Egyptian Electrical Cables: A Wright Investors' Service Research Report

Company FundamentalsCompany Fundamentals\Company Profile
A Wright Investors' Service Research

Report:
Egyptian Electrical Cables 177 West Putnam Avenue

Greenwich, Connecticut 06830-5203
U.S.A.
COMPANY PROFILE
Figures in Egyptian Pounds
Wright Quality Rating:LCNN Key Data
Electro Cable Egypt Co. SAE (ECE) is an Egypt-based public shareholding company Ticker:
that operates in the electric components manufacturing sector. The Company ELEC
manufactures and distributes power and telecommunication cables and wires in
Egypt and abroad. Its product portfolio includes low, medium and high tension power 2016 Sales:
cables, isolated cables and telephone communication cables. It provides its products
864,479,266
and services to the electricity sector companies and agencies, construction sector
companies and agencies, telecommunication agencies and enterprises and military
departments on the local market level. ECE's exports its products to United Arab Major Industry:
Emirates, Tunisia, Sudan, Syria, Iraq, Algeria, Kenya, Zimbabwe, Congo, Romania, Electrical
Cyprus and Malta.
Stock Chart Officers Sub Industry:
Chairman & Managing Diversified Electrical Mfrs.
Director
Dr. Ousama Al Said Country:
Egypt
Chief Financial Officer
Abdul Raouf Shokor Currency:
Egyptian Pounds
Chief Technology Officer
Karima Azzam
Fiscal Year Ends:
December
Chief Accounting Officer
Mustafa Hamada
Employees
N/A
Exchanges:
CAI
Share Type:
Ordinary
Stock Price (2/22/2018): 0.82
Recent stock performance Market Capitalization:
1 Week 0.0% 448,759,120
4 Weeks -11.8%
13 Weeks -7.9% Total Shares
52 Weeks 7.9% Outstanding:
Earnings / Dividends (as of 9/30/2017) 547,267,219
Earnings Dividends
Most Recent Qtr 0.03 0.00 Closely Held Shares:
Last 12 Months -0.11 0.00 178,789,543
Ratio Analysis
Price / Earnings Ratio N/A Dividend Yield 0.00%
Price / Sales Ratio 0.52 Payout Ratio N/A
Price / Book Ratio 0.98 % Held by Insiders 32.67%
Address
45 KM Ismailia Canal Agricultural Rd Phone
CAIRO +20 2 4220 5822
EGYPT Home Page
http://www.ece.com.eg
Company Fundamentals\Comparative Business Analysis
Comparative Business Analysis: Egyptian Electrical Cables

Report Date: February 27, 2018
Company Description
Electro Cable Egypt Co. SAE (ECE) is an Egypt-based public shareholding company that operates in the electric
components manufacturing sector. The Company manufactures and distributes power and telecommunication
cables and wires in Egypt and abroad. Its product portfolio includes low, medium and high tension power cables,
isolated cables and telephone communication cables. It provides its products and services to the electricity
sector companies and agencies, construction sector companies and agencies, telecommunication agencies and
enterprises and military departments on the local market level. ECE's exports its products to United Arab
Emirates, Tunisia, Sudan, Syria, Iraq, Algeria, Kenya, Zimbabwe, Congo, Romania, Cyprus and Malta.
Competitor Analysis
Egyptian Electrical Cables operates within the Nonferrous wiredrawing & insulating sector. This analysis compares
Egyptian Electrical Cables with three other companies: Rapac Communication & Infrastructure Ltd of Israel
(2016 sales of 145.45 million Israel Shekels [US$41.60 million] ), Hayat Communications Company of Kuwait
(19.14 million Kuwaiti Dinars [US$63.81 million] ), and United Cable Industries Company PSC which is based in
Jordan (21.63 million Jordanian Dinars [US$30.46 million] ).
Sales Analysis
During the third quarter of 2017, sales at Egyptian Electrical Cables totalled 242.34 million Egyptian Pounds. This
is an increase of 10.7% from the 218.96 million Egyptian Pounds in sales at the company during the third quarter
of 2016. During the first three quarters of 2017, sales totalled 750.97 million Egyptian Pounds, which is 21.6%
higher than through the first three quarters of 2016. During the previous 9 quarters, sales at Egyptian Electrical
Cables have increased compared with the same quarter in the previous year. During the year ended December of
2016, sales at Egyptian Electrical Cables were 864.48 million Egyptian Pounds (US$48.84 million). This is an
increase of 32.9% versus 2015, when the company's sales were 650.64 million Egyptian Pounds. This was the
fifth consecutive year of sales increases at Egyptian Electrical Cables (and since 2011, sales have increased a
total of 97%).
Recent Sales at Egyptian Electrical Cables

864
622 651
542
439 440
2011 2012 2013 2014 2015 2016

(Figures in Millions of Egyptian Pounds)
The company's sales increased faster in 2016 than at all three comparable companies. While Egyptian Electrical
Cables enjoyed a sales increase of 32.9%, the other companies saw smaller increases: Rapac Communication &
Infrastructure Ltd sales were were down 19.9%, Hayat Communications Company increased 7.7%, and United
Cable Industries Company PSC experienced a sales decline of 32.5%.
Sales Comparisons (Fiscal Year ending 2016)

Sales Sales Sales/
Company (US$mlns) Growth Emp (US$) Largest Region
Egyptian Electrical Cables 48.843 32.9% N/A Egypt (100.0%)
Rapac Communication & Infrastructure Ltd 41.604 -19.9% 96,305 N/A
Hayat Communications Company 63.808 7.7% N/A N/A
United Cable Industries Company PSC 30.459 -32.5% 168,279 N/A
Recent Stock Performance
In recent years, this stock has performed terribly. In 1998, the stock traded as high as 6.65 Egyptian Pounds,
versus 0.82 Egyptian Pounds on 2/22/2018. (In 1998, the stock retreated significantly from its high, and by the
end of the year was at 2.62 Egyptian Pounds). For the 52 weeks ending 2/22/2018, the stock of this company
was up 7.9% to 0.82 Egyptian Pounds. During the past 13 weeks, the stock has fallen 7.9%. During the 12
months ending 9/30/2017, the company has experienced losses totalling 0.11 Egyptian Pounds per share. These
12 month earnings are greater than the earnings per share achieved during the last fiscal year of the company,
which ended in December of 2016, when the company reported earnings of -0.15 per share. This company is
currently trading at 0.52 times sales. Egyptian Electrical Cables is trading at 0.98 times book value. Since the
price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the
value of a company as a going concern. However, all three comparable companies are also trading at a book
value of less than 1. The company's price to book ratio is higher than that of all three comparable companies,
which are trading between 0.42 and 0.88 times book value.
Summary of company valuations (as of 2/22/2018).

Price/ Price/ 52 Wk
Company P/E Book Sales Pr Chg
Egyptian Electrical Cables N/A 0.98 0.52 7.90%
Rapac Communication & Infrastructure Ltd 15.2 0.88 0.92 22.59%
Hayat Communications Company 25.8 0.75 0.39 2.41%
United Cable Industries Company PSC 32.4 0.42 0.80 16.22%
The market capitalization of this company is 448.76 million Egyptian Pounds (US$25.35 million) . The
capitalization of the floating stock (i.e., that which is not closely held) is 302.15 million Egyptian Pounds
(US$17.07 million) . These shares are not very liquid.
Dividend Analysis
This company has paid no dividends during the last 12 months. The company also reported losses during the
previous 12 months. Egyptian Electrical Cables last paid a dividend during fiscal year 2013, when it paid dividends
of 0.05 per share.
Profitability Analysis
On the 864.48 million Egyptian Pounds in sales reported by the company in 2016, the cost of goods sold totalled
809.92 million Egyptian Pounds, or 93.7% of sales (i.e., the gross profit was 6.3% of sales). This gross profit
margin is lower than the company achieved in 2015, when cost of goods sold totalled 90.7% of sales. Egyptian
Electrical Cables's 2016 gross profit margin of 6.3% was lower than all three comparable companies (which had
gross profits in 2016 between 11.3% and 23.5% of sales). The company's earnings before interest, taxes,
depreciation and amorization (EBITDA) were -36.02 million Egyptian Pounds, or -4.2% of sales. This EBITDA
margin is worse than the company achieved in 2015, when the EBITDA margin was equal to 5.4% of sales. All
three comparable companies had positive EBITDA margins, while Egyptian Electrical Cables had a negative
margin. In 2016, earnings before extraordinary items at Egyptian Electrical Cables were -84.06 million Egyptian
Pounds, or -9.7% of sales. This profit margin is lower than the level the company achieved in 2015, when the
profit margin was 4.2% of sales. The company's return on equity in 2016 was -14.1%. This was significantly
worse than the 4.7% return the company achieved in 2015. (Extraordinary items have been excluded).
Profitability Comparison
Gross Earnings
Profit EBITDA before
Company Year Margin Margin extras
Egyptian Electrical Cables 2016 6.3% -4.2% -9.7%
Egyptian Electrical Cables 2015 9.3% 5.4% 4.2%
Rapac Communication & Infrastructure Ltd 2016 23.5% 2.0% 103.8%
Hayat Communications Company 2016 15.7% 3.9% 1.3%
United Cable Industries Company PSC 2016 11.3% 7.8% 1.3%
During the third quarter of 2017, Egyptian Electrical Cables reported earnings per share of 0.03 Egyptian Pounds.
In comparison, in the third quarter of 2016, the company reported a loss of 0.04 Egyptian Pounds per share.
Inventory Analysis
As of December 2016, the value of the company's inventory totalled 209.52 million Egyptian Pounds. Since the
cost of goods sold was 809.92 million Egyptian Pounds for the year, the company had 94 days of inventory on
hand (another way to look at this is to say that the company turned over its inventory 3.9 times per year). In
terms of inventory turnover, this is a significant improvement over December 2015, when the company's
inventory was 181.67 million Egyptian Pounds, equivalent to 112 days in inventory.
Financial Position
As of December 2016, the company's long term debt was 80.00 million Egyptian Pounds and total liabilities (i.e.,
all monies owed) were 469.16 million Egyptian Pounds. The long term debt to equity ratio of the company is 0.18.
As of December 2016, the accounts receivable for the company were 162.84 million Egyptian Pounds, which is
equivalent to 69 days of sales. This is an improvement over the end of 2015, when Egyptian Electrical Cables had
110 days of sales in accounts receivable. The 69 days of accounts receivable at Egyptian Electrical Cables are
lower than all three comparable companies: Rapac Communication & Infrastructure Ltd had 168 days, Hayat
Communications Company had 299 days, while United Cable Industries Company PSC had 130 days outstanding
at the end of the fiscal year 2016.
Financial Positions
LT Debt/ Days Days
Company Year Equity AR Inv.
Egyptian Electrical Cables 2016 0.18 69 94
Rapac Communication & Infrastructure Ltd 2016 2.21 168 19
Hayat Communications Company 2016 0.16 299 124
United Cable Industries Company PSC 2016 0.00 130 256
Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS: Egyptian Electrical Cables

