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Vczckvjh Vcpnv} ;6.68.60;;
Gkvev Bkvlc}eod Jn
(GKVEV%;:5/30 ZKV;/63 SP 0/50#Kz ni 087:0 no ;6.68.60;;
Gkvev Bkvlc}eod Jnbpkou thnaczkacz kom
vc}keaz z}k}enocvu! zjhnna zsppaecz! niiejc
bkjheocz! jnbps}cv zsppaecz! fnnlz! kom
kv} kom codeoccveod zsppaecz/ ]hc Jnbpkou
ntoz kom npcvk}cz }hc Gkvev Fnnlz}nvc vc}kea
jhkeo eo Zksme Kvkfek! [k}kv kom Kfs Mhkfe!
kom thnaczkac zhntvnnbz eo Zksme Kvkfek/
Eo ko k}}cbp} }n fseam k jnbpvchcozeyc }hczez
no }hc pvnzpcj}z ni Gkvevz is}svc! tc hkyc
jhnzco }n kokauwc }hcb ivnb k Bkjvn Cjnonbej
pcvzpcj}eyc! Eomsz}vu zpcjeiej pcvzpcj}eyc! kom k
jnbpkou zpcjeiej pcvzpcj}eyc/
]hc ezzscz tc jnycvcm eojasmc fn}h zsppau vezlz
kom kom mcbkom vezlz no k ykvec}u ni acycaz/ Nsv
Bkjvn yectno }hc mcbkom inv }hc Gkvev pvnmsj}bex kom zcvyejcz ez pvebkveau fkzcm spno }hc
dvnt}h ni }hc pnpsak}eno eo }hc
Pkdc ;
]kmktsa ]ejlcv 2 =;50
Fannbfcvd ]ejlcv 2 GKVEV7KF
]kmktsa Cxjhkodc7 Zksme Kvkfek
Zcj}nv7 Jnozsbcv! Jujaejka
Eomsz}vu7 Vc}kea
Zsf"Eomsz}vu7 Vc}kea"Niiejc ZsppaeczDvnt}hPvejc ]kvdc}
ZKV ;3=Dvnt}h (PCD% Invbsak2 ;:/3.
;3 20/5 }hco ;:5.0/5 2 ;3=
Ykasc Pvejc ]kvdc}ZKV 6;4Ykasc (PCDU% Invbsak 2;:/3 . (;3 ,3/5% 2 /9= }hco;:5./9= 2 6;4
Jnbpnoco}z ni Invbsakz7 Jsvvco} Pvejc 2 ;:5 JKDV 2 ;3
Invcjkz} P.C ;6C 2 ;:/3 Meyemcom Uecam2 3/5#
PCD 2 0/5 PCDU 2/9=
8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
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DJJ kom eo }hc LZK zpcjeiejkaau/ ]hc Beoez}vu
ni Cmsjk}eno ez npcoeod sp oct zjhnnaz }n bcc}
}hc mcbkom ni }hc vkpemau dvnteod pnpsak}eno/
Kjjnvmeod }n }hc Beoez}vu ni Hcka}h! }hcev ez
99# ni }hc pnpsak}eno eo fc}tcco }hc kdcz ni
;3 kom 93! kom :6# kvc somcv ;3 uckvz ni kdc/
Fn}h }hnzc kdc dvnspz kvc injszcm no cmsjk}eod
}hcev jheamvco kom fsueod }hc ak}cz} }kfac}z! zbkv}
phnocz kom cacj}vnoej dkmdc}z/ ]hcvcinvc tc
zcc }hc vcdenoka psvzse} ni hedhcv cmsjk}eno kz
k pvnkj}eyc jnbpnoco} inv mcbkom ni }hc Gkvev
pvnmsj} bex/
Tckloczzcz kom vezlz eo nsv Bkjvn Yect kvc
insom eo }hc inaanteod kvckz7 Z}vnod Gkpkoczc Uco jko heomcv }hc
ebpnv}cvz kfeae}u }n fsu }hc bcvjhkomezc/
Be}edk}eno ni }hc jsvvcoju vezlz jko fc
