تحليل مالى لشركة السويس للاسمنت باستخدام Microsoft Excel

1. Suez Cement Company (S.A.E)
Consolidated Balance Sheet
2015 2014 2013 2012 2011 2010
Non current assets:
Fixed assets 3,908,950,340 3,885,737,848 3,522,931,254 3,577,674,773 3,568,958,291 3,520,887,296
Projects under construction 413,353,590 567,320,241 534,786,565 376,075,663 361,764,942 440,285,233
Goodwill 2,740,344,085 2,740,344,085 2,740,344,085 2,615,836,513 2,684,523,061 2,684,523,061
Investment in an associate and shares in joint ventures 32,521,782 31,171,428 30,301,915 29,021,780 32,487,264 40,992,920
Available‐for‐sale investments 2,454,420 2,564,328 3,881,966 3,760,241 4,484,340 3,611,283
Held to maturity investments 8,429,279 8,429,279 8,429,279 8,429,279 8,429,279 8,429,279
Amounts paid under investments in subsidiaries and other companies 2,186,795 2,186,795 1,486,795 43,194,289 43,094,289 43,094,289
Total non‐current assets 7,108,240,291 7,237,754,004 6,842,161,859 6,653,992,538 6,703,741,466 6,741,823,361
Current assets:
Inventory 1,250,512,405 1,193,846,543 843,881,414 804,355,247 997,770,696 951,808,911
Accounts and notes receivable 233,457,762 220,328,964 203,723,147 268,078,270 246,829,117 245,074,820
Prepayments and other receivables 370,387,899 447,436,527 264,900,683 334,430,440 264,621,718 344,227,132
Cash on hand and at banks 1,060,315,580 1,626,454,394 1,814,046,625 1,622,317,094 1,447,869,987 1,757,745,865
Total current assets 2,914,673,646 3,488,066,428 3,126,551,869 3,029,181,051 2,957,091,518 3,298,856,728
Current liabilities:
Provisions 487,529,233 486,089,966 482,621,583 482,121,531 476,093,412 508,481,242
Credit facilities ‐ ‐ ‐ ‐ ‐ 12,521,988
Bank overdraft 251,696,271 67,050,017 3,075,192 267,178 ‐ ‐
Current portion of medium term loans ‐ ‐ 51,725,125 37,275,309 24,496,765 8,217,171
Current portion of long term liabilities ‐ ‐ ‐ ‐ 4,154,218 12,462,651
Accounts payable 793,009,440 873,185,944 597,632,290 542,420,224 441,986,295 486,954,718
Income taxes for the Year 50,081,934 ‐ ‐ ‐ ‐ ‐
Accrued income taxes 42,910,424 272,065,424 264,457,624 252,069,143 256,263,358 449,699,138
Accrued expenses and other payables 670,466,492 704,054,047 347,402,376 369,365,726 406,031,563 327,064,017
Total current liabilities 2,295,693,794 2,402,445,398 1,746,914,190 1,683,519,111 1,609,025,611 1,805,400,925
Working capital 618,979,852 1,085,621,030 1,379,637,679 1,345,661,940 1,348,065,907 1,493,455,803
Total investment 7,727,220,143 8,323,375,034 8,221,799,538 7,999,654,478 8,051,807,373 8,235,279,164
Financed as follows
Equity:
Issued and paid up capital 909,282,535 909,282,535 909,282,535 909,282,535 909,282,535 909,282,535
Reserves 2,668,814,627 2,666,350,438 2,666,165,628 2,665,267,927 2,661,330,532 2,661,241,910
Reserve of unrealized gain on available‐for‐sale investments 1,320,859 1,430,767 2,748,405 2,626,680 3,350,779 2,477,722
Cumulative foreign currencies translation differences 41,450,934 29,646,227 35,164,036 23,333,438 15,622,769 7,557,502
Retained earnings 3,019,933,380 3,078,636,386 3,121,219,325 2,957,762,677 2,977,818,670 2,507,852,021
Profits (Losses) for the year (60,143,884) 499,747,685 538,279,366 524,400,192 568,642,009 1,236,399,137
Total equity 6,580,658,451 7,185,094,038 7,272,859,295 7,082,673,449 7,136,047,294 7,324,810,827
Non‐controlling interest 641,034,121 676,203,293 655,363,881 673,010,065 635,233,282 714,408,516
Non current liabilities:
Medium term loans 146,584,528 146,611,574 57,955,739 56,754,837 81,318,226 33,688,322
Other long term liabilities 54,115,451 48,801,742 16,019,091 6,169,508 6,086,704 20,619,607
End of service benefits liabilities 97,552,942 32,878,242 32,272,622 ‐ ‐ ‐
Deferred tax liabilities 207,274,650 233,786,145 187,328,910 181,046,619 193,121,867 141,751,892
Total non‐current liabilities 505,527,571 462,077,703 293,576,362 243,970,964 280,526,797 196,059,821
Total finance of working capital and non‐current assets 7,727,220,143 8,323,375,034 8,221,799,538 7,999,654,478 8,051,807,373 8,235,279,164
TRUE TRUE TRUE TRUE TRUE TRUE
Anas Abdussalam

2. Suez Cement Company (S.A.E)
Consolidated Balance Sheet (V.C.S.A.)
2015 2014 2013 2012 2011 2010
Non current assets:
Fixed assets 39.00% 36.23% 35.34% 36.95% 36.94% 35.07%
Projects under construction 4.12% 5.29% 5.36% 3.88% 3.74% 4.39%
Goodwill 27.34% 25.55% 27.49% 27.01% 27.79% 26.74%
Investment in an associate and shares in joint ventures 0.32% 0.29% 0.30% 0.30% 0.34% 0.41%
Available‐for‐sale investments 0.02% 0.02% 0.04% 0.04% 0.05% 0.04%
Held to maturity investments 0.08% 0.08% 0.08% 0.09% 0.09% 0.08%
Amounts paid under investments in subsidiaries and other companies 0.02% 0.02% 0.01% 0.45% 0.45% 0.43%
Total non‐current assets 70.92% 67.48% 68.64% 68.72% 69.39% 67.15%
Current assets:
Inventory 12.48% 11.13% 8.47% 8.31% 10.33% 9.48%
Accounts and notes receivable 2.33% 2.05% 2.04% 2.77% 2.55% 2.44%
Prepayments and other receivables 3.70% 4.17% 2.66% 3.45% 2.74% 3.43%
Cash on hand and at banks 10.58% 15.16% 18.20% 16.75% 14.99% 17.51%
Total current assets 29.08% 32.52% 31.36% 31.28% 30.61% 32.85%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Current liabilities:
Provisions 4.86% 4.53% 4.84% 4.98% 4.93% 5.06%
Credit facilities ‐ ‐ ‐ ‐ ‐ 0.12%
Bank overdraft 2.51% 0.63% 0.03% 0.00% ‐ ‐
Current portion of medium term loans ‐ ‐ 0.52% 0.38% 0.25% 0.08%
Current portion of long term liabilities ‐ ‐ ‐ ‐ 0.04% 0.12%
Accounts payable 7.91% 8.14% 6.00% 5.60% 4.58% 4.85%
Income taxes for the Year 0.50% ‐ ‐ ‐ ‐ ‐
Accrued income taxes 0.43% 2.54% 2.65% 2.60% 2.65% 4.48%
Accrued expenses and other payables 6.69% 6.56% 3.48% 3.81% 4.20% 3.26%
Total current liabilities 22.90% 22.40% 17.52% 17.39% 16.66% 17.98%
Working capital 6.18% 10.12% 13.84% 13.90% 13.95% 14.87%
Total investment 77.10% 77.60% 82.48% 82.61% 83.34% 82.02%
Financed as follows
Equity:
Issued and paid up capital 9.07% 8.48% 9.12% 9.39% 9.41% 9.06%
Reserves 26.63% 24.86% 26.75% 27.52% 27.55% 26.50%
Reserve of unrealized gain on available‐for‐sale investments 0.01% 0.01% 0.03% 0.03% 0.03% 0.02%
Cumulative foreign currencies translation differences 0.41% 0.28% 0.35% 0.24% 0.16% 0.08%
Retained earnings 30.13% 28.70% 31.31% 30.55% 30.82% 24.98%
Profits (Losses) for the year ‐0.60% 4.66% 5.40% 5.42% 5.89% 12.31%
Total equity 65.66% 66.99% 72.96% 73.14% 73.87% 72.95%
Non‐controlling interest 6.40% 6.30% 6.57% 6.95% 6.58% 7.12%
Non current liabilities:
Medium term loans 1.46% 1.37% 0.58% 0.59% 0.84% 0.34%
Other long term liabilities 0.54% 0.45% 0.16% 0.06% 0.06% 0.21%
End of service benefits liabilities 0.97% 0.31% 0.32% ‐ ‐ ‐
Deferred tax liabilities 6.40% 6.30% 6.57% 6.95% 6.58% 7.12%
Total non‐current liabilities 5.04% 4.31% 2.94% 2.52% 2.90% 1.95%
Total finance of working capital and non‐current assets 77.10% 77.60% 82.48% 82.61% 83.34% 82.02%
Total Equity & Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Anas Abdussalam

