INVESTOR PRESENTATION - FY 2021 - Amazon S3
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INVESTOR PRESENTATION
FY 2021
W W W . E L S E W E D Y E L E C T R I C . C O M
elsewedyelectric.com @elsewedyelectric
Disclaimer 2
Certain information contained in this document consists of forward-looking
statements reflecting the current view of the Company with respect to future
events and are subject to certain risks, uncertainties and assumptions. Many
factors could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance, or
achievements that may be expressed or implied by such forward-looking
statements, including worldwide economic trends, the economic and political
climate of Egypt and the Middle East and changes in business strategy and
various other factors. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described in such forward-looking statements.
Recipients of this document are cautioned not to place any reliance on these
forward-looking statements. The Company undertakes no obligation to republish
revised forward-looking statements to reflect changed events or circumstances.
W W W . E L S E W E D Y E L E C T R I C . C O M
3
AGENDA
I. An Integrated Energy Solutions Global Provider
II. Investment Highlights
• Full-Service Integration
• Long Track Record
• Strong Geographical Presence
• State-of-the-art Facilities
• Experienced Leadership
• Prestigious Client Base
III. Business Line Review
IV. Recent Financial Performance
V. Corporate Social Responsibility
W W W . E L S E W E D Y E L E C T R I C . C O M
An Integrated Energy Solutions Global Provider 4
Power...Build…Develop Sustainable Value..
Elsewedy Electric is an energy player structured to face the challenges of the
world’s fastest growing markets and the complexity of the critical electricity
industry. From its start, deep product and sector specialization and unprecedented • The Elsewedy family began what is today Elsewedy Electric in 1938
insight into local markets set the ground work for first mover advantage into new as an electrical equipment trading company.
markets and sectors.
• In 1960, after developing deep market understanding and local
presence, the company became Egypt’s first specialized cables
distributor.
Our Core Values & Beliefs
• In 1984, Arab Cables – as the company was then called – built the
country’s first private sector cables factory. The event marked the
beginning of Elsewedy Electric’s corporate identity.
Ownership,
Customer Commitment
Integrity Innovation Excellence
Satisfaction &
Collaboration
Vision
To become a global leader in delivering energy, services and value
Purpose
provided with exceptional expertise and service to our customers and
communities safely and efficiently.
W W W . E L S E W E D Y E L E C T R I C . C O M
Full-Service Integration 5
Elsewedy Electric is a fully integrated energy solutions provider: From raw materials such as metals and plastics to inputs across the
spectrum of wires, cables and electrical products, to contracting and turnkey infrastructure projects and electricity generation.
Elsewedy Electric provides integrated solutions through five divisions.
Industry EPC Technology Investment Development
W W W . E L S E W E D Y E L E C T R I C . C O M
Summary of Main Financial & Performance Indicators 6
Total Revenue Revenue by Segment – FY 2021
(EGP bn)
EGP 60,541 mn
1% FY Revenues
3%
1% ▲ 30.5% y-o-y
4% Wires & Cables
60.5
Turnkey
Meters
EGP 3,534 mn
46.6 46.4 49% FY Income
42.9 42.5 Transformers
42% ▲ 16.7% y-o-y
Electrical Products
24.6
Renewables - IPP
2016 2017 2018 2019 2020 2021
>15,000
No. of Employees
EBITDA Net Income
EBITDA EBITDA Margin Net Income after Minority Net Income Margin
38
Years of Operation
(EGP bn) (EGP bn)
15%
18%
12%
7.8
14%
6.1
14%
6.4
11%
10%
6.3
6.4
5.0
9% 28
Production Facilities
5.3 7% 6%
4.0
3.5
3.0
110
Export Countries
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
W W W . E L S E W E D Y E L E C T R I C . C O M
Investment Highlights
Fully Integrated Energy Solutions Provider 8
Elsewedy Electric’s integrated energy solutions provide a full range of offerings to produce, distribute, manage and
safely use electrical power
Integration across the value chain supports
Fast track Ability to offer Cross-Selling
Quality guarantees Cost leadership Brand advantages
capabilities turnkey solutions Opportunities
Industry EPC Technology Investment Development
• Wires and Cables • Power Generation • Smart Energy • Independent Power Plants • Industrial
• Transformers • Electricity Transmission Management • Utilities Development • Logistical
• Electrical Products and Distribution • Data Centres
• Renewable Energy (Solar,
Wind, Hydro)
• Water Treatment &
Desalination
• Oil and Gas
• Transportation
W W W . E L S E W E D Y E L E C T R I C . C O MLong Track Record (1/3) 9
The Elsewedy Electric name has existed in the market since 1938 as a distributer of electrical equipment, becoming Egypt’s first specialized cables distributor by
1960 and Egypt’s first private manufacturer of cables with the establishment of a production plant in 1984. Over the next 30+ years, Elsewedy Electric would expand
both organically and inorganically through the establishment of plants and the acquisition of companies across the value chain both domestically and abroad.
