a Saudi Cement Company

January 2012
Appendices
KMEFIC Research
Equity Analysis Report
Balance Sheets
(SAR million) FY-10 A FY-11 F FY-12 F FY-13 F FY-14 F FY-15 F
Cash 700 908 1,045 860 857 891
Recievables & prepayments 270 298 312 338 357 369
Inventory 132 117 121 130 136 146
Current assets 1,102 1,324 1,478 1,328 1,350 1,406
Investments 394 399 404 410 416 423
Fixed assets 2,106 1,962 1,863 1,749 1,645 3,008
Capital projects under construction 7 29 375 750 1,125 3
Other long term assets 44 49 54 56 60 64
Noncurrent assets 2,552 2,439 2,697 2,965 3,246 3,497
Total assets 3,653 3,763 4,175 4,293 4,596 4,903
LT debt - current portion 77 63 63 63 38 75
Payables & other current liabilities 168 160 183 193 204 218
Current liabilities 246 224 246 256 241 293
LT debt 190 127 63 0 150 263
Other noncurrent liabilties 59 55 61 63 67 72
Noncurrent liabilties 249 181 124 63 217 334
Total liabilities 495 405 371 319 458 627
Total equity 3,159 3,358 3,804 3,974 4,138 4,276
Income Statements
(SAR million) FY-10 A FY-11 F FY-12 F FY-13 F FY-14 F FY-15 F
Revenues 1,272 1,422 1,464 1,570 1,635 1,668
COGS (560) (616) (639) (682) (714) (768)
Gross profit 712 806 826 888 921 900
Operating income 666 754 772 830 861 839
Net income 657 739 758 817 847 824
EPS (SAR) 3.25* 3.65* 3.74 4.03 4.18 4.07
*Adjusted for the 50% capital increase
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