Valmore Holding · EGX:VLMR
Valmore — Egypt Kuwait Holding — Investor Presentation (March 2024)
35 slides from Valmore's investor presentation, March 2024
Slide 1: Integrated Investments Generating Superior Returns
Integrated Investments Generating Superior Returns Investor Presentation FY 2023 March 2024
Slide 2: EKH Overview
EKH OVERVIEW
Slide 3: Egypt Kuwait Holding "EKH"
EGYPT KUWAIT HOLDING “EKH” Hands-on investor and Create synergies between Secure strategic partnerships with operator different group companies leading international value-added industry players Long-term investor with Develop greenfield operations to Expand industry expertise to opportunistic exit
Slide 4: EKH's Main Portfolio Companies
EKH’S MAIN PORTFOLIO COMPANIES Insurance & Non-Banking Financial Fertilizers and Petrochemicals Energy and Energy-Related Services Sprea Misr NatEnergy Delta Insurance Petrochemicals Gas Distribution and Electricity Life, Property & Casualty Insurance Generation & Distribution Effective EKH Ownershi
Slide 5: EKH at a Glance
EKH AT A GLANCE Revenues in US$ mln Attributable EBITDA in US$ mln 6 strategic sectors c. 6,700 Professionals employed EBITDA margin FY2023: 45% Petrochemicals, by the holding company fertilizers, gas and its subsidiaries 1,104 distribution, electricity 388 generation & 320 833 801 300 distribution,
Slide 6: Recent Developments
RECENT DEVELOPMENTS Kahraba Awarded EPC and O&M Power Distribution Agreement with Increased Direct and Indirect Centamin Ownership Stake in Alexfert to EKH’s downstream energy player ‘Kahraba’ won 75.33% the tender issued by Centamin, the operator the During 2023, EKH deployed USD 125 million to Suk
Slide 7: Growth Drivers
GROWTH DRIVERS
Slide 8: AlexFert
ALEXFERT Established by EKH in 2003, Alexandria Fertilizers Revenues in US$ mln Attributable EBITDA in US$ mln Company “AlexFert” operates a state-of-the-art EBITDA margin FY2023: 45% 110,000 m2 fertilizer facility in Alexandria, Egypt. 268 486 640 ktpa 180 ktpa Urea production ammonium sulphate 280
Slide 9: Sprea Misr
SPREA MISR Founded in 1989 and acquired by EKH in 2007 Revenues in US$ mln Attributable EBITDA in US$ mln A state of the art downstream petrochemicals EBITDA margin FY2023: 44% production facility located in 10th of Ramadan over 103k m 2. 100% +50 countries 203 26% 71 168 161 Effective EKH ownership
Slide 10: Sprea Misr (EGP)
SPREA MISR Founded in 1989 and acquired by EKH in 2007 Revenues in EGP mln Attributable EBITDA in EGP mln A state of the art downstream petrochemicals EBITDA margin FY2023: 42% production facility located in 10th of Ramadan over 103k m 2. 26% 100% +50 countries 4,913 90% 2,074 3,903 Effective EKH ow
Slide 11: Sprea Misr Recent Developments
SPREA MISR Recent Developments Dry SNF Powder & Liquid Glue Formaldehyde Line Capacity Additional 15 KTPA to reach 30 Capacity Powder Glue: Additional 10 KTPA Capacity Additional 50 KTPA KTPA to reach 34 KTPA Liquid Glue: Additional 56 KTPA to Production Q1 2024 reach 121 KTPA Production Q4 2023 Sta
Slide 12: NatEnergy
NATENERGY The largest private sector operator of natural gas pipelines in the MENA region. Developed, installed, and currently operating and maintaining over 14,000km of pipelines NatEnergy is a holding company with ownership Revenues in US$ mln Attributable EBITDA in US$ mln stakes in 5 subsidiarie
Slide 13: NatEnergy (EGP)
