Corporates Financial Spreading Sheet

Customer information
BMCnr:
Obligor name:
Branch / Affiliate:
Statement published in:
Amounts in:
Standard Industrial Classification (SIC)Code:
Last fiscal year:
Consolidated:
Auditor:
Opinion:

Al Ezz Steel

EGP
Thousands
September-07
Yes
KPMG
Unqualified
Al Ezz Steel

Profit & Loss Statement

EGP

Thousands

Sep-05
Unqualified

Net sales
Cost of goods sold
Depreciation

0
0
0

Gross Profit
Depreciation
SG&A expense
Provisions
FX gain (or loss)
Good will amotization
Other amortization

0
0
0
0
0
0
0

Net operating profit (EBIT)

Gross iterest exp--exist
Interest exp--new
Write offs
Interest Income
Other income/Not specified
Equity income (associates/others)
G/L from sale of fix assets & operations
Gains from sale of subs & other

0
0
0
0
0
0
0
0
0

Net Profit Before Tax

Total tax expense
Current tax expense
Deferred tax expense

0
0
0
0

Net Profit After Tax

Minority interest expense
Gain/loss on sale of plant
Other extraordinary item
Other extraordinary item

0
0
0
0
0

Net profit
Preferred dividends
Common dividends
Other adjustment

0
0
0
0

Total Change in R/E

0
Al Ezz Steel

BALANCE SHEET
EGP

Thousands

ASSETS
Cash
Time deposits
Marketable securities

Accounts receivable
Less: allowances
Net receivables
Raw materials
Work in progress
Finished goods
GIT / Other
Less: allowances

Sep-05
Unqualified
0
0
0

0
0
0
0
0
0
0
0

Net inventory

Advance payment
*Due from sister co (st)
Other receivables
Other current asset

0
0
0
0

TOTAL CURRENT ASSETS

Land and buildings
Machinery & equipment
Other equipment
Construction in progress
Gross pp&e
Less: accumulated dep

0
0
0
0
0
0
0

Net plant property & equipment

Investments (associates)
Due from sisters (Lt)
Lt receivables
Deferred tax asset
Prepaids & accruals

0
0
0
0
0

Goodwill
Other intangible asset

0
0

Less: accum. amortization

Net intangibles

0
0

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

*St related to intercompany operational transactions

Al Ezz Steel

BALANCE SHEET
EGP

Thousands

LIABILITIES & EQUITY

Short term borrowing--existing
Short term borrowing--new
Cp senior debt--existing
Cp senior debt--new
Cp cap lease
Cp sub debt--existing
Cp sub debt--new
Accounts payable
Accrued expenses
Down payments
*Due to sister co (st)
Taxes payable
Interest payable
Dividends payable
Other current liability
TOTAL CURRENT LIABILITIES
Lt lease obligation
Lt senior debt--existing
Lt senior debt--new
Lt sub debt--existing
Lt sub debt--new

Sep-05
Unqualified
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL LONG-TERM DEBT

Due to sister co (Lt)

Pension and similar provisions
Restruct., warranty and oth prov.
Deferred taxes
Shareholders loan

0
0
0
0
0

TOTAL LIABILITIES
Minority interest

0
0

Preferred stock
Common stock
Additional paid-in capital
Retained earnings opening

0
0
0
1,012,936

Plus: net profit

Less: dividends
Other adjustments

0
0
0

Retained earnings closing

Restricted reserves
Fx translation reserve
Other equity reserves
Treasury stock (at cost)

1,012,936
0
0
0
0

TOTAL EQUITY
TOTAL LIABS & EQUITY

1,012,936
1,012,936

*St related to intercompany operational transactions

RECONCILE B/S

#N/A
Al Ezz Steel

Cash Flow
EGP

Thousands

EBIT (NET OPERATING PROFIT)

