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AUDITED GROUP INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2013 - PowerPoint PPT Presentation


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AUDITED GROUP INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2013. 2. GROUP BALANCE SHEET TOTAL ASSETS AS AT DECEMBER 31, 2013– KSH M. Total 29,705. Total 26,953. GROUP BALANCE SHEET TOTAL LIABILITIES AS AT DECEMBER 31, 2013 – KSH M. Total 26,953. 5.

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Presentation Transcript
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GROUP BALANCE SHEET

TOTAL ASSETS AS AT DECEMBER 31, 2013– KSH M

Total 29,705

Total 26,953

slide4

GROUP BALANCE SHEET

TOTAL LIABILITIES AS AT DECEMBER 31, 2013 – KSH M

Total 26,953

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5

GROUP CASH FLOW STATEMENT

FOR THE PERIOD ENDED DECEMBER 31, 2013

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GROUP CASH FLOW STATEMENT

FOR THE PERIOD ENDED DECEMBER 31, 2013

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HISTORICAL PERFORMANCE

TURNOVERKESM

GROUP TURNOVER

Grows 24% over previous year

Cement sales grows 31%

Cement 86% of the total business

CAGR 23% per year

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HISTORICAL PERFORMANCE

EBIDTA KES M

EBIDTA

EBITDA increased by 14%

Combination of local and imported clinker

Dar plant production is based on imported clinker

CAGR 25% per year

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HISTORICAL PERFORMANCE

PROFIT BEFORE TAX KES M

PROFIT BEFORE TAX

Profit Before Tax has increased by 12%.

CAGR 24% per year

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HISTORICAL PERFORMANCE

PROFIT AFTER TAX KES M

PROFIT AFTER TAX

Increases by 8%

CAGR 24% per year

historical performance earnings dividends kes per share

11

HISTORICAL PERFORMANCEEARNINGS & DIVIDENDS KES PER SHARE

EPS AND DPS

The rapid growth over the last Few Years Has Been Part Funded With Retained Earnings.

Dividend Payout is 22% of Earnings and has increased by 20% in 2013.

EPS

historical performance total assets kes m

12

HISTORICAL PERFORMANCETOTAL ASSETS KES M

INVESTING IN CEMENT CAPACITY

Over the last 5 years ARM has invested In a 1,000,000 tons cement capacity in Kenya made up of an integrated clinker and cement capacity in Kaloleni and grinding capacity in Athi River.

During 2011, ARM acquired a cement grinding plant with 100,000 tons capacity in Kigali, Rwanda.

The Dar Cement plant with a capacity of 750,000 tons was commissioned in October 2012 and the 1,200,000 ton clinker plant in Tangawill be ready for commissioning in June 2014

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HISTORICAL PERFORMANCE

CREDIT RATING

SHORT TERM A1 :

Highest certainty of timely payments, liquidity factors are excellent and supported by good fundamental protection factors. Risk factors are minor.

LONG TERM A :

Good investment Grade, indicating high credit quality, good protection factors, risk factors are small and variable due to economic cycles

historical performance market cap growth

14

HISTORICAL PERFORMANCEMARKET CAP GROWTH

MARKET CAP GROWTH

Dec 2005 US$ 32 M

15TH NOV 2013 US$ 472M

SHARE PRICE REFLECTS INCREASED INSTITUTIONAL INTEREST

Increasing interest from institutional investors in the cement sector has enabled competitive industry benchmarked pricing

Over 15% of the free float of 48% is held by institutional investors

Whilst forward capacity utilization and earnings factored in the current price, new capacity of 1.5 m tpa under construction In Tanzania not reflected in share price

In January 2013, The Company Shares were split 1 to 5 NSE.

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GROUP NET DEBT KES M

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EAST AFRICA AND REGIONAL MARKETS DEMAND NEW GRINDING CAPACITY LIKELY TO INCREASE FASTER THAN NEW CLINKER CAPACITY AND CATCHING UP WITH DEMAND

@16% growth

@12% growth

@ 8% growth

Actual demand 2013

9.9 million tons

5 Million Ton per year clinker deficit

Installed and Projected

New Capacity with Local Clinker

kenya clinker capacity shortfall

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KENYA CLINKER CAPACITY SHORTFALL

2013

TOTAL CEMENT CONSUMPTION

4.5 mtpa

TOTAL CAPACITY MET WITH LOCAL CLINKER

3.0 mtpa

TOTAL CEMENT CONSUMPTION MET WITH IMPORTED CLINKER

1.5 mtpa

tanzania clinker capacity shortfall

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TANZANIA CLINKER CAPACITY SHORTFALL

2013

TOTAL CEMENT CONSUMPTION

3.5 mtpa

TOTAL CAPACITY MET WITH LOCAL CLINKER

1.9 mtpa

TOTAL CEMENT CONSUMPTION MET WITH IMPORTED CLINKER

1.6 mtpa

but imported clinker is more expensive

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BUT IMPORTED CLINKER IS MORE EXPENSIVE

172

Actual Figures based to 100

100

Imported Clinker Cost 72 % Higher

strategy 2015 2020
STRATEGY 2015- 2020

STRATEGIC INTENT AND SHAREHOLDER VALUE PROPOSITION

Make ARM Cement the largest cement manufacturer in the region with capacity doubling to 5 Million tons.

Operate at internationally benchmarked efficiencies and maintain valuation of US $ 300 + per ton of installed annual cement capacity

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