|
Report Date : |
29.03.2013 |
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) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
1971 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Manufacturing aluminum and aluminum related products. |
|
|
|
|
No. of Employees : |
2,777 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Bahrain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BAHRAIN - ECONOMIC OVERVIEW
Bahrain is one of the most diversified economies in the Persian Gulf. 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 (exclusive of allied industries). 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, Bahrain experienced economic setbacks as a result of domestic unrest. Bahrain's reputation as a financial hub of the Gulf has been damaged, and the country now risks losing financial institutions to other regional centers such as Dubai or Doha. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.
Source
: CIA
Aluminium Bahrain BSCC
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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 nine months ended 30 September 2012, Aluminium
Bahrain BSCC revenues decreased 18% to BHD554.9M. Net income decreased 76% to
BHD44M. Revenues reflect a decrease in demand for the Company's products and
services due to unfavorable market conditions. Net income also reflects FV
L/G on Revaluation of Derivatives decrease of 97% to BHD638K (income),
General and Administrative Expense increase of 18% to BHD20.9M (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
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|
UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
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Key Executives
|
Significant Developments
|
Financial Summary
|
|
|
Stock
Snapshot
|
|
1 - Profit & Loss Item Exchange Rate: USD 1 = BHD 0.3770159
2 - Balance Sheet Item Exchange Rate: USD 1 = BHD 0.377
|
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Aluminium Bahrain BSCC |
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|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Al Seef |
Bahrain |
Miscellaneous Financial Services |
2.8 |
40 |
|
|
Subsidiary |
Manama |
Bahrain |
Metal Mining |
2,342.9 |
2,777 |
|
|
Subsidiary |
Manama |
Bahrain |
Food Processing |
14.4 |
100 |
|
|
Subsidiary |
Manama |
Bahrain |
Airlines |
|
|
|
|
Branch |
Ruwi |
Oman |
Airlines |
|
140 |
|
|
Subsidiary |
Abu Dhabi |
United Arab Emirates |
Airlines |
|
|
|
Executives
Report
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|
|
|
|
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 |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate (Period Average) |
0.377016 |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,342.9 |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
Revenue |
2,342.9 |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
Total Revenue |
2,342.9 |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,756.6 |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Cost of Revenue, Total |
1,756.6 |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Gross Profit |
586.3 |
519.2 |
117.8 |
702.5 |
188.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
123.7 |
111.3 |
95.3 |
114.7 |
49.0 |
|
Labor & Related
Expense |
0.5 |
0.5 |
0.4 |
0.3 |
0.5 |
|
Total Selling/General/Administrative
Expenses |
124.3 |
111.8 |
95.7 |
115.0 |
49.5 |
|
Interest
Expense - Operating |
17.4 |
19.2 |
60.3 |
68.4 |
109.8 |
|
Interest Expense -
Net Operating |
17.4 |
19.2 |