Per Share- Egyptian Pounds
Value Ratios Equity Capital Earnings Dividends

Year Price
% Book 12 Month 12 Month

Fiscal Yr Market Price/ Price/ % Profit Value Earnings % Dividends
Ends: Price Earnings Book Dividend Earned Rate Begin Per % Payout Per
December Last Ratio Ratio Yield Growth (ROE) Yr Share Change Ratio Share
2008 1.06 14.4 0.1 0.0% 0.4% 0.4% 18.74 0.07 n/c 0.0% 0.00
2009 1.04 9.5 1.1 4.3% 6.5% 11.1% 0.99 0.11 49.4% 41.3% 0.05
2010 0.89 6.8 0.8 7.7% 5.8% 12.1% 1.08 0.13 18.7% 52.1% 0.07
2011 0.78 10.7 0.7 5.8% 2.4% 6.4% 1.15 0.07 -43.9% 62.0% 0.05
2012 0.71 204.5 0.6 6.4% -3.7% 0.3% 1.14 0.00 -95.3% 1,310.7% 0.05
2013 0.78 54.9 0.7 5.8% -2.9% 1.3% 1.09 0.01 310.7% 319.1% 0.05
2014 1.11 13.9 1.1 0.0% 7.8% 7.8% 1.02 0.08 461.7% 0.0% 0.00
2015 0.77 15.5 0.7 0.0% 4.7% 4.7% 1.06 0.05 -37.8% 0.0% 0.00
- -
2016 0.86 n/c 0.8 0.0% 1.09 -0.15 n/c n/c 0.00
14.1% 14.1%
2017 0.87 n/c 1.0 0.0% n/c n/c 0.84 n/a n/c n/c 0.00
2/22/2018 0.82 n/c 1.0 0.0% n/a n/a 0.84 -0.11 n/c n/c 0.00
Company Fundamentals\Sales Analysis
SALES ANALYSIS: Egyptian Electrical Cables
Figures in thousands of Egyptian Pounds
Earnings before
Interest, After Tax Income
Taxes, before
Depreciation, and Extraordinary
Cost of Amortization Charges and
Sales Goods Sold (EBITDA) Credits Employees
After Tax
Amount Year-to- Amount Amount Amount Sales Income
in year in % of in % of in % of Per Per
Year thousands Growth thousands Sales thousands Sales thousands Sales Number Employee Employee
-
2007 224,981 -24.4% 205,560 91.4% 5,783 2.6% -24,189 n/a n/a n/a
10.8%
2008 451,030 100.5% 361,787 80.2% 59,182 13.1% 40,259 8.9% n/a n/a n/a
2009 412,432 -8.6% 306,067 74.2% 90,130 21.9% 60,143 14.6% n/a n/a n/a
2010 528,164 28.1% 401,511 76.0% 102,064 19.3% 71,410 13.5% n/a n/a n/a
2011 439,497 -16.8% 372,595 84.8% 60,112 13.7% 40,039 9.1% n/a n/a n/a
2012 440,246 0.2% 418,410 95.0% 15,522 3.5% 1,898 0.4% n/a n/a n/a
2013 542,357 23.2% 497,305 91.7% 26,219 4.8% 7,772 1.4% n/a n/a n/a
2014 621,742 14.6% 527,859 84.9% 77,143 12.4% 43,683 7.0% n/a n/a n/a
2015 650,642 4.6% 590,405 90.7% 60,649 9.3% 27,172 4.2% n/a n/a n/a
2016 864,479 32.9% 809,920 93.7% -54,279 -6.3% -84,061 -9.7% n/a n/a n/a
Company Fundamentals\Price Analysis
PRICE ANALYSIS: Egyptian Electrical Cables

High Low Closing Quarterly 12 months

Quarter Price Price Price %Change %Change
2008 Jan - Mar 2.445 1.304 2.289 n/a n/a
Apr - Jun 3.213 1.866 1.900 -17.0% n/a
Jul - Sep 2.030 1.270 1.391 -26.8% n/a
Oct - Dec 1.382 0.786 1.063 -23.6% n/a
2009 Jan - Mar 1.192 0.743 1.002 -5.7% -56.2%
Apr - Jun 1.702 0.976 1.374 37.1% -27.7%
Jul - Sep 1.678 1.253 1.478 7.6% 6.3%
Oct - Dec 1.524 1.034 1.043 -29.4% -1.8%
2010 Jan - Mar 1.252 0.971 1.079 3.5% 7.7%
Apr - Jun 1.170 0.844 0.853 -21.0% -37.9%
Jul - Sep 0.961 0.825 0.889 4.3% -39.9%
Oct - Dec 0.989 0.862 0.889 0.0% -14.8%
2011 Jan - Mar 0.925 0.608 0.753 -15.3% -30.3%
Apr - Jun 0.853 0.671 0.825 9.6% -3.2%
Jul - Sep 1.025 0.707 0.871 5.5% -2.0%
Oct - Dec 0.916 0.707 0.780 -10.4% -12.2%
2012 Jan - Mar 0.952 0.753 0.771 -1.2% 2.4%
Apr - Jun 0.780 0.617 0.717 -7.1% -13.2%
Jul - Sep 0.871 0.662 0.844 17.7% -3.1%
Oct - Dec 0.853 0.599 0.707 -16.1% -9.3%
2013 Jan - Mar 0.771 0.599 0.608 -14.1% -21.2%
Apr - Jun 0.653 0.417 0.508 -16.4% -29.1%
Jul - Sep 0.698 0.508 0.653 28.6% -22.6%
Oct - Dec 0.834 0.644 0.780 19.4% 10.3%
2014 Jan - Mar 1.551 0.771 1.224 57.0% 101.5%
Apr - Jun 1.805 1.007 1.605 31.1% 216.1%
Jul - Sep 1.705 1.342 1.379 -14.1% 111.1%
Oct - Dec 1.406 0.961 1.107 -19.7% 41.9%
2015 Jan - Mar 1.197 0.907 0.980 -11.5% -20.0%
Apr - Jun 1.016 0.816 0.844 -13.9% -47.5%
Jul - Sep 0.980 0.707 0.798 -5.4% -42.1%

Oct - Dec 0.895 0.638 0.771 -3.4% -30.3%
2016 Jan - Mar 0.914 0.610 0.895 16.0% -8.6%
Apr - Jun 0.981 0.733 0.781 -12.8% -7.4%
Jul - Sep 0.886 0.686 0.695 -11.0% -12.9%
Oct - Dec 0.950 0.648 0.860 23.7% 11.5%
2017 Jan - Mar 0.950 0.720 0.740 -14.0% -17.3%
Apr - Jun 0.770 0.670 0.710 -4.1% -9.1%
Jul - Sep 0.880 0.670 0.850 19.7% 22.3%
Oct - Dec 1.040 0.790 0.870 2.4% 1.2%
2/22/2018 0.820 -7.9% 7.9%

Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: Egyptian Electrical Cables
Fiscal Year Ends in December
Earnings Per Share Dividends Per Share
12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Fiscal % Q1 Q2 Q3 Q4 % Q1 Q2 Q3 Q4 %
Years Earnings Change Mar. Jun. Sep. Dec. Dividends Change Mar. Jun. Sep. Dec. Payout
2007 -0.23 n/c -0.03 -0.02 -0.03 -0.15 0.00 n/c n/a n/a n/a 0.00 0.0%
2008 0.07 n/c 0.01 0.03 0.02 0.01 0.00 n/c n/a n/a n/a 0.00 0.0%
2009 0.11 49.4% 0.04 0.03 0.02 0.03 0.05 n/c n/a n/a n/a 0.05 8.8%
2010 0.13 18.7% 0.03 0.04 0.03 0.03 0.07 50.0% n/a n/a n/a 0.07 45.4%
2011 0.07 -43.9% 0.03 0.02 0.01 n/a 0.05 -33.3% n/a n/a n/a 0.05 0.0%
2012 0.00 -95.3% 0.01 0.00 -0.01 -0.00 0.05 0.0% n/a n/a n/a 0.05 0.0%
2013 0.01 310.7% 0.00 0.00 0.00 0.01 0.05 0.0% n/a n/a n/a 0.05 0.0%
-
2014 0.08 461.7% 0.02 0.02 0.01 0.04 0.00 n/a n/a n/a 0.00 0.0%
100.0%
2015 0.05 -37.8% 0.00 0.03 0.01 0.01 0.00 n/c n/a n/a n/a 0.00 0.0%
2016 -0.15 n/c -0.01 -0.01 -0.04 -0.09 0.00 n/c n/a n/a n/a 0.00 n/c
2017 n/a n/c -0.04 -0.01 0.03 n/a n/a n/c n/a n/a n/a n/a n/c
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Annual
Annual Balance Sheet - (Actual Values): Egyptian Electrical Cables
All figures in millions of Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Fiscal Year End Date 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012
Assets
Total Assets 926 992 801 762 733
Total Current Assets 448 435 380 343 310
Cash & Short Term
40 34 21 16 13
Investments
Cash 39 27 7 10 13
Short Term
1 7 14 6 0
Investments
Receivables (Net) 163 196 218 188 154
Inventories -Total 210 182 124 128 141
Raw Materials 55 46 27 31 51
Work in Process 55 25 26 32 28
Finished Goods 102 101 76 75 71
Progress Payments &
-2 10 -5 -9 -10
Other
Prepaid Expenses 25 12 5 6
Other Current Assets 10 11 11 5 2
Long Term Receivables 0 0 0 0 0
Investment in Associated
0 0 0 0
Companies
Other Investments 3 3 17 17 21
Property Plant and
623 532 529 519 514
Equipment - Gross
Accumulated Depreciation 148 132 125 118 112
Property Plant and
476 399 404 401 402
Equipment – Net
Other Assets 0 155 0 0 0
Deferred Charges 0 0 0 0 0
Tangible Other Assets 0 0 0 0 0
Intangible Other Assets 0 0 0 0 0
Total Assets 926 992 801 762 733
Liabilities & Shareholders'
Equity
Total Liabilities &
926 992 801 762 733
Shareholders' Equity
Total Current Liabilities 395 284 209 188 135
Accounts Payable 87 49 8 8 20
Short Term Debt &
Current Portion of Long Term 216 199 158 142 80
Debt
Accrued Payroll
Income Taxes Payable 11 9 10 5 2
Dividends Payable
Other Current Liabilities 81 28 32 33 33
Long Term Debt 80 0 0 0 0
Long Term Debt Excluding
80 0 0 0 0
Capitalized Leases
Capitalized Lease
0 0 0 0
Obligations
Provision for Risks and
Charges
Deferred Income 0 0 0 0 0
Deferred Taxes -6 14 15 14 3
Deferred Taxes - Credit 0 14 15 14 3
Deferred Taxes - Debit 6
Other Liabilities 0 97 0 0 0
Total Liabilities 469 395 223 202 138
Non-Equity Reserves 0 0 0 0 0
Minority Interest -0 0 0 0 0
Preferred Stock 0 0 0 0 0
Common Equity 457 597 578 560 595
Total Liabilities &
926 992 801 762 733
Financial Statement Analyses\Balance Sheet - Annual - Common Size
Annual Balance Sheet - (Common Size): Egyptian Electrical Cables
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Assets
Total Assets 925.9 992.0 801.0 761.6 733.1
Total Current Assets 48.4% 43.8% 47.4% 45.0% 42.2%
Cash & Short Term
4.3% 3.4% 2.6% 2.1% 1.8%
Investments
Cash 4.2% 2.8% 0.9% 1.3% 1.8%
Short Term
0.1% 0.7% 1.8% 0.8% 0.0%
Investments
Receivables (Net) 17.6% 19.8% 27.2% 24.7% 21.0%
Inventories -Total 22.6% 18.3% 15.5% 16.8% 19.2%
Raw Materials 5.9% 4.7% 3.3% 4.0% 7.0%
Work in Process 6.0% 2.5% 3.3% 4.2% 3.9%
Finished Goods 11.0% 10.1% 9.5% 9.8% 9.7%
Progress Payments &
-0.3% 1.0% -0.6% -1.2% -1.4%
Other
Prepaid Expenses 2.7% 1.2% 0.7% 0.7%
Other Current Assets 1.1% 1.1% 1.4% 0.7% 0.3%
Long Term Receivables 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
Companies
Other Investments 0.3% 0.3% 2.2% 2.3% 2.9%
Property Plant and
67.3% 53.6% 66.1% 68.1% 70.2%
Equipment - Gross
Accumulated Depreciation 15.9% 13.3% 15.6% 15.4% 15.3%
Property Plant and
51.4% 40.2% 50.4% 52.6% 54.9%
Equipment – Net
Other Assets 0.0% 15.7% 0.0% 0.0% 0.0%
Deferred Charges 0.0% 0.0% 0.0% 0.0% 0.0%
Tangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Equity
Total Liabilities &
925.9 992.0 801.0 761.6 733.1
Total Current Liabilities 42.7% 28.7% 26.0% 24.7% 18.4%
Accounts Payable 9.4% 4.9% 1.0% 1.1% 2.7%
Short Term Debt &
Current Portion of Long Term 23.3% 20.0% 19.8% 18.6% 10.9%
Debt
Accrued Payroll
Income Taxes Payable 1.2% 0.9% 1.3% 0.6% 0.3%
Dividends Payable
Other Current Liabilities 8.8% 2.8% 4.0% 4.4% 4.5%
Long Term Debt 8.6% 0.0% 0.0% 0.0% 0.0%
8.6% 0.0% 0.0% 0.0% 0.0%
Capitalized Leases
Capitalized Lease
0.0% 0.0% 0.0% 0.0%
Obligations
Charges
Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%
Deferred Taxes -0.7% 1.4% 1.8% 1.8% 0.4%
Deferred Taxes - Credit 0.0% 1.4% 1.8% 1.8% 0.4%
Deferred Taxes - Debit 0.7%
Other Liabilities 0.0% 9.8% 0.0% 0.0% 0.0%
Total Liabilities 50.7% 39.8% 27.9% 26.5% 18.8%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest -0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 49.4% 60.2% 72.1% 73.5% 81.2%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Financial Statement Analyses\Balance Sheet - Annual - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Egyptian Electrical Cables
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2016 2015 2014 2013 2012
Assets
Total Assets -6.7% 23.8% 5.2% 3.9% 0.9%
Cash & Short Term
17.6% 61.8% 34.9% 19.9% 44.8%
Investments
Cash 42.6% 296.8% -29.1% -24.7% 45.2%
Short Term Investments -85.6% -53.0% 141.2% 7,157.4% 0.0%
Receivables (Net) -17.0% -9.9% 15.6% 22.6% 4.4%
Inventories -Total 15.3% 46.1% -2.9% -9.0% 0.3%
Raw Materials 17.7% 74.7% -13.2% -40.5% 5.7%
Work in Process 123.9% -6.2% -17.8% 13.4% -10.1%
Finished Goods 1.4% 32.2% 1.7% 5.2% 6.5%
Progress Payments &
-124.8%
Other
Prepaid Expenses 115.5% 113.5% -0.5%
Other Current Assets -8.5% 0.5% 99.4% 162.2% -12.7%
Current Assets - Total 3.0% 14.5% 10.7% 10.8% 3.5%
Long Term Receivables
Companies
Other Investments 0.0% -84.9% 0.0% -17.2% 0.0%
Property Plant and
17.2% 0.5% 2.0% 0.8% 0.8%
Equipment - Gross
Property Plant and
19.1% -1.1% 0.7% -0.4% -1.0%
Equipment – Net
Other Assets -100.0% -100.0%
Deferred Charges
Tangible Other Assets
Intangible Other Assets
Total Assets -6.7% 23.8% 5.2% 3.9% 0.9%
Equity
Total Liabilities &
-6.7% 23.8% 5.2% 3.9% 0.9%
Accounts Payable 78.9% 496.2% 0.7% -58.8% 42.0%
Short Term Debt & Current
8.6% 25.4% 11.6% 76.7% 181.9%
Portion of Long Term Debt
Accrued Payroll
Income Taxes Payable 26.5% -12.2% 105.8% 161.3% -83.8%
Dividends Payable
Other Current Liabilities 189.6% -12.1% -4.0% 1.3% -31.0%
Current Liabilities - Total 39.1% 36.3% 10.9% 39.7% 32.5%
Long Term Debt
Capitalized Leases
Capitalized Lease
Obligations
Charges
Deferred Income
Deferred Taxes -144.4% -4.3% 6.4% 319.8% 14.5%
Deferred Taxes - Credit -100.0% -4.3% 6.4% 319.8% 14.5%
Deferred Taxes - Debit
Deferred Tax Liability in
Untaxed Reserves
Other Liabilities -100.0%
Non-Equity Reserves
Minority Interest
Preferred Stock
Preferred Stock Issued for
ESOP
ESOP Guarantees -
Preferred Issued
Common Equity -23.4% 3.3% 3.2% -6.0% -4.3%
Total Liabilities &
-6.7% 23.8% 5.2% 3.9% 0.9%
Financial Statement Analyses\Balance Sheet - Annual - Five-Year Averages
Balance Sheet - (5 Year Averages): Egyptian Electrical Cables
Figures in millions of Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Assets
Total Assets 842.7 802.9 758.7 739.3 717.2
Cash & Short Term
24.8 18.6 30.4 47.4 55.7
Investments
Cash 19.3 13.2 12.6 13.7 12.9
Short Term Investments 5.6 5.4 17.8 33.7 42.8
Receivables (Net) 183.8 180.7 169.2 144.4 129.8
Inventories -Total 156.9 143.1 130.1 125.7 118.1
Raw Materials 41.9 40.7 41.9 46.3 49.0
Work in Process 33.4 28.6 27.2 23.4 19.3
Finished Goods 85.0 77.9 65.0 56.5 45.8
Progress Payments &
-3.3 -4.1 -4.0 -0.5 4.0
Other
Prepaid Expenses
Other Current Assets 7.8 6.3 4.1 2.0 0.9
Current Assets - Total 382.9 353.2 336.0 320.6 304.5
Long Term Receivables 0.0 0.0 0.0 0.0 0.0
0.0 2.4 2.9
Companies
Other Investments 12.3 16.0 18.4 15.4 13.3
Property Plant and
543.4 520.8 515.2 504.4 492.8
Equipment - Gross
Accumulated Depreciation 126.9 118.2 110.9 103.5 96.3
Property Plant and
416.4 402.6 404.3 400.8 396.4
Equipment – Net
Other Assets 31.1 31.1 0.0 0.0 0.0
Deferred Charges 0.0 0.0 0.0 0.0 0.0
Tangible Other Assets 0.0 0.0 0.0 0.0 0.0
Intangible Other Assets 0.0 0.0 0.0 0.0 0.0
Total Assets 842.7 802.9 758.7 739.3 717.2
Equity
Total Liabilities &
842.7 802.9 758.7 739.3 717.2
Accounts Payable 34.4 19.7 11.3 10.6 10.9
Short Term Debt & Current
158.9 121.5 87.7 58.5 33.9
Portion of Long Term Debt
Accrued Payroll
Income Taxes Payable 7.4 7.5 12.3 16.2 18.1
Dividends Payable
Other Current Liabilities 41.5 34.8 42.0 44.5 42.6
Current Liabilities - Total 242.2 183.5 153.3 129.7 105.4
Long Term Debt 16.0 0.0 1.3 5.8 14.1
16.0 0.0 1.3 5.8 14.1
Capitalized Leases
Capitalized Lease
0.0 0.0 0.0 0.0
Obligations
Charges
Deferred Income 0.0 0.0 0.0 0.0 0.0
Deferred Taxes 7.9 9.7 7.4 4.8 2.2
Deferred Taxes - Credit 9.1 9.7 7.4 4.8 2.2
Deferred Taxes - Debit
Deferred Tax Liability in
Untaxed Reserves
Other Liabilities 19.4 19.4 0.0 0.0 0.2
Total Liabilities 285.5 212.5 162.0 140.3 121.9
Non-Equity Reserves 0.0 0.0 0.0 0.0 0.0
Minority Interest -0.1 0.0 0.0 0.0 0.0
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Preferred Stock Issued for
ESOP
ESOP Guarantees -
Preferred Issued
Common Equity 557.3 590.3 596.7 599.0 595.3
Total Liabilities &
842.7 802.9 758.7 739.3 717.2
Financial Statement Analyses\Balance Sheet - Interim
Interim Balance Sheet - (Actual Values): Egyptian Electrical Cables
Fiscal Period End Date 09/30/2017 06/30/2017 03/31/2017 12/31/2016 09/30/2016
Assets
Total Assets 994 926 905 926 972
Total Current Assets 524 454 430 448 475
Cash & Short Term
33 46 47 40 46
Investments
Receivables (Net) 352 257 203 163 206
Inventories - Total 128 141 172 210 192
Prepaid Expenses 25 22
Other Current Assets 11 9 8 10 9
0 0 0 0 0
Companies
Property Plant and
623 639
Equipment - Gross
Accumulated Depreciation 148 145
Property Plant and
467 470 472 476 494
Equipment – Net
Other Assets 3 3 3 3 3
Intangible Other Assets 0 0 0 0 0
Total Assets 994 926 905 926 972
Equity
Total Liabilities &
994 926 905 926 972
Total Current Liabilities 487 438 410 395 315
Accounts Payable 205 156 136 87 28
Short Term Debt &
Current Portion of Long Term 235 243 236 216 211
Debt
Income Taxes Payable 27 19 18 11 7
Other Current Liabilities 21 21 21 81 69
Long Term Debt 72 72 72 80 80
72 72 72 80 80
Capitalized Leases
Capitalized Lease
Obligations
Deferred Taxes -10 -14 -12 -6 -4
Deferred Taxes - Credit 0 0
Deferred Taxes - Debit 10 14 12 6 4
Other Liabilities 0 0 0 0 37
Total Liabilities 550 496 471 469 429
Non-Equity Reserves 0 0 0 0 0
Minority Interest -0 -1 -1 -0 -0
Preferred Stock 0 0 0 0 0
Common Equity 445 431 435 457 544
Total Liabilities &
994 926 905 926 972
Financial Statement Analyses\Balance Sheet - Interim - Common Size
Interim Balance Sheet - (Common Size): Egyptian Electrical Cables
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of Egyptian Pounds.
Assets
Total Assets 994.3 926.1 905.1 925.9 972.3
Cash & Short Term
3.3% 5.0% 5.2% 4.3% 4.8%
Investments
Receivables (Net) 35.4% 27.8% 22.4% 17.6% 21.1%
Inventories - Total 12.9% 15.2% 19.0% 22.6% 19.8%
Prepaid Expenses 2.7% 2.3%
0.0% 0.0% 0.0% 0.0% 0.0%
Companies
Property Plant and
67.3% 65.7%
Equipment - Gross
Accumulated Depreciation 15.9% 14.9%
Property Plant and
47.0% 50.7% 52.2% 51.4% 50.8%
Equipment – Net
Other Assets 0.3% 0.3% 0.3% 0.3% 0.3%
Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Equity
Total Liabilities &
994.3 926.1 905.1 925.9 972.3
Total Current Liabilities 49.0% 47.2% 45.4% 42.7% 32.4%
Accounts Payable 20.6% 16.8% 15.0% 9.4% 2.9%
Short Term Debt &
Current Portion of Long Term 23.7% 26.2% 26.0% 23.3% 21.7%
Debt
Income Taxes Payable 2.7% 2.0% 2.0% 1.2% 0.7%
Other Current Liabilities 2.1% 2.2% 2.3% 8.8% 7.1%
Long Term Debt 7.2% 7.8% 8.0% 8.6% 8.2%
7.2% 7.8% 8.0% 8.6% 8.2%
Capitalized Leases
Capitalized Lease
Obligations
Deferred Taxes -1.0% -1.5% -1.3% -0.7% -0.4%
Deferred Taxes - Credit 0.0% 0.0%
Deferred Taxes - Debit 1.0% 1.5% 1.3% 0.7% 0.4%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest -0.0% -0.1% -0.1% -0.0% -0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 44.8% 46.5% 48.1% 49.4% 55.9%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Financial Statement Analyses\Income Statement - Annual
Annual Income Statement - (Actual Values): Egyptian Electrical Cables
Fiscal Year 2016 2015 2014 2013 2012
Net Sales or Revenues 864 651 622 542 440
Cost of Goods Sold 810 590 528 497 418
Depreciation, Depletion &
15 9 9 8 8
Amortization
Gross Income 40 51 85 37 14
Selling, General &
90 29 24 19 16
Administrative Expenses
Other Operating Expenses 0 -4 -7 1 -8
Operating Expenses - Total 916 625 554 526 435
Operating Income -51 26 67 17 5
Extraordinary Credit - Pretax
Extraordinary Charge - Pretax
Non-Operating Interest
1 1 0 0 1
Income
Reserves -
0 0 0 0
Increase/Decrease
Pretax Equity in Earnings 0 -0 0 0 0
Other Income/Expense - Net -20 25 0 1 1
Earnings before Interest,
Taxes, Depreciation & -54 61 77 26 16
Amortization (EBITDA)
Earnings before Interest &
-69 51 68 18 7
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized 0 0 0 0 0
Pretax Income -101 32 54 8 2
Income Taxes -17 5 11 0 0
Minority Interest -0 0 0 0 0
Equity in Earnings 0 0 0 0
After Tax Other
0 0 0 0 0
Income/Expense
Discontinued Operations 0 0 0 0 0
Net Income before
Extraordinary Items/Preferred -84 27 44 8 2
Dividends
Extraordinary Items &
0 0 0 0 0
Gain/Loss Sale of Assets
Preferred Dividend
0 0 0 0 0
Requirements
Net Income after Preferred
Dividends - available to -84 27 44 8 2
Common
Financial Statement Analyses\Income Statement - Annual - Common Size
Annual Income Statement - (Common Size): Egyptian Electrical Cables
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Net Sales or Revenues 864.5 650.6 621.7 542.4 440.2
Cost of Goods Sold 93.7% 90.7% 84.9% 91.7% 95.0%
1.7% 1.4% 1.5% 1.4% 1.8%
Amortization
Gross Income 4.6% 7.8% 13.6% 6.9% 3.1%
Selling, General &
10.4% 4.5% 3.9% 3.5% 3.6%
Other Operating Expenses 0.0% -0.6% -1.1% 0.2% -1.8%
