MIRA INFORM REPORT

 

 

Report Date :

06.07.2012

 

IDENTIFICATION DETAILS

 

Name :

OMAN CABLES INDUSTRY

 

 

Registered Office :

Building No:206, Road No:2, Rusayl Industrial Estate, PO Box 25, Muscat, 124

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.03.1984

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture and sale of electrical cables and conductors.

 

 

No. of Employees :

460

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

Oman Cables Industry

 

 

 

Building No:206

Road No:2, Rusayl Industrial Estate

PO Box 25

Muscat, 124

Oman

 

Tel:

968-24-446464

Fax:

968-24-446096

 

 

 

Employees:

460

Company Type:

Public Independent

Traded:

Muscat Securities Market:

OCAI

Incorporation Date:

21-Mar-1984

Auditor:

Ernst & Young LLP

 

 

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Rial Omani

Annual Sales:

707.2  1

Net Income:

17.9

Total Assets:

362.3  2

Market Value:

189.7

 

(21-Jun-2012)

 

 

 

 

 

 

 

 

 

 

Business Description

 

 

 

Oman Cables Industry SAOG (OCI) is an Oman-based shareholding company engaged in the manufacture and sale of electrical cables and conductors. The Company is a manufacturer and exporter of medium- and low-voltage (LV) electric cables, building wires, instrumentation cables, overhead transmission line conductors, and other special purpose cables and wiring solutions in the Middle East. Its products include LV power and control cables, low smoke and fire retardant (LSF) LV power and control cables, LSF wiring cables, medium voltage cables and overhead line conductors, among others. OCI also manufactures custom designed cables to meet specific customer needs. The Company holds 51% shareholding in Oman Aluminium Processing Industries LLC, which manufactures Aluminium rods and overhead conductors. The Company’s products are sold in Middle East and North Africa (MENA) and international markets. For the three months ended 31 March 2012, Oman Cables Industry's total revenue decreased 6% to OMR65.8M. Net income increased 63% to OMR1.7M. Total revenue reflects a decrease in demand for the Company's products and services. Net income for the period benefited from improved both operating and gross profit margins due to increase in other income and higher interest income as well as decreased financing costs.

 

Industry

 

 

Industry

Electronic Instruments and Controls

ANZSIC 2006:

2431 - Electric Cable and Wire Manufacturing

NACE 2002:

3120 - Manufacture of electricity distribution and control apparatus

NAICS 2002:

335931 - Current-Carrying Wiring Device Manufacturing

UK SIC 2003:

3120 - Manufacture of electricity distribution and control apparatus

US SIC 1987:

3643 - Current-Carrying Wiring Devices

 

Key Executives

 

 

 

 

Name

Title

 

Cornelis Johannes Meiring

Chief Executive Officer

 

M. M. Vaidya

General Manager - Corporate Finance

 

Louis Dupreez

General Manager - Sales & Marketing

 

Fawzi Mubarak Al Kiyumi

General Manager - Human Resources and Administration

 

Sajid Ali

General Manager - Information Technology

 

 

Significant Developments

 

 

 

 

Financial Summary

 

 

 

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.30

2.32

Quick Ratio (MRQ)

0.82

1.43

Debt to Equity (MRQ)

1.17

0.56

Sales 5 Year Growth

16.72

8.07

Net Profit Margin (TTM) %

3.02

6.72

Return on Assets (TTM) %

5.77

5.54

Return on Equity (TTM) %

16.55

13.32

 

 

Stock Snapshot

 

 

Traded: Muscat Securities Market: OCAI

 

As of 21-Jun-2012

   Financials in: OMR

Recent Price

0.81

 

EPS

0.08

52 Week High

0.92

 

Price/Sales

0.27

52 Week Low

0.66

 

Dividend Rate

0.04

Avg. Volume (mil)

0.04

 

Price/Earnings

9.05

Market Value (mil)

73.02

 

Price/Book

1.47

 

 

 

Beta

1.80

 

Price % Change

Rel S&P 500%

4 Week

-0.85%

-0.10%

13 Week

5.30%

10.73%

52 Week

-15.21%

-10.12%

Year to Date

10.00%

10.57%

 

 

Corporate Overview

 

 

Location
Building No:206
Road No:2, Rusayl Industrial Estate
PO Box 25
Muscat, 124
Oman

 

Tel:

968-24-446464

Fax:

968-24-446096

 

www.omancables.com

Quote Symbol - Exchange

OCAI - Muscat Securities Market

Sales OMR(mil):

272.3

Assets OMR(mil):

139.5

Employees:

460

Fiscal Year End:

31-Dec-2011

 

 

 

Industry:

Electronic Instruments and Controls

Incorporation Date:

21-Mar-1984

Company Type:

Public Independent

Quoted Status:

Quoted

 

Chief

 

 

Industry Codes

 

 

 

ANZSIC 2006 Codes:

2431

-

Electric Cable and Wire Manufacturing

2149

-

Other Basic Non-Ferrous Metal Product Manufacturing

 

NACE 2002 Codes:

3120

-

Manufacture of electricity distribution and control apparatus

2745

-

Other non-ferrous metal production

 

NAICS 2002 Codes:

331422

-

Copper Wire (except Mechanical) Drawing

335931

-

Current-Carrying Wiring Device Manufacturing

 

US SIC 1987:

3643

-

Current-Carrying Wiring Devices

3357

-

Drawing and Insulating of Nonferrous Wire

 

UK SIC 2003:

3120

-

Manufacture of electricity distribution and control apparatus

2745

-

Other non-ferrous metal production

 

Business Description

 

 

Oman Cables Industry SAOG (OCI) is an Oman-based shareholding company engaged in the manufacture and sale of electrical cables and conductors. The Company is a manufacturer and exporter of medium- and low-voltage (LV) electric cables, building wires, instrumentation cables, overhead transmission line conductors, and other special purpose cables and wiring solutions in the Middle East. Its products include LV power and control cables, low smoke and fire retardant (LSF) LV power and control cables, LSF wiring cables, medium voltage cables and overhead line conductors, among others. OCI also manufactures custom designed cables to meet specific customer needs. The Company holds 51% shareholding in Oman Aluminium Processing Industries LLC, which manufactures Aluminium rods and overhead conductors. The Company’s products are sold in Middle East and North Africa (MENA) and international markets. For the three months ended 31 March 2012, Oman Cables Industry's total revenue decreased 6% to OMR65.8M. Net income increased 63% to OMR1.7M. Total revenue reflects a decrease in demand for the Company's products and services. Net income for the period benefited from improved both operating and gross profit margins due to increase in other income and higher interest income as well as decreased financing costs.

 

 

 

 

 

 

More Business Descriptions

 

 

Manufacture and sale of electrical cables and conductors

Electrical Equipment Mfr

 

Oman Cables Industry S.A.O.G. (OCI), formerly Electrical Wires and Cables Manufacturing Company, is an electric wires and cable manufacturing company. The company develops, manufactures and markets an integrated line of cable and conductor solutions across the Middle East. Its product pipeline includes medium and low voltage electric cables, instrumental cables, building wires and overhead transmission line conductors. It owns and operates a manufacturing facility in Muscat; a testing facility to ensure the quality of its products; and a customer service and support department in Rusayl. The company offers a comprehensive range of alternative and customized designs for enhanced fire performance and environmental protection. It also developed special Low Smoke Zero Halogen Cables and Wires in partnership with its compounds’ suppliers. Geographically, the company operates across Oman, the UAE, Jordan, Qatar and Saudi Arabia. The company is an affiliate of the Draka Holding Group. OCI is headquartered in Muscat, Oman.The company reported revenues of (Omani Rial) OMR 272.30 million during the fiscal year ended December 2011, an increase of 35.55% over 2010. The operating profit of the company was OMR 9.56 million during the fiscal year 2011, a decrease of 8.40% from 2010. The net profit of the company was OMR 6.87 million during the fiscal year 2011, a decrease of 15.81% from 2010.

 

Establishments primarily engaged in manufacturing miscellaneous fabricated products, including beauty shop and barber shop equipment; hair work; tobacco pipes and cigarette holders; coin-operated amusement machines; matches; candles; lamp shades; feathers; artificial trees and flowers made from all materials, except glass; dressed and dyed furs; umbrellas, parasols, and canes; and other articles, not elsewhere classified.

 

 

Financial Data

 

 

Financials in:

OMR(mil)

 

Revenue:

272.3

Net Income:

6.9

Assets:

139.5

Long Term Debt:

8.9

 

Total Liabilities:

89.8

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

35.6%

-15.8%

5.6%

 

 

Market Data

 

 

Quote Symbol:

OCAI

Exchange:

Muscat Securities Market

Currency:

OMR

Stock Price:

0.8

Stock Price Date:

06-21-2012

52 Week Price Change %:

-15.2

Market Value (mil):

73,015.8

 

SEDOL:

B1KQKB5

ISIN:

OM0000001707

 

Equity and Dept Distribution:

12/2006, Complex capital change (Factor: 30.0003).

 

 

 

Subsidiaries

Company

Percentage Owned

Country

Oman Aluminium Processing Industries LLC

51%

OMAN

 

 

 

 

Shareholders

 

 

Major Shareholders

Draka Holding (NV) (34.78%); Mustafa Mukhtar Ali Al Lawati (12.54%); Hussain Salman Al Lawati (12.24%)

 

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young LLP

 

Auditor:

Ernst & Young, Ernst & Young LLP

 

 

 

 

 

Oman Cables Industry

 

Competitors Report



CompanyName

Location

Employees

Ownership

Arab Electrical Industries PSC

Ammaan, Jordan

79

Public

Furukawa Co Ltd

Tokyo, Japan

2,728

Public

National Cable & Wire Manufacturing Co

Ammaan, Jordan

271

Public

 

 

Executives Report



 

Board of Directors

 

Name

Title

Function

Source

Mustafa Bin Mukhtar Bin Ali Al Lawati

 

Non-Executive Non-independent Chairman of the Board

Chairman

Reuters 

Biography:

Mr. Mustafa Bin Mukhtar Bin Ali Al Lawati serves as Non-Executive Non-independent Chairman of the Board of Oman Cables Industry SAOG since March 30, 2003. He is one of the Company's founders. He is also Chairman of the Board of Al Saleh Enterprises and Jenfel LLC. He has Masters Degree in International Relations and has total experience of 46 years including 11 years in Banking Industry. He held the position of Director General (administration and Financial Affairs) at the Ministry of Water and Electricity and has business experience since 1975 in Al-Saleh Enterprises.

