China XLX Fertiliser Ltd

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NOTES TO THE FINANCIAL STATEMENTS31 December 200810. Income tax expense (cont’d)Relationship between tax expense and accounting profitThe reconciliation between tax expense and the product of profit before tax multiplied by the applicablecorporate tax rate for the financial years ended 31 December 2007 and 2008 is as follows:Group2008 2007Rmb’000 Rmb’000Profit before tax 349,768 333,319Tax at the domestic rates applicable to profits in the countries where theGroup operates 93,083 99,526Tax effect of expenses not deductible in determining taxable profit, net 3,892 14,951Effect of tax exemption (93,083) (98,822)(Over)/under provision in respect of prior years (523) 487Income tax expense recognised in the income statement 3,369 16,142The Company is incorporated in Singapore and accordingly, is subject to an income tax rate of 18% forthe year of assessment 2009 (YA2008: 18%). There was no taxable income for the financial year ended 31December 2008.Based on the “Income Tax Law of the PRC for Enterprises with Foreign Investments and Foreign Enterprises”,the subsidiary is entitled to full exemption from income tax for the first two years and a 50% reduction inincome tax for the next three years. The subsidiary has elected the financial year ending 31 December 2007as the first profitable year for the purposes of determining the tax holiday period.11. Earnings per shareEarnings per share is calculated by dividing the Group’s net profit attributable to shareholders for thefinancial year by the weighted average number of 1,000,000,000 (2007: 623,014,000) ordinary sharesoutstanding.Annual Report 200866
NOTES TO THE FINANCIAL STATEMENTS31 December 200812. Property, plant and equipment31 December 2007 BuildingsOtherfixtures andconstructionsPlant andmachineryOfficeequipmentand furnitureMotorvehiclesConstructionin-progressTotalRmb’000 Rmb’000 Rmb’000 Rmb’000 Rmb’000 Rmb’000 Rmb’000GroupCostAt 1 January 2007 – 25,104 290,429 21,483 1,232 9,780 348,028Additions 84,010 65,147 547,404 6,068 4,940 94,397 801,966Transfers – 4,746 26,427 1,401 – (32,574) –Disposals – – (508) – (172) – (680)At 31 December 2007 84,010 94,997 863,752 28,952 6,000 71,603 1,149,314AccumulateddepreciationAt 1 January 2007 – 4,315 122,957 3,597 379 – 131,248Depreciation charge forthe year 553 3,188 36,578 3,180 485 – 43,984Disposals – – (20) – (164) – (184)At 31 December 2007 553 7,503 159,515 6,777 700 – 175,048Net carrying amountAt 31 December 2007 83,457 87,494 704,237 22,175 5,300 71,603 974,266China XLX Fertiliser Ltd.67
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China XLXFertiliser Ltd.annual repo
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ChinaXLXFertiliser Ltd.ureacompound
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will still remain a necessity with
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Agriculture forms thefoundation of
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OUR PRODUCTSFruits ofour LaborAll o
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Compound fertilisers can be categor
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Financial SnapshotRMB Million FY 20
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OUR DISTRIBUTION NETWORK13
Page 17 and 18: Third plant near completion with 40
Page 19 and 20: Social ResponsibilityTesting of soi
Page 21 and 22: Sewage treatment 污水处理FGD
Page 23 and 24: 2003 with a Degree in Accountancy.
Page 25: Corporate InformationBoard of Direc
Page 28 and 29: CORPORATE GOVERNANCE REPORTThe foll
Page 30 and 31: CORPORATE GOVERNANCE REPORTThe Arti
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Page 36 and 37: CORPORATE GOVERNANCE REPORTDealing
Page 38 and 39: DIRECTORS’ REPORTBy virtue of Sec
Page 40 and 41: STATEMENT BY DIRECTORSWe, Liu Xingx
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Page 90 and 91: STATISTICS OF SHAREHOLDINGSas at 17
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China XLX Fertiliser Ltd

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