1938 1984 1996 1997 1998 2002 2003 2004 2005 2006
STARTING ARAB CABLES EGYTECH UNITED UNITED METALS GIAD ELSEWEDY SUDANESE ITALSMEA ELSEWEDY
CABLES EGYPTIAN ELSEWEDY CABLES SYRIA
LISTED IN
Egypt’s 1st Special Power Cables. INDUSTRY Copper rods
El Sewedy’s
family started
Cables Special cables, manufacturer. Sudan’s first cables ELECTRICAL Specialized explosion Cables production EGX
Production Plant. Fiberglass poles, plant. INDUSTRY proof equipment facility in Syria to ELSEWEDY
as a trader in SEDPLAST
electrical Enameled copper wire. ELSEWEDY Oil Transformers producer for Oil & serve the Levant ELECTRIC
PVC Compounds. Gas. markets.
equipment's SEDCO ELSEWEDY manufacturer in GHANA
ELASTIMOLD Cable joints and CABLES BRAND Sudan, extends Road Lighting
terminations pioneer Sudan presence poles facility in
Fully integrated cables beyond cables.
in Egypt. Ghana.
accessories plant.
.
2021 2019 2018 2017 2014 2011 2010 2009 2008 2007
ACQUISITION PT ELSEWEDY STA 2 (PIP) SLP - ELSEWEDY ELSEWEDY ELSEWEDY RENAMED CABLES KSA, ALGERIA, ELSEWEDY
CG POWER TECHNOLOGY LOGISTICS ELECTRIC PSP TECHNICAL ELSEWEDY ETHIOPIA, ZAMBIA, ECMEI, ELECTRIC SYRIA
SYSTEMS ELSEWEDY PROPERTIES ACADEMY (STA) ELECTRIC YEMEN, DRY ISKRAEMECO - Fully Integrated
Indonesia UTILITIES RF SIAG ELSEWEDY TRANSFORMERS M. TORRES service.
ENERGY TOWERS (SET) EGYPT
ACQUISITION ACQUISITION UNITED WIRES
DOHA CABLES
VALIDUS REACHED Production facility.
ELSEWEDY
ENGINEERING COMMERCIAL
Pakistan
+80 YEARS OF SUCCESS ELECTRIC
OPERATION AT Starting from 1938 NIGERIA ELSEWEDY
BENBAN SOLAR
3W NETWORKS ELECTRIC T&D
PV POWER
PLANTS TOTAL Revenues 2021 USD 3.8B
In EGP 60.5 Billion I In EUR 3.3 Billion ROWAD RME ELSEWEDY
Acquisition of 51% ELECTRIC
POWER
W W W . E L S E W E D Y E L E C T R I C . C O MLong Track Record (2/3) 10
Elsewedy Electric has developed a strong track record in the execution of fast-track projects across Africa. The Group has
repeatedly demonstrated its ability to secure high profile contracts both domestically and regionally with local governments
Recent Notable Projects
Beni Suef Combined Cycle Power Plant Al Layyah Combined Cycle Power Plant, UAE
LARGEST POWER PLANT
FIRST EPC PLUS FINANCE PROJECT
BUILT IN ONE-PHASE WORLD-WIDE
Beni Suef 4,800 MW (Fast-track) Combined Cycle Power Plant Al Layyah (Sharjah) 1,026 MW Combined Cycle Power Plant
Owner The Egyptian Electricity Holding Company EEHC, Egypt Owner Sharjah Electricity & Water Authority Sewa, UAE
Value EUR 2.1 bn Value USD 558 mn
Capacity 4.8 MW Capacity 1.0 MW
Location Egypt Location UAE
Engineering, procurement, construction, testing, commissioning, start-up and Engineering, procurement, construction, testing, commissioning, start-up and
civil works for 4 x 1,200 MW Power Blocks, WCT, Combined Cycle Power Plant. civil works for 1,026 MW Power Block, Once-through Cooling, Combined Cycle
Scope Scope
Nos. 8 Siemens SCCP5-8000H in 4 x (2+2+1) Combined Cycle. Power to grid Power Plant. Nos. 2 Mitsubishi Power M701F in 2+2+1 Combined Cycle , with
(2,400mw) in 11-months, completion (4,800mw) in 27.5 months 400kV AIS substation.
W W W . E L S E W E D Y E L E C T R I C . C O MLong Track Record (3/3) 11
Julius Nyerere Hydropower Project New Babil Substation Egyptian Highway ITS
LAYING FOUNDATION STONE, 26
DURATION 18 MONTHS
JULY 2019
Julius Nyerere 2,115 MW HPP RCC-Dam New Babil 400/132 KV Substation Intelligent Transportation System 7 Main
Hydropower Project High Roads
The Tanzania Electric Supply Company ،Tanesco,
Owner Owner Iraq Ministry of Electricity Value USD 90 mn
Tanzania
Value USD 2.9 bn Value EUR 94 mn Coverage 1,187 km
Capacity 2.1 MW Capacity 400/132 KV Substation Location Egypt
Location Tanzania Location Iraq
ITS for highways in Egypt includes Traffic
Management System (TMS) and Toll Collection
Engineering, procurement and construction (“EPC”) System (TCS), in addition to the main control
A Joint Venture of Elsewedy Electric and Toyota
of Rufiji Hydropower Project at Stiegler’s Gorge Scope rooms in the New Administrative Capital, owned
Tsusho Corporation has recently been awarded the
along the Rufiji River in United Republic of and operated by Administrative Capital For Urban
contract of ‘New Babil 400 KV Substation’.
