12th December 2017
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Company Data
 
Sameer Africa Ltd. (Firestone)
http://www.sameer-group.com/
Par Value:                  5/-
Closing Price:           2.75
Total Shares Issued:          278342393.00
Market Capitalization:        765,441,581
EPS:             -2.34
PE:                 -1.175
 

Diverse group of companies invested in agriculture through to transport.

H1 Revenue 1.493184b vs. 1.493601b -0.028%
H1 Cost of sales [1.079720b] vs. [1.034319b] +4.389%
H1 Gross profit 413.464m vs. 459.282m -9.976%
H1 Other operating income 7.779m vs. 8.303m -6.311%
H1 Administrative expenses [266.451m] vs. [292.349m] -8.859%
H1 Operating profit 51.475m vs. 54.711m -5.915%
H1 Finance income 0.152m vs. 22.066m -99.311%
H1 Finance costs [55.541m] vs. [24.204m] +129.470%
H1 Profit before income tax 2.317m vs. 58.834m -96.062%
H1 Profit for the period 3.846m vs. 43.592m -91.177%
H1 FX Currency translation differences for foreign operations [2.125m] vs. [1.773m] +19.853%
Basic and diluted EPS 0.01 vs. 0.16 -93.750%
Total Assets 2.814657b vs. 3.735062b -24.642%
Total Equity 1.836915b vs. 2.534266b -27.517%
Cash and cash equivalents at the end of the period [450.767m] vs. [134.436m] -235.302%

Conclusions

They still have not properly dimensioned their core tyre business.

FY Revenue 2.882230b vs. 3.363976b -14.321%
FY Cost of sales [1.950570b] vs. [2.402462b] -18.810%
FY Gross profit 931.660m vs. 961.514m -3.105%
FY Other operating income 21.679m vs. 10.123m +114.156%
FY Operating expenses [897.280m] vs. [916.123m] -2.057%
FY Re organisation expenses [877.068m] vs.
FY Operating [Loss] profit [821.009m] vs. 55.514m -1,578.922%
FY Net finance costs [35.684m] vs. [56.743m] -37.113%
FY [Loss] profit before income tax [865.056m] vs. 5.689m
FY Loss for the year [652.101m] vs. [15.652m] -4,066.247%
EPS [2.34] vs. [0.06] -3,800.000%
FY Total assets 3.290867b vs. 3.751225b -12.272%
FY Total equity 1.835194b vs. 2.492447b -26.370%
Cash and cash equivalents at the end of the year [693.233m] vs. [36.709m] -1,788.455%
No dividend

Commentary

2016 was a significant year decision to close the tyre factory
The costs related to the factory closure were 877m [239m staff redundancy, 179m fixed asset impairment and 405m impairment of raw material inventory]
Sales through our dealer channel -31%
Export Sales contracted -68%
Yaya Tyre centres +46%
SUMMIT +184% growth in Unit Sales
No Dividend

Conclusions

The Market Cap is 835m and they lost [652.101m]

H1 Revenue 1.493601b vs. 1.774485b -15.829%
H1 Cost of sales [1.034319b] vs. [1.287730b] -19.679%
H1 Gross profit 459.282m vs. 486.755m -5.644%
H1 Selling and distribution costs [106.070m] vs. [115.625m] -8.264%
H1 Administrative expenses [292.349m] vs. [284.722m] +2.679%
H1 Operating profit 58.834m vs. 66.198m -11.124%
H1 Profit for the year 43.592m vs. 47.955m -9.098%
H1 Foreign currency translation differences for foreign operations [1.773m] vs. [34.255m] -94.824%
EPS 0.16 vs. 0.17 -5.882%
Total Assets 3.735062b vs. 3.801358b -1.744%
Cash & cash equivalents at the end of the period [134.436m] vs. [190.257m] -29.340%
No dividend

Commentary

continued onslaught of imported subsidised tyres from The East
Economy brand SUMMIT continued to perform exceptionally well
The Board expects top line performance to improve in the second half of the year

Conclusions

Difficult to make a case for chasing the stock.

FY Revenue 3.363976b vs. 3.777146b -10.939%
FY Cost of sales [2.402462b] vs. [2.840635b] -15.425%
FY Gross profit 961.514m vs. 936.511m 2.670%
FY Other operating income 10.123m vs. 44.934m -77.471%
FY Operating expenses [0.916123b] vs. [1.007069b] -9.031%
FY Operating profit [loss] 55.514m vs. [25.624m] 316.648%
FY Net finance cost [56.742m] vs. [43.537m] 30.331%
FY Profit [loss] before income tax 5.690m vs. [69.457m] 108.192%
FY Loss for the year [15.652m] vs. [66.929m] -76.614%
FY Foreign currency translation differences for foreign operations [39.742m] vs. 12.510m -417.682%
FY Total comprehensive income for the year [43.997m] vs. [59.666m] -26.261%
EPS [0.06] vs. [0.24] -75.000%
Equity 2.492447b vs. 2.536444b -1.735%
Cash & cash equivalents at the end of the year [36.709m] vs. [249.492m] -85.287%

Company Commentary

Revenue declined by 11% in line with
[a] ever increasing competition from subsidised tyres from the East
[b] the continued influx of unaccustomed tyres into all our markets and
[c] management efforts to reduce credit extension in markets where we experienced a general tightening in liquidity. Sales into our export markets were also adversely affected by civil unrest in some and acute hard currency shortages in others.

