obour land for food industries
TRANSCRIPT
Obour Land For Food Industries
Investor Presentation
March 2019
2
Table of Contents
I. Introduction to Obour Land
II. Key Investment Highlights
III. Appendix
3
Disclaimer
This presentation and any materials distributed in connection with this presentation are not directed or intended for distribution to or use by, any person or entity that is a citizen or resident located
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registration or licensing within such jurisdiction. Persons who come into possession of any document or other information referred to herein should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions.
This presentation includes forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. These statements contain
the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “should”, “could”, “aim”, “target”, “might” and words of similar meaning. All statements other than statements of historical
facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations are
forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or
achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements
are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. They speak only as at
the date of this presentation, and actual results or performance may differ materially from those expressed or implied from the forward-looking statements. In addition, the forward looking
statements are not intended to give any assurances as to future results and statements regarding past trends should not be taken as a representation that they will continue in the future. The
Company, the Banks and their respective advisers each expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained
herein to reflect any change in the Company’s expectations or any change in the events, conditions or circumstances on which any such statement is based, unless otherwise required by law. The
Company does not undertake to review, confirm or release publicly or otherwise to investors or any other person any revisions to any forward-looking statements to reflect events occurring or
circumstances arising after the date of this presentation.
This presentation contains non-EAS measures (such as EBITDA). These measures have limitations as analytical tools and should not be consideration in isolation or as substitutes for analysis of
the Company’s results as reported under EAS.
This presentation, and any matter or dispute (whether contractual or non-contractual) arising out of it, shall be governed and construed in accordance with Egyptian law and the Courts of Cairo shall
have exclusive jurisdiction in relation to any such matter or dispute.
By attending this presentation and/or receiving this presentation document, you are agreeing to the terms and conditions set forth above.
I. Introduction to Obour Land
5
Obour Land at a Glance
Group Overview
Founded in 1997 by Eng. Mohamed Hamed Sherif (Executive Chairman) and Mr. Ashraf Mohamed Hamed Sherif (Vice Chairman and
CEO), Obour Land For Food Industries S.A.E ("Obour Land" or the “Company”) is a leading white cheese producer, a traditional and
highly consumed staple good, offering 82 SKUs
The Company commenced operations in 1999 with only one production line of loose white cheese producing 400kg of cheese per day.
In 2007, it introduced its first Tetra Pak product and now it operates 15 Tetra Pak production lines in addition to one plastic tub line with
a combined production capacity of 194.1 thousand tons per annum ("ktpa"). Additionally, the Company added one production line for
processed cheese and one mozzarella cheese with a combined production capacity of 7.2 ktpa
Obour Land boasts a robust operational platform backstopped by a solid brand equity that is able to accommodate additional F&B
product categories that complement the current product offering; three production lines for juice (interchangeable between juice and
milk) and one production line for milk products which have started production in December 2017 with a combined production capacity
