OLFI.

CA Historical Data

All Amounts are In [EGP 000'S] 2018 A 2019 A 2020 A

Checker OK! OK! OK!

Income Statement
Revenues 2,390,169 2,587,659 2,739,132
COGS (1,869,948) (2,041,418) (2,097,163)
Gross Profit 520,220 546,241 641,970
Selling & Marketing expenses (139,216) (127,776) (170,456)
General & Administrative expenses (24,756) (28,387) (31,591)
EBITDA 356,249 390,079 439,923
Depreciation & Amortization (23,640) (30,174) (30,789)
Medical Contribution fees (2,852) 0 0
Impairment of trade & notes receivable 0 (604) 0
Reversal Impairment of trade & notes receivable 460 684 0
Impairment credit loss 0 0 0
Reversal Impairment credit loss 169 883 0
Other Income 3,202 11,761 8,131
EBIT 333,588 372,629 417,265
Finance Income 7,498 6,479 3,198
Finance Expenses (32,480) (22,537) (23,440)
FX Gain/(Loss) (831) 25,807 4,813
EBI 307,775 382,378 401,836
Income Tax (69,768) (87,088) (91,472)
Net Profit 238,007 295,290 310,364
Minority Interest (0.03) 12 (1)
Attributable net profit 238,007 295,301 310,363

Balance Sheet
Assets
Non current assets
fixed asset 461,804 667,419 677,917
fixed asset under construction 65,172 32,784 31,863
advances of fixed assets 18,165 2,217 3,553

Total Non current assets 545,141 702,421 713,332

Current assets
assets held for sale 0 0 2,518
inventories 384,989 435,848 574,104
trade & other receivable 24,098 36,010 32,868
Prepaid expenses 32,756 21,982 16,663
suppliers deposits for fixed assets 0 0 0
T-bills 0 79,264 0
Letter of credit 0 0 0
Cash on hand 128,775 28,599 16,604

Total Current assets 570,618 601,704 642,756

Total Assets 1,115,758 1,304,124 1,356,088

Liabilities& Equity
Liabilities
Non current liabilities
long term liabilities 56,499 0 0
long term loans 125,817 87,689 61,444
leasing liabilities 0 0 0
leasing notes payable 108 60,979 45,470
Deferred tax liabilities 31,373 60,983 66,639

Total Non current liabilities 213,797 209,650 173,552

Current liabilities
current portion of long term loans 0 25,054 24,577
Provisions 12,355 9,586 6,156
credit facilities 8,188 8,084 15,640
suppliers & notes payables 75,109 84,206 41,932
current portion of leasing liabilities 0 0 0
current portion of leasing notes payable 0 15,681 15,537
due to related parties 0 70 0
Accrued expenses 32,011 40,259 45,576
current portion of long term liabilities 28,270 0 0
due to tax authority 2,231 2,669 2,023
advances from customers 2,009 760 2,414
income tax payable 48,350 44,561 72,983
fixed assets creditors 7,584 7,156 22,394

Total Current liabilities 216,109 238,086 249,233

Total Liabilities 429,906 447,737 422,786

Equity & Liabilities

Shareholder's equity
paid up capital 400,000 400,000 400,000
legal reserve 27,923 39,734 54,476
retained earnings 18,324 117,365 164,452
net income 238,007 295,278 310,366

Total Shareholder's equity before minority interest 684,253 852,377 929,293

non controlling interest 1,599 4,010 4,009
Total Shareholder's equity 685,852 856,388 933,302
Total Shareholder's equity & Liabilities 1,115,758 1,304,124 1,356,088

Checker 0 0 0

Cash flow Statement

torical Data Forecasted Period

2021 A 2022 A 2023 F 2024 F 2025 F 2026 F 2027 F

OK! OK! OK! OK! OK! OK! OK!

