MIRA INFORM REPORT

Report Date :

19.06.2013

IDENTIFICATION DETAILS

Name :	ALUMINIUM BAHRAIN BSCC
Registered Office :	Building 150, Road 94 Block 951 King Hamad Highway P.O.Box :570 Askar Manama
Country :	Bahrain
Financials (as on) :	31.12.2012
Date of Incorporation :	1971
Legal Form :	Public Subsidiary
Line of Business :	Subject is engaged in manufacturing aluminum and aluminum related products.
No. of Employees :	2,777

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 :	Good
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, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Bahrain	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BAHRAIN - ECONOMIC OVERVIEW

Bahrain has taken great strides in diversifying its economy and its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain''s economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain''s export receipts, 70% of government revenues, and 11% of GDP. Other major economic activities are production of aluminum - Bahrain''s second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 and 2012, Bahrain experienced economic setbacks as a result of domestic unrest, however, several factors indicate that the economy is beginning to recover, such as the return of the formula one race and tourist cruise ships to Bahrain. Economic policies aimed at restoring confidence in Bahrain''s economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain''s foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.

Source : CIA

Company name and address

ALUMINIUM BAHRAIN BSCC

Building 150, Road 94 Block 951

King Hamad Highway

P.O.Box :570 Askar

Manama,

Bahrain

Tel:	973-1-7830000
Fax:	973-1-7830083
www.aluminiumbahrain.com

Employees:

2,777

Company Type:

Public Subsidiary

Corporate Family:

4 Companies

Ultimate Parent:

Bahrain Mumtalakat Holding Co BSCC

Traded:

Bahrain Stock Exchange:	ALBH
London Stock Exchange (LON):	ALBH

Incorporation Date:

1971

Auditor:

Ernst & Young LLP

Financials in:	USD (In Millions)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Bahraini Dinar
Annual Sales:	1,973.1 ^1
Net Income:	256.1
Total Assets:	3,281.1 ^2
Market Value:	2,015.0
	(06-Jun-2013)

Business Description

Aluminium Bahrain BSC (Alba) is a Bahrain-based company engaged in manufacturing aluminum and aluminum related products. The Company produces more than 870,000 metric tons per annum and exports its production to more than 25 countries and international customers in the Middle East, Europe, Far East, South East Asia, Africa and North America. Its products include standard and T-ingot, extrusion billets, rolling slab, propertzi ingots, and molten aluminum. Alba plant comprises five reduction lines, three cast houses, a dedicated carbon plant, a 600,000 metric tons per annum coke calcining plant, a water desalination plant, 11 fume treatment plants, a marine terminal, and a 2,200 megawatt power plant, consisting of four power stations. Its main shareholder is Bahrain Mumtalakat Holding Company (69.38%). For the three months ended 31 March 2013, Aluminium Bahrain BSCC revenues increased less than 1% to BHD187.1M. Net income increased 90% to BHD40.5M. Revenues reflect market conditions. Net income benefited from FV L/G on Revaluation of Derivatives increase from BHD7.7M (expense) to BHD10.2M (income), Finance Cost decrease of 18% to BHD1.5M (expense), Gain on Exchange increase from BHD8K to BHD333K (income).

Industry

Industry	Metal Mining
ANZSIC 2006:	2132 - Aluminium Smelting
NACE 2002:	2742 - Aluminium production
NAICS 2002:	331312 - Primary Aluminum Production
UK SIC 2003:	2742 - Aluminium production
UK SIC 2007:	2442 - Aluminium production
US SIC 1987:	3334 - Primary Production of Aluminum

Key Executives

Name	Title
Tim Murray	Chief Executive Officer
Mansour Afzal	Manager - Financial Accounting and Controlling
Jean-Baptiste Lucas	Chief Marketing Officer
Afshan Akhtar	General Counsel, Corporate Secretary
Issam Hadi	Manager - Information Technology

Significant Developments

Topic	#*	Most Recent Headline	Date
Corporate Litigation	1	Alcoa Inc And Aluminium Bahrain B.S.C. Resolve Civil Litigation	9-Oct-2012
Officer Changes	2	Aluminium Bahrain BSC Appoints Chief Financial Officer	13-Jun-2013
General Products	2	Aluminium Bahrain BSC Approves The Launch Of Line Six Bankable Feasibility Study	6-Dec-2012
Debt Financing / Related	1	Aluminium Bahrain BSC Announces Loan Agreement For USD 169 Million	30-Dec-2012
Dividends	3	Aluminium Bahrain BSC Announces Further Information Concerning H2 FY 2012 Annual Cash Dividends	11-Mar-2013

* number of significant developments within the last 12 months

News

Title	Date
ALUMINIUM BAHRAIN BSCC: Alba Appoints New Chief Financial Officer 4 Traders (243 Words)	12-Jun-2013
ALUMINIUM BAHRAIN BSCC : Alba on track to meet its growth targets 4 Traders (446 Words)	11-Jun-2013
ALUMINIUM BAHRAIN BSCC: Alba seminar applauds women employees role in companys success story 4 Traders (326 Words)	4-Jun-2013
ALUMINIUM BAHRAIN BSCC : Alba seminar applauds women employees' role in company's success story 4 Traders (326 Words)	4-Jun-2013
ALUMINIUM BAHRAIN BSCC: Alba employees honoured at the national stage 4 Traders (294 Words)	9-May-2013
ALUMINIUM BAHRAIN BSCC : Alba wins top technology award 4 Traders (380 Words)	9-Apr-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.33	2.95
Quick Ratio (MRQ)	0.70	1.63
Debt to Equity (MRQ)	0.28	0.67
Sales 5 Year Growth	3.45	8.01
Net Profit Margin (TTM) %	15.54	0.49
Return on Assets (TTM) %	9.23	0.76
Return on Equity (TTM) %	14.25	-0.76

Stock Snapshot

Traded: Bahrain Stock Exchange: ALBH

As of 6-Jun-2013

   Financials in: BHD

Recent Price	0.54	EPS	0.07
52 Week High	0.58	Price/Sales	1.02
52 Week Low	0.40	Dividend Rate	0.03
Avg. Volume (mil)	0.06	Price/Earnings	5.32
Market Value (mil)	759.70	Price/Book	0.91

	Price % Change	Rel S&P 500%
4 Week	-2.73%	-8.60%
13 Week	27.38%	16.61%
52 Week	-0.93%	-6.64%
Year to Date	23.84%	9.85%

1 - Profit & Loss Item Exchange Rate: USD 1 = BHD 0.3769317
2 - Balance Sheet Item Exchange Rate: USD 1 = BHD 0.3746

Corporate Overview

Location
Building 150, Road 94 Block 951
King Hamad Highway
P.O.Box :570 Askar
Manama, Bahrain

Tel:	973-1-7830000
Fax:	973-1-7830083

www.aluminiumbahrain.com

Quote Symbol - Exchange
ALBH - Bahrain Stock Exchange
Sales BHD(mil):	743.7
Assets BHD(mil):	1,229.1
Employees:	2,777
Fiscal Year End:	31-Dec-2012

Industry:

Metal Mining

Incorporation Date:	1971
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Chief Executive Officer:	Tim Murray

Industry Codes

ANZSIC 2006 Codes:
2132	-	Aluminium Smelting

NACE 2002 Codes:
2742	-	Aluminium production

NAICS 2002 Codes:
331312	-	Primary Aluminum Production

US SIC 1987:
3334	-	Primary Production of Aluminum

UK SIC 2003:
2742	-	Aluminium production

UK SIC 2007:
2442	-	Aluminium production

Brand/Trade Names

ALBA

Business Description

Aluminium Bahrain BSC (Alba) is a Bahrain-based company engaged in manufacturing aluminum and aluminum related products. The Company produces more than 870,000 metric tons per annum and exports its production to more than 25 countries and international customers in the Middle East, Europe, Far East, South East Asia, Africa and North America. Its products include standard and T-ingot, extrusion billets, rolling slab, propertzi ingots, and molten aluminum. Alba plant comprises five reduction lines, three cast houses, a dedicated carbon plant, a 600,000 metric tons per annum coke calcining plant, a water desalination plant, 11 fume treatment plants, a marine terminal, and a 2,200 megawatt power plant, consisting of four power stations. Its main shareholder is Bahrain Mumtalakat Holding Company (69.38%). For the three months ended 31 March 2013, Aluminium Bahrain BSCC revenues increased less than 1% to BHD187.1M. Net income increased 90% to BHD40.5M. Revenues reflect market conditions. Net income benefited from FV L/G on Revaluation of Derivatives increase from BHD7.7M (expense) to BHD10.2M (income), Finance Cost decrease of 18% to BHD1.5M (expense), Gain on Exchange increase from BHD8K to BHD333K (income).