60.3 |
68.4 |
109.8 |
|
Interest Expense
(Income) - Net Operating |
1.8 |
1.0 |
1.7 |
1.1 |
0.3 |
|
Interest Expense (Income) - Net Operating
Total |
19.2 |
20.2 |
62.0 |
69.4 |
110.1 |
|
Impairment-Assets
Held for Use |
- |
1.2 |
18.5 |
- |
- |
|
Unusual Expense (Income) |
- |
1.2 |
18.5 |
- |
- |
|
Total Operating Expense |
1,900.0 |
1,605.6 |
1,603.7 |
1,883.8 |
1,636.5 |
|
|
|
|
|
|
|
|
Operating Income |
442.9 |
385.9 |
-58.5 |
518.0 |
29.4 |
|
|
|
|
|
|
|
|
Investment
Income - Non-Operating |
98.9 |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Interest/Investment
Income - Non-Operating |
98.9 |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Interest Income (Expense) - Net
Non-Operating Total |
98.9 |
-35.6 |
-172.0 |
248.4 |
-209.2 |
|
Other Non-Operating
Income (Expense) |
20.3 |
16.3 |
11.2 |
12.6 |
8.7 |
|
Other, Net |
20.3 |
16.3 |
11.2 |
12.6 |
8.7 |
|
Income Before Tax |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Net Income |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,412.7 |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Basic EPS Excl Extraord Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Basic/Primary EPS Incl Extraord Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Diluted Net Income |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Diluted Weighted Average Shares |
1,412.7 |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Diluted EPS Excl Extraord Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Diluted EPS Incl Extraord Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Dividends per Share - Common Stock Primary
Issue |
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 |
109.8 |
|
Depreciation, Supplemental |
208.9 |
196.9 |
197.6 |
193.2 |
184.4 |
|
Total Special Items |
- |
1.2 |
18.5 |
- |
- |
|
Normalized Income Before Tax |
562.1 |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
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 |
562.1 |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
562.1 |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.40 |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Diluted Normalized EPS |
0.40 |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Normalized EBIT |
462.1 |
407.4 |
22.1 |
587.4 |
139.5 |
|
Normalized EBITDA |
671.0 |
604.3 |
219.6 |
780.6 |
323.9 |
|
|
|
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.377 |
0.377 |
0.377 |
0.377 |
0.376 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
263.9 |
158.7 |
123.0 |
123.2 |
92.8 |
|
Short Term
Investments |
0.0 |
6.2 |
43.5 |
0.0 |
0.3 |
|
Cash and Short Term Investments |
263.9 |
164.9 |
166.5 |
123.2 |
93.1 |
|
Accounts
Receivable - Trade, Gross |
218.7 |
261.3 |
254.5 |
- |
- |
|
Provision
for Doubtful Accounts |
-14.2 |
-15.2 |
-16.5 |
- |
- |
|
Trade Accounts
Receivable - Net |
204.5 |
246.1 |
239.9 |
336.3 |
22.2 |
|
Other Receivables |
23.7 |
19.9 |
15.8 |
9.1 |
- |
|
Total Receivables, Net |
228.2 |
266.0 |
255.7 |
345.4 |
22.2 |
|
Inventories -
Finished Goods |
50.5 |
67.9 |
66.2 |
102.1 |
0.0 |
|
Inventories - Work
In Progress |
140.3 |
129.4 |
147.5 |
164.4 |
123.2 |
|
Inventories - Raw
Materials |
170.1 |
150.4 |
166.5 |
273.0 |
154.0 |
|
Inventories - Other |
58.2 |
56.3 |
65.7 |
62.7 |
58.3 |
|
Total Inventory |
419.2 |
404.0 |
445.9 |
602.1 |
335.4 |
|
Prepaid Expenses |
1.8 |
6.6 |
- |
- |
- |
|
Total Current Assets |
913.1 |
841.5 |
868.1 |
1,070.7 |
450.7 |
|
|
|
|
|
|
|
|
Land/Improvements |
708.2 |
704.4 |
705.1 |
708.1 |
701.9 |
|