Scope Tanzania. 134m RCC-dam, 34 billion m3 reservoir, Scope Development (ACUD). The project will cover six
Elsewedy Electric scope of works covers the
3-power tunnels, a powerhouse incl. 9 x 235 MW important highways extending over 1,187 km in
design, manufacturing, procurement and
Vertical Francis Hydro-Turbines and a 400kV total length.
construction of the 400 KV substation, EPC basis.
substation
W W W . E L S E W E D Y E L E C T R I C . C O MBusiness Line Review
Strong Geographical Presence & Deep Market Insight 13
AFRICA
21
FACTORIES IN AFRICA
ASIA
5
FACTORIES IN ASIA
EUROPE
2
FACTORY IN EUROPE
TOTAL OF
28
PRODUCTION
FACILITIES
48
INTERNATIONAL OFFICES
CABLES & RENEWABLE PROJECTS &
ACCESSORIES ENERGY DEVELOPMENT
110 TRANSFORMERS METERS EXPORT
EXPORT MARKETS
W W W . E L S E W E D Y E L E C T R I C . C O MState-of-the-art Facilities Utilizing Advanced Technology 14
Advanced technology acquisition and
development places Elsewedy Electric at
the forefront of world electricity trends,
positioning the group to supply the most cost
effective, clean technology to regional
developing nations. Group-wide sharing of
the most advanced production technology
extends significant efficiency gains across
the group's activities, while effective brand
development boosts the group’s profile as a
leading energy player.
Wires and Cables
Meters Transformers
(Total Capacity)
EGYPT (54%) SLOVENIA EGYPT
Certifications Cables Capacity: 149,657 tons Electrometers Capacity: 5.4 mn meters Transformers Capacity: 11,400 MVA
Copper Rod Capacity: 121,000 tons
PVC Capacity: 132,000 tons EGYPT
SAUDI ARABIA (12%) Electrometers Capacity: 4.7 mn meters ZAMBIA
Cables Capacity: 32,448 tons Transformers Capacity: 260 MVA
QATAR (17%)
Cables Capacity: 48,027 tons
PAKISTAN
Transformers Capacity: 5,500 MVA
ALGERIA (12%)
Cables Capacity: 33,600 tons
ALGERIA
ETHIOPIA (2%) Transformers Capacity: 2,880 MVA
Cables Capacity: 5,400 tons
INDONESIA
TANZANIA (2%) Transformers Capacity: 10,000 MVA
Cables Capacity: 5,775 tons
W W W . E L S E W E D Y E L E C T R I C . C O MExperienced & Dynamic Leadership 15
Management Pillars of Success
Elsewedy Electric’s management structure facilitates quick
decision-making and the careful monitoring of developments
around the world. The Group ensures that the highest level of
management remains in touch with its core activities
Efficiency Innovation Quality
Elsewedy Electric has a As a global energy As a global energy
The Board of Directors track record of completing solutions leader we realize solutions leader we realize
critical national and the need of innovation the need of innovation
international projects that within the renewable within the renewable
Mr. Sadek Ahmed Sadek Elsewedy Non-Executive Chairman
require a return to service energy sector. We work energy sector. We work
within an extremely tight hard to develop alternative hard to develop alternative
Mr. Ahmed Ahmed Sadek Elsewedy Managing Director schedule. energy solutions for future energy solutions for future
generations. generations.
Mr. Mohamed Ahmed Sadek Elsewedy Board Member
Mr. Amr Mohamed Ahmed Labib Board Member
Mr. Abdul Rahman Ahmed Ahmed Sadek El-Sewedy Board Member
Mr. Ahmed Sadek Ahmed El-Sewedy Board Member
Customer-Driven Safety Skill Development
We strive to anticipate We boast a track record of Elsewedy Electric ensures
Mr. Ahmed Saad El Din Abdo Abu Hendia Independent Board Member customer needs during new positive contributions in hiring employees of the
product development; we manufacturing safe highest caliber while
Ms. Shahinaz Nabil Amin Fouda Non-Executive Board Member are in constant contact with products. We ensure constantly investing in skill
clients, seeking their input consistent safety and enhancement and
to further tailor our products quality through strong development.
Mr. Sherif Samy Ebada Youssef Non-Executive Board Member
to their needs. governance and
compliance to applicable
Ms. Azza Ahmed Sadek El-Sewedy Non-Executive Board Member regulations and standards.
W W W . E L S E W E D Y E L E C T R I C . C O MPrestigious Client Base 16
Elsewedy Electric boasts an impressive list of both global and regional clients spanning Energy, Telecom, Technology and
other industries.
