Almarai Company

Consolidated Income Statement 2013 2014 2015

Revenue SAR '000 11,219,182 12,605,565 13,794,616
Gross Profit SAR '000 3,962,732 4,592,625 5,283,263
Operating Profit SAR '000 1,796,606 1,997,627 2,262,052
Profit before Zakat and income Tax SAR '000 1,542,357 1,754,978 1,864,396
Profit/(Loss) for the year attributable to SAR '000 1,500,372 1,683,909 1,798,661
shareholders
Profit for the year SAR '000 1,502,207 1,674,339 1,915,691

Consolidated Statement of Financial 2013 2014 2015

Position
Total assets SAR '000 23,171,372 23,948,915 27,446,780
Non-current assets SAR '000 17,823,127 19,037,343 21,253,155
Intangible Assets and Goodwill SAR '000 1,350,126 1,350,165 1,141,277
Biological Asset SAR '000 992,350 1,069,912 1,186,506
Investment SAR '000 324,980 198,414 94,177
Current assets SAR '000 5,348,245 4,911,572 6,193,625
Equity Attributable to Shareholders SAR '000 8,442,470 9,186,852 10,325,493
Total equity SAR '000 10,764,188 11,630,932 12,585,276
Non-current liabilities SAR '000 8,686,721 8,275,049 9,992,477
Current liabilities SAR '000 3,720,463 4,042,934 4,869,027

Consolidated Statement of Cash 2013 2014 2015

Flows
Net cash generated from operating activities SAR '000 2,585,621 3,198,763 4,931,941

Net cash used in investing activities SAR '000 -3,302,251 -3,114,617 -4,408,951
Net cash generated from/(used in) financing SAR '000 2,115,113 -1,082,154 731,704
activities
Net increase / (decrease) in cash and cash SAR '000 1,393,212 -1,013,729 1,241,989
equivalents
Cash and cash equivalents at end of period SAR '000 1,810,516 796,787 2,038,776

Key indicators 2013 2014 2015

Efficiency
Return on Sales % 13.4 13.3 13.9
EBITDA to Sales % 24.4 23.5 24.2
EBIT to Sales % 16.0 15.8 16.4
Return on Shareholders Equity % 18.8 19.0 19.6
Return on Total Equity % 15.8 15.0 15.8
Return on Net Operating Assets % 11.0 10.7 11.2
Revenue Growth Rate % 13.5 12.4 9.4
Solvency
Net Debt to Equity Ratio % 74.8 75.3 74.0
 Net Debt / EBITDA x 3.0 2.8 2.7
Current Ratio % 143.8 121.5 127.2
Stock information
Dividend Proposed SAR Million 600 600 690
Dividends Payout Ratio % 39.9 35.8 36.0
1. Efficiency - Based on 12 months basis.
2. Net Debt to Equity Ratio (Solvency) - Based on 12 months basis.

Segmental Reporting 2013 2014 2015

Sales by segment
Dairy & Juice SAR Million 8,835.8 9,901.9 10,740.9
Bakery SAR Million 1,445.1 1,532.9 1,625.8
Poultry SAR Million 792.3 1,022.8 1,262.3
Other Activities SAR Million 145.9 148.0 165.6
Sales by geography
Saudi Arabia SAR Million 7,276.8 8,100.9 8,788.5
Other GCC Countries SAR Million 2,874.2 3,321.3 3,663.4
Other Countries SAR Million 1,068.2 1,183.4 1,342.7
Sales analysis by country
KSA % 65.0 64.0 64.0
UAE % 9.0 9.0 9.0
Oman % 5.0 5.0 5.0
Kuwait % 5.0 5.0 5.0
Egypt % 4.0 5.0 6.0
Bahrain % 2.0 2.0 2.0
Jordan % 4.0 3.0 2.0
Other exports % 2.0 2.0 1.0
 2016 2017 2018
14,338,579 13,935,532 13,722,797
5,522,487 5,583,639 5,445,362
2,517,779 2,583,350 2,461,356
2,224,442 2,202,208 2,077,720
2,147,786 2,182,286 2,008,869

2,150,097 2,159,963 2,007,222

2016 2017 2018

29,194,437 31,895,849 32,318,420

23,812,600 25,083,073 25,212,601
1,040,099 1,046,607 1,038,371
1,271,425 1,283,342 1,366,566
96,612 129,429 204
5,381,837 6,812,776 7,105,819
11,357,219 12,784,373 13,926,796
13,478,469 14,881,240 14,515,990
10,800,026 11,243,500 12,396,363
4,915,942 5,771,109 5,406,067