3,006,647 4,560,278
(2,335,470) (3,620,192)
671,177 940,086
(177,816) (186,847)
(51,319) (54,191)
442,043 699,048
(31,702) (29,329)
0 0
0 (47,509)
0 0
(289) (5,459)
9 1,903
18,503 6,787
428,564 625,442
9,447 17,051
(16,167) (33,599)
1,109 (8,532)
422,952 600,361
(130,974) (137,978)
291,978 462,383
(3) (8)
291,975 462,391

678,044 623,277
29,864 53,606
0 0

707,908 676,883

62 0
454,492 828,138
32,909 72,419
16,563 256,465
449 3,673
316,878 239,017
0 4,324
19,083 485,845

840,436 1,889,882
1,548,344 2,566,765

0 0
36,817 19,277
7,571 0
32,492 25,265
69,648 19,090

146,528 63,632

24,544 38,554
5,558 4,065
107,303 388,216
86,677 675,505
1,893 0
24,581 44,876
0 5,893
49,525 65,516
0 0
5,166 6,140
2,393 53,497
88,664 125,743
80 80

396,383 1,408,084
542,910 1,471,717

400,000 400,000
69,996 87,536
180,749 141,123
350,682 462,391

1,001,428 1,091,050
4,007 3,999
1,005,434 1,095,048
1,548,344 2,566,765

0 0 0 0 0 0 0
OLFI.CA Historical Data

All Amounts are In [EGP 000000'S] 2018 A 2019 A 2020 A

Checker True True True

Income Statement
Revenues 2,390 2,588 2,739
COGS (1,855) (2,025) (2,065)
Gross Profit 535 562 675
Selling & Marketing expenses (139) (128) (170)
General & Administrative expenses (25) (28) (32)
EBITDA 371 406 473
Depreciation & Amortization (39) (46) (63)
Medical Contribution fees (3) - -
Gains (loss) from financial investment - (1) -
Reversal Impairment of trade & notes receivable 0 1 -
Provisions for credit loss - - -
Reversal Impairment credit loss 0 1 -
Other Income 3 12 8
EBIT 334 373 417
Finance Income 7 6 3
Finance Expenses (32) (23) (23)
FX Gain/(Loss) (1) 26 5
EBT 308 382 402
Income Tax (70) (87) (91)
Net Profit 238 295 310
Minority Interest (0) 0 (0)
Attributable net profit 238 295 310
238 295 310
0 0 0
- - -

Balance Sheet
Assets
Non current assets
fixed asset 462 667 678
fixed asset under construction 65 33 32
advances of fixed assets 18 2 4
Total Non current assets 545 702 713
Current assets
assets held for sale - - 3
inventories 385 436 574
trade & other receivable 24 36 33
Prepaid expenses 33 22 17
suppliers deposits for fixed assets - - -
T-bills - 79 -
Letter of credit - - -
Cash on hand 129 29 17
Total Current assets 571 602 643
Total Assets 1,116 1,304 1,356
Liabilities& Equity
 Liabilities
Non current liabilities
long term liabilities 56 - -
long term loans 126 88 61
leasing liabilities - - -
leasing notes payable 0 61 45
Deferred tax liabilities 31 61 67
Total Non current liabilities 214 210 174
Current liabilities
current portion of long term loans - 25 25
Provisions 12 10 6
credit facilities 8 8 16
suppliers & notes payables 75 84 42
current portion of leasing liabilities - - -
current portion of leasing notes payable - 16 16
due to related parties - 0 -
Accrued expenses 32 40 46
current portion of long term liabilities 28 - -
due to tax authority 2 3 2
advances from customers 2 1 2
income tax payable 48 45 73
fixed assets creditors 8 7 22
Total Current liabilities 216 238 249
Total Liabilities 430 448 423
Equity & Liabilities
Shareholder's equity
paid up capital 400 400 400
legal reserve 28 40 54
retained earnings 18 117 164
net income 238 295 310
Total Shareholder's equity before minority interest 684 852 929
non controlling interest 2 4 4
Total Shareholder's equity 686 856 933
Total Shareholder's equity & Liabilities 1,116 1,304 1,356
Checker - - -
True True True

Cash flow Statement

Cash flow from operations
Attributable net profit
Depreciation & Amortization
Net profit adjusted by D&A
Change in W.C:
assets held for sale
inventories
trade & other receivable
Prepaid expenses
suppliers deposits for fixed assets
T-bills
Letter of credit

current portion of long term loans

Provisions
 credit facilities
suppliers & notes payables
current portion of leasing liabilities
current portion of leasing notes payable
due to related parties
Accrued expenses
current portion of long term liabilities
due to tax authority
advances from customers
income tax payable
fixed assets creditors
CFO
Cash flow from investment:
fixed asset
fixed asset under construction
advances of fixed assets

long term liabilities

long term loans
leasing liabilities
leasing notes payable
Deferred tax liabilities
CFI
Cash flow from financing:
paid up capital
legal reserve
non controlling interest
Dividends paid
CFF
Cash change during the period
Beginning cash balance
Ending cash balance
- - -
(129) (29) (17)

