1 目錄

Asia Coal Limited : 835 2012/13

1 目錄 2 3 5 11 18 21 33 35 36 38 39 41 95 96

2 公司資料 Edward John HILL III Clarendon House 2 Church Street Hamilton HM 11 Bermuda 1 60 A 公司 88 35 Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 26 Burnaby Street Hamilton HM 11 Bermuda 28 26 173 16 公司 www.asiacoallimited.com 835

3 主席報告書

4 主席報告書

5 管理層討論及分析 Saikhan Ovoo JORC Saikhan Ovoo190,000,000 27 165 5,222 JORC 分 6,565,000 11,467,000 64,852,000 112,831,000 39,057,000 69,494,000 110,474,000 193,792,000 Dermagram 分析 8,700,000 2,400,00021.9% 5,500,000 49.6% 62.6% 307,000,000 53,000,000 23,000,000 245,000,000 24,000,000

6 管理層討論及分析 分 分析 24,000,000 及 及 8,700,000 1,600,000 15.3% Dermagram OEM 400,0006.5% 5,500,000 56.7% 62.6% 23,700,000 19,800,000 及 4,592,000 5,069,000 26,289,000 216,648,000 Elmfield Limited 10,089,0004% Elmfield Limited

7 管理層討論及分析 及 GF GF 109,089,015110,000,000 100% 23.3% (299.2%) 19.0% 137.8% 10,000,000 0.20 50,000,0000.10 0.01 Sharp Victory Holdings LimitedCEC Resources and Minerals Holdings Limited CEC 0.0235 151,947,482 GF CEC GF 79,276,28972,671,193 109,089,015GF 10,000,000 0.090.10 0.01

8 管理層討論及分析 及 CEC CEC57,616,000 363,000 0.12 400,000,000 400,000,0000.12 47,600,000 CEC Elmfield Limited 9,000,000 管理

9 管理層討論及分析 GF GF Giant Field Group Limited GFGF SMI LLC SMI Saikhan Ovoo GF SMISMI Saikhan Uul GF 760,000,000 GFGF 24 SMI SMI SMI SMI SMI

10 管理層討論及分析 及 56

11 企業管治報告 企業管治 Edward John Hill III

12 企業管治報告 3.13 0/0 0/0 0/0 7/7 3/3 3/6 7/7 2/2 3/3 1/2 6/7 2/2 2/3 2/3 4/7 2/2 2/3 3/3 Edward John Hill III 2/4

13 企業管治報告 12

14 企業管治報告 (1) (2) (3) (4) 12

15 企業管治報告 (1) (2) (3) (4) (5) (6) 12

16 企業管治報告 管 (i) (ii)(iii) 12

17 企業管治報告 33 34 1,200 248 1,448 企業

18 董事履歷資料 董事 38 Sharp Victory Holdings Limited 41 Pace University Wichita State University Crown One Master Fund SPC Hyperion Limited Partnership 1 4 9

19 董事履歷資料 董事 47 CEC Management Limited CEC Management Limited Pacific Alliance Group Limited InBev InBev McKinsey & Company, Inc. McKinsey & Company, Inc. 40 she.com she.com Telecom Venture Group Limited (Arthur Andersen & Company) (Brown University)(Northeastern University)

20 董事履歷資料 董事 42 University of St. Andrews Greater China, LaSalle Investment Management 48 Brilliance Worldwide Holdings Limited Edward John HILL III HILL Hill38Hill University of Kansas (Bachelor of Art Degree in East Asian Languages and Cultures (China Focus)) (Bachelor of Science Degree in Business Administration) Hill Hill

21 董事會報告 35 38 96 18 28 57,979,000 43% 78% 7% 12% 5%

22 董事會報告 董事 董事 董事 董事 Edward John Hill III 101 Edward John Hill III 110

23 董事會報告 董事 XV 352 0.01 董事 6,465,850,314 1 6,465,850,314 75.00 9,000,000 2 7,000,000 3 2,000,000 4 2,000,000 5 9,000,000 0.10 7,000,000 0.08 2,000,000 0.02 2,000,000 0.02