Machinery/Equipment |
4,253.5 |
4,198.6 |
4,144.3 |
4,108.6 |
4,071.1 |
|
Property/Plant/Equipment
- Gross |
4,961.7 |
4,903.1 |
4,849.5 |
4,816.7 |
4,773.0 |
|
Accumulated
Depreciation |
-2,450.3 |
-2,271.4 |
-2,082.8 |
-1,926.2 |
-1,770.4 |
|
Property/Plant/Equipment - Net |
2,511.4 |
2,631.7 |
2,766.6 |
2,890.5 |
3,002.7 |
|
LT Investments -
Other |
- |
- |
- |
0.0 |
2.0 |
|
Long Term Investments |
- |
- |
- |
0.0 |
2.0 |
|
Note Receivable - Long Term |
36.5 |
45.6 |
54.7 |
63.8 |
0.0 |
|
Total Assets |
3,461.0 |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
141.9 |
132.8 |
144.6 |
240.6 |
134.8 |
|
Accrued Expenses |
118.6 |
82.0 |
107.4 |
83.9 |
76.2 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital
Leases |
431.9 |
403.7 |
449.6 |
447.6 |
455.5 |
|
Customer Advances |
0.6 |
5.7 |
2.5 |
1.0 |
33.1 |
|
Other Payables |
4.5 |
4.4 |
5.4 |
263.4 |
4.0 |
|
Other Current
Liabilities |
81.3 |
115.4 |
115.1 |
32.2 |
88.0 |
|
Other Current liabilities, Total |
86.4 |
125.5 |
122.9 |
296.6 |
125.1 |
|
Total Current Liabilities |
778.8 |
743.9 |
824.6 |
1,068.6 |
791.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
443.3 |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Long Term Debt |
443.3 |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Debt |
875.2 |
1,050.2 |
1,234.6 |
1,429.3 |
1,667.9 |
|
|
|
|
|
|
|
|
Pension Benefits -
Underfunded |
2.5 |
2.6 |
2.6 |
2.5 |
1.6 |
|
Other Long Term
Liabilities |
91.0 |
272.5 |
343.3 |
220.5 |
474.1 |
|
Other Liabilities, Total |
93.5 |
275.1 |
346.0 |
222.9 |
475.7 |
|
Total Liabilities |
1,315.6 |
1,665.5 |
1,955.5 |
2,273.3 |
2,479.7 |
|
|
|
|
|
|
|
|
Common Stock |
376.7 |
376.7 |
376.7 |
376.7 |
377.7 |
|
Common Stock |
376.7 |
376.7 |
376.7 |
376.7 |
377.7 |
|
Retained Earnings (Accumulated Deficit) |
1,782.0 |
1,486.5 |
1,155.8 |
1,375.1 |
598.0 |
|
Treasury Stock - Common |
-13.3 |
-9.9 |
- |
- |
- |
|
Other Equity |
- |
0.0 |
201.5 |
- |
- |
|
Other Equity, Total |
- |
0.0 |
201.5 |
- |
- |
|
Total Equity |
2,145.3 |
1,853.3 |
1,733.9 |
1,751.7 |
975.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
3,461.0 |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
1,412.7 |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Total Common Shares Outstanding |
1,412.7 |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Treasury Shares - Common Stock Primary
Issue |
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 |
33.1 |
|
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-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 |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate (Period Average) |
0.377016 |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Depreciation |
208.9 |
196.9 |
197.6 |
193.2 |
184.4 |
|
Depreciation/Depletion |
208.9 |
196.9 |
197.6 |
193.2 |
184.4 |
|
Unusual Items |
-208.7 |
-32.6 |
181.9 |
-299.0 |
212.6 |
|
Other Non-Cash
Items |
18.1 |
18.0 |
57.3 |
61.3 |
107.3 |
|
Non-Cash Items |
-190.6 |
-14.6 |
239.2 |
-237.6 |
319.9 |
|
Accounts Receivable |
42.6 |
-18.9 |
86.6 |
116.7 |
12.2 |
|
Inventories |
-15.2 |
41.9 |
156.2 |
-192.1 |
-13.0 |
|
Other Assets |
- |
0.0 |
3.1 |
102.5 |
15.7 |
|
Accounts Payable |
41.4 |
-34.2 |
-67.1 |
-3.0 |
39.0 |
|
Other Liabilities |
2.1 |
2.4 |
1.7 |
2.4 |
34.9 |
|
Other Operating
Cash Flow |
-2.2 |
-2.4 |
-1.6 |
-1.5 |
-1.8 |
|
Changes in Working Capital |
68.8 |
-11.2 |
179.0 |
25.0 |
86.9 |
|
Cash from Operating Activities |
649.1 |
537.8 |
396.4 |
759.5 |