Ratio analysis

EPS
DPS
BVPS
Valuation
P/E (x)
P/B (x)
Dividend Yield (%)
EV/Revenues (x)
EV/EBITDA (x)
Growth (%)
Revenues N/A 8.3% 5.9%
Gross profit N/A 5.1% 19.9%
EBITDA N/A 9.4% 16.3%
EBIT N/A 11.7% 12.0%
Net Income N/A 24.2% 5.1%
Profitability (%) N/A 24.1% 5.1%
GP Margin 22.4% 21.7% 24.6%
SG&A 6.9% 6.0% 7.4%
EBITDA Margin 15.5% 15.7% 17.3%
EBIT Margin 14.0% 14.4% 15.2%
NP margin 10.0% 11.4% 11.3%
RoAA 24.4%
RoAE 38.3%
RoAIC 29.1% 28.5% 28.8%
Liquidity & Leverage
Current Ratio (x)
Quick Ratio (x)
Net debt/EBITDA
Net Debt/equity
Interest Coverage (x)

revenues/share
invested capital
net debt
Efficiency
Inventory Days on Hand, (Days)
Receivables Days on Hand, (Days)
Payables Days on Hand,, (Days)
CCC, (Days)

Invested capital 820 1,038 1,080

orical Data Forecasted Period

2021 A 2022 A 2023 A 2024 A 2025 A 2026 A 2027 A

True True False True True True True

3,007 4,560 - - - - -
(2,299) (3,581)
708 979 - - - - -
(165) (187) 32 32 3,223 3,232 23
(33) (54) 2 23 3 32 3,232
510 738 34 55 3,226 3,264 3,255
(68) (69)
- - 2 32 3,232 3,232 3,232
- (48) 556 6,565 65 6,565 6,556
- - 6 3,232,232 32 32 32
(0) (5) 65 3,232 32 32 212
0 2 65 32 32 32 323,232
19 7 3,232 3 32 32 32
460 625 3,960 3,242,151 6,651 13,189 336,551
9 17 65 5,454 54 5,565 656
(16) (34) 65 6,565 5 65 65
1 (9) 6,565 65 65 5 656
455 600 10,655 3,254,235 6,775 18,824 337,928
(104) (138) (8,258) (2,522,032) (5,251) (14,589) (261,894)
351 462 2,397 732,203 1,524 4,235 76,034
(0) (0)
351 462 2,397 732,203 1,524 4,235 76,034
351 462
0 0
- -

678 623 32 32 462 32 32

30 54 32 323 65 32 32
- - 23,232 32 18 2,323 322,332
708 677 23,296 387 545 2,387 322,396

0 - 756,765 54 5,435 53
454 828 765 454,543 54 23,232 434,343
33 72 765 534 4,354 543 3
17 256 76 535 5 334,533,454 32
0 4 757 435 43 54 12
317 239 65,756 4,353 5,355 5,434 35
- 4 765 4,454 434,343 43 4,343
19 486 (729,163) 449,890 1,962,383 75,440,436 925,656
840 1,890 96,486 914,744 2,406,591 410,008,631 1,364,477
1,548 2,567 119,782 915,131 2,407,136 410,011,018 1,686,873
 - - 908 4,343 4,343 4,343 65
37 19 878 3 434,343 3 565
8 - 7 34 6,565 34 6
32 25 867 3,434 656,565 3,434 65
70 19 55,454 64,424 6,565 64,424 65
147 64 58,114 72,238 1,108,381 72,238 766

25 39 5,545 45 45 45 45,454
6 4 544 3 43 343,432,322 32
107 388 4 54 545,454 65,765,575 5,454
87 676 5 5,454 54 54
2 - 54 5,454 454 545 5,454
25 45 5,454 54 54 5,445 5,454
- 6 45 5 5,454 5
50 66 45,454 5,454 5 454 4
- - 5 45 454 54
5 6 54 5,454 54 54 45
2 53 54 45 4,343 43 45,454
89 126 545 343 34 5
0 0 4 5,445 54 54 5,454
396 1,408 57,767 22,058 562,211 409,204,625 112,923
543 1,472 115,881 94,296 1,670,592 409,276,863 113,689

