目錄

Asia Coal Limited : 835 2013/14

目錄 2 3 5 9 20 23 35 37 38 39 40 42 87 88

公司資料 Edward John Hill III Clarendon House 2 Church Street Hamilton HM 11 Bermuda 1 60 A 公司 88 35 MUFG Fund Services (Bermuda) Limited 26 Burnaby Street Hamilton HM 11 Bermuda 183 22 Edward John Hill III Edward John Hill III 8 2 34 公司 www.asiacoallimited.com 835 2

主席報告 3

主席報告 4

管理層討論及分析 分析 12,500,000 3,800,00043.2% 9,600,0004,100,00062.6% 76.7% 5 53,000,000 144,000,000 SMI LLCSaikan Uul 115,000,000 分 分析 SMI LLC SMI (Minerals Authority of Mongolia) SMI SMISaikan Uul MV- 011985 (director of Minerals Authority) SMI

管理層討論及分析 分析 (Office of Government Cabinet of Mongolia) (Ministry of Mining of Mongolia) 115,000,000 及 及 1 100,000 12,500,000 3,800,000 43.2% 4,100,000 9,600,000 62.6% 76.7% 6 19,800,000 18,700,000

管理層討論及分析 及 20,131,000 4,592,00024,481,000 26,289,000 (216.8)% 23.3% 0.12 400,000,000 400,000,000 0.12 47,600,000 CEC Resources and Minerals Holdings Limited Elmfield Limited 7 14,700,000 管理

管理層討論及分析 及 35 2.3% 8 14

企業管治報告 企業管治 9 Edward John Hill III

企業管治報告 A.1.3 14 14 A.1.3 3.10 3.13 20 22 110.(A) 101 10

企業管治報告 11 12

企業管治報告 A.2.1 1 10/12 1/2 0/1 2 9/12 0/1 3 10/12 2/2 3/3 0/1 4 5/7 1/1 12 5 12/12 3/3 3/3 2/2 0/1 6 12/12 3/3 3/3 2/2 1/1 Edward John Hill III 7 11/12 1/1 0/0 0/1

企業管治報告 1. 2. 3. 4. 5. 6. 13 7. Edward John Hill III E.1.2 A.6.7

企業管治報告 業 企業管治 (1) (2) (3) (4) (5) 14

企業管治報告 (1) (2) (3) 12 A.5.6 15 A.5.6 A.5.6

企業管治報告 B.1.2(c)(ii) Edward John Hill III (i) (ii) 12 15 管 16

企業管治報告 Edward John Hill III (i) (ii) (iii) (iv) 12 17 35 36 1,050 20 1,070

企業管治報告 3.29 15 企業 160 A 18322 74 18

企業管治報告 (a) (b) 100 1,000 160 A 183 22 79 80 19 1 60 A ir@asiacoallimited.com (852) 2152 0098 (852) 2152 0810

董事履歷資料 董事 39 48 CEC Management Limited CEC Management Limited Pacific Alliance Group Limited InBevInBev McKinsey & Company, Inc. McKinsey & Company, Inc. 20

董事履歷資料 41 (Brown University)(Northeastern University) She.Comshe.com PO she.com Telecom Venture Group Limited (Arthur Andersen & Company) 21 44 Calyon Corporate & Investment BankCrédit Agricole Corporate & Investment Bank

董事履歷資料 董事 43 University of St. Andrews Greater China, LaSalle Investment Management 49 Edward John Hill III Hill Hill 39 Hill University of Kansas(Bachelor of Art Degree in East Asian Languages and Cultures (China Focus)) (Bachelor of Science Degree in Business Administration) Hill Hill 22

董事會報告 37 39 88 23 17 25 57,979,000 57,979,000 25% 71% 1% 4% 5%

董事會報告 董事 董事 董事 Edward John Hill III 101 24 110.(A) 董事

董事會報告 董事 XV 352 0.01 董事 6,465,850,314 6,465,850,314 71.67 1 9,000,000 9,000,000 0.10 2 25 7,000,000 7,000,000 0.08 3 2,000,000 2,000,000 0.02 4 2,000,000 2,000,000 0.02 5 1. 6,465,850,314 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

