MIRA INFORM REPORT

 

 

Report Date :

11.06.2012

 

IDENTIFICATION DETAILS

 

Name :

GALFAR ENGINEERING AND CONTRACTING CO.         

 

 

Registered Office :

P.O.Box 533 Building 760, Way 522, Ruwi PO Box 533 Muscat, 100

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

17.08.1975

 

 

Legal Form :

Public Parent

 

 

Line of Business :

General construction of buildings and civil engineering works

 

 

No. of Employees :

27,000

 

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 and address Top of Form

Bottom of Form



Galfar Engineering and Contracting Co.               

 

P.O.Box 533

Building 760, Way 522, Ruwi

PO Box 533

Muscat, 100

Oman

 

Tel:

968-24-525000

Fax:

968-24-591676

 

www.galfar.com

 

Employees:

27,000

Company Type:

Public Parent

Corporate Family:

4 Companies

Traded:

Muscat Securities Market:

GECS

Incorporation Date:

17-Aug-1975

Auditor:

Ernst & Young LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Rial Omani

Annual Sales:

797.9  1

Net Income:

13.6

Total Assets:

1,047.7  2

Market Value:

353.9

 

(24-May-2012)

                                         

Business Description          

 

Galfar Engineering and Contracting SAOG is an Oman-based joint stock company engaged in the construction sector. The Company is active, along with its subsidiaries, in three segments: construction, hiring of equipment and training of personnel. The Company’s principal activities include civil and mechanical construction, public health engineering, road construction, electrical, plumbing and maintenance contracts, as well as hiring out of cranes, equipment and other vehicles, and training of drivers, operators and others. The Company’s business areas are structured into three, namely Civil and Utilities, Oil & Gas and Roads & Bridges. In additions to the Sultanate of Oman, the Company has operations in other Gulf Cooperation Council (GCC) countries and India. As of December 31, 2011, the Company’s subsidiaries included Al-Khalij Heavy Equipment and Engineering LLC, Galfar Training Institute LLC, Galfar Engineering and Contracting India Pvt Ltd. and Aspire Projects & Services LLC. For the fiscal year ended 31 December 2011, Galfar Engineering and Contracting' total revenue decreased 17% to OMR307.2M. Net income decreased 13% to OMR5.2M. Total revenue reflects a decrease in demand for the Company's services and products. Net income was partially offset by an improvement in the gross profit margin. The company is engaged in the construction sector and is listed on the Muscat Securities Market.

          

Industry     

 

Industry

Construction Services

ANZSIC 2006:

3020 - Non-Residential Building Construction

NACE 2002:

4521 - General construction of buildings and civil engineering works

NAICS 2002:

23622 - Commercial and Institutional Building Construction

UK SIC 2003:

45212 - Construction of domestic buildings

US SIC 1987:

1542 - General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses

                                            


Key Executives                    

            

 

Name

Title

V. Chandrasekhar

Senior Manager - (CEO's Office)

S. Muthukrishnan

Chief Financial Officer and Information Technology

J.K. Salvi

Vice President - Business Development & Tendering

Abdul Baqi Daffalla

Legal Advisor and Board Secretary

E.A. Shariff

Vice President - Procurement

   

Significant Developments                                                                           

 

Topic

#*

Most Recent Headline

Date

New Business / Unit / Subsidiary

1

Galfar Engineering and Contracting SAOG Incorporates and Registers New Associate Company and Subsidiary In Sultanate Of Oman

20-Aug-2011

Business Deals

17

Galfar Engineering and Contracting SAOG Announces Contract Extension

31-May-2012

Dividends

1

Galfar Engineering and Contracting SAOG Recommends 12% Annual Cash Dividend For FY 2011

7-Mar-2012

* number of significant developments within the last 12 months

 

             

News      

 

Title

Date

Investors in GCC hail Indias new FDI norms
Times of Oman (631 Words)

2-Jun-2012

PDO extends Galfar contract
Times of Oman (83 Words)

2-Jun-2012

Galfar bags contract
Times of Oman (90 Words)

10-May-2012

Oman : More Omanis get jobs
Mena Report (198 Words)

7-Apr-2012

OMAN : Oman s Transport Ministry s green signal for transport projects worth 203m rials
Mena Report (320 Words)

9-Mar-2012

 

     Financial Summary                                                                                                     

 

As of 31-Dec-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.07

1.90

Quick Ratio (MRQ)

0.84

1.42

Debt to Equity (MRQ)

1.49

0.51

Sales 5 Year Growth

13.31

4.38

Net Profit Margin (TTM) %

1.71

1.44

Return on Assets (TTM) %

1.28

2.80

Return on Equity (TTM) %

6.09

4.41

 

 

 

   Stock Snapshot                                     

 

Traded: Muscat Securities Market: GECS

 

As of 24-May-2012

   Financials in: OMR

Recent Price

0.40

 

EPS

0.02

52 Week High

0.44

 

Price/Sales

0.44

52 Week Low

0.32

 

Dividend Rate

0.01

Avg. Volume (mil)

0.59

 

Price/Earnings

21.24

Market Value (mil)

136.19

 

Price/Book

1.50

 

 

 

Beta

1.50

 

Price % Change

Rel S&P 500%

4 Week

-5.95%

-3.80%

13 Week

16.86%

16.62%

52 Week

-10.02%

-4.96%

Year to Date

17.21%

16.94%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = OMR 0.385032
2 - Balance Sheet Item Exchange Rate: USD 1 = OMR 0.385

 

Corporate Overview

 

Location
P.O.Box 533
Building 760, Way 522, Ruwi
PO Box 533
Muscat, 100
Oman

 

Tel:

968-24-525000

Fax:

968-24-591676

 

www.galfar.com

Quote Symbol - Exchange

GECS - Muscat Securities Market

Sales OMR(mil):

307.2

Assets OMR(mil):

403.3

Employees:

27,000

Fiscal Year End:

31-Dec-2011

 

Industry:

Construction Services

Incorporation Date:

17-Aug-1975

Company Type:

Public Parent

Quoted Status:

Quoted

Previous Name:

Galfar Engineering & Contracting LLC

 

Senior Manager - (CEO's Office):

V. Chandrasekhar

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

 

Executives

Home Page

Investor Relations

 

News Releases

Contents

Industry Codes

Business Description

Financial Data

Market Data

Subsidiaries

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

3101

-

Road and Bridge Construction

3232

-

Electrical Services

323

-

Building Installation Services

3011

-

House Construction

821

-

Adult, Community and Other Education

8101

-

Technical and Vocational Education and Training

3109

-

Other Heavy and Civil Engineering Construction

3020

-

Non-Residential Building Construction

3019

-

Other Residential Building Construction

 

NACE 2002 Codes:

4531

-

Installation of electrical wiring and fittings

4523

-

Construction of motorways, roads, railways, airfields and sports facilities

8042

-

Adult and other education not elsewhere classified

4533

-

Plumbing

4521

-

General construction of buildings and civil engineering works

 

NAICS 2002 Codes:

236116

-

New Multifamily Housing Construction (except Operative Builders)

237310

-

Highway, Street, and Bridge Construction

237130

-

Power and Communication Line and Related Structures Construction

238220

-

Plumbing, Heating, and Air-Conditioning Contractors

238210

-

Electrical Contractors

23622

-

Commercial and Institutional Building Construction

236115

-

New Single-Family Housing Construction (except Operative Builders)

611699

-

All Other Miscellaneous Schools and Instruction

611420

-

Computer Training

 

US SIC 1987:

1542

-

General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses

1623

-

Water, Sewer, Pipeline, and Communications and Power Line Construction

1611

-

Highway and Street Construction, Except Elevated Highways

1521

-

General Contractors-Single-Family Houses

8299

-

Schools and Educational Services, Not Elsewhere Classified

1731

-

Electrical Work

1522

-

General Contractors-Residential Buildings, Other Than Single-Family

8243

-

Data Processing Schools

1711

-

Plumbing, Heating and Air-Conditioning

 

UK SIC 2003:

45213

-

Construction of civil engineering constructions

4531

-

Installation of electrical wiring and fittings

4523

-

Construction of motorways, roads, railways, airfields and sports facilities

8042

-

Adult and other education not elsewhere classified

45212

-

Construction of domestic buildings

4533

-

Plumbing

 

 

Business Description

Galfar Engineering and Contracting SAOG is an Oman-based joint stock company engaged in the construction sector. The Company is active, along with its subsidiaries, in three segments: construction, hiring of equipment and training of personnel. The Company’s principal activities include civil and mechanical construction, public health engineering, road construction, electrical, plumbing and maintenance contracts, as well as hiring out of cranes, equipment and other vehicles, and training of drivers, operators and others. The Company’s business areas are structured into three, namely Civil and Utilities, Oil & Gas and Roads & Bridges. In additions to the Sultanate of Oman, the Company has operations in other Gulf Cooperation Council (GCC) countries and India. As of December 31, 2011, the Company’s subsidiaries included Al-Khalij Heavy Equipment and Engineering LLC, Galfar Training Institute LLC, Galfar Engineering and Contracting India Pvt Ltd. and Aspire Projects & Services LLC. For the fiscal year ended 31 December 2011, Galfar Engineering and Contracting' total revenue decreased 17% to OMR307.2M. Net income decreased 13% to OMR5.2M. Total revenue reflects a decrease in demand for the Company's services and products. Net income was partially offset by an improvement in the gross profit margin. The company is engaged in the construction sector and is listed on the Muscat Securities Market.

 

 

More Business Descriptions

Electrical and civil engineering; building contracting; equipment and plant hire; manufacturers' representation; supply of trucks, crushing and processing machinery, asphalt plants, tile and marble and all kinds of electrical fittings and fixtures

 

Engineering & Construction Services

 

This major group includes general contractors and operative builders primarily engaged in the construction of residential, farm, industrial, commercial, or other buildings. General building contractors who combine a special trade with the contracting are included in this major group.

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

OMR(mil)

 

Revenue:

307.2

Net Income:

5.2

Assets:

403.3

Long Term Debt:

31.3

 

Total Liabilities:

316.4

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

-17.3%

-12.7%

-4.1%

 

Market Data

Quote Symbol:

GECS

Exchange:

Muscat Securities Market

Currency:

OMR

Stock Price:

0.4

Stock Price Date:

05-24-2012

52 Week Price Change %:

-10.0

Market Value (mil):

136,191.0

 

SEDOL:

B24H657

ISIN:

OM0000003521

 

Equity and Dept Distribution:

03/2009, Scrip Issue, 20 new shares for every 100 shares. 03/2010, Scrip Issue, 1 new share for every 10 shares held.

 

 

Subsidiaries

Company

Percentage Owned

Country

Galfar Engineering and Contracting India Pvt Ltd

100%

INDIA

Galfar Training Institute LLC

100%

OMAN

Al-Khalij Heavy Equipment and Engineering LLC

52.17%

OMAN

Galfar Pembinaan Dan Perusahaan (B) Sdn Bhd

 

BRUNEI

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young LLP

 

Auditor:

Ernst & Young LLP, Ernst & Young

 

 

 

 

 

 

 

 

 

Strengths/Weaknesses (SWOT)

 

 

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        EPC Expertise

·        Emphasis On Employee Training

·        Major Projects and Orders

Weaknesses

·        Limited Liquidity Position

·        Dependence on Government Projects

·        Limited International Exposure

External Origin
(attributes of the environment)

Opportunities

·        Demand for Renovation and Refurbishment Services

·        Foray into Asian Markets

·        Oman Infrastructure Spending

Threats

·        Contraction in the Middle East economy

·        Foreign Competitors and Pricing

 

Overview

 

Galfar Engineering & Contracting SAOG (Galfar) provides engineering, construction and contracting services. Galfar is specialized in project management, engineering, procurement and construction. The company’s multi disciplinary capabilities give it flexibility in handling multiple projects across the non-residential construction market with a track record for safety and technology. Galfar has the opportunity to enter other countries in Asia and establish presence in the residential segment. But, contraction in the Middle East economy and dependence on foreign workers could pose challenges.

 

 

Strengths

 

EPC Expertise

The company meets the needs of diverse markets including oil and gas, sewage systems, marine structures, building constructions, roads and bridges, hospitals, stadiums, water retaining structures, monuments, water line and sewer line networks, and dams. It also acts as a specialized contractor for electro-mechanical works, installation of HVAC systems, power transmission lines, substations, and maintenance of hospitals. Besides, it also provides service offerings that include project management, engineering, procurement and construction. The wide range of markets it serves over the last forty years in Oman gives it an advantage. The company's compounded annual growth rate (CAGR) for revenue was 46.56% during 2004-2008. This was above the Construction Contractors sector average* of 23.91%. A higher than sector average* revenue CAGR indicates that the company has outperformed the average sector growth and gained market share over the last four years. For the nine months ended September 2009, the contract income was RO 322.22 million. The company may have achieved this growth due to better competitive positioning or superior products and services offering compared to other companies in the sector.

 

Emphasis On Employee Training

Galfar has laid major emphasis on training and development of employees. It is the first company in Oman to establish a training centre for operators under the name Galfar Training Centre (GTC). Through this center, employees are trained for a period of six months with respect to supervisory skills, effective communication, vehicle, tool or equipment relating to employees work. Additionally, hands-on-experience is imparted to employees by providing them an opportunity to work at various project locations. The center also assists in career development and enhancing craftsmanship of its employees and improves efficiencies in work execution. Besides, Galfar has ensured implementation of the ISO 9001:2000, ISO 14001:2004 & OHSAS 18001:1999 standards for quality management, environmental protection and occupational health & safety respectively. During the year 2008 the company employees drove 115 million kms and worked 92 million manhours with a Lost Time Injury Frequency (LTIF) of 0.76 for the year. These efforts have helped the company take up complex projects and deliver on schedule.

 

Major Projects and Orders

The company over the years has been successful in completing a number of projects across various segments. Its key projects include Sohar Fertilizer Project, Sohar Hotel, Suwaiq water distribution scheme, STP & Sewage Network at Al Burami, Maurid-Marmul GRE, Qarn Alam to Barik 132 KV OHL, Oman LNG Upstream Facilities. Further, the company was also awarded with sword of honor by British government. The strong track record of the company in handling projects coupled with recognition received by it has increased its goodwill and enhanced the confidence of investors in the company. This has assisted the company to record strong financial performance in the fiscal year ended 2008. The turnover of the company increased to RO 363.0 million in 2008 from RO 267.0 million in 2007. All segments of business increased their turnover with Oil & Gas and Roads & Bridges units in particular being the main contributors of the growth. Besides, Galfar’s order book stood at RO 720.0 million at the beginning of the year 2009 that is sufficient for optimum utilization of the company’s resources for the next two years.