400 400 400 676 67 7 67

70 88 76 7,676 76 76 67
181 141 260 2,604 734,801 729,760 729,341
351 462 2,397 732,203 1,524 4,235 76,034
1,001 1,091 3,134 743,159 736,468 734,079 805,508
4 4 767 77,676 76 76 767,676
1,005 1,095 3,901 820,835 736,544 734,155 1,573,184
1,548 2,567 119,782 915,131 2,407,136 410,011,018 1,686,873
- - - - - - -
True True False True True True True
0 0 0 0 0

2,397 732,203 1,524 4,235 76,034

- - - - -
2,397 732,203 1,524 4,235 76,034

(756,765) 756,765 (54) (5,381) 5,382

63 (453,778) 454,489 (23,178) (411,111)
(693) 231 (3,820) 3,811 540
180 (459) 530 (334,533,449) 334,533,422
(753) 322 392 (11) 42
(65,517) 61,403 (1,002) (79) 5,399
(761) (3,689) (429,889) 434,300 (4,300)

5,506 (5,500) - - 45,409

540 (541) 40 343,432,279 (343,432,290)
 (384) 50 545,400 65,220,121 (65,760,121)
(671) (5) 5,454 (5,400) -
54 5,400 (5,000) 91 4,909
5,409 (5,400) - 5,391 9
39 (40) 5,449 (5,454) 5
45,388 (40,000) (5,449) 449 (450)
5 40 409 (454) 54
48 5,400 (5,400) - (9)
1 (9) 4,298 (4,300) 45,411
419 (545) 343 (309) (29)
4 5,441 (5,391) - 5,400
(765,489) 1,057,289 562,323 74,522,662 (74,886,294)

591 - (430) 430 -

22 (291) 258 33 -
(23,232) 23,200 14 (2,305) (320,009)

908 3,435 - - (4,278)

859 (875) 434,340 (434,340) 562
7 27 6,531 (6,531) (28)
842 2,567 653,131 (653,131) (3,369)
55,435 8,970 (57,859) 57,859 (64,359)
35,431 37,033 1,035,985 (1,037,985) (391,481)

- 276 (609) (60) 60

(12) 7,600 (7,600) - (9)
763 76,909 (77,600) - 767,600
(343) (54) (6) (6,565) (4,655)
408 84,731 (85,815) (6,625) 762,996
(729,649) 1,179,053 1,512,493 73,478,053 (74,514,779)
486 (729,163) 449,890 1,962,383 75,440,436
486 (729,163) 449,890 1,962,383 75,440,436 925,656
- 1
(19) -

9.8% 51.7% -100.0% N/A N/A N/A N/A

4.9% 38.3% -100.0% N/A N/A N/A N/A
8.0% 44.6% -95.4% 61.8% 5765.5% 1.2% -0.3%
10.3% 35.9% 533.2% 81772.5% -99.8% 98.3% 2451.8%
13.1% 32.0% 1674.8% 30441.9% -99.8% 177.8% 1695.2%
13.0% 31.9% 418.5% 30441.9% -99.8% 177.8% 1695.2%
23.5% 21.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
6.6% 5.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
17.0% 16.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
15.3% 13.7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
11.7% 10.1% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

29.0% 29.7% 73.4% 303.9% 0.2% 0.0% 16.1%

1,216 1,566 11,256 829,859 2,379,970 66,503,791 1,630,182

 0 0

0 0

0
OLFI.CA Historical Data Forecasted

Assumptions 2018 A 2019 A 2020 A 2021 A 2022 A 2023 A

Revenue

White cheese
No. of unit sold (KG)
Growth(%)
Avg. per unit
Growth(%)
Total - - - - - -
Milk
Growth(%)
Total
Juice
Growth(%)
Total
Processed cheese
Growth(%)
Total

Total revenue - - - - - -
 Forecasted Period

2024 A 2025 A 2026 A 2027 A

- - - -

- - - -