Egytrans Investors Presentation 2016 Annual Results Disclaimer Click - - PowerPoint PPT Presentation

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Egytrans Investors Presentation 2016 Annual Results Disclaimer Click - - PowerPoint PPT Presentation

Egytrans Investors Presentation 2016 Annual Results Disclaimer Click to edit Master title style Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs


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Egytrans Investors’ Presentation 2016 Annual Results

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Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Egytrans. Such statements involve known and unknown risks, uncertainties and other factors; undue reliance should not be placed

  • thereon. Certain information contained herein constitutes “targets” or “forward‐looking

statements,” which can be identified by the use of forward‐looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Egytrans may differ materially from those reflected

  • r contemplated in such targets or forward‐looking statements. The performance of Egytrans is

subject to risks and uncertainties. Various factors could cause actual results to differ materially from those expressed or implied by the forward‐looking statements in this document including worldwide economic trends, the economic and political climate of Egypt, the Middle East and changes in business strategy and various other factors.

Disclaimer

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Agenda

1. Company Overview 2. Why Egytrans? 3. Global Transport & Logistics Industry 4. Transport & Logistics Overview Egypt 5. Financial Statements 6. Strategic Direction 7. Industry Outlook 8. Egytrans Outlook

Outline

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COMPANY OVERVIEW

We make integrated transport easy, safe & cost-effective

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Click to edit Master title style History and Milestones

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Click to edit Master title style Subsidiaries and Affiliates

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Click to edit Master title style Key Services

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Click to edit Master title style Our Blue Chip Customers

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Click to edit Master title style Shareholder’s Structure

Source: Egytrans Shareholders’ Structure as of 31‐Dec‐2017

Leheta Family, 11.67% National Investment Bank, 25.25% Free Float, 30.42% Financial Institutions, 8.81% Mohamed Ashraf Omar Group, 18.00% Mostafa Eissa, 5.85% Other, 32.66%

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  • Egytrans has committed itself to a code of corporate governance that ensures responsible,

value‐based, transparent management of the company, reinforcing the long‐term confidence

  • f shareholders, customers, employees and other stakeholders in the leadership of the

company.

  • Egytrans has received a number of awards in Corporate Governance in recognition of our

efforts in this area.

  • Reviews of the company’s corporate governance practices were conducted by IFC more than
  • nce, most recently in 2016, to ensure continued application of best practices

Corporate Governance

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  • Incident Free ‐ We are committed to fulfil our Incident‐Free ambition to protect people, the

environment, our assets and reputation.

  • Environmental Stewardship ‐ We are committed to preventing and minimizing environmental

impacts, maintaining a robust environmental management system and effective emergency management plans in compliance with laws, regulations, and good industry practice.

  • Business Conduct ‐ We work against all forms of corrupt practices including bribery and facilitation
  • payments. We focus our efforts on implementing a robust compliance program which includes

amongst other measures mandatory procedures, employee training, due diligence of third parties, and recording of gifts and hospitality.

  • Employees –We are committed to providing positive, productive and supportive working

environments for all employees. We treat all employees with respect and dignity and we will not tolerate discrimination or harassment of any kind.

  • Human Rights ‐ We respect human rights and are committed to integrating human rights into our

business processes in accordance with the United Nations Guiding Principles on Business and Human Rights, with a focus on human rights due diligence and establishing operational grievance mechanisms.

  • Stakeholder engagement – We proactively engage with stakeholders to understand their interests.
  • Communities – We commit to making a positive contribution to local communities’ social and

economic development through our core business activities, by seeking out opportunities to leverage our capabilities and working in partnership with reputable business partners, charities and

  • rganizations.

Corporate Sustainability & Social Responsibility

Egytrans is committed to conducting business in a responsible, ethical and sustainable manner. Our business is underpinned by our Core Values and Policies, our commitment to the United Nations Global Compact and seven core principles we integrate into our business:

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Why Egytrans?