 

Hussein Salman Al Lawati

 

Non-Independent Vice Chairman of the Board, Managing Director

Vice-Chairman

 

 

Biography:

Mr. Hussein Salman Al Lawati serves as Non-Independent Vice Chairman and Managing Director of Oman Cables Industry SAOG since last 26 years. He is an entrepreneur and one of the Company's founders. He also serves as Member of the Board of Jenfel LLC, Jenfel Heavy Equipments, and Shubaila LLC. He also serves as Chairman of the Board of Oman Aluminium Processing Industries LLC. He has 44 years enterprising experience, of which 37 years in electrical and cable industry. He is responsible for the overall strategic management of the company, reporting to the Board of Directors. He is Member of the Strategic Risk Management Committee.

 

Hussain Salman Ghulam Al Lawati

 

Vice Chairman & Managing Director

Vice-Chairman

 

 

Ahasani, Hilal Hamad Al

 

Board Member

Director/Board Member

 

 

Frank Francisco Dorjee

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Salim Rabbani

 

Board Member

Director/Board Member

 

 

Christian F. Raskin

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Biography:

Mr. Christian F. Raskin serves as Non-Executive Independent Member of the Board of Oman Cables Industry SAOG. He is Chairman of the Strategic Risk Management Committee and Member of the Audit Committee.

 

Age: 65

 

Education:

Katholieke Universiteit Leuven, LLM (Economics)

 

Fabio Ignazio Romeo

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Education:

University of California, Berkeley, PHD (Electrical Engineering)
University of California, Berkeley, MS (Electrical Engineering)
Politecnico di Milano (Electronics Engineering)

 

Maqbool Ali Salman

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Biography:

Mr. Maqbool Ali Salman serves as Non-Executive Independent Member of the Board of Oman Cables Industry SAOG since March 20, 2003. He is also Vice Chairman and Managing Director of Al Hassan Engineering Co. (SAOG) and Member of the Board of Al Hassan Electrical LLC.

 

Mohammed Shihab

 

Board Member

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

 

Cornelis Johannes Meiring

 

Chief Executive Officer

Chief Executive Officer

 

 

Biography:

Mr. Cornelis Johannes (Hans) Meiring serves as Chief Executive Officer of Oman Cables Industry SAOG since his promotion on January 20, 2010. He is responsible for all the operations of the Company reporting to Vice Chairman and Managing Director. Prior to his current position, Mr. Meiring served as Chief Operating Officer of the Company until January 20, 2010. He has 38 years of experience in the cable industry, of which 31 years serving in the executive management levels.

 

 

Ahmad Farouqui

 

General Manager - Procurement and Supply Chain

Division Head Executive

 

 

Biography:

Mr. Ahmad Farouqui serves as General Manager - Procurement and Supply Chain at Oman Cables Industry SAOG. He has 29 years experience in industry, of which 17 years at executive levels.

 

 

Mohammed Mustafa Mukhtar Ali Lawati

 

General Manager-Corporate Projects

Division Head Executive

 

 

 

Hussein Salman Al Lawati

 

Non-Independent Vice Chairman of the Board, Managing Director

Managing Director

 

 

 

Biography:

Mr. Hussein Salman Al Lawati serves as Non-Independent Vice Chairman and Managing Director of Oman Cables Industry SAOG since last 26 years. He is an entrepreneur and one of the Company's founders. He also serves as Member of the Board of Jenfel LLC, Jenfel Heavy Equipments, and Shubaila LLC. He also serves as Chairman of the Board of Oman Aluminium Processing Industries LLC. He has 44 years enterprising experience, of which 37 years in electrical and cable industry. He is responsible for the overall strategic management of the company, reporting to the Board of Directors. He is Member of the Strategic Risk Management Committee.

 

 

Hussain Salman Ghulam Al Lawati

 

Vice Chairman & Managing Director

Managing Director

 

 

 

Fawzi Mubarak Al Kiyumi

 

General Manager - Human Resources and Administration

Administration Executive

 

 

 

Biography:

Mr. Fawzi Mubarak Al Kiyumi serves as General Manager - Human Resources and Administration at Oman Cables Industry SAOG. He has 25 years experience, of which 16 years at executive levels.

 

 

M. M. Vaidya

 

General Manager - Corporate Finance

Finance Executive

 

 

 

Biography:

Mr. M. M. Vaidya serves as General Manager - Corporate Finance of Oman Cables Industry SAOG. He has 29 years experience, of which 24 years at executive management levels. He is responsible for Finance and Risk Management functions.

 

 

Louis Dupreez

 

General Manager - Sales & Marketing

Sales Executive

 

 

 

Biography:

Mr. Louis Dupreez serves as General Manager - Sales and Marketing at Oman Cable Industries SAOG. He has 32 years of experience in industry, of which 22 years at executive management levels. He is responsible for Sales, Marketing and Customer Service.

 

 

Sajid Ali

 

General Manager - Information Technology

Information Executive

 

 

 

Biography:

Mr. Sajid Ali serves as General Manager - Information Technology at Oman Cables Industry SAOG. He has 22 years of experience, of which 14 years at executive levels.

 

 

V. Duggal

 

Technical Advisor

Engineering/Technical Executive

 

 

 

Biography:

Mr. V. Duggal serves as Technical Advisor at Oman Cables Industry SAOG since 2011. He served as the Company's General Manager for Works. He has 39 years experience in manufacturing in cable industry, of which 19 years at executive management levels. He is responsible for technical evaluation of Operations and Projects.

 

 

Kuldip Chadha

 

General Manager - Strategic Business Development

Business Development Executive

 

 

 

Biography:

Mr. Kuldip Chadha serves as General Manager - Strategic Business Development at Oman Cables Industry SAOG. He has 34 years of experience, of which 21 years at executive levels.

 

 

 




Oman Cables Industry

 

 

 

Significant Developments



 

 

 

Oman Cables Industry SAOG Announces Chief Executive Officer Resignation

Jul 02, 2012


Oman Cables Industry SAOG announced that Mr. Cornelis Johannes (Hans) Meiring has resigned from his position as Chief Executive Officer of the Company effective from June 30, 2012.

 

 Annual Income Statement

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

 

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Moore Stephens

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

707.2

521.8

404.2

790.7

564.9

Revenue

707.2

521.8

404.2

790.7

564.9

Total Revenue

707.2

521.8

404.2

790.7

564.9

 

 

 

 

 

 

    Cost of Revenue

665.7

477.3

365.6

747.4

500.0

Cost of Revenue, Total

665.7

477.3

365.6

747.4

500.0

Gross Profit

41.6

44.5

38.6

43.2

64.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

8.9

9.1

14.2

17.9

13.5

    Labor & Related Expense

9.7

8.3

-

-

-

Total Selling/General/Administrative Expenses

18.6

17.3

14.2

17.9

13.5

    Depreciation

0.5

0.4

0.4

0.4

0.4

Depreciation/Amortization

0.5

0.4

0.4

0.4

0.4

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-

-

-

Unusual Expense (Income)

0.0

0.0

-

-

-

    Other Operating Expense

-2.4

-0.3

-1.0

-0.7

-1.2

Other Operating Expenses, Total

-2.4

-0.3

-1.0

-0.7

-1.2

Total Operating Expense

682.4

494.7

379.3

765.1

512.8

 

 

 

 

 

 

Operating Income

24.8

27.1

24.9

25.6

52.2

 

 

 

 

 

 

        Interest Income - Non-Operating

0.3

0.3

0.3

0.2

0.4

        Investment Income - Non-Operating

0.0

-0.1

0.0

0.0

-

    Interest/Investment Income - Non-Operating

0.4

0.2

0.3

0.3

0.4

Interest Income (Expense) - Net Non-Operating Total

0.4

0.2

0.3

0.3

0.4

    Other Non-Operating Income (Expense)

-4.1

-3.0

-5.7

-8.1

-8.0

Other, Net

-4.1

-3.0

-5.7

-8.1

-8.0

Income Before Tax

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Total Income Tax

2.3

3.3

2.4

2.1

5.4

Income After Tax

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

    Minority Interest

-0.9

0.2

0.1

0.1

-

    Equity In Affiliates

-

-

0.1

0.3

0.1

Net Income Before Extraord Items

17.9

21.2

17.3

16.0

39.3

Net Income

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Basic EPS Excl Extraord Items

0.20

0.24

0.19

0.18

0.44

Basic/Primary EPS Incl Extraord Items

0.20

0.24

0.19

0.18

0.44

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

17.9

21.2

17.3

16.0

39.3

Diluted Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Diluted EPS Excl Extraord Items

0.20

0.24

0.19

0.18

0.44

Diluted EPS Incl Extraord Items

0.20

0.24

0.19

0.18

0.44

Dividends per Share - Common Stock Primary Issue

0.10

0.10

0.08

0.05

0.10

Gross Dividends - Common Stock

9.3

9.3

7.0

4.7

9.3

Interest Expense, Supplemental

4.1

3.0

5.7

10.3

10.8

Depreciation, Supplemental

7.1

5.7

4.9

5.0

3.8

Total Special Items

0.0

0.0

-

-

-

Normalized Income Before Tax

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-

-

-

Inc Tax Ex Impact of Sp Items

2.3

3.3

2.4

2.1

5.4

Normalized Income After Tax

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

17.8

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.24

0.19

0.18

0.44

Diluted Normalized EPS

0.20

0.24

0.19

0.18

0.44

Amort of Intangibles, Supplemental

-

-

-

-

0.0

Rental Expenses

0.2

0.1

0.1

0.1

0.1

Advertising Expense, Supplemental

1.0

1.0

0.4

0.5

0.4

Normalized EBIT

24.8

27.1

24.9

25.6

52.2

Normalized EBITDA

31.9

32.8

29.7

30.6

55.9

    Current Tax - Total

2.2

3.0

1.9

1.9

5.0

Current Tax - Total

2.2

3.0

1.9

1.9

5.0

    Deferred Tax - Total

0.1

0.0

0.4

0.2

0.3

Deferred Tax - Total

0.1

0.0

0.4

0.2

0.3

    Other Tax

0.0

0.3

-

-

-

Income Tax - Total

2.3

3.3

2.4

2.1

5.4

 


Annual Balance Sheet

 

 