Operating Expenses - Total 105.9% 96.0% 89.2% 96.9% 98.8%
Operating Income -5.9% 4.0% 10.8% 3.1% 1.2%
0.2% 0.1% 0.0% 0.0% 0.2%
Income
Reserves -
0.0% 0.0% 0.0% 0.0%
Increase/Decrease
Pretax Equity in Earnings 0.0% -0.1% 0.0% 0.0% 0.0%
Other Income/Expense - Net -2.3% 3.9% 0.0% 0.2% 0.2%
Taxes, Depreciation & -6.3% 9.3% 12.4% 4.8% 3.5%
-8.0% 7.9% 10.9% 3.4% 1.7%
Taxes(EBIT)
Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax Income -11.6% 4.9% 8.7% 1.5% 0.5%
Income Taxes -2.0% 0.7% 1.7% 0.1% 0.1%
Equity in Earnings 0.0% 0.0% 0.0% 0.0%
After Tax Other
0.0% 0.0% 0.0% 0.0% 0.0%
Income/Expense
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before
Extraordinary Items/Preferred -9.7% 4.2% 7.0% 1.4% 0.4%
Dividends
0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Dividend
0.0% 0.0% 0.0% 0.0% 0.0%
Requirements
Dividends - available to -9.7% 4.2% 7.0% 1.4% 0.4%
Common
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Egyptian Electrical Cables
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2016 2015 2014 2013 2012
Net Sales or Revenues 32.9% 4.6% 14.6% 23.2% 0.2%
Depreciation, Depletion & Amortization 62.8% -1.4% 19.3% -3.4% -0.2%
-
Gross Income -22.5% -39.7% 127.2% 171.2%
76.7%
Selling, General & Administrative Expenses 208.0% 22.2% 25.8% 19.1% -3.9%
Other Operating Expenses -611.5%
Operating Expenses - Total 46.5% 12.7% 5.5% 20.9% 10.0%
- -
Operating Income -61.8% 299.6% 206.9%
298.4% 87.6%
-
Non-Operating Interest Income 102.5% 136.0% 2.1% -72.3%
66.9%
Reserves - Increase/Decrease
Pretax Equity in Earnings
- -
Other Income/Expense - Net 12,380.2% -83.8% 34.0%
176.8% 79.8%
Earnings before Interest, Taxes, - -
-21.4% 194.2% 68.9%
Depreciation & Amortization (EBITDA) 189.5% 74.2%
- -
Earnings before Interest & Taxes(EBIT) -24.1% 268.8% 148.2%
234.7% 85.8%
Interest Expense on Debt 59.1% 45.2% 30.9% 102.8% 69.1%
Interest Capitalized
- -
Pretax Income -41.4% 574.2% 248.0%
416.4% 95.3%
- -
Income Taxes -56.4% 3,714.4% -33.1%
467.5% 95.4%
Minority Interest
Equity in Earnings
After Tax Other Income/Expense
Discontinued Operations
Net Income before Extraordinary - -
-37.8% 462.1% 309.5%
Items/Preferred Dividends 409.4% 95.3%
Extraordinary Items & Gain/Loss Sale of
Assets
Preferred Dividend Requirements
Net Income after Preferred Dividends - - -
-37.8% 462.1% 309.5%
available to Common 409.4% 95.3%
Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Egyptian Electrical Cables
Figures in millions of Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Cost of Goods Sold 568.8 481.3 443.5 399.2 372.1
Depreciation, Depletion & Amortization 9.9 8.5 8.3 7.8 7.4
Gross Income 45.2 49.1 62.6 65.6 74.8
Selling, General & Administrative Expenses 35.7 21.0 18.7 17.1 16.0
Other Operating Expenses -3.4 -3.9 -0.7 4.8 8.6
Operating Expenses - Total 611.0 506.9 469.8 428.8 404.1
Operating Income 12.9 31.9 44.6 43.7 50.1
Non-Operating Interest Income 0.7 1.0 2.1 3.3 3.9
Reserves - Increase/Decrease 0.0 0.0 0.0 0.0
Pretax Equity in Earnings -0.1 -0.1 0.0 1.0 1.0
Other Income/Expense - Net 1.7 6.5 1.2 3.1 2.9
Earnings before Interest, Taxes, Depreciation &
25.1 47.9 56.2 58.8 65.4
Earnings before Interest & Taxes(EBIT) 15.1 39.4 47.9 51.1 58.0
Interest Expense on Debt 16.0 10.3 7.0 5.1 5.4
Interest Capitalized 0.0 0.0 0.0 0.0 0.0
Pretax Income -0.8 29.1 40.9 46.0 52.6
Income Taxes -0.2 5.0 8.0 9.7 9.9
Minority Interest 0.1 0.0 0.0 0.0 0.0
Equity in Earnings 0.0 0.0 0.0
After Tax Other Income/Expense 0.0 0.0 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0 0.0 0.0
Net Income before Extraordinary Items/Preferred
-0.7 24.1 33.0 36.3 42.7
Dividends
Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0
Preferred Dividend Requirements 0.0 0.0 0.0 0.0 0.0
Net Income after Preferred Dividends - available to
-0.7 24.1 33.0 36.3 42.7
Common
Financial Statement Analyses\Income Statement - Interim
Interim Income Statement - (Actual Values): Egyptian Electrical Cables
Net Sales or Revenues 242 239 270 247 219
Cost of Goods Sold 177 203 262 256 196
4 4 4 4 5
Amortization
Gross Income 62 32 4 -13 18
Selling, General &
29 27 23 17 34
Other Operating Expenses 0 0 0 0 0
Operating Expenses - Total
Operating Income 33 5 -19 -30 -15
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings 0 0 0 0 0
Other Income/Expense - Net 1 1 3 -11 -1
Taxes, Depreciation & 38 10 -11 -38 -12
34 6 -15 -42 -17
Taxes(EBIT)
Pretax Income 18 -6 -28 -52 -26
Income Taxes 4 -2 -5 -2 -7
Minority Interest -0 -1 -1 -0 -0
Equity in Earnings 0 0 0 0 0
After Tax Other
Income/Expense
Discontinued Operations 0 0 0 0 0
Net Income before
Extraordinary Items/Preferred 14 -4 -22 -50 -18
Dividends
0 0 0 0 0
Preferred Dividend
0 0 0 0 0
Requirements
Dividends - available to 14 -4 -22 -50 -18
Common
Financial Statement Analyses\Income Statement - Interim - Common Size
Interim Income Statement - (Common Size): Egyptian Electrical Cables
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of Egyptian Pounds.
1.5% 1.5% 1.3% 1.5% 2.3%
Amortization
Gross Income 25.6% 13.3% 1.6% -5.3% 8.2%
Selling, General &
12.0% 11.2% 8.4% 6.9% 15.3%
Other Operating Expenses 0.0% 0.0% 0.0% 0.2% 0.0%
Operating Expenses - Total
Operating Income 13.7% 2.1% -6.9% -12.3% -7.1%
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Expense - Net 0.5% 0.4% 1.3% -4.6% -0.7%
Taxes, Depreciation & 15.7% 4.1% -4.2% -15.4% -5.4%
14.2% 2.5% -5.6% -16.9% -7.7%
Taxes(EBIT)
Pretax Income 7.6% -2.5% -10.3% -21.2% -11.7%
Income Taxes 1.7% -0.9% -2.0% -0.9% -3.3%
Minority Interest -0.2% -0.2% -0.3% -0.2% -0.0%
Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
After Tax Other
Income/Expense
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before
Extraordinary Items/Preferred 5.8% -1.7% -8.2% -20.5% -8.4%
Dividends
0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Dividend
0.0% 0.0% 0.0% 0.0% 0.0%
Requirements
Dividends - available to 5.8% -1.7% -8.2% -20.5% -8.4%
Common
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Egyptian Electrical Cables
Currency figures are in millions of Egyptian Pounds.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2016 2015 2014 2013 2012
Total Capital 536.7 596.7 577.9 559.8 595.2
Percent of Total Capital
Short Term Debt 40.2% 33.3% 27.4% 25.3% 13.5%
Long Term Debt 14.9% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Retained Earnings -16.8% 12.7% 14.1% 11.3% 16.6%
Common Equity 85.2% 100.0% 100.0% 100.0% 100.0%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes
Short Term Debt 1.7 4.0 1.6 6.2 5.2
Long Term Debt 8.0 0.0 0.0 0.0 0.0
Other Liabilities -9.7 9.7 0.0 0.0 0.0
Minority Interest -0.0 0.0 0.0 0.0 0.0
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Retained Earnings -16.6 -0.6 1.8 -3.5 -2.7
Common Equity -14.0 1.9 1.8 -3.5 -2.7
Total Capital -6.0 1.9 1.8 -3.5 -2.7
Year to Year Percent
Changes
Short Term Debt 8.6% 25.4% 11.6% 76.7% 181.9%
Long Term Debt
Other Liabilities -100.0%
Minority Interest
Preferred Stock
Retained Earnings -219.3% -7.3% 28.5% -35.9% -21.4%
Common Equity -23.4% 3.3% 3.2% -6.0% -4.3%
Total Capital -10.0% 3.3% 3.2% -6.0% -4.3%
Total Liabilities & Common
Equity
Net Change in Liabilities as
15.7% 43.5% 9.5% 31.7% 24.3%
% of Total Liabilities
Common Equity 457.2 596.7 577.9 559.8 595.2
Net Change in Common
Equity as -30.5% 3.2% 3.1% -6.3% -4.5%
% of Common Equity
Cash Flow
Operating Activities -48.8 37.6 27.6 -22.3 -18.3
Financing Activities 63.2 114.9 -9.7 32.0 24.3
Investing Activities -8.6 138.8 12.6 7.1 0.2
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Egyptian Electrical Cables
Fiscal Year 2016 2015 2014 2013 2012
Receivables Turnover 5.3 3.3 2.9 2.9 2.9
Receivables - Number of
77.5 115.4 119.2 113.7 124.7
Days
Inventory Turnover 4.1 3.9 4.2 3.7 3.0
Inventory - Number of Days 88.1 94.6 87.3 98.1 122.7
Gross Property, Plant &
1.4 1.2 1.2 1.0 0.9
Equipment Turnover
Net Property, Plant &
1.8 1.6 1.5 1.4 1.1
Equipment Turnover
Amortization
2.4% 1.7% 1.8% 1.5% 1.6%
% of Gross Property, Plant &
Equipment
Amortization 0.6 -0.0 0.2 -0.0 -0.0
Year to Year Change
Amortization 62.8% -1.4% 19.3% -3.4% -0.2%
Year to Year % Change
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Egyptian Electrical Cables
Figures are expressed as the ratio of Net Sales.
Net Sales are in millions of Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Net Sales 864.5 650.6 621.7 542.4 440.2
Cash & Cash Equivalents 4.6% 5.2% 3.4% 2.9% 3.0%
Short-Term Investments 0.1% 1.0% 2.3% 1.1% 0.0%
Accounts Receivable 18.8% 30.2% 35.0% 34.7% 34.9%
Inventories 24.2% 27.9% 20.0% 23.6% 32.0%
Total Long Term Receivables
0.3% 0.4% 2.8% 3.2% 4.8%
& Investments
Long Term Receivables 0.0% 0.0% 0.0% 0.0% 0.0%
Investments in Associated
0.0% 0.0% 0.0% 0.0%
Companies
Other Investments 0.3% 0.4% 2.8% 3.2% 4.8%
Property, Plant & Equipment -
72.1% 81.7% 85.1% 95.6% 116.8%
Gross
Property Plant & Equipment -
55.0% 61.4% 65.0% 73.9% 91.4%
Net
Other Assets 0.0% 23.9% 0.0% 0.0% 0.0%
Total Assets 107.1% 152.5% 128.8% 140.4% 166.5%
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Egyptian Electrical Cables
Fiscal Year 2016 2015 2014 2013 2012
EBIT/Total Interest Expense -2.2 2.6 5.0 1.8 1.5
EBIT/Net Interest -2.3 2.7 5.1 1.8 1.8
EBIT/(Total Interest Exp +
-2.2 2.6 5.0 1.8 1.5
Pfd Div)
EBIT/Dividends on Common
-19.0
Shares
EBIT/(Dividends on Common
-19.0
+ Pfd)
EBITDA/Total Interest
-1.7 3.1 5.7 2.5 3.0
Expense
EBITDA/Net Interest -1.8 3.2 5.8 2.6 3.8
EBITDA/(Total Interest Exp +
-1.7 3.1 5.7 2.5 3.0
Pfd Div)
EBITDA/Dividends on Com
-14.9
Shares
EBITDA/(Dividends on Com +
-14.9
Pfd)
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Egyptian Electrical Cables
Fiscal Year 2016 2015 2014 2013 2012
Long Term Debt % of EBIT 0.0% 0.0% 0.0% 0.0%
Long Term Debt % of
0.0% 0.0% 0.0% 0.0%
EBITDA
Long Term Debt % of Total
8.6% 0.0% 0.0% 0.0% 0.0%
Assets
Long Term Debt % of Total
14.9% 0.0% 0.0% 0.0% 0.0%
Capital
Long Term Debt % of Com
17.5% 0.0% 0.0% 0.0% 0.0%
Equity
Total Debt % of EBIT 386.0% 233.5% 771.4% 1,083.2%
Total Debt % of EBITDA 327.3% 205.2% 540.8% 516.9%
Total Debt % of Total Assets 31.9% 20.0% 19.8% 18.6% 10.9%
Total Debt % of Total Capital 55.1% 33.3% 27.4% 25.3% 13.5%
Total Debt % of Total Capital
39.3% 25.0% 21.5% 20.2% 11.9%
& Short Term Debt
Total Debt % of Common
64.6% 33.3% 27.4% 25.3% 13.5%
Equity
Minority Interest % of EBIT 0.0% 0.0% 0.0% 0.0%
Minority Interest % of EBITDA 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total
-0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Minority Interest % of Total
-0.1% 0.0% 0.0% 0.0% 0.0%
Capital
Minority Interest % of Com
-0.1% 0.0% 0.0% 0.0% 0.0%
Equity
Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
0.0% 0.0% 0.0% 0.0% 0.0%
Capital
0.0% 0.0% 0.0% 0.0% 0.0%
Equity
Common Equity % of Total
49.4% 60.2% 72.1% 73.5% 81.2%
Assets
Common Equity % of Total
85.2% 100.0% 100.0% 100.0% 100.0%
Capital
Total Capital % of Total
58.0% 60.2% 72.1% 73.5% 81.2%
Assets
Capital Expenditure % of
1.4% 2.1% 2.0% 1.3% 0.9%
Sales
Fixed Assets % of Common
104.0% 66.9% 69.9% 71.6% 67.6%
Equity
Working Capital % of Total
9.8% 25.2% 29.6% 27.7% 29.4%
Capital
Dividend Payout 0.0% 0.0% 0.0% 0.0%
Funds From Operations % of
-27.6% 9.2% 28.3% 11.7% -11.7%
Total Debt
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Egyptian Electrical Cables
Fiscal Year 2016 2015 2014 2013 2012
Total Current Assets % Net
51.8% 66.8% 61.1% 63.3% 70.3%
Sales
Cash % of Current Assets 8.8% 6.3% 1.8% 2.8% 4.2%
Cash & Equivalents % of
9.0% 7.9% 5.6% 4.6% 4.2%
Current Assets
Quick Ratio 0.5 0.8 1.1 1.1 1.2
Receivables % of Current
36.4% 45.2% 57.4% 54.9% 49.6%
Assets
Receivable Turnover -
77.5 115.4 119.2 113.7 124.7
number of days
Inventories % of Current
46.8% 41.8% 32.8% 37.3% 45.5%
Assets
Inventory Turnover - number
88.1 94.6 87.3 98.1 122.7
of days
Inventory to Cash &
69.0 67.7 61.1 44.0 33.4
Equivalents - number of days
Receivables % of Total
17.6% 19.8% 27.2% 24.7% 21.0%
Assets
Current Ratio 1.1 1.5 1.8 1.8 2.3
Total Debt % of Total Capital 39.3% 25.0% 21.5% 20.2% 11.9%
Funds from Operations % of
-20.6% 6.4% 21.5% 8.8% -7.0%
Current Liabilities
-101.8%
Long Term Debt
-27.6% 9.2% 28.3% 11.7% -11.7%
Total Debt
-15.2% 3.1% 7.8% 3.0% -1.6%
Total Capital
Cash Flow (in milllions of
Egyptian Pounds)
Operating Activities -48.8 37.6 27.6 -22.3 -18.3
Financing Activities 63.2 114.9 -9.7 32.0 24.3
Investing Activities -8.6 138.8 12.6 7.1 0.2
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Egyptian Electrical Cables
Figures are expressed as per unit of respective shares.
Figures are in Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Sales 1.58 1.19 1.14 0.99 0.80
Operating Income -0.09 0.05 0.12 0.03 0.01
Pre-tax Income -0.18 0.06 0.10 0.01 0.00
Net Income (Continuing
-0.18 0.06 0.10 0.01 0.00
Operations)
Net Income Before Extra
-0.15 0.05 0.08 0.01 0.00
Items
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Net Income After
-0.15 0.05 0.08 0.01 0.00
Extraordinary Items
Net Income Available to
-0.15 0.05 0.08 0.01 0.00
Common Shares
Fully Diluted Earnings -0.15 0.05 0.08 0.01 0.00
Common Dividends 0.00 0.00 0.00 0.05 0.05
Cash Earnings -0.15 0.03 0.08 0.03 -0.02
Book Value 0.84 1.09 1.06 1.02 1.09
Retained Earnings -0.16 0.14 0.15 0.12 0.18
Assets 1.69 1.81 1.46 1.39 1.34
Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Egyptian Electrical Cables
Currency figures are in Egyptian Pounds.
Fiscal Year 2016 2015 2014 2013 2012
Gross Income Margin 4.6% 7.8% 13.6% 6.9% 3.1%
Operating Income Margin -5.9% 4.0% 10.8% 3.1% 1.2%
Pretax Income Margin -11.6% 4.9% 8.7% 1.5% 0.5%
EBIT Margin -8.0% 7.9% 10.9% 3.4% 1.7%
Net Income Margin -9.7% 4.2% 7.0% 1.4% 0.4%
Return on Equity - Total -16.0% 4.6% 7.7% 1.4% 0.3%
Return on Invested Capital -6.8% 5.8% 7.6% 2.6% 0.9%
Return on Assets -5.5% 4.9% 7.0% 2.4% 0.8%
Asset Turnover 0.9 0.7 0.8 0.7 0.6
Financial Leverage 64.6% 33.3% 27.4% 25.3% 13.5%
Interest Expense on Debt 31,259,606 19,645,276 13,526,753 10,331,802 5,093,830
Effective Tax Rate 14.5% 19.5% 3.4% 17.9%
Cash Flow % Sales -9.4% 2.8% 7.2% 3.1% -2.1%
Selling, General &
Administrative Expenses % of 10.4% 4.5% 3.9% 3.5% 3.6%
Sales
Research & Development
Expense
Operating Income Return On
-10.0% 3.3% 3.2% -6.0% -4.3%
Total Capital
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Egyptian Electrical Cables
Currency figures are in millions of U.S. Dollars.
Wright Quality Rating