+
Depreciation
+
Amortization
EBITDA
Taxes paid
GROSS OPERATING CASH FLOW (COPAT)
+ chg
Net receivables
+ chg
Net inventory
+ chg
Advance payment
+ chg
*Due from sister co (st)
+ chg
Accounts payable
+ chg
Accrued expenses
+ chg
Down payments
+ chg
*Due to sister co (st)
Net Chg Working Investment
+ chg
Prepaids & accruals
+ chg
Other receivables
+ chg
Other current asset
+ chg
Other current liability
CASH AFTER CURRENT OPERATIONS (CACO)
Interest paid
Cp Ltd--existing
Cp Ltd--new
Cp lease
Preferred dividends
Financing payment
Common dividends paid
Total fianancial charges (financing pmt+dividends)
CASH FLOW BEFORE INVESTING
Net plant expenditures

+ chg
+ chg
+ chg
+
+
+
+
+

Investments (associates)
Lt receivables
Net intangibles
Interest Income
Other income/Not specified
Sundry income (expense)
Gain/loss on sale of plant
Other unusual item

CASH FLOW BEFORE FINANCING

+ chg
Std
+ chg
Ltd
+ chg
Lease
+ chg
Lt group finance
+ chg
Lt provisions
+ chg
Minority interest
+ chg
Shareholders loan
+ chg
Equity
CHANGE IN CASH
Opening cash balance
Closing cash balance
Reconciliation
OPENING CASH BALANCE
Cash flow from operations
Cash flow from investing
Cash flow from financing
NET CASH FLOW
CLOSING CASH BALANCE
RECONCILE CASH FLOW

eading Sheet
version 2.3

Al Ezz Steel
Sep-06
Unqualified

Sep-07
Unqualified

0
0
0

11,992,714
(9,103,777)
(496)

0
0
0
0
0
0

2,888,441
0
(253,360)
0
5,531
0
0

0
0
0
0
0
0
0
0
0

2,640,612
(530,317)
0
0
37,470
55,723
0
0
0

0
0
0
0

2,203,488
(441,524)
(371,498)
(70,026)

0
0
0
0
0

1,761,964
(844,727)
(82)
0
0

0
0
0
0

917,155
0
0
(3,257,296)

(2,340,141)

Sep-06
Unqualified

Sep-07
Unqualified

Al Ezz Steel

422,322
925,057
0

344,173
(38,960)
0

305,213
793,593
108,836
448,941
1,058,005
(50,000)

2,359,375
139,121
3,234
0
103,052

4,257,374

0
0

3,299,511
12,200,714
683,941
70,045
16,254,211
(5,507,316)

10,746,895

0
0
0
0

38,312
0
7,310
187,986
19,303

0
0

0
0

10,999,806

15,257,180

Sep-06
Unqualified

Sep-07
Unqualified

0
0
0
0
0
0
0
0

792,134
0
1,833,654
0
0
0
0
782,931
48,838
690,096
33,027
485,074
52,721
240,619
165,632

5,124,726

0
0
0
0
0

99,995
4,068,348
0
0
0

4,168,343

0
0
0
0

0
92,251
87,292
438,222
0

0
0

9,910,834
1,975,271

0
911,941
0
1,012,936

Al Ezz Steel

0
1,012,936

0
0
0

917,155
0
(3,257,296)

1,012,936

(1,327,205)
3,822,223

0
0
0

0
(35,884)

1,012,936
1,012,936

3,371,075
15,257,180

#N/A
Al Ezz Steel

Sep-06

Sep-07

0
0
0

2,640,612
496
0

0
0

2,641,108
293,786

0
0
0
0
0
0
0
0
0

2,934,894
(305,213)
(2,359,375)
(139,121)
(3,234)
782,931
48,838
690,096
33,027

0
0
0
0
0

(1,252,051)
(19,303)
0
(103,052)
165,632

0
0
0
0
0
0
0
0
0

1,726,120
(477,596)
0
0
0
0
(477,596)
240,619
(236,977)

0
0

1,489,143
(10,747,391)

0
0
0
0
0
0
0
0

(38,312)
(7,310)
0
37,470
55,723
0
(82)
0

0
0
0
0
0
0
0
0
0

(9,210,759)
792,134
5,902,002
99,995
0
179,543
1,130,544
0
0

0
0
0
#N/A

(1,106,541)
0
1,347,379
#N/A

0
0
0
0
0
0
#N/A

0
1,726,120
(10,699,902)
7,867,241
(1,106,541)
1,347,379
#N/A

BMCnr:

