(An Egyptian Joint Stock Company) - Elsewedy Electric Relations/Financial/EE... · Parle Telephone : ... Introduction . ... EI Sewedy Electric company "previously EI Sewedy Cables"

EL Sewedy Electric Company

(An Egyptian Joint Stock Company)

Interim consolidated financial statements

for the financial period

from 1 January 2015 to 31 March 2015

and limited review report

Hazem Hassan Public Accountants amp Consultants

Pyramids Heights Office Parle Telephone (202) 35 36 22 00 bull 35 36 22 11

Km 22 CairolAlex Road Telefax (202) 35 36 23 01 middot3536 23 05 E-mail egyptOkpmgcomeg PO Box 48 AI Ahram Postal Code 12556 AI AhramGizamiddot Cairo middot Egypt

Translated from Arabic Report on limited review of interim consolidated financial sta tements

T o T he members of Board of Directors of EI Scwedy Electric Compa ny

Introduction

We havemiddot rev iewed the accompa nying consolidated balance sheet of EI Sewedy Electric Company as of 3 1 March 20 15 and the re lated consolidated statements of income cas h flows and changes in equity for the three month s then ended and a summary of signi fi clllt accou nting pol ic ies and other explaniltory nOles Ma nilgernent is re~ponsible for the preparation and fair presentation of these interim consolidated financial statements in accordance with Egyptian Account ing Standards Our responsibility is to ex press a conclusion on these interim consol idaled financ ial stllemenLS based on our limitf-d review

Scope of Limited Review

We conducted our lim ited review in accordance with Egy ptian Standard on Rev iew Engage rnent~ 24 10 Limited Rev iew of Interim F inancial Statements Perfo rme d by the Indepe ndent Aud itor of the Enti ty A lim ited review of interim financia l statenlents consists of making in quiries primarily of persons responsi ble for finaneiltll ltlnd accounting matters in the Company and apply ing analytical and othc r review procedures A li mited review is subs tantially less in scope than an audit conducted in accordance with Egyptian Smndards on Aud iting and consequemly does not enable us to obtain assurance that we would become aware of all s igniric1nt matters that might be ident ified in an aud it Accordingly we do not ex press an audit opin ion 011

these interim consolidated financial statements

Conclusion

Based on our I irn ited re view not hi ng has come to our altention that causes LIS to bel ieve thlt Ihe acco mpanying inlerim conso li dated financial sllttements do not preem fai rly in a ll 1l1lterial respects the consol idated financ ial position of EI Sewcdy Electr ic Company as at 3 1 March 2015 and of its consolidated financial performance and its consolidated cash flows for the three-months then ended in accordance with Egypt ian Accounting Standards

KPM G Hazem H Public Accountanti and

C iro8 June2015 KPMC 17 rr -i assan

Publi c ccountl~t~ Jnd Consulta t~

--

EL Sewed Electric ComDany ( An Egyptian Joint Stock Compa ny)

Consolidated Bll iance Sheet As oni March 2015

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INNlibie - [3middot1)0(31)

DeferTtd IU UOIttS (3-19)(2)

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S 56 449 160 53IH7

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6006 235250 5714 064 J14

215673064 28519934

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Translated (rom Arabic EL Sewedy Electric Company

(AnEgyptian Joint Stock Company) Consolidated Income Statement

for the financial period from 1 January 2015 to 31 March 2015

Financial period from 112015 to 3132015

LE

Operational revenues

Operational costs

Gross profits

(3-15)

(3-17)

3980697298

(3 424 364 177)

556333121

Other operating income

Selling and distribution expenses

Administrative expenses

Other operating expenses

Operating profits

(24)

(3-17)

(3- 7)

(25)

33 150780

(85638 161)

( 129221 323)

(25600408)

349024 009

Financing income

Financing costs

Net financing (costs)

Net profits for the period before tax

(26)

52483 132

(72 779 972)

(20296840)

328727169

Income tax

Current income tax

Deferred income tax (expenses) income

Net profits for the period after tax

Attributable to

Equity holders of the holding company

Minority interest

(3-19)

(3-19)

(44592 778)

( 16419831)

267714560

239224703

28489857

Earnings per share (3-20)laquo34)

267714560 107

The accompanying notes are an integral part of these interim consolidated financial statements


LE

4342901 528

(3 729 520956)

613380572

25641487

(118491664)

( 165392 776)

( 145228080)

209 909 539

21233258

(67850043)

(46616785)

163292754

(37368338)

126524523

105081480

21443043

126524523 047

-2shy

600107

1[ Ir~[~[~[ 1[ I[~[~[~[~t~t It~t~t~t~t~t It~t~[~t~[~[~[~[~[~[~[~[r-~r-~r-~r-~r-Tr(U1Slared from Arabic

EL Sewed Electric Com~an

(An Egyptian Joint Stock COmPany) Consolidated Changes in Equitys statement

for the financial neriod from 1 Ianuary 2015 to 31 March 2015 Increase in the net

assets of the Foreign exchange

Issued and paid capital Own shares Legal reserve General reserve

acquired subsidiaries over the consideration

Retained earnings

Profit attributable to the holding

for tbe period I year

differences resulted from

foreign entities

Total parents sharehoiders equity

Minority interest Total share holders equity

paid for the translation investment

LE LE LE LE LE LE Y LE LE LE LE

Balances of 31 December 2013 2234 180 000 ( 1422 160) 105718167 13816730 578908660 1900996805 96 501 795 (87612698) 4871 087 599 415952466 5287040065 Transferred to rehlined earnings 96501795 (96 501795)

Subsidiaries dividends to minoirty (39892 124) (39892124)

Minority share of subsidiaries capital during the year 8311707 8311 707 Foreign exchange differences from foreign entities translation 54336208 54336208 54336208 Adjustments to the retained earnings of subsidirumiddoties 23494105 23494 L05 (6094569) 17399536

Cash dividends to employee (Profits 2013) (38242966) (38242966) (38242966)

Net profits for the year 403300 490 403300490 41811418 4~5 III 908

Balance as of31 December 2014 2234180000 ( 1122 160) 05718167 43816730 578908660 1982749739 403300490 (33276490) 5313 975436 420088898 5734064334

Transferred to retained earnings 403300490 (403300490)

Dividends in subsidiuries to minority ( 862371) ( 862371)

Foreigu exchange differences from foreign entities translation 41172822 41172 822 41 172 822

dJIlamcnls to the retained earnings in subsidiaries (27350702) (27350702) (3930294) (31280996)

Divdenh 0 employees (Profits 2014) (4573 099) ( 4573099) (4573099)

Net profits for the period 23922n03 239224703 28489857 267714560

Balance as of 31 March 2015 2234 180000 ( 1422 160) 105718167 13 816 730 578908660 2351 126428 239221703 7896332 5562149 160 4 3786090 6006

Balance as of 31 December 2013 2134180000 ( 1422 160) 105718467 43816730 578908660 1900996805 96501795 (87612698) 4871 087 599 415952466 5287040065

Transferred to retained earnings 96 501195 ( 96 501795)

Minority share of subsidiaries capital during the period 875000 875000

Foreign exchange differences from foreign entitles translation 37684144 37684144 37684144

Adjustments to the retained earnings in subsidiaries (8665020) ( 8665020) ( 8665020)

Net profits for the perind 105081480 105081480 21443043 126524523

Balance as oDI March 2011 2 23~ 180000 ( 1422 160) 105718167 43816730 578908660 1988833580 105081480 (49928554) 5005188203 438270509 443458 712

Ii The accompanying notes are an integral part of these interim consolidated financial Slatementji

-3shy

Translated From Arabic

EL Sewedy Electric Company Notes to the interim consolidated financial statements - 31 March 2015

1 Company background

EI Sewedy Electric company previously EI Sewedy Cables is an Egyptian Joint Stock Company established under the Investment Incentives and Guarantees Law No8 of 1997 and was registered in the commercial registration under No 14584 on 1 June 2005

The Companys Extra-ordinary General Assembly held on 1942010 decided to change the company name from EL Sewedy Cables to EL Sewedy Electric This change was authenticated in the company commercial register on 41012010 The company has obtained the approval for the change of its name from Misr for Central Clearing Depository and Registry Company on 311102010 and changed the name in the Egyptian Stock Exchange on 31ll201O

The Companys purpose is to establish and operates a production facility for power cables transformers terminators joint accessories copper and aluminum terminators either coated or not coated production In addition to designing building managing operating and maintaining power generation units and power nets The duration of the company is 25 years from 11612005 (the date of its registration in the commercial register)