LCNN
Investment Acceptance Rating LCNN
Total Market Value of Shares Outstanding - Three Year Average 35
- Current Year 26
Public Market Value (Excludes Closely Held) - Three Year Average 24
- Current Year 17
Trading Volume - Three Year Average 0
- Current Year 0
Turnover Rate - Three Year Average 0.0%
- Current Year 0.0%
CAI
Stock Exchange Listings
Number of Institutional Investors 0

Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding 32.7%
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Egyptian Electrical Cables
Wright Quality Rating L CNN
Financial Strength Rating L CNN
Total Shareholders' Equity (Millions of U.S. Dollars) 25
Total Shareholders' Equity as % Total Capital 59.2%
Preferred Stock as % of Total Capital 0.0%
Long Term Debt as % of Total Capital 9.6%
Long Term Debt (Millions of Egyptian Pounds) 72
Lease Obligations (Millions of Egyptian Pounds) 0
Long Term Debt including Leases (Millions of Egyptian Pounds) 72
Total Debt as % of Total Capital 40.9%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
-2.2
Dividends
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
-2.3
Dividends
Quick Ratio (Cash & Receivables / Current Liabilities) 0.8
Current Ratio (Current Assets / Current Liabilities) 1.1
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Egyptian Electrical Cables
Wright Quality Rating LC NN
Profitability & Stability Rating LC NN
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal -1.7%
- Basic Trend -2.9%
Cash Earnings Return on Equity - Time-Weighted Average -0.8%
- Basic Trend -2.4%
Cash Earnings Return on Equity - Stability Index 14.2%
Return On Assets (Time-Weighted Average) 2.4%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 0.3%
Operating Income as % of Total Assets (Time-Weighted Average) 1.8%
Operating Income as % of Total Capital (Adjusted Rate) 2.1%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 0.3%
Operating Income as % of Total Assets (Time-Weighted Average) 1.8%
Operating Income as % of Total Capital (Adjusted Rate) 2.1%
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Egyptian Electrical Cables
Figures are expressed on a Per Share Basis.
Wright Quality Rating LCN N

