Deutsche Bank - Egypt Real Estate - (6th of July 2010) - SODIC

5 July 2010 Real Estate, Construction and Building Materials Egypt Real EstateFigure 53: PHD cash flow (EGPm)2010E 2011E 2012E 2013EOperational cash flowCustomer cash collection (DP) 2,114 2,986 4,042 2,478Net operating income (IP+Others) 22 24 27 32Capex (DP) (1,599) (1,747) (1,846) (1,434)Capex (IP) (258) (352) (473) (340)Other capex (PPE) (219) - - -Land payments (632) (921) (883) (865)Other costs (SG&A and finance income) (144) (441) (558) (306)Operating free cash flow (716) (451) 308 (436)Investing cash flowInvestments / acquisitions (32) 47 47 47Free cash flow after investing activities (748) (404) 354 (389)Financing cash flowDebt repayment (417) (342) (281) (85)Debt raised 550 517 - 1,000Equity raised 699 - - -Other financing cash flow (minority stake) 160 - - -Net free cash flow 244 (229) 74 526Gearing 14% 20% 14% 19%Opening cash 135 379 150 224Closing cash 379 150 224 749Source: Deutsche Bank estimatesFigure 54: TMG cash flow (EGPm)2010E 2011E 2012E 2013EOperational cash flowCustomer cash collection (DP) 6,573 7,367 8,912 5,663Net operating income (IP+Others) 380 441 484 554Capex (DP) (4,959) (4,086) (4,628) (3,702)Capex (IP) (723) (1,057) (1,064) (770)Other capex (PPE) (100) (100) (100) (100)Land payments (146) (31) (15) 0Other costs (SG&A, Finance Income, Tax etc.) (566) (772) (1,107) (907)Operating free cash flow 458 1,763 2,482 739Investing cash flowInvestments/acquisitions - - - -Free cash flow after investing activities 458 1,763 2,482 739Financing cash flowDebt repayment (752) (620) (620) -Debt raised 200 - - -Equity raised - - - -Other financing cash flows - - - -Net free cash flow (94) 1,142 1,862 739Gearing 5% -2% -10% -12%Opening cash 399 304 1,447 3,309Closing cash 304 1447 3,309 4,048Source: Deutsche Bank estimatesDeutsche Bank AG/London Page 27