 

 

Weaknesses

 

Limited Liquidity Position

The company's current ratio was 1.06 at the end of fiscal year 2008. This was below the Construction Contractors sector average* of 1.89. A lower than sector average* current ratio indicates that the company is in a weaker financial position than other companies in the sector. Besides, the company was trading at a price/earnings (P/E) ratio of 8.8 at the end of fiscal year 2008. This was below the Construction Contractors sector average* of 14.22. A lower than sector average P/E may indicate that the company may have lower growth prospects compared to other companies in the sector. Investors may be expecting limited earnings growth in the future compared to the companies in the sector.

 

Dependence on Government Projects

Government contracts contribute to a substantial portion of Galfar’s revenues. Galfar clientele include various ministries and institutions in Oman like general organization for sports & cultural youth activities, internal security services, ministry of agriculture and fisheries, ministry of defense, ministry of education, ministry of health, ministry of housing, electricity and water, ministry of regional municipalities, environment and water resources, ministry of transport and communications and Muscat municipality and the royal Oman police. The company’s financial performance is heavily dependent on the project funding by various government agencies. The decrease in funding by government agencies on petroleum projects could have a detrimental effect on the revenues and new orders of the company.

 

 

Limited International Exposure

Galfar offers a wide range of services to its clients and serves several sectors. But its operations and projects are largely concentrated in Oman. Limited geographic reach restricts opportunities to capture the demand in other growing markets and also makes the company dependent on local market projects. A slowdown in the construction activity in Oman could have a negative impact on company revenues. The company has to an extent entered the Indian market through the subsidiary Galfar India Limited in 2009. But with many companies operating in India, it still needs to win major projects to establish presence. It was recently awarded a four lane road construction job of 24.50 km. worth RO 10.99 Million by Mahakaleshwar Tollways Pvt. Ltd.

 

 

Opportunities

 

Demand for Renovation and Refurbishment Services

The company could expand its services portfolio to include renovation and refurbishment services. The increasing demand for these services could provide an opportunity for Galfar to increase its growth prospects and diversify its operations. The refurbishment and renovation services could increase due to the economic downturn, providing opportunities for the company to leverage its experience. Banks are foreclosing on commercial and residential loans in large numbers. These properties are often in poor condition, requiring repairs and maintenance to prevent further loss of value, and to comply with local codes and ordinances. Banks rely on outside services by building contractors. This could provide contractors repair, improvement, and maintenance work from financial institutions.

 

 

Foray into Asian Markets

The company could leverage its expertise to enter foreign markets in Asia and the Middle East region. The company has already made some efforts to enter into India. It could be easier to enter the other countries in the Gulf region due to the proximity and similarity of projects and cultural conditions.

 

Oman Infrastructure Spending

The Oman government has initiated a 2020 diversification program, started with intent to reduce oil sector’s contribution to GDP. The government is scheduled to invest close to $20 billion over the next seven years for boosting the tourism sector and associated infrastructure. Oman is also planning to develop six new domestic airports and expand its two international airports. Further it is expected to spend $1.7 billion in the power generation, $1.9 billion for road development and $951.0 million for port projects. Galfar can leverage on its past track record and attempt to bid for projects in new sectors and gain related experience.

 

 

Threats

 

Contraction in the Middle East economy

According to International Monetary Fund, the Middle East Economy experienced a downturn over the course of the fiscal year 2009. In had reduced 6.8% over the previous year. The sluggish growth in the economy coupled with limited access to credit for the firms is leading to delay in projects being undertaken. All these factors result in less number of construction projects on offer. The slowdown in construction activity of the Middle East would reduce the revenue of Galfar as it happens to be one of the major markets in which the company operates.

 

Foreign Competitors and Pricing

Construction companies worldwide are aggressively looking out for opportunities in the Middle East to attain geographic diversification of operations. Foreign companies operating across diverse construction projects have begun to look for opportunities outside the major Gulf markets of UAE and Saudi Arabia as a result of recession and any projects have been deferred or discontinued. These firms could bid for projects at a competitive price and in turn place pressure on the company to bid at lower prices. In addition, during the year 2008, there was increase in price of Cement, Bitumen, Steel and Copper along with manpower costs and equipment hiring cost. This had an impact on the profitability during the second half of 2008 on the company. Further rise in costs could pose challenges in terms of cash flows and profits.

 

 

 

Corporate Structure News

 

Galfar Engineering and Contracting Co.
Total Corporate Family Members: 4

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Galfar Engineering and Contracting Co.

Parent

Muscat

Oman

Construction Services

797.9

27,000

Galfar Engineering & Contracting WLL.

Subsidiary

Abu Dhabi

United Arab Emirates

Construction Services

 

9,000

Galfar Pembinaan Dan Perusahaan (B) Sdn Bhd

Subsidiary

Bandar Seri Begawan

Brunei Darussalam

Construction Services

 

1,900

Al-Khalij Heavy Equipment and Engineering LLC

Subsidiary

Ghala

Oman

Oil Well Services and Equipment

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Salem Said Hamad Al Fannah Al Araimi

 

Non-Executive Chairman of the Board

Chairman

Biography

Sheikh Dr. Salem Said Hamad Al Fannah Al Araimi serves as Non-Executive Chairman of the Board of Galfar Engineering and Contracting SAOG. He is Member of the Board of Bank Sohar S.A.O.G and Oman Medical College S.A.O.C. He received a Doctorate in Philosophy degree majoring in Technology and a Bachelors degree in Military Science from Glasgow Caledonian University.

 


Education:

Glasgow Caledonian University, B (Military Science)

 

Salim Said Hamad Al Fannah Al Araimi

 

Chairman

Chairman

 

 

P. Mohammed Ali

 

Vice Chairman of the Board, Managing Director

Vice-Chairman

 

 

Biography

Dr. P. Mohammed Ali serves as Vice Chairman of the Board and Managing Director of Galfar Engineering and Contracting SAOG. He has been with the Company for more than 35 years and has experience in the field of construction, oil and gas industry. He is Member of the Board of Oman Medical College S.A.O.C.

 

Dahab, Hamad Bin Hashim Mohammed Al

 

Board Member

Director/Board Member

 

 

Rawas, Salim Abdulla Saeed Badr Al

 

Board Member

Director/Board Member

 

 

Araimi, Budoor Mohamed Rashid Al Fannah Al

 

Board Member

Director/Board Member

 

 

Kindy, Adil Abdulaziz Al

 

Board Member

Director/Board Member

 

 

Araimi, Salman bin Rashid bin Abdullah Al

 

Board Member

Director/Board Member

 

 

Salman Rashed Abdullah Al Fannah Al Araimi

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Budoor Mohammed Rashed Al Fannah Al Araimi

 

Non-Executive Member of the Board

Director/Board Member

 

 

Biography

Ms. Budoor Mohammed Rashed Al Fannah Al Araimi serves as Non-Executive Member of the Board of Galfar Engineering and Contracting SAOG. She is Member of the Board of Gulf Plastic Industries Co. S.A.O.G., A’Sharqiya Investment Holding Co. S.A.O.G. and Oman Medical College S.A.O.C.

 

Yahya Abdullah Salem Al Fannah Al Araimi

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Hamad Bin Hashem Mohammed Al Dhahab Al Ghailani

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Biography

Dr. Hamad Hashem Mohammed Al Dhahab Al Ghailani serves as Non-Executive Independent Member of the Board of Galfar Engineering and Contracting SAOG. He is Member of the Board of A'Sharqiya Investment Holding Co. S.A.O.G.

 

Adil Abdulaziz Al Kindy

 

Director

Director/Board Member

 

 

Adel Bin Abdul Aziz Yahya Al Kindy

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Salem Abdullah Said Badr Al Rawas

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Biography

Sheikh Salem Abdullah Said Badr Al Rawas serves as Non-Executive Independent Member of the Board of Galfar Engineering and Contracting SAOG. He is Member of the Board of Oman Oil Marketing Company S.A.O.G.

 

Hatem Bin Bakheit Said Al Shanfari

 

Non-Executive Independent Member of the Board

Director/Board Member

 

 

Biography

Dr. Hatem Bin Bakheit Said Al Shanfari serves as Non-Executive Independent Member of the Board of Galfar Engineering and Contracting SAOG. He is Member of the Board of Gulf Investment Services Co. S.A.O.G and Gulf Baader Capital Markets Co. S.A.O.C.

 


Education:

Glasgow Caledonian University, PHD (Finance)

 

 

Executives

 

Name

Title

Function

V. Chandrasekhar

 

Senior Manager - (CEO's Office)

Chief Executive Officer

Hans Erlings

 

Chief Executive Officer

Chief Executive Officer

A.K. Bhan

 

CEO - Galfar India

Division Head Executive

K.D. Nair

 

General Manager of Ak Khalij Heavy Equip Engg LLC

Division Head Executive

Vivek Wagh

 

General Manager of Aspire Projects & Services LLC

Division Head Executive

P. Mohammed Ali

 

Vice Chairman of the Board, Managing Director

Managing Director

Biography

Dr. P. Mohammed Ali serves as Vice Chairman of the Board and Managing Director of Galfar Engineering and Contracting SAOG. He has been with the Company for more than 35 years and has experience in the field of construction, oil and gas industry. He is Member of the Board of Oman Medical College S.A.O.C.

 

K.A.M. Sageer

 

Project Director Environment & Special Projects Unit 2

Environment/Safety Executive

 

Abdullah Al Fannah Al Araimi

 

Acting Vice President - Human Resources & Administration

Administration Executive

 

Rashid Bin Mohamed Al Ghailani

 

VP-HR & Admin

Administration Executive

 

T H Varradharajan

 

Executive Vice President Roads and Bridges

Administration Executive

 

Abdul Baqi Daffalla

 

Legal Advisor and Board Secretary

Company Secretary

 

S.K. Agarwal

 

Financial Advisor to the Board

Finance Executive

 

S. Muthukrishnan

 

Chief Financial Officer and Information Technology

Finance Executive

 

S.C. Chadha

 

Chief Internal Auditor

Accounting Executive

 

J.K. Salvi

 

Vice President - Business Development & Tendering

Business Development Executive

 

Niels Palmann

 

Vice President Contracts, Tendering and Planning

Planning Executive

 

N Pankajakshan

 

Vice President Plant

Manufacturing Executive

 

K.M.A. Rahiman

 

Vice President - Plant

Manufacturing Executive

 

Ali Moopan

 

Project Director Service Contracts

Purchasing Executive

 

E.A. Shariff

 

Vice President - Procurement

Purchasing Executive

 

G. Gellatly

 

Project Director - MEW / Adam-Izz

Other

 

T.S. Janardhanan

 

Senior Executive Vice President - O&G and EPC

Other

 

S.K. Khuntia

 

Executive Vice President - Construction

Other

 

J.K. Mitra

 

Executive Vice President - Utilities

Other

 

K. Nausher

 

Projects Director (Civil)

Other

 

T.G. Philip

 

Vice President - QHSE

Other

 

S. Raina

 

Executive Vice President - Roads, Bridges & Airports

Other

 

David Robello

 

Head Airports

Other

 

R.C. Verma

 

Executive Vice President - EPC

Other

 

Philip Wayne

 

Project Director Special Projects Unit 2

Other

 

 

 

Significant Developments

 

 

 

 

Galfar Engineering and Contracting SAOG Announces Contract Extension

May 31, 2012


Galfar Engineering and Contracting SAOG announced that it has extended the contract No. C 31/0603, with Petroleum Development Oman, Off Plot Delivery Contract (North) for Qarn Alam, Yibal Area for two years commencing from September 01, 2012 up to August 31, 2014. The Company expects to generate OMR 2 million as income during the mentioned two years.

Galfar Engineering and Contracting SAOG Announces Tender Awards For OMR 2,686,905

May 23, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded tender Number 353/2011 by the Public Authority for Electricity & Water for the Operation and maintenance of the above-ground assets including wells, water treatment plants, water tanks, pumping station, tankers filling stations, buildings in the governorate of Al Dakhiliya for a total amount of OMR 2,686,905. The duration for operation and maintenance is three years.

Galfar Engineering and Contracting SAOG Announces Tender Awards For OMR 3,183,759

May 09, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded tender Number 2/2012 for operation and maintenance of the assets of the Public Authority for Electricity & Water (above ground assets) in the governorate of North Al Sharqiya for OMR 902, 412; tender Number 5/ 2012 for the operation and maintenance of the assets of the Public Authority for Electricity & Water (underground assets) in the governorate of Al Wusta for OMR 550, 687; tender Number 7/2012 for the operation and maintenance of the assets of the Public Authority for Electricity & Water (underground assets) in the governorate of Al Dakhiliya for OMR 973, 874; and tender Number 11 / 2012 for the operation and maintenance of the assets of the Public Authority for Electricity & Water (underground assets) in the governorate of North Al Sharqiya for OMR 756, 786. The tenders were awarded by the Public Authority for Electricity & Water for a total amount of OMR 3, 183, 759. The duration for operation and maintenance of each job is three years.

Galfar Engineering and Contracting SAOG Announces Tender Award for OMR 24,098,674

Apr 28, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded a contract by the Public Authority for Electricity & Water, worth OMR 24,098,674, for the construction of water distribution networks project, Wilayat of Nizwa in Al Dakhiliya region. The completion period is 913 days in addition to 60 days for mobilization.

Galfar Engineering and Contracting SAOG Recommends 12% Annual Cash Dividend For FY 2011

Mar 07, 2012


Galfar Engineering and Contracting SAOG announced that the Company's Board of Directors has recommended the distribution of 12%, of the paid up capital, as annual cash dividend, representing OMR 0.012 per share for the fiscal year ended December 31, 2011.

Galfar Engineering and Contracting SAOG Announces Tender Award for OMR 4,532,074.433

Mar 04, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded a contract by the Ministry of Transport and Communications, worth OMR 4,532,074.433, for the construction of Dhank Al Khabib road in Al Dhahirah Region. The completion period is 550 days in addition to 60 days for mobilization.

