China BlueChemical Ltd. reported audited consolidated earnings results for the year ended December 31, 2012. For the year, the company's revenue was RMB 10,739,211,000 compared to RMB 9,756,314,000 a year ago. Profit before tax was RMB 2,607,735,000 compared to RMB 2,776,140,000 a year ago. Profit for the year was RMB 1,983,620,000 compared to RMB 2,219,742,000 a year ago. Profit attributable to owners of the parent was RMB 1,810,463,000 or RMB 0.39 per diluted share compared to RMB 1,985,777,000 or RMB 0.43 per diluted share a year ago. The net cash inflow from operating activities was RMB 2,594,600,000. During the reporting period, the Group's capital expenditure in respect of acquisition, property, plant and equipment and prepaid land lease payments amounted to RMB 1,608,100,000. The decrease in net profit was mainly attributable to: (1) the increase in loss incurred from the POM business by RMB 136.2 million and the provision of asset impairment loss of RMB 131.7 million for the POM Plant; (2) the decrease in profit for phosphate fertilisers by RMB 93.3 million, as a result of the declined selling prices coupled with increased costs owing to rising prices for externally sourced phosphoric ores; (3) the increase in profit by RMB 187.6 million due to the increased selling prices coupled with reduced costs for the Group's urea products; and (4) the increase in the Group's income tax expenses by RMB 67.7 million. The Board has recommended the payment of a final dividend of RMB 0.15 (pre-tax) per share for the year ended December 31, 2012 against RMB 0.16 per share paid a year ago. The dividend will be paid to shareholders of the company whose names appear on the register of members of the company on the proposed record date, June 10, 2013. The proposed final dividend for 2012 will be subject to the approval of the shareholders of the company at the 2012 annual general meeting.

Board of Directors of China BlueChemical Ltd. proposed to seek the approval from the shareholders at the 2012 annual general meeting to amend the articles of association of the company. The proposed amendments to the articles are to align the scope of business of the company as specified in the articles in accordance with the company's actual business conditions and in line with the regulatory requirements currently in force, which is in the best interests of the company and the shareholders as a whole. The proposed amendments to the articles shall come into effect upon (i) the passing of a special resolution at the 2012 annual general meeting to approve the amendments; and (ii) obtaining the approval and permission by the relevant government and regulatory authorities in the People's Republic of China. The company confirms that the proposed amendments to the Articles will not affect the existing business and operation of the company and its subsidiaries. The company's articles is hereby amended as follows: The scope of business of the company shall be limited to the scope of business approved by the company registration authority. The scope of business of the company shall include: production and sale of urea, liquid ammonia, methanol, and formaldehyde; import and export trading and domestic trading of sulphur; export and domestic trading of urea, ammonium sulphate, ammonium phosphate (monoammonium phosphate, diammonium phosphate), calcium superphosphate, ammonium chloride and ammonium bicarbonate; sale of chemical raw materials and spare parts; inspection and maintenance of mechanical and electrical equipment; technical service in agrochemical field. The company may adjust its scope of business from time to time in response to domestic and international market trends, business development requirements and its own development capability, subject to resolutions of general meetings and approvals of relevant government authorities.

China BlueChemical Ltd, 2012 Earnings Call, Mar 22, 2013