3. Suez Cement Company (S.A.E)
Consolidated Balance Sheet (V.C.S.A.)
Anas Abdussalam
2015 2014 2013 2012 2011 2010
Total current assets 29.08% 32.52% 31.36% 31.28% 30.61% 32.85%
Total non‐current assets 70.92% 67.48% 68.64% 68.72% 69.39% 67.15%
Fixed assets 39.00% 36.23% 35.34% 36.95% 36.94% 35.07%
Projects under construction 4.12% 5.29% 5.36% 3.88% 3.74% 4.39%
Goodwill 27.34% 25.55% 27.49% 27.01% 27.79% 26.74%
Investment in an associate and shares in joint ventures 0.32% 0.29% 0.30% 0.30% 0.34% 0.41%
Available‐for‐sale investments 0.02% 0.02% 0.04% 0.04% 0.05% 0.04%
Held to maturity investments 0.08% 0.08% 0.08% 0.09% 0.09% 0.08%
Amounts paid under investments in subsidiaries and other companies 0.02% 0.02% 0.01% 0.45% 0.45% 0.43%
Inventory 12.48% 11.13% 8.47% 8.31% 10.33% 9.48%
Accounts and notes receivable 2.33% 2.05% 2.04% 2.77% 2.55% 2.44%
Prepayments and other receivables 3.70% 4.17% 2.66% 3.45% 2.74% 3.43%
Cash on hand and at banks 10.58% 15.16% 18.20% 16.75% 14.99% 17.51%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
VERTICAL COMMON‐SIZE ANALYSIS
2015 2014 2013 2012 2011 2010
Total current liabilities 22.90% 22.40% 17.52% 17.39% 16.66% 17.98%
Total non‐current liabilities 5.04% 4.31% 2.94% 2.52% 2.90% 1.95%
Non‐controlling interest 6.40% 6.30% 6.57% 6.95% 6.58% 7.12%
Total equity 65.66% 66.99% 72.96% 73.14% 73.87% 72.95%
Provisions 4.86% 4.53% 4.84% 4.98% 4.93% 5.06%
Credit facilities 0.00% 0.00% 0.00% 0.00% 0.00% 0.12%
Bank overdraft 2.51% 0.63% 0.03% 0.00% 0.00% 0.00%
Current portion of medium term loans 0.00% 0.00% 0.52% 0.38% 0.25% 0.08%
Current portion of long term liabilities 0.00% 0.00% 0.00% 0.00% 0.04% 0.12%
Accounts payable 7.91% 8.14% 6.00% 5.60% 4.58% 4.85%
Income taxes for the Year 0.50% 0.00% 0.00% 0.00% 0.00% 0.00%
Accrued income taxes 0.43% 2.54% 2.65% 2.60% 2.65% 4.48%
Accrued expenses and other payables 6.69% 6.56% 3.48% 3.81% 4.20% 3.26%
Issued and paid up capital 9.07% 8.48% 9.12% 9.39% 9.41% 9.06%
Reserves 26.63% 24.86% 26.75% 27.52% 27.55% 26.50%
Reserve of unrealized gain on available‐for‐sale investments 0.01% 0.01% 0.03% 0.03% 0.03% 0.02%
Cumulative foreign currencies translation differences 0.41% 0.28% 0.35% 0.24% 0.16% 0.08%
Retained earnings 30.13% 28.70% 31.31% 30.55% 30.82% 24.98%
Profits (Losses) for the year ‐0.60% 4.66% 5.40% 5.42% 5.89% 12.31%
Medium term loans 1.46% 1.37% 0.58% 0.59% 0.84% 0.34%
Other long term liabilities 0.54% 0.45% 0.16% 0.06% 0.06% 0.21%
End of service benefits liabilities 0.97% 0.31% 0.32% 0.00% 0.00% 0.00%
Deferred tax liabilities 6.40% 6.30% 6.57% 6.95% 6.58% 7.12%
‐5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
VERTICAL COMMON‐SIZE ANALYSIS

4. Suez Cement Company (S.A.E)
Consolidated Balance Sheet (H.C.S.A.)
2015 2014 2013 2012 2011 2010
Non current assets:
Fixed assets 111.02% 110.36% 100.06% 101.61% 101.37% 100.00%
Projects under construction 93.88% 128.85% 121.46% 85.42% 82.17% 100.00%
Goodwill 102.08% 102.08% 102.08% 97.44% 100.00% 100.00%
Investment in an associate and shares in joint ventures 79.34% 76.04% 73.92% 70.80% 79.25% 100.00%
Available‐for‐sale investments 67.97% 71.01% 107.50% 104.12% 124.18% 100.00%
Held to maturity investments 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Amounts paid under investments in subsidiaries and other companies 5.07% 5.07% 3.45% 100.23% 100.00% 100.00%
Total non‐current assets 105.43% 107.36% 101.49% 98.70% 99.44% 100.00%
Current assets:
Inventory 131.38% 125.43% 88.66% 84.51% 104.83% 100.00%
Accounts and notes receivable 95.26% 89.90% 83.13% 109.39% 100.72% 100.00%
Prepayments and other receivables 107.60% 129.98% 76.96% 97.15% 76.87% 100.00%
Cash on hand and at banks 60.32% 92.53% 103.20% 92.30% 82.37% 100.00%
Total current assets 88.35% 105.74% 94.78% 91.83% 89.64% 100.00%
Total Assets 99.82% 106.82% 99.28% 96.44% 96.22% 100.00%
Current liabilities:
Provisions 95.88% 95.60% 94.91% 94.82% 93.63% 100.00%
Credit facilities 0.00% 0.00% 0.00% 0.00% 0.00% 100.00%
Bank overdraft ‐ ‐ ‐ ‐ ‐ ‐
Current portion of medium term loans 0.00% 0.00% 629.48% 453.63% 298.12% 100.00%
Current portion of long term liabilities 0.00% 0.00% 0.00% 0.00% 33.33% 100.00%
Accounts payable 162.85% 179.32% 122.73% 111.39% 90.77% 100.00%
Income taxes for the Year ‐ ‐ ‐ ‐ ‐ ‐
Accrued income taxes 9.54% 60.50% 58.81% 56.05% 56.99% 100.00%
Accrued expenses and other payables 205.00% 215.26% 106.22% 112.93% 124.14% 100.00%
Total current liabilities 127.16% 133.07% 96.76% 93.25% 89.12% 100.00%
Working capital 41.45% 72.69% 92.38% 90.10% 90.26% 100.00%
Total investment 93.83% 101.07% 99.84% 97.14% 97.77% 100.00%
Financed as follows
Equity:
Issued and paid up capital 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Reserves 100.28% 100.19% 100.19% 100.15% 100.00% 100.00%
Reserve of unrealized gain on available‐for‐sale investments 53.31% 57.75% 110.92% 106.01% 135.24% 100.00%
Cumulative foreign currencies translation differences 548.47% 392.28% 465.29% 308.75% 206.72% 100.00%
Retained earnings 120.42% 122.76% 124.46% 117.94% 118.74% 100.00%
Profits (Losses) for the year ‐4.86% 40.42% 43.54% 42.41% 45.99% 100.00%
Total equity 89.84% 98.09% 99.29% 96.69% 97.42% 100.00%
Non‐controlling interest 89.73% 94.65% 91.74% 94.21% 88.92% 100.00%
Non current liabilities: ‐ ‐ ‐ ‐ ‐ ‐
Medium term loans 435.12% 435.20% 172.04% 168.47% 241.38% 100.00%
Other long term liabilities 262.45% 236.68% 77.69% 29.92% 29.52% 100.00%
End of service benefits liabilities ‐ ‐ ‐ ‐ ‐ ‐
Deferred tax liabilities 146.22% 164.93% 132.15% 127.72% 136.24% 100.00%
Total non‐current liabilities 257.84% 235.68% 149.74% 124.44% 143.08% 100.00%
Total finance of working capital and non‐current assets 93.83% 101.07% 99.84% 97.14% 97.77% 100.00%
Total Equity & Liabilities 99.82% 106.82% 99.28% 96.44% 96.22% 100.00%
Anas Abdussalam