k}}keocm }hvnsdh k ykvec}u ni hcmdeod
znas}enoz }hk} kvc kykeakfac k} bnz} anjka
fkolz eo }hc LZK/
Ok}svka Mezkz}cvz heomcveod }hc zsppau
jhkeo kz bkosikj}sveod pako}z kvc janzeodeo Gkpko kom ]hkeakom/ Theac k} ievz} dakojc
}hc jnz}z bedh} zccb }n fc k }cbpnvkvu
pvnfacb! ki}cv jkvcisa kokauzez tc hkyc
insom fn}h }hc jnz} ni eozsvkojc kom
eo}cvcz} vk}cz }n fc no }hc vezc eo }hc
mezkz}cv z}vejlco wnocz/
Eo}cvcz} vk}c vezlmsc }n Jkpe}ka Bkvlc}
Iasx7 ]hez }upc ni vezl ez msc }n Znycvcedo
mcf} ezzscz eo }hc SZ kom Csvnpc/ ]hcikj} ni }hc bk}}cv ez }hk} }hc eo}cvok}enoka
jnbbsoe}u ez aeolcm ce}hcv msc }n }hc
Fvc}}no Tnnmz Kdvccbco} nv msc }n
jsvvcoju pcd }n
Pkdc 6
]nmku Npco7 ;:8/00
Pvcyensz Janzc7 ;:8/63
Mku$z Vkodc7 ;:8/00 " ;=0/43
36tl Vkodc7 80/30 " ;=8/30
Ynasbc7 85!:69
;"Uv V}o7 ,=9/58#Lcu Z}k}ez}ejz inv GkvevBkvlc}eod Jn (GKVEV%
YKASK]ENO
Bkvlc} Jkp (B ZKV% 8!:40/00
Pvejc.Fnnl (bv{% 5/;60;
Pvejc.Zkacz (}}b% 6/;64:
PCD Vk}en (: uckv cxpcj}cm%'' 0/586=
Co}cvpvezc Ykasc (B ZKV% 8!:99/:=
Co}cvpvezc Ykasc.Vcycosc (}}b% 6/;:
Co}cvpvezc Ykasc.CFE]MK (}}b% ;9/35
CKVOEODZ
Ckvoeodz Pcv Zhkvc (ZKV% (}}b% 8/;593
[skv}cv Cz}ebk}cm CPZ (ZKV% (bv{% 6/0:00
Uckv Cz}ebk}cm CPZ (ZKV% (;6.;;% 8/0:=0
P.C Vk}en (}}b% ;4/0;5=
Vcak}eyc P.C (}}b% ;/6668
Cz}ebk}cm P.C (;6.;;% ;4/:9:4
Ocx} Ckvoeodz Koonsojcbco} 60;6"0;";8
8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
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}hc SZ Mnaakv/ Kz k vczsa}! }hc
jnbpkou bku cxpcvecojc zpelcz eo
fnvvnteod jnz}z inv tnvleod jkpe}ka nv
inv }vkmc ieokojc! soaczz }hcu kvc szeod
znbc leom ni Ezakbej Ieokojc pvnmsj}
}hk} zhecamz }hcb ivnb }hc
iasj}sk}enoz eo AEFNV nv }hcu jnsam
hcmdc te}h k ykvec}u ni vezl
bkokdcbco} }nnaz/
No ko Eomsz}vu Zpcjeiej acyca! }hc ak}cz} }vcom
ez insom eo meycvzeiejk}eno ktku ivnb }hc eNZ
pak}invb }ntkvmz }hc ykvensz Komvnem mcyejcz/]hc zhccv iannm kom ivczh ykvec}u ni oct Komvnem
mcyejcz ez cxje}eod }hc jnozsbcvz kom jkp}sveod
}hcev ebkdeok}enoz te}h kaa }hc oct kom meiicvco}
kppaejk}enoz kom ick}svcz/ Noc ni }hc bnz}
eo}cvcz}eod kzpcj}z ni }hc oct pak}invb ez }hk} }hc
Komvnem kppaejk}enoz tnvl no kaa Komvnem mcyejcz!