of 126 million liters per annum
The Company owns seven land plots in Obour industrial city located in the outskirts of East Cairo, with a total area of approximately
26,412sqm of which only two are being used for the production of white cheese and the remaining five will be used for growth,
diversification and storage. Additionally, it owns 3,875sqm of land in 6th of October industrial city in West Cairo and 396sqm in Borg El
Arab industrial zone in the outskirts of Alexandria city
The Company has a fleet of 423 vehicles serving its direct distribution network that is constituted of 30 branches in 14 governorates in
addition to the Company’s head office in Obour City, as well as indirect distribution to wholesalers who cover all parts of Egypt
The Company has received four quality certifications for its utmost commitment to quality, health and safety: ISO 9001, OHSAS 18001,
ISO 14001 and ISO 22000
The Obour Land brand has grown to become the leading white cheese brand in the local market commanding 42% market share
Shareholding Structure (31 Dec 2018) Board of Directors
Net Revenue (EGP mn)
EBITDA, Margin (EGP mn, %)
Net Income, Margin (EGP mn, %)
Mohamed Hamed Sherif Executive Chairman
Ashraf Mohamed Sherif Vice Chairman & CEO
Ayman Mohamed Sherif MD for Sales & Marketing
Ghada Mohamed Sherif Member
Abeer Mohamed Sherif Member
Mohamed Yehia Abdel Hamid Independent Member
Said Mostafa Said Independent Member
2014-2018 CAGR%Source: Company financial statements
▲27%
▲57%
▲65%
927 1,170
1,450
2,066 2,404
-
50 0
1, 000
1, 500
2, 000
2, 500
3, 000
2014 2015 2016 2017 2018
61 133
234344 365
7%
11%
16% 17% 15%
0%
2%
4%
6%
8%
10 %
12 %
14 %
16 %
18 %
-
50
10 0
15 0
20 0
25 0
30 0
35 0
40 0
2014 2015 2016 2017 2018
32.0891.85
161.99
243.20 236.223%
8%
11%12%
10%
0%
2%
4%
6%
8%
10 %
12 %
14 %
-
50
10 0
15 0
20 0
25 0
30 0
2014 2015 2016 2017 2018
Sherif Family60%
Russel Investment Co
4%
Blakeney 3%
Heviben LP3%
Norges Bank3%
Sanlam 1%
Others26%
6
Sponsorship of the Egyptian Football Cup,
one of the most viewed sports events in Egypt
Sponsorship of the Egyptian Premier League
Acquisition of the SAP ERP system to be
implemented by 2017
Awarded ISO 14001 quality assurance
certification
Introduction of the
“on the go” 80gm
carton pack size
Sponsorship of Al
Zamalek Football
Club which was
founded in 1911
and boasts one of
the largest fan
bases in the Middle
East
Corporate Evolution
Corporate Evolution
1 Gross sales include discounts provided to wholesalers and retailers
Gross Sales
(EGP mn)1
Obour Land was
established with a
paid in capital of EGP
1mn
Commencement of
commercial
operations
4
2000 2001 2004 2006 2007 2008 2010 2011 2012 2013 2014 2015
6 7 10 13 16 31 37 29 56 89 359 932 1,175
1999
June-
2018
Paid in
Capital
Company Snapshot
Workforce CapacityGross
Sales1 # of SKUs FleetDistribution
Centers
EGP 1mn 60400 KGs
Per DayEGP 763K 4 10 1
Paid in
CapitalWorkforce Capacity
Gross
Sales1 # of SKUs Fleet
EGP
400mn1,850
400 Tons
Per Day
EGP
2,417mn82 423 30
Commenced
relationship with Tetra
Pak as the strategic
supplier of production
lines and packaging
material
Introduction of the first
carton pack products in
500gm and 250gm sizes
Introduction of the
125gm carton pack
size
Awarded OHSAS
18001 quality
assurance
certification
Awarded ISO
9001 and 22000
quality
assurance
certifications
Implementation of
the Comsys
system to
manage
resources
2002 2003 2005 2009
204 532
Distribution
Centers
20172016
1,459 2,077
Started
exporting
to Jordan,
Palestine
and UAE
Introduced
new products
Juice & Milk
2,417
2018
Introduced
Processed
Cheese
II. Key Investment Highlights
8
Expansion Plans
Key Investment Highlights
State-of-the-Art Facilities
Penetrating New Markets
Strong Supply Chain and Sales Network with Unmatched Reach
Stellar Financial Performance with Minimal Leverage
1
2
4
5
6
An Attractive Opportunity For Investors Seeking Growth and Value
Strong Brand Equity Buoyed by a Developing and Vibrant High Quality White Cheese Product Mix