5. Suez Cement Company (S.A.E)
Consolidated Balance Sheet (H.C.S.A.)
Anas Abdussalam
2015 2014 2013 2012 2011 2010
Total non‐current assets 105.43% 107.36% 101.49% 98.70% 99.44% 100.00%
Total current assets 88.35% 105.74% 94.78% 91.83% 89.64% 100.00%
Fixed assets 111.02% 110.36% 100.06% 101.61% 101.37% 100.00%
Projects under construction 93.88% 128.85% 121.46% 85.42% 82.17% 100.00%
Goodwill 102.08% 102.08% 102.08% 97.44% 100.00% 100.00%
Investment in an associate and shares in joint ventures 79.34% 76.04% 73.92% 70.80% 79.25% 100.00%
Available‐for‐sale investments 67.97% 71.01% 107.50% 104.12% 124.18% 100.00%
Held to maturity investments 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Amounts paid under investments in subsidiaries and other companies 5.07% 5.07% 3.45% 100.23% 100.00% 100.00%
Inventory 131.38% 125.43% 88.66% 84.51% 104.83% 100.00%
Accounts and notes receivable 95.26% 89.90% 83.13% 109.39% 100.72% 100.00%
Prepayments and other receivables 107.60% 129.98% 76.96% 97.15% 76.87% 100.00%
Cash on hand and at banks 60.32% 92.53% 103.20% 92.30% 82.37% 100.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
HORIZONTAL COMMON‐SIZE ANALYSIS
2015 2014 2013 2012 2011 2010
Total current liabilities 127.16% 133.07% 96.76% 93.25% 89.12% 100.00%
Total non‐current liabilities 257.84% 235.68% 149.74% 124.44% 143.08% 100.00%
Non‐controlling interest 89.73% 94.65% 91.74% 94.21% 88.92% 100.00%
Total equity 89.84% 98.09% 99.29% 96.69% 97.42% 100.00%
Provisions 95.88% 95.60% 94.91% 94.82% 93.63% 100.00%
Credit facilities 0.00% 0.00% 0.00% 0.00% 0.00% 100.00%
Bank overdraft 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Current portion of medium term loans 0.00% 0.00% 629.48% 453.63% 298.12% 100.00%
Current portion of long term liabilities 0.00% 0.00% 0.00% 0.00% 33.33% 100.00%
Accounts payable 162.85% 179.32% 122.73% 111.39% 90.77% 100.00%
Income taxes for the Year 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Accrued income taxes 9.54% 60.50% 58.81% 56.05% 56.99% 100.00%
Accrued expenses and other payables 205.00% 215.26% 106.22% 112.93% 124.14% 100.00%
Issued and paid up capital 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Reserves 100.28% 100.19% 100.19% 100.15% 100.00% 100.00%
Reserve of unrealized gain on available‐for‐sale investments 53.31% 57.75% 110.92% 106.01% 135.24% 100.00%
Cumulative foreign currencies translation differences 548.47% 392.28% 465.29% 308.75% 206.72% 100.00%
Retained earnings 120.42% 122.76% 124.46% 117.94% 118.74% 100.00%
Profits (Losses) for the year ‐4.86% 40.42% 43.54% 42.41% 45.99% 100.00%
Medium term loans 435.12% 435.20% 172.04% 168.47% 241.38% 100.00%
Other long term liabilities 262.45% 236.68% 77.69% 29.92% 29.52% 100.00%
End of service benefits liabilities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Deferred tax liabilities 146.22% 164.93% 132.15% 127.72% 136.24% 100.00%
‐100.00%
0.00%
100.00%
200.00%
300.00%
400.00%
500.00%
600.00%
700.00%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
HORIZONTAL COMMON‐SIZE ANALYSIS

6. Suez Cement Company (S.A.E)
Consolidated Income Statement
2015 2014 2013 2012 2011 2010
Sales 5,642,108,499 6,151,762,321 5,049,317,944 4,596,985,679 4,820,438,094 6,152,157,416
Cost of sales (5,219,402,801) (5,065,704,685) (4,084,794,019) (3,745,066,771) (3,733,723,773) (4,032,157,844)
GROSS PROFIT 422,705,698 1,086,057,636 964,523,925 851,918,908 1,086,714,321 2,119,999,572
General and administrative expenses (546,600,672) (435,748,637) (364,565,243) (298,030,935) (356,158,935) (314,505,868)
Provisions (61,439,505) (70,382,700) (51,016,961) (65,005,714) (57,566,686) (316,993,530)
Provisions no longer required 51,366,774 23,252,452 17,980,874 4,116,088 6,745,370 201,009,014
Impairment of accounts and notes receivable (9,256,621) (641,172) (5,813,561) (7,566,418) (7,385,138) (6,354,996)
Impairment of prepayments and other receivables (393,822) ‐ ‐ (829,558) ‐ ‐
Reversal of impairment of accounts and notes receivable 1,652,164 840,751 342,010 ‐ 85,703 687,935
Decline in value of obsolete inventory ‐ ‐ ‐ ‐ (20,172,546) (29,492,688)
Reversal of decline in value of obsolete inventory ‐ ‐ ‐ ‐ 2,348,918 23,737,705
Board of directors’ remuneration and allowances (507,221) (450,365) (448,451) (421,232) (596,991) (530,734)
Investment income in an associate company 2,729,789 2,726,092 2,405,348 3,936,272 5,157,738 8,680,727
Investment income 3,934,998 2,118,690 2,855,628 443,720 5,718,889 2,755,632
Other income 51,436,773 135,165,384 153,989,231 267,299,446 210,012,152 53,782,352
OPERATING PROFITS (LOSSES) (84,371,645) 742,938,131 720,252,800 755,860,577 874,902,795 1,742,775,121
Finance expenses (35,430,257) (23,014,971) (12,744,274) (5,544,482) (5,444,550) (19,777,407)
Credit interests 67,465,406 78,250,457 55,202,690 39,598,150 122,034,685 140,368,787
Gain (Losses) from sale of fixed assets 1,005,336 4,962,163 (70,258) 3,101,743 3,739,770 (443,152)
Foreign exchange differences 14,265,331 38,749,949 83,773,757 48,744,733 (7,404,076) (3,179,916)
Impairment of the value of projects under constriction (3,024,269) ‐ ‐ ‐ ‐ ‐
(Loss) on Amounts paid under investments in subsidiaries ‐ ‐ (45,523) ‐ ‐ ‐
Other expenses (36,560,079) (31,144,967) (18,960,865) (30,151,442) (22,937,277) (16,531,177)
Losses from sale of obsolete inventory (3,390,572) (6,644,158) (13,840,464) (22,414,324) (7,420,143) (11,943,787)
PROFITS (LOSSES) BEFORE INCOME TAXES (80,040,749) 804,096,604 813,567,863 789,194,955 957,471,204 1,831,268,469
Deferred income taxes for the year 26,511,495 (46,457,235) (6,045,249) 12,075,248 (51,369,975) 7,840,508
Income taxes for the year (50,081,934) (231,509,902) (215,108,298) (209,752,209) (230,239,136) (381,240,936)
PROFITS (LOSSES) FOR THE YEAR BEFORE NON‐CONTROLLING INTEREST (103,611,188) 526,129,467 592,414,316 591,517,994 675,862,093 1,457,868,041
Non‐controlling interest 43,467,304 (26,381,782) (54,134,950) (67,117,802) (107,220,084) (221,468,904)
PROFITS (LOSSES) FOR THE YEAR (60,143,884) 499,747,685 538,279,366 524,400,192 568,642,009 1,236,399,137
Anas Abdussalam

