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All Financial Reports

Saudi Basic Industries Corp.

Fiscal Period: 2003 2004 2005 2006


Sales 46,782,405 68,539,076 78,253,536 86,327,862
Cost of Sales (33,145,784) (41,604,638) (45,169,206) (51,099,840)
Gross Profit 13,636,621 26,934,438 33,084,330 35,228,022
Gross Profit Margin 29% 39% 42% 41%

Operaing Expense / Income


Employee Related (1,352,622) (1,396,991) (930,288) --
Sales & marketing -- -- (1,276,497) (4,341,902)
Depreciation (578,094) (324,194) (394,127) --
Other S/G/A (1,105,779) (1,708,309) (1,313,440) --
Interest Income -- -- 1,141,012 --
Investment Income 831,216 1,299,199 96,416 2,552,369
Total Operating Expense/ Income (2,205,279) (2,130,295) (2,676,924) (1,789,533)

Depreciation 578,094 324,194 394,127 -


EBIDITA 12,009,436 25,128,337 30,801,533 33,438,489
EBIDITA Margin 26% 37% 39% 39%

EBIT 11,431,342 24,804,143 30,407,406 33,438,489


EBIT Margin 24% 36% 39% 39%

Finance Charges (983,794) (1,020,541) (1,397,257) (1,567,042)


Net Income Before Taxes 10,447,548 23,783,602 29,010,149 31,871,447
Provision for Income Taxes (300,000) (450,000) (750,000) (1,050,000)
Net Income After Taxes 10,147,548 23,333,602 28,260,149 30,821,447
Minority Interest (3,451,392) (7,337,559) (9,100,464) (10,527,505)
Net Income Before Extra. Items 6,696,156 15,996,043 19,159,685 20,293,942
Loss Arising from Legal Case -- (1,782,355) -- --
Net Income 6,696,156 14,213,688 19,159,685 20,293,942
Net Income Margin 14% 21% 24% 24%

Fiscal Period: 2003 2004 2005 2006


Current Assets 32,914,153 48,738,040 56,280,845 73,974,441
Cash/Equivalents 14,620,902 23,245,131 28,172,569 39,556,764
Trade Receivable 7,515,101 11,581,895 12,035,888 14,307,783
Related Rcvbl. 1,265,792 2,160,429 2,661,764 2,359,857
Doubtful Accts. (195,027) (238,182) (177,004) (192,051)
Chemicals/Raw Materials 967,778 1,039,553 1,840,039 2,124,443
Prod.In Progress 339,782 504,198 108,828 131,461
Finished Goods 3,142,543 4,645,988 5,671,138 7,410,559
Spare Parts 2,330,068 2,578,787 2,735,530 3,624,527
Goods In Transit 263,797 386,098 286,911 806,055
Provision of Slow Movem. 0 0 0 (438,800)
Due from YNSAB -- -- 1,274,745 --
Amount Restricted Under Letter-Guarantee 1,676,796 1,676,796 -- --
Prepaid Expenses 244,861 203,199 307,066 403,859
Employee Loans, Ownership Receivables 320,445 458,756 300,453 562,397
Other Receivables 421,315 495,392 1,062,918 3,317,587
Associated Co/Investment 2,672,383 2,689,971 5,898,098 3,531,839
Fixed Assets 64,760,297 63,843,751 66,096,734 79,970,622
Property, Plant & Equipment, Net 64,760,297 -- -- --
Work in Progress -- 5,908,063 10,106,748 22,551,441
Buildings -- 12,862,649 13,008,156 13,224,352
Plants/Machinery -- 96,225,590 97,980,733 103,696,138
Furn/Fixt/Vehicles/Equipment -- 3,035,287 3,176,412 3,409,456
Depreciation -- (54,187,838) (58,175,315) (62,910,765)
Pre-Operating Expenses & Other , Net 1,996,705 2,361,868 2,388,987 --
Goodwill 3,986,002 4,248,960 3,720,640 --
Amortisation of Goodwill (320,078) (612,182) (774,589) --
Other Non Current Assets 3,290,647 3,674,238 3,339,765 4,017,915
Intangibles -- -- -- 5,094,003
Total Assets 109,300,109 124,944,646 136,950,480 166,588,820