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.385

0.38495

0.38505

0.385

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Moore Stephens

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.1

0.1

8.1

18.4

9.0

    Cash & Equivalents

3.6

6.3

-

-

-

Cash and Short Term Investments

3.7

6.4

8.1

18.4

9.0

        Accounts Receivable - Trade, Gross

134.0

126.6

103.5

113.0

123.6

        Provision for Doubtful Accounts

-2.1

-2.1

-2.1

-1.8

-1.2

    Trade Accounts Receivable - Net

131.9

124.5

101.5

111.3

122.4

    Other Receivables

5.5

5.4

4.7

19.8

6.6

Total Receivables, Net

137.4

129.9

106.2

131.1

128.9

    Inventories - Finished Goods

77.8

78.7

35.6

43.0

61.7

    Inventories - Work In Progress

7.1

9.4

4.5

8.3

9.6

    Inventories - Raw Materials

36.3

24.2

27.0

96.6

24.1

    Inventories - Other

-2.1

-2.1

-2.1

-1.9

-1.9

Total Inventory

119.1

110.2

65.0

146.0

93.5

Prepaid Expenses

4.4

4.1

2.5

1.6

7.4

Total Current Assets

264.6

250.6

181.8

297.1

238.8

 

 

 

 

 

 

        Buildings

27.2

25.4

16.5

16.5

16.4

        Machinery/Equipment

94.4

85.5

62.7

58.3

49.3

        Construction in Progress

9.0

6.7

20.0

4.2

5.8

        Other Property/Plant/Equipment

5.9

5.7

5.3

5.4

4.8

    Property/Plant/Equipment - Gross

136.6

123.3

104.5

84.3

76.3

    Accumulated Depreciation

-44.0

-37.4

-31.8

-27.1

-22.1

Property/Plant/Equipment - Net

92.6

85.9

72.7

57.3

54.2

    LT Investment - Affiliate Companies

1.6

1.9

1.9

1.7

1.2

    LT Investments - Other

3.5

4.6

3.3

0.3

0.4

Long Term Investments

5.1

6.5

5.2

2.0

1.7

    Other Long Term Assets

-

-

0.2

0.8

-

Other Long Term Assets, Total

-

-

0.2

0.8

-

Total Assets

362.3

343.0

259.9

357.2

294.7

 

 

 

 

 

 

Accounts Payable

53.0

62.7

0.3

2.4

0.9

Payable/Accrued

1.8

7.4

37.2

51.8

67.0

Accrued Expenses

8.9

9.5

-

-

-

Notes Payable/Short Term Debt

131.3

104.4

89.6

203.6

130.5

Current Portion - Long Term Debt/Capital Leases

2.1

3.2

3.2

4.0

5.3

    Income Taxes Payable

2.2

3.0

2.1

2.0

5.1

Other Current liabilities, Total

2.2

3.0

2.1

2.0

5.1

Total Current Liabilities

199.2

190.4

132.3

263.9

208.9

 

 

 

 

 

 

    Long Term Debt

23.2

26.6

17.6

7.7

11.8

Total Long Term Debt

23.2

26.6

17.6

7.7

11.8

Total Debt

156.6

134.3

110.4

215.3

147.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

2.2

2.1

2.1

1.7

1.5

Deferred Income Tax

2.2

2.1

2.1

1.7

1.5

Minority Interest

6.1

4.8

3.0

1.9

-

    Pension Benefits - Underfunded

2.4

2.0

-

-

-

    Other Long Term Liabilities

0.0

0.0

0.1

0.1

-

Other Liabilities, Total

2.4

2.1

0.1

0.1

-

Total Liabilities

233.2

226.0

155.1

275.3

222.2

 

 

 

 

 

 

    Common Stock

23.3

23.3

23.3

23.3

23.3

Common Stock

23.3

23.3

23.3

23.3

23.3

Additional Paid-In Capital

2.5

2.5

2.5

2.5

2.5

Retained Earnings (Accumulated Deficit)

103.3

91.2

79.0

56.0

46.7

Total Equity

129.1

117.0

104.8

81.9

72.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

362.3

343.0

260.0

357.2

294.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

89.7

89.7

89.7

89.7

89.7

Total Common Shares Outstanding

89.7

89.7

89.7

89.7

89.7

Total Long Term Debt, Supplemental

25.3

29.8

20.9

-

5.3

Long Term Debt Maturing within 1 Year

2.1

3.2

3.2

-

5.3

Long Term Debt Maturing in Year 2

4.2

1.3

4.5

-

-

Long Term Debt Maturing in Year 3

5.6

8.4

4.4

-

-

Long Term Debt Maturing in Year 4

5.6

8.4

4.4

-

-

Long Term Debt Maturing in Year 5

5.6

8.4

4.4

-

-

Long Term Debt Maturing in 2-3 Years

9.8

9.7

8.9

-

-

Long Term Debt Maturing in 4-5 Years

11.3

16.9

8.8

-

-

Long Term Debt Matur. in Year 6 & Beyond

2.1

0.0

0.0

-

0.0

Total Operating Leases, Supplemental

4.9

5.1

6.1

5.3

3.0

Operating Lease Payments Due in Year 1

0.2

0.2

0.1

0.1

0.1

Operating Lease Payments Due in Year 2

0.2

0.2

0.9

0.2

0.4

Operating Lease Payments Due in Year 3

0.2

0.2

0.3

0.2

0.1

Operating Lease Payments Due in Year 4

0.2

0.2

0.3

0.2

0.1

Operating Lease Payments Due in Year 5

0.2

0.2

0.3

0.2

0.1

Operating Lease Pymts. Due in 2-3 Years

0.5

0.5

1.2

0.5

0.5

Operating Lease Pymts. Due in 4-5 Years

0.5

0.5

0.6

0.5

0.2

Oper. Lse. Pymts. Due in Year 6 & Beyond

3.7

4.0

4.2

4.3

2.1


Annual Cash Flows

 

 

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Moore Stephens

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash Receipts

723.9

493.9

414.9

802.4

524.2

Cash Payments

-718.7

-489.0

-286.8

-832.5

-520.2

Cash Taxes Paid

-3.0

-2.4

-1.9

-5.0

-3.0

Cash Interest Paid

-

-

-

-

-7.8

    Other Operating Cash Flow

-0.2

-0.2

-0.2

-0.2

-0.5

Changes in Working Capital

-0.2

-0.2

-0.2

-0.2

-0.5

Cash from Operating Activities

2.0

2.4

126.0

-35.4

-7.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-15.1

-18.4

-18.5

-7.5

-13.5

Capital Expenditures

-15.1

-18.4

-18.5

-7.5

-13.5

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

1.9

0.0

0.3

0.0

-

    Investment, Net

0.0

0.0

-

-

-

    Purchase of Investments

-0.1

-1.3

-3.2

0.0

-

    Other Investing Cash Flow

-

0.0

5.2

-

-

Other Investing Cash Flow Items, Total

1.9

-1.3

2.3

0.0

0.0

Cash from Investing Activities

-13.3

-19.7

-16.2

-7.5

-13.5

 

 

 

 

 

 

    Other Financing Cash Flow

0.4

16.5

-54.1

40.2

-18.3

Financing Cash Flow Items

0.4

16.5

-54.1

40.2

-18.3

    Cash Dividends Paid - Common

-9.3

-7.0

-4.7

-9.3

-2.3

Total Cash Dividends Paid

-9.3

-7.0

-4.7

-9.3

-2.3

    Short Term Debt, Net

22.1

5.8

-72.5

26.4

45.8

        Long Term Debt Issued

0.0

12.2

13.1

0.0

3.9

        Long Term Debt Reduction

-4.5

-3.2

-4.0

-5.3

-8.6

    Long Term Debt, Net

-4.5

8.9

9.1

-5.3

-4.7

Issuance (Retirement) of Debt, Net

17.6

14.7

-63.4

21.1

41.1

Cash from Financing Activities

8.7

24.3

-122.2

52.0

20.5

 

 

 

 

 

 

Net Change in Cash

-2.6

6.9

-12.4

9.2

-0.3

 

 

 

 

 

 

Net Cash - Beginning Balance

5.9

-1.0

11.3

2.2

2.4

Net Cash - Ending Balance

3.3

5.9

-1.0

11.3

2.2

Depreciation

-

-

-

-

0.4

 

 

 Annual Income Statement

 

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenues

707.2

521.8

404.2

790.7

564.9

Total Revenue

707.2

521.8

404.2

790.7

564.9

 

 

 

 

 

 

    Cost of Sales

665.7

477.3

365.6

747.4

500.0

    Other Income

-2.4

-0.3

-1.0

-0.7

-1.2

    Administrative Expenses

2.8

2.4

8.3

9.2

8.2

    Employee Costs & BOD Remun.

9.7

8.3

-

-

-

    Selling/Distribution

6.1

6.6

5.9

8.7

5.4

    Gain on Sale of PP&E

0.0

0.0

-

-

-

    Depreciation

0.5

0.4

0.4

0.4

0.4

Total Operating Expense

682.4

494.7

379.3

765.1

512.8

 

 

 

 

 

 

    Financing Costs

-4.1

-3.0

-5.7

-8.1

-8.0

    Interest Income

0.3

0.3

0.3

0.2

0.4

    Invest in Associates

0.0

-0.1

0.0

0.0

-

Net Income Before Taxes

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Provision for Income Taxes

2.3

3.3

2.4

2.1

5.4

Net Income After Taxes

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

    Minority Interest

-0.9

0.2

0.1

0.1

-

    Share of Results in Affiliate

-

-

0.1

0.3

0.1

Net Income Before Extra. Items

17.9

21.2

17.3

16.0

39.3

Net Income

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Basic EPS Excluding ExtraOrdinary Items

0.20

0.24

0.19

0.18

0.44

Basic EPS Including ExtraOrdinary Items

0.20

0.24

0.19

0.18

0.44

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

17.9

21.2

17.3

16.0

39.3

Diluted Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Diluted EPS Excluding ExtraOrd Items

0.20

0.24

0.19

0.18

0.44

Diluted EPS Including ExtraOrd Items

0.20

0.24

0.19

0.18

0.44

DPS-Ordinary Shares

0.10

0.10

0.08

0.05

0.10

Gross Dividends - Common Stock

9.3

9.3

7.0

4.7

9.3

Normalized Income Before Taxes

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.3

3.3

2.4

2.1

5.4

Normalized Income After Taxes

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

17.8

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.24

0.19

0.18

0.44

Diluted Normalized EPS

0.20

0.24

0.19

0.18

0.44

Advertising

1.0

1.0

0.4

0.5

0.4

Depreciation

7.1

5.7

4.9

5.0

3.8

Amortization

-

-

-

-

0.0

Interest Expenses

4.1

3.0

5.7

10.3

10.8

Rent Expenses

0.2

0.1

0.1

0.1

0.1

    Current Taxes

2.2

3.0

1.9

1.9

5.0

Current Tax - Total

2.2

3.0

1.9

1.9

5.0

    Deferred Taxes

0.1

0.0

0.4

0.2

0.3

Deferred Tax - Total

0.1

0.0

0.4

0.2

0.3

    Prior Years Tax

0.0

0.3

-

-

-

Income Tax - Total

2.3

3.3

2.4

2.1

5.4

 