Galfar Engineering and Contracting SAOG Wins Tender Worth OMR 138,929,383

Feb 28, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded Construction of Al Batinah South Expressway Project (First Phase) tender for OMR 138,929,383.

Galfar Engineering and Contracting SAOG Announces Tender Award worth OMR 4,919,894

Feb 22, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender "Expansion of Water Networks Project", Wilayat of Barka in the Governorate of South Al Batina, for the Public Authority for Electricity & Water, for a total value of OMR 4, 919, 894. The completion period is 540 days with 60 days for mobilization.

Galfar Engineering and Contracting SAOG Announces Tender Award worth OMR 14,634,795.335

Feb 19, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender for management, operation and maintenance of Salalah Wastewater System for Salalah Sanitary Drainage Services Co. (SAOC), for a total value of OMR 14,634,795.335. The contract period is five years with 85 days for mobilization.

Galfar Engineering and Contracting SAOG Announces Tender Award for OMR 1.823 Million

Jan 15, 2012


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender by the Ministry of Regional Municipalities and Water Resources, for the construction of bridge across Wadi Bani Kharoos near Eid Prayer connecting two sides of Wilayat al Awabi, governorate of South Al Batina, for a total value of OMR 1.823 million. The completion period is 365 days with 30 days for mobilization.

Galfar Engineering and Contracting SAOG Announces Tender Award for Construction of Border Post Complex at Al-Rub Al Khali

Nov 16, 2011


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender by the Directorate General of Projects and Maintenance at ROP, for the construction of border post complex at Al-Rub Al Khali, in al Dakhiliyah region, for a total value of OMR 29.7 million. The contract completion period is 540 days with a mobilization of 30 days.

Galfar Engineering and Contracting SAOG Announces Tender Award for Design and Construction of Al Faroosiya Street Interchange

Nov 03, 2011


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender by Muscat Municipality, for the design and construction of al Faroosiya street interchange, for a total value of OMR 12,290,412. The contract period is for 450 days in addition to 60 days for mobilization.

Galfar Engineering and Contracting SAOG Announces Tender Award for OMR 7.6 Million

Oct 11, 2011


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender by Petroleum Development Oman LLC, for Fahud area gas-early production system, for a total value of OMR 7.6 million. The contract duration is 20 months.

Galfar Engineering and Contracting SAOG Wins Tender Award For OMR 50,867,203

Oct 02, 2011


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender, by the Ministry of Transport & Communications, for the construction of Izz /Adam Dual Road, Al Dakhiliya Region. The total value of the tender is OMR 50,867,203. The completion period of the project is 912 days in addition to 60 days period for mobilization.

Galfar Engineering and Contracting SAOG Wins Tender Award For OMR 13,964,437

Sep 27, 2011


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender, by the Public Authority for Electricity & Water, for the construction of water pipeline to transport water from Wadi Adai to Al Amerat in Muscat Governorate. The total value of the tender is OMR 13,964,437. The completion period of the project is 545 days in addition to 60 days period for mobilization.

Galfar Engineering and Contracting SAOG Announces Tender Award for OMR 167,475

Sep 20, 2011


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender worth OMR 167,475, from the Directorate General of Projects and Maintenance at Royal Oman Police (ROP), for the construction of STP/TTP at ROP Complex, Al Wajajah Border Post. The contract completion period is 32 weeks with a mobilization of 14 days.

Galfar Engineering and Contracting SAOG Announces Tender Award for OMR 6,498,957

Sep 11, 2011


Galfar Engineering and Contracting SAOG announced that it has been awarded a tender No. 100/2011 from the Ministry of Transport and Communications, for a total value of OMR 6,498,957, for the construction of Hima / Al Sahma road in Al Wusta region. The validity of the contract is for 425 days with 60 days for mobilization.

Galfar Engineering and Contracting SAOG Receives Contract Award From Daleel Petroleum LLC

Aug 25, 2011


Galfar Engineering and Contracting SAOG announced that it has received a letter of contract award from Daleel Petroleum LLC for access road construction and drilling well sites preparation for a total sum of OMR 2,372,960. The contract commences on October 1, 2011 and runs for a period of three years extendable optionally by Daleel Petroleum LLC for additional two years.

Galfar Engineering and Contracting SAOG Incorporates and Registers New Associate Company and Subsidiary In Sultanate Of Oman

Aug 20, 2011


Galfar Engineering and Contracting SAOG announced that it has completed, on August 17, 2011, the process of incorporation and registration of Unibeton-Galfar Ready Mix LLC and Aspire Projects and Services LLC. Unibeton-Galfar Ready Mix LLC, a limited liability company and 50-50% ownership, associated with Unibeton Ready Mix LLC, United Arab Emirates, which will carry on the business of producing and supplying ready mix concrete. Aspire Projects and Services LLC, a limited liability company and 99.9% owned subsidiary of Galfar Engineering and Contracting SAOG that will carry on the activities of small diversified engineering and contracting works.

 

 

 

Annual Income Statement

 

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

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

797.9

965.0

1,070.5

942.9

694.9

Revenue

797.9

965.0

1,070.5

942.9

694.9

Total Revenue

797.9

965.0

1,070.5

942.9

694.9

 

 

 

 

 

 

    Cost of Revenue

738.0

904.7

1,025.6

803.5

604.4

Cost of Revenue, Total

738.0

904.7

1,025.6

803.5

604.4

Gross Profit

59.9

60.3

44.9

139.4

90.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

27.8

23.8

21.6

19.9

18.5

Total Selling/General/Administrative Expenses

27.8

23.8

21.6

19.9

18.5

    Depreciation

1.4

1.3

1.2

47.0

-

Depreciation/Amortization

1.4

1.3

1.2

47.0

-

    Impairment-Assets Held for Use

1.7

0.0

0.4

0.0

-

    Loss (Gain) on Sale of Assets - Operating

-2.2

-0.4

-0.3

-1.0

-

Unusual Expense (Income)

-0.5

-0.4

0.1

-1.0

-

    Other Operating Expense

-

-

-

0.2

2.0

    Other, Net

-2.7

-1.5

-1.0

-5.1

-4.4

Other Operating Expenses, Total

-2.7

-1.5

-1.0

-4.9

-2.4

Total Operating Expense

764.0

927.9

1,047.4

864.5

620.5

 

 

 

 

 

 

Operating Income

33.9

37.1

23.0

78.4

74.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-17.9

-18.2

-12.7

-10.6

-7.7

    Interest Expense, Net Non-Operating

-17.9

-18.2

-12.7

-10.6

-7.7

        Interest Income - Non-Operating

0.3

0.2

1.5

0.3

-

    Interest/Investment Income - Non-Operating

0.3

0.2

1.5

0.3

-

Interest Income (Expense) - Net Non-Operating Total

-17.6

-18.0

-11.2

-10.3

-7.7

Income Before Tax

16.3

19.1

11.9

68.1

66.7

 

 

 

 

 

 

Total Income Tax

2.6

3.5

2.1

8.0

8.7

Income After Tax

13.7

15.6

9.8

60.0

58.0

 

 

 

 

 

 

    Minority Interest

-0.1

0.0

0.2

-0.5

-0.5

Net Income Before Extraord Items

13.6

15.6

9.9

59.5

57.6

Net Income

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Basic EPS Excl Extraord Items

0.04

0.05

0.03

0.18

0.17

Basic/Primary EPS Incl Extraord Items

0.04

0.05

0.03

0.18

0.17

Diluted Net Income

13.6

15.6

9.9

59.5

57.6

Diluted Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Diluted EPS Excl Extraord Items

0.04

0.05

0.03

0.18

0.17

Diluted EPS Incl Extraord Items

0.04

0.05

0.03

0.18

0.17

Dividends per Share - Common Stock Primary Issue

0.03

0.03

0.26

0.05

1.04

Gross Dividends - Common Stock

10.3

8.6

7.8

13.0

26.0

Interest Expense, Supplemental

17.9

18.2

12.7

10.6

8.6

Depreciation, Supplemental

61.6

62.8

59.3

47.2

35.2

Total Special Items

-0.5

-0.4

0.1

-1.0

-

Normalized Income Before Tax

15.8

18.6

11.9

67.0

66.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

-0.1

0.0

-0.1

-

Inc Tax Ex Impact of Sp Items

2.5

3.4

2.1

7.9

8.7

Normalized Income After Tax

13.3

15.2

9.8

59.1

58.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

13.2

15.2

10.0

58.6

57.6

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.05

0.03

0.18

0.17

Diluted Normalized EPS

0.04

0.05

0.03

0.18

0.17

Rental Expenses

7.8

7.2

6.6

11.1

0.1

Normalized EBIT

33.4

36.7

23.1

77.4

74.4

Normalized EBITDA

95.0

99.5

82.4

124.6

109.6

    Current Tax - Domestic

3.1

1.9

0.0

2.3

-

Current Tax - Total

3.1

1.9

0.0

2.3

-

    Deferred Tax - Domestic

-0.5

1.6

1.8

5.7

-

Deferred Tax - Total

-0.5

1.6

1.8

5.7

-

    Other Tax

-

-

0.3

-

-

Income Tax - Total

2.6

3.5

2.1

8.0

-

 

 

 

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

Restated Normal
31-Dec-2010

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

6.1

4.4

4.7

4.9

10.0

Cash and Short Term Investments

6.1

4.4

4.7

4.9

10.0

        Accounts Receivable - Trade, Gross

412.4

426.4

297.8

249.7

250.9

        Provision for Doubtful Accounts

-

0.0

-0.6

-0.6

-0.6

    Trade Accounts Receivable - Net

412.4

426.4

297.3

249.1

250.4

    Notes Receivable - Short Term

2.7

6.2

7.2

32.2

35.9

    Other Receivables

102.7

53.2

21.9

17.7

-

Total Receivables, Net

517.8

485.8

326.3

299.1

286.2

    Inventories - Work In Progress

71.8

118.4

118.1

124.0

-

    Inventories - Raw Materials

76.3

62.8

60.6

120.4

56.7

    Inventories - Other

-0.8

0.0

-0.2

-0.2

-0.2

Total Inventory

147.3

181.2

178.5

244.2

56.5

Prepaid Expenses

10.6

39.8

33.1

35.3

23.5

Total Current Assets

681.9

711.3

542.6

583.5

376.2

 

 

 

 

 

 

        Land/Improvements

3.3

1.4

1.4

0.9

0.9

        Machinery/Equipment

546.1

536.0

517.4

463.1

362.6

        Construction in Progress

6.2

6.0

4.7

8.8

3.3

        Other Property/Plant/Equipment

84.4

79.7

76.5

62.1

53.2

    Property/Plant/Equipment - Gross

640.1

623.0

600.0

534.9

420.0

    Accumulated Depreciation

-343.7

-306.1

-250.9

-197.1

-158.6

Property/Plant/Equipment - Net

296.4

316.9

349.1

337.8

261.3

Goodwill, Net

-

-

-

0.7

0.7

    LT Investment - Affiliate Companies

25.5

21.7

2.8

0.0

0.0

    LT Investments - Other

0.4

0.4

0.4

0.4

0.4

Long Term Investments

25.9

22.0

3.1

0.4

0.4

Note Receivable - Long Term

43.5

42.6

65.7

41.5

30.3

    Other Long Term Assets

-

0.0

0.0

-

-

Other Long Term Assets, Total

-

0.0

0.0

-

-

Total Assets

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

Accounts Payable

147.1

249.6

245.2

355.6

275.0

Accrued Expenses

23.5

34.2

20.5

-

-

Notes Payable/Short Term Debt

244.3

226.1

172.1

184.9

91.4

Current Portion - Long Term Debt/Capital Leases

10.7

8.2

6.9

10.3

-

    Customer Advances

71.6

90.3

65.7

-

-

    Income Taxes Payable

5.0

1.9

0.0

2.3

4.0

    Other Payables

136.8

111.0

87.8

-

-

Other Current liabilities, Total

213.4

203.1

153.5

2.3

4.0

Total Current Liabilities

639.0

721.1

598.2

553.0

370.3

 

 

 

 

 

 

    Long Term Debt

67.5

56.3

69.4

70.3

51.8

    Capital Lease Obligations

13.7

12.5

7.5

13.9

-

Total Long Term Debt

81.2

68.8

77.0

84.2

51.8

Total Debt

336.1

303.0

256.0

279.3

143.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

19.8

20.3

18.8

16.9

11.2

Deferred Income Tax

19.8

20.3

18.8

16.9

11.2

Minority Interest

1.8

1.7

1.7

1.9

1.4

    Pension Benefits - Underfunded

19.6

19.0

16.0

13.5

10.1

    Other Long Term Liabilities

60.4

41.1

36.0

78.0

41.1

Other Liabilities, Total

80.0

60.1

51.9

91.4

51.3

Total Liabilities

821.8

872.0

747.5

747.5

486.0

 

 

 

 

 

 

    Common Stock

85.7

85.7

77.9

64.9

64.9

Common Stock

85.7

85.7

77.9

64.9

64.9

Additional Paid-In Capital

42.9

42.9

45.5

49.8

49.8

Retained Earnings (Accumulated Deficit)

97.3

92.2

89.7

101.7

68.2

Total Equity

225.8

220.8

213.1

216.4

182.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

330.0

330.0

330.0

330.0

330.0

Total Common Shares Outstanding

330.0

330.0

330.0

330.0

330.0

Employees

-

27,000

27,500

24,500

22,951

Number of Common Shareholders

5,433

5,853

6,115

6,583

-

Deferred Revenue - Current

71.6

90.3

65.7

57.6

28.6

Deferred Revenue - Long Term

58.6

36.5

25.6

62.8

14.0

Total Long Term Debt, Supplemental

122.0

111.9

123.5

108.3

95.2

Long Term Debt Maturing within 1 Year

54.5

55.6

54.0

38.0

43.3

Long Term Debt Maturing in Year 2

40.2

41.0

33.5

37.2

26.5

Long Term Debt Maturing in 2-3 Years

40.2

41.0

33.5

37.2

26.5

Long Term Debt Matur. in Year 6 & Beyond

27.3

15.3

36.0

33.1

25.3

    Interest Costs

-2.2

0.0

0.0

-2.4

-

Total Capital Leases, Supplemental

20.6

20.6

14.4

24.1

-

Capital Lease Payments Due in Year 1

9.3

8.2

6.9

11.5

-

Capital Lease Payments Due in Year 2

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in Year 3

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in Year 4

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in Year 5

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in 2-3 Years

6.8

6.2

3.8

7.5

-

Capital Lease Payments Due in 4-5 Years

6.8

6.2

3.8

7.5

-

 