Growth Rating LCN N
Normal Earnings Growth 9.3%
Cash Earnings Growth -25.0%
Cash Earnings Stability Index 14.1%
Earned Equity Growth -3.4%
Dividend Growth -21.1%
Operating Income Growth -25.0%
Assets Growth 6.3%
Sales/Revenues Growth 13.7%
Industry OverviewIndustry Overview\Wright Industry Averages - Overview
Wright Industry Averages Reports
Introduction
The following pages are comprised of seven reports which contain averages for the companies in the Capital
Goods (Global) sector. The primary source of the data contained in these reports is the Worldscope®
Database. The “averages” reports are compiled from the fundamental data compiled on the companies which
make up this industry.
Industry Averages - Report Types
● Sales Analysis
● Income Statement
● Balance Sheet
● Sources of Capital
● Leverage Analysis Ratios
● Per Share Data Ratios
● Profitability Analysis Ratios
The Wright Industry Averages Reports are compiled on a fiscal year basis. Companies ending their fiscal year
in January are grouped with the prior year’s reports. The values for 2012 for example are contributed by
those companies that ended their fiscal year after 31 January 2012 and prior to 1 February 2013. The values
shown for all reports are presented in U.S. dollars.
Data Compilation Steps
All companies in the industry with more than $1 million (U.S.) in net sales were included. Currency items in
the financial statements were converted to U.S. dollars using an average exchange rate for each fiscal year. A
sum (aggregate value) was computed for all financial statement items by totaling the values reported by each
company in the industry sector. Industry Average report values were computed by dividing the aggregate
value by the number of companies reporting.
Per share ratios were computed by using in the numerator a specific value that represents the aggregate sum
for all companies in the industry divided by the aggregate value of the average number of appropriate
common shares for each company.
Most companies in the industry reported Operating Income along with the major components that go into the
calculation of Operating Income. For the minority of companies that did not report all underlying cost
components those components were derived, where possible, utilizing the reported items. For example, if
Cost of Goods Sold was not reported it was derived on a company-specific basis from the other reported
items (i.e. Sales, Gross Income and Depreciation, Depletion & Amortization). The derived value was then
included in the calculation of the industry average.
Industry Financial Statement AnalysesIndustry Financial Statement Analyses\Summary Analysis
Summary Analysis: Capital Goods Industry Averages (Global)
Figures are expressed on a Per Share Basis in U.S. Dollars.
Fiscal Year 2016 2015 2014 2013 2012 2011
Market Prices
High 2.73 3.39 3.02 2.81 2.57 3.08
Low 1.68 1.85 1.95 1.82 1.69 1.77
Average 2.21 2.62 2.49 2.32 2.13 2.43
Last 2.30 2.54 2.58 2.53 2.20 2.21
Value Ratios
High Price / Earnings 30.5 34.2 22.2 21.5 18.4 19.4
Low Price / Earnings 18.8 18.7 14.3 14.0 12.1 11.2
Average Price / Earnings 24.7 26.4 18.3 17.7 15.2 15.3
Last Price / Earnings 25.7 25.6 19.0 19.4 15.7 13.9
Average Price / Book Value 2.3 2.4 2.0 1.8 1.7 1.9
Last Price / Book Value 2.4 2.3 2.1 2.0 1.7 1.7
Dividends / Average Price (Dividend Yield) 2.3% 2.2% 2.4% 2.6% 2.7% 2.1%
Dividends / Last Price (Dividend Yield) 2.2% 2.3% 2.3% 2.4% 2.7% 2.3%
Common Equity
Earned Equity Growth 3.9% 3.7% 6.0% 5.6% 6.7% 8.7%

Return on Equity 9.3% 8.4% 10.8% 10.4% 11.5% 12.9%
Book Value 0.97 1.09 1.22 1.29 1.27 1.29
Common Shares (in millions)
Common Shares Outstanding 551.4 485.2 450.7 441.4 433.1 406.7
Common Shares Used to Compute EPS 551.4 485.2 450.7 441.4 433.1 406.7
Common Stock Earnings
Earnings per Share 0.09 0.10 0.14 0.13 0.14 0.16
Percent Change -9.9% -27.1% 4.2% -6.7% -11.8% 12.8%
Income Tax Rate 29.7% 32.6% 27.5% 28.4% 30.4% 28.9%
Common Stock Dividends
Dividends per Share 0.05 0.06 0.06 0.06 0.06 0.05