24 董事會報告 1. 6,465,850,314 Sharp Victory Holdings Limited 2. 9,000,000 9,000,0000.01 3. 7,000,000 7,000,0000.01 4. 2,000,000 2,000,0000.01 5. 2,000,000 2,000,0000.01 XV 352 30 0.01 0.10 0.01 21 1.00

25 董事會報告 (I) (II) 0.10 0.01 (III) 240,988,752 2.79% (IV) 12 1% 12 0.1% 5,000,000

26 董事會報告 (V) (VI) (VII) 21 1.00 (VIII) (i) (ii) (iii) (IX)

27 董事會報告 29/07/2010 29/07/2010 28/07/2020 0.200 9,000,000 9,000,000 29/07/2010 29/07/2010 28/07/2020 0.200 7,000,000 7,000,000 29/07/2010 29/07/2010 28/07/2020 0.200 7,000,000 7,000,000 29/07/2010 29/07/2010 28/07/2020 0.200 2,000,000 (2,000,000) 29/07/2010 29/07/2010 28/07/2020 0.200 2,000,000 2,000,000 29/07/2010 29/07/2010 28/07/2020 0.200 2,000,000 2,000,000 29,000,000 (2,000,000) 27,000,000

28 董事會報告 22/11/2007 22/11/2007 21/11/2017 0.270 4,950,000 (4,950,000) 22/11/2007 22/11/2008 21/11/2017 0.270 170,000 170,000 03/03/2009 03/03/2009 02/03/2019 0.270 2,000,000 2,000,000 29/07/2010 29/07/2010 28/07/2020 0.200 4,000,000 (4,000,000) 01/12/2010 01/12/2010 30/11/2020 0.250 1,000,000 (1,000,000) 21/08/2006 21/08/2006 21/08/2016 0.210 5,442,320 5,442,320 22/11/2007 22/11/2007 21/11/2017 0.270 18,060,000 18,060,000 35,622,320 (9,950,000) 25,672,320 64,622,320 (11,950,000) 52,672,320

29 董事會報告 董事 336 Sharp Victory Holdings Limited 1 6,465,850,314 75.00 Hammer Capital Investment Limited 2 6,465,850,314 75.00 Sheng Kai Investment Limited 2 6,465,850,314 75.00 2 6,465,850,314 75.00 China Enterprise Capital Limited 3 2,222,341,312 25.78 CEC Resources and Minerals Holdings Limited 3 2,222,341,312 25.78 CEC Resources Limited 3 1,630,429,574 18.98

30 董事會報告 1. Sharp Victory Holdings Limited 2. 6,465,850,314 Hammer Capital Investment Limited Sheng Kai Investment Limited Sheng Kai Investment Limited 3. CEC Resources Limited CECChina Enterprise Capital Limited CEC Resources and Minerals Holdings Limited CEC China Enterprise Capital Limited CEC Resources and Minerals Holdings LimitedCECCEC CEC China Enterprise Capital Limited CEC Resources and Minerals Holdings Limited CEC CEC Resources and Minerals Holdings Limited China Enterprise Capital Limited CEC Resources and Minerals Holdings Limited (i) 26(ii) 25% 董事 8.10

31 董事會報告 董事 3,192,660 50,000,000 3,192,660 50,000,000

32 董事會報告 董事 3.13 30

33 獨立核數師報告 ASIA COAL LIMITED 35 94 報 核數師 90

34 獨立核數師報告 19 119,410,000 SMI LLC 師

35 綜合全面收益表 8 & 9 8,728 10,305 869 8,728 11,174 (3,268) (4,466) (1,170) (3,268) (5,636) 5,460 5,839 (301) 5,460 5,538 10 24,281 1,210 1 24,281 1,211 (20,032) (23,982) (20,032) (23,982) (17,790) (20,827) (1,300) (17,790) (22,127) 11 (20,253) (21,929) (20,253) (21,929) 19 (24,408) (244,859) (24,408) (244,859) 29 (3,106) (3,106) (52,742) (304,548) (4,706) (52,742) (309,254) 12 13 (52,742) (304,548) (4,706) (52,742) (309,254) (71) (456) (8) (71) (464) (52,813) (305,004) (4,714) (52,813) (309,718) (52,779) (306,945) 37 (2,309) (52,742) (309,254) (52,850) (307,409) 37 (2,309) 16 (52,813) (309,718) (2.05) (2.05) (15.33) (15.21) (0.12)

