MIRA INFORM REPORT

 

 

Report Date :

27.07.2013

 

IDENTIFICATION DETAILS

 

Name :

COMMERCIAL INTERNATIONAL BANK (EGYPT)

 

 

Registered Office :

21/23 Nile Tower Building Sharl Degool St, P.O. Box 2430 Giza,

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Incorporation :

1975

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Financial institution that engaged in the provision of commercial banking products and services.

 

 

No. of Employees :

4,867

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EGYPT - ECONOMIC OVERVIEW

 

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.

Source : CIA

Company name and address

Top of Form

Commercial International Bank (Egypt)                                                                                             

 

21/23 Nile Tower Building

Sharl Degool St,

P.O. Box 2430

Giza,

Egypt

 

 

Tel:

20-2-37472000

Fax:

20-2-35703172

 

www.cibeg.com

 

Employees:

4,867

Company Type:

Public Independent

Traded:

Cairo Stock Exchange:

COMI

Over The Counter:

CIBEY

Incorporation Date:

1975

Auditor:

KPMG Hazem Hassan

Financials in:

 USD (mil)

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Egyptian Pound

Annual Sales:

880.5  1

Net Income:

366.8

Total Assets:

15,204.6  2

Market Value:

2,980.7

 

(04-Jul-2013)

           

Business Description     

 

Commercial International Bank Egypt SAE (CIB) is an Egypt-based financial institution that engaged in the provision of commercial banking products and services. The Bank operates through its business segments: the Corporate banking segment offers direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; the Investment banking segment provides financial instruments trading, structured financing, corporate leasing, and merger and acquisitions advice, and the Retail banking segment offers private banking services, private customer current accounts, savings, deposits, investment savings products, custody, credit and debit cards, consumer loans and mortgages. The Bank is also involved in other banking activities, such as asset management. The Bank operates through a network of 112 branches located across Egypt. For the three months ended 31 March 2013, Commercial International Bank (Egypt) interest income increased 29% to EGP2.15B. Net interest income after loan loss provision increased 7% to EGP911.3M. Net income increased 30% to EGP657.6M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

          

Industry                                                                                                                                      

 

Industry

Banking

ANZSIC 2006:

6221 - Banking

ISIC Rev 4:

6419 - Other monetary intermediation

NACE Rev 2:

6419 - Other monetary intermediation

NAICS 2012:

52211 - Commercial Banking

UK SIC 2007:

64191 - Banks

US SIC 1987:

6021 - National Commercial Banks

                        

Key Executives           

   

 

Name

Title

Ahmad Issa

Chief Financial Officer

Omar Khan

Chief Executive Officer of Banking Operations

Naamat Al Otaifi

Chief Compliance Officer

Sharif Rafiq Khalil

Director of Investor Relations

Sherin Hamed

Vice President, Corporate Banking

 

Significant Developments                                                                 

 

Topic

#*

Most Recent Headline

Date

Officer Changes

1

Commercial International Bank Egypt SAE Announces Managing Directors Nomination for CBE Governors Position

13-Jan-2013

Equity Financing / Related

2

Commercial International Bank Egypt SAE Recommends Capital Increase

8-Jul-2013

Equity Investments

1

Commercial International Bank Egypt SAE Acquires 38% of Al Arafa for Investment and Consultancies SAE Subsidiary

3-Dec-2012

Dividends

3

Commercial International Bank Egypt SAE Announces Capital Increase Through Bonus Shares for FY 2012

3-Jun-2013

      

Financial Summary                                                                                                                       

 

As of 31-Mar-2013

Key Ratios

Company

Industry

Debt to Equity (MRQ)

0.01

 

Sales 5 Year Growth

21.26

11.33

Net Profit Margin (TTM) %

41.00

42.82

Return on Assets (TTM) %

2.53

5.01

Return on Equity (TTM) %

25.74

3.28

 

 

 

Stock Snapshot                                    

 

Traded: Cairo Stock Exchange: COMI

 

As of 4-Jul-2013

   Financials in: EGP

Recent Price

34.91

 

EPS

3.03

52 Week High

39.60

 

Price/Sales

3.92

52 Week Low

26.70

 

Dividend Rate

1.25

Avg. Volume (mil)

1.12

 

Price/Earnings

7.54

Market Value (mil)

20,951.67

 

Price/Book

1.93

 

 

 

Beta

0.93

 

Price % Change

Rel S&P 500%

4 Week

2.56%

-2.69%

13 Week

24.28%

16.14%

52 Week

20.34%

10.87%

Year to Date

0.98%

3.40%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EGP 6.068711
2 - Balance Sheet Item Exchange Rate: USD 1 = EGP 6.1833

 

 

Corporate Overview

 

Location
21/23 Nile Tower Building
Sharl Degool St,
P.O. Box 2430
Giza, Egypt

 

Tel:

20-2-37472000

Fax:

20-2-35703172

 

www.cibeg.com

Quote Symbol - Exchange

COMI - Cairo Stock Exchange

Sales EGP(mil):

5,343.7

Assets EGP(mil):

94,014.5

Employees:

4,867

Fiscal Year End:

31-Dec-2012

 

Industry:

Commercial Banks

Incorporation Date:

1975

Company Type:

Public Independent

Quoted Status:

Quoted

 

CEO-Consumer Banking:

Mohamed Abdel Aziz El Toukhy

 

 

Industry Codes

 

ANZSIC 2006 Codes:

6221

-

Banking

6411

-

Financial Asset Broking Services

 

ISIC Rev 4 Codes:

6419

-

Other monetary intermediation

6612

-

Security and commodity contracts brokerage

 

NACE Rev 2 Codes:

6419

-

Other monetary intermediation

6612

-

Security and commodity contracts brokerage

 

NAICS 2012 Codes:

52211

-

Commercial Banking

523110

-

Investment Banking and Securities Dealing

 

US SIC 1987:

6021

-

National Commercial Banks

6211

-

Security Brokers, Dealers, and Flotation Companies

 

UK SIC 2007:

64191

-

Banks

6612

-

Security and commodity contracts brokerage

 

Business Description

Commercial International Bank (Egypt) (CIB) is an Egypt-based financial institution that carries out commercial banking activities in Egypt through its head office and 105 branches. The Bank offers its services through three business units: Institutional Banking, Small- to Medium-Sized Enterprises (SMEs) and Consumer Banking. Its Institutional Banking segment covers corporate banking, treasury, direct investments and structured finance. The SMEs division offers short- and medium-term financing, contract financing and guarantees. Its Consumer Banking division offers accounts, loans, residential property finance, CIB wealth, and a range of CIB debit and credit cards. CIB also offers investment services through its subsidiary, CI Capital Holding Company.

Institutional Banking

Institutional Banking offers a range of products and services to its customers. It offers financial products and business solutions, ranging from investment banking, leasing, private equity, trade support and finance, life insurance, appraisal and collection. Business units falling under the Institutional Banking include Corporate Banking, Financial Institutions (FI), SMEs, Direct Investment, Strategic Relations, Treasury and Dealing Room. Corporate Banking group offers a variety of products and services to cater for the requirements of corporate clients across various sectors, both locally and regionally. It caters to sectors, which include infrastructure, oil and gas, power, telecoms, petrochemicals, utilities, construction, tourism and agribusiness. Financial Institutions group covers areas, such as trade finance, cross-border allocation, fundraising, marketing products, clearing services, custody services and donor programs, through its six divisions.

Small- to Medium-Sized Enterprises (SME)

Small and Medium Enterprises provides a short and medium term asset and liability products, mainly to the medium size manufacturers. The Direct Investment Department acts as CIB’s investment arm. Its main task involves the proper allocation of investment funds into specific industries. Strategic Relations group focuses on 180 strategic clients, which include the Donor Agencies and non-Governmental organizations (NGOs), as well as the Diplomatic Missions working in Egypt. The Treasury Department manages the Bank’s assets and liabilities. This includes liquidity and interest rate risks. The Dealing Room (FX) operations covers spots, forwards, swaps, options (plain vanilla, exotic OTC products), cash export and imports, structured products, FX linked yield enhancement products, limit orders and hedging and investment advisory.

Consumer Banking

Consumer banking business includes consumer liabilities, credit / debit cards and mortgage loans. CIB has 152 branches and 472 automated teller machine (ATM) network. CIB also runs a personal loans business focusing on employees of corporate bank companies and offers fully secured overdrafts and trade products. CIB, through its subsidiaries, CIAM including Osoul, Aman, and Estethmar, offers investment products in the local markets. CIB’s other products and services include wealth management, auto loans, personal loans and residential property finance.

