an egyptian exporter - lecico egypt · fy 2007 results presentation march 2008. corporate summary....

An Egyptian Exporter

FY 2007 Results PresentationMarch 2008

Corporate Summary

3

Introduction: An Egyptian exporter

Split of sanitary ware and tiles1Split of domestic and export1

* All production facilities are owned and controlled by Lecico

AlexandriaKhorshidBorg El-Arab

Cairo

Established 1997

Sanitary ware capacity2.0 million pcs 20054.4 million pcs end 2007

Borg El-Arab

Established 1975

Sanitary ware capacity2.5 million pcs 20051.8 million pcs (inc FC) end 2008

Tiles capacity17.0 million m2 200521.4 million m2 mid - 2007

Khorshid

Established 1959

Sanitary ware capacity:350,000 pcs 2007

Tiles capacity1.1 million m2 2005

Kfarchima

Kfarchima Beirut

• Lecico Egypt S.A.E. is one of the world’s largest sanitary ware producers in and a large regional tiles producer

• Lecico was founded in 1959 and has been majority owned by the Gargour family since 1969

• The company has a global competitive advantage making European quality sanitary ware at Egyptian costs

• The company is a significant exporter with c60% of Lecico’s sanitary ware sales volume going into Europe

• Lecico is in the midst of building a new plant that will add 40% to capacity to reach c 6.7m pieces of sanitary wary and fire clay

• This expansion will make Lecico approximately the sixth largest sanitary ware producer in the world

• 4.4 m sqm tile expansion (24% additional capacity) completed in the first half of 2007.

• In late 2006, Lecico acquired certain assets of Sarreguemines inFrance; a manufacturer with sales of c0.4m pieces per annum

Note: 2007

Vitry Le Francois

Established 1894

Fire Clay Sanitary capacity:130,000 pcs 2006

Egypt (31%)

Lebanon (9%)

Export (60%)

Sanitary ware (68%)

Tiles (32%)

Corporate Profile

5

Investment case

Experience• Over 47 years of company brand history • Multi-national managemen• Partnership with Sanitec

Regional leadership

• Sanitary ware market leader in Egypt and Lebanon• Largest producer in the Middle East

Growing exports

• c 65 of sanitary ware is exported• 10%+ UK, France & Ireland mkt shr• SW exports 17% CAGR (2000-07)

Cost and quality advantage

• USD 7.80/piece cost (50% of peers)• USD 2.00/piece shipping to Europe• European quality product

and

t

Strong historic growth record

26% Revenue CAGR (2000-2007)31% Net Profit CAGRSupplier for key European

brands

Aggressive expansion program

Tile capacity more than doubled and sanitary ware capacity grew 49% since 2000

Substantial further capacity expansion underway

Sanitec relationship

6

Domestic market leadership

Market leadership in Egypt

38%

13%11%

8%

8%

8%

7%7% Lecico

CleopatraGravenaAracemcoAmerican Standard PharaosDuravit Others

25%

19%

17%

10%

6%

23% Cleopatra

Pharaos

Lecico

Al Amir

Gemma

Others

• Leading sanitary ware market share

• Nearest competitor has approximately 1/3rd Lecico’s share

Sanitary ware market (4.5 million pieces)1 Tile market (80 million m2)1

• c 20% local sales growth expected in 2008

• Fast turnover model means less than one month’s stock of finished product

15%

30%55%

Lecico

Uniceramic

Imports

Market leadership in Lebanon

• Only local producer

• Leading sanitary ware market share

• Branded as European quality

Sanitary ware market (0.5 million pieces)1 Tile market (8.5 million m2)1

• Number two market share in tile sales

• Complement sanitary ware sales and benefits from Egyptian production

Note: (1) Management estimates for 2005

55%

45% Lecico

Imports

7

Growing exports

Growth in group’s exports

2,425 3,1291,6221,1331,009 1,998 1,819

81.0% 79.0% 82.0% 84.0% 80.0% 84.0% 86.0%

0

1,000

2,000

3,000

4,000

2001 2002 2003 2004 2005 2006 20070%

20%

40%

60%

80%

100%

2,267 2,884 3,6381,4311,2401,229 1,982 2,389

51.0% 46.0% 42.0%50.0%

64.8%

59.0%56.0%62.2%

0

1,000

2,000

3,000

4,000

2000 2001 2002 2003 2004 2005 2006 20070%

20%

40%

60%

80%

Lecico’s total export volumes (sanitary ware) Egypt’s leading sanitary ware exporter