7. Suez Cement Company (S.A.E)
Consolidated Income Statement (V.C.S.A.)
2015 2014 2013 2012 2011 2010
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of sales ‐92.51% ‐82.35% ‐80.90% ‐81.47% ‐77.46% ‐65.54%
GROSS PROFIT 7.49% 17.65% 19.10% 18.53% 22.54% 34.46%
General and administrative expenses ‐9.69% ‐7.08% ‐7.22% ‐6.48% ‐7.39% ‐5.11%
Provisions ‐1.09% ‐1.14% ‐1.01% ‐1.41% ‐1.19% ‐5.15%
Provisions no longer required 0.91% 0.38% 0.36% 0.09% 0.14% 3.27%
Impairment of accounts and notes receivable ‐0.16% ‐0.01% ‐0.12% ‐0.16% ‐0.15% ‐0.10%
Impairment of prepayments and other receivables ‐0.01% ‐ ‐ ‐ ‐ ‐
Reversal of impairment of accounts and notes receivable 0.03% 0.01% 0.01% ‐ 0.00% 0.01%
Decline in value of obsolete inventory ‐ ‐ ‐ ‐ ‐0.42% ‐0.48%
Reversal of decline in value of obsolete inventory ‐ ‐ ‐ ‐ 0.05% 0.39%
Board of directors’ remuneration and allowances ‐0.01% ‐0.01% ‐0.01% ‐0.01% ‐0.01% ‐0.01%
Investment income in an associate company 0.05% 0.04% 0.05% 0.09% 0.11% 0.14%
Investment income 0.07% 0.03% 0.06% 0.01% 0.12% 0.04%
Other income 0.91% 2.20% 3.05% 5.81% 4.36% 0.87%
OPERATING PROFITS (LOSSES) ‐1.50% 12.08% 14.26% 16.44% 18.15% 28.33%
Finance expenses ‐0.63% ‐0.37% ‐0.25% ‐0.12% ‐0.11% ‐0.32%
Credit interests 1.20% 1.27% 1.09% 0.86% 2.53% 2.28%
Gain (Losses) from sale of fixed assets 0.02% 0.08% 0.00% 0.07% 0.08% ‐0.01%
Foreign exchange differences 0.25% 0.63% 1.66% 1.06% ‐0.15% ‐0.05%
Impairment of the value of projects under constriction ‐0.05% ‐ ‐ ‐ ‐ ‐
(Loss) on Amounts paid under investments in subsidiaries ‐ ‐ 0.00% ‐ ‐ ‐
Other expenses ‐0.65% ‐0.51% ‐0.38% ‐0.66% ‐0.48% ‐0.27%
Losses from sale of obsolete inventory ‐0.06% ‐0.11% ‐0.27% ‐0.49% ‐0.15% ‐0.19%
PROFITS (LOSSES) BEFORE INCOME TAXES ‐1.42% 13.07% 16.11% 17.17% 19.86% 29.77%
Deferred income taxes for the year 0.47% ‐0.76% ‐0.12% 0.26% ‐1.07% 0.13%
Income taxes for the year ‐0.89% ‐3.76% ‐4.26% ‐4.56% ‐4.78% ‐6.20%
PROFITS (LOSSES) FOR THE YEAR BEFORE NON‐CONTROLLING INTEREST ‐1.84% 8.55% 11.73% 12.87% 14.02% 23.70%
Non‐controlling interest 0.77% ‐0.43% ‐1.07% ‐1.46% ‐2.22% ‐3.60%
PROFITS (LOSSES) FOR THE YEAR ‐1.07% 8.12% 10.66% 11.41% 11.80% 20.10%
Anas Abdussalam

8. Suez Cement Company (S.A.E)
Consolidated Income Statement (V.C.S.A.)
Anas Abdussalam
2015 2014 2013 2012 2011 2010
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
GROSS PROFIT 7.49% 17.65% 19.10% 18.53% 22.54% 34.46%
OPERATING INCOME ‐1.50% 12.08% 14.26% 16.44% 18.15% 28.33%
EBIT ‐0.79% 13.45% 16.36% 17.29% 19.98% 30.09%
EBT ‐1.42% 13.07% 16.11% 17.17% 19.86% 29.77%
NET INCOME ‐1.07% 8.12% 10.66% 11.41% 11.80% 20.10%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
7.49%
17.65%
19.10%
18.53%
22.54%
34.46%
‐1.50%
12.08%
14.26%
16.44%
18.15%
28.33%
‐0.79%
13.45%
16.36%
17.29%
19.98%
30.09%
‐1.42%
13.07%
16.11%
17.17%
19.86%
29.77%
‐1.07%
8.12%
10.66%
11.41%
11.80%
20.10%
‐20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
VERTICAL COMMON‐SIZE ANALYSIS

9. Suez Cement Company (S.A.E)
Consolidated Income Statement (H.C.S.A.)
2015 2014 2013 2012 2011 2010
Sales 91.71% 99.99% 82.07% 74.72% 78.35% 100.00%
Cost of sales 129.44% 125.63% 101.31% 92.88% 92.60% 100.00%
GROSS PROFIT 19.94% 51.23% 45.50% 40.18% 51.26% 100.00%
General and administrative expenses 173.80% 138.55% 115.92% 94.76% 113.24% 100.00%
Provisions 19.38% 22.20% 16.09% 20.51% 18.16% 100.00%
Provisions no longer required 25.55% 11.57% 8.95% 2.05% 3.36% 100.00%
Impairment of accounts and notes receivable 145.66% 10.09% 91.48% 119.06% 116.21% 100.00%
Impairment of prepayments and other receivables ‐ ‐ ‐ ‐ ‐ ‐
Reversal of impairment of accounts and notes receivable 240.16% 122.21% 49.72% 0.00% 12.46% 100.00%
Decline in value of obsolete inventory 0.00% 0.00% 0.00% 0.00% 68.40% 100.00%
Reversal of decline in value of obsolete inventory 0.00% 0.00% 0.00% 0.00% 9.90% 100.00%
Board of directors’ remuneration and allowances 95.57% 84.86% 84.50% 79.37% 112.48% 100.00%
Investment income in an associate company 31.45% 31.40% 27.71% 45.34% 59.42% 100.00%
Investment income 142.80% 76.89% 103.63% 16.10% 207.53% 100.00%
Other income 95.64% 251.32% 286.32% 497.00% 390.49% 100.00%
OPERATING PROFITS (LOSSES) ‐4.84% 42.63% 41.33% 43.37% 50.20% 100.00%
Finance expenses 179.15% 116.37% 64.44% 28.03% 27.53% 100.00%
Credit interests 48.06% 55.75% 39.33% 28.21% 86.94% 100.00%
Gain (Losses) from sale of fixed assets ‐226.86% ‐1119.74% 15.85% ‐699.93% ‐843.90% 100.00%
Foreign exchange differences ‐448.61% ‐1218.58% ‐2634.46% ‐1532.89% 232.84% 100.00%
Impairment of the value of projects under constriction ‐ ‐ ‐ ‐ ‐ ‐
(Loss) on Amounts paid under investments in subsidiaries ‐ ‐ ‐ ‐ ‐ ‐
Other expenses 221.16% 188.40% 114.70% 182.39% 138.75% 100.00%
Losses from sale of obsolete inventory 28.39% 55.63% 115.88% 187.67% 62.13% 100.00%
PROFITS (LOSSES) BEFORE INCOME TAXES ‐4.37% 43.91% 44.43% 43.10% 52.28% 100.00%
Deferred income taxes for the year 338.13% ‐592.53% ‐77.10% 154.01% ‐655.19% 100.00%
Income taxes for the year 13.14% 60.73% 56.42% 55.02% 60.39% 100.00%
PROFITS (LOSSES) FOR THE YEAR BEFORE NON‐CONTROLLING INTEREST ‐7.11% 36.09% 40.64% 40.57% 46.36% 100.00%
Non‐controlling interest ‐19.63% 11.91% 24.44% 30.31% 48.41% 100.00%
PROFITS (LOSSES) FOR THE YEAR ‐4.86% 40.42% 43.54% 42.41% 45.99% 100.00%
Anas Abdussalam

