|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
EGYPT GAS CO |
|
|
|
|
Registered Office : |
Cornish El Nile, Imbaba, ElwaraK, 1438 P.O.Box Giza, 1438 |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.09.1983 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Natural Gas Distribution |
|
|
|
|
No. of Employees : |
5,515 |
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 |
A2 |
A2 |
|
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
EGYPT GAS CO
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Egypt Gas Co is an Egypt-based publication shareholding company engaged
in the design, installation, operation and maintenance of natural gas
distribution networks and pressure reduction stations for domestics,
commercial and industrial applications, as well as engineering projects in
the petroleum and natural gas sector. The Company’s activities are
structured into six divisions: the Natural Gas Projects division includes a
range of services covering all elements of design and engineering to enable
natural gas distribution through pipelines and underground networks from the
main gas grid to consumption areas; the Pipeline Construction Projects
division provides pipelines installation, testing, purging &
commissioning services; the Maintenance Projects division includes
maintenance projects for Oil and Natural Gas systems; the Air Conditioning
Projects segment; the Liquefied Petroleum Gas (LPG) Construction Projects
division, and the Compressed Natural Gas Stations division. For the six
months ended 30 June 2012, Egypt Gas Co revenues increased 26% to EGP411.9M.
Net income increased less than 1% to EGP105.9M. Revenues reflect an increase
in demand for the Company's products and services due to favorable market
conditions. Net income reflects Provision for Tax decrease from EGP5.7M
(expense) to EGP0K, Investment Income increase of 5% to EGP106.2M (income),
Other Income increase from EGP867K to EGP2.5M (income). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
4022 - Distribution and trade of gaseous fuels
through mains |
|
NAICS 2002: |
|
|
UK SIC 2003: |
4022 - Distribution and trade of gaseous fuels
through mains |
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = EGP 6.068711
2 - Balance Sheet Item Exchange Rate: USD 1 = EGP 6.1833
|
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|
Egypt Gas Co |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Cairo |
Egypt |
Oil and Gas Operations |
|
400 |
|
|
Subsidiary |
Giza |
Egypt |
Natural Gas Utilities |
127.9 |
5,515 |
|
|
Subsidiary |
Cairo |
Egypt |
Natural Gas Utilities |
27.0 |
946 |
|
Executives Report
|
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
EGP |
EGP |
EGP |
EGP |
EGP |
|
Exchange Rate
(Period Average) |
6.068711 |
5.944187 |
5.635256 |
5.553364 |
5.443245 |
|
Auditor |
|
