilities in 2007: Jan 2009, Hanzhong nd Our 2 Ankang (Yangxian and production Xunyang Mianxian) facility was May 2008: production commenced built in Xi‟an – Successfully facility operation the production completed a commenced lines US$60m 2006: operation. May 2011, commenced syndicated WCC was acquired the 650K ton operation in loan. listed on the Hetian Plant in Hotan, May and Aug Sept 2010, Southern Xinjiang. London Stock respectively. Pucheng Line 2 Exchange AIM 2003: Aug 2009, commenced May 2011, market in Dec operation Our first NSP production 2006, raising acquired production facility in facility was constructed at GBP22 million. Zhen‟an, with Xixiang, Hanzhong Pucheng. an annual Aug 2010, commenced cement successfully operation 2004: production listed on the The 2500t/d line was capacity HKSE and June 2011, completed and commenced of 700,000 tons. delisted from acquired the 2mt operation in Feb 2004. AIM Hancheng Plant Dec 2009, acquired Dec 2010: Danfeng, with Acquired an annual Jianghua in cement Ankang production capacity of 1.1 million tons. 5 Shaanxi Province – Home Market WCC is Shaanxi’s largest cement producer with a market leadership position in the south and east of the Province. Serving the development and urbanisation needs of southern and eastern Shaanxi A mountainous region with natural barriers protecting our core market stronghold areas Production plants in proximity to our limestone resources and markets Focus on both infrastructure and rural development markets Our Core Market Strategy ensures margins superior to our competitors in the province. 6 For the period ended June 30 DiversifyingSouthern Xinjiang into New– A MarketNew Growth - Xinjiang Market Replicating our Core Market Strategy in Hotan Hotan region is situated in the far south of Xinjiang Province, bordered to the north by the Taklamakan Desert and to the south by the Kunlun Mountains. The region comprises 7 counties and 1 city with a population exceeding 2 million. 2010 GDP of RMB10 billion, a 12% yoy increase. 2010 FAI of RMB10 billion, a 31% yoy increase. Cumulative FAI from 2006-2010 (the 11th Five-Year Plan) was RMB 31 billion. Planned FAI under the 12th Five-Year Plan (2011-2015) is over RMB 130 billion – a more than four fold increase. Abundant resources in the region: more than 60 different types of natural reserves (natural gas, oil, coal, limestone, jade, lead-zinc, Asian manganese magnets etc). Confirmed natural gas reserve of approx. 61.6 billion cubic meters. The Region is being developed as a key energy supply zone – rapid infrastructure development and urbanisation. Hotan County is undergoing an intense programme of infrastructure and social spending, including road and rail communications, an Airport, reservoirs and hydro electric projects, social housing and urban construction (Details on the next page). Total investment of RMB20 billion for 2009-2013, of which RMB13 billion from Central Government. 2010 cement output of approx. 1.2mt, of which only 50% are NSP technologies. Limestone and coal are plentiful and low cost. Cement profit margins are high. WCC: The Hetian (Hotan) and Yutian (Keriya) Plants will make Hotan area our first Core Market in Xinjiang. 7 …targeted to reach approximately Our Production Facilities 20mt by mid-2012. 1. Production Facilities at end 2010 2. New Production Facilities Added in 2011 Production Annual Commencement/ Residual Heat Production Annual Commencement/ Residual Facilities Capacity Acquisition Date Recycling Facilities Capacity Acquisition Date Heat (mt) System (mt) Recycling System 1 Weinan 2.5 Commissioned Completed 4Q11 10 Hetian (or Luxin), 0.6 Acquired May N/A Pucheng Line 1: Feb 2004 Xinjiang 2011 Line 1 & 2 Line 2: Sept 2010 11 Hancheng 2.0 Acquired Jun 2011 N/A 2 Xi‟an Lantian 2.2 Commissioned Installed in Yangshanzhuang Line 1 & 2 Line 1: May 2007 Sept 2008 (80% interest) Line 2: Aug 2007 12 Hanzhong Xixiang 1.1 Commissioned Completed 3 Shangluo 1.1 Acquired N/A Apr 2011 4Q11 Danfeng Dec 2009 4 Shangluo 0.7 Acquired N/A 13 Shangluo Danfeng 1.5 Commisioning Target Zhen‟an Aug 2009 Line 2 Feb 2012 