More Business Descriptions

Manufacturie of aluminium and aluminium related products which are supplied to Bahrain's downstream industry or exported to regional and international customers in the Middle East, Europe, Far East, South East Asia, Africa and North America

Aluminum Smelter

Aluminium Bahrain B.S.C.(c) (Alba) is an aluminium smelters company, based in Bahrain. The company manufactures, sells, and exports aluminum and aluminum related products in Bahrain. Its products Aluminium Bahrain B.S.C. (c) (Alba) is an aluminium smelters company, based in Bahrain. The company manufactures, sells, and exports aluminum and aluminum related products in Bahrain. Its products include standard ingots, rolling slabs, foundry alloy ingots, extrusion billets, T-ingots, liquid metal, and molten aluminum as well as anodes and calcined coke. The company operates four power stations with a generation capacity of 2,265MW. The power stations of Alba use combined cycle technology to produce electricity. Its plant comprises five reduction lines, three cast houses, a dedicated carbon plant, a 550,000 mtpa coke calcining plant, a water desalination plant, 11 fume treatment plants, a marine terminal, and a 2.225 MW power plant, consisting of 4 power stations. Alba is headquartered in Askar, Bahrain.The company reported revenues of (Bahraini Dinar) BHD 883.32 million during the fiscal year ended December 2011, an increase of 17.65% over 2010. The operating profit of the company was BHD 166.97 million during the fiscal year 2011, an increase of 14.76% over 2010. The net profit of the company was BHD 211.90 million during the fiscal year 2011, an increase of 53.31% over 2010.

Alumina and Aluminum Production and Processing

Financial Data

Financials in:	BHD(mil)
Revenue:	743.7
Net Income:	96.5
Assets:	1,229.1
Long Term Debt:	77.1
Total Liabilities:	399.5
Date of Financial Data:	31-Dec-2012

1 Year Growth

NA

-54.4%

-5.8%

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Auditor:	Ernst & Young, Ernst & Young LLP

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Bahrain Mumtalakat Holding Co BSCC	Parent	Al Seef	Bahrain	Miscellaneous Financial Services	2.8	40
Aluminium Bahrain BSCC	Subsidiary	Manama	Bahrain	Metal Mining	1,973.1	2,777
Bahrain Flour Mills Company BSC	Subsidiary	Manama	Bahrain	Food Processing	15.0	87
Gulf Air BSC(c)	Subsidiary	Manama	Bahrain	Airlines

Competitors Report

CompanyName	Location	Employees	Ownership
Industries Chimiques du Fluor SA	Tunis, Tunisia	185	Public

Executives Report

Board of Directors

Name	Title	Function
Mahmoud Hashem Al Kooheji	Chairman of the Board, representing Bahrain Mumtalakat Holding	Chairman
Biography: Mr. Mahmoud Hashem Al Kooheji is Chairman of the Board, representing Bahrain Mumtalakat Holding at Aluminium Bahrain BSC. Mr. Al Kooheji has over 34 years of experience of working across a range of industry sectors. In 1976, he began his career with BAPCO as a project engineer before joining the Ministry of Finance and National Economy in 1988 as Senior Industrial Engineer. From 1994 to 2005, he served as the Director of Government Shareholdings Directorate and was responsible for overseeing the operation of the companies which were fully or partially owned by the Government of Bahrain. He was involved in executing the expansion programs which covered industrial, commercial and service industries. These included local industrial companies such as BAPCO, Alba, GPIC, as well as commercial undertakings such as National Bank of Bahrain, GIB and Bahrain Development Bank. He was appointed as the Assistant Undersecretary in 2005 and in this role he was responsible for the preparation of a national strategy for economic growth and diversification as well as managing the Economic Affairs Division. As an Assistant Undersecretary of Economic Affairs, he was actively involved in the Bahrain Economic Development Board’s initiative, which led to the establishment of Bahrain Mumtalakat Holding Company B.S.C. (c). In July 2006, he was appointed as the Deputy Chief Executive Officer of Mumtalakat and he continues to hold that position. In 2006, he was appointed as a member of the Company’s board of directors and was appointed as the Chairman in 2008. Mr. Al Kooheji chairs the Board Human Resources Committee. He was also the Chairman of Bahrain Atomizer International and serves on the board of directors of a number of companies both in the Kingdom of Bahrain and outside the country Mr. Al Kooheji received a bachelors degree in mechanical engineering from Staffordshire University in 1984, and an MBA, from Henley College of Management, Brunel University in 1988. Education: Henley College, MBA Staffordshire University, B (Mechanical Engineering)
Towaijri, Humood Abdulla Al	Board Member	Director/Board Member
Humaid, Abdul Aziz Al	Board Member	Director/Board Member
Arrayedh, Osama Mohammed Al	Board Member	Director/Board Member
Osama M Al Arrayedh	Director	Director/Board Member
Abdul Aziz Suleiman Al Humaid	Independent Member of the Board	Director/Board Member
Biography: Mr. Abdul Aziz Suleiman Al Humaid is Independent Member of the Board of Aluminium Bahrain BSC. Mr. Al Humaid started his career in 1981. He has 29 years of experience in the petrochemicals and metals industry. From 1996 to 2000, he served as the Senior Vice President of Arabian Petrochemical Company, where he started his career. He has also served as the President of Al Jubail Petrochemical Company and National Industrial Gases Company. Before taking up his current post as Vice President of Metals of SABIC in April 2009, he was the President of Saudi Iron and Steel Company. In 2009, he was appointed as a member of the Company’s board of directors and member of both Board Committees Audit and Human Resources. He also serves as the chairman of Saudi Iron and Steel Company and the National Gas Industrial Gases Company. He is also the member of the board of directors of the Gulf Aluminium Rolling Mills Co. (GARMCO), the Royal Commission Colleges and Institutes for Jubail and Yanbu in the Kingdom of Saudi Arabia. Mr. Al Humaid received a bachelors degree in chemical engineering science from the King Fahad University of Petroleum and Minerals, Dhahran, the Kingdom of Saudi Arabia in 1981. Education: King Fahad University of Petroleum and Minerals, B (Chemical Engineering)
Mohammed Bin Khalifa Bin Ahmad Al Khalifa	Member of the Board, representing Bahrain Mumtalakat Holding	Director/Board Member
Biography: Sheikh Mohammed Bin Khalifa Bin Ahmad Al Khalifa is Member of the Board, representing Bahrain Mumtalakat Holding at Aluminium Bahrain BSC. He started his career in 1999 at the Financial Information Directorate of the Ministry of Finance & National Economy. In 2005, he was appointed as a member of the Company’s board of directors and a member of Board Audit Committee. From 2005 to 2007, Sheikh Al Khalifa was the Director of Government Shareholdings at the Ministry of Finance and National Economy. From April 2007, he has also served as the director of privatization and outsourcing at the Ministry of Finance and National Economy. He has also served on the board of directors of Central Bank of Bahrain, Lulu Tourism (as its vice-chairman), Qatar-Bahrain Causeway Authority and the Sheikha Hessa School. He received his masters degree in business administration with distinction from DePaul University, Kellstadt Graduate School of Business in 2004. He also received an advanced M.Sc. in Computing from Imperial College of Science, Technology and Medicine in 1999. In fall 1997, he attended the University of Cambridge and received a Postgraduate Diploma in Computer Science. He received his bachelor’s degree in computer engineering (with Honors) in spring 1996, and an International Baccalaureate Diploma, Geneva, in July 1992. Education: DePaul University, M (Business Administration) Imperial College of Science and Technology, MS University of Cambridge (Computer Science)
