Siam City Cement Public Company Limited and its subsidiaries Statements of financial position As at 31 December 2011 and

2010

Consolidated financial statements Note 2011

Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Other current assets Total current assets Non-current assets Investments in subsidiary companies Investment in associated company Other investment - related company Long-term loans to and interest receivable from related parties Property, plant and equipment Assets not used in operations Intangible assets Deferred income tax Other non-current assets Total non-current assets Total assets 8 15 16 17 18 14,762,444,529 436,399,185 1,733,874,973 630,601,510 178,754,922 19,649,394,505 26,536,464,453 12 13 14 1,525,547,730 381,771,656 8, 9 8, 10 11 1,921,404,152 2,387,137,569 2,392,785,179 185,743,048 6,887,069,948

The accompanying notes are an integral part of the financial statements.

Siam City Cement Public Company Limited and its subsidiaries Statements of financial position (continued) As at 31 December 2011 and 2010

Consolidated financial statements Note 2011

Liabilities and shareholders' equity Current liabilities Short-term loans from financial institutions Trade and other payables Current portion of long-term loans from related financial institution Current portion of long-term liabilities for concession Income tax payable Accrued rebate Accrued electricity Other accrued expenses Other current liabilities Total current liabilities Non-current liabilities Long-term loans from related financial institution - net of current portion Long-term liabilities for concession - net of current portion Debentures Provision for long-term employee benefits Provision for site restoration Total non-current liabilities Total liabilities 21 22 23 24 93,020,556 3,995,761,113 826,875,130 91,713,512 5,259,370,311 9,528,805,569 8 252,000,000 8 21 28,000,000 42,295,086 533,249,750 434,876,854 400,045,102 620,295,618 174,409,706 4,269,435,258 8, 19 8, 20 169,549,422 1,866,713,720

The accompanying notes are an integral part of the financial statements.

Siam City Cement Public Company Limited and its subsidiaries Statements of financial position (continued) As at 31 December 2011 and 2010

Consolidated financial statements Note 2011

Shareholders' equity Share capital Registered 280,000,000 ordinary shares of Baht 10 each Issued and fully paid up 230,000,000 ordinary shares of Baht 10 each Share premium Retained earnings Appropriated - statutory reserve Unappropriated Other components of shareholders' equity Equity attributable to owners of the Company Non-controlling interests of the subsidiaries Total shareholders' equity Total liabilities and shareholders' equity 25 300,000,000 4,368,493,955 (72,080,595) 17,002,680,090 4,978,794 17,007,658,884 26,536,464,453 2,300,000,000 10,106,266,730 2,800,000,000

The accompanying notes are an integral part of the financial statements.

Directors

Siam City Cement Public Company Limited and its subsidiaries Income statements For the years ended 31 December 2011 and 2010

Consolidated financial statements Note 2011

Revenues Net sales Dividend income Other income Total revenues Expenses Production cost of goods sold Selling and distribution expenses Administrative expenses Loss (gain) on exchange Total expenses Profit before share of income from investment in associate, finance cost and corporate income tax Share of income from investment in associated company Profit before finance cost and corporate income tax Finance cost Profit before corporate income tax Corporate income tax Profit for the year 18 5,122,124,759 (215,603,512) 4,906,521,247 (1,615,131,304) 3,291,389,943 13 4,638,426,057 483,698,702 27 12,863,796,595 4,733,539,024 1,051,245,640 (36,276,542) 18,612,304,717 12, 13, 14 23,149,737,638 100,993,136 23,250,730,774

Profit attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries 3,293,407,112 (2,017,169) 3,291,389,943

Basic earnings per share Profit attributable to equity holders of the Company

29 14.32

Weighted average number of ordinary shares - net (shares)

230,000,000

The accompanying notes are an integral part of the financial statements.