Obligor name:

Al Ezz Steel

Branch / Affiliate:

Thousands
Sep-05
0
0
0
0

Thousands
Sep-06
0
0
0
0

Gross fixed assets

Accum. Depreciation (-)

Net fixed assets
Due from sisters (lt)
Lt receivables
Investments
Other non curr. assets

0
0
0
0
0
0

0
0
0
0
0
0

FIXED ASSETS

Work in progress
Finished goods
Raw materials
Other Inventory
Allowances.(-)

0
0
0
0
0

0
0
0
0
0

Total inventory

Due from sisters (st)

Accounts receivable
Advance Payment
Other current assets
Marketable securities
Cash/bank deposits

0
0
0
0
0
0

0
0
0
0
0
0

CURRENT ASSETS
TOTAL ASSETS
STATISTICS
Gross capital expend.
No. of employees
Capitalised Interest
RATIOS
Current ratio
Quick ratio
Days inventory
Days receivable
Days payable
Total debt/EBITDA

0
0

0
0

0
0
0

0
0
0

NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA

Assets
Land & buildings
Machines/equipment
Other fixed assets
Construction in progress

BALANCE SHEET
Thousands
Sep-07 Liabilities
3,299,511 Preferred Shares
12,200,714 Common Shares/Capital
683,941 Additional Paid in capital
70,045 Retained earnings
Ristricted reserves
16,254,211 Other reserves
Currency transl. Adjustm.
(5,507,316) Treasury stock (-)
10,746,895 NET WORTH
0
7,310 Net intangibles (-)
38,312 TANGIBLE NET WORTH
207,289 Subordinated debt
Minority Interest
10,999,806 OWN + ASSOC MEANS
Loans to shareholders
108,836 Due to sister companies (lt)
448,941 Deferred taxes
793,593 Other long term liab./prov.
1,058,005 Long term debt bank
(50,000) Long term capital lease
2,359,375 LONG TERM LIABS
Due to sister companies (st)
3,234 Accounts payable
305,213 Short term bank debt
139,121 Dividends
103,052 Current maturities
0 Accruals (tax, soc.sec.)
1,347,379 Other current liabs.
4,257,374 CURRENT LIABS.
15,257,180 TOT LIAB.+ OWN MEANS
0 Total debt
0 Contingent Liabs
0 Ann. Oper. Lse payments
0.8
0.3
95
9
31
2.6

CACO/Finan. Charges
Financial leverage
Gearing (tot debt/TNW)
Interest cover ratio
Return on cap. employed

Corporates Executive Report

Statement Published in:

EGP

Consolidated:

Amounts in:

Thousands

Auditor:

SIC Code:

Opinion:

Last fiscal year:

Sep-07

Date Printed:
PROFIT & LOSS

Thousands
Sep-05
0
0
0
1,012,936
0
0
0
0
1,012,936

Thousands
Sep-06
0
0
0
1,012,936
0
0
0
0
1,012,936

Thousands
Sep-07
0
911,941
0
(1,327,205)
3,822,223
0
0
(35,884)
3,371,075

0
1,012,936
0
0
1,012,936
0
0
0
0
0
0

0
1,012,936
0
0
1,012,936
0
0
0
0
0
0

0
3,371,075
0
1,975,271
5,346,346
0
0
438,222
179,543
4,068,348
99,995

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

4,786,108
33,027
782,931
792,134
240,619
1,833,654
586,633
855,728

0
1,012,936

0
1,012,936

5,124,726
15,257,180

0
0
0

0
0
0

6,794,131
0
0

NA
0.0
0.0
NA
0.0

NA
0.0
0.0
NA
0.0

7.3
2.9
2.0
5.0
0.2

Turnover/Sales/Gross Rev.
GROSS TRADING PROFIT/LOSS
Salaries and wages (-)
Other operating expenses (-)
Operating provisions (-)

Thousands
Sep-05
0
0
0
0
0

EBITDA
Depreciation & amortization (-)

0
0

EBIT
Associates (Group Cos/subsid etc)
Interest (gross) (-)
Other financial income/exp (+/-)

0
0
0
0

OPERATING PROFIT AFT . FINAN

Extraordinary gains/Losses
Gain/Loss on asset sales

0
0
0

PROFIT BEFORE TAX & MIN INT.