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
- |
130.6 |
139.7 |
149.5 |
123.2 |
|
Revenue |
- |
130.6 |
139.7 |
149.5 |
123.2 |
|
Total Revenue |
- |
130.6 |
139.7 |
149.5 |
123.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
- |
120.1 |
118.4 |
128.8 |
104.5 |
|
Cost of Revenue, Total |
- |
120.1 |
118.4 |
128.8 |
104.5 |
|
Gross Profit |
- |
10.4 |
21.2 |
20.7 |
18.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
- |
8.1 |
8.0 |
7.6 |
6.6 |
|
Labor & Related Expense |
- |
0.4 |
0.4 |
0.3 |
0.3 |
|
Total Selling/General/Administrative Expenses |
- |
8.4 |
8.5 |
7.9 |
6.9 |
|
Depreciation |
- |
0.1 |
0.2 |
0.3 |
0.3 |
|
Depreciation/Amortization |
- |
0.1 |
0.2 |
0.3 |
0.3 |
|
Other, Net |
- |
-1.4 |
4.4 |
3.6 |
3.3 |
|
Other Operating Expenses, Total |
- |
-1.4 |
4.4 |
3.6 |
3.3 |
|
Total Operating Expense |
- |
127.2 |
131.5 |
140.6 |
115.0 |
|
|
|
|
|
|
|
|
Operating Income |
- |
3.4 |
8.1 |
8.9 |
8.2 |
|
|
|
|
|
|
|
|
Interest Income -
Non-Operating |
- |
0.9 |
1.7 |
2.0 |
1.9 |
|
Investment Income -
Non-Operating |
- |
17.7 |
16.2 |
16.5 |
14.0 |
|
Interest/Investment Income - Non-Operating |
- |
18.6 |
17.9 |
18.5 |
15.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
18.6 |
17.9 |
18.5 |
15.9 |
|
Gain (Loss) on Sale of Assets |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Other Non-Operating Income (Expense) |
- |
0.6 |
7.6 |
6.3 |
6.6 |
|
Other, Net |
- |
0.6 |
7.6 |
6.3 |
6.6 |
|
Income Before Tax |
- |
22.7 |
33.8 |
33.9 |
30.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
- |
1.6 |
5.0 |
5.3 |
4.3 |
|
Income After Tax |
- |
21.1 |
28.8 |
28.6 |
26.5 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
- |
21.1 |
28.8 |
28.6 |
26.5 |
|
Net Income |
- |
21.1 |
28.8 |
28.6 |
26.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
- |
21.1 |
28.8 |
28.6 |
26.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
- |
21.1 |
28.8 |
28.6 |
26.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
- |
12.0 |
12.0 |
12.0 |
12.0 |
|
Basic EPS Excl Extraord Items |
- |
1.76 |
2.40 |
2.38 |
2.21 |
|
Basic/Primary EPS Incl Extraord Items |
- |
1.76 |
2.40 |
2.38 |
2.21 |
|
Diluted Net Income |
- |
21.1 |
28.8 |
28.6 |
26.5 |
|
Diluted Weighted Average Shares |
- |
12.0 |
12.0 |
12.0 |
12.0 |
|
Diluted EPS Excl Extraord Items |
- |
1.76 |
2.40 |
2.38 |
2.21 |
|
Diluted EPS Incl Extraord Items |
- |
1.76 |
2.40 |
2.38 |
2.21 |
|
Dividends per Share - Common Stock Primary Issue |
- |
1.09 |
1.15 |
1.29 |
1.19 |
|
Gross Dividends - Common Stock |
- |
- |
- |
- |
14.3 |
|
Depreciation, Supplemental |
- |
1.4 |
1.3 |
2.5 |
2.9 |
|
Total Special Items |
- |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Normalized Income Before Tax |
- |
22.7 |
33.7 |
33.8 |
30.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
- |
1.6 |
5.0 |
5.3 |
4.3 |
|
Normalized Income After Tax |
- |
21.1 |
28.7 |