The consolidated financial statement includes the holding company and its subsidiaries The group

2 Basis of preparation Statement of compliance

The consolidated financial statements have been prepared in accordance with Egyptian Accounting Standards and the Egyptian laws and regulations

The consolidated financial statements were approved by the Board of Directors on 8 June 2015

Basis of measurement

The financial statements have been prepared on the historical cost basis except for financial derivatives measured at fair value and available for sale investments The methods used to measure fair values are discussed further in note No 34 below

Functional and presentation currency

These consolidated financial statements are presented in Egyptian Pound which is the companys functional currency

Use of estimates and judgments

The preparation of the financial statements in conformity with Egyptian Accounting Standards requires management to make judgments estimates and assumptions that affect the application of accounting polices and the reported amounts of assets liabilities income and expenses Estimates and underlying assumptions are reviewed on an ongoing basis Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected

In particular information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes

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EL Sewedy Electric company Notes to the consolidated financial statements - 31 March 2015

Note (6) - Fixed assets Note (18) - Provisions Note (21) - Deferred taxes Note (23) - Contract revenues Note (31) - Business combination Note (32) - Shares based payment Note (35) - Valuation of financial instruments

3 Significant accounting policies The accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements and have been applied consistently by Group entities

3middot1 Basis of consolidation

Subsidiaries Subsidiaries are entities controlled by the Group The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group

Acquisitions from entities under common control Business combinations arising from transfers of interests in entities that are under the control of the shareholders that controls the Group are accounted for as of the acquisition date The assets and liabilities acquired are recognized at the carrying amounts recognized previously in the Groups controlling shareholders consolidated financial statements The components of equity of the acquired entities are added to the same components within the Group equity and any gain loss arising is recognized directly in equity

Loss of control Upon loss of control the group derecognizes the assets and liabilities of the subsidiary any minority interests and other components of equity related to the subsidiary Any surplus or deficit is recognized in profit or loss If the group retains any interest in the previous subsidiary its accounted for subsequently as an equity investee or an available for sale financial asset depending on the level of influence retained

Investment in associates and jointly controlled entities Associates are those entities in which the Group has significant influence but not control over the financial and operating policies Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting power of another entity Joint controlled are those entities over whose activities the Group has joint control Investment in associates is initially recorded at cost using equity method to account for this investment

Transactions eliminated on consolidation Intra-group balances and any unrealized income and expenses ansmg from intra-group transactions are eliminated in preparing the consolidated financial statements Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the group interest in the investee Unrealized losses are eliminated in the same way as unrealized gains but only to the extent that there is no evidence of impairment

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=t

4shyTranslated From Arabic =4

EL Sewedy Electric company =4 Notes to the consolidated financial statements - 31 March 2015

=4 3-2 Foreign currency

=l Foreign currency transactions

~ Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions Monetary assets and liabilities~ denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date Foreign currency differences arising on retranslation are~ recognised in the consolidated profit or loss

~ Assets and liabilities of the non-cash nature are translated using the exchange rate prevailing at the

~ date of the transaction

~ Foreign operations

~I The assets and liabilities of foreign operations are translated to Egyptian Pound at exchange rates ~ at the reporting date The income and expenses of foreign operations are translated to Egyptian

r Pound at exchange rates at the dates of the transactions Foreign currency differences arising on retranslation are recognised in a separate item under the equity in the consolidated balance sheet

r 3-3 Fixed assets

t= Recognition amp measurement

t= Items of fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses Cost includes expenditure that is directly attributable to the acquisition of the t= asset The cost of self constructed assets includes the cost of materials and direct labor any others

r costs directly attributable to bringing the asset to a working conditions for its intended use When parts of an item of fixed assets have different useful lives they are accounted for as separate

~ items of fixed assets

~ Subsequent costs The cost of replacing part of an item of property plant and equipment is recognised in the

~ carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably The carrying amount of the

~ replaced part is derecognised The costs of the day-to-day servicing of property plant and equipment are recognised in the consolidated profit or loss as incurred ~

Project under progress~ Project under progress are added to fixed assets and depreciated when it become ready for its intended use ~

~ Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives

~ of each part of an item of property plant and equipment The estimated useful lives for the current and comparative years are as follows

~ Buildings 8 -50 years

~ Machinery and equipment 5-10 years Furniture 4 -17 years ~ Vehicles 5-8 years

~

~ - 7 shy

sect



Depreciation methods useful lives and residual values are reviewed at each reporting date

Capital lease Rental expenses of capital lease in-addition to the operating costs such as maintenance and repair of the leased assets are charged to the income statement on a straight - line basis over the period of lease In case of purchasing the leased assets at the end of the contract using the contract bargain purchase option these assets should be recorded as fixed assets with the bargain option amount agreed in the lease contract and are depreciated over the remaining estimated useful life according to the applied depreciation policy

3-4 Financial instruments Non-derivative financial instruments Non-derivative financial instruments comprise investments in equity and debt securities trade and other receivables cash and cash equivalents loans and borrowings and trade and other payables

The financial assets and liabilities are recognised in the balance sheet when the company and its subsidiaries become side in the financial instruments agreement The initial recognition with the financial instruments according to its fair value

Cash and cash equivalents comprise cash balances and call deposits for a period more than three months which form an integral part of the Groups cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows

Derivative financial instruments The Group doesnt hold derivative financial instruments for speculative purposes The hedged instrument is recognised initially at fair value attributable transaction costs are recognised in profit or loss when incurred Subsequent to initial recognition derivatives are measured at fair value

3-5 A vailable-for-sale financial assets The Groups investments in equity securities are classified as available-for-sale financial assets Subsequent to initial recognition they are measured at fair value (if quoted) and changes therein other than impairment losses and foreign exchange gains and losses on available-for-sale monetary items are recognized directly in equity When an investment is derecognized the cumulative gain or loss in equity is transferred to income statement Investments which are not listed at stock exchanges are measured at historical value after reducing any impairment losses

3-6 Investment in funds and treasury bills

3-6-1 Investment in funds

Investments in funds are recorded according to its latest announced recoverable value

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3middot6middot2 Investment in treasury bills

Investment in treasury bills is recorded at its purchase cost less than the interest not due Treasury bills are stated at the balance sheet at its nominal value after deducting the balance of interest not due There is no losses from the impairment of the value of these bills because its is governmental bills and can be sold according at the Central Bank of Egypt adjustment rate

3middot7 Other assets

Goodwill Goodwill represents the excess of the cost of the acquisition over the Groups interest in the net fair value of identifiable assets liabilities and contingent liabilities of the acquirer When the excess is negative it is recognized immediately in profit or loss

Intangible assets Intangible assets that are acquired by the Group which have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses Amortization is recognized in the profit and loss on a straight line basis over the estimated useful lives of intangible assets other than goodwill from the date they are available for use The estimated useful life is as follows

Patents 20 years Amortization methods useful lives and residual values are reviewed at each reporting date and adjusted if appropriate

3-8 Inventories

Inventories are valued at the lower of cost and net realizable value Net realizable value is the estimated selling price in the normal course of business minus the estimated cost for completion and any selling costs Net realizable value of the quantity of inventory held to satisfy firm sales is based on the contract price If the sales are for less than the inventory quantities held the net realizable value of the excess is based on general selling price Provision arises from firm sales contracts in excess of inventory quantities held or from firm purchase contracts Cost of raw materials is determined using the weighted average method In case of finished goods and work in process cost includes direct material and direct labor cost and an appropriate share of production cost

3-9 Assets held for sale

Non-current assets or disposal groups comprising assets and liabilities are classified as held-forshysale if it is highly probable that they will be recovered primarily through sale or distribution rather than through continuing use Immediately before classification as held for sale the assets or components of a disposal group are premeasured in accordance with the groups other accounting polices Impairment losses on initial classifications as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss Gains are not recognized in excess of any cumulative impairment loss Once classified as held for sale intangibles assets and property plant and equipment are no longer amortized or depreciated and any equity accounted investee is no longer equity accounted

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3-10 Impairment

Financial assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset that can be estimated reliably Impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between the carrying amount and the present value of the estimated future cash flows discounted at the assets original effective interest rate Impairment losses on available for sale financial assets are recognized by reclassifying the losses accumulated in the fair value reserve in equity to profit and loss Individually significant financial assets are tested for impairment on an individual basis All impairment losses are recognised in profit or loss Financial assets that are not individually significant are collectively assessed for impairment by grouping them together according to their similar risk characteristics An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized

Non-financial assets

The carrying amounts of the Groups non-financial assets (other than inventories and deferred tax assets) are reviewed at each reporting date to determine whether there is any indication of impairment If any such indication exists then the assets recoverable amount is estimated The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount Impairment losses are recognised in profit or loss An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would have been determined net of depreciation or amortisation if no impairment loss had been recognised

3middot11 Provisions

Provisions are recognized when the Group has a legal or constructive obligation as a result of past event and it is probable that an outflow of economic benefits will be required to settle the obligation and the liability can be reliably estimated Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market adjustments of the time value of money and the risks specific to the liability The provisions are reviewed at each balance sheet date and amended (when necessary) to represent the best current estimate

3-12 Interest bearing borrowings

Interest bearing borrowings are recognized initially at fair value less attributable transaction costs Subsequent to initial recognition interest bearing borrowings are stated at amortized cost with any difference between cost and redemption value been recognized over the period of borrowing on an-effective interest basis Interest and commissions on credit facilities and loans that are directly attributable to the acquisition construction or production of qualifying assets are capitalized as part of the cost of

- 10shy



those assets till the date of availability for use All borrowing costs that do not meet the capitalization criteria are recognized as expense in the consolidated income statement as incurred

3middot13 Dividends

Dividends are recognized as a liability in the financial period in which the dividends are approved by the shareholders general meeting

3-14 Own shares

When share capital recognized as equity is repurchased the amount of the consideration paid including directly attributable costs is recognized as a deduction from equity Gain or losses arising from sale of own shares are included in equity in the consolidated financial statements

3middot15 Recognition of revenue Sales revenue Revenue from sale of goods is measured at the fair value of the consideration received or receivable net of returns and allowances trade discounts and volume rebates Revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer recovery of the consideration is probable the associated costs and possible return of goods can be estimated reliably and there is no continuing management involvement with the goods Risk and rewards of ownership are transferred when goods are received at the customers warehouse however for some international shipments transfer occurs upon loading the goods onto the relevant carrier

Revenue of construction contracts Revenues from construction contracts are recognized using the percentage-of-completion method The percentage-of-completion is measured by correlating costs incurred to date to estimated total costs for each contract

Contract costs include all direct material equipment labor subcontract and those indirect costs related to contract performance such as indirect labor and maintenance costs General and administrative costs allocable to particular contracts are charged to contract costs All other general and administrative costs are charged to expense as incurred Changes in job performance job conditions estimated profitability and final contract settlements may result in revisions to costs and income and are recognized in the period in which the facts requiring such revisions become known

Provision for estimated losses including allocable general and administrative expenses on uncompleted contracts is made in the period in which such losses are determined Claims for additional contract revenue are recognized when realization is assured and the amount can be reasonably determined

Investment income Income from available-for-sale investments are recognized when the Groups right to the income is established

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Credit interest Credit interest is recognized in the income statements according to the effective interest rate method

3-16 Segment reporting A segment is a distinguishable component of the Group that is engaged either in providing related products or services (business segment) or in providing products or services within a particular economic environment (geographical segment) which is subject to risks and rewards that are different from those of other segments The Groups primary format for segment reporting is based on business segments

3-17 Expenses Operating expenses selling and distribution general administrative expenses and other expenses are recognized using the accrual basis of accounting and as such are recognized in the income statement as incurred

3-18 Employees benefits

Social Insurance Scheme The Group contributes in the governmental social insurance system for the benefits of its employees according to the social insurance Law No 79 of 1975 and its amendments The Groups contributions are recognized in income statement using the accrual basis of accounting The Groups obligation in respect of employees pensions is confined to the amount of the aforementioned contributions

Share based payments The fair value of options granted to employees is recognized as expense with a corresponding increase in equity over the period that the employees becomes unconditionally entitled to the options Any changes in fair value is recognized as employees salaries in the consolidated income statement

3-19 Income tax Income tax in the parent and its subsidiaries includes income tax for the current period and the deferred tax Income tax is recognized in the consolidated income statement except for the income tax related to the equity items which are stated directly in the equity in the consolidated financial statements Income tax is recognized on net taxable income using tax rates enacted at the consolidated financial statements date and in addition to any tax differences related to the previous years Deferred income tax is provided using the balance sheet liability method providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the consolidated balance sheet date A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized

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3-20 Earnings per share

Basic EPS is calculated by dividing the profit or loss attributable to the ordinary shareholders of the company by the weighted average number of ordinary shares outstanding during the year

4 Fair Value

A number of the group accounting policies and disclosures require the determination of fair value for both financial and non financial assets and liabilities Fair values have been determined for measurement and or disclosure purposes based on the following methods shy

Fixed assets The fair value of the fixed assets recognised as a result of a business combination is based on market values The market value of fixed assets is the estimated amount for which an asset could be exchanged on the date of valuation between a willing buyer and a willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably prudently and without compulsion

Inventories The fair value of inventories acquired in a business combination is determined based on the estimated selling price in the ordinary course of business less estimated costs of completion and sale and a reasonable profit margin based on the effort required to complete and sell the inventories

Intangible assets The fair value of patents acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the patent or trade mark being owed

Investments in equity instrument Fair values is based on quoted market for listed available foe sale security at consolidated balance sheet date except for the unquoted equity security to be valued by using discounted cash flows method

Receivables The fair value receivables is estimated as the present value of future cash flows discounted at the market rate of interest at the reporting period

5 Financial risk management

The Group has exposure to the following risks from its use of financial instruments - Credit risk - Liquidity risk - Market risk

This note presents information about the Groups exposure to each of the above risks the Groups objectives policies and processes for measuring and managing risk and the Groups management of capital Further quantitative disclosures are included throughout these consolidated financial statements The Board of Directors has overall responsibility for the establishment and oversight of the Groups risk management framework The Board is responsible for developing and monitoring the Groups risk management policies

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The Groups risk management policies are established to identify and analyse the risks faced by the Group to set appropriate risk limits and controls and to monitor risks and adherence to limits Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Groups activities The Group through its training and management standards and procedures aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures the results of which are reported to the boardof directors

Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Groups receivables from customers and investment securities

Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due The Groups approach to managing liquidity is to ensure as far as possible that it will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions without incurring unacceptable losses or risking damage to the Groups reputation

Market risk Market risk is the risk that changes in market prices such as foreign exchange rates interest rates and equity prices will affect the Groups income or the value of its holdings of financial instruments The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return

Currency risk The Group is exposed to currency risk on sales purchases and borrowings that are denominated in a currency other than the respective functional currencies of Group entities primarily the euro and US Dollars

Interest rate risk All the Group investments and borrowing are based on Libor rates or Egypt Central Bank rates plus a fixed percentage to reduce risk

- 14 shy

Translated (rom Arabic EI Sewedy Electric Company Notes to the consolidated financial statements for the financial period from 1 January 2015 to 31 March 2015

6 Fi~ed Assets

Land Buildings Machineries

amp equipments Furniture amp

office supplies Vehicles

leasehold Improvrnents Total

LE LE amp LE LE Cost

Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569

Additions during the period 1070000 3555452 26893442 8188205 11167498 1123428 51998025

Additions from project under progress 13 028 363 616580 13644943

Disposals during the period ( 327526) (10220325) ( 135005) (1206282) ( 11889138)

Adjustments on fixed assets and translation difference ( 75012) 13374413 25012034 1459100 1639576 ( 400882) 41009229

Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation

Accumulated depreciation as of 112015 280518830 1094490797 79240068 98331750 33292653 1585874098

Depreciation 12988967 55536693 12128822 5403400 479727 86537609

Accumulated depreciation of disposal (8585868) ( 52312) ( 930694) (9568874)

Adjustments and translation difference 3366907 11271827 632139 925759 ( 185249) 16011383

Accumulated depreciation as of 311312015 296874704 1152713 449 91948717 103730215 33587131 1678854216

Net carrying amount as of 311312015 383515862 1101831896 1381612525 25094677 57415625 6242827 2955713412

Net carrying amount as of 311212014 382520874 1101585431 1385121663 27674446 51213 298 5814759 2953930471

-15shy



7 Projects under progress

Projects under progress as of 31 March 2015 represent the companys new projects and expansions in existing plants in Saudi Arabia Algeria and Sudan of LE 72 million transformer plant additions in Egypt of LE 6 million fiber optics and special cables of LE 25 million machineries and equipments under progress for subsidiaries expansions in Egypt of LE 88 million and the remaining balance represents the expansions cost to increase the production capacity in Egypt and other countries in which the company operates