soaelc }hc eNZ fceod aebe}cm }n ePhnoc nv ePkm/
Kon}hcv Eomsz}vu zpcjeiej ezzsc jko fc ce}hcv
k mntozemc vezl nv ko spzemc vezl mcpcomeod
spno thc}hcv Gkvev }klcz sp }hc eoe}ek}eyc te}h
vcdkvmz }n C"jnbbcvjc/ ]hc ikj} ni }hc bk}}cv
ez }hk} C"Jnbbcvjc hkz pvnyco }n fc ko ciiejeco}
fszeoczz bnmca kjvnzz }hc pakoc}! fvejl kom
bnv}kv jnbpkoecz aelc Gkvev hkyc fcco invjcm
}n fseam Noaeoc mez}vefs}eno ns}ac}z/ Tc jko
bklc }tn bnvc kzzsbp}enoz te}h vcdkvmz }n C"jnbbcvjc/ ]hc ievz} ez }hk} fceod ievz} }n bkvlc}
kom cz}kfaezheod ko noaeoc pvczcojc ez k lcu pkv} ni
jkp}sveod }hc bkvlc} te}h fvkom vcjndoe}eno/ ]hc
zcjnom kzpcj} ez kfns} lccpeod jsz}nbcv anuka}u
fu ebpvnyeod
Pkdc :
MEYEMCOMZ
Meyemcom Uecam (ZKV% (}}b% =/8==;
Akz} Meyemcom Vcpnv}cm (ZKV%
(60;;";0"63%
6/6994
Vcak}eyc Meyemcom Uecam ;/=;08
KMME]ENOKA
EOINVBK]ENO
Kycvkdc Ynasbc (3"mku% 5;!5;;
Kycvkdc Ynasbc (:0"mku% 49!=64
Zhnv} Vk}en "
Zhnv} # ni Iank} "
Iank} (B% :6/3:
Zhnv} Eo}cvcz} "
Zhkvcz Zhnv} (# pvenv bno}h% "
Kffvcyek}enoz7
bv{ 2 Bnz} Vcjco} [skv}cv
}}b 2 ]vkeaeod ]tcayc Bno}hz
'' Fannbfcvd je}cz k : uv PCD eo ko k}}cbp} }n
eojvckzc ynak}eae}u eo }hcev pvngcj}enoz/ Tc szc }hc 3uv
JKDV eo nsv invcjkz}z/
8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
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}hc tkvvko}ecz no }hc pvnmsj}z kom zcvyejcz
}hk} kvc znam eo }hc z}nvcz/ ]hk} eoycz}bco} eo
jsz}nbcv zk}ezikj}eno ez dneod }n fc }hc lcu mveycv
eo }cvbz ni is}svc zkacz/
]hc }hevm ezzsc no ko Eomsz}vu zpcjeiej acyca
ez }hc zhccv osbfcv ni oct co}vko}z kom
jnbpc}e}eno eo}n }hc bkvlc}/ ]hc ykvensz
cacj}vnoej mcyejcz teaa fc znam ivnb k ykvec}u ni
znsvjcz! kom }hc bkgnve}u teaa jnbpc}c fkzcm no
pvejc kz nppnzcm }n {skae}u ni zcvyejc/ ]hc ikj}
ni }hc bk}}cv ez }hk} }hcvc ez k dcocvka ickv ninfznaczjcojc eo }hc eomsz}vu! zeojc }hcvc ez k iannm
ni oct kom ebpvnycm pvnmsj}z he}}eod }hc zhcaycz/
Isomkbco}ka Kokauzez kom Pvejc ]kvdc}z7
Ivnb k jnbpkou zpcjeiej pcvzpcj}eyc tc zcc Gkvev
hkz k ;0# spzemc pn}co}eka }n ZKV ;3= fkzcm no
}hc PCD nv dvnt}h invbsak< hntcycv! ei uns tko}}hc bnvc jnozcvyk}eyc PCDU invbsak }hco tc
jnsam eojasmc }hc ykasc ni }hc meyemcom uecam kz k
pkv} ni }hc dvnt}h invcjkz}z! thejh tnsam deyc sz
k pvejc }kvdc} ni ZKV 6;4 no }hc kzzsbp}eno ni k
PCDU /9=
Pkdc =
Ykasc (PCDU% Invbsak2 Invtkvm P.Cmeyemcm fu }hc JKDV pasz }hc meyemcom
uecam/ Nojc uns hkyc }hc PCDU }hco unsmeyemc }hc Jsvvco} pvejc fu }hc PCDU }n dc}hc Ykasc Nveco}cm ]kvdc} Pvejc/
Ykasc (PCDU% Invbsak 2 ;:/3 . (;3 ,3/5%
2 /9= }hco ;:5./9= 2Ykasc Pvejc ]kvdc} ZKV 6;4