董事會報告 董事 0.01 XV 352 27 0.01 0.100.01 21 1.00 26

董事會報告 (I) (II) 0.10 0.01 27 (III) 240,988,752 2.67% (IV) 12 1% 12 0.1% 5,000,000

董事會報告 (V) (VI) (VII) 21 1.00 (VIII) (i) (ii) (iii) (IX) 28

董事會報告 29/07/2010 29/07/2010 0.200 9,000,000 9,000,000 28/07/2020 29/07/2010 29/07/2010 0.200 7,000,000 (7,000,000) 28/07/2020 29/07/2010 29/07/2010 0.200 7,000,000 7,000,000 28/07/2020 29 29/07/2010 29/07/2010 0.200 2,000,000 2,000,000 28/07/2020 29/07/2010 29/07/2010 0.200 2,000,000 2,000,000 28/07/2020 27,000,000 (7,000,000) 20,000,000 22/11/2007 22/11/2008 0.270 170,000 (170,000) 21/11/2017 03/03/2009 03/03/2009 0.270 2,000,000 2,000,000 02/03/2019 21/08/2006 21/08/2006 0.210 5,442,320 5,442,320 21/08/2016 22/11/2007 22/11/2007 0.270 18,060,000 18,060,000 21/11/2017 25,672,320 (170,000) 25,502,320 52,672,320 (7,170,000) 45,502,320

董事會報告 董事 336 6,465,850,314 71.67 1 Great Genius Holdings Limited 6,465,850,314 71.67 2 30 VMS Investment Group Limited 6,465,850,314 71.67 2 2 6,465,850,314 71.67 China Enterprise Capital Limited 2,222,341,312 24.63 3 CEC Resources and Minerals 2,222,341,312 24.63 Holdings Limited3 CEC Resources Limited3 1,630,429,574 18.07

董事會報告 1. 2. 6,465,850,314 Great Genius Holdings Limited VMS Investment Group Limited VMS Investment Group Limited Great Genius Holdings Limited VMS Investment Group 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 LimitedCEC CEC CEC 31 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%

董事會報告 董事 8.10 董事 3,192,660 50,000,000 SMI LLC SMI (Minerals Authority of Mongolia) SMI SMI Saikan Uul MV-011985 18 32

董事會報告 董事 3.13 33 27

董事會報告 34

獨立核數師報告 ASIA COAL LIMITED 37 86 35 報 核數師 90

獨立核數師報告 師 36

綜合損益及其他全面收益表 8 9 12,499 8,728 (2,908) (3,268) 9,591 5,460 10 1,427 24,281 (23,521) (20,032) (34,466) (17,790) 11 (123) (20,253) 18 (114,931) (24,408) 26 17,926 (144,097) (52,742) 12 37 13 (144,097) (52,742) 其他全面收益 745 (71) 438 1,183 (71) (142,914) (52,813) (144,094) (52,779) (3) 37 (144,097) (52,742) (142,913) (52,850) (1) 37 損 16 (142,914) (52,813) (1.60) (2.05)

綜合財務狀況表 17 8,890 2,747 18 119,410 8,890 122,157 2,908 2,334 19 4,762 9,176 20 20,131 4,592 27,801 16,102 21 14,183 17,368 22 14,700 27,489 24 9,781 38,664 44,857 (10,863) (28,755) (1,973) 93,402 38 25 90,211 86,211 (92,217) 7,056 (2,006) 93,267 33 135 (1,973) 93,402 37 86

綜合權益變動表 權益 權益 權 權益 ii 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) (71) (52,779) (52,850) 37 (52,813) 39 210,528 345,343 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 2,777 2,777 57,979 57,979 57,979 (749) 749 86,211 440,471 3,454 57,979 (994) (493,854) 93,267 135 93,402 (144,094) (144,094) (3) (144,097) 743 743 2 745 438 438 438 1,181 (144,094) (142,913) (1) (142,914) 86,211 440,471 3,454 57,979 187 (637,948) (49,646) 134 (49,512) 4,000 43,640 47,640 47,640 (101) (101) (429) 429 90,211 484,111 3,025 57,979 187 (637,519) (2,006) 33 (1,973) (i) (ii) 0.09

綜合現金流量表 (144,097) (52,742) 123 20,253 (1) (3) (128) 125 50 26 (17,926) 18 114,931 24,408 5,291 1,357 (367) (39) (23,269) 3,844 1,436 176 (38,029) (28,549) (759) (68) 670 (6,300) (975) 3,996 (1,200) 800 (40,293) (30,121) 1 3 40 現金 (40,292) (30,118) (13,876) (2,250) 26 (1,451) (396) (411) 1,723 6 現金 (15,723) (932)

綜合現金流量表 (17,000) (360) (85) (52) 48,000 31,229 33,700 9,781 (23) 現金 71,565 33,625 現金 現金 15,550 2,575 現金 現金 4,592 2,004 41 (11) 13 現金 現金 20,131 4,592

綜合財務報表附註 1. 32 2. 綜合財務報表 10,863,000 1,973,000 144,097,000 (i) (ii) 14,700,000 42

綜合財務報表附註 43 3. 財務報 財務報 7 10 11 12 10 11 12 13 19 27 28 1 20 1 1 1 1 (a) (b) 1

綜合財務報表附註 3. 財務報 財務報 財務報 9 3 14 5 10 1 12 27 11 5 16 5 38 19 2 9 9 7 3 32 1 36 1 39 1 4 2 1 21 1 2 3 9 4 5 44