Export focus on Europe

• Sanitary ware export volumes grew at 17% CAGR (2001-2007)

• Volumes fell slightly in 2005 due to market slowdown in UK

• Lecico exports c65% of its sales vs. 20% for local peers

• Lecico sells to over 50 countries (including OEM sales)

• Approximately 34% of exports (22% of sanitary ware sales) are for other brands

• Lecico represents over 50% of Egypt’s sanitary ware exports with the balance split among 9 manufacturers

Europe as percentages of total exports Growth of Lecico brand sanitary ware market share in UK

650 725 770560470400 650 680

11.0%8.0%8.0%8.0%

7.0%6.0%

5.0%

10.0%

0

200

400

600

800

2000 2001 2002 2003 2004 2005 2006 20070%

2%

4%

6%

8%

10%

12%

• UK Lecico brand market share estimated at c11%

• UK (direct and OEM) is c50% of exports w/ 20% market share

• Average of over 85% of exports are to Western Europe

• Libya, South Africa and Syria make up 9% of exports

8

Significant cost advantage

International cost advantage

Lecico produces sanitary ware at an all-in average cost of US$13.85 / piece

– In Egypt, manufacturing cost averages US$7.80 / piece of sanitary ware– The difference reflects higher packing costs for EU-destined exports and significantly higher industrial cost in Lebanon– Our information suggest other low cost producers’ manufacturing cost averages US$15-25 / piece– While European producers average US$30+ / piece depending on their market

Why is Lecico able to produce so cheaply?

– Egypt: Low energy costs, low labour cost, low investment costs, low effective taxes– Size: Economies of scale, standard global plant size: 1m pieces– Experience: Over 45 years as a company and almost 40 years as a sanitary ware producer– Utilization: 85-90% capacity utilization rate versus 70% industry average in Egypt– Efficiency: Production per employee is > twice that of our local competitors

Investment, distribution and overheads benefit from regional economies of scale

– Sanitary ware investment cost approx US$15-20 / piece vs. US$25-40 / piece global standard– Low shipping cost to Europe: US$2 per sanitary ware piece vs approx US$7+ for Asian manufactures

Growth strategy

10

Long-term sanitary ware growth strategy…

• Aim to increase market growth− UK, Ireland, France

Expand production capacity

• Sanitary ware capacity expansion: from 5.1m pcs in 2005 to 6.7m pcs by end-2008

• Added 24% to tile capacity in 2007 with new plant (17% increase) by mid-2010

• Expanding fire clay and WC capacity within total sanitary ware production

Lower production costs while keeping European quality

• In-house production facility for key raw material for tiles (frit plant)

• Local sourcing of raw materials without compromising quality

• Ongoing cost savings through improvements in manufacturing efficiency

Expand regional and international exports

• New and expanded OEM contracts – Sanitec, IKEA, SFA, Setma

• Potential future markets− Germany, Algeria, Saudi

Arabia, Iraq, Syria

11

…translates into concrete actions

ActionStrategy


● Aim to increase market growth

− UK, Ireland, France

● Expand in Europe

− Germany, Greece, Italy, Spain

● Expand in the Middle East

− Algeria, Saudi Arabia, Iraq, Syria, UAE

● Expand OEM activity

− Sanitec, Heritage/Bristan, SFA, Setma and others

Expand production capacity and optimize costs

● Sanitary ware expansion to 6.7m pieces

● 4.4m sqm of new tile capacity

● Adding new porcelain tile plant to target export market

● Expanding casting capacity to handle greater proportion of WCs in either plant

● Improving yields and reducing scrap rates to cut costs

● In-house frit (tiles’ key raw material) production facility


● Unbranded sales to UK builders merchants - 2% of exports in 2007

● Sales to DIY in the UK - 9% of exports in 2007

● Added new sales teams and product ranges for the UK

● Acquired Sarreguemines and secured new DIY customers in France – sales up 125% over 2005

● Registration of complete packs with Norme Française

● Trading subsidiary now operating in Algeria and Saudi Arabia – 11k pcs and 17k pcs sales respectively in 2007