Dvnt}h PCD Invbsak2 Invtkvm P.C
meyemcm fu JKDV deycz uns PCD! }hco uns
}klc }hc jsvvco} }kvdc} pvejc kom meyemc fu
}hc PCD
Dvnt}h (PCD% Invbsak 2 ;:/3.;3 20/5 }hc
;:5.0/5 2Dvnt}hPvejc }kvdc} ZKV ;3=
Invcjkz}z7 ;0K ;;C ;6 C JKDV'
P.C (x% 6;/8 ;9/= ;:/3 ;3#
P.F (x% ;0/5 5/5 8/4 CY.CFE]MK (x% ;=/8 ;9/5 ;=/; Mey Uecam (#% 3/6 3/5 9/6
' JKDV ez fkzcm no }hc Eomsz}vu z}komkvm 3uv/
Lhkaem E Ok}}n
Hckm ni C{se}u Vczckvjh
]hc LEO Jnoznv}esb
]ca7 ,5993 989 ;00 =:Cbkea7 lhkaem@leojnoznv}esb/jnb
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
5/14
[skv}cvau Eojnbc Z}k}cbco} inv Gkvev Bkvlc}eod Jn (GKVEV% h}}p7..ttt/fannbfcvd/jnb.{sn}c.GKVEV7KF.eojnbc"z}k}cbco}
Kaa Ykascz eo Beaaenoz ZKV (cxjcp} Pcv Zhkvc% I[: 60;; I[6 60;; I[; 60;; I[= 60;0
Pcvenm Com Mk}c 5.:0.60;; 9.:0.60;; :.:;.60;; ;6.:;.60;0
Vcycosc ;!608/5; 598/69 5=3/9: 8;;/80
" Jnz} ni Vcycosc ;!06=/5; 8=0/=9 486/53 948/8=
Dvnzz Pvnie} ;8:/55 ;64/80 ;96/98 ;:6/53
" Npcvk}eod Cxpcozcz ::/;0 :0/38 64/;3 :6/;8
Npcvk}eod Eojnbc ;30/50 54/66 ;:3/3: ;00/44
" Eo}cvcz} Cxpcozc 0/8; 6/:; 6/9: 6/84
" Oc} Ono"Npcvk}eod Anzzcz (Dkeoz% "4/=3 "4/46 "4/:5 "8/4;
Eojnbc Fcinvc XN E}cbz ;36/88 58/36 ;:9/44 ;0:/96
" Cx}vknvmeokvu Anzz Oc} ni ]kx 0/00 0/00 0/00 0/00
" Beonve}u Eo}cvcz}z 0/00 0/00 0/00 0/00
Oc} Eojnbc ;36/88 58/36 ;:9/44 ;0:/96
" ]n}ka Jkzh Pvcicvvcm Meyemcomz 0/00 0/00 0/00 0/00
Oc} Eoj Kykea }n Jnbbno Zhkvchnamcvz ;36/88 58/36 ;:9/44 ;0:/96
Kfonvbka Anzzcz (Dkeoz% 0/00 0/00 0/00 0/00
http://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statementhttp://www.bloomberg.com/quote/JARIR:AB/income-statement8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
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Onvbkaewcm Eojnbc ;36/88 58/36 ;:9/44 ;0:/96
Fkzej CPZ Fcinvc Kfonvbka E}cbz 6/33 ;/9= 6/68 ;/4:
Fkzej CPZ Fcinvc XN E}cbz 6/33 ;/9= 6/68 ;/4:
Fkzej CPZ 6/33 ;/9= 6/68 ;/4:
Fkzej Tcedh}cm Kyd Zhkvcz 90/00 90/00 90/00 90/00
Meas}cm CPZ Fcinvc Kfonvbka E}cbz 6/33 ;/9= 6/68 ;/4:
Meas}cm CPZ 6/33 ;/9= 6/68 ;/4:
Meas}cm Tcedh}cm Kyd Zhkvcz 90/00 90/00 90/00 90/00
[skv}cvau Fkakojc Zhcc} inv Gkvev Bkvlc}eod Jn (GKVEV% h}}p7..ttt/fannbfcvd/jnb.{sn}c.GKVEV7KF.fkakojc"zhcc}
Kaa Ykascz eo Beaaenoz ZKV (cxjcp} Pcv Zhkvc% I[: 60;; I[6 60;; I[; 60;; I[= 60;0
Pcvenm Com Mk}c 5.:0.60;; 9.:0.60;; :.:;.60;; ;6.:;.60;0
Kzzc}z , Jkzh ) Ockv Jkzh E}cbz ;0:/99 :9/86 85/:: 36/68
, Kjjnso}z ) On}cz Vcjceykfac 605/34 ;50/0; 60=/3= 6;;/83
, Eoyco}nvecz 3=8/3= 34:/35 =6;/:9 3=:/03
, N}hcv Jsvvco} Kzzc}z ==/56 =3/03 :4/4; :3/94
]n}ka Jsvvco} Kzzc}z 509/95 8=3/=4 436/5= 8=6/83