Mutlaq Hamad Al Murished	Member of the Board, representing Sabic Industrial Investments Company	Director/Board Member
Biography: Mr. Mutlaq Hamad Al Murished is Member of the Board, representing Sabic Industrial Investments Company atAluminium Bahrain BSC. Mr. Al Murished has experience in the field of corporate finance. Before taking up his current position as Vice President, Corporate Finance at SABIC, he was Vice President of Shared Services, President of the Saudi Petrochemical Company, and also of the Saudi Iron Steel Company. In 2003, he was appointed as a member of the Company’s board of directors. In addition to serving on the Company’s board of directors, Mr. Al Murished is also a member of the board of directors of the Arabian Petrochemical Company, Jubail United Petrochemical Company, Gulf Aluminium Rolling Mills Company (GARMCO), MARAFIQ, and the Saudi Fund for Development. He received a bachelor’s degree in Nuclear Physics and Mathematics from the University of Denver. He obtained his masters degree from Stanford University, and MSc in Nuclear Engineering from Princeton University. Education: Stanford University, M Princeton University, MS (Nuclear Engineering) University of Denver, B (Nuclear Physics)
Ousama Mohammed Al Orrayedh	Member of the Board, representing Bahrain Mumtalakat Holding	Director/Board Member
Biography: Mr. Ousama Mohammed Al Orrayedh is Member of the Board, representing Bahrain Mumtalakat Holding at Aluminium Bahrain BSC. Mr. Al Orrayedh started his career in the Kingdom of Bahrain’s Ministry of Electricity and Water in 1986 as a Systems Developer. From 1992 to 2002, he was the Chief of Computer Systems Development & Maintenance. In 2003, he joined the Ministry of Industry as the Director Hi-Tech and Informatics. In 2003, he was appointed the Assistant Undersecretary for Industrial Development at the Ministry of Industry and Commerce. Currently, Mr. Al Orrayedh is the Acting Undersecretary for Industry Affairs. Mr. Al Orrayedh was appointed as a member of the Company’s board of directors in 2006 and member of Board Audit Committee. He received a bachelor’s degree in Computer Science and Mathematics from St. Edward’s University, Austin Texas, in 1985. In 1995, he received his Master of Philosophy (Mphil) in Computer Science from the University of Nottingham, and presented his thesis on the Evolution of Synthesized Relational Database Schemas. In 2002, he underwent an Executive Development Programme in University of Virginia. Education: University of Nottingham (Computer Science) St. Edward's University, B (Computer Science and Mathematics)
Talaat Dhafer Abdullah Al Qahtani	Member of the Board, representing Sabic Industrial Investments Company	Director/Board Member
Biography: Dr. Talaat Dhafer Abdullah Al Qahtani is Member of the Board, representing Sabic Industrial Investments Company at Aluminium Bahrain BSC since June 26, 2012. Dr. Al Qahtani is currently Vice President for Corporate Strategy and Planning (Kingdom of Saudi Arabia and MENA region) at the Saudi Arabia Basic Industries Corporation. He is also a consultant to His Excellency the Saudi Arabian Minister of Commerce & Industry since 2007. His professional experience has encompassed both the public and private sector in a senior capacity. Dr. Al Qahtani has received a Ph.D in Quality Management from the Arabian Academy for Sciences, Technology & Maritime Transport, Alexandria, Egypt. He obtained his Masters degree in Information Studies from the Loughborough University of Technology, United Kingdom. Education: Arab Academy for Science, Technology and Maritime Transport (AASTMT), PHD University of Loughborough, M
Fawzi Ahmad Kanoo	Member of the Board, representing Bahrain Mumtalakat Holding	Director/Board Member
Biography: Mr. Fawzi Ahmad Kanoo is Member of the Board, representing Bahrain Mumtalakat Holding of Aluminium Bahrain BSC. Mr. Kanoo has over 38 years of experience across various industry sectors including real estate, transportation, travel and tourism and hospitality. He was appointed as a member of the Company’s board of directors in 2006. He is a member of the Board Human Resources Committee. In addition to being one of the Company’s directors, he serves on the board of directors of a number of companies in the Kingdom of Bahrain. Mr. Kanoo is the Group Board Director of Yusuf Bin Ahmed Kanoo, a multi-national organization, having offices throughout the Arabian Gulf and the Kingdom of Saudi Arabia. Prior to taking over this position he was the director of the transportation group of Yusuf Bin Ahmed Kanoo, which operates travel, freight services, cargo services and aircraft handling divisions throughout the GCC. Prior to this, he worked as a management executive at the same company. Mr. Kanoo received a bachelors degree in business administration from South West Texas State University in 1974. Education: Southwestern Texas State University, B (Business Administration)
Al Khalifa, Mohammed Khalifa	Board Member	Director/Board Member
David E. Meen	Member of the Board, representing Bahrain Mumtalakat Holding	Director/Board Member
Biography: Mr. David E. Meen is Member of the Board, representing Bahrain Mumtalakat Holding at Aluminium Bahrain BSC. Mr. Meen has experience in brand management and consulting across a variety of industries such as transportation, oil, gas and retailing. After several years with Procter and Gamble, in 1973, he joined the Toronto Office of McKinsey & Company. He spent his first 18 years with McKinsey in Canada, including the last eight and one half years as McKinsey’s Managing Director for Canada. In 1991, he moved to Europe where he served as the Managing Director of McKinsey’s EuroCenter for four years and then a Director of McKinsey’s Scandinavian practice. In 1999, he moved to Turkey and was the Managing Director for McKinsey’s Turkish practice until his retirement in mid-2003. He was also the project director and primary author of the McKinsey Global Institute’s definitive study of the Turkish economy. Upon retirement, Mr. Meen founded Meen Partners, based in Istanbul, and continues to consult both in Turkey. In 2005, Mr. Meen was appointed as a member the Company’s board of directors. Mr. Meen received his bachelor’s degree in commerce from the University of Toronto in 1968. Education: University of Toronto, B (Commerce)
Yousef Abdullah Taqi	Member of the Board, representing Bahrain Mumtalakat Holding	Director/Board Member
Biography: Mr. Yousef Abdullah Taqi is Member of the Board, representing Bahrain Mumtalakat Holding at Aluminium Bahrain BSC. Mr. Taqi has more than 25 years of experience in the financial services sector and in the Islamic finance industry. He played a role in formulating and implementing new standards and guidelines for the accountancy boards of various Islamic financial institutions and organizations in the Kingdom of Bahrain and other countries. Mr. Taqi was appointed as a member of the Company’s board of directors in 2008. In addition to serving on the Company’s board of directors, he is currently the chairman of the Board Audit Committee, the chairman of Manara Developments Company B.S.C. (c), Amar Holding Company B.S.C. (c) and ASB Biodiesel (Hong Kong) Limited, affiliates of Al Salam Bank Bahrain, and also a member of the board of directors of Al Salam Bank Algeria, and Al Salam Bank Bahrain. Prior to joining as Chief Executive of Al Salam Bank Bahrain in 2006, he worked as the Deputy General Manager of Kuwait Finance House from 2003-2006 and was an active member of the Risk Board of the Islamic Financial Service Council, Malaysia. From 1983 to 2003, he worked with Ernst & Young, Bahrain office, in various capacities and was promoted as a partner of the firm in 1999, a position that he held until 2003. He received a bachelor’s degree in Accounting from Husson College in the United States in 1990, and qualified as a Certified Public Accountant in 1991. Education: Husson University, B (Accounting)