28.5 |
26.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
21.1 |
28.7 |
28.5 |
26.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
1.76 |
2.39 |
2.37 |
2.20 |
|
Diluted Normalized EPS |
- |
1.76 |
2.39 |
2.37 |
2.20 |
|
Rental Expenses |
- |
0.1 |
0.3 |
- |
- |
|
Normalized EBIT |
- |
3.4 |
8.1 |
8.9 |
8.2 |
|
Normalized EBITDA |
- |
4.8 |
9.4 |
11.4 |
11.1 |
|
Current Tax - Domestic |
- |
1.4 |
4.8 |
5.4 |
4.4 |
|
Current Tax - Total |
- |
1.4 |
4.8 |
5.4 |
4.4 |
|
Deferred Tax - Domestic |
- |
0.2 |
0.2 |
-0.1 |
-0.1 |
|
Deferred Tax - Total |
- |
0.2 |
0.2 |
-0.1 |
-0.1 |
|
Income Tax - Total |
- |
1.6 |
5.0 |
5.3 |
4.3 |
|
|
|
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 |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
EGP |
EGP |
EGP |
EGP |
EGP |
|
Exchange Rate |
6.1833 |
6.03075 |
5.805 |
5.48475 |
5.51125 |
|
Auditor |
|
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
- |
16.9 |
36.3 |
44.6 |
37.9 |
|
Cash and Short Term Investments |
- |
16.9 |
36.3 |
44.6 |
37.9 |
|
Accounts Receivable -
Trade, Gross |
- |
111.2 |
103.4 |
113.8 |
110.1 |
|
Provision for Doubtful
Accounts |
- |
-1.1 |
-0.4 |
-0.4 |
-0.3 |
|
Trade Accounts Receivable - Net |
- |
128.5 |
116.4 |
120.4 |
115.5 |
|
Notes Receivable - Short Term |
- |
2.1 |
1.0 |
1.3 |
1.9 |
|
Other Receivables |
- |
0.3 |
0.5 |
0.5 |
- |
|
Total Receivables, Net |
- |
130.9 |
117.8 |
122.2 |
117.3 |
|
Inventories - Work In Progress |
- |
20.0 |
12.9 |
15.0 |
18.5 |
|
Inventories - Raw Materials |
- |
39.2 |
45.6 |
43.5 |
49.0 |
|
Inventories - Other |
- |
-0.1 |
- |
- |
- |
|
Total Inventory |
- |
59.0 |
58.6 |
58.5 |
67.5 |
|
Other Current Assets |
- |
15.7 |
12.1 |
10.7 |
15.5 |
|
Other Current Assets, Total |
- |
15.7 |
12.1 |
10.7 |
15.5 |
|
Total Current Assets |
- |
222.5 |
224.7 |
236.0 |
238.3 |
|
|
|
|
|
|
|
|
Buildings |
- |
7.4 |
7.2 |
7.4 |
7.3 |
|
Land/Improvements |
- |
3.2 |
3.3 |
3.5 |
3.4 |
|
Machinery/Equipment |
- |
28.8 |
28.0 |
28.6 |
26.1 |
|
Construction in
Progress |
- |
2.3 |
2.1 |
1.9 |
1.7 |
|
Property/Plant/Equipment - Gross |
- |
41.7 |
40.6 |
41.5 |
38.5 |
|
Accumulated Depreciation |
- |
-28.3 |
-28.5 |
-29.4 |
-27.3 |
|
Property/Plant/Equipment - Net |
- |
13.4 |
12.1 |
12.1 |
11.2 |
|
LT Investments - Other |
- |
39.5 |
40.0 |
41.6 |
38.4 |
|
Long Term Investments |
- |
39.5 |
40.0 |
41.6 |
38.4 |
|
Deferred Charges |
- |
- |
0.0 |
0.2 |
0.1 |
|
Other Long Term Assets |
- |
1.8 |
1.5 |
1.2 |
0.8 |
|
Other Long Term Assets, Total |
- |
1.8 |
1.5 |
1.4 |
0.9 |
|
Total Assets |
- |
277.1 |
278.3 |
291.1 |
288.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
60.7 |
44.5 |
71.6 |
85.0 |
|
Notes Payable/Short Term Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends Payable |
- |
0.0 |
18.5 |
20.3 |
18.1 |
|
Income Taxes Payable |
- |
9.4 |
11.8 |
6.0 |
- |
|
