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FIN361
Financial Management and Control
Systems
Final Project
Fall 2022
Submitted by:
Ayman Ahmed 220200010
Mohamed Hamed 220200059
Submitted to:
Dr. Mahmoud Otaify
2
➢ About Rameda
Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents
(Rameda) S.A.E., together with its subsidiaries, produces and sells a range of
branded generic pharmaceuticals and nutraceuticals in Egypt. It manufactures,
markets, sells, and stores pharmaceutical reagents for human and veterinary use,
and diagnostic reagents for individuals, laboratories, and hospitals. The company
offers a portfolio of products in various therapeutic areas, such as anti-infective,
anti-diabetic, respiratory, ophthalmology, gastrointestinal tract, cardiovascular,
central nervous system, vitamins, and analgesics.
It also provides contract manufacturing services for pharmaceutical companies;
imports and exports pharmaceutical reagents and raw materials; and produces food
supplements for human use. The company was incorporated in 1986 and is based
in 6th of October City, Egypt. Tenth of Ramadan for Pharmaceutical Industries and
Diagnostic Reagents (Rameda) S.A.E. is a subsidiary of Greville Investing
Limited.
3
➢ Property:
%
Number of
shareholders
Amount
EGP
Main Shareholder's
Shares
33.17% 331,671,309 82,917,827
Treasury Shares 2.62% 26,220,000 6,555,000
Other listed Free
Shares in Stock
Exchange Market
64.21% 642,108,691 160,527,173
Total 100% 1,000,000,000 250,000,000
4
➢ Describe and analyze the performance of the following components
(2019:2021)
1. Quarterly degree of different types of leverage
2. Quarterly capital increase/reduction decisions
3. Quarterly capital restructuring decisions
4. Quarterly capital expenditures (capex)
Types of leverage
Year Quarter type of leverage
2019 DOL DFL DTL
Q1 17.95 1.57 28.19
Q2 -0.25 3.22 -0.79
Q3 5.18 4.29 22.20
Q4 3.10 1.12 3.45
2020
Q1 2.57 0.55 1.42
Q2 2.96 0.57 1.70
Q3 1.81 0.40 0.71
Q4 4.14 -0.19 -0.79
2021
Q1 -4.86 0.69 -3.35
Q2 1.60 0.36 0.57
Q3 2.19 0.56 1.23
Q4 0.66 -2.73 -1.81
5
Capital increase Decisions
The Group's authorized capital amounted to EGP 200 million, whereas the issued
and paid-up capital amounted to EGP 120 million divided over 120,000 shares of
par value EGP 1,000 each.
The extra ordinary general assembly meeting held on 2 May 2011 decided to
increase the Group's authorized capital to EGP 1 billion and to increase the issued
and paid-up capital to EGP 160,900,000 divided over 160,900 shares of par value
EGP 1,000 each.
The extraordinary general assembly meeting held on 14 March 2018 decided to
amend the par value of the share from EGP 1,000 per share to EGP 0.25 per share.
Accordingly, the Company's issued capital amounts to EGP 160,900,000 divided
over 643,600,000 shares of par value EGP 0.25 each.
• As of 31 December 2019:
The extraordinary general assembly meeting held on 4 November 2019 and 23
November 2019 decided to increase the issued capital by cash increase in
conjunction with the offering in stock exchange market with total amount EGP
550,000,000 (the value of the increase represent the nominal value plus the issue
premium).
The subscription for this increase was limited to Greville Investing Limited
Company who represents the main shareholder and delegated from the remaining
shareholders for the selling process.
The extra ordinary general assembly meeting held on 4 November 2019 and 23
November 2019 decided to increase the issued and paid-up capital from EGP
160,900,000 by EGP 31,250,000 to be EGP 192,150,000 as of 31 December 2019
through issuing 125,000,000 shares at offering price EGP 4.66 divided over
6
768,600,000 shares noting that the deference between offering price and par value
represented in share premium recognized in general reserve.
• As of 30 September 2021:
The extraordinary General Assembly meeting held on May 19, 2021 decided to
increase the paid-in capital from EGP 192,150,000 by EGP 57,850,000 to be EGP
250,000,000 by distributing bonus shares of 0.3010668748 free shares for each
original share of the company's shares before the increase of 768,600,000 shares
with reparations in favor of small shareholders from the smallest to The largest has
to finance the increase in shares from the company's distributable net profits
(profits for the year + retained earnings) for the fiscal year ending on December 31,
2020, so the company's issued capital after the increase becomes 250,000,000
Egyptian pounds distributed over 1,000,000,000 shares with a nominal value of
EGP 0.25 per share. And official approvals are being taken for that increase.
