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October / Novermber 2011 Corporate Presentation

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October / Novermber 2011 Corporate Presentation Corporate Presentation October/ November 2011 Contents Page Highlights 3 Company Background 5 Financial Analysis 10 Market and Outlook 14 Appendices 26 – 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, targeted commissioning in Dec 2011. Capacity by mid-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 (continued)Financial Highlights For the six months ended 30 June 2011: Sales Volume for Cement Revenue increased by 41.6% to RMB1,713.0 million, as a result of the Group‟s increase in sales volume Tonnage (Millions) following the Group‟s capacity expansion. 9.9 Profit attributable to the owners of the Company increased by RMB56.2 million or 15.5% to RMB419.0 million. 5.1 Due to the increase in the number of shares following the Company‟s listing on the HKSE in August 2010, earnings 3.4 2.4 5.9 per share (“EPS”) amounted to RMB0.10 (six months 4.0 ended 30 June 2010: RMB0.11) per share. The EPS for June 2010, taking into account of the above listing effect, would have been RMB0.085 per share. 2007 2008 2009 2010 1H2011 Gearing, measured as net borrowings to equity, increased from 23.0% as at 31 December 2010 to 57.0% as at 30 June 2011, mainly attributable to the increase in the total borrowings by RMB2,062.7 million to RMB3,274.1 million as a result of the Company‟s issue of senior notes. The board of directors of the Company proposed and approved an interim dividend of RMB0.02 per share, with total distributable dividends of approximately RMB85.3 million, representing approximately 20.3% of profit attributable to owners of the Company for the six months ended 30 June 2011. 4 West China Cement Limited Company Background 5 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 commenced 2003: Aug 2009, May 2011, market in Dec operation Our first NSP production 2006, raising acquired production facility in facility was constructed at Zhen‟an, with Xixiang, Hanzhong GBP22 million. Aug 2010, Pucheng. an annual commenced cement successfully operation listed on the 2004: production 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. 6 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. 7 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. 8 …targeted to reach approximately Our Production Facilities 20mt by mid-2012. 1. Production Facilities at end 2010 2. New Production Facilities Added in 1H2011 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 Target completion 10 Hetian (or Luxin), 0.6 Acquired May N/A Pucheng Line 1: Feb 2004 in 4Q11 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 Target 3 Shangluo 1.1 Acquired N/A Apr 2011 completion Danfeng Dec 2009 in 4Q11 4 Shangluo 0.7 Acquired N/A At 30 Jun 2011 16.2 Zhen‟an Aug 2009 5 Ankang 2.0 Commissioned Installed in 3. Construction in Progress Xunyang Jan 2009 Nov 2009 6 Hanzhong 1.1 Commissioned Target completion Production Annual Expected Residual Yangxian Jan 2010 in 4Q11 Facilities Capacity Commencement Heat (mt) Date Recycling 7 Xi‟an Lantian 0.7 Commissioned N/A System Grinding Mill July 2010 13 Shangluo 1.5 Dec 2011 Target 1Q12 8 Mianxian 1.1 Commissioned Target completion Danfeng Line 2 Yaobai July 2010 in 4Q11 14 Yutian cement 2.0 Jun 2012 Target 3Q12 9 Ankang 1.1 Acquired Target completion plant Jianghua Dec 2010 in 1Q12 (80% interest) At 30 Jun 2012 19.7 9 Total 12.5 West China Cement Limited Financial Analysis 10 Growth and Profitability Sales Volume for Cement Revenue Tonnage (Millions) RMB Millions 2,960.89.9 1,516.8 4.0 866.1 5.1 525.9 1,209.6 1,713.0 3.4 2.4 5.9 2007 2008 2009 2010 1H2011 Gross Profit Net Profit RMB Millions RMB Millions 2007 2008 2009 2010 1H2011 933.3 1192.4 638.7 330.5 246.2 310.1 566.9 150.3 421.0 175.8 472.6 366.4 2007 2008 2009 2010 1H2011 2007 2008 2009 2010 1H2011 11 Financial Analysis and KPIs (RMB Million) June 2011 June 2010 June 2011 June 2010 Revenue 1,713.0 1,209.6 Revenue Growth 42% 111% Gross Profit 566.9 472.6 Gross Profit Growth 20% 162% EBITDA 733.5 570.3 Profit attributable to ASP/t (RMB) 280 302 419.0 362.8 equity holders GP/t (RMB) 96 118 NP/t (RMB) 71 91 Gross Profit Margin 33.1% 39.1% EBITDA Margin 42.8% 47.2% Trade receivable 32 18 Net Profit Margin 24.6% 30.3% Turnover Days (3) Inventory 42 68 Turnover Days (4) Basic EPS 10 cents 11 cents Trade payable Gearing 52 68 57.0% 23.0% Turnover Days (5) (Net debt/equity) ROE (1) 11% 25% Notes： (1) = Profit/ Average Owner‟s Equity ROA (2) 6% 9% (2) = Net Profit/ Average Total Assets (3) = 365 day /（ Turnover/ Average trade receivable） (4) = 365 day /（Production cost /Average inventory） (5) = 365 day /（Production cost / Average trade payable） 12 Production Cost Analysis Production Cost Average Coal Price RMB per ton RMB Millions31.2% 580 636 492 434 290 1,768.4 11.1% 2007 2008 2009 2010 1H2011 18.4% 1,146.118.4% Average Electricity Price RMB per kWh 10.5% 878.1 0.0% 17.9% 0.40 0.40 0.45 0.40 0.43 10.5% 36.5% 20.7% 556.1 37.4% 10.3% 22.0% 31.2% 2007 2008 2009 2010 1H2011 36.0% Average Limestone Price 29.7% 29.7% 32.4% 26.0% RMB per ton 16.8 14.2 13.7 14.7 2008 2009 2010 1H2011 11.9 Raw material Coal cost Electricity Cost Depreciation Labor cost Others 2007 2008 2009 2010 1H2011 13 West China Cement Limited Market and Outlook 14 Shaanxi Cement Market – Near Term Outlook September Rain: Highest rainfall in 50 years in Shaanxi has led to inventory buildup at all producers.
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