488950 Wehavu ditc - qafco.greymena.comqafco.greymena.com/v2/sites/default/files/publications/2015 Financi… · 488950 wehavu ditc 49 qatar fertiliser company (q.s.c.c.) doha - qatar

Annual Report 201448

Annual Report 2014 49

QATAR FERTILISER COMPANY (Q.S.C.C.)

DOHA - QATAR

CONSOLIDATED FINANCIAL STATEMENTS

AND INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED DECEMBER 31, 2014

INDEX Page

Independent auditor’s report --

Consolidated statement of financial position 1

Consolidated statement of profit or loss 2

Consolidated statement of profit or loss and other comprehensive income 3

Consolidated statement of changes in equity 4

Consolidated statement of cash flows 5-6

Notes to the consolidated financial statements 7 to 38


To the Shareholders

Qatar Fertiliser Company (Q.S.C.C.)

Doha - Qatar

Report on the Consolidated Financial Statements

WehaveauditedtheaccompanyingconsolidatedfinancialstatementsofQatarFertiliserCompany(Q.S.C.C.) (the “Company’’) and its subsidiaries(together referred to as the “Group”), whichcomprisetheconsolidatedstatementoffinancialposition as at December 31, 2014 and theconsolidatedstatementsofprofitorloss,profitorloss and other comprehensive income, changesinequityandcashflowsfortheyearthenended,andasummaryofsignificantaccountingpoliciesand other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Managementisresponsibleforthepreparationandfairpresentationof theseconsolidatedfinancialstatements in accordance with InternationalFinancialReportingStandardsandtheapplicableprovisionsofQatarCommercialCompaniesLaw,and for such internal control as managementdeterminesisnecessarytoenablethepreparationofconsolidatedfinancialstatementsthatarefreefrom material misstatement, whether due tofraudorerror.

Auditor’s Responsibility

Our responsibility is to express an opinion ontheseconsolidatedfinancialstatementsbasedonouraudit.Weconductedourauditinaccordancewith InternationalStandardsonAuditing.Thosestandards require that we comply with ethicalrequirements and plan and perform the auditto obtain reasonable assurance whether theconsolidated financial statements are free frommaterial misstatement.

An audit involves performing procedures toobtain audit evidence about the amountsand disclosures in the consolidated financialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentof the risks of material misstatement of theconsolidatedfinancialstatements,whetherdueto

INDEPENDENT AUDITOR’S REPORT

fraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationand fairpresentationofthe consolidated financial statements in ordertodesignauditproceduresthatareappropriatein the circumstances, but not for the purposeof expressing an opinion on the effectivenessof the entity’s internal control. An audit alsoincludes evaluating the appropriateness ofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthe consolidated financial statements.

We believe that the audit evidence we haveobtainedissufficientandappropriatetoprovidea basis for our audit opinion.

Opinion

In our opinion, the accompanying consolidatedfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionoftheGroupasatDecember31,2014anditsfinancialperformanceand its cash flows for the year then ended inaccordancewithInternationalFinancialReportingStandards.

Other Legal and Regulatory Requirements

Wearealsooftheopinionthatproperbooksofaccount were maintained by the Company andphysical inventory verification has been dulycarriedout.Wehaveobtainedalltheinformationandexplanationswhichweconsiderednecessaryfor the purpose of our audit. To the best ofourknowledgeandbelief andaccording to theinformation given to us, no contraventions ofthe applicable provisions of Qatar CommercialCompaniesLawNo.5of2002andtheCompany’sArticles of Association were committed duringthe year which would materially affect theGroup’s activities or its financial position.

Doha–Qatar ForDeloitte&Touche--,2015 QatarBranch

Muhammad Bahemia Partner LicenseNo.103


Notes 2014 2013

QR QRASSETS

Current assets

Bankbalancesandcash 5 1,952,185,872 1,708,461,733

Accountsreceivableandprepayments 6 102,273,651 81,250,255

Duefromrelatedparties 7(a) 997,316,490 1,170,663,298

Inventories 8 801,071,463 528,592,017

Total current assets 3,852,847,476 3,488,967,303

Non-current assets

Catalysts 9 36,328,545 47,249,370

Intangibleasset–licensefee 10 48,607,372 50,912,860

Property,plantandequipment 11 16,064,444,324 16,840,764,698

Total non-current assets 16,149,380,241 16,938,926,928

TOTAL ASSETS 20,002,227,717 20,427,894,231

EQUITY AND LIABILITIES

Current liabilities

Accountspayableandaccruals 12 428,342,438 533,292,211

Duetorelatedparties 7(b) 261,399,922 279,049,553

Interestbearingloans 13 285,779,228 285,257,205

Otherfinancialliabilities 14 107,314,147 117,967,225

Incometaxpayable 19 173,124,496 213,660,390

Total current liabilities 1,255,960,231 1,429,226,584

Non-current liabilities

Interestbearingloans 13 2,684,321,076 2,970,100,304

Otherfinancialliabilities 14 106,403,589 183,305,800

Employees’endofservicebenefits 15 100,289,328 81,929,350

Total non-current liabilities 2,891,013,993 3,235,335,454

Total liabilities 4,146,974,224 4,664,562,038

Equity

Sharecapital 16 1,000,000,000 1,000,000,000

Legalreserve 17 209,220,824 208,716,793

Cumulativechangesinfairvalues (213,717,736) (301,273,025)

Retainedearnings 14,376,295,698 14,369,327,184

Equity attributable to equity holders of the parent 15,371,798,786 15,276,770,952

Non-controllinginterest 483,454,707 486,561,241

Total equity 15,855,253,493 15,763,332,193

TOTAL EQUITY AND LIABILITIES 20,002,227,717 20,427,894,231

QATAR FERTILISER COMPANY (Q.S.C.C.)CONSOLIDATEDSTATEMENTOFFINANCIALPOSITIONAsatDecember31,2014

Abdul Aziz Ahmed Al-MalkiChairmanoftheBoard

Khalifa Abdullah Al-SowaidiChiefExecutiveOfficer

THEACCOMPANYINGNOTESAREANINTEGRALPARTOFTHESECONSOLIDATEDFINANCIALSTATEMENTS.


Notes 2014 2013

QR QR

Sales 20 7,278,789,389 8,193,373,837

Costofsales 21 (3,957,365,904) (3,988,896,653)

GROSS PROFIT 3,321,423,485 4,204,477,184

Otherincome 22 64,546,325 109,014,987

Sellinganddistributioncosts 23 (273,968,320) (327,046,908)

Administrativeexpenses 24 (653,985,424) (590,582,476)

Financecosts 25 (156,180,516) (167,052,164)

Gainonforeigncurrencyexchange 3,130,461 2,165,277

PROFIT FOR THE YEAR 2,304,966,011 3,230,975,900

Attributableto:

Equityholdersoftheparent 2,307,472,545 3,226,794,007

Non-controllinginterest (2,506,534) 4,181,893

2,304,966,011 3,230,975,900

QATAR FERTILISER COMPANY (Q.S.C.C.)CONSOLIDATEDSTATEMENTOFPROFITORLOSSFortheyearendedDecember31,2014



QATAR FERTILISER COMPANY (Q.S.C.C.)CONSOLIDATEDSTATEMENTOFPROFITANDOOTHERCOMPREHENSIVEINCOMEFortheyearendedDecember31,2014

2014 2013

QR QR

Profitfortheyear 2,304,966,011 3,230,975,900

Other comprehensive income Items that may be reclassified subsequently to statement of profit or loss

Netunrealisedgainoncashflowhedges 87,555,289 155,150,515

Total comprehensive income for the year 2,392,521,300 3,386,126,415

Attributableto: Equityholdersoftheparent 2,395,027,834 3,381,944,522Non-controllinginterest (2,506,534) 4,181,893

2,392,521,300 3,386,126,415



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2014 2013

QR. QROPERATING ACTIVITIES

Profitfortheyear 2,304,966,011 3,230,975,900

Adjustmentsfor: Depreciationofproperty,plantandequipment 1,072,363,452 1,017,873,540Interestexpense 156,180,516 167,052,164Amortisationofcatalysts 14,815,022 10,583,916Amortisationofdeferredarrangementfee 5,957,355 6,478,428Interestincome (5,411,986) (8,541,894)Amortisationoflicensefee 2,305,488 2,305,488Provisionforobsoleteandslowmovinginventories 11,657,969 13,763,317Baddebtwrittenoff 240,316 --Lossonwrite-downofinventories (118,852) 245,612Provisionforemployees’endofservicebenefits 32,273,120 23,575,856Property,plantandequipmentwritten-off 1,416 1,079,807

3,595,229,827 4,465,392,134

Working capital changes: Accountsreceivableandprepayments (21,263,712) 697,570,681Duefromrelatedparties 173,346,808 (365,771,796)Inventories (284,018,563) (6,782,861)Accountspayableandaccruals (145,485,667) (226,648,274)Duetorelatedparties (17,649,631) (185,562,407)

Cash flows from operating activities 3,300,159,062 4,378,197,477Interestpaid (156,180,516) (167,052,164)Employees’endofservicebenefitspaid (7,107,484) (11,488,600)Advanceagainstemployees’endofservicebenefits (6,805,658) (2,978,417)