綜合財務報表附註 4. 217 2 36 綜合 45

綜合財務報表附註 4. 46

綜合財務報表附註 4. 47

綜合財務報表附註 4. 36 48

綜合財務報表附註 4. 49

綜合財務報表附註 4. 財務 50

綜合財務報表附註 4. 財務 財務 51

綜合財務報表附註 4. 財務 財務 財務 52

綜合財務報表附註 4. 財務 財務 53

綜合財務報表附註 4. 5. 4 54

綜合財務報表附註 5. 18 119,410,000 (Minerals Authority of Mongolia) MV-011985 36 55 6.

7. 財務 7a. 財務 綜合財務報表附註 財務 20,508 5,140 財務 25,962 29,022 7b. 財務 (i) 56

綜合財務報表附註 7. 財務 7b. 財務 (i) 330 4 1,285 57 251 57 24,200 23,715 10% 5% 10% 5% 10% 5% 10% 5% 1,998,000 947,000 10% 5%

綜合財務報表附註 7. 財務 7b. 財務 (ii) 20 24 24 58 2

綜合財務報表附註 7. 財務 7b. 財務 % 1,481 1,481 1,481 14,700 14,700 14,700 1.32 8,000 8,000 8,000 8.00 1,843 1,843 1,781 59 24,181 1,843 26,024 25,962 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 8,000,000 8,020,000

綜合財務報表附註 7. 財務 7c. 財務 8. 4,462 4,881 8,037 3,847 12,499 8,728 60

綜合財務報表附註 9. 1) 2) 務 12,499 8,728 12,499 8,728 61 (18,728) (19,793) (120,754) (26,460) (139,482) (46,253) 1 3 496 23,836 (22,915) (10,075) (123) (20,253) 17,926 (144,097) (52,742)

9. 綜合財務報表附註 4,599 11,443 6 119,521 4,605 130,964 32,086 7,295 36,691 138,259 10,858 19,207 2,045 2,325 62 12,903 21,532 25,761 23,325 38,664 44,857

綜合財務報表附註 9. 務 2,913 2,248 396 411 10,963 2 14,272 2,661 1,668 1,241 89 111 2,087 84 3,844 1,436 114,931 24,408 114,931 24,408 110 25 3 15 22 125 50 176 176 63 12,499 8,728 8,885 2,639 5 119,518 12,499 8,728 8,890 122,157 10%

10. 綜合財務報表附註 1 3 23,269 22(iv) 128 1,298 1,009 1,427 24,281 11. 52 1 38 358 85 19,842 123 20,253 64

綜合財務報表附註 12. (144,097) (52,742) 65 16.5% (23,776) (8,702) 20,285 8,245 (3,039) (3,941) 6,018 4,338 (61) 512 121 23

13. 綜合財務報表附註 14,450 15,492 546 595 14,996 16,087 1,061 1,217 1,405 1,414 176 3,844 1,436 125 50 9,082 5,965 5,291 1,357 66 14.

綜合財務報表附註 15. (a) 1 235 235 2 15 545 8 568 3 350 80 430 4 365 365 67 113 113 146 146 Edward John HILL III 180 180 1,404 625 8 2,037 1. 2. 3. 4.

15. (a) 綜合財務報表附註 1 960 960 2 3 8 8 4 8 8 180 180 60 60 120 120 Edward John HILL III 5 107 107 6 24 24 507 960 1,467 68 1. 2. 3. 4. 5. Hill III 6.

綜合財務報表附註 15. (b) (a) 2,296 2,906 50 100 2,346 3,006 69 1,000,000 3 3 1,000,0011,500,000 1 3 4

綜合財務報表附註 15. (c) (a) 16. (144,094) (52,779) 8,990,448,820 2,570,204,692 70

綜合財務報表附註 17. 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 (13) (51) (82) (146) 618 4,905 107 8,246 13,876 (163) (546) (284) (993) (1,479) (6,161) (698) (8,338) 71 487 2,269 861 8,558 12,175 734 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 (12) (48) (73) (133) 234 2,016 141 1,453 3,844 (120) (464) (284) (868) (552) (3,547) (488) (4,587) 252 615 723 1,695 3,285 235 1,654 138 6,863 8,890 822 1,461 385 79 2,747

17. 綜合財務報表附註 10% 33.3% 33.3% 33.3% 20% 33.3% 18. 145,000 411 (24,408) (1,593) 119,410 396 (114,931) (4,875) 72 Saikhan Ovoo CEC Resources Limited CEC Resources China Enterprise Capital Limited Giant Field Group Limited GF CEC Resources China Enterprise Capital Limited GF GFCEC Resources 363,292,000GFGF SMISMISaikhan Ovoo GF760,000,000 SMI MV-011985 SMI