3
9
Strong Brand Equity Buoyed by a Developing and Vibrant High Quality White Cheese Product Mix
Key Propositions
Iconic Staple Goods
Through its strong brand,
Obour Land offers white
cheese, which is a
traditional staple good that
is consumed by customers
across the socioeconomic
spectrum
Premium Quality
Obour Land offers top
quality products, in terms of
superior and consistent
flavors, while adhering to
the highest health and
safety standards
Affordability
The Company’s products
are economically priced
allowing them to be
affordable to the majority of
the Egyptian consumers
Diversified Raw Material
Sourcing
Obour Land relies on
premium raw materials
sourced from various
geographies from both
local and international
suppliers
Product Portfolio Synopsis
Brand
Product Family
Launch Date
SKUs
Production Capacity
(TPA)
2018 Utilization Rate
2018 Contribution to
Sales
1
Product Portfolio
Plastic
Tub3
Carton Pack1
80gm
Carton
Pack
2015
1
4,320
26%
1.1%
125gm
Carton
Pack
2011
4
23,625
60%
14.6%
250gm
Carton
Pack
2007
4
72,000
79%
54.2%
500gm
Carton
Pack
2007
7
54,000
49%
25.8%
Plastic
Tub
1999
24
4,130
61%
2.9%
80g Feta 125g Feta 125g Olive 125g
Istanbully
250g Olive250g Feta 250g
Istanbully
500g Olive 500g
Istanbully
500g Feta
1kg Khazeen 1kg
Istanbully
1kg Feta
1kg Double
Cream
1kg
Barameely
1kg
Istanbully
Vegetable
Fat
Natural
Fat1kg Talaga
Source: Company1Other Carton Pack SKUs include 1 Kg Istanbully, 1 Kg Olive, 1 Kg Chili, 500gm Feta slim, 500gm Olive slim, 500gm Chili slim, 500gm Istanbully slim, 250gm Chili slim, 125gm Chili slim2 Other plastic tubs SKUs include 400gm Istanbully, 400gm Feta, 400gm Khazeen, 400gm Talaga, 400gm Istanbully Full Cream, 400gm Double Cream, 400gm Barameely, 1.5kg Feta Pepper, 11kg Feta and 12kg Low Salt
1 Kg
Carton
Pack
2017
4
36,000
4%
1.4%
1 Kg Feta
10
18.0 11.3
11.3 5.6 5.6
11.3 13.5
18.0 6.8 4.3
11.3 13.5
5.6
18.0
36.0 4.1 194.1
-
50 .0
10 0.0
15 0.0
20 0.0
25 0.0
Line 1 Line 2 Line 3 Line 4 Line 5 Line 6 Line 7 Line 8 Line 9 Line 10 Line 11 Line 12 Line 13 Line 14 Line 15 Plastic tubs Total
State-of-the-Art Facilities
State-of-the-art Facilities
2
500gm 250gm 250gm 125gm 125gm 250gm 250gm 500gm 125gm 80gm 250gmProduction Line
Package Size
2007 2007 2011 2011 2013 2013 2013 2014 2015 2015 2015Launch Date
Total Annual Capacities (ktpa)
15Carton Pack Production Lines
Utilized Land Area (sqm) 6,120
194.1 ktpaTotal Capacity
Facility Location Obour City
Production Facility Snapshot Accreditation Strategic Relationship with Tetra Pak
Potential For Growth
The Company has a remaining 20,292 sqm
of unutilized land in Obour City which will
be utilized to venture into new product
segments and as storage space
Tetra Pak is the sole supplier of the Company’s
production lines since 2007
Moreover, Tetra Pak provides the Company with a
range of benefits including marketing support,
growth support, production lines maintenance and
cash discounts
As a result, the Company was awarded the
certificate for Tetra Pak’s fastest growing customer
in Egypt from 2010 – 2015
TetraPak Egypt presents
this certificate to
For being the Fastest
Growing Customer in
Egypt 2010-2015
N/A
1999
250gm
2016
14000
Marketing Support Growth Support
Maintenance Support Cash DiscountsRelaxed Payment
Terms
125gm
2017
500gm
2017
1000gm
2017
Source: Companies’ Filings
59.6 ktpa additional capacity in
2017
11
Penetrating New Markets3
Source: Companies’ Filings
In December 2017, the Company started operating three new Tetra Pak juice lines with a total capacity of 99.0 million liters and a Tetra Pak milk
production line with a capacity of 27.0 million liters where 3 lines are interchangeable and can produce either milk or juice. After 1 year of
commercial production, Obourland’s new products have achieved significant results in a very competitive and fragmented markets. Obourland
has acquired around 1 to 1.5% of the market share in milk and juice markets generating gross sales of EGP 109mn in FY2018 representing
4.5% of the company’s total revenues.
