Investor Presentaiton
30
Ratio Analysis
Ratios
FY 2010 FY 2011 FY 2012 FY2013 FY 2014
Liquidity
Current Ratio
2.02
2.49
2.83
2.89
2.07
Efficiency
Account Receivable Turnover
4.14
4.37
4.33
3.92
Average Collection Period
88.26
83.59
84.32 93.15
3.38
108.07
Debt
Leverage Ratio
3.14%
2.66%
2.27% 2.06% 1.70%
Profitability
Return on Invested Capital
9.83%
9.04%
7.76% 8.86%
6.8%
*[Return
on Invested Capital (ROIC) calculated as (NPAT/(Average Total Equity + Net Debt),
bt)]
Note: All financial figures reported are based on Consolidated financials under Egyptian Accounting Standards.
Profitability
Efficiency
Liquidity
FY 2014 Results
Decreased by 28.2% compared to 2013. The decrease in cash equivalent is
due to the payment of interim dividends for the six month ended june 30,
2014. In addition, the investment in treasury bills during year.
Efficiency witnessed a decline in account receivable turnover, while there
was an increase in the average of collection period.
•
Return on Invested Capital (ROIC) in FY 2014 decreased by 6.8%. Net Profit
After Tax for the year recorded EGP 2,031 versus EGP 2,958 million in FY
2013. The decline was mainly attributable to some one-offs: a EGP 149
million for provisions formed to hedge for future sales taxes, on FY 2013,
another EGP 113 million deducted during the year for tax reviews with the
local tax authorities for delayed settlements. The additional 5% increase in
corporate taxes by law with a noticeable EGP 70 million impact, and the hike
in Deferred Taxes for contingent liabilities associated with taxes on dividends
amounting for an additional EGP 308 million.
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