Siam City Cement Public Company Limited and its subsidiaries Statements of comprehensive income For the years ended 31 December 2011 and 2010

Consolidated financial statements Note 2011

Profit for the year

3,291,389,943

Other comprehensive income: Exchange differences on translation of financial statements in foreign currency Share of other comprehensive income of associated company Change in fair value of cash flow hedges Income tax relating to components of other comprehensive income Other comprehensive income for the year 18 (2,540,687) (62,168,190) (64,403,069) 8,371,124 (3,595,558)

Total comprehensive income for the year

3,229,221,753

Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries 3,231,024,875 (1,803,122) 3,229,221,753

The accompanying notes are an integral part of the financial statements.

Siam City Cement Public Company Limited and its subsidiaries Statements of cash flows For the years ended 31 December 2011 and 2010

Consolidated financial statements 2011

Cash flows from operating activities Profit before tax Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Share of income from investment in associated company Dividend income Depreciation and amortisation Increase (decrease) in allowance for doubtful accounts and decrease of inventory to net realisable value Decrease in allowance for impairment loss on property, plant and equipment and assets not used in operation Allowance for doubtful accounts of long-term loans to and interest receivable from subsidiary Net loss on disposals/write-off of property, plant and equipment, assets not used in operation and intangible assets Provision for long-term employee benefits and other provisions Unrealised gain on exchange Interest income Interest expenses Profit from operating activities before changes in operating assets and liabilities Operating assets (increase) decrease Trade and other receivables Inventories Other current assets Operating liabilities increase (decrease) Trade and other payables Accrued expenses and other current liabilities Provision for long-term employee benefits Provision for site restoration Cash flows from operating activities Cash received from interest income Cash paid for interest expenses Cash paid for corporate income tax Net cash flows from operating activities 371,063,028 67,476,902 (191,725,487) (3,122,584) 5,733,624,662 57,023,560 (187,408,538) (1,444,239,262) 4,159,000,422 387,122,993 (848,448,451) (20,863,566) 5,972,121,827 100,889,052 267,380,657 (5,973,417) (59,154,090) 190,775,981 (46,029,340) 22,351,730 (483,698,702) 1,079,058,709 4,906,521,247

The accompanying notes are an integral part of the financial statements.

Siam City Cement Public Company Limited and its subsidiaries Statements of cash flows (continued) For the years ended 31 December 2011 and 2010

Consolidated financial statements Note 2011

Cash flows from investing activities Proceeds from sales of property, plant and equiment and assets not used in operation Acquisitions of property, plant and equiment and assets not used in operation Increase in investment in subsidiaries Decrease in equity attributable to non-controlling interests of the subsidiaries Increase in investment in related company Decrease in long-term loan to subsidiary Increase in intangible assets Decrease (increase) in other non-current assets Dividend received Net cash flows used in investing activities Cash flows from financing activities Increase (decrease) in short-term loans from financial institutions Increase in long-term loans from financial institution Repayment of long-term loans Payment of long-term liabilities for concession Dividend paid Net cash flows used in financing activities Decrease in translation adjustments Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of change in foreign exchange rate on cash at banks Cash and cash equivalents at end of year 9 154,098,427 280,000,000 (39,713,694) (2,759,965,208) (2,365,580,475) (3,595,558) (78,007,454) 2,001,512,913 (2,101,307) 1,921,404,152 Supplemental disclosures of cash flows information: Non-cash related transactions: Transferred property, plant and equipment to intangible assets 505,178,936 (200) (62,396) (136,546,556) (2,418,166) 212,556,613 (1,867,831,843) (2,068,237,316) 126,876,178

The accompanying notes are an integral part of the financial statements.