● Sales executives appointed in Germany & Greece

● New outsourcing contracts and larger share of Sanitec outsourcing secured

Expand production capacity and optimize costs

● Second 1.0m piece line operational from 4Q 2007 and tile line fully operational from late 1H 2007

● Porcelain tile plant should be operational by mid-2010

● Frit plant fully operational

● c3% improvement in scrap rates across Lecico in 2007

Financial overview

13

Return to growth driven by record sales

Record Annual Sales and once again Quarterly Sales…• Exports (+26% FY volume) drive record sanware sales quarter (+47% Y-o-Y) and year (+50%)

– Strong growth in domestic markets in the year (+13% Y-o-Y volume) and particularly in the quarter (+39%)– Possible due to new plant (+ c12% capacity) currently at capacity but growing (+ c17% expected in 2008)

• New tile line drives record sales in the quarter (+37% volume Y-o-Y) and the year (+16%)– Egypt strong but Lebanon and Exports weaker in Q4. Egypt demand continues in Q1 2008

• Revenue up 36% for the quarter and 38% for the year to LE 989.5

…leads to a record gross profits and strong profit growth• Gross profits up 39% for the quarter and up 37% for the year to LE 346.3 million

• Full year margin flat despite Sarreguemines consolidation and 10%+ input inflation in Egypt– Efficiency improvements, economies of scale on expansion and currency all contributed

• EBIT is up 125% for the quarter and 33% for the year to LE 157 million

• Net profit is up 58% for the quarter and 35% for the year to LE 107 million

14

Profit and loss highlights

Raw materials (31%)

Other materials (19%)

Energy (12%)

Salaries and wages (15%)

Depreciation (8%)

Other costs (15%)

Cost of sales breakdown (2007)

720 990559382265 697 652

39.1% 36.3%44.1%

49.6% 49.2% 52.7%59.9%

0

200

400

600

800

1,000

1,200

2001 2002 2003 2004 2005 2006 2007-16%

0%

16%

32%

48%

64%

Net salesLE million Exports (%)

Net Profit

118 15714018847 72 108

17.9% 18.9% 19.2%15.9%

26.9%

21.4%16.4%

0

40

80

120

160

200

2001 2002 2003 2004 2005 2006 20070%

5%

10%

15%

20%

25%

30%

EBIT

LE million Margin (%)

79 107844428 136 89

10.7% 11.6%15.0% 13.6%

11.0% 10.8%

19.5%

-30

0

30

60

90

120

150

2001 2002 2003 2004 2005 2006 2007-15%

-5%

5%

15%

25%

Margin (%)LE million

15

Segmental analysis

178 249 369 469 389 444 668

2.73.4

4.0 4.3 3.94.6

5.6

0100200300400500600700

2001 2002 2003 2004 2005 2006 2007

Rev

enue

s (L

E m

)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Volu

mes

(000

's p

cs)

Net sales revenue Total sales volume

65 74 93 110 101 96 11935 41 51 55 58 61 760

20

40

60

80

100

120

2001 2002 2003 2004 2005 2006 2007LE

per

pie

ceAv price/piece Av cost/piece

Sanitary ware – sales volumes and revenue Sanitary ware – gross profit and marginSanitary ware – selling price and cost per piece

83 110 168 234 164 161 244

36%

37%

46% 44% 46%42%

50%

0

50

100

150

200

250

2001 2002 2003 2004 2005 2006 2007

Gro

ss p

rofit

(LE

m)

0%

10%

20%

30%

40%

50%

60%

Gro

ss m

argi

n (%

)

Gross prof it Gross margin (%)

87 133 191 228 263 276 322

9.210.8

14.6 15.317.7 18.5

21.5

0

60

120

180

240

300

360

2001 2002 2003 2004 2005 2006 2007

Rev

enue

s (L

E m

)

0.4

5.4

10.4

15.4

20.4

25.4

Volu

mes

(sqm

m)

Net sales revenue Total sales volume

Tiles – sales volumes and revenues Tiles – selling price and cost per sqm Tiles – gross profit and margin

9 12 13 15 15 15 158 9 9 11 10 10 100

2

4

6

8

10

12

14

16

2001 2002 2003 2004 2005 2006 2007

LE p

er s

qm

Av price/sqm Av cost/sqm

103917866543918

32%33%30%29%28%30%

21%

0

20

40

60

80

100

120

2001 2002 2003 2004 2005 2006 2007

Gro

ss p

rofit

(LE

m)