9.0
36.0
54.0 99.0
27.0
-3 0.0
20 .0
70 .0
12 0.0
17 0.0
22 0.0
Juice 200ml Juice 250ml Juice 1L Total Juice Milk 500ml
Total Annual Capacities (ktpa)
3.6
3.6 7.2
0
2
4
6
8
10
12
14
16
Mozzarella Cheese Processed Cheese Total Mozzarellla andProcessed Cheese
In an effort to diversify its cheese product offering, in
March 2018 the Company started the commercial
production of the processed cheese with a capacity of
3.6 ktpa. The Company plans to introduce mozzarella
cheese in 1Q2019 with an estimated capacity of 3.6
ktpa.
Capitalizing on the company’s strong distribution
network using direct sales vehicles, the Company’s
sales agents are reaching out to retail shops to create
demand on the milk and juice products based on
customer satisfaction due to quality and taste rather than
discounts or lower prices. In 2018, distribution centers
reached 30 branch while total vehicles reached 423
vehicle out of which 70 vehicles are allocating only for
milk and juice.
12
Expansion Plans4
Dairy Farming
In mid 2017, Obour Land has decided to venture into dairy farming on the back of the multiple synergies to be gained from vertical
integration that will compensate for the shortage and high costs of raw milk that represents a major feed component in UHT milk
production. The farm is expected to supply around 30-50% of the Company’s requirements of raw milk.
In September 2017, the company has acquired a land plot that extends over 42 fedans that is planned to inhabit 2,500 head of cattle of
Holstein breed that will be imported from Germany and expected to produce 60 tons/day of raw milk.
The project is expected to be operational within 1 year with annual production of milk to reach approximately 20,000 tpa with an
investment cost of EGP 255mn.
The project is financed through 50% equity and 50% debt from EBRD bank amounting to USD 7mn.
42 Fedans
2,500 Heads of
Cattle
60 Tons/
Dayof Milk
EGP
255mnInvestment
13
Sales Breakdown by Channel Obour Land’s
management controls
the pricing of its
products by:
- Controlling
quantities supplied
to retailers through
sales
representatives
- Minimizing sales to
key accounts,
which typically
command high
discounts and
lengthy credit terms
Moreover, the
Company grew its
fleet in 2018 to reach
423 vehicles and
opened 7 new
distribution centers to
reach 30 branch to
accommodate its
expansion plans
2014-2018 CAGR%Source: Company
Strong Supply Chain and Sales Network with Unmatched Reach5
SharkiaMenoufia
Kafr El SheikhBeheira
Dakahlia
Qalyubia
Robust Distribution Platform
Indirect Distribution Wholesalers
North Sinai
Suez
Distribution Centers and Distribution Wholesalers
# Fleet
▲20%
Maximum Handling
Capacity (Tons/Day)
▲21%
60%66%
72%67% 70%
37%29%
26%31% 27%
3% 5% 2% 2% 3%
0.14% 0.45% 0.18%
2014 2015 2016 2017 2018
Wholesalers Retailers Key Accounts Exports
191 201 201
345
423
90
14 0
19 0
24 0
29 0
34 0
39 0
44 0
2014 2015 2016 2017 2018
555 605804
1,380
1,692
25 0
45 0
65 0
85 0
10 50
12 50