8 Investments available for sale

3132015 LE

31122014 LE

(l 000000 shares represent lO of Kahromica Companys 10000000 lO 000 000

share capital- An Egyptian Joint Stock Company)

(300 shares represent 3 of 3W network share capitalshy32760 32760

An Egyptian Joint Stock Company)

156 250 shares of EI Moasher company in Sudan 842513 842513

10875273 10875273

9 Investment in certificates

3132015 311212014 LE LE

Investment in Suez canal certificates with annual return 12 20000000 20000000

for 5 years

20000000 20000000

10 Other Long Term receivables

3132015 311212014 LE LE

Due from clients (construction) 5585741 54831 896

5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE

Raw materials and consumables 977 261600 1449396115 Spare parts Work in progress Finished goods Goods in transit

105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055

Some of inventories items are recorded according to its net realizable value The difference between the book value of these items and its net realizable value is LE 109 740324 at 31 March 2015 (LE 109 177 048 at 31 December 2014)

12 Trade notes and other receivables

3132015 311212014 LE LE

Trade receivables 3370846740 2903746763 Notes receivables 551 113337 578778 126 Due from clients (construction) 761046527 729 172 678 Other receivables 1 519035 103 1 060678997

6202041707 5272 376 564

Trade notes and other receivables are recorded after deducting impairment losses of LE 500 967 699 at 31 March 2015 (LE 469 905 211 at 31 December 2014) Trade notes and other receivables include advance payments to suppliers of LE 556 million letters of credit margin and deposits of LE 190 million sales tax of LE 69 million accrued revenue LE 7 million retention receivable of LE 207 million prepaid expenses of LE 87 million employees advances of LE 43 million advance payments under corporate income tax of LE 48 million and withholding tax of LE 41 million and employee custody and loans of LE 40 million

13 Investment fund 1treasury bills

311312015 3111212014 LE LE

Investment funds 1 treasury bills I 202892762 318605293

1202892762 318605293

-This item includes investment in funds amounted to LE 108 483785 at 31 March 2015 (LE 540505 at 31 December 2014) The returns on these investment recorded in the consolidated income statement LE 383848 at 31 March 2015 (LE29 966 as of31 March 2014)

-The accrued interest on investment of treasury bills amounted to LE 277 million at 31 March 2015 (LE 42 at 31 March 2014)The interest rate range is between 7 and 1394

17



14 Banks and cash in hand

3132015 LE

311212014 LE

Banks - Time deposits () Banks - Current accounts () Cash in hand

455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323

() Banks- Time deposits include an amount of LE 6 918 321 at 31 March 2015 blocked as a security for credit facilities letters of guarantee and letters of credit (LE 6 918 321 at 31 December 2014)

() Banks - Current accounts include an amount of LE 3 215 805 at 31 March 2015 blocked as a security for credit facH ities ( LE 3 268 936 at 31 December 2014)

15 Banks credit facilities and overdraft

Credit facilities of LE 3 679 239 339 at 31March 2015 (LE 3 227 734 071 at 31 December 2014) included in the current liabilities of the consolidated balance sheet represent the credit facilities and overdrafts secured by promissory notes current accounts and joint guarantees The average interest rate is annually 1106 or the Central Bank of Egypt borrowing and lending rate for the Egyptian Pound plus 143 for Egyptian pound facilities 183 over Libor and 01 monthly commission on the highest debit balance for US Dollar and 183 over Eurobor for the Euro facilities

16 Loans

This item that are classified into current liabilities and long-term liabilities in the consolidated financial statements represents banks over draft short term and the long term loans granted to the company and its subsidiaries as followsshy

3132015 3111212014 LE LE

Current liabilities Short term Loans due within one year 1 108372 386 894637717

1108372 386 894637717

Long-term liabilities

Secured bank loans 243715 193 253 114982 Unsecured bank loans 31 957871 32084452

275673064 285199434

The unsecured short term loans amounted to LE 10 104 021 at 31 March 2015 (LE 8 052 624 at 31 December 2014)

The average interest rate for loans and credit facilities is 105 for the Egyptian pounds and 15 over Libor for the US Dollars

Loans granted to the company and its subsidiaries are secured by promissory notes from subsidiaries approximately ofLE 415 million USD 492 million DZD 66 million and joint guarantees amounted to

18



LE 2 356 million and mortgaged machineries equipments and vehicles amounted to Sudanese pound 13 million

17 Trade notes and other payables 3132015 3111212014

LE LE

Trade and notes payables 1 129765 121 1 157426055 Non trade payables and accrued expenses 3504551 937 1 737263370

4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE

Balance as at 111 310917017 219829699 Formed during the period 909050 167402900 Used during the period (32889478) (23575767) Provisions no longer required (18796) (42677 720) Translation differences and adjustments 4660265 (10062095)

283578058 310917017

19 Share Capital

Authorized share capital

The Companys authorized share capital is LE 5 billion

Issued and paid in share capital The issued and fully paid-in share capital of the Company is amounted to LE 2234 180000 divided over 223 418 000 share with par value LE 10 each

20 Reserves 3132015 3111212014

LE LE

Legal reserve 105718467 105718467 General reserve 43816730 43816730

149535197 149535197

Legal reserve According to the Companies Law and the statutes of the Company 5 of the annual net profit is set aside to form a legal reserve The transfer to legal reserve cease once the reserve reach 20 of the issued share capital The reserve is not distributable however it can be used to increase the share capital or offset losses If the reserve falls below the defined level then the Company is required to resume setting aside 5 of the annual profit until it reaches 20 of the issued share capital again

General reserve The general reserve amounted to LE 43 816 730 represents realized gain from sale of 25 million own shares at 3612007

19



21 Deferred Tax

3132015 311122014 LE LE

Deferred tax assets 52622959 65554772 Deferred tax liability (215307 142) (203 677 475)

Unrecognized deferred tax asset

311312015 311122014 LE LE

Clients and debtors 150240310 140921563 Provisions 85023417 93225 105

235263727 234146668

Deferred tax assets relating to these items have not been recognized because the necessary conditions for the reversal of the temporary differences have not been met

22 Other liabilities - Long term

31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121

This item includes an amount of LE 22 million that represents long term portion of creditors for acquisition of land for the purpose of establishing projects by the company and some related subsidiaries

23 Segment reporting

Segment information is presented in respect of the Groups business and geographical segments The primary format business segments is based on the Groups management and internal reporting structure Segment results include items directly attributable to each segment as well as those that can be allocated on a reasonable basis

20

EL SEWEDY ELECTRIC COMPANY Notes to the consolidated financial statements- 31 March 2015 Trallvated rom Arabic

Primary Reporting Format - Business Segments - 31 March 2015 The revenue analysis in the table below is based on the type of business acti vities at 31 March 2015

Power and Special Cables Egypt International

Turn Key projects

Electric Products and Accessories Egypt International

Elimination Consolidated 311032015

LE LE LE LE LE LE LE

Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307

Export Sales and constnlction revenues 907920255 4814 197 255356656 30656066 77 756 817 1276503991

Total revenue without inter segment sales 1805590627 1 169424342 689090963 132567669 184023697 3980697298

Inter segment revenues 1 808 195729 139 128440 35282389 105904922 I 867559 2090379039

Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121

Total selling amp marketing expenses ( 46881444) 10811 560) 1664 891) 10807685) 15472 581) ( 85638161)

Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960


General and Administrative expenses


Net financing costs

Currenl income tax

Deferred income tax expense

Net profit for the period

33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)

Additions to fixed assets and project under progress 29 068 131 25308969 27605562 2453383 7 886 843 98084 92 420972

-21shy

EL SEWEIlY ELECTRIC CQMIANY Notes tOlhe tonolidated finaoclal smtuUnUU March 2015

Secondary Reporting Format ~ Geograph1ad segmMts by locationmiddot 31 Mnnh l015

Revenues uconling to gcogrpbical segcmcut is as follows

Tran~lahd frpm Arahlc

Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE

Revenues j 4601 050 122 96 t61 261 399 6~9 831 963026 105840 117 7~J 817 413 50t 01 3n 55 -57 -16112983 25613 t89 164438 112736219 ( 2 090 379 039) J 980 697 298

A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)

AdliIions or firet aSSc1$ ArnJ projectS UIUCf progreu

59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy

EL SEWEDY ELECTRIC COMPANY Notes to the consolidated financial statements- 31 March 2015 Trallslated (011 Arabic