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FIN361.pdf

  • 1. 1 FIN361 Financial Management and Control Systems Final Project Fall 2022 Submitted by: Ayman Ahmed 220200010 Mohamed Hamed 220200059 Submitted to: Dr. Mahmoud Otaify
  • 2. 2 ➢ About Rameda Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E., together with its subsidiaries, produces and sells a range of branded generic pharmaceuticals and nutraceuticals in Egypt. It manufactures, markets, sells, and stores pharmaceutical reagents for human and veterinary use, and diagnostic reagents for individuals, laboratories, and hospitals. The company offers a portfolio of products in various therapeutic areas, such as anti-infective, anti-diabetic, respiratory, ophthalmology, gastrointestinal tract, cardiovascular, central nervous system, vitamins, and analgesics. It also provides contract manufacturing services for pharmaceutical companies; imports and exports pharmaceutical reagents and raw materials; and produces food supplements for human use. The company was incorporated in 1986 and is based in 6th of October City, Egypt. Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E. is a subsidiary of Greville Investing Limited.
  • 3. 3 ➢ Property: % Number of shareholders Amount EGP Main Shareholder's Shares 33.17% 331,671,309 82,917,827 Treasury Shares 2.62% 26,220,000 6,555,000 Other listed Free Shares in Stock Exchange Market 64.21% 642,108,691 160,527,173 Total 100% 1,000,000,000 250,000,000
  • 4. 4 ➢ Describe and analyze the performance of the following components (2019:2021) 1. Quarterly degree of different types of leverage 2. Quarterly capital increase/reduction decisions 3. Quarterly capital restructuring decisions 4. Quarterly capital expenditures (capex) Types of leverage Year Quarter type of leverage 2019 DOL DFL DTL Q1 17.95 1.57 28.19 Q2 -0.25 3.22 -0.79 Q3 5.18 4.29 22.20 Q4 3.10 1.12 3.45 2020 Q1 2.57 0.55 1.42 Q2 2.96 0.57 1.70 Q3 1.81 0.40 0.71 Q4 4.14 -0.19 -0.79 2021 Q1 -4.86 0.69 -3.35 Q2 1.60 0.36 0.57 Q3 2.19 0.56 1.23 Q4 0.66 -2.73 -1.81
  • 5. 5 Capital increase Decisions The Group's authorized capital amounted to EGP 200 million, whereas the issued and paid-up capital amounted to EGP 120 million divided over 120,000 shares of par value EGP 1,000 each. The extra ordinary general assembly meeting held on 2 May 2011 decided to increase the Group's authorized capital to EGP 1 billion and to increase the issued and paid-up capital to EGP 160,900,000 divided over 160,900 shares of par value EGP 1,000 each. The extraordinary general assembly meeting held on 14 March 2018 decided to amend the par value of the share from EGP 1,000 per share to EGP 0.25 per share. Accordingly, the Company's issued capital amounts to EGP 160,900,000 divided over 643,600,000 shares of par value EGP 0.25 each. • As of 31 December 2019: The extraordinary general assembly meeting held on 4 November 2019 and 23 November 2019 decided to increase the issued capital by cash increase in conjunction with the offering in stock exchange market with total amount EGP 550,000,000 (the value of the increase represent the nominal value plus the issue premium). The subscription for this increase was limited to Greville Investing Limited Company who represents the main shareholder and delegated from the remaining shareholders for the selling process. The extra ordinary general assembly meeting held on 4 November 2019 and 23 November 2019 decided to increase the issued and paid-up capital from EGP 160,900,000 by EGP 31,250,000 to be EGP 192,150,000 as of 31 December 2019 through issuing 125,000,000 shares at offering price EGP 4.66 divided over
  • 6. 6 768,600,000 shares noting that the deference between offering price and par value represented in share premium recognized in general reserve. • As of 30 September 2021: The extraordinary General Assembly meeting held on May 19, 2021 decided to increase the paid-in capital from EGP 192,150,000 by EGP 57,850,000 to be EGP 250,000,000 by distributing bonus shares of 0.3010668748 free shares for each original share of the company's shares before the increase of 768,600,000 shares with reparations in favor of small shareholders from the smallest to The largest has to finance the increase in shares from the company's distributable net profits (profits for the year + retained earnings) for the fiscal year ending on December 31, 2020, so the company's issued capital after the increase becomes 250,000,000 Egyptian pounds distributed over 1,000,000,000 shares with a nominal value of EGP 0.25 per share. And official approvals are being taken for that increase.