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Egytrans has the right leadership, the right strategy and the financial strength to drive superior shareholder returns Market Strength

  • Established

Brand with diverse long term customers

  • Strong market

position

Strategy and Resources

  • Solid Strategy
  • Strong Balance

Sheet

People

  • Strong

leadership with proven track record

  • Customer

driven employees

  • Continuous

improvement culture

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  • A growing market opportunity
  • Accelerating EBITDA and cash generation, while investing in growth
  • Numerous company‐specific margin improvement opportunities
  • Well‐diversified by service offerings and customer base
  • Leader in high growth project logistics sector
  • World class team who are focused on driving results

Egytrans: High Growth and High Returns

We are on track in our strategic direction and in a good position to achieve 2017 targets

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We use our highly integrated network of people, technology and physical assets to help customers manage their goods more efficiently throughout their supply chains

2016 Revenue

  • f 173.1

mn

Freight Forwarding 47.4% of Revenue

Transport 42.6% of Revenue

Storage 10% of Revenue

We are a leading Transport & Logistics Company

Source: Egytrans Separate financials

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Key Metrics:

  • # of Customers: 500
  • # of Employees: 325
  • Locations: 8 branches
  • Warehouses: 28,000 m2

in 3 locations Gross Revenue Profile

Well Diversified Business Mix

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Project Logistics

  • # 1 provider in Egypt with 60% market share
  • Versatile service offering with multiple sector experience

Leading Positions in Fast Growing Industry Sectors

EGYPROJECT Bonded Storage

  • Total area 10k m2, specialized in handling and storing general

cargo, including oversized and heavy lift equipment or packages

  • Yard applies international standards, maintaining highest safety,

health, quality & environmental regulations.

ISO Tanks

  • #1 provider in Egypt with 70% market share
  • New Service with high growth opportunity
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Click to edit Master title style Growth in Project Logistics

  • Egytrans’ market share in Project Logistics rose to 60% from 35% in the previous

year.

  • Main power projects awarded to Egytrans in 2016:
  • Beni Suef and the New Administrative Capital Gas Turbine Power stations established by

Siemens, with a total production capacity of 4.8 gigawatts each, representing the largest power stations in Egypt, as well as the largest ever in the history of Siemens.

  • South Helwan Power Station, established by Mitsubishi‐Hitachi, with a total production

capacity of 1.95 gigawatts

  • Gabal El Zeit II Wind Station, established by the Spanish company Gamesa. This phase

comprises the installation of 130 wind towers.

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Global Transport & Logistics Market 2015/2016

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  • Demand for Transportation

and Logistics continues to decrease

  • World trade growth declined

to 2.6 percent in 2016 down from 3% in 2015

  • Decrease in fuel prices does

not offset decline in earnings

  • Airlines and Transport

infrastructure have benefitted most from declining fuel prices and have weathered difficult environment positively

  • Shipping companies were the

worst performers within the sector, as they faced their eighth consecutive year of crisis.

Market fundamentals

Long term downside pressures weigh on lackluster economy

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  • Ninth consecutive year of crisis for

Shipping Industry due to oversupply of capacity coupled with declining demand

  • Containership fleet grew by 8 percent in

2015 which added to the persisting

  • vercapacities in the market.
  • Subsequently, container freight rates

declined by 30 –40 percent even as scrapping of capacities continued.

  • Total net fleet capacity grew by “only” 4.6

percent in 2016, the lowest ever recorded growth of the global containership fleet

  • Larger mergers and restructuring efforts
  • f shipping companies trend will continue

across the globe .

  • The dissolution of Hanjin, one of the

major shipping lines in the world, may balance the supply demand market and improve outlook for 2017 .

Shipping and Sea freight

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  • Global air freight volumes

expanded by 2.2 percent in 2015, which was lower than in 2014 according to IATA..

  • The falling oil prices and

persistent overcapacities (due to the expansion of belly capacity over the last years) caused a further deterioration

  • f air freight rates. The average

monthly decline of air freight rates in 2015 was ‐9 percent.

  • The fall in fuel prices means a

mid‐term modal re‐shift of cargo from sea to air freight. Air freight is still largely dependent

  • n the state of the global

economy and world trade.