http://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheethttp://www.bloomberg.com/quote/JARIR:AB/balance-sheet8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
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, A] Eoycz}bco}z ) A] Vcjceykfacz :3/:4 :3/== :3/3; :3/38
, Oc} Iexcm Kzzc}z 968/08 35=/58 38;/3= 333/06
]n}ka Anod"]cvb Kzzc}z 99:/=3 9:0/=6 9;4/03 350/90
]n}ka Kzzc}z ;!340/;= ;!=43/85 ;!:95/55 ;!=::/=3
Aekfeae}ecz ) Zhkvchnamcvz$ C{se}u , Kjjnso}z Pkukfac :54/44 :88/9: 694/90 :;4/:8
, Zhnv}"]cvb Fnvvnteodz 30/00 :9/56 ;9/94 30/;;
, N}hcv Zhnv}"]cvb Aekfeae}ecz ;;=/49 ;00/4: ;;;/34 ;::/35
]n}ka Jsvvco} Aekfeae}ecz 396/3: 369/68 :53/8= 30;/08
, Anod"]cvb Fnvvnteodz 30/00 99/94 8:/:: ;00/00
, N}hcv Anod"]cvb Aekfeae}ecz :5/83 :8/04 :9/=4 :=/45
]n}ka Anod"]cvb Aekfeae}ecz 85/89 ;0=/4= ;;5/80 ;:=/45
]n}ka Aekfeae}ecz 936/:8 9:;/06 3;3/9= 9:3/84
, ]n}ka Pvcicvvcm C{se}u 0/00 0/00 0/00 0/00
, Beonve}u Eo}cvcz} 0/00 0/00 0/00 0/00
, Zhkvc Jkpe}ka ) KPEJ =00/00 =00/00 =00/00 =00/00
, Vc}keocm Ckvoeodz ) N}hcv C{se}u 3;4/49 ===/88 =3=/:3 :54/38
]n}ka C{se}u 5;4/49 8==/88 83=/:3 454/38
]n}ka Aekfeae}ecz ) C{se}u ;!340/;= ;!=43/85 ;!:95/55 ;!=::/=3
Pkdc 4
8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
8/14
[skv}cvau Jkzh Iant inv Gkvev Bkvlc}eod Jn (GKVEV%
h}}p7..ttt/fannbfcvd/jnb.{sn}c.GKVEV7KF.jkzh"iant
Kaa Ykascz eo Beaaenoz ZKV (cxjcp} Pcv Zhkvc% I[: 60;; I[6 60;; I[; 60;; I[= 60;0
Pcvenm Com Mk}c 5.:0.60;; 9.:0.60;; :.:;.60;; ;6.:;.60;0
Jkzh Ivnb Npcvk}eod Kj}eye}ecz , Oc} Eojnbc ;36/88 58/36 ;:9/44 ;0:/96
, Mcpvcjek}eno ) Kbnv}ewk}eno 3/64 =/99 =/88 3/0=
, N}hcv Ono"Jkzh Kmgsz}bco}z =/=; =/09 :/:5 ;/;8
, Jhkodcz eo Ono"Jkzh Jkpe}ka 69/;9 ":4/:3 3:/=3 "64/89
Jkzh Ivnb Npcvk}enoz ;88/46 95/50 ;58/30 8;/54
Jkzh Ivnb Eoycz}eod Kj}eye}ecz , Mezpnzka ni Iexcm Kzzc}z 0/00 0/0= 0/00 0/0=
, Jkpe}ka Cxpcome}svcz ":8/:0 ";8/0: ":;/:: ":/39
, Eojvckzc eo Eoycz}bco}z 0/00 0/00 0/00 0/00
, Mcjvckzc eo Eoycz}bco}z 0/00 0/00 0/00 0/00
, N}hcv Eoycz}eod Kj}eye}ecz 0/00 0/00 0/00 0/00
Jkzh Ivnb Eoycz}eod Kj}eye}ecz ":8/:0 ";4/55 ":;/:: ":/3:
Jkzh ivnb Ieokojeod Kj}eye}ecz , Meyemcomz Pkem "80/00 ";08/00 "80/00 "80/00
http://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flowhttp://www.bloomberg.com/quote/JARIR:AB/cash-flow8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
9/14
, Jhkodc eo Zhnv}"]cvb Fnvvnteodz ":/38 :/38 "30/;; "0/6;
, Eojvckzc eo Anod"]cvb Fnvvnteodz 0/00 0/00 0/00 0/00
, Mcjvckzc eo Anod"}cvb Fnvvnteodz 0/00 0/00 0/00 0/00
, Eojvckzc eo Jkpe}ka Z}njlz 0/00 0/00 0/00 0/00