36 綜合財務狀況表 18 2,747 2,028 19 119,410 145,000 122,157 147,028 2,334 2,266 20 9,176 2,876 21 1,723 21 4,592 3,346 16,102 10,211 22 17,368 13,531 23 27,489 50,610 23 2,819 24 22 27 90,876 25 1,342 44,857 159,200 (28,755) (148,989) 93,402 (1,961) 24 29 27 71,401 71,430 93,402 (73,391)

37 綜合財務狀況表 28 86,211 210,528 7,056 (281,240) 93,267 (70,712) 135 (2,679) 93,402 (73,391) 35 94

38 綜合權益變動表 權益 權益 權 權益 166,875 252,994 6,354 173,550 (459) (444,489) 154,825 (370) 154,455 (306,945) (306,945) (2,309) (309,254) (464) (464) (464) (464) (306,945) (307,409) (2,309) (309,718) 166,875 252,994 6,354 173,550 (923) (751,434) (152,584) (2,679) (155,263) 43,653 92,349 (54,130) 81,872 81,872 (2,151) 2,151 210,528 345,343 4,203 119,420 (923) (749,283) (70,712) (2,679) (73,391) (52,779) (52,779) 37 (52,742) (71) (71) (71) 益 (71) (52,779) (52,850) 37 (52,813) 210,528 345,343 4,203 119,420 (994) (802,062) (123,562) (2,642) (126,204) 5,000 7,839 (5,937) 6,902 6,902 i (193,976) 193,976 64,659 87,289 151,948 151,948 (113,483) 113,483 權益 2,777 2,777 57,979 57,979 57,979 權 (749) 749 86,211 440,471 3,454 57,979 (994) (493,854) 93,267 135 93,402 (i) (ii) 0.09

39 綜合現金流量表 (52,742) (309,254) 20,253 21,929 (3) (6) (131) (792) 50 508 29 3,106 2,976 19 24,408 244,859 1,357 2,130 (39) (23,269) 1,436 2,883 186 (28,549) (31,606) (68) (896) (6,300) 2,838 3,996 (2,761) 800 4 (30,121) (32,421) 3 6 現金 (30,118) (32,415) (2,250) (1,291) (411) (1,036) 1,723 (3) 6 8 29 1,714 現金 (932) (608)

40 綜合現金流量表 33,700 30,630 7 (52) (222) (23) (29) 現金 33,625 30,386 現金 現金 2,575 (2,637) 現金 現金 2,004 4,615 13 26 現金 現金 4,592 2,004 4,592 3,346 (1,342) 4,592 2,004

41 1. CEC Resources and Minerals Holdings Limited China Enterprise Capital Limited 28Sharp Victory Holdings Limited Sharp Victory Holdings Limited 38 2. 綜合財務報表 28,755,000 52,742,000 (i) (ii) (iii) 36 400,000,000 47,600,000 9,200,000

42 3. 財務報 財務報 7 12 財務報 1 7 1 9 9 7 3 10 11 1 12 10 2 12 27 9 3 10 1 11 1 12 1 13 1 19 1 27 1 28 1 1 4 32 2 36 2 1 20 2 21 1 2 3 4

43 3. 財務報 財務報 1 1 1 1 1 (a) (b) 1 財務報 9 財務 9 9 9 39 9

44 3. 財務報 財務報 財務報 9 財務 9 39 9 9 財務報 13 13 13 13 7 13 13

45 4. 綜合

46 4.