14 50
16 50
18 50
2014 2015 2016 2017 2018
14
Stellar Financial Performance With Minimal Leverage
Net Revenues1 (EGP mn)
6
Gross Profit2, Margin (EGP mn, %) EBITDA, Margin (EGP mn, %)
Net Income, Margin (EGP mn, %) Net Cash3 (Net Debt) Cash Conversion Cycle (Days)
1 Net revenues are net of discounts2 Gross profit excludes depreciation expense included in the cost of sales3 Debt obligations include credit facilities, liabilities for the purchase of machinery and dividends payable
Strong and consistent
revenue growth, driven by
the addition of eight
production lines in the
period from 2013 to 2017
with a total capacity of
95.5 ktpa, supported by
increased cheese
consumption patterns
Stabilization in the prices
of key raw materials (after
a period of unprecedented
price hikes) increased
profitability margins, with
a benign commodity
prices outlook ensuring
profitability margins
sustainability
Key factors contributing to
net cash drop in 2016 and
2017:
- Debt acquired to
finance new
expansions
- EGP floatation effect on
foreign currency debt
2014-2018 CAGR%
CCC increased in 2016 on the back of a pile up in raw
materials inventory, purchased at low price points
▲27% ▲57% ▲57%
▲65%
927
1,170
1,450
2,066
2,404
-
50 0
1, 000
1, 500
2, 000
2, 500
3, 000
2014 2015 2016 2017 2018
91 185
363
486 54910%
16%
25% 24%23%
0%
5%
10 %
15 %
20 %
25 %
30 %
-
10 0
20 0
30 0
40 0
50 0
60 0
2014 2015 2016 2017 2018
32.08
91.85
161.99
243.20 236.223%
8%
11%12%
10%
0%
2%
4%
6%
8%
10 %
12 %
14 %
-
50
10 0
15 0
20 0
25 0
30 0
2014 2015 2016 2017 2018
61
133
234
344 3657%
11%
16%17%
15%
0%
2%
4%
6%
8%
10 %
12 %
14 %
16 %
18 %
-
50
10 0
15 0
20 0
25 0
30 0
35 0
40 0
2014 2015 2016 2017 2018
13
55
88
55 59
-
10
20
30
40
50
60
70
80
90
10 0
2014 2015 2016 2017 2018
64 65
(199)
(133)(90)0.4x
0.2x
(0.5x)
(0.2x)(0.1x)
(0 .6x)
(0 .4x)
(0 .2x)
0.0 x
0.2 x
0.4 x
0.6 x
(2 50)
(2 00)
(1 50)
(1 00)
(5 0)
0
50
10 0
2014 2015 2016 2017 2018
III. Appendix
16
Revenue Build-up
Gross Revenue Build- Up
2014-2018 CAGR
Source: Company financials
Carton Pack Plastic Tubs Total
Volume
(ktpa)
Average
Price
(EGP/ Kg)
Revenues
(EGP mn)
▲13% ▲-8% ▲12%
▲13% ▲8% ▲12%
▲27% ▲-1% ▲25%
62.2
83.4 93.2 94.2
100.4
-
20 .0
40 .0
60 .0
80 .0
10 0.0
12 0.0
2014 2015 2016 2017 2018
3.6 3.4
4.1
3.0
2.5
2014 2015 2016 2017 2018
66
87 97 97
103
-
20
40
60
80
10 0
12 0
2014 2015 2016 2017 2018
13.9 13.3 14.9
21.2 22.3
-
5. 0
10 .0
15 .0
20 .0
25 .0
2014 2015 2016 2017 2018
19.4 20.6 17.5
24.5 26.4
-
5. 0
10 .0
15 .0
20 .0
25 .0
30 .0
2014 2015 2016 2017 2018
14.2 13.5 15.0
21.3 22.4
-
5. 0
10 .0
15 .0
20 .0
25 .0
2014 2015 2016 2017 2018
863 1,105
1,387
1,998 2,238
-
50 0
1, 000
1, 500
2, 000
2, 500
2014 2015 2016 2017 2018
70 70
72
75
66.58
62
64
66
68
70
72
74
76
2014 2015 2016 2017 2018
932 1,175
1,459
2,073 2,305
-
50 0
1, 000
1, 500
2, 000
2, 500
2014 2015 2016 2017 2018
%
17
Raw material costs represent the biggest
portion of COGS, contributing ~58% to
sales and 75% to COGS.
