Saudi Petrochemicals - NCBC

FinancialsExhibit 61: Income statementIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014ERevenues 10,863 17,123 17,506 18,288 18,107 18,949% change 8.2 57.6 2.2 4.5 (1.0) 4.6COGS (8,404) (11,938) (12,451) (13,345) (13,313) (14,169)Gross Profit 2,459 5,185 5,054 4,943 4,794 4,779Margins (%) 22.6 30.3 28.9 27.0 26.5 25.2Other Expenses (965) (1,404) (1,496) (1,575) (1,614) (1,701)Share in associates 23 20 20 20 20 20Operating Profit 1,517 3,801 3,578 3,388 3,200 3,098Margins (%) 14.0 22.2 20.4 18.5 17.7 16.3Minority interest expenses (453) (1,225) (1,136) (1,083) (1,047) (1,092)Zakat (92) (264) (245) (233) (226) (235)Net income 519 1,530 1,418 1,352 1,307 1,364Net margin (%) 4.8 8.9 8.1 7.4 7.2 7.2EPS 1.13 3.32 3.08 2.93 2.84 2.96Source: Company, NCBC Research estimatesExhibit 62: Balance sheetIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014ECash & Cash equivalents 3,585 4,484 6,233 6,703 4,419 5,129Accounts receivables 3,033 4,546 4,408 4,505 4,460 4,667Inventories 2,716 4,046 3,897 3,820 3,782 3,958Other receivables &prepayments 533 757 790 846 844 844Total current assets 9,867 13,833 15,328 15,875 13,506 14,599Fixed assets 18,057 17,871 17,717 17,560 17,345 17,176Intangible assets 3,697 3,689 3,680 3,673 3,662 3,652Construction work-in-progress 448 227 227 227 227 227Other non-current assets 1,098 1,118 1,138 1,158 1,179 1,199Total non-current assets 23,301 22,906 22,762 22,618 22,413 22,253Total assets 33,168 36,739 38,089 38,493 35,919 36,852Short-term facilities 2,235 1,962 2,006 2,095 2,075 2,171Current portion of long-termdebt 892 1,238 1,774 4,263 1,337 1,973Accounts payable 1,011 1,469 1,498 1,569 1,565 1,666Other current liabilities 1,643 2,303 2,358 2,475 2,470 2,521Total current liabilities 5,781 6,971 7,636 10,403 7,447 8,331Long term debts 12,888 12,472 11,182 6,918 5,581 3,608Obligation under capital lease 1,219 1,031 844 656 469 375Other non-current liabilities 3,641 5,021 5,163 5,389 5,416 5,656Total non-current liabilities 15,927 16,014 14,607 10,269 8,758 6,812Share capital 4,607 4,607 4,607 4,607 4,607 4,607Statutory reserves 349 502 644 779 910 1,046Retained earnings 1,220 2,136 2,952 3,708 4,424 5,190Others 1,613 1,613 1,613 1,613 1,613 1,613Total stockholders' equity 7,790 8,859 9,816 10,707 11,554 12,457Minority interest 3,670 4,895 6,031 7,114 8,161 9,253Total equity & liab 33,168 36,739 38,089 38,493 35,919 36,852Source: Company, NCBC Research estimates27 April 2010 TASNEE – COMPANY UPDATE70