Current Liabilities 16,746,511 22,783,976 21,947,116 24,941,876


ST Borrowings 459,260 483,529 351,695 607,622
Cur.Port.LT Loan 4,498,021 6,050,315 6,352,264 5,521,174
Dividends Pay. 270,475 337,989 616,425 --
Accounts Payable 6,017,746 8,248,258 7,759,961 11,041,659
Related Payable 28,614 50,202 21,757 23,763
Other Payables -- -- 1,233,807 --
Accrued Liabilities & Other Provisions 5,472,395 7,613,683 2,319,407 7,747,658
Zakat & Tax Provision -- 0 3,291,800 --
Long Term Loans 31,918,236 27,292,725 23,017,180 33,611,628
Other Non Current Liabilities 4,059,822 4,150,242 6,764,647 7,545,079
Minority Interests 16,305,496 19,835,371 22,880,920 27,607,078
Total Liabilities 69,030,065 74,062,314 74,609,863 93,705,661

Share Capital 15,000,000 15,000,000 20,000,000 25,000,000


Statutory Reserves 6,495,449 7,500,000 9,415,968 11,445,362
Research/Technology Reserve 1,291,691 1,291,691 1,291,691 1,291,691
General Reserves 11,456,363 13,881,503 17,589,241 20,631,558
Retained Earnings 6,026,541 13,209,138 14,043,717 14,514,548
Total Equity 40,270,044 50,882,332 62,340,617 72,883,159
Total Liabilities & Shareholders' Equity 109,300,109 124,944,646 136,950,480 166,588,820
S/O-Common Stock 3,000,000 3,000,000 3,000,000 3,000,000

Margins
Gross Profit Margin 29.15% 39.30% 42.28% 40.81%
EBIDITA Margin 25.67% 36.66% 39.36% 38.73%
EBIT Margin 24.44% 36.19% 38.86% 38.73%
Net Income Margin 14.31% 20.74% 24.48% 23.51%
ROAA 12.1% 14.6% 13.4%
Leverage 2.57 2.31 2.24
ROAE 31.2% 33.8% 30.0%

Liquidity Ratios
Current Ratio 1.97 2.14 2.56 2.97
Quick Ratio 31.84 48.07 2.08 2.42
Debt to equity Ratio 1.71 1.46 1.20 1.29
Net Working Capital Ratio 0.15 0.21 0.25 0.29
Asset Utilisation Ratios
Stock Turnover Ratio 5.14 4.56 4.21
Assets Turnover Ratio 0.59 0.60 0.57
Accounts Receivable Turnover Ratio 7.18 6.63 6.55

Market Multiples
Shares outstanding in mn 3,000
Price per share SAR / share 108.75
Market Capitalization SAR in mn 326,250
Equity Value SAR in mn 91,154
EPS SAR / share 9.01
BVS SAR / share 30.38
PBV (x) x 3.58
PER (x) x 12.07
EV 355,632
EVS 118.54
EV Ratio 13.16
2007
126,204,404
(78,254,228)
47,950,176
38%

--
(6,903,653)
--
--
--
4,230,235
(2,673,418)

-
45,276,758
36%

45,276,758
36%

(2,869,168)
42,407,590
(1,800,000)
40,607,590
(13,585,318)
27,022,272
--
27,022,272
21%

2007
99,487,765
46,055,575
22,738,831
3,424,699
(185,587)
6,171,124
89,676
12,168,359
3,541,105
860,369
(524,674)
--
--
1,064,413
391,548
3,692,327
5,427,127
123,113,574
--
43,711,680
13,500,615
131,282,690
3,744,103
(69,125,514)
--
--
--
5,254,811
22,964,004
256,247,281

31,707,968
1,399,188
3,272,036
--
14,949,965
15,427
--
12,071,352
--
75,437,595
14,605,446
43,342,241
165,093,250

25,000,000
12,500,000
1,291,691
28,894,705
23,467,635
91,154,031
256,247,281
3,000,000

37.99%
35.88%
35.88%
21.41%
12.8%
2.58
32.9%

3.14
2.43
1.81
0.26
4.35
0.60
6.81
All Financial Reports
Saudi Basic Industries Corp.
(SAR in '000)

Fiscal Period: 2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 QoQ YoY
Sales ### ### ### ### ### ### ### ### 2.3% 38.1%
Cost of Sales ### ### ### ### ### ### ### ### 0.0% 44.7%
Gross Profit ### ### ### ### ### ### ### ### 6.8% 27.7%
Gross Profit Margin 46% 41% 39% 39% 35% 34% 34% 36%