420.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-91.4 |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Capital Expenditures |
-91.4 |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Sale of Fixed
Assets |
2.0 |
1.0 |
0.4 |
2.2 |
11.5 |
|
Investment, Net |
8.0 |
-8.0 |
- |
- |
- |
|
Other Investing
Cash Flow |
1.0 |
1.4 |
3.0 |
7.0 |
2.8 |
|
Other Investing Cash Flow Items, Total |
11.1 |
-5.5 |
3.5 |
9.2 |
14.2 |
|
Cash from Investing Activities |
-80.3 |
-69.2 |
-90.3 |
-93.6 |
-56.0 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
-6.5 |
-223.1 |
-111.6 |
-316.7 |
-146.6 |
|
Financing Cash Flow Items |
-6.5 |
-223.1 |
-111.6 |
-316.7 |
-146.6 |
|
Cash Dividends Paid
- Common |
-266.5 |
- |
- |
- |
- |
|
Total Cash Dividends Paid |
-266.5 |
- |
- |
- |
- |
|
Sale/Issuance
of Common |
3.1 |
- |
- |
- |
- |
|
Common Stock, Net |
3.1 |
- |
- |
- |
- |
|
Repurchase/Retirement
of Common/Preferred |
0.0 |
-2.9 |
- |
- |
- |
|
Treasury Stock |
-8.3 |
-32.9 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
-5.2 |
-35.9 |
- |
- |
- |
|
Short Term Debt,
Net |
16.6 |
-5.3 |
-7.9 |
11.1 |
0.0 |
|
Total Debt Issued |
589.2 |
536.3 |
0.0 |
490.0 |
640.6 |
|
Total Debt
Reduction |
-780.8 |
-715.3 |
-186.8 |
-755.5 |
-842.8 |
|
Issuance (Retirement) of Debt, Net |
-175.0 |
-184.4 |
-194.8 |
-254.5 |
-202.2 |
|
Cash from Financing Activities |
-453.2 |
-443.4 |
-306.3 |
-571.1 |
-348.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
115.7 |
25.2 |
-0.3 |
94.7 |
15.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
148.2 |
123.0 |
123.2 |
28.5 |
13.2 |
|
Net Cash - Ending Balance |
263.9 |
148.2 |
123.0 |
123.3 |
28.5 |
|
Cash Interest Paid |
18.1 |
21.1 |
65.3 |
76.1 |
121.3 |
Annual Income Statement
|
Financials in: USD
(mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate (Period Average) |
0.377016 |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales to Customers |
2,342.9 |
1,991.5 |
1,543.2 |
2,346.4 |
57.6 |
|
Sales to
Shareholders |
- |
0.0 |
2.0 |
55.4 |
1,608.3 |
|
Total Revenue |
2,342.9 |
1,991.5 |
1,545.2 |
2,401.8 |
1,665.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
1,756.6 |
1,472.3 |
1,427.4 |
1,699.3 |
1,477.0 |
|
Selling and
Distribution Expense |
57.9 |
41.3 |
31.6 |
60.2 |
6.1 |
|
General and
Administrative Expense |
65.8 |
70.0 |
63.7 |
54.5 |
42.8 |
|
Write Off of
Property, Plant, & Equipmen |
- |
1.2 |
18.5 |
- |
- |
|
Directors Fees |
0.5 |
0.5 |
0.4 |
0.3 |
0.5 |
|
Finance Costs |
1.8 |
1.0 |
1.7 |
1.1 |
0.3 |
|
Interest Expense |
17.4 |
19.2 |
60.3 |
68.4 |
109.8 |
|
Total Operating Expense |
1,900.0 |
1,605.6 |
1,603.7 |
1,883.8 |
1,636.5 |
|
|
|
|
|
|
|
|
Other income |
20.3 |
16.3 |
11.2 |
12.6 |
8.7 |
|
Gain on Exchange |
1.0 |
-8.1 |
3.6 |
-12.7 |
-1.5 |
|
FV L/G on
Revaluation of Derivatives |
97.9 |
-27.5 |
-175.6 |
261.1 |
-207.7 |
|
Net Income Before Taxes |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Net Income |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,412.7 |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Basic EPS Including ExtraOrdinary Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Diluted Net Income |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Diluted Weighted Average Shares |
1,412.7 |
1,403.5 |
1,402.3 |
1,402.3 |
1,402.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
Diluted EPS Including ExtraOrd Items |
0.40 |
0.26 |
-0.16 |
0.56 |
-0.12 |
|
DPS-Common Stock |
0.11 |
0.14 |
0.00 |
- |
- |
|
Gross Dividends - Common Stock |
149.9 |
- |
0.0 |
- |
- |
|
Normalized Income Before Taxes |
