MIRA
INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALUMINIUM BAHRAIN BSCC |
|
|
|
|
Registered Office : |
Askar 951 150, King Hamad 570 Manama |
|
|
|
|
Country : |
Bahrain |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1971 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Aluminium production |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bahrain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Aluminium Bahrain BSCC
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Aluminium Bahrain BSC (Alba) is a Bahrain-based company engaged in
manufacturing aluminum and aluminum related products. The Company produces
more than 870,000 metric tons per annum and exports its production to more
than 25 countries and international customers in the Middle East, Europe, Far
East, South East Asia, Africa and North America. Its products include
standard and T-ingot, extrusion billets, rolling slab, propertzi ingots, and
molten aluminum. Alba plant comprises five reduction lines, three cast
houses, a dedicated carbon plant, a 600,000 metric tons per annum coke calcining
plant, a water desalination plant, 11 fume treatment plants, a marine
terminal, and a 2,200 megawatt power plant, consisting of four power
stations. Its main shareholder is Bahrain Mumtalakat Holding Company
(69.38%). For the nine months ended 30 September 2011, Aluminum Bahrain
BSCC's total revenue increased 25% to BHD678.5M. Net income increased 91% to
BHD183.4M. Total revenue reflects an increase in demand for the Company's
products. Net income benefited from a significant decrease in general and administrative
expense, and finance cost. Aluminum Bahrain BSCC is based in Bahrain. the
company is listed in Bahrain Stock Exchange. |
Industry
|
Industry |
Metal Mining |
|
ANZSIC 2006: |
2132 - Aluminium Smelting |
|
NACE 2002: |
2742 - Aluminium production |
|
NAICS 2002: |
331312 - Primary Aluminum Production |
|
UK SIC 2003: |
2742 - Aluminium production |
|
US SIC 1987: |
3334 - Primary Production of Aluminum |
Key Executives
|
Significant Developments
|
|||||||||||||
|
* number of significant developments within the last 12 months |
|
||||||||||||
News
|
Financial
Summary
|
Stock
Snapshot
|
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = BHD 0.3770077
2 - Balance Sheet Item Exchange Rate: USD 1 = BHD 0.377
Corporate Overview
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Structure News
|
Aluminium
Bahrain BSCC |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Manama |
Bahrain |
Miscellaneous Financial Services |
2.8 |
40 |
|
|
Subsidiary |
Manama |
Bahrain |
Metal Mining |
1,991.5 |
2,714 |
|
|
Subsidiary |
Manama |
Bahrain |
Food Processing |
14.6 |
100 |
|
|
Subsidiary |
Manama |
Bahrain |
Airlines |
1,048.0 |
|
|
|
Branch |
Ruwi |
Oman |
Airlines |
|
140 |
|
|
Subsidiary |
Abu Dhabi |
United Arab Emirates |
Airlines |
|
|
Executives Report
|
Significant
Developments
|
|
|
Bahrain: Key
developments
EIU Viewswire: 16 November 2011
[What follows is the full text of the news story.]
Outlook for
2012-16
- The Economist
Intelligence Unit expects that political unrest in Bahrain will continue
but that the royal family and security services will remain in control.
- The
government will maintain its public stance of being open to dialogue with
the opposition. But its efforts will be undermined by the limited nature
of the concessions being offered and by the cynicism of many Bahrainis.
- Fiscal
revenue will be dominated by oil income. The government will run large
fiscal deficits in 2012-16, averaging 5.8% of GDP.
- Bahrain will
continue to participate in the development of a Gulf monetary union, but
we do not expect a single currency for several years. The Central Bank of
Bahrain will keep the dinar pegged to the dollar in the meantime.
- We estimate
that Bahrain's economy will have grown by only 1.8% in 2011. Growth is
forecast to average 4.3% in 2012-16, as the services sector slowly
recovers from the damage done by the political unrest this year.
- We have
revised up our oil price projections for 2013-16 and now expect the
current-account surplus to average 6% of GDP over the forecast period.
- Average
consumer prices will have fallen by 0.5% this year, but inflation will
pick up over the forecast period, averaging 3.3% a year.
Monthly review
- The
publication of the findings of the commission investigating human rights
abuses during the unrest in early 2011 has been delayed by three weeks.
The commission has come under fire for not investigating senior
authorities.
- A US arms
sale to Bahrain has been put on hold pending the findings of the
commission. This may prompt the government to consider implementing some
social reforms.
- Clashes
between protesters and security services continued after the funeral of a
78-year-old man who was said to have been killed by police. Human rights
groups have continued to denounce the detainment of protesters.
- Parliament
has given the government its approval to borrow US$350m from Qatar to fund
Bahrain's share of the long-stalled Bahrain-Qatar "Friendship
Causeway", a planned land bridge to link the two countries.
- A
Canadian-British businessman accused of bribing figures at Aluminium
Bahrain (the state-owned smelting company) was arrested by the UK's Serious
Fraud Office in October.
- International
conferences have continued to snub Bahrain despite efforts by its Arab
allies to bring international events back to the kingdom. Hotel occupancy
rate was down by 6% in September 2011.
Alba take part in
yacht club fishing event
Gulf Daily News (Bahrain): 10 November 2011
[What follows is the full text of the news story.]
ALUMINIUM Bahrain
(Alba) will be joining the hunt for the best catch of the day with its
sponsorship of Bahrain Yacht Club's Annual Fishing Competition, taking place
tomorrow at the club's premises in Sitra.
The day-long event
promises to be tailor-made for a perfect weekend outing with friends and family
- with lots of fun and games as well as a special barbecue on the beach.
Commenting on Alba's
sponsorship of the competition, Alba chief executive Laurent Schmitt said:
"Alba regularly supports events and activities aimed to enrich the
community life in Bahrain. Our backing for the Bahrain Yacht Club's Annual
Fishing Competition is one such example, and highlights our commitment to
support an event that the entire family can enjoy."
Alba will be
sending a team to participate in the event.
The yacht club was
established in 1977, and since then it has provided a common meeting ground for
lovers of sailing and water sports. It also conducts training of scuba diving
and water sports at beginner, intermediate and advanced levels.
Roundup: Gulf Arab
markets ignore Western market woes
Xinhua News Agency: 09 November 2011
[What follows is the full text of the news story.]
DUBAI, Nov. 9
(Xinhua) -- Despite heavy losses at the stock exchanges in Europe and the
United States due to the debt crisis escalation in Italy, Gulf Arab stock
exchanges posted slight gains on Wednesday, which marked the first trading day
after the Muslim feast Eid El-Adha.
In Dubai, the FTSE
NASDAQ Dubai UAE 20 Index gained 1.01 percent to reach 1483.67 points. Shares
of global commercial port operator DP World soared 2.28 percent to reach 11.20
U.S. dollars.
The Abu Dhabi
bourse ADX added 0.04 percent to finish at 2,483. 29 points.
In Manama, the
Bahrain All Share Index added 0.36 percent, closing at 1,159.25 points. Shares
of Aluminium Bahrain, or Alba, surged by 2.88 percent, reaching 0.535 Bahraini
dinars (about 1.41 U.S. dollars).
The Qatar Exchange
in Doha was the market of the day, as it has crossed break-even as the only
Arab stock exchange this year as yet. The QE Index advanced by 0.86 percent,
closing at 8,704.92 points amid low trading volumes. Year-to-date, the QE Index
stands with a plus of 0.27 percent in the green.
All other Arab
bourse have not generated positive returns due to the turmoil in the region,
though the Gulf Arab markets have been less affected.
Stock markets in
Kuwait and Saudi Arabia remained closed on Wednesday, as the two oil-rich
countries enjoy an extended holiday.
Bahraini royal
denies taking bribes in Alba case
ArabianBusiness.com: 02 November 2011
[What follows is the full text of the news story.]
A member of the
Bahraini royal family has denied accusations of corruption made against him in
a UK court case involving a London-based businessman and contracts involving
Bahraini aluminium producer Alba and US giant Alcoa .Corruption has been a key
issue that the opposition in the Gulf Arab state, who led a protest movement
for more democracy earlier this year, has focused on.The government, dominated
by the ruling Al Khalifa family, has said it will take new measures to combat
it. It shut down the uprising in February and March, saying it was driven by
the sectarian concerns of majority Shi'ites and backed by Iran."Isa Bin
Ali Al-Khalifa wishes to categorically deny the allegations of corruption
reported against him in the press following the charges brought against certain
parties," said the statement, provided by his Paris-based lawyer Ardavan
Amir-Aslani.It said Sheikh Isa, a former Bahraini oil minister and Alba board
chairman, "is not directly targeted by the on-going legal procedures in
relation to the Alba (Aluminium Bahrain) matter".British and Canadian
national Victor Dahdaleh was arrested and charged last week with paying bribes
to officials of state-controlled Alba, linked to contracts with US-based
Alcoa.Dahdaleh has said he will contest the charges.Sheikh Isa is named in the
charge sheet as a co-conspirator and accused of taking almost $6m in
bribes.Aluminium Bahrain (Alba) said last month it was taking legal action to
recover losses stemming from alleged fraudulent contracts involving Dahdaleh,
after Britain's Serious Fraud Office (SFO) office arrested him.The contracts
were for supplies of intermediate product alumina, shipped to Bahrain from
Australia, and for the supply of further goods and services to Alba, according
to the SFO.Alba said last month it had recovered more than $30m from European
companies but has not said how much the total losses are.Alba said it has filed
a civil suit seeking damages against Dahdaleh, aluminum maker Alcoa , and a
group of other related individual and corporate defendants in the US District
Court in Pittsburgh, Pennsylvania.The company also said it filed a suit in
December 2009 against the Japanese trading company Sojitz Corp in the US
District Court in Houston, Texas, in connection with bribery allegations linked
to the sale price for finished aluminium sold by Alba.Dahdaleh, who appeared in
court in London on Monday and faces six charges of corruption and two of money
laundering, has successfully appealed bail conditions that initially required a
10 million pound security to be paid, tagging and a ban on overseas travel.
Both the security and the electronic tag condition have been waived after a
hearing on Wednesday.Dahdaleh will be due in court again on January13.
Bahrain's Alba
sees production levels steady in Q4
ArabianBusiness.com: 02 November 2011
[What follows is the full text of the news story.]
Aluminium Bahrain,
the metals maker known as Alba, forecasts production levels in the
fourth-quarter will be similar to the previous, said chief financial officer
Tim Murray. The company
has no need to raise
financing to fund a new production line, said Murray in a conference call on
Wednesday. ?Cash flows are still relatively healthy,? he said. ?We should still
be at a position to pay a reasonable
dividend for
2011.? Alba is studying options to build a line that will produce 400,000
tonnes and lift
the performance of
two current lines, adding another 80,000 tonnes. Alba said September 21 the
price it pays for natural gas will rise by 50 percent starting January 1. The
Bahrain-based smelter is seeking to expand by 50 percent by 2015 to meet
growing demand and
is targeting annual cost savings of $250m by 2012, Schmitt said in a June
interview. The Middle East poses an advantage to producers of the commodity
because of lower energy costs. Alba yesterday posted a third-quarter profit,
compared with a loss a year earlier, after it boosted production levels. It had
net income of $214m, compared with a loss of $51m in the year-ago quarter. Alba
closed 2.1 percent higher in Bahrain on Wednesday, giving the company a market
value of BD695.8m ($1.85bn). The stock has lost almost 46 percent this year.
World: Commodities
- EIU's quarterly aluminium outlook
EIU Viewswire: 01 November 2011
[What follows is the full text of the news story.]
Demand
The Economist
Intelligence Unit expects global aluminium consumption to grow by 3.9% in 2011,
a marked slowdown from 2010, when consumption expanded by 14.1%. The weak
performance in 2011 reflects slow growth in the EU and the US as well as the
disruption stemming from the earthquake in Japan in March, which hampered
industrial activity (and hence demand for aluminium) for much of the second
quarter. Global primary aluminium consumption grew by 4.1% year on year in
January-July 2011 to 24.4m tonnes, according to the World Bureau of Metal
Statistics (WBMS). China's apparent consumption was surprisingly weak during
this seven-month period, edging up by 4.8% year on year, partly offsetting the
strong performance in the EU (particularly in Germany, where consumption
swelled by 17.1%). However, the EU is not expected to maintain such a
performance in the latter part of the year, owing to the turmoil in the
peripheral EU countries that has undermined business confidence and investment.
Our forecast of an
improvement in global consumption growth in 2012, to 5.6%, is based on the
assumption that supply chains, particularly in the automotive sector, will have
recovered fully by the end of 2011. Consumption growth will continue to rise in
2013, to 6.2%, driven by demand in the developing world, helped by increasing
car ownership in countries such as China and India. Alongside its use in the
construction, consumer goods and packaging sectors, the metal's lightweight
properties also ensure that it will remain in considerable demand in terms of
producing fuel-efficient cars and aircraft.
Aluminium
consumption growth will slow in the EU
Year-on-year
growth in apparent consumption in the EU was strong in the first seven months
of 2011 (standing at 12.5% year on year), fuelled by continued expansion in
Germany's automotive sector. However, consumer and business confidence has been
severely damaged by the deteriorating outlook for the euro zone, and we have
revised down our forecast for consumption growth in 2012 to 2.5% (from 2.8%
previously), down from an estimated increase of 6% in 2011. Consumption of
aluminium will be constrained by weak regional GDP growth, moribund property
markets, tighter policy conditions, particularly fiscal tightening measures in
Europe's peripheral countries, and the end of the restocking cycle. However,
consumption should strengthen somewhat, to 3%, in 2013 as the economy starts to
recover. Nevertheless, there is a risk of lower consumption if the euro zone
sovereign debt crisis deepens.
Japanese aluminium
demand gains on industrial recovery
Consumption in
Japan, which accounted for 5.1% of world aluminium consumption in 2010, is
estimated to have shrunk in 2011 owing to the severe disruptions to the
manufacturing supply chain and consumer sentiment as a result of the earthquake
and nuclear disaster in March. However, supply chain disruptions have been
easing in the past few months. To date, the power rationing has proved
manageable because companies have not been able to procure enough parts to
produce at higher levels of output. However, if electricity shortages persist
following the shutdown of nuclear power facilities, this will hinder the return
to normal operations. Nevertheless, assuming Japanese car factories and parts
suppliers resume normal operations by the end of the year, industrial
production and demand for aluminium in the automotive industry in particular
will strengthen. We expect aluminium consumption to be down by nearly 5% for
2011 as a whole (in the first seven months of the year, apparent consumption was
down by 10.7% year on year). A combination of base effects and higher demand
stemming from the post-earthquake reconstruction phase will boost aluminium
consumption, by over 7% in 2012, before growth slows to 3.5% in 2013 as the
effect of the reconstruction-based recovery wanes and higher base effects kick
in. However, the effect from the reconstruction effort may be more constrained,
given the possibility that large amounts of aluminium scrap from the disaster
could be recycled.