0%

10%

20%

30%

40%

Gro

ss m

argi

n (%

)

Gross prof it Gross margin (%)

16

Segmental sales and margin breakdown

Segmental sales breakdown (2006 vs. 2007) Sanitary ware export volumes by geographySanitary ware sales volume by geography

2006

Sanitary ware (62%)Tile (38%)

2006

Egypt (34%)Lebanon (5%)Export (61%)

2006

Europe (84%)Middle East (11%)Africa & other (5%)

2007


2007


2007

Europe (86%)Middle East (9%)Africa & other (5%)

Segmental gross profit (2006 vs. 2007) Tile sales volume by geography

2006


2006


2007


2007


17

Balance sheet and cash flow

Working capital

210254242209192217266204 1091221107896129208216 109135991261039912698 14717116273105992262710

50

100

150

200

250

300

2000 2001 2002 2003 2004 2005 2006 2007

Days

Inventory days (Inventory/cost of sales) Receivables days (Receivables/net sales) Payables days (Payables/Cost of sales) Net w orking capital days

Returns and leverage Capital expenditures

2007 2008Khorshid Frit Plant 4Tile Expansion and Upgrade Plans 25Borg el Arab 3 & 4 19 5Sanitary Ware Decoration (Incl Land) 14 3Maintenance Work and Other 52 42Showroom 17 10Gres Porcellanato Tile plant phase 1 60

Total Capex 130 120

Investment Cost (LE m)

14%12%14%20%26%18%13%9% 12%13%14%26%19%15%11%9%

0.60.6

0.2

0.91.0

0.80.6

-0.1

0%

10%

20%

30%

40%

50%

60%

70%

2000 2001 2002 2003 2004 2005 2006 2007-1.0

-0.5

0.0

0.5

1.0

1.5

Return on equity ROIC Net debt/equity

18

Quarterly sales and profitability highlights

186 183 193 232 239 257 261171178153 152 158

-3%4%

-9%-16%

-6%3% 5% 8%

27% 29%40% 35%

80

120

160

200

240

280

1Q2005

2Q2005

3Q2005

4Q2005

1Q2006

2Q2006

3Q2006

4Q2006

1Q2007

2Q2007

3Q2007

4Q2007

-60%-45%-30%-15%0%15%30%45%

Consolidated Sales (LE m) and change Y-o-Y (%) Consolidated Gross Profit (LE m) and change Y-o-Y (%)LE million Y-o-Y (%) LE million Y-o-Y (%)

66 64 66 78 85 91 92596963 51 56

39%43%28%

40%28%

8%-3%

-11%

-32%-27%-14%

-2%

40

50

60

70

80

90

100

1Q2005

2Q2005

3Q2005

4Q2005

1Q2006

2Q2006

3Q2006

4Q2006

1Q2007

2Q2007

3Q2007

4Q2007

-60%-45%-30%-15%0%15%30%45%

35 36 18 35 40 40 41354437 24 29

125%

12%15%2%-22%

22%-23%

-24%

2%

-39%

-19%-37%

0

20

40

60

1Q2005

2Q2005

3Q2005

4Q2005

1Q2006

2Q2006

3Q2006

4Q2006

1Q2007

2Q2007

3Q2007

4Q2007

-50%-25%0%25%50%75%100%125%

20 25 18 23 28 28 28253415 15 17

58%

13%41%37%

-1%-42%

17%

-55%

-36%

-11%

-42%

15%

0

20

40

1Q2005

2Q2005

3Q2005

4Q2005

1Q2006

2Q2006

3Q2006

4Q2006

1Q2007

2Q2007

3Q2007

4Q2007

-80%-60%-40%-20%0%20%40%60%

Consolidated Net Profit (LE m) and change Y-o-Y (%)Y-o-Y (%)LE million

Consolidated EBIT Profit (LE m) and change Y-o-Y (%)

LE million Y-o-Y (%)

19

Cautiously optimistic outlook for 2008

• Lecico expects sales growth in 2008 through:– Continued market share gains in UK and France (new products, new sales channels, new products)– New OEM contracts with European manufactures and distributors– Growing sales in new target markets (Germany, Algeria, Saudi Arabia)

