Kuwait Projects Company Holding (K.S.C.P.) · KSE:KPROJ
Kuwait Projects Company Holding (K.S.C.P.) — Kuwait Projects Company Holding (KIPCO) — Debt Investor Presentation (December 2011)
32 slides from Kuwait Projects Company Holding (K.S.C.P.)'s debt investor presentation, December 2011
Slide 1: Up to KD 80,000,000 Bonds due [●] Roadshow Presentation
Up to KD 80,000,000 Bonds due [●] Roadshow Presentation December 2011 Joint Lead Managers KIPCO Investor Presentation December 2011
Slide 2: Disclaimer
Disclaimer The information contained in this Presentation has been supplied by or on behalf of KIPCO Projects Company (Holding) (“KIPCO” or the “Company”). None of KIPCO Asset Management Company KSCC (“KAMCO”) and Watani Investment Company KSCC (“NBK Capital”) nor any of their respective affiliates
Slide 3: Agenda
Agenda Introduction Business Review Financial Review Conclusion Annexure 3
Slide 4: Overview of KIPCO
Overview of KIPCO KIPCO is a multi-sector operating holding company with a diversified portfolio spanning the GCC and wider Middle East and North Africa (MENA) region OUR BUSINESS Assets under Management of ~KD7 billion1 Present in 16 MENA countries Mainly financial services and media; profita
Slide 5: Key Investment Highlights
Key Investment Highlights IRR of 40% on fully realized investments and 21% on all investments (realized and Proven Track unrealized) over the last 15 years Record Profitable for the last 19 consecutive years Ruling Family Al Futtooh Investments (AFH) owned by members of Kuwaiti ruling family h
Slide 6: Agenda
Agenda Introduction Business Review Financial Review Conclusion Annexure 6
Slide 7: Supportive Shareholder With Ruling Family Links
Supportive Shareholder With Ruling Family Links Shareholding Profile: Sep 2011 Kuwaiti Ruling Family Support Retail Treasury KIPCO’s principal shareholder is Al Futtooh Holding Shares Company K.S.C. (Closed) (“AFH”), a Kuwaiti company Investors 7.1% 7.7% Al Futtooh owned by members of the Kuwaiti
Slide 8: Strategic Roadmap
Strategic Roadmap Building Businesses Regional Thought Outlook leadership Investing Strong in engines managerial Being first Diversified MENA of growth revenue expertise in the streams region Team Target Approach ROE: 20% Balanced Portfolio 8
Slide 9: Large, Diversified and Quality Portfolio
Large, Diversified and Quality Portfolio Major Sectors Geography Asset Commercial management Revenues1 Insurance Media Real Estate Industrial Others banking & investment („10) banking Kuwait ● ● ● ● ● ● ● 68% UAE ● ● ● 10% Bahrain ● ● ● ● 2% KSA ● ● ● 0.5% Jordan ● ● ● ● ● 12% Algeria ● ● ● ● 4% Oth
Slide 10: Controlling or Majority Stakes in Principal Companies
Controlling or Majority Stakes in Principal Companies Business Commercial Asset Management & Insurance Media Segments Banking Investment Banking (AMIB) Main Entities Year of 1st 1995 1988 2000 1996 1995 investment Group‟s Consolidated 60.1% 95.9% 85.4%3 44.0% 60.4% Stakes1 Board 6 of 9 6 of 6 6 of 6
Slide 11: Overview of Principal Companies: Burgan Bank
Overview of Principal Companies: Burgan Bank Burgan Bank, the commercial banking arm of KIPCO group, today has become a regional player with market leadership in Jordan, Iraq, Tunisia and Algeria Business Highlights Key Subsidiaries Kuwait-based 4th largest bank listed on the Kuwaiti Stock Market
Slide 12: Overview of Principal Companies: United Gulf Bank
Overview of Principal Companies: United Gulf Bank UGB, the Asset Management and Investment Banking arm of KIPCO Group, is focused on growing the financial services network across the MENA region Business Highlights Key Subsidiaries and Associates Bahrain-based financial services group listed on th
Slide 13: Overview of Principal Companies: GIC
Overview of Principal Companies: GIC GIC, the insurance arm of KIPCO, is amongst the top 6 insurance players in the MENA Region Business Highlights Key Subsidiaries/Associates Kuwait-based insurance company listed on the KSE Market Market Coun % Name Cap KD Presence across the MENA region positi
Slide 14: Overview of Principal Companies: OSN
Overview of Principal Companies: OSN The #1 pay-TV platform by revenue in the MENA region Business Highlights Geographical Presence (24 countries) Largest pay TV operator in the MENA region by Syria revenues; created in August 2009 from the merger of Tunisia Cyprus Morocco Lebanon Iran Palestine I
Slide 15: Agenda
Agenda Introduction Business Review Financial Review Conclusion Annexure 15
Slide 16: KIPCO (Consolidated): Key Financials
KIPCO (Consolidated): Key Financials Revenues1 Net Profit (KD million) (KD million) 126 Provisions against assets 121 440 399 408 84 73 290 89 76 265 60 42 27 45 3 37 24 24 31 2008 2009 2010 9M'10 9M'11 2008 2009 2010 9M'10 9M'11 Total Assets Shareholders‟ Equity (KD billion) (KD million) 5.2 5.3 5.