 

 

More Business Descriptions

Commercial International Bank Egypt SAE (CIB) is an Egypt-based financial institution that engaged in the provision of commercial banking products and services. The Bank operates through its business segments: the Corporate banking segment offers direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; the Investment banking segment provides financial instruments trading, structured financing, corporate leasing, and merger and acquisitions advice, and the Retail banking segment offers private banking services, private customer current accounts, savings, deposits, investment savings products, custody, credit and debit cards, consumer loans and mortgages. The Bank is also involved in other banking activities, such as asset management. The Bank operates through a network of 112 branches located across Egypt. For the three months ended 31 March 2013, Commercial International Bank (Egypt) interest income increased 29% to EGP2.15B. Net interest income after loan loss provision increased 7% to EGP911.3M. Net income increased 30% to EGP657.6M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

 

Provision of retail, corporate banking and investment banking services

 

Banking Services

 

Commercial International Bank Egypt SAE (CIB) is a financial institution. The bank provides commercial banking products and services. It offers current, savings, Mabrook saving, fixed deposit, and call deposit accounts; personal, car, and home loans; bancassurance products including motor insurance and income protection; and credit and debit cards. CIB operates through its business segments, namely, corporate banking, investment banking, retail banking and others. The Corporate banking segment provides direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products. It is formed of 178 offices, all of which are credit certified in accordance with the international standards. The geographic distribution of the corporate credit includes three main districts Cairo, Alexandria, Delta, and North Egypt, and Port Said, Canal Zone, Sinai, and South Egypt. The bank has organized its Cairo corporate into industries. It provides services to corporate banking companies and to corporate banking staff of companies. Banking services include E-Trade, customs payment, payroll services, international security and services, and investment banking services. CIB‘s Staff services includes Automatic Teller Machines (ATMs), credit cards and staff loans, and cash loans with salary/installment transfer, cash loans without salary/installment transfer, tri-lateral staff loans, CIL, Internet banking, club membership, auto loans and real estate finance loans. For the fiscal year ended December 2012, Corporate banking segment reported revenue of EGP 3,329.47m, representing an increase of 58% compared to previous year. This segment accounted for 59% from the total revenue of the bank. The Investment banking segment provides financial instruments trading, structured financing, corporate leasing, and merger and acquisitions advice. Its services include equity capital markets such as private placements, initial public offerings (IPOs), ADR / GDR listings and valuation advisory, Mergers & Acquisitions (M&A) which includes buy-side advisory, sell-side advisory, asset disposal programs and divestitures, management and leveraged buy-outs, and mid-cap advisory services such as corporate financial advisory and NILEX listing services to mid-size enterprises. For the fiscal year ended December 2012, Investment banking segment incurred a loss of EGP 273.33m. The Retail banking segment of CIB provides private banking services, private customer current accounts, savings, deposits, investment savings products, custody, credit and debit cards, consumer loans and mortgages. For the fiscal year ended December 2012, Retail banking segment reported revenue of EGP 1,610.32m, representing an increase of 26% compared to previous year. This segment accounted for 28% from the total revenue of the bank. It also operates other banking activities such as asset management. For the fiscal year ended December 2012, SME’s segment reported revenue of EGP 731.33m, representing an increase of 22% compared to previous year. This segment accounted for 13% from the total revenue of CIB. Geographically, the bank operates in Cario, Alex, Delta & Sinai and Upper Egypt. For the fiscal year ended December 2012, Cario segment accounted for 81%, Alex, Delta & Sinai with 17% and Upper Egypt with 3% from its total revenue. CIB provides retail, corporate and investment banking services in various parts of Egypt through 112 branches.

 

Commercial International Bank (CIB) is a financial institution. CIB provides retail, corporate, and investment banking services in Egypt. The Bank operates through its business segments, namely, Corporate Banking, Investment Banking and Retail Banking. Its corporate banking segment offers direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products. The Company’s Investment banking segment provides financial instruments trading, structured financing, corporate leasing, and merger and acquisitions advice. Its Retail banking segment offers private banking services, private customer current accounts, savings, deposits, investment savings products, custody, credit and debit cards, consumer loans and mortgages. The bank serves small and medium enterprises (SME's), consumers and institutes. CIB is headquartered in Cairo, Egypt.The bank reported interest income of (Egyptian Pound) EGP 7,859.31 million during the fiscal year ended December 2012, an increase of 43.65% over 2011. The net interest income after loan loss provision of the bank was EGP 3,303.66 million during the fiscal year 2012, an increase of 39.44% over 2011. The net profit of the bank was EGP 2,226.18 million during the fiscal year 2012, an increase of 37.87% over 2011.

 

Commercial Banking

 

 

 

 

 

 

Financial Data

Financials in:

EGP(mil)

 

Revenue:

5,343.7

Net Income:

2,226.2

Assets:

94,014.5

Long Term Debt:

80.5

 

Total Liabilities:

83,192.0

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

35.8%

37.9%

10.0%

 

Market Data

Quote Symbol:

COMI

Exchange:

Cairo Stock Exchange

Currency:

EGP

Stock Price:

34.9

Stock Price Date:

07-04-2013

52 Week Price Change %:

20.3

Market Value (mil):

20,951,670.0

 

SEDOL:

6243898

ISIN:

EGS60121C018

 

Equity and Dept Distribution:

08/2006, Scrip Issue, 0.5 new shares for every 1 share held. 07/2008, Scrip Issue, 1 new share for every 2 shares held. 07/2010, Scrip Issue, 1 new share for every 1 share held.

 

 

Subsidiaries

Company

Percentage Owned

Country

CI Capital Holding Co SAE

99.98%

EGYPT

 

 

 

 

Shareholders

 

 

Major Shareholders

Actis LLP, UK (9.3%)

 

 

 

 

Key Corporate Relationships

Auditor:

KPMG Hazem Hassan

 

Auditor:

KPMG Hazem Hassan, KPMG Hazem Hassan

 

 

 

 

 

 

 

 

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Hisham Ezz Al-Arab

 

Chairman & Managing Director

Chairman

 

Biography:

Mr. Al-Arab is the chairman and the managing director of Commercial International Bank since 2002. Prior to this, he served several senior positions at JP Morgan, Merrill Lynch and Deutsche Bank, Deutsche Bank in the United Kingdom. He also served as directorship in the south Asia, Middle East & Africa region advisory board of MasterCard Incorporated and also was the member of the Court of Honor in the Ministry of Justice of Egypt and the Industrial Modernization Centre, as well as a principal-member of the American Chamber of Commerce. Previously, he was also the member of the board of trustees of the general association for social solidarity within the Egyptian ministry of Social Solidarity.

 

Amin Hisham Ezz Al Arab

 

Chairman of the Board and Managing Director

Chairman

 

 

Biography:

Mr. Amin Hisham Ezz Al Arab has been Chairman of the Board and Managing Director of Commercial International Bank Egypt SAE since September 2002. Mr. Ezz Al Arab also serves as Chairman of the Bank’s Management Committee. He joined the Bank in 1999 as Deputy Managing Director and Member of the Board. He has over 30 years of experience in global banking activities that he gained in senior positions at JP Morgan, Merrill Lynch, and more recently in Deutsche Bank in the United Kingdom, Middle East, and the United States. Mr. Ezz Al-Arab has a directorship of the South Asia, Middle East & Africa Region Advisory Board of MasterCard Incorporated. In addition, he is a member of the Court of Honor in the Ministry of Justice of Egypt, the Industrial Modernization Center as well as principal member in the American Chamber of Commerce. Mr. Ezz El Arab is also a member of the board of trustees in the General Association for Social Solidarity- Ministry of Social solidarity, Arab Republic of Egypt and the chairman of the Financial Markets Association (ACI). He holds a degree in Commerce from Cairo University in 1977.

 

Education:

Cairo University (Commerce)

 

Issam Alddin Mohammed Abdul Moneim Al Wakil

 

Independent Non-Executive Member of the Board and Chief Executive Officer of Institutional Banking

Director/Board Member

 

 

Biography:

Mr. Issam Alddin Mohammed Abdul Moneim Al Wakil serves as Independent Non-Executive Member of the Board and Chief Executive Officer of Institutional Banking for Commercial International Bank Egypt SAE since August 2008. Prior to that, he was Managing Director and Chief Executive Officer of Arab Banking Corporation (ABC). He has 35 years of experience in various financial areas including, Treasury and Capital Markets, Corporate, Project and Trade Finance, Islamic Banking and Investment Banking. He started his career with the National Bank of Egypt in 1976. Mr. Al Wakil spent 28 years with Arab Banking Corporation (ABC) Group in Bahrain, London, New York, Singapore and Egypt. During his last 10 years in Bahrain, between 1996 and 2006, he held several senior banking positions and directorships in both Islamic and Commercial banks in various centers in the MENA and GCC region. Mr. Al Wakil is also a board member of the Federation of Egyptian Banks (FEB). He is a Member of the Company’s Risk Committees and the Management Committees and Chairman of the High Lending and Investment Committee. Mr. Al Wakil was appointed as the Chairman of the Investment Banking subsidiary of Commercial International Bank, CI Capital in May 2009. He was also appointed as Deputy Chairman of Banking Committee of American Chambers of Commerce in August 2009. He holds a Bachelor of Arts degree in Business Administration from Cairo University.

