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March 2019 2018 Annual Results Presentation

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March 2019 2018 Annual Results Presentation 2018 Annual Results March 2019 Important Disclaimer and Notice to Recipients Institutional presentation materials By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of West China Cement Limited (the “Issuer”) for use in presentations by the Issuer at investor meetings and does not constitute a recommendation or offer regarding the securities of the Issuer. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. None the Issuer, Credit Suisse Securities (Europe) Limited and Nomura International plc, or any of their respective advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Issuer nor its advisors or representatives are under an obligation to update, revise or affirm. The information communicated in this presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "will", "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any investment in securities issued by the Issuer will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Issuer and its advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The Issuer assumes no responsibility to update forward-looking statements or to adapt them to future events or developments. Market data, industry participants data, industry forecasts and statistics in this presentation have been obtained from both public and private sources, including market research, publicly available information and industry publications. This information has not been independently verified by us and we do not make any representation as to the accuracy or completeness of that information. In addition, third-party information providers may have obtained information from market participants and such information may not have been independently verified. Due to possibly inconsistent collection methods and other problems, such statistics herein may be inaccurate. You should not unduly rely on such market data, industry forecasts and statistics. This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Issuer. The securities of the Issuer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States absent registration under or an applicable exemption from the registration requirements of the United States securities laws. This presentation and the information contained herein are being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the United States, Canada, Australia, Japan, Hong Kong, the PRC or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of U.S. or other national securities laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted. No invitation is made by this presentation or the information contained herein to enter into, or offer to enter into, any agreement to purchase, acquire, dispose of, subscribe for or underwrite any securities or structured products, and no offer is made of any shares in or debentures of the Issuer for purchase or subscription, except as permitted under the laws of Hong Kong. By reviewing this presentation, you are deemed to have represented and agreed that you and any client you represent are outside of the United States. 2 Company Overview Company Overview Western China focus – Shaanxi, Xinjiang and Guizhou The largest Market leader in Southern cement producer in and Eastern Central Shaanxi Province by NSP Shaanxi production capacity Cement capacity: 29.2mt Shaanxi: 23.3mt Xinjiang: 4.1mt Guizhou: 1.8mt ◼ 100% NSP capacity. Matching Clinker/Cement volumes at each plant ◼ Southern Shaanxi core markets: Dominant market position ◼ Eastern Central Shaanxi core market: Access to Xi’an metropolitan market ◼ Xinjiang and Guizhou: Growth opportunities ◼ Well positioned to capitalize on West China development ◼ A key strategic cement asset in North West China 4 2018 