47 4.

48 4. 36

49 4.

50 4.

51 4. 財務 財務

52 4. 財務 財務 財務

53 4. 財務 財務

54 4. 財務 財務

55 4. 5. 4

56 5. 119,410,000 145,000,000 24,408,000 244,859,000 19 6.

57 7. 財務 7a. 財務 財務 5,140 5,284 財務 29,022 221,329 51 29,022 221,380 7b. 財務 (i)

58 7. 財務 7b. 財務 (i) 4 5 1,285 1,270 95 2,846 94 251 5% 5% 5% 5% 5% 5% 5% 5% 52,000 22,000 5%

59 7. 財務 7b. 財務 (ii) 21 25 23

60 7. 財務 7b. 財務 2 % 1,349 92 92 1,533 1,533 10,400 10,400 10,400 4.00 17,089 17,089 17,089 28,838 92 92 29,022 29,022 3,978 303 4,281 4,281 43,516 43,516 43,516 4.00 7,330 7,330 7,094 2,819 2,819 2,819 3.75 6 18 30 54 51 5.75 1,342 1,342 1,342 109,089 110,000 219,089 162,277 160,744 309 7,348 110,030 278,431 221,380

61 7. 財務 7c. 8 務 4,881 7,750 3,847 2,555 8,728 10,305 務 869 8,728 11,174 9. 1) 2) 3) 17

62 9. 務 務 務 務 8,728 10,305 8,728 10,305 869 8,728 11,174 (19,793) (23,655) (26,460) (250,457) (46,253) (274,112) (1,601) (46,253) (275,713) 3 5 1 3 6 23,836 792 23,836 792 (10,075) (9,304) (10,075) (9,304) (20,253) (21,929) (20,253) (21,929) (3,106) (3,106) (52,742) (304,548) (4,706) (52,742) (309,254)

63 9. 11,443 5,722 119,521 145,235 130,964 150,957 7,295 6,282 138,259 157,239 19,207 51,592 2,325 2,475 21,532 54,067 23,325 176,563 44,857 230,630

64 9. 務 務 務 務 2,248 1,053 411 1,084 2 11 2,661 2,148 179 2,661 2,327 1,241 1,808 111 176 84 344 1,436 2,328 555 1,436 2,883 2,409 2,409 567 2,976 24,408 244,859 24,408 244,859 24,408 244,859 25 479 1 22 48 479 29 48 508 186 186 186 8,728 10,305 2,639 1,796 565 304 119,518 145,232 8,728 11,174 122,157 147,028

65 9. 10% 10,305,000 1,945,00010% 10. 務 務 3 5 1 3 6 23,269 23,269 792 792 131 131 1,009 282 1,009 282 24,281 1,210 1 24,281 1,211

66 11. 務 務 52 73 52 73 1 5 1 5 358 144 358 144 19,842 21,707 19,842 21,707 20,253 21,929 20,253 21,929 12. (52,742) (309,254) 16.5% (8,702) (51,027) 8,245 45,409 (3,941) (89) 4,338 5,462 (61) 121 245 26

67 13. 務 務 15,492 16,308 594 15,492 16,902 595 574 595 574 16,087 16,882 594 16,087 17,476 1,217 1,218 1,217 1,218 1,414 2,513 1,414 2,513 186 186 1,436 2,328 555 1,436 2,883 48 479 29 48 508 5,965 8,808 49 5,965 8,857 2,409 567 2,976 1,357 2,130 282 1,357 2,412 14.

68 15. (a) 99 1 960 960 2 3 8 8 3 8 8 180 180 60 60 120 120 Edward John HILL III4 107 107 5 24 24 507 960 1,467 1. 2. 3. 4. Hill 5.

69 15. (a) 1 2 960 960 180 180 60 60 60 60 120 120 1 15 15 435 960 1,395 1. 2.