 

Annual Balance Sheet

 

 

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.385

0.38495

0.38505

0.385

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

32.2

20.9

24.8

93.0

21.8

    Spares and Consumables

4.0

3.2

2.2

3.5

2.2

    Finished Goods

54.9

42.7

21.7

35.3

23.0

    Provision for Inventory

-2.1

-2.1

-2.1

-1.9

-1.9

    Work in Progress

7.1

9.4

4.5

8.3

9.6

    Goods in Transit

22.9

36.0

13.9

7.6

38.7

    Trade Receivables

134.0

126.6

103.5

113.0

123.6

    Provision for Impairment

-2.1

-2.1

-2.1

-1.8

-1.2

    Advances to Suppliers

4.4

4.1

2.5

1.6

7.4

    Other Receivables

1.5

1.1

2.2

16.9

2.2

    Due from Related Party

4.0

4.3

2.6

2.8

4.4

    Cash/Balances

0.1

0.1

8.1

18.4

9.0

    Cash in Banks

3.6

6.3

-

-

-

Total Current Assets

264.6

250.6

181.8

297.1

238.8

 

 

 

 

 

 

    Buildings/Civil Works

27.2

25.4

16.5

16.5

16.4

    Plant/machinery

80.9

73.8

53.7

49.5

41.5

    Electrical Equipment

5.2

4.9

3.3

3.2

3.2

    Motor Vehicles

0.7

0.5

0.5

0.4

0.4

    Furniture/Fixtures

1.6

1.3

1.1

1.1

1.0

    Office Equipment

2.1

1.8

1.5

1.5

1.1

    Material Handling

5.9

5.7

5.3

5.4

4.8

    Loose Tools

0.8

0.5

0.4

0.4

0.4

    Lab Equipment

2.9

2.6

2.2

2.1

1.7

    Work in Progress

9.0

6.7

20.0

4.2

5.8

    Depreciation

-44.0

-37.4

-31.8

-27.1

-22.1

    Investment in Associates

1.6

1.9

1.9

1.7

1.2

    AFS Investments

0.3

1.4

0.0

0.3

0.4

    Held to Maturity Inv

3.2

3.2

3.2

-

-

    Capital Advances

-

-

0.2

0.8

-

Total Assets

362.3

343.0

259.9

357.2

294.7

 

 

 

 

 

 

    Bank Loan

79.8

75.0

89.6

203.6

130.5

    Overdrafts

0.4

0.5

-

-

-

    ST Loans

51.1

28.9

-

-

-

    Current Mat. of LT Debt

2.1

3.2

3.2

4.0

5.3

    Trade/Other Payables

-

-

37.2

51.8

67.0

    Trade Payables

52.9

62.5

-

-

-

    Other Payables

1.8

7.4

-

-

-

    Accruals

8.9

9.5

-

-

-

    Due to Related Party

0.1

0.2

0.3

2.4

0.9

    Taxation

2.2

3.0

2.1

2.0

5.1

Total Current Liabilities

199.2

190.4

132.3

263.9

208.9

 

 

 

 

 

 

    Term Loans

23.2

26.6

17.6

7.7

11.8

Total Long Term Debt

23.2

26.6

17.6

7.7

11.8

 

 

 

 

 

 

    End of Service Benefits

2.4

2.0

-

-

-

    Deferred Gov. Grants

0.0

0.0

0.1

0.1

-

    Deferred Taxes

2.2

2.1

2.1

1.7

1.5

    Minority Interest

6.1

4.8

3.0

1.9

-

Total Liabilities

233.2

226.0

155.1

275.3

222.2

 

 

 

 

 

 

    Share Capital

23.3

23.3

23.3

23.3

23.3

    Share Premium

2.5

2.5

2.5

2.5

2.5

    Legal Reserve

8.0

7.8

7.8

7.8

7.8

    General Reserve

8.5

6.8

4.7

2.9

1.3

    Retained Earnings

85.5

78.9

66.8

55.9

50.8

    Changes in Fair Value

1.3

-2.3

-0.3

-10.6

-13.3

Total Equity

129.1

117.0

104.8

81.9

72.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

362.3

343.0

260.0

357.2

294.7

 

 

 

 

 

 

    S/O-Ordinary Shares

89.7

89.7

89.7

89.7

89.7

Total Common Shares Outstanding

89.7

89.7

89.7

89.7

89.7

Between 1 and 2 years

4.2

1.3

4.5

-

-

Between 2 and 5 years

16.9

25.3

13.1

-

-

Long Term Debt - Remaining Maturities

2.1

-

-

-

-

Current maturities

2.1

3.2

3.2

-

5.3

Total Long Term Debt, Supplemental

25.3

29.8

20.9

-

5.3

Leases Due within 1 Year

0.2

0.2

0.1

0.1

0.1

Leases Due within 1-5 Years

1.0

0.9

0.9

0.9

0.4

Lease Due in More than 5 Years

3.7

4.0

4.2

4.3

2.1

Optg leases-year 2

-

-

0.9

-

0.4

Total Operating Leases

4.9

5.1

6.1

5.3

3.0

 

 

Annual Cash Flows

 

 

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash Receipts from Customers

723.9

493.9

414.9

802.4

524.2

    Cash Payments to Suppliers and Employees

-718.7

-489.0

-286.8

-832.5

-520.2

    Interest Received

0.3

0.3

0.3

0.2

-

    Cash Interest Paid

-

-

-

-

-7.8

    Cash Taxes Paid

-3.0

-2.4

-1.9

-5.0

-3.0

    Director's Renumeration

-0.5

-0.5

-0.5

-0.5

-0.5

Cash from Operating Activities

2.0

2.4

126.0

-35.4

-7.3

 

 

 

 

 

 

    Sale of Property

-

-

-

-

0.0

    Capital Expenditure

-15.1

-18.4

-18.5

-7.5

-13.5

    Purchase of Held to Inv

-

0.0

-3.2

0.0

-

    Investments

0.0

0.0

-

-

-

    Proceed from AFS Inv

1.9

0.0

0.3

0.0

-

    Purchase of AFS Investments

-0.1

-1.3

-

-

-

    Proceed from Fixed Assets

0.0

0.0

0.0

0.0

-

    ST Deposits

-

0.0

5.2

-

-

Cash from Investing Activities

-13.3

-19.7

-16.2

-7.5

-13.5

 

 

 

 

 

 

    Payment of Term Loans

-4.5

-3.2

-4.0

-5.3

-8.6

    Dividends Paid

-9.3

-7.0

-4.7

-9.3

-2.3

    Net Movement in ST Loans

22.1

5.8

-72.5

26.4

45.8

    Loan against trust Receipt

4.9

17.6

-48.8

46.5

-18.3

    Receipt of Term Loans

0.0

12.2

13.1

0.0

3.9

    Interest Paid

-4.5

-3.0

-6.6

-8.1

-

    Minority Interest

0.0

1.9

1.3

1.9

-

Cash from Financing Activities

8.7

24.3

-122.2

52.0

20.5

 

 

 

 

 

 

Net Change in Cash

-2.6

6.9

-12.4

9.2

-0.3

 

 

 

 

 

 

    Depreciation

-

-

-

-

0.4

    Amortization of Intangibles

-

-

-

-

0.0

Begining Cash

5.9

-1.0

11.3

2.2

2.4

Ending Cash

3.3

5.9

-1.0

11.3

2.2

 

man Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

171.0

-5.63%

707.2

35.55%

-3.64%

16.72%

Operating Income1

6.4

62.72%

24.8

-8.40%

-0.99%

-5.45%

Income Available to Common Excl Extraord Items1

4.4

62.82%

17.9

-15.82%

3.76%

-6.35%

Basic EPS Excl Extraord Items1

0.05

62.39%

0.20

-15.82%

3.75%

-6.36%

Capital Expenditures2

-

-

15.1

-17.97%

26.38%

-3.31%

Cash from Operating Activities2

11.7

-

2.0

-14.20%

-

-

Free Cash Flow

11.7

-

-13.1

-

-

-

Total Assets3

346.6

-9.39%

362.3

5.62%

0.47%

9.25%

Total Liabilities3

223.8

-16.72%

233.2

3.18%

-5.39%

3.43%

Total Long Term Debt3

23.2

-12.77%

23.2

-12.77%

44.60%

6.02%

Total Common Shares Outstanding3

89.7

0.00%

89.7

0.00%

0.00%

0.00%

1-ExchangeRate: OMR to USD Average for Period

0.385046

 

0.385032

 

 

 

2-ExchangeRate: OMR to USD Average for Period

0.385046

 

0.385032

 

 

 

3-ExchangeRate: OMR to USD Period End Date

0.385025

 

0.385000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

5.88%

8.52%

9.55%

5.47%

11.49%

Operating Margin

3.51%

5.19%

6.15%

3.23%

9.24%

Pretax Margin

2.98%

4.65%

4.81%

2.24%

7.89%

Net Profit Margin

2.52%

4.06%

4.29%

2.02%

6.96%

Financial Strength

Current Ratio

1.33

1.32

1.37

1.13

1.14

Long Term Debt/Equity

0.18

0.23

0.17

0.09

0.16

Total Debt/Equity

1.21

1.15

1.05

2.63

2.04

Management Effectiveness

Return on Assets

5.33%

6.96%

5.53%

4.79%

14.86%

Return on Equity

14.51%

19.12%

18.58%

20.71%

72.58%

Efficiency

Receivables Turnover

5.29

4.42

3.41

6.08

5.24

Inventory Turnover

5.81

5.45

3.46

6.24

5.55

Asset Turnover

2.01

1.73

1.31

2.43

2.14

Market Valuation USD (mil)

P/E (TTM)

9.69

.

Enterprise Value2

338.8

Price/Sales (TTM)

0.27

.

Enterprise Value/Revenue (TTM)

0.49

Price/Book (MRQ)

1.54

.

Enterprise Value/EBITDA (TTM)

9.84

Market Cap as of 21-Jun-20121

189.7

.