Other Current Liabilities |
- |
21.0 |
32.0 |
39.5 |
41.3 |
|
Other Current liabilities, Total |
- |
30.3 |
62.3 |
65.7 |
59.4 |
|
Total Current Liabilities |
- |
91.1 |
106.8 |
137.3 |
144.4 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
0.2 |
0.1 |
0.0 |
- |
|
Deferred Income Tax |
- |
0.2 |
0.1 |
0.0 |
- |
|
Total Liabilities |
- |
91.3 |
106.9 |
137.3 |
144.4 |
|
|
|
|
|
|
|
|
Common Stock |
- |
19.9 |
20.7 |
21.9 |
21.8 |
|
Common Stock |
- |
19.9 |
20.7 |
21.9 |
21.8 |
|
Retained Earnings (Accumulated Deficit) |
- |
166.0 |
150.8 |
131.9 |
122.6 |
|
Total Equity |
- |
185.9 |
171.5 |
153.8 |
144.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
277.1 |
278.3 |
291.1 |
288.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
12.0 |
12.0 |
12.0 |
12.0 |
|
Total Common Shares Outstanding |
- |
12.0 |
12.0 |
12.0 |
12.0 |
|
Employees |
- |
5,515 |
- |
- |
- |
|
Deferred Revenue - Current |
- |
- |
- |
0.4 |
0.4 |
|
|
|
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 |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
EGP |
EGP |
EGP |
EGP |
EGP |
|
Exchange Rate
(Period Average) |
6.068711 |
5.944187 |
5.635256 |
5.553364 |
5.443245 |
|
Auditor |
|
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
22.7 |
33.8 |
33.9 |
30.8 |
|
Depreciation |
- |
1.4 |
1.3 |
2.5 |
2.9 |
|
Depreciation/Depletion |
- |
1.4 |
1.3 |
2.5 |
2.9 |
|
Unusual Items |
- |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Other Non-Cash Items |
- |
-27.8 |
-29.7 |
-23.7 |
-10.5 |
|
Non-Cash Items |
- |
-27.8 |
-29.8 |
-23.8 |
-10.6 |
|
Accounts Receivable |
- |
-18.4 |
-2.3 |
-3.4 |
2.2 |
|
Inventories |
- |
4.4 |
-4.5 |
9.0 |
-20.7 |
|
Other Assets |
- |
-4.8 |
-7.9 |
4.0 |
-8.3 |
|
Accounts Payable |
- |
14.8 |
1.4 |
-7.4 |
18.1 |
|
Changes in Working Capital |
- |
-4.0 |
-13.4 |
2.1 |
-8.8 |
|
Cash from Operating Activities |
- |
-7.7 |
-8.2 |
14.7 |
14.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-3.0 |
-1.7 |
-3.1 |
-3.3 |
|
Capital Expenditures |
- |
-3.0 |
-1.7 |
-3.1 |
-3.3 |
|
Sale of Fixed Assets |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Investment, Net |
- |
15.7 |
15.2 |
15.8 |
- |
|
Purchase of Investments |
- |
-1.1 |
-0.7 |
-3.0 |
-0.6 |
|
Other Investing Cash Flow |
- |
0.7 |
1.4 |
-0.2 |
-1.1 |
|
Other Investing Cash Flow Items, Total |
- |
15.3 |
15.9 |
12.8 |
-1.7 |
|
Cash from Investing Activities |
- |
12.4 |
14.2 |
9.6 |
-5.0 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
- |
-18.1 |
-19.7 |
-18.0 |
-14.5 |
|
Total Cash Dividends Paid |
- |
-18.1 |
-19.7 |
-18.0 |
-14.5 |
|
Cash from Financing Activities |
- |
-18.1 |
-19.7 |
-18.0 |
-14.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
0.5 |
0.2 |
- |
- |
|
Net Change in Cash |
- |
-12.8 |
-13.4 |
6.4 |
-5.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
17.8 |
32.2 |
37.6 |
43.5 |
|
Net Cash - Ending Balance |