10. Suez Cement Company (S.A.E)
Consolidated Income Statement (H.C.S.A.)
Anas Abdussalam
Sales GROSS PROFIT OPERATING INCOME EBIT EBT NET INCOME
2015 91.71% 19.94% ‐4.84% ‐2.41% ‐4.37% ‐4.86%
2014 99.99% 51.23% 42.63% 44.68% 43.91% 40.42%
2013 82.07% 45.50% 41.33% 44.64% 44.43% 43.54%
2012 74.72% 40.18% 43.37% 42.93% 43.10% 42.41%
2011 78.35% 51.26% 50.20% 52.02% 52.28% 45.99%
2010 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
91.71%
19.94%
‐4.84%
‐2.41%
‐4.37%
‐4.86%
99.99%
51.23%
42.63%
44.68%
43.91%
40.42%
82.07%
45.50%
41.33%
44.64%
44.43%
43.54%
74.72%
40.18%
43.37%
42.93%
43.10%
42.41%
78.35%
51.26%
50.20%
52.02%
52.28%
45.99%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
‐20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
HORIZONTAL COMMON‐SIZE ANALYSIS

11. Suez Cement Company (S.A.E)
Consolidated Cash Flow Statement
2015 2014 2013 2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Profits for the period before income taxes (80,040,749) 804,096,604 813,567,863 789,194,955 957,471,204 1,831,268,469
Depreciation of fixed assets 464,148,123 448,352,886 379,343,608 348,584,670 361,267,095 417,241,185
Impairment of accounts and notes receivable (1,937,744) 641,172 5,813,561 8,395,976 7,299,435 5,667,061
Decline in value of inventory (789,978) (15,630,541) (26,431,558) 5,807,944 17,823,628 5,754,983
Provisions 61,439,505 70,382,700 51,016,961 65,005,714 57,566,686 316,993,530
Provisions no longer required (51,366,774) (23,252,452) (17,980,874) (4,116,088) (6,745,370) (201,009,014)
Reversal of impairment of prepayments and other receivables (1,652,164) (840,751) (342,010) ‐ ‐ ‐
Liabilities against end of service plan 67,824,700 3,368,194 35,197,622 ‐ ‐ ‐
Investment income in an associate company (2,729,789) (2,726,092) (2,405,348) (3,936,272) (5,157,738) (8,680,727)
Finance expenses 35,430,257 23,014,971 12,744,274 5,544,482 5,444,550 19,777,407
Credit interests (67,465,406) (78,250,457) (55,202,690) (39,598,150) (122,034,685) (140,368,787)
Impairment in the value of projects under construction 3,024,269 ‐ ‐ ‐ ‐ ‐
(Gain) from sale of fixed assets (1,005,336) (4,962,163) 70,258 (3,101,743) (3,739,770) 443,152
Foreign exchange differences ‐ ‐ ‐ (48,744,733) 7,404,076 3,179,916
Operating profits before changes in working capital 424,878,914 1,224,194,071 1,195,391,667 1,123,036,755 1,276,599,111 2,250,267,175
Change in inventory (55,875,884) (334,334,588) (13,094,609) 187,607,505 (63,785,413) (94,827,005)
Change in accounts and notes receivable, and prepayments and other receivables 66,216,239 (200,754,907) 128,206,219 (100,853,851) 69,781,102 (47,949,033)
Change in accounts payable, and accrued expenses and other payables (113,764,059) 632,205,325 33,248,716 63,768,092 33,999,123 111,957,497
Cash from operations 321,455,210 1,321,309,901 1,343,751,993 1,273,558,501 1,316,593,923 2,219,448,634
Finance expenses paid (35,430,257) (23,014,971) (12,744,274) (5,544,482) (5,444,550) (19,777,407)
Income taxes paid (224,483,536) (223,514,676) (202,719,817) (213,946,424) (423,674,916) (294,342,067)
Tax differences paid (4,671,464) (5,159,507) (2,551,251) (3,829,415) (3,126,884) (4,578,394)
Payment in respect of end of service plan (3,150,000) (3,150,000) (2,925,000) ‐ ‐ ‐
Provisions used (8,633,464) (43,661,865) (32,677,035) (54,861,507) (83,209,146) (84,281,503)
NET CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES 45,086,489 1,022,808,882 1,090,134,616 995,376,673 801,138,427 1,816,469,263
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire fixed assets (42,067,448) (48,460,847) (50,206,748) (6,153,985) (35,913,550) (17,883,957)
Proceeds from debtors‐sale of fixed assets 1,293,499 1,812,825 100,000 1,400,000 770,580 3,652,127
Proceeds from sale of fixed assets 1,346,915 10,883,723 1,163,468 11,180,644 6,430,030 1,676,923
Payments in respect of projects under construction (269,353,540) (603,146,733) (379,319,840) (239,946,755) (292,318,652) (397,878,180)
Increase of fixed assets ‐ Fixed assets of International City for Ready Mix ( K.S.A) ‐ (199,126,517) (173,130,621) ‐ ‐ ‐
Changes in amounts paid under investment in subsidiaries ‐ ‐ (1,972,447) ‐ ‐ ‐
Proceeds from investment in an associate company 1,379,435 1,856,579 3,323,915 7,401,756 13,663,394 6,353,637
Change in amounts paid under investment in subsidiaries and other companies ‐ (700,000) 41,707,494 (100,000) ‐ (11,743,972)
Credit interests received 67,465,406 78,250,457 55,202,690 39,598,150 122,034,685 140,368,787
NET CASH FLOWS (USED IN) INVESTING ACTIVITIES (239,935,733) (758,630,513) (503,132,089) (186,620,190) (185,333,513) (275,454,635)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in medium term loans and other long term liabilities 5,286,663 69,713,361 25,500,301 (15,856,259) 41,068,162 (209,193,905)
Change in banks ‐ credit balance ‐ ‐ ‐ 267,178 ‐ ‐
Change in credit facilities ‐ ‐ ‐ ‐ (12,521,988) (9,726,745)
Dividends paid (555,986,502) (575,344,362) (357,421,779) (580,562,814) (763,145,861) (881,386,263)
Dividends paid to non‐controlling interest (7,632,942) (49,654,657) (86,418,774) (108,474,813) (155,934,178) (150,521,968)
Changes in non‐controlling interest 15,931,074 44,112,287 14,896,537 18,062,032 (30,461,140) (6,237,757)
Adjustments on retained earnings ‐ (173,626) (72,813) (368,378) (71,121) (18,049,456)
NET CASH FLOWS (USED IN) FINANCING ACTIVITIES (542,401,707) (511,346,997) (403,516,528) (686,933,054) (921,066,126) (1,275,116,094)
Net Increase (decrease) in cash and cash equivalent during the Year (737,250,951) (247,168,628) 183,485,999 121,823,429 (305,261,212) 265,898,534
Foreign exchange differences ‐ ‐ ‐ 48,744,733 (7,404,076) (3,179,916)
Foreign currencies translation differences related to fixed assets (25,338,824) 1,119,381 (6,395,080) (3,831,724) (5,275,857) (8,573,103)
Change in cumulative foreign currencies translation differences 11,804,707 (5,517,809) 11,830,598 7,710,669 8,065,267 17,814,230
Cash and cash equivalent ‐ beginning of the year 1,626,454,394 1,814,046,625 1,622,317,094 1,447,869,987 1,757,745,865 1,485,786,120
CASH AND CASH EQUIVALENT – END OF THE YEAR 875,669,326 1,562,479,569 1,811,238,611 1,622,317,094 1,447,869,987 1,757,745,865
For the purpose of preparing the consolidated statement of cash flows, cash and cash
equivalent comprise of the following:
Cash on hand and at banks 1,060,315,580 1,626,454,394 1,814,046,625 1,622,317,094 1,447,869,987 1,757,745,865
Less: Bank overdraft (184,646,254) (63,974,825) (2,808,014) ‐ ‐ ‐
CASH AND CASH EQUIVALENT 875,669,326 1,562,479,569 1,811,238,611 1,622,317,094 1,447,869,987 1,757,745,865
Anas Abdussalam