Measures to cool
China's inflation could hit demand for aluminium
We expect growth
in China's aluminium consumption to slow to 5% in 2011, following an increase
of 10.5% in 2010. Apparent consumption was weak in the first seven months of
2011, but this was in part owing to the high base period and also probably
reflects some inventory drawdown. We expect that growth during the remainder of
the year will have been constrained by tighter monetary policy, more restrained
investment and relatively weak demand for new cars, but the pace of growth will
pick up to an annual average of 5.8% in 2012-13. The expansion of the country's
high-speed rail infrastructure will support consumption, although there are
some doubts about the future of the project following the recent high-speed
train crash. There is a risk that the authorities could overtighten policy in
their fight against inflation, which could result in a sharp slowdown in demand
for aluminium. However, the current leadership appears determined to keep the
economy on track before a leadership transition in 2012.
Policy tightening
and concerns over the economy will constrain US demand
In the US,
apparent aluminium consumption was lacklustre in the first seven months of
2011, falling by 7% year on year. Sluggish growth in recent months may have in
part reflected the fact that Japanese carmakers in the US had to cut production
owing to problems sourcing parts from Japan, but aluminium consumption had
already been falling in the first quarter, before the Japanese disaster.
Certainly, demand for aluminium in North America has continued to be hampered
by fears of a further slowdown in the economy. Therefore, we still expect
aluminium consumption this year to contract by 4.5%. Subdued economic growth
means that only a marginal improvement is likely in 2012-13. Indeed, the risk
is on the downside, given that private consumption in the US could remain
depressed, with particularly negative consequences for the automotive sector.
Consumption growth
in Brazil will stay strong, despite slowing GDP growth
In Brazil,
aluminium consumption rose by 11.3% year on year in January-July 2011,
supported by the government's growth acceleration programme (PAC), which
focuses on infrastructure development. Consumption was fuelled further by
continued rapid growth in car ownership, the start of a construction boom ahead
of the football World Cup in 2014 and the Olympic Games in 2016, and further
expansionary fiscal policies (the latest of which is a cut in tax on petrol
that was announced in late September). However, the country is having to rely
increasingly on imports to satisfy its growing demand, owing in part to
capacity constraints. Demand for aluminium will be curbed somewhat by the fact
that Brazil's economy has begun to slow; we have cut our estimate for consumption
growth this year to 11.7% (from 13.7% previously). However, given the ongoing
construction work in preparation for the World Cup and the Olympic Games, we
expect aluminium consumption growth to average more than 15% a year in 2012-13.
India's 12th five-year
plan will spur demand for aluminium
Under India's 12th
five-year plan, which commences in April 2012, the government plans to invest
heavily in the country's urbanisation and infrastructure development. This
should support demand for aluminium during the five years of the plan, although
the pace of growth in consumption may be relatively slow in the early part of
this period. There will be large-scale investments to tackle energy shortages,
which will involve the use of aluminium for the power transmission lines, while
the government's tax breaks for wind-farm projects and renewable energy sources
will boost demand for aluminium for use in the production of wind turbines.
However, apparent consumption was surprisingly weak in January-July 2011, falling
by nearly 7% year on year, according to data from the WBMS, and we estimate a
full-year contraction of around 5%. We expect consumption to rebound in 2012
and remain at around 10-11% in 2013.
|
Primary aluminium: consumption |
|||||
|
('000 tonnes unless otherwise indicated) |
|||||
|
� |
2009 |
2010 |
2011 |
2012 |
2013 |
|
China |
14,300 |
15,805 |
16,600 |
17,580 |
18,564 |
|
EU |
5,100 |
6,767 |
7,173 |
7,352 |
7,573 |
|
US |
3,854 |
4,242 |
4,050 |
4,150 |
4,254 |
|
Japan |
1,523 |
2,025 |
1,925 |
2,070 |
2,142 |
|
India |
1,458 |
1,475 |
1,405 |
1,550 |
1,715 |
|
South Korea |
1,038 |
1,255 |
1,405 |
1,532 |
1,662 |
|
Brazil |
799 |
985 |
1,100 |
1,270 |
1,472 |
|
Russia |
750 |
685 |
692 |
726 |
769 |
|
Canada |
571 |
577 |
680 |
711 |
1,052 |
|
Others |
5,371 |
5,846 |
6,167 |
6,568 |
7,001 |
|
World total |
34,764 |
39,661 |
41,197 |
43,509 |
46,205 |
|
�% change |
-5.8 |
14.1 |
3.9 |
5.6 |
6.2 |
|
Sources: World Bureau of Metal Statistics (WBMS); Economist
Intelligence Unit. |
|||||
Download the
numbers in Excel
Supply
Global primary
aluminium production recovered strongly in 2010, growing by 10.5% to 41.1m
tonnes, driven predominantly by the restart of idle capacity at independent Chinese
smelters, but also by the coming on stream of large smelters in the Middle
East, particularly in the Gulf Co-operation Council (GCC) countries. Still-high
levels of domestic demand in China are likely to encourage local producers to
operate at high levels in 2011, leaving little room for restarts of production
at the idle smelters in North America or western Europe. However, swing
capacity, primarily in China, will have to remain controlled in order to
balance the market. Environmental issues, energy constraints and tightening
policy conditions will also act to constrain output growth both in China and
globally. In the light of these constraints, there will be an increased focus
on boosting the use of recycled aluminium in place of refining new metal. Given
all these trends, we estimate that global primary aluminium production slowed
to 4.4% in 2011, and will average around 4.2% a year in 2012-13.
Energy shortages
are expected to constrain production in China
In 2010 China's
output expanded by 25.6%, totalling 16.2m tonnes, equivalent to around 40% of
global output. Restrictions on electricity usage and still-high energy costs
will curtail growth in manufacturing activity in the coming quarters, thus
limiting demand growth. Under its five-year plan, the government has committed
to lowering energy usage by 16% in 2015 from 2010 levels. Recent monetary
tightening and the withdrawal of fiscal stimulus will also hold back growth in
aluminium output in China, forcing some swing producers to reduce output in response
to signs of overproduction. The expansion of the industry will also be
constrained by regulation over the next few years: the government has
instructed local authorities to stop approving construction of new aluminium
smelting capacity, as part of efforts to reduce growth in energy-intensive
industries. Furthermore, the government is reportedly planning to reduce export
tax rebates for semi-finished aluminium products (the current level of this
rebate for some producers is 13%). The appreciation of the renminbi is also
eroding the competitiveness of China's aluminium exports.
Nevertheless, new
capacity is being built. Alcoa (US) and the China Power Investment Corporation
signed a Memorandum of Understanding in January, agreeing to work together on US$7.5bn
worth of clean aluminium and energy projects. In July the National Development
and Reform Commission (NDRC), China's top economic planner, also approved a
1m-tonne alumina project based in the north-western Shanxi province. On
balance, however, we forecast that production growth will slow to an annual
average of 3% in 2012-13 from 7% in 2011.
India plans
capacity boost to meet growing demand
India's aluminium
production rose by 8.9% in 2010 to 1.6m tonnes and is expected to grow by an
average of 6.9% in 2011-13. However, environmental concerns remain an obstacle
to some of India's aluminium producers. Plans for new projects continue to be
put forward, as companies gear up to meet the expected increase in domestic
demand for the metal. Hindalco (India) has stated that it is commissioning a
series of projects to boost aluminium smelting capacity to 1.8m tonnes/year
(t/y) from 600,000 t/y currently, but has said that it is struggling to
commission projects because of uncertainty regarding the country's regulatory
environment.
Energy
conservation boosts demand for recycled aluminium
The issue of
energy conservation and efficiency continues to gain importance globally, not
only in response to environmental concerns, but also because of the high cost
of energy and energy shortages in some countries. Conversely, although
aluminium boasts environmentally friendly features because of its lightweight
properties for cars, the production of the metal is hugely energy-intensive,
accounting for around 50% of the aluminium industry's production costs.
Prevailing high energy prices are behind shutdowns and the holding back of new
primary aluminium projects. It is therefore unsurprising that the market for
recycled aluminium is gaining ground. Certainly, Novelis (part of India-based
Aditya Birla Group) plans to raise the amount of recycled aluminium used in its
goods to four tonnes out of every five tonnes of the metal that it produces,
and plans major investment in its recycling facilities in Europe to achieve
this aim. Buyers of the recycled metal include the transport sector, as well as
the building and construction industries.
Capacity
constrains could limit growth in production in Brazil
Production of
aluminium in Latin America is estimated to remain weak in 2011, dropping by 3%
(mainly owing to a sluggish performance in Brazil), following a contraction of
8.1% in 2010. Although we expect output to rise in 2012-13, by around 5-6% a
year, bolstered by a low base of comparison and continued economic growth in
the region that encourages investment, the risk to our forecast is on the
downside. Brazil accounts for around 60% of production in the region, but the
country has not increased capacity since 1985, and production capacity has now
fallen to 1.5m t/y. Brazil's primary aluminium production was 827,600 tonnes in
the first seven months of 2011, a decline of 7.2% year on year, according to
the WBMS. Reportedly, aluminium companies want the government to abolish import
duties because of the tight supply conditions in the domestic market. A
Norwegian firm, Norsk Hydro, has boosted its production in Brazil, increasing
output at the Alunorte refinery, the world's largest refinery, to 6.3m tonnes
this year. Elsewhere in Latin America, Venezuelan output is being held back by
insufficient investment in capacity, and the country has had to import large
amounts of the metal.
Output in Russia
is expected to rise as new capacity comes on stream
Data from Russia's
federal State Statistics Service suggest that the country's aluminium output
was 2.4% lower in January-August this year compared with the same period in
2010. However, Rusal is reportedly making progress on projects for new smelters
and modernisation of existing plants-the 600,000-t/y smelter at the
Boguchanskoya energy and metals complex on the Angara river is expected to
start producing aluminium by the end of the first quarter of 2013. Rusal also
received loan approval to construct its 750,000-t/y Taishet smelter near
Irkutsk in September; it aims to commence operations in 2013. Nevertheless, in
line with this recent apparent weak performance, and also reflecting the recent
announcement by Rusal that it had cut its planned output increase to 1% for
2011 as a whole (from 2% previously), we estimate that supply increased by just
0.8% in 2011. However, we forecast that Russia's output will grow by around 4%
a year in 2012-13, as increased capital expenditure improves existing plants
and new projects.
Output growth in
the Middle East has been sluggish
Although
production capacity in the Gulf region has not been directly affected by unrest
in parts of the Middle East and North Africa, some producers have diverted
their supply of the metal to Asia in order to make up for any disruption to
their orders from consumers in the Middle East. Dubai Aluminium (Dubal) and
Aluminium Bahrain (Alba) continued to operate at full capacity during the bout
of civil unrest earlier in the year. However, output growth in the Middle East
was sluggish in the first seven months of 2011, owing primarily to a sharp
contraction in Iranian output, and we now expect the region's output to fall by
0.4% in 2011.
Plans for new
plants in the region continue to make progress. Although the Qatalum project in
Qatar has faced delays, production capacity has reached 585,000 t/y (the target
for the first phase of development), according to reports published at the end
of September. Emal-Emirates Aluminium in Abu Dhabi (Dubai Aluminium and
Mubadala Group) has completed its first phase of development, with a capacity
of 750,000 tonnes, and will have close to a capacity of 1.5m t/y by completion
of the second phase at end-2014, making it one of the biggest single-site
smelters worldwide. We forecast that aluminium production growth will
strengthen in 2012-13, growing by an annual average of over 10% in 2012-13 as
new capacity comes on stream.
North American
production is expected to continue to grow
We estimate strong
growth in US production in 2011, following a year of flat growth in 2010 and a
contraction of 35% in 2009. Growth will remain positive in 2012-13, with new
capacity coming on stream. For example, Noranda Aluminium Holding has announced
plans to expand production at its 263,000-t/y New Madrid plant by 6% in 2013.
Canadian production fell by 2.2% in 2010, but output is expected to grow by
3.5% in 2011, and to expand by an annual average of 4.5% in 2012-13 as more
capacity comes on stream. Rio Tinto has invested more than US$1bn to expand and
modernise its operations in Saquenay-Lac-Saint-Jean Quebec and its Kitimat smelter
in British Colombia.
|
Primary aluminium: production |
|||||
|
('000 tonnes unless otherwise indicated) |
|||||
|
� |
2009 |
2010 |
2011 |
2012 |
2013 |
|
China |
12,891 |
16,194 |
17,328 |
17,848 |
18,383 |
|
Russia |
3,815 |
3,871 |
3,902 |
4,050 |
4,205 |
|
Canada |
3,030 |
2,963 |
3,067 |
3,205 |
3,349 |
|
Middle East |
2,745 |
3,188 |
3,175 |
3,510 |
3,850 |
|
EU |
2,399 |
2,452 |
2,481 |
2,531 |
2,619 |
|
Latin America |
2,510 |
2,307 |
2,240 |
2,350 |
2,480 |
|
Australasia |
2,214 |
2,272 |
2,336 |
2,401 |
2,461 |
|
US |
1,727 |
1,727 |
1,903 |
1,980 |
2,080 |
|
Africa |
1,690 |
1,743 |
1,823 |
1,910 |
2,006 |
|
India |
1,479 |
1,610 |
1,711 |
1,823 |
1,965 |
|
Others |
2,699 |
2,766 |
2,934 |
3,050 |
3,177 |
|
World total |
37,198 |
41,093 |
42,900 |
44,657 |
46,575 |
|
�% change |
-6.2 |
10.5 |
4.4 |
4.1 |
4.3 |
|
|
|||||
Download the
numbers in Excel
Stocks and prices
Stocks of
aluminium at the London Metal Exchange (LME) and the International Aluminium
Institute (IAI) picked up in the first quarter of 2011, reaching nearly 6.2m
tonnes at the end of March. They then dipped to 6m tonnes at the end of June,
before edging up to 6.1m tonnes by end-August. LME stocks alone stood at 4.6m
tonnes at the end of September, picking up from a six-month low at end-July.
Excess stocks still weigh on the market. Indeed, we expect stocks to rise in
2011-13, as the market will be in oversupply. It is possible that stocks could
be released if investors expect aluminium prices to fall or if rising interest
rates increase the costs of financing the stocks, but there have been
significant delays in accessing stocks owing to the concentration of holdings
in LME-registered warehouses in Detroit, US. Although the market surplus is set
to fall in the coming two years, the stock picture will remain healthy, with
total reported market stocks providing more than 50 days' consumption. However,
the market appears tighter than the stock picture suggests, owing to the fact
that access to these warehoused stocks remains difficult.
|
Primary aluminium: supply and demand |
|||||
|
('000 tonnes unless otherwise indicated) |
|||||
|
� |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Global production |
37,198 |
41,093 |
42,900 |
44,657 |
46,575 |
|
Global consumption |
34,764 |
39,661 |
41,197 |
43,509 |
46,205 |
|
Balance |
2,434 |
1,432 |
1,703 |
1,148 |
370 |
|
Total reported market stocks |
5,833 |
5,669 |
6,380 |
6,725 |
6,750 |
|
Days' consumption |
61 |
52 |
57 |
56 |
53 |
|
|
|||||
Download the
numbers in Excel
Prices will hold
up relatively well, despite market surpluses
Prices for aluminium
have remained volatile in recent months, but they have held up relatively well
compared with prices for other base metals. However, during the heavy sell-off
in late September, aluminium prices dropped below US$2,200/tonne for the first
time in 12 months. The recent selling activity has reflected deepening fears of
a slowdown in the US economy as well as uncertainty about the fate of the euro
zone and the increasing fragility of economic growth within the region.
