Lecico Egypt Sae · EGX:LCSW
Lecico Egypt Sae — FY2016 Earnings Presentation
17 slides from Lecico Egypt Sae's earnings presentation, March 2017
Slide 1: An Egyptian Exporter - Full Year 2016 Results Presentation
Slide 2: Corporate Summary
Corporate Summary
Slide 3: Introduction: An Egyptian exporter
Introduction: An Egyptian exporter • Lecico Egypt S.A.E. was founded in 1959 and has been majority owned by the Gargour family since 1969 • The company has a global competitive advantage making European Kfarchima quality sanitary ware at Egyptian costs Established 1959 • c45% of Lecico’s sanitary wa
Slide 4: A major sanitary ware exporter
A major sanitary ware exporter
Slide 5: A major sanitary ware exporter to Europe
A major sanitary ware exporter to Europe Growth in group’s exports Lecico’s total export volumes (sanitary ware) Egypt’s leading sanitary ware exporter • Lecico exports c65% of its sanitary ware sales value vs. 20% for local peers (FY 2016) • Lecico sells to over 50 countries (including OEM sales) •
Slide 6: Significant cost advantage
Significant cost advantage International cost advantage Lecico produces sanitary ware at an all-in average cost of US$14.50/piece (FY 2016) – In Egypt, manufacturing cost averages US$11.50/piece of sanitary ware (FY 2016) – The difference reflects higher packing costs for EU-destined exports and sig
Slide 7: Financial overview
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Slide 8: Profit and loss
Profit and loss Net sales Cost of sales breakdown (FY 2016) EBIT Net Profit * * = 2013 net profit excludes write-off for France 8
Slide 9: Quarterly P&L Trends
Quarterly P&L Trends Net sales Gross profit* EBIT* Net Profit* * = 4Q 2013 net profit excludes write-off for France and 4Q 2016 excludes exceptional FX gain 9
Slide 10: P&L Breakdown by Quarter
P&L Breakdown by Quarter Lecico Group 2014 2015 2016 2014 2015 2016 Profit & Loss (LE Million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY Sanitary Ware 172.4 210.1 193.6 170.5 176.0 194.0 181.6 166.5 166.3 197.1 194.1 276.5 746.6 718.2 834.0 Tiles 199.4 204.1 206.2 170.7 141.3 188.7 146.9 128.4 13
Slide 11: Key Segmental Analysis
Key Segmental Analysis Sanitary ware – sales volumes and revenue Sanitary ware – selling price and cost per piece Sanitary ware – gross profit and margin Tiles – sales volumes and revenues Tiles – selling price and cost per sqm Tiles – gross profit and margin 11
Slide 12: Quarterly Key Segmental Trends
Quarterly Key Segmental Trends Sanitary ware sales volumes Sanitary ware average price and cost Tiles sales volumes Tile average price and cost 12
Slide 13: All Segmental Breakdowns by Quarter
All Segmental Breakdowns by Quarter Lecico Group 2014 2015 2016 2014 2015 2016 Sanitary Ware Analysis 1Q 2Q 3Q 4Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY Volume (000's pieces) Egypt 473 645 533 415 470 555 464 507 534 451 553 645 2,066 1,995 2,183 Lebanon 25 39 76 10 18 29 35 27 37 37 37 41 150 109 151 Exp
Slide 14: Working Capital and Returns
Working Capital and Returns Working capital Returns and leverage* Capital expenditures 2017f Maintenance Capex and tile diversification investment LE 90.0m * = 2013 excludes write-off for France and 2016 excludes exceptional FX gain 14
Slide 15: Share performance and data
are performance and data rm PET a
Slide 16: Shareholding structure and performance
Shareholding structure and performance Price appreciated slightly on the back of EGP float Lecico share price • Lecico valued at a market cap of US$ 20.1 million with a 51% free float – Local share trades circa US$ 7,200 per day and on 89% of trading days (12m through April 2017) • Lecico trades at
Slide 17: Thank you
Thank you For additional information, please contact: Taher G. Gargour Telephone: +203 518 0011 Fax: +203 518 0029 E-mail: [email protected] Visit our website at: www.lecico.com Forward-looking statements: This presentation may contain certain “forward-looking statements”, relating to Lecico Egypt