Air Freight

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Transport & Logistics Overview Egypt

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  • Foreseen economic and political stability
  • A large competitively priced labor force
  • Large consumer market
  • An ambitious plan for developing

infrastructure across all governorates

  • Competitive tax rates
  • Preferential access and proximity to key

global markets

  • A diversified economy
  • Investment and legal reforms to

encourage investments

Egypt’s Economy; GDP vs. Inflation

GDP Growth vs. Inflation (2011/12‐2015/16)

Source: CBE

0% 2% 4% 6% 8% 10% 12% 14% 16% 0% 1% 2% 3% 4% 5% Real GDP @ Factor Cost Headline CPI Inflation

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Egypt’s Ideal Geographic Position gives its Logistics Market the Potential to Thrive

  • Accounting for 3.1% of GDP

in FY2014/15 (fiscal year running from July‐June), Egypt’s logistics and transportation sector encompasses more than 108,000 kilometers of paved roads, 9570 kilometers of railways, globally ranked airports in all major urban centers, including an air cargo airport of five terminals in Cairo, six seaports on the Mediterranean and nine on the Red Sea, six dry ports and an extensive network of Nile river transport facilities.

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Click to edit Master title style Transport & Logistics /GDP

Share of GDP remains constant growing from 4.3 % in 2015 to 4.4% in 2016.

2014/2015 2015/2016

Source: CBE Source: CBE

11.2% 12.5% 15.8% 2.4% 5.1% 9.5% 3.2% 1.7% 4.4% 13.4% 3.9% 0.7% 1.6% 9.7% 4.8% Agriculture, Forests & Fishing Extraction (Oil & Gas) Manufacturing Utilities Construction & Building Real Estate Communication & IT Suez Canal Transportation & Storage Wholesale & Retail Trade Finance Insurance & Social Insurance Tourism General Government Health & Education 11.1% 13.5% 16.0% 2.3% 4.7% 9.3% 3.1% 1.7% 4.3% 13.0% 3.9% 0.7% 2.3% 9.5% 4.7% Agriculture, Forests & Fishing Extraction (Oil & Gas) Manufacturing Utilities Construction & Building Real Estate Communication & IT Suez Canal Transportation & Storage Wholesale & Retail Trade Finance Insurance & Social Insurance Tourism General Government Health & Education

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Click to edit Master title style Transport & Logistics

Weight/Implemented Investments increases to 11.4% in 2016 vs 10.3% in 2015

2014/2015 2015/2016

Source: CBE Source: CBE

4.0% 20.9% 12.6% 8.5% 1.2% 11.5% 5.7% 8.2% 10.3% 4.1% 0.2% 0.6% 12.1% Agri, Irrigation & Reclamation Extraction (Oil & Gas ‐ Others) Other Manufacturing Utilities Construction & Building Real Estate Communication & IT Suez Canal Transportation & Storage Wholesale & Retail Trade Finance Tourism Health & Education & Others 4.3% 15.9% 12.5% 5.7% 3.0% 10.1% 6.1% 7.7% 11.4% 4.0% 0.01% 1.5% 17.7% Agri, Irrigation & Reclamation Extraction (Oil & Gas ‐ Others) Other Manufacturing Utilities Construction & Building Real Estate Communication & IT Suez Canal Transportation & Storage Wholesale & Retail Trade Finance Tourism Health & Education & Others

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Click to edit Master title style Transport & Logistics Main Growth Drivers

Imports & Exports Suez Canal Traffic

Source: CBE Source: CBE

‐20% ‐15% ‐10% ‐5% 0% 5% 10% 15% 20% 5000 10000 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 2011/12 2012/13 2013/14 2014/15 2015/16 Imports Exports Imports GR Exports GR

USD mn

‐10% ‐5% 0% 5% 10% 5000 10000 15000 20000 2011/12 2012/13 2013/14 2014/15 2015/16

  • No. of Vessels

Net Tonnage (In mntons) Vessels GR Tonnage GR

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Ports and Suez Canal

Suez Canal accounts for roughly 7.5%

  • f world sea trade and is one of the

world’s five ‘strategic chokepoints’ through which the overwhelming majority of the world’s oil flows. Egypt has 40 sea ports, of which 12 are commercial ports; six mining ports; six fishing ports; five marinas; and 10 oil shipping ports. Among the most important ports are Alexandria, the biggest port in Egypt, and the Port of Dekheila,. Damietta Port has the largest container terminal and the most sophisticated equipment in the Middle East, while Port Said and Port Suez occupy strategic positions at each end of the Suez Canal. Port infrastructure is also weak and suffers from lack of maintenance of equipment, evidence points to inability to meet the requirements

  • f shipping lines due to insufficient

space and water depth to accommodate containers. .

