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ANNUALREPORT2008TiandeChemicalHoldingsLimited(incorporatedintheCaymanIslandswithlimitedliability)(StockCode:609)TIANDECHEMICALHOLDINGSLIMITED12CorporateInformation4FinancialHighlightsandFiveYearsSummary6Chairman’sStatement10BiographicalDetailsofDirectorsandSeniorManagement13ManagementDiscussionandAnalysis22Directors’Report31CorporateGovernanceReport40IndependentAuditor’sReport42ConsolidatedIncomeStatement43ConsolidatedBalanceSheet44ConsolidatedStatementofChangesinEquity45ConsolidatedCashFlowStatement47NotestotheConsolidatedFinancialStatementsContentsANNUALREPORT20082CorporateInformationBoardofDirectorsExecutiveDirectorsMr.LiuHongliang(Chairman)Mr.WangZijiangMr.GuoXitianMr.GuoYuchengIndependentNon-ExecutiveDirectorsMr.LeungKamWanMr.GaoBaoyuMr.LiuChenguangBoardCommitteesAuditCommitteeMr.LeungKamWan(Chairman)Mr.GaoBaoyuMr.LiuChenguangRemunerationCommitteeMr.LiuHongliang(Chairman)Mr.LeungKamWanMr.GaoBaoyuMr.LiuChenguangSafetyandEnvironmentalProtectionCommitteeMr.GuoYucheng(Chairman)Mr.GaoBaoyuMr.FuAnxuCompanySecretaryMs.LauWaiChunAuditorRSMNelsonWheelerPrincipalBankersHangSengBankLimitedIndustrialandCommercialBankofChina,WeifangBranchTIANDECHEMICALHOLDINGSLIMITED3CorporateInformationHongKongShareRegistrarandTransferOfficeComputershareHongKongInvestorServicesLimitedShops1712–1716,17thFloorHopewellCentre,183Queen’sRoadEastWanChaiHongKongRegisteredOfficeCricketSquareHutchinsDriveP.O.Box2681GrandCaymanKY1-1111CaymanIslandsPrincipalPlaceofBusinessinHongKongRoom2204A,22ndFloorBankofAmericaTower12HarcourtRoadHongKongHeadOfficeandPrincipalPlaceofBusinessinthePRCShandongWeifangEconomicDevelopmentZoneWeifangCityShandongProvinceThePRCLegalAdviserastoHongKongLawsF.Zimmern&Co.Company’sWebsite://tdchem.hi2000.com:609ANNUALREPORT20084FinancialHighlightsandFiveYearsSummary12006(Asrestated,Notes20042005note1)20072008Results(expressedinRMB'000)Turnover323,124430,817504,187574,298725,199Grossprofit59,26172,22398,56768,98399,123ProfitattributabletoequityholdersoftheCompany42,45341,71158,43721,55424,925Earningspershare(RMB)20.1980.1390.1840.0540.062Earningsbeforeinterest,taxation,depreciationandamortisation(“EBITDA”)54,67557,63882,57454,29574,462FinancialPositions(expressedinRMB'000)Totalassets3221,809313,177578,723768,459640,725Totalliabilities111,122162,715275,097441,441291,794Netassetspershare(RMB)40.370.500.760.820.87FinancialRatiosCurrentratio50.90.71.30.90.8Quickratio60.70.51.10.80.6Gearingratio721.6%24.2%14.4%34.3%36.8%Notes:1Thefiguresin2006havebeenrestatedtoreflect(1)thechangeinaccountingpoliciesasaresultoftheadoptionofHongKongAccountingStandards40“InvestmentProperty”(investmentpropertiestobeaccountedforusingthefairvaluemodel)witheffectivefrom1January2007and(2)theendorsedbillsarepresentingasbillsreceivableuntilmaturityandsuchendorsedbillshavenotbeenappliedtoreducetheamountsoftradeandotherpayables.However,itisnotpracticabletorestatethefinancialstatementsfortheyearsended31December2004and2005forcomparisonpurposes.2Earningspershare=ProfitattributabletoequityholdersoftheCompany÷weightedaverageofissuedsharesfortheyear.(Thecalculationofbasicearningspershareisbasedontheweightedaveragenumberof214,531,000,300,000,000and318,082,192sharesforthethreeyearsended31December2004,2005and2006respectively.)3Totalassets=Non-currentassets+Currentassets4Netassetspershare=Shareholders’equity÷NumberofissuedsharesoftheCompanyattheyearend(Asat31December2004,2005and2006,thecalculationofnetassetspershareisbasedonthenumberofissuedsharesof300,000,000,300,000,000and318,082,192respectively.)5Currentratio=Currentassets÷Currentliabilities6Quickratio=(CurrentassetsInventories)÷Currentliabilities7Gearingratio=Netdebts(Totalborrowingsnetofcashandcashequivalents)÷Shareholders’equity1(1)40(2)2=214,531,000300,000,000318,082,1923=+4=300,000,000300,000,000318,082,192)5=6=7=TIANDECHEMICALHOLDINGSLIMITED5FinancialHighlightsandFiveYearsSummary*(1)40(2)*Thefiguresin2006havebeenrestatedtoreflect(1)thechangeinaccountingpoliciesasaresultoftheadoptionofHongKongAccountingStandards40“InvestmentProperty”(investmentpropertiestobeaccountedforusingthefairvaluemodel)witheffectivefrom1January2007and(2)theendorsedbillsarepresentingasbillsreceivableuntilmaturityandsuchendorsedbillshavenotbeenappliedtoreducetheamountsoftradeandotherpayables.However,itisnotpracticabletorestatethefinancialstatementsfortheyearsended31December2004and2005forcomparisonpurposes.Turnover(RMB’000)GrossProfit(RMB’000)ProfitAttributabletoEquityHolders(RMB’000)EBITDA(RMB’000)143,778120,13287,36883,925581,421384,055343,449239,199OverseasThePeople'sRepublicofChina(“PRC”)99,12368,98398,56772,22359,26174,46254,29582,57424,92521,55458,43741,71142,45320082007200620052004200820072006*2005200420082007200620052004200820072006*20052004122,599451,69954,67557,638ANNUALREPORT20086Chairman’sStatementChairman’sStatementDearshareholders,Onbehalfoftheboardofdirectors(the“Board”or“Dire