Saudi Petrochemicals - NCBC

FinancialsExhibit 67: Income statementIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014ESales 830 2,817 3,741 3,911 3,565 3,665Change (%) (51.4) 239.2 32.8 4.6 (8.9) 2.8Cost of Sales (435) (979) (1,286) (1,581) (1,500) (1,604)Gross Profit 395 1,838 2,455 2,330 2,065 2,061Gross margin (%) 47.6 65.2 65.6 59.6 57.9 56.2SG&A (67) (116) (186) (195) (177) (182)Depreciation (167) (308) (364) (385) (407) (429)Operating Profit 168 1,413 1,905 1,751 1,480 1,450Operating Margin (%) 20.3 50.2 50.9 44.8 41.5 39.6Minority interest (29) (454) (611) (558) (472) (470)Profit before taxes 141 917 1,233 1,126 953 949Zakat (40) (46) (62) (57) (48) (48)Net Income 141 870 1,171 1,069 905 901Net Income Margin (%) 17.0 30.9 31.3 27.3 25.4 24.6EPS 0.42 2.61 3.51 3.21 2.72 2.70Source: Company, NCBC Research estimatesExhibit 68: Balance sheetIn SR mn, unless otherwise stated2009 2010E 2011E 2012E 2013E 2014ECash & Cash equivalents 1,831 1,724 1,743 1,885 1,976 1,905Accounts receivables 308 772 1,025 1,072 977 1,004Inventories 79 201 264 325 308 330Total current assets 2,218 2,697 3,032 3,282 3,261 3,239Fixed assets 9,517 9,596 9,737 9,877 9,974 10,088Other non-current assets 83 83 83 83 83 83Total non-current assets 9,601 9,679 9,820 9,960 10,057 10,171Total assets 11,818 12,377 12,852 13,241 13,318 13,410Accounts payable 620 754 826 895 876 900Accrued and other currentliabilities 283 773 773 773 773 486Total current liabilities 903 1,528 1,599 1,668 1,649 1,386Long term debts 4,241 3,541 2,840 2,140 1,440 1,020Other non-current liabilities 842 799 756 713 669 633Total non-current liabilities 5,083 4,340 3,596 2,853 2,109 1,652Share capital 3,333 3,333 3,333 3,333 3,333 3,333Reserves 1,208 1,295 1,412 1,519 1,609 1,700Retained earnings 484 932 1,650 2,276 2,755 3,231Others (103) (103) (103) (103) (103) (103)Total stockholders' equity 4,922 5,457 6,292 7,026 7,595 8,161Minority interest 910 1,052 1,365 1,695 1,964 2,210Total equity & liabilities 11,818 12,377 12,852 13,241 13,318 13,410Source: Company, NCBC Research estimates27 April 2010 SIPCHEM – COMPANY UPDATE75