NATENERGY The largest private sector operator of natural gas pipelines in the MENA region. Developed, installed, and currently operating and maintaining over 14,000km of pipelines NatEnergy is a holding company with ownership Revenues in EGP mln Attributable EBITDA in EGP mln stakes in 5 subsidiarie
Slide 14: NatEnergy: NATGAS & Fayum Gas
NATENERGY: NATGAS & FAYUM GAS Existing Concessions Haya Karima On 2nd January 2021, HE President Abdel Fattah El-Sisi launched the initiative Haya Karima (Decent Life), with the aim of improving the living conditions of millions of Egyptians. The initiative seeks to provide everything from education
Slide 15: NatEnergy: Kahraba
NATENERGY: KAHRABA § Kahraba owns and operates two central One of Kahraba’s Power Generation Plants In Borg El Arab power generation plants with an installed Kahraba’s Actual Electricity capacity of 135 MW in Borg Al-Arab Industrial Distribution Volume Zone in Alexandria and 2 smaller Independent (m
Slide 16: Offshore North Sinai Concession (ONS)
OFFSHORE NORTH SINAI CONCESSION (ONS) 440 km2 concession located 56 Km offshore of Revenues in US$ mln Attributable EBITDA in US$ mln Port Said. Facilities include pipeline to shore + processing facilities (Romana) 59 61 58 5 50 MMSCFd 55 42 42 47 47 44 Operative wells Daily production 2023 38 34 30
Slide 17: Insurance: Delta & Mohandes
Insurance: Delta & Mohandes Significant increase in attributable net profit to EKH Recurring Attributable Net Profit in EGP mln from its insurance subsidiaries over the last 4 years. Delta Insurance § Leading life, property & casualty insurance company 46% 353 § Delta Insurance is currently among th
Slide 18: Non Banking Financial Services: Bedayti
Non Banking Financial Services: Bedayti No. of Microfinance Loan Beneficiaries in Egypt Bedayti Microfinance Egypt’s Total Microfinance Loans EGP mln ‘000 § EKH‘s fully owned microfinance subsidiary Bedayti 28% started operations in Q1 2022. CAGR: 35.3% 43,900 3,940 3,850 3,820 Bedayti 2023 Performa
Slide 19: Nile Wood
Nile Wood Forest MDF Factory § Raw materials are sourced from our forest located in Sadat City, just 5 km away from the factory. Production Facility § The factory over an area of 150,000 m2 is under construction in Sadat City, 140 km away from Alexandria Port. § Total investment cost stands at c. EG
Slide 20: Nile Wood – MDF Production Process
Nile Wood – MDF PRODUCTION PROCESS Chipping Line Refining Glueing Egypt Kuwait Holding | Investor Presentation 20
Slide 21: Nile Wood – MDF Production Process
Nile Wood – MDF PRODUCTION PROCESS Forming Line Press System Sanding Line Cutting Line Egypt Kuwait Holding | Investor Presentation 21
Slide 22: Shareholder Returns & Financial Highlights
SHAREHOLDER RETURNS & FINANCIAL HIGHLIGHTS Egypt Kuwait Holding | Investor Presentation 22
Slide 23: EKH Shares
EKH Shares EKH is listed on the Egyptian Stock Exchange and on Boursa Kuwait. On EGX shares trade under 2 tickers: § 350 mln Share traded in Egyptian Pound EKHOA.CA § 207 mln Share traded in US Dollar EKHO.CA On Boursa Kuwait Shares trade under 1 ticker: § 570 mln Shares trade in Kuwaiti Dinar EKHOL
Slide 24: Share Performance & Shareholder Returns (EGX)
Share Performance & Shareholder Returns (EGX) Returns Adjusted for Dividends EKHO Share on EGX and EGX 30 Index Share Information § Market Cap as of 28th Feb 2024: US$ 1.2 bln (EGP 37 bln) § Total number of shares listed on both EGX & Boursa Kuwait : 1,126 mln § Number of shares listed on EGX : 557
Slide 25: Share Performance & Shareholder Returns (Boursa Kuwait)