Air Freight

Egypt has 73 airports with paved runways, five of which are international airports. Egypt’s airport development plans are driven by longterm tourism opportunities. The largest and most active airport is in Cairo, being the second‐busiest airport in Africa with direct flights to most countries. There are frequent flights within the country and improvements to the air infrastructure will increase handling capacity and efficiency, which will benefit the transport and logistics sector.

Rail

The rail freight sector’s network is limited and undeveloped its

  • perational capacity is stretched to

the limit. Up to 85% of rolling stock is long past its replacement date. Railway connects Cairo and Alexandria with the main towns in the north of the country, all the large towns in the Nile Basin down to Aswan, and Safaga

  • n the Red Sea coast. But does not

cover new, important

  • rigin/destination flow zones.

Absence of direct links to dry ports and factories and storage terminals is another hindrance. .

Land Transport

Egypt’s roads carry the largest share

  • f freight (53%), which increases the

country’s dependence on the maintenance of the road

  • infrastructure. 92% of roads are
  • paved. But narrow and of poor quality,

network capacity is inadequate, and the vehicles used are mostly outdated. In 2011 the road transport industry comprised approximately 743,000 trucks, most of which are not capable

  • f carrying containers, thereby

hampering port‐hinterland container

  • transport. These trucks have also been

found unsuitable for carrying specific commodities, mainly agricultural products. Additionally increase in the number of long trailer vehicles, which are not built to standard international specifications and jeopardize road safety.

Poor Infrastructure Slows Tempo of Market Growth. In 2010, Logistics revenues touched $17.04 bn. Government has been unleashing initiatives to make the country a global logistics hub by facilitating business processes.

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Click to edit Master title style In spite of this Logistics is a performing sector

The World Bank’s Logistics Performance Index shows Egypt has significantly improved its logistics performance over the past few years, with the country moving from 92nd in 2010 to 49th place out of 160 countries globally in 2016 . In the MENA region Egypt is ranked 6th behind gulf

  • countries. Increased efficiency in

international shipments and infrastructure improvements rate strongly in the country’s logistics performance. Notable is that Egypt scored highest in the timeliness sub‐indicators, which measures the timeliness of shipments reaching their destination. On the

  • ther hand, the lowest score was

assigned to the customs sub‐indicators, which measures the efficiency of the clearance process.

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Consolidated Financial & Operational Performance 2016

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Click to edit Master title style Market Dynamics

  • Transport and

Logistics industry in decline globally suffers from

  • versupply and

decreasing demand

  • Import restriction

locally

  • Inflation, VAT and

float impact trade negatively

  • EGP float
  • Government

spending on mega projects

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  • Revenues were up 63.3% Y‐o‐Y to reach EGP 215.5 million
  • Costs increased 45.5% to EGP 142.2 million
  • SG&A escalated by 26.9% to EGP 32.3 million
  • EBITDA recorded EGP 41.1 million compared to EGP 8.6 million a year ago
  • Backed by the EGP currency floatation, an exceptional FX gain was recorded

amounting to EGP 44.5 million, this was coupled with an 81% hike in Investment Income to EGP 10.4 million

  • Meanwhile, provisions were booked at EGP 24.8 million
  • Net Profits after Taxes skyrocketed to EGP 58.7 million vs. EGP 9.9 million in FY

2015

  • Revenues from other lines of business were mixed in 2016 affected by the

macro‐economic slowdown

Full Year 2016 Highlights

Egytrans ranked as one of the top 100 performing companies in 2016 by Amwal El Ghad

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Click to edit Master title style Consolidated B/S (2015‐2016)

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Click to edit Master title style Consolidated I/S (2015‐2016)

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Performance (2010‐2016)

Source: Egytrans consolidated financials

Egytrans Consolidated; Financial Performance

‐20% 0% 20% 40% 60% 80% ‐10 10 30 50 70 90 110 130 150 170 190 210 230 2010 2011 2012 2013 2014 2015 2016 Revenues Cost of Revenues SG&A EBITDA Net Profits Revenues GR In EGPmn

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Performance (2010‐2016)