Primary Reporting Format - Business Segments 31 March 2014 The revenue analysis in the table below is based on the type of business activities at 31 March 2014


TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203

ExpoI1 Sales and construction revenues 1 381 871 118 13 688 114 333678899 49858 134 10~ 420060 1881516325

Total revenue withom iater segment sales 2260724545 I 181 140516 522484128 161 084953 217 467 386 4342901528

Inter segment revenues 1564305752 130905682 150883752 61 159634 851 852 ( 1 908 106 672)

Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572

Total selling amp marketing expenses ( 74615998) 17 756722) ( 23566) ( 8 191 748) 17 903 630) ( 118491664)

Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908


Gener and Administrative expenses


Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v

Additions to fixed assets and project under progress 14914062 22 145 153 7 133 323 1335372 3818945 302225 49649080

-23shy

EI SEWEDY ELE(RIC COMPANY Noles fahe conMllldalril anda ~tatemenl~middot ~I Inrch 21))5

SlaquoOndary Repot11ng Formatmiddot Geographical stgments by locationmiddot 31 Marth 2011

RevenuCli according to geogrtpbk-al segcmcnl is IS follows

TranSllted from Arabjc

Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)

Adtlitions or lhed assets MKl projects under LOnst(UCtion

23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot

Translat~d From Arabic


24 Other operating income

Provisions no longer required Capital gain Reserve of Impairment loss of receivables Other income

25 Other operating expenses

Provisions Impairment loss of receivables Amortization Impairment of subsidiary goodwill and fixed assets Others

26 Net financing (cost)

Finance income Interest income Treasury bills and investment fund income Foreign exchange Gain

Finance expense Interest expense and finance charges

Net financing( cost)

from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25



27 Capital commitments

The Groups capital commitment as at 31 March 2015 is LE 46 million (LE 117 million at 31 December 2014) The commitments are expected to be settled in the next financial year

28 Contingencies 3132015 3111212014

LE LE

Uncovered portion of letters of guarantees and letter of credits 4328966226 4861420482

Litigation and claims - One of company subsidiaries owns a land for an amount of LE 963 million which was fully paid for the seller of the land The subsidiary filed a lawsuit against the seller of the land claiming the transfer of the land ownership specially the full value of the land is paid by the subsidiary The seller also filed a suit against the company claiming return of land plus a compensation of LE 30 million The company management believes that that the court decision will be in favor of the subsidiary specially that the Suez governorate approved the contract of sale of land and issued project liscense

- The Byblos Bank of Syria claimed in the preliminary court of Damascus to seizure reserve in favor of the bank for the transferred and non-transferred money of EISewedy Cables (Syria) and EI Sewedy Electric (Syria) to ensure the fulfillment of the loan owed to the bank by the two companies amounted to Lira 2677 million (equivalent to LE 128 million) Euro 418 million (equivalent to LE 403 million) and USD 430 (equivalent to LE 3001) The group formed the necessary provisions for its investments in Syria

The group recorded impairment for investments in Yemen and Nigeria till this date

29 Related parties

Related parties are represented in the Companys shareholders and the companies in which the shareholders own directly or indirectly shares that give them the ability to control or significantly influence these companies The main transactions with the related parties are sale of finished products The total value of sales to the affiliates during the period is LE 560 million as of 31 March 2015 (LE 146 million as of 31 March 2014)

26

------

3111212014



Stated under current assets

Due from related parties

EI Sewedy for Tools amp Cables Iskra Sarajevo Iskra Malaysia Investment holding group - Qatar Aamal Holding Group Co-Qatar 3W Networks Egypt National Electricity Authority - Sudan Oula for Real estate Development - Saudi Arabia 3W Networks - Qatar United for Transformer limited- KSA Trelco Limited Qatar Aiash - Yemen Engineering and Construction Industries - Siack Elsewedy electric for trading Saudi company for construction industries Zesco limited company EI Sewedy Emirates (UAB) Shareholders current account Others

Stated under current liabilities

Due to related parties Maali Holding Misr for Mechanical and Electrical Projects - Kahromika Arab Steel Fabrication Co Thomas and Peets Trelco limited-Qatar Qatar for Investment Group Aamal Holding Group Co-Qatar Engineering and Construction Industries - Siack Consolidated Supplies EI Sewedy for Tools amp Cables Military Industrialization Authority Saudi company for construction industries Ola for properties development-KSA Shareholders current account Others

31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948



Subsidiaries and jointly controlled The following are subsidiaries and jointly controlled entities owned by the company as at 31 March 2015shy

Egyptian Company For Advanced Industries United Metals Co Sedplast Co (Under Liquidation) Egytech Cables Co United Industries Co Elastymould (subsidiary of Egyptian Company for Advanced Industries) EI Sewedy for External cables Co(previously el sewedyelectric) United Wires Co Egyplast Co EI Sewedy Cables - Egypt Elsewedy Transformer Red Sea Co for Copper (Under Liquidation) Elsewedy Electric Co For Transmission Pyramids Industrial Urban Development El Sewedy Power (Electric High Voltage previously) El Sewedy Sedco for Petroleum services Iskra Emco Energy Measurement Misr Iskra Emco Slovenia Isolated industries Elsewedy Electric Co For Trading and Distribution Siag EI Sewedy for Towers El Sewedy for Wind Energy Generation Power System Projects Company Desert Wind Company(Under Liquidation) Wind Blades Company(Under Liquidation) El Sewedy Electric Contracting and Engineering shyZambia EI-Ola for development Industrial zone EI Sewedy Energy Distribution International Company for Development Research Technology and Measurement Devices (R amp D Tech) (Under Liquidation) Rowad Engineering Co Pyramids Zonafranca-Egypt Etalsamia for manufacturing electrical tools against explosion Arab Company for Constructions Management Guard and Security Seivices Arab company for Electricity and Power Limited Double Energy two company

Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country

Egypt Egypt Egypt Egypt Egypt Egypt

Egypt

Egypt Egypt Egypt Egypt Egypt Egypt Egypt Egypt

Egypt Egypt

Solvenia Egypt Egypt

Egypt Egypt Egypt Egypt Egypt

Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria

Nature of contribution

Direct Direct Direct Direct Direct

Indirect

Direct

Direct Direct Direct Direct

DirectlIndirect Direct

DirectIndirect Direct

Direct Indirect Indirect

DirectlIndirect D irectlIndirect

Direct Direct Direct Direct Direct Direct

Direct Indirect Indirect Direct

Indirect Indirect Indirect

Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28



Subsidiaries for EI Sewedy for External Cables Co ( EI Sewedy electric previously)

EI Sewedy Cables - Syria 28-02-2006 Syria Indirect 96 Sudanese Egyptian for limited electrical industries 13-02-2006 Sudan Indirect 7000 Giyad EI Sewedy for Transport Limited 13-02-2006 Sudan Indirect 9997 Giyad Cables Co 13-02-2006 Sudan Indirect 4500 EI Sewedy Electric Ghana Limited 10-02-2006 Ghana Indirect 70 EI Sewedy Cables - Qatar 20-04-2006 Qatar Indirect 2450 EI Sewedy Cables - Algeria 03-10-2006 Algeria Indirect 9989 EI Sewedy Electric - Syria 30-10-2006 Syria Indirect 9595 Senyar Holding 09-05-2008 Qatar Indirect 5000 EI Sewedy Cables Arable Iraq 07-10-2007 Iraq Indirect 5000 Sedplast Co - Syria 22-07-2007 Syria Indirect 9800 EI Sewedy Cables Limited 24-12-2006 Saudi Indirect 6000 EI Sewedy Cables Yemen 13-05-2007 Yemen Indirect 8076

EI Sewedy Cables Kuwait(under Liquidation) 18-02-2008 Kuwait Indirect 4900 EI Sewedy Cables Malawy 13-05-2007 Malawi Indirect 995 Power Empire Co China 01-01-2008 China Indirect 100 El Doha Cables- Qatar 09-05-2008 Qatar Indirect 4556 El Sewedy Electric Limited Zambia 3-03-2009 Zambia Indirect 6000 El Sewedy Electric Limited Nigeria 31-03-2009 Nigeria Indirect 9474 El Sewedy Cables Ethiopia 31-03-2009 Ethiopia Indirect 9500 Libya for Common Cables 30-9-2009 Lybia Indirect 5500 El Sewedy Electric Transmission and Power 31-12-2009 Algeria Indirect 9998 Distribution Iskra Malta 31-12-2009 Malta Direct IIndirect 9999 Red Sea for copper - Egypt 31-12-2009 Egypt Direct IIndirect 100 MAS for Trading and Contracting (Under 3-3-2010 Egypt Indirect 60 Liquidation) MTorres - Spain 10-1-2010 Spain Indirect 90 United Co For Electrical Industries 31-3-2010 Saudi Indirect 60 Sweg - Malta 31-12-2009 Malta Direct Indirect 9995 3W Network - Emirates 30-6-2010 Emirates Indirect 75 Elsewedy for trade Limited 31-3-2011 Syria Indirect 96