 

 

1-ExchangeRate: OMR to USD on 21-Jun-2012

0.384900

 

 

 

2-ExchangeRate: OMR to USD on 31-Mar-2012

0.385025

 

 

 

 

man Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

1.33

1.32

1.37

1.13

1.14

Quick/Acid Test Ratio

0.71

0.72

0.86

0.57

0.66

Working Capital1

65.3

60.2

49.5

33.2

29.9

Long Term Debt/Equity

0.18

0.23

0.17

0.09

0.16

Total Debt/Equity

1.21

1.15

1.05

2.63

2.04

Long Term Debt/Total Capital

0.08

0.11

0.08

0.03

0.05

Total Debt/Total Capital

0.55

0.53

0.51

0.72

0.67

Payout Ratio

52.22%

43.96%

40.32%

29.15%

23.71%

Effective Tax Rate

10.93%

13.60%

12.12%

11.99%

12.04%

Total Capital1

285.7

251.3

215.2

297.2

220.1

 

 

 

 

 

 

Efficiency

Asset Turnover

2.01

1.73

1.31

2.43

2.14

Inventory Turnover

5.81

5.45

3.46

6.24

5.55

Days In Inventory

62.84

66.98

105.36

58.49

65.74

Receivables Turnover

5.29

4.42

3.41

6.08

5.24

Days Receivables Outstanding

68.97

82.57

107.12

60.01

69.64

 

 

 

 

 

 

Profitability

Gross Margin

5.88%

8.52%

9.55%

5.47%

11.49%

Operating Margin

3.51%

5.19%

6.15%

3.23%

9.24%

EBITDA Margin

4.51%

6.29%

7.35%

3.87%

9.90%

EBIT Margin

3.51%

5.19%

6.15%

3.23%

9.24%

Pretax Margin

2.98%

4.65%

4.81%

2.24%

7.89%

Net Profit Margin

2.52%

4.06%

4.29%

2.02%

6.96%

COGS/Revenue

94.12%

91.48%

90.45%

94.53%

88.51%

SG&A Expense/Revenue

2.63%

3.32%

3.52%

2.27%

2.40%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

5.33%

6.96%

5.53%

4.79%

14.86%

Return on Equity

14.51%

19.12%

18.58%

20.71%

72.58%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.15

-0.18

1.20

-0.48

-0.23

Operating Cash Flow/Share 2

0.02

0.03

1.41

-0.39

-0.08

1-ExchangeRate: OMR to USD Period End Date

0.385

0.385

0.38495

0.38505

0.385

2-ExchangeRate: OMR to USD Average for Period

0.385

0.385

0.38495

0.38505

0.385

 

Current Market Multiples

Market Cap/Earnings (TTM)

9.69

Market Cap/Equity (MRQ)

1.54

Market Cap/Revenue (TTM)

0.27

Market Cap/EBIT (TTM)

6.95

Market Cap/EBITDA (TTM)

5.51

Enterprise Value/Earnings (TTM)

17.32

Enterprise Value/Equity (MRQ)

2.76

Enterprise Value/Revenue (TTM)

0.49

Enterprise Value/EBIT (TTM)

12.41

Enterprise Value/EBITDA (TTM)

9.84

 

man Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Annual Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Moore Stephens

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

707.2

521.8

404.2

790.7

564.9

Revenue

707.2

521.8

404.2

790.7

564.9

Total Revenue

707.2

521.8

404.2

790.7

564.9

 

 

 

 

 

 

    Cost of Revenue

665.7

477.3

365.6

747.4

500.0

Cost of Revenue, Total

665.7

477.3

365.6

747.4

500.0

Gross Profit

41.6

44.5

38.6

43.2

64.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

8.9

9.1

14.2

17.9

13.5

    Labor & Related Expense

9.7

8.3

-

-

-

Total Selling/General/Administrative Expenses

18.6

17.3

14.2

17.9

13.5

    Depreciation

0.5

0.4

0.4

0.4

0.4

Depreciation/Amortization

0.5

0.4

0.4

0.4

0.4

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-

-

-

Unusual Expense (Income)

0.0

0.0

-

-

-

    Other Operating Expense

-2.4

-0.3

-1.0

-0.7

-1.2

Other Operating Expenses, Total

-2.4

-0.3

-1.0

-0.7

-1.2

Total Operating Expense

682.4

494.7

379.3

765.1

512.8

 

 

 

 

 

 

Operating Income

24.8

27.1

24.9

25.6

52.2

 

 

 

 

 

 

        Interest Income - Non-Operating

0.3

0.3

0.3

0.2

0.4

        Investment Income - Non-Operating

0.0

-0.1

0.0

0.0

-

    Interest/Investment Income - Non-Operating

0.4

0.2

0.3

0.3

0.4

Interest Income (Expense) - Net Non-Operating Total

0.4

0.2

0.3

0.3

0.4

    Other Non-Operating Income (Expense)

-4.1

-3.0

-5.7

-8.1

-8.0

Other, Net

-4.1

-3.0

-5.7

-8.1

-8.0

Income Before Tax

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Total Income Tax

2.3

3.3

2.4

2.1

5.4

Income After Tax

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

    Minority Interest

-0.9

0.2

0.1

0.1

-

    Equity In Affiliates

-

-

0.1

0.3

0.1

Net Income Before Extraord Items

17.9

21.2

17.3

16.0

39.3

Net Income

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Basic EPS Excl Extraord Items

0.20

0.24

0.19

0.18

0.44

Basic/Primary EPS Incl Extraord Items

0.20

0.24

0.19

0.18

0.44

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

17.9

21.2

17.3

16.0

39.3

Diluted Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Diluted EPS Excl Extraord Items

0.20

0.24

0.19

0.18

0.44

Diluted EPS Incl Extraord Items

0.20

0.24

0.19

0.18

0.44

Dividends per Share - Common Stock Primary Issue

0.10

0.10

0.08

0.05

0.10

Gross Dividends - Common Stock

9.3

9.3

7.0

4.7

9.3

Interest Expense, Supplemental

4.1

3.0

5.7

10.3

10.8

Depreciation, Supplemental

7.1

5.7

4.9

5.0

3.8

Total Special Items

0.0

0.0

-

-

-

Normalized Income Before Tax

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-

-

-

Inc Tax Ex Impact of Sp Items

2.3

3.3

2.4

2.1

5.4

Normalized Income After Tax

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

17.8

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.24

0.19

0.18

0.44

Diluted Normalized EPS

0.20

0.24

0.19

0.18

0.44

Amort of Intangibles, Supplemental

-

-

-

-

0.0

Rental Expenses

0.2

0.1

0.1

0.1

0.1

Advertising Expense, Supplemental

1.0

1.0

0.4

0.5

0.4

Normalized EBIT

24.8

27.1

24.9

25.6

52.2

Normalized EBITDA

31.9

32.8

29.7

30.6

55.9

    Current Tax - Total

2.2

3.0

1.9

1.9

5.0

Current Tax - Total

2.2

3.0

1.9

1.9

5.0

    Deferred Tax - Total

0.1

0.0

0.4

0.2

0.3

Deferred Tax - Total

0.1

0.0

0.4

0.2

0.3

    Other Tax

0.0

0.3

-

-

-

Income Tax - Total

2.3

3.3

2.4

2.1

5.4

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Interim Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385019

0.385015

0.385023

0.385072

 

 

 

 

 

 

    Net Sales

171.0

155.4

165.1

205.6

181.2

Revenue

171.0

155.4

165.1

205.6

181.2

Total Revenue

171.0

155.4

165.1

205.6

181.2

 

 

 

 

 

 

    Cost of Revenue

159.3

144.6

155.6

192.7

172.7

Cost of Revenue, Total

159.3

144.6

155.6

192.7

172.7

Gross Profit

11.7

10.7

9.4

12.9

8.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

5.5

4.4

4.4

5.3

4.5

Total Selling/General/Administrative Expenses

5.5

4.4

4.4

5.3

4.5

    Depreciation

0.2

0.2

0.1

0.1

0.1

Depreciation/Amortization

0.2

0.2

0.1

0.1

0.1

    Other Operating Expense

-0.3

-2.2

0.0

-0.1

0.0

Other Operating Expenses, Total

-0.3

-2.2

0.0

-0.1

0.0

Total Operating Expense

164.6

147.0

160.2

198.0

177.2

 

 

 

 

 

 

Operating Income

6.4

8.4

4.9

7.6

3.9

 

 

 

 

 

 

        Interest Income - Non-Operating

0.1

0.1

0.1

0.1

0.1

    Interest/Investment Income - Non-Operating

0.1

0.1

0.1

0.1

0.1

Interest Income (Expense) - Net Non-Operating Total

0.1

0.1

0.1

0.1

0.1

    Other Non-Operating Income (Expense)

-1.0

-0.7

-1.0

-1.3

-1.0

Other, Net

-1.0

-0.7

-1.0

-1.3

-1.0

Income Before Tax

5.6

7.7

4.0

6.4

3.0

 

 

 

 

 

 

Total Income Tax

0.7

0.9

0.4

0.7

0.4

Income After Tax

4.9

6.8

3.6

5.7

2.6

 

 

 

 

 

 

    Minority Interest

-0.5

-0.2

-0.5

-0.4

0.1

    Equity In Affiliates

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

4.4

6.6

3.2

5.3

2.7

Net Income

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Basic EPS Excl Extraord Items

0.05

0.07

0.04

0.06

0.03

Basic/Primary EPS Incl Extraord Items

0.05

0.07

0.04

0.06

0.03

Diluted Net Income

4.4

6.6

3.2

5.3

2.7

Diluted Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Diluted EPS Excl Extraord Items

0.05

0.07

0.04

0.06

0.03

Diluted EPS Incl Extraord Items

0.05

0.07

0.04

0.06

0.03

Dividends per Share - Common Stock Primary Issue

0.00

0.10

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

9.3

0.0

0.0

0.0

Interest Expense, Supplemental

1.0

0.7

1.0

1.3

1.0

Depreciation, Supplemental

0.2

6.7

0.1

0.1

0.1

Normalized Income Before Tax

5.6

7.7

4.0

6.4

3.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.7

0.9

0.4

0.7

0.4

Normalized Income After Tax

4.9

6.8

3.6

5.7

2.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Basic Normalized EPS

0.05

0.07

0.04

0.06

0.03

Diluted Normalized EPS

0.05

0.07

0.04

0.06

0.03

Normalized EBIT

6.4

8.4

4.9

7.6

3.9

Normalized EBITDA

6.6

15.1

5.0

7.7

4.0

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.385

0.38495

0.38505

0.385

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Moore Stephens

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.1

0.1

8.1

18.4

9.0

    Cash & Equivalents

3.6

6.3

-

-

-

Cash and Short Term Investments

3.7

6.4

8.1

18.4

9.0

        Accounts Receivable - Trade, Gross

134.0

126.6

103.5

113.0

123.6

        Provision for Doubtful Accounts

-2.1

-2.1

-2.1

-1.8

-1.2

    Trade Accounts Receivable - Net

131.9

124.5

101.5

111.3

122.4

    Other Receivables

5.5

5.4

4.7

19.8

6.6

Total Receivables, Net

137.4

129.9

106.2

131.1

128.9

    Inventories - Finished Goods

77.8

78.7

35.6

43.0

61.7

    Inventories - Work In Progress

7.1

9.4

4.5

8.3

9.6

    Inventories - Raw Materials

36.3

24.2

27.0

96.6

24.1

    Inventories - Other

-2.1

-2.1

-2.1

-1.9

-1.9

Total Inventory

119.1

110.2

65.0

146.0

93.5

Prepaid Expenses

4.4

4.1

2.5

1.6

7.4

Total Current Assets

264.6

250.6

181.8

297.1

238.8

 