Milk powder and protein increased as a
percentage of sales in 2014 on the back
of a significant hike in their prices
Direct industrial expenses (primarily
direct overheads and labor costs) are
relatively small as the company is neither
an intensive energy user nor a labor
intensive business and, therefore, the
recent hike in energy prices and
minimum wage laws did not have a
material impact on the company’s cost
base
Others costs have increased significantly
in 2018 as it includes the raw materials
of the new products milk and juice.
COGS Build-up
COGS Breakdown (EGP mn)
Gross Profit2, Margin (EGP mn, %)
Raw Materials Breakdown (EGP mn)Cost of Sales Breakdown (EGP mn)1
Source: Company financials1 Cost of sales excludes depreciation expense2 Gross profit excludes depreciation expense included in the cost of sales
91 185
363 486 54910%
16%
25% 24%23%
0%
5%
10 %
15 %
20 %
25 %
30 %
-
10 0
20 0
30 0
40 0
50 0
60 0
2014 2015 2016 2017 2018
716813 852
1211
1400106150 168
295
352
19
2368
95
106
2014 2015 2016 2017 2018
Raw Materials Packaging Industrial Expenses Change in Inventory
77%
11%
2%
1%
70%
0%
13%
2%
0%
59%
12%
5%
59%
14%
5%
1%
58%
0%
15%
4%
% of Sales
397 417 418 573568
80110 149
133
147
101 173 175336
329
30 29 36 50
72
107 85 74 119 283
2014 2015 2016 2017 2018
SMP & Milk Protein Concentrate Butter Oils GDL Others
% of Sales
3%
12%
11%
9%
43% 36%
9%
15%
2%
7%
29%
10%
12%
2%
5%
28%
6%
16%
2%
6%
24%
6%
14%
3%
12%
18
Income Statement
Source: Company Financial Statements1 Excludes depreciation expense2 The provisions for expected claims are related to the Company’s expected tax claims
EGP 2014 2015 2016 2017 2018
Revenues 926,979,665 1,169,837,613 1,450,122,574 2,065,516,703 2,403,541,039
Export Rebates - - - 558273
Cost of sales1 -835,651,737 -985,062,271 -1,087,501,189 -1,579,642,506 -1,854,824,403
Gross Profit 91,327,928 184,775,342 362,621,385 486,432,470 548,716,636
Gross Profit Margin 10% 16% 25% 24% 23%
Selling and marketing expense1 -26,702,550 -46,645,944 -117,932,531 -122,045,740 -156,462,756
General and administrative expense1 -3,945,846 -4,674,091 -10,847,153 -20,079,451 -27,607,376
EBITDA 60,679,532 133,455,307 233,841,701 344,307,279 364,646,504
EBITDA Margin 7% 11% 16% 17% 15%
Depreciation -8,042,793 -10,044,891 -13,301,946 -18,445,255 -37,802,074
40% 25% 32% 39% 105%
EBIT 52,636,739 123,410,416 220,539,755 325,862,024 326,844,430
EBIT Margin 6% 11% 15% 16% 14%
Other income (loss) 201,794 2,522,059 2,109,459 579,535 3,830,747
Provision for expected claims2 -6,028,106 -5,730,770 -2,356,796
(Loss) gain from disposal of fixed assets 198,825 -51,050 287,206
Foreign exchange difference -178,319 913,605 -4,922,292 5,110,467 -830,775
Interest income 177,642 1,253,987 1,981,885 6,066,743 7,497,632
Interest expense -911,101 -2,258,525 -7,955,818 -23,782,592 -31,871,971
EBT 46,097,474 120,059,722 209,683,399 313,836,177 305,470,063