2016 2017 2018

4,472,544 4,614,147 3,557,726

-4,981,391 -3,310,466 -2,340,344

-717,222 -240,992 -1,850,535

-1,226,069 1,062,689 -633,153

564,080 1,636,112 1,003,581

2016 2017 2018

14.2 15.5 14.6

25.9 28.1 28.2
17.6 18.5 17.9
19.8 17.9 15.0
16.5 15.2 13.7
11.1 10.5 9.4
6.6 -2.8 -1.5

80.7 73.0 87.0

 2.7 2.8 3.0
109.5 118.0 131.4

720 750 850

34.9 34.7 42.3

2016 2017 2018

10,961.3 10,510.5 9,975.6

1,880.8 1,807.1 1,736.9
1,331.5 1,463.6 1,808.1
165.0 154.3 202.2

9,057.1 9,300.0 9,237.6

3,745.7 3,480.7 3,149.0
1,535.8 1,154.9 1,336.2

63.0 67.0 67.0

10.0 10.0 10.0
5.0 5.0 6.0
4.0 5.0 5.0
7.0 5.0 6.0
2.0 2.0 2.0
2.0 2.0 2.0
2.0 2.0 2.0

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BALANCE SHEET Current Ratio
2018 2017 2016 2018 2017
Current Assets 3,133,187 3,603,552 2,136,173 0.579568659 0.624412396
Inventory 3,874,193 3,121,903 3,168,687

Investments 102,828 220,140 199,484 Quick Ratio

Fixed Assets 25,109,918 24,818,962 22,430,672 -0.13706933 0.083458656
Other Assets 98,294 131,292 1,087,724