 

Education:

Cairo University, B (Business Administration)

 

Nadia Makram Ebeid

 

Non-Executive Director

Director/Board Member

 

 

Essam El Wakil

 

Non-Executive Director

Director/Board Member

 

 

Mahmoud Mohammed Mahmoud Fahmy

 

Independent Non-Executive Member of the Board

Director/Board Member

 

 

Biography:

Mr. Mahmoud Mohammed Mahmoud Fahmy is Independent Non-Executive Member of the Board for Commercial International Bank Egypt SAE. He is a lawyer and international arbitrator. He has held the positions of Chairman of Egyptian Capital Markets Authority, the General Authority for Investments and Secretary General of the National Counsel. He is a member of the Company's Audit and Governance and Compensation Committees.

 

Danial Paul Fletcher

 

Non-Executive Member of the Board, representing ACTIS CIB Mauritius Limited

Director/Board Member

 

 

Biography:

Mr. Danial Paul Fletcher serves as Non-Executive Member of the Board at Commercial International Bank Egypt SAE. He is representing ACTIS CIB Mauritius Limited since February 2010. He is senior partner at Actis. He joined Actis in 2000. Originally a banker with Cargill, and Banker's Trust, he moved into corporate finance in the early 1990s with a role at Citibank, responsible for the East African operations, after which he became the Head of Emerging Markets Strategic Planning. Mr. Fletcher's career has spanned Kenya, Tokyo, New York and London. He also has two decades of experience in the emerging markets. He is a Founding Director of the Emerging Markets Private Equity Association (EMPEA). He holds a Masters in Geography from University of Oxford. He is a Member of the Company's Governance and Compensation Committee.

 

Education:

University of Oxford, M (Geography)

 

Medhat Hasanein

 

Member of the Board

Director/Board Member

 

 

Yasser Zaki Hashem

 

Non-Executive Director

Director/Board Member

 

 

Yasser Zaki Hashim

 

Director

Director/Board Member

 

 

Biography:

Mr. Yaser Zaki Hashem serves as Non-Executive Member of the Board at Commercial International Bank Egypt SAE since march 14, 2013. He is Managing partner at Zaki Hashem & Partners Co. He has experience in legal consultancies of establishing companies, capital markets and merger and acquisition. He participated in formation legal frames for initial publics offerings through Egypt Stock Exchange.

 

Sharif Hussein Kamel

 

Non-Executive Member of the Board

Director/Board Member

 

 

Biography:

Mr. Sharif Hussein Kamel serves as Non-Executive Member of the Board of Commercial International Bank Egypt SAE since March 14, 2013. He is Dean of Faculty of Business Administration at American University of Cairo since September 2009. He participated in establishing several educational bodies including International Institute for Executive Education at American University of Cairo.

 

William Mashiha Mikhail

 

Independent Non-Executive Member of the Board

Director/Board Member

 

 

Biography:

Dr. William Masiha Mikhail has been Independent Non-Executive Member of the Board for Commercial International Bank Egypt SAE since 1997. He is a professor in econometrics at the American University in Cairo. He obtained his Doctorate of Philosophy (Ph.D.) degree from the London School of Economics, University of London, in 1969. Dr. Mikhail has worked with international consulting firms and as a United Nations consultant on econometric modeling and economic policy analysis in many countries for more than two decades. He has published articles in econometric theory and applied econometrics in international journals, and has supervised many Ph.D. and Master of Arts theses both in Cairo University and the American University in Cairo. He is the Chairman of the Audit Committee.

 

Education:

University of London, PHD

 

Javid Ahmad Mirza

 

Managing Director of Treasurer and Branches, Member of the Board

Director/Board Member

 

 

Biography:

Mr. Javid Ahmad Mirza has been appointed as Managing Director of Treasurer and Branches, Member of the Board of Commercial International Bank Egypt SAE as of May 15, 2013. He is also responsible for Operation Sector, Financial Management, and Information technology. Prior to that, he was Executive Member of the Board, Board Advisor of Commercial International Bank Egypt SAE since March 14, 2013. He has 30 years of banking experience in international companies such as Citi Corp and ABN Amro. He has Master degree in Business Administration from Colombia University since 1998. He has 30 years of experience; Working for institutions such as ABN Amro as COO and then as Board Advisor.

 

Education:

University of Colombia, M (Business Administration)

 

Nadia Makram Obeid

 

Independent Non-Executive Member of the Board

Director/Board Member

 

 

Biography:

Dr. Nadia Makram Obeid serves as Independent Non-Executive Member of the Board for Commercial International Bank Egypt SAE. She is also Executive Director of the Center for Environment and Development for the Arab Region and Europe (CEDARE), an international diplomatic position she assumed in January 2004. For a period of five years starting 1997, Dr. Obeid was Egypt’s Minister of Environment. During her earlier career, Dr. Obeid assumed several managerial posts with the United Nations Development Program, the United Nations Food and Agriculture Organization's Regional Office for the Near East, Council for Environment and Development Research. She is the Chairman of the Governance and Compensation Committee.

 

Robert Willumstead

 

Non-Executive Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

Mohamed Abdel Aziz El Toukhy

 

CEO-Consumer Banking

Chief Executive Officer

Biography:

Mr. Toukhy is the chief executive officer of the company. Prior to this, he began his career at CIB in 1979 at the Trade Finance Department, and has since worked in various divisional areas that include operations, branch management and corporate banking. He served Commercial International Life Insurance as its chairman, as the chairman of Commercial International Asset Management and as the member of the boards of Commercial International Capital Holding and Bavarian.

 

Hussein Majid Abaza

 

Chief Executive Officer of Corporate Banking

Division Head Executive

 

 

Biography:

Mr. Hussein Majid Abaza serves as Chief Executive Officer of Corporate Banking at Commercial International Bank Egypt SAE since October 2011. He was Chief Operating Officer at CI Asset Management Company, and was Member of the Board of CI Capital Holding. He also worked as Head of Research as Hermes Financial Group in 1995 until 1999.

 

Mohammed Al Toukhi

 

Chief Executive Officer of Branches and Retail Banking Sectors

Division Head Executive

 

 

Issam Alddin Mohammed Abdul Moneim Al Wakil

 

Independent Non-Executive Member of the Board and Chief Executive Officer of Institutional Banking

Division Head Executive

 

 

Biography:

Mr. Issam Alddin Mohammed Abdul Moneim Al Wakil serves as Independent Non-Executive Member of the Board and Chief Executive Officer of Institutional Banking for Commercial International Bank Egypt SAE since August 2008. Prior to that, he was Managing Director and Chief Executive Officer of Arab Banking Corporation (ABC). He has 35 years of experience in various financial areas including, Treasury and Capital Markets, Corporate, Project and Trade Finance, Islamic Banking and Investment Banking. He started his career with the National Bank of Egypt in 1976. Mr. Al Wakil spent 28 years with Arab Banking Corporation (ABC) Group in Bahrain, London, New York, Singapore and Egypt. During his last 10 years in Bahrain, between 1996 and 2006, he held several senior banking positions and directorships in both Islamic and Commercial banks in various centers in the MENA and GCC region. Mr. Al Wakil is also a board member of the Federation of Egyptian Banks (FEB). He is a Member of the Company’s Risk Committees and the Management Committees and Chairman of the High Lending and Investment Committee. Mr. Al Wakil was appointed as the Chairman of the Investment Banking subsidiary of Commercial International Bank, CI Capital in May 2009. He was also appointed as Deputy Chairman of Banking Committee of American Chambers of Commerce in August 2009. He holds a Bachelor of Arts degree in Business Administration from Cairo University.

 

Education:

Cairo University, B (Business Administration)

 

Hisham Ezz Al-Arab

 

Chairman & Managing Director

Managing Director

 

 

Biography:

Mr. Al-Arab is the chairman and the managing director of Commercial International Bank since 2002. Prior to this, he served several senior positions at JP Morgan, Merrill Lynch and Deutsche Bank, Deutsche Bank in the United Kingdom. He also served as directorship in the south Asia, Middle East & Africa region advisory board of MasterCard Incorporated and also was the member of the Court of Honor in the Ministry of Justice of Egypt and the Industrial Modernization Centre, as well as a principal-member of the American Chamber of Commerce. Previously, he was also the member of the board of trustees of the general association for social solidarity within the Egyptian ministry of Social Solidarity.

 

Amin Hisham Ezz Al Arab

 

Chairman of the Board and Managing Director

Managing Director

 

 

Biography:

Mr. Amin Hisham Ezz Al Arab has been Chairman of the Board and Managing Director of Commercial International Bank Egypt SAE since September 2002. Mr. Ezz Al Arab also serves as Chairman of the Bank’s Management Committee. He joined the Bank in 1999 as Deputy Managing Director and Member of the Board. He has over 30 years of experience in global banking activities that he gained in senior positions at JP Morgan, Merrill Lynch, and more recently in Deutsche Bank in the United Kingdom, Middle East, and the United States. Mr. Ezz Al-Arab has a directorship of the South Asia, Middle East & Africa Region Advisory Board of MasterCard Incorporated. In addition, he is a member of the Court of Honor in the Ministry of Justice of Egypt, the Industrial Modernization Center as well as principal member in the American Chamber of Commerce. Mr. Ezz El Arab is also a member of the board of trustees in the General Association for Social Solidarity- Ministry of Social solidarity, Arab Republic of Egypt and the chairman of the Financial Markets Association (ACI). He holds a degree in Commerce from Cairo University in 1977.