綜合財務報表附註 18. SMI LLC SMI GF SMI Saikhan Ovoo 30 MV-011985 MV-002366 1,229.15 39.36 24,408,000 SMI 73 Saikhan Ovoo 396,000 411,000 MV-011985 (Minerals Authority of Mongolia) SMI MV-011985 MV-011985 MV-011985(director of Minerals Authority)

綜合財務報表附註 18. MV-011985 36 MV- 011985 MV-002366 MV-002366 MV-002366 19. 74 377 548 4,385 8,628 4,762 9,176 120 0 90 377 422 91 120 126 377 548

綜合財務報表附註 20. 0.001% 0.05% 330 330 4 1,285 1,289 21. 75 0 90 773 1,340 91 180 376 92 181 365 164 92 365 35 1,348 1,524 9,191 5,348 3,511 8,235 133 2,261 14,183 17,368 57 251

22. 綜合財務報表附註 (i) 1,200 (ii) 9,200 CEC Resources and Minerals Holdings Limited ( CEC ) (iii) 7,000 Elmfield Limited (iv) 10,089 (v) 14,700 14,700 27,489 (i) (ii) (iii) (iv) (v) 26 CEC 4% CEC CEC363,000 Elmfield Limited4% Elmfield Limited Elmfield Limited128,000 76

綜合財務報表附註 23. 656 (656) 656 (656) 136,000,000 145,000,000 3,976,000 132,000,000 145,000,000 77 694,000 2,963,000

24. 綜合財務報表附註 (i) 8,000 (ii) 1,781 9,781 (i) (ii) 1.32% 8% 78

綜合財務報表附註 25. 0.01 30,000,000,000 3,000,000 2,105,283,438 210,528 (i) 50,000,000 5,000 (ii) 270,000,000,000 (193,976) (iii) 6,465,850,314 64,659 300,000,000,000 3,000,000 8,621,133,752 86,211 (iv) 400,000,000 4,000 300,000,000,000 3,000,000 9,021,133,752 90,211 79 (i) (ii) 10,000,0000.20 50,000,0000.10 0.09 0.10 0.01 (iii) CEC 0.0235151,948,000 0.02356,465,850,314 0.01 151,948,000 (iv) 0.12 400,000,000 400,000,000 4.43% 48,000,000 47,600,000 CEC Elmfield Limited

綜合財務報表附註 26. 附 * * 1 綜合 3,751 3,744 9 1,451 (1,857) (25,728) (18,630) 80 18,630 (704) 17,926

綜合財務報表附註 26. 附 附 (1,451) 27. (1,451) 81 (a) (b) 0.01 0.10 0.01 21 1.00 0.10 0.01 21 1.00

綜合財務報表附註 27. 0.200 29,000,000 (2,000,000) 27,000,000 (7,000,000) 20,000,000 0.270 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 4,000,000 (4,000,000) 0.250 1,000,000 (1,000,000) 0.210 5,442,320 5,442,320 5,442,320 82 0.270 18,060,000 18,060,000 18,060,000 64,622,320 (11,950,000) 52,672,320 (7,170,000) 45,502,320 52,672,320 45,502,320 0.229 0.233 0.228 0.202 0.232

綜合財務報表附註 28. 3,844 7,308 3,834 4,876 7,678 12,184 83 29.

綜合財務報表附註 30. (i) 22 (ii) (iii) (iv) (v) (vi) 15 Elmfield Limited22(iv)38,000 90,000 Elmfield Limited128,000 26 400,000 8,000,000 31. 227 84

綜合財務報表附註 32. 附 註 附 務 11 100% 100% * 10,0001 100% 21 100% 100% 85 SMI LLC 10,0001,200 100% 100% * 26 5 4 14 4 2

綜合財務報表附註 33. 報 100,000 4,599,00010,858,000 86

本公司之財務狀況表概要 16,694 123,328 (16,724) (21,602) (30) 101,726 90,211 86,211 (90,241) 15,515 (30) 101,726 149,395,000 10,577,000 87

財務摘要 6,866 8,531 11,174 8,728 12,499 (76,389) (207,690) (309,254) (52,742) (144,097) (76,389) (207,690) (309,254) (52,742) (144,097) (76,245) (207,064) (306,945) (52,779) (144,094) (144) (626) (2,309) 37 (3) (76,389) (207,690) (309,254) (52,742) (144,097) 88 439,035 416,646 157,239 138,259 36,691 (147,667) (262,191) (230,630) (44,857) (38,664) 291,368 154,455 (73,391) 93,402 (1,973)