Investor Presentation Palestine Capital Markets Day London Stock Exchange 24/6/2011
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1 Investor Presentation Palestine Capital Markets Day London Stock Exchange 24/6/2011
2 Agenda About PADICO HOLDING PADICO HOLDING s Financial Performance Our Investment Plan Since The Restructuring Process - New Projects Issuing The First Corporate Bonds In Palestine Launching The 1 st GDR Program out of Palestine
3 Overview PADICO HOLDING is a limited, public shareholding company that was established in 1993 after the Oslo accords, through an initiative by distinguished Palestinian and other Arab businessmen in Diaspora. The Company's paid in capital is 250 million shares/usd. The Company s core mission is to actively participate in developing and strengthening the Palestinian economy, in order to contribute to state building efforts. This mission is being fulfilled through a well structured, focused and resourceful group of subsidiaries and associates operating in vital economic sectors including real estate, telecommunications, tourism, industry and financial services. The Company has been listed on the Palestine Exchange (PEX) since 1997, and its shareholder profile is diverse and includes major investors from Palestine as well as international markets, exceeding 10,000 shareholders.
4 Our Corporate Strategy Target ROE of 20% Invest in large scale, strategic and entrepreneurial investments Balanced Portfolio Diversify investments in terms of economic sectors and geographical locations Invest In Palestine Invest in entrepreneurial projects targeting the infrastructure and environment sectors in the medium term Effective CSR A pioneer CSR strategy and socially responsible investments (SRI)
5 The PADICO Advantage 1. Members of the Board of Directors enjoy vast international experience in a broad range of sectors. This creates a strong board composition with a balanced blend of skills and experience, allowing it to offer all guidance required to achieve the Company s goals. 2. PADICO HOLDING endorses strong principles of transparency, integrity, and ethical conduct throughout all of its corporate activities, and adheres to solid corporate governance principles. 3. PADICO HOLDING has a 16 year track record of a consistent superior financial performance despite regional political and economic instability, proving the Company s ability to mitigate political risk. 4. PADICO HOLDING takes on large scale entrepreneurial projects that are usually shunned by the local business community, such as founding the first securities exchange, establishing the first telecommunications company, building the first industrial zone in the Gaza strip, and introducing 5 star hospitality services to Palestine through founding the Intercontinental Jaser Palace in Bethlehem, and the Movenpick hotels in Ramallah and Gaza. 5. The Company s strategy focuses on diversifying investments in terms of sectors as well as geographical locations within Palestine, including Jerusalem and the Gaza Strip, in order to minimize risk.
6 PADICO HOLDING s Investments Subsidiaries Associates # Company % of Ownership 1 Palestine Industry Investment Company (PIIC) Palestine Poultry Company (PPC) Palestine Plastics Industries Company (PPIC) The Palestinian Recycling Company (TADWEER) Palestine Industrial Estate Development Company (PIEDCO Holding) 6 Palestine Industrial Estate Development Company (PIEDCO Gaza) 7 Al Mashreq Real Estate Co Jerusalem Development and Investment Company 100 (JEDICO) 9 Palestine Real Estate Investment Company (PRICO) Al Marafiq Investment Company Al Mashtal Tourism Investment Company Jerusalem Tourism Investment Company (JIT) Palestine Securities Exchange Company (PEX) Others # Company % of Ownership 1 Nakheel Palestine for Agricultural Investment Company Palestine Power Generation Company Palestine Tourism Investment Company (PTIC) Arab Hotels Company PALTEL Group Pal Akar Real Estate Development and Property Management Company (Pal Akar) 7 Jordan Vegetable Oil Industries Company Mawaqif Investment Company (Mawaqif) # Company % of Ownership 1 VTEL Holdings First Jordan Investment Company Cairo Amman Bank Palestine Mortgage & Housing Co Al Rafah Microfinance Bank 6.67
7 PADICO HOLDING s Investments By Sector 26% 6% 1% 67% The financial & services sectors The industrial & agricultural sectors The real estate & tourism sectors The energy and environmet sectors
8 PADICO HOLDING s Financial Performance
9 Key Financial Indicators For The Last Operating Income (USD thousand) 55,133 Three Years Total Revenues (USD thousand) 83, ,194 26,250 31,018 59, When comparing 2009 to 2010, Operating Income registered an increase of 77% When comparing 2009 to 2010, Total Revenues have increased by 22%.