 

Education:

Cairo University (Commerce)

 

Hisham Ramez Abdel Hafez

 

Vice Chairman and Managing Director

Managing Director

 

 

Jawaid Mirza

 

Managing Director

Managing Director

 

 

Javid Ahmad Mirza

 

Managing Director of Treasurer and Branches, Member of the Board

Managing Director

 

 

Biography:

Mr. Javid Ahmad Mirza has been appointed as Managing Director of Treasurer and Branches, Member of the Board of Commercial International Bank Egypt SAE as of May 15, 2013. He is also responsible for Operation Sector, Financial Management, and Information technology. Prior to that, he was Executive Member of the Board, Board Advisor of Commercial International Bank Egypt SAE since March 14, 2013. He has 30 years of banking experience in international companies such as Citi Corp and ABN Amro. He has Master degree in Business Administration from Colombia University since 1998. He has 30 years of experience; Working for institutions such as ABN Amro as COO and then as Board Advisor.

 

Education:

University of Colombia, M (Business Administration)

 

Omar Khan

 

Chief Executive Officer of Banking Operations

Operations Executive

 

 

Biography:

Mr. Khan is the chief operating officer of the Commercial International Bank(FS). Prior to this, he has diversified banking experience in branch management, service and quality, treasury, asset and liability management, market risk, and atrategic planning and finance. Previously, he worked in the Middle East, Europe and Asia with leading institutions including Citibank. During his tenure with CIB, he has been responsible for implementing the Change Management agenda for the COO Area. This included Strategic Management, Process Re-Engineering, Service and Quality, Infrastructure Upgrades, Finance, as well as the implementation of the Bank’s People Agenda.

 

Ahmad Issa

 

Chief Financial Officer

Finance Executive

 

 

Heba Latif

 

Director-Head-Structured Finance

Finance Executive

 

 

Sharif Rafiq Khalil

 

Director of Investor Relations

Investor Relations Executive

 

 

Naamat Al Otaifi

 

Chief Compliance Officer

Legal Executive

 

 

Rania Abdel Aziz

 

Director/Head-Corporate

Other

 

 

Paul Fletcher

 

Director

Other

 

 

Sheri Gaber

 

Director/Head-Corporate Sector

Other

 

 

Sherin Hamed

 

Vice President, Corporate Banking

Other

 

 

Biography:

Ms. Sherin Hamed serves as Vice President, Corporate Banking of Commercial International Bank Egypt SAE. She has degree in Economics from American University. She serves for the bank since more than 25 years and served in several senior position within the bank including Head of Corporate and medium sized Credit Banking Sector. She represents the Company in several other boards including CI Capital and CI Investment. She has experience in credit and investment.

 

Education:

American University (Economics)

 

Rafiq Madkour

 

Vice President, Corporate Banking

Other

 

 

Mohammed Nabeeh

 

Director/Head-Corporate Sector

Other

 

 

Walid Shash

 

Director

Other

 

 

Essam El Wakil

 

Director

Other

 

 

Mounir Yassin

 

Director-Head-Correspondent Banking

Other

 

 

 

Significant Developments

 

 

 

 

Commercial International Bank Egypt SAE Recommends Capital Increase

Jul 08, 2013


Commercial International Bank Egypt SAE announced that its Board of Directors has recommended to increase the Company's issued capital from EGP 6,001,623,790 to EGP 9,002,435,690. Further details were not disclosed.

Commercial International Bank Egypt SAE Announces Capital Increase Through Bonus Shares for FY 2012

Jun 03, 2013


Commercial International Bank Egypt SAE announced that its Board of Directors has recommended the Company's capital increase through the distribution of one bonus share for every two owned shares for the fiscal year 2012.

Commercial International Bank Egypt SAE Recommends Bonus Shares for FY 2012

Mar 25, 2013


Commercial International Bank Egypt SAE announced that its Board of Directors has recommended the distribution of 0.5 share for every one share owned as bonus shares for the fiscal year 2012.

Commercial International Bank Egypt SAE Announces Cash Dividends for FY 2012

Mar 17, 2013


Commercial International Bank Egypt SAE announced that its Board of Directors has approved the distribution of EGP 1.25 per share as cash dividend for the fiscal year ending December 31, 2012. The payment date is April 4, 2013 and the dividends date is April 1, 2013.

Commercial International Bank Egypt SAE Announces Managing Directors Nomination for CBE Governors Position

Jan 13, 2013


Commercial International Bank Egypt SAE (CIB) announced that Mr. Hisham Ramiz Abdul Hafiz, the Bank's Vice Chairman and Managing Director, has been nominated to assume the position of the Egyptian Central Bank Governor. According to CIB's Board Charter, Mr. Hisham Ezz Al Arab, the Bank's Chairman and Managing Director, will assume his responsibilities as per the mandated authorities by the Board unit until further notice.

Commercial International Bank Egypt SAE Acquires 38% of Al Arafa for Investment and Consultancies SAE Subsidiary

Dec 03, 2012


Al Arafa for Investment and Consultancies SAE announced that it has signed the final agreement with Commercial International Bank Egypt SAE (CIB), in which CIB will acquire a 38% stake in Concrete for Ready-Made Garments SAE, a subsidiary of Al Arafa for Investment and Consultancies SAE, at a total price of EGP 150 million. Al Arafa for Investment and Consultancies SAE will remain the major shareholder of Concrete with 52% stake.

Egyptian Financial Supervisory Authority Approves Commercial International Bank Egypt SAE Capital Increase

Oct 23, 2012


Commercial International Bank Egypt SAE announced that the Egyptian Financial Supervisory Authority has approved the Bank's request to increase its issued capital from EGP 5,972,275,410 to EGP 6,001,623,790 at EGP 10 per share, in order to issue the fourth phase of employee stock ownership plan.

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Restated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

EGP

EGP

EGP

EGP

EGP

Exchange Rate (Period Average)

6.068711

5.944187

5.635256

5.553364

5.443245

Auditor

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Interest & Fees on Loans

1,295.1

920.4

803.1

726.2

691.7

Interest Income, Bank

1,295.1

920.4

803.1

726.2

691.7

    Interest on Other Borrowings

650.2

467.9

402.4

360.6

361.3

Total Interest Expense

650.2

467.9

402.4

360.6

361.3

Net Interest Income

644.9

452.5

400.6

365.6

330.4

 

 

 

 

 

 

Loan Loss Provision

100.5

53.9

1.1

1.7

75.4

Net Interest Income after Loan Loss Provision

544.4

398.6

399.5

363.9

255.0

 

 

 

 

 

 

    Fees & Commissions from Operations

152.6

141.8

151.6

137.8

137.4

    Other Unusual Income

0.1

0.1

0.1

0.1

0.1

    Other Revenue

-7.2

-3.2

23.2

11.2

51.8

Non-Interest Income, Bank

235.6

209.4

300.6

236.4

272.7

    Amortization of Acquisition Costs

-1.7

-6.7

-7.1

0.0

-33.7

    Other Expense

-270.6

-255.2

-270.0

-223.0

-197.0

Non-Interest Expense, Bank

-272.4

-262.0

-277.1

-223.0

-230.8

Income Before Tax

507.7

346.0

423.1

377.3

297.0

 

 

 

 

 

 

Total Income Tax

140.7

74.4

64.3

63.0

46.1

Income After Tax

367.0

271.6

358.8

314.3

250.8

 

 

 

 

 

 

    Minority Interest

-0.1

0.1

-0.2

-0.3

1.0

Net Income Before Extraord Items

366.8

271.6

358.6

314.0

251.8

Net Income

366.8

271.6

358.6

314.0

251.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

366.8

271.6

358.6

314.0

251.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

366.8

271.6

358.6

314.0

251.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

597.2

593.5

593.5

585.0

585.0

Basic EPS Excl Extraord Items

0.61

0.46

0.60

0.54

0.43

Basic/Primary EPS Incl Extraord Items

0.61

0.46

0.60

0.54

0.43

Diluted Net Income

366.8

271.6

358.6

314.0

251.8

Diluted Weighted Average Shares

607.3

606.1

606.1

597.9

591.0

Diluted EPS Excl Extraord Items

0.60

0.45

0.59

0.53

0.43

Diluted EPS Incl Extraord Items

0.60

0.45

0.59

0.53

0.43

Dividends per Share - Common Stock Primary Issue

0.21

0.17

0.18

0.14

0.09

Depreciation, Supplemental

27.7

31.6

32.7

34.9

29.7

Total Special Items

-88.5

-64.0

-118.8

-84.5

-48.9

Normalized Income Before Tax

419.1

282.0

304.3

292.8

248.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-25.0

-15.2

-19.1

-14.1

-12.8

Inc Tax Ex Impact of Sp Items

115.7

59.2

45.1

48.9

33.3

Normalized Income After Tax

303.4

222.8

259.2

243.9

214.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

303.3

222.9

258.9

243.6

215.8

 