  • 7. 7 Capital Structure Development  Debt Level: RMDA's net debt to equity ratio (25.4%) is considered satisfactory  Reducing Debt: RMDA's debt to equity ratio has reduced from 103.1% to 57.8% over the past 5 years  Debt Coverage: RMDA's debt is not well covered by operating cash flow (18.7%)  Interest Coverage: RMDA's interest payments on its debt are well covered by EBIT (12.7x coverage) 2019 Debt Equity Cash equivalents D/E ratio Change in debt Change in equity Q1 588,129,000 472,160,000 5,974,000 124.6% - - Q2 634,912,000 492,832,000 8,243,000 128.8% 7.95% 4.38% Q3 595,450,000 503,305,000 11,445,000 118.3% -6.22% 2.13% Q4 627,722,000 1,072,000,000 518,825,000 58.6% 5.42% 112.99% 2020 Debt Equity Cash equivalents D/E ratio Change in debt Change in equity Q1 627,722,000 1,072,000,000 518,825,000 58.6% - - Q2 823,219,000 1,116,000,000 418,673,000 73.8% 31.14% 4.10% Q3 877,069,000 1,140,000,000 418,008,000 76.9% 6.54% 2.15% Q4 912,154,000 1,184,000,000 482,582,000 77.1% 4.0% 3.86% 2021 Debt Equity Cash equivalents D/E ratio Change in debt Change in equity Q1 929,564,000 1,184,000,000 482,582,000 78.5% - - Q2 785,799,000 1,230,000,000 406,355,000 63.9% -15.47% 3.89% Q3 882,619,000 1,275,000,000 290,090,000 69.2% 12.32% 3.66% Q4 864,552,000 1,345,000,000 360,013,000 64.3% -2.05% 5.49%
  • 8. 8 Capital Restructuring Decisions The corporation doesn’t take any capital restructuring decision, but on the other hand, the corporation implemented a plan for the financial and administrative restructuring of public business sector company and working to: 1- improve the business environment in it and develop it technically and humanly. 2- 2- prepare young administrative cadres capable of making a positive transformation in the performance of public business sector company and be able to lead this company in the future.
  • 9. 9 Capital expenditures (capex) For 2019: • Q4: Capital expenditures, which includes the purchase of both tangible and intangible assets, came in at EGP 90.8 million in FY19 against EGP 250.3 million in FY18, primarily attributed to the recent upgrades of the manufacturing facility. For 2020: • Q1: With Rameda’s facility expansion and upgrades fully realized by the end of 2019, net fixed assets grew by 1.6% year-to-date to book EGP 423.8 million as at 31 March 2020, with minimal maintenance-related CAPEX of EGP 8.1 million incurred during the period. • Q2: Net fixed assets came in at EGP 429.8 million as at 30 June 2020, up a marginal 3.0% since year-end 2019. • Q3: Net fixed assets came in at EGP 423.6 million as at 30 September 2020, up a marginal 1.6% since year-end 2019. • Q4: Net fixed assets came in at EGP 495.3 million as at 31 December 2020, increasing by 18.7% since year-end 2019. For 2021: • Q1: With all of the major facility expansions and upgrades fully realized by the end of 2019 CAPEX year-to-date accounting primarily for asset maintenance, net fixed assets came in at EGP 495.0 million as at 31 March 2021, declining by 0.1% from the end of last quarter.
  • 10. 10 • Q2: Net fixed assets came in at EGP 494.9 million as at 30 June 2021, declining by 0.1% from the end of last quarter. • Q3: Net fixed assets came in at EGP 498.0 million as at 30 September 2021, up by 0.6% year-to-date, with additions accounting for asset maintenance. • Q4: Net fixed assets came in at EGP 514.9 million as at 31 December 2021, up by 4.0% y-o-y, with CAPEX during the year accounting primarily for asset maintenance and replacements.