Meanwhile, the delays at LME warehouses have created concerns regarding metal
availability, which, coupled with uncertainties over the market environment and
prices, have been deterring investors from purchasing forward contracts. We now
expect prices to average US$2,455/tonne in 2011 (down from US$2,486/tonne
previously).
Physical demand
for metals will be supported to some extent in the coming months by the
recovery in manufacturing and by reconstruction work in Japan in the wake of
the March 11th earthquake and tsunami, but deteriorating global economic
conditions will undermine demand growth in general. Moreover, with the market
continuing to produce surpluses and with energy prices set to ease over the
next two years (aluminium production is a heavily energy-intensive process),
aluminium prices are forecast to average US$2,404/tonne in 2012 and
US$2,380/tonne in 2013.
|
Primary aluminium: stocks and prices |
|||||
|
� |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Stocksa |
� |
� |
� |
� |
� |
|
1 Qtr |
5,029 |
5,769 |
6,136 |
6,450 |
6,760 |
|
2 Qtr |
5,620 |
5,612 |
5,960 |
6,559 |
6,800 |
|
3 Qtr |
5,794 |
5,641 |
6,250 |
6,700 |
6,720 |
|
4 Qtr |
5,833 |
5,669 |
6,380 |
6,725 |
6,750 |
|
�% change |
45.7 |
-2.8 |
12.5 |
5.4 |
0.4 |
|
Pricesb |
� |
� |
� |
� |
� |
|
1 Qtr |
1,359 |
2,163 |
2,500 |
2,350 |
2,400 |
|
2 Qtr |
1,485 |
2,096 |
2,603 |
2,400 |
2,400 |
|
3 Qtr |
1,812 |
2,089 |
2,398 |
2,440 |
2,350 |
|
4 Qtr |
2,002 |
2,343 |
2,320 |
2,425 |
2,370 |
|
Year |
1,664 |
2,173 |
2,455 |
2,404 |
2,380 |
|
�% change |
-35.3 |
30.5 |
13.0 |
-2.1 |
-1.0 |
|
a Total reported producer and LME stocks, end-period; '000 tonnes
rounded. b LME cash price, US$/tonne. |
|||||
|
|
|||||
Download the
numbers in Excel
Forum to chart out
vision for industry
Gulf Construction: 01 November 2011
[What follows is the full text of the news story.]
FOLLOWING the
stunning success of the inaugural Gulf Industry Forum in January 2010,
top-level government, industry and business leaders will again converge in
Bahrain early next year for the second forum in the series, which will be held
on the opening day of the 2012 Gulf Industry Fair.
Organised by
Bahrain-based Hilal Conferences & Exhibitions (HCE) in association with
international event consultancy North Star Associates, the Gulf Industry Fair
will be held from February 8 to 10 at the Bahrain International Exhibition and
Convention Centre (BIECC) in Bahrain.
The forum will
feature influential personalities from government, industry and business laying
out their visions for the long-term economic prosperity of Bahrain and the Gulf
region, under the theme 'The Future is Industry'.
The forum's format
will also facilitate a frank and open exchange of information, views and
opinions between speakers and all delegates, in an intellectual environment.
The forum, which
will also be held at the BIECC, will discuss topics that include powering
industrial development; developing SMEs (small and medium-sized enterprises);
market innovation; and creating industrial and manufacturing businesses.
Confirmed speakers
include Dr Abdul Hussain bin Ali Mirza, Minister of Petroleum and Energy,
Bahrain; Sheikh Daij Al Khalifa, chairman of Bahrain Logistics Zone; Khalid Al
Qadeeri, CEO, Foulath Steel, and Mahmood Daylami, general secretary, Gulf
Aluminium Council (GAC).
HCE conference
director Ahmed Suleiman said: "The inaugural forum laid the foundations
for HCE's vision to develop Bahrain as the 'Davos of the Gulf' by bringing
together leading regional and global experts to share their views on
industrialisation in an intellectual environment. Gulf Industry Forum provides
a platform for constructive dialogue and ideas among decision-makers and
industrialists in an environment of debate, unfettered by distractions of self-promotion."
Meanwhile,
Aluminium Bahrain (Alba) will again be a Strategic Aluminium Partner for the
Gulf Industry Fair following the renewal of a sponsorship agreement with HCE.
The agreement is
the third successive year that Alba will provide top-level strategic support
for the aluminium segment of the show.
HCE is a
subsidiary of the Bahrain-based Al Hilal Group.
Alba partners Gulf
Industry Fair
Gulf Industry: 01 November 2011
[What follows is the full text of the news story.]
Once again,
Aluminium Bahrain (Alba) will be a strategic partner for the fourth Gulf
Industry Fair to be staged in February by Hilal Conferences and Exhibitions
(HCE).
Alba renewed its
sponsorship agreement with HCE, a subsidiary of Bahrain-based Al Hilal Group,
making it a strategic partner for the third successive year. Alba will provide
top-level strategic support for the show's aluminium segment.
GIF 2012 will be a
comprehensive industry-related fair taking place at the Bahrain International
Exhibition and Convention Centre from February 7 to 9.It provides a highly
targeted opportunity for any company or organisation from large-scale
manufacturers to specialist equipment suppliers, distributors and agencies to
market products or services aimed at the growing industrial sector of the
region.
In addition to
aluminium, the exhibition covers the key industrial segments of energy, steel
and alloys, industrial processes and manufacturing, ports, logistics and free
zones, training for industry and industrial security and safety.
Alba chairman Mahmood Al Kooheji underlined the importance of promoting the
company and its strategic vision in providing competitive value-added products
on a global basis.
Support for
Bahrain
We are delighted to support Gulf Industry Fair and showcase our
production capabilities and at the same time support Bahrain as a location for
international investors. Alba has recently opened offices in Zurich and is set
to expand further into the Far East," commented Al Kooheji.
Alba is one of the world's largest aluminium smelters and a major contributor
to Bahrain's economy as a key industrial driver and major supporter for a
cluster of downstream industries.
The company is maximising its competitiveness by optimising operational and
organisational efficiencies, as well as expanding its production capacities to
meet future global demand in Europe and the Far East.
Alba chief executive Laurent Schmitt said: "Alba continues to stimulate
the growth of the downstream aluminium sector in Bahrain and was able to achieve
8.4 per cent growth in its sales for the third quarter of 2011 as compared to
the same period of 2010."
Schmitt added: "Alba's strategic support for the exhibition affirms our
commitment to Bahrain, the aluminium sector and the capabilities of the local
and regional aluminium community."
GIF status endorsed
Al Hilal Group managing director Ronnie Middleton expressed delight that Alba
had renewed its sponsorship support for Gulf Industry Fair 2012. "This is
a clear endorsement of the show's growing status in the region and Alba's
ongoing support for showpiece international events in Bahrain," said
Middleton.
HCE managing director Jubran Abdulrahman in his comments stated:� "HCE
is excited by Alba's vision of encouraging an 'Aluminium Village' cluster
concept at the exhibition. This reflects Alba's key status in the global
aluminium industry."�
Abdulrahman added: "HCE is proud to welcome companies of the status of
Alba not only as a global player but also reflecting Bahrain's status as an
industrial hub with our exhibition highly relevant to the region's industrial
aspiration."
Forum to be held
GIF 2012 will be complemented by the 'Future is Industry' Forum, to be held at
BIEC on February 8.
Present at the
signing ceremony for the strategic Alba partnership were Al Hilal Group general
manager Geoffrey Milne and HCE business development manager Ahmed Sulaiman.
German exports to
Saudi up 20pc
Gulf Industry: 01 November 2011
[What follows is the full text of the news story.]
Representatives from 12 German smelter and roller plant technology
specialists visited the Eastern Province recently as part of a business and
trade mission to explore opportunities in the kingdom.
The three-day visit, organised by AHK Saudi Arabia (the official representative
of German industry and commerce in Saudi Arabia and Yemen and part of the
German Chambers of Commerce network), and co-financed by Germany'sMinistry of
Economy and Technology, included a networking event at the Eastern Province
Chamber of Commerce headquarters in Dammam, and site visits to Sabic affiliate
Hadeed in Jubail and what will be one of the world's largest aluminium
production complexes, the 400,000 tonnes per year Alcoa-Ma'aden joint venture
currently under construction at Ras Az Zawr, north of Jubail.
Andreas Hergenroether, Riyadh-based head of AHK Saudi Arabia, which helps
German companies enter the Saudi market and vice versa, told Gulf Industry on
the sidelines of the networking event that the kingdom is now the biggest
market for German exports in the Middle East and North Africa.
"Trade between Germany and Saudi Arabia rose 17 per cent in the first half
of this year. In 2010, German exports to Saudi Arabia were valued at six
billion euros, up 20 per cent year-on-year. Germany is currently the third
largest exporter to Saudi Arabia after the US and China," he says.
Meanwhile, AHK Saudi Arabia says the value of Saudi imports to Germany reached
262 million euros in the first five months of this year, up 29.3 per cent from
the previous year.
Hergenroether says German companies are placing greater emphasis on more
sustainable business models in the kingdom.���
"There is a growing need for technology and knowledge transfer in Saudi
Arabia," he says, citing the efforts of German companies such as Siemens,
EADS, Merck, Mercedes and MAN Trucks in this regard.
"We want to adapt our strategy to better meet the kingdom's needs as it
diversifies its economy away from hydrocarbons and further into industries such
as steel and metals," he adds.
(From left) Hergenroether, Abdulrahman
F Al Homiyn, Eastern Chamber of Commerce
and Industry assistant secretary general
for PR & media, and Alammawi,
Building capabilities
German companies have been busy building regional capabilities in these
specialised sectors.
For example SMS Siemag, whose regional headquarters is in Dubai and which has
been supplying Hadeed for 30 years, is supplying a complete integrated hot and
cold rolling complex, including the electrical and automation package, for the
mammoth Alcoa-Ma'aden project.
"The timetable of delivery of the rolling mills to the project is 14 to 19
months from project start in August 2010 and the first coil is foreseen in
November 2012," Hans-Ulrich Breuer, president of Dubai-based SMS Gulf FZE,
told Gulf Industry. Meanwhile, Rami Al Ashqar, the Dubai-based business
development manager at Bosch Rexroth, which supplies drive and control systems
for clients including Hadeed, Emal, Dubal, Emirates Steel, Aluminium Bahrain
(Alba), Qatalum and Qatar Steel, says the visit was a useful fact-finding
mission.
"It is an opportunity to find out more about the Alcoa-Ma'aden project and
identify further potential for Rexroth here," he says.
For Alfonso Stein, area sales manager Lechler GmbH, which manufactures some 20,000
different types of nozzle at sites in Germany, the UK, US, Hungary, India and
China, a key� objective of the Saudi trip was to meet potential local
representatives for the company.
"Our objective is to be closer to where steel is produced. We currently
have six interested parties," he explains.
Bernd Laemmlein, executive officer at the Department of Foreign Trade at the
German Federal Ministry of Economics and Technology, who accompanied the
delegation, told Gulf Industry that his Ministry was committed to supporting
German small and medium-sized enterprises (SMEs).
"Ninety five per cent of the German workforce is employed in SMEs. This is
one reason why Germany has survived the global economic crisis so well � our
companies are very flexible and are able to adapt their strategies during
challenging times."
"In 2010, exports accounted for more than one third of Germany's GDP. One
in three euros earned by Germany is earned abroad. Every fifth job in Germany
depends on foreign trade," says Laemmlein.
According to AHK Saudi Arabia, more than 700 German companies are currently
active in Saudi Arabia.
"Saudi consumers already have an awareness of the quality of German
products, whether it is machinery for rolling plants, or cars, and there is particular
interested in highly specialised, high tech products," says Laemmlein,
reflecting on further bilateral business potential.
Industry under
spotlight at forum
Gulf Industry: 01 November 2011
[What follows is the full text of the news story.]
A key forum that will discuss several crucial aspects related to
industrial development in Bahrain and the rest of the Gulf region will be held
on February 8, the second day of the 2012 Gulf Industry Fair in Bahrain. Gulf
Industry Forum 2012 follows the huge success of the first Gulf Industry Forum
in 2010.
Topics coming under the microscope at the forum include Powering Industrial
Development, Developing Small and Medium-sized Enterprises (SMEs), Market
Innovation and Creating Industrial and Manufacturing Businesses.
The forum, to be held at the exhibition venue, Bahrain International Exhibition
& Convention Centre (BIECC), will feature influential personalities from
government, industry and business laying out their visions for the long-term
economic prosperity of Bahrain and the Gulf region under the theme, 'The Future
is Industry', said a statement issued by the organisers of the forum and
exhibition, Hilal Conferences and Exhibitions (HCE).
It added that the forum format would facilitate a frank and open exchange of
information, news and opinions between speakers and all delegates in an
intellectual environment.�
Confirmed speakers for event
Confirmed speakers to date include Dr Abdul Hussain bin Ali Mirza, Bahrain's
Minister of Petroleum and Energy, Sheikh Daij Al Khalifa, chairman of Bahrain
Logistics Zone; Khalid Al Qadeeri, CEO, Foulath Steel, and Mahmood Daylami,
general secretary, Gulf Aluminium Council (GAC).
The 2012 edition of the forum is held as GCC governments forge ahead with
massive industrial projects and oil prices recover to more realistic levels.
The future of industry in the region is sustainable and exciting, particularly
for the manufacturing and services sectors, which are expected to witness
outstanding growth opportunities in the next few years.
HCE's Davos vision
HCE conference director Ahmed Suleiman said: "The inaugural forum laid the
foundations for HCE's vision to develop Bahrain as the 'Davos of the Gulf' by
bringing together leading regional and global experts to share their views on
industrialisation in an intellectual environment. Gulf Industry Forum provides
a platform for constructive dialogue and ideas among key decision-makers and
industrialists in an environment of debate, unfettered by distractions of
self-promotion."
The second Gulf Industry Forum provides an additional opportunity for
businessmen and industrialists from all over the region and internationally
visiting the Gulf Industry Fair to exchange information, views and opinions
about the future of industry in the Gulf.
The 2010 forum featured Dr Hassan Fakhro, Minister of Commerce and Industry,
and Shaikh Daij in his capacity as chairman, General Organisation for Seaports
(GOP), both from Bahrain.
Leading Saudi industrialist Dr Solaiman A Al Twaijri, managing director and
CEO, Saudi Arabian Amiantit Company, delivered the entrepreneurs' view of 'The
Future is Industry'.
Other speakers included Mahmood Al Kooheji, chairman of Aluminium Bahrain
(Alba); Faisal Al Mahroos, chief executive, Bahrain Petroleum Company (Bapco);
Praveen Kadle, managing director, Tata Capital; Nicholas Moy, chairman, Gryphen
Investment Bank; and Ameet Shah, co-chairman and director, Astonfield
Management Inc.
Al Hilal Group chairman Anwar Abdulrahman chaired the inaugural forum.
The forum is organised by Bahrain-based HCE in association with international
event consultancy North Star Associates. It will be held alongside Gulf
Industry Fair taking place from February 7 to 9, 2012.