Executives

Name	Title	Function
Tim Murray	Chief Executive Officer	Chief Executive Officer
Biography: Mr. Tim Murray serves as Chief Executive Officer of Aluminium Bahrain BSC (Alba) since October 1, 2012. Mr. Murray joined the Company in 2007 as General Manager Finance and Legal. In July 2009, as part of Alba's restructuring, he was promoted to Chief Finance Officer. During the re-structuring period he also served as acting Chief Marketing Officer, and following the restructuring of the Executives’ responsibilities in May 2012, his responsibilities were expanded to include the Supply Chain. Effective October 1, 2012, Mr. Murray was appointed as CEO of Alba. Prior to joining Alba, Mr. Murray spent 10 years with ARC Automotive, a manufacturer of Air Bag Systems supplying the global automotive industry, where he served as a Vice President and Chief Financial Officer. Mr. Murray is a Certified Public Accountant (CPA) and a member of AICPA. He has completed various Executive Management Programs at the University Of Chicago Graduate School Of Business. Mr. Murray received his bachelor’s degree in accounting from Susquehanna University (USA) in 1993, and he obtained his MBA from Vanderbilt University in 2003 where he graduated Beta Gamma Sigma. Mr. Murray is also a certified Six Sigma Greenbelt through Sequa Corporation. Education: Vanderbilt University, MBA Susquehanna University, B (Accounting)
Essa Abdul Latif Al Ansari	Chief Operations Officer	Operations Executive
Biography: Mr. Essa Abdul Latif Al Ansari is Chief Operations Officer of Aluminium Bahrain BSC since June 2012. Mr. Al Ansari started his career with the Company in 1983 as an apprentice. In his 29 years of service, he has promoted to the executive position of Chief Supply Chain Officer in December 2009, where he managed the Company's global supply chain, including strategic and raw materials, Purchasing, Warehouse as well as its Calciner Plant and Marine terminal, before being appointed as Chief Operations Officer in June 2012. A position he had held in an acting capacity from January 13, 2011. Prior to his appointment to the Executive team, he held several managerial positions covering various areas of Materials Management within the Company. Mr. Al Ansari holds a bachelor's degree with distinction in electrical and electronics engineering from the University of Northumbria, Newcastle (UK). He has experience in logistics, maintenance, planning, engineering, ERP implementation, warehouse management, inventory management, project execution and purchasing. Education: Northumbria University, B (Electrical and Electronics Engineering)
Nabil Ibrahim Al Jallabi	Manager - Operation Support Services	Operations Executive
Daniel Suleiman Asghar Hasan	Manager Carbon Operations	Operations Executive
Yogesh Kumar	Manager - Marketing Operations	Operations Executive
Graeme John Legg	Manager - Power Operations & Utilities	Operations Executive
Mohammed Shuja	Manager Operational Excellence	Operations Executive
Abdullah Yaqoub Abdullah Senan	Manager - Health, Safety and Environment (HSE)	Environment/Safety Executive
Afshan Akhtar	General Counsel, Corporate Secretary	Company Secretary
Biography: Ms. Afshan Akhtar has been appointed as General Counsel, Corporate Secretary of Aluminium Bahrain BSC with effect from 14 August 2011. Ms. Akhtar studied law at The London School of Economics. She joined Clifford Chance as a trainee lawyer and qualified as a lawyer to practice in their Banking and Finance sector for six years and achieved the position of Senior Legal Counsel. Prior to joining Alba, Ms. Akhtar was Senior Legal Counsel in Kuwait Finance House, Bahrain. Source: Reuters Education: London School of Economics (Law)
Mansour Afzal	Manager - Financial Accounting and Controlling	Finance Executive
Ali Hasan Al Baqali	Acting Chief Finance & Supply Officer	Finance Executive
Biography: Mr. Ali Hasan Al Baqali is Acting Chief Finance & Supply Officer of Aluminium Bahrain BSC (Alba) since October 2012. In his current position, he manages four departments to include Strategic Supply & Planning, Procurement & Warehousing, Financial Accounting & Controlling as well as IT. Prior to this position, he was the Manager of Procurement & Warehousing, where he led the Purchasing, Warehouse & Inventory Management functions since April 2010, during which he made improvements in the procurement cycle & the supply chain, as well as formulated various sourcing strategies for key material categories. He has experience in procurement. At various stages during his 15 years with Alba, he led many projects namely the Bar-coding system in Warehouse, AlbaSmartWay Wave program, etc. Started his career in Alba as a purchasing officer then as certified QMS and EMS internal auditor where he headed various sections in Materials Management. Prior Alba, he worked in the fields of Accounting in YBA Kanoo and of Purchasing in GIIC (Gulf Industrial Investment Company) and Delmon Poultry. Mr. Al Baqali holds a B.Sc. degree in Accounting from the University of Bahrain and is a Professional member of the Chartered Institute of Purchasing & Supply (CIPS), UK. He is currently doing an MBA with the French Arabian Business School / ESSEC. Education: University of Bahrain, BS (Accounting)
Rawdha Salman Al Aradi	Acting Manager - Training and Recruitment	Human Resources Executive
Abdul Rahman Janahi	Manager Human, Resources	Human Resources Executive
Garry Martin	Manager Metallurgy & Customer Technical Assistance	Customer Service Executive
Abdul Aziz Daylami	Manager - Sales & Marketing (GCC, ME and Africa)	Sales Executive
Boris Santosi	Manager - Sales & Marketing (Europe and Americas)	Sales Executive
David Zheng	Manager - Sales & Marketing (Asia)	Sales Executive
Jean-Baptiste Lucas	Chief Marketing Officer	Marketing Executive
Biography: Mr. Jean-Baptiste Lucas is Chief Marketing Officer of Aluminium Bahrain BSC. Mr. Lucas is a graduate of ESCP one of the European business school, where he received a Bachelor in economics and management in 1994. He worked for three years in a management consulting firm then joined Pechiney as a marketing analyst for the primary aluminium division based in Paris from 98 to 2000. After a two-year stint as e-business development project manager for the corporate office, he then took from 2002 to 2008 a position as Key-Account manager then Vice-President Sales and Marketing Rigid Packaging for the French and German operations of Alcan based in Neuf-Brisach, France. From 2008 to 2011, he was General Manager in charge of the operations of the Swiss plants of Alcan Aerospace and Industry division. He joined Alba and relocated to Bahrain in January 2011, as member of the Executive management in charge of metal casting operations, metallurgy, and worldwide sales and marketing. Mr. Lucas is a former Chairman of France Aluminium Recyclage (2008-2010), and a former Board member of EcoEmballage (2007-2009). Education: ESCP Europe, B (Economics and Management)
Eline Hilal	Manager Investor & Public Relations	Investor Relations Executive
Issam Hadi	Manager - Information Technology	Information Executive
Khalid A. Latif	Engineering Manager	Engineering/Technical Executive
Paul Otteson	Manager - Expansion Projects and Engineering	Engineering/Technical Executive
Marius Esterhuizen	Manager - Strategic Supply & Planning	Planning Executive
Fadhel Abdul Nabi	Acting Manager - Procurement & Warehousing	Purchasing Executive
Bryan Harris	Chief Internal Auditor and Risk Management Officer	Insurance Executive
Elham Al Eid	Chief Medical Officer	Medical Specialist
Abdul Rasoul Ahmad Abdul Rasoul	Manager - Casthouse	Other
Sayed Abdullah Ahmad	Manager Reduction Line 5	Other
Abdul Rasool Ahmed Abdul Rasool	Manager-Casthouse	Other
Shawqi Mohammed Al Hashimi	Project Director - Line 6 Smelter	Other
Biography: Mr. Shawqi Mohammed Al Hashimi has been appointed as Project Director - Line 6 Smelter at Aluminium Bahrain BSC effective from March 06, 2013. Mr. Al Hashimi will oversee the development of the Line 6 expansion project as well as lead a team responsible for implementing some of the action plans of the project. He will report directly to the CEO. He brings with him experience as project manager in regional smelters like Sohar Aluminium and Maaden. He began his career with the Company as an Electrical Technician in 1982 and was involved in the Line 5 expansion project as project manager in the carbon area. Mr. Al Hashimi received an Electrical Engineering Diploma from the Hindustan Electronics Academy, India, and a Bachelors of Engineering (Hons) in Instrumentation & Control Engineering from Teesside University, United Kingdom. Education: University of Teesside, BE (Control Engineering)
Adel Ghuloom Al Mansouri	Manager - Workshop & Maintenance Services	Other
Basem Rashed Al Sharqi	Chief Support Functions Officer	Other
Biography: Mr. Basem Rashed Al Sharqi is Chief Support Functions Officer of Aluminium Bahrain BSC. Mr. Al Sharqi joined the Company in November 20, 2011 as Advisor, Strategic Projects Consultant. On June 1, 2012, Mr. Al Sharqi was appointed as Chief Support Functions Officer. Prior to joining Alba, Mr. Al Sharqi was the Business Development Advisor of Amar Holding Company BSC (c) and the Acting Executive Director, Sales and Marketing of Manara Development BSC (c) from April 2009 to August 2010. From August 2006 to March 2009, he was the Executive Advisor of Prudent Solutions WLL in Saudi Arabia, and Executive Advisor in Yokogawa Middle East BSC (c). Mr. Al Sharqi started working in Yokogawa Middle East in June 1991 as the Assistant Manager of Technical Support Department and rose through the years to the rank of Senior Executive Vice President in 2006. Between 1985 and 1987, Mr. Al Sharqi worked as Computer System Engineer in Arabian Petrochemical Company (Petrokemya). Between 1987 and 1991, Mr. Al Sharqi was connected with Arab Engineered Systems and Controls Co. (ARESCON) from Senior Systems Engineer to Project Manager of the Engineering Department of ARESCON. Mr. Al Sharqi received his Masters in Business and Administration from the University of Glamorgan in 2003. In 1984, he graduated with honors in BSE Computer Engineering from the University of Petroleum and Minerals in Saudi Arabia (King Fahd University of Petroleum and Minerals). Education: University of Glamorgan, M (Business Administration) King Fahad University of Petroleum and Minerals, BS (Engineering)
Abdullah Habib Ahmad Ali	Manager, Reduction Line 1-3	Other
Homood A Al-Tuwaijri	Director	Other
Shaikh Mohammed Bin Khalifa Al Khalifa	Director	Other
Adel Faraj Abbas Ibrahim	Manager - Reduction, Maintenance and Services	Other
Parkash Kumar Jha	Manager Calciner & Marine	Other
Raghavendra K.S.R	Manager Reduction Line 4	Other
Avinash Mittal	Manager - Process Control & Development	Other
Abdul Rahim Mohammed	Manager Carbon Maintenance	Other
Laurent Schmitt	Chairman's Advisor for Developing Aluminium Downstream Industry	Other
Amin Sultan	Manager - Power Maintenance and Projects	Other

Significant Developments

Aluminium Bahrain BSC Appoints Chief Financial Officer

Jun 13, 2013

Aluminium Bahrain BSC announced that its Board of Directors has appointed Mr. Ali Hasan Al Baqali as the Company's Chief Financial Officer, effective as of June 11, 2013.

Aluminium Bahrain BSC Announces Further Information Concerning H2 FY 2012 Annual Cash Dividends

Mar 11, 2013

Aluminium Bahrain BSC announced that its Shareholders during the Annual General Meeting held on March 07, 2013, have approved the dividends for the fiscal year 2012 amounted BHD 39.6 million (USD 105 million) and were equivalent to 28% of the nominal value of the Company's shares, representing BHD 0.028 per share of which BHD 0.014 per share was already distributed to the shareholders in August 2012. The dividend will be payable from March 20, 2013 to Company's shareholders of record as of March 7, 2013.