Siam City Cement Public Company Limited and its subsidiaries Statements of changes in shareholders' equity For the years ended 31 December 2011 and 2010 (Unit: Baht) Consolidated financial statements Equity attributable to owners of the Company Other components of shareholders' equity Other comprehensive income Exchange differences on Retained earnings Issued and fully paid up share capital Balance as at 31 December 2009 Dividend paid (Note 30) Total comprehensive income for the year (restated) Treasury stock cancellation (Note 26) Balance as at 31 December 2010 - as restated 2,375,000,000 (75,000,000) 2,300,000,000 Share premium 10,106,266,730 10,106,266,730 statutory reserve 300,000,000 300,000,000 Appropriated treasury stock reserve 1,710,643,745 (1,710,643,745) Unappropriated 3,593,015,484 (2,528,044,670) 2,695,081,237 75,000,000 3,835,052,051 Treasury stock (1,710,643,745) 1,710,643,745 translation of financial statements in foreign currency (1,743,568) (1,801,514) (3,545,082) Gain (loss) on cash flow hedges - net (6,153,276) (6,153,276) Total other components of shareholders' equity (1,743,568) (7,954,790) (9,698,358) Total equity attributable to owners of the Company 16,372,538,646 (2,528,044,670) 2,687,126,447 16,531,620,423 Equity attributable to non-controlling interests of the subsidiaries 6,190,924 591,192 6,782,116 Total shareholders' equity 16,378,729,570 (2,528,044,670) 2,687,717,639 16,538,402,539

Balance as at 31 December 2010 - as previously reported Cumulative effect of change in accounting policy for provision for site restoration (Note 5) Balance as at 31 December 2010 - as restated Decrease in equity attributable to non-controlling interests of the subsidiaries Dividend paid (Note 30) Total comprehensive income for the year Balance as at 31 December 2011

2,300,000,000

10,106,266,730

300,000,000

3,840,600,665

(3,545,082)

(6,153,276)

(9,698,358)

16,537,169,037

6,782,116

16,543,951,153

2,300,000,000

10,106,266,730

300,000,000

(5,548,614) 3,835,052,051

(3,545,082)

(6,153,276)

(9,698,358)

(5,548,614) 16,531,620,423

6,782,116

(5,548,614) 16,538,402,539

2,300,000,000

10,106,266,730

300,000,000

(2,759,965,208) 3,293,407,112 4,368,493,955

(68,212,674) (71,757,756)

5,830,437 (322,839)

(62,382,237) (72,080,595)

(2,759,965,208) 3,231,024,875 17,002,680,090

(200) (1,803,122) 4,978,794

(200) (2,759,965,208) 3,229,221,753 17,007,658,884

The accompanying notes are an integral part of the financial statements.

Siam City Cement Public Company Limited and its subsidiaries Statements of changes in shareholders' equity (continued) For the years ended 31 December 2011 and 2010 (Unit: Baht) Separate financial statements Other components of shareholders' equity Other comprehensive Retained earnings Issued and fully paid up share capital Balance as at 31 December 2009 Dividend paid (Note 30) Total comprehensive income for the year (restated) Treasury stock cancellation (Note 26) Balance as at 31 December 2010 - as restated 2,375,000,000 (75,000,000) 2,300,000,000 Share premium 10,106,266,730 10,106,266,730 statutory reserve 300,000,000 300,000,000 Appropriated treasury stock reserve 1,710,643,745 (1,710,643,745) Unappropriated 2,894,542,256 (2,528,044,670) 2,520,779,799 75,000,000 2,962,277,385 Treasury stock (1,710,643,745) 1,710,643,745 income Gain (loss) on cash flow hedges - net (6,153,276) (6,153,276) Total other components of shareholders' equity (6,153,276) (6,153,276) Total shareholders' equity 15,675,808,986 (2,528,044,670) 2,514,626,523 15,662,390,839

Balance as at 31 December 2010 - as previously reported Cumulative effect of change in accounting policy for provision for site restoration (Note 5) Balance as at 31 December 2010 - as restated Dividend paid (Note 30) Total comprehensive income for the year Balance as at 31 December 2011

2,300,000,000

10,106,266,730

300,000,000

2,967,038,063

(6,153,276)

(6,153,276)

15,667,151,517

2,300,000,000 2,300,000,000

10,106,266,730 10,106,266,730

300,000,000 300,000,000

(4,760,678) 2,962,277,385 (2,759,965,208) 2,774,249,811 2,976,561,988

(6,153,276) 6,153,276 -

(6,153,276) 6,153,276 -

(4,760,678) 15,662,390,839 (2,759,965,208) 2,780,403,087 15,682,828,718

The accompanying notes are an integral part of the financial statements.