70 15. (b) (a) 2,906 3,012 100 99 3,006 3,111 1,000,000 3 3 1,000,0011,500,000 1 1 4 4 3,072,000 (c) (a)

71 16. 務 (52,779) (306,945) 2,570,204,692 2,002,774,119 務 (52,779) (306,945) (2,400) (52,779) (304,545)

72 16. 務 2,400,000 17. 務 TTC&T LLC TTC&T TTC&T 29 (1,600) 29) (3,106) (4,706) 276 (464) 16 (172)

73 18. 1,447 4,790 1,483 6,884 14,604 (15) (23) (331) (369) 175 779 171 166 1,291 (201) (2,058) (65) (2,324) (167) (7) (6,298) (6,472) 1,239 3,511 1,559 421 6,730 (4) (17) (27) (48) 572 1,352 326 2,250 (283) (792) (81) (1,156) 1,524 4,071 1,787 394 7,776 675 2,287 1,059 739 4,760 (4) (17) (52) (73) 226 1,727 304 626 2,883 (143) (1,612) (32) (1,787) (20) (1) (1,060) (1,081) 734 2,402 1,313 253 4,702 (3) (16) (19) (38) 191 986 178 81 1,436 (220) (778) (73) (1,071) 702 2,610 1,402 315 5,029 822 1,461 385 79 2,747 505 1,109 246 168 2,028

74 18. 10% 33.3% 33.3% 33.3% 20% 33.3% 63,000 19. 391,349 1,036 (244,859) (2,526) 145,000 411 (24,408) (1,593) 119,410 Saikhan Ovoo CEC Resources Limited CEC Resources China Enterprise Capital Limited Giant Field Group Limited GFPower Field Holdings Limited PFCEC Resources China Enterprise Capital Limited

75 19. SMI LLC SMISinotum Mongolia LLC Sinotum GF PFSMI Saikhan Ovoo 30 Sinotum Erdenetsogt 3 GF GF GF CEC Resources 363,292,000(1)329,705,093 GF 19.99%(2) 218,221,675 27 GFGF GF 24 SMISMISaikhan Ovoo GF 760,000,000 SMI SMI SMI

76 19. GF GFPF Saikhan Ovoo 411,000 1,036,000 244,859,000 24,408,000

77 19. GF SMI

78 19. PF PF PFPF PF SinotumSinotum Erdenetsogt PFPF PF (i) 110,000,000 0.20 (ii) 800,000 CEC Resources CEC ResourcesCEC Resources and Minerals Holdings Limited CEC 129,468,000 128,668,000 800,000 27

79 20. 548 215 8,628 2,661 9,176 2,876 120 0 90 422 215 91 120 126 548 215 21. 0.01% 0.30%

80 21. 0.001% 0.05% 0.001% 0.05% 4 1,285 1,289 5 1,270 1,275 22. 0 90 1,340 2,073 91 180 92 181 365 92 1,815 365 291 1,524 4,179 5,348 2,465 8,235 4,376 2,261 2,511 17,368 13,531 409,251,000 2,253,000

81 22. 251 251 34 89 94 217 23. 附 (i) 1,200 400 (ii) 9,200 43,116 CEC (iii) 7,000 7,094 Elmfield Limited (iv) 10,089 27,489 50,610 (v) 2,819 (i) (ii) (iii) (iv) (v) 57,616,000 CEC 4% CECCEC 363,000 Elmfield Limited4% Elmfield Limited

82 24. 24 22 24 23 6 6 54 51 (3) 51 51 (22) 29 3.75% 25. 0.5% 5.75%

83 26. 145,000,000 119,000,000 2,963,000 3,937,000 27. GF CEC Resources 218,221,675 GF 0.25 GF CEC Resources 19 110,000,000 0.20 PFPF 19 GF GF0.25 0.20 0.10 28 0.01 30% GF 100% GF