Aluminium Bahrain BSC Recommends Cash Dividends For H2 FY 2012

Feb 14, 2013

Aluminium Bahrain BSC announced that its Board of Directors has recommended the distribution of BHD 0.014 per share as final cash dividends for the second half of the fiscal year ended December 31, 2012.

Aluminium Bahrain BSC Announces Loan Agreement For USD 169 Million

Dec 30, 2012

Aluminium Bahrain BSC announced that it has entered into term loan agreements to refinance the USD 169 million bond expiring in March 2013. The term loans include a bilateral five year loan of US D 85 million between the Company and Gulf International Bank. It also includes and a syndicated three year loan of USD 84 million between the Company and a syndicate comprising of Ahli United Bank, National Bank of Bahrain, Tokyo-Mitsubishi UFJ Ltd, Arab Banking Corporation and Bank of Bahrain and Kuwait.

Aluminium Bahrain BSC Approves The Launch Of Line Six Bankable Feasibility Study

Dec 06, 2012

Aluminium Bahrain BSC announced that its Board of Directors has approved the launch of line six bankable feasibility study. line six expansion project is expected to add an additional capacity of 400,000 metric tones bringing the Company's total production to 1.3 million metric tones per annum.

Aluminium Bahrain BSC Announces Upgrading Of Pot Line Five

Nov 29, 2012

Aluminium Bahrain BSC announced that it has installed an 1600 millimeter (mm) long anode in Pot Line five, which paved the way for upgrading Pot Line five from AP30 to AP36 technology.

Alcoa Inc And Aluminium Bahrain B.S.C. Resolve Civil Litigation

Oct 09, 2012

Alcoa Inc announced that it has entered into a settlement agreement with Aluminium Bahrain B.S.C. (Alba) resolving a civil lawsuit that had been pending in the U.S. District Court for the Western District of Pennsylvania since 2008. Without admitting any liability, Alcoa agreed to make a cash payment to Alba of $85 million payable in two installments. One half was made at settlement and the other half will be made one year later. The settlement amount is within the range Alcoa previously estimated as its reasonably possible losses, which it disclosed in its second quarter 2012 earnings announcement. Alcoa said the settlement with Alba represents the best possible outcome and avoids the time and expense of complex litigation.

Aluminium Bahrain BSC Appoints New Chief Executive Officer

Sep 27, 2012

Aluminium Bahrain BSC announced that the decision of the Board to appoint Tim Murray as the new Chief Executive Officer effective October 1, 2012. Prior to being promoted to the position of CEO Mr. Murray was working as Alba's Chief Finance and Supply Officer where he was responsible for all Finance, Supply Chain, IT and Operational Excellence functions. Laurent Schmitt, who served Alba as Chief Executive Officer from January 2010 to end September 2012, will be working directly with Alba's Chairman Mr Al Kooheji in further developing the aluminium downstream industry in the Kingdom of Bahrain.

Aluminium Bahrain BSC Recommends 14% Semi Annual Cash Dividend for FY 2012

Jul 30, 2012

Aluminium Bahrain BSC announced that its Board of Directors has recommended the distribution of 14%, of the nominal value of the share, equivalent to BHD 0.014 per share, as Semi Annual Dividends for the Fiscal Year 2012. This will be for the share holders registered on the books as of August 6, 2012. The shares shall trade ex-dividend starting from August 7, 2012.

News

ALUMINIUM BAHRAIN BSCC: Alba Appoints New Chief Financial Officer 4 Traders (243 Words)	12-Jun-2013
ALUMINIUM BAHRAIN BSCC : Alba on track to meet its growth targets 4 Traders (446 Words)	11-Jun-2013
ALUMINIUM BAHRAIN BSCC: Alba seminar applauds women employees role in companys success story 4 Traders (326 Words)	04-Jun-2013
ALUMINIUM BAHRAIN BSCC : Alba seminar applauds women employees' role in company's success story 4 Traders (326 Words)	04-Jun-2013
ALUMINIUM BAHRAIN BSCC: Alba employees honoured at the national stage 4 Traders (294 Words)	09-May-2013
ALUMINIUM BAHRAIN BSCC : Alba wins top technology award 4 Traders (380 Words)	09-Apr-2013
ALUMINIUM BAHRAIN BSCC: Alba sales increase 2.2% in Q1 2013 4 Traders (181 Words)	07-Apr-2013
ALUMINIUM BAHRAIN BSCC : Alba's Bahrainisation drive gets a boost with Tamkeen's Vocational Training Programme 4 Traders (443 Words)	07-Apr-2013
ALUMINIUM BAHRAIN BSCC: Albas Bahrainisation drive gets a boost with Tamkeens Vocational Training Programme 4 Traders (443 Words)	07-Apr-2013
ALUMINIUM BAHRAIN BSCC: Albas backs Third Untangle Autism Conference 4 Traders (286 Words)	04-Apr-2013
ALUMINIUM BAHRAIN BSCC: Alba appoints new Manager for Training & Recruitment 4 Traders (198 Words)	19-Mar-2013

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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BHD	BHD	BHD	BHD	BHD
Exchange Rate (Period Average)	0.376932	0.377016	0.377008	0.376998	0.376864
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,973.1	2,342.9	1,991.5	1,545.2	2,401.8
Revenue	1,973.1	2,342.9	1,991.5	1,545.2	2,401.8
Total Revenue	1,973.1	2,342.9	1,991.5	1,545.2	2,401.8
Cost of Revenue	1,694.0	1,756.6	1,472.3	1,427.4	1,699.3
Cost of Revenue, Total	1,694.0	1,756.6	1,472.3	1,427.4	1,699.3
Gross Profit	279.1	586.3	519.2	117.8	702.5
Selling/General/Administrative Expense	119.9	123.7	111.3	95.3	114.7
Labor & Related Expense	0.5	0.5	0.5	0.4	0.3
Total Selling/General/Administrative Expenses	120.4	124.3	111.8	95.7	115.0
Interest Expense - Operating	-	17.4	19.2	60.3	68.4
Interest Expense - Net Operating	-	17.4	19.2	60.3	68.4
Interest Expense (Income) - Net Operating	19.1	1.8	1.0	1.7	1.1
Interest Expense (Income) - Net Operating Total	19.1	19.2	20.2	62.0	69.4
Impairment-Assets Held for Use	-	-	1.2	18.5	-
Unusual Expense (Income)	-	-	1.2	18.5	-
Other, Net	-104.5	-	-	-	-
Other Operating Expenses, Total	-104.5	-	-	-	-
Total Operating Expense	1,728.9	1,900.0	1,605.6	1,603.7	1,883.8
Operating Income	244.2	442.9	385.9	-58.5	518.0
Investment Income - Non-Operating	12.0	98.9	-35.6	-172.0	248.4
Interest/Investment Income - Non-Operating	12.0	98.9	-35.6	-172.0	248.4
Interest Income (Expense) - Net Non-Operating Total	12.0	98.9	-35.6	-172.0	248.4
Other Non-Operating Income (Expense)	-	20.3	16.3	11.2	12.6
Other, Net	-	20.3	16.3	11.2	12.6
Income Before Tax	256.1	562.1	366.6	-219.3	779.0
Total Income Tax	0.0	0.0	0.0	0.0	0.0
Income After Tax	256.1	562.1	366.6	-219.3	779.0
Net Income Before Extraord Items	256.1	562.1	366.6	-219.3	779.0
Net Income	256.1	562.1	366.6	-219.3	779.0
Income Available to Common Excl Extraord Items	256.1	562.1	366.6	-219.3	779.0
Income Available to Common Incl Extraord Items	256.1	562.1	366.6	-219.3	779.0
Basic/Primary Weighted Average Shares	1,412.7	1,412.7	1,403.5	1,402.3	1,402.3
Basic EPS Excl Extraord Items	0.18	0.40	0.26	-0.16	0.56
Basic/Primary EPS Incl Extraord Items	0.18	0.40	0.26	-0.16	0.56
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	256.1	562.1	366.6	-219.3	779.0
Diluted Weighted Average Shares	1,412.7	1,412.7	1,403.5	1,402.3	1,402.3
Diluted EPS Excl Extraord Items	0.18	0.40	0.26	-0.16	0.56
Diluted EPS Incl Extraord Items	0.18	0.40	0.26	-0.16	0.56
Dividends per Share - Common Stock Primary Issue	0.04	0.11	0.14	0.00	-
Gross Dividends - Common Stock	-	149.9	-	0.0	-
Interest Expense, Supplemental	-	17.4	19.2	60.3	68.4
Depreciation, Supplemental	205.8	208.9	196.9	197.6	193.2
Total Special Items	-	-	1.2	18.5	-
Normalized Income Before Tax	256.1	562.1	367.8	-200.8	779.0
Effect of Special Items on Income Taxes	-	-	0.0	0.0	-
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Tax	256.1	562.1	367.8	-200.8	779.0
Normalized Inc. Avail to Com.	256.1	562.1	367.8	-200.8	779.0
Basic Normalized EPS	0.18	0.40	0.26	-0.14	0.56
Diluted Normalized EPS	0.18	0.40	0.26	-0.14	0.56
Normalized EBIT	263.2	462.1	407.4	22.1	587.4
Normalized EBITDA	469.0	671.0	604.3	219.6	780.6