  • 11. 11 ➢ Analyze the effect of different corporate disclosures or news on stock market price 1. List of dated corporate discourses. 2. Search for the stock price on the same day of disclosure. 3. Describe the positive or negative or no effects of different types of discourse on stock prices. Date Stock price How it’s affected 14.January 2020 4.70 EGP These disclosures didn't affect the stock as it continued raising 9.Feburary 2020 4.72 EGP These disclosures affect the stock as it reverses its drop as it increased by (0.04) 13.Feburary 2020 4.75 EGP These disclosures didn't affect the stock as it continued raising 17.Feburary 2020 4.76 EGP These disclosures affect the stock as it reverses its raise as it decreased by (0.05) 18.Feburary 2020 4.74 EGP These disclosures didn't affect the stock as it continued dropping 1.March 2020 4.44 EGP These disclosures didn't affect the stock as it continued raising 23.March 2020 4.01 EGP These disclosures didn't affect the stock as it continued raising 24.March 2020 4.02 EGP These disclosures didn't affect the stock as it continued raising 9.April 2020 4.26 EGP These disclosures didn't affect the stock as it continued dropping 12.April 2020 4.23 EGP These disclosures didn't affect the stock as it continued dropping
  • 12. 12 13.April 2020 4.21 EGP These disclosures didn't affect the stock as it continued dropping 15.April 2020 4.19 EGP These disclosures didn't affect the stock as it continued dropping 10.May 2020 4.05 EGP These disclosures didn't affect the stock as it continued dropping 14.May 2020 3.99 EGP These disclosures didn't affect the stock as it continued dropping 17.May 2020 3.73 EGP These disclosures didn't affect the stock as it continued dropping 22.June 2020 4.32 EGP These disclosures affect the stock as it reverses its raise as it decreased by (0.09) 9.July 2020 4.18 EGP These disclosures didn't affect the stock as it continued dropping 14.July 2020 3.88 EGP These disclosures affect the stock as it reverses its drop as it increased by (0.08) 5.August 2020 4.05 EGP These disclosures didn't affect the stock as it continued dropping 13.August 2020 4.02 EGP These disclosures didn't affect the stock as it continued dropping 26.August 2020 4.08 EGP These disclosures didn't affect the stock as it continued dropping 1.September 2020 4.02 EGP These disclosures didn't affect the stock as it continued dropping 17.September 2020 3.98 EGP These disclosures didn't affect the stock as it continued dropping
  • 13. 13 21.September 2020 3.82 EGP These disclosures didn't affect the stock as it continued dropping 6.October 2020 3.72 EGP These disclosures affect the stock as it reverses its raise as it decreased by (0.04) 11.October 2020 3.61 EGP These disclosures didn't affect the stock as it continued dropping 14.October 2020 3.55 EGP These disclosures didn't affect the stock as it continued dropping 9.November 2020 3.73 EGP These disclosures affect the stock as it reverses its raise as it decreased by (0.01) 25.November 2020 3.99 EGP These disclosures didn't affect the stock as it continued dropping 3.December 2020 3.90 EGP These disclosures didn't affect the stock as it continued dropping 12.January 2021 3.59 EGP These disclosures affect the stock as it reverses its drop as it increased by (0.01) 14.January 2021 3.60 EGP These disclosures didn't affect the stock as it continued raising 2.Feburary 2021 3.58 EGP These disclosures affect the stock as it reverses its raise as it decreased by (0.08) 9.Feburary 2021 3.45 EGP These disclosures didn't affect the stock as it continued dropping 1.March 2021 3.20 EGP These disclosures didn't affect the stock as it continued dropping 22.March 2021 2.74 EGP These disclosures didn't affect the stock as it continued dropping 25.March 2021 2.72 EGP These disclosures didn't affect the stock as it continued dropping 7.April 2021 2.60 EGP These disclosures didn't affect the stock as it continued raising 18.April 2021 2.71 EGP These disclosures affect the stock as it reverses its raise as it decreased by (0.04)
  • 14. 14 21.April 2021 2.66 EGP These disclosures didn't affect the stock as it continued dropping 6.May 2021 2.82 EGP These disclosures didn't affect the stock as it continued raising 19.May 2021 2.83 EGP These disclosures didn't affect the stock as it continued dropping 12.July 2021 2.73 EGP These disclosures affect the stock as it reverses its raise as it decreased by (0.02) 24.August 2021 2.88 EGP These disclosures affect the stock as it reverses its drop as it increased by (0.03) 6.October 2021 1.95 EGP These disclosures didn't affect the stock as it continued dropping 8.October 2021 1.93 EGP These disclosures didn't affect the stock as it continued dropping 12.October 2021 1.92 EGP These disclosures didn't affect the stock as it continued dropping 1.November 2021 1.89 EGP These disclosures didn't affect the stock as it continued raising 25.November 2021 2.32 EGP These disclosures didn't affect the stock as it continued raising
  • 15. 15 ➢ Conclusion Note: All the other disclosures didn’t reverse or affect the stock price Disclosures reverse the stock raise Disclosures reverse the stock drop 17 February 2020 9 February 2020 22 June 2020 22 June 2020 6 October 2020 12 January 2021 9 November 2020 24 August 2021 2 February 2021 18 April 2021 12 July 2021
  • 16. 16 References:  (Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda)) https://ramedapharma-ir.com/en/board-and-shareholders- actions#tab_msbod-reports-and--resolutions https://ramedapharma-ir.com/en/regulatory-disclosures https://ramedapharma-ir.com/en/share-information  (SIMPLY WALL ST) Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E. (CASE:RMDA) Stock Price & Quote Analysis - Simply Wall St
  • 17. 17