Power struggle deepens divisions within
Bahrain's royal family
The Independent (London, England)
27 September 2011
|
[What follows is
the full text of the article.] Senior Bahraini
police officers suspended for torturing detainees are being swiftly
reinstated in a sign of a growing struggle for power within the al-Khalifa
royal family over the extent of the repression to be used against
pro-democracy protesters. In addition, 90
Jordanian officers, serving in the Bahraini police force and alleged to have
mistreated prisoners, are having their contracts terminated and are being
sent back to Jordan, opposition sources have told The Independent. They say
it is not clear if this is to purge the security forces of the worst
offenders or to get rid of witnesses to the wholesale use of torture when the
government crushed the Arab Awakening movement in Bahrain in March. Increasing
divisions within the Sunni royal family are becoming more blatant as
statements by King Hamad bin Isa al-Khalifa aimed at conciliating the
majority Shia community are not followed up by action. Though he told state
and private companies to reinstate the 2,500 employees sacked for taking part
in pro-democracy protests, many have been unable to get their old jobs back. The government's
actions are also contradictory. Earlier this month it suspended several
senior police officers, some of them members of the al-Khalifa ruling family,
after they were accused of being implicated in torturing prisoners. One
officer held an important position at Riffa police station, notorious for the
use of torture, and another was a section chief of the CID. Demonstrations by
Sunni in Riffa in favour of the suspended officers were followed by the
immediate reinstatement of at least one of the men. The hardliners
in the royal family are led by the army commander, Khalifa bin Ahmed, and his
brother, the Royal Court Minister, Sheikh Khalid bin Ahmed. They were once at
odds with the Prime Minister, Sheikh Khalifa bin Salman, who has held his job
for 40 years since the British left in 1971, but they closed ranks when the
Arab Awakening started in February in Bahrain, sparked by pro-democracy
uprisings in Tunisia and Egypt. The largely
peaceful demonstrations centred on Pearl Square in the middle of the Bahraini
capital Manama, but the government reacted as if it was facing an armed
insurrection. A Saudi-led military force crossed the causeway from Saudi
Arabia to Bahrain in the middle of March and a brutal crackdown followed with
mass arrests and use of torture. Forensic experts brought in by an
investigating commission verified that 63 detainees had been so severely
mistreated that marks of torture were still visible three or four months
later. The hardliners
in the royal family, supported by Saudi Arabia, have sought to marginalise
Crown Prince Salman bin Hamad, seen as the most liberal royal. Before the
March crackdown he sought to work out an agreement with al-Wifaq, the main
opposition party. Since then he, along with King Hamad, has lost much of his
authority. The government
crackdown was accompanied by the state media launching an anti-Shia campaign,
claiming, without any evidence, that Iran had fomented armed rebellion
against the al-Khalifa dynasty. Sectarian hatreds increased, leading to
Sunni-run private companies and state organisations refusing to re-employ sacked
Shia employees despite the King's order. Mohammed Sadiq
of Justice for Bahrain says that among those sacked who have not been
re-employed are 24 Shia journalists, working on Al-Ayam newspaper, who were
fired on 16 March. Some 402 workers at Aluminium Bahrain (almost all Shia)
were sacked and only 50 have been re-employed though they have had to sign
new employment contracts whereby they lose all annual leave and sickness
benefits. The continuing
repression has not returned stability to Bahrain and is not likely to do so.
There are nightly protests in Shia districts with the police using rubber
bullets and stun grenades. Occasional deaths of protesters enrage the Shia
community. Particular fury was caused by the death of Ali Jawad al-Sheikh,
14, apparently killed by a tear gas grenade fired at point-blank range. THE RULING
FAMILY " FROM LIBERAL VOICE TO HARDLINE COLONEL Crown Prince
Sheikh Salman bin Hamad al-Khalifa Seen as the most
liberal member of the Khalifa family, the Crown Prince had sought an agreement
with opposition parties before protests began. Now, increasingly marginalised
by hardliners in the royal family, he has lost much of his authority. King Hamad bin
Isa al-Khalifa Conciliatory
moves from the king aimed at the majority Shia community have not been
followed up by action. Despite ordering state companies to reinstate
employees sacked for taking part in protests, many have not yet been able to
get their jobs back. Colonel Sheikh
Khalifa bin Ahmed al-Khalifa As the leading
hardliner within the royal family, the army commander has benefited from the
support of Saudi Arabia, which sent a military force to help crush protests
in March. He has seen his influence grow as the crackdown continues. RICHARD
HALL
|
|
BAHRAIN : Aluminium Bahrain to provide dividends at 27 fils each share
TendersInfo News
10 August 2011
|
[What follows is
the full text of the article.] Mahmood Al
Kooheji, chairman of Aluminium Bahrain, stated that the firm would provide
dividends at 27 fils for each share. The chairman
revealed that the dividends were sanctioned by regulatory officials and the
firm's board of directors in
August 2011. The dividends
would add to USD102 million,
and the company would apportion USD71 million for Bahrain
Mumtalakat Holding Company, USD21 million would be given to Saudi Basic Industries
Corporation, while USD10 million would be given to Alba's other
institutional and retail stakeholders. The chairman
stated that the provisional dividend followed just after the firm became
public. Copyright 2011
Euclid Infotech Pvt. Ltd., distributed by Contify.com
|
|
Middle East Annual Conference "a huge success"
The Safety & Health Practitioner
01 June 2011
|
[What follows is
the full text of the article.] Key figures from
Middle East organisations gathered in May to share ideas on cutting workplace
injury and ill health in the region. More than 160
health and safety experts attended the IOSH Middle East Annual Conference in
Dubai, at The Events Center, InterContinental Dubai Festival City. The event
was a chance for professionals to share cutting-edge techniques in health and
safety to improve standards over the coming year, as well as hear
presentations from international speakers. IOSH Middle East
Branch chair, Jonathan Pickering, who was re-elected at the AGM, said:
"The conference has been a huge success and it's been fantastic to have
the support of the Abu Dhabi (AD) EHS Center and the Ministry of Labor's
involvement, along with our other speakers. "Our core
aim is to reduce incidents of injury and ill health at work and, in pulling
together key organisations across the Middle East, we feel that,
collectively, we will be able to drive up standards in health and
safety." Dr Jaber Al
Jaberi from the event's lead sponsor, AD EHS Center, spoke to delegates on
behalf of HE Majid Al Mansouri, chair of both the Department of Municipal
Affairs and the EHS Higher Committee. He said: "I
would like to thank IOSH and its partners for organising this conference,
which has focused on the latest developments in occupational health and
safety (OSH) in the region, and best practice in the field of OSH. "To benefit
from best practice, in December 2010, AD EHS Center signed a Letter of
Agreement with IOSH, which has a long history in these issues and in working
with government authorities. Areas of our cooperation include workshops,
conferences and seminars, development of standards related to EHS
practitioners, and awareness programmes." During the day,
health, satety and environment coordinator, Hesham Alawi Abdullah, from
Aluminium Bahrain, spoke about how social responsibility helps companies
achieve a sound reputation, while maintaining employees' attendance and
productivity. Rebecca Kelly - a partner in dispute resolution for
international law firm, Clyde & Co LLP - revealed that it is individuals,
not companies, who are prosecuted for criminal acts. IOSH president
Steve Granger commented: "It was an honour to open the second Middle
East Annual Conference and to meet so many fantastic people who are
championing the health and safety cause in this region."
|
|
Fawzi Ahmed Kanoo: Deputy Chairman of the
Kanoo Group (YBAK)
Branching out to members in the Middle East
The Safety & Health Practitioner
01 April 2011
|
[What follows is
the full text of the article.] This year's IOSH
Middle East Annual Conference is taking place at the InterContinental Dubai
Festival City next month. Delegates at the event on 4 May will receive
updates on recent health and safety developments in the region. Experienced
international speakers will also address issues on aviation safety, social
responsibility, food and facilities management, design safety, and other
critical health and safety topics. They include Thouria Istephan from Foster
and Partners, Hesham Alawi Abdulla from Aluminium Bahrain, Trevor Hutchinson
from Aldar Properties PJSC, and Rebecca Kelly from Clyde and Co. LLP. Members can join
the Middle East Branch AGM immediately after the Conference, with the gala
dinner also taking place that evening. Individual tickets or discounted
tables can be booked separately to the conference pass. To book, call the
events team on +44 (0)116 257 3378 or e-mail events@iosh.co.uk Places will be
filled on a first-come, first-served basis. Further
programme details and the conference brochure can be found at
www.iosh.co.uk/middleeastconference If you're interested in promoting your
organisation by sponsoring or exhibiting at the event, please contact
Charlotte Siviter, events coordinator, at charlotte.siviter@iosh.co.uk
|
|
Conference to draw worldwide H&S experts to Dubai
The Safety & Health Practitioner
01 March 2011
|
[What follows is
the full text of the article.] The second IOSH
Middle East Annual Conference will be held in Dubai in the first week of May
this year, and will be open to even more delegates, to match high demand for
places. Last year's
conference was a big success, attracting over 130 visitors from the United
Arab Emirates, the wider Middle East, Nigeria, Canada and the UK. On 4 May,
The Events Centre at the Intercontinental Dubai Festival City opens its doors
for a programme packed with essential updates on health and safety developments
in the region. It will cover a vast range of critical topics, including legal
issues and risk management, transport safety, food and facilities management,
social responsibility and design safety. International
speakers include Thouria Istephan from Foster and Partners, Keith Merrie from
British Midland International, Trevor Hutchinson from ALDAR, Hesham Alawi
Abdulla from Aluminium Bahrain, and Nathan Seal from DP World. The conference
is aimed at health and safely professionals and senior management with health
and safety responsibilities, and is the perfect forum for sharing ideas,
networking with colleagues, and making new contacts. The day closes with an
evening of celebration and networking, starting with a pre-dinner drinks
reception followed by a gala dinner, which is open to everyone. Individual
dinner tickets, or discounted table bookings are available to purchase
separately from the conference pass. IOSH members can
also hear about the Middle East Branch's priorities for 2011, about IOSH in
the Middle East, and see the new branch committee voted in at the Annual
General Meeting, which takes place between the conference and evening events. For further
information and to book your place at the conference and dinner, please call
the events team on +44(0)116 257 3378 or email events@iosh.co.uk. Visit
www.iosh.co.uk/middleeastconference for regular updates.
|
|
BAHRAIN : Alba officially converts into a public joint stock company
TendersInfo News
29 November 2010
|
[What follows is
the full text of the article.] Aluminium
Bahrain (Alba) converted into a public joint stock company. The company will
now be known as Aluminium Bahrain B.S.C., to reflect the change in its legal
status, and will herald the new direction that the company is taking in
strengthening economic growth in the Kingdom of Bahrain. His Excellency