 

 

 

 

 

Basic Normalized EPS

0.51

0.38

0.44

0.42

0.37

Diluted Normalized EPS

0.50

0.37

0.43

0.41

0.37

Amort of Acquisition Costs, Supplemental

1.7

6.7

7.1

0.0

33.7

Amort of Intangibles, Supplemental

13.7

11.4

34.9

12.1

6.2

Bank Total Revenue

880.5

661.9

701.3

601.9

603.1

    Current Tax - Domestic

146.2

75.5

78.2

65.9

40.2

Current Tax - Total

146.2

75.5

78.2

65.9

40.2

    Deferred Tax - Domestic

-5.5

-1.1

-14.0

-2.9

5.9

Deferred Tax - Total

-5.5

-1.1

-14.0

-2.9

5.9

Income Tax - Total

140.7

74.4

64.3

63.0

46.1

 




 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2012

Restated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2011

Restated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

EGP

EGP

EGP

EGP

EGP

Exchange Rate

6.1833

6.03075

5.805

5.48475

5.51125

Auditor

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash & Due from Banks

2,173.9

2,656.4

2,192.9

2,210.7

2,004.1

    Fed Funds Sold/Securities Purch Under Resale Agrmnt

1,296.7

1,535.6

1,519.6

2,406.5

2,260.3

    Trading Account Assets

245.1

112.0

273.2

89.5

116.4

        Securities Held

681.8

6.5

51.6

107.6

123.6

        Securities for Sale

3,424.9

2,557.2

2,345.2

1,354.7

503.5

    Total Investment Securities

4,129.0

2,587.9

2,420.7

1,503.3

755.0

Other Earning Assets, Total

5,670.7

4,235.5

4,213.5

3,999.4

3,131.7

    Total Gross Loans

-

-

-

-

4,777.6

Net Loans

6,772.6

6,809.3

6,059.4

5,003.5

4,777.6

        Buildings

65.8

67.3

66.6

60.9

60.5

        Land/Improvements

9.8

10.0

10.4

14.2

14.0

        Machinery/Equipment

132.5

115.5

112.3

110.3

97.4

        Other Property/Plant/Equipment

138.3

125.7

122.6

118.7

96.3

    Property/Plant/Equipment - Gross

346.5

318.6

312.0

304.2

268.2

    Accumulated Depreciation

-236.0

-214.0

-190.0

-167.5

-132.4

Property/Plant/Equipment - Net

110.5

104.5

122.0

136.7

135.8

Goodwill, Net

0.0

19.9

27.6

36.5

36.4

    Intangibles - Gross

109.1

-

-

-

-

    Accumulated Intangible Amortization

-103.7

-

-

-

-

Intangibles, Net

5.4

51.3

64.9

104.6

116.3

    LT Investment - Affiliate Companies

26.7

17.7

16.7

15.3

16.9

Long Term Investments

26.7

17.7

16.7

15.3

16.9

    Deferred Income Tax - Long Term Asset

20.9

15.9

20.3

6.8

3.5

Other Long Term Assets, Total

20.9

15.9

20.3

6.8

3.5

    Other Assets

423.8

267.7

276.0

201.7

204.0

Other Assets, Total

423.8

267.7

276.0

201.7

204.0

Total Assets

15,204.6

14,178.4

12,993.2

11,715.1

10,426.3

 

 

 

 

 

 

Accounts Payable

333.3

222.6

201.6

211.9

235.6

Total Deposits

12,732.5

11,850.6

10,915.4

9,963.7

8,852.8

    Other Bearing Liabilities

297.5

572.5

295.5

122.3

78.0

Other Bearing Liabilities, Total

297.5

572.5

295.5

122.3

78.0

    Long Term Debt

13.0

16.5

22.2

17.0

19.8

Total Long Term Debt

13.0

16.5

22.2

17.0

19.8

Total Debt

13.0

16.5

22.2

17.0

19.8

 

 

 

 

 

 

Minority Interest

7.7

7.7

8.1

8.3

8.4

    Other Liabilities

70.3

63.9

74.5

109.5

183.2

Other Liabilities, Total

70.3

63.9

74.5

109.5

183.2

Total Liabilities

13,454.3

12,733.8

11,517.4

10,432.7

9,377.8

 

 

 

 

 

 

    Common Stock

965.9

984.1

1,016.6

533.3

530.7

Common Stock

965.9

984.1

1,016.6

533.3

530.7

Retained Earnings (Accumulated Deficit)

784.4

460.6

459.2

749.1

517.7

Total Equity

1,750.3

1,444.6

1,475.8

1,282.4

1,048.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

15,204.6

14,178.4

12,993.2

11,715.1

10,426.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

597.2

593.5

590.1

585.0

585.0

Total Common Shares Outstanding

597.2

593.5

590.1

585.0

585.0

Employees

4,867

-

-

-

-

Accumulated Intangible Amort, Suppl.

103.7

-

-

-

-

Total Risk-Weighted Capital

8.9

9.2

8.4

7.4

-

Tier 1 Capital %

13.59%

13.78%

16.92%

16.53%

-

Total Capital %

15.71%

15.40%

-

-

-

Total Long Term Debt, Supplemental

13.0

16.5

22.2

-

-

Long Term Debt Maturing within 1 Year

0.0

1.2

17.5

-

-

Long Term Debt Maturing in Year 2

3.3

3.8

1.2

-

-

Long Term Debt Maturing in Year 3

3.3

3.8

1.2

-

-

Long Term Debt Maturing in Year 4

3.3

3.8

1.2

-

-

Long Term Debt Maturing in Year 5

3.3

3.8

1.2

-

-

Long Term Debt Maturing in 2-3 Years

6.5

7.6

2.4

-

-

Long Term Debt Maturing in 4-5 Years

6.5

7.6

2.4

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

-

-

 




 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Filed Currency

EGP

EGP

EGP

EGP

EGP

Exchange Rate (Period Average)

6.068711

5.944187

5.635256

5.553364

5.443245

Auditor

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

507.7

346.0

423.1

377.3

297.0

    Depreciation

27.7

31.6

32.7

34.9

28.9

Depreciation/Depletion

27.7

31.6

32.7

34.9

28.9

    Amortization of Intangibles

13.7

11.4

34.9

-12.1

-

    Amortization of Acquisition Costs

1.7

-

-

-

33.7

Amortization

15.4

11.4

34.9

-12.1

33.7

    Unusual Items

-24.7

-19.1

-51.1

-19.7

-26.4

    Other Non-Cash Items

122.2

66.8

20.7

26.4

50.2

Non-Cash Items

97.5

47.7

-30.4

6.7

23.8

    Other Assets

-81.4

-307.8

166.2

-324.3

1,754.0

    Other Liabilities

902.8

1,608.6

1,586.8

1,028.3

1,429.8

    Other Operating Cash Flow

127.2

-292.0

96.0

252.8

-1,380.5

    Investment Securities, Gains/Losses

-124.2

144.8

-180.6

29.3

-18.8

    Loans Origination - Operating

-234.3

-1,045.2

-1,380.0

-188.6

-1,142.7

Changes in Working Capital

590.2

108.3

288.4

797.5

641.7

Cash from Operating Activities

1,238.6

545.0

748.7

1,204.2

1,025.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-34.9

-26.5

-18.8

-31.8

-36.5

Capital Expenditures

-34.9

-26.5

-18.8

-31.8

-36.5

    Acquisition of Business

-9.6

-3.0

-2.9

-17.2

-0.4

    Sale of Business

0.0

0.2

0.0

-

-

    Sale/Maturity of Investment

880.5

412.4

675.2

18.1

-

    Investment, Net

0.5

2.6

1.1

0.9

-

    Purchase of Investments

-2,364.0

-764.0

-1,682.2

-823.6

-82.4

    Other Investing Cash Flow

-

-

-

-

-114.2

Other Investing Cash Flow Items, Total

-1,492.7

-351.8

-1,008.8

-821.8

-197.0

Cash from Investing Activities

-1,527.6

-378.3

-1,027.7

-853.6

-233.5

 

 

 

 

 

 

    Cash Dividends Paid - Common

-132.8

-142.1

-117.4

-86.1

-63.6

Total Cash Dividends Paid

-132.8

-142.1

-117.4

-86.1

-63.6

        Sale/Issuance of Common

6.2

5.6

4.6

0.0

-

    Common Stock, Net

6.2

5.6

4.6

0.0

-

Issuance (Retirement) of Stock, Net

6.2

5.6

4.6

0.0

-

    Long Term Debt, Net

-3.1

-5.0

6.3

-2.9

-9.4

Issuance (Retirement) of Debt, Net

-3.1

-5.0

6.3

-2.9

-9.4

Cash from Financing Activities

-129.7

-141.5

-106.5

-89.1

-73.0

 

 

 

 

 

 

Net Change in Cash

-418.8

25.1

-385.5

261.5

718.6

 

 

 

 

 

 

Net Cash - Beginning Balance

1,352.4

1,355.6

1,815.5

1,580.8

1,263.8

Net Cash - Ending Balance

933.6

1,380.8

1,429.9

1,842.3

1,982.5

Cash Taxes Paid

-

-

-

-

28.6

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Restated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

EGP

EGP

EGP

EGP

EGP

Exchange Rate (Period Average)

6.068711

5.944187

5.635256

5.553364

5.443245

Auditor

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Interest Client/Bank

1,295.1

920.4

803.1

726.2

691.7

Total Revenue

1,295.1

920.4

803.1

726.2

691.7

 

 

 

 

 

 

    Interest Paid

650.2

467.9

402.4

360.6

361.3

    Provisions

100.5

53.9

1.1

1.7

75.4

Total Operating Expense

750.7

521.8

403.5

362.3

436.7

 

 

 

 

 

 

    Banking Fees/Comm.

