Saudi Petrochemicals - NCBC

FINANCIALSExhibit 50: Cash flow statementIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014ECash flow from op. (a) 667 (126) (235) (27) 1,470 2,109Cash flow from inv.(b) (9,092) (7,229) (2,410) 0 (136) (162)Addition(and transfers) to PP&E (9,012) (7,229) (2,410) 0 (136) (162)Cash flow from fin.(c) 10,184 4,773 2,292 (57) (872) (1,094)Debt 7,492 2,292 2,292 (257) (872) (1,094)Net change in cash 1,759 (2,583) (353) (85) 462 852Cash at start of the year 1,513 3,272 689 337 252 714Cash at end of the year 3,272 689 337 252 714 1,566Source: Company, NCBC Research estimatesExhibit 51: Key ratiosIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014EPer share ratios (SR)EPS (0.19) (0.26) (0.49) 2.90 3.46 3.02FCF per share (28.02) (15.09) (5.06) 1.52 4.58 5.67Div per share - - - - - -Book value per share 14.92 9.65 9.15 11.04 13.29 15.25Valuation ratios (x)P/E n/m n/m n/m 6.43 5.39 6.17P/FCF n/m n/m n/m 12.26 4.07 3.29P/BV 1.25 1.93 2.04 1.69 1.40 1.22EV/sales n/m n/m 2.43 1.65 1.76 1.90EV/EBITDA n/m n/m n/m 6.81 4.66 4.98Div yield (%) - - - - - -Profitability ratios (%)Gross margins n/m n/m n/m 34.40 29.03 28.06Operating margin n/m n/m n/m 29.07 23.43 22.41EBITDA margins n/m n/m n/m 35.65 35.40 35.25Net profit margins n/m n/m n/m 15.26 12.39 11.51ROE (1.27) (2.75) (5.37) 17.08 16.93 12.87ROA (0.42) (0.66) (1.11) 3.99 4.66 4.10Liquidity ratiosCurrent ratio 0.07 0.07 0.07 3.17 3.14 3.10Quick Ratio 0.07 0.07 0.07 1.81 1.73 1.70Operating ratios (days)Inventory (excl. spare parts) - - - 75 75 75Receivables outstanding - - - 65 65 65Payables outstanding - - - 50 50 50Operating cycle - - - 140 140 140Cash cycle - - - 90 90 90Production & salesProduction capacity (mn mt) 0.0 0.0 3.4 3.4 3.4 3.4Production volumes (mn mt) 0.0 0.0 0.0 2.3 3.4 3.2Utilization Rate (%) n/a n/a n/a 90.0 100.0 95.0External Sales Volumes (mt) 0.0 0.0 0.0 1.1 1.7 1.6Source: Company, NCBC Research estimates27 April 2010 PETROCHEM - INITIATING COVERAGE66