Operating Expenses / Income


Investment Income 962,081 791,620 1,019,129 1,359,756 1,059,730 1,684,619 1,162,475 779375 ### -42.7%
Employee Related & Marketing Costs
3,180,695 -- -- -- -- -- -- 0.0% 0.0%
Sales & marketing ### ### ### ### ### ### ### ### 22.5% 66.3%
Total Operating Expense (199,126) (438,627) (189,240) (637,593) ### ### ### ### 64.1% ###

Depreciation 1,273,002 1,457,470 1,486,056 1,822,022 2,840,462 2,467,970 2,590,227 0 0.0% ###
EBIDITA ### ### ### ### ### ### ### ### ### -2.1%
EBIDITA Margin 50% 45% 43% 42% 39% 38% 37% 30%

EBIT ### ### ### ### ### ### ### ### 0.1% 13.0%
EBIT Margin 45% 39% 38% 37% 31% 31% 31% 30%

Finance Charges (285,038) (580,008) (466,784) (593,068) ### ### ### - 0.0% 0.0%
Net Income Before Taxes 9,917,897 9,774,701 ### ### ### ### ### ### 8.7% 19.0%
Provision for Income Taxes (550,000) (550,000) (560,000) (390,000) (300,000) (400,000) (500,000) (400,000) ### 2.6%
Net Income After Taxes 9,367,897 9,224,701 9,644,144 ### ### ### ### ### 9.9% 19.6%
Minority Interest ### ### ### ### ### ### ### ### 35.1% 66.9%
Net Income Before Extra. Items 6,119,454 6,287,387 6,474,322 7,399,645 6,860,918 6,924,263 7,547,860 7,239,543 -4.1% -2.2%
Loss Arising from Legal Case -- -- -- -- -- -- -- -- 0.0%
Net Income 6,119,454 6,287,387 6,474,322 7,399,645 6,860,918 6,924,263 7,547,860 7,239,543 -4.1% -2.2%
Net Income Margin 26.9% 23.9% 23.0% 23.0% 17.3% 17.3% 17.4% 16.3%
Fiscal Period: 2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 QoQ YoY
Current Assets ### ### ### ### ### ### ### ### -1.4% 12%
Cash/Equivalents ### ### ### ### ### ### ### ### 60.4% 84%
Accounts Receivables ### ### ### ### ### ### ### - 0.0% 0%
Inventories ### ### ### ### ### ### ### ### 7.4% 19%
Other Receivables & Prepayments4,283,843 4,690,373 4,154,953 5,324,790 5,148,288 3,483,358 6,017,448 - 0.0% 0%
Investment in Associated Companies
3,531,839 8,971,288 4,248,652 5,253,664 5,427,127 6,742,604 5,541,116 ### 2.7% 5%
Property Plant Buildings, Net ### ### ### ### ### ### ### ### 3.2% 12%
Intangible Assets 5,094,003 5,018,720 5,691,529 ### ### ### ### ### 2.9% 18%
Other Non Current Assets 4,017,915 4,975,316 4,362,564 3,746,121 5,254,811 1,689,888 2,415,399 - 0.0% 0%
Total Assets ### ### ### ### ### ### ### ### 0.4% 10%

Current Liabilities ### ### ### ### ### ### ### ### -2.0% 23%
Accounts Payables ### ### ### ### ### ### ###
ST Borrowings 607,622 784,239 1,433,387 1,004,669 1,399,188 3,853,850 3,827,826
Cur.Port.LT Loan 5,521,174 6,885,029 4,392,281 4,839,064 3,272,036 5,526,435 3,077,910
Accrued Liabilities & Other Provisions
7,747,658 4,823,080 8,435,927 ### ### 3,279,527 ###
Dividend Payable -- 9,319,689 710,518 712,238 -- ### 561,752
Long Term Loans ### ### ### ### ### ### ### ### 12.9% 25%
Other Non Current Liabilities 7,545,079 6,709,834 7,031,685 ### ### ### ###
Minority Interest ### ### ### ### ### ### ### ### 1.6% 5%
Total Liabilities ### ### ### ### ### ### ### ### -0.4% 8%