562.1 |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
562.1 |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
562.1 |
367.8 |
-200.8 |
779.0 |
-171.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.40 |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Diluted Normalized EPS |
0.40 |
0.26 |
-0.14 |
0.56 |
-0.12 |
|
Depreciation |
208.9 |
196.9 |
197.6 |
193.2 |
184.4 |
|
Interest Expense |
17.4 |
19.2 |
60.3 |
68.4 |
109.8 |
|
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate |
0.377 |
0.377 |
0.377 |
0.377 |
0.376 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Goods in Transit |
53.7 |
61.2 |
44.8 |
103.1 |
53.9 |
|
Raw Materials |
116.4 |
89.3 |
121.7 |
169.9 |
100.0 |
|
Work-in-Process |
140.3 |
129.4 |
147.5 |
164.4 |
123.2 |
|
Finished Goods |
50.5 |
67.9 |
66.2 |
102.1 |
0.0 |
|
Stores |
61.4 |
59.5 |
68.9 |
65.8 |
61.5 |
|
Provision for
Inventory |
-3.2 |
-3.2 |
-3.2 |
-3.2 |
-3.2 |
|
Trade Accounts
Receivable |
- |
- |
- |
331.2 |
20.1 |
|
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 |
9.1 |
9.1 |
9.1 |
9.1 |
- |
|
Amounts Due from Shareholder |
- |
0.0 |
2.0 |
5.1 |
2.1 |
|
Derivative Fiancial
Instruments |
0.0 |
6.2 |
43.5 |
0.0 |
0.3 |
|
Bank Balances and
Cash |
263.9 |
158.7 |
123.0 |
123.2 |
92.8 |
|
Total Current Assets |
913.1 |
841.5 |
868.1 |
1,070.7 |
450.7 |
|
|
|
|
|
|
|
|
Land & Building |
708.2 |
704.4 |
705.1 |
708.1 |
701.9 |
|
Power Generating
Plant |
1,080.5 |
1,046.9 |
1,067.4 |
1,031.0 |
1,049.7 |
|
Plant, Machinery,
& Other Equipment |
3,022.8 |
2,951.9 |
2,927.0 |
2,919.9 |
2,910.5 |
|
Assets in Process
of Completion |
150.1 |
199.8 |
149.9 |
157.7 |
110.9 |
|
Acc. Dep. |
-2,450.3 |
-2,271.4 |
-2,082.8 |
-1,926.2 |
-1,770.4 |
|
Derivative
Financial Assets |
- |
- |
- |
0.0 |
2.0 |
|
LT Receivables |
36.5 |
45.6 |
54.7 |
63.8 |
0.0 |
|
Total Assets |
3,461.0 |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
|
Borrowings |
397.2 |
385.6 |
426.2 |
416.2 |
455.5 |
|
ST Loans |
34.7 |
18.1 |
23.4 |
31.3 |
0.0 |
|
Retentions Payable |
0.3 |
0.4 |
0.4 |
0.5 |
0.5 |
|
Trade Payables |
141.9 |
132.8 |
144.6 |
240.6 |
134.8 |
|
Employee Related
Accruals |
85.3 |
54.8 |
49.8 |
46.5 |
41.7 |
|
Accrual for Early
Retirement Scheme |
- |
0.0 |
25.8 |
- |
- |
|
Accrued Expenses |
29.9 |
24.6 |
30.1 |
35.9 |
32.6 |
|
Advance from
Customers |
0.6 |
5.7 |
2.5 |
1.0 |
0.0 |
|
ALBA Saving Benefit
Scheme |
4.2 |
4.1 |
5.0 |
6.1 |
3.5 |
|
General
Organization for Social Insuranc |
3.4 |
2.6 |
1.8 |
1.5 |
1.9 |
|
Derivative
Financial Instruments |
81.3 |
115.4 |
115.1 |
32.2 |
88.0 |
|
Advances from
Shareholders |
- |
- |
- |
0.0 |
33.1 |
|
Amounts Due to
Shareholders |
- |
- |
0.0 |
256.9 |
0.0 |
|
Total Current Liabilities |
778.8 |
743.9 |
824.6 |
1,068.6 |
791.7 |
|
|
|
|
|
|
|
|
Borrowings |
443.3 |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
Total Long Term Debt |
443.3 |
646.5 |
784.9 |
981.8 |
1,212.3 |
|
|
|
|
|
|
|
|
Derivative
Financial Instruments |
91.0 |
272.5 |
343.3 |
220.5 |
474.1 |
|
Employees End of Service
Benefits |
2.5 |
2.6 |
2.6 |
2.5 |
1.6 |
|
Total Liabilities |
1,315.6 |
1,665.5 |
1,955.5 |
2,273.3 |
2,479.7 |
|
|
|
|
|
|
|
|
Share Capital |
376.7 |
376.7 |
376.7 |
376.7 |
377.7 |
|
Treasury Shares |
-13.3 |
-9.9 |
- |
- |
- |
|
Statutory Reserve |
188.3 |
182.0 |
145.4 |
145.4 |
67.7 |
|
Capital Reserve |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Contributions from
Shareholders |
- |
0.0 |
201.5 |
- |
- |
|
Retained Earnings |
1,443.1 |