Percent Change -10.6% -4.8% -1.1% 4.6% 14.1% 20.9%
Total Common Dividends (in millions of US$) 28.4 27.9 27.3 27.0 25.3 20.8
Dividends / Earnings (% Payout) 57.6% 58.0% 44.4% 46.8% 41.7% 32.3%
Capital Expenditure (in millions of US$) 47.9 47.0 50.9 54.8 58.1 55.1
Sales
Sales (in millions of US$) 1,205.2 1,197.5 1,284.0 1,325.0 1,351.6 1,294.5
Percent Change 0.6% -6.7% -3.1% -2.0% 4.4% 6.2%
Sales per Share 2.19 2.47 2.85 3.00 3.12 3.18
Percent Change -11.4% -13.4% -5.1% -3.8% -2.0% 2.6%
Industry Financial Statement Analyses\Sales Analysis
Sales Analysis: Capital Goods Industry Averages (Global)
Figures are expressed in thousands of U.S. Dollars. Values per Employee are in U.S. Dollars.
Fiscal Year 2016 2015 2014 2013 2012 2011
Sales 1,205,184 1,197,465 1,284,014 1,325,000 1,351,624 1,294,478
Percent Change 0.6% -6.7% -3.1% -2.0% 4.4% 6.2%
Cost of Goods Sold 912,674 911,612 971,228 1,005,162 1,021,958 976,633
Percent of Sales 75.7% 76.1% 75.6% 75.9% 75.6% 75.4%
Earnings before Interest, Taxes,
Depreciation & Amortization 125,423 121,727 142,631 142,303 144,781 145,590
(EBITDA)
Percent of Sales 10.4% 10.2% 11.1% 10.7% 10.7% 11.2%
49,312 48,150 61,328 57,646 60,624 64,522
Dividends - available to Common
Percent of Sales 4.1% 4.0% 4.8% 4.4% 4.5% 5.0%
Employees 6,910 6,258 5,842 5,741 5,287 5,228
Sales per Employee 174,403 191,343 219,781 230,808 255,658 247,607
Net Income per Employee 7,136 7,694 10,497 10,042 11,467 12,342
Industry Financial Statement Analyses\Income Statement
Income Statement - (Actual Values): Capital Goods Industry Averages (Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2016 2015 2014 2013 2012 2011
Net Sales or Revenues 1,205.2 1,197.5 1,284.0 1,325.0 1,351.6 1,294.5
Cost of Goods Sold 912.7 911.6 971.2 1,005.2 1,022.0 976.6
Depreciation, Depletion & Amortization 38.9 37.5 39.6 41.9 41.9 39.3
Other Costs -0.6 -0.1 0.1 0.0 0.5 0.7
Gross Income 254.2 248.4 273.1 278.0 287.3 277.9
Selling, General & Administrative Expenses 150.3 146.3 153.8 161.8 170.8 160.4
Other Operating Expenses 18.1 19.2 25.4 25.6 20.6 20.7
Operating Expenses - Total 1,119.9 1,114.6 1,190.0 1,234.4 1,255.2 1,197.1
Operating Income 85.9 82.9 93.9 90.6 96.0 96.7
Extraordinary Credit - Pretax 4.1 4.1 4.8 5.2 6.4 5.3
Extraordinary Charge - Pretax 16.0 16.2 11.7 11.0 13.9 10.8
Non-Operating Interest Income 3.7 4.1 3.8 3.5 4.2 4.1
Reserves - Increase/Decrease 0.0 0.0 0.0 -0.0 -0.1 -0.3
Pretax Equity in Earnings 1.2 2.2 3.0 2.5 1.3 0.8
Other Income/Expense - Net -9.0 -8.2 -10.2 -10.9 -9.3 -9.2
Earnings before Interest, Taxes, Depreciation &
125.4 121.7 142.6 142.3 144.8 145.6
Earnings before Interest & Taxes(EBIT) 87.6 84.6 103.4 100.9 102.7 105.8
Interest Expense on Debt 18.4 18.2 23.1 21.4 18.6 16.2
Interest Capitalized 1.7 1.9 4.7 1.9 1.5 0.9
Pretax Income 71.9 69.3 85.8 82.4 86.5 90.6
Income Taxes 21.4 22.6 23.6 23.4 26.3 26.2
Minority Interest 3.0 2.2 3.0 3.3 2.8 3.0
Equity in Earnings 1.3 1.4 1.4 1.7 2.7 2.9
After Tax Other Income/Expense -0.1 -0.0 -0.0 -0.0 -0.0 -0.0
Discontinued Operations 0.8 2.4 0.8 0.4 0.6 0.1
Net Income before Extraordinary Items/Preferred
49.6 48.3 61.4 57.7 60.7 64.9
Dividends
Extraordinary Items & Gain/Loss Sale of Assets -0.3 -1.8 0.1 -0.2 -0.1 0.4
Preferred Dividend Requirements 0.2 0.1 0.1 0.1 0.1 0.4
Net Income after Preferred Dividends - available to
49.3 48.1 61.3 57.6 60.6 64.5
Common
Industry Financial Statement Analyses\Balance Sheet
Balance Sheet - (Actual Values): Capital Goods Industry Averages (Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2016 2015 2014 2013 2012 2011
Assets
Total Assets 1,761.6 1,719.1 1,798.5 1,830.5 1,833.9 1,746.2
Cash & Short Term Investments 265.7 244.5 248.3 256.3 257.1 235.8
Cash 182.8 166.3 165.5 169.1 170.5 160.0
Short Term Investments 82.9 78.2 82.8 87.2 86.6 75.9
Receivables (Net) 368.4 350.1 426.4 433.8 371.9 347.9
Inventories -Total 262.0 261.5 268.0 269.8 276.2 256.1
Raw Materials 70.4 74.6 75.7 77.0 65.6 62.1
Work in Process 111.3 109.8 114.1 113.0 140.8 133.9
Finished Goods 71.1 71.9 75.3 72.9 75.6 76.4
Progress Payments & Other 9.2 5.3 3.0 6.9 -5.8 -16.2
Prepaid Expenses 21.1 20.0 21.2 21.6 14.2 8.5
Other Current Assets 52.0 41.8 48.4 52.6 43.8 48.0
Current Assets - Total 951.0 908.4 1,003.5 1,023.7 949.9 883.4
Long Term Receivables 57.3 46.8 47.6 45.4 114.9 117.1
Investment in Associated Companies 61.2 58.5 62.2 63.8 70.0 62.6
Other Investments 68.8 65.0 58.2 58.2 71.7 90.2
Property Plant and Equipment - Gross 579.9 558.2 589.5 612.4 621.2 592.5
Accumulated Depreciation 285.8 269.9 282.4 298.3 300.4 290.1
Property Plant and Equipment – Net 295.2 290.1 308.7 315.8 321.7 302.7
Other Assets 330.3 346.1 315.1 318.7 299.6 284.7
Deferred Charges 8.6 8.6 8.7 8.2 13.0 16.8
Tangible Other Assets 52.8 79.3 45.8 42.7 24.4 22.5
Intangible Other Assets 264.6 252.4 254.8 261.4 254.8 235.9
Total Assets 1,761.6 1,719.1 1,798.5 1,830.5 1,833.9 1,746.2
Liabilities & Shareholders' Equity
Total Liabilities & Shareholders' Equity 1,761.6 1,719.1 1,798.5 1,830.5 1,833.9 1,746.2
Accounts Payable 239.6 229.1 241.1 242.9 242.8 229.9

Short Term Debt & Current Portion of Long Term
175.5 160.4 166.6 166.8 171.7 170.5
Debt
Accrued Payroll 18.0 17.4 18.2 17.7 17.8 17.2
Income Taxes Payable 11.5 11.6 14.2 13.8 12.0 12.4
Dividends Payable 1.8 1.7 1.9 1.5 0.9 1.1
Other Current Liabilities 251.2 241.0 245.3 258.9 257.9 252.6
Current Liabilities - Total 696.0 659.5 685.2 700.1 701.2 681.6
Long Term Debt 334.9 332.9 375.0 385.8 390.9 358.9
Long Term Debt Excluding Capitalized Leases 285.2 289.4 330.1 337.4 337.3 310.6
Capitalized Lease Obligations 49.7 43.6 44.9 48.4 53.6 48.4
Provision for Risks and Charges 87.5 80.6 87.6 76.0 100.3 89.9
Deferred Income 3.2 3.4 3.4 2.2 3.2 3.1
Deferred Taxes -7.3 -3.3 -5.3 -1.2 -8.9 -8.9
Deferred Tax Liability in Untaxed Reserves 0.0 0.0 0.0 0.0 0.0 0.0
Other Liabilities 66.7 75.8 60.9 61.3 61.6 64.7
Total Liabilities 1,181.6 1,150.5 1,208.8 1,225.7 1,248.8 1,190.8
Non-Equity Reserves 0.6 0.8 0.8 1.2 0.9 0.9
Preferred Stock 1.2 1.4 1.1 0.8 1.1 1.1
Preferred Stock Issued for ESOP 0.0 0.0 0.0 0.0 0.0
ESOP Guarantees - Preferred Issued 0.0 0.0 0.0 0.0 0.0
Common Equity 536.5 529.8 551.6 569.6 550.3 524.6
Total Liabilities & Shareholders' Equity 1,761.6 1,719.1 1,798.5 1,830.5 1,833.9 1,746.2
Industry Financial Statement Analyses\Sources of Capital
Sources of Capital: Capital Goods Industry Averages (Global)
Currency figures are in millions of U.S. Dollars.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2016 2015 2014 2013 2012 2011
Actual Values
Total Capital 914.8 901.5 964.7 990.7 975.0 914.2

Long Term Debt 334.9 332.9 375.0 385.8 390.9 358.9
Preferred Stock 1.2 1.4 1.1 0.8 1.1 1.1
Common Equity 536.5 529.8 551.6 569.6 550.3 524.6
Percent of Total Capital
Long Term Debt 36.6% 36.9% 38.9% 38.9% 40.1% 39.3%
Minority Interest 4.5% 4.1% 3.8% 3.4% 3.3% 3.1%
Preferred Stock 0.1% 0.2% 0.1% 0.1% 0.1% 0.1%
Common Equity 58.6% 58.8% 57.2% 57.5% 56.4% 57.4%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes (in millions of U.S.
Dollars)
Long Term Debt 2.0 -42.1 -10.8 -5.0 31.9 -9.2

Minority Interest 5.0 0.3 3.0 1.2 3.5 -0.3
Preferred Stock -0.2 0.4 0.2 -0.2 -0.1 0.0
Common Equity 6.7 -21.9 -17.9 19.3 25.7 23.0
Total Capital 13.4 -63.2 -26.0 15.6 60.9 13.5
Year to Year Percent Changes
Long Term Debt 0.6% -11.2% -2.8% -1.3% 8.9% -2.5%