 

 

 

 

 

        Buildings

27.2

25.4

16.5

16.5

16.4

        Machinery/Equipment

94.4

85.5

62.7

58.3

49.3

        Construction in Progress

9.0

6.7

20.0

4.2

5.8

        Other Property/Plant/Equipment

5.9

5.7

5.3

5.4

4.8

    Property/Plant/Equipment - Gross

136.6

123.3

104.5

84.3

76.3

    Accumulated Depreciation

-44.0

-37.4

-31.8

-27.1

-22.1

Property/Plant/Equipment - Net

92.6

85.9

72.7

57.3

54.2

    LT Investment - Affiliate Companies

1.6

1.9

1.9

1.7

1.2

    LT Investments - Other

3.5

4.6

3.3

0.3

0.4

Long Term Investments

5.1

6.5

5.2

2.0

1.7

    Other Long Term Assets

-

-

0.2

0.8

-

Other Long Term Assets, Total

-

-

0.2

0.8

-

Total Assets

362.3

343.0

259.9

357.2

294.7

 

 

 

 

 

 

Accounts Payable

53.0

62.7

0.3

2.4

0.9

Payable/Accrued

1.8

7.4

37.2

51.8

67.0

Accrued Expenses

8.9

9.5

-

-

-

Notes Payable/Short Term Debt

131.3

104.4

89.6

203.6

130.5

Current Portion - Long Term Debt/Capital Leases

2.1

3.2

3.2

4.0

5.3

    Income Taxes Payable

2.2

3.0

2.1

2.0

5.1

Other Current liabilities, Total

2.2

3.0

2.1

2.0

5.1

Total Current Liabilities

199.2

190.4

132.3

263.9

208.9

 

 

 

 

 

 

    Long Term Debt

23.2

26.6

17.6

7.7

11.8

Total Long Term Debt

23.2

26.6

17.6

7.7

11.8

Total Debt

156.6

134.3

110.4

215.3

147.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

2.2

2.1

2.1

1.7

1.5

Deferred Income Tax

2.2

2.1

2.1

1.7

1.5

Minority Interest

6.1

4.8

3.0

1.9

-

    Pension Benefits - Underfunded

2.4

2.0

-

-

-

    Other Long Term Liabilities

0.0

0.0

0.1

0.1

-

Other Liabilities, Total

2.4

2.1

0.1

0.1

-

Total Liabilities

233.2

226.0

155.1

275.3

222.2

 

 

 

 

 

 

    Common Stock

23.3

23.3

23.3

23.3

23.3

Common Stock

23.3

23.3

23.3

23.3

23.3

Additional Paid-In Capital

2.5

2.5

2.5

2.5

2.5

Retained Earnings (Accumulated Deficit)

103.3

91.2

79.0

56.0

46.7

Total Equity

129.1

117.0

104.8

81.9

72.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

362.3

343.0

260.0

357.2

294.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

89.7

89.7

89.7

89.7

89.7

Total Common Shares Outstanding

89.7

89.7

89.7

89.7

89.7

Total Long Term Debt, Supplemental

25.3

29.8

20.9

-

5.3

Long Term Debt Maturing within 1 Year

2.1

3.2

3.2

-

5.3

Long Term Debt Maturing in Year 2

4.2

1.3

4.5

-

-

Long Term Debt Maturing in Year 3

5.6

8.4

4.4

-

-

Long Term Debt Maturing in Year 4

5.6

8.4

4.4

-

-

Long Term Debt Maturing in Year 5

5.6

8.4

4.4

-

-

Long Term Debt Maturing in 2-3 Years

9.8

9.7

8.9

-

-

Long Term Debt Maturing in 4-5 Years

11.3

16.9

8.8

-

-

Long Term Debt Matur. in Year 6 & Beyond

2.1

0.0

0.0

-

0.0

Total Operating Leases, Supplemental

4.9

5.1

6.1

5.3

3.0

Operating Lease Payments Due in Year 1

0.2

0.2

0.1

0.1

0.1

Operating Lease Payments Due in Year 2

0.2

0.2

0.9

0.2

0.4

Operating Lease Payments Due in Year 3

0.2

0.2

0.3

0.2

0.1

Operating Lease Payments Due in Year 4

0.2

0.2

0.3

0.2

0.1

Operating Lease Payments Due in Year 5

0.2

0.2

0.3

0.2

0.1

Operating Lease Pymts. Due in 2-3 Years

0.5

0.5

1.2

0.5

0.5

Operating Lease Pymts. Due in 4-5 Years

0.5

0.5

0.6

0.5

0.2

Oper. Lse. Pymts. Due in Year 6 & Beyond

3.7

4.0

4.2

4.3

2.1

 

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385025

0.385

0.38505

0.38505

0.385

 

 

 

 

 

 

    Cash & Equivalents

2.0

3.7

6.9

8.2

10.3

Cash and Short Term Investments

2.0

3.7

6.9

8.2

10.3

    Trade Accounts Receivable - Net

149.1

137.8

142.3

166.7

151.0

    Other Receivables

5.1

4.0

6.8

6.5

6.8

Total Receivables, Net

154.1

141.8

149.1

173.2

157.8

    Inventories - Other

92.5

119.1

132.5

130.7

121.5

Total Inventory

92.5

119.1

132.5

130.7

121.5

Total Current Assets

248.6

264.6

288.6

312.1

289.6

 

 

 

 

 

 

Property/Plant/Equipment - Net

92.7

92.6

92.6

92.7

86.3

    LT Investment - Affiliate Companies

1.7

1.6

1.9

1.9

1.9

    LT Investments - Other

3.5

3.5

4.7

4.7

4.7

Long Term Investments

5.2

5.1

6.6

6.6

6.6

Total Assets

346.6

362.3

387.7

411.4

382.5

 

 

 

 

 

 

Accounts Payable

-

0.1

0.1

0.2

0.7

Payable/Accrued

69.8

66.0

79.6

96.7

86.2

Notes Payable/Short Term Debt

118.6

131.3

146.4

158.0

146.2

Current Portion - Long Term Debt/Capital Leases

2.1

2.1

1.3

1.9

1.9

    Income Taxes Payable

0.5

2.2

1.4

1.2

0.4

Other Current liabilities, Total

0.5

2.2

1.4

1.2

0.4

Total Current Liabilities

191.1

201.6

228.8

258.0

235.4

 

 

 

 

 

 

    Long Term Debt

23.2

23.2

25.3

26.6

26.6

Total Long Term Debt

23.2

23.2

25.3

26.6

26.6

Total Debt

143.9

156.6

173.0

186.6

174.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

2.4

2.2

2.1

2.0

2.1

Deferred Income Tax

2.4

2.2

2.1

2.0

2.1

Minority Interest

7.2

6.1

7.2

6.1

4.7

    Other Long Term Liabilities

-

0.0

0.0

0.0

0.0

Other Liabilities, Total

-

0.0

0.0

0.0

0.0

Total Liabilities

223.8

233.2

263.5

292.7

268.8

 

 

 

 

 

 

    Common Stock

23.3

23.3

23.3

23.3

23.3

Common Stock

23.3

23.3

23.3

23.3

23.3

Additional Paid-In Capital

2.5

2.5

2.5

2.5

2.5

Retained Earnings (Accumulated Deficit)

96.9

103.3

98.4

92.8

87.9

Total Equity

122.7

129.1

124.3

118.7

113.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

346.6

362.3

387.7

411.4

382.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

89.7

89.7

89.7

89.7

89.7

Total Common Shares Outstanding

89.7

89.7

89.7

89.7

89.7

Total Long Term Debt, Supplemental

-

-

-

1.9

1.9

Long Term Debt Maturing within 1 Year

-

-

-

1.9

1.9

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

0.0

0.0

 

 

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Moore Stephens

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash Receipts

723.9

493.9

414.9

802.4

524.2

Cash Payments

-718.7

-489.0

-286.8

-832.5

-520.2

Cash Taxes Paid

-3.0

-2.4

-1.9

-5.0

-3.0

Cash Interest Paid

-

-

-

-

-7.8

    Other Operating Cash Flow

-0.2

-0.2

-0.2

-0.2

-0.5

Changes in Working Capital

-0.2

-0.2

-0.2

-0.2

-0.5

Cash from Operating Activities

2.0

2.4

126.0

-35.4

-7.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-15.1

-18.4

-18.5

-7.5

-13.5

Capital Expenditures

-15.1

-18.4

-18.5

-7.5

-13.5

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

1.9

0.0

0.3

0.0

-

    Investment, Net

0.0

0.0

-

-

-

    Purchase of Investments

-0.1

-1.3

-3.2

0.0

-

    Other Investing Cash Flow

-

0.0

5.2

-

-

Other Investing Cash Flow Items, Total

1.9

-1.3

2.3

0.0

0.0

Cash from Investing Activities

-13.3

-19.7

-16.2

-7.5

-13.5

 

 

 

 

 

 

    Other Financing Cash Flow

0.4

16.5

-54.1

40.2

-18.3

Financing Cash Flow Items

0.4

16.5

-54.1

40.2

-18.3

    Cash Dividends Paid - Common

-9.3

-7.0

-4.7

-9.3

-2.3

Total Cash Dividends Paid

-9.3

-7.0

-4.7

-9.3

-2.3

    Short Term Debt, Net

22.1

5.8

-72.5

26.4

45.8

        Long Term Debt Issued

0.0

12.2

13.1

0.0

3.9

        Long Term Debt Reduction

-4.5

-3.2

-4.0

-5.3

-8.6

    Long Term Debt, Net

-4.5

8.9

9.1

-5.3

-4.7

Issuance (Retirement) of Debt, Net

17.6

14.7

-63.4

21.1

41.1

Cash from Financing Activities

8.7

24.3

-122.2

52.0

20.5

 

 

 

 

 

 

Net Change in Cash

-2.6

6.9

-12.4

9.2

-0.3

 

 

 

 

 

 

Net Cash - Beginning Balance

5.9

-1.0

11.3

2.2

2.4

Net Cash - Ending Balance

3.3

5.9

-1.0

11.3

2.2

Depreciation

-

-

-

-

0.4

 

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385032

0.385036

0.385048

0.385072

 

 

 

 

 

 