Egyplus Energy PVT LTD- India 31-3-2011 India Indirect 996

Elsewed electric Europe GmbH 13-5-2011 Germany Indirect 100 National Extrution and manifacturing of metal 23-5-2013 Egypt Direct 9998

From 11112010 the Arab Cables Company was merged into Egytech Company

According to board of directors decision at 28 May 2012 these companies are under liquidation till closing its commercial register

The company has transferred its direct investment in Iskra Emco Energy Measurement - Misr and Iskra Emco Slovenia to become an investment under Iskra Malta This transaction has been recorded according to the book value of these companies

According to board of directors decision at 20 March 2012 these are under liquidation till closing its commercial register

29



30 Tax status

EI Sewedy Electric Company El-sewedy Electric company is subject to Investment Guarantees and Incentives law No8 for 1997 and its executive regulations and the rest of group companies are subject to taxes in Egypt or abroad The Companies enjoying tax exemption are as follow

Subsidiaries in Egypt enjoying tax exemption from corporate income tax End of tax exemption

Egy Plast Co 3111212017 United wires Company 3111212017 Elsewedy Cables - Egypt 1710512018 Sedco for electrical industries (Etalsamia previously) 3111212019

Subsidiaries outside Egypt enjoying tax exemption from corporate income tax End of tax exemption

EL Sewedy Cables Yemen 2052016 3132014

El Sewedy Electric Limited - Zambia and under exemption renewal

As of 4 June 2014 the Presidential decree -law No44 for the year 2014 was issued for a temporary annual additional tax to be imposed for three years from the tax period 2014 by percentage (5) on the tax base that exceed limitation

- As of 30 June 2014 the Presidential decree - law No53 for the year 2014 was issued to the effect of including provisions to amend some articles of the income tax law that was issued by virtue of law No91 for 2005 The following represents the most prominent amendments introduced to the said law

1 Introducing a part to the effect of imposing a tax on dividends 2 Introducing a part to the effect of imposing a tax on capital gain resulting from the sale of shares and

securities

31 Intangible assets

The intangible assets at 31 March 2015 are as follows 3132015 311122014

LE LE Goodwill 12204789 12204 789 Other intangible assets 44690988 40770223

56895777 52975012

The goodwill represents acquisition of companies which resulted in LE 122 million at the acquisition date The group recorded ~an impairment amounted to LE 284 million related to the Egyptian company for Insulators goodwill for the period ended 31 December 2014

The companys management recorded an impairment in patents and goodwill balances at the acquisition date of an investment amounted to LE 112 966489 and LE 48 650 981 respectively during the year ended 31 December 2013 These intangible assets related to MTorres which manufactures wind power generation

30



Turbines The company recorded anmiddot impairment of these intangible assets and the assets of this subsidiary after mainly supplying the turbines implementation related to wind power generation contract in Libya The company believe there are no opportunities for obtaining new contracts for the turbines activity Also the company recorded the necessary provisions for any obligations that may arise on the group

Intangible assets impairment amounted to LE 3251 090 for the period ended 31 March 2015

32 Shares based payment

The general assembly dated 13 April 2008 decided to issue 200 000 shares with par value of LE 10 each as employees share based payments according to the ministerial decree No 282 for 2005 The Extraordinary General assemblys dated 19 April 2010 and 26 April 2011 decided a shares dividend (3 shares for each 10 shares) Each financial year is charged by part of the fair value of these shares

The employee right at each year end during the three years scheme to exercise part of the shares based payments in the following ratesshy

First year 20 Second year 30 Third year 50

The fair value of the services rendered in return of the shares granted as at 31 December 2011 is as follows

Number of shares granted as at 31 December 2008 126000 Share dividends (3 for each 10) 52383 Exercised up to 31 December 2011 (161 227) Canceled shares to employees up to 31 December 2011 171

Fair Market value at 31 December 20 II 4227700

The granted options were fully exercised and there is a remaining balance of shares of 142 216 available for share based payments that belongs to the system

33 Leased assets The company sold some of its fixed assets to the International Company for Capital Lease (lncolease) by virtue of an initial contract of USD $ 32283318 equivalent to LE 181 990960 that represent the net book value for these assets The company leased back these assets by virtue of capital lease contract of USD $ 36 010 100 to be paid over 20 quarterly installments during the period of USD $ I 800 505 each The lease contract contains a bargain option to purchase the leased assets at a purchase bargain option of LE 4 at the end of each contract or at the end of each year from the date of the lease A deferred capital gain of LE 5 363 286 resulted from sale of these fixed assets which is amortized over the lease contract period

31



34 Earnings per share

3132015 LE

311212014 LE

Profits attributable to the ordinary shareholders 239224703 105081480

Issued and paid capital Own Shares Weighted average number of shares

223418000 (142216)

223275840

223418000 (142216)

223275840

35 Financial instruments and the related risks

The main risks related to the company activities are

- Credit risk

- Liquidity risk

- Market risk

The Company risk management policies are established to identify and analyze the risk faced by the Company to set appropriate risk limits and controls and to monitor risks and adherence to limits Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company activities The Company through its training and management standards and procedures aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations The Company does not use derivative financial instruments

Credit risk

Credit risk is the risk that one party to a financial instrument fails to discharge an obligation and cause the other party to incur financial loss This risk arises from the receivable and debtors

(LE million)

3132015 31122014

Receivable debtors and due from related parties 6689 5686 Cash and investments 3379 1 598 Total 10068 7284

Receivable aging (LE million)

31312015 311122014

Not due 1054 968 Due for 30 days 904 848 Due For 31 to 120 days 2607 1607 Due For 121 to 180 days 648 590 Due for More than 180 days 160 991 Others 1 336 792

6709 5796

-Trade notes and other receivables are recorded after deducting impairment losses of LB 501 million at 31 March 2015 (LB 469 million at 31 Dec 2014)

32



Liquidity risk Payments to suppliers and creditors are due within a period of 90 day from receipt of goods or services

(LE Thousand) Less than 6 -12 month Other More than 6 month one year

LE LE LE LE

Creditors and due to related parties 2476264 1 797550 509515 44 340 Due to banks 2490257 1 565618 912085 275673

Foreign currency risk The following are the balances of monetary assets and liabilities in foreign currencies as of 31 March 2015

(LE Thousand)

31 March 2015 31 December 2014 USD $ Euro GBP USD $ Euro GBP

Financial assets 992 222 89696 10411 923046 96426 9928 Financial liabilities 411 994 114328 2152 469300 114090 2 138

The following are the significant foreign currency exchange rates during the period

Closing rates Average rates

3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk

The following are the Group interest bearing financial instruments (LE million)

Net book value 3132015 31122014

Fixed interest rates

Financial assets 1686 686 Financial liabilities (l3~~ (l 180)

302 -~

(494)

Variable interest rates

Financial assets 1709 907 Financial liabilities (3679) (3228)

(1970) (2321)

33



The average interest rates are on the financial assets and liabilities as follows

LE EURO USD

Financial assets 10 2 175

Financial liabilities 1075 25 275

34

Hazem Hassan Public Accountants amp Consultants

Pyramids Heights Office Parle Telephone (202) 35 36 22 00 bull 35 36 22 11

Km 22 CairolAlex Road Telefax (202) 35 36 23 01 middot3536 23 05 E-mail egyptOkpmgcomeg PO Box 48 AI Ahram Postal Code 12556 AI AhramGizamiddot Cairo middot Egypt

Translated from Arabic Report on limited review of interim consolidated financial sta tements

T o T he members of Board of Directors of EI Scwedy Electric Compa ny

Introduction

We havemiddot rev iewed the accompa nying consolidated balance sheet of EI Sewedy Electric Company as of 3 1 March 20 15 and the re lated consolidated statements of income cas h flows and changes in equity for the three month s then ended and a summary of signi fi clllt accou nting pol ic ies and other explaniltory nOles Ma nilgernent is re~ponsible for the preparation and fair presentation of these interim consolidated financial statements in accordance with Egyptian Account ing Standards Our responsibility is to ex press a conclusion on these interim consol idaled financ ial stllemenLS based on our limitf-d review