Minority Interest 13.8% 0.9% 9.1% 3.7% 12.1% -0.9%
Preferred Stock -16.1% 33.8% 27.8% -21.3% -6.6% 1.6%
Common Equity 1.3% -4.0% -3.2% 3.5% 4.9% 4.6%
Total Capital 1.5% -6.6% -2.6% 1.6% 6.7% 1.5%
Total Liabilities & Common Equity
Total Liabilities 1,181.6 1,150.5 1,208.8 1,225.7 1,248.8 1,190.8
Net Change in Liabilities as
2.6% -5.1% -1.4% -1.9% 4.6% 4.1%
% of Total Liabilities
Common Equity 536.5 529.8 551.6 569.6 550.3 524.6
Net Change in Common Equity as
1.3% -4.1% -3.3% 3.4% 4.7% 4.4%
% of Common Equity
Cash Flow
Operating Activities 94.9 90.8 84.0 86.2 83.4 77.8
Financing Activities -41.6 -24.5 -12.0 -15.7 0.6 -1.6
Investing Activities 47.6 45.8 64.1 58.9 76.5 65.0
Industry Financial Ratio AnalysesIndustry Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Capital Goods Industry Averages (Global)
Fiscal Year 2016 2015 2014 2013 2012 2011
Long Term Debt % of EBIT 382.5% 393.5% 362.8% 382.3% 380.5% 339.4%
Long Term Debt % of EBITDA 267.0% 273.5% 262.9% 271.1% 270.0% 246.5%
Long Term Debt % of Total Assets 19.0% 19.4% 20.9% 21.1% 21.3% 20.6%
Long Term Debt % of Total Capital 36.6% 36.9% 38.9% 38.9% 40.1% 39.3%
Long Term Debt % of Com Equity 62.4% 62.8% 68.0% 67.7% 71.0% 68.4%
Total Debt % of EBIT 582.2% 583.1% 524.0% 547.5% 547.7% 500.5%
Total Debt % of EBITDA 406.4% 405.2% 379.7% 388.3% 388.6% 363.6%
Total Debt % of Total Assets 28.9% 28.7% 30.1% 30.2% 30.7% 30.3%
Total Debt % of Total Capital 55.7% 54.7% 56.1% 55.8% 57.7% 57.9%
Total Debt % of Total Capital & Short Term Debt 55.7% 54.7% 56.1% 55.8% 57.7% 57.9%
Total Debt % of Common Equity 95.0% 93.1% 98.2% 97.0% 102.2% 100.9%
Minority Interest % of EBIT 47.5% 43.2% 35.0% 32.9% 31.2% 27.0%
Minority Interest % of EBITDA 33.1% 30.0% 25.4% 23.3% 22.1% 19.6%
Minority Interest % of Total Assets 2.4% 2.1% 2.0% 1.8% 1.7% 1.6%
Minority Interest % of Total Capital 4.5% 4.1% 3.8% 3.4% 3.3% 3.1%
Minority Interest % of Com Equity 7.7% 6.9% 6.6% 5.8% 5.8% 5.4%
Preferred Stock % of EBIT 1.4% 1.7% 1.0% 0.8% 1.0% 1.1%
Preferred Stock % of EDITDA 1.0% 1.2% 0.7% 0.6% 0.7% 0.8%
Preferred Stock % of Total Assets 0.1% 0.1% 0.1% 0.0% 0.1% 0.1%
Preferred Stock % of Total Capital 0.1% 0.2% 0.1% 0.1% 0.1% 0.1%
Preferred Stock % of Total Equity 0.2% 0.3% 0.2% 0.1% 0.2% 0.2%
Common Equity % of Total Assets 30.5% 30.8% 30.7% 31.1% 30.0% 30.0%
Common Equity % of Total Capital 58.6% 58.8% 57.2% 57.5% 56.4% 57.4%
Total Capital % of Total Assets 51.9% 52.4% 53.6% 54.1% 53.2% 52.4%
Capital Expenditure % of Sales 4.0% 3.9% 4.0% 4.1% 4.3% 4.3%
Fixed Assets % of Common Equity 55.0% 54.8% 56.0% 55.4% 58.5% 57.7%
Working Capital % of Total Capital 27.9% 27.6% 33.0% 32.7% 25.5% 22.1%
Dividend Payout 57.6% 58.0% 44.4% 46.8% 41.7% 32.3%
Funds From Operations % of Total Debt 18.8% 20.2% 19.6% 18.9% 20.2% 21.6%
Industry Financial Ratio Analyses\Per-Share Data
Per Share Data: Capital Goods Industry Averages (Global)
Figures are expressed as per unit of respective shares.
Figures are in U.S. Dollars.
Fiscal Year 2016 2015 2014 2013 2012 2011
Sales 2.19 2.47 2.85 3.00 3.12 3.18
Operating Income 0.16 0.17 0.21 0.21 0.22 0.24
Pre-tax Income 0.13 0.14 0.19 0.19 0.20 0.22
Net Income (Continuing Operations) 0.11 0.11 0.16 0.15 0.15 0.17
Net Income Before Extra Items 0.09 0.10 0.14 0.13 0.14 0.16
Extraordinary Items -0.00 0.00 0.00 0.00 0.00 0.00
Net Income After Extraordinary Items 0.09 0.10 0.14 0.13 0.14 0.16
Net Income Available to Common Shares 0.09 0.10 0.14 0.13 0.14 0.16
Fully Diluted Earnings 0.09 0.10 0.14 0.13 0.14 0.18
Common Dividends 0.05 0.06 0.06 0.06 0.06 0.05
Cash Earnings 0.17 0.21 0.24 0.24 0.26 0.28
Book Value 0.97 1.09 1.22 1.29 1.27 1.29
Retained Earnings 0.78 0.87 0.94 0.94 0.90 0.88
Assets 3.19 3.54 3.99 4.15 4.23 4.29
Industry Financial Ratio Analyses\Profitability Analysis
Profitability Analysis: Capital Goods Industry Averages (Global)
Currency figures are in U.S. Dollars.
Fiscal Year 2016 2015 2014 2013 2012 2011
Gross Income Margin 21.1% 20.7% 21.3% 21.0% 21.3% 21.5%
Operating Income Margin 7.1% 6.9% 7.3% 6.8% 7.1% 7.5%
Pretax Income Margin 6.0% 5.8% 6.7% 6.2% 6.4% 7.0%
EBIT Margin 7.3% 7.1% 8.0% 7.6% 7.6% 8.2%
Net Income Margin 4.1% 3.9% 4.8% 4.3% 4.5% 5.0%
Return on Equity - Total 9.3% 8.4% 10.8% 10.4% 11.5% 12.9%
Return on Invested Capital 5.4% 4.8% 6.2% 5.9% 6.6% 7.2%
Return on Assets 2.9% 2.6% 3.4% 3.1% 3.5% 3.9%
Asset Turnover 0.7 0.7 0.7 0.7 0.7 0.7
Financial Leverage 95.0% 93.1% 98.2% 97.0% 102.2% 100.9%
Interest Expense on Debt 18,433,505 18,199,896 23,052,931 21,408,973 18,647,936 16,234,464
Effective Tax Rate 29.7% 32.6% 27.5% 28.4% 30.4% 28.9%
Cash Flow % Sales 7.9% 8.3% 8.3% 7.9% 8.4% 8.8%
Selling, General &
Administrative Expenses % 12.5% 12.2% 12.0% 12.2% 12.6% 12.4%
of Sales
Research & Development
2.1% 2.0% 1.9% 1.9% 2.0% 2.0%
Expense % of Sales
Operating Income Return
1.5% -6.6% -2.6% 1.6% 6.7% 1.5%
On Total Capital
Wright Quality Rating OverviewWright Quality Rating Overview\Explanation of Wright Quality Rating
Wright Quality Rating®

Since 1970, Wright Investors' Service has rated all of the companies in its database (when there is
sufficient information available). The Wright Quality Rating, measures the overall investment quality
of a company.
Wright Quality Ratings are based on numerous individual measures of quality, grouped into four
principal components: (1) Investment Acceptance (i.e. stock liquidity), (2) Financial Strength, (3)
Profitability & Stability, and (4) Growth. The ratings are based on established principles using 5-6
years of corporate record and other investment data.
The ratings consist of three letters and a number. Each letter reflects a composite qualitative
measurement of numerous individual standards which may be summarized as follows:
A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated.
The number component of the Quality Rating is also a composite measurement of the annual
corporate growth, based on earnings and modified by growth rates of equity, dividends, and sales
per common share. The Growth rating may vary from 0 (lowest) to 20 (highest). (See sample Quality
Rating below.)
Example:
Wright Quality Rating: BAC8
Investment Acceptance B Excellent
Financial Strength A Outstanding
Profitability & Stability C Good
Growth 8
The highest quality rating assigned by Wright is AAA20. This rating would be assigned to a
company that has a large and broad base of shareholders, an outstanding balance sheet and strong
and stable profitability. The company would also have experienced superior growth over the past
several years.
The Wright Quality Rating assigned to a company also takes into consideration country and industry
variations. If there is not sufficient information available, the quality rating will not be assigned or an
“N” (not-rated) will be applied for that particular quality criteria.
Copyright ©2000-2018. Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for
quotations by established news media. No pages in this report may be reproduced, stored in a retrieval
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Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. This report is
provided for general information only, is not to be considered investment advice, and should not be relied
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infringement.

Egyptian Electrical Cables: A Wright Investors' Service Research Report

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Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research

Egyptian Electrical Cables 177 West Putnam Avenue

Wright Quality Rating:LCNN Key Data

Comparative Business Analysis: Egyptian Electrical Cables

Recent Sales at Egyptian Electrical Cables

2011 2012 2013 2014 2015 2016

Sales Comparisons (Fiscal Year ending 2016)

Summary of company valuations (as of 2/22/2018).

SUMMARY ANALYSIS: Egyptian Electrical Cables

Value Ratios Equity Capital Earnings Dividends

% Book 12 Month 12 Month

PRICE ANALYSIS: Egyptian Electrical Cables

High Low Closing Quarterly 12 months

2008 Jan - Mar 2.445 1.304 2.289 n/a n/a

Apr - Jun 3.213 1.866 1.900 -17.0% n/a

Jul - Sep 2.030 1.270 1.391 -26.8% n/a

Oct - Dec 1.382 0.786 1.063 -23.6% n/a

2009 Jan - Mar 1.192 0.743 1.002 -5.7% -56.2%

Apr - Jun 1.702 0.976 1.374 37.1% -27.7%

Jul - Sep 1.678 1.253 1.478 7.6% 6.3%

Oct - Dec 1.524 1.034 1.043 -29.4% -1.8%

2010 Jan - Mar 1.252 0.971 1.079 3.5% 7.7%

Apr - Jun 1.170 0.844 0.853 -21.0% -37.9%

Jul - Sep 0.961 0.825 0.889 4.3% -39.9%

Oct - Dec 0.989 0.862 0.889 0.0% -14.8%

2011 Jan - Mar 0.925 0.608 0.753 -15.3% -30.3%

Apr - Jun 0.853 0.671 0.825 9.6% -3.2%

Jul - Sep 1.025 0.707 0.871 5.5% -2.0%

Oct - Dec 0.916 0.707 0.780 -10.4% -12.2%

2012 Jan - Mar 0.952 0.753 0.771 -1.2% 2.4%

Apr - Jun 0.780 0.617 0.717 -7.1% -13.2%

Jul - Sep 0.871 0.662 0.844 17.7% -3.1%

Oct - Dec 0.853 0.599 0.707 -16.1% -9.3%

2013 Jan - Mar 0.771 0.599 0.608 -14.1% -21.2%

Apr - Jun 0.653 0.417 0.508 -16.4% -29.1%

Jul - Sep 0.698 0.508 0.653 28.6% -22.6%

Oct - Dec 0.834 0.644 0.780 19.4% 10.3%

2014 Jan - Mar 1.551 0.771 1.224 57.0% 101.5%

Apr - Jun 1.805 1.007 1.605 31.1% 216.1%

Jul - Sep 1.705 1.342 1.379 -14.1% 111.1%

Oct - Dec 1.406 0.961 1.107 -19.7% 41.9%

2015 Jan - Mar 1.197 0.907 0.980 -11.5% -20.0%

Apr - Jun 1.016 0.816 0.844 -13.9% -47.5%

Jul - Sep 0.980 0.707 0.798 -5.4% -42.1%

2016 Jan - Mar 0.914 0.610 0.895 16.0% -8.6%

Apr - Jun 0.981 0.733 0.781 -12.8% -7.4%

Jul - Sep 0.886 0.686 0.695 -11.0% -12.9%

Oct - Dec 0.950 0.648 0.860 23.7% 11.5%

2017 Jan - Mar 0.950 0.720 0.740 -14.0% -17.3%

Apr - Jun 0.770 0.670 0.710 -4.1% -9.1%

Jul - Sep 0.880 0.670 0.850 19.7% 22.3%

Oct - Dec 1.040 0.790 0.870 2.4% 1.2%

2/22/2018 0.820 -7.9% 7.9%

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Wright Quality Rating

Number of Institutional Investors 0

Wright Quality Rating LCN N

Industry Averages - Report Types

Data Compilation Steps

Earned Equity Growth 3.9% 3.7% 6.0% 5.6% 6.7% 8.7%

Dividends per Share 0.05 0.06 0.06 0.06 0.06 0.05