the Minister of Industry & Commerce, Dr, Hassan Fakhro presented the
certificate announcing Alba's new official title to Alba's Chairman of the
Board of Directors, Mahmood Hashim Al Kooheji and Alba's Chief Executive,
Laurent Schmitt. His Excellency
the Minister Dr. Fakhro praised Alba's role as a national champion for
industrial growth and infrastructural development as well as in playing a
pivotal role in boosting the expansion of Bahrain's aluminium sector based on
strategies outlined by the government. He further
stressed the importance of increased cooperation between the Ministry of
Industry & Commerce and Alba in identifying investment opportunities in
the Kingdom, and supporting the facilities being developed by the government
in enhancing the investment climate for investors. Commenting on
the meeting with His Excellency the Minister of Industry & Commerce and
the announcement of Alba's conversion into a joint stock company, Alba's
Chairman Mahmood Hashim Al Kooheji said: "We truly
appreciate the sincere efforts of the Ministry of Industry & Commerce in
playing a key role in expanding the economy, supporting the growth of
industries in Bahrain, encouraging investment opportunities, and remaining a
powerful influence for members of the private sector. "Our
meeting today with His Excellency the Minister to mark Alba's conversion into
a public joint stock company celebrates the success of the political leadership's
forward thinking economic policies and also underlines the company's
commitment to support the Ministry in meeting its national goals and to
remain a pillar of the economy. Alba's decision
to convert into a public joint stock company was the result of reviewing
different strategic options to best position the company on the path for
continuing and future success. Alba's IPO, which was launched recently, met
with a positive response from both retail and institutional investors and the
company will be listed in Bahrain and London Stock Exchange. |
|
Annual
Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Sales |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
Revenue |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
Total Revenue |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
|
|
|
|
|
|
Cost of Revenue |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Cost of Revenue, Total |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Gross Profit |
519.2 |
117.8 |
702.5 |
188.9 |
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
111.3 |
95.3 |
114.7 |
49.0 |
|
Labor & Related Expense |
0.5 |
0.4 |
0.3 |
0.5 |
|
Total Selling/General/Administrative Expenses |
111.8 |
95.7 |
115.0 |
49.5 |
|
Interest Expense -
Operating |
19.2 |
60.3 |
68.4 |
109.8 |
|
Interest Expense - Net Operating |
19.2 |
60.3 |
68.4 |
109.8 |
|
Interest Expense (Income) - Net Operating Total |
19.2 |
60.3 |
68.4 |
109.8 |
|
Impairment-Assets Held for Use |
1.2 |
18.5 |
- |
- |
|
Unusual Expense (Income) |
1.2 |
18.5 |
- |
- |
|
Other, Net |
1.0 |
1.7 |
1.1 |
0.3 |
|
Other Operating Expenses, Total |
1.0 |
1.7 |
1.1 |
0.3 |
|
Total Operating Expense |
1,605.6 |
1,603.7 |
1,883.8 |
1,636.5 |
|
|
|
|
|
|
|
Operating Income |
385.9 |
-58.5 |
518.0 |
29.4 |
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Interest/Investment Income - Non-Operating |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Other Non-Operating Income (Expense) |
16.3 |
11.2 |
12.6 |
8.7 |
|
Other, Net |
16.3 |
11.2 |
12.6 |
8.7 |
|
Income Before Tax |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Net Income Before Extraord Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Basic EPS Excl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Basic/Primary EPS Incl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Dilution Adjustment |
- |
0.0 |
- |
0.0 |
|
Diluted Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Diluted Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Diluted EPS Excl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Diluted EPS Incl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Interest Expense, Supplemental |
19.2 |
60.3 |
68.4 |
109.8 |
|
Depreciation, Supplemental |
196.9 |
197.6 |
193.2 |
184.4 |
|
Total Special Items |
1.2 |
18.5 |
- |
- |
|
Normalized Income Before Tax |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Tax |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Diluted Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Normalized EBIT |
406.3 |
20.3 |
586.4 |
139.2 |
|
Normalized EBITDA |
603.2 |
217.9 |
779.5 |
323.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.377 |
0.377 |
0.377 |
0.376 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash & Equivalents |
158.7 |
123.0 |
123.2 |
92.8 |
|
Short Term Investments |
6.2 |
43.5 |
0.0 |
0.3 |
|
Cash and Short Term Investments |
164.9 |
166.5 |
123.2 |
93.1 |
|
Accounts Receivable -
Trade, Gross |
278.7 |
254.5 |
- |
- |
|
Provision for Doubtful
Accounts |
-15.2 |
-16.5 |
- |
- |
|
Trade Accounts Receivable - Net |
263.5 |
239.9 |
336.3 |
22.2 |
|
Other Receivables |
9.1 |
15.8 |
9.1 |
- |
|
Total Receivables, Net |
272.6 |
255.7 |
345.4 |
22.2 |
|
Inventories - Finished Goods |
67.9 |
66.2 |
102.1 |
0.0 |
|
Inventories - Work In Progress |
129.4 |
147.5 |
164.4 |
123.2 |
|
Inventories - Raw Materials |
150.4 |
166.5 |
273.0 |
154.0 |
|
Inventories - Other |
56.3 |
65.7 |
62.7 |
58.3 |
|
Total Inventory |
404.0 |
445.9 |
602.1 |
335.4 |
|
Total Current Assets |
841.5 |
868.1 |
1,070.7 |
450.7 |
|
|
|
|
|
|
|
Land/Improvements |
704.4 |
705.1 |
708.1 |
701.9 |
|
Machinery/Equipment |
4,198.6 |
4,144.3 |
4,108.6 |
4,071.1 |
|
Property/Plant/Equipment - Gross |
4,903.1 |
4,849.5 |
4,816.7 |
4,773.0 |
|
Accumulated Depreciation |
-2,271.4 |
-2,082.8 |
-1,926.2 |
-1,770.4 |
|
Property/Plant/Equipment - Net |
2,631.7 |
2,766.6 |
2,890.5 |
3,002.7 |
|
LT Investments - Other |
- |
- |
0.0 |
2.0 |
|
Long Term Investments |
- |
- |
0.0 |
2.0 |
|
Note Receivable - Long Term |
45.6 |
54.7 |
63.8 |
0.0 |
|
Total Assets |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
Accrued Expenses |
214.7 |
252.1 |
324.5 |
211.0 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
403.7 |
449.6 |
447.6 |
455.5 |
|
Customer Advances |
5.7 |
2.5 |
1.0 |
33.1 |
|
Other Payables |
4.4 |
5.4 |
263.4 |
4.0 |
|
Other Current Liabilities |
115.4 |
115.1 |
32.2 |
88.0 |
|
Other Current liabilities, Total |
125.5 |
122.9 |
296.6 |
125.1 |
|
Total Current Liabilities |
743.9 |
824.6 |
1,068.6 |
791.7 |
|
|
|
|
|
|
|
Long Term Debt |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Long Term Debt |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Debt |
1,050.2 |
1,234.6 |
1,429.3 |
1,667.9 |
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
2.6 |
2.6 |
2.5 |
1.6 |
|
Other Long Term Liabilities |
272.5 |
343.3 |
220.5 |
474.1 |
|
Other Liabilities, Total |
275.1 |
346.0 |
222.9 |
475.7 |
|
Total Liabilities |
1,665.5 |
1,955.5 |
2,273.3 |
2,479.7 |
|
|
|
|
|
|
|
Common Stock |
376.7 |
376.7 |
376.7 |
377.7 |
|
Common Stock |
376.7 |
376.7 |
376.7 |
377.7 |
|
Retained Earnings (Accumulated Deficit) |
1,486.5 |
1,155.8 |
1,375.1 |
598.0 |
|
Treasury Stock - Common |
-9.9 |
- |
- |
- |
|
Other Equity |
0.0 |
201.5 |
- |
- |
|
Other Equity, Total |
0.0 |
201.5 |
- |
- |
|
Total Equity |
1,853.3 |
1,733.9 |
1,751.7 |
975.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Total Common Shares Outstanding |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Treasury Shares - Common Stock Primary Issue |
4.2 |
- |
- |
- |
|
Employees |
2,714 |
- |
- |
- |
|
Number of Common Shareholders |
2,576 |
3 |
- |
- |
|
Deferred Revenue - Current |
5.7 |
2.5 |
1.0 |
33.1 |
|
Total Long Term Debt, Supplemental |
1,032.1 |
1,211.2 |
1,398.0 |
- |
|
Long Term Debt Maturing within 1 Year |
385.6 |
426.2 |
416.2 |
- |
|
Long Term Debt Maturing in Year 2 |
598.2 |
736.6 |
909.3 |
- |
|
Long Term Debt Maturing in 2-3 Years |
598.2 |
736.6 |
909.3 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
48.3 |
48.3 |
72.5 |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income/Starting Line |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Depreciation |
196.9 |
197.6 |
193.2 |
184.4 |
|
Depreciation/Depletion |
196.9 |
197.6 |
193.2 |
184.4 |
|
Unusual Items |
-32.6 |
181.9 |
-299.0 |
212.6 |
|
Other Non-Cash Items |
18.0 |
57.3 |
61.3 |
107.3 |
|
Non-Cash Items |
-14.6 |
239.2 |
-237.6 |
319.9 |
|
Accounts Receivable |
-18.9 |
86.6 |
116.7 |
12.2 |
|
Inventories |
41.9 |
156.2 |
-192.1 |
-13.0 |
|
Other Assets |
0.0 |
3.1 |
102.5 |
15.7 |
|
Accounts Payable |
-34.2 |
-67.1 |
-3.0 |
39.0 |
|
Other Liabilities |
2.4 |
1.7 |
2.4 |
34.9 |
|
Other Operating Cash Flow |
-2.4 |
-1.6 |
-1.5 |
-1.8 |
|
Changes in Working Capital |
-11.2 |
179.0 |
25.0 |
86.9 |
|
Cash from Operating Activities |
537.8 |
396.4 |
759.5 |
420.1 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Capital Expenditures |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Sale of Fixed Assets |
1.0 |
0.4 |
2.2 |
11.5 |
|
Investment, Net |
-8.0 |
- |
- |
- |
|
Other Investing Cash Flow |
1.4 |
3.0 |
7.0 |
2.8 |
|
Other Investing Cash Flow Items, Total |
-5.5 |
3.5 |
9.2 |
14.2 |
|
Cash from Investing Activities |
-69.2 |
-90.3 |
-93.6 |
-56.0 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
-223.1 |
-111.6 |
-316.7 |
-146.6 |
|
Financing Cash Flow Items |
-223.1 |
-111.6 |
-316.7 |
-146.6 |
|
Repurchase/Retirement of Common/Preferred |
-2.9 |
- |
- |
- |
|
Treasury Stock |
-32.9 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
-35.9 |
- |
- |
- |
|
Short Term Debt, Net |
-5.3 |
-7.9 |
11.1 |
0.0 |
|
Total Debt Issued |
536.3 |
0.0 |
490.0 |
640.6 |
|
Total Debt Reduction |
-715.3 |
-186.8 |
-755.5 |
-842.8 |
|
Issuance (Retirement) of Debt, Net |
-184.4 |
-194.8 |
-254.5 |
-202.2 |
|
Cash from Financing Activities |
-443.4 |
-306.3 |
-571.1 |
-348.8 |
|
|
|
|
|
|
|
Net Change in Cash |
25.2 |
-0.3 |
94.7 |
15.3 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
123.0 |
123.2 |
28.5 |
13.2 |
|
Net Cash - Ending Balance |
148.2 |
123.0 |
123.3 |
28.5 |
|
Cash Interest Paid |
21.1 |
65.3 |
76.1 |
121.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Sales to Customers |
1,991.5 |
1,543.2 |
2,346.4 |
57.6 |
|
Sales to Shareholders |
0.0 |
2.0 |
55.4 |
1,608.3 |
|
Total Revenue |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
|
|
|
|
|
|
Cost of Sales |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Selling and Distribution Expense |
41.3 |
31.6 |
60.2 |
6.1 |
|
General and Administrative Expense |
70.0 |
63.7 |
54.5 |
42.8 |
|
Write Off of Property, Plant, & Equipmen |
1.2 |
18.5 |
- |
- |
|
Directors Fees |
0.5 |
0.4 |
0.3 |
0.5 |
|
Interest Expense |
19.2 |
60.3 |
68.4 |
109.8 |
|
Finance Costs ( Bank Charges ) |
1.0 |
1.7 |
1.1 |
0.3 |
|
Total Operating Expense |
1,605.6 |
1,603.7 |
1,883.8 |
1,636.5 |
|
|
|
|
|
|
|
Other income |
16.3 |
11.2 |
12.6 |
8.7 |
|
Gain on Exchange |
-8.1 |
3.6 |
-12.7 |
-1.5 |
|
FV L/G on Revaluation of Derivatives |
-27.5 |
-175.6 |
261.1 |
-207.7 |
|
Net Income Before Taxes |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Net Income Before Extra. Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Basic EPS Including ExtraOrdinary Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Dilution Adjustment |
- |
0.0 |
- |
0.0 |
|
Diluted Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Diluted Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Diluted EPS Including ExtraOrd Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Normalized Income Before Taxes |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Diluted Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Depreciation |
196.9 |
197.6 |
193.2 |
184.4 |
|
Interest Expense |
19.2 |
60.3 |
68.4 |
109.8 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.377 |
0.377 |
0.377 |
0.376 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Goods in Transit |
61.2 |
44.8 |
103.1 |
53.9 |
|
Raw Materials |
89.3 |
121.7 |
169.9 |
100.0 |
|
Work-in-Process |
129.4 |
147.5 |
164.4 |
123.2 |
|
Finished Goods |
67.9 |
66.2 |
102.1 |
0.0 |
|
Stores |
59.5 |
68.9 |
65.8 |
61.5 |
|
Provision for Inventory |
-3.2 |
-3.2 |
-3.2 |
-3.2 |
|
Trade Accounts Receivable |
- |
- |
331.2 |
20.1 |
|
Trade Receivables |
278.7 |
254.5 |
- |
- |
|
Provision for Doubtful Debts |
-15.2 |
-16.5 |
- |
- |
|
Other Receivables |
- |
6.7 |
- |
- |
|
Current Portion of LT Receivables |
9.1 |
9.1 |
9.1 |