Taxation (-)
Minority interest (-)

0
0
0

NET PROFIT/LOSS
0
Dividends (% = payout ratio)
0
CASH FLOW SUMMARY
Gross operating cash flow
Change in working investment
Change in other current assets & curr. liabilities
CASH AFTER CURRENT OPERATIONS (CACO)
Tot fin charge(div, int, cap int, curr mat, oper.leases)
NET OPERATING CASH FLOW AFTER FINANCING CHARGES
Non oper. Items
CASH FLOW AFTER FIN CHARGES & NON OPER. ITEMS
Change in fixed assets & intangible assets
CASH FLOW BEFORE EXTERNAL FINANCING
Change in net worth
Change in long term liabilities
Change in long term debt
Change in short term debt
CHANGE IN CASH BANKS, MARKET SECURITIES
REMARKS

Percentage
100%

version 2.3
Yes
KPMG
Unqualified
22-Nov-15
PROFIT & LOSS
Thousands
Sep-06
0
0
0
-

Percentage
100%

NA
0

Thousands
Sep-07
11,992,714
2,888,937
(253,360)
5,531
0

Percentage
100%
24%
-2%
0%

#VALUE!
0

#VALUE!

2,641,108
(496)

22%
0%

#VALUE!
0
0
0

#VALUE!

2,640,612
0
(530,317)
93,193

22%

#VALUE!
0
0

#VALUE!

2,203,488
0
(82)

18%

#VALUE!
0
0

#VALUE!

2,203,406
(441,524)
(844,727)

18%
-4%
-7%

#VALUE!
0

#VALUE!

917,155
(3,257,296)

8%
-355%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,934,894
(1,252,051)
43,277
1,726,120
(236,977)
1,489,143
47,489
1,536,632
(10,747,391)
(9,210,759)
0
1,310,087
6,001,997
792,134
(1,106,541)

-4%
1%

0%

Ratio Sheet

BMCnr:
Obligor name:
Fiscal year end:

Al Ezz Steel
Sep-07
Al Ezz Steel

Ref#I. Operations
R1 Gross margin
R2 Operating margin (EBIT)
R3 % Sales growth
R4 Return on capital employed (ROCE)
II. Liquidity/Efficiency
R5 Current ratio
R6 Quick ratio
R7 Receivables days
R8 Inventory days
R9 Payables days
III. Capital Structure
R10 Gearing
R11 Financial leverage
IV. Cashflow & Debt Service
R12 Interest coverage
R13 Total debt/EBITDA
R14 CACO/ Fin. charges

Sep-05
NA
NA
NA
0.0%

Sep-06
NA
NA
NA
0.0%

NA
NA
NA
NA
NA

NA
NA
NA
NA
NA

0.00
0.00

0.00
0.00

NA
NA
NA

NA
NA
NA

Sep-05
1,012,936

Sep-06
1,012,936

Components
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Sales
Cost of goods sold (COGS)
Gross profit
EBIT
Depreciation
Amortization
EBITDA
Interest
Dividends
Net profit
Cash and equivalents + trade receivables
Total current assets
Average receivables
Average total inventory
Average payables
Total liabilities
Total current liabilities
Total Debt
Subordinated debt
Net intangibles
Minority interest
Tangible networth

23
24
25
26

Own & associated means

Cash after current operations (CACO)
Financial charges
Capital Employed

1,012,936
1,012,936

1,012,936
1,012,936

version 2.3

Sep-07
24.1%
22.0%
NA
21.8%

Trend
NA
NA
NA
0.11

0.83
0.32
9.29
94.60
31.39

NA
NA
NA
NA
NA

2.02
2.94

1.01
1.47

4.98
2.57
7.28

NA
NA
NA

Sep-07
11,992,714
9,103,777
2,888,441
2,640,612
496
2,641,108
530,317
917,155
1,652,592
4,257,374
305,213
2,359,375
782,931
9,910,834
5,124,726
6,794,131
1,975,271
3,371,075