The repeat business of large regional government entities and global industry giants is testament to the exceptional quality, speed and service provided by
the Group to its clients
W W W . E L S E W E D Y E L E C T R I C . C O MIndustry: Wires & Cables 17
Product Range
Capacity Split by Country (%) – December 31, 2021
2% 2%
Comprehensive range of cabling solutions for residential, industrial,
commercial and energy sectors
12% Egypt
Saudi Arabia
Power Special Fiber Optic Winding Raw
Qatar Cables Cables Cables Wires Materials
17%
54% Algeria
Ethiopia Production Facilities
12% Tanzania Largest capacity in the MENA region with access to markets with
underdeveloped infrastructure creating opportunities
Egypt Ethiopia
Volume (000 tons) • El Sewedy Cables Ethiopia
• Egytech Cables
• United Industries KSA
154 156
149 • El Sewedy Cables • El Sewedy Cables KSA
133
122 124 127 121 • Egyplast Qatar
• Elsewedy SEDCO • Doha Cables
• United Metals
• United Wires
Algeria
• UEIC • El Sewedy Cables Algeria
Tanzania
• El Sewedy Cables Tanzania
2014 2015 2016 2017 2018 2019 2020 2021
Elsewedy Electric has significantly extended its core wires and cables capacity
in recent years, more than doubling its annual capacity since 2007 to
approximately 275,000 tons as of December 31st 2021
W W W . E L S E W E D Y E L E C T R I C . C O MIndustry: Transformers 18
Product Range
Capacity (MVA)
Elsewedy Electric produces a full range of low, medium and high voltage
30,040
transformers -- including power and distribution (step up and step down)
transformers
Power Installation &
Cast Resin Dry Oil Immersed
11,400 Transformers Maintenance
10,000
5,500
260
2,880 Production Facilities
Egypt Indonesia Zambia Pakistan Algeria Total The Group utilizes a state-of-the-art set-up to solidify its position as a
leader of integrated energy solutions in MENA and Sub-Saharan Africa
Backlog (USD mn) Egypt Indonesia
• Elsewedy Transformers - Egypt • Elsewedy Electric - Indonesia
Zambia Pakistan
119
• Elsewedy Electric - Zambia • Elsewedy Transformers - Pakistan
90
79 78 Algeria
• Elsewedy Electric - Algeria
FY 2018 FY 2019 FY 2020 FY 2021 Elsewedy Electric is the first and only producer of power and distribution (step
up and step down) transformers in the region up to 220KV. The Group benefits
from access to untapped markets and low-cost manufacturing bases
W W W . E L S E W E D Y E L E C T R I C . C O MIndustry: Electrical Products 19
Project Range
Revenue (EGP mn)
Cable Accessories
Elastimold Egypt is cable accessories manufacturer resulting
from a joint venture with Elastimold USA and Elsewedy
SEDCO. Services range from engineering, design and
correct accessory selection to supplying, training, installation
and supervision.
841 823
761 726 Insulators
In June 2008, Elsewedy Electric acquired The Egyptian
519
Company for Manufacturing Electric Insulators (ECMEI), a
372 Middle East-based manufacturer of electric ceramic
insulators.
Others
2016 2017 2018 2019 2020 2021 Explosion Proof Equipment
Elsewedy Electric has been manufacturing explosion proof equipment since 1998 through
Elsewedy Sedco , which specializes in supplying distinguished Electrical Bulk Materials
(Explosion Proof) for the petroleum sector in Africa and Middle East
Fiber Glass Poles
Elsewedy Electric manufactures fiber glass up to a height of 14m.
Through strategic alliances and acquisitions, Elsewedy Electric has become a
one-stop shop, offering comprehensive solutions in the field of Electricity &
Energy
W W W . E L S E W E D Y E L E C T R I C . C O MEPC: Turnkey Solutions 20
Product Range
Revenue (EGP bn)
Elsewedy Electric’s Turnkey Solutions segment delivers electricity
generating assets and transmission and distribution (T&D) networks on
an EPC basis.
25.4 Electricity Construction
22.7 Power Telecom
Transmission &
18.9 Generation Solutions
& Distribution Infrastructure
15.4
13.2
6.4
9.5 Geographical Reach
2015 2016 2017 2018 2019 2020 2021 The Group focuses on the power sector with strong capabilities that
extend to large and complex infrastructure, industrial and commercial
projects with an emphasis on turn-key contracting.
Backlog – FY 2021
Power PSP Transmission & Distribution
• Iraq • Egypt • Algeria • Rwanda
• Yemen • Iraq • Chad • Zambia
• Cameroon • KSA
27% 29% • Egypt • Angola
35% • Libya • Qatar
• Cameroon • Ethiopia
EGP 70 bn EGP 70 bn • UAE • Equatorial
• Tanzania Guinea
7%
66% • Ghana
36%
• Mozambique
• Niger
Power Generation
Egypt GCC Other Transmission & Distribution HV
Civil & Networks
Elsewedy Electric is a leading engineering, procurement and construction
contractor active across the MENA and Sub-Saharan African regions
W W W . E L S E W E D Y E L E C T R I C . C O MEPC: Turnkey Solutions 21
Division | 1 Division | 2 Division | 3 Division | 4
Power Generation Power Transmission & Distribution Construction & Infrastructure Projects Development & Renewable
Energy
Considered one of the emerging EPC Elsewedy Electric T&D aspires to be a One of Egypt’s most reputable Develops, designs, builds, owns and
contractors with an extensive global leader in providing safe & contractors with a strong reputation and operates assets in the field of power
experience in the business of Power environment friendly energy solutions to growing business in Algeria, North industry, whether in Power Generation
Generation and HV substation projects, the growing infrastructure needs of its Africa, Chad, and Mozambique. or in Transmission & Distribution,
Elsewedy PSP provides engineering, valued clients across the Middle East. Through alliances with major outsourcing the corporate capabilities
procurement, manufacture and We have the in-house capability to international civil engineering and and expertise and cooperating with
construction services, demonstrating its undertake design, engineering, specialist contractors, we are able to major & experienced developers, EPC
dominant presence within the Egyptian procurement & management of undertake multidisciplinary projects of contractors & equipment suppliers and
market and successful expansion installation activities for electrical power high scale and complexity. focusing in emerging and growing
across the MENA Region; backed by transmission & distribution projects on markets, especially in which the Group
the Group’s corporate global activities. turnkey basis. has established a strong market
position and special relations within.