Income tax -14,014,480 -28,208,203 -47,695,427 -70,639,403 -69,248,899
Net Profit 32,082,994 91,851,519 161,987,972 243,196,774 236,221,164
Net Profit Margin 3% 8% 11% 12% 10%
19
Balance Sheet
Source: Company Financial Statements1 The loan from shareholders was used to acquire two plots of land adjacent to the Company’s headquarters in Obour City, as well as purchase and pile up inventory at low price points2 Long term liability is related to packaging machinery acquired from Tetra Pak and is discounted at an annual rate of 4%
EGP 2014 2015 2016 2017 2018
Fixed Assets 99,131,395 182,527,661 190,384,367 418,181,377 453,813,777
Projects Under Construction 40,886,437 34,865,836 197,456,530 68,266,998 65,172,326
Intangible Assets - - - 1,533,896 18,164,597
Deferred Tax Assets - - 5,306,928
Total Non-Current Assets 140,017,832 217,393,497 393,147,825 487,982,271 537,150,700
Inventories 55,982,298 131,297,821 275,975,253 292,474,799 384,989,032
Accounts & Notes Receivable 6,798,751 13,067,057 10,283,482 68,209,366 24,097,642
Prepayments & Other Debit Balances 11,661,405 29,725,286 63,770,226 58,643,282 36,954,293
Cash on Hand & at Banks 93,417,825 125,600,700 121,289,503 95,763,193 128,870,897
Total Current Assets 167,860,279 299,690,864 471,318,464 515,090,640 574,911,864
Total Assets 307,878,111 517,084,361 864,466,289 1,003,072,911 1,112,062,564
Provision for Expected Claims 12,269,230 17,826,168 20,067,194 15,913,492 12,355,300
Credit Facilities 2,723,993 31,384,204 174,783,853 102,118,438 8,188,082
Accounts & Notes Payable 43,410,684 17,981,042 65,183,997 132,654,021 75,108,670
Loan From Shareholders1
- 95,000,000 - -
Long Term Liabilities - Current Portion2
15,315,071 18,451,657 32,780,966 35,810,250 28,270,460
Income Tax Payable 10,761,582 20,564,632 40,874,893 46,121,577 48,090,222
Dividends Payable 278,261 - -
Accrued Expenses & Other Credit Balances 55,583,194 11,876,752 36,241,609 29,274,138 43,835,758
Total Current Liabilities 140,342,015 213,084,455 369,932,512 361,891,916 215,848,492
Long Term Liabilities - Non-Current Portion2
11,063,560 10,474,359 113,147,603 90,396,727 56,499,433
Long Term Debt 125,816,600
Deferred Tax Liabilities 6,722,374 10,348,538 - 15,923,408 30,793,507
Notes Payable - - 581,850 1,659,545 108,238
Total Non Current Liabilities 17,785,934 20,822,897 113,729,453 107,979,680 213,217,778
Total Liabilities 158,127,949 233,907,352 483,661,965 469,871,596 429,066,270
Paid up Capital 100,000,000 200,000,000 200,000,000 200,000,000 400,000,000
Amounts Paid in Respect to Capital Increase 25,000,000 - - -
Legal Reserves 1,926,912 3,068,074 7,660,650 15,760,049 27,922,900
Retained Earnings 22,823,250 80,108,935 173,143,674 317,342,471 253,474,624
Minority Interest 98,795 1,598,770
Total Equity 149,750,162 283,177,009 380,804,324 533,201,315 682,996,294
Total Equity & Liabilities 307,878,111 517,084,361 864,466,289 1,003,072,911 1,112,062,564