12. Suez Cement Company (S.A.E)
Consolidated Cash Flow Statement
2015 2014 2013 2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Profits for the period before income taxes ‐1.42% 13.07% 16.11% 17.17% 19.86% 29.77%
Depreciation of fixed assets 8.23% 7.29% 7.51% 7.58% 7.49% 6.78%
Impairment of accounts and notes receivable ‐0.03% 0.01% 0.12% 0.18% 0.15% 0.09%
Decline in value of inventory ‐0.01% ‐0.25% ‐0.52% 0.13% 0.37% 0.09%
Provisions 1.09% 1.14% 1.01% 1.41% 1.19% 5.15%
Provisions no longer required ‐0.91% ‐0.38% ‐0.36% ‐0.09% ‐0.14% ‐3.27%
Reversal of impairment of prepayments and other receivables ‐0.03% ‐0.01% ‐0.01% ‐ ‐ ‐
Liabilities against end of service plan 1.20% 0.05% 0.70% ‐ ‐ ‐
Investment income in an associate company ‐0.05% ‐0.04% ‐0.05% ‐0.09% ‐0.11% ‐0.14%
Finance expenses 0.63% 0.37% 0.25% 0.12% 0.11% 0.32%
Credit interests ‐1.20% ‐1.27% ‐1.09% ‐0.86% ‐2.53% ‐2.28%
Impairment in the value of projects under construction 0.05% ‐ ‐ ‐ ‐ ‐
(Gain) from sale of fixed assets ‐0.02% ‐0.08% 0.00% ‐0.07% ‐0.08% 0.01%
Foreign exchange differences ‐ ‐ ‐ ‐1.06% 0.15% 0.05%
Operating profits before changes in working capital 7.53% 19.90% 23.67% 24.43% 26.48% 36.58%
Change in inventory ‐0.99% ‐5.43% ‐0.26% 4.08% ‐1.32% ‐1.54%
Change in accounts and notes receivable, and prepayments and other receivables 1.17% ‐3.26% 2.54% ‐2.19% 1.45% ‐0.78%
Change in accounts payable, and accrued expenses and other payables ‐2.02% 10.28% 0.66% 1.39% 0.71% 1.82%
Cash from operations 5.70% 21.48% 26.61% 27.70% 27.31% 36.08%
Finance expenses paid ‐0.63% ‐0.37% ‐0.25% ‐0.12% ‐0.11% ‐0.32%
Income taxes paid ‐3.98% ‐3.63% ‐4.01% ‐4.65% ‐8.79% ‐4.78%
Tax differences paid ‐0.08% ‐0.08% ‐0.05% ‐0.08% ‐0.06% ‐0.07%
Payment in respect of end of service plan ‐0.06% ‐0.05% ‐0.06% ‐ ‐ ‐
Provisions used ‐0.15% ‐0.71% ‐0.65% ‐1.19% ‐1.73% ‐1.37%
NET CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES 0.80% 16.63% 21.59% 21.65% 16.62% 29.53%
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire fixed assets ‐0.75% ‐0.79% ‐0.99% ‐0.13% ‐0.75% ‐0.29%
Proceeds from debtors‐sale of fixed assets 0.02% 0.03% 0.00% 0.03% 0.02% 0.06%
Proceeds from sale of fixed assets 0.02% 0.18% 0.02% 0.24% 0.13% 0.03%
Payments in respect of projects under construction ‐4.77% ‐9.80% ‐7.51% ‐5.22% ‐6.06% ‐6.47%
Increase of fixed assets ‐ Fixed assets of International City for Ready Mix ( K.S.A) ‐ ‐3.24% ‐3.43% ‐ ‐ ‐
Changes in amounts paid under investment in subsidiaries ‐ ‐ ‐0.04% ‐ ‐ ‐
Proceeds from investment in an associate company 0.02% 0.03% 0.07% 0.16% 0.28% 0.10%
Change in amounts paid under investment in subsidiaries and other companies ‐ ‐0.01% 0.83% 0.00% ‐ ‐0.19%
Credit interests received 1.20% 1.27% 1.09% 0.86% 2.53% 2.28%
NET CASH FLOWS (USED IN) INVESTING ACTIVITIES ‐4.25% ‐12.33% ‐9.96% ‐4.06% ‐3.84% ‐4.48%
CASH FLOWS FROM FINANCING ACTIVITIES
Change in medium term loans and other long term liabilities 0.09% 1.13% 0.51% ‐0.34% 0.85% ‐3.40%
Change in banks ‐ credit balance ‐ ‐ ‐ 0.01% ‐ ‐
Change in credit facilities ‐ ‐ ‐ ‐ ‐0.26% ‐0.16%
Dividends paid ‐9.85% ‐9.35% ‐7.08% ‐12.63% ‐15.83% ‐14.33%
Dividends paid to non‐controlling interest ‐0.14% ‐0.81% ‐1.71% ‐2.36% ‐3.23% ‐2.45%
Changes in non‐controlling interest 0.28% 0.72% 0.30% 0.39% ‐0.63% ‐0.10%
Adjustments on retained earnings ‐ 0.00% 0.00% ‐0.01% 0.00% ‐0.29%
NET CASH FLOWS (USED IN) FINANCING ACTIVITIES ‐9.61% ‐8.31% ‐7.99% ‐14.94% ‐19.11% ‐20.73%
Net Increase (decrease) in cash and cash equivalent during the Year ‐13.07% ‐4.02% 3.63% 2.65% ‐6.33% 4.32%
Foreign exchange differences ‐ ‐ ‐ 1.06% ‐0.15% ‐0.05%
Foreign currencies translation differences related to fixed assets ‐0.45% 0.02% ‐0.13% ‐0.08% ‐0.11% ‐0.14%
Change in cumulative foreign currencies translation differences 0.21% ‐0.09% 0.23% 0.17% 0.17% 0.29%
Cash and cash equivalent ‐ beginning of the year 28.83% 29.49% 32.13% 31.50% 36.46% 24.15%
CASH AND CASH EQUIVALENT – END OF THE YEAR 15.52% 25.40% 35.87% 35.29% 30.04% 28.57%
For the purpose of preparing the consolidated statement of cash flows, cash and cash
equivalent comprise of the following:
Cash on hand and at banks 18.79% 26.44% 35.93% 35.29% 30.04% 28.57%
Less: Bank overdraft ‐3.27% ‐1.04% ‐0.06% ‐ ‐ ‐
CASH AND CASH EQUIVALENT 15.52% 25.40% 35.87% 35.29% 30.04% 28.57%
Anas Abdussalam
‐30.00%
‐20.00%
‐10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
2015 2014 2013 2012 2011 2010
VERTICAL COMMON‐SIZE ANALYSIS
NET CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES
NET CASH FLOWS (USED IN) INVESTING ACTIVITIES
NET CASH FLOWS (USED IN) FINANCING ACTIVITIES
Net Increase (decrease) in cash and cash equivalent during the Year
Cash and cash equivalent ‐ beginning of the year
CASH AND CASH EQUIVALENT – END OF THE YEAR