Slide 17: KIPCO (Parent): Debt Metrics
KIPCO (Parent): Debt Metrics (KD million) Financial KIPCO (Parent) Dec 31, 2010 Sep 30, 2011 Targets Cash & Cash Equivalents 285 94 Gross Debt 528 347 Net Debt 243 253 Shareholders’ Equity 562 543 Net Parent Debt / Shareholders’ Equity <2.5x 0.43x 0.47x Estimated Investment Portfolio Value1 1,106 95
Slide 18: KIPCO (Parent): Liquidity and Debt Maturity Profile
KIPCO (Parent): Liquidity and Debt Maturity Profile Debt type: Sep 2011 Placements and Liability Management Total Debt: KD 347 million As at Sep 30, 2011, KIPCO had cash & bank balance Loan of KD94 million 22% Placements with investment grade rated domestic institutions and are of short duration
Slide 19: Agenda
Agenda Introduction Business Review Financial Review Conclusion Annexure 19
Slide 20: Key Investment Highlights
Key Investment Highlights Proven Track Record “Best in Class” Ruling Family Transparency Shareholders Financial Market Discipline Leadership Diversified Strong Portfolio Liquidity Credit Rating 20
Slide 21: Key Milestones
Key Milestones 1988 Acquisition of United Gulf Bank (UGB) 1994 Acquisition of stake in United Real Estate Company (UREC) and Burgan Bank 1995 Formation of Gulf DTH (Showtime) 1996 Acquisition of stake in Gulf Insurance Company (GIC) Establishment of United Industries Company (UIC) and acquisition of
Slide 22: Thank You
KIPCO Kuwait Projects Company (Holding) as Thank You NBK K.KAMCO 22
Slide 23: Agenda
Agenda Introduction Business Review Financial Review Conclusion Annexure 23
Slide 24: KIPCO: Board of Directors
KIPCO: Board of Directors Chairman of KIPCO, Saudia Dairy & Foodstuff Company Sheikh Hamad Sabah Al (SADAFCO) and Gulf Egypt Hotels & Tourism Chairman Ahmad Al Sabah Vice Chairman of United Gulf Bank Joined KIPCO Board in 1990, Vice Chairman KIPCO Group Director of United Broadcasting Compan
Slide 25: KIPCO: Executive Management
KIPCO: Executive Management Joined KIPCO Board in 1990 Joined KIPCO in 1990; Board and committee Recipient of Arab Bankers Association of North member of American University of Kuwait, MIT America Achievement Award (2005) BSc from MIT and MBA from Harvard University Faisal Hamad Al Ayyar Sam
Slide 26: MENA Region: Poised for Strong Economic Growth
MENA Region: Poised for Strong Economic Growth Syria 4th Largest Population in the World (2010E) Tunisia Iraq Morocco Population (million) Lebanon #1 #2 #3 #4 #5 #7 #11 #12 #24 Jordan 1,341 Kuwait 1,191 Algeria Bahrain Libya Egypt Qatar UAE 499 Saudi 411 310 Arabia 193 143 128 Oman 62 GCC Non GCC Ye
Slide 27: GCC Region: Well Positioned to Deliver Growth
GCC Region: Well Positioned to Deliver Growth GCC: Current Account Surplus KD billion Accumulated current account surplus of over 300 billion Kuwaiti Dinars since 2005 72 57 50 45 46 24 18 2004 2005 2006 2007 2008 2009 2010 GDP / Capita, PPP (2010E) 13,149 (In KD) 11,667 ….One of the highest per cap
Slide 28: Kuwait: Oil Wealth to Fuel Non Oil Growth
Kuwait: Oil Wealth to Fuel Non Oil Growth World’s fifth largest oil reserves, one of the highest per capita PPP income and Sovereign ratings of Aa2 and AA by Moody’s and S&P respectively Real GDP and GDP per capita forecast to GDP Growth (%) grow at a CAGR of 5.3% and 6.7% Real GDP (KD billion) GD
Slide 29: Kuwait Development Plan
Kuwait Development Plan Purpose: Overview Upgrade infrastructure KD30 billion 4 year plan Diversify non oil revenue FY 2010/11 – Approved at KD5 billion comprising of 884 projects Create employment FY 2011/12 – Estimated at KD5 billion comprising of 1,240* projects Develop private
Slide 30: United Industries Company
United Industries Company UIC seeks to be a leading regional investment house with activities in the industrial sector Business Highlights Key Subsidiaries/Associates Established in 1979, UIC operates as a holding Name Sector Country % Stake1 company for the Group’s industrial investments Kuwait N
Slide 31: United Real Estate Company
United Real Estate Company UREC is a major real estate player in Kuwait, ranked fifth based on its revenues Business Highlights Country Key Projects Operations in Kuwait and across the Middle East region United Tower, Al Shaheed Tower, Marina World, Kuwait through a mix of fully-owned properties,
Slide 32: Glossary
Glossary AUM: Assets under Management CAR: Capital Adequacy Ratio GPW: Gross Premiums Written IRR: The IRR provided in the Track record (Slide 4) is the leveraged gross IRR (it includes interest expense) and reflects the returns to KIPCO’s shareholders as of Dec 31, 2010. The information con
Kuwait Projects Company Holding (KIPCO) — Debt Investor Presentation (December 2011) on 6ix