Sectors Served Sectors Served Sectors Served Sectors Served
• Power • Power (Transmission Distribution) • Infrastructure • Power
• Industrial • Utilities • Industrial • Renewable energy
• Infrastructure • Infrastructure • Power
• Utilities • Commercial
W W W . E L S E W E D Y E L E C T R I C . C O MTechnology: Meters 22
Product Range
Revenue (EGP mn)
The acquisition of Iskraemco establishes a global metering and
measurement giant with the technological strength to build tomorrow’s
3,200 3,258 smart products
2,945
2,723
2,395
Induction Residential Industrial
Smart Meters
1,072 Meters Meters Meters
2016 2017 2018 2019 2020 2021
Production Facilities
With the production and distribution base to capture worldwide market
share, Iskraemeco currently supplies over 3 million meters, mostly to
countries in Europe and the Gulf.
Distribution Network
Slovenia
• ISKRAEMECO - Slovenia
Egypt
EUR 152 mn • ISKRAEMECO - Egypt
Backlog – December 31st 2021 In 2007, Elsewedy Electric acquired Slovenia’s Iskraemeco, one of the world’s
most technologically advanced producers of metering equipment and services
Production Capacity (Meters)
● Iskraemeco group production plants and offices Slovenia Egypt Total
● Iskraemeco references (customer locations)
5,400,000 4,700,000 10,100,000
W W W . E L S E W E D Y E L E C T R I C . C O MInvestment 23
Product Range
Elsewedy Electric, jointly and equally with Électricite De France’s EDF
Renewables, developed, financed, built, owns and operates two solar PV
power plants in Benban, Aswan, developed as part of Egypt’s Round II of
the renewable energy feed-in-tariff program launched by the Egyptian
government
130 MWp 140,000 120,000 Tons
Capacity Households Connected CO2 Saved/Year
Benban Solar PV Plant
Elsewedy Electric’s Benban Solar PV power plants commenced
operations in August 2019, with an in-place Power Purchase Agreement
and Network Connection Contract
Project Value
• USD 140 million
Project Location
• Benban, Kom Ombo, Aswan Governorate, Egypt
Elsewedy Electric contributes to and fully supports the Egyptian government’s
plan to generate 20% of the country’s electricity from renewables by 2022
W W W . E L S E W E D Y E L E C T R I C . C O MInvestment 24
Product Range
Elsewedy Electric completed the acquisition of 3 wind and 1 hydroelectric
energy companies in Greece in June 2019
34,000
63.6 MWp 102,000 Tons
Households
Capacity CO2 Saved/Year
Connected
Renewable Energy Assets
Public utility off-taker “DAPEEP” (Diacheiristis Ananeosimon Pigon
Energias kia Eggyiseon Proelefsis S.A.) guarantees the purchase of all the
energy produced at the parks.
Acquisition Value
• EUR 55 million
Project Location
• Ermioni, Argolida, Greece
• Tsouka, Arcadia, Greece
• Kilkis, Macedonia/Achaia, Greece
Elsewedy Electric is committed to seeking investment opportunities to provide
added value and sustainable solutions
W W W . E L S E W E D Y E L E C T R I C . C O MDevelopment 25
Product Range
Industrial Development
At Elsewedy Industrial Development, we create fully functional and customizable
integrated industrial developments. Over the past decade and a half, we have
successfully developed over 25 million square meters of industrial parks,
encompassing a multitude of diverse and fully operational large-scale factories,
with local and international manufacturers. We have projects in different cities in
Egypt and Africa, such as Industria West, Industria East, Al Oula, Industria
Sokhna, Industria Asher,Industria Sadat and Tanzania (Dar Elsalam).
Logistics Development
Elsewedy Logistics Properties originated from Elsewedy’s successes in the
industrial development of Pi Parks and Al Oula. Located in Industria West with
14,000 SQM of warehouse ambient and temperature-controlled space, SLP #One
will be operated in partnership with DB Schenker Egypt.
This joint operation is part of SLP’s strategic partnership agreement with DBS,
one of the world’s three largest logistics service providers, will see the two jointly
develop innovative and sizeable logistics assets in Egypt and the MENA region.
Lately, There is a great interest in establishing logistics facilities in Egypt and
other African countries. Through our subsidiary Elsewedy Logistics Properties
(SLP) we develop warehousing, distribution hubs, and dry port facilities and FTZs
(free trade zones). Our existing projects cover a diverse range of strategic
locations.
W W W . E L S E W E D Y E L E C T R I C . C O MFinancial Performance
Income Statement Highlights 27
Segmental Analysis
Revenues Gross Profit
1%
1% 1% 4% 2% 3%3%
3% 1% 3% 4% 6%
4% 6%
9%
10% 33%
37%
40%
FY 2021 49% FY 2021 FY 2020
FY 2020
42%
49%
44%
45%
◼ Wire & Cables ◼ Turnkey Solutions ◼ Meters ◼ Transformers ◼ Electrical Products Renewables – IPP
▲YoY Revenue ▲ Gross Profit Gross Profit Margin (FY 2021)
Wires & Cables ▲59.9% ▲36.6% 10.6%
Turnkey Solutions ▲11.5% ▲16.5% 14.5%
Meters ▼12.0% ▲ 2.0% 29.9%
Transformers ▲36.7% ▼19.0% 18.3%
Electrical Products ▲39.8% ▲43.9% 46.1%
Renewables – IPP ▼ 2.1% ▼ 5.6% 49.9%
W W W . E L S E W E D Y E L E C T R I C . C O MIncome Statement Highlights 28
Total Revenue (EGP bn) Gross Profit (EGP bn)
Gross profit Gross profit margin
24% 21%
17% 18% 14%
60.5 15%
9.0 8.2
46.6 8.4
42.9 46.4 7.2
42.5 7.1
5.9
24.6
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
• Revenues increased by 31% y-o-y to EGP 60,541 million in FY 2021 on the back of the strong performance of Elsewedy’s cables • Gross Profit increased by 19% y-o-y to EGP 8,435 million in FY 2021, driven mainly by the improved profitability of turnkey
segment and the solid growth in turnkey projects. Aside from meters, all other segments showed promising growth for the
projects coupled with the solid performance of the wires and cables segment.
period.