Total Assets 32,318,420 31,895,849 29,022,740

Current Liabilities 5,406,067 5,771,109 4,793,320

Non-Current Liabilities 12,396,363 11,243,500 10,772,577

Other Liabilities - - -
Shareholders Equity 13,926,796 14,484,373 13,035,593

Total Liabilities and Shareholder Equity 32,318,420 31,895,849 29,022,740

Minority Interests 589,194 396,867 421,250

STATEMENT OF INCOME
2018 2017 2016
Sales 13,722,797 13,935,532 14,698,662

Sales Cost -8,277,435 8,351,893 8,865,050

Total Income 5,445,362 5,583,639 5,833,612

Other Revenues - - -
Total Revenues 5,445,362 5,583,639 5,833,612

Admin and Marketing Expenses -2,707,391 2,789,218 3,291,736

Depreciation - - -
Other Expenses -658,604 569,890 387,046

Total Expenses -3,365,995 3,359,108 3,678,782

Net Income Before Zakat 2,079,367 2,224,531 2,154,830

Zakat 70,498 42,245 74,345

Net Income 2,008,869 2,182,286 2,080,485

Balance First Period - - 3,659,639

Reserves - - 208,049

Cash Dividends - - 690,000

Other Distributions - - 2,045,682

Balance End Period - - 2,796,393

CASH FLOW
2018 2017 2016
Net Income 2,007,222 2,159,963 2,080,485

Depreciation 2,045,395 1,919,615 1,794,885

Accounts Receivable -239,893 -106,170 -147,195

Inventory 858,754 1,083,062 -412,893

Prepaid Expenses - - -
Accounts Payable -314,422 35,566 523,949

Other Changes in Oper. Activity -799,330 -477,889 554,360

Purchases of Fixed Assets -2,056,448 -2,931,745 -5,163,281

Other Changes in Investing Act. -283,896 -378,721 263,163

Increase in Debts 1,114,449 1,105,031 349,526

Other Changes in Financing Act. -2,964,362 -1,336,680 -1,152,075

Cash at Begining of Period 1,636,112 564,080 2,038,776

Cash at End of Period 1,003,581 1,636,112 729,700

Cash flow statement

4614147 44725544
rent Ratio
2016
0.445656

ick Ratio
-0.215407
 2018 2017 2016
Income Stament
31/12 31/12 31/12

Total Revenue 13722.8 13935.53 14338.58

Revenue 13722.8 13935.53 14338.58

Other Revenue, Total - - -

Cost of Revenue, Total 8916.52 8934.79 9434.76

Gross Profit 4806.27 5000.74 4903.81

Total Operating Expenses 11261.44 11352.18 11820.8

Selling/General/Admin. Expenses, Total 2367.3 2446.2 2569.7

Research & Development - - -

Depreciation / Amortization 315.41 343.01 343.61

Interest Expense (Income) - Net Operating -0.23 -1.11 -

Unusual Expense (Income) -469.84 -407.93 -518.44

Other Operating Expenses, Total 132.27 37.21 -8.83

Operating Income 2461.36 2583.35 2517.78

Interest Income (Expense), Net Non-Operating -387.39 -378.55 -287.73

Gain (Loss) on Sale of Assets - - -

Other, Net 3.75 -2.59 -5.61

Net Income Before Taxes 2077.72 2202.21 2224.44

Provision for Income Taxes 70.5 42.24 74.34

Net Income After Taxes 2007.22 2159.96 2150.1

Minority Interest 1.65 22.32 -2.31

Equity In Affiliates - - -

U.S GAAP Adjustment - - -

Net Income Before Extraordinary Items 2008.87 2182.29 2147.79

Total Extraordinary Items - - -

Net Income 2008.87 2182.29 2147.79

Total Adjustments to Net Income -55.59 -71.14 -65.39

Income Available to Common Excluding Extraordinary Items 1953.28 2111.14 2082.39

Dilution Adjustment -3.28 -1.14 -2.39

Diluted Net Income 1950 2110 2080

Diluted Weighted Average Shares 1000 1000 1000

Diluted EPS Excluding Extraordinary Items 1.95 2.11 2.08

DPS - Common Stock Primary Issue 0.85 0.75 0.72

Diluted Normalized EPS 1.5 1.71 1.58

2018 2017 2016

Balance Sheet 31/12 31/12 31/12

Total Current Assets 7071.96 6812.78 5381.84

Cash and Short Term Investments 1182.9 1891.7 729.7

Cash 990.26 506.7 729.7

Cash & Equivalents 1182.9 1385 -

Short Term Investments - - -

Total Receivables, Net 1896.09 1409.23 1205.97

Accounts Receivables - Trade, Net 1288.26 1255.23 1049.48

Total Inventory 3874.19 3209.22 3098.77

Prepaid Expenses 476.18 293.14 342.72

Other Current Assets, Total 118.78 9.48 4.68

Total Assets 32679.14 31895.85 29194.44

Property/Plant/Equipment, Total - Net 24434.75 23685.03 22416.02

Property/Plant/Equipment, Total - Gross 34935.79 33196.19 30584.76

Accumulated Depreciation, Total -10962.69 -9511.16 -8168.74

Goodwill, Net 934.34 934.89 930.73

Intangibles, Net 1038.37 111.72 109.37

Long Term Investments 102.83 220.14 199.48

Note Receivable - Long Term - - -

Other Long Term Assets, Total 31.23 131.29 157

Other Assets, Total - - -

Total Current Liabilities 5495.72 5771.11 4915.94

Accounts Payable 1326.87 1566.22 1658.61

Payable/Accrued 2873.92 - -

Accrued Expenses 1057.95 1333.53 1204.56

Notes Payable/Short Term Debt 204.84 438.04 312.53

Current Port. of LT Debt/Capital Leases 2074.57 1820.95 1171.88

Other Current liabilities, Total 342.39 612.36 568.36

Total Liabilities 18798.5 17411.48 16137.22

Total Long Term Debt 11969.71 10543.12 10128.34

Long Term Debt 11651.97 10543.12 10128.34

Capital Lease Obligations 317.74 - -

Total Debt 14249.12 12802.11 11612.76

Deferred Income Tax 37.97 48.06 56.49

Minority Interest 588.68 396.87 421.25

2018 2017 2016

Period Ending:
31/12 31/12 31/12

Cash flow statment 12 Months 12 Months 12 Months

Net Income/Starting Line 2007.22 2159.96 2150.1

Cash From Operating Activities 3557.73 4614.15 4472.54

Depreciation/Depletion 1997.94 1869.6 1784.38

Amortization 47.45 50.02 32.48

Deferred Taxes - - -

Non-Cash Items 894.74 802.25 624.76

Cash Receipts - - -

Cash Payments - - -

Cash Taxes Paid 22.96 11.92 10.16

Cash Interest Paid - - -

Changes in Working Capital -1389.63 -267.68 -119.18

Cash From Investing Activities -2340.34 -3310.47 -4981.39

Capital Expenditures -2056.45 -2931.74 -4625.88

Other Investing Cash Flow Items, Total -283.9 -378.72 -355.51

Cash From Financing Activities -1850.54 -240.99 -717.22

Financing Cash Flow Items -369.54 -553.96 -333.05

Total Cash Dividends Paid -747.85 -717.9 -687.72

Issuance (Retirement) of Stock, Net -147.59 -74.16 -48.3

Issuance (Retirement) of Debt, Net -585.55 1105.03 351.85

Foreign Exchange Effects 0.62 9.34 -30.98

Net Change in Cash -632.53 1072.03 -1257.05