• But the year will be difficult with expectations of:– Poor economic performance in the US leading to slow growth in Europe– Political uncertainty and weak consumer confidence in Lebanon – Continued cost inflation – driven by Energy price increases in September 2007 and expected in 2008– A strengthening of the Egyptian pound against the Euro and Sterling impacting sales values and profitability

• Lecico will try to offset these pressures and defend margins through:– Continued focus on improving efficiency and reducing waste in its production process– Raising prices 3-4% in most markets– Continuing to target market shares in the middle market segment in the UK, France, Egypt and other markets

• Lecico expects profits to grow year-on-year despite these challenges but any improvement or significant worsening in these factors could have a meaningful impact on performance

20

Summary Income Statement

Income statement% %

(LE m) 2007 2006 07/06 2007 2006 07/06

Net sales 261.3 192.6 136% 989.5 719.5 138% Cost of sales (169.7) (126.9) 134% (643.1) (467.2) 138%Gross profit 91.6 65.8 139% 346.3 252.3 137%Gross margin (%) 35.1% 34.1% 0.9% 35.0% 35.1% (0.1%)

Distribution and Admin Expenses (44.6) (36.3) 123% (180.3) (122.9) 147%D&A Expenses/sales (%) (17.1%) (18.8%) 1.8% (18.2%) (17.1%) (1.1%)Net other operating income/(expense) (5.8) (11.1) 53% (9.2) (11.3) 81%Operating profit (EBIT) 41.2 18.4 225% 156.9 118.1 133%Operating (EBIT) margin (%) 15.8% 9.5% 6.2% 15.9% 16.4% (0.6%)

Net investment proceeds 0.0 11.3 - 1.2 11.9 10%Net interest expense (11.0) (6.7) 163% (39.5) (27.9) 141% Foreign currencies exchange differences 4.6 0.9 534% 11.3 1.5 749%Profits before tax and minority (PBTM) 34.9 23.8 147% 130.0 103.7 125%PBTM margin (%) 13.3% 12.4% 1.0% 13.1% 14.4% (1.3%)

Income and deferred tax (4.1) (4.0) 101% (13.5) (17.5) 77%Effective tax rate (%) (11.6%) (16.9%) 5.3% (10.4%) (16.8%) 6.5%Net Profit after tax (NPAT) 30.8 19.8 156% 116.5 86.2 135%Employee profit participation (2.2) (2.2) 100% (8.8) (7.6) 116%Net profit before minority interest 28.6 17.6 163% 107.7 78.6 137%Minority interest (0.3) 0.4 - (0.7) 0.6 (116%)Net Profit 28.3 17.9 158% 107.0 79.2 135%Net profit margin (%) 10.8% 9.3% 1.5% 10.8% 11.0% (0.2%)

4Q FY

21

Balance Sheet Highlights

Balance Sheet(LE m) 31-Dec-07 31-Dec-06 FY 07/FY06 (%) Cash and short-term investments 293.9 263.8 111% Inventory 370.2 325.2 114%Receivables & related party debit balances 292.8 248.2 118%Payables, Provisions and related party credit balances (190.4) (153.8) 124%Total current assets 472.6 419.6 113%Net fixed assets, intangibles and other non-current assets 739.7 667.3 111%Net assets employed 1,212.3 1,086.9 112%

Net short term debt 217.6 257.1 85%Long-term debt 204.2 126.2 162%Net debt 421.8 383.3 110%Net debt/equity (x) 0.56 0.57

Long-term payables and provisions 32.6 23.3 140%Net debt and long-term liabilities 454.4 406.6 112%

Equity 749.1 675.3 111%Minority Interest 8.8 5.1 174%Net capital employed 1,212.3 1,086.9 112%

22

Summary Cash Flow

Cash flow statement %(LE m) 2007 2006 07/06

Operating profit 156.9 118.1 133%Depreciation 56.4 40.9 138%Translation and other adjustments 9.1 14.1 65%Cash generated 222.4 173.1 128%Change in working capital and other adjustments (103.4) (271.7) 38%Net cash from operating activities 119.0 (98.6) -