 

 

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

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

16.3

19.1

12.0

68.1

66.7

    Depreciation

61.6

62.8

59.3

47.2

35.2

Depreciation/Depletion

61.6

62.8

59.3

47.2

35.2

    Unusual Items

-2.2

-0.4

-0.3

-1.0

-0.3

    Other Non-Cash Items

43.7

21.7

-28.5

50.8

8.0

Non-Cash Items

41.5

21.2

-28.8

49.7

7.7

    Accounts Receivable

44.4

-137.7

-68.6

-151.8

-107.1

    Inventories

-12.6

-2.5

59.8

-63.7

-20.0

    Prepaid Expenses

-5.1

-6.7

3.8

-8.1

-6.6

    Accounts Payable

-105.9

65.8

60.1

80.7

46.1

    Payable/Accrued

-

0.0

-2.3

-4.0

-3.9

    Other Operating Cash Flow

-4.4

-

0.0

-3.8

-

Changes in Working Capital

-83.6

-81.0

52.8

-150.6

-91.5

Cash from Operating Activities

35.8

22.1

95.3

14.4

18.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-45.7

-32.7

-74.7

-126.9

-103.9

Capital Expenditures

-45.7

-32.7

-74.7

-126.9

-103.9

    Acquisition of Business

-5.6

-18.9

-2.8

0.0

0.0

    Sale of Fixed Assets

6.8

2.5

4.5

4.3

2.9

    Other Investing Cash Flow

3.7

1.1

26.6

3.7

-3.6

Other Investing Cash Flow Items, Total

5.0

-15.3

28.3

7.9

-0.7

Cash from Investing Activities

-40.7

-48.0

-46.4

-119.0

-104.6

 

 

 

 

 

 

    Cash Dividends Paid - Common

-8.6

-7.8

-13.0

-26.0

-15.7

Total Cash Dividends Paid

-8.6

-7.8

-13.0

-26.0

-15.7

    Common Stock, Net

-

-

-

0.0

62.8

    Repurchase/Retirement of Common/Preferred

-17.9

-13.7

-12.7

-10.6

-8.6

Issuance (Retirement) of Stock, Net

-17.9

-13.7

-12.7

-10.6

54.2

    Short Term Debt, Net

19.3

52.4

-28.8

98.9

19.4

    Long Term Debt, Net

13.8

-5.3

5.4

37.3

29.4

Issuance (Retirement) of Debt, Net

33.1

47.1

-23.4

136.2

48.7

Cash from Financing Activities

6.7

25.6

-49.1

99.6

87.2

 

 

 

 

 

 

Net Change in Cash

1.7

-0.2

-0.2

-5.1

0.7

 

 

 

 

 

 

Net Cash - Beginning Balance

4.4

4.7

4.9

10.0

9.3

Net Cash - Ending Balance

6.1

4.4

4.7

4.9

10.0

Cash Interest Paid

17.9

13.7

12.7

10.6

8.6

Cash Taxes Paid

-

0.0

2.3

7.7

3.9

 

 

 

Annual Income Statement

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

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Contract Income

783.4

954.3

1,060.9

942.9

694.9

    Sales & ServicesIncome

14.5

10.7

9.6

-

-

Total Revenue

797.9

965.0

1,070.5

942.9

694.9

 

 

 

 

 

 

    Contract Costs

738.0

904.7

1,025.6

803.5

604.4

    Hire Revenue

-

-

-

-3.6

-3.2

    Hire Operating Cost

-

-

-

3.8

5.2

    General & Administrative Expenses

27.8

23.8

21.6

19.9

18.5

    Depreciation

1.4

1.3

1.2

47.0

-

    Other Income

-2.7

-1.5

-1.0

-5.1

-4.4

    Gain on Disposal of Fixed Assets

-2.2

-0.4

-0.3

-1.0

-

    Impairment of Subsidiary

1.7

0.0

0.4

0.0

-

Total Operating Expense

764.0

927.9

1,047.4

864.5

620.5

 

 

 

 

 

 

    Net Financing Costs

-

-

-

-

-7.7

    Interest Cost

-17.9

-18.2

-12.7

-10.6

-

    Interest Income

0.3

0.2

1.5

0.3

-

Net Income Before Taxes

16.3

19.1

11.9

68.1

66.7

 

 

 

 

 

 

Provision for Income Taxes

2.6

3.5

2.1

8.0

8.7

Net Income After Taxes

13.7

15.6

9.8

60.0

58.0

 

 

 

 

 

 

    Minority Interest

-0.1

0.0

0.2

-0.5

-0.5

Net Income Before Extra. Items

13.6

15.6

9.9

59.5

57.6

Net Income

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Basic Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Basic EPS Excluding ExtraOrdinary Items

0.04

0.05

0.03

0.18

0.17

Basic EPS Including ExtraOrdinary Items

0.04

0.05

0.03

0.18

0.17

Diluted Net Income

13.6

15.6

9.9

59.5

57.6

Diluted Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Diluted EPS Excluding ExtraOrd Items

0.04

0.05

0.03

0.18

0.17

Diluted EPS Including ExtraOrd Items

0.04

0.05

0.03

0.18

0.17

DPS-Common Stock

0.03

0.03

0.26

0.05

1.04

Gross Dividends - Common Stock

10.3

8.6

7.8

13.0

26.0

Normalized Income Before Taxes

15.8

18.6

11.9

67.0

66.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.5

3.4

2.1

7.9

8.7

Normalized Income After Taxes

13.3

15.2

9.8

59.1

58.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

13.2

15.2

10.0

58.6

57.6

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.05

0.03

0.18

0.17

Diluted Normalized EPS

0.04

0.05

0.03

0.18

0.17

Interest Expense

17.9

18.2

12.7

10.6

8.6

Depreciation

61.6

62.8

59.3

47.2

35.2

Rent

7.8

7.2

6.6

11.1

0.1

    Current Tax

3.1

1.9

0.0

2.3

-

Current Tax - Total

3.1

1.9

0.0

2.3

-

    Deferred Tax

-0.5

1.6

1.8

5.7

-

Deferred Tax - Total

-0.5

1.6

1.8

5.7

-

    Tax charge-earlier year

-

-

0.3

-

-

Income Tax - Total

2.6

3.5

2.1

8.0

-

 

 

 

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

Restated Normal
31-Dec-2010

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Materials and Consumables

76.3

62.8

60.6

120.4

56.7

    Allowance for Slow Moving Inventories

-0.8

0.0

-0.2

-0.2

-0.2

    Accounts Receivable

405.1

422.6

295.0

249.7

250.9

    Provision for Doubtful Debts

-

0.0

-0.6

-0.6

-0.6

    Trade Receivables Gross

7.3

3.8

2.8

-

-

    Other Receivables

68.4

53.2

21.9

17.7

-

    Work in Progress

71.8

118.4

118.1

124.0

-

    Prepayments

10.6

39.8

33.1

35.3

23.5

    Advance & Other Receivables

34.3

-

-

-

-

    Deposits with Banks

2.7

6.2

7.2

32.2

35.9

    Cash and Cash Equivalents

6.1

4.4

4.7

4.9

10.0

Total Current Assets

681.9

711.3

542.6

583.5

376.2

 

 

 

 

 

 

    Land

3.3

1.4

1.4

0.9

0.9

    Site Accommodation

56.6

54.9

53.2

51.1

42.3

    Tools

5.4

5.2

5.2

0.0

-

    Ghala Camp

27.8

24.8

23.3

10.9

10.9

    Plant & Machinery

303.5

296.3

283.5

250.8

188.0

    Lab Equipment

0.7

0.4

0.3

0.2

0.2

    Furniture & Equipment

39.4

37.3

34.5

28.6

24.3

    Software Development

4.1

2.4

1.9

1.8

1.5

    Motor Vehicles

193.0

194.3

192.0

181.7

148.7

    Capital Work In Progress

6.2

6.0

4.7

8.8

3.3

    Depreciation

-343.7

-306.1

-250.9

-197.1

-158.6

    Goodwill

-

-

-

0.7

0.7

    Investment In Subsidiary

0.0

0.0

0.0

0.0

0.0

    Investment in Associate

25.5

21.7

2.8

0.0

-

    Available For Sale Investments

0.4

0.4

0.4

0.4

0.4

    Retentions Receivable

43.5

42.6

65.7

41.5

30.3

    Adjustment

-

0.0

0.0

-

-

Total Assets

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

    Bank Borrowings

122.7

123.8

59.7

101.0

37.1

    Short Term Loans

67.1

46.8

58.4

45.9

10.9

    Term Loans- Current Portion

54.5

55.6

54.0

38.0

43.3

    Current Portion of Finance Lease

10.7

8.2

6.9

10.3

-

    Trade Payables

147.1

249.6

245.2

355.6

275.0

    Advances on Contracts

71.6

90.3

65.7

-

-

    Accrued Expenses

23.5

34.2

20.5

-

-

    Other Payable

136.8

111.0

87.8

-

-

    Provision for Taxation

5.0

1.9

0.0

2.3

4.0

Total Current Liabilities

639.0

721.1

598.2

553.0

370.3

 

 

 

 

 

 

    Term Loans

67.5

56.3

69.4

70.3

51.8

    Non-Current Portion of Fin. Lease

13.7

12.5

7.5

13.9

-

Total Long Term Debt

81.2

68.8

77.0

84.2

51.8

 

 

 

 

 

 

    Employees' end of Service Indemnity

19.6

19.0

16.0

13.5

10.1

    Deferred Tax

19.8

20.3

18.8

16.9

11.2

    Creditors for Purchase of FA

1.8

4.6

10.4

15.2

27.1

    Advance on Contracts

58.6

36.5

25.6

62.8

14.0

    Minority Interest

1.8

1.7

1.7

1.9

1.4

Total Liabilities

821.8

872.0

747.5

747.5

486.0

 

 

 

 

 

 

    Share Capital

85.7

85.7

77.9

64.9

64.9

    Share Premium

42.9

42.9

45.5

49.8

49.8

    Statutory Reserve

28.8

28.8

26.0

21.6

16.2

    Retained Earnings

68.5

63.4

63.7

80.1

52.0

Total Equity

225.8

220.8

213.1

216.4

182.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

    S/O-Common Stock

330.0

330.0

330.0

330.0

330.0

Total Common Shares Outstanding

330.0

330.0

330.0

330.0

330.0

Advances on Contracts- ST

71.6

90.3

65.7

57.6

28.6

Advances on Contracts- LT

58.6

36.5

25.6

62.8

14.0

Full-Time Employees

-

27,000

27,500

24,500

22,951

Shareholders

5,433

5,853

6,115

6,583

-

Within One Year

54.5

55.6

54.0

38.0

43.3

In the Second Year

40.2

41.0

33.5

37.2

26.5

In the third to Fifth Inclusive

27.3

15.3

36.0

33.1

25.3

Total Long Term Debt, Supplemental

122.0

111.9

123.5

108.3

95.2

Finance Lease Due in 1 Year

9.3

8.2

6.9

11.5

-

Finance Lease Due in 1-5 Years

13.6

12.5

7.5

15.0

-

Current Finance Charge

-2.2

0.0

0.0

-2.4

-

Total Capital Leases, Supplemental

20.6

20.6

14.4

24.1

-

 

 

 

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

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

16.3

19.1

12.0

68.1

66.7

    Depreciation

61.6

62.8

59.3

47.2

35.2

    Profit on Disposals

-2.2

-0.4

-0.3

-1.0

-0.3

    End of Service Indemnity

5.1

3.0

2.5

3.3

2.1

    Goodwill Impairment

-

0.0

-

-

-

    Provision for Slow Moving

-

-

0.0

-

-

    Finance Costs

17.9

13.7

12.7

10.6

8.6

    Interest Income

-0.3

-0.2

-1.5

-0.3

-0.9

    Share of Result of Associates

1.7

-

-

-

-

    Trade & Other Receivables

45.3

-160.8

-44.4

-140.5

-96.8

    Prepayment

-5.1

-6.7

3.8

-8.1

-6.6

    Inventories

-12.6

-2.5

59.8

-63.7

-20.0

    Trade & Other Payables

-105.9

65.8

60.1

80.7

46.1

    Retentions Receivable-Long Term

-0.9

23.1

-24.2

-11.2

-10.4

    Advances on Conttracts-Long Term

22.0

10.9

-37.4

48.8

5.1

    Changes in Creditors for Fixed Assets

-2.8

-5.8

-4.8

-11.9

-

    Margin Deposits

-

-

0.0

0.3

-6.9

    Income Tax Paid

-

0.0

-2.3

-4.0

-3.9

    End of Sevices Paid

-4.4

-

-

-

-

    Advance Tax Paid

-

-

0.0

-3.8

-

Cash from Operating Activities

35.8

22.1

95.3

14.4

18.1

 

 

 

 

 

 

    Purchase of Property,Plant,& Equip.

-45.7

-32.7

-74.7

-126.9

-103.9

    Sale of Property,Plant,& Equip.

