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					Golden Way Securities
Financial performance of Egyptian for Tourism Resorts

Research Department


                                                                                                      Basic Data
            Development of tourism, building tourist residential compound at Sahl Hashish,
            Red Sea Governorate, through equipping land with basic facilities and services,
            such as power stations, desalination plants, drainage and roads to execute hotel,
            tourism, residential, entertainment and service projects, whether by self or a third
            party.

                                                                                                    Share Data
           • Sector:                                                                                                                                                           Tourism
           • Industry:                                                                                                                                                         Real Estate
           • Share Currency:                                                                                                                                                   Egyptian Pound
           • No of Shares:                                                                                                                                                     1,050,000,000 Shares
           • Par Value:                                                                                                                                                        1.00 L.E
           • Paid Up Capital:                                                                                                                                                  1,050,000,000 L.E
           • Market Price in 25/05/2009:                                                                                                                                       2.03 L.E
           • Market Cap.:                                                                                                                                                      2,131,500,000 L.E
           • Book Value in march 2008:                                                                                                                                         1.00L.E
           • P/B.V Ratio in march 2008:                                                                                                                                        2.03 x
           • 52 Weeks Highest Price:                                                                                                                                           6.32L.E
           • 52 Weeks Lowest Price:                                                                                                                                            1.07 L.E
           • P/E Ratio for the year 2008:                                                                                                                                      8.06 x
           • Reuters Code:                                                                                                                                                     EGTS.CA

                                                                                                                                                                                                                              ( Source: Mubasher)


                                                                                  Share Performance

                           EGX3 0 - p re vio u s ly, C ASE3 0 (5 ,7 8 9 .6 5 , 5 ,8 7 6 .2 2 , 5 ,7 8 9 .6 5 , 5 ,8 7 1 .0 8 , +8 1 .4 3 0 2 ), ٠ .٠٣٠٠٠- ،٢ .٠٦٠٠٠ ،٢ .٠٥٠٠٠ ،٢ .١٣٠٠٠ ،٢ .٠٨٠٠٠) ‫)اﻟ ﻤﺼ ﺮﻳﺔ ﻟﻠ ﻤﻨﺘﺠﻌ ﺎت اﻟﺴ ﻴﺎﺣﻴﺔ‬
                                                                                                                                                                                                                                                      11500

   6 .5
                                                                                                                                                            E GX 3 0                                                                                  11000


   6 .0
                                                                                                                                                              E GT S                                                                                  10500


                                                                                                                                                                                                                                                      10000
   5 .5
                                                                                                                                                                                                                                                       9500


   5 .0                                                                                                                                                                                                                                                9000


                                                                                                                                                                                                                                                       8500
   4 .5

                                                                                                                                                                                                                                                       8000

   4 .0
                                                                                                                                                                                                                                                       7500


                                                                                                                                                                                                                                                       7000
   3 .5

                                                                                                                                                                                                                                                       6500

   3 .0
                                                                                                                                                                                                                                                       6000


                                                                                                                                                                                                                                                       5500
   2 .5

                                                                                                                                                                                                                                                       5000
   2 .0
                                                                                                                                                                                                                                                       4500


   1 .5                                                                                                                                                                                                                                                4000


                                                                                                                                                                                                                                                       3500
   1 .0
                                                                                                                                                                                                                                                       3000


          Ju n e   Ju ly              Au g u s t             Se p te m b e r        Octo b e r          N o ve m b e r          D e ce m b e r      2009                 Fe b ru a ry          Ma rch                   Ap ri l       Ma y   Ju n e




                                                                                                                                                                                                            (Source:                  Metastock) 


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Golden Way Securities
Financial performance of Egyptian for Tourism Resorts

Research Department


                                 Share holders' Structure




                                                                                                              
                                                                                          (Source:    ISI)
                                                         

                                              Latest News
        • Tourism Resorts shareholder meeting OKs dividend freeze …

       Egyptian for Tourism Resorts OGM, held last Thursday, approved the board’s report on business
       activities, the auditor’s report as well as financial statements for the FY ended on 31/12/2008. The
       meeting also gave the go-ahead for the board’s recommendation on withholding dividend distribution for
       FY08. In addition, shareholders endorsed contracts concluded with related parties, discharged the board
       members from liability for the FY ended on 31/12/2008, set their attendance and travel allowances for
       FY09 and gave a nod to the board restructure made during FY08. They appointed an auditor for FY09
       and set his fees. Shareholders also endorsed FY08 donations and authorized the board to donate a
       minimum of EGP 1000 during FY09. The EGM gave the go-ahead for maintaining treasury shares for
       other 6 months.