13. Suez Cement Company (S.A.E)
Consolidated Cash Flow Statement
2015 2014 2013 2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Profits for the period before income taxes ‐4.37% 43.91% 44.43% 43.10% 52.28% 100.00%
Depreciation of fixed assets 111.24% 107.46% 90.92% 83.55% 86.58% 100.00%
Impairment of accounts and notes receivable ‐34.19% 11.31% 102.59% 148.15% 128.80% 100.00%
Decline in value of inventory ‐13.73% ‐271.60% ‐459.28% 100.92% 309.71% 100.00%
Provisions 19.38% 22.20% 16.09% 20.51% 18.16% 100.00%
Provisions no longer required ‐25.55% ‐11.57% ‐8.95% ‐2.05% ‐3.36% ‐100.00%
Reversal of impairment of prepayments and other receivables ‐ ‐ ‐ ‐ ‐ ‐
Liabilities against end of service plan ‐ ‐ ‐ ‐ ‐ ‐
Investment income in an associate company ‐31.45% ‐31.40% ‐27.71% ‐45.34% ‐59.42% ‐100.00%
Finance expenses 179.15% 116.37% 64.44% 28.03% 27.53% 100.00%
Credit interests ‐48.06% ‐55.75% ‐39.33% ‐28.21% ‐86.94% ‐100.00%
Impairment in the value of projects under construction ‐ ‐ ‐ ‐ ‐ ‐
(Gain) from sale of fixed assets ‐226.86% ‐1119.74% 15.85% ‐699.93% ‐843.90% 100.00%
Foreign exchange differences ‐ ‐ ‐ ‐1532.89% 232.84% 100.00%
Operating profits before changes in working capital 18.88% 54.40% 53.12% 49.91% 56.73% 100.00%
Change in inventory ‐58.92% ‐352.57% ‐13.81% 197.84% ‐67.27% ‐100.00%
Change in accounts and notes receivable, and prepayments and other receivables 138.10% ‐418.68% 267.38% ‐210.34% 145.53% ‐100.00%
Change in accounts payable, and accrued expenses and other payables ‐101.61% 564.68% 29.70% 56.96% 30.37% 100.00%
Cash from operations 14.48% 59.53% 60.54% 57.38% 59.32% 100.00%
Finance expenses paid ‐179.15% ‐116.37% ‐64.44% ‐28.03% ‐27.53% ‐100.00%
Income taxes paid ‐76.27% ‐75.94% ‐68.87% ‐72.69% ‐143.94% ‐100.00%
Tax differences paid ‐102.03% ‐112.69% ‐55.72% ‐83.64% ‐68.30% ‐100.00%
Payment in respect of end of service plan ‐ ‐ ‐ ‐ ‐ ‐
Provisions used ‐10.24% ‐51.80% ‐38.77% ‐65.09% ‐98.73% ‐100.00%
NET CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES 2.48% 56.31% 60.01% 54.80% 44.10% 100.00%
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire fixed assets ‐235.22% ‐270.97% ‐280.74% ‐34.41% ‐200.81% ‐100.00%
Proceeds from debtors‐sale of fixed assets 35.42% 49.64% 2.74% 38.33% 21.10% 100.00%
Proceeds from sale of fixed assets 80.32% 649.03% 69.38% 666.74% 383.44% 100.00%
Payments in respect of projects under construction ‐67.70% ‐151.59% ‐95.34% ‐60.31% ‐73.47% ‐100.00%
Increase of fixed assets ‐ Fixed assets of International City for Ready Mix ( K.S.A) ‐ ‐ ‐ ‐ ‐ ‐
Changes in amounts paid under investment in subsidiaries ‐ ‐ ‐ ‐ ‐ ‐
Proceeds from investment in an associate company 21.71% 29.22% 52.32% 116.50% 215.05% 100.00%
Change in amounts paid under investment in subsidiaries and other companies ‐ ‐5.96% 355.14% ‐0.85% ‐ ‐100.00%
Credit interests received 48.06% 55.75% 39.33% 28.21% 86.94% 100.00%
NET CASH FLOWS (USED IN) INVESTING ACTIVITIES ‐87.11% ‐275.41% ‐182.66% ‐67.75% ‐67.28% ‐100.00%
CASH FLOWS FROM FINANCING ACTIVITIES
Change in medium term loans and other long term liabilities 2.53% 33.32% 12.19% ‐7.58% 19.63% ‐100.00%
Change in banks ‐ credit balance ‐ ‐ ‐ ‐ ‐ ‐
Change in credit facilities ‐ ‐ ‐ ‐ ‐128.74% ‐100.00%
Dividends paid ‐63.08% ‐65.28% ‐40.55% ‐65.87% ‐86.58% ‐100.00%
Dividends paid to non‐controlling interest ‐5.07% ‐32.99% ‐57.41% ‐72.07% ‐103.60% ‐100.00%
Changes in non‐controlling interest 255.40% 707.18% 238.81% 289.56% ‐488.33% ‐100.00%
Adjustments on retained earnings ‐ ‐0.96% ‐0.40% ‐2.04% ‐0.39% ‐100.00%
NET CASH FLOWS (USED IN) FINANCING ACTIVITIES ‐42.54% ‐40.10% ‐31.65% ‐53.87% ‐72.23% ‐100.00%
Net Increase (decrease) in cash and cash equivalent during the Year ‐277.27% ‐92.96% 69.01% 45.82% ‐114.80% 100.00%
Foreign exchange differences ‐ ‐ ‐ 1532.89% ‐232.84% ‐100.00%
Foreign currencies translation differences related to fixed assets ‐295.56% 13.06% ‐74.59% ‐44.69% ‐61.54% ‐100.00%
Change in cumulative foreign currencies translation differences 66.27% ‐30.97% 66.41% 43.28% 45.27% 100.00%
Cash and cash equivalent ‐ beginning of the year 109.47% 122.09% 109.19% 97.45% 118.30% 100.00%
CASH AND CASH EQUIVALENT – END OF THE YEAR 49.82% 88.89% 103.04% 92.30% 82.37% 100.00%
For the purpose of preparing the consolidated statement of cash flows, cash and cash
equivalent comprise of the following:
Cash on hand and at banks 60.32% 92.53% 103.20% 92.30% 82.37% 100.00%
Less: Bank overdraft ‐ ‐ ‐ ‐ ‐ ‐
CASH AND CASH EQUIVALENT 49.82% 88.89% 103.04% 92.30% 82.37% 100.00%
Anas Abdussalam
‐300.00%
‐250.00%
‐200.00%
‐150.00%
‐100.00%
‐50.00%
0.00%
50.00%
100.00%
150.00%
2015 2014 2013 2012 2011 2010
HORIZONTAL COMMON‐SIZE ANALYSIS
NET CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES
NET CASH FLOWS (USED IN) INVESTING ACTIVITIES
NET CASH FLOWS (USED IN) FINANCING ACTIVITIES
Net Increase (decrease) in cash and cash equivalent during the Year
109.47% 122.09% 109.19% 97.45% 118.30% 100.00%
CASH AND CASH EQUIVALENT – END OF THE YEAR