170.3

156.6

166.7

149.5

150.9

    Fees & Commission Expense

-17.7

-14.7

-15.1

-11.7

-13.5

    Dividend Income

5.5

10.3

29.4

24.0

18.8

    Trading Income

94.7

64.2

79.4

75.5

63.4

    Sale of Investment in Affiliate

4.3

-1.3

-0.8

1.6

-

    Sale Investments

-4.4

6.5

46.4

11.8

20.1

    Goodwill Amortization

-1.7

-6.7

-7.1

0.0

-33.7

    Gen./Adm./Dep.

-257.0

-243.9

-235.1

-210.8

-190.8

    Non-Op. Income

-17.4

-12.7

-5.7

-17.3

33.0

    G/L on Sale of Fixed Assets

0.4

0.5

0.3

2.8

-

    Assets Amortization

-13.7

-11.4

-34.9

-12.1

-6.2

Total Non-Interest Revenue

235.6

209.4

300.6

236.4

272.7

 

 

 

 

 

 

Total Non-Interest Expense

-272.4

-262.0

-277.1

-223.0

-230.8

 

 

 

 

 

 

Net Income Before Taxes

507.7

346.0

423.1

377.3

297.0

 

 

 

 

 

 

Provision for Income Taxes

140.7

74.4

64.3

63.0

46.1

Net Income After Taxes

367.0

271.6

358.8

314.3

250.8

 

 

 

 

 

 

    Minority Interest

-0.1

0.1

-0.2

-0.3

1.0

Net Income Before Extra. Items

366.8

271.6

358.6

314.0

251.8

Net Income

366.8

271.6

358.6

314.0

251.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

366.8

271.6

358.6

314.0

251.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

366.8

271.6

358.6

314.0

251.8

 

 

 

 

 

 

Basic Weighted Average Shares

597.2

593.5

593.5

585.0

585.0

Basic EPS Excluding ExtraOrdinary Items

0.61

0.46

0.60

0.54

0.43

Basic EPS Including ExtraOrdinary Items

0.61

0.46

0.60

0.54

0.43

Diluted Net Income

366.8

271.6

358.6

314.0

251.8

Diluted Weighted Average Shares

607.3

606.1

606.1

597.9

591.0

Diluted EPS Excluding ExtraOrd Items

0.60

0.45

0.59

0.53

0.43

Diluted EPS Including ExtraOrd Items

0.60

0.45

0.59

0.53

0.43

DPS-Ordinary Shares

0.21

0.17

0.18

0.14

0.09

Normalized Income Before Taxes

419.1

282.0

304.3

292.8

248.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

115.7

59.2

45.1

48.9

33.3

Normalized Income After Taxes

303.4

222.8

259.2

243.9

214.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

303.3

222.9

258.9

243.6

215.8

 

 

 

 

 

 

Basic Normalized EPS

0.51

0.38

0.44

0.42

0.37

Diluted Normalized EPS

0.50

0.37

0.43

0.41

0.37

Depreciation

27.7

31.6

32.7

34.9

29.7

Assets Amortization

13.7

11.4

34.9

12.1

6.2

Amort of Acquisition Costs, Supplemental

1.7

6.7

7.1

0.0

33.7

    Current Tax

-

-

-

-

40.2

    Income Tax

146.2

75.5

78.2

65.9

-

Current Tax - Total

146.2

75.5

78.2

65.9

40.2

    Deferred Tax

-5.5

-1.1

-14.0

-2.9

5.9

Deferred Tax - Total

-5.5

-1.1

-14.0

-2.9

5.9

Income Tax - Total

140.7

74.4

64.3

63.0

46.1

 



 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2012

Restated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2011

Restated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

EGP

EGP

EGP

EGP

EGP

Exchange Rate

6.1833

6.03075

5.805

5.48475

5.51125

Auditor

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash Due/Banks

872.3

1,242.3

977.6

762.0

811.6

    Due Other Banks

1,301.5

1,414.1

1,215.3

1,448.8

1,192.5

    Treasury Bills

1,296.7

1,535.6

1,519.6

2,406.5

2,260.3

    Trading Invest.,

245.1

112.0

273.2

89.5

116.4

    Loans to Banks

190.7

231.4

21.7

36.6

-

    Loans to Clients

6,582.0

6,577.9

6,037.7

4,966.9

-

    Investment Properties

1.7

2.1

4.9

7.7

-

    Loans/Overdrafts

-

-

-

-

5,033.1

    Loans and Overdraft, Gross

-

-

-

-

-255.5

    Financial Derivative

22.2

24.3

24.0

41.1

127.9

    AFS Investment

3,424.9

2,557.2

2,345.2

1,354.7

503.5

    Hold to Maturity

681.8

6.5

51.6

107.6

123.6

    Invest in Subs

26.7

17.7

16.7

15.3

16.9

    Brokers Debit Balances

21.8

4.0

31.1

14.6

27.5

    Reconciliation Accounts Debit

0.0

7.0

1.4

3.7

0.0

    Debit Balances

400.3

254.5

238.5

175.6

176.5

    Goodwill

0.0

19.9

27.6

36.5

36.4

    Intangible Assets

-

51.3

64.9

104.6

116.3

    Intangible Assets, Net

109.1

-

-

-

-

    Accumulated Amortization

-103.7

-

-

-

-

    Deferred Tax

20.9

15.9

20.3

6.8

3.5

    Land

9.8

10.0

10.4

14.2

14.0

    Premises

65.8

67.3

66.6

60.9

60.5

    E.D.P.

138.3

125.7

122.6

118.7

96.3

    Vehicles

8.8

8.1

7.1

4.5

4.5

    Fitting-Out

56.2

44.3

43.1

43.0

34.4

    Machines/Equip.

47.0

43.5

42.3

43.4

40.1

    Furniture/Furn.

20.6

19.5

19.9

19.4

18.4

    Depreciation

-236.0

-214.0

-190.0

-167.5

-132.4

Total Assets

15,204.6

14,178.4

12,993.2

11,715.1

10,426.3

 

 

 

 

 

 

    Due Banks

277.3

554.0

227.8

83.5

41.6

    Customer Deposit

12,732.5

11,850.6

10,915.4

9,963.7

8,852.8

    Credit Bal/Other

20.2

18.5

67.8

38.8

36.5

    Reconciliation Accounts Credit

0.3

-

-

-

5.1

    Financial Derivatives

19.3

19.0

19.6

27.4

115.6

    AC Payable/Other Liabilties

333.0

222.6

201.6

211.9

230.5

    Other Prov.

51.0

44.9

54.9

82.1

67.6

    LT Loans

13.0

16.5

22.2

17.0

19.8

Total Long Term Debt

13.0

16.5

22.2

17.0

19.8

 

 

 

 

 

 

    Minority Interest

7.7

7.7

8.1

8.3

8.4

Total Liabilities

13,454.3

12,733.8

11,517.4

10,432.7

9,377.8

 

 

 

 

 

 

    Issued/Paid Cap.

965.9

984.1

1,016.6

533.3

530.7

    Reserves

480.4

230.1

120.4

433.8

237.4

    Retained Earninig

-82.6

-60.1

-35.1

-32.1

15.9

    Net Profit

360.0

267.8

348.1

318.0

248.7

    Shares to Employees

26.6

22.8

25.8

29.5

15.7

Total Equity

1,750.3

1,444.6

1,475.8

1,282.4

1,048.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

15,204.6

14,178.4

12,993.2

11,715.1

10,426.3

 

 

 

 

 

 

    S/O-Ordinary Shares

597.2

593.5

590.1

585.0

585.0

Total Common Shares Outstanding

597.2

593.5

590.1

585.0

585.0

Accumulated Intangible Amort, Suppl.