Scope of Limited Review

We conducted our lim ited review in accordance with Egy ptian Standard on Rev iew Engage rnent~ 24 10 Limited Rev iew of Interim F inancial Statements Perfo rme d by the Indepe ndent Aud itor of the Enti ty A lim ited review of interim financia l statenlents consists of making in quiries primarily of persons responsi ble for finaneiltll ltlnd accounting matters in the Company and apply ing analytical and othc r review procedures A li mited review is subs tantially less in scope than an audit conducted in accordance with Egyptian Smndards on Aud iting and consequemly does not enable us to obtain assurance that we would become aware of all s igniric1nt matters that might be ident ified in an aud it Accordingly we do not ex press an audit opin ion 011

these interim consolidated financial statements

Conclusion

Based on our I irn ited re view not hi ng has come to our altention that causes LIS to bel ieve thlt Ihe acco mpanying inlerim conso li dated financial sllttements do not preem fai rly in a ll 1l1lterial respects the consol idated financ ial position of EI Sewcdy Electr ic Company as at 3 1 March 2015 and of its consolidated financial performance and its consolidated cash flows for the three-months then ended in accordance with Egypt ian Accounting Standards

KPM G Hazem H Public Accountanti and

C iro8 June2015 KPMC 17 rr -i assan

Publi c ccountl~t~ Jnd Consulta t~

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))00 JI 000 5 515 7~1 54131816

S6 895 777 52975012

52612959 6j 554171

J J IO 771 847 l lJ8 378Jotl

) 2()ot 239 )67 3343933055

6 202 oc I 707 5212376S61


I 202892762 31amp 60S 293

2 176249013 I 279 OOS 32)

]) US 2 U S I0 57B27Hi

J 679 239 ) 39 3227734 071

I 108 312 )86 8~ 637717

180 347 696 15592 1516

U)OI70S8 289-1 68941

149295080 ]63 193 ~S

183578 0SK 310917017

100lS 9611 7 647 09)

)uo 791UII 2nSlnOU

Soli S65 liS 6 ~ 101)61

213 41 80000 1134 ISO 000

(I J2 ](0) (1 4221601

149 5351 97 149 5)5197

S7IlaquoJS660 57 908 660

1 )j( 126 18 J 98279719

lJ9224103 -I()3 300 4QO

1896 3Jl ( 3) 276 901

S 56 449 160 53IH7

443186090 420 085 893

6006 235250 5714 064 J14

215673064 28519934

215307142 20) 677

44)49 (69 4 1 166121

5353 29365 SJO 043 030

~1565 liS Ui4107~

Cluimn

~k Sherift1 Zcny





LE


Operational costs

Gross profits

(3-15)

(3-17)

3980697298

(3 424 364 177)

556333121





Operating profits

(24)

(3-17)

(3- 7)

(25)

33 150780

(85638 161)

( 129221 323)

(25600408)

349024 009

Financing income

Financing costs



(26)

52483 132

(72 779 972)

(20296840)

328727169

Income tax

Current income tax



Attributable to


Minority interest

(3-19)

(3-19)

(44592 778)

( 16419831)

267714560

239224703

28489857


267714560 107



LE

4342901 528

(3 729 520956)

613380572

25641487

(118491664)

( 165392 776)

( 145228080)

209 909 539

21233258

(67850043)

(46616785)

163292754

(37368338)

126524523

105081480

21443043

126524523 047

-2shy

600107








Retained earnings




foreign entities


























-3shy


















- 5 shy











- 6shy

=t











r 3-3 Fixed assets













~

~ - 7 shy

sect













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34

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Otbtt lubilus (22)


) IMOI lll llltl l~

U U

I~s713 4 1 2 2913930~7 1

193 lOS 185 167870561

]017)21) 10 87s n)

lSS73SOO ]2S40 ) SI

))00 JI 000 5 515 7~1 54131816

S6 895 777 52975012

52612959 6j 554171

J J IO 771 847 l lJ8 378Jotl

) 2()ot 239 )67 3343933055

6 202 oc I 707 5212376S61


I 202892762 31amp 60S 293

2 176249013 I 279 OOS 32)

]) US 2 U S I0 57B27Hi

J 679 239 ) 39 3227734 071

I 108 312 )86 8~ 637717

180 347 696 15592 1516

U)OI70S8 289-1 68941

149295080 ]63 193 ~S

183578 0SK 310917017

100lS 9611 7 647 09)

)uo 791UII 2nSlnOU

Soli S65 liS 6 ~ 101)61

213 41 80000 1134 ISO 000

(I J2 ](0) (1 4221601

149 5351 97 149 5)5197

S7IlaquoJS660 57 908 660

1 )j( 126 18 J 98279719

lJ9224103 -I()3 300 4QO

1896 3Jl ( 3) 276 901

S 56 449 160 53IH7

443186090 420 085 893

6006 235250 5714 064 J14

215673064 28519934

215307142 20) 677

44)49 (69 4 1 166121

5353 29365 SJO 043 030

~1565 liS Ui4107~

Cluimn

~k Sherift1 Zcny





LE


Operational costs

Gross profits

(3-15)

(3-17)

3980697298

(3 424 364 177)

556333121





Operating profits

(24)

(3-17)

(3- 7)

(25)

33 150780

(85638 161)

( 129221 323)

(25600408)

349024 009

Financing income

Financing costs



(26)

52483 132

(72 779 972)

(20296840)

328727169

Income tax

Current income tax



Attributable to


Minority interest

(3-19)

(3-19)

(44592 778)

( 16419831)

267714560

239224703

28489857


267714560 107



LE

4342901 528

(3 729 520956)

613380572

25641487

(118491664)

( 165392 776)

( 145228080)

209 909 539

21233258

(67850043)

(46616785)

163292754

(37368338)

126524523

105081480

21443043

126524523 047

-2shy

600107








Retained earnings




foreign entities


























-3shy


















- 5 shy











- 6shy

=t











r 3-3 Fixed assets













~

~ - 7 shy

sect













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





LE


Operational costs

Gross profits

(3-15)

(3-17)

3980697298

(3 424 364 177)

556333121





Operating profits

(24)

(3-17)

(3- 7)

(25)

33 150780

(85638 161)

( 129221 323)

(25600408)

349024 009

Financing income

Financing costs



(26)

52483 132

(72 779 972)

(20296840)

328727169

Income tax

Current income tax



Attributable to


Minority interest

(3-19)

(3-19)

(44592 778)

( 16419831)

267714560

239224703

28489857


267714560 107



LE

4342901 528

(3 729 520956)

613380572

25641487

(118491664)

( 165392 776)

( 145228080)

209 909 539

21233258

(67850043)

(46616785)

163292754

(37368338)

126524523

105081480

21443043

126524523 047

-2shy

600107








Retained earnings




foreign entities


























-3shy


















- 5 shy











- 6shy

=t











r 3-3 Fixed assets













~

~ - 7 shy

sect













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34








Retained earnings




foreign entities


























-3shy


















- 5 shy











- 6shy

=t











r 3-3 Fixed assets













~

~ - 7 shy

sect













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34


















- 5 shy











- 6shy

=t











r 3-3 Fixed assets













~

~ - 7 shy

sect













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34











- 6shy

=t











r 3-3 Fixed assets













~

~ - 7 shy

sect













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34

=t











r 3-3 Fixed assets













~

~ - 7 shy

sect













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34













- 8 shy









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34









3-8 Inventories




- 9 shy



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34



3-10 Impairment








- 10shy




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34




3middot13 Dividends


3-14 Own shares







11 shy










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34










- 12 shy





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





4 Fair Value










- 13 shy









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34









- 14 shy


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34


6 Fi~ed Assets






Balance as of 112015 382520874 1382104 261 2479612460 106914514 149545048 39107412 4539804 569





Cost as of 311312015 383515862 1398706600 2534325974 117043394 161145840 39829958 4634 567 628