- |
4.9 |
18.7 |
44.0 |
38.4 |
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
EGP |
EGP |
EGP |
EGP |
EGP |
|
Exchange Rate
(Period Average) |
5.944187 |
5.635256 |
5.553364 |
5.443245 |
5.644572 |
|
Auditor |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
130.6 |
139.7 |
149.5 |
123.2 |
88.3 |
|
Total Revenue |
130.6 |
139.7 |
149.5 |
123.2 |
88.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
120.1 |
118.4 |
128.8 |
104.5 |
74.8 |
|
Selling, General and Admin Expenses |
8.1 |
8.0 |
7.6 |
6.6 |
5.5 |
|
Provisions of Expected Claims |
4.3 |
4.4 |
3.6 |
3.3 |
0.0 |
|
Expired Provisions |
-5.8 |
0.0 |
- |
- |
- |
|
Depreciation |
0.1 |
0.2 |
0.3 |
0.3 |
0.2 |
|
Unused Provisions |
- |
- |
- |
0.0 |
-2.6 |
|
Board of Directors Remuneration |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Total Operating Expense |
127.2 |
131.5 |
140.6 |
115.0 |
78.2 |
|
|
|
|
|
|
|
|
Interest Income |
0.9 |
1.7 |
2.0 |
1.9 |
2.1 |
|
Investment Income |
17.0 |
15.9 |
16.1 |
15.1 |
12.0 |
|
Other Income |
0.6 |
7.6 |
6.3 |
6.6 |
0.5 |
|
Foreign Currency Adjustment |
0.7 |
0.4 |
0.4 |
-1.1 |
0.1 |
|
Capital Gain |
0.0 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Net Income Before Taxes |
22.7 |
33.8 |
33.9 |
30.8 |
24.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.6 |
5.0 |
5.3 |
4.3 |
2.4 |
|
Net Income After Taxes |
21.1 |
28.8 |
28.6 |
26.5 |
22.4 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
21.1 |
28.8 |
28.6 |
26.5 |
22.4 |
|
Net Income |
21.1 |
28.8 |
28.6 |
26.5 |
22.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
21.1 |
28.8 |
28.6 |
26.5 |
22.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
21.1 |
28.8 |
28.6 |
26.5 |
22.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
12.0 |
12.0 |
12.0 |
12.0 |
12.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.76 |
2.40 |
2.38 |
2.21 |
1.86 |
|
Basic EPS Including ExtraOrdinary Items |
1.76 |
2.40 |
2.38 |
2.21 |
1.86 |
|
Diluted Net Income |
21.1 |
28.8 |
28.6 |
26.5 |
22.4 |
|
Diluted Weighted Average Shares |
12.0 |
12.0 |
12.0 |
12.0 |
12.0 |
|
Diluted EPS Excluding ExtraOrd Items |
1.76 |
2.40 |
2.38 |
2.21 |
1.86 |
|
Diluted EPS Including ExtraOrd Items |
1.76 |
2.40 |
2.38 |
2.21 |
1.86 |
|
DPS-Common Stock |
1.09 |
1.15 |
1.29 |
1.19 |
- |
|
Gross Dividends - Common Stock |
- |
- |
- |
14.3 |
- |
|
Normalized Income Before Taxes |
22.7 |
33.7 |
33.8 |
30.7 |
24.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.6 |
5.0 |
5.3 |
4.3 |
2.4 |
|
Normalized Income After Taxes |
21.1 |
28.7 |
28.5 |
26.4 |
22.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
21.1 |
28.7 |
28.5 |
26.4 |
22.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.76 |
2.39 |
2.37 |
2.20 |
1.86 |
|
Diluted Normalized EPS |
1.76 |
2.39 |
2.37 |
2.20 |
1.86 |
|
Depreciation |
1.4 |
1.3 |
2.5 |
2.9 |
2.0 |
|