completion 2Q12 5 Ankang 2.0 Commissioned Installed in Xunyang Jan 2009 Nov 2009 At 31 Dec 2012 17.7 6 Hanzhong 1.1 Commissioned Completed 4Q11 Yangxian Jan 2010 3. Construction in Progress 7 Xi‟an Lantian 0.7 Commissioned N/A Production Annual Expected Residual Grinding Mill July 2010 Facilities Capacity Commencement Heat 8 Mianxian 1.1 Commissioned Completed 4Q11 (mt) Date Recycling Yaobai July 2010 System 9 Ankang 1.1 Acquired Target completion 14 Yutian cement 2.0 Jun 2012 2013 Jianghua Dec 2010 2Q12 plant (80% interest) At 30 Jun 2012 19.7 8 Total 12.5 West China Cement Limited Market and Outlook The Three Central Government Objectives in the Cement Industry Capacity control Elimination of old capacity Industry consolidation 9 Central Shaanxi – Competitive Landscape Shengwei-Jingyang: 2.2mt Jidong-Tongchuan: 4.4mt Jidong-Jingyang: 4.4mt Shengwei-Tongchuan: 4.4mt Shengwei-Tongchuan: 2.2mt (CIP) Conch-Liquan: 4.4mt Manyi: 2.2mt Conch-Qianxian: 2.2mt (CIP) Yaowangshan: 2.2mt (acquired from Zhongxi): Fenghuang:2.2mt (CIP) Jidong-Fufeng: 4.4mt Jidong-Fengxiang: 2.2mt Tongchuan WCC-Hancheng: 2mt Conch-Chencang: 2.2mt WCC-Pucheng: 2.5mt (acquired from Zhongxi) Xianyang Weinan Shifeng-Fuping: 2.2mt Conch-Qianyang: 2.2mt Baoji ItalCementi-Fuping: 2.2mt Shengwei-Fengxian: 0.6mt Xi’an WCC-Lantian: 2.9mt Conch-Qishan: 3.3mt (acquired from Zhongxi) WCC Shengwei Shehui-Meixian: 1.1mt Conch Other Indicated tonnage is annual cement capacity. 10 Source: Digital Cement, WCC Jidong Southern Shaanxi – Competitive Landscape WCC-Xixiang: 1.1mt WCC- Zhen’an: 0.7mt WCC-Yangxian: 1.1mt WCC-Danfeng 1: 1.1mt WCC-Danfeng 2: 1.5mt WCC-Mianxian: 1.1mt Jinlong: 1.1mt SINOMA-Hanjiang:2.2mt WCC-Xunyang: 2mt WCC WCC-Jianghua: 1.1mt Sinoma Others Indicated tonnage is annual cement capacity. Source: Digital Cement, WCC 11 Shaanxi – 2012-2013 NSP Capacity Yulin Market Producer Xi’an Baoji Xianyang Tongchuan Weinan Shangluo Ankang Hanzhong Total & Yan’an share WCC 2.9 - - - 4.5 3.3 3.1 3.3 - 17.1 23% Jidong - 6.6 4.4 4.4 - - - - - 15.4 21% Conch - 7.7 6.6 - - - - - - 14.3 19% Shengwei - 0.6 2.2 6.6 - - - - - 9.4 13% Others - 1.1 6.6 4.4 1.1 2.2 2.6 18.0 24% Total 2.9 16 13.2 17.6 8.9 3.3 4.2 5.5 2.6 74.2 100% % Total 4% 22% 18% 24% 12% 4% 6% 7% 3% 100% Supply Source: Digital Cement, WCC. Data includes all construction in progress. Xi‟an is the largest cement market in the province, accounting for 30-40% of total demand. Baoji, Tongchuan and Xianyang are the major areas of supply, accounting for over 60% of provincial output. New entrants have built or acquired capacity in central Shaanxi – pressuring prices to gain market share. WCC Core Markets are Weinan, Shangluo, Ankang and Hanzhong – areas where we command market shares of 50% to 100% of NSP capacity. WCC is able to maintain margins higher than our peers situated in Central Shaanxi. 12 Shaanxi Cement Market – Outlook 2011: A tough year, especially in 2H. Credit tightening led demand slowdown; price wars in Central Shaanxi and a longer than normal rain season (August – October) have all depressed pricing. Demand: National Infrastructure projects (e.g. High Speed Railway) have remained slow, depressing high grade cement demand. Higher than normal 3Q rains have led to all producers de-stocking through to December, resulting in little pricing upside in 4Q “peak” season. Southern Shaanxi demand has a more positive outlook for 2012 - The Southern Shaanxi Resettlement Project (approx. annual demand 1.2m-1.4m tons) and the Hanjiang to Weihe River Water Transport Project (approx annual demand 400,000 tons) started construction in 3Q11, supporting demand in Shangluo, Ankang and Hanzhong. Supply: The tough operating environment has accelerated the consolidation process. WCC acquired Hanzhong Yanshanzhuang (2mt) in June; Conch acquired Zhongxi (approx 7mt) in August. Smaller plants have shut down in 3/4Q. Shaanxi 2011 Cement Production was approx 64mt (Source: Digital Cement) – expected 2012 net additions approx 5-10mt reaching total supply of 70-75mt of cement production capacity.
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