6.8

2.5

4.5

4.3

2.9

    Change in Term Deposits

3.5

1.0

25.1

3.4

-4.5

    Acquistion of Subsidiary

-5.6

-18.9

-2.8

0.0

0.0

    Interest Received

0.3

0.2

1.5

0.3

0.9

Cash from Investing Activities

-40.7

-48.0

-46.4

-119.0

-104.6

 

 

 

 

 

 

    Share Capital Raised

-

-

-

0.0

62.8

    Term Loans

13.8

-5.3

5.4

37.3

29.4

    Bank Borrowings

-1.1

64.1

-41.3

63.9

13.5

    Short Term Loans

20.4

-11.7

12.5

35.0

5.8

    Interest Paid

-17.9

-13.7

-12.7

-10.6

-8.6

    Distribution to Shareholders

-8.6

-7.8

-13.0

-26.0

-15.7

Cash from Financing Activities

6.7

25.6

-49.1

99.6

87.2

 

 

 

 

 

 

Net Change in Cash

1.7

-0.2

-0.2

-5.1

0.7

 

 

 

 

 

 

Net Cash - Beginning Balance

4.4

4.7

4.9

10.0

9.3

Net Cash - Endning Balance

6.1

4.4

4.7

4.9

10.0

    Cash Interest Paid

17.9

13.7

12.7

10.6

8.6

    Cash Taxes Paid

-

0.0

2.3

7.7

3.9

 

 

 

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

-

-

797.9

-17.31%

-5.41%

13.31%

Operating Income1

-

-

33.9

-8.73%

-24.40%

-9.09%

Income Available to Common Excl Extraord Items1

-

-

13.6

-12.68%

-38.87%

-20.59%

Basic EPS Excl Extraord Items1

-

-

0.04

-12.64%

-38.81%

-20.54%

Capital Expenditures2

45.7

-

45.7

39.86%

-28.83%

-12.36%

Cash from Operating Activities2

35.8

61.68%

35.8

61.68%

35.51%

-15.12%

Free Cash Flow

-10.0

-

-10.0

-

-

-

Total Assets3

1,047.7

-4.13%

1,047.7

-4.13%

2.81%

18.39%

Total Liabilities3

821.8

-5.75%

821.8

-5.75%

3.21%

17.17%

Total Long Term Debt3

81.2

18.10%

81.2

18.10%

-1.19%

16.93%

Total Common Shares Outstanding3

330.0

0.00%

330.0

0.00%

0.00%

0.00%

1-ExchangeRate: OMR to USD Average for Period

 

 

0.385032

 

 

 

2-ExchangeRate: OMR to USD Average for Period

0.385032

 

0.385032

 

 

 

3-ExchangeRate: OMR to USD Period End Date

0.385000

 

0.385000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

7.51%

6.25%

4.19%

14.78%

13.02%

Operating Margin

4.24%

3.85%

2.15%

8.31%

10.70%

Pretax Margin

2.04%

1.98%

1.11%

7.22%

9.60%

Net Profit Margin

1.70%

1.61%

0.93%

6.31%

8.28%

Financial Strength

Current Ratio

1.07

0.99

0.91

1.06

1.02

Long Term Debt/Equity

0.36

0.31

0.36

0.39

0.28

Total Debt/Equity

1.49

1.37

1.20

1.29

0.78

Management Effectiveness

Return on Assets

1.28%

1.52%

1.01%

7.35%

10.36%

Return on Equity

6.09%

7.18%

4.63%

29.81%

44.07%

Efficiency

Receivables Turnover

1.59

2.38

3.42

3.22

2.99

Inventory Turnover

4.49

5.03

4.85

5.34

12.99

Asset Turnover

0.75

0.94

1.11

1.15

1.24

Market Valuation USD (mil)

P/E (TTM)

24.89

.

Enterprise Value2

685.5

Price/Sales (TTM)

0.44

.

Enterprise Value/Revenue (TTM)

0.86

Price/Book (MRQ)

1.50

.

Enterprise Value/EBITDA (TTM)

7.18

Market Cap as of 24-May-20121

 

.

 

 

1-ExchangeRate: OMR to USD on 24-May-2012

 

 

 

 

2-ExchangeRate: OMR to USD on 31-Dec-2011

0.385000

 

 

 

 

 

 

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

1.07

0.99

0.91

1.06

1.02

Quick/Acid Test Ratio

0.82

0.68

0.55

0.55

0.80

Working Capital1

42.9

-9.9

-55.6

30.4

5.9

Long Term Debt/Equity

0.36

0.31

0.36

0.39

0.28

Total Debt/Equity

1.49

1.37

1.20

1.29

0.78

Long Term Debt/Total Capital

0.14

0.13

0.16

0.17

0.16

Total Debt/Total Capital

0.60

0.58

0.55

0.56

0.44

Payout Ratio

75.47%

54.95%

862.07%

26.22%

596.13%

Effective Tax Rate

15.95%

18.33%

17.73%

11.79%

13.01%

Total Capital1

562.0

523.8

469.0

495.7

326.1

 

 

 

 

 

 

Efficiency

Asset Turnover

0.75

0.94

1.11

1.15

1.24

Inventory Turnover

4.49

5.03

4.85

5.34

12.99

Days In Inventory

81.23

72.55

75.21

68.32

28.09

Receivables Turnover

1.59

2.38

3.42

3.22

2.99

Days Receivables Outstanding

229.53

153.58

106.62

113.31

121.98

Revenue/Employee2

-

35,741

38,931

38,476

30,269

Operating Income/Employee2

-

1,374

838

3,199

3,240

EBITDA/Employee2

-

3,702

2,995

5,125

4,774

 

 

 

 

 

 

Profitability

Gross Margin

7.51%

6.25%

4.19%

14.78%

13.02%

Operating Margin

4.24%

3.85%

2.15%

8.31%

10.70%

EBITDA Margin

11.97%

10.36%

7.69%

13.32%

15.77%

EBIT Margin

4.24%

3.85%

2.15%

8.31%

10.70%

Pretax Margin

2.04%

1.98%

1.11%

7.22%

9.60%

Net Profit Margin

1.70%

1.61%

0.93%

6.31%

8.28%

COGS/Revenue

92.49%

93.75%

95.81%

85.22%

86.98%

SG&A Expense/Revenue

3.49%

2.47%

2.02%

2.12%

2.66%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

1.28%

1.52%

1.01%

7.35%

10.36%

Return on Equity

6.09%

7.18%

4.63%

29.81%

44.07%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.03

-0.03

0.06

-0.34

-0.26

Operating Cash Flow/Share 2

0.11

0.07

0.29

0.04

0.05

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)

26.01

Market Cap/Equity (MRQ)

1.57

Market Cap/Revenue (TTM)

0.44

Market Cap/EBIT (TTM)

10.44

Market Cap/EBITDA (TTM)

10.03

Enterprise Value/Earnings (TTM)

50.40

Enterprise Value/Equity (MRQ)

3.04

Enterprise Value/Revenue (TTM)

0.86

Enterprise Value/EBIT (TTM)

20.24

Enterprise Value/EBITDA (TTM)

19.45

 

 

 

 

 

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

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

797.9

965.0

1,070.5

942.9

694.9

Revenue

797.9

965.0

1,070.5

942.9

694.9

Total Revenue

797.9

965.0

1,070.5

942.9

694.9

 

 

 

 

 

 

    Cost of Revenue

738.0

904.7

1,025.6

803.5

604.4

Cost of Revenue, Total

738.0

904.7

1,025.6

803.5

604.4

Gross Profit

59.9

60.3

44.9

139.4

90.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

27.8

23.8

21.6

19.9

18.5

Total Selling/General/Administrative Expenses

27.8

23.8

21.6

19.9

18.5

    Depreciation

1.4

1.3

1.2

47.0

-

Depreciation/Amortization

1.4

1.3

1.2

47.0

-

    Impairment-Assets Held for Use

1.7

0.0

0.4

0.0

-

    Loss (Gain) on Sale of Assets - Operating

-2.2

-0.4

-0.3

-1.0

-

Unusual Expense (Income)

-0.5

-0.4

0.1

-1.0

-

    Other Operating Expense

-

-

-

0.2

2.0

    Other, Net

-2.7

-1.5

-1.0

-5.1

-4.4

Other Operating Expenses, Total

-2.7

-1.5

-1.0

-4.9

-2.4

Total Operating Expense

764.0

927.9

1,047.4

864.5

620.5

 

 

 

 

 

 

Operating Income

33.9

37.1

23.0

78.4

74.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-17.9

-18.2

-12.7

-10.6

-7.7

    Interest Expense, Net Non-Operating

-17.9

-18.2

-12.7

-10.6

-7.7

        Interest Income - Non-Operating

0.3

0.2

1.5

0.3

-

    Interest/Investment Income - Non-Operating

0.3

0.2

1.5

0.3

-

Interest Income (Expense) - Net Non-Operating Total

-17.6

-18.0

-11.2

-10.3

-7.7

Income Before Tax

16.3

19.1

11.9

68.1

66.7

 

 

 

 

 

 

Total Income Tax

2.6

3.5

2.1

8.0

8.7

Income After Tax

13.7

15.6

9.8

60.0

58.0

 

 

 

 

 

 

    Minority Interest

-0.1

0.0

0.2

-0.5

-0.5

Net Income Before Extraord Items

13.6

15.6

9.9

59.5

57.6

Net Income

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Basic EPS Excl Extraord Items

0.04

0.05

0.03

0.18

0.17

Basic/Primary EPS Incl Extraord Items

0.04

0.05

0.03

0.18

0.17

Diluted Net Income

13.6

15.6

9.9

59.5

57.6

Diluted Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Diluted EPS Excl Extraord Items

0.04

0.05

0.03

0.18

0.17

Diluted EPS Incl Extraord Items

0.04

0.05

0.03

0.18

0.17

Dividends per Share - Common Stock Primary Issue

0.03

0.03

0.26

0.05

1.04

Gross Dividends - Common Stock

10.3

8.6

7.8

13.0

26.0

Interest Expense, Supplemental

17.9

18.2

12.7

10.6

8.6

Depreciation, Supplemental

61.6

62.8

59.3

47.2

35.2

Total Special Items

-0.5

-0.4

0.1

-1.0

-

Normalized Income Before Tax

15.8

18.6

11.9

67.0

66.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

-0.1

0.0

-0.1

-

Inc Tax Ex Impact of Sp Items

2.5

3.4

2.1

7.9

8.7

Normalized Income After Tax

13.3

15.2

9.8

59.1

58.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

13.2

15.2

10.0

58.6

57.6

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.05

0.03

0.18

0.17

Diluted Normalized EPS

0.04

0.05

0.03

0.18

0.17

Rental Expenses

7.8

7.2

6.6

11.1

0.1

Normalized EBIT

33.4

36.7

23.1

77.4

74.4

Normalized EBITDA

95.0

99.5

82.4

124.6

109.6

    Current Tax - Domestic

3.1

1.9

0.0

2.3

-

Current Tax - Total

3.1

1.9

0.0

2.3

-

    Deferred Tax - Domestic

-0.5

1.6

1.8

5.7

-

Deferred Tax - Total

-0.5

1.6

1.8

5.7

-

    Other Tax

-

-

0.3

-

-

Income Tax - Total

2.6

3.5

2.1

8.0

-

 

 

 

 

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

-

176.2

190.9

224.7

206.2

Revenue

-

176.2

190.9

224.7

206.2

Total Revenue

-

176.2

190.9

224.7

206.2

 

 

 

 

 

 

    Cost of Revenue

-

158.3

177.5

209.0

193.2

Cost of Revenue, Total

-

158.3

177.5

209.0

193.2

Gross Profit

-

17.9

13.3

15.7

13.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

7.5

6.7

8.4

5.2

Total Selling/General/Administrative Expenses

-

7.5

6.7

8.4

5.2

    Depreciation

-

0.4

0.3

0.4

0.3

Depreciation/Amortization

-

0.4

0.3

0.4

0.3

    Impairment-Assets Held for Use

-

1.7

-

-

-

    Loss (Gain) on Sale of Assets - Operating

-

-1.5

0.1

-0.6

-0.2

Unusual Expense (Income)

-

0.2

0.1

-0.6

-0.2

    Other Operating Expense

-

-0.7

-0.9

-0.9

-0.1

Other Operating Expenses, Total

-

-0.7

-0.9

-0.9

-0.1

Total Operating Expense

-

165.7

183.8

216.2

198.4

 

 

 

 

 

 

Operating Income

-

10.5

7.1

8.4

7.8

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-4.6

-5.1

-4.5

-3.7

    Interest Expense, Net Non-Operating

-

-4.6

-5.1

-4.5

-3.7

        Interest Income - Non-Operating

-

0.2

0.0

0.0

0.1

    Interest/Investment Income - Non-Operating

-

0.2

0.0

0.0

0.1

Interest Income (Expense) - Net Non-Operating Total

-

-4.4

-5.1

-4.5

-3.6

Income Before Tax

0.0

6.1

2.0

4.0

4.2

 

 

 

 

 

 

Total Income Tax

-

1.1

0.3

0.6

0.6

Income After Tax

0.0

5.0

1.7

3.4

3.6

 

 

 

 

 

 

    Minority Interest

-

0.0

0.0

0.0

-0.1

Net Income Before Extraord Items

-

5.0

1.7

3.4

3.5

Net Income

-

5.0

1.7

3.4

3.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

5.0

1.7

3.4

3.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

5.0

1.7

3.4

3.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

-

330.0

330.0

330.0

330.0

Basic EPS Excl Extraord Items

-

0.02

0.01

0.01

0.01

Basic/Primary EPS Incl Extraord Items

-

0.02

0.01

0.01

0.01

Diluted Net Income

-

5.0

1.7

3.4

3.5

Diluted Weighted Average Shares

-

330.0

330.0

330.0

330.0

Diluted EPS Excl Extraord Items

-

0.02

0.01

0.01

0.01

Diluted EPS Incl Extraord Items

-

0.02

0.01

0.01

0.01

Dividends per Share - Common Stock Primary Issue

-

0.03

0.00

0.00

0.00

Gross Dividends - Common Stock

-

10.3

0.0

0.0

0.0

Interest Expense, Supplemental

-

4.6

5.1

4.5

3.7

Depreciation, Supplemental

-

0.4

0.3

0.4

0.3

Total Special Items

-

0.2

0.1

-0.6

-0.2

Normalized Income Before Tax

-

6.3

2.1

3.3

4.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

0.0

-0.1

0.0

Inc Tax Ex Impact of Sp Items

-

1.1

0.3

0.5

0.6

Normalized Income After Tax

-

5.2

1.8

2.8

3.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-

5.1

1.8

2.9

3.4

 

 

 

 

 

 

Basic Normalized EPS

-

0.02

0.01

0.01

0.01

Diluted Normalized EPS

-

0.02

0.01

0.01

0.01

Rental Expenses

-

2.2

2.2

1.7

1.6

Normalized EBIT

-

10.7

7.2

7.8

7.6

Normalized EBITDA

-

11.1

7.6

8.2

8.0

    Current Tax - Domestic

-

1.1

0.6

1.2

0.2

Current Tax - Total

-

1.1

0.6

1.2

0.2

    Deferred Tax - Domestic

-

0.0

-0.3

-0.6

0.4

Deferred Tax - Total

-

0.0

-0.3

-0.6

0.4

Income Tax - Total

-

1.1

0.3

0.6

0.6

 