Net Cash generated from operations in 2015 at 307m was significantly up from the 148m generated in 2014

Outlook 2016

Other Strategic initiatives will include the following
Expansion of the Summit brand product offering
Opening of additional retail outlets
Unlocking the value of our land Portfolio

Conclusions

Better than the previous Year. The land Portfolio has a lot of Value.

First Half Earnings through 30th June 2015 versus through 30th June 2014
First Half Revenue 1.774485b versus 1.962876b -9.59%
First Half Cost of Sales [1.287730b] versus [1.395066b]
First Half Gross Profit 486.755M versus 567.810m
First Half Selling and distribution costs [115.626m] versus [138.278m]
First Half Administrative expenses [284.722m] versus [301.895m]
First Half Operating Profit 86.947m versus 135.130m
Finance Costs [27.697m] versus [28.638m]
First Half Profit before Tax 66.198m versus 114.171m -42.01%
First Half Profit after Tax 47.955m versus 80.960m -40.76%
Foreign currency Translation differences [34.255m] versus 21.689m
First Half EPS 0.17 versus 0.29 -41.37%

Company Commentary

the continued onslaught of imported subsidized tyres from the East
Political unrest in Burundi in the second quarter of the year adversely affected performance of this subsidiary
increase in prices depressed volumes

Conclusions

Gave up volumes to maintain margins,

FY Earnings through 31st December 2014 versus through 31st December 2013
FY Revenue 3.777146b versus 4.029841b -9.064%
FY Cost of Sales [2.840635b] versus [2.951719b]
FY Gross Profit 936.511m versus 1.078122b -13.134%
FY Other Operating Income 44.934m versus 297.550m -84.89%
FY Operating Expenses ]1.007069b] versus [914.973m] 10.06%
FY Operating [Loss] Profit [25.624m] versus 460.699m
Net Finance Costs [43.357m] versus [5.121m]
Full Year [Loss]Profit before Tax [69.457m] versus 456.521m
FY [loss] Profit for the Year [66.929m] versus 401.189m
FY EPS [0.24] versus 1.44
No Dividend

Company Commentary

Performance adversely affected by ever-increasing competition from subsidised tyre imports from the East
Export Sales also declined in 2014 civil and political unrest hard currency shortages
Sales to Government bodies 82% Fleet 27% Yana Tyre Centres 15% dEALER tRADE -19% exPORT mARKET -23%
Gross Margin declined from 27% in 2013 to 25% in 2014
new subsidiary in Burundi
Profit in 2013 boosted by exceptional profit of 256m arising from sale of Land

Conclusions

Poor Results.
No Repeat of the 2013 Exceptional Gain.
Many challenges in the Core Tyre Business but increasingly Sameer is a Real Estate Play.

FY Earnings through 31st December 2013 versus 12 months through 31st December 2012
FY Revenue 4.029841b versus 4.083631b
FY Gross Profit 1.078122b versus 1.074585b
FY Other Operating Income 297.550m versus 23.307m 1176%
FY Operating Expenses [914.973m] versus [776.359m]
FY Operating Profit 460.699m versus 321.533m
FY Profit before Tax 456.521m versus 298.761m 52.804%
FY Profit after Tax 401.189m versus 188.454m 112.88%
FY Earnings Per Share 1.44 versus 0.68 111.76%
FY Dividend 30 cents a share

Company Commentary

Unit sales to export markets grew by 27% compared to 2012
Retail Outlets registered 17%
Yana brand unit sales grew 14%
During the year the group sold part of its holding in leasehold land for $3m 255m Kenya shilling gain

Conclusions

Strong results but the sale of leasehold land was worth 91.6 cents of the 144 cents EPS.

FY Earnings through December 2012 versus December 2011
FY Sales 3.960967b versus 3.675226b
Gross Profit 953.78m versus 801.446m
Other Operating Income 145.972m versus 109.396m
Other Operating Expenses [219.563m] versus [121.566m]
Finance Costs [34.261m] versus [112.102m]
FY PBT 300.62m versus 148.446m
FY PAT 189.755m versus 96.948m
FY EPS 0.68 versus 0.35

Conclusions

Strong Turnaround Numbers

Q3 Through Sep 2012
Last Full Year They made 35 cents a share.
Q3 through September 2012 They have made 64 cents a share.
The Line Item which has leant most to this is a Reduction in Finance Costs from [124,000] to [10,100].
The Interim Dividend is worth 7.0422% of Yield on the current share Price.
The Share Price is -14.77% in 2012.


1Yr Rtn: -21.82%

FY Results to Dec 2011 versus Dec 2010
Profit Before Tax PBT 148.446m versus 62.199m 138.66%
Profit After Tax PAT 96.948m versus 57.396m 68.91%
EPS 0.35 versus 0.21 66.66%
Final Dividend 0.20


FY Results to December 2010 versus Dec 2009
No Dividend
PBT 62.199m versus 221.464m
EPS 0.21 versus 0.57
Conclusions
On a PE of 27.388 Avoid.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 11 Dec 2017
 
Downloads
 
  26-JUL-2017 ::  HALF YEAR RESULTS
  Financial Results for the Six Months Ended 30th June 2017.

Download N.S.E Announcement
   
  19-JUN-2017 ::  AGM Resolutions
  Annual General Meeting Resolutions.

Download N.S.E Announcement
   
  18-MAY-2017 ::  AGM Notice
  Notice of the 48th Annual General Meeting.

Download N.S.E Announcement
   
  10-MAY-2017 ::  Changes to the Board of Directors.
  Changes to the Board of Directors.

Download N.S.E Announcement
   
  28-MAR-2017 ::  Full Year Results
  Audited Group Results for the Year Ended 31st December 2016.

Download N.S.E Announcement
   
 
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