Cash Receipts

-

723.9

-

-

-

Cash Payments

-

-718.7

-

-

-

Cash Taxes Paid

-2.2

-3.0

-3.0

-3.0

-3.0

Cash Interest Paid

-0.9

-

-3.6

-2.7

-1.3

    Other Operating Cash Flow

14.7

-0.2

-13.1

-26.7

-20.7

Changes in Working Capital

14.7

-0.2

-13.1

-26.7

-20.7

Cash from Operating Activities

11.7

2.0

-19.7

-32.4

-25.0

 

 

 

 

 

 

    Purchase of Fixed Assets

-

-15.1

-

-

-

Capital Expenditures

-

-15.1

-

-

-

    Sale of Fixed Assets

-

0.0

-

-

-

    Sale/Maturity of Investment

-

1.9

-

-

-

    Investment, Net

-

0.0

-

-

-

    Purchase of Investments

-

-0.1

-

-

-

    Other Investing Cash Flow

-2.0

-

-11.9

-10.3

-2.2

Other Investing Cash Flow Items, Total

-2.0

1.9

-11.9

-10.3

-2.2

Cash from Investing Activities

-2.0

-13.3

-11.9

-10.3

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

-13.2

0.4

41.6

43.9

24.8

Financing Cash Flow Items

-13.2

0.4

41.6

43.9

24.8

    Cash Dividends Paid - Common

-0.6

-9.3

-9.3

-9.3

-9.3

Total Cash Dividends Paid

-0.6

-9.3

-9.3

-9.3

-9.3

    Short Term Debt, Net

-

22.1

-

-

-

        Long Term Debt Issued

-

0.0

-

-

-

        Long Term Debt Reduction

-

-4.5

-

-

-

    Long Term Debt, Net

-

-4.5

-

-

-

Issuance (Retirement) of Debt, Net

-

17.6

-

-

-

Cash from Financing Activities

-13.7

8.7

32.3

34.5

15.5

 

 

 

 

 

 

Net Change in Cash

-4.1

-2.6

0.7

-8.1

-11.7

 

 

 

 

 

 

Net Cash - Beginning Balance

3.3

5.9

5.9

5.9

5.9

Net Cash - Ending Balance

-0.8

3.3

6.6

-2.2

-5.8

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Annual Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenues

707.2

521.8

404.2

790.7

564.9

Total Revenue

707.2

521.8

404.2

790.7

564.9

 

 

 

 

 

 

    Cost of Sales

665.7

477.3

365.6

747.4

500.0

    Other Income

-2.4

-0.3

-1.0

-0.7

-1.2

    Administrative Expenses

2.8

2.4

8.3

9.2

8.2

    Employee Costs & BOD Remun.

9.7

8.3

-

-

-

    Selling/Distribution

6.1

6.6

5.9

8.7

5.4

    Gain on Sale of PP&E

0.0

0.0

-

-

-

    Depreciation

0.5

0.4

0.4

0.4

0.4

Total Operating Expense

682.4

494.7

379.3

765.1

512.8

 

 

 

 

 

 

    Financing Costs

-4.1

-3.0

-5.7

-8.1

-8.0

    Interest Income

0.3

0.3

0.3

0.2

0.4

    Invest in Associates

0.0

-0.1

0.0

0.0

-

Net Income Before Taxes

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Provision for Income Taxes

2.3

3.3

2.4

2.1

5.4

Net Income After Taxes

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

    Minority Interest

-0.9

0.2

0.1

0.1

-

    Share of Results in Affiliate

-

-

0.1

0.3

0.1

Net Income Before Extra. Items

17.9

21.2

17.3

16.0

39.3

Net Income

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

17.9

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Basic EPS Excluding ExtraOrdinary Items

0.20

0.24

0.19

0.18

0.44

Basic EPS Including ExtraOrdinary Items

0.20

0.24

0.19

0.18

0.44

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

17.9

21.2

17.3

16.0

39.3

Diluted Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Diluted EPS Excluding ExtraOrd Items

0.20

0.24

0.19

0.18

0.44

Diluted EPS Including ExtraOrd Items

0.20

0.24

0.19

0.18

0.44

DPS-Ordinary Shares

0.10

0.10

0.08

0.05

0.10

Gross Dividends - Common Stock

9.3

9.3

7.0

4.7

9.3

Normalized Income Before Taxes

21.1

24.3

19.4

17.7

44.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.3

3.3

2.4

2.1

5.4

Normalized Income After Taxes

18.8

21.0

17.1

15.6

39.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

17.8

21.2

17.3

16.0

39.3

 

 

 

 

 

 

Basic Normalized EPS

0.20

0.24

0.19

0.18

0.44

Diluted Normalized EPS

0.20

0.24

0.19

0.18

0.44

Advertising

1.0

1.0

0.4

0.5

0.4

Depreciation

7.1

5.7

4.9

5.0

3.8

Amortization

-

-

-

-

0.0

Interest Expenses

4.1

3.0

5.7

10.3

10.8

Rent Expenses

0.2

0.1

0.1

0.1

0.1

    Current Taxes

2.2

3.0

1.9

1.9

5.0

Current Tax - Total

2.2

3.0

1.9

1.9

5.0

    Deferred Taxes

0.1

0.0

0.4

0.2

0.3

Deferred Tax - Total

0.1

0.0

0.4

0.2

0.3

    Prior Years Tax

0.0

0.3

-

-

-

Income Tax - Total

2.3

3.3

2.4

2.1

5.4

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Interim Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385019

0.385015

0.385023

0.385072

 

 

 

 

 

 

    Revenues

171.0

155.4

165.1

205.6

181.2

Total Revenue

171.0

155.4

165.1

205.6

181.2

 

 

 

 

 

 

    Cost of Sales

159.3

144.6

155.6

192.7

172.7

    Other Income

-0.3

-2.2

0.0

-0.1

0.0

    Administrative & General Expenses

2.9

2.7

2.2

2.8

2.5

    Selling & Distribution

2.6

1.7

2.2

2.5

2.0

    Depreciation & Amortisation

0.2

0.2

0.1

0.1

0.1

Total Operating Expense

164.6

147.0

160.2

198.0

177.2

 

 

 

 

 

 

    Financing Costs

-1.0

-0.7

-1.0

-1.3

-1.0

    Interest Income

0.1

0.1

0.1

0.1

0.1

Net Income Before Taxes

5.6

7.7

4.0

6.4

3.0

 

 

 

 

 

 

Provision for Income Taxes

0.7

0.9

0.4

0.7

0.4

Net Income After Taxes

4.9

6.8

3.6

5.7

2.6

 

 

 

 

 

 

    Share of Results in Affiliate

0.0

0.0

0.0

0.0

0.0

    Minority Interest

-0.5

-0.2

-0.5

-0.4

0.1

Net Income Before Extra. Items

4.4

6.6

3.2

5.3

2.7

Net Income

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Basic Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Basic EPS Excluding ExtraOrdinary Items

0.05

0.07

0.04

0.06

0.03

Basic EPS Including ExtraOrdinary Items

0.05

0.07

0.04

0.06

0.03

Diluted Net Income

4.4

6.6

3.2

5.3

2.7

Diluted Weighted Average Shares

89.7

89.7

89.7

89.7

89.7

Diluted EPS Excluding ExtraOrd Items

0.05

0.07

0.04

0.06

0.03

Diluted EPS Including ExtraOrd Items

0.05

0.07

0.04

0.06

0.03

DPS-Ordinary Shares

0.00

0.10

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

9.3

0.0

0.0

0.0

Normalized Income Before Taxes

5.6

7.7

4.0

6.4

3.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.7

0.9

0.4

0.7

0.4

Normalized Income After Taxes

4.9

6.8

3.6

5.7

2.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.4

6.6

3.2

5.3

2.7

 

 

 

 

 

 

Basic Normalized EPS

0.05

0.07

0.04

0.06

0.03

Diluted Normalized EPS

0.05

0.07

0.04

0.06

0.03

Depreciation & Amortisation

0.2

6.7

0.1

0.1

0.1

Interest Expenses

1.0

0.7

1.0

1.3

1.0

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.385

0.38495

0.38505

0.385

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

32.2

20.9

24.8

93.0

21.8

    Spares and Consumables

4.0

3.2

2.2

3.5

2.2

    Finished Goods

54.9

42.7

21.7

35.3

23.0

    Provision for Inventory

-2.1

-2.1

-2.1

-1.9

-1.9

    Work in Progress

7.1

9.4

4.5

8.3

9.6

    Goods in Transit

22.9

36.0

13.9

7.6

38.7

    Trade Receivables

134.0

126.6

103.5

113.0

123.6

    Provision for Impairment

-2.1

-2.1

-2.1

-1.8

-1.2

    Advances to Suppliers

4.4

4.1

2.5

1.6

7.4

    Other Receivables

1.5

1.1

2.2

16.9

2.2

    Due from Related Party

4.0

4.3

2.6

2.8

4.4

    Cash/Balances

0.1

0.1

8.1

18.4

9.0

    Cash in Banks

3.6

6.3

-

-

-

Total Current Assets

264.6

250.6

181.8

297.1

238.8

 

 

 

 

 

 

    Buildings/Civil Works

27.2

25.4

16.5

16.5

16.4

    Plant/machinery

80.9

73.8

53.7

49.5

41.5

    Electrical Equipment

5.2

4.9

3.3

3.2

3.2

    Motor Vehicles

0.7

0.5

0.5

0.4

0.4

    Furniture/Fixtures

1.6

1.3

1.1

1.1

1.0

    Office Equipment

2.1

1.8

1.5

1.5

1.1

    Material Handling

5.9

5.7

5.3

5.4

4.8

    Loose Tools

0.8

0.5

0.4

0.4

0.4

    Lab Equipment

2.9

2.6

2.2

2.1

1.7

    Work in Progress

9.0

6.7

20.0

4.2

5.8

    Depreciation

-44.0

-37.4

-31.8

-27.1

-22.1

    Investment in Associates

1.6

1.9

1.9

1.7

1.2

    AFS Investments

0.3

1.4

0.0

0.3

0.4

    Held to Maturity Inv

3.2

3.2

3.2

-

-

    Capital Advances

-

-

0.2

0.8

-

Total Assets

362.3

343.0

259.9

357.2

294.7

 

 

 

 

 

 

    Bank Loan

79.8

75.0

89.6

203.6

130.5

    Overdrafts

0.4

0.5

-

-

-

    ST Loans

51.1

28.9

-

-

-

    Current Mat. of LT Debt

2.1

3.2

3.2

4.0

5.3

    Trade/Other Payables

-

-

37.2

51.8

67.0

    Trade Payables

52.9

62.5

-

-

-

    Other Payables

1.8

7.4

-

-

-

    Accruals

8.9

9.5

-

-

-

    Due to Related Party

0.1

0.2

0.3

2.4

0.9

    Taxation

2.2

3.0

2.1

2.0

5.1

Total Current Liabilities

199.2

190.4

132.3

263.9

208.9

 