 

 

 

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

Restated Normal
31-Dec-2010

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

6.1

4.4

4.7

4.9

10.0

Cash and Short Term Investments

6.1

4.4

4.7

4.9

10.0

        Accounts Receivable - Trade, Gross

412.4

426.4

297.8

249.7

250.9

        Provision for Doubtful Accounts

-

0.0

-0.6

-0.6

-0.6

    Trade Accounts Receivable - Net

412.4

426.4

297.3

249.1

250.4

    Notes Receivable - Short Term

2.7

6.2

7.2

32.2

35.9

    Other Receivables

102.7

53.2

21.9

17.7

-

Total Receivables, Net

517.8

485.8

326.3

299.1

286.2

    Inventories - Work In Progress

71.8

118.4

118.1

124.0

-

    Inventories - Raw Materials

76.3

62.8

60.6

120.4

56.7

    Inventories - Other

-0.8

0.0

-0.2

-0.2

-0.2

Total Inventory

147.3

181.2

178.5

244.2

56.5

Prepaid Expenses

10.6

39.8

33.1

35.3

23.5

Total Current Assets

681.9

711.3

542.6

583.5

376.2

 

 

 

 

 

 

        Land/Improvements

3.3

1.4

1.4

0.9

0.9

        Machinery/Equipment

546.1

536.0

517.4

463.1

362.6

        Construction in Progress

6.2

6.0

4.7

8.8

3.3

        Other Property/Plant/Equipment

84.4

79.7

76.5

62.1

53.2

    Property/Plant/Equipment - Gross

640.1

623.0

600.0

534.9

420.0

    Accumulated Depreciation

-343.7

-306.1

-250.9

-197.1

-158.6

Property/Plant/Equipment - Net

296.4

316.9

349.1

337.8

261.3

Goodwill, Net

-

-

-

0.7

0.7

    LT Investment - Affiliate Companies

25.5

21.7

2.8

0.0

0.0

    LT Investments - Other

0.4

0.4

0.4

0.4

0.4

Long Term Investments

25.9

22.0

3.1

0.4

0.4

Note Receivable - Long Term

43.5

42.6

65.7

41.5

30.3

    Other Long Term Assets

-

0.0

0.0

-

-

Other Long Term Assets, Total

-

0.0

0.0

-

-

Total Assets

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

Accounts Payable

147.1

249.6

245.2

355.6

275.0

Accrued Expenses

23.5

34.2

20.5

-

-

Notes Payable/Short Term Debt

244.3

226.1

172.1

184.9

91.4

Current Portion - Long Term Debt/Capital Leases

10.7

8.2

6.9

10.3

-

    Customer Advances

71.6

90.3

65.7

-

-

    Income Taxes Payable

5.0

1.9

0.0

2.3

4.0

    Other Payables

136.8

111.0

87.8

-

-

Other Current liabilities, Total

213.4

203.1

153.5

2.3

4.0

Total Current Liabilities

639.0

721.1

598.2

553.0

370.3

 

 

 

 

 

 

    Long Term Debt

67.5

56.3

69.4

70.3

51.8

    Capital Lease Obligations

13.7

12.5

7.5

13.9

-

Total Long Term Debt

81.2

68.8

77.0

84.2

51.8

Total Debt

336.1

303.0

256.0

279.3

143.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

19.8

20.3

18.8

16.9

11.2

Deferred Income Tax

19.8

20.3

18.8

16.9

11.2

Minority Interest

1.8

1.7

1.7

1.9

1.4

    Pension Benefits - Underfunded

19.6

19.0

16.0

13.5

10.1

    Other Long Term Liabilities

60.4

41.1

36.0

78.0

41.1

Other Liabilities, Total

80.0

60.1

51.9

91.4

51.3

Total Liabilities

821.8

872.0

747.5

747.5

486.0

 

 

 

 

 

 

    Common Stock

85.7

85.7

77.9

64.9

64.9

Common Stock

85.7

85.7

77.9

64.9

64.9

Additional Paid-In Capital

42.9

42.9

45.5

49.8

49.8

Retained Earnings (Accumulated Deficit)

97.3

92.2

89.7

101.7

68.2

Total Equity

225.8

220.8

213.1

216.4

182.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

330.0

330.0

330.0

330.0

330.0

Total Common Shares Outstanding

330.0

330.0

330.0

330.0

330.0

Employees

-

27,000

27,500

24,500

22,951

Number of Common Shareholders

5,433

5,853

6,115

6,583

-

Deferred Revenue - Current

71.6

90.3

65.7

57.6

28.6

Deferred Revenue - Long Term

58.6

36.5

25.6

62.8

14.0

Total Long Term Debt, Supplemental

122.0

111.9

123.5

108.3

95.2

Long Term Debt Maturing within 1 Year

54.5

55.6

54.0

38.0

43.3

Long Term Debt Maturing in Year 2

40.2

41.0

33.5

37.2

26.5

Long Term Debt Maturing in 2-3 Years

40.2

41.0

33.5

37.2

26.5

Long Term Debt Matur. in Year 6 & Beyond

27.3

15.3

36.0

33.1

25.3

    Interest Costs

-2.2

0.0

0.0

-2.4

-

Total Capital Leases, Supplemental

20.6

20.6

14.4

24.1

-

Capital Lease Payments Due in Year 1

9.3

8.2

6.9

11.5

-

Capital Lease Payments Due in Year 2

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in Year 3

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in Year 4

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in Year 5

3.4

3.1

1.9

3.7

-

Capital Lease Payments Due in 2-3 Years

6.8

6.2

3.8

7.5

-

Capital Lease Payments Due in 4-5 Years

6.8

6.2

3.8

7.5

-

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.38505

0.38505

0.385

0.385

 

 

 

 

 

 

    Cash & Equivalents

6.1

5.2

20.1

25.2

4.4

Cash and Short Term Investments

6.1

5.2

20.1

25.2

4.4

        Accounts Receivable - Trade, Gross

-

-

-

-

426.4

        Provision for Doubtful Accounts

-

-

-

-

0.0

    Trade Accounts Receivable - Net

480.8

510.8

482.4

479.3

426.4

    Notes Receivable - Short Term

2.7

3.0

-

-

6.2

    Other Receivables

34.3

37.2

41.0

29.2

53.2

Total Receivables, Net

517.8

551.1

523.3

508.5

485.8

    Inventories - Work In Progress

71.8

-

-

-

118.4

    Inventories - Raw Materials

76.3

75.0

69.8

74.0

62.8

    Inventories - Other

-0.8

0.0

0.0

0.0

0.0

Total Inventory

147.3

75.0

69.8

73.9

181.2

Prepaid Expenses

10.6

-

-

10.8

39.8

Total Current Assets

681.9

631.3

613.3

618.4

711.3

 

 

 

 

 

 

        Land/Improvements

3.3

1.4

1.4

1.4

1.4

        Machinery/Equipment

546.1

545.4

538.4

538.8

536.0

        Construction in Progress

6.2

14.5

10.7

7.1

6.0

        Other Property/Plant/Equipment

84.4

81.0

80.5

79.9

79.7

    Property/Plant/Equipment - Gross

640.1

642.2

631.0

627.2

623.0

    Accumulated Depreciation

-343.7

-341.7

-329.9

-318.4

-306.1

Property/Plant/Equipment - Net

296.4

300.4

301.1

308.8

316.9

    LT Investment - Affiliate Companies

25.5

-

28.3

21.7

21.7

    LT Investments - Other

0.4

28.4

-

0.4

0.4

Long Term Investments

25.9

28.4

28.3

22.0

22.0

Note Receivable - Long Term

43.5

56.3

53.6

46.7

42.6

    Other Long Term Assets

-

-

-

0.0

0.0

Other Long Term Assets, Total

-

-

-

0.0

0.0

Total Assets

1,047.7

1,016.4

996.4

995.9

1,092.8

 

 

 

 

 

 

Accounts Payable

147.1

228.1

259.6

246.8

249.6

Notes Payable/Short Term Debt

244.3

236.0

185.1

172.8

226.1

Current Portion - Long Term Debt/Capital Leases

10.7

9.1

8.1

7.4

8.2

    Income Taxes Payable

5.0

3.8

3.4

2.1

1.9

    Other Payables

231.9

152.4

136.8

181.4

235.4

Other Current liabilities, Total

236.9

156.1

140.2

183.5

237.3

Total Current Liabilities

639.0

629.4

593.0

610.5

721.1

 

 

 

 

 

 

    Long Term Debt

67.5

48.7

64.4

60.3

56.3

    Capital Lease Obligations

13.7

14.6

15.3

11.1

12.5

Total Long Term Debt

81.2

63.3

79.7

71.4

68.8

Total Debt

336.1

308.5

272.9

251.7

303.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

19.8

19.8

20.1

20.7

20.3

Deferred Income Tax

19.8

19.8

20.1

20.7

20.3

Minority Interest

1.8

1.7

1.7

1.8

1.7

    Pension Benefits - Underfunded

19.6

19.5

19.6

19.3

19.0

    Other Long Term Liabilities

60.4

61.9

63.0

56.4

41.1

Other Liabilities, Total

80.0

81.4

82.6

75.7

60.1

Total Liabilities

821.8

795.6

777.2

780.2

872.0

 

 

 

 

 

 

    Common Stock

85.7

85.7

85.7

85.7

85.7

Common Stock

85.7

85.7

85.7

85.7

85.7

Additional Paid-In Capital

42.9

42.9

42.9

42.9

42.9

Retained Earnings (Accumulated Deficit)

97.3

92.3

90.6

87.2

92.2

Total Equity

225.8

220.8

219.1

215.8

220.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,047.7

1,016.4

996.4

995.9

1,092.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

330.0

330.0

330.0

330.0

330.0

Total Common Shares Outstanding

330.0

330.0

330.0

330.0

330.0

Deferred Revenue - Current

71.6

67.9

73.3

101.5

90.3

Deferred Revenue - Long Term

58.6

59.6

59.4

52.5

36.5

 

 

 

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

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

16.3

19.1

12.0

68.1

66.7

    Depreciation

61.6

62.8

59.3

47.2

35.2

Depreciation/Depletion

61.6

62.8

59.3

47.2

35.2

    Unusual Items

-2.2

-0.4

-0.3

-1.0

-0.3

    Other Non-Cash Items

43.7

21.7

-28.5

50.8

8.0

Non-Cash Items

41.5

21.2

-28.8

49.7

7.7

    Accounts Receivable

44.4

-137.7

-68.6

-151.8

-107.1

    Inventories

-12.6

-2.5

59.8

-63.7

-20.0

    Prepaid Expenses

-5.1

-6.7

3.8

-8.1

-6.6

    Accounts Payable

-105.9

65.8

60.1

80.7

46.1

    Payable/Accrued

-

0.0

-2.3

-4.0

-3.9

    Other Operating Cash Flow

-4.4

-

0.0

-3.8

-

Changes in Working Capital

-83.6

-81.0

52.8

-150.6

-91.5

Cash from Operating Activities

35.8

22.1

95.3

14.4

18.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-45.7

-32.7

-74.7

-126.9

-103.9

Capital Expenditures

-45.7

-32.7

-74.7

-126.9

-103.9

    Acquisition of Business

-5.6

-18.9

-2.8

0.0

0.0

    Sale of Fixed Assets

6.8

2.5

4.5

4.3

2.9

    Other Investing Cash Flow

3.7

1.1

26.6

3.7

-3.6

Other Investing Cash Flow Items, Total

5.0

-15.3

28.3

7.9

-0.7

Cash from Investing Activities

-40.7

-48.0

-46.4

-119.0

-104.6

 

 

 

 

 

 

    Cash Dividends Paid - Common

-8.6

-7.8

-13.0

-26.0

-15.7

Total Cash Dividends Paid

-8.6

-7.8

-13.0

-26.0

-15.7

    Common Stock, Net

-

-

-

0.0

62.8

    Repurchase/Retirement of Common/Preferred

-17.9

-13.7

-12.7

-10.6

-8.6

Issuance (Retirement) of Stock, Net

-17.9

-13.7

-12.7

-10.6

54.2

    Short Term Debt, Net

19.3

52.4

-28.8

98.9

19.4

    Long Term Debt, Net

13.8

-5.3

5.4

37.3

29.4

Issuance (Retirement) of Debt, Net

33.1

47.1

-23.4

136.2

48.7

Cash from Financing Activities

6.7

25.6

-49.1

99.6

87.2

 

 

 

 

 

 

Net Change in Cash

1.7

-0.2

-0.2

-5.1

0.7

 

 

 

 

 

 

Net Cash - Beginning Balance

4.4

4.7

4.9

10.0

9.3

Net Cash - Ending Balance

6.1

4.4

4.7

4.9

10.0

Cash Interest Paid

17.9

13.7

12.7

10.6

8.6

Cash Taxes Paid

-

0.0

2.3

7.7

3.9

 

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385036

0.385048

0.385072

0.385008

 

 

 

 

 

 

Net Income/Starting Line

16.3

69.3

46.7

23.0

19.1

    Depreciation

-

-

-

-

62.8

Depreciation/Depletion

-

-

-

-

62.8

    Other Operating Cash Flow

19.5

-19.3

30.5

53.6

-59.8

Changes in Working Capital

19.5

-19.3

30.5

53.6

-59.8

Cash from Operating Activities

35.8

50.0

77.2

76.6

22.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-45.7

-30.0

-14.9

-7.2

-

Capital Expenditures

-45.7

-30.0

-14.9

-7.2

-

    Sale of Fixed Assets

6.8

-

-

-

-

    Investment, Net

-5.6

-6.4

-6.3

0.0

-

    Other Investing Cash Flow

3.7

3.2

1.7

-1.6

-48.0

Other Investing Cash Flow Items, Total

5.0

-3.1

-4.6

-1.6

-48.0

Cash from Investing Activities

-40.7

-33.1

-19.5

-8.7

-48.0

 

 

 

 

 

 

