China XLX Fertiliser Ltd

BALANCE SHEETSas at 31 December 2008(Amounts expressed in Renminbi)GroupCompanyNote 2008 2007 2008 2007Rmb’000 Rmb’000 Rmb’000 Rmb’000Annual Report 200842ASSETSNon-current assetsProperty, plant and equipment 12 1,616,011 974,266 – –Land use rights 13 74,197 48,474 – –Investment in subsidiary 14 – – 800,000 400,0001,690,208 1,022,740 800,000 400,000Current assetsInventories 15 234,965 178,525 – –Prepayments 16 304,469 107,269 – –Trade receivables 17 7,667 1,793 – –Bills receivable from banks 17 18,580 5,528 – –Other receivables 17 6,094 4,303 1,509 551Due from related parties 17 – 1,998 307,536 –Derivatives 18 19,807 – 19,807 –Fixed deposits 10,685 453,529 10,685 435,078Cash and bank balances 189,429 56,789 12,352 5,254791,696 809,734 351,889 440,883TOTAL ASSETS 2,481,904 1,832,474 1,151,889 840,883EQUITY AND LIABILITIESCurrent liabilitiesDeferred grant 19 9,740 8,240 – –Income tax payable 220 930 220 930Interest-bearing loans and borrowings 20 145,000 287,000 – –Trade payables 21 47,760 27,685 – –Bills payable to bank 21 – 5,000 – –Other payables 21 154,302 179,501 – –Due to related parties 21 1,676 1,682 – –Accruals and other liabilities 22 130,709 61,195 10,563 4,078489,407 571,233 10,783 5,008NET CURRENT ASSETS 302,289 238,501 341,106 435,875Non-current liabilitiesInterest-bearing loans and borrowings 20 432,974 90,348 307,557 –Loan from related party 20 90,000 – – –Deferred tax liabilities 23 18,617 14,725 – –541,591 105,073 307,557 –TOTAL LIABILITIES 1,030,998 676,306 318,340 5,008NET ASSETS 1,450,906 1,156,168 833,549 835,875Equity attributable to equity holders ofthe CompanyShare capital 24 772,328 772,328 772,328 772,328Statutory reserve fund 25 77,770 40,514 – –Hedging reserve 18 19,807 – 19,807 –Accumulated profits 581,001 343,326 41,414 63,547TOTAL EQUITY 1,450,906 1,156,168 833,549 835,875TOTAL EQUITY AND LIABILITIES 2,481,904 1,832,474 1,151,889 840,883The accompanying accounting policies and explanatory notes form an integral part of the financial statements.