                                                                         (Source:   Mubasher 24/5/2009)




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Golden Way Securities
Financial performance of Egyptian for Tourism Resorts

Research Department


                                 Financial Performance

           Income Statement (EGP)           31/03/2009     31/03/2009    Change%

       Revenues                              6,667,582      6,255,560       6.59
       Cost of Sales                         2,153,190      860,208        150.31
       Gross Profit                          4,514,392      5,395,352     (16.33)
       Operating Profit (loss)               (620,261)      166,386       (472.78)
       Holding Company's Profit (loss)      10,287,202     (7,635,889)     234.72
       Net Profit (loss)                     9,255,217     (6,997,879)    (232.26)


           Balance Sheet (EGP)            31/03/2009      31/12/2008     Change%

       Total Long Term Assets            443,071,312      479,551,988      (7.61)
       Total Current Assets              1,124,737,793   1,070,512,805      5.07
       Total Current Liabilities         238,597,928      233,641,004       2.12
       Working Capital                   886,139,865      836,871,801       5.89
       Owners Equity                     1,051,666,191   1,041,378,989      0.99
       Minority Equity                    76,867,594      77,899,579       (1.32)
       Total Investment                  1,329,211,177   1,316,423,789      0.97



       Cash Flow Statement (EGP)          31/03/2009     31/03/2008      Change%

       Cash Flow from Operating           3,871,259       7,842,028       (50.63)
       Cash Flow from Investing          (15,069,699)    (4,424,323)     (240.61)
       Cash Flow from Financing                  -       60,237,430      (100.00)
       Beginning of the year Balance     371,172,352     462,279,870      (19.71)
       End of the year Balance           359,973,912     525,935,005      (31.56)




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Golden Way Securities
Financial performance of Egyptian for Tourism Resorts

Research Department


                                 Financial Ratios

                                             31/03/2009    31/12/2008
         Return on Equity%                      0.98         25.41
         Return on Assets%                      0.66         17.07
         Return on Investment%                  0.77         20.10
         Current Ratio(x)                       4.71          4.58
         Quick Ratio (x)                        4.71          4.58
         Cash Ratio (EGP)                       1.51          1.59
         Total Assets Turnover (x)             0.004         0.224
         Debt Ratio%                           28.02         27.79
         Debt to Equity Ratio%                 38.92         38.49
         Loans to Equity %                       -              -
         Loans to Assets %                       -              -
         Number of Shares                1,050,000,000    1,050,000,000
         Book Value                             1.00          0.99
         P/B.V                                  2.03          2.05


                                             31/03/2009    31/03/2008
         Net Profit Margin%                   154.29        (122.07)
         COGS/Revenues%                        32.29         13.75
         Gross Profit Margin%                  67.71         86.25
         EPS (EGP)                              0.01         (0.009)




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Golden Way Securities
Financial performance of Egyptian for Tourism Resorts

Research Department


                                               Disclaimer
   This memorandum is based on information available to public. This report is not an offer to buy
   or sell, or solicitation of an offer to buy or sell the securities mentioned. The information and
   opinions in this report were prepared by Golden Way Securities from sources it believe to be
   reliable and from information available to the public. Golden Way Securities make no guarantee
   or warranty to the accuracy and thoroughness of the information mentioned in this report, and
   accepts no responsibilities or liability for losses or damage incurred as a result of opinions
   formed and decisions made based on information presented in this report.

    

                                  ***Research Contacts ***                                                      


          Contact  person                  Contacts                               E mail  

         Nirmeen hammad            Research dep. manager          Nirmeen.hammad@goldenway.com.eg           




                                     Head of Technical
          Karim abdel hady                                         k.abdel‐hady@goldenway.com.eg 
                                        Analyst dep
         Mohamed mahrous              Financial analyst               m.mahrous@goldenway.com.eg        




        Reham Mohey El.din             Financial analyst              R.Ghoneim@goldenway.com.eg    




           Research dep                  Research dep                  Research@goldenway.com.eg  
             Contact us                   Contact us                       info@goldenway.com.eg
                                                                                                                

                                        *** Branch's ***
    

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       Add: 36 Shooting Club St. – 7thfloor – Dokki
   Tel : + 202 33384171/2/3/4 
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   Tel : +202 26908498 
   Fax: + 202 22901422
   E mail :                                         www.goldenway.com.eg




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