Saudi Petrochemicals - NCBC

FinancialsExhibit 48: Income statementIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014ERevenues 0 0 0 5,932 8,721 8,191% change n/a n/a n/a n/a 47.0 (6.1)COGS 0 0 0 (3,892) (6,189) (5,893)Gross Profit 0 0 0 2,040 2,532 2,298Margins (%) n/a n/a n/a 34.4 29.0 28.1G&A expenses (9) (15) (18) (316) (488) (462)D&A expenses 0 (0) (0) (390) (1,044) (1,051)Operating Profit (9) (15) (18) 1,724 2,043 1,836EBITDA (9) (15) (17) 2,115 3,087 2,887% change n/a n/a n/a n/a 46.0 (6.5)Other expenses (15) 0 0 0 0 0Interest expenses, net ofincome 15 14 (211) (280) (299) (286)Minority interest payment 2 4 0 (487) (582) (508)Zakat (53) (129) (7) (52) (83) (100)Net income (61) (127) (236) 905 1,080 943% change n/a n/a n/a n/a 19.3 12.5Net margin (%) n/a n/a n/a 15.3 12.4 11.5EPS (SR) (0.19) (0.26) (0.49) 2.90 3.46 3.02Source: Company, NCBC Research estimatesExhibit 49: Balance sheetIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014ECash & Cash equivalents 3,272 689 337 252 714 1,566Accounts receivables 0 0 0 1,056 1,553 1,459Inventories 0 0 0 800 1,272 1,211Total current assets 3,276 694 341 2,112 3,543 4,240Cost of project underconstruction 11,170 18,399 20,808 0 0 0Property and equipment, net 1 1 1 20,419 19,512 18,623Deferred expenses 134 134 134 134 134 134Total non-current assets 11,305 18,534 20,944 20,553 19,646 18,756Total assets 14,581 19,228 21,284 22,666 23,189 22,996Accured expenses & otherliabilities 1 1 1 1 1 1Zakat provision 53 53 53 53 53 53Accounts payables 0 0 0 533 848 807Total current liabilities 54 54 54 587 902 861Long term debts 7,675 9,967 12,259 12,002 11,130 10,036Support loans 1,037 1,037 1,037 1,237 1,237 1,237Other non-current liabilities 966 967 968 968 968 968Total non-currentliabilities 9,678 11,971 14,264 14,207 13,335 12,240Share capital 4,800 4,800 4,800 4,800 4,800 4,800Statutory reserves 2 2 2 92 200 295Retained earnings (45) (172) (408) 407 1,379 2,228Total stockholders' equity 4,757 4,630 4,394 5,299 6,380 7,322Minority Equity 92 2,573 2,573 2,573 2,573 2,573Total liabilities & equity 14,581 19,228 21,284 22,666 23,189 22,996Source: Company, NCBC Research estimates27 April 2010 PETROCHEM - INITIATING COVERAGE65