103.7

-

-

-

-

Tier 1 Capital Ratio

13.59%

13.78%

16.92%

16.53%

-

Total Capital Ratio

15.71%

15.40%

-

-

-

Risk Weighted Assets

8,925.1

9,180.8

8,371.9

7,445.3

-

Full-Time Employees

4,867

-

-

-

-

Long Term Debt Maturing within 1 Year

0.0

1.2

17.5

-

-

Long Term Debt Maturing in Year 5

13.0

15.3

4.8

-

-

After Five Years

-

0.0

0.0

-

-

Total Long Term Debt, Supplemental

13.0

16.5

22.2

-

-

 




 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Filed Currency

EGP

EGP

EGP

EGP

EGP

Exchange Rate (Period Average)

6.068711

5.944187

5.635256

5.553364

5.443245

Auditor

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG Hazem Hassan

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

507.7

346.0

423.1

377.3

297.0

    Depreciation

27.7

31.6

32.7

34.9

28.9

    Provisions

8.5

0.7

14.3

10.9

75.4

    Trading Invest Eval.

-14.3

8.4

-13.7

-2.2

16.3

    Amortizations of Intangibles

13.7

11.4

34.9

-12.1

-

    Impairment of Assets

-

6.7

7.1

0.0

6.2

    Other Invest Eval.

-9.9

-10.2

-

-

-

    Assets Impairment Charges

100.5

54.2

1.2

-

-

    Financial Investments Impairment Charges

1.3

-0.1

15.1

-

-

    Utilisation Prov.

-

-

-

4.0

-2.2

    Expired Provision

-0.1

-8.5

-31.7

-0.7

-30.4

    Provisions No-Longer Required

-2.3

-0.7

-0.4

-1.2

-

    Diff. Valuation

1.2

0.4

1.3

-0.1

0.1

    Sale Non-Trade Inv.

-

-

-

-

-41.8

    Sale Fixed Assets

-0.4

-0.5

-0.3

2.8

-0.9

    Sale of Fin. Inv.

-0.1

-16.9

-37.2

-20.4

-

    Sale of Investment in Affiliates

0.0

-0.3

0.0

0.0

-9.2

    Goodwill Impairment

1.7

-

-

-

33.7

    Diff. Revaluation

0.0

0.0

0.0

0.1

-0.2

    Employees Rewards

13.0

13.0

11.8

13.5

10.6

    Due from Banks

86.0

-311.5

196.8

-320.6

1,755.7

    Treasury Bills and Reverse Repos

125.0

-290.9

87.3

254.1

-1,351.9

    Trading Investments

-124.2

144.8

-180.6

29.3

-8.6

    Avail for Sale Inv.

-

-

-

-

-10.3

    Financial Derviatives

2.3

-1.1

8.7

-1.2

-

    Loans & Overdrafts

-234.3

-1,045.2

-1,380.0

-188.6

-1,142.7

    Debit Bal./Oth. Ass.

-167.3

3.7

-30.5

-3.7

-1.7

    Due to Banks

-267.9

339.6

153.3

41.3

-394.9

    Customer Deposits

1,196.5

1,363.3

1,546.6

1,055.0

1,711.1

    Credit/Oth. Liab.

-25.8

-94.3

-113.2

-67.9

113.6

    Paid Income Tax

-

-

-

-

-28.6

    Investments in Subsidiary and Associated

0.0

1.2

0.6

-

-

    Real Estate Investments

-0.1

0.1

1.4

-

-

Cash from Operating Activities

1,238.6

545.0

748.7

1,204.2

1,025.1

 

 

 

 

 

 

    Purchase of Subs.

-9.6

-3.0

-2.9

-17.2

-0.4

    Purchase of AFS Investments

-1,675.8

-763.1

-1,681.3

-821.9

-38.8

    Selling of Subsidiary & Associated Co

0.0

0.2

0.0

-

-

    Held to Maturity Fin. Inv. Purchases

-688.2

-0.8

-0.9

-1.6

-

    Sale Non-Trade Inv.

0.0

45.5

55.3

18.1

-

    Acq. Non-Trade Inv

-

-

-

-

-43.6

    Capital Expenditure

-34.9

-26.5

-18.8

-31.8

-36.5

    Investment Properties/Real Estate

0.5

2.6

1.1

0.9

-

    Sale of AFS Investments

880.5

367.0

619.9

-

-

    Investment in Affiliates Goodwill

-

-

-

-

-114.2

Cash from Investing Activities

-1,527.6

-378.3

-1,027.7

-853.6

-233.5

 

 

 

 

 

 

    Increase LT Bonds

-3.1

-5.0

6.3

-2.9

-9.4

    Increase in Capital

6.2

5.6

4.6

0.0

-

    Dividends paid

-132.8

-142.1

-117.4

-86.1

-63.6

Cash from Financing Activities

-129.7

-141.5

-106.5

-89.1

-73.0

 

 

 

 

 

 

Net Change in Cash

-418.8

25.1

-385.5

261.5

718.6

 

 

 

 

 

 

Net Cash - Beginning Balance

1,352.4

1,355.6

1,815.5

1,580.8

1,263.8

Net Cash - Ending Balance

933.6

1,380.8

1,429.9

1,842.3

1,982.5

    Cash Taxes Paid

-

-

-

-

28.6

 

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

241.0

39.96%

880.5

35.82%

16.93%

17.16%

Income Available to Common Excl Extraord Items1 (?)

98.5

30.20%

366.8

37.87%

8.48%

11.60%

Basic EPS Excl Extraord Items1 (?)

0.16

29.37%

0.61

37.00%

7.73%

11.14%

Capital Expenditures2 (?)

17.5

52.55%

34.9

34.41%

6.21%

-5.73%

Cash from Operating Activities2 (?)

568.3

-

1,238.6

132.03%

3.97%

35.21%

Free Cash Flow (?)

540.4

-

1,181.3

137.03%

3.91%

39.59%

Total Assets3 (?)

14,907.3

17.27%

15,204.6

9.95%

13.53%

14.44%

Total Liabilities3 (?)

13,402.7

16.54%

13,454.3

8.33%

13.29%

13.90%

Total Long Term Debt3 (?)

19.0

26.68%

13.0

-18.96%

-4.78%

-12.98%

Employees3 (?)

-

-

4867

-

-

-

Total Common Shares Outstanding3 (?)

600.2

1.13%

597.2

0.64%

0.69%

0.41%

1-ExchangeRate: EGP to USD Average for Period

6.677007

 

6.068711

 

 

 

2-ExchangeRate: EGP to USD Average for Period

6.677007

 

6.068711

 

 

 

3-ExchangeRate: EGP to USD Period End Date

6.805499

 

6.183300

 

 

 

Banking Industry Specific USD (mil)

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

 

Interest Income, Bank1 (?)

1,295.1

920.4

803.1

726.2

691.7

 

Total Interest Expense1 (?)

650.2

467.9

402.4

360.6

361.3

 

Loan Loss Provision1 (?)

100.5

53.9

1.1

1.7

75.4

 

Cash & Due from Banks3 (?)

2,173.9

2,656.4

2,192.9

2,210.7

2,004.1

 

Total Deposits3 (?)

12,732.5

11,850.6

10,915.4

9,963.7

8,852.8

 

1-ExchangeRate: EGP to USD Average for Period

6.068711

5.944187

5.635256

5.553364

5.443245

 

3-ExchangeRate: EGP to USD Period End Date

6.183300

6.030750

5.805000

5.484750

5.511250

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Pretax Margin (?)

39.20%

37.59%

52.68%

51.96%

42.93%

Net Profit Margin (?)

28.33%

29.51%

44.65%

43.25%

36.40%

Financial Strength

Long Term Debt/Equity (?)

0.01

0.01

0.02

0.01

0.02

Total Debt/Equity (?)

0.01

0.01

0.02

0.01

0.02

Management Effectiveness

Return on Assets (?)

2.48%

2.01%

2.90%

2.87%

2.59%

Return on Equity (?)

22.79%

18.69%

25.90%

27.22%

26.67%

Efficiency

Receivables Turnover (?)

0.13

0.10

0.13

0.12

0.14

Asset Turnover (?)

0.06

0.05

0.06

0.05

0.06

Market Valuation USD (mil)

P/E (TTM) (?)

8.94

.

Enterprise Value2 (?)

856.7

Price/Sales (TTM) (?)

3.61

.

Price/Book (MRQ) (?)

2.05

Enterprise Value/EBITDA (TTM) (?)

0.76

.

Market Cap1 (?)

2,980.7

1-ExchangeRate: EGP to USD on 4-Jul-2013

7.029099

 

 

 

2-ExchangeRate: EGP to USD on 31-Mar-2013

6.805499

 

 

 

 

 

 

Ratio Comparisons

Traded:

Financials in: USD (actual units)

Industry: Misc. Financial Services

As of 04-Jul-2013

Sector: Financial

 

 

 

 

Company

Industry

Sector

S&P 500

Valuation Ratios

P/E Excluding Extraordinary (TTM) (?)

8.94

9.85

15.48

19.68

P/E High Excluding Extraordinary - Last 5 Yrs (?)

14.22

32.71

38.23

32.79

P/E Low Excluding Extraordinary - Last 5 Yrs (?)

7.02

10.03

9.66

10.71

Beta (?)

0.93

0.74

1.06

1.00

Price/Revenue (TTM) (?)

3.61

57.26

12.05

2.57

Price/Book (MRQ) (?)