, Mcjvckzc eo Jkpe}ka Z}njlz 0/00 0/00 0/00 0/00
, N}hcv Ieokojeod Kj}eye}ecz 0/00 0/00 0/00 0/00
Jkzh ivnb Ieokojeod Kj}eye}ecz "8:/38 ";0=/=6 ";:0/;; "80/6;
Oc} Jhkodcz eo Jkzh 99/8= "36/3; :4/03 ";/44
Kooska Eojnbc Z}k}cbco} inv Gkvev Bkvlc}eod Jn (GKVEV% h}}p7..ttt/fannbfcvd/jnb.{sn}c.GKVEV7KF.eojnbc"z}k}cbco}*ik^kooska
Kaa Ykascz eo Beaaenoz ZKV (cxjcp} Pcv Zhkvc% IU 60;0 IU 6005
Pcvenm Com Mk}c ;6.:;.60;0 ;6.:;.6005
Vcycosc :!0;=/34 6!333/:;
" Jnz} ni Vcycosc 6!3;6/55 6!098/5:
Dvnzz Pvnie} 30;/38 =89/:8
" Npcvk}eod Cxpcozcz ;03/50 ;0;/56
Npcvk}eod Eojnbc :53/98 :8=/=9
" Eo}cvcz} Cxpcozc ;;/=; ;:/=5
" Oc} Ono"Npcvk}eod Anzzcz (Dkeoz% "68/50 ";:/93
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Eojnbc Fcinvc XN E}cbz =00/4= :4:/54
" Cx}vknvmeokvu Anzz Oc} ni ]kx O.K 0/00
" Beonve}u Eo}cvcz}z 0/00 0/00
Oc} Eojnbc =00/4= :4:/54
" ]n}ka Jkzh Pvcicvvcm Meyemcomz 0/00 0/00
Oc} Eoj Kykea }n Jnbbno Zhkvchnamcvz =00/4= :4:/54
Kfonvbka Anzzcz (Dkeoz% 0/00 0/00
Onvbkaewcm Eojnbc =00/4= :4:/54
Fkzej CPZ Fcinvc Kfonvbka E}cbz 9/98 9/6:
Fkzej CPZ Fcinvc XN E}cbz 9/98 9/6:
Fkzej CPZ 9/98 9/6:
Fkzej Tcedh}cm Kyd Zhkvcz 90/00 90/00
Meas}cm CPZ Fcinvc Kfonvbka E}cbz 9/98 9/6:
Meas}cm CPZ 9/98 9/6:
Meas}cm Tcedh}cm Kyd Zhkvcz 90/00 90/00
8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
11/14
Kooska Fkakojc Zhcc} inv Gkvev Bkvlc}eod Jn (GKVEV% h}}p7..ttt/fannbfcvd/jnb.{sn}c.GKVEV7KF.fkakojc"zhcc}
Kaa Ykascz eo Beaaenoz ZKV (cxjcp} Pcv Zhkvc% IU 60;0 IU 6005
Pcvenm Com Mk}c ;6.:;.60;0 ;6.:;.6005
Kzzc}z , Jkzh ) Ockv Jkzh E}cbz 36/68 :5/99
, Kjjnso}z ) On}cz Vcjceykfac 6;;/83 ;8;/;8
, Eoyco}nvecz 3=:/03 =6;/=6
, N}hcv Jsvvco} Kzzc}z :3/94 :9/8=
]n}ka Jsvvco} Kzzc}z 8=6/83 945/;;
, A] Eoycz}bco}z ) A] Vcjceykfacz :3/38 :3/89
, Oc} Iexcm Kzzc}z 333/06 3:3/==
]n}ka Anod"]cvb Kzzc}z 350/90 34;/:;
]n}ka Kzzc}z ;!=::/=3 ;!630/=6
Aekfeae}ecz ) Zhkvchnamcvz$ C{se}u , Kjjnso}z Pkukfac :;4/:8 6=:/65
, Zhnv}"]cvb Fnvvnteodz 30/;; :4/03
, N}hcv Zhnv}"]cvb Aekfeae}ecz ;::/35 ;06/00
]n}ka Jsvvco} Aekfeae}ecz 30;/08 :86/:=
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12/14
, Anod"]cvb Fnvvnteodz ;00/00 ;00/00
, N}hcv Anod"]cvb Aekfeae}ecz :=/45 =3/6=
]n}ka Anod"]cvb Aekfeae}ecz ;:=/45 ;=3/6=
]n}ka Aekfeae}ecz 9:3/84 364/38
, ]n}ka Pvcicvvcm C{se}u 0/00 0/00
, Beonve}u Eo}cvcz} 0/00 0/00
, Zhkvc Jkpe}ka ) KPEJ =00/00 =00/00
, Vc}keocm Ckvoeodz ) N}hcv C{se}u :54/38 :66/8=
]n}ka C{se}u 454/38 466/8=
]n}ka Aekfeae}ecz ) C{se}u ;!=::/=3 ;!630/=6
Kooska Jkzh Iant inv Gkvev Bkvlc}eod Jn (GKVEV%
h}}p7..ttt/fannbfcvd/jnb.{sn}c.GKVEV7KF.jkzh"iant