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	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BHD	BHD	BHD	BHD	BHD
Exchange Rate	0.3746	0.377	0.377	0.377	0.377
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	164.5	263.9	158.7	123.0	123.2
Short Term Investments	0.3	0.0	6.2	43.5	0.0
Cash and Short Term Investments	164.7	263.9	164.9	166.5	123.2
Accounts Receivable - Trade, Gross	-	218.7	261.3	254.5	-
Provision for Doubtful Accounts	-	-14.2	-15.2	-16.5	-
Trade Accounts Receivable - Net	289.1	204.5	246.1	239.9	336.3
Other Receivables	9.2	23.7	19.9	15.8	9.1
Total Receivables, Net	298.3	228.2	266.0	255.7	345.4
Inventories - Finished Goods	-	50.5	67.9	66.2	102.1
Inventories - Work In Progress	-	140.3	129.4	147.5	164.4
Inventories - Raw Materials	-	170.1	150.4	166.5	273.0
Inventories - Other	-	58.2	56.3	65.7	62.7
Total Inventory	383.2	419.2	404.0	445.9	602.1
Prepaid Expenses	-	1.8	6.6	-	-
Total Current Assets	846.3	913.1	841.5	868.1	1,070.7
Land/Improvements	-	708.2	704.4	705.1	708.1
Machinery/Equipment	-	4,253.5	4,198.6	4,144.3	4,108.6
Property/Plant/Equipment - Gross	-	4,961.7	4,903.1	4,849.5	4,816.7
Accumulated Depreciation	-	-2,450.3	-2,271.4	-2,082.8	-1,926.2
Property/Plant/Equipment - Net	2,407.3	2,511.4	2,631.7	2,766.6	2,890.5
LT Investments - Other	-	-	-	-	0.0
Long Term Investments	-	-	-	-	0.0
Note Receivable - Long Term	27.5	36.5	45.6	54.7	63.8
Total Assets	3,281.1	3,461.0	3,518.8	3,689.4	4,025.1
Accounts Payable	284.5	141.9	132.8	144.6	240.6
Accrued Expenses	-	118.6	82.0	107.4	83.9
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	473.7	431.9	403.7	449.6	447.6
Customer Advances	-	0.6	5.7	2.5	1.0
Other Payables	-	4.5	4.4	5.4	263.4
Other Current Liabilities	35.9	81.3	115.4	115.1	32.2
Other Current liabilities, Total	35.9	86.4	125.5	122.9	296.6
Total Current Liabilities	794.1	778.8	743.9	824.6	1,068.6
Long Term Debt	205.8	443.3	646.5	784.9	981.8
Total Long Term Debt	205.8	443.3	646.5	784.9	981.8
Total Debt	679.5	875.2	1,050.2	1,234.6	1,429.3
Pension Benefits - Underfunded	2.4	2.5	2.6	2.6	2.5
Other Long Term Liabilities	64.1	91.0	272.5	343.3	220.5
Other Liabilities, Total	66.5	93.5	275.1	346.0	222.9
Total Liabilities	1,066.4	1,315.6	1,665.5	1,955.5	2,273.3
Common Stock	379.1	376.7	376.7	376.7	376.7
Common Stock	379.1	376.7	376.7	376.7	376.7
Retained Earnings (Accumulated Deficit)	1,846.5	1,782.0	1,486.5	1,155.8	1,375.1
Treasury Stock - Common	-10.9	-13.3	-9.9	-	-
Other Equity	-	-	0.0	201.5	-
Other Equity, Total	-	-	0.0	201.5	-
Total Equity	2,214.7	2,145.3	1,853.3	1,733.9	1,751.7
Total Liabilities & Shareholders’ Equity	3,281.1	3,461.0	3,518.8	3,689.4	4,025.1
Shares Outstanding - Common Stock Primary Issue	1,412.7	1,412.7	1,415.8	1,420.0	1,420.0
Total Common Shares Outstanding	1,412.7	1,412.7	1,415.8	1,420.0	1,420.0
Treasury Shares - Common Stock Primary Issue	7.3	7.3	4.2	-	-
Employees	-	2,777	2,714	-	-
Number of Common Shareholders	-	2,434	2,576	3	-
Deferred Revenue - Current	-	0.6	5.7	2.5	1.0
Total Long Term Debt, Supplemental	-	840.5	1,032.1	1,211.2	1,398.0
Long Term Debt Maturing within 1 Year	-	397.2	385.6	426.2	416.2
Long Term Debt Maturing in Year 2	-	-	598.2	736.6	909.3
Long Term Debt Maturing in 2-3 Years	-	-	598.2	736.6	909.3
Long Term Debt Matur. in Year 6 & Beyond	-	443.3	48.3	48.3	72.5

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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BHD	BHD	BHD	BHD	BHD
Exchange Rate (Period Average)	0.376932	0.377016	0.377008	0.376998	0.376864
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	256.1	562.1	366.6	-219.3	779.0
Depreciation	205.8	208.9	196.9	197.6	193.2
Depreciation/Depletion	205.8	208.9	196.9	197.6	193.2
Unusual Items	-73.2	-208.7	-32.6	181.9	-299.0
Other Non-Cash Items	17.2	18.1	18.0	57.3	61.3
Non-Cash Items	-56.0	-190.6	-14.6	239.2	-237.6
Accounts Receivable	-66.4	42.6	-18.9	86.6	116.7
Inventories	38.4	-15.2	41.9	156.2	-192.1
Other Assets	-	-	0.0	3.1	102.5
Accounts Payable	17.4	41.4	-34.2	-67.1	-3.0
Other Liabilities	2.2	2.1	2.4	1.7	2.4
Other Operating Cash Flow	-2.2	-2.2	-2.4	-1.6	-1.5
Changes in Working Capital	-10.7	68.8	-11.2	179.0	25.0
Cash from Operating Activities	395.3	649.1	537.8	396.4	759.5
Purchase of Fixed Assets	-86.8	-91.4	-63.7	-93.7	-102.8
Capital Expenditures	-86.8	-91.4	-63.7	-93.7	-102.8
Sale of Fixed Assets	0.3	2.0	1.0	0.4	2.2
Investment, Net	0.0	8.0	-8.0	-	-
Other Investing Cash Flow	1.0	1.0	1.4	3.0	7.0
Other Investing Cash Flow Items, Total	1.4	11.1	-5.5	3.5	9.2
Cash from Investing Activities	-85.4	-80.3	-69.2	-90.3	-93.6
Other Financing Cash Flow	-7.4	-6.5	-223.1	-111.6	-316.7
Financing Cash Flow Items	-7.4	-6.5	-223.1	-111.6	-316.7
Cash Dividends Paid - Common	-202.3	-266.5	-	-	-
Total Cash Dividends Paid	-202.3	-266.5	-	-	-
Sale/Issuance of Common	1.6	3.1	-	-	-
Repurchase/Retirement of Common	-2.1	-8.3	-32.9	-	-
Common Stock, Net	-0.6	-5.2	-32.9	-	-
Repurchase/Retirement of Common/Preferred	-	0.0	-2.9	-	-
Issuance (Retirement) of Stock, Net	-0.6	-5.2	-35.9	-	-
Short Term Debt, Net	10.8	16.6	-5.3	-7.9	11.1
Total Debt Issued	543.7	589.2	536.3	0.0	490.0
Total Debt Reduction	-754.5	-780.8	-715.3	-186.8	-755.5
Issuance (Retirement) of Debt, Net	-200.0	-175.0	-184.4	-194.8	-254.5
Cash from Financing Activities	-410.3	-453.2	-443.4	-306.3	-571.1
Net Change in Cash	-100.5	115.7	25.2	-0.3	94.7
Net Cash - Beginning Balance	263.9	148.2	123.0	123.2	28.5
Net Cash - Ending Balance	163.4	263.9	148.2	123.0	123.3
Cash Interest Paid	-	18.1	21.1	65.3	76.1