10 Key Financial Indicators For The Last Three Years Net Profit (USD thousand) 22,526 41,954 38, Net profit includes non recurring items in the amount of USD 21.8 million. When excluding these items for comparison purposes, in 2010, Net Profit has actually increased by 92%
11 Key Financial Indicators For The Last Three Years 530,028 Total Assets (USD thousand) 620, , ,883 Total Liabilities (USD thousand) 190, , Total Assets increased by 3% as at the end of 2010 compared to Total liabilities decreased by 8% in 2010 due to a decline in loans & credit facilities from USD165.8 million in 2009 to USD151.3 million in 2010, accredited to PADICO HOLDING s effective strategy of reducing borrowings and debt obligations.
12 PADICO HOLDING s Investment Plan Since 2008
13 Our Investment Plan Since 2008 Since 2008, PADICO HOLDING has focused its investment plan on two major aspects: Merging investments in the real estate, tourism, and industrial sectors under the umbrella of specialized holdings. Targeting new projects in vital economic sectors including infrastructure, real estate and agriculture.
14 The Restructuring Process Tourism and Real Estate Sectors Restructuring Plan Merging 7 subsidiaries operating in the tourism sector under JEDICO Holding through a share swap transaction with a paid in capital of USD 80 Million. The transaction will be finalized in July Merging 7 subsidiaries operating in the real estate sector under PRICO Holding through a share swap transaction with a paid in capital of USD 120 Million. The transaction will be initiated in July 2011 and is expected to be finalized by the end of the year. Industrial Sector Restructuring Plan Consolidating 5 industrial companies under the umbrella of Palestine Industrial Investment Company (PIIC) with a total capital of USD 26 Million. The transaction has already been finalized. Palestine Exchange (PEX) Restructuring Plan The Depositary and Clearance Center has been separated from trading activities. PADICO HOLDING intends to reduce its holdings in PEX, and is currently locating strategic investors. The process is expected to be finalized by the end of 2011 in preparation to publicly list the PEX.
15 PADICO HOLDING s New Projects PADICO HOLDING s strategy focuses its investments in the infrastructure, real estate and agricultural sectors. The company is specifically targeting investments in solid waste recycling, water and wastewater treatment, in addition to conventional and renewable energies. The 5 year future strategy allocates a budget of $ 100 Million: 30% for long term projects, and 70% for short and medium term projects.
16 Issuing the 1 st Corporate Bonds In Palestine
17 Issuing the 1 st Corporate Bonds In Palestine PADICO Holding has concluded all preparations required to issue the first corporate bonds in Palestine. The bonds will be privately placed to local and regional banking institutions operating in Palestine. The bonds will be issued as Senior debt secured by specific assets with a total par value of 70,000,000 USD, non convertible, with 5 year maturity. The coupon rate will amount to 5% fixed interest rate for the first 30 months, variable interest rate for the following 30 months equal to 6 months US LIBOR + 2.5%, with a floor of 5%. Several banks and financial institutions have expressed interest and commitment to purchase PADICO HOLDING s bonds upon their issuance, which will lead to an oversubscription. Issuing the first Palestinian corporate bonds is considered a major milestone for the Palestinian financial services sector because it does not provide long term financing tools specialized in project financing outside the customary bank loans. Issuing corporate bonds will enable PADICO HOLDING finance its new projects, and enhance its ability to restructure the company s debt in an efficient manner.
18 Launching The 1 st GDR Program Out Of Palestine
19 Launching The 1 st GDR Program Out Of Palestine PADICO HOLDING has launched yesterday the first GDR program out of Palestine, in cooperation with BNY Mellon as the Depositary Bank. Each PADICO GDR represents 5 ordinary shares and trades on the London overthe-counter (OTC) market. Launching the GDR program will help PADICO HOLDING retain a wider international coverage by diversifying and expanding its shareholders base, thereby positively impacting the company s share price and its stability. The first Palestinian GDR program is considered a true milestone for the Palestinian securities market in general, especially since this new financial vehicle will attract additional institutional investors and foreign funds to the Palestinian market, and encourage them to look for business opportunities in it. It will also contribute to promoting the local market s stability and lead to enhanced trading volumes.
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