Kaa Ykascz eo Beaaenoz ZKV (cxjcp} Pcv Zhkvc% IU 60;0 IU 6005
Pcvenm Com Mk}c ;6.:;.60;0 ;6.:;.6005
Jkzh Ivnb Npcvk}eod Kj}eye}ecz , Oc} Eojnbc =00/4= :4:/54
, Mcpvcjek}eno ) Kbnv}ewk}eno ;5/98 ;8/9=
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13/14
, N}hcv Ono"Jkzh Kmgsz}bco}z ;0/05 ;=/03
, Jhkodcz eo Ono"Jkzh Jkpe}ka "99/0= ::/69
Jkzh Ivnb Npcvk}enoz :9=/=4 =:5/56
Jkzh Ivnb Eoycz}eod Kj}eye}ecz , Mezpnzka ni Iexcm Kzzc}z 0/04 0/::
, Jkpe}ka Cxpcome}svcz ":8/54 ":;/88
, Eojvckzc eo Eoycz}bco}z 0/00 0/00
, Mcjvckzc eo Eoycz}bco}z 0/00 0/00
, N}hcv Eoycz}eod Kj}eye}ecz 0/00 0/00
Jkzh Ivnb Eoycz}eod Kj}eye}ecz ":8/5; ":;/33
Jkzh ivnb Ieokojeod Kj}eye}ecz , Meyemcomz Pkem ":69/00 "::8/00
, Jhkodc eo Zhnv}"]cvb Fnvvnteodz ;:/09 "=/54
, Eojvckzc eo Anod"]cvb Fnvvnteodz 0/00 0/00
, Mcjvckzc eo Anod"}cvb Fnvvnteodz 0/00 "30/00
, Eojvckzc eo Jkpe}ka Z}njlz 0/00 0/00
, Mcjvckzc eo Jkpe}ka Z}njlz 0/00 0/00
, N}hcv Ieokojeod Kj}eye}ecz 0/00 0/00
Jkzh ivnb Ieokojeod Kj}eye}ecz ":;6/5= ":56/54
Oc} Jhkodcz eo Jkzh ;6/96 ;3/=0
Ebpnv}ko} eoinvbk}eno
]hc ks}hnvz ni }hez mnjsbco} hcvcfu jcv}eiu }hk} }hc yectz cxpvczzcm eo }hez mnjsbco} kjjsvk}cau vciacj} }hcev pcvznoka
yectz vcdkvmeod }hc zcjsve}ecz kom jnbpkoecz }hk} kvc }hc zsfgcj} ni }hez mnjsbco}/ ]hc ks}hnvz kazn jcv}eiu }hk} oce}hcv }hcu
8/3/2019 JARIR RESEARCH REPORT Dec. 28th, 2011
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onv }hcev vczpcj}eyc zpnszcz nv mcpcomko}z (ei vcacyko}% hnam k fcociejeka eo}cvcz} eo }hc zcjsve}ecz }hk} kvc }hc zsfgcj} ni }hez
mnjsbco}/ Isomz bkokdcm fu ]hc LEO Jnoznv}esb kom e}z zsfzemekvecz inv }hevm pkv}ecz bku nto }hc
zcjsve}ecz }hk} kvc }hc zsfgcj} ni }hez mnjsbco}/]hc LEO Jnoznv}esb nv e}z zsfzemekvecz bku nto zcjsve}ecz eo noc nv
bnvc ni }hc kinvcbco}enocm jnbpkoecz! nv isomz nv eo isomz bkokdcm fu }hevm pkv}ecz ]hc ks}hnvz ni }hez mnjsbco} bku
nto zcjsve}ecz eo isomz npco }n }hc psfaej }hk} eoycz} eo }hc zcjsve}ecz bco}enocm eo }hez mnjsbco} kz pkv} ni k meycvzeiecm
pnv}inaen nycv thejh }hcu hkyc on mezjvc}eno/ ]hc Eoycz}bco} Fkoleod meyezeno ni ]hc LEO Jnoznv}esb bku fc eo }hc
pvnjczz ni znaeje}eod nv cxcjs}eod icc ckvoeod bkomk}cz inv jnbpkoecz }hk} kvc ce}hcv }hc zsfgcj} ni }hez mnjsbco} nv kvc
bco}enocm eo }hez mnjsbco}/
]hez mnjsbco} ez ezzscm }n }hc pcvzno }n thnb ]hc LEO Jnoznv}esb hkz ezzscm e}/ ]hez mnjsbco} ez eo}comcm inv dcocvka
eoinvbk}eno psvpnzcz noau! kom bku on} fc vcpvnmsjcm nv vcmez}vefs}cm }n kou n}hcv pcvzno/ ]hez mnjsbco} ez on} eo}comcm