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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BHD	BHD	BHD	BHD	BHD
Exchange Rate (Period Average)	0.376932	0.377016	0.377008	0.376998	0.376864
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Sales to Customers	1,973.1	2,342.9	1,991.5	1,543.2	2,346.4
Sales to Shareholders	-	-	0.0	2.0	55.4
Total Revenue	1,973.1	2,342.9	1,991.5	1,545.2	2,401.8
Other income	-104.5	-	-	-	-
Cost of Sales	1,694.0	1,756.6	1,472.3	1,427.4	1,699.3
Selling and Distribution Expense	47.3	57.9	41.3	31.6	60.2
General and Administrative Expense	72.6	65.8	70.0	63.7	54.5
Write Off of Property, Plant, & Equipmen	-	-	1.2	18.5	-
Directors Fees	0.5	0.5	0.5	0.4	0.3
Finance Costs	19.1	1.8	1.0	1.7	1.1
Interest Expense	-	17.4	19.2	60.3	68.4
Total Operating Expense	1,728.9	1,900.0	1,605.6	1,603.7	1,883.8
Other income	-	20.3	16.3	11.2	12.6
Gain on Exchange	-3.6	1.0	-8.1	3.6	-12.7
FV L/G on Revaluation of Derivatives	15.5	97.9	-27.5	-175.6	261.1
Net Income Before Taxes	256.1	562.1	366.6	-219.3	779.0
Provision for Income Taxes	0.0	0.0	0.0	0.0	0.0
Net Income After Taxes	256.1	562.1	366.6	-219.3	779.0
Net Income Before Extra. Items	256.1	562.1	366.6	-219.3	779.0
Net Income	256.1	562.1	366.6	-219.3	779.0
Income Available to Com Excl ExtraOrd	256.1	562.1	366.6	-219.3	779.0
Income Available to Com Incl ExtraOrd	256.1	562.1	366.6	-219.3	779.0
Basic Weighted Average Shares	1,412.7	1,412.7	1,403.5	1,402.3	1,402.3
Basic EPS Excluding ExtraOrdinary Items	0.18	0.40	0.26	-0.16	0.56
Basic EPS Including ExtraOrdinary Items	0.18	0.40	0.26	-0.16	0.56
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	256.1	562.1	366.6	-219.3	779.0
Diluted Weighted Average Shares	1,412.7	1,412.7	1,403.5	1,402.3	1,402.3
Diluted EPS Excluding ExtraOrd Items	0.18	0.40	0.26	-0.16	0.56
Diluted EPS Including ExtraOrd Items	0.18	0.40	0.26	-0.16	0.56
DPS-Common Stock	0.04	0.11	0.14	0.00	-
Gross Dividends - Common Stock	-	149.9	-	0.0	-
Normalized Income Before Taxes	256.1	562.1	367.8	-200.8	779.0
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.0	0.0	0.0
Normalized Income After Taxes	256.1	562.1	367.8	-200.8	779.0
Normalized Inc. Avail to Com.	256.1	562.1	367.8	-200.8	779.0
Basic Normalized EPS	0.18	0.40	0.26	-0.14	0.56
Diluted Normalized EPS	0.18	0.40	0.26	-0.14	0.56
Depreciation	205.8	208.9	196.9	197.6	193.2
Interest Expense	-	17.4	19.2	60.3	68.4

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	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BHD	BHD	BHD	BHD	BHD
Exchange Rate	0.3746	0.377	0.377	0.377	0.377
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Goods in Transit	-	53.7	61.2	44.8	103.1
Raw Materials	-	116.4	89.3	121.7	169.9
Work-in-Process	-	140.3	129.4	147.5	164.4
Finished Goods	-	50.5	67.9	66.2	102.1
Stores	-	61.4	59.5	68.9	65.8
Provision for Inventory	-	-3.2	-3.2	-3.2	-3.2
Trade Accounts Receivable	-	-	-	-	331.2
Trade Receivables	-	218.7	261.3	254.5	-
Provision for Doubtful Debts	-	-14.2	-15.2	-16.5	-
Other Receivables	-	14.6	10.8	6.7	-
Prepayments	-	1.8	6.6	-	-
Current Portion of LT Receivables	9.2	9.1	9.1	9.1	9.1
Amounts Due from Shareholder	289.1	-	0.0	2.0	5.1
Derivative Fiancial Instruments	0.3	0.0	6.2	43.5	0.0
Bank Balances and Cash	164.5	263.9	158.7	123.0	123.2
STOCKS	383.2	-	-	-	-
Total Current Assets	846.3	913.1	841.5	868.1	1,070.7
Land & Building	-	708.2	704.4	705.1	708.1
Power Generating Plant	-	1,080.5	1,046.9	1,067.4	1,031.0
Plant, Machinery, & Other Equipment	-	3,022.8	2,951.9	2,927.0	2,919.9
Assets in Process of Completion	-	150.1	199.8	149.9	157.7
Acc. Dep.	-	-2,450.3	-2,271.4	-2,082.8	-1,926.2
Derivative Financial Assets	-	-	-	-	0.0
LT Receivables	27.5	36.5	45.6	54.7	63.8
Total Tangible Assets, Net	2,407.3	-	-	-	-
Total Assets	3,281.1	3,461.0	3,518.8	3,689.4	4,025.1
Borrowings	427.9	397.2	385.6	426.2	416.2
ST Loans	45.8	34.7	18.1	23.4	31.3
Retentions Payable	-	0.3	0.4	0.4	0.5
Trade Payables	284.5	141.9	132.8	144.6	240.6
Employee Related Accruals	-	85.3	54.8	49.8	46.5
Accrual for Early Retirement Scheme	-	-	0.0	25.8	-
Accrued Expenses	-	29.9	24.6	30.1	35.9
Advance from Customers	-	0.6	5.7	2.5	1.0
ALBA Saving Benefit Scheme	-	4.2	4.1	5.0	6.1
General Organization for Social Insuranc	-	3.4	2.6	1.8	1.5
Derivative Financial Instruments	35.9	81.3	115.4	115.1	32.2
Advances from Shareholders	-	-	-	-	0.0
Amounts Due to Shareholders	-	-	-	0.0	256.9
Total Current Liabilities	794.1	778.8	743.9	824.6	1,068.6
Borrowings	205.8	443.3	646.5	784.9	981.8
Total Long Term Debt	205.8	443.3	646.5	784.9	981.8
Derivative Financial Instruments	64.1	91.0	272.5	343.3	220.5
Employees End of Service Benefits	2.4	2.5	2.6	2.6	2.5
Total Liabilities	1,066.4	1,315.6	1,665.5	1,955.5	2,273.3
Share Capital	379.1	376.7	376.7	376.7	376.7
Treasury Shares	-10.9	-13.3	-9.9	-	-
Statutory Reserve	189.5	188.3	182.0	145.4	145.4
Capital Reserve	0.7	0.7	0.7	0.7	0.7
Contributions from Shareholders	-	-	0.0	201.5	-
Retained Earnings	1,603.5	1,443.1	1,138.6	1,009.7	1,229.0
Proposed Dividend	52.8	149.9	165.2	-	-
Total Equity	2,214.7	2,145.3	1,853.3	1,733.9	1,751.7
Total Liabilities & Shareholders' Equity	3,281.1	3,461.0	3,518.8	3,689.4	4,025.1
S/O-Common Stock	1,412.7	1,412.7	1,415.8	1,420.0	1,420.0
Total Common Shares Outstanding	1,412.7	1,412.7	1,415.8	1,420.0	1,420.0
T/S-Common Stock	7.3	7.3	4.2	-	-
Deferred Revenue - Current	-	0.6	5.7	2.5	1.0
Number of Shareholders	-	2,434	2,576	3	-
Full-Time Employees	-	2,777	2,714	-	-
Due in 1 Year	-	397.2	385.6	426.2	416.2
Due in 2-5 Years	-	-	598.2	736.6	909.3
Remaining Maturities	-	443.3	48.3	48.3	72.5
Total Long Term Debt, Supplemental	-	840.5	1,032.1	1,211.2	1,398.0