EBITDA (EGP bn) Net Income (after Minority Interest) (EGP bn)
EBITDA EBITDA Margin Net Income after Minority
18% 18%
14% 16% 15%
14%
7.8 11% 10% 12%
6.4
6.4 5.0 9%
6.1 6.3 7% 6%
5.3 4.0
4.5 3.9
3.0 3.5
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
• EBITDA climbed by 18% y-o-y, registering EGP 6,267 million in FY 2021, with the EBITDA margin remaining relatively stable • Net Profit after Minority Interest grew 16.7% y-o-y to EGP 3,534 million in FY 2021, up from the net income of EGP 3,027
at 10.4% versus 11.4% in the previous year. million posted in FY 2020. Net profit margin came in at 5.8% in FY 2021 against 6.5% in the previous year.
W W W . E L S E W E D Y E L E C T R I C . C O MBalance Sheet Highlights 29
CAPEX (EGP bn) Dividend Per Share (“DPS”) (EGP)
CAPEX CAPEX/Sales
6.3%
3.7% 2.9 1.6
3.3%
2.3% 2.4% 2.6%
1.8%
1.6 1.5 0.8 0.8
0.4 1.1 1.1
0.6 0.3 0.4 0.4 Retention
0
2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021
• Despite a significant growth revenue over the last 5 years, Elsewedy has maintained a relatively low CAPEX to
sales (less than 4% between 2014 and 2018), with a slight uptick for 2019 and a reversion to trend from 2020 • Elsewedy declared a dividend of EGP 0.40 per share for 2020, opting to retain profits for 2021 as the Company
onwards. continues on its expansion trajectory.
Net Debt (EGP mn) Net Debt Ratios
Net Debt/Equity Net Debt/EBITDA
1.0x
6,115.9 0.6x
0.3x
0.2x 0.13x 0.11x
497.0 (562.5) 0.06x
(12.0) 0.04x 0.00x 0.96x
0.048x 0.001x
(769.0) 0.03x 0.3x
2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021
• Elsewedy reported a net debt position of EGP 6,116 million as at 31 December 2021, as part of an effort to
• Net debt to EBITDA rebounded to previous levels in comparison with 2015 as Elsewedy takes on another wave of
curtail commodity delays and operational interruptions that could impact growth plans. The proceeds have been growth and expansion, while mitigating global operational challenges associated with disruption.
used towards raw material stocking, related advance payments and the coverage of associated freight costs.
W W W . E L S E W E D Y E L E C T R I C . C O MConsolidated Income Statement 30
EGP Q4-2021 Q4-2020 % Change FY-2021 FY-2020 % Change
Sales
Wires & Cables 9,364,333,337 5,520,496,850 29,629,000,620 18,533,412,130
Electrical Products 1,431,663,829 1,234,616,384 5,148,322,060 4,725,506,025
Turnkey Projects 8,858,521,292 8,176,453,402 25,764,098,932 23,142,652,613
Total Sales 19,654,518,459 14,931,566,636 31.6% 60,541,421,612 46,401,570,767 30.5%
COGS (16,734,470,696) (12,118,604,656) (52,106,121,564) (39,347,557,392)
Gross Profit 2,920,047,763 2,812,961,980 3.8% 8,435,300,047 7,054,013,374 19.6%
Gross Profit Margin 14.9% 18.8% 13.9% 15.2%
SG&A (1,087,248,364) (760,011,228) (3,409,596,075) (2,812,885,615)
Other Operating Income 155,501,802 129,620,540 470,252,797 497,104,317
Other Operating Expense (310,893,932) (429,229,454) (567,183,442) (704,279,904)
Income from Investments 52,967,339 77,900,554 248,538,462 322,256,736
EBITDA 2,027,274,187 2,088,587,067 -2.9% 6,266,747,767 5,309,460,336 18.0%
EBITDA Margin 10.3% 14.0% 10.4% 11.4%
Depreciation & Amortization (296,899,578) (257,344,675) (1,089,435,978) (953,251,429)
FX Gain / (Loss) (38,312,754) 14,797,447 (40,056,070) (23,052,455)
EBIT 1,692,061,855 1,846,039,839 -8.3% 5,137,255,718 4,333,156,453 18.6%
Interest Expense (243,410,239) (171,955,202) (729,230,425) (558,406,883)
Interest Income 88,031,776 78,769,804 424,915,986 491,440,521
Interest Income / (Expenses) (155,378,463) (93,185,398) (304,314,439) (66,966,362)
EBT 1,536,683,392 1,752,854,441 -12.3% 4,832,941,280 4,266,190,091 13.3%
Tax (245,802,130) (381,935,109) (1,024,111,242) (959,865,299)
Net Income 1,290,881,263 1,370,919,332 -5.8% 3,808,830,038 3,306,324,791 15.2%
Minority Interest (50,470,512) (75,138,759) (274,968,512) (278,791,550)
Net Income After Minority Interest 1,240,410,751 1,295,780,574 -4.3% 3,533,861,526 3,027,533,242 16.7%
Net Income Margin 6.3% 8.7% 5.8% 6.5%
W W W . E L S E W E D Y E L E C T R I C . C O MConsolidated Balance Sheet 31
EGP 31/12/2020 30/09/2021 31/12/2021
Long Term Assets
Fixed Assets & Goodwill 8,814,664,639 9,509,509,830 10,175,907,881
Investments 1,524,731,301 2,498,818,920 2,151,957,073
Other long-term Assets 436,434,058 274,084,979 262,400,576
Other long-term Receivables 2,360,964,510 2,525,747,897 1,202,254,015
Total Long-term Assets 13,136,794,508 14,808,161,626 13,792,519,545
Current Assets
Inventories 7,490,676,915 11,315,334,021 13,320,680,704
Receivables 13,599,623,740 13,694,958,569 15,043,335,953