kz ko niicv nv znaeje}k}eno te}h vczpcj} }n }hc psvjhkzc nv zkac ni kou zcjsve}u/ ]hez mnjsbco} ez on} eo}comcm }n }klc eo}n
kjjnso} kou eoycz}bco} zse}kfeae}u occmz ni }hc vcjepeco}/ Eo pkv}ejsakv! }hez mnjsbco} ez on} jsz}nbewcm }n }hc zpcjeiej
eoycz}bco} nfgcj}eycz! ieokojeka ze}sk}eno! vezl kppc}e}c nv n}hcv occmz ni kou pcvzno thn bku vcjceyc }hez mnjsbco}/ ]hc
LEO Jnoznv}esb z}vnodau kmyezcz cycvu pn}co}eka eoycz}nv }n zccl pvniczzenoka acdka! kjjnso}eod kom ieokojeka dsemkojc
thco mc}cvbeoeod thc}hcv ko eoycz}bco} eo k zcjsve}u ez kppvnpvek}c }n hez nv hcv occmz/ Kou eoycz}bco} vcjnbbcomk}enoz
jno}keocm eo }hez mnjsbco} }klc eo}n kjjnso} fn}h vezl kom cxpcj}cm vc}svo/ Eoinvbk}eno kom npeoenoz jno}keocm eo }hez
mnjsbco} hkyc fcco jnbpeacm nv kvveycm k} ]hc LEO Jnoznv}esb ivnb znsvjcz fcaecycm }n fc vcaekfac! fs} ]hc LEO
Jnoznv}esb hkz on} eomcpcomco}au ycveiecm }hc jno}co}z ni }hez mnjsbco} kom zsjh eoinvbk}eno bku fc jnomcozcm nveojnbpac}c/ Kjjnvmeodau! on vcpvczco}k}eno nv tkvvko}u! cxpvczz nv ebpaecm! ez bkmc kz }n! kom on vcaekojc zhnsam fc pakjcm
no }hc ikevoczz! kjjsvkju! jnbpac}coczz nv jnvvcj}oczz ni }hc eoinvbk}eno kom npeoenoz jno}keocm eo }hez mnjsbco}/ ]n }hc
bkxebsb cx}co} pcvbe}}cm fu kppaejkfac akt kom vcdsak}eno! ]hc LEO Jnoznv}esb zhkaa on} fc aekfac inv kou anzz }hk} bku
kvezc ivnb }hc szc ni }hez mnjsbco} nv e}z jno}co}z nv n}hcvtezc kvezeod eo jnoocj}eno }hcvcte}h/ Kou ieokojeka pvngcj}enoz!
ikev ykasc cz}ebk}cz kom z}k}cbco}z vcdkvmeod is}svc pvnzpcj}z jno}keocm eo }hez mnjsbco} bku on} fc vckaewcm/ Kaa npeoenoz
kom cz}ebk}cz eojasmcm eo }hez mnjsbco} jnoz}e}s}c ]hc LEO Jnoznv}esbz gsmdbco} kz ni }hc mk}c ni pvnmsj}eno ni
}hez mnjsbco}! kom kvc zsfgcj} }n jhkodc te}hns} on}ejc/ Pkz} pcvinvbkojc ni kou eoycz}bco} ez on} eomejk}eyc ni is}svc
vczsa}z/ ]hc ykasc ni zcjsve}ecz! }hc eojnbc ivnb }hcb! }hc pvejc! kom jsvvcojecz ni zcjsve}ecz! jko dn mnto kz tcaa kz sp/
Ko eoycz}nv bku dc} fkjl aczz }hko hc nv zhc nvedeokaau eoycz}cm/ Kmme}enokaau! iccz bku kppau no eoycz}bco}z eo zcjsve}ecz/
Jhkodcz eo jsvvcoju vk}cz bku hkyc ko kmycvzc ciicj} no }hc ykasc! pvejc nv eojnbc ni k zcjsve}u/ On pkv} ni }hez mnjsbco}
bku fc vcpvnmsjcm te}hns} }hc tve}}co pcvbezzeno ni ]hc LEO Jnoznv}esb/ Oce}hcv }hez mnjsbco} onv kou jnpu hcvcni
bku fc mez}vefs}cm eo kou gsvezmej}eno ns}zemc }hc Leodmnb ni Zksme Kvkfek thcvc e}z mez}vefs}eno bku fc vcz}vej}cm fu akt/
Pcvznoz thn vcjceyc }hez mnjsbco} zhnsam bklc }hcbzcaycz ktkvc! ni kom kmhcvc }n! kou zsjh vcz}vej}enoz/ Fu kjjcp}eod }hez
mnjsbco}! }hc vcjepeco} kdvccz }n fc fnsom fu }hc invcdneod aebe}k}enoz/