1,138.6 |
1,009.7 |
1,229.0 |
529.6 |
|
Proposed Dividevds |
149.9 |
165.2 |
- |
- |
- |
|
Total Equity |
2,145.3 |
1,853.3 |
1,733.9 |
1,751.7 |
975.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
3,461.0 |
3,518.8 |
3,689.4 |
4,025.1 |
3,455.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
1,412.7 |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
Total Common Shares Outstanding |
1,412.7 |
1,415.8 |
1,420.0 |
1,420.0 |
1,420.0 |
|
T/S-Common Stock |
7.3 |
4.2 |
- |
- |
- |
|
Deferred Revenue - Current |
0.6 |
5.7 |
2.5 |
1.0 |
33.1 |
|
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-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 |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
BHD |
BHD |
BHD |
BHD |
BHD |
|
Exchange Rate (Period Average) |
0.377016 |
0.377008 |
0.376998 |
0.376864 |
0.376788 |
|
Auditor |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
562.1 |
366.6 |
-219.3 |
779.0 |
-171.1 |
|
Depreciation |
208.9 |
196.9 |
197.6 |
193.2 |
184.4 |
|
Provision for
Employees end of Service |
2.1 |
2.4 |
1.7 |
2.4 |
1.8 |
|
Unrealised G/L on
Derivatives |
-209.4 |
-33.2 |
162.3 |
-310.7 |
209.7 |
|
G/L on Disposal of
Property, Plant and E |
0.4 |
-0.5 |
1.1 |
9.1 |
-10.3 |
|
Write off of
Property, Plant and Equip |
0.2 |
1.2 |
18.5 |
2.6 |
13.2 |
|
Interest Income |
-1.0 |
-1.4 |
-3.0 |
-7.0 |
-2.8 |
|
Finance costs |
17.4 |
19.2 |
60.3 |
68.4 |
110.1 |
|
Employees' Stock
Option Plan |
1.7 |
0.2 |
- |
- |
- |
|
Inventories |
-15.2 |
41.9 |
156.2 |
-192.1 |
-13.0 |
|
Accounts
Receivables & Prepayments |
42.6 |
-18.9 |
86.6 |
116.7 |
12.2 |
|
Accounts Payables
& Accruals |
41.4 |
-34.2 |
-67.1 |
-3.0 |
39.0 |
|
Amounts Due from
Shareholder |
- |
0.0 |
3.1 |
102.5 |
15.7 |
|
Advances from
Shareholder |
- |
- |
- |
- |
33.0 |
|
End of Service
Benefits Paid |
-2.2 |
-2.4 |
-1.6 |
-1.5 |
-1.8 |
|
Cash from Operating Activities |
649.1 |
537.8 |
396.4 |
759.5 |
420.1 |
|
|
|
|
|
|
|
|
Purchase of
Property, Plant, and Equipme |
-91.4 |
-63.7 |
-93.7 |
-102.8 |
-70.3 |
|
Proceeds from
Disposal of Property, Plan |
2.0 |
1.0 |
0.4 |
2.2 |
11.5 |
|
Term Deposit |
8.0 |
-8.0 |
- |
- |
- |
|
Interest Received |
1.0 |
1.4 |
3.0 |
7.0 |
2.8 |
|
Cash from Investing Activities |
-80.3 |
-69.2 |
-90.3 |
-93.6 |
-56.0 |
|
|
|
|
|
|
|
|
Repayment of LT
Receivable |
9.1 |
9.1 |
9.1 |
0.0 |
- |
|
Borrowings Availed |
589.2 |
536.3 |
0.0 |
490.0 |
640.6 |
|
Borrowings Repaid |
-780.8 |
-715.3 |
-186.8 |
-755.5 |
-842.8 |
|
ST Loans, Net |
16.6 |
-5.3 |
-7.9 |
11.1 |
0.0 |
|
Finance Costs Paid |
-18.1 |
-21.1 |
-65.3 |
-76.1 |
-121.3 |
|
Margin Deposits |
2.5 |
-2.5 |
0.0 |
64.1 |
-25.3 |
|
Purchase of
Treasury Shares |
-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 |
0.0 |
|
Sale of Treasury
Shares |
3.1 |
- |
- |
- |
- |
|
Dividends Paid |
-266.5 |
- |
- |
- |
- |
|
Amounts Due to
Shareholders |
- |
0.0 |
-55.4 |
-370.4 |
0.0 |
|
Cash from Financing Activities |
-453.2 |
-443.4 |
-306.3 |
-571.1 |
-348.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
115.7 |
25.2 |
-0.3 |
94.7 |
15.3 |
|
|
|
|
|
|
|
|
Cash Beginning Balance |
148.2 |
123.0 |
123.2 |
28.5 |
13.2 |
|
Cash Ending Balance |
263.9 |
148.2 |
123.0 |
123.3 |
28.5 |
|
Cash Interest Paid |
18.1 |
21.1 |
65.3 |
76.1 |
121.3 |
Financial Health
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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Annual Ratios
|
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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.