Source: Egytrans consolidated financials

Egytrans Consolidated; Margins Performance

‐5% 0% 5% 10% 15% 20% 25% 30% 35% 2010 2011 2012 2013 2014 2015 2016 Gross Profit Margin EBITDA Margin Net Profit Margin

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Click to edit Master title style Egytrans Separate I/S (2015‐2016)

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Revenues Details (2015‐2016)

Source: Egytrans separate financials

Egytrans Separate: Contribution by Business Line

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Click to edit Master title style ETAL Separate

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Click to edit Master title style EDS Separate (figures are in USD)

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Share Performance (2016 – Mar 2017)

Source: Mubasher Indices values are rebased and on a daily basis

Egytrans share price has shown a great performance during 2017 and reached a high of EGP 15.49 (18‐Oct ‐ 2017). Moreover, it

  • utperformed all

EGX indices with a 181.1% vs. ‐ EGX30 (YTD of 21.7%) ‐ EGX70 (YTD of 78.6%) ‐ EGX100 (YTD of 79.9%) ‐ EGX20 Capped (YTD of 19.4%)

Egytrans Share vs Market Indices (2017)

Data till 31‐Dec‐2017

4 6 8 10 12 14 16 ETRS EGX30 ‐ rebased EGX70 ‐ rebased EGX100 ‐ rebased EGX20 ‐ rebased Linear (ETRS) Outperforming period

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Strategic Direction

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Our Approach

  • Detailed review of operations
  • Conducted internal assessment of management, assets, equipment, labor etc.
  • Analyzed external factors including customers, markets, competitive environment and

investment opportunities

Situation Analysis

Positives

  • Strong operations and leadership
  • No structural differences with competitors
  • Powerful brand
  • Dedicated employees, positive culture
  • Strong customer base and relationships
  • Opportunities for investment
  • Strong balance sheet
  • Growing number of clients seeking value

services

  • Increased Transport and Logistics

infrastructure

Challenges

  • Turbulent global market
  • Declining foreign trade
  • Fragmented, unregulated competition at

lower cost

  • Macro economic instability
  • Legal & regulatory environment
  • Lack of clarity in government planning
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Accelerate Profitable Growth Close the Gap – Operational Excellence Introduce Differentiated Services Accelerate Profitable Growth

  • Grow high value

services

  • Grow account share

with large customers

  • Penetrate new markets

Strategic Direction

Close the gap

  • Operational Excellence
  • Efficiency in utilization of working capital
  • Lead industry in safety and security
  • Exceed customer expectations
  • Increase operational productivity
  • Achieve competitive margins

Introduce Differentiated Services

  • Launch high value

differentiated services

  • Leverage and integrate

new technology solutions for logistics and operating systems

Egytrans delivers best in class transport and logistics services with a strategy that rests on three pillars to deliver long‐term profitable growth

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Industry Outlook

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Growth by subsector Considering individual subsectors, ports are predicted to grow the fastest at 5.8% on average per year over the forecast period, while airport investments are expected to slow down to an annual growth rate of 2.6%. Roads will likely remain the biggest area of investment, especially for growth markets. This is partly due to the rise in prosperity and, hence, car

  • wnership in developing

countries.

Global Outlook to 2025

Transport infrastructure investment is projected to increase at an average annual rate of about 5% worldwide over the period of 2014 to 2025.

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Roads still make up the largest subsector for transport spending in the Middle East. The rate of car

  • wnership is

expected to increase sharply

  • ver the coming

decade; consequently, the investment in roads is expected to increase as well – by almost 116% over this period to reach $31bn per year by 2025.

Global Outlook to 2025 Growth by region

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  • During the upcoming 5 years we expect incoming mega energy & power projects announced

by the government, including El Daba’a nuclear station construction, expansions in wind and solar energy plants and the increase of electricity capacity by 30,000 megawatts via new plants to be added to the national grid.

  • Moreover, Oil & Gas and Petrochemical projects will enhance and boost the T&L sector

(Projects LoB). Total expected investments for the aforementioned projects are USD 76.1 bn*, of which USD 28.6 bn* as signed contracts and the rest is MoUs.

  • One of the major growth drivers is a possible increase in river transport business in line with

the government plan to reach 10% of the cargo transported locally via river. River transport via barges and ports operations and management has high profitability margins but there are many challenges remaining.