- |
|
Amounts Due from Shareholder |
0.0 |
2.0 |
5.1 |
2.1 |
|
Derivative Fiancial Instruments |
6.2 |
43.5 |
0.0 |
0.3 |
|
Bank Balances and Cash |
158.7 |
123.0 |
123.2 |
92.8 |
|
Total Current Assets |
841.5 |
868.1 |
1,070.7 |
450.7 |
|
|
|
|
|
|
|
Land & Building |
704.4 |
705.1 |
708.1 |
701.9 |
|
Power Generating Plant |
1,046.9 |
1,067.4 |
1,031.0 |
1,049.7 |
|
Plant, Machinery, & Other Equipment |
2,951.9 |
2,927.0 |
2,919.9 |
2,910.5 |
|
Assets in Process of Completion |
199.8 |
149.9 |
157.7 |
110.9 |
|
Acc. Dep. |
-2,271.4 |
-2,082.8 |
-1,926.2 |
-1,770.4 |
|
Derivative Financial Assets |
- |
- |
0.0 |
2.0 |
|
LT Receivables |
45.6 |
54.7 |
63.8 |
0.0 |
|
Total Assets |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
Borrowings |
385.6 |
426.2 |
416.2 |
455.5 |
|
ST Loans |
18.1 |
23.4 |
31.3 |
0.0 |
|
Trade Payables |
132.8 |
144.6 |
240.6 |
134.8 |
|
Retentions Payable |
0.4 |
0.4 |
0.5 |
0.5 |
|
Employee Related Accruals |
54.8 |
49.8 |
46.5 |
41.7 |
|
Accrual for Early Retirement Scheme |
0.0 |
25.8 |
- |
- |
|
Accrued Expenses |
24.6 |
30.1 |
35.9 |
32.6 |
|
Advance from Customers |
5.7 |
2.5 |
1.0 |
0.0 |
|
ALBA Saving Benefit Scheme |
4.1 |
5.0 |
6.1 |
3.5 |
|
General Organization for Social Insuranc |
2.6 |
1.8 |
1.5 |
1.9 |
|
Derivative Financial Instruments |
115.4 |
115.1 |
32.2 |
88.0 |
|
Advances from Shareholders |
- |
- |
0.0 |
33.1 |
|
Amounts Due to Shareholders |
- |
0.0 |
256.9 |
0.0 |
|
Total Current Liabilities |
743.9 |
824.6 |
1,068.6 |
791.7 |
|
|
|
|
|
|
|
Borrowings |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Long Term Debt |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
|
|
|
|
|
|
Derivative Financial Instruments |
272.5 |
343.3 |
220.5 |
474.1 |
|
Employees End of Service Benefits |
2.6 |
2.6 |
2.5 |
1.6 |
|
Total Liabilities |
1,665.5 |
1,955.5 |
2,273.3 |
2,479.7 |
|
|
|
|
|
|
|
Share Capital |
376.7 |
376.7 |
376.7 |
377.7 |
|
Treasury Shares |
-9.9 |
- |
- |
- |
|
Statutory Reserve |
182.0 |
145.4 |
145.4 |
67.7 |
|
Capital Reserve |
0.7 |
0.7 |
0.7 |
0.7 |
|
Contributions from Shareholders |
0.0 |
201.5 |
- |
- |
|
Retained Earnings |
1,303.8 |
1,009.7 |
1,229.0 |
529.6 |
|
Total Equity |
1,853.3 |
1,733.9 |
1,751.7 |
975.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
S/O-Common Stock |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Total Common Shares Outstanding |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
T/S-Common Stock |
4.2 |
- |
- |
- |
|
Deferred Revenue - Current |
5.7 |
2.5 |
1.0 |
33.1 |
|
Number of Shareholders |
2,576 |
3 |
- |
- |
|
Full-Time Employees |
2,714 |
- |
- |
- |
|
Due in 1 Year |
385.6 |
426.2 |
416.2 |
- |
|
Due in 2-5 Years |
598.2 |
736.6 |
909.3 |
- |
|
Remaining Maturities |
48.3 |
48.3 |
72.5 |
- |
|
Total Long Term Debt, Supplemental |
1,032.1 |
1,211.2 |
1,398.0 |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Depreciation |
196.9 |
197.6 |
193.2 |
184.4 |
|
Provision for Employees end of Service |
2.4 |
1.7 |
2.4 |
1.8 |
|
Unrealised G/L on Derivatives |
-33.2 |
162.3 |
-310.7 |
209.7 |
|
G/L on Disposal of Property, Plant and E |
-0.5 |
1.1 |
9.1 |
-10.3 |
|
Write off of Property, Plant and Equip |
1.2 |
18.5 |
2.6 |
13.2 |
|
Interest Income |
-1.4 |
-3.0 |
-7.0 |
-2.8 |
|
Finance costs |
19.2 |
60.3 |
68.4 |
110.1 |
|
Employees' Stock Option Plan |
0.2 |
- |
- |
- |
|
Inventories |
41.9 |
156.2 |
-192.1 |
-13.0 |
|
Accounts Receivables & Prepayments |
-18.9 |
86.6 |
116.7 |
12.2 |
|
Accounts Payables & Accruals |
-34.2 |
-67.1 |
-3.0 |
39.0 |
|
Amounts Due from Shareholder |
0.0 |
3.1 |
102.5 |
15.7 |
|
Advances from Shareholder |
- |
- |
- |
33.0 |
|
End of Service Benefits Paid |
-2.4 |
-1.6 |
-1.5 |
-1.8 |
|
Cash from Operating Activities |
537.8 |
396.4 |
759.5 |
420.1 |
|
|
|
|
|
|
|
Purchase of Property, Plant, and Equipme |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Proceeds from Disposal of Property, Plan |
1.0 |
0.4 |
2.2 |
11.5 |
|
Term Deposit |
-8.0 |
- |
- |
- |
|
Interest Received |
1.4 |
3.0 |
7.0 |
2.8 |
|
Cash from Investing Activities |
-69.2 |
-90.3 |
-93.6 |
-56.0 |
|
|
|
|
|
|
|
Repayment of LT Receivable |
9.1 |
9.1 |
0.0 |
- |
|
Borrowings Availed |
536.3 |
0.0 |
490.0 |
640.6 |
|
Borrowings Repaid |
-715.3 |
-186.8 |
-755.5 |
-842.8 |
|
ST Loans, Net |
-5.3 |
-7.9 |
11.1 |
0.0 |
|
Finance Costs Paid |
-21.1 |
-65.3 |
-76.1 |
-121.3 |
|
Margin Deposits |
-2.5 |
0.0 |
64.1 |
-25.3 |
|
Purchase of Treasury Shares |
-32.9 |
- |
- |
- |
|
Purchase of Shares for Stock Options |
-7.2 |
- |
- |
- |
|
Purchase of Shares After IPO |
-2.9 |
- |
- |
- |
|
Cash Transferred to Principal Shareholde |
-201.5 |
0.0 |
65.8 |
0.0 |
|
Amounts Due to Shareholders |
0.0 |
-55.4 |
-370.4 |
0.0 |
|
Cash from Financing Activities |
-443.4 |
-306.3 |
-571.1 |
-348.8 |
|
|
|
|
|
|
|
Net Change in Cash |
25.2 |
-0.3 |
94.7 |
15.3 |
|
|
|
|
|
|
|
Cash Beginning Balance |
123.0 |
123.2 |
28.5 |
13.2 |
|
Cash Ending Balance |
148.2 |
123.0 |
123.3 |
28.5 |
|
Cash Interest Paid |
21.1 |
65.3 |
76.1 |
121.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Sales |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
Revenue |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
Total Revenue |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
|
|
|
|
|
|
Cost of Revenue |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Cost of Revenue, Total |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Gross Profit |
519.2 |
117.8 |
702.5 |
188.9 |
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
111.3 |
95.3 |
114.7 |
49.0 |
|
Labor & Related Expense |
0.5 |
0.4 |
0.3 |
0.5 |
|
Total Selling/General/Administrative Expenses |
111.8 |
95.7 |
115.0 |
49.5 |
|
Interest Expense -
Operating |
19.2 |
60.3 |
68.4 |
109.8 |
|
Interest Expense - Net Operating |
19.2 |
60.3 |
68.4 |
109.8 |
|
Interest Expense (Income) - Net Operating Total |
19.2 |
60.3 |
68.4 |
109.8 |
|
Impairment-Assets Held for Use |
1.2 |
18.5 |
- |
- |
|
Unusual Expense (Income) |
1.2 |
18.5 |
- |
- |
|
Other, Net |
1.0 |
1.7 |
1.1 |
0.3 |
|
Other Operating Expenses, Total |
1.0 |
1.7 |
1.1 |
0.3 |
|
Total Operating Expense |
1,605.6 |
1,603.7 |
1,883.8 |
1,636.5 |
|
|
|
|
|
|
|
Operating Income |
385.9 |
-58.5 |
518.0 |
29.4 |
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Interest/Investment Income - Non-Operating |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Other Non-Operating Income (Expense) |
16.3 |
11.2 |
12.6 |
8.7 |
|
Other, Net |
16.3 |
11.2 |
12.6 |
8.7 |
|
Income Before Tax |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Net Income Before Extraord Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Basic EPS Excl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Basic/Primary EPS Incl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Dilution Adjustment |
- |
0.0 |
- |
0.0 |
|
Diluted Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Diluted Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Diluted EPS Excl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Diluted EPS Incl Extraord Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Interest Expense, Supplemental |
19.2 |
60.3 |
68.4 |
109.8 |
|
Depreciation, Supplemental |
196.9 |
197.6 |
193.2 |
184.4 |
|
Total Special Items |
1.2 |
18.5 |
- |
- |
|
Normalized Income Before Tax |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Tax |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Diluted Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Normalized EBIT |
406.3 |
20.3 |
586.4 |
139.2 |
|
Normalized EBITDA |
603.2 |
217.9 |
779.5 |
323.6 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Special |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377009 |
0.377017 |
0.377026 |
0.377011 |
0.377012 |
|
|
|
|
|
|
|
|
Net Sales |
580.5 |
643.0 |
576.2 |
1,003.4 |
447.7 |
|
Revenue |
580.5 |
643.0 |
576.2 |
1,003.4 |
447.7 |
|
Total Revenue |
580.5 |
643.0 |
576.2 |
1,003.4 |
447.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
432.9 |
459.1 |
387.4 |
759.8 |
356.7 |
|
Cost of Revenue, Total |
432.9 |
459.1 |
387.4 |
759.8 |
356.7 |
|
Gross Profit |
147.6 |
183.8 |
188.8 |
243.5 |
90.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
26.1 |
32.4 |
35.1 |
60.3 |
25.4 |
|
Labor & Related Expense |
- |
- |
- |
0.5 |
- |
|
Total Selling/General/Administrative Expenses |
26.1 |
32.4 |
35.1 |
60.8 |
25.4 |
|
Interest Expense -
Operating |
4.8 |
5.0 |
4.7 |
10.8 |
5.2 |
|
Interest Expense - Net Operating |
4.8 |
5.0 |
4.7 |
10.8 |
5.2 |
|
Interest Expense (Income) - Net Operating Total |
4.8 |
5.0 |
4.7 |
10.8 |
5.2 |
|
Impairment-Assets Held for Use |
- |
- |
- |
-1.8 |
- |
|
Unusual Expense (Income) |
- |
- |
- |
-1.8 |
- |
|
Total Operating Expense |
463.8 |
496.6 |
427.1 |
829.5 |
387.4 |
|
|
|
|
|
|
|
|
Operating Income |
116.8 |
146.4 |
149.1 |
173.8 |
60.3 |
|
|
|
|
|
|
|
|
Investment Income -
Non-Operating |
92.2 |
33.4 |
-65.3 |
-121.4 |
-116.4 |
|
Interest/Investment Income - Non-Operating |
92.2 |
33.4 |
-65.3 |
-121.4 |
-116.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
92.2 |
33.4 |
-65.3 |
-121.4 |
-116.4 |
|
Other Non-Operating Income (Expense) |
4.8 |
5.0 |
4.3 |
8.1 |
5.4 |
|
Other, Net |
4.8 |
5.0 |
4.3 |
8.1 |
5.4 |
|
Income Before Tax |
213.7 |
184.8 |
88.1 |
60.6 |
-50.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
213.7 |
184.8 |
88.1 |
60.6 |
-50.7 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
213.7 |
184.8 |
88.1 |
60.6 |
-50.7 |
|
Net Income |
213.7 |
184.8 |
88.1 |
60.6 |
-50.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
213.7 |
184.8 |
88.1 |
60.6 |
-50.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
213.7 |
184.8 |
88.1 |
60.6 |
-50.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,403.5 |
1,403.5 |
1,403.5 |
1,403.5 |
1,406.0 |
|
Basic EPS Excl Extraord Items |
0.15 |
0.13 |
0.06 |
0.04 |
-0.04 |
|
Basic/Primary EPS Incl Extraord Items |
0.15 |
0.13 |
0.06 |
0.04 |
-0.04 |
|
Diluted Net Income |
213.7 |
184.8 |
88.1 |
60.6 |
-50.7 |
|
Diluted Weighted Average Shares |
1,403.5 |
1,403.5 |
1,403.5 |
1,403.5 |
1,406.0 |
|
Diluted EPS Excl Extraord Items |
0.15 |
0.13 |
0.06 |
0.04 |
-0.04 |
|
Diluted EPS Incl Extraord Items |
0.15 |
0.13 |
0.06 |
0.04 |
-0.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Interest Expense, Supplemental |
4.8 |
5.0 |
4.7 |
10.8 |
5.2 |
|
Depreciation, Supplemental |
57.4 |
50.4 |
49.3 |
98.6 |
49.5 |
|
Total Special Items |
- |
- |
- |
-1.8 |
- |
|
Normalized Income Before Tax |
213.7 |
184.8 |
88.1 |
58.7 |
-50.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
- |
0.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Tax |
213.7 |
184.8 |
88.1 |
58.7 |
-50.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
213.7 |
184.8 |
88.1 |
58.7 |
-50.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.15 |
0.13 |
0.06 |
0.04 |
-0.04 |
|
Diluted Normalized EPS |
0.15 |
0.13 |
0.06 |
0.04 |
-0.04 |
|
Normalized EBIT |
121.6 |
151.4 |
153.7 |
182.7 |
65.5 |
|
Normalized EBITDA |
179.0 |
201.8 |
203.0 |
281.3 |
115.0 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.377 |
0.377 |
0.377 |
0.376 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash & Equivalents |
158.7 |
123.0 |
123.2 |
92.8 |
|
Short Term Investments |
6.2 |
43.5 |
0.0 |
0.3 |
|
Cash and Short Term Investments |
164.9 |
166.5 |
123.2 |
93.1 |
|
Accounts Receivable -
Trade, Gross |
278.7 |
254.5 |
- |
- |
|
Provision for Doubtful
Accounts |
-15.2 |
-16.5 |
- |
- |
|
Trade Accounts Receivable - Net |
263.5 |
239.9 |
336.3 |
22.2 |
|
Other Receivables |
9.1 |
15.8 |
9.1 |
- |
|
Total Receivables, Net |
272.6 |
255.7 |
345.4 |
22.2 |
|
Inventories - Finished Goods |
67.9 |
66.2 |
102.1 |
0.0 |
|
Inventories - Work In Progress |
129.4 |
147.5 |
164.4 |
123.2 |
|
Inventories - Raw Materials |
150.4 |
166.5 |
273.0 |
154.0 |
|
Inventories - Other |
56.3 |
65.7 |
62.7 |
58.3 |
|
Total Inventory |
404.0 |
445.9 |
602.1 |
335.4 |
|
Total Current Assets |
841.5 |
868.1 |
1,070.7 |
450.7 |
|
|
|
|
|
|
|
Land/Improvements |
704.4 |
705.1 |
708.1 |
701.9 |
|
Machinery/Equipment |
4,198.6 |
4,144.3 |
4,108.6 |
4,071.1 |
|
Property/Plant/Equipment - Gross |
4,903.1 |
4,849.5 |
4,816.7 |
4,773.0 |
|
Accumulated Depreciation |
-2,271.4 |
-2,082.8 |
-1,926.2 |
-1,770.4 |
|
Property/Plant/Equipment - Net |
2,631.7 |
2,766.6 |
2,890.5 |
3,002.7 |
|
LT Investments - Other |
- |
- |
0.0 |
2.0 |
|
Long Term Investments |
- |
- |
0.0 |
2.0 |
|
Note Receivable - Long Term |
45.6 |
54.7 |