Rental Expense, Supplemental |
0.1 |
0.3 |
- |
- |
- |
|
Current Tax |
1.4 |
4.8 |
5.4 |
4.4 |
2.4 |
|
Current Tax - Total |
1.4 |
4.8 |
5.4 |
4.4 |
2.4 |
|
Deferred Tax |
0.2 |
0.2 |
-0.1 |
-0.1 |
0.0 |
|
Deferred Tax - Total |
0.2 |
0.2 |
-0.1 |
-0.1 |
0.0 |
|
Income Tax - Total |
1.6 |
5.0 |
5.3 |
4.3 |
2.4 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
EGP |
EGP |
EGP |
EGP |
EGP |
|
Exchange Rate |
6.03075 |
5.805 |
5.48475 |
5.51125 |
5.51625 |
|
Auditor |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
37.3 |
43.7 |
41.3 |
46.3 |
30.5 |
|
Spare Parts & Materials |
1.9 |
2.0 |
2.2 |
2.7 |
2.6 |
|
Materials for Others |
0.0 |
- |
- |
- |
- |
|
Letter of Credit |
1.6 |
1.2 |
1.4 |
4.8 |
0.1 |
|
Impairment of Inventory |
-0.1 |
- |
- |
- |
- |
|
Projects Under Construction |
20.0 |
12.9 |
15.0 |
18.5 |
14.8 |
|
Accounts Receivables |
111.2 |
103.4 |
113.8 |
110.1 |
100.2 |
|
Provision for Doubtfull Debts |
-1.1 |
-0.4 |
-0.4 |
-0.3 |
-0.3 |
|
Notes Receivables |
2.1 |
1.0 |
1.3 |
1.9 |
0.5 |
|
Associate Companies |
18.3 |
13.4 |
7.0 |
5.7 |
0.1 |
|
Other Current Assets |
14.1 |
10.9 |
9.3 |
10.8 |
6.2 |
|
Income Tax-Receivables |
0.3 |
0.5 |
0.5 |
- |
- |
|
Banks- LT Deposit |
12.0 |
18.1 |
44.6 |
37.9 |
39.1 |
|
Banks- Current |
4.9 |
18.2 |
- |
- |
3.9 |
|
Total Current Assets |
222.5 |
224.7 |
236.0 |
238.3 |
197.6 |
|
|
|
|
|
|
|
|
Land |
3.2 |
3.3 |
3.5 |
3.4 |
3.4 |
|
Buildings |
7.4 |
7.2 |
7.4 |
7.3 |
7.1 |
|
Machinery & Equipment |
10.1 |
9.4 |
9.9 |
8.9 |
7.5 |
|
Vehicles |
8.8 |
9.0 |
9.1 |
8.5 |
8.0 |
|
Tools |
6.0 |
5.5 |
5.3 |
4.7 |
4.3 |
|
Furniture |
4.0 |
4.2 |
4.2 |
4.0 |
3.7 |
|
Depreciation |
-28.3 |
-28.5 |
-29.4 |
-27.3 |
-24.9 |
|
Construction in Progress |
2.3 |
2.1 |
1.9 |
1.7 |
0.7 |
|
Employees Loan |
1.8 |
1.5 |
1.2 |
0.8 |
0.8 |
|
Financial Investment |
39.5 |
40.0 |
41.6 |
38.4 |
37.7 |
|
LT Investments |
- |
- |
- |
- |
18.9 |
|
Deferred Tax |
- |
0.0 |
0.2 |
0.1 |
0.0 |
|
Total Assets |
277.1 |
278.3 |
291.1 |
288.8 |
264.9 |
|
|
|
|
|
|
|
|
Provisions |
21.0 |
32.0 |
39.5 |
41.3 |
45.8 |
|
Dividend Payable |
0.0 |
18.5 |
20.3 |
18.1 |
14.3 |
|
Associate Companies |
2.8 |
2.4 |
1.8 |
6.3 |
1.1 |
|
Income Tax |
9.4 |
11.8 |
6.0 |
- |
- |
|
Payables & Other |
58.0 |
42.0 |
69.7 |
78.7 |
67.4 |
|
Total Current Liabilities |
91.1 |
106.8 |
137.3 |
144.4 |
128.7 |
|
|
|
|
|
|
|
|
Deferred Tax |
0.2 |
0.1 |
0.0 |
- |
- |
|
Total Liabilities |
91.3 |
106.9 |
137.3 |
144.4 |
128.7 |
|
|
|
|
|
|
|
|
Share Capital |
19.9 |
20.7 |
21.9 |
21.8 |
10.9 |
|
Reserves |
129.0 |
134.0 |
131.9 |
122.6 |
125.3 |
|
Retained Earnings |
16.1 |
16.8 |
- |
- |
- |
|
Profit |
20.8 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Equity |
185.9 |
171.5 |
153.8 |
144.4 |
136.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
277.1 |
278.3 |
291.1 |
288.8 |