Other Debit balance 9,249,566,625 12,491,375,232 12,518,534,412
Due from Related Parties 645,776,969 826,765,441 1,175,912,475
Cash & Cash Equivalents 10,811,687,255 8,637,371,359 11,842,589,348
Total Current Assets 41,797,331,504 46,965,804,622 53,901,052,892
Total Assets 54,934,126,012 61,773,966,248 67,693,572,437
Current Liabilities
Bank Overdraft & Short-term loans 8,268,089,866 11,781,160,771 15,032,238,908
Accounts Payable 5,733,816,805 6,787,623,173 8,678,197,095
Other Credit balance 16,783,796,473 17,101,046,005 16,185,004,870
Due to Affiliates 588,944,840 644,494,076 546,964,145
Provisions 1,497,155,181 1,484,466,083 1,960,889,007
Total Current Liabilities 32,871,803,165 37,798,790,108 42,403,294,025
Issued and Paid Capital 2,184,180,000 2,184,180,000 2,184,180,000
Retained Earnings 13,209,556,139 15,355,425,383 16,504,538,981
Others 1,628,194,204 498,112,032 422,339,981
Total Parent's Shareholders' Equity 17,021,930,343 18,037,717,415 19,111,058,962
Minority Interest 869,033,193 1,058,426,646 1,094,835,252
Total Equity 17,890,963,536 19,096,144,061 20,205,894,214
Long-term Loans 1,981,093,136 2,796,196,904 2,926,293,825
Other long-term Liabilities 2,190,266,175 2,082,835,175 2,158,090,373
Total Long-term Liabilities 4,171,359,311 4,879,032,079 5,084,384,198
Total Liabilities & Equity 54,934,126,012 61,773,966,248 67,693,572,437
W W W . E L S E W E D Y E L E C T R I C . C O MStock Information 32
Ownership Structure
SWDY.CA/SWDY.EY (31/12/2021)
Issued Shares Share Price 25.0
Mr. Sadek Ahmed Sadek Elsewedy
32.3%
2,184,180,000 Shares EGP 9.83 Mr. Ahmed Ahmed Sadek Elsewedy
Mr. Mohamed Ahmed Sadek Elsewedy
Listing Venue Market Cap 17.7 25.0
Free Float
The Egyptian Stock Exchange EGP 21.5 bn
Elsewedy Electric Stock Performance
SWDY EGX 30
W W W . E L S E W E D Y E L E C T R I C . C O MCorporate Social Responsibility
Corporate Social Responsibility 34
The communities that we operate in are at the center of our success. Elsewedy Electric is always striving to benefit those
communities in Egypt and abroad, not only through its economic impact, but also by paying it forward. We recognize the importance
of health and education, which has led us to take action on behalf of those in need throughout 2021.
Over 15 CSR Initiatives Split Across 4 Categories
Accessible Education Sports & Culture
Select Accessible Education Initiatives Better Health Inclusive Development
Improving Access to Higher Education
Since 2017, Elsewedy Electric has been providing merit-based scholarships to students from universities across Egypt in cooperation with the
American University in Cairo (AUC, Ain Shams University, German University in Cairo (GUC), Mansoura University, Nile University, Qasr Aini
University Faculty of Medicine, and Zewail University. The program began as a pilot in 2016 with two students and has grown to 115 students per
year in 2020.
Applied Technology University
Elsewedy Electric supports The University of Technology by establishing a laboratory and establishing conference rooms within the university. The
institution plays a vital role in enhancing the quality of technical education in Egypt in line with the national and international market requirements.
Elsewedy Technical Academy
In 2011, Elsewedy Electric established the Elsewedy Electric Technical Academy, which aims to support technical and vocational schools to
produce the skilled technicians that the industry needs STA aims to prepare students for the exponentially transforming world under the fourth
industrial revolution, through introducing them to digital content and the increasing use of computers in the classroom and at work. School books
are gradually replaced by digital copies, while we also integrate multimedia content into the teaching and the learning process.
In 2020, STA collaborated with various ministries in Egypt, and signed agreements with Banque Misr Foundation. The Academy has also
partnered with several telecom and technology companies, including Orange, Huawei, Cisco and Microsoft.
1.2k Students
13 Areas 4 Int’l Certificates 16 Specializations
~30% Female
W W W . E L S E W E D Y E L E C T R I C . C O MCorporate Social Responsibility 35
Select Better Health Initiatives
Doha Cables Blood Donation Campaign
On January 26, 2020, Doha Cables organized a voluntary blood donation campaign at Mesaieed Factory in partnership with Hamad Medical Corporation (HMC) to support the Blood
Bank in Qatar and raise awareness of the importance of donating blood. Employees from various departments attended the campaign.