  • Suez Canal Development Zone projects which offers a bundle of investments in ports,

logistics and maritime related activities. Moreover, there are other projects in infrastructure, industrial & manufacturing, ICT and business parks.

Egypt Transport & Logistics Outlook

* Figures are extracted from EFG‐Hermes economy & strategy report “Wrapping up a successful EEDC” dated March 25, 2015

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Egytrans Outlook

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Click to edit Master title style Positive Industry Outlook

  • Increasingly stable operating environment.
  • Economic conditions are still challenging but this creates opportunities for

well‐capitalized and experienced companies like Egytrans.

  • There continues to be strong potential in the transport and logistics

market in Egypt and we believe the value of our brand equity will continue to set us apart from the competition.

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  • Accelerating cash flow due to EBITDA growth
  • Higher margins backed by higher operational revenues in line with an

improved Cost/Revenues ratio

  • Enhanced Return on Assets and Return on Equity ratios
  • Considerable FX gain resulted from EGP floatation effective November 3rd

2016

  • Escalating net profits Y‐o‐Y reflecting the overall operational performance

Strong Financial Position

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  • Given the expected huge investments in the sector which will offer great
  • pportunities for Egytrans to invest and participate in either directly or via
  • perations.
  • Expanding regionally, there is huge potential in the Libyan market during the

stage of reconstruction if stability and security are recovered.

  • Government plans to expand heavily in exports which will help Egytrans to

increase its volume of regular business like Sea Freight, Customs Clearance and Consolidation LoB.

  • Egytrans added new Bonded Warehousing LoB in Al Adabeya (Suez

governorate), which will add a considerable value.

  • ETAL added new crane equipment enabling it to expand considerably on its

Lifting & Installation activities

Outlook For Egytrans

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  • Egytrans is considering potential projects, which are still undergoing technical and

feasibility studies to be announced once studies are finalized. Among these are:

  • Expanding Warehousing services and/or 3PL (Locations to be decided)
  • Expansion on EDS capacity & locations
  • Exploring opportunities in Inland transport
  • Growing YoY market share in Projects LoB, which is anticipated to grow over

the next few years with the expected higher demand in mega projects inflow to Egypt

  • Has a clear strategic plan for the next 5 years in order to enhance revenues and
  • profitability. The plan includes expansions into new LoB within EGYTRANS in

addition to entering new businesses that are related to Transport & Logistics via new subsidiaries or existing ones.

  • Good utilization of finance proceeds that are invested in expansions or new

projects after a comprehensive and extensive feasibility study through a specialized team.

  • Given the company’s large market share in the Projects LoB, it is expected that

Egytrans will strongly participate in these projects as proved by its extensive and successful track record.

Outlook for Egytrans

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Click to edit Master title style Egytrans Outlook Consolidated; Financial Performance

Source: Pharos ‐ Egytrans Valuation Update Report / 14 Jan 2018

‐30% ‐10% 10% 30% 50% 40 80 120 160 200 240 280 320 360 2017 2018 2019 2020 Revenues Cost of Revenues SG&A EBITDA Net Profits Revenues GR Net Profits GR In EGPmn

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Click to edit Master title style Egytrans Outlook Consolidated; Margin’s Performance

0% 5% 10% 15% 20% 25% 30% 35% 40% 2017 2018 2019 2020 Gross Profit Margin EBITDA Margin Net Profit Margin

Source: Pharos ‐ Egytrans Valuation Update Report / 14 Jan 2018

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Click to edit Master title style Egytrans’ Plans for 2017

  • We continue to focus on enhancing cost‐effectiveness and

implementing best practices to grow returns

  • Developing new services for existing and new customers is a

key deliverable at the core of the strategy.

  • Other investments in transport and logistics are under study.
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Click to edit Master title style Egytrans’ Plans for 2017

  • This new Line of Business

is expected to:

  • Reduce outsourcing

costs

  • Improve margins
  • Enhance cash flow
  • Increase operational

control for critical cargo

  • Integrate company’s
  • verall supply chain

services

Egytrans is in the process of launching a pilot project in‐land transport to compliment its line of business in that area. New activity comprises 5 container trucks as a start‐up fleet for regular container transport with potential for further expansion.

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Thank you for your attention