264.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
12.0 |
12.0 |
12.0 |
12.0 |
12.0 |
|
Total Common Shares Outstanding |
12.0 |
12.0 |
12.0 |
12.0 |
12.0 |
|
Advance Payments |
- |
- |
0.4 |
0.4 |
- |
|
Full-Time Employees |
5,515 |
- |
- |
- |
- |
|
|
|
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 |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
EGP |
EGP |
EGP |
EGP |
EGP |
|
Exchange Rate
(Period Average) |
5.944187 |
5.635256 |
5.553364 |
5.443245 |
5.644572 |
|
Auditor |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
Mostafa Shawki
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
22.7 |
33.8 |
33.9 |
30.8 |
22.4 |
|
Depreciation |
1.4 |
1.3 |
2.5 |
2.9 |
2.0 |
|
Capital Gain |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Provisions |
4.3 |
4.4 |
3.6 |
6.1 |
0.0 |
|
Expired Provisions |
-5.8 |
0.0 |
- |
-2.7 |
-2.6 |
|
Used Provisions |
-7.7 |
-9.9 |
-5.4 |
-8.0 |
0.0 |
|
Investment Income |
-17.0 |
-15.9 |
-16.1 |
- |
- |
|
Interest Income |
-0.9 |
-1.7 |
- |
- |
- |
|
Revaluation |
-0.7 |
-6.7 |
-5.8 |
-5.9 |
- |
|
Deferred Tax |
- |
- |
- |
- |
0.0 |
|
Employees Loan |
- |
- |
-0.4 |
0.0 |
-0.1 |
|
Accounts Held as Guarantee |
5.5 |
-7.5 |
- |
- |
- |
|
Inventory |
4.4 |
-4.5 |
9.0 |
-20.7 |
-7.0 |
|
Letter of Credit |
- |
- |
- |
- |
0.0 |
|
Construction Under Progress |
-7.6 |
1.3 |
3.6 |
-3.7 |
-8.8 |
|
Trade & Other Receivables |
-12.8 |
4.6 |
-2.6 |
7.9 |
0.3 |
|
Increase in Customers |
- |
- |
- |
- |
16.7 |
|
Receivables to the Tax Department |
0.1 |
0.1 |
- |
- |
- |
|
Related Parties -Receivables |
-5.5 |
-7.0 |
-0.8 |
-5.7 |
0.5 |
|
Other Receivable |
-2.8 |
-1.8 |
0.8 |
-4.6 |
10.9 |
|
Related Parties -Payables |
0.4 |
0.7 |
-4.4 |
5.2 |
-1.7 |
|
Payables to the Tax Departments |
-3.5 |
-4.1 |
- |
- |
- |
|
Other Payables |
17.8 |
4.9 |
-3.0 |
12.9 |
-1.6 |
|
Cash from Operating Activities |
-7.7 |
-8.2 |
14.7 |
14.3 |
30.9 |
|
|
|
|
|
|
|
|
Employees' Housing Loans |
-0.3 |
-0.4 |
0.0 |
- |
- |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Capital Expenditure |
-3.0 |
-1.7 |
-3.1 |
-3.3 |
-3.2 |
|
Dec. in Project under Construction |
-0.3 |
-0.3 |
-0.2 |
-1.1 |
-0.5 |
|
Purchase of Investment |
-1.1 |
-0.7 |
-3.0 |
-0.6 |
-0.8 |
|
Interest Income Received |
0.9 |
1.7 |
- |
- |
- |
|
Investment Income |
16.0 |
15.6 |
15.8 |
- |
- |
|
Cash from Investing Activities |
12.4 |
14.2 |
9.6 |
-5.0 |
-4.4 |
|
|
|
|
|
|
|
|
Dividend Paid |
-18.1 |
-19.7 |
-18.0 |
-14.5 |
-15.4 |
|
Cash from Financing Activities |
-18.1 |
-19.7 |
-18.0 |
-14.5 |
-15.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.5 |
0.2 |
- |
- |
- |
|
Net Change in Cash |
-12.8 |
-13.4 |
6.4 |
-5.2 |
11.1 |
|
|
|
|
|
|
|
|
Cash- Beginning Balance |
17.8 |
32.2 |
37.6 |
43.5 |
30.8 |
|
Cash- Ending Balance |
4.9 |
18.7 |
44.0 |
38.4 |
42.0 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.