Cash flow from investing activities (128.9) (161.9) 80%Cash flow from financing activities 92.0 (19.7) -Net change in cash & cash equivalent during the period 82.0 (280.2) -

Net cash and cash equivalent at beginning of the period (437.8) (157.6) 278%Net cash and cash equivalent at the end of the period (355.5) (437.8) 81%

FY

Share performance and data

24

Liquidity focused in GDRs• Lecico valued at a market cap of US$ 220 million with a 48% free float

– Lecico trading on: 11.2x 2007 PER, 5.0% proposed dividend yield with 100% bonus issue

• GDR trades approx US$ 0.12 million a day and on 27% of trading days

• Local share trades US$ 0.05 million per day and on 48% of trading days

• Plan/steps to improve liquidity:– Adjust share price in local market in early 2006– Trading limits on local share lifted from early 2008– Propose 100% bonus issue for 2007 results to double shares outstanding

• We are currently working with CMA on this but are unsure of success

Shareholding structure

Intage / Gargour

34%

Sanitec16%Treasury

1%

GDR float32%

Local float17%

GDR and Local share price

5

7

9

11

13

15

17

19

21

Nov

-04

Jan-

05M

ar-0

5A

pr-0

5M

ay-0

5Ju

l-05

Aug

-05

Oct

-05

Nov

-05

Dec

-05

Feb-

06M

ar-0

6M

ay-0

6Ju

n-06

Aug

-06

Sep

-06

Oct

-06

Dec

-06

Jan-

07M

ar-0

7A

pr-0

7Ju

n-07

Jul-0

7A

ug-0

7O

ct-0

7N

ov-0

7D

ec-0

7Ja

n-08

Feb-

08

20

40

60

80

100

120

140

GDR (USD, LHS) Local (EGP, RHS)

Share liquidity overview (GDR) Share liquidity overview (Local)

0

100

200

300

400

500

600

700

Feb-

05M

ar-0

5Ap

r-05

May

-Ju

n-05

Jul-0

5A

ug-0

5S

ep-0

5O

ct-0

5N

ov-0

5D

ec-0

5Ja

n-06

Feb-

06M

ar-0

6Ap

r-06

May

-Ju

n-06

Jul-0

6A

ug-0

6S

ep-0

6O

ct-0

6N

ov-0

6D

ec-0

6Ja

n-07

Feb-

07M

ar-0

7Ap

r-07

May

-Ju

n-07

Jul-0

7A

ug-0

7S

ep-0

7O

ct-0

7N

ov-0

7D

ec-0

7Ja

n-08

Feb-

08

0%10%20%30%40%50%60%70%80%90%100%

Av daily value (USD 000, LHS) Days traded (%, RHS)

020406080

100120140160180200220240260

Feb-

05M

ar-0

5A

pr-0

5M

ay-

Jun-

05Ju

l-05

Aug

-05

Sep

-05

Oct

-05

Nov

-05

Dec

-05

Jan-

06Fe

b-06

Mar

-06

Apr

-06

May

-Ju

n-06

Jul-0

6A

ug-0

6S

ep-0

6O

ct-0

6N

ov-0

6D

ec-0

6Ja

n-07

Feb-

07M

ar-0

7A

pr-0

7M

ay-

Jun-

07Ju

l-07

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08Fe

b-08

0%10%20%30%40%50%60%70%80%90%100%

Av daily value (USD 000, LHS) Days traded (%, RHS)

25

Thank you

For additional information, please contact:Taher G. GargourTelephone: +203 518 0011Fax: +203 518 0029Mobile: +2012 104 1047E-mail: [email protected]

Visit our website at: www.lecico.com

Forward-looking statements:This presentation may contain certain “forward-looking statements”, relating to Lecico Egypt S.A.E. business, which can be identified by the use of forward-looking terminology such as “will”, “planned”, “expectations”, “forecast” or similar expressions, or by discussions of strategy, plans or intentions. Such statements may include descriptions of investments planned or currently under development by Lecico Egypt S.A.E. and the anticipated impact of these investments. Such statements reflect the current views of Lecico Egypt S.A.E. with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of Lecico Egypt S.A.E. to be materially different from any future results that may be expressed or implied by such forward-looking statements.

mailto:[email protected]

http://www.lecico.com/

an egyptian exporter - lecico egypt · fy 2007 results presentation march 2008. corporate summary....

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