Annual Results 2018 Annual Results Highlights ◼ Operational Regional operational metrics (2018) – Period-end installed capacity of 29.2mt (31 Dec 2017: 29.2mt) Central Shaanxi Southern Shaanxi Total – Cement sales volume of 18.1mt (31 Dec 2017: 18.7mt). Including clinker sales Market 18.2mt (31 Dec 2017: 19.1mt). ◼ Highly Competitive ◼ Limited Competition situation – Cement ASP’s of RMB314/t (31 Dec 2017: RMB248/t) 15.01 7.54 Cement 7.47 ◼ Financial Production – Gross Profit increase to RMB1,985.8m (31 Dec 2017: RMB1,185.9m) volume (mt) – EBITDA increase to RMB2,637.0m (31 Dec 2017: RMB1,875.3m) – Profit Attributable to Shareholders RMB1,159.4m (31 Dec 2017: RMB710.8m) High grade High grade High grade – Net Gearing 26.0% (31 Dec 2017: 34.5%) 63% 66% 70% – Cash & cash equivalents of RMB1,075.1m (31 Dec 2017: RMB1,452.4m) Product mix Low grade Low grade Low grade ◼ Further Developments 30% 37% 34% – The Group early redeemed USD80 million 5-year senior note in November and December 2018 Average: 297 Average: 327 Average: 312 302 287 334 317 – Four aggregates production lines with capacities of 7 million tons in total have 316 303 been fully commissioned during 2018 ASP (RMB) High grade Low grade High grade Low grade High grade Low grade 6 Financial Analysis and KPIs RMB Million Ended Ended Ended Ended (unless otherwise specified) 31 Dec 2018 31 Dec 2017 % 31 Dec 2018 31 Dec 2017 Cement Sales Volume 18.1 18.7 (3.2%) ASP/t (RMB) 314 248 Revenue 5,911.7 4,760.0 24.2% GP/t (RMB) 110 63 Gross Profit 1,985.8 1,185.9 67.5% EBITDA 2,637.0 1,875.3 40.6% Trade receivable (4) 10 14 Profit/(Loss) Attributable to Turnover Days 1,159.4 710.8 63.1% Shareholders Inventory (5) 42 48 Basic EPS (cents) 21.3 13.1 62.6% Turnover Days Trade payable Dividend (cents) 2.6 2.6 - 59 58 Turnover Days (6) Gross Profit Margin 33.6% 24.9% 8.7 p.pt EBITDA Margin 44.6% 39.4% 5.2 p.pt As at As at 31 Dec 2018 31 Dec 2017 Total Assets 12,392.1 11,671.9 6.2% Net Debt (1) 1,976.5 2,287.7 (13.6%) Net Gearing (2) 26.0% 34.5% (8.5 p.pt) Net Debt / EBITDA 0.8 1.2 (33.3%) EBITDA / Fixed Charge (3) 11.4 7.4 54.1% Net Assets Per Share(cents) 140 122 14.8% 1.Net debt equal to total borrowings, medium-term notes and senior notes, less bank balances and cash and restricted bank deposits 2.Net Gearing is measured as net debt to equity 3.Fixed charge means gross interest expenses. 4.365 day / (Turnover / Average trade receivable) 5.365 day / (Production cost / Average inventory) 7 6.365 day / (Production cost / Average trade payable) Production Cost Analysis Production Cost Average Coal Cost (RMB mm) (RMB per ton) 4,500.0 800 -21.1% 4.8% 50.6% 3.5% 3,926.0 600 491 508 4,000.0 395 400 311 326 9.7% 3,574.1 200 3,500.0 6.2% 3,285.3 4.9% 5.5% 0 4.4% 3,037.4 3,042.6 2014 2015 2016 2017 2018 5.0% 16.5% 3,000.0 3.6% 4.7% 18.1% Average Electricity Cost 6.0% 6.2% 15.5% (RMB per kwh) 2,500.0 18.4% 21.3% 15.6% -1.6% -4.5% -3.5% 16.5% 0.6 0.43 20.5% 0.5 0.423 0.404 0.39 0.40 2,000.0 0.4 19.6% 0.3 19.0% 0.2 1,500.0 27.5% 0.1 24.2% 29.0% 0.0 19.0% 2014 2015 2016 2017 2018 20.5% 1,000.0 Average Limestone Cost (RMB per ton) 500.0 30.4% 33.4% 24.5% +4.9% -8.1% 28.3% 26.0% -11.4% 23.6% 20.0 17.2 17.3 16.4 15.8 14.0 0.0 15.0 2014 2015 2016 2017 2018 10.0 Raw material Coal cost Electricity cost Depreciation Labor cost Others 5.0 0.0 2014 2015 2016 2017 2018 8 Operations & Markets WCC Position in Shaanxi* ◼ Southern Shaanxi – Shangluo, NSP production capacity: NSP production capacity: 19.2 million tons Ankang & Hanzhong 3.6 million tons WCC: 2.2m An area dominated by the Qingling Mountains NSP production capacity: Market shares of 60%-100% in each 13 million tons Yulin NSP production capacity: region 12.5 million tons WCC: 8.5m Limited limestone deposits have resulted in relatively little new cement NSP production capacity: capacity
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