63.8 |
0.0 |
|
Total Assets |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
Accrued Expenses |
214.7 |
252.1 |
324.5 |
211.0 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
403.7 |
449.6 |
447.6 |
455.5 |
|
Customer Advances |
5.7 |
2.5 |
1.0 |
33.1 |
|
Other Payables |
4.4 |
5.4 |
263.4 |
4.0 |
|
Other Current Liabilities |
115.4 |
115.1 |
32.2 |
88.0 |
|
Other Current liabilities, Total |
125.5 |
122.9 |
296.6 |
125.1 |
|
Total Current Liabilities |
743.9 |
824.6 |
1,068.6 |
791.7 |
|
|
|
|
|
|
|
Long Term Debt |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Long Term Debt |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Debt |
1,050.2 |
1,234.6 |
1,429.3 |
1,667.9 |
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
2.6 |
2.6 |
2.5 |
1.6 |
|
Other Long Term Liabilities |
272.5 |
343.3 |
220.5 |
474.1 |
|
Other Liabilities, Total |
275.1 |
346.0 |
222.9 |
475.7 |
|
Total Liabilities |
1,665.5 |
1,955.5 |
2,273.3 |
2,479.7 |
|
|
|
|
|
|
|
Common Stock |
376.7 |
376.7 |
376.7 |
377.7 |
|
Common Stock |
376.7 |
376.7 |
376.7 |
377.7 |
|
Retained Earnings (Accumulated Deficit) |
1,486.5 |
1,155.8 |
1,375.1 |
598.0 |
|
Treasury Stock - Common |
-9.9 |
- |
- |
- |
|
Other Equity |
0.0 |
201.5 |
- |
- |
|
Other Equity, Total |
0.0 |
201.5 |
- |
- |
|
Total Equity |
1,853.3 |
1,733.9 |
1,751.7 |
975.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Total Common Shares Outstanding |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Treasury Shares - Common Stock Primary Issue |
4.2 |
- |
- |
- |
|
Employees |
2,714 |
- |
- |
- |
|
Number of Common Shareholders |
2,576 |
3 |
- |
- |
|
Deferred Revenue - Current |
5.7 |
2.5 |
1.0 |
33.1 |
|
Total Long Term Debt, Supplemental |
1,032.1 |
1,211.2 |
1,398.0 |
- |
|
Long Term Debt Maturing within 1 Year |
385.6 |
426.2 |
416.2 |
- |
|
Long Term Debt Maturing in Year 2 |
598.2 |
736.6 |
909.3 |
- |
|
Long Term Debt Maturing in 2-3 Years |
598.2 |
736.6 |
909.3 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
48.3 |
48.3 |
72.5 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Jun-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.37705 |
0.377 |
0.37705 |
0.377 |
0.377 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
200.1 |
211.0 |
253.3 |
158.7 |
237.3 |
|
Short Term Investments |
1.1 |
1.4 |
3.8 |
6.2 |
8.9 |
|
Cash and Short Term Investments |
201.3 |
212.4 |
257.0 |
164.9 |
246.2 |
|
Trade Accounts Receivable - Net |
263.0 |
289.1 |
292.3 |
263.5 |
259.9 |
|
Other Receivables |
9.1 |
9.1 |
9.1 |
9.1 |
9.1 |
|
Total Receivables, Net |
272.1 |
298.2 |
301.5 |
272.6 |
269.0 |
|
Total Inventory |
514.9 |
454.3 |
475.3 |
404.0 |
417.6 |
|
Total Current Assets |
988.2 |
964.9 |
1,033.8 |
841.5 |
932.8 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
2,514.0 |
2,564.6 |
2,611.8 |
2,631.7 |
2,692.0 |
|
Note Receivable - Long Term |
41.0 |
41.0 |
45.6 |
45.6 |
50.2 |
|
Total Assets |
3,543.2 |
3,570.6 |
3,691.1 |
3,518.8 |
3,674.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
270.2 |
231.3 |
407.3 |
224.8 |
221.0 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
393.4 |
428.3 |
452.6 |
403.7 |
433.9 |
|
Other Current Liabilities |
70.5 |
109.4 |
100.9 |
115.4 |
71.4 |
|
Other Current liabilities, Total |
70.5 |
109.4 |
100.9 |
115.4 |
71.4 |
|
Total Current Liabilities |
734.1 |
769.1 |
960.8 |
743.9 |
726.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
572.6 |
598.6 |
635.7 |
646.5 |
719.5 |
|
Total Long Term Debt |
572.6 |
598.6 |
635.7 |
646.5 |
719.5 |
|
Total Debt |
966.0 |
1,026.9 |
1,088.3 |
1,050.2 |
1,153.4 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
2.4 |
2.4 |
2.8 |
2.6 |
2.5 |
|
Other Long Term Liabilities |
162.2 |
240.8 |
316.7 |
272.5 |
222.4 |
|
Other Liabilities, Total |
164.6 |
243.1 |
319.5 |
275.1 |
225.0 |
|
Total Liabilities |
1,471.3 |
1,610.7 |
1,916.0 |
1,665.5 |
1,670.8 |
|
|
|
|
|
|
|
|
Common Stock |
376.6 |
376.7 |
376.6 |
376.7 |
376.7 |
|
Common Stock |
376.6 |
376.7 |
376.6 |
376.7 |
376.7 |
|
Retained Earnings (Accumulated Deficit) |
1,706.4 |
1,594.3 |
1,409.3 |
1,486.5 |
1,461.9 |
|
Treasury Stock - Common |
-11.1 |
-11.1 |
-10.8 |
-9.9 |
-35.9 |
|
Other Equity |
- |
- |
0.0 |
0.0 |
201.5 |
|
Other Equity, Total |
- |
- |
0.0 |
0.0 |
201.5 |
|
Total Equity |
2,071.9 |
1,959.8 |
1,775.1 |
1,853.3 |
2,004.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,543.2 |
3,570.6 |
3,691.1 |
3,518.8 |
3,674.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,420.0 |
1,415.8 |
1,415.8 |
1,415.8 |
1,377.4 |
|
Total Common Shares Outstanding |
1,420.0 |
1,415.8 |
1,415.8 |
1,415.8 |
1,377.4 |
|
Treasury Shares - Common Stock Primary Issue |
- |
4.2 |
4.2 |
4.2 |
42.6 |
|
Employees |
- |
- |
- |
2,714 |
2,706 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income/Starting Line |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Depreciation |
196.9 |
197.6 |
193.2 |
184.4 |
|
Depreciation/Depletion |
196.9 |
197.6 |
193.2 |
184.4 |
|
Unusual Items |
-32.6 |
181.9 |
-299.0 |
212.6 |
|
Other Non-Cash Items |
18.0 |
57.3 |
61.3 |
107.3 |
|
Non-Cash Items |
-14.6 |
239.2 |
-237.6 |
319.9 |
|
Accounts Receivable |
-18.9 |
86.6 |
116.7 |
12.2 |
|
Inventories |
41.9 |
156.2 |
-192.1 |
-13.0 |
|
Other Assets |
0.0 |
3.1 |
102.5 |
15.7 |
|
Accounts Payable |
-34.2 |
-67.1 |
-3.0 |
39.0 |
|
Other Liabilities |
2.4 |
1.7 |
2.4 |
34.9 |
|
Other Operating Cash Flow |
-2.4 |
-1.6 |
-1.5 |
-1.8 |
|
Changes in Working Capital |
-11.2 |
179.0 |
25.0 |
86.9 |
|
Cash from Operating Activities |
537.8 |
396.4 |
759.5 |
420.1 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Capital Expenditures |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Sale of Fixed Assets |
1.0 |
0.4 |
2.2 |
11.5 |
|
Investment, Net |
-8.0 |
- |
- |
- |
|
Other Investing Cash Flow |
1.4 |
3.0 |
7.0 |
2.8 |
|
Other Investing Cash Flow Items, Total |
-5.5 |
3.5 |
9.2 |
14.2 |
|
Cash from Investing Activities |
-69.2 |
-90.3 |
-93.6 |
-56.0 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
-223.1 |
-111.6 |
-316.7 |
-146.6 |
|
Financing Cash Flow Items |
-223.1 |
-111.6 |
-316.7 |
-146.6 |
|
Repurchase/Retirement of Common/Preferred |
-2.9 |
- |
- |
- |
|
Treasury Stock |
-32.9 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
-35.9 |
- |
- |
- |
|
Short Term Debt, Net |
-5.3 |
-7.9 |
11.1 |
0.0 |
|
Total Debt Issued |
536.3 |
0.0 |
490.0 |
640.6 |
|
Total Debt Reduction |
-715.3 |
-186.8 |
-755.5 |
-842.8 |
|
Issuance (Retirement) of Debt, Net |
-184.4 |
-194.8 |
-254.5 |
-202.2 |
|
Cash from Financing Activities |
-443.4 |
-306.3 |
-571.1 |
-348.8 |
|
|
|
|
|
|
|
Net Change in Cash |
25.2 |
-0.3 |
94.7 |
15.3 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
123.0 |
123.2 |
28.5 |
13.2 |
|
Net Cash - Ending Balance |
148.2 |
123.0 |
123.3 |
28.5 |
|
Cash Interest Paid |
21.1 |
65.3 |
76.1 |
121.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
Period Length |
9 Months |
6 Months |
3 Months |
12 Months |
9 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377018 |
0.377022 |
0.377026 |
0.377008 |
0.377007 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
486.6 |
272.9 |
88.1 |
366.6 |
255.4 |
|
Depreciation |
157.1 |
99.7 |
49.3 |
196.9 |
147.8 |
|
Depreciation/Depletion |
157.1 |
99.7 |
49.3 |
196.9 |
147.8 |
|
Unusual Items |
2.5 |
0.6 |
- |
0.7 |
3.4 |
|
Other Non-Cash Items |
-133.4 |
-22.0 |
37.3 |
-12.8 |
-8.7 |
|
Non-Cash Items |
-130.9 |
-21.4 |
37.3 |
-12.2 |
-5.3 |
|
Accounts Receivable |
0.5 |
-25.6 |
-28.9 |
-18.9 |
28.2 |
|
Inventories |
-110.9 |
-50.3 |
-71.3 |
41.9 |
18.9 |
|
Other Assets |
0.0 |
- |
0.0 |
0.0 |
2.0 |
|
Accounts Payable |
45.8 |
6.9 |
17.0 |
-34.2 |
-36.3 |
|
Other Operating Cash Flow |
-1.9 |
-1.2 |
0.0 |
-2.4 |
-2.1 |
|
Changes in Working Capital |
-66.6 |
-70.2 |
-83.2 |
-13.6 |
10.7 |
|
Cash from Operating Activities |
446.2 |
281.0 |
91.5 |
537.8 |
408.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-44.2 |
-35.1 |
-29.7 |
-63.7 |
-44.0 |
|
Capital Expenditures |
-44.2 |
-35.1 |
-29.7 |
-63.7 |
-44.0 |
|
Sale of Fixed Assets |
1.9 |
1.8 |
- |
1.0 |
0.9 |
|
Investment, Net |
8.0 |
8.0 |
8.0 |
-8.0 |
0.0 |
|
Other Investing Cash Flow |
0.7 |
0.5 |
0.3 |
1.4 |
1.0 |
|
Other Investing Cash Flow Items, Total |
10.6 |
10.3 |
8.3 |
-5.5 |
1.9 |
|
Cash from Investing Activities |
-33.6 |
-24.7 |
-21.5 |
-69.2 |
-42.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-10.3 |
-4.6 |
-6.1 |
-223.1 |
-138.9 |
|
Financing Cash Flow Items |
-10.3 |
-4.6 |
-6.1 |
-223.1 |
-138.9 |
|
Cash Dividends Paid - Common |
-266.5 |
-165.2 |
- |
- |
0.0 |
|
Total Cash Dividends Paid |
-266.5 |
-165.2 |
- |
- |
0.0 |
|
Sale/Issuance of
Common |
2.9 |
2.9 |
2.4 |
- |
0.0 |
|
Repurchase/Retirement
of Common |
-5.3 |
-4.9 |
-3.7 |
-35.9 |
-35.9 |
|
Common Stock, Net |
-2.4 |
-2.0 |
-1.4 |
-35.9 |
-35.9 |
|
Issuance (Retirement) of Stock, Net |
-2.4 |
-2.0 |
-1.4 |
-35.9 |
-35.9 |
|
Short Term Debt, Net |
25.7 |
30.1 |
14.4 |
-5.3 |
0.3 |
|
Total Debt Issued |
38.7 |
44.6 |
43.5 |
536.3 |
59.2 |
|
Total Debt Reduction |
-148.4 |
-98.1 |
-19.6 |
-715.3 |
-183.5 |
|
Issuance (Retirement) of Debt, Net |
-84.0 |
-23.3 |
38.3 |
-184.4 |
-124.0 |
|
Cash from Financing Activities |
-363.2 |
-195.1 |
30.8 |
-443.4 |
-298.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
49.5 |
61.1 |
100.8 |
25.2 |
67.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
148.2 |
148.2 |
148.2 |
123.0 |
123.0 |
|
Net Cash - Ending Balance |
197.6 |
209.3 |
249.0 |
148.2 |
190.6 |
|
Cash Interest Paid |
14.8 |
10.0 |
4.3 |
21.1 |
15.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Sales to Customers |
1,991.5 |
1,543.2 |
2,346.4 |
57.6 |
|
Sales to Shareholders |
0.0 |
2.0 |
55.4 |
1,608.3 |
|
Total Revenue |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
|
|
|
|
|
|
Cost of Sales |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Selling and Distribution Expense |
41.3 |
31.6 |
60.2 |
6.1 |
|
General and Administrative Expense |
70.0 |
63.7 |
54.5 |
42.8 |
|
Write Off of Property, Plant, & Equipmen |
1.2 |
18.5 |
- |
- |
|
Directors Fees |
0.5 |
0.4 |
0.3 |
0.5 |
|
Interest Expense |
19.2 |
60.3 |
68.4 |
109.8 |
|
Finance Costs ( Bank Charges ) |
1.0 |
1.7 |
1.1 |
0.3 |
|
Total Operating Expense |
1,605.6 |
1,603.7 |
1,883.8 |
1,636.5 |
|
|
|
|
|
|
|
Other income |
16.3 |
11.2 |
12.6 |
8.7 |
|
Gain on Exchange |
-8.1 |
3.6 |
-12.7 |
-1.5 |
|
FV L/G on Revaluation of Derivatives |
-27.5 |
-175.6 |
261.1 |
-207.7 |
|
Net Income Before Taxes |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Net Income Before Extra. Items |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Basic EPS Including ExtraOrdinary Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Dilution Adjustment |
- |
0.0 |
- |
0.0 |
|
Diluted Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Diluted Weighted Average Shares |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Diluted EPS Including ExtraOrd Items |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Normalized Income Before Taxes |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Diluted Normalized EPS |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Depreciation |
196.9 |
197.6 |
193.2 |
184.4 |
|
Interest Expense |
19.2 |
60.3 |
68.4 |
109.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
Period Length |
3 Months |
3 Months |
6 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Special |
Reclassified
Normal |
Reclassified
Calculated |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377017 |
0.377026 |
0.377011 |
0.377003 |
0.377005 |
|
|
|
|
|
|
|
|
Sales to Customers |
643.0 |
576.2 |
1,003.4 |
532.4 |
455.8 |
|
Sales to Shareholders |
- |
- |
0.0 |
- |
- |
|
Total Revenue |
643.0 |
576.2 |
1,003.4 |
532.4 |
455.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
459.1 |
387.4 |
759.8 |
380.1 |
332.4 |
|
Selling and Distribution Expense |
17.2 |
17.3 |
24.1 |
8.8 |
8.3 |
|
General and Administrative Expense |
15.2 |
17.8 |
36.2 |
19.8 |
17.2 |
|
Write Off of Property, Plant, & Equipmen |
- |
- |
-1.8 |
- |
- |
|
Directors Fees |
- |
- |
0.5 |
- |
- |
|
Interest Expense |
5.0 |
4.7 |
10.8 |
4.8 |
4.6 |
|
Total Operating Expense |
496.6 |
427.1 |
829.5 |
413.5 |
362.6 |
|
|
|
|
|
|
|
|
Other income |
5.0 |
4.3 |
8.1 |
7.1 |
1.1 |
|
Gain on Exchange |
-2.0 |
-2.2 |
1.7 |
-10.3 |
0.4 |
|
FV L/G on Revaluation of Derivatives |
35.4 |
-63.1 |
-123.0 |
120.2 |
-24.7 |
|
Net Income Before Taxes |
184.8 |
88.1 |
60.6 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