2.05

2.19

2.11

3.67

Price to Tangible Book (MRQ) (?)

2.05

2.60

2.98

5.21

Price to Cash Flow Per Share (TTM) (?)

7.95

11.68

16.23

14.22

Price to Free Cash Flow Per Share (TTM) (?)

1.74

8.82

13.69

26.26

 

 

 

 

 

Dividends

Dividend Yield (?)

3.58%

2.75%

1.64%

2.26%

Dividend Per Share - 5 Yr Avg (?)

0.90

2.15

2.58

1.99

Dividend 5 Yr Growth (?)

30.26%

1.71%

-16.10%

0.08%

Payout Ratio (TTM) (?)

-

13.38%

15.01%

25.98%

 

 

 

 

 

Growth Rates (%)

Revenue (MRQ) vs Qtr 1 Yr Ago (?)

28.54%

58.18%

-1.05%

15.58%

Revenue (TTM) vs TTM 1 Yr Ago (?)

42.40%

31.49%

-3.68%

17.69%

Revenue 5 Yr Growth (?)

21.26%

11.33%

9.02%

8.97%

EPS (MRQ) vs Qtr 1 Yr Ago (?)

28.86%

-21.39%

14.96%

19.49%

EPS (TTM) vs TTM 1 Yr Ago (?)

30.68%

5.55%

21.90%

32.55%

EPS 5 Yr Growth (?)

10.91%

13.83%

4.61%

9.86%

Capital Spending 5 Yr Growth (?)

-5.73%

-41.32%

-26.23%

-2.04%

 

 

 

 

 

Financial Strength

Quick Ratio (MRQ) (?)

-

-

-

1.24

Current Ratio (MRQ) (?)

-

-

-

1.79

LT Debt/Equity (MRQ) (?)

0.01

-

-

0.64

Total Debt/Equity (MRQ) (?)

0.01

-

-

0.73

Interest Coverage (TTM) (?)

-

-

-

13.80

 

 

 

 

 

Profitability Ratios (%)

Gross Margin (TTM) (?)

-

-

-

45.21%

Gross Margin - 5 Yr Avg (?)

-

-

-

44.91%

EBITD Margin (TTM) (?)

-

-

-

24.43%

EBITD Margin - 5 Yr Avg (?)

-

-

-

22.84%

Operating Margin (TTM) (?)

55.92%

87.21%

36.72%

20.63%

Operating Margin - 5 Yr Avg (?)

56.57%

61.65%

30.61%

18.28%

Pretax Margin (TTM) (?)

55.92%

16.19%

19.09%

17.95%

Pretax Margin - 5 Yr Avg (?)

56.57%

10.66%

21.41%

17.10%

Net Profit Margin (TTM) (?)

41.00%

42.82%

15.72%

13.65%

Net Profit Margin - 5 Yr Avg (?)

45.20%

9.60%

13.11%

12.10%

Effective Tax Rate (TTM) (?)

26.68%

1.26%

26.34%

28.45%

Effective Tax rate - 5 Yr Avg (?)

20.11%

1.06%

26.03%

29.92%

 

 

 

 

 

Management Effectiveness (%)

Return on Assets (TTM) (?)

2.53%

5.01%

0.40%

8.54%

Return on Assets - 5 Yr Avg (?)

2.54%

0.15%

1.77%

8.40%

Return on Investment (TTM) (?)

-

3.03%

-1.27%

7.90%

Return on Investment - 5 Yr Avg (?)

-

-0.63%

4.01%

8.27%

Return on Equity (TTM) (?)

25.74%

3.28%

8.68%

19.72%

Return on Equity - 5 Yr Avg (?)

23.78%

-0.81%

7.15%

20.06%

 

 

 

 

 

Efficiency

Revenue/Employee (TTM) (?)

-

165,910.37

542,297.57

927,613.77

Net Income/Employee (TTM) (?)

-

1,766,798.85

121,699.43

116,121.92

Receivables Turnover (TTM) (?)

-

-

-

13.25

Inventory Turnover (TTM) (?)

-

-

-

14.53

Asset Turnover (TTM) (?)

-

-

-

0.93

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

 

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

 

 

 

 



 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Long Term Debt/Equity (?)

0.01

0.01

0.02

0.01

0.02

Total Debt/Equity (?)

0.01

0.01

0.02

0.01

0.02

Long Term Debt/Total Capital (?)

0.01

0.01

0.01

0.01

0.02

Total Debt/Total Capital (?)

0.01

0.01

0.01

0.01

0.02

Payout Ratio (?)

33.53%

36.75%

29.37%

25.16%

21.34%

Effective Tax Rate (?)

27.72%

21.50%

15.19%

16.70%

15.53%

Total Capital1 (?)

1,763.3

1,461.1

1,498.0

1,299.4

1,068.3

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.06

0.05

0.06

0.05

0.06

Receivables Turnover (?)

0.13

0.10

0.13

0.12

0.14

Days Receivables Outstanding (?)

2,832.68

3,536.47

2,891.72

2,935.76

2,602.05

Revenue/Employee2 (?)

177,566

-

-

-

-

 

 

 

 

 

 

Profitability

Pretax Margin (?)

39.20%

37.59%

52.68%

51.96%

42.93%

Net Profit Margin (?)

28.33%

29.51%

44.65%

43.25%

36.40%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

2.48%

2.01%

2.90%

2.87%

2.59%

Return on Equity (?)

22.79%

18.69%

25.90%

27.22%

26.67%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

1.98

0.86

1.20

2.03

1.67

Operating Cash Flow/Share 2 (?)

2.04

0.91

1.23

2.08

1.73

1-ExchangeRate: EGP to USD Period End Date

6.1833

6.03075

5.805

5.48475

5.51125

2-ExchangeRate: EGP to USD Average for Period

6.1833

6.03075

5.805

5.48475

5.51125

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

8.94

Market Cap/Equity (MRQ) (?)

2.05

Market Cap/Revenue (TTM) (?)

2.51

Market Cap/EBIT (TTM) (?)

2.83

Market Cap/EBITDA (TTM) (?)

2.74

Enterprise Value/Earnings (TTM) (?)

2.49

Enterprise Value/Equity (MRQ) (?)

0.57

Enterprise Value/Revenue (TTM) (?)

0.70

Enterprise Value/EBIT (TTM) (?)

0.79

Enterprise Value/EBITDA (TTM) (?)

0.76

 

 

 

Stock Report

 

 

  

 

Stock Snapshot    

 

 

Traded:   

As of 4-Jul-2013    US Dollars

Recent Price

$34.91

 

EPS

$3.03

52 Week High

$39.60

 

Price/Sales

3.92

52 Week Low

$26.70

 

Dividend Rate

$1.25

Avg. Volume (mil)

1.12

 

Price/Earnings

7.54

Market Value (mil)

$20,951.67

 

Price/Book

1.93

 

 

 

Beta

0.93

 

Price % Change

Rel S&P 500%

4 Week

2.56%

-2.69%

13 Week

24.28%

16.14%

52 Week

20.34%

10.87%

Year to Date

0.98%

3.40%

 

 

 

 

 

 

Stock History    

 

 

Market Cap History

 

31-Mar-13

% Chg

31-Dec-12

% Chg

30-Sep-12

% Chg

30-Jun-12

% Chg

31-Mar-12

% Chg

Total Common Shares Outstanding

600

0.5

597

0.0

597

0.0

597

0.6

593

0.0

Yearly Price History

 

2013

% Chg

2012

% Chg

2011

% Chg

2010

% Chg

2009

% Chg

High Price

6.10

-6.3

6.51

-19.7

8.11

-29.5

11.50

100.0

5.75

6.5

Low Price

3.82

29.1

2.96

2.1

2.90

-35.6

4.50

57.9

2.85

-5.0

Year End Price

4.85

-19.2

6.00

100.7

2.99

-64.1

8.33

61.0

5.18

72.5

Monthly Price History

Price Ending Date

Open

High

Low

Close

Volume

 

05-Jul-13

4.15

4.90

4.09

4.85

118,521

 

28-Jun-13

4.95

5.08

3.98

4.07

582,920

 

31-May-13

4.28

5.10

4.28

4.96

295,274

 

30-Apr-13

4.24

4.65

3.82

4.36

541,544

 

28-Mar-13

5.10

5.15

4.25

4.33

604,719

 

28-Feb-13

5.40

5.64

5.01

5.10

342,055

 

31-Jan-13

5.85

6.10

5.10

5.37

575,393

 

31-Dec-12

5.42

6.04

5.06

6.00

346,763

 

30-Nov-12

5.90

6.51

5.15

5.44

487,452

 

31-Oct-12

5.60

6.50

5.41

6.50

538,733

 

28-Sep-12

5.09

5.97

4.94

5.52

537,563

 

31-Aug-12

4.33

5.11

4.25

5.06

1,008,216

 

31-Jul-12

4.70

5.03

4.20

4.45

399,130

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.91

UK Pound

1

Rs.90.68

Euro

1

Rs.78.22

 

 

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.