The national shipping company of saudi arabia - Bank Audi

More documents

Recommendations

Info

THE NATIONAL SHIPPING COMPANY OF SAUDI ARABIA December 30, 2011 CHANGES TO OUR FORECAST Table 14: Income Statement SAR million COMPANY UPDATE EQUITY RESEARCH 2011e 2012e 2013e 2014e % change SAR million % change SAR million % change SAR million % change Oil 1,220 -24% 1,245 -27% 1,357 -21% 1,494 -17% Petrochemicals 339 0% 393 -12% 463 -21% 498 -26% Liner and Bulk 347 -7% 356 -16% 393 -18% 483 -12% Total revenues 1,906 -18% 1,994 -23% 2,214 -21% 2,476 -18% Oil (1,184) 5% (1,196) 2% (1,214) 1% (1,259) 1% Petrochemicals (201) -10% (233) -30% (272) -38% (290) -44% Liner and Bulk (360) -9% (334) -13% (353) -16% (405) -10% Total expenses (1,745) 0% (1,763) -7% (1,839) -11% (1,954) -12% Oil 36 -92% 49 -91% 143 -73% 235 -58% Petrochemicals 138 20% 160 42% 191 33% 209 31% Liner and Bulk (13) -51% 22 -47% 40 -36% 78 -22% Total gross pr<strong>of</strong>it 161 -72% 232 -66% 375 -49% 522 -36% G&A expenses (107) 6% (112) 9% (115) 7% (118) 6% EBITDA 478 -46% 593 -43% 774 -30% 909 -24% NI 219 -55% 246 -57% 367 -41% 465 -33% Minority interest (22) -11% (26) -13% (33) -7% (40) -8% NI to shareholders 197 -57% 220 -59% 334 -43% 426 -35% 20
THE NATIONAL SHIPPING COMPANY OF SAUDI ARABIA December 30, 2011 Table 15: Balance Sheet COMPANY UPDATE EQUITY RESEARCH SAR million 2011e 2012e 2013e 2014e % change SAR million % change SAR million % change SAR million % change Cash in hand & at banks 110 -11% 140 14% 166 77% 165 46% Investment in government bonds & STD Trade receivable & other debit balances 380 -49% 429 -46% 490 -41% 508 -41% 211 0% 221 0% 234 0% 241 0% Others 360 31% 355 19% 350 13% 360 11% Current assets 1,061 -21% 1,145 -20% 1,240 -16% 1,274 -17% Bareboat lease receivable, net Investments in affiliates & others 405 -5% 395 -8% 365 -11% 340 -22% 509 27% 566 29% 625 29% 680 35% Fixed assets 7,237 5% 8,164 8% 8,888 14% 8,809 16% Ships under construction 1,102 59% 609 94% 197 76% 125 23% Others 114 -2% 113 -12% 115 -19% 118 -22% Total non-current assets 9,366 10% 9,846 11% 10,189 14% 10,072 15% Total assets 10,427 6% 10,991 7% 11,429 10% 11,346 10% Accounts payable & other credit balances 252 9% 240 0% 247 0% 252 0% Current portion <strong>of</strong> LT loans 467 94% 514 98% 541 109% 517 142% Provision for zakat & tax 135 -10% 128 -18% 114 -21% 115 -24% Others 30 -14% 28 -20% 31 -21% 33 -15% Current liabilities 884 35% 910 32% 933 35% 917 40% Long term loans 4,254 13% 4,690 15% 4,931 21% 4,711 41% Others 29 -38% 34 -32% 43 -19% 46 -21% Long term liabilities 4,283 12% 4,724 15% 4,974 21% 4,757 40% Total liabilities 5,167 16% 5,635 17% 5,907 23% 5,674 40% Minority interest 291 52% 323 68% 311 61% 287 48% Total equity 5,260 -3% 5,356 -3% 5,522 -1% 5,672 -9% 21
Page 1 and 2: ENTITY OF AUDI SARADAR GROUP CURREN
Page 3 and 4: THE NATIONAL SHIPPING COMPANY OF SA
Page 19: THE NATIONAL SHIPPING COMPANY OF SA
Page 23: THE NATIONAL SHIPPING COMPANY OF SA

The national shipping company of saudi arabia - Bank Audi

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?