    Other Financing Cash Flow

-

3.1

2.8

-2.1

25.6

Financing Cash Flow Items

-

3.1

2.8

-2.1

25.6

    Cash Dividends Paid - Common

-8.6

-8.6

-8.6

0.0

-

Total Cash Dividends Paid

-8.6

-8.6

-8.6

0.0

-

    Repurchase/Retirement of Common/Preferred

-17.9

-13.0

-8.0

-3.6

-

Issuance (Retirement) of Stock, Net

-17.9

-13.0

-8.0

-3.6

-

    Short Term Debt, Net

19.3

-15.3

-53.7

-54.2

-

    Long Term Debt, Net

13.8

17.7

20.9

5.0

-

Issuance (Retirement) of Debt, Net

33.1

2.4

-32.9

-49.3

-

Cash from Financing Activities

6.7

-16.1

-46.6

-54.9

25.6

 

 

 

 

 

 

Net Change in Cash

1.7

0.8

11.1

12.9

-0.2

 

 

 

 

 

 

Net Cash - Beginning Balance

4.4

4.4

4.4

4.4

4.7

Net Cash - Ending Balance

6.1

5.2

15.5

17.4

4.4

Cash Interest Paid

17.9

-

-

-

-

Cash Taxes Paid

-

0.0

0.0

0.0

-

 

 

 

 

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

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Contract Income

783.4

954.3

1,060.9

942.9

694.9

    Sales & ServicesIncome

14.5

10.7

9.6

-

-

Total Revenue

797.9

965.0

1,070.5

942.9

694.9

 

 

 

 

 

 

    Contract Costs

738.0

904.7

1,025.6

803.5

604.4

    Hire Revenue

-

-

-

-3.6

-3.2

    Hire Operating Cost

-

-

-

3.8

5.2

    General & Administrative Expenses

27.8

23.8

21.6

19.9

18.5

    Depreciation

1.4

1.3

1.2

47.0

-

    Other Income

-2.7

-1.5

-1.0

-5.1

-4.4

    Gain on Disposal of Fixed Assets

-2.2

-0.4

-0.3

-1.0

-

    Impairment of Subsidiary

1.7

0.0

0.4

0.0

-

Total Operating Expense

764.0

927.9

1,047.4

864.5

620.5

 

 

 

 

 

 

    Net Financing Costs

-

-

-

-

-7.7

    Interest Cost

-17.9

-18.2

-12.7

-10.6

-

    Interest Income

0.3

0.2

1.5

0.3

-

Net Income Before Taxes

16.3

19.1

11.9

68.1

66.7

 

 

 

 

 

 

Provision for Income Taxes

2.6

3.5

2.1

8.0

8.7

Net Income After Taxes

13.7

15.6

9.8

60.0

58.0

 

 

 

 

 

 

    Minority Interest

-0.1

0.0

0.2

-0.5

-0.5

Net Income Before Extra. Items

13.6

15.6

9.9

59.5

57.6

Net Income

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

13.6

15.6

9.9

59.5

57.6

 

 

 

 

 

 

Basic Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Basic EPS Excluding ExtraOrdinary Items

0.04

0.05

0.03

0.18

0.17

Basic EPS Including ExtraOrdinary Items

0.04

0.05

0.03

0.18

0.17

Diluted Net Income

13.6

15.6

9.9

59.5

57.6

Diluted Weighted Average Shares

330.0

330.0

330.0

330.0

330.0

Diluted EPS Excluding ExtraOrd Items

0.04

0.05

0.03

0.18

0.17

Diluted EPS Including ExtraOrd Items

0.04

0.05

0.03

0.18

0.17

DPS-Common Stock

0.03

0.03

0.26

0.05

1.04

Gross Dividends - Common Stock

10.3

8.6

7.8

13.0

26.0

Normalized Income Before Taxes

15.8

18.6

11.9

67.0

66.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.5

3.4

2.1

7.9

8.7

Normalized Income After Taxes

13.3

15.2

9.8

59.1

58.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

13.2

15.2

10.0

58.6

57.6

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.05

0.03

0.18

0.17

Diluted Normalized EPS

0.04

0.05

0.03

0.18

0.17

Interest Expense

17.9

18.2

12.7

10.6

8.6

Depreciation

61.6

62.8

59.3

47.2

35.2

Rent

7.8

7.2

6.6

11.1

0.1

    Current Tax

3.1

1.9

0.0

2.3

-

Current Tax - Total

3.1

1.9

0.0

2.3

-

    Deferred Tax

-0.5

1.6

1.8

5.7

-

Deferred Tax - Total

-0.5

1.6

1.8

5.7

-

    Tax charge-earlier year

-

-

0.3

-

-

Income Tax - Total

2.6

3.5

2.1

8.0

-

 

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Reclassified Normal
31-Dec-2011

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385019

0.385015

0.385023

0.385072

0.385068

 

 

 

 

 

 

    Contract Income

172.1

187.6

220.9

202.9

267.4

    Sales and Services Income

4.1

3.3

3.8

3.3

2.9

Total Revenue

176.2

190.9

224.7

206.2

270.3

 

 

 

 

 

 

    Contract Costs

158.3

177.5

209.0

193.2

248.0

    General & Administrative Expenses

7.5

6.7

8.4

5.2

7.8

    Depreciation

0.4

0.3

0.4

0.3

0.6

    Other Income

-0.7

-0.9

-0.9

-0.1

-0.1

    Gain on Disposal of Fixed Assets

-1.5

0.1

-0.6

-0.2

-0.4

    Impairment of Subsidiary

1.7

-

-

-

0.0

Total Operating Expense

165.7

183.8

216.2

198.4

255.8

 

 

 

 

 

 

    Interest Expenses

-4.6

-5.1

-4.5

-3.7

-6.3

    Interest Income

0.2

0.0

0.0

0.1

0.1

Net Income Before Taxes

6.1

2.0

4.0

4.2

8.3

 

 

 

 

 

 

Provision for Income Taxes

1.1

0.3

0.6

0.6

1.6

Net Income After Taxes

5.0

1.7

3.4

3.6

6.7

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

-0.1

0.0

Net Income Before Extra. Items

5.0

1.7

3.4

3.5

6.7

Net Income

5.0

1.7

3.4

3.5

6.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

5.0

1.7

3.4

3.5

6.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

5.0

1.7

3.4

3.5

6.7

 

 

 

 

 

 

Basic Weighted Average Shares

330.0

330.0

330.0

330.0

371.3

Basic EPS Excluding ExtraOrdinary Items

0.02

0.00

0.01

0.01

0.02

Basic EPS Including ExtraOrdinary Items

0.02

0.00

0.01

0.01

0.02

Diluted Net Income

5.0

1.7

3.4

3.5

6.7

Diluted Weighted Average Shares

330.0

330.0

330.0

330.0

371.3

Diluted EPS Excluding ExtraOrd Items

0.02

0.00

0.01

0.01

0.02

Diluted EPS Including ExtraOrd Items

0.02

0.00

0.01

0.01

0.02

DPS-Common Stock

0.03

0.00

0.00

0.00

0.03

Gross Dividends - Common Stock

10.3

0.0

0.0

0.0

8.6

Normalized Income Before Taxes

6.3

2.1

3.3

4.0

7.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.1

0.3

0.5

0.6

1.5

Normalized Income After Taxes

5.2

1.8

2.8

3.4

6.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

5.1

1.8

2.9

3.4

6.4

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.01

0.01

0.01

0.02

Diluted Normalized EPS

0.02

0.01

0.01

0.01

0.02

Pure Interest Expense

4.6

5.1

4.5

3.7

6.3

Depreciation

0.4

0.3

0.4

0.3

0.6

Rent

2.2

2.2

1.7

1.6

3.6

    Current Tax

1.1

0.6

1.2

0.2

0.1

Current Tax - Total

1.1

0.6

1.2

0.2

0.1

    Deferred Tax

0.0

-0.3

-0.6

0.4

1.5

Deferred Tax - Total

0.0

-0.3

-0.6

0.4

1.5

Income Tax - Total

1.1

0.3

0.6

0.6

1.6

 

 

 

 

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

Restated Normal
31-Dec-2010

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Materials and Consumables

76.3

62.8

60.6

120.4

56.7

    Allowance for Slow Moving Inventories

-0.8

0.0

-0.2

-0.2

-0.2

    Accounts Receivable

405.1

422.6

295.0

249.7

250.9

    Provision for Doubtful Debts

-

0.0

-0.6

-0.6

-0.6

    Trade Receivables Gross

7.3

3.8

2.8

-

-

    Other Receivables

68.4

53.2

21.9

17.7

-

    Work in Progress

71.8

118.4

118.1

124.0

-

    Prepayments

10.6

39.8

33.1

35.3

23.5

    Advance & Other Receivables

34.3

-

-

-

-

    Deposits with Banks

2.7

6.2

7.2

32.2

35.9

    Cash and Cash Equivalents

6.1

4.4

4.7

4.9

10.0

Total Current Assets

681.9

711.3

542.6

583.5

376.2

 

 

 

 

 

 

    Land

3.3

1.4

1.4

0.9

0.9

    Site Accommodation

56.6

54.9

53.2

51.1

42.3

    Tools

5.4

5.2

5.2

0.0

-

    Ghala Camp

27.8

24.8

23.3

10.9

10.9

    Plant & Machinery

303.5

296.3

283.5

250.8

188.0

    Lab Equipment

0.7

0.4

0.3

0.2

0.2

    Furniture & Equipment

39.4

37.3

34.5

28.6

24.3

    Software Development

4.1

2.4

1.9

1.8

1.5

    Motor Vehicles

193.0

194.3

192.0

181.7

148.7

    Capital Work In Progress

6.2

6.0

4.7

8.8

3.3

    Depreciation

-343.7

-306.1

-250.9

-197.1

-158.6

    Goodwill

-

-

-

0.7

0.7

    Investment In Subsidiary

0.0

0.0

0.0

0.0

0.0

    Investment in Associate

25.5

21.7

2.8

0.0

-

    Available For Sale Investments

0.4

0.4

0.4

0.4

0.4

    Retentions Receivable

43.5

42.6

65.7

41.5

30.3

    Adjustment

-

0.0

0.0

-

-

Total Assets

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

    Bank Borrowings

122.7

123.8

59.7

101.0

37.1

    Short Term Loans

67.1

46.8

58.4

45.9

10.9

    Term Loans- Current Portion

54.5

55.6

54.0

38.0

43.3

    Current Portion of Finance Lease

10.7

8.2

6.9

10.3

-

    Trade Payables

147.1

249.6

245.2

355.6

275.0

    Advances on Contracts

71.6

90.3

65.7

-

-

    Accrued Expenses

23.5

34.2

20.5

-

-

    Other Payable

136.8

111.0

87.8

-

-

    Provision for Taxation

5.0

1.9

0.0

2.3

4.0

Total Current Liabilities

639.0

721.1

598.2

553.0

370.3

 

 

 

 

 

 

    Term Loans

67.5

56.3

69.4

70.3

51.8

    Non-Current Portion of Fin. Lease

13.7

12.5

7.5

13.9

-

Total Long Term Debt

81.2

68.8

77.0

84.2

51.8

 

 

 

 

 

 

    Employees' end of Service Indemnity

19.6

19.0

16.0

13.5

10.1

    Deferred Tax

19.8

20.3

18.8

16.9

11.2

    Creditors for Purchase of FA

1.8

4.6

10.4

15.2

27.1

    Advance on Contracts

58.6

36.5

25.6

62.8

14.0

    Minority Interest

1.8

1.7

1.7

1.9

1.4

Total Liabilities

821.8

872.0

747.5

747.5

486.0

 

 

 

 

 

 

    Share Capital

85.7

85.7

77.9

64.9

64.9

    Share Premium

42.9

42.9

45.5

49.8

49.8

    Statutory Reserve

28.8

28.8

26.0

21.6

16.2

    Retained Earnings

68.5

63.4

63.7

80.1

52.0

Total Equity

225.8

220.8

213.1

216.4

182.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,047.7

1,092.8

960.6

963.9

668.9

 

 

 

 

 

 

    S/O-Common Stock

330.0

330.0

330.0

330.0

330.0

Total Common Shares Outstanding

330.0

330.0

330.0

330.0

330.0

Advances on Contracts- ST

71.6

90.3

65.7

57.6

28.6

Advances on Contracts- LT

58.6

36.5

25.6

62.8

14.0

Full-Time Employees

-

27,000

27,500

24,500

22,951

Shareholders

5,433

5,853

6,115

6,583

-

Within One Year

54.5

55.6

54.0

38.0

43.3

In the Second Year

40.2

41.0

33.5

37.2

26.5

In the third to Fifth Inclusive

27.3

15.3

36.0

33.1

25.3

Total Long Term Debt, Supplemental

122.0

111.9

123.5

108.3

95.2

Finance Lease Due in 1 Year

9.3

8.2

6.9

11.5

-

Finance Lease Due in 1-5 Years

13.6

12.5

7.5

15.0

-

Current Finance Charge

-2.2

0.0

0.0

-2.4

-

Total Capital Leases, Supplemental

20.6

20.6

14.4

24.1

-

 

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate

0.385

0.38505

0.38505

0.385

0.385

 

 

 

 

 

 

    Materials and Consumables

76.3

75.0

69.8

74.0

62.8

    Allowance for Slow Moving Inventories

-0.8

0.0

0.0

0.0

0.0

    Trade Receivables

480.8

510.8

482.4

479.3

-

    Contract Receivables

-

-

-

-

422.6

    Trade Receivable Gross

-

-

-

-

3.8

    Provision for Doubtful Debts

-

-

-

-

0.0

    Other Receivables

34.3

37.2

41.0

29.2

53.2

    Work In Progress

71.8

-

-

-

118.4

    Prepayment

10.6

-

-

10.8

39.8

    Deposits with Banks

2.7

3.0

-

-

6.2

    Cash and Cash Equivalents

6.1

5.2

20.1

25.2

4.4

Total Current Assets

681.9

631.3

613.3

618.4

711.3

 

 

 

 

 

 