Share Capital ### ### ### ### ### ### ###


Statutory Reserves ### ### ### ### ### ### ###
Research/Technology Reserve 1,291,691 1,291,691 1,291,691 1,291,691 1,291,691 -- 0
General Reserves ### ### ### ### ### ### ###
Retained Earnings ### 6,287,387 ### ### ### 6,924,263 ###
Total Equity ### ### ### ### ### ### ### ### 2.0% 13%
Total Liabilities & Shareholders' Equity
### ### ### ### ### ### ### ### 0.4% 10%
S/O-Common Stock 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Margins (Quarters)
Gross Profit Margin 45.8% 41.1% 38.6% 38.7% 35.0% 34.5% 34.3% 35.7%
EBIDITA Margin 50.5% 45.0% 43.2% 42.4% 38.6% 37.6% 36.7% 30.0%
EBIT Margin 44.9% 39.4% 37.9% 36.7% 31.4% 31.5% 30.7% 30.0%
Net Income Margin 26.9% 23.9% 23.0% 23.0% 17.3% 17.3% 17.4% 16.3%
ROAA 3.8% 3.6% 3.5% 3.4% 2.7% 2.6% 2.7% 2.6%
Leverage 2.32 2.38 2.44 2.67 2.86 2.85 2.83 2.76
ROAE 8.8% 8.6% 8.5% 9.0% 7.8% 7.5% 7.8% 7.1%

Margins TTM
Gross Profit Margin 40.8% 41.2% 41.4% 40.7% 38.0% 36.4% 35.4% 34.9%
EBIDITA Margin 45.8% 45.8% 45.8% 44.9% 41.9% 40.1% 38.6% 35.6%
EBIT Margin 38.7% 39.5% 40.0% 39.4% 35.9% 33.9% 32.3% 30.9%
Net Income Margin (TTM) 23.5% 24.0% 24.2% 24.1% 21.4% 19.8% 18.5% 17.1%
ROAA 13.1% 13.7% 14.0% 13.4% 12.4% 11.5% 10.9% 10.5%
Leverage 2.29 2.36 2.38 2.53 2.67 2.76 2.85 2.80
ROAE 29.9% 32.3% 33.3% 34.0% 33.0% 31.8% 31.1% 29.5%

Du Pont Analysis
Opearting profit Margin 44.9% 39.4% 37.9% 36.7% 31.4% 31.5% 30.7% 30.0%
Tax Burden 91.8% 92.0% 92.0% 95.0% 95.8% 94.5% 93.8% 94.8%
Interest Burden 65.4% 66.0% 65.9% 66.1% 57.4% 58.2% 60.5% 57.4%
Net Profit Margin 26.9% 23.9% 23.0% 23.0% 17.3% 17.3% 17.4% 16.3%
Asset Turnover Ratio 0.14 0.15 0.15 0.15 0.16 0.15 0.16 0.16
Leverage Ratio 2.32 2.38 2.44 2.67 2.86 2.85 2.83 2.76
ROAE 8.8% 8.6% 8.5% 9.0% 7.8% 7.5% 7.8% 7.1%

Liquidity Ratios (Quarters)


Current Ratio 2.97 2.31 3.19 2.89 3.14 2.45 2.85 2.86
Quick Ratio 2.42 1.89 2.66 2.24 2.43 1.90 2.22 2.18
Debt to equity Ratio 1.29 1.48 1.41 1.91 1.81 1.89 1.78 1.74
Net Working Capital Ratio 0.29 0.24 0.31 0.26 0.26 0.24 0.26 0.26

Asset Utilisation Ratios (Quarters)


Stock Turnover Ratio 0.98 1.11 1.22 1.08 1.16 1.13 1.17 1.11
Assets Turnover Ratio 0.14 0.15 0.15 0.15 0.16 0.15 0.16 0.16
Accounts Receivable Turnover Ratio 1.44 1.58 1.64 1.50 1.55 1.50 1.53 3.03
Market Multiples
Shares outstanding in mn 3,000
Price per share SAR / share 73.75
Market Capitalization SAR in mn 221,250
Equity Value (Q3 2008) SAR in mn 102,614
EPS (TTM) SAR / share 9.52
BVS SAR / share 34.20
PBV (x) x 2.16
PER (x) x 7.74
EV (Q3 2008) SAR in mn 230,629
EVS SAR / share 76.88
EV Ratio x 8.07
30.0%
Net Income Margin Net Income Margin (TTM)

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%
2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3