84 27. GF 30 150% GF GF 13.78% 11.09% GF GF 0.44 0.24 0.25 0.20 79.97% 62.76% 5 5 3.3% 1.92%

85 27. 162,277 222,442 19,842 21,707 (6,902) (81,872) (175,217) 162,277 (90,876) 71,401 52,000,00057,133,000GF 28 10,000,000 28 109,089,015 GF 100,000,000 151,948,000 Sharp Victory Holdings Limited 6,465,850,314 23,269,000

86 28. 0.10 (iii) 0.01 30,000,000,000 3,000,000 1,668,752,800 166,875 (i) 436,530,638 43,653 30,000,000,000 3,000,000 2,105,283,438 210,528 (ii) 50,000,000 5,000 (iii) 270,000,000,000 (193,976) (iv) 6,465,850,314 64,659 300,000,000,000 3,000,000 8,621,133,752 86,211 (i) (ii) (iii) (iv) 52,000,000 57,133,000 GF 0.25 208,000,000 228,530,6380.10 10,000,000 0.20 50,000,0000.10 0.09 0.10 0.01 Sharp Victory Holdings Limited CEC 0.0235 151,948,000 0.0235 6,465,850,314 0.01 151,948,000 GF

87 29. 附 17 TTC&T TTC&T 2,000 5,391 81 286 (619) (6,720) (1,581) 附 2,000 1,581 (6,720) 33 (3,106)

88 29. 附 附 2,000 (286) TTC&T 17 30. 1,714 (a) 0.01 0.10 0.01 21 1.00 (b) 0.10 0.01 21 1.00

89 30. 0.301 10,000,000 (10,000,000) 0.200 31,000,000 (2,000,000) 29,000,000 (2,000,000) 27,000,000 0.275 10,000,000 (10,000,000) 0.270 4,950,000 4,950,000 (4,950,000) 0.270 170,000 170,000 170,000 0.270 2,000,000 2,000,000 2,000,000 0.200 7,000,000 (3,000,000) 4,000,000 (4,000,000) 0.250 1,300,000 (300,000) 1,000,000 (1,000,000) 0.210 5,442,320 5,442,320 5,442,320 0.270 18,060,000 18,060,000 18,060,000 89,922,320 (25,300,000) 64,622,320 (11,950,000) 52,672,320 64,622,320 52,672,320 0.241 0.270 0.229 0.233 0.228

90 31. 7,308 3,438 4,876 1,642 12,184 5,080 32.

91 33. 63 1,723 1,786 34. (i) 23 (ii) (iii) 15 CEC Elmfield Limited 268,000 144,000 90,000 35. (i) 227,000 109,000

92 35. (ii) GFGF GF 24 SMI CEC Resources 4.00SMI 69,600,000 190,000,000 CEC Resources GF 760,000,000 GF 481,600,000 19 (i) GF(ii)GFCEC ResourcesSMI 4.00 (iii) PF50,000,000 GF 3,192,660 19PF PF GF

93 36. 報 (i) 0.12 400,000,000 400,000,000 4.43% 48,000,000 47,600,000CEC Elmfield Limited (ii) 37. 0.0235 Sharp Victory Holdings Limited6,465,850,3140.01 151,948,000Sharp Victory Holdings Limited CEC GF

94 38. 附 註 附 務 11 100% 100% 10,0001 100% 100% 21 100% 100% SMI LLC 10,0001,200 100% 100%

95 本公司之財務狀況表概要 123,328 124,751 (21,602) (171,661) 101,726 (46,910) 86,211 210,528 15,515 (257,438) 101,726 (46,910) 10,577,000 306,114,000

96 財務摘要 8,728 11,174 8,531 6,866 16,411 (52,742) (309,254) (207,690) (76,389) (35,466) 390 (52,742) (309,254) (207,690) (76,389) (35,076) (52,779) (306,945) (207,064) (76,245) (35,076) 37 (2,309) (626) (144) (52,742) (309,254) (207,690) (76,389) (35,076) 138,259 157,239 416,646 439,035 495,745 (44,857) (230,630) (262,191) (147,667) (131,227) 93,402 (73,391) 154,455 291,368 364,518