Share Performance & Shareholder Returns (Boursa Kuwait) Returns Adjusted for Dividends EKHOLDIN Share on Boursa Kuwait and BKM50 Index Share Information § Market Cap as of 28th Feb 2024: US$ 1.2 bln (EGP 37 bln) § Total number of shares listed on both EGX & Boursa Kuwait : 1,126 mln § Number of shar
Slide 26: Financial Highlights
Financial Highlights Total Assets (USD Mn) Total Equity of the owners of the Parent Company (USD Mn) 650 2,141 575 1,960 553 564 1,746 503 472 1,621 1,371 1,117 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Attributable Net Profit (USD Mn) Return on Equity (ROE) 241 43% 38% 171 179 25%
Slide 27: EBITDA & Debt Overview
EBITDA & Debt Overview Attributable EBITDA (In ‘000 USD) 2022 2023 Fertilizers and Petrochemicals 224,953 156,193 Energy & Energy Related 90,291 89,243 Diversified 72,871 74,138 Attributable EBITDA 388,116 319,575 Net Debt (Cash) (In ‘000 USD) 2022 2023 Long-term interest-bearing debt 375,902 Short-
Slide 28: Appendix 1: Management Team, Board Members, Timeline & Corporate Citizenship
APPENDIX 1: MANAGEMENT TEAM, BOARD MEMBERS, TIMELINE & CORPORATE CITIZENSHIP Egypt Kuwait Holding | Investor Presentation 28
Slide 29: Board of Directors
BOARD OF DIRECTORS Mr. Loay Jassim Al- Mr. Adel Al-Alfi Eng. Sherif El Zayat Mr. Jon Rokk Kharafi Vice Chairman of the CEO CEO Chairman of the Board Board (Non-Executive) (Executive) (Executive) (Non-Executive) Ms. Heba Nasser Al Mr. Moataz Al-Alfi Mr. Saad Al-Saad Eng. Ibrahim Mahlab Kharafi Member
Slide 30: Management Team
MANAGEMENT TEAM Eng. Sherif El Zayat Mr. Jon Rokk Mr. Medhat Bonna Mr. Khaled El- Chief Executive Officer Chief Executive Officer Group Chief Financial Demerdash Officer Group Legal Counsel Mr. Tamer Badrawi Mr. Hany Azzam Mr. Omar Nashaat Chief Human Resources Mr. Hany Ezzat Head of Corporate Inves
Slide 31: Key Milestones
Key Milestones 1997 1998 1999 2001 2002 2003 2004 2005 § EKH Established § Established § NATGAS started § Listing on § Acquired majority § Established Alexandria Fertilizer Company (Alex § Increased Stake in § Divested stake by prominent NATGAS with operation Boursa Kuwait stake in Egyptian Fert) De
Slide 32: Key Milestones
Key Milestones 2021 2016 2017 2018 2019 2020 2021 cont. § Sprea Misr’s new SNF § Divesting stake in EHC § Launched MTO and § Acquired Shield § Acquired 24.99% § Increased stake in AlexFert to 57.4% § Delta Insurance extraordinary general production line started to Carbon Holding Increased stake in D
Slide 33: Corporate Citizenship
Corporate Citizenship Egypt Kuwait Holding (EKH) prides itself on actively participating in sustainable development, focusing on improving communities in the emerging economies in which it does business and working diligently to create a better future for coming generations. From educational initiat
Slide 34: Disclaimer
Disclaimer This presentation was prepared by Egypt Kuwait Holding S.A.E. (“EKH”) and is strictly confidential and may contain market sensitive information. All recipients hereof who are permitted to receive the same are bound by the restrictions on disclosure and use and other terms thereof. The pro
Slide 35: Investor Relations Contact
Omar Nashaat Investor Relations Director Telephone : +202-3363300 Fax : +202-3358989 E-mail : [email protected] : [email protected] Website : www.ekholding.com Egypt Kuwait Holding | Investor Presentation 35
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