RESULT OVERVIEW Q2 2016 - Saudi Airlines · PDF fileRESULT OVERVIEW. Q2 2016. ... SACC...

RESULT OVERVIEWQ2 2016

21/7/2016 SACC Investor presentation Q2 2016 1

2

Q1 Highlights 3Q1 Business overview 5Q1 financials 13

Table of Content

21/7/2016 SACC Investor presentation Q2 2016

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3

Q2 HIGHLIGHTS21/7/2016 SACC Investor presentation Q2 2016



4

Q2 HIGHLIGHTS

SACC Investor presentation Q2 2016

• In Flight• Al Bayraq – inflight catering contract• Oman Air – inflight catering contract

renewal with Oman Air with the fullcatering on flights outside Saudi Arabia

• Continuous improvement programlaunched, first project Six Sigmaimplementation

• Retail• Contact with Al Bayraq to provide

Skysales on board• SACC was awarded with a new contract to

operate 15 duty paid outlets at regionalairports in KSA

• SACC was invited to participate in RFPs tooperate Duty free shops in RUH and DMM

• Catering and facilities• Contract to operate hotel in Saudia city• Contract to provide security services to

Saudia Cargo signed• Official opening of KAEC laundry• Official opening of DMM staff

accommodation compound• Total number of new catering contracts 3• Total number of new laundry contracts 6

21/7/2016

5

Q2 Business Overview




6

FLIGHTS AND MEALS

SACC Investor presentation Q2 201621/7/2016

1000 units Q2-2011 Q2-2012 Q2-2013 Q2-2014 Q2-2015 Q2-2016Number of flightsSaudia 28 30 30 32 32 34Others 6 9 8 13 15 11Private 2 3 6 7 8 7Total 36 42 44 51 54 52

Number of mealsSaudia 5,741 6,281 6,524 7,092 6,751 6,903Others 1,022 996 1,018 1,160 1,076 1,303Private 98 141 214 252 219 155Total 6,861 7,417 7,756 8,504 8,046 8,361

7

LOUNGE GUESTS


1000 units YTD-2012 YTD-2013 Q2-2014 Q2-2015 Q2-2016

Number of Guests

Jeddah 444 610 181 192 197

Riyadh 620 672 193 237 317

Dammam 79 98 27 55 55

Medina 0 0 0 0 2

Total 1,143 1,380 400 484 571

8

DEPENDANCY FROM SAUDIA*) REMAINS ON THE SAME LEVEL AS 2015


2012-Q2 2013-Q2 2014-Q2 2015-Q2 2016-Q2

SV share of netsales

70% 69% 66% 64% 65%

• Besides in-flight catering services, SACC provides Saudia airline equipment, lounge services and manages SkySales on-board sales

• SACC’s dependency from SV have increased slightly from the same period last year, but decreased from Q1 2016

• Our target is to reduce dependency from Saudia below 60%

21/7/2016

*) Includes Saudi Arabian Airlines (catering, menu planning and equipment sales), Al Fursan lounges, Saudia Cargo and Saudia Private Aviation

SACC STAFF COUNT

9

• Saudization rate at the end of Q2 was 24.9%, which places SACC in medium green level in a relevant category

• In addition to permanent staff SACC employed 1,430 temporary staff at the end of Q2 2016

• The total number of permanent and temporary staff at the end of the year was 5,530


2011-Q2 2012-Q2 2013-Q2 2014-Q2 2015-Q2 Q2 - 2016

Saudi males 848 913 858 729 814 1,070

Saudi females 40 154 179 136 84 104

Total Saudis 888 1,067 1,037 865 898 1,174Expatriates 2,021 2,251 2,475 2,652 2,924 2,925

Total permanent staff 2,909 3,318 3,512 3,517 3,822 4,100

STATISTICS

10

Particulars 2016 Q2 2015 Q2

Total number of inflight meals catered 8.4 million 8.1 million

Total number of flights catered 51,796 flights 54,471 flights

Total number of Airline clients

SAUDIA + 72 other airlines

SAUDIA + 67 other airlines

Total number of Business Lounges

22 (12 Intl, 7 Dom, & 3 Others)

14 (8 Intl, 5 Dom, & 1 Other)

Total number of Lounges guests 510,000 466,000

Total number of Non-Airline clients

67 (45 Food & 22 Laundry)

56 (39 Food & 17 Laundry)


11

Q2 Financials




12

Q2 FINANCIAL SUMMARY


• Net sales decreased by 1% from 565 MSR to570 MSR

• Net profit decreased by 17% from 176 MSR to145 MSR mainly due to provisions released inQ2 2015

• Earnings per share before zakat and incometax were 1.77 SAR (2.14 SAR Q2 2015)

• Cash and cash equivalent decreased from 304MSR to 81 MSR, mainly due to payment ofQ4/2015 & Q1/2016 dividends during the sameperiod and an increase in working capital

21/7/2016

13SACC Investor presentation Q2 2016

• Saudia remained the most important source ofincome for SACC

• Saudia’s share of total SACC turnoverincreased by 1% from 64% in Q2 2015 to 65% inQ2 2016

• Export sales to have been stopped after Q1 dueto an end of a delivery contract

• 2016 topline was maintained on a same level aslast year. Most important changes were

• Business Lounges +29%• Inflight catering -3%• Laundry +81%• Business & Industrial +2% • SkySales +21%