184.8 |
88.1 |
60.6 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
184.8 |
88.1 |
60.6 |
236.0 |
70.1 |
|
Net Income |
184.8 |
88.1 |
60.6 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
184.8 |
88.1 |
60.6 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
184.8 |
88.1 |
60.6 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,403.5 |
1,403.5 |
1,403.5 |
1,402.3 |
1,402.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.13 |
0.06 |
0.04 |
0.17 |
0.05 |
|
Basic EPS Including ExtraOrdinary Items |
0.13 |
0.06 |
0.04 |
0.17 |
0.05 |
|
Diluted Net Income |
184.8 |
88.1 |
60.6 |
236.0 |
70.1 |
|
Diluted Weighted Average Shares |
1,403.5 |
1,403.5 |
1,403.5 |
1,402.3 |
1,402.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.13 |
0.06 |
0.04 |
0.17 |
0.05 |
|
Diluted EPS Including ExtraOrd Items |
0.13 |
0.06 |
0.04 |
0.17 |
0.05 |
|
DPS-Common Stock |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
184.8 |
88.1 |
58.7 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
184.8 |
88.1 |
58.7 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
184.8 |
88.1 |
58.7 |
236.0 |
70.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.13 |
0.06 |
0.04 |
0.17 |
0.05 |
|
Diluted Normalized EPS |
0.13 |
0.06 |
0.04 |
0.17 |
0.05 |
|
Depreciation |
50.4 |
49.3 |
98.6 |
48.9 |
49.4 |
|
Interest Expense |
5.0 |
4.7 |
10.8 |
4.8 |
4.6 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.377 |
0.377 |
0.377 |
0.376 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Goods in Transit |
61.2 |
44.8 |
103.1 |
53.9 |
|
Raw Materials |
89.3 |
121.7 |
169.9 |
100.0 |
|
Work-in-Process |
129.4 |
147.5 |
164.4 |
123.2 |
|
Finished Goods |
67.9 |
66.2 |
102.1 |
0.0 |
|
Stores |
59.5 |
68.9 |
65.8 |
61.5 |
|
Provision for Inventory |
-3.2 |
-3.2 |
-3.2 |
-3.2 |
|
Trade Accounts Receivable |
- |
- |
331.2 |
20.1 |
|
Trade Receivables |
278.7 |
254.5 |
- |
- |
|
Provision for Doubtful Debts |
-15.2 |
-16.5 |
- |
- |
|
Other Receivables |
- |
6.7 |
- |
- |
|
Current Portion of LT Receivables |
9.1 |
9.1 |
9.1 |
- |
|
Amounts Due from Shareholder |
0.0 |
2.0 |
5.1 |
2.1 |
|
Derivative Fiancial Instruments |
6.2 |
43.5 |
0.0 |
0.3 |
|
Bank Balances and Cash |
158.7 |
123.0 |
123.2 |
92.8 |
|
Total Current Assets |
841.5 |
868.1 |
1,070.7 |
450.7 |
|
|
|
|
|
|
|
Land & Building |
704.4 |
705.1 |
708.1 |
701.9 |
|
Power Generating Plant |
1,046.9 |
1,067.4 |
1,031.0 |
1,049.7 |
|
Plant, Machinery, & Other Equipment |
2,951.9 |
2,927.0 |
2,919.9 |
2,910.5 |
|
Assets in Process of Completion |
199.8 |
149.9 |
157.7 |
110.9 |
|
Acc. Dep. |
-2,271.4 |
-2,082.8 |
-1,926.2 |
-1,770.4 |
|
Derivative Financial Assets |
- |
- |
0.0 |
2.0 |
|
LT Receivables |
45.6 |
54.7 |
63.8 |
0.0 |
|
Total Assets |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
Borrowings |
385.6 |
426.2 |
416.2 |
455.5 |
|
ST Loans |
18.1 |
23.4 |
31.3 |
0.0 |
|
Trade Payables |
132.8 |
144.6 |
240.6 |
134.8 |
|
Retentions Payable |
0.4 |
0.4 |
0.5 |
0.5 |
|
Employee Related Accruals |
54.8 |
49.8 |
46.5 |
41.7 |
|
Accrual for Early Retirement Scheme |
0.0 |
25.8 |
- |
- |
|
Accrued Expenses |
24.6 |
30.1 |
35.9 |
32.6 |
|
Advance from Customers |
5.7 |
2.5 |
1.0 |
0.0 |
|
ALBA Saving Benefit Scheme |
4.1 |
5.0 |
6.1 |
3.5 |
|
General Organization for Social Insuranc |
2.6 |
1.8 |
1.5 |
1.9 |
|
Derivative Financial Instruments |
115.4 |
115.1 |
32.2 |
88.0 |
|
Advances from Shareholders |
- |
- |
0.0 |
33.1 |
|
Amounts Due to Shareholders |
- |
0.0 |
256.9 |
0.0 |
|
Total Current Liabilities |
743.9 |
824.6 |
1,068.6 |
791.7 |
|
|
|
|
|
|
|
Borrowings |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Long Term Debt |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
|
|
|
|
|
|
Derivative Financial Instruments |
272.5 |
343.3 |
220.5 |
474.1 |
|
Employees End of Service Benefits |
2.6 |
2.6 |
2.5 |
1.6 |
|
Total Liabilities |
1,665.5 |
1,955.5 |
2,273.3 |
2,479.7 |
|
|
|
|
|
|
|
Share Capital |
376.7 |
376.7 |
376.7 |
377.7 |
|
Treasury Shares |
-9.9 |
- |
- |
- |
|
Statutory Reserve |
182.0 |
145.4 |
145.4 |
67.7 |
|
Capital Reserve |
0.7 |
0.7 |
0.7 |
0.7 |
|
Contributions from Shareholders |
0.0 |
201.5 |
- |
- |
|
Retained Earnings |
1,303.8 |
1,009.7 |
1,229.0 |
529.6 |
|
Total Equity |
1,853.3 |
1,733.9 |
1,751.7 |
975.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
S/O-Common Stock |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Total Common Shares Outstanding |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
T/S-Common Stock |
4.2 |
- |
- |
- |
|
Deferred Revenue - Current |
5.7 |
2.5 |
1.0 |
33.1 |
|
Number of Shareholders |
2,576 |
3 |
- |
- |
|
Full-Time Employees |
2,714 |
- |
- |
- |
|
Due in 1 Year |
385.6 |
426.2 |
416.2 |
- |
|
Due in 2-5 Years |
598.2 |
736.6 |
909.3 |
- |
|
Remaining Maturities |
48.3 |
48.3 |
72.5 |
- |
|
Total Long Term Debt, Supplemental |
1,032.1 |
1,211.2 |
1,398.0 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.377 |
0.37705 |
0.377 |
0.377 |
0.377 |
|
|
|
|
|
|
|
|
Inventory |
454.3 |
475.3 |
404.0 |
417.6 |
445.9 |
|
Current Portion of LT Receivables |
9.1 |
9.1 |
9.1 |
9.1 |
9.1 |
|
Trade Accounts Receivable |
289.1 |
292.3 |
263.5 |
259.9 |
244.6 |
|
Amounts Due from Shareholder |
- |
- |
0.0 |
0.0 |
2.0 |
|
Bank Balances and Cash |
211.0 |
253.3 |
158.7 |
237.3 |
123.0 |
|
Derivative Financial Instruments |
1.4 |
3.8 |
6.2 |
8.9 |
43.5 |
|
Total Current Assets |
964.9 |
1,033.8 |
841.5 |
932.8 |
868.1 |
|
|
|
|
|
|
|
|
Property, Plant, & Equipment |
2,564.6 |
2,611.8 |
2,631.7 |
2,692.0 |
2,766.6 |
|
LT Receivables |
41.0 |
45.6 |
45.6 |
50.2 |
54.7 |
|
Total Assets |
3,570.6 |
3,691.1 |
3,518.8 |
3,674.9 |
3,689.4 |
|
|
|
|
|
|
|
|
Borrowings |
380.1 |
420.1 |
385.6 |
409.6 |
426.2 |
|
ST Loans |
48.2 |
32.5 |
18.1 |
24.4 |
23.4 |
|
Accounts Payable & Accruals |
231.3 |
407.3 |
224.8 |
221.0 |
259.9 |
|
Derivative Financial Instruments |
109.4 |
100.9 |
115.4 |
71.4 |
115.1 |
|
Amounts Due to Shareholders |
- |
- |
- |
- |
0.0 |
|
Total Current Liabilities |
769.1 |
960.8 |
743.9 |
726.3 |
824.6 |
|
|
|
|
|
|
|
|
Borrowings |
598.6 |
635.7 |
646.5 |
719.5 |
784.9 |
|
Total Long Term Debt |
598.6 |
635.7 |
646.5 |
719.5 |
784.9 |
|
|
|
|
|
|
|
|
Derivative Financial Instruments |
240.8 |
316.7 |
272.5 |
222.4 |
343.3 |
|
Employees End of Service Benefits |
2.4 |
2.8 |
2.6 |
2.5 |
2.6 |
|
Total Liabilities |
1,610.7 |
1,916.0 |
1,665.5 |
1,670.8 |
1,955.5 |
|
|
|
|
|
|
|
|
Share Capital |
376.7 |
376.6 |
376.7 |
376.7 |
376.7 |
|
Treasury Shares |
-11.1 |
-10.8 |
-9.9 |
-35.9 |
- |
|
Statutory Reserve |
182.0 |
182.0 |
182.0 |
145.4 |
145.4 |
|
Capital Reserve |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Treasury Shares Reserve |
0.0 |
- |
- |
- |
- |
|
Contributions from Shareholders |
- |
0.0 |
0.0 |
201.5 |
201.5 |
|
Retained Earnings |
1,310.2 |
1,226.6 |
1,303.8 |
1,315.8 |
1,009.7 |
|
Proposed Dividend |
101.3 |
- |
- |
- |
- |
|
Total Equity |
1,959.8 |
1,775.1 |
1,853.3 |
2,004.1 |
1,733.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,570.6 |
3,691.1 |
3,518.8 |
3,674.9 |
3,689.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
1,415.8 |
1,415.8 |
1,415.8 |
1,377.4 |
1,420.0 |
|
Total Common Shares Outstanding |
1,415.8 |
1,415.8 |
1,415.8 |
1,377.4 |
1,420.0 |
|
T/S-Common Stock |
4.2 |
4.2 |
4.2 |
42.6 |
- |
|
Deferred Revenue - Current |
- |
- |
- |
- |
2.5 |
|
Full-Time Employees |
- |
- |
2,714 |
2,706 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Depreciation |
196.9 |
197.6 |
193.2 |
184.4 |
|
Provision for Employees end of Service |
2.4 |
1.7 |
2.4 |
1.8 |
|
Unrealised G/L on Derivatives |
-33.2 |
162.3 |
-310.7 |
209.7 |
|
G/L on Disposal of Property, Plant and E |
-0.5 |
1.1 |
9.1 |
-10.3 |
|
Write off of Property, Plant and Equip |
1.2 |
18.5 |
2.6 |
13.2 |
|
Interest Income |
-1.4 |
-3.0 |
-7.0 |
-2.8 |
|
Finance costs |
19.2 |
60.3 |
68.4 |
110.1 |
|
Employees' Stock Option Plan |
0.2 |
- |
- |
- |
|
Inventories |
41.9 |
156.2 |
-192.1 |
-13.0 |
|
Accounts Receivables & Prepayments |
-18.9 |
86.6 |
116.7 |
12.2 |
|
Accounts Payables & Accruals |
-34.2 |
-67.1 |
-3.0 |
39.0 |
|
Amounts Due from Shareholder |
0.0 |
3.1 |
102.5 |
15.7 |
|
Advances from Shareholder |
- |
- |
- |
33.0 |
|
End of Service Benefits Paid |
-2.4 |
-1.6 |
-1.5 |
-1.8 |
|
Cash from Operating Activities |
537.8 |
396.4 |
759.5 |
420.1 |
|
|
|
|
|
|
|
Purchase of Property, Plant, and Equipme |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Proceeds from Disposal of Property, Plan |
1.0 |
0.4 |
2.2 |
11.5 |
|
Term Deposit |
-8.0 |
- |
- |
- |
|
Interest Received |
1.4 |
3.0 |
7.0 |
2.8 |
|
Cash from Investing Activities |
-69.2 |
-90.3 |
-93.6 |
-56.0 |
|
|
|
|
|
|
|
Repayment of LT Receivable |
9.1 |
9.1 |
0.0 |
- |
|
Borrowings Availed |
536.3 |
0.0 |
490.0 |
640.6 |
|
Borrowings Repaid |
-715.3 |
-186.8 |
-755.5 |
-842.8 |
|
ST Loans, Net |
-5.3 |
-7.9 |
11.1 |
0.0 |
|
Finance Costs Paid |
-21.1 |
-65.3 |
-76.1 |
-121.3 |
|
Margin Deposits |
-2.5 |
0.0 |
64.1 |
-25.3 |
|
Purchase of Treasury Shares |
-32.9 |
- |
- |
- |
|
Purchase of Shares for Stock Options |
-7.2 |
- |
- |
- |
|
Purchase of Shares After IPO |
-2.9 |
- |
- |
- |
|
Cash Transferred to Principal Shareholde |
-201.5 |
0.0 |
65.8 |
0.0 |
|
Amounts Due to Shareholders |
0.0 |
-55.4 |
-370.4 |
0.0 |
|
Cash from Financing Activities |
-443.4 |
-306.3 |
-571.1 |
-348.8 |
|
|
|
|
|
|
|
Net Change in Cash |
25.2 |
-0.3 |
94.7 |
15.3 |
|
|
|
|
|
|
|
Cash Beginning Balance |
123.0 |
123.2 |
28.5 |
13.2 |
|
Cash Ending Balance |
148.2 |
123.0 |
123.3 |
28.5 |
|
Cash Interest Paid |
21.1 |
65.3 |
76.1 |
121.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
Period Length |
6 Months |
3 Months |
12 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate
(Period Average) |
0.377022 |
0.377026 |
0.377008 |
0.377004 |
0.377005 |
|
|
|
|
|
|
|
|
Net Income |
272.9 |
88.1 |
366.6 |
306.1 |
70.1 |
|
Depreciation |
99.7 |
49.3 |
196.9 |
98.3 |
49.4 |
|
Provision for Employees end of Service |
1.0 |
0.2 |
2.4 |
1.1 |
0.5 |
|
Unrealised G/L on Derivatives |
-32.9 |
32.2 |
-33.2 |
-130.0 |
7.4 |
|
G/L on Disposal of Property, Plant and E |
0.6 |
- |
-0.5 |
-0.7 |
- |
|
Write off of Property, Plant and Equip |
0.0 |
- |
1.2 |
3.1 |
- |
|
Interest Income |
-0.5 |
-0.3 |
-1.4 |
-0.6 |
0.0 |
|
Finance costs |
9.6 |
4.7 |
19.2 |
9.5 |
9.8 |
|
Amortization of Treasury Stock ESIP |
0.8 |
- |
- |
- |
- |
|
Employees' Stock Option Plan |
- |
0.5 |
0.2 |
- |
0.0 |
|
Inventories |
-50.3 |
-71.3 |
41.9 |
28.3 |
7.1 |
|
Accounts Receivables & Prepayments |
-25.6 |
-28.9 |
-18.9 |
-15.3 |
-65.5 |
|
Accounts Payables & Accruals |
6.9 |
17.0 |
-34.2 |
-38.0 |
0.0 |
|
Amounts Due from Shareholder |
- |
0.0 |
0.0 |
0.0 |
-10.8 |
|
End of Service Benefits Paid |
-1.2 |
0.0 |
-2.4 |
-1.2 |
-0.5 |
|
Cash from Operating Activities |
281.0 |
91.5 |
537.8 |
260.6 |
67.6 |
|
|
|
|
|
|
|
|
Purchase of Property, Plant, and Equipme |
-35.1 |
-29.7 |
-63.7 |
-27.0 |
-10.4 |
|
Proceeds from Disposal of Property, Plan |
1.8 |
- |
1.0 |
1.0 |
- |
|
Term Deposit |
8.0 |
8.0 |
-8.0 |
- |
0.0 |
|
Interest Received |
0.5 |
0.3 |
1.4 |
0.6 |
0.0 |
|
Cash from Investing Activities |
-24.7 |
-21.5 |
-69.2 |
-25.4 |
-10.4 |
|
|
|
|
|
|
|
|
Repayment of LT Receivable |
4.6 |
- |
9.1 |
4.6 |
- |
|
Borrowings Availed |
44.6 |
43.5 |
536.3 |
305.4 |
0.0 |
|
Borrowings Repaid |
-98.1 |
-19.6 |
-715.3 |
-387.5 |
-40.5 |
|
ST Loans, Net |
30.1 |
14.4 |
-5.3 |
1.0 |
-3.6 |
|
Finance Costs Paid |
-10.0 |
-4.3 |
-21.1 |
-11.4 |
-11.9 |
|
Purchase of Treasury Shares |
-4.9 |
-3.7 |
-32.9 |
-32.9 |
0.0 |
|
Margin Deposits |
0.8 |
-1.8 |
-2.5 |
- |
0.0 |
|
Dividend Paid |
-165.2 |
- |
- |
- |
- |
|
Purchase of Shares After IPO |
- |
- |
-2.9 |
- |
- |
|
Cash Transferred to Principal Shareholde |
- |
- |
-201.5 |
- |
- |
|
Sale of Treasury Shares |
2.9 |
2.4 |
- |
- |
0.0 |
|
Purchase of Shares for Stock Options |
- |
- |
-7.2 |
- |
- |
|
Cash from Financing Activities |
-195.1 |
30.8 |
-443.4 |
-120.9 |
-56.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
61.1 |
100.8 |
25.2 |
114.3 |
1.2 |
|
|
|
|
|
|
|
|
Cash Beginning Balance |
148.2 |
148.2 |
123.0 |
123.0 |
123.0 |
|
Cash Ending Balance |
209.3 |
249.0 |
148.2 |
237.3 |
124.1 |
|
Cash Interest Paid |
- |
4.3 |
21.1 |
11.4 |
11.9 |
|
|
|
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.72 |
|
|
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.68.46 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.