swot analysis - Search Center - Bank Audi

JUHAYNA FOOD INDUSTRIES
September 14, 2012
PRO FORMA FINANCIALS
INITIATION OF COVERAGE EQUITY RESEARCH
EGP million unless otherwise stated 2010 2011 2012e 2013e 2014e
Sales 1,861 2,244 2,782 3,244 3,848
Growth 18% 21% 24% 17% 19%
COGS (1,279) (1,609) (1,973) (2,347) (2,733)
Gross profit 582.7 635.0 809.6 897.3 1,115.1
Growth 14% 9% 28% 11% 24%
Gross margin 31.3% 28.3% 29.1% 27.7% 29.0%
S&D expenses (205) (255) (356) (406) (462)
G&A expenses (82) (98) (121) (141) (169)
Others* 19 (35) 2 2 5
EBITDA 441 385 506 555 701
EBITDA margin 23.7% 17.2% 18.2% 17.1% 18.2%
EBIT 315 246 334 353 489
EBIT margin 16.9% 11.0% 12.0% 10.9% 12.7%
Net finance cost (59) (39) (59) (68) (60)
Taxes (28) (23) (28) (29) (40)
NI to shareholders 228 186 247 255 388
Growth 23% -18% 33% 3% 52%
Net margin 12.2% 8.3% 8.9% 7.9% 10.1%
*2011 figure included EGP 41 million factory fire losses
EGP million unless otherwise stated 2010 2011 2012e 2013e 2014e
PPE 1,151 1,329 1,657 1,954 2,042
Under construction 138 214 300 200 140
Goodwill 97 97 97 97 97
Investments 39 42 44 45 47
Others 1 1 1 1 1
Total non current assets 1,425 1,683 2,099 2,297 2,327
Cash & equivalents 724 691 533 543 666
Inventories 280 397 468 556 629
AR 299 188 231 273 316
Others 1 1 2 2 2
Total current assets 1,303 1,278 1,233 1,373 1,612
Total assets 2,728 2,961 3,332 3,670 3,940
LT loans 384 252 299 320 320
Other Liabilities 77 81 85 93 104
Total non current liabilities 461 334 384 413 424
Short term debt 377 647 739 898 798
Trade balances 217 149 187 235 287
Others 29 20 26 27 37
Total current liabilities 623 816 952 1,160 1,123
Total liabilities 1,084 1,149 1,336 1,573 1,547
Total equity 1,644 1,812 1,996 2,097 2,393
ROAE 20.5% 10.8% 13.0% 12.5% 17.3%
ROAA 9.8% 6.5% 7.8% 7.3% 10.2%
Net debt to equity 0.02 0.11 0.25 0.32 0.19
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