    Land

3.3

1.4

1.4

1.4

1.4

    Building Camp

27.8

24.9

24.8

24.8

24.8

    Plant & Machinery

303.5

303.4

302.3

297.1

296.3

    Motor Vehicles

193.0

193.8

189.6

196.0

194.3

    Furniture & Equipment

39.4

38.4

37.7

37.4

37.3

    Site Accommodation

56.6

56.1

55.8

55.1

54.9

    Soft Ware Development

4.1

3.7

3.0

2.7

2.4

    Lab Equipment

0.7

0.7

0.5

0.5

0.4

    Tools

5.4

5.4

5.4

5.2

5.2

    Capital Work In Progress

6.2

14.5

10.7

7.1

6.0

    Depreciation

-343.7

-341.7

-329.9

-318.4

-306.1

    Investment In Subsidiary

0.0

-

-

0.0

0.0

    Investment In Associate

25.5

-

28.3

21.7

21.7

    Available For Sale Investments

0.4

28.4

-

0.4

0.4

    Retentions Receivable

43.5

56.3

53.6

46.7

42.6

    Adjustment

-

-

-

0.0

0.0

Total Assets

1,047.7

1,016.4

996.4

995.9

1,092.8

 

 

 

 

 

 

    Bank Borrowings

122.7

108.5

70.0

69.5

123.8

    Short Term Loans

67.1

63.2

56.4

48.3

46.8

    Term Loans- Current Portion

54.5

64.3

58.6

54.9

55.6

    Current Portion of Finance Lease

10.7

9.1

8.1

7.4

8.2

    Trade Payables

147.1

228.1

259.6

246.8

249.6

    Other Payable & Provision

231.9

152.4

136.8

181.4

235.4

    Provision for Taxation

5.0

3.8

3.4

2.1

1.9

Total Current Liabilities

639.0

629.4

593.0

610.5

721.1

 

 

 

 

 

 

    Term Loans

67.5

48.7

64.4

60.3

56.3

    Non-Current Portion of Fin. Lease

13.7

14.6

15.3

11.1

12.5

Total Long Term Debt

81.2

63.3

79.7

71.4

68.8

 

 

 

 

 

 

    Employees' end of Service Indemnity

19.6

19.5

19.6

19.3

19.0

    Deferred Tax

19.8

19.8

20.1

20.7

20.3

    Creditors for Purchase of FA

1.8

2.3

3.6

3.8

4.6

    Advance on Contracts

58.6

59.6

59.4

52.5

36.5

    Minority Interest

1.8

1.7

1.7

1.8

1.7

Total Liabilities

821.8

795.6

777.2

780.2

872.0

 

 

 

 

 

 

    Share Capital

85.7

85.7

85.7

85.7

85.7

    Statutory Reserve

28.8

28.8

28.8

28.8

28.8

    Share Premium

42.9

42.9

42.9

42.9

42.9

    Retained Earnings

68.5

63.5

61.8

58.4

63.4

Total Equity

225.8

220.8

219.1

215.8

220.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,047.7

1,016.4

996.4

995.9

1,092.8

 

 

 

 

 

 

    S/O-Common Stock

330.0

330.0

330.0

330.0

330.0

Total Common Shares Outstanding

330.0

330.0

330.0

330.0

330.0

Deferred Revenue ST

71.6

67.9

73.3

101.5

90.3

Deferred Revenue LT

58.6

59.6

59.4

52.5

36.5

 

 

 

 

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

Updated Normal
31-Dec-2008

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

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

16.3

19.1

12.0

68.1

66.7

    Depreciation

61.6

62.8

59.3

47.2

35.2

    Profit on Disposals

-2.2

-0.4

-0.3

-1.0

-0.3

    End of Service Indemnity

5.1

3.0

2.5

3.3

2.1

    Goodwill Impairment

-

0.0

-

-

-

    Provision for Slow Moving

-

-

0.0

-

-

    Finance Costs

17.9

13.7

12.7

10.6

8.6

    Interest Income

-0.3

-0.2

-1.5

-0.3

-0.9

    Share of Result of Associates

1.7

-

-

-

-

    Trade & Other Receivables

45.3

-160.8

-44.4

-140.5

-96.8

    Prepayment

-5.1

-6.7

3.8

-8.1

-6.6

    Inventories

-12.6

-2.5

59.8

-63.7

-20.0

    Trade & Other Payables

-105.9

65.8

60.1

80.7

46.1

    Retentions Receivable-Long Term

-0.9

23.1

-24.2

-11.2

-10.4

    Advances on Conttracts-Long Term

22.0

10.9

-37.4

48.8

5.1

    Changes in Creditors for Fixed Assets

-2.8

-5.8

-4.8

-11.9

-

    Margin Deposits

-

-

0.0

0.3

-6.9

    Income Tax Paid

-

0.0

-2.3

-4.0

-3.9

    End of Sevices Paid

-4.4

-

-

-

-

    Advance Tax Paid

-

-

0.0

-3.8

-

Cash from Operating Activities

35.8

22.1

95.3

14.4

18.1

 

 

 

 

 

 

    Purchase of Property,Plant,& Equip.

-45.7

-32.7

-74.7

-126.9

-103.9

    Sale of Property,Plant,& Equip.

6.8

2.5

4.5

4.3

2.9

    Change in Term Deposits

3.5

1.0

25.1

3.4

-4.5

    Acquistion of Subsidiary

-5.6

-18.9

-2.8

0.0

0.0

    Interest Received

0.3

0.2

1.5

0.3

0.9

Cash from Investing Activities

-40.7

-48.0

-46.4

-119.0

-104.6

 

 

 

 

 

 

    Share Capital Raised

-

-

-

0.0

62.8

    Term Loans

13.8

-5.3

5.4

37.3

29.4

    Bank Borrowings

-1.1

64.1

-41.3

63.9

13.5

    Short Term Loans

20.4

-11.7

12.5

35.0

5.8

    Interest Paid

-17.9

-13.7

-12.7

-10.6

-8.6

    Distribution to Shareholders

-8.6

-7.8

-13.0

-26.0

-15.7

Cash from Financing Activities

6.7

25.6

-49.1

99.6

87.2

 

 

 

 

 

 

Net Change in Cash

1.7

-0.2

-0.2

-5.1

0.7

 

 

 

 

 

 

Net Cash - Beginning Balance

4.4

4.7

4.9

10.0

9.3

Net Cash - Endning Balance

6.1

4.4

4.7

4.9

10.0

    Cash Interest Paid

17.9

13.7

12.7

10.6

8.6

    Cash Taxes Paid

-

0.0

2.3

7.7

3.9

 

 

 

 

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Filed Currency

OMR

OMR

OMR

OMR

OMR

Exchange Rate (Period Average)

0.385032

0.385036

0.385048

0.385072

0.385008

 

 

 

 

 

 

Net Income

16.3

69.3

46.7

23.0

19.1

    Depreciation

-

-

-

-

62.8

    Other Operating Activities

83.8

-

-

-

-59.8

    Working Capital

-59.9

-26.9

19.0

42.1

-

    Non Current Operating Act

-4.4

7.6

11.5

11.5

-

    Tax Paid

-

0.0

0.0

0.0

-

Cash from Operating Activities

35.8

50.0

77.2

76.6

22.1

 

 

 

 

 

 

    Other Investing Activities

-

-

-

-

-48.0

    Property Plant Equipment Net

-45.7

-30.0

-14.9

-7.2

-

    Sale of Fixed Assets

6.8

-

-

-

-

    Inv In Associates

-5.6

-6.4

-6.3

0.0

-

    Bank Deposits

3.5

3.2

1.6

-1.6

-

    Interest Income

0.3

0.1

0.1

0.1

-

Cash from Investing Activities

-40.7

-33.1

-19.5

-8.7

-48.0

 

 

 

 

 

 

    Other Financing Activities

-

-

-

-

25.6

    Share Capital Raised

-

0.0

0.0

0.0

-

    Term Loans

13.8

17.7

20.9

5.0

-

    Fiannce Lease

-

3.1

2.8

-2.1

-

    Short Term Loans

20.4

-

-

-

-

    Interest Exp

-17.9

-13.0

-8.0

-3.6

-

    Bank Borrowings

-1.1

-15.3

-53.7

-54.2

-

    Dividend Paid

-8.6

-8.6

-8.6

0.0

-

Cash from Financing Activities

6.7

-16.1

-46.6

-54.9

25.6

 

 

 

 

 

 

Net Change in Cash

1.7

0.8

11.1

12.9

-0.2

 

 

 

 

 

 

Net Cash - Beginning Balance

4.4

4.4

4.4

4.4

4.7

Net Cash - Endning Balance

6.1

5.2

15.5

17.4

4.4

    Cash Interest Paid

17.9

-

-

-

-

    Cash Taxes Paid

-

0.0

0.0

0.0

-

 

 

Business Segments

 

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

Construction

791.4

99.2 %

957.8

99.3 %

1,066.8

99.4 %

948.9

99.3 %

Hiring

4.4

0.6 %

4.7

0.5 %

4.1

0.4 %

6.7

0.7 %

Training

2.1

0.3 %

2.5

0.3 %

-

-

-

-

Adjustment

-

-

0.2

0 %

2.5

0.2 %

-

-

Segment Total

797.9

100 %

965.0

100 %

1,073.3

100 %

955.6

100 %

Eliminations

0.0

0 %

-0.8

-0.1 %

-1.5

-0.1 %

-3.0

-0.3 %

Consolidated Total

797.9

100 %

964.2

99.9 %

1,071.8

99.9 %

952.6

99.7 %

Exchange Rate: OMR to USD

0.385032

 

0.385008

 

0.384999

 

0.384956

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

Construction

791.4

99.2 %

957.8

99.3 %

1,066.8

99.4 %

948.9

99.3 %

Hiring

4.4

0.6 %

4.7

0.5 %

4.1

0.4 %

6.7

0.7 %

Training

2.1

0.3 %

2.5

0.3 %

-

-

-

-

Adjustment

-

-

0.2

0 %

2.5

0.2 %

-

-

Segment Total

797.9

100 %

965.0

100 %

1,073.3

100 %

955.6

100 %

Eliminations

0.0

0 %

-0.8

-0.1 %

-1.5

-0.1 %

-3.0

-0.3 %

Consolidated Total

797.9

100 %

964.2

99.9 %

1,071.8

99.9 %

952.6

99.7 %

Exchange Rate: OMR to USD

0.385032

 

0.385008

 

0.384999

 

0.384956

 

 

Cost of Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

Construction

777.5

99.1 %

942.4

99.3 %

1,055.2

99.4 %

889.9

99.4 %

Hiring

4.3

0.5 %

4.7

0.5 %

4.8

0.5 %

5.6

0.6 %

Training

2.5

0.3 %

2.3

0.2 %

1.5

0.1 %

-

-

Adjustment

-

-

0.2

0 %

0.4

0 %

-

-

Segment Total

784.2

100 %

949.4

100 %

1,062.0

100 %

895.6

100 %

Eliminations

0.0

0 %

-0.8

-0.1 %

-1.5

-0.1 %

-3.0

-0.3 %

Consolidated Total

784.2

100 %

948.6

99.9 %

1,062.0

100 %

892.6

99.7 %

Exchange Rate: OMR to USD

0.385032

 

0.385008

 

0.384999

 

0.384956

 

Income After Tax   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Construction

13.9

101.8 %

15.3

98.5 %

11.5

118.3 %

59.0

98.2 %

57.1

98.4 %

Hiring

0.2

1.2 %

0.0

0.2 %

-0.8

-7.8 %

1.1

1.8 %

1.0

1.6 %

Training

-0.4

-3 %

0.2

1.3 %

-

-

-

-

-

-

Adjustment

-

-

-

-

-1.0

-10.6 %

-

-

-

-

Segment Total

13.7

100 %

15.6

100 %

9.8

100 %

60.0

100 %

58.0

100 %

Eliminations

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

13.7

100 %

15.6

100 %

9.8

100 %

60.0

100 %

58.0

100 %

Exchange Rate: OMR to USD

0.385032

 

0.385008

 

0.384999

 

0.384956

 

0.384897

 

 

Net Profit Margin (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

Construction

1.8

-

1.6

-

1.1

-

6.2

-

Hiring

3.7

-

0.7

-

-18.5

-

15.9

-

Training

-19.6

-

8.0

-

-

-

-

-

Adjustment

-

-

-

-

-41.8

-

-

-

Segment Total

1.7

-

1.6

-

0.9

-

6.3

-

Eliminations

0.0

-

0.0

-

0.0

-

0.0

-

Consolidated Total

1.7

-

1.6

-

0.9

-

6.3

-

Total Assets   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Construction

1,040.6

99.1 %

1,083.5

99 %

947.4

102.5 %

954.2

98.7 %

659.6

98.4 %

Hiring

9.1

0.9 %

10.6

1 %

9.2

1 %

12.7

1.3 %

10.7

1.6 %

Training

0.5

0 %

0.7

0.1 %

-

-

-

-

-

-

Adjustment

-

-

73.2

6.7 %

-32.6

-3.5 %

-

-

-

-

Segment Total

1,050.1

100 %

1,094.8

100 %

924.0

100 %

966.9

100 %

670.4

100 %

Eliminations

-2.5

-0.2 %

-2.0

-0.2 %

-4.1

-0.4 %

-3.0

-0.3 %

-1.5

-0.2 %

Consolidated Total

1,047.7

99.8 %

1,092.8

99.8 %

919.9

99.6 %

963.9

99.7 %

668.9

99.8 %

Exchange Rate: OMR to USD

0.385000

 

0.385000

 

0.384950

 

0.385050

 

0.385000

 

 

Total Liabilities   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Construction

814.4

99.3 %

863.2

99.2 %

697.4

98.5 %

739.0

98.8 %

477.4

98.7 %

Hiring

5.3

0.7 %

7.0

0.8 %

7.3

1 %

8.8

1.2 %

6.3

1.3 %

Training

0.3

0 %

0.1

0 %

-

-

-

-

-

-

Adjustment

-

-

71.6

8.2 %

3.0

0.4 %

0.0

0 %

-

-

Segment Total

820.0

100 %

870.3

100 %

707.7

100 %

747.7

100 %

483.7

100 %

Eliminations

0.0

0 %

0.0

0 %

-2.5

-0.4 %

-2.1

-0.3 %

0.9

0.2 %

Consolidated Total

820.0

100 %

870.3

100 %

705.2

99.6 %

745.6

99.7 %

484.6

100.2 %

Exchange Rate: OMR to USD

0.385000

 

0.385000

 

0.384950

 

0.385050

 

0.385000

 

 

 

Bottom of Form

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.36

UK Pound

1

Rs.85.64

Euro

1

Rs.69.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.