Netcashflowsgeneratedfromoperatingactivities 3,130,065,404 4,196,678,296 INVESTING ACTIVITIES Additionstoproperty,plantandequipment (296,044,494) (325,130,789)Interestincomereceived 5,411,986 8,541,894Additionstocatalysts (3,894,197) (27,308,537)

Net cash flows used in investing activities (294,526,705) (343,897,432)

FINANCING ACTIVITIES Dividendspaidtoequityholdersoftheparent (1,300,000,000) (2,900,000,000)Interimdividendspaid (1,000,000,000) (1,700,000,000)Dividendspaidtonon-controllinginterest (600,000) --Repaymentofinterestbearingloans (291,214,560) (291,214,560)

Net cash flows used in from financing activities (2,591,814,560) (4,891,214,560) Increase/(decrease) in cash and cash equivalents 243,724,139 (1,038,433,696)Cashandcashequivalentsatthebeginningoftheyear 1,708,461,733 2,746,895,429

Cash and cash equivalents at the end of the year 1,952,185,872 1,708,461,733

QATAR FERTILISER COMPANY (Q.S.C.C.)CONSOLIDATEDSTATEMENTOFCASHFLOWSFortheyearendedDecember31,2014



QATAR FERTILISER COMPANY (Q.S.C.C.)NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTSFortheyearendedDecember31,2014

1 CORPORATE INFORMATION

QatarFertiliserCompany(Q.S.C.C.)(the“Company”)wasincorporatedonSeptember29,1969asaClosedQatariShareholdingCompany(“Q.S.C.C.”)intheStateofQatarundercommercialregistrationno.29.TheCompanyisengagedintheproductionandsaleofUreaandAmmonia.TheCompany’sregisteredofficeisatP.O.Box50001,Mesaieed,StateofQatar.TheconsolidatedfinancialstatementsoftheCompanyasatandfortheyearendedDecember31,2014comprisetheCompanyanditssub-sidiaries(togetherreferredtoasthe“Group”).

TheshareholdersandtheirshareholdinginterestsintheCompanyareasfollows:

Name of the shareholder Country of incorporation Interest

IndustriesQatarQ.S.C.(“IQ”) Qatar 75%

YaraNederlandsB.V. Netherlands 25%

IQ is the immediate parent of the Company, which is a 51% owned subsidiary of Qatar Petroleum(“QP”). Thus, QP is the ultimate parent of the Group.

PursuattoDecreeLaw11of2012oftheStateofQatar,QatarChemicalandPetrochemicalMarketingandDistributionCompanyQ.J.S.C.(“Muntajat”)wasestablishedintheyear2012tocarryoutmarketinganddistributionactivitiesofallregulatedproducts,exceptforthoseexpresslyexcludedbyMuntajatortheGovernmentinaccordancewiththelaw,oftheproducer(s).Inaccordancewiththedecree,theGrouphasentered intoOfftakeRequirements(Liquids)(“ORL”)agreementswithMuntajat tocarryoutallmarketinganddistributionactivitiesonbehalfoftheGroupforanagreedmarketingfee(prod-uct-wise) and reimbursement of the selling expenses. The arrangement with Muntajat commencedfromMarch1,2013.

TheconsolidatedfinancialstatementsoftheGroupfortheyearendedDecember31,2014wereautho-risedforissueinaccordancewitharesolutionoftheBoardofDirectorsonJanuary29,2015.

2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL RE-PORTING STANDARDS (IFRSs)

2.1 New and revised IFRSs affecting amounts reported in the financial statements

ThefollowingaretherevisedIFRSsthatwereeffectiveinthecurrentyearandhavebeenappliedinthepreparationofthesefinancialstatements:

(i) Revised Standards

(ii)

EffectiveforannualperiodsbeginningonorafterJanuary1,2014

• IAS32(Revised) FinancialInstruments:Presentation–Amendmentstoclarify existingapplicationissuesrelatingtotheoffsettingrequirements.

• IFRS10,IFRS12andIAS27 Amendmentstointroduceanexceptionfromtherequirementto(Revised) consolidatesubsidiariesforaninvestmententity.

• IAS36(Revised) Amendmentsarisingfromrecoverableamountdisclosuresfor non-financialassets.

• IAS39(Revised) AmendsIAS39FinancialInstruments:Recognitionand Measurementtomakeitclearthatthereisnoneedtodiscontinue hedgeaccountingifahedgingderivativeisnovated,provided certaincriteriaaremet.


2.1NewandrevisedIFRSsaffectingamountsreportedinthefinancialstatements(continued)

(ii) New Interpretation:

EffectiveforannualperiodsbeginningonorafterJanuary1,2014

• IFRIC21 Levies

TheadoptionofthesenewandrevisedstandardshadnosignificanteffectonthefinancialstatementsoftheGroupfortheyearendedDecember31,2014,otherthancertainpresentationanddisclosurechanges.

2.2 New and revised IFRSs in issue but not yet effective (Early adoption allowed)

TheGrouphasnotappliedthefollowingnewandrevisedIFRSsthathavebeenissuedbutarenotyeteffective:

(i) New Standards:

Effective for annual periods beginning on or after January 1, 2016

• IFRS14 RegulatoryDeferralAccounts.


• IFRS15 RevenuefromContractswithCustomers.


• IFRS9 FinancialInstruments.

(iii) Revised Standards:

Effective for annual periods beginning on or after July 1, 2014

• IAS19(Revised) Amendmentstoclarifytherequirementsthatrelatetohow contributionsfromemployeesorthirdpartiesthatarelinkedto serviceshouldbeattributedtoperiodsofservice.

• AnnualimprovementstoIFRSs AmendmentstoissueclarificationsonIFRSs-IFRS2,IFRS3,2010-2012cycle IFRS8,IFRS13,IAS16,IAS24andIAS38.

• AnnualImprovements2011-2013 AmendmentstoissueclarificationsonIFRSs-IFRS1,IFRS3,Cycle IFRS13andIAS40.

2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)

2.2 New and revised IFRSs in issue but not yet effective (Early adoption allowed)

(ii) Revised Standards (continued):


• AnnualImprovements2012-2014Cycle

Amendmentstoissueclarificationsandaddadditional/specificguidancetoIFRS5,IFRS7,IAS19andIAS34.

• IFRS10&IAS28(Revised) Amendmentsregardingthesaleorcontributionofassetsbetweenaninvestoranditsassociateorjointventure




• IFRS11(Revised) Amendmentsregardingtheaccountingforacquisitionsofaninterestinajointoperation.

• IAS16(Revised) AmendmentsregardingtheclarificationofacceptablemethodsofdepreciationandamortizationandamendmentsbringingbearerplantsintothescopeofIAS16.

• IAS38(Revised) Amendmentsregardingtheclarificationofacceptablemethodsofdepreciationandamortization.

• IAS41(Revised) AmendmentsbringingbearerplantsintothescopeofIAS16.


• IAS27(Revised) Amendmentsreinstatingtheequitymethodasanaccountingoptionforinvestmentsininsubsidiaries,jointventuresandassociatesinanentity’sseparatefinancialstatements.

Effective for annual periods beginning on or after January 1, 2018 (on application of IFRS 9)

• IFRS7(Revised) FinancialInstrumentsDisclosures-AmendmentsrequiringdisclosuresabouttheinitialapplicationofIFRS9

• IAS39(Revised) AmendmentstopermitanentitytoelecttocontinuetoapplythehedgeaccountingrequirementsinIAS39forafairvaluehedgeoftheinterestrateexposureofaportionofaportfoliooffinancialassetsorfinancialliabilitieswhenIFRS9isapplied,andtoextendthefairvalueoptiontocertaincontractsthatmeetthe‘ownuse’scopeexception.

ManagementanticipatesthattheadoptionoftheseStandardsandInterpretationsinfutureperiodswillhavenomaterialfinancialimpactonthefinancialstatementsoftheGroupintheperiodofinitialapplication,otherthancertainpresentationanddisclosurechanges.

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

TheconsolidatedfinancialstatementshavebeenpreparedinaccordancewithInternationalFinancialReportingStandards(“IFRS”)andtheapplicableprovisionsofQatarcommercialCompanieslawNo.5of2002.

Basis of preparation

Theconsolidatedfinancialstatementshavebeenpreparedonthehistoricalcostconventionmodifiedtoincludethemeasurementatfairvalueofderivativefinancialinstruments.

TheseconsolidatedfinancialstatementsarepresentedinQatariRiyal(QR),whichistheGroup’spresentationcurrency.Theprincipalaccountingpoliciesaresetoutbelow.

Basis of consolidation

TheconsolidatedfinancialstatementsincorporatethefinancialstatementsoftheCompanyanditssubsidiaries(togetherreferredasthe“Group”).ControlisachievedwhentheGroup:

(i) haspowerovertheinvestee;

(ii) isexposed,orhasrights,tovariablereturnsfromitsinvolvementwiththeinvestee;and

(iii)hastheabilitytouseitspowertoaffectitsreturns.


TheGroupreassesseswhetherornotitcontrolsaninvesteeiffactsandcircumstancesindicatethattherearechangestooneormoreofthethreeelementsofcontrollistedabove

ConsolidationofasubsidiarybeginswhentheGroupobtainscontroloverthesubsidiaryandceaseswhentheGrouplosescontrolofthesubsidiary.Specifically,incomeandexpensesofasubsidiaryacquiredordisposedofduringtheyearareincludedintheconsolidatedstatementofprofitorlossandothercomprehensiveincomefromthedatetheGroupgainscontroluntilthedatewhentheGroupceasestocontrolthesubsidiary.

ProfitorlossandeachcomponentofothercomprehensiveincomeareattributedtotheownersoftheGroupandtothenon-controllinginterests.TotalcomprehensiveincomeofsubsidiariesisattributedtotheownersoftheGroupandtothenon-controllinginterestsevenifthisresultsinthenon-controllinginterestshavingadeficitbalance.

Whennecessary,adjustmentsaremadetothefinancialstatementsofsubsidiariestobringtheiraccountingpoliciesintolinewiththeGroup’saccountingpolicies.Allintragroupassetsandliabilities,equity,income,expensesandcashflowsrelatingtotransactionsbetweenmembersoftheGroupare

eliminatedinfullonconsolidation.

ThestructureoftheGroup,incorporatedintheconsolidatedfinancialstatementsofQatarFertiliserCompany(Q.S.C.C.)isasfollows:

Nameofentity Principalactivity Countryofincorporation

Effectiveshareholdingpercentage

GulfFormaldehydeCompany(S.A.Q.)(GFC)

ProductionandsaleofUreaFormaldehydeConcentrate

Qatar 70%

QatarMelamineCompany(Q.S.C.C.)(QMC)

ProductionandsaleofMelamine

Qatar 60%

Transactions eliminated on consolidation

Inter-companybalancesandtransactions,andanyunrealisedgainsarisingfromintra-grouptransactionsareeliminatedinpreparingtheconsolidatedfinancialstatements.

Property, plant and equipment

Property,plantandequipmentisstatedatcostlessaccumulateddepreciationandanyimpairmentinvalue.Capitalwork-in-progressisnotdepreciated.

Depreciationiscalculatedonastraightlinebasisovertheestimatedusefullivesoftheassetsasfollows:

Buildingsandfoundations 13-25years

Plant,machineryandequipment 3-20years

Vehiclesandmobileequipment 3years

ExpenditureoverQR200,000incurredtoacquireorreplaceanitemofproperty,plantandequipmentthatisaccountedforseparately,iscapitalisedandthecarryingamountofthecomponentthatisreplaced,iswrittenoff.OthersubsequentexpenditureoverQR200,000iscapitalisedonlywhenitincreasesfutureeconomicbenefitsoftherelateditemofproperty,plantandequipment.Allotherexpenditureisrecognisedintheconsolidatedstatementofprofitorlossastheexpenseisincurred.


3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)


Thecostofplant,machineryandequipmentincludesthecostoftheoptimisedandmajorshutdownwhichareamortisedoveraperiodof3yearsand6years,respectively.

Thecarryingvaluesofproperty,plantandequipmentarereviewedforimpairmentwheneventsorchangesincircumstancesindicatethatthecarryingvaluemaynotberecoverable.Ifanysuchindicationexistsandwherethecarryingvaluesexceedtheestimatedrecoverableamount,theassetsarewrittendowntotheirrecoverableamount,beingthehigheroftheirfairvaluelesscoststosellandvalueinuse.

Anitemofproperty,plantandequipmentisderecognisedupondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.Anygainorlossarisingonderecognitionoftheassetisincludedintheconsolidatedstatementofprofitorlossintheyeartheassetisderecognised.

Theasset’sresidualvalues,usefullivesanddepreciationmethodsarereviewed,andadjustedifappropriate,ateachfinancialyearend.

Capitalwork-in-progresswillbetransferredtotherespectiveclassesofproperty,plantandequipmentwhentheassetisreadyforitsintendedused.

Project under development

Projectunderdevelopmentisstatedatcostlessanyimpairmentinvalueandwillbetransferredtoproperty,plantandequipmentwhentheassetisreadyforitsintendedusebythemanagementtorespectivecategory.

Catalysts

Catalystsareinitiallyrecordedatcost.Subsequently,theyaremeasuredatcostlessaccumulatedamortisationandanyimpairmentinvalue.Catalystsareamortisedovertheestimatedusefullivesof1to12years.Catalystsnotinuseattheplantarekeptunderinventoriesandstatedatthelowerofcostandnetrealisablevalue.

Intangible asset – license fee

Thelicensefeeisstatedatcostlessaccumulatedamortisationandanyimpairmentinvalue.Amortisationiscalculatedonastraightlinebasisoveraperiodof25years.

Inventories

Inventoriesarestatedatthelowerofcostandnetrealisablevalue.Costsarethoseexpensesincurredinbringingeachproducttoitspresentlocationandcondition,asfollows:

Packingmaterials,chemicals,suppliesandspareparts -weightedaveragepurchasecost

Finishedgoods -weightedaveragecostofdirectmaterials,directlabor,otherdirectcosts,plusattributableoverheadsbasedonnormallevelofcapacity.

Netrealisablevalueisbasedonestimatedsellingpricelessanyfurthercostsexpectedtobeincurredoncompletionanddisposal.

Financial assets

Accountsreceivable

Accountsreceivablearestatedatoriginalinvoiceamountlessaprovisionforanyuncollectibleamounts.Anestimatefordoubtfuldebtsismadewhencollectionofthefullamountisnolongerprobable.Baddebtsarewrittenoffasincurred.




Cashandcashequivalents

Cashandcashequivalentscomprisecashonhand,bankbalancesandshorttermdepositswithanoriginalmaturityofthreemonthsorless,netofbankoverdraft,ifany.

Impairmentanduncollectibilityoffinancialassets

Anassessmentismadeateachreportingdatetodeterminewhetherthereisobjectiveevidencethataspecificfinancialassetmaybeimpaired.Ifsuchevidenceexists,anyimpairmentlossisrecognisedintheconsolidatedstatementofprofitorloss.Impairmentisdeterminedasfollows:

(a) Forassetscarriedatfairvalue,impairmentisthedifferencebetweencostandfairvalue,lessanyimpairmentlosspreviouslyrecognisedintheconsolidatedstatementofprofitorloss;

(b) Forassetscarriedatcost,impairmentisthedifferencebetweencarryingvalueandthepresentvalueoffuturecashflowsdiscountedatthecurrentmarketrateofreturnforasimilarfinancialasset;

(c) Forassetscarriedatamortisedcost,impairmentisthedifferencebetweencarryingamountandthepresentvalueoffuturecashflowsdiscountedattheoriginaleffectiveinterestrate.

Derecognitionoffinancialassets

TheGroupderecognisesafinancialassetonlywhenthecontractualrightstothecashflowsfromtheassetexpireorittransfersthefinancialassetandsubstantiallyalltherisksandrewardsofownershipoftheassettoanotherentity.IftheGroupneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipandcontinuestocontrolthetransferredasset,theGrouprecognisesitsretainedinterestintheassetandanassociatedliabilityforamountsitmayhavetopay.IftheGroupretainssubstantiallyalltherisksandrewardsofownershipofatransferredfinancialasset,theGroupcontinuestorecognisethefinancialassetandalsorecognisesacollateralisedborrowingfortheproceedsreceived.

Onderecognitionofafinancialassetinitsentirety,thedifferencebetweentheasset’scarryingamountandthesumoftheconsiderationreceivedandreceivableandthecumulativegainorlossthathadbeenrecognisedinothercomprehensiveincomeandaccumulatedinequityisrecognisedinconsolidatedstatementofprofitorloss.

Financial liabilities and equity instruments issued by the Group

DebtandequityinstrumentsissuedbytheGroupareclassifiedaseitherfinancialliabilitiesorasequityinaccordancewiththesubstanceofthecontractualarrangement.

Financialliabilities

Interest bearing loan

Interestbearingloanisrecognisedinitiallyatfairvalueoftheamountsborrowed,lessdirectlyattributabletransactioncosts.Subsequenttoinitialrecognition,theloanismeasuredatamortisedcostusingtheeffectiveinterestmethod,withanydifferencesbetweenthecostandfinalsettlementvaluesbeingrecognisedintheconsolidatedstatementofprofitorlossovertheperiodoftheloan.Installmentsduewithinoneyearatamortisedcostareshownasacurrentliability.Thecostsofraisingfinanceapplicabletoamountsalreadydrawndownareamortisedovertheperiodoftheloanusingtheeffectiveyieldmethod.Gainsorlossesarerecognisedintheconsolidatedstatementofprofitorlosswhentheliabilitiesarederecognised.

Accountspayableandaccruals

Liabilitiesarerecognisedforamountstobepaidinthefutureforgoodsorservicesreceived,whetherbilledbythesupplierornot.






Derecognition of financial assets and liabilities

Financialassets

Afinancialasset(or,whereapplicableapartofafinancialassetorpartofaCompanyofsimilarfinancialassets)isderecognisedwhen:

• Therightstoreceivecashflowsfromtheassethaveexpired

• TheGrouphastransferreditsrightstoreceivecashflowsfromtheassetorhasassumedanobligationtopaythereceivedcashflowsinfullwithoutmaterialdelaytoathirdpartyundera‘pass-through’arrangement;andeither(a)theGrouphastransferredsubstantiallyalltherisksandrewardsoftheasset,or(b)theGrouphasneithertransferrednorretainedsubstantiallyalltherisksandrewardsoftheasset,buthastransferredcontroloftheasset.

WhentheGrouphastransferreditsrightstoreceivecashflowsfromanassetorhasenteredintoapass-througharrangement,andhasneithertransferrednorretainedsubstantiallyalltherisksandrewardsoftheassetnortransferredcontroloftheasset,theassetisrecognisedtotheextentoftheGroup’scontinuinginvolvementintheasset.

Inthatcase,theGroupalsorecognisesanassociatedliability.ThetransferredassetandtheassociatedliabilityaremeasuredonabasisthatreflectstherightsandobligationsthattheGrouphasretained.

Continuinginvolvementthattakestheformofaguaranteeoverthetransferredasset,ismeasuredattheloweroftheoriginalcarryingamountoftheassetandthemaximumamountofconsiderationthattheGroupcouldberequiredtorepay.

Financialliabilities

Afinancialliabilityisderecognisedwhentheobligationundertheliabilityisdischargedorcancelledorexpires.

Borrowing costs

Borrowingcostsdirectlyattributabletotheacquisitionorconstructionorproductionofanassetthatnecessarilytakesasubstantialperiodoftimeforitsintendeduseorsalearecapitalizedaspartofthecostoftherespectiveassets.Allotherborrowingcostsareexpensedintheperiodtheyoccur.Borrowingcostsconsistofinterestandothercoststhatanentityincursinconnectionwiththeborrowingoffunds.

Employees’ end of service benefits

TheGroupprovidesendofservicebenefitstoitsemployeesinaccordancewithemploymentcontractsandQatariLabourLaw.Theentitlementtothesebenefitsisbasedupontheemployees’finalsalaryandlengthofservice,subjecttothecompletionofaminimumserviceperiod.Theexpectedcostsofthesebenefitsareaccruedovertheperiodofemployment.

UnderLawNo.24of2002onRetirementandPension,theGroupmakescontributiontoagovernmentpensionschemeforQatariemployeescalculatedasapercentageoftheQatariemployees’salaries.TheGroup’sobligationsarelimitedtothesecontributions,whichareexpensedonaccrualbasis.

Provisions

ProvisionsarerecognisedwhentheGrouphasanobligation(legalorconstructive)arisingfromapastevent,andthecoststosettletheobligationarebothprobableandabletobereliablymeasured.


Foreign currencies

Transactionsinforeigncurrenciesareinitiallyrecordedinthefunctionalcurrencyraterulingatthedateofthetransaction.Monetaryassetsandliabilitiesdenominatedinforeigncurrenciesareretranslatedatthefunctionalcurrencyrateofexchangerulingatthereportingdate.Alldifferencesaretakentoconsolidatedstatementofprofitorloss.

Derivative financial instruments and hedging

Derivativefinancialinstrumentsarecontracts,thevalueofwhicharederivedfromoneormoreunderlyingfinancialinstrumentsorindices,andincludeacalloptiontorepurchaseequityatapredeterminedprice.

TheGroupusesderivativefinancialinstrumentssuchasinterestrateswapstohedgeitsrisksassociatedwithinterest.Suchderivativefinancialinstrumentsareinitiallyrecognisedatfairvalueonthedateonwhichaderivativecontractisenteredintoandaresubsequentlyre-measuredatfairvalue.Derivativesarecarriedasassetswhenthefairvalueispositiveandasliabilitieswhenthefairvalueisnegative.

Anygainsorlossesarisingfromchangesinfairvalueonderivativesthatdonotqualifyforhedgeaccountingaretakendirectlytotheconsolidatedstatementofprofitorloss.

Thefairvalueofinterestrateswapcontractsiscalculatedbyreferencetothemarketvaluationoftheswapcontracts.

For the purpose of hedge accounting, hedges are classified as:

• fairvaluehedgeswhenhedgingtheexposuretochangesinthefairvalueofarecognisedassetorliabilityorunrecognisedfirmcommitment(exceptforforeigncurrencyrisk);or

• cashflowhedgeswhenhedgingexposuretovariabilityincashflowsthatiseitherattributabletoaparticularriskassociatedwitharecognisedassetorliabilityorahighlyprobableforecasttransactionortheforeigncurrencyriskinanunrecognisedfirmcommitment.

Attheinceptionofahedgerelationship,theGroupformallydesignatesanddocumentsthehedgerelationshiptowhichtheGroupwishestoapplyhedgeaccountingandtheriskmanagementobjectiveandstrategyforundertakingthehedge.Thedocumentationincludesidentificationofthehedginginstrument,thehedgeditemortransaction,thenatureoftheriskbeinghedgedandhowtheentitywillassessthehedginginstrument’seffectivenessinoffsettingtheexposuretochangesinthehedgeditem’sfairvalueorcashflowsattributabletothehedgedrisk.Suchhedgesareexpectedtobehighlyeffectiveinachievingoffsettingchangeinfairvalueorcashflowsandareassessedonanongoingbasistodeterminethattheyactuallyhavebeenhighlyeffectivethroughoutthefinancialreportingperiodsforwhichtheyweredesignated.

Hedges which meet the criteria for hedge accounting are accounted for as follows:

Fairvaluehedges

Thechangeinthefairvalueofahedgingderivativeisrecognisedintheconsolidatedstatementofprofitorlossinfinancecosts.Thechangeinthefairvalueofthehedgeditemattributabletotheriskhedgedisrecordedasapartofthecarryingvalueofthehedgeditemandisalsorecognisedinconsolidatedstatementofprofitorlossinfinancecosts.

Cashflowhedges

TheGroupusesinterestrateswapcontractstohedgeitsriskassociatedprimarilywithinterestratefluctuationsrelatingtoitsinterestbearingloan.Forcashflowhedgeswhichmeetthecriteriafor






hedgeaccounting,theeffectiveportionofthegainorlossonthehedginginstrumentisrecogniseddirectlyasothercomprehensiveincomeinthecumulativechangesinfairvalues,whileanyineffectiveportionisrecognisedimmediatelyintheconsolidatedstatementofprofitorloss.

Amountsrecognisedasothercomprehensiveincomearetransferredtotheconsolidatedstatementofprofitorlosswhenthehedgetransactionaffectsprofitorlosssuchaswhenaforecastedtransactionoccurorisexpired.

Revenue recognition

Revenuefromthesaleofgoodsismeasuredatfairvalueoftheconsiderationreceivedorreceivable,netofreturnsandallowances,freightandinsurance,tradediscountandvolumerebate.Revenueisrecognisedwhenthesignificantrisksandrewardsofownershiphavebeentransferredtothebuyeratwhichtimeallthefollowingconditionsaresatisfied:

(i) theCompanyhastransferredtothebuyerthesignificantrisksandrewardsofownershipofthegoods;

(ii) theCompanyretainsneithercontinuingmanagerialinvolvementtothedegreeusuallyassociatedwithownershipnoreffectivecontroloverthegoodssold;

(iii) theamountofrevenuecanbemeasuredreliably;

(iv) itisprobablethattheeconomicbenefitsassociatedwiththetransactionwillflowtotheCompany;and

(v) thecostsincurredortobeincurredinrespectofthetransactioncanbemeasuredreliably

Saleofgoods

Saleofgoodsisrecognisedwhentheriskandrewardsoftheproductistransferredtothebuyers,whichisatthetimeofloadingattheterminalinMesaieed,StateofQatar.ConsequenttoagreementwithMuntajattherevenueisinitiallyrecognisedatprovisionalpricewhichisadjustedtoactualsinthemonthfollowingtheshipment.Revenuefromsaleofgoodsisrecordednetofdirectcostssuchasfreightandinsurance.

Interest income

Interestincomeisrecognisedastheinterestaccrues.

Operating leases

Leaseswherethelessorretainssubstantiallyalltherisksandbenefitsofownershipoftheassetareclassifiedasoperatingleases.Operatingleasepaymentsarerecognisedasanexpenseintheconsolidatedstatementofprofitorlossonastraight-linebasisovertheperiodofleaseterm.

Income Taxes

IncometaxispayableontaxableincomefortheyearinaccordancewithQatarIncomeTaxRegulationsbyapplyingtaxrateof35%onforeignpartner’sshareofprofit.

4. CRITICAL JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

IntheapplicationoftheGroup’saccountingpolicies,whicharedescribedinnote3,managementisrequiredtomakejudgments,estimatesandassumptionsaboutthecarryingamountsofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Theestimatesandassociatedassumptionsarebasedonhistoricalexperienceandotherfactorsthatareconsideredtoberelevant.Actualresultsmaydifferfromtheseestimates.Theestimatesandunderlyingassumptionsarereviewedonan


ongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisediftherevisionaffectsonlythatperiodorintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentandfutureperiods.

Critical judgments in applying accounting policies

IntheprocessofapplyingtheGroup’saccountingpolicies,whicharedescribedinNote3tothefinancialstatements,duetothenatureoftheGroup’soperations,managementhasnotmadeanysignificantjudgmentsthathaveamaterialeffectontheamountsrecognizedinthefinancialstatements,exceptasmentionedbelow:

Costoftakeorpaygas

Inpreparingthefinancialstatements,managementhasexpensed-offthecostoftakeorpaygasinitsaccountsastheconditionsattachedto“Make-upgas”arerestrictiveinnature.Further,thecurrentlevelofoperationsdoesnotindicatethatthesemake-upquantitieswillberecoupedwithinthetimeperiodmentionedinthecontractandthereforeonconservativebasisthesecostsareexpensed-off.

Consolidationandcontroloversubsidiaries

QMCandGFCareeffectivelycontrolledbyQAFCO,bothadministrativelyaswellasoperationally.AllrelevantactivitiesofthesetwocompaniescannotbecarriedoutwithoutactiveinvolvementofQAFCO,therefore,thesecompaniesareassessedassubsidiariesandconsolidatedinaccordancewithIFRS10.

Key sources of estimation uncertainty

Thefollowingarethekeyassumptionsconcerningthefuture,andotherkeysourcesofestimationuncertaintyattheconsolidatedstatementoffinancialpositiondate,thathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextfinancialyear:

Impairmentoftangibleassets

TheGroup’smanagementevaluateswhetherthereisanindicationthattangibleassetshavesufferedimpairmentinaccordancewithaccountingpoliciesstatedinnote3.Therecoverableamountofanassetisdeterminedbasedonvalue-in-usemethod.Thismethodusesestimatedcashflowprojectionsovertheestimatedusefullifeoftheassetdiscountedusingmarketrates.

Tangibleassetsusefullives

TheGroup’smanagementdeterminestheusefullivesandrelateddepreciationoramortizationcharge.Thedepreciationoramortizationchargefortheyearwillchangesignificantlyifactuallifeisdifferentfromtheestimatedusefullifeoftheasset.

Impairmentoffinancialassets

TheGroup’smanagementreviewsperiodicallyitemsclassifiedasreceivablestoassesswhetheraprovisionforimpairmentshouldberecordedintheconsolidatedstatementofprofitorloss.Managementestimatestheamountandtimingoffuturecashflowswhendeterminingthelevelofprovisionsrequired.Suchestimatesarenecessarilybasedonassumptionsaboutseveralfactorsinvolvingvaryingdegreesofjudgmentanduncertainty.

Hedgeeffectiveness

Managementreviewsitshedgingrelationshipbetweentheinterestrateswapsandtheunderlyingloansonaregularbasis.Thehedgewasfoundtobehighlyeffective.Asaresult,thefairvalueofthederivativeisrecordedinequityunderhedgingreserve.


4. CRITICAL JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)



5. CASH AND CASH EQUIVALENTS

2014 2013

QR. QR.

Bankbalances 21,200,250 53,793,832

Calldeposits 1,111,281,589 1,106,459,147

Fixeddeposits 819,654,327 548,185,185

Cashinhand 49,706 23,569

1,952,185,872 1,708,461,733

Fixeddepositsareplacedwithalocalcommercialbankforaperiodofthreemonthsorlessandearn

interestattheaveragerateof0.66%(2013:0.65%).

6. ACCOUNTS RECEIVABLE AND PREPAYMENTS

2014 2013

QR. QR.

Tradeaccountsreceivable 58,523 58,523

Prepaymentsandadvances 98,725,364 75,855,047

Otherreceivables 3,489,764 5,336,685

102,273,651 81,250,255

Prepaymentsandadvancesrepresentstaffloanandadvances,prepaidrentsandadvancesto

suppliers.

AtDecember31,2014,theageingofunimpairedfinancialassetsisasfollows:

2014 2013

QR QR

(i)Agingofpastduebutnotimpaired:

Above120days 58,523 58,523

7. RELATED PARTY TRANSACTION

Relatedpartiesrepresentassociatedcompanies,majorshareholders,directorsandkeymanagementpersonneloftheGroup,andentitiescontrolled,jointlycontrolledorsignificantlyinfluencedbysuchparties.

(a) Due from related parties

2014 2013 QR QR

YaraInternationalA.S.A 173,124,496 215,933,384

Muntajat 824,078,724 952,132,399

IndustriesQatar -- 2,588,780

QatarPetroleum 113,270 8,735

997,316,490 1,170,663,298


7. RELATED PARTY TRANSACTION

(b) Due to related parties

2014 2013

QR QR

YaraInternationalA.S.A 2,153,009 1,926,349

QatarPetroleum 255,485,008 271,067,234

QatarFuelAdditivesCompanyLtd.(Q.S.C.C.) 3,761,905 6,055,970

261,399,922 279,049,553

(c) Related party transactions

AsignificantportionoftheGroup’stransactionshavebeenenteredwiththeshareholders.Thepricesandtermsofpaymentforthesetransactionsareinaccordancewithspecificagreementsenteredinto,withtheshareholdersasfollows:

a) UreamarketingagreemententeredonJune18,1994withYaraInternationalASAtomarketprilledandgranulatedUreaproducedbytheGroupintheregionalmarketsofEurope,Americas,AfricaandAsia,inreturnforamarketingcommission.ThisinitialagreementwasreplacedbytheUreamarketingandoff-takeagreementdatedSeptember5,2001andvaliduntilDecember31,2016.ConsequenttotheagreementwithMuntajat,thisagreementwascancelledin2013.

b)GassaleandpurchaseagreemententeredwithQP,onJune18,1994,foraperiodof25years(renewable),topurchasefeedgasatrates,whicharelowerthantheprevailinginternationalmarketrates,tousefortheproductionofUreaandAmmonia.ThisagreementwasamendedandgaspriceswererevisedonandfromMarch31,2013.

c) GassaleandpurchaseagreemententeredwithQP,onJune1,2010,foraperioduntilJanuary1,2034(renewable),topurchasefeedgasbasedonanagreedformulatoarriveatthepurchaseprice,tousefortheproductionofUreaandAmmoniaforQAFCO–5project.ThisagreementwasamendedandgaspricesabovecertainthresholdvolumewererevisedonandfromMarch31,2013.

d) EffectiveMarch1,2013,theGrouphasenteredintoanagreementwithMuntajat,wherebythelaterwillprovideallmarketingandsalesservicestotheGroup.



Transactionswithrelatedpartiesincludedintheconsolidatedstatementofprofitorlossareasfollows:

2014 2013

QR QRShareholder:

Yara International A.S.A.

-Saleofureaandammonia -- 949,070,041

-Salescommission -- 20,379,036

-Purchaseofinventories -- 12,542

Muntajat (QMDC)

-Sales 7,278,789,389 6,342,726,107

-Marketingcharges 248,967,972 254,717,429

Ultimate parent:

Qatar Petroleum (“QP”)

-Purchaseoffeedstock 2,426,402,616 2,391,135,793

-PurchaseofMethanol 60,772,689 63,492,785

-Insurance 31,167,165 28,239,917

-Landleaseandstaffaccommodationleasecharges 24,650,970 24,038,484

-Trainingcosts 6,482,575 15,621,915

(d) Compensation of key management personnel

TheremunerationofDirectorsandothermembersofkeymanagementduringtheyearareasfollows:

2014 2013

QR QR

Short-termbenefits 14,582,921 12,743,866

Directors’remuneration 2,760,000 2,922,084

Qatariemployees’pensionfundcontribution 723,084 458,104

18,066,005 16,124,05


7. RELATED PARTY DISCLOSURES (Continued)



8. INVENTORIES

2014 2013

QR QR

Spareparts,consumablesandsupplies 513,309,022 378,360,569

Finishedgoods 263,912,702 131,725,236

Chemicalsandcatalysts 30,329,240 29,797,553

Goodsintransit 42,874,062 30,325,049

Packingmaterials 3,093,769 2,541,660

853,518,795 572,750,067

Less:Provisionforobsoleteandslow-movinginventories (51,480,836) (43,072,702)

Less:Lossonwrite-downofinventories (966,496) (1,085,348)

801,071,463 528,592,017

AsatDecember31,2014,thesalespriceofMelamineinventorydecreasedbelowitscostprice.

Asaresult,inventorywasmeasuredusingnetrealisablevalue,whichrepresentstheestimated

sellingpricelessanyfurthercostsexpectedtobeincurredtomakethesell.

Movementsintheprovisionforobsoleteandslowmovinginventoriesareasfollows:

2014 2013

QR QR

AtJanuary1, 43,072,702 35,089,882

Providedduringtheyear(Note21) 11,657,969 13,763,317

Amountswrittenoff (3,249,835) (5,780,497)

AtDecember31, 51,480,836 43,072,702

9. CATALYSTS

2014 2013

QR QR

Cost:

AtJanuary1, 107,070,457 79,761,920

Additions 3,894,197 27,308,537

At December 31, 110,964,654 107,070,457

Amortisation: At1January 59,821,087 49,237,171

Chargefortheyear 14,815,022 10,583,916

AtDecember31, 74,636,109 59,821,087

Net carrying amount:

At December 31, 36,328,545 47,249,370


10. INTANGIBLE ASSETS – LICENSE FEE

Thisnon-exclusivelicensefeepertainstoamountspaidbytheGroupforusingthetechnologytoproducemelaminetodesign,engineer,construct,operate,modifyandmaintaintheplantfacilities.AsatDecember31,thelicenseisstillinthenameofQatarFertiliserCompany(Q.S.C.C.).

2014 2013

QR QR

Cost:

AtJanuary1, 57,637,200 57,637,200

At December 31, 57,637,200 57,637,200

Accumulated amortisation:

AtJanuary1, 6,724,340 4,418,852

Chargefortheyear 2,305,488 2,305,488

At December 31, 9,029,828 6,724,340

Net carrying amount:

At December 31, 48,607,372 50,912,860



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Notes:

(i) Buildingsandfoundations,whichincludetheindustrialplant,officesiteandadministrativefacilitiesatMesaieedareconstructedonthelandleasedfromQatarPetroleum,exceptthestaffhousingcomplex,whichisconstructedonthelandleasedfromtheIndustrialDevelopmentTechnicalCentre.

(ii) Capitalwork-in-progressrepresentworkonvariousongoingprojectsasatthereportingdate.

(iii)Thedepreciationchargehasbeenallocatedintheconsolidatedstatementofprofitorlossasfollows:

2014 2013

QR QR

Costofsales 1,055,636,734 1,007,395,790

Administrativeexpenses 16,726,718 10,477,750

1,072,363,452 1,017,873,540

12. ACCOUNTS PAYABLE AND ACCRUALS

2014 2013

QR QR

Tradeaccountspayable 95,718,652 173,114,144

Otherpayablesandaccruals 332,623,786 360,178,067

428,342,438 533,292,211

13. INTEREST BEARING LOANS

2014 2013

QR QR

Termloan(i) 2,984,836,400 3,276,050,960

Less:Deferredarrangementfees(ii) (14,736,096) (20,693,451)

2,970,100,304 3,255,357,509

Presentedintheconsolidatedstatementoffinancialpositionasfollows:

2014 2013

QR QR

Currentportion 285,779,228 285,257,205

Non-currentportion 2,684,321,076 2,970,100,304

2,970,100,304 3,255,357,509


7. PROPERTY, PLANT AND EQUIPMENT (Continued)


(i)TheGrouphasenteredintoanagreementwithaconsortiumofbanksledbyHSBCasthefacil-ityagentonDecember2,2007,toobtainatermloanfacilityamountingtoUSD1.1billionandarevolvingfacilityofUSD500milliontofinancetheconstructionofQAFCO-5project,whichwascompletedonFebruary29,2012.TheloanbearsinterestatLIBORplusanapplicablemargin.TheGrouphasenteredintotwointerestrateswapscontractstohedgeitsriskassociatedwithinterestratefluctuationonthetermloanasfullyexplainedinNote14.Therepaymentofthetermloancommencedafter4yearsfromthedateoftheagreementandisrepayablein12equatedsemi-an-nualinstallmentsofUSD40millioneachwithonefinalbulletpaymentofUSD620million,thelastinstallmentisdueinDecember2017.

(ii)Thefinancecostsassociatedwithobtainingtheaboveloanrepresentarrangement,underwriting,participationandagencyfeespaid(“arrangementfees”).Movementsinthearrangementfeesareasfollows:

2014 2013

QR QR

Balanceatthebeginningoftheyear 20,693,451 27,171,879

Amortisedduringtheyear (5,957,355) (6,478,428)

Balanceattheendoftheyear 14,736,096 20,693,451

Theamortisedarrangementfeeswascapitalisedinthecapitalwork-in-progressasborrowingcostsuntilFebruary29,2012i.e.thedateofcapitalizationofQAFCO-5project.Subsequentamortisationsarepresentedintheconsolidatedstatementofprofitorlossunderinterestexpense.

14. OTHER FINANCIAL LIABILITIES

2014 2013

QR QR

Cashflowhedges:

Interestrateswaps

AtJanuary1, 301,273,025 456,423,540

Unrealisedgainoncashflowhedges (87,555,289) (155,150,515)

AtDecember31, 213,717,736 301,273,025

Presentedintheconsolidatedstatementoffinancialpositionasfollows:

2014 2013

QR QR

Currentportion 107,314,147 117,967,225

Non-currentportion 106,403,589 183,305,800

213,717,736 301,273,025


13 INTEREST BEARING LOANS (Continued)


Thematurityprofileofthederivativesisasfollows:

Positive fair

value

QR

“Mn”

Negative fair

value

QR

“Mn”

Notional

amount

QR

“Mn”

3 – 12

months

QR

“Mn”

1 – 5

years

QR

“Mn”

AtDecember31,2014

Interestrateswaps -- 213 2,984 291 2,693

Positivefair

value

QR

“Mn”

Negativefair

value

QR

“Mn”

Notional

amount

QR

“Mn”

3–12

months

3–12

months

QR

“Mn”

AtDecember31,2013

Interestrateswaps -- 301 3,276 291 2,985

Otherfinancialliabilitiesrepresentthefairvalueoftwointerestrateswapcontractsdesignated

ascashflowhedgestohedgethefloatinginterestrateexposureonitsinterestbearingloanuntil

December5,2017.Thetermsoftheinterestrateswapcontractshavebeennegotiatedtomatch

thetermsofthecommitmentsofthetermloan.AtDecember31,2014,themeasurementofthefair

valuesofthehedgesresultedinanegativeamountofQR213,717,736(2013:QR301,273,025)which

hasbeenrecognizedintheothercomprehensiveincomeaschangesinfairvaluesandasderivative

liabilities.

15. EMPLOYEES’ END OF SERVICE BENEFITS

TheGroupprovidesforendofservicebenefitsforitsemployees.Movementsintheprovisionareas

follows:

2014 2013

QR QR

AtJanuary1, 149,387,020 137,299,764

Provisionduringtheyear 32,273,120 23,575,856

Endofservicebenefitspaid (7,107,484) (11,488,600)

174,552,656 149,387,020

Less:Advancesagainstendofservicebenefits (74,263,328) (67,457,670)

AtDecember31, 100,289,328 81,929,350

16. SHARE CAPITAL

2014 2013

QR QR

Authorised,issuedandfullypaid: 1,000,000,000 1,000,000,000

10,000,000ordinarysharesofQR100each


13 OTHER FINANCIAL LIABILITIES (Continued)


17. LEGAL RESERVE

AsrequiredbytheCompany’sArticlesofAssociation,10%oftheprofitfortheyearshouldbe

transferredtolegalreserveuntilthereserveequals20%oftheissuedsharecapital.TheCompany

resolvedtodiscontinuesuchannualtransferssincethereservereachedtherequiredamount.Inthe

booksofthesubsidiarycompanies,asrequiredbyQatarCommercialCompaniesLawNo.5of2002

andthesubsidiarycompanies’ArticlesofAssociation,10%oftheprofitfortheyearisrequiredto

betransferredtoalegalreserveuntilthereserveequals50%oftheissuedcapital.Thecurrentyear

transfersrepresentonlythesubsidiarycompany’sshareoftransferstothelegalreserve.

Thereserveisnotavailablefordistributionexceptinthecircumstancesstipulatedintheabovelaw

andtheCompany’sandsubsidiarycompanies’ArticlesofAssociation.

18. DIVIDENDS PAID AND PROPOSED

Duringtheyear,acashdividendofQR130pershareaggregatingtoQR1,300,000,000fortheyear

2013wasdeclaredandpaid(2013:QR290pershareaggregatingtoQR2,900,000,000fortheyear

2012).

TheBoardofDirectorshasproposedandpaidinterimcashdividendofQR100pershare

aggregatingtoQR1,000,000,000fortheyear2014(2013:1,700,000,000).Further,theBoardof

DirectorsintheirmeetingdatedJanuary29,2015recommendedmanagement’sproposaltopay

QR.1,800,000,000asfinaldividendfortheyear2014.

19. INCOME TAX PAYABLE

InaccordancewiththeregulationsoftheQatarPublicRevenuesandTaxesDepartment,theGroup

issubjecttocorporateincometaxintheStateofQatarfortheshareofprofitattributabletoforeign

shareholdersexcludingexemptedprofitofQAFCOPlant4untilJune26,2014.

Forthepurposeoftheseconsolidatedfinancialstatements,theincometaxobligationsoftheGroup

havebeenincludedasamountsduefromforeignshareholdersgiventhatsuchshareholdersarefully

liableforthetaxpayment.




19 INCOME TAX PAYABLE (Continued)

Reconciliationbetweenincometaxandtheproductofaccountingprofitmultipliedbytheeffective

taxratefortheyearisasfollows:

2014 2013

QR QR

ProfitattributabletoQAFCOPlants1,2,3,5and6 1,438,285,138 2,429,327,954

ProfitattributabletoQAFCOPlant4(Exemptfromtax) 875,426,271 788,998,616

Profit/(loss)ofQatarMelamineGroup(Q.S.C.C.) (10,046,565) 3,870,959

ProfitofGulfFormaldehydeGroup(S.A.Q.)(“GFC”) 5,040,312 8,778,371

Accountingprofit 2,308,705,156 3,230,975,900

Accountingprofitliablefortaxation 1,433,278,885 2,441,977,285

Expensesthatarenotdeductibleindeterminingtaxableprofit:

Accountingdepreciation(excludingPlant4) 1,033,430,245 941,650,514

Provisionforobsoleteandslow-moving

inventories(excludingPlant4) 10,681,470 12,040,713

Provisionfordonation 9,166,667 4,166,667

1,053,278,382 957,857,894

Adjustmentsindeterminingtaxableprofit:

Taxdepreciation (1,011,859,650) (922,123,806)

Loss/(gain)ondisposal 1,416 (57,911)

Adjustmentrelatingtotheprioryeardepreciation -- (23,878,100)

Write-offofslow-movinginventories (3,456,429) (4,817,081)

Costsrelatedtoexemptincome 498,975,930 --

Carriedforwardlossadjusted (136,550,411) (4,956,308)

(652,889,144) (955,833,206)

Taxableprofit 1,833,668,124 2,444,001,973

Effectivetaxratefortheshareofprofitattributableto

foreignshareholders 9.44% 8.74%

Totalincometaxpayable 173,124,496 213,660,390


20. SALES

2014 2013

QR QR

Ammoniasales 1,003,657,563 1,029,017,854

Ureasales 6,023,044,556 6,859,024,289

UFsales 17,675,222 21,329,882

Melaminesales 234,412,048 284,001,812

7,278,789,389 8,193,373,837

21. COST OF SALES

2014 2013

QR QR

Rawmaterialsconsumed 2,431,329,681 2,533,216,737

Depreciation 1,055,636,734 1,007,395,790

Salaries,wagesandrelatedexpenses 305,141,346 283,241,157

Sparesandequipmentconsumed 63,593,207 58,431,349

Licensefeeamortisation 2,305,488 2,305,488

nsurance,rentsandfees 37,886,334 44,442,954

Externalservices 28,899,820 30,900,624

Amortisationofcatalysts 14,815,022 10,583,916

Provisionforobsoleteandslowmovinginventories 11,657,969 13,763,317

Shutdowncostsexpensed 1,212,796 707,700

Others 4,887,507 3,907,621

3,957,365,904 3,988,896,653

22. OTHER INCOME 2014 2013

QR QR

Interestincome 5,411,986 8,541,894

Reversalofexcessprovisions 38,973,701 85,764,807

Saleofgas 3,120,309 993,416

Demurragesanddispatch -- 820,727

Clubcontribution 2,000,716 1,374,494

Rentalincome 75,136 416,300

Miscellaneousincome 14,964,477 11,103,349

64,546,325 109,014,987




23. SELLING AND DISTRIBUTION COSTS

2014 2013

QR QR

Salescommission -- 22,673,082

MarketingCharge 219,537,265 191,488,373

Othersalesexpenses 54,431,055 112,885,453

273,968,320 327,046,908

24. ADMINISTRATIVE EXPENSES

2014 2013

QR QR

Salariesandrelatedexpenses 329,051,555 281,394,930

Costoftakeorpaygas 38,537,878 44,312,951

Insurance,rentsandfees 82,030,853 81,671,272

Externalservices 97,917,712 83,272,046

Sparesandequipment 47,486,880 46,810,768

Publicrelationsanddonations 20,927,214 18,773,784

Depreciation 16,726,718 10,477,750

Travelexpenses 5,667,148 6,673,614

Communicationexpenses 6,206,409 4,910,765

BoardofDirectorsremuneration 2,760,000 2,922,084

Baddebtwrittenoff 240,316 --

Lossonsaleofassets 1,416 1,079,807

Miscellaneousexpenses 6,431,325 8,282,705

653,985,424 590,582,476

25. FINANCE COSTS

2014 2013

QR QR

Interestoninterestrateswap 118,317,208 119,152,281

Interestonloan(Note13) 31,905,952 41,421,455

Amortisationofdeferredarrangementfees(Note13) 5,957,356 6,478,428

156,180,516 167,052,164


26. FAIR VALUE OF FINANCIAL INSTRUMENTS

SetoutbelowisacomparisonbyclassofthecarryingamountsandfairvalueoftheGroup’s

financialinstrumentsthatarecarriedintheconsolidatedfinancialstatements.

Carrying amount Fair value

2014

QR

2013

QR

2014

QR

2013

QR

Financial assets

Tradeandother

receivables

3,548,287 5,395,208 3,548,287 5,395,208

Duefromrelatedparties 997,316,490 1,170,663,298 997,316,490 1,170,663,298

Bankbalancesandcash 1,952,185,872 1,708,461,733 1,952,185,872 1,708,461,733

Total 2,953,050,649 2,884,520,239 2,953,050,649 2,884,520,239

Financial Liabilities

Interestbearingloans

Floatingrateborrowings 2,984,836,400 3,276,050,960 2,984,836,400 3,276,050,960

Tradeandother

payables

95,718,652 173,114,144 95,718,652 173,114,144

Duetorelatedparties 261,399,922 279,049,553 261,399,922 279,049,553

Otherfinancialliability:

Interestrateswaps 213,717,736 301,273,025 213,717,736 301,273,025

Total 3,555,672,710 4,029,487,682 3,555,672,710 4,029,487,682

Thefairvalueofthefinancialassetsandliabilitiesareamountsatwhichtheinstruments

couldbeexchangedinacurrenttransactionbetweenwillingparties,otherthaninaforcedor

liquidationsale.

Thefollowingmethodsandassumptionswereusedtoestimatethefairvalues:

a) Bankbalancesandcash,tradeandotherreceivablesandtradeandotherpayables

approximatetheircarryingamountslargelyduetotheshort-termmaturitiesofthese

instruments.

b) Interestbearingloanisestimatedbasedondiscountedcashflowsusinginterestratefor

itemswithsimilartermsandcharacteristics.

c) TheGroupentersintoderivativefinancialinstruments,principallywithfinancialinstitutions

withinvestmentgradecreditratings.Derivativesvaluedusingvaluationtechniqueswith

marketobservableinputsareinterestrateswaps.Themostfrequentlyappliedvaluation

techniquesincludeswapmodels,usingpresentvaluecalculations.Themodelsincorporate

variousinputsincludingthecreditqualityofcounterpartiesandinterestratecurves.



AsatDecember31,themarkedtomarketvalueofderivativeassetpositionisnetofacredit

valuationadjustmentattributabletoderivativecounterpartydefaultrisk.Thechangesin

counterpartycreditriskhadnomaterialeffectonthehedgeeffectivenessassessmentfor

derivativesdesignatedinhedgerelationshipandotherfinancialinstrumentsrecognisedatfair

value.

Fair value hierarchy

TheGroupusesthefollowinghierarchyfordetermininganddisclosingthefairvalueoffinancial

instrumentsbyvaluationtechnique

Level1: quoted(unadjusted)pricesinactivemarketsforidentical

assetsorliabilities

Level2: othertechniquesforwhichallinputswhichhaveasignificant

effectontherecordedfairvalueareobservable,either

directlyorindirectly

Level3: techniqueswhichuseinputswhichhaveasignificanteffect

ontherecordedfairvaluethatarenotbasedonobservable

marketdata.

AtDecember31,theGroupheldthefollowingfinancialinstrumentsmeasuredatfairvalue:

2014 Level 1 Level 2 Level 3

QR QR QR QR

Liabilitiesmeasuredatfairvalue

Interestrateswaps 213,717,736 -- 213,717,736 --

2013 Level 1 Level 2 Level 3

QR. QR. QR. QR.

Liabilitiesmeasuredatfairvalue

Interestrateswaps 301,273,025 -- 301,273,025 --

DuringthereportingyearsendedDecember31,2014and2013,therewerenotransfersbetween

Level1andLevel2fairvaluemeasurements,andnotransfersintoandoutofLevel3fairvalue

measurements.

27. FINANCIAL RISK MANAGEMENT

Objectives and policies

TheGroup’sprincipalfinancialliabilitiescompriseinterestbearingloan,tradeaccountspayable

andamountsduetorelatedparties.Themainpurposeofthesefinancialliabilitiesistoraise

financefortheGroup’soperations.TheGrouphasvariousfinancialassetssuchastrade

accountsreceivable,amountsduefromrelatedpartiesandcashandbankbalances,whicharise

directlyfromitsoperations.


26 FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)


ThemainrisksarisingfromtheGroup’sfinancialinstrumentsarecashflowinterestraterisk,

creditrisk,liquidityriskandforeigncurrencyrisk.TheBoardofDirectorsreviewandagreeon

policiesformanagingeachoftheseriskswhicharesummarisedbelow.

Interest rate risk

Interestrateriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwill

fluctuateduetochangesinmarketinterestrates.

TheGroupisexposedtointerestrateriskonitsinterestbearingassetsandliabilities(shortterm

depositsandtermloan).

Atreportingdate,theinterestrateprofileoftheGroup’sinterestbearingfinancialinstrumentsis

asfollows:

2014 2013

QR QR

Floatinginterestrateinstruments:

Fixed/Calldeposits 1,930,935,916 1,656,378,323

Interestbearingloan (2,984,836,400) (3,276,050,960)

(1,053,900,484) (1,619,672,637)

TheGroup’sexposuretotheriskofchangesinmarketinterestratesrelatesprimarilytothe

Group’sfinancialassetsandliabilitieswithfloatinginterestratesandfixedinterestinstruments.

Tomanagetheriskofchangesinfloatinginterestrateonitsinterestbearingloan,theGrouphas

enteredintointerestrateswaps.Undertheswapagreements,theGroupwillpayanagreedfixed

interestrateandreceiveafloatinginterestrate.

Thefollowingtabledemonstratesthesensitivityoftheconsolidatedstatementofprofitor

loss(duetofixed/calldeposits)andequity(duetointerestrateswaps)toreasonablypossible

changesininterestratesby25basispoints,withallothervariablesheldconstant.Thesensitivity

oftheconsolidatedstatementofprofitorlossandequityistheeffectoftheassumedchanges

ininterestratesforoneyear,basedonthefloatingratefinancialassetsandfinancialliabilities

heldatDecember31,2014.Theeffectofdecreasesininterestratesisexpectedtobeequaland

oppositetotheeffectoftheincreasesshown.

Profit Equity

+/-25b.p. +/-25b.p.

QR QR

At December 31, 2014

Variablerateinstruments

Fixed/Calldeposits 4,827,339 --

Interest rate swaps -- 7,462,091

4,827,339 7,462,091



Profit Equity

+/-25b.p. +/-25b.p.

QR QR

AtDecember31,2013

Variablerateinstruments

Fixed/Calldeposits 4,140,946 --

Interestrateswaps -- 8,190,127

4,140,946 8,190,127

Credit risk

Creditriskistheriskthatonepartytoafinancialinstrumentwillfailtodischargeanobligation

andcausetheotherpartytoincurafinancialloss.TheGroup’sexposuretocreditriskisas

indicatedbythecarryingamountofitsassetswhichconsistprimarilyofaccountreceivables,

bankbalancesandderivatives.

TheGroupseekstolimititscreditriskwithrespecttobanksbyonlydealingwithreputed

financialinstitutions.Withrespecttocustomers,allsalesaremadetoMuntajatandwhen

Muntajatcollectsfromitscustomers’,netbackpriceistransferredtotheGroupafterdeducting

marketingfeesandothersellingexpenses.Muntajatassumesallcreditrisksforsalesmadeon

behalfoftheproducer.Asattheyear-end99%oftheoutstandingreceivablebalancewasdue

fromMuntajat.

WithrespecttocreditriskarisingfromthefinancialassetsoftheGroup,theGroup’sexposure

tocreditriskarisesfromdefaultofthecounterparty,withamaximumexposureequaltothe

carryingamountoftheseinstrumentsasfollows:

2014 2013

QR QR

Bankbalances 1,952,136,166 1,708,438,164

Amountsduefromrelatedparties 997,316,490 1,170,663,298

Tradeaccountsreceivable 58,523 58,523

Otherreceivables 3,489,764 5,336,685

2,953,000,943 2,884,496,670

Liquidity risk

LiquidityriskistheriskthattheGroupwillnotbeabletomeetfinancialobligationsastheyfall

due.TheGroup’sapproachtomanagingliquidityriskistoensure,asfaraspossible,thatitwill

alwayshavesufficientliquiditytomeetitsliabilitieswhendue,underbothnormalandstressed

conditions,withoutincurringunacceptablelossesorriskingdamagetotheGroup’sreputation

TheGrouplimitsitsliquidityriskbymaintainingadequatefundsinthebanksandensuringbank

facilitiesareavailable.TheGroup’stermsofsalesrequireamountstobepaidonceMuntajat


27 FINANCIAL RISK MANAGEMENT (Continued)


collectstheamountfromitscustomers.Tradepayablesarenormallysettledwithin45-60days

fromthedateofpurchase.

Less than 3 to 12 1 to 5 Total

3 months Months Years

QR QR QR QR

At December 31, 2014

Tradeaccountspayable 95,718,652 -- -- 95,718,652

Amountsduetorelatedparties 261,399,922 -- -- 261,399,922

Derivativefinancialliability -- 107,314,147 106,403,589 213,717,736

Interestbearingloan-atgross -- 320,000,290 2,761,008,261 3,081,008,551

Total 357,118,574 427,314,437 2,867,411,850 3,651,844,861

Lessthan 3to12 1to5 Total

3months Months Years

QR QR QR QR

AtDecember31,2013

Tradeaccountspayable 173,114,144 -- -- 173,114,144

Amountsduetorelatedparties 279,049,553 -- -- 279,049,553

Derivativefinancialliability -- 117,967,225 183,305,800 301,273,025

Interestbearingloan–atgross -- 322,938,511 3,081,008,551 3,403,947,062

Total 452,163,697 440,905,736 3,264,314,351 4,157,383,784

Currency risk

Currencyriskistheriskthatthefairvalueorthefuturecashflowsofafinancialinstrumentwill

fluctuateduetochangesinforeignexchangerates.

AstheQatariRiyalispeggedtotheUSDollars,thebalancesinUSDollarsarenotconsideredto

representsignificantcurrencyrisk.

ThetablebelowindicatestheGroup’sforeigncurrencyexposureasatDecember31,asaresult

ofitsmonetaryassetsandliabilities.Theanalysiscalculatestheeffectofareasonablypossible

movementoftheQatariRiyalcurrencyrateagainsttheGBPandEuro,withallothervariables

heldconstant,ontheconsolidatedstatementofprofitorloss(duetothefairvalueofcurrency

sensitivemonetaryassetsandliabilities).Theeffectofdecreaseincurrencyratesisexpectedto

beequalandoppositetotheeffectoftheincreaseshown.




Changesin

currencyrateto Effectonprofit

theQatariRiyal QR

2014

GBP +/-5% 5,286

Euro +/-5% 442,321

2013

GBP +/-5% +/-88,388

Euro +/-5% +/-1,669,560

Capital management

TheGroupmanagesitscapitaltoensurethatitwillbeabletocontinueasagoingconcernwhile

maximisingthereturntoshareholdersthroughtheoptimisationofthedebtandequitybalances.

TheGroupmakesadjustmentstoitscapitalstructure,inlightofchangesineconomicand

businessconditions.Tomaintainoradjustthecapitalstructure,theGroupmayadjustthe

dividendpaymenttoshareholders,orissuenewshares.

Capitalincludessharecapital,legalreserve,andretainedearningsandismeasuredatQR

15,371,798,786atDecember31,2014(2013:QR15,276,770,952).

28. EXPENDITURE COMMITMENTS 2014 2013

QR QR.

(a) Capital expenditure commitments:

Estimatedcapitalexpenditurebudgetedandapproved

foratthereportingdatebutnotprovidedfor:

Othercontractcommitments 295,695,351 133,531,188

2014 2013

QR QR.

(b) Operating lease commitments:

Futureminimumleasepayments:

Withinoneyear 60,991,550 52,542,739

Afteroneyearbutnotmorethanfiveyears 92,837,294 71,605,662

Morethanfiveyears 75,051,858 155,344,875

Totaloperatingleaseexpenditurecontracted

foratthereportingdate 228,880,702 279,493,276




29. CONTINGENCIES

AtDecember31,theGrouphadthefollowingcontingentliabilitiesarisinginthenormalcourse

fromwhichitanticipatesthatnomaterialliabilitieswillarise:

2014 2013

QR. QR.

Lettersofcredit 2,116,529 9,229,689

Bankandotherguarantees 772,992 772,992

2,889,521 10,002,681

30. SUBSEQUENT EVENT

TheBoardofDirectorsoftheCompanynotedintheirmeetingofSeptember2014thatQPand

IQhasjointlyagreedtointegratetheoperationsofQMCwiththeCompany.Theestimateddate

ofsuchmergerisscheduledinearly2015.



We are committed through our Occupational Health & Safety, Environmental, Quality and Responsible Care Integrated Management systems to:• LeadQAFCOinethicalwaysthatincreasesthebenefitstosocietybyprotectingourpeople,

environmentandcommunity.

• IncreasethecompetencyofpersonnelanduseofadequatetechnologytoenhanceCustomersSatisfaction,environmental,safety,healthandsecurityperformance.

• Preventpollutionandcontroloperationalandsecurityrisksinordertoprotecttheenvironment,thesafetyandhealthofouremployees,contractors,visitors,theneighborsandthecommunity.

• Stewardourproductsandservicesthrougheachlifecyclestagesinordertoprotectpeopleandtheenvironment.

• ImplementOccupationalHealth&Safety,Environmental,QualityandResponsibleCareIntegratedManagementSystemsasaprimelineresponsibilityatalllevelsofourorganizationandcontinuallyimprovetheirperformanceandeffectiveness.

•InvolveandconsultwithouremployeesonmattersrelatedtoourIntegratedManagementSystems.

• ComplywithallrelevantQatariLegislations,RegulationsandStandardsadoptedbytheCompany.

• CommunicatethisPolicyandsystemsperformancemeasurestoouremployees,contractorsandotherstakeholdersincludingpublicandmakeitavailabletothemandotherinterestedparties.

• Monitor,studyandrecordtheenvironmentalimpactsofouroperationscausedbydischargestotheseaandemissionstoairforpossiblereductions.

• Encouragere-useandrecyclingandmanageoursolidwastetoreduceenvironmentalimpacts.

• ConductregularreviewsofrelevantOccupationalHealth,Safety,Security,Environmental,QualityandResponsibleCareactivitiesforcompliancewiththeadoptedStandards.

• Openinformation,communicationandshareexperienceswithallpartiesaffectedbyorinterestedinouractivitiesonsafeuse,transportationanddispositionofourproductsandtorecognize,respectandrespondtoourcommunityconcernsaboutourproductsandoperations.

• WorkwithGovernments,AgenciesandAssociationsatalllevelsinthedevelopmentofeffectiveandefficienthealth,safety,securityandenvironmentallawsandindustrystandardsandsupportresearch.

Documents

488950 Wehavu ditc - qafco.greymena.comqafco.greymena.com/v2/sites/default/files/publications/2015 Financi… · 488950 wehavu ditc 49 qatar fertiliser company (q.s.c.c.) doha - qatar