5,346,346
1,726,120
236,977
12,140,477

Obligor Rating Sheet

Scores start from row

Industry names are in

Obligor name

Al Ezz Steel

Rating model

Corporate clients

Last approved ORR

BMCnr

Model version

2.3

Standard & Poor's

Annuals used

Sep-07, Sep-06, Sep-05

Sheet date

Moody's

Weight within Pillar

Value

Assessment

Trend

Score

30%
20%
30%
20%

24.08%
22.02%
NA
21.75%

#REF!
#REF!
#REF!
#REF!

#REF!
#REF!
n/a
#REF!

#REF!
#REF!
#REF!
#REF!

20%
20%
20%
20%
20%

0.83
0.32
9.29
94.60
31.39

#REF!
#REF!
#REF!
#REF!
#REF!

#REF!
#REF!
#REF!
#REF!
#REF!

#REF!
#REF!
#REF!
#REF!
#REF!

33%
67%

2.02
2.94

#REF!
#REF!

#REF!
#REF!

#REF!
#REF!

33%
33%
33%

4.98
2.57
7.28

#REF!
#REF!
#REF!

#REF!
#REF!
#REF!

#REF!
#REF!
#REF!

# different scores

Financial Assessment
Quantitative Pillar
Operations
Gross margin
Operating margin
%Sales growth
Return on capital employed

Liquidity
Current ratio
Quick ratio
Receivables days
Inventory days
Payables days

Capital structure
Gearing
Financial leverage

Cash flow & debt service

Interest coverage (from EBIT)
Total debt / EBITDA
CACO / Financing charges

Qualitative Pillar

Weight within Pillar

Assessment

Score

20%
20%
20%
20%
20%

Average
Very large
Very strong
Average
Low

#REF!
#REF!
#REF!
#REF!
#REF!

60%
40%

Low
Average

#REF!
#REF!

60%
40%

Average
Average

#REF!
#REF!

Weight within Pillar

Value

Score

75%
25%
-

Building Materials and metallurgical industries

Petroleum & natural gas
Information Technology
Plastic Products
Plastic Products

62.5
75.0
-

50%
50%

Average
No

#REF!
#REF!

50%
50%

Average
Above average

#REF!
#REF!

33%
17%
33%
17%

Low
Average
Good
Strong

#REF!
#REF!
#REF!
#REF!

Operations
Competitive edge
Company size
Market outlook
Product risk
Supplier risk

Liquidity
Customer risk
Inventory liquidity

Capital structure / Financing structure

Access to credit
Head room under existing facilities

Business Assessment
Qualitative Pillar
Industries
Industry
Industry 2
Industry 3
Industry 4
Industry 5

Ownership commitment
Owners lending to company
Recourse to owners

Structure and strategy

Years company in same business
Strategic planning

Credit and track record

Accounting risk
MIS quality
Track record with Banque Misr
Continuity of management

Assessment Meters
Pillar

Assessment meter

Weight

Financial Assessment - quantitative

min

Score
max

Operations

10%

#REF!

#REF!

Liquidity

10%

#REF!

#REF!

Capital structure

15%

#REF!

#REF!

Cash flow & debt service

15%

#REF!

#REF!

Operations

10%

#REF!

#REF!

Liquidity

5%

#REF!

#REF!

Capital structure / Financing structure

5%

#REF!

#REF!

Industries

12%

ggggggggggggggggggggcccccccccc

65.6

Ownership commitment

6%

#REF!

#REF!

Structure and strategy

6%

#REF!

#REF!

Credit and track record

6%

#REF!

#REF!

Financial Assessment - qualitative

Business Assessment pillars

Total

100%

#REF!

Initial and Proposed ORR

#REF!

Initial ORR
Qualitative amendment (in notches)
Group support (upgrade and downgrade)
Contingencies (only downgrade)
Other (only +1 notch upgrade, no limit for downgrade)

#REF!

Value
-

Payment behaviour
Interest payments past due

Proposed ORR

no payments past due or dpd < 90

#REF!
#REF!