First-of-a-Kind 3D Endoscopy Simulator
The Group supported the establishment of the first-of-a-kind 3D Endoscopy Simulator Lab at Kasr Al Ainy Hospital, a lab that trains professionals and surgeons at the obstetrics and
gynecology department. It is the only comprehensive surgery simulation center with 3D VR hysteroscopy in Egypt, offering trainees virtual surgical training before practicing what they
have learned in real-life surgeries. The lab provides advanced training on laparoscopy and hysteroscopy.
Ultrasonic Endoscope System to Zagazig Hospital
Elsewedy Electric donated the newest Ultrasonic Endoscope system to Zagazig University Hospital. The ultrasonic
endoscope system helps treat and provides correct diagnoses in the gallbladder, digestive system and tumor
sampling.
Medical Supplies to Healthcare Workers
Elsewedy Electric donated more than 1.6 million masks & medical supplies to healthcare workers in Egypt to help
combat the spread of the coronavirus. The donation included 1.5 million surgical respiratory masks, 100,000 N95
medical respirator masks, 20,000 protective medical suits, and 100,000 medical hand protectors.
Elsewedy Hospital in Sudan
Elsewedy Electric has developed a children’s hospital in Sudan focusing on newborns as it seeks to combat infant
mortality, where children under the age of five suffer from the highest rates.
W W W . E L S E W E D Y E L E C T R I C . C O MCorporate Social Responsibility 36
Select Inclusive Development Initiatives
3W Networks Calendar Partnership
Our partnership with Mawaheb from Beautiful People, a Dubai-based art studio for disabled adults and young people, has lasted since 2012 and continues to
date. Every year we produce calendars featuring beautiful artworks of these talented individuals. We share Mawaheb’s focus on creativity, self-development
and confidence to bridge the gap between determination and society. Our 2021 calendar draws inspiration from Japanese artist Yayoi Kusama, who is
sometimes called ‘the princess of polka dots. Adding colorful all-over marks and dots as their inspiration, the Mawaheb artists exhibited artworks beautifully
reflecting the artist’s world.
Food Bank Partnership
To eradicate hunger in Egypt, Elsewedy Electric has established a partnership with the Egyptian Food Bank (EFB). This partnership aims to support EFB in
its mission to serve society through long-term development, awareness and feeding programs. Volunteer teams from Elsewedy Electric supported the
program by packing cartons of food for families in need.
W W W . E L S E W E D Y E L E C T R I C . C O MCorporate Social Responsibility 37
Select Sports & Culture Initiatives
Sponsorship for Distinguished Squash Champion
Elsewedy Electric has signed a sponsorship contract for squash champion, one of the prominent champions in the squash game, who has won many world
championships.
Road to Tokyo Olympics 2021
RME sponsored Mohab Samer, Egyptian fencing champion, by supporting him in his journey to competing in four World cup tournaments in Egypt, Canada, Poland &
Luxembourg until he made it to the Olympics qualified as the 1st place of African qualifiers and 10th Worldwide. RME also sponsored his closed training camp with
internationally accredited coach Christian Bauer of France, recognized internationally as the best fencing trainer, to support Mohab in his challenging training phase.
Galala Challenge I,II,III,IV
RME proudly, for the fourth time, took part in the Galala Challenge together with Power Ride Sports. Galala Challenge is a 137km ride with around 1,300m of elevation,
which requires inspiring, persistent and challenge-oriented participation.
Trailmaster Race
Recognizing sports as an important part of our culture, RME has always supported our athletes. In 2020 we partially sponsored RME people who wished to participate in
the Trailmaster race event (Run Through Nature) in collaboration with The TriFactory.
Tough Mudder
RME proudly took part in the Tough Mudder event under the auspices of Emaar Misr, ensuring that challenging obstacles in the game were constructed following the
highest safety and quality standards.
W W W . E L S E W E D Y E L E C T R I C . C O MHealth, Safety & Environment
Health, Safety & Environment 39
We believe that our employees are our most important asset. The safety of our employees, subcontractors and stakeholders is
our highest priority. We strive to create and maintain a safe operating culture by prioritizing safety in everything we do.
We believe in earning the confidence of
consumers, shareholders and the wider It is our belief that:
society. We strive to be a good neighbor
• Every incident can be prevented
and contribute to sustainable
development • Safety can be managed
• Our management is responsible for ensuring the safe operations
• Protecting the environment is our responsibility
In Elsewedy Electric we are all committed to:
• Pursue the goal of no harm to people
• Train our employees on how to perform their jobs safely
• Provide the necessary resources for a safe and clean workplace and environment
• Plan for, respond to and recover from any emergency, crisis and business disruption
• Promote best practice in our industry
• Minimize our environmental impact through efficient use of materials and energy
Our HSE Policy will be regularly reviewed • Encourage a culture in which all employees share our commitment to safety and environment
to ensure ongoing suitability. The
commitments listed are in addition to our • Continuously improve the way we manage safety and environment protection in our operations
basic obligation to comply with Elsewedy
standards
W W W . E L S E W E D Y E L E C T R I C . C O M40
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W W W . E L S E W E D Y E L E C T R I C . C O M41
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W W W . E L S E W E D Y E L E C T R I C . C O M42 W W W . E L S E W E D Y E L E C T R I C . C O M
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