14. Suez Cement Company (S.A.E)
Financial Ratio Analysis
2015 2014 2013 2012 2011 2010
Liquidity Ratios:
Current Ratio 1.27 1.45 1.79 1.80 1.84 1.83
Quick Ratio (Acid Test Ratio) 0.57 0.77 1.16 1.13 1.06 1.12
Cash Ratio 0.47 0.68 1.05 0.97 0.91 0.98
Cash Flow Ratio 0.02 0.43 0.62 0.59 0.50 1.01
Net Working Capital 618,979,852 1,085,621,030 1,379,637,679 1,345,661,940 1,348,065,907 1,493,455,803
Net Working Capital Ratio 0.06 0.10 0.14 0.14 0.14 0.15
Leverage Ratios:
Financial Leverage Ratio 1.39 1.36 1.26 1.25 1.24 1.25
Degree of Financial Leverage (DFL) 0.56 1.03 1.02 1.01 1.01 1.01
Degree of Operating Leverage (DOL) ‐ 12.72 0.00 0.40 3.77 2.22
Degree of Total Leverage ‐ 13.09 0.00 0.41 3.79 2.24
Capital Structure and Solvency Ratios:
Debt to Equity Ratio 0.39 0.36 0.26 0.25 0.24 0.25
Long‐Term Debt to Equity Ratio 0.07 0.06 0.04 0.03 0.04 0.02
Debt to Total Assets Ratio 0.28 0.27 0.20 0.20 0.20 0.20
Earnings Coverage Ratios:
Interest Coverage (Times Interest Earned) (1.26) 35.94 64.84 143.34 176.86 93.59
Fixed Charge Coverage (Earnings to Fixed Charges) (1.26) 35.94 64.84 143.34 176.86 93.59
Cash Flow to Fixed Charges 8.83 55.51 102.88 219.80 226.54 107.96
Activity Ratios:
Accounts Receivable Turnover Ratio 17.74 20.45 15.71 13.91 15.70 22.12
Days Sales in Receivables (Average Collection Period) 20.58 17.84 23.23 26.25 23.25 16.50
Inventory Turnover Ratio 4.27 4.97 4.96 4.16 3.83 4.44
Days Sales in Inventory 85.47 73.41 73.64 87.82 95.29 82.13
Accounts Payable Turnover Ratio 6.33 7.36 7.24 7.22 8.14 9.51
Days Purchases in Accounts Payable 57.63 49.56 50.45 50.58 44.85 38.39
Operating Cycle 106.05 91.26 96.87 114.07 118.54 98.63
Cash Cycle 48.41 41.69 46.43 63.49 73.69 60.24
Total Asset Turnover Ratio 0.54 0.59 0.51 0.48 0.49 0.63
Fixed Asset Turnover Ratio 1.71 1.97 1.70 1.51 1.58 4.88
Profitability Ratios:
Gross Profit Margin Percentage 7.49% 17.65% 19.10% 18.53% 22.54% 34.46%
Operating Profit Margin Percentage ‐1.50% 12.08% 14.26% 16.44% 18.15% 28.33%
Net Profit Margin Percentage (Profit Margin on Sales) ‐1.84% 8.55% 11.73% 12.87% 14.02% 23.70%
Cash Flow Margin Percentage 0.80% 16.63% 21.59% 21.65% 16.62% 29.53%
EBITDA Margin Percentage 7.44% 20.73% 23.88% 24.87% 27.47% 36.87%
Return on Invested Capital:
Return on Assets (ROA) ‐1.00% 5.08% 6.03% 6.12% 6.86% 14.83%
Return on Equity (ROE) ‐1.37% 6.66% 7.55% 7.62% 8.55% 18.61%
Return on Common Equity (ROCE) ‐1.37% 6.66% 7.55% 7.62% 8.55% 18.61%
Cash Return on Assets 0.43% 9.88% 11.09% 10.29% 8.13% 18.48%
Market Ratios:
Book Value Per Share 36.19 39.51 39.99 38.95 39.24 40.28
Market‐to‐Book Ratio 1.02 0.91 0.59 0.58 0.96 1.01
Basic Earnings Per Share (BEPS) (0.33) 2.75 2.96 2.88 3.13 6.80
Diluted Earnings Per Share (DEPS) (0.33) 2.75 2.96 2.88 3.13 6.80
Price/Earnings Ratio (111.33) 13.12 7.97 7.88 11.99 6.01
Price/EBITDA Ratio 15.96 5.14 3.56 3.61 5.15 3.28
Earnings Yield (0.01) 0.08 0.13 0.13 0.08 0.17
Dividend Yield 0.00 0.07 0.11 0.12 0.04 0.12
Dividend Payout Ratio 0.00 0.96 0.90 0.92 0.53 0.72
Shareholder Return
Other:
Sustainable Growth Rate ‐1.3739% 0.2377% 0.7910% 0.6172% 4.0381% 5.1988%
Anas Abdussalam

15. Suez Cement Company (S.A.E)
Financial Highlights
Anas Abdussalam
2015 2014 2013 2012 2011 2010
Current Ratio 1.27 1.45 1.79 1.80 1.84 1.83
Quick Ratio (Acid Test Ratio) 0.57 0.77 1.16 1.13 1.06 1.12
Cash Ratio 0.47 0.68 1.05 0.97 0.91 0.98
Cash Flow Ratio 0.02 0.43 0.62 0.59 0.50 1.01
Net Working Capital Ratio 0.06 0.10 0.14 0.14 0.14 0.15
Net Working Capital 618,979,852 1,085,621,030 1,379,637,679 1,345,661,940 1,348,065,907 1,493,455,803
0
200,000,000
400,000,000
600,000,000
800,000,000
1,000,000,000
1,200,000,000
1,400,000,000
1,600,000,000
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
Liquidity Ratios
1 2 3 4 5 6
Financial Leverage Ratio 1.39 1.36 1.26 1.25 1.24 1.25
Degree of Financial Leverage (DFL) 0.56 1.03 1.02 1.01 1.01 1.01
Degree of Operating Leverage (DOL) 0.00 12.72 0.00 0.40 3.77 2.22
Degree of Total Leverage 0.00 13.09 0.00 0.41 3.79 2.24
Debt to Equity Ratio 0.39 0.36 0.26 0.25 0.24 0.25
Long‐Term Debt to Equity Ratio 0.07 0.06 0.04 0.03 0.04 0.02
Debt to Total Assets Ratio 0.28 0.27 0.20 0.20 0.20 0.20
Interest Coverage (Times Interest Earned) (1.26) 35.94 64.84 143.34 176.86 93.59
Cash Flow to Fixed Charges 8.83 55.51 102.88 219.80 226.54 107.96
(50.00)
0.00
50.00
100.00
150.00
200.00
250.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
Leverage Ratios

16. Suez Cement Company (S.A.E)
Financial Highlights
Anas Abdussalam
2015 2014 2013 2012 2011 2010
Accounts Receivable Turnover Ratio 17.74 20.45 15.71 13.91 15.70 22.12
Days Sales in Receivables (Average Collection Period) 20.58 17.84 23.23 26.25 23.25 16.50
Inventory Turnover Ratio 4.27 4.97 4.96 4.16 3.83 4.44
Days Sales in Inventory 85.47 73.41 73.64 87.82 95.29 82.13
Accounts Payable Turnover Ratio 6.33 7.36 7.24 7.22 8.14 9.51
Days Purchases in Accounts Payable 57.63 49.56 50.45 50.58 44.85 38.39
Operating Cycle 106.05 91.26 96.87 114.07 118.54 98.63
Cash Cycle 48.41 41.69 46.43 63.49 73.69 60.24
Total Asset Turnover Ratio 0.54 0.59 0.51 0.48 0.49 0.63
Fixed Asset Turnover Ratio 1.71 1.97 1.70 1.51 1.58 4.88
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
Activity Ratios
2015 2014 2013 2012 2011 2010
Gross Profit Margin Percentage 7.49% 17.65% 19.10% 18.53% 22.54% 34.46%
Operating Profit Margin Percentage ‐1.50% 12.08% 14.26% 16.44% 18.15% 28.33%
Net Profit Margin Percentage (Profit Margin on Sales) ‐1.84% 8.55% 11.73% 12.87% 14.02% 23.70%
Cash Flow Margin Percentage 0.80% 16.63% 21.59% 21.65% 16.62% 29.53%
EBITDA Margin Percentage 7.44% 20.73% 23.88% 24.87% 27.47% 36.87%
Return on Assets (ROA) ‐1.00% 5.08% 6.03% 6.12% 6.86% 14.83%
Return on Equity (ROE) ‐1.37% 6.66% 7.55% 7.62% 8.55% 18.61%
Cash Return on Assets 0.43% 9.88% 11.09% 10.29% 8.13% 18.48%
‐5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
Profitability Ratios
2015 2014 2013 2012 2011 2010
Book Value Per Share 36.19 39.51 39.99 38.95 39.24 40.28
Market‐to‐Book Ratio 1.02 0.91 0.59 0.58 0.96 1.01
Basic Earnings Per Share (BEPS) (0.33) 2.75 2.96 2.88 3.13 6.80
Price/EBITDA Ratio 15.96 5.14 3.56 3.61 5.15 3.28
Earnings Yield (0.01) 0.08 0.13 0.13 0.08 0.17
Dividend Yield 0.00 0.07 0.11 0.12 0.04 0.12
Dividend Payout Ratio 0.00 0.96 0.90 0.92 0.53 0.72
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
(5.00)
0.00
5.00
10.00
15.00
20.00
Market Ratios