Rabigh Refining & Petrochemical Co. (2380.SE)

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Consolidated Cash Flow Statement(in SAR Million) 2007A 2008A 1H08A 1H09A 2009E 2010E 2011ECash Flows from Operating ActivitiesNet loss for the year -442.57 -1,256.24 -197.56 -264.65 1,083.98 2,469.58 4,101.99Adjustments for:Depreciation 0 272.90 0.42 328.26 423.29 486.89 533.75Property, plant & equipment 0 0 0 0.26 0.26 0 0Provision for deferred employee serviceawards 0 5.78 2.63 3.16 4.03 5.34 6.74Provision for employees’ terminationbenefits 0 3.66 2.33 0.55 0.64 0.32 0.37Operating profit before changes inworking capital -442.57 -973.91 -192.19 67.57 1,512.19 2,962.14 4,642.85Changes in operating assets andliabilities(Increase) in trade receivables 0 -2,348.49 0 -827.26 -1,239.39 -1,272.61 -1,000.05(Increase) in inventories 0 -974.11 0 -1,866.60 -1,939.43 -811.60 -500.47Decrease in advances to suppliers 482.03 330.63 207.94 36.97 36.97 0 0(Increase) in prepayments and othercurrent assets -74.47 -18.75 -10.56 -59.11 -64.42 -18.59 -21.75Increase/(decrease) in accounts payable -698.09 5,528.59 -339.21 771.33 1,018.29 992.74 399.20(Decrease)/increase in accrued expensesand other liabilities 323.41 -24.31 -35.03 237.03 257.85 56.36 66.04Cash generated from operations -409.68 1,519.65 -369.05 -1,640.06 -417.94 1,908.44 3,585.82Zakat paid -13.09 0 0 0 0 0 0Employee termination benefits – paid 0.00 -0.04 0 -0.04 -0.04 -0.04 -0.04Net cash provided/(used in) by operatingactivities -422.77 1,519.61 -369.05 -1,640.10 -417.99 1,908.39 3,585.78Cash Flows from Investing ActivitiesProperty, plant & equipment 0 0 -579.18 -14,369.59 -16,841.30 -5,027.79 -3,704.26Additions to construction in progress -15,971.90 -8,237.80 -4,648.35 13,129.24 14,433.15 2,965.16 845.27Other purchases of property, plant andequipment 0 -1,002.51 0 0.33 0.33 0 0Additions to long term investment -2,119.65 -886.79 -673.26 77.72 -25.38 -307.59 -360.18Net cash used in investing activities -18,091.55 -10,127.09 -5,900.79 -1,162.29 -2,433.20 -2,370.22 -3,219.17Cash Flows from Financing ActivitiesShort term loans 0 0 0 633.72 633.72 68.89 26.82Proceeds from issue of share capital (net) 3,945.00 4,567.50 4,567.50 0 0 0 0Net movement in long-term loans 12,675.00 2,456.25 1,893.75 0 0 0 0Loans received from founding shareholders 0 3,000.00 0 1,575.00 1,575.00 0 0Repayment of finance lease obligations 0 -68.14 0 -62.38 35.48 461.27 154.39Net cash from financing activities 16,620.00 9,955.61 6,461.25 2,146.34 2,244.20 530.15 181.21Net increase/(decrease) in cash andcash equivalents -1,894.31 1,348.14 191.42 -656.05 -606.99 68.33 547.83Cash and cash equivalents at the beginningof the year 2,080.27 185.95 185.95 1,534.09 1,534.09 927.10 995.43Cash and cash equivalents at the end ofthe year 185.95 1,534.09 377.37 878.04 927.10 995.43 1,543.25
Common – Size StatementsCommon-Size Consolidated Balance Sheet2007A 2008A 1H08A 1H09A 2009E 2010E 2011EASSETSNon-current assetsProperty, plant and equipment 0.0% 3.2% 1.8% 31.0% 34.6% 40.6% 43.1%Leased assets 0.0% 13.7% 0.0% 12.6% 12.1% 11.0% 9.8%Construction in progress 88.3% 65.6% 86.6% 36.0% 32.2% 24.5% 21.0%Long term investment 9.1% 7.0% 9.5% 6.4% 6.4% 6.5% 6.6%Total non-current assets 97.4% 89.4% 97.9% 86.0% 85.4% 82.6% 80.5%Current assetsCash and cash equivalents 0.7% 3.2% 1.1% 1.7% 1.8% 1.8% 2.5%Trade receivables 0.0% 4.9% 0.0% 6.3% 6.8% 8.6% 9.6%Inventories 0.0% 2.0% 0.0% 5.6% 5.6% 6.6% 6.9%Advances to suppliers 1.6% 0.2% 0.6% 0.1% 0.1% 0.1% 0.1%Prepayments and other currentassets 0.3% 0.2% 0.3% 0.3% 0.3% 0.3% 0.4%Total current assets 2.6% 10.6% 2.1% 14.0% 14.6% 17.4% 19.5%Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%LIABILITIES AND EQUITYLiabilitiesNon-current liabilitiesLong-term loans 72.1% 45.7% 64.9% 43.1% 41.8% 38.9% 35.9%Loan from founding shareholders 0.0% 6.3% 0.0% 9.0% 8.7% 8.1% 7.5%Finance lease obligations 0.0% 13.6% 0.0% 12.7% 12.5% 12.5% 11.7%Provision for deferred employeeservice awards 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Employees’ termination benefits 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Total non-current liabilities 72.1% 65.6% 65.0% 64.9% 63.1% 59.5% 55.2%Current liabilitiesAccounts payable 4.1% 13.9% 2.4% 14.6% 14.6% 15.4% 14.9%Short term loans 0.0% 0.0% 0.0% 1.2% 1.2% 1.2% 1.2%Accrued expenses and other currentliabilities 1.7% 0.9% 1.2% 1.3% 1.3% 1.3% 1.3%Current portion of finance leaseobligation 0.0% 0.3% 0.0% 0.3% 0.3% 0.3% 0.3%Total current liabilities 5.8% 15.0% 3.6% 17.4% 17.4% 18.2% 17.7%Total liabilities 77.9% 80.7% 68.6% 82.3% 80.5% 77.7% 72.9%EquityShare capital 24.4% 18.3% 26.7% 17.2% 16.7% 15.6% 14.4%Statutory reserve 0.0% 5.0% 7.3% 4.7% 4.6% 4.5% 4.5%Employee Share Ownership Plan 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%Accumulated losses -2.3% -3.9% -2.5% -4.2% -1.7% 2.4% 8.2%Equity attributable to equityholders of the Company 22.1% 19.3% 31.4% 17.7% 19.5% 22.3% 27.1%Total liabilities & equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Page 3 and 4: Business ModelBoard of Directors•
Page 5 and 6: OPEC earnings expected todecline 42
Page 7 and 8: PETROCHEMICALSIncreased demand from
Page 9 and 10: The ongoing global economic recessi
Page 11 and 12: Financial Performance - FY2008Petro
Page 13 and 14: Size of the CompanyThe salient feat
Page 15 and 16: Peer ComparisonIn order to do a pee
Page 17 and 18: Risks and Concerns:The current econ
Page 19 and 20: Investment OpinionThe performance o
Page 21: Consolidated Income Statement(in SA
Page 25 and 26: Financial Ratios2007A 2008A 1H08A 1

Rabigh Refining & Petrochemical Co. (2380.SE)

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