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	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BHD	BHD	BHD	BHD	BHD
Exchange Rate (Period Average)	0.376932	0.377016	0.377008	0.376998	0.376864
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income	256.1	562.1	366.6	-219.3	779.0
Depreciation	205.8	208.9	196.9	197.6	193.2
Provision for Employees end of Service	2.2	2.1	2.4	1.7	2.4
Unrealised G/L on Derivatives	-73.4	-209.4	-33.2	162.3	-310.7
G/L on Disposal of Property, Plant and E	0.1	0.4	-0.5	1.1	9.1
Write off of Property, Plant and Equip	0.0	0.2	1.2	18.5	2.6
Interest Income	-1.0	-1.0	-1.4	-3.0	-7.0
Finance costs	16.2	17.4	19.2	60.3	68.4
Employees' Stock Option Plan	2.0	1.7	0.2	-	-
Inventories	38.4	-15.2	41.9	156.2	-192.1
Accounts Receivables & Prepayments	-66.4	42.6	-18.9	86.6	116.7
Accounts Payables & Accruals	17.4	41.4	-34.2	-67.1	-3.0
Amounts Due from Shareholder	-	-	0.0	3.1	102.5
End of Service Benefits Paid	-2.2	-2.2	-2.4	-1.6	-1.5
Cash from Operating Activities	395.3	649.1	537.8	396.4	759.5
Purchase of Property, Plant, and Equipme	-86.8	-91.4	-63.7	-93.7	-102.8
Proceeds from Disposal of Property, Plan	0.3	2.0	1.0	0.4	2.2
Term Deposit	0.0	8.0	-8.0	-	-
Interest Received	1.0	1.0	1.4	3.0	7.0
Cash from Investing Activities	-85.4	-80.3	-69.2	-90.3	-93.6
Repayment of LT Receivable	9.1	9.1	9.1	9.1	0.0
Borrowings Availed	543.7	589.2	536.3	0.0	490.0
Borrowings Repaid	-754.5	-780.8	-715.3	-186.8	-755.5
ST Loans, Net	10.8	16.6	-5.3	-7.9	11.1
Finance Costs Paid	-16.5	-18.1	-21.1	-65.3	-76.1
Margin Deposits	0.0	2.5	-2.5	0.0	64.1
Purchase of Treasury Shares	-2.1	-8.3	-32.9	-	-
Purchase of Shares for Stock Options	-	0.0	-7.2	-	-
Purchase of Shares After IPO	-	0.0	-2.9	-	-
Cash Transferred to Principal Shareholde	-	0.0	-201.5	0.0	65.8
Sale of Treasury Shares	1.6	3.1	-	-	-
Dividends Paid	-202.3	-266.5	-	-	-
Amounts Due to Shareholders	-	-	0.0	-55.4	-370.4
Cash from Financing Activities	-410.3	-453.2	-443.4	-306.3	-571.1
Net Change in Cash	-100.5	115.7	25.2	-0.3	94.7
Cash Beginning Balance	263.9	148.2	123.0	123.2	28.5
Cash Ending Balance	163.4	263.9	148.2	123.0	123.3
Cash Interest Paid	-	18.1	21.1	65.3	76.1

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	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 (?)	496.2	0.37%	1,973.1	-15.80%	8.48%	3.45%
Operating Income1 (?)	79.5	9.11%	244.2	-44.88%	-	52.72%
Income Available to Common Excl Extraord Items1 (?)	107.4	89.83%	256.1	-54.44%	-	-
Basic EPS Excl Extraord Items1 (?)	0.08	90.07%	0.18	-54.47%	-	-
Capital Expenditures2 (?)	10.3	18.71%	86.8	-5.00%	-2.53%	4.33%
Cash from Operating Activities2 (?)	79.3	75.71%	395.3	-39.13%	-0.10%	-1.20%
Free Cash Flow (?)	69.0	89.22%	310.4	-44.72%	0.63%	-2.48%
Total Assets3 (?)	3,271.8	-3.05%	3,281.1	-5.80%	-4.04%	-1.10%
Total Liabilities3 (?)	1,016.6	-23.16%	1,066.4	-19.46%	-18.47%	-15.59%
Total Long Term Debt3 (?)	304.8	14.70%	205.8	-53.87%	-36.13%	-29.91%
Total Common Shares Outstanding3 (?)	1,412.7	0.00%	1,412.7	0.00%	-0.17%	-0.10%
1-ExchangeRate: BHD to USD Average for Period	0.377022	Â	0.376932	Â	Â	Â
2-ExchangeRate: BHD to USD Average for Period	0.377022	Â	0.376932	Â	Â	Â
3-ExchangeRate: BHD to USD Period End Date	0.377100	Â	0.374600	Â	Â	Â

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	14.15%	25.03%	26.07%	7.62%	29.25%
Operating Margin (?)	12.37%	18.90%	19.38%	-3.78%	21.57%
Pretax Margin (?)	12.98%	23.99%	18.41%	-14.19%	32.43%
Net Profit Margin (?)	12.98%	23.99%	18.41%	-14.19%	32.43%
Financial Strength
Current Ratio (?)	1.07	1.17	1.13	1.05	1.00
Long Term Debt/Equity (?)	0.09	0.21	0.35	0.45	0.56
Total Debt/Equity (?)	0.31	0.41	0.57	0.71	0.82
Interest Coverage (?)	13.81	250.21	375.02	-32.86	484.20
Management Effectiveness
Return on Assets (?)	7.62%	16.11%	10.17%	-5.69%	20.85%
Return on Equity (?)	11.79%	28.11%	20.44%	-12.58%	57.16%
Efficiency
Receivables Turnover (?)	7.52	9.48	7.63	5.14	13.07
Inventory Turnover (?)	4.23	4.27	3.46	2.72	3.63
Asset Turnover (?)	0.59	0.67	0.55	0.40	0.64

Market Valuation USD (mil)
P/E (TTM) (?)	6.53	.	Enterprise Value2 (?)	2,513.8
Price/Sales (TTM) (?)	1.02	.	Enterprise Value/Revenue (TTM) (?)	1.27
Price/Book (MRQ) (?)	0.89	.	Enterprise Value/EBITDA (TTM) (?)	5.39
Market Cap as of 06-Jun-20131 (?)	2,015.0	.
1-ExchangeRate: BHD to USD on 6-Jun-2013	0.377028
2-ExchangeRate: BHD to USD on 31-Mar-2013	0.377100

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
Current Ratio (?)	1.07	1.17	1.13	1.05	1.00
Quick/Acid Test Ratio (?)	0.58	0.63	0.58	0.51	0.44
Working Capital1 (?)	52.1	134.3	97.6	43.5	2.1
Long Term Debt/Equity (?)	0.09	0.21	0.35	0.45	0.56
Total Debt/Equity (?)	0.31	0.41	0.57	0.71	0.82
Long Term Debt/Total Capital (?)	0.07	0.15	0.22	0.26	0.31
Total Debt/Total Capital (?)	0.23	0.29	0.36	0.42	0.45
Interest Coverage (?)	13.81	250.21	375.02	-32.86	484.20
Payout Ratio (?)	20.50%	26.67%	53.81%	0.00%	-
Effective Tax Rate (?)	0.00%	0.00%	0.00%	-	0.00%
Total Capital1 (?)	2,894.2	3,020.6	2,903.4	2,968.5	3,181.1
Efficiency
Asset Turnover (?)	0.59	0.67	0.55	0.40	0.64
Inventory Turnover (?)	4.23	4.27	3.46	2.72	3.63
Days In Inventory (?)	86.20	85.52	105.35	133.99	100.63
Receivables Turnover (?)	7.52	9.48	7.63	5.14	13.07
Days Receivables Outstanding (?)	48.53	38.50	47.81	71.00	27.94
Revenue/Employee2 (?)	-	843,722	733,811	-	-
Operating Income/Employee2 (?)	-	159,486	142,196	-	-
EBITDA/Employee2 (?)	-	235,371	215,134	-	-
Profitability
Gross Margin (?)	14.15%	25.03%	26.07%	7.62%	29.25%
Operating Margin (?)	12.37%	18.90%	19.38%	-3.78%	21.57%
EBITDA Margin (?)	23.77%	27.90%	29.32%	9.11%	29.65%
EBIT Margin (?)	13.34%	18.98%	19.43%	-3.67%	21.61%
Pretax Margin (?)	12.98%	23.99%	18.41%	-14.19%	32.43%
Net Profit Margin (?)	12.98%	23.99%	18.41%	-14.19%	32.43%
COGS/Revenue (?)	85.85%	74.97%	73.93%	92.38%	70.75%
SG&A Expense/Revenue (?)	6.10%	5.30%	5.62%	6.20%	4.79%
Management Effectiveness
Return on Assets (?)	7.62%	16.11%	10.17%	-5.69%	20.85%
Return on Equity (?)	11.79%	28.11%	20.44%	-12.58%	57.16%
Valuation
Free Cash Flow/Share2 (?)	0.22	0.39	0.34	0.21	0.46
Operating Cash Flow/Share 2 (?)	0.28	0.46	0.38	0.28	0.53
1-ExchangeRate: BHD to USD Period End Date	0.3746	0.377	0.377	0.377	0.377
2-ExchangeRate: BHD to USD Average for Period	0.3746	0.377	0.377	0.377	0.377

Current Market Multiples
Market Cap/Earnings (TTM) (?)	6.57
Market Cap/Equity (MRQ) (?)	0.89
Market Cap/Revenue (TTM) (?)	1.02
Market Cap/EBIT (TTM) (?)	7.74
Market Cap/EBITDA (TTM) (?)	4.32
Enterprise Value/Earnings (TTM) (?)	8.19
Enterprise Value/Equity (MRQ) (?)	1.11
Enterprise Value/Revenue (TTM) (?)	1.27
Enterprise Value/EBIT (TTM) (?)	9.65
Enterprise Value/EBITDA (TTM) (?)	5.39

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.45
UK Pound	1	Rs.91.60
Euro	1	Rs.77.91

INFORMATION DETAILS

Report Prepared by :

SDA

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%)