Depreciation


Depreciation 12988967 55536693 12128822 5403400 479727 86537609






-15shy






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34






3132015 LE

31122014 LE






10875273 10875273


3132015 311212014 LE LE


for 5 years

20000000 20000000


3132015 311212014 LE LE


5585741 54831896

16



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34



11 Inventories

3132015 LE

3111212014 LE


105532332 479583059

1195456551 446405825

115633840 343745906

1 111434389 323722805

3204239367 3343933055



3132015 311212014 LE LE


6202041707 5272 376 564



311312015 3111212014 LE LE


1202892762 318605293



17




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34




3132015 LE

311212014 LE


455680900 1 709 466391

11 101 722 2176249013

367020078 907456094

4529151 1279005323





16 Loans


3132015 3111212014 LE LE


1108372 386 894637717



275673064 285199434




18





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





LE LE


4634317058 2894689425

18 Provisions 31132015 3111212014

LE LE


283578058 310917017

19 Share Capital




20 Reserves 3132015 3111212014

LE LE


149535197 149535197



19



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34



21 Deferred Tax

3132015 311122014 LE LE



311312015 311122014 LE LE


235263727 234146668



31132015 311122014 LE LE

Other creditors 44349659 41 166121 44349659 41166121




20




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34




Turn Key projects




Local Sales 897670372 I 164610 145 433734307 101 911 603 106266880 2704 193307




Total revenue 3613 786356 1308552782 724373352 238472 591 185891 256 2090 379 039 3980697298

Total Cost ( 3357 168 803) ( I 211 361 599) ( 636 155 816) 176216858) 133840 140) 2090 379 039 (3424364177)

Gross Profit 256617553 97191 183 88217536 62255733 52051116 556333 121


Segment profit 209 736109 86379623 86552645 51448048 36578535 470694 960




Net financing costs

Currenl income tax



33 150 780

129 221 323)

( 25600 408)

20296840)

44592 778)

( 16419831)

267714560

Depreciation 27790351 33047109 6222181 9955187 8711 852

Unallocated

749 123 86537609

Assets

Liabilities

4 821 088 162

( 973 565 853)

3880005014

( 806560 411)

852 082858

( 850 465 440)

1 164069352

( 107997741)

1 334 701 432

( 246 483 283)

524 767 854

( 5585406754)

16576714732

( 10570479482)


-21shy





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





Egypt

LE

Sudan

LE

Qatar

LE

Ghana

LE

Imq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Others

L1l

Elindnation

IE

Total

311312015

LE


A$sels

L~Di1i1ies

11082 158653

( 9 348 654 624)

289390 203

( 9050703raquo)

905336834

198576850)

j 11J 352

( 432600)

35866402

( 2JlJ9)0)

659l71 019

no 240 885)

I 3l1 9H 090

( 231291069)

1 090 716 1-13

( 253 ij6j 183)

184 J06 702

( 15240772)

199323063

( 4969596)

17045617

18692636)

756319653

( 275665 304)

16576714 732

( 10 570 479 482)


59061504 7119561 2005651 I 80S 533 8213665 lJ 891498 118273 102286 9220972

middot22shy




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34




TurnKey projects




Local Sales 878853427 1 167 452 402 188805229 111 226 819 11504736 2 461385203




Total revenue 3825030297 1 312046 198 673367880 222244587 218319238 ( 1908106672) 4342901528

Total Cost ( 3 481 100551) ( 1 203 846 787) 596735282) 170438984) 185506024) 1908106672 ( 3 729 520 956)

Gross Profit 343929746 108 199411 76632598 51805603 32813214 613380572


Segment profit 269313 748 90442689 76609032 43613 855 14909584 494888908




Net financing costs

Current income tax



25641487

( 165 392776)

( 145 228 080)

( 46616785)

( 37 368 338)

600107

126524523

DepreCiation 28011 903 33 165459 5597 114 9488836 9888883

Unallocated

3906 789 90058984

Assets

Liabilities

4761 789 496

( 889 773 382)

3637680035

( 1 III 645548)

1 638 599 665

( 1 501 056033)

1091 578759

( 123591 905)

1 649094326

( 266 406 549)

1472605200

( 4915415 352)

14251347481

( 8 807 888 769)

v


-23shy





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





Egypt

Lil

Sudan

LE

Qatar

LE

Ghana

LE

Iraq

LE

Slovenia

LE

Saudi Arabia

LE

Algeria

LE

Ethiopia

LE

Zambia

LE

Spain

LE

Otbers

L1l

EUmination

L1l

Total

3110312014

LE

Revenues 4680338 341 83610007 344291 741 838500 146 163211 510437820 358969819 28082180 36782 545 1308475 50 173961 ( 1 908 106 611) 4342901 528

Asscs

liabilities

8608 488 714

( 7 338 917 560)

263920474

lIO 607 987)

6373110 128

121 16 amp9)

6899 33t

( 161539)

1-1 474 5~6

(2015321)

743 ~t~5 921

175329977)

J 61 095 O-

(229 744 392)

I WI611 698

( 450 373 646)

139 747406

( 5151 347)

162705001

( 2293863)

311 543566

( 41 214823)

799735670

230801485)

14251347481

( 8 807 888169)


23681362 182086 2t7712 1525406 2700 084 I 061 288 16 184954 2065 478 588 168 363958 7854 49649080

-24middot











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34











from 112015 to 3132015

LE 18796

1906373 212664

31012947 33150780

from 112015 to 31132015

LE 909050

8394048 3251 090

13046220 25600 408

from 1112015 to 3132015

LE 10 887 341 27674459 13921332 52483132

(72 779 972) (72 779972) (20296840)

from 11112014 to 3132014

LE 8779

635766 3436576

21560366 25641487

from 1112014 to 31132014

LE 38347729 21 265523 2 136591

79 156 189

4322048 I

145228 080 I

from 1112014 to 3132014

LE 4722882 4283936

12226440 21233258

(67850043) (67850043)

~ (46616785)

25





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





28 Contingencies 3132015 3111212014

LE LE





29 Related parties


26

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34

------

3111212014








31312015

LE

93757747 18065359

571403 134839590 15834449 2412459

18597609 11 553934 4023333 2139804

857753 404763

13 201 770 11207

7980209 31 644932 81964 021

175452 42484242

480520036

31132015

LE

28884422 6487476

113822 20745

1472 736 10 996 716 29651480 12212048

1046506 3476659 2916595

28485800 4516034 3337487

15676554

149295080

LE

47731 186 18507284

548236 151 546997

6986875 2274751

12917988 II 527379 3809532 5637195

348590 404763

16013 269 3238137 5445822

21 728 166 31476670

197692 18061949

358402481

311212014

LE

26961 258 9613623

157336 5442229 1587016

11047438 31 320501 17169204

I 472 520 4339877 2706697

26805800 4516034 2980968

17073447

27

163193948





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





Date of acquisition

21-06-2005 23-06-2005 25-08-2005 25-12-2005 25-12-2005 22-02-2006

19-04-2006

02-11-2006 24-12-2006 21-02-2007 30-04-2011 21-06-2007 21-10-2007 27-09-2007 27-09-2007

10-01-2008 18-02-2008

1-1-2008 30-6-2008

21-12-2008

17-08-2008 10-07-2008 31-12-2008 31-12-2008 31-03-2009 31-03-2009

30-9-2009 31-12-2009

30-6-2010

30-6-2010 30-6-2010 30-6-2010

12-10-2011

7-12-2011

11-1-2011

Country


Egypt


Egypt Egypt



Zambia

Egypt Sudan Egypt

Egypt Egypt Egypt

Egypt

Yemen

Bulgaria



Indirect

Direct









Indirect

Indirect

Indirect

of share

9800 9980 9990 9998 9998 4960

9996

9994 9997 9987 9987 7400 9997 5000 9984

9600 9912 9970 7483

998

9900 998

7500 4990 9960 4990

5000 9998 9000

6500 475

9998

100

50

87

28












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34












29



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34



30 Tax status










securities




56895777 52975012



30














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34














31




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34




3132015 LE

311212014 LE



223418000 (142216)

223275840

223418000 (142216)

223275840



- Credit risk

- Liquidity risk

- Market risk


Credit risk


(LE million)

3132015 31122014



31312015 311122014


6709 5796


32





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34





LE LE LE LE



(LE Thousand)





3132015 3111212014 2015 2014 USD$ 763 718 756 699 Euro 864 869 854 959

Interest rate risk


Net book value 3132015 31122014



302 -~

(494)



(1970) (2321)

33




LE EURO USD



34




LE EURO USD



34

Documents

(An Egyptian Joint Stock Company) - Elsewedy Electric Relations/Financial/EE... · Parle Telephone : ... Introduction . ... EI Sewedy Electric company "previously EI Sewedy Cables"