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zain saudi arabia 14 October 2010telecommunications │ saudi arabiaFIGURE 1: ZAIN KSA 3Q2010 ACTUAL AND FORECAST INCOME STATEMENTSAR million, unless otherwise stated3Q09a 1Q10a 2Q10a 3Q10a Q-o-Q Y-o-Y 3Q10e Var. FY10eTotal Revenue 825 1,094 1,450 1,662 15% 101% 1,667 -0.3% 6,059COGS (583) (710) (842) (950) (884) (3,502)Gross Profit 243 384 608 712 17% 193% 784 -9.1% 2,558Gross Profit Margin 29.4% 35.1% 41.9% 42.8% 47.0% 42.2%Distribution & Marketing Costs (454) (376) (470) (500) (1,874)General & Admin. Costs (88) (79) (81) (83) (339)EBITDA (299) (70) 57 135 200 345EBITDA Margin -36.3% -6.4% 3.9% 8.1% 12.0% 5.7%Depreciation & Amortisation (369) (365) (372) (370) (380) (1,477)EBIT (668) (435) (314) (235) (180) (1,132)Net Financing Expenses (152) (227) (317) (309) (250) (1,152)Profit before Taxes (820) (662) (632) (544) (430) (2,284)Provision for Zakat - - - - - -Net Income (820) (662) (632) (544) (430) (2,284)EPS (SAR) (0.59) (0.47) (0.45) (0.39) (0.31) (1.63)Source: Zain KSA, EFG Hermes estimates2 / 4 pages
EGYPT SALES TEAMLocal call center 16900cc-hsb@efg-hermes.comUAE SALES TEAMcall center+971 4 306 9333uaerequests@efg-hermes.comKSA SALES TEAMcall center+800 123 4566RiyadhCallCenter@efg-hermes.comRiyadhTraders@efg-hermes.comRESEARCH MANAGEMENTCairo General + 20 2 35 35 6140UAE General + 971 4 363 4000efgresearch@efg-hermes.comHead of Western Institutional SalesMohamed Ebeid+20 2 35 35 6054mebeid@efg-hermes.comWestern Institutional SalesJulian Bruce+971 4 363 4092jbruce@efg-hermes.comDirector of Client RelationshipMazen Matraji+9661 279 8640mmatraji@EFG-HERMES.comHead of ResearchWael Ziada+20 2 35 35 6154wziada@efg-hermes.comLocal Institutional SalesAmr El Khamissy+20 2 35 35 6045amrk@efg-hermes.comHead of GCC Institutional SalesAmro Diab+971 4 363 4086adiab@efg-hermes.comClient RelationshipKhalid S. Al-Bihlal+9661 279 8670kalbihlal@efg-hermes.comHead of Publ. and DistributionRasha Samir+20 2 35 35 6142rsamir@efg-hermes.comGulf HNW SalesChahir Hosni+971 4 363 4090chosni@efg-hermes.comUAE Retail SalesReham Tawfik+971 4 306 9418rtawfik@efg-hermes.comDISCLOSURESWe, Nadine Ghobrial and Marise Ananian, hereby certify that the views expressed in this document accurately reflect our personal views about the securities andcompanies that are the subject of this report. We also certify that neither we nor our spouses or dependants (if relevant) hold a beneficial interest in the securitiesthat are traded in the Tadawul stock exchange. EFG Hermes Holding SAE hereby certifies that neither it nor any of its subsidiaries owns any of the securities thatare the subject of this report.Funds managed by EFG Hermes Holding SAE and its subsidiaries (together and separately, "EFG Hermes") for third parties may own the securities that are thesubject of this report. EFG Hermes may own shares in one or more of the aforementioned funds or in funds managed by third parties. The authors of this reportmay own shares in funds open to the public that invest in the securities mentioned in this report as part of a diversified portfolio over which they have nodiscretion. The Investment Banking division of EFG Hermes may be in the process of soliciting or executing fee earning mandates for companies that are either thesubject of this report or are mentioned in this report.DISCLAIMERThis Research has been sent to you as a client of one of the entities in the EFG Hermes group. This Research must not be considered as advice nor be acted upon byyou unless you have considered it in conjunction with additional advice from an EFG Hermes entity with which you have a client agreement.Our investment recommendations take into account both risk and expected return. We base our long-term fair value estimate on a fundamental analysis of thecompany's future prospects, after having taken perceived risk into consideration. We have conducted extensive research to arrive at our investmentrecommendations and fair value estimates for the company or companies mentioned in this report. Although the information in this report has been obtained fromsources that EFG Hermes believes to be reliable, we have not independently verified such information and it may not be accurate or complete. EFG Hermes doesnot represent or warrant, either expressly or implied, the accuracy or completeness of the information or opinions contained within this report and no liabilitywhatsoever is accepted by EFG Hermes or any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions orotherwise arising in connection therewith. Readers should understand that financial projections, fair value estimates and statements regarding future prospects maynot be realized. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without notice. This researchreport is prepared for general circulation to the clients of EFG Hermes and is intended for general information purposes only. It is not intended as an offer orsolicitation or advice with respect to the purchase or sale of any security. It is not tailored to the specific investment objectives, financial situation or needs of anyspecific person that may receive this report. We strongly advise potential investors to seek financial guidance when determining whether an investment isappropriate to their needs.
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