• 2016 result was adversely impacted by releaseof 21 MSAR provisions & accruals (11 MSAR forAR, and 10 MSAR provision for restructuring) in2015 and 10 MSAR increase in building rentsfor JED Skysales and RUH Business lounge

• COGS ratio improved by 1pp from 42% to 41%

21/7/2016



• Personnel cost ratio is maintained at thesame level as Q2 2015 at 14%

• Other expenses maintained at the same levelas Q2 2015

• G&A increased by 13.5 MSAR or 3.4ppmainly due to releasing a provision fordoubtful receivables in Q2 2015

• Net profit declined from 2015 by 17%resulting in 145.1 MSAR or 25.4% profit ratio

21/7/2016


15

2016 KEY FINANCIALS COMPARED TO SAME QUARTER, PREVIOUS YEARS

145 -17,5%2016

2015 176

2014

2013

164

168

2012 143

2011 103

34.6

2011 27.9

2016 25.4

2015 31.1

2014 29.8

2013 35.4

2012

1.77

2.14

2.00

2.05

1.75

1.75

1.75

1.50

1.25

2012

2016

2015

2014

2013

Dividends per shareEarnings per share before Z&IT

1.2622015

1.3062016

+3,5%

1.2012014

2013

2012 1.090

2011 924

1.125

4142012+0,9%

570

475

2016

2015 565

2014 551

3682011

2013

Net sales increased by 0.9% from 565 MSR to 570 MSR Net profit decreased by 17.5% from 176 MSR to 145 MSR Earnings per share before zakat and income tax were 1.77

SAR (2.14 SAR) 1.75 SAR dividend for Q2 2016 has been announced

Shareholders equity

Net profit %

Net profit


Revenues

21/7/2016

16

2016 Q2 KEY FINANCIALS COMPARED TO PREVIOUS QUARTER, PREVIOUS YEARS (Q1)

167

2014

1452016-Q2

2016-Q1 142

2015

106

141

162

2012

2011 87

2013

+2,4%

30.02011

25.4

29.9

2014

2013 31.2

32.6

2012 27.6

2016

2015

1.77

1.73

2.04

1.97

1.72

1.29

1.75

1.75

1.50

2016-Q2

2016-Q1

2015

2012

2013

2014

Dividends per shareEarnings per share before Z&IT

1.190

903

2012

2011

961

1.3062016-Q1

-5,4%2013

1.1712014

1.3812015

2016-Q2 1.3062016-Q1

2015 560

2011

2014

2012

497

384

570

559

291

2013+2,0%

452

2016-Q2

Net sales increased by 2% from 559 MSR to 570 MSR

Net profit increased by 2% from 141 MSR to 145 MSR

Cash and cash equivalents have decreased from 304MSR to 81 MSR

Shareholders equity

Net profit %

Net profit


Revenues

21/7/2016

REVENUES

Source: Financial Statements

0

400

500

580

560

540

520

320

340

360

380

420

440

460

2012-Q2

414

78%

10%

3%

21%570

3%

2016-Q2

7%

2%5%

10%

80%

70%

12%

7%

8%

3%

2015-Q2

565

73%

10%

6%

10%

2%

2014-Q2

551

76%

10%

4%

8%

3%

2013-Q2

475

77%

10%

4%

7%

2%

368

2011-Q2

2%

+0.93%

2016 vs. 2015

0.93%

-3%

21%

29%

-11%

SAR (millions)

17

Inflight CateringSkysalesLoungesNon-AirlineOther Revenues


NET INCOME• Net income before tax and zakat decreased by SAR 21m or 17.5%

Source: Financial Statements

SAR (millions)

145

176164168

143

103

20

40

60

80

120

140

100

0

160

180

2016-Q2

-17,5%

2015-Q22014-Q22013-Q22012-Q22011-Q2

27.9%*) 34.5% 35.4% 31.1%29.8%


25.4%

21/7/2016

CASH FLOW

SAR (millions)

19

4.0

81.035.0

3.0

16.0

EOSA paid Zakat & Income Tax

-93.0

Cash balance 30.06.2016

Dividends paid

Investments & Guarantees

284.0

Long term incentives

paid

-14.0

514.0

Operating cashflow, +210 MSR

Change in WoC

-111.0

CAPEX

18.0

DepreciationsNet income

287.0

Cash balance 31.12.2015

304.0

Provisions and

accruals, net

• Operating cash flow was +210 MSAR• WOC increased by 111M• CAPEX was 93 MSAR and mainly related to KAEC laundry, DMM staff accommodation, RUH warehouse

expansion and various projects in Business lounges Retail outlets


20

SHARE PRICE DEVELOPMENT


6,756.99

6,499.8854.00

98.25

50.00

70.00

90.00

110.00

130.00

150.00

170.00

190.00

5,000

8,000

11,000

14,000

17,000

20,000

23,000

26,000

Tadawul Index SACC closing share price

21

SHAREHOLDERS as of 30/06/2016

Strategic Catering Co: Al-Hokair Group, Injaz Holdings, and Newrest Group


35.70%

23.10%

41.20% Saudi Arabian Airlines CompanyStrategic Catering Co. Ltd.The Public

21/7/2016

22

SIGNIFICANT EVENTS AFTER PERIOD CLOSING


1. Lorem ipsum

Thank you

21/7/2016 SACC Investor presentation Q2 2016 23

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