 

 

 

 

 

    Term Loans

23.2

26.6

17.6

7.7

11.8

Total Long Term Debt

23.2

26.6

17.6

7.7

11.8

 

 

 

 

 

 

    End of Service Benefits

2.4

2.0

-

-

-

    Deferred Gov. Grants

0.0

0.0

0.1

0.1

-

    Deferred Taxes

2.2

2.1

2.1

1.7

1.5

    Minority Interest

6.1

4.8

3.0

1.9

-

Total Liabilities

233.2

226.0

155.1

275.3

222.2

 

 

 

 

 

 

    Share Capital

23.3

23.3

23.3

23.3

23.3

    Share Premium

2.5

2.5

2.5

2.5

2.5

    Legal Reserve

8.0

7.8

7.8

7.8

7.8

    General Reserve

8.5

6.8

4.7

2.9

1.3

    Retained Earnings

85.5

78.9

66.8

55.9

50.8

    Changes in Fair Value

1.3

-2.3

-0.3

-10.6

-13.3

Total Equity

129.1

117.0

104.8

81.9

72.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

362.3

343.0

260.0

357.2

294.7

 

 

 

 

 

 

    S/O-Ordinary Shares

89.7

89.7

89.7

89.7

89.7

Total Common Shares Outstanding

89.7

89.7

89.7

89.7

89.7

Between 1 and 2 years

4.2

1.3

4.5

-

-

Between 2 and 5 years

16.9

25.3

13.1

-

-

Long Term Debt - Remaining Maturities

2.1

-

-

-

-

Current maturities

2.1

3.2

3.2

-

5.3

Total Long Term Debt, Supplemental

25.3

29.8

20.9

-

5.3

Leases Due within 1 Year

0.2

0.2

0.1

0.1

0.1

Leases Due within 1-5 Years

1.0

0.9

0.9

0.9

0.4

Lease Due in More than 5 Years

3.7

4.0

4.2

4.3

2.1

Optg leases-year 2

-

-

0.9

-

0.4

Total Operating Leases

4.9

5.1

6.1

5.3

3.0

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385025

0.385

0.38505

0.38505

0.385

 

 

 

 

 

 

    Inventories

92.5

119.1

132.5

130.7

121.5

    Trade Receivables

149.1

137.8

142.3

166.7

151.0

    Due from Related Party

5.1

4.0

6.8

6.5

6.8

    Cash/Balances

2.0

3.7

6.9

8.2

10.3

Total Current Assets

248.6

264.6

288.6

312.1

289.6

 

 

 

 

 

 

    Prop./Equip.

92.7

92.6

92.6

92.7

86.3

    Inves. in Associates

1.7

1.6

1.9

1.9

1.9

    Investments AFS

0.3

0.3

1.5

1.5

1.5

    Held To maturity Invest.

3.2

3.2

3.2

3.2

3.2

Total Assets

346.6

362.3

387.7

411.4

382.5

 

 

 

 

 

 

    Trade/Other Payables

69.8

66.0

79.6

96.7

86.2

    Due to Related Party

-

0.1

0.1

0.2

0.7

    Bank Loan

118.6

131.3

146.4

158.0

146.2

    Current Mat. of LT Debt

2.1

2.1

1.3

1.9

1.9

    Taxation

0.5

2.2

1.4

1.2

0.4

Total Current Liabilities

191.1

201.6

228.8

258.0

235.4

 

 

 

 

 

 

    Term Loans

23.2

23.2

25.3

26.6

26.6

Total Long Term Debt

23.2

23.2

25.3

26.6

26.6

 

 

 

 

 

 

    Deferred Taxes

2.4

2.2

2.1

2.0

2.1

    Deferred Gov. Grants

-

0.0

0.0

0.0

0.0

    Minority Interest

7.2

6.1

7.2

6.1

4.7

Total Liabilities

223.8

233.2

263.5

292.7

268.8

 

 

 

 

 

 

    Share Capital

23.3

23.3

23.3

23.3

23.3

    Share Premium

2.5

2.5

2.5

2.5

2.5

    Legal Reserve

8.0

8.0

7.8

7.8

7.8

    Retained Earnings

80.4

85.5

80.8

77.6

72.3

    General Reserve

8.5

8.5

6.8

6.8

6.8

    Changes in Fair Value

0.1

1.3

3.1

0.7

1.0

Total Equity

122.7

129.1

124.3

118.7

113.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

346.6

362.3

387.7

411.4

382.5

 

 

 

 

 

 

    S/O-Ordinary Shares

89.7

89.7

89.7

89.7

89.7

Total Common Shares Outstanding

89.7

89.7

89.7

89.7

89.7

Current maturities

-

-

-

1.9

1.9

Total Long Term Debt, Supplemental

-

-

-

1.9

1.9

 

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385008

0.384999

0.384956

0.384897

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

MOOR STEPHENS

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash Receipts from Customers

723.9

493.9

414.9

802.4

524.2

    Cash Payments to Suppliers and Employees

-718.7

-489.0

-286.8

-832.5

-520.2

    Interest Received

0.3

0.3

0.3

0.2

-

    Cash Interest Paid

-

-

-

-

-7.8

    Cash Taxes Paid

-3.0

-2.4

-1.9

-5.0

-3.0

    Director's Renumeration

-0.5

-0.5

-0.5

-0.5

-0.5

Cash from Operating Activities

2.0

2.4

126.0

-35.4

-7.3

 

 

 

 

 

 

    Sale of Property

-

-

-

-

0.0

    Capital Expenditure

-15.1

-18.4

-18.5

-7.5

-13.5

    Purchase of Held to Inv

-

0.0

-3.2

0.0

-

    Investments

0.0

0.0

-

-

-

    Proceed from AFS Inv

1.9

0.0

0.3

0.0

-

    Purchase of AFS Investments

-0.1

-1.3

-

-

-

    Proceed from Fixed Assets

0.0

0.0

0.0

0.0

-

    ST Deposits

-

0.0

5.2

-

-

Cash from Investing Activities

-13.3

-19.7

-16.2

-7.5

-13.5

 

 

 

 

 

 

    Payment of Term Loans

-4.5

-3.2

-4.0

-5.3

-8.6

    Dividends Paid

-9.3

-7.0

-4.7

-9.3

-2.3

    Net Movement in ST Loans

22.1

5.8

-72.5

26.4

45.8

    Loan against trust Receipt

4.9

17.6

-48.8

46.5

-18.3

    Receipt of Term Loans

0.0

12.2

13.1

0.0

3.9

    Interest Paid

-4.5

-3.0

-6.6

-8.1

-

    Minority Interest

0.0

1.9

1.3

1.9

-

Cash from Financing Activities

8.7

24.3

-122.2

52.0

20.5

 

 

 

 

 

 

Net Change in Cash

-2.6

6.9

-12.4

9.2

-0.3

 

 

 

 

 

 

    Depreciation

-

-

-

-

0.4

    Amortization of Intangibles

-

-

-

-

0.0

Begining Cash

5.9

-1.0

11.3

2.2

2.4

Ending Cash

3.3

5.9

-1.0

11.3

2.2

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385046

0.385032

0.385036

0.385048

0.385072

 

 

 

 

 

 

    Cash Receipts from Customers

-

723.9

-

-

-

    Cash Payments to Suppliers and Employees

-

-718.7

-

-

-

    Cash from Operations

15.1

-

-12.6

-26.2

-20.7

    Interest Received

-

0.3

-

-

-

    Cash Interest Paid

-0.9

-

-3.6

-2.7

-1.3

    Director's Remuneration

-0.4

-0.5

-0.5

-0.5

0.0

    Cash Taxes Paid

-2.2

-3.0

-3.0

-3.0

-3.0

Cash from Operating Activities

11.7

2.0

-19.7

-32.4

-25.0

 

 

 

 

 

 

    Sale of Property

-

0.0

-

-

-

    Capital Expenditure

-

-15.1

-

-

-

    Proceed from AFS Inv

-

1.9

-

-

-

    Investments

-

0.0

-

-

-

    Purchase of AFS Investments

-

-0.1

-

-

-

    Investing Activity

-2.0

-

-11.9

-10.3

-2.2

Cash from Investing Activities

-2.0

-13.3

-11.9

-10.3

-2.2

 

 

 

 

 

 

    Payment of Term Loans

-

-4.5

-

-

-

    Dividends Paid

-0.6

-9.3

-9.3

-9.3

-9.3

    ST Loans

-

22.1

-

-

-

    Loan against trust Receipt

-

4.9

-

-

-

    Receipt of Term Loans

-

0.0

-

-

-

    Interest Paid

-

-4.5

-

-

-

    Minority Interest

-

0.0

-

-

-

    Financing Activity

-13.2

-

41.6

43.9

24.8

Cash from Financing Activities

-13.7

8.7

32.3

34.5

15.5

 

 

 

 

 

 

Net Change in Cash

-4.1

-2.6

0.7

-8.1

-11.7

 

 

 

 

 

 

Begining Cash

3.3

5.9

5.9

5.9

5.9

Ending Cash

-0.8

3.3

6.6

-2.2

-5.8

 

Oman Cables Industry

 

Muscat, Oman, Tel: 968-24-446464, URL: http://www.omancables.com

Geographic Segments

Financials in: As Reported (mil)

Annual

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

Oman

349.9

49.5 %

243.9

46.7 %

177.0

43.8 %

Middle East & North Africa

269.3

38.1 %

250.3

48 %

214.2

53 %

Others

88.0

12.4 %

27.6

5.3 %

12.9

3.2 %

Segment Total

707.2

100 %

521.8

100 %

404.2

100 %

Consolidated Total

707.2

100 %

521.8

100 %

404.2

100 %

Exchange Rate: OMR to USD

0.385032

 

0.385008

 

0.384999

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

Oman

349.9

49.5 %

243.9

46.7 %

177.0

43.8 %

Middle East & North Africa

269.3

38.1 %

250.3

48 %

214.2

53 %

Others

88.0

12.4 %

27.6

5.3 %

12.9

3.2 %

Segment Total

707.2

100 %

521.8

100 %

404.2

100 %

Consolidated Total

707.2

100 %

521.8

100 %

404.2

100 %

Exchange Rate: OMR to USD

0.385032

 

0.385008

 

0.384999

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.02

UK Pound

1

Rs.85.93

Euro

1

Rs.68.96

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions