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= X2 /

0.42

= X3 /

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= X4 /

0.463

= X5 /

0.271

:
.262

) (Z
) (Z .

.185
118

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6
:

Z = 17 X1+ 9 X2 + 3.5 X3 + 20 X4 + 1.2 X5 + 0.1 X6

:
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= X1 /

17

= X2 /

= X3 /

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20

= X5 /

1.2

= X6 /

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:
.182

.182
119

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Sherrord

Z > 25

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:
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.

121

:



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.

http://www.saudicement.com.sa/growth.htm le 16/03/2011 10 :28.

122

:
:
-1 :
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.
:
1961 300

1981 1500

1992 .
1997 7825

2005
20
160 2,2
2009
7
2010 1020
1530 .%.50

123

-2 :


:
) : (13
1955

1300

http://www.saudicement.com.sa
31411

306

http://www.argaam.com/Portal/Company/CompanyProfile.aspx?companyId=56&marketId=3

) : (14

8.50 %

13.00

7.90 %

12.09

5.30 %

8.11

:
http://www.argaam.com/Portal/Company/CompanyProfile.aspx?companyId=56&marketId=3

) (2010-2006 http://www.saudicement.com.sa/frame.htm. :
124

:
) : (15

36.00 %

33.30 %

:
http://www.argaam.com/Portal/Company/CompanyProfile.aspx?companyId=56&marketId=3

2010
152615000

.
-3 1:
:
-1-3 : .
-2-3 :


.
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.

http://www.saudicement.com.sa le 13/02/2011 11.39.

125

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-5-3 :


:

%3 %5

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-9-3 :
)
(

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) (833

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) (%10
) (%50

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127

 :
:

-1 :
) : (16 2010-2006/12/31
/

2006

2008

2007

2009

2010

=
/

5.016

0.533

0.852

0.795

1.183

=) -
-
(/

4.012

0.173

0.611

0.282

0.469

854.02

152.88-

620.23-

269.34-

116.94

=)+
(/

3.238

0.0023

0.263

0.142

0.123

=)
-(360/

2.37

0.638

1.758

1.118

0.96

:
http://www.saudicement.com.sa
-1-1 :
2010
.

128

= 2010 / 2010
2010
= 1.183 = 735.56 / 870.05
) = 2010 2010 2010
/ (2010 2010
= ) 0.469 = 735.56 / (0-525.38-870.5
= 2010 2010
2010
= 116.94 = 753.56 870.5
) = 2010 + 2010 / (2010

= / 0 + 90.74 = 0.123
= ) ( 360 /
= 0.96 = 360 / 525.38 870.5
-2-1
.2010-2006
:
1 2006 2010

1

129

:



:
1 4
2006
: 2006 2010

:
2006
.
-2 :
) : (17 2010-2006
/

2006

2008

2007

2009

2010

=
/

0.2750

0.2275

0.1677

0.1448

0.1606

0.4127

0.2507

130

0.1839

0.1759

0.2052

 :

=

0.7871

0.7665

0.8854

0.7823

0.8012

=/360

457.37

469.66

406.59

460.18

449.32

=
/

2.9626

3.2287

1.9339

1.2219

1.3131

=/360

121.5148

111.4999

186.1523

294.6231

274.1603

5.2571

4.7887

4.8224

4.7311

4.1099

68.4788

75.1769

74.6516

76.0922

87.5933

=/360

11.0592

3.1150

1.5163

1.9176

2.7799

=/360

32.55

115.57

237.42

187.73

129.50

=
+

157.4436

71.1066

23.38

182.9853

:
http://www.saudicement.com.sa

131

232.25

-1-2 :
2010 .
= 2010 / 2010 2010
:

= + 2009 2 / 2010

0.1606= 2/ [ (4955.22 + 4616.67 ) ] / 768.91 =2010

= 2010 / 2010
2010
= 0.2052 = 3746.18 / 768.91
= 2010 / 2010
2010
: = + 2009 2/ 2010
: 2/ [ (1048.3+870.15 ) ] / 768.91 = 2010
= 0.8012
= 2010 / 2010
2010
: ) = 2010 + 2009
2 / (2010
: 1.3131 = 2/ (645.71 + 525.38) / 768.91 = 2010

/ 360 =2010 2010
= 274.1603 = 1.3131 / 360

132

= 2010 / 2010
2010
: = 2010 +2009
2 / 2010
: 2 / [(160.77+213.51 ) ] / 768.91 = 2010
= 4.1099
/ 360 = 2010 2010
= 87.5933
= 2010 / 2010
2010
: = 2010 +2009
2 / 2010
: 2 / [(295.24+249.56 ) ] / 757.25 = 2010
= 2.7799
= / 360 2010
= 129.50 = 2.7799 / 360
= 2010 + 2010
2010 2010
= 232.25 = 129.50 87.5933 + 274.1603.
-2-2
.2010-2006
:

133

%14.48 2009 %27.50 2006

:



2006 %41.27

:

2006 %78.71

2008 %88.54

:
460-406



:

134

:



2006 2008


:



5.25 2006 2009
4.7311
:




2006
68
:


2006 11.0592

135

2.7799 2010

:




2009 187.73
2006 32.55
2009
:



2010
232 .2011
-3 :
) : (18 2010-2006/12/31
/

2006

2007

2008

2009

2010

=
/

0.907

0.900

0.859

0.882

0.886

=
/

0.944

0.919

136

0.882

0.859

0.858

0.251

0.263

0.218

0.191

0.196

/
=
/

11.531

11.493

8.979

8.436

9.58

0.178

0.236

0.137

0.119

0.143

:
http://www.saudicement.com.sa
-1-3 :
= 2010 / 2010 .2010
= 0.886 = 768.91 / 681.37
= 2010 / 2010 .2010
= 0.858 = 786.91 / 659.51
= 2010 / 2010
.2010
= % 19.6 = 0.196 = 3371.27 /659.51
= 2010 / 2010
= 9.58 = 68.84 /659.51

137

= 2010 / 2010
2010
= . 0.143 = 4616.67 / 659.51
-2-3
.2010-2006
:
2006 %90.70



:
2006 %90.70



:


2006 2007
%26.3 %25.1 %19.2
%21.8
:
%8

:

138

2006 %23.6
.
-4
) : (19 2010-2006

2006

2007

2008

2009

2010

=
/

0.105

0.291

0.328

0.379

0.270

=
/

0.180

0.207

0.222

0.105

0.0595

0.1058

0.0955

/

=
/

0.117

0.408

0.494

0.610

0.369

0.2536

0.3294

0.3323

0.1442

/

=

0.0948

0.1582

0.1307

/
=

0.8953

0.7093

139

0.6273

0.7779

0.7303

 :
=
+

3.304

12.574

2.347

1.962

3.8

:
http://www.saudicement.com.sa

-1-4 :
= 2010 / 2010
2010
= %27 = 0.270 = 4616.67 / 3371.24
= 2010 / 2010
2010
= %36.9 = 0.369 = 3371.24 / 1245.44
= / 2010 2010
= %10.5 = 0.105 = 4616.67 / 486
= / 2010 2010
= %9.55 = 0.0955 = 4616.67 / 440.8
= / 2010
2010
= %36.9 = 0.369 = 3371.24 / 1245.44
=2010 /2010
2010
= % 14.42 = 0.1442 = 3371.24 / 486

140

=2010 /2010
2010
= %13.07 = 0.1307 = 3371.24 / 440.8
=2010 / 2010
2010
= %73.03 = 0.7303 = 4616.18 / 3371.24
) = 2010 + 2010
/(2010
= ) . %380 = 3.8 = 1245.44 / ( 116.94 + 4616.18
-2-4
.2010-2006
:


%100

%10.50 2006
2009 %37.9

:
2006

:


2006 %11.7
141

2009 %61.10

:
2010 %73.03
4616.18
) 3371.19 = 0.7303 X 4616.18 (
:

2

2 2006
12.56 2009
1.96
.

142

:


:
-1 :

2010
347 213.51
1841.24

686.4
4.49.
-2 :
2010 116.94
486

:

http://www.argaam.com/Portal/Default.aspx le 22/03/2011 07 :33

143

) : (20
2010

2009

2009

2010

.

:
http://www.saudicement.com.sa
-3 :



2010
.





.

144

:






.
:
-1 :
-1-1 : .2006
) : (21

2006

100

...

100

...

100

...

637.77

586.97

613.26

2006

107.62

48.63

117.40

102.19

109.75

59.53

686.4

689.16

672.79

2007

97.42

)(16.45

111.40

66.96

98.76

)(7.58

621.32

653.93

605.68

2008

92.25

)(49.42

126.05

152.94

98.8

)(7.3

588.35

739.91

605.96

2009

107.62

48.63

143.92

257.81

111.1

68.11

686.4

844.78

681.37

2010

:
http://www.saudicement.com.sa

145

-1-1-1 :
= 2010 2010
2006
= 68.11 = 613.26 681.37
) = 2010 / 2010
100 X (2006
= ) 111.1 = 100 X ( 613.26 / 681.37
= 2010 2010
2006
= 257.81 = 586.97 844.78
) = 2010 / 2010
100 X (2006
= ) 143.92 = 100 X ( 586.97 / 844.78
= 2010 2010
2006
= 48.63 = 637.77 686.4
) = 2010 / 2010
. 100 X (2006
= ) 107.62 = 100 X ( 637.77 / 486.4
.
-2-1-1 :



.

146

-2-1

2011 2016

.
: N 0.25 = 1+7/2 = N+1 / 2 = : .
-1-2-1
) : (22

2004

437.50

2005

848.29

437.50

2006

637.77

549.19

437.50

2007

686.40

571.34

465.42

2008

621.32

600.10

491.90

2009

588.35

605.40

518.95

2010

686.40

601.44

540.56

:
http://www.saudicement.com.sa
a7 = 2 t - t = ( 2 x 601.44 ) 540.56 = 662.32
b7 = / 1- ( t t ) = 0.25/0.75 ( 601.44 540.56 ) = 20.29
: 2011
(7+1) = a7 + b7 . p = 662.32 + 20.29 x 1 = 682.61
5 2016 :
(7+6) = a7 + b7 . p = 662.32 + 20.29 x 6 = 784.06
147

-2-2-1 :


.
-2
-1-2

:
:
.

-1-1-2 b1 b0
) : (23

)(Y

)(x

X2

xy

2003

866.89

431.54

186226.77

374097.71

2004

940.45

470.85

221699.72

442810.88

2005

111.63

587.57

345238.50

65590.43

2006

1200.23

524.21

274796.12

629172.56

2007

1361.95

614.97

378188.10

837558.39

2008

1295.61

555

308025

719063.55

2009

1345.88

685.43

469814.28

1641570.07

2010

1526.15

757.25

573427.56

1155677.08

8648.79

4626.82

2757416.07

5146477.15

:
http://www.saudicement.com.sa
) = b0 + b1 . X .(1
8626.82 = 8 b0 + 4626.82 b1

y = n b0 + b1 . X

5146477.15 = 4626.82 b0 + 2757416.07 b1

XY = b0 . X + b1 . X2

148

= (8 x 2757416.07) ( 4626.82 x 4626.82 ) = 651865.25

b0 = (8626.82 x 2757416.07) (5146477.15 x 4626.82) / 651865.25 = - 36.96
b1 = (8 x 5146477.15) (8626.82 x 4626.82)/ 651865.25 = 1.93
) (1 :

= - 36.96 + 1.93 X

-2-1-2 :


100
) 156.04 = 100 x 1.93 + 36.96- (.

-2-2

:

.

-3-2

: 2010

2010/12/31 28.6
.

http://www.argaam.com/Portal/Company/CompanyProfile.aspx?companyId=56&marketId=3
le 24/01/2011 20 :20
149

) : (24

= (E.P.S): /

4.47

= (D.P.S): /

1.78

= (P\E): /

6.40

= (B.V): /

22.03

= (Fair.V): /

30.17

:
http://www.saudicement.com.sa
= 4.47 = 153 / 684.4
= 1.78 = 153 / 0.4 x 684.4
= 6.40 = 4.47 / 28.6
= 22.03 = 153 / 3371.24
= 30.17 = 153 / 4616.67.
-1-3-2 :
4.47 %40
1.75
2010/12/31
30.17 2010/12/31
28.6 2010/12/31 22.03

6.40 .

150

-4-2

-1-4-2 :
) : (25 /12/31
2010

) ( =

6.40

= )

%22.26

X ( 100 x
=

%130

= )

%5.05

( 100 X
= )

%129.82

( 100 X
:
http://www.saudicement.com.sa
= 6.40 = 4.47 / 28.6
= %22.26 = 684.4 x 0.042 / 6.40
= %130 = 22.03 / 28.6
=) %6.25 = 100 x (153x28.6 / 0.4 x 684.4
=) . %129.82 =( 22.03 / 28.6
-2-4-2 :
6.40

151

1 0.2226

%130


%6.25 %6.25


%129.82

.
-5-2

.
) : (26
2010/2006
2010

2006

1066.66

0.394

870.5

0.189

1637.93

0.606

3746.18

0.811

2704.58

4616.67

212.64

0.751

735.56

0.591

70.36

0.249

509.88

0.409

283

1245.44

:
http://www.saudicement.com.sa

152

-1-5-2 : 2010
-1-1-5-2 :
2010 2006

= 0.189

0.060- = 0.394/0.189
2010 0.811 = 2006
0.103 = 0.606/0.811
2010 = 2006 +
= . 0.497- = 0.103 + 0.60-
-2-1-5-2 2010 : 2006
2010 0.591 = 2006
0.061- = 0.751/0.591
2010 0.904 = 2006
0.506 = 0.249/0.904
= . 0.445 = 0.506 + 0.061-
-2-5-2 : 2010
2006
2006

2006


.

153

:



:
-1 :



:
-1-1 :
:
.

.
-2-1 : :

http://www.saudicement.com.sa/growth.htm le 23/03/2011 22 :31

154

-3-1 :
:






.
-4-1 :
:






.
-5-1 :
:



.

http://www.saudicement.com.sa/managment.htm le 23/03/2011 22 :39

155

-2 : 1 :



)(


)(
.


) (ASTM C-150
) ( BS - 4027 ) ( EN - 197 - 1
)(
9001:1994 1996

2004 2000):
(9001
.TUV NORD

-3 :
2
1961




http://www.saudicement.com.sa/quality.htm le 23/03/2011 22 :23.
http://www.saudicement.com.sa/marketing.htm le 23/03/2011 22.26.
156

1
2

1


.
-4 :


.







.

http://www.saudicement.com.sa/export-terminal.htm le 23/03/2011 21 :12.

157

:

:
-1 ): (EVA
:
1 % 4.2 :
2 %20
3 % 4.6
41.5
%16
5% 6
.6%8

EVA = NOPAT WACC x I

=2010 NOPAT + 2010 ) -1 ( +
) -1 (.
715.144 = (0.2-1) 21.52 + (0.2-1) 16.91 + 684.4 =2010 NOPATT
WACC (2010) = (D/D+E) Kd (1-t) + (E/D+E) Ke
(D/D+E) Kd (1-t) =[ 440.8/(440.8+3371.24) ] ( 0.08) (1- 0.2) = 0.74%
1

http://www.alriyadh.com/2010/12/31/article590485.html le 20/03/2011 20 :30

http://www.arabianbusiness.com/arabic/596696?tmpl=print_ar&page= le 20/03/2011 20 :32
3
http://www.aleqt.com/2009/11/13/article_300884.html le 20/03/2011 20 :36
4
http://www.nqeia.com/vb/threads/35304-Beta-Coefficient le 20/03/2011 20 :39
5
http://www.iraqism.com/vb/archive/index.php/t-6979.html le 20/03/2011 20 :46
6
http://www.iraqism.com/vb/archive/index.php/t-6979.html le 20/03/2011 20 :58

158

]) (E/D+E) Ke = [3371.24/ (440.8+3371.24) ] [ 0.06 + 1.5 ( 0.16 0.06

= 18.57%
WACC 2010= 0.74 + 18.57 = 19.31
= I :
I = 1245.44 - 735.36 = 509.88
:
EVA = 715.144 ( 509.88 x 0.1931) = 138.09
EVA

.
-2 : MVA
MVA = MVE BVE
:
: MVE = 2009/12/31 X
2010/12/31
28.6 x 153 =MVE 2010 = 4375.8
: BVE = 3371.24

MVA 2010 = 4375.8 - 3371.24 = 1004.56

.

159

-3 : :
) : (27 2010-2006

EVA

2006

145.03

2007

122.65

2008

117.36

2009

128.13

2010

138.09

:
http://www.saudicement.com.sa
2009-2006
.2010
:
PVEVA = EVA1/(1+WACC) + EVA2/(1+WACC)2 + .+ EVA5/(1+WACC)5
PVEVA = 145.03/(1+0.1931) + 122.65 /(1+0.1931)2 + .+ 138.09/(1+0.1931)5
PVEVA = 121.56 + 86.16 + 69.10 + 63.23 + 57.19 = 397.24


.
:
MVE = BVE PVEVA = 3371.24 397.24 = 2974

160

.
:
-1

Altman and Mc Cough 1974 : :

Z = 0.012 X1 + 0.014 X2 + 0.033 X3 + 0.006 X4 + 0.010 X5

-1-1 :
) : (28 Altman and
Mc Cough

= X1 /

0.025

0.012

0.0003

= X2 /

0.09

0.014

0.0126

= X3 /

0.55

0.033

0.01815

= X4 /

3.51

0.006

0.02106

= X5 /

0.331

0.010

0.00331

0.055

:
http://www.saudicement.com.sa

161

-2-1 :
Altman and Mc Cough 0.055
1.81
2010
.
-2

:Kida :
Z = 1.042 X1+ 0.42 X2 0.461 X3 0.463 X4 + 0.271 X5

-1-2 :
) : (29 Kida

= X1 /

0.148

1.042

0.154216

= X2 /

2.71

0.42

1.1382

= X3 /

0.104

0.461

0.047944

= X4 /

0.331

0.463

0.15325

= X5 /

0.020

0.271

0.00542

1.097

:
http://www.saudicement.com.sa

162

-2-2 :
Kida 1.09
.
-3

: Sherrord :

Z = 17 X1+ 9 X2 + 3.5 X3 + 20 X4 + 1.2 X5 + 0.1 X6

-1-3 :
) : (30 Sherrord

= X1 /

0.025

17

0.425

= X2 /

0.0197

0.1773

= X3 /

0.730

3.5

2.555

= X4 /

0.148

20

2.96

= X5 /

3.707

1.2

4.4484

= X6 /

0.899

0.1

0.0899

10.657

:
http://www.saudicement.com.sa

163

-2-3 :
Sherrord 10.657
20 > Z > 5
.
:

.
) : (31
2010

0.886

0.867

0.936

0.942

0.904

0.858

0.923

0.800

0.923

0.885

0.196

0.208

0.104

0.228

0.162

0.143

0.180

0.061

0.232

0.145

4.49

4.87

3.18

4.70

3.99

164

-1 :
.
-2 :

4.49
4.87
4.70




.





) .(Leasing

165

:





.





Kida Altman and Mc Cough

Sherrord

.

166


:








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.

167

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168



:
:





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)
(

169

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.

170


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:

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.

171



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.8 .2003
.9 " "
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.10

.1999
.11

.2001

.12

.1986

.13

.2000
.14

"

.1976
.15

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172


.16

.1990
.17

.2002

.18

.2005

.19

.2000
1

.20

. 2006
.21

.2002
.22

.2008

.23

.1997

.24

.2007

.25

.1995

.26

) - - -(

.2003
.27

" "

.1999
.28

.2008
.29

.2008

.30

1
.2007

173


.31

.2007
.32

.2001
.33

. 2008

.34

.1996

.35

.2008
.36

.2008

.37

.2004
.38

.2007

.39

1997
.40

.2006
.41

.2006

.42

.2008
.43

.44

.2007

.1998
.45

1 .1996

174


.46

.2004
.2007

.47

.2
.1998
.1

.2002
.3
.2005
.4

.2007

.5
.2008
.6
.2004
.7
.2005
.8
.2005

175



.1
.2005
.2
.1977
.3
.2006 30
.4 " "
2006. 4
.5
.2005
.6
.2006
.7
.1985
.8
68 .1993
.9 .
.1990
.10

.2001

.11

.1982
.12

7 .2010
.13

" "

.1991

176



.1
http://www.borsaat.com/vb/t98519.html
.2 www.investolife.com
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.3
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.4

12 manage
http://www.12manage.com/methods_balancedscorecard_ar.html
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http://www.ao-academy.org 2006
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http://stocksexperts.net/showthread.php?t=9489
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http://forum.arabictrader.com/forum.php
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http://www.borsaat.com/vb/t318.html
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http://stocksexperts.net/showthread.php?t=31776
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http://www.saudicement.com.sa .14
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http://www.arabiacement.com/

.16

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.17

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Collection Entreprendre, Vuibert, Paris,2001.
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Economica, Paris, 2001.
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finance", Les essentiels de la gestion, Editions management et socit, paris
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review, paris Septembre 1998.
3. G.B.Stewart, "EVA : fact or fantasy", Journal of applied corporate finance,
Vol7, paris 1994.
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valeur au-del des actionnaires", Les cahiers de landit, N3, Quatrime
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7. M. Albouy, "Thories, applications et limite de la mesure de la cration de
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franaise de gestion, N 157, paris 04/2005.
9. Richard, Christelle , robert, article accept de contribution lanalyse de la
qualit, paris 2002.
Web sites

1. http://www.investopedia.com/university/financialstatements/
2. www.investolife.com
3. http://www.gulfbase.com/site/interface/arabic/glossary.html#29
4. http://www.vipxvip.org/vb/t29879.html
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180


) : (1 2010-2006

2006

2007

2008

2009

2010

688.55
149.65
213.44
15.01

271.98
162.32
249.27
198.73

31.42
129.90
479.42
68.43

186.82
160.77
645.71
55.01

90.74
213.51
525.38
40.87

1,066.66

882.30

709.17

1,048.30

870.50

1,578.59
55.31
4.00
0.00

2,918.72
59.72
0.00
0.00

3,761.31
69.20
0.00
0.00

3,837.45
69.47
0.00
0.00

3,677.34
68.84
0.00
0.00

1,637.93

2,978.44

3,830.50

3,906.92

3,746.18

2,704.58

3,860.73

4,539.67

4,955.22

4,616.67

53.65

340.56

391.48

295.24

249.56

0.00
158.99

694.62
0.00

937.92
0.00

1,022.39
0.00

486.00
0.00

212.64

1,035.18

1,329.40

1,317.64

735.56

0.00
70.36

0.00
86.98

270.00
92.57

486.80
73.93

440.80
69.08

70.36

86.98

362.57

560.73

509.88

283.00

1,122.15

1,691.97

1,878.37

1,245.44

1,020.00
1,401.59
0.00
2,421.59
153.00
15.83

1,020.00
1,718.58
0.00
2,738.58
153.00
17.90

1,020.00
1,827.70
0.00
2,847.70
153.00
18.61

1,020.00
2,056.85
0.00
3,076.85
153.00
20.11

1,530.00
1,841.24
0.00
3,371.24
153.00
22.03

)(

: http://www.saudicement.com.sa/
181


) : (2 2010-2006

2006

2007

2008

2009

2010

1,200.23
)(524.21
676.02

1,361.95
)(614.97
746.98

1,259.61
)(555.00
704.61

1,345.88
)(658.43
687.44

1,526.15
)(757.25
768.91

)(62.76

)(74.19

)(98.93

)(81.48

)(87.53

613.26

672.79

605.68

605.96

681.37

13.46

25.98

6.95

8.87

8.84

0.00

0.00

)(4.50

)(29.53

)(21.52

25.80

23.63

29.12

18.15

7.73

0.00
)(14.75
0.00

0.00
)(19.53
0.00

0.00
)(15.93
0.00

0.00
)(15.10
0.00

0.00
)(16.91
0.00

637.77

686.40

621.32

588.35

659.51

153.00

153.00

153.00

153.00

153.00

4.17

4.49

4.06

3.85

4.49

)(

: http://www.saudicement.com.sa/

182


) : (3 2010-2006

2010

2009

2008

2007

2006

147.06

65.80

451.96

116.62

510.10

218.19
208.21
0.00
573.45
3,310.47
253.61
0.00
20.30

203.80
156.75
0.00
426.35
3,073.17
304.51
0.00
17.26

404.76
115.61
0.00
972.33
2,399.65
243.06
32.28
0.00

159.46
111.15
0.00
387.22
1,562.89
352.74
0.00
0.00

133.10
134.92
0.00
778.13
853.01
178.46
0.00
0.00

3,584.38

3,394.93

2,674.99

1,915.63

1,031.47

4,157.83

3,821.28

3,647.32

2,302.85

1,809.59

186.46

130.39

140.74

77.58

67.85

213.89
28.09

192.95
82.09

242.86
67.84

96.73
66.98

0.00
67.31

428.44

405.43

451.44

241.29

135.16

1,190.95
96.35

1,103.63
89.89

816.71
143.51

185.41
34.62

0.00
27.65

1,287.30

1,193.52

960.22

220.03

27.65

1,715.74

1,598.95

1,411.66

461.32

162.81

800.00
1,565.18
76.91
2,442.09
80.00
30.53

800.00
1,332.29
90.04
2,222.33
80.00
27.78

800.00
1,399.51
36.15
2,235.66
80.00
27.95

700.00
1,007.24
134.29
1,841.53
70.00
26.31

600.00
943.76
103.02
1,646.78
70.00
23.53

)(

: http://www.arabiacement.com/

183


) : (4 2010-2006

2010

2009

2008

2007

2006

744.59
)(426.55
318.04

737.03
)(347.93
389.10

917.26
)(527.56
389.70

721.57
)(299.73
421.84

747.85
)(375.20
372.65

)(42.28

)(48.66

)(57.16

)(44.69

)(48.64

275.76

340.44

332.54

377.15

324.00

10.63

6.24

12.21

29.40

27.08

)(8.16

)(9.97

)(7.70

0.00

0.00

0.00

)(50.00

0.00

0.00

0.00

1.16
)(9.51
)(15.33

0.47
)(18.30
)(97.00

)(5.56
)(10.02
0.00

0.00
)(13.40
0.00

0.00
)(17.51
0.00

254.55

171.89

321.48

393.15

333.58

80.00

80.00

80.00

70.00

70.00

3.18

2.15

4.02

5.62

4.77

)(

: http://www.arabiacement.com/

184


) : (5 2010-2006

2010

2009

2008

2007

2006

699.68

712.21

643.10

440.79

259.82

263.59
132.27
6.05
1,101.59
2,113.54
394.11
0.00
44.15
2,551.79

252.41
97.18
6.10
1,067.90
2,216.06
378.90
0.00
31.38
2,626.34

153.49
88.12
7.12
891.83
2,395.54
263.99
0.00
37.76
2,697.29

223.51
50.22
0.93
715.44
2,498.30
336.38
0.00
57.31
2,891.99

249.01
29.55
1.69
540.06
2,366.49
170.02
0.00
18.69
2,555.20

3,653.38

3,694.24

3,589.12

3,607.43

3,095.26

93.48

96.21

75.58

151.92

65.84

77.38
74.90

154.55
66.93

140.83
58.66

0.00
53.08

0.00
49.12

245.76

317.69

275.07

205.00

114.96

189.89
59.04
248.93

267.27
54.12
321.39

421.82
50.84
472.66

581.25
46.27
627.52

761.25
41.65
802.90

494.69

639.08

747.73

832.52

917.85

1,350.00
1,758.86
49.83
3,158.69
135.00
23.40

1,350.00
1,644.33
60.83
3,055.16
135.00
22.63

1,350.00
1,489.98
1.41
2,841.39
135.00
21.05

1,350.00
1,285.13
139.78
2,774.91
135.00
20.55

1,350.00
827.41
0.00
2,177.41
135.00
16.13

)(

: http://www.yamamacement.com/

185


) : (6 2010-2006

2010

2009

2008

2007

2006

1,271.93
)(560.05
711.87

1,163.01
)(543.07
619.93

1,122.93
)(457.10
665.83

1,185.50
)(414.59
770.91

950.13
)(318.10
632.02

)(45.64

)(46.07

)(66.45

)(40.01

)(36.01

666.24

573.87

599.39

730.90

596.02

21.66

19.01

38.13

19.16

21.08

)(5.97

)(13.13

)(12.63

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00
)(25.00
0.00

0.00
)(18.00
0.00

0.00
)(14.00
0.00

0.00
)(20.00
0.00

0.00
)(16.00
0.00

656.93

561.75

610.88

730.06

601.10

135.00

135.00

135.00

135.00

135.00

4.87

4.16

4.53

5.41

4.45

)(

: http://www.yamamacement.com/

186


) : (7 2010-2006

2010

2009

2008

2007

2006

547.07

606.63

575.18

639.77

747.72

68.21
239.19
0.00
854.46
1,834.20
115.51
0.00
28.30

61.18
238.78
0.00
906.59
1,768.01
116.00
0.00
11.18

80.43
170.39
0.00
826.00
1,792.15
115.78
0.00
14.80

39.22
65.98
0.00
744.98
1,760.02
119.60
0.00
21.65

40.53
69.20
0.00
857.45
1,505.92
117.76
0.00
9.60

1,978.00

1,895.18

1,922.73

1,901.27

1,633.27

2,832.47

2,801.77

2,748.73

2,646.25

2,490.72

72.34

79.17

120.16

64.95

59.53

0.00
187.52

0.00
178.28

0.00
192.91

0.00
178.49

0.00
174.51

259.85

257.45

313.07

243.44

234.04

0.00
84.75

0.00
82.68

0.00
76.03

0.00
60.23

0.00
56.15

84.75

82.68

76.03

60.23

56.15

344.61

340.13

389.10

303.67

290.19

1,400.00
1,085.73
2.14
2,487.86
140.00
17.77

1,400.00
1,059.02
2.62
2,461.64
140.00
17.58

1,400.00
957.22
2.40
2,359.63
140.00
16.85

1,400.00
936.07
6.51
2,342.58
140.00
16.73

1,400.00
795.87
4.66
2,200.53
140.00
15.72

)(

: http://www.spcc.com.sa/

187


) : (8 2010-2006

2010

2009

2008

2007

2006

1,309.12
)(596.23
712.89

1,318.36
)(551.24
767.12

1,297.90
)(541.19
756.71

1,154.92
)(433.38
721.54

1,026.27
)(393.53
632.75

)(41.51

)(34.34

)(35.78

)(32.37

)(23.41

671.38

732.78

720.93

689.18

609.33

9.79

26.53

94.20

32.92

40.26

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00
)(22.66
0.00

0.00
)(25.71
0.00

0.00
)(24.06
0.00

0.00
)(20.08
0.00

0.00
)(23.28
)(2.10

658.51

733.59

791.07

702.02

624.22

140.00

140.00

140.00

140.00

140.00

4.70

5.24

5.65

5.01

4.46

: http://www.spcc.com.sa/

188

)(


) : (9 2010-2006

2010

2009

2008

2007

2006

400.57

340.97

282.71

627.98

601.70

173.08
304.27
32.19
910.11
1,052.14
344.48
0.00
53.68
1,450.30

144.85
337.39
31.66
854.86
1,047.64
354.44
0.00
58.99
1,461.07

105.37
357.90
58.03
804.00
903.30
418.56
0.00
74.69
1,396.55

116.21
201.59
63.82
1,009.60
894.14
574.69
0.00
17.40
1,486.23

112.20
192.60
42.00
948.50
879.70
366.80
0.00
20.60
1,267.10

2,360.41

2,315.93

2,200.55

2,495.83

2,215.60

91.40

90.35

89.50

66.31

71.70

50.00
40.98

42.50
42.30

40.00
44.86

30.00
97.95

17.00
81.30

182.38

175.16

174.36

194.25

170.00

25.00
39.85
64.85

72.90
37.88
110.78

115.40
35.47
150.87

155.40
32.48
187.88

185.40
26.60
212.00

247.23

285.94

325.24

382.14

382.00

860.00
1,177.62
75.56
2,113.18
86.00
24.57

860.00
1,094.44
75.56
2,030.00
86.00
23.60

860.00
1,003.54
11.78
1,875.32
86.00
21.81

860.00
1,087.10
166.59
2,113.69
86.00
24.58

860.00
892.40
81.20
1,833.60
86.00
21.32

)(

: http://www.eastern-cement.com.sa

189


) : (10 2010-2006

2010

2009

2008

2007

2006

819.47
)(431.80
387.67

778.58
)(376.45
402.13

798.83
)(335.51
463.31

923.95
)(359.15
564.80

772.60
)(299.10
473.50

)(37.10

)(34.13

)(41.23

)(45.85

)(39.50

350.57

367.99

422.09

518.94

434.00

20.85

11.83

32.44

40.86

28.20

)(4.33

)(2.68

)(3.54

)(0.46

0.00

)(9.96

)(12.91

0.00

0.00

0.00

0.00
)(14.15
0.00

0.00
)(13.54
0.00

0.00
)(16.75
0.00

0.00
)(17.94
0.00

0.00
)(15.70
0.00

342.98

350.70

434.24

541.40

446.50

86.00

86.00

86.00

86.00

86.00

3.99

4.08

5.05

6.30

5.19

)(

: http://www.eastern-cement.com.sa

190

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2010-2006

181

02

2010-2006

182

03

2010-2006

183

04

2010-2006

148

05

2010-2006

185

06

2010-2006

186

07

2010-2006

187

08

2010-2006

188

09

2010-2006

189

10

2010-2006

190

191

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: 16........................................
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-4-3 17............................................
-5-3 17.............
-6-3 17..................................
-7-3 17.........................................................
-8-3 18....
: 19..
: 19........................
-1 ) (19.............................
-1-1 19.................................................................
-2-1 20.......................................................
-3-1 20........................................
-2 21
-1-2 21......................................................................
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195


-3-2 21.................................................
-1-3-222...........................................................................
-2-3-223..........................................................................
-4-2 24......................................................................
25....................................................
-3
-1-3
-2-3 25.........................................
-1-2-3 25 ...................................................
-2-2-3 26......................................................
-3-2-3 27..................................................
-4-2-3 28..................................................................
: 28................................
-1 28..........................................................
-1-1 28..........................................................................
-2-1 29....................................................................
-1-2-1 29.......................................................................
-2-2-1 30......................................................................
-3-2-1 30......................................................................
-4-2-1 31.....................................................................
-2 32....................................
-1-2 32............................................
-2-2 32..............................................
-3-2 33..........................................
: 34..............................................
: 34.................................................
-1 34............................................
-2 36..............................................
-1-2 36.........................................................
-1-1-2 36.........................................................
-2-1-2 36 .....................................................
-2-2 36...............................................
196


-1-2-2 36.......................................................................
-2-2-2 36........................................................................
-3-2-2 37..........................................................................
37..................................................
-3
-1-3 38.........................................................
-1-1-3 38......................................................
-2-3 38........................................................................
-1-2-3 38...................................................................
: 38.........
-1 39 ....................................................
-2 40..........................................
-1-2 40............................................................................
-2-2 43.............................................................................
-3-2 44............................................................................
-4-2 45.......................................................................
-3

45...........................................

-1-3 45.............................................................
-2-3 46.........................................................
: 47.......................................
-1 47........................................................................
-2 47........................................................
-3 48............................................................
-4 49.................................................................
50............................................................................
: 51.....
51............................................................................................
: 51.......................................
: 51...........................................
-1 51..................................................
-2 55........................................................
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: 56...................................
-1 56......................................................
-2 57............................................
-1-2 57...........................................................................
-2-2 58...........................................................................
: 59.............
-1 59.............................................................................
-1-1 59............................................................................
-2-159..................................................................................
-2 60.......................
-1-2 60........................................................
-2-2 60........................................................
-3 61...........................................
-1-3 61.......................................................................
-2-361...............................................................................
-3-3 61........................................................................
-4-3 62...........................................................................
-5-3 63.............................................................................
: 64...................................................
: 64................................................
-1 64........................................................................
-1-1 64..................................................
-2-1 65......................................................
-2 66......................................................................
-1-2 67.............................................................
-2-2 67................................................................
-3-2 68......................................
-4-2 68.........................................................
-5-2 69.....................
-1-5-2 69...............................
-2-5-2 69.................................................................
198


: 70.................................................................
-1 70......................................................................
-1-1 72.........................................................
-2-1 73.............................................
-2

74......................................................

-3
-4

74.......................................................................
75..................................................

-5

75.............................................................

: 76..............................
-1 76.........................................................................
-2 77.................................................................
: 81..........................................
: 81..................................................
-1 81..............................................................
-2 83........................................................
: 83...........................................
-1 83...............................................................................
-2 84..............................................................
-3 85...............................................
-4 85......................................................
-5 86........................................................
-6 87.........................................................................
-7 87.......................................................................
88..........................................................................
:
89..........................................................................................
: 90.......................

199


: 90.......................................................
-1 90.........................................................
-2 91.....................................................................
-3 92....................................................................
: 93........................................
-1 94................................................................................
-2 94...............................................................
-3 94.....................................................................
-4 94.........................................................................
-5 94..................................................
-1-5 95....................................................
-2-5 95.........................
-3-5 95....................................................................
-4-5 95......................................................................
-5-5 95................................................
: 96......
-1 96.......................................................
-2 97........................................................
-1-2 97........................................................................
-2-2 98.........................................................
-3-2 98....................................................................
-3 98...........................
: 99........
: )99.............................................(EVA
-1 99...................................................
-2 100..........................................................
-3 102...........................................................
: 103..........................
-1 )103....................................................(MVA
200


-2 103.................................................
-3 104........................................................
-4 104............................................................
: )105...............................................(BSC
-1 105............................................................
-2 105.............................................................
-3 106............................................................
-4 107..........................................................
-1-4 107.........................................................................
-2-4 109..........................................................................
-3-4 109................................................................
-4-4 109............................................................
-5 110.................................
-1-5 110........................................
-2-5 110...........................................
: 113.......
: 113............................................
-1 113........................................................................
-2 114...............................................................................
-1-2 114......................................................................
-2-2 115.........................................................................
-3-2 115..........................................................................
: 116....................
-1 116.........................................................Altman and Mc Cough
-2 117................................................................................Kida
-3 118........................................................................Sherrord
121...........................................................................

201

122........................................................................................
: 122................
: 122............................................
-1 122.................................................................
-2 123.................................................................
-3 125......................................
: 131
-1 131...............................................................................
-1-1 131.........................................................................
-2-1 132...........................................................................
-2 134.............................................................................
-1-2 135.........................................................................
-2-2 136...........................................................................
-3 139............................................................................
-1-3 140.........................................................................
-2-3 141...........................................................................
-4 142........................................................................
-1-4 143.........................................................................
-2-4 144............................................................................
: 145.................
-1 145...............................................
-2 145..........................
-3 147....................................
: 145.........
: 145........
-1 145........................................................................
-1-1 145............................................................
202


-2-1 147...........
-2 148.....................................................................
-1-2 148...............................................................
-2-2 149..............
-3-2 149.....................2010
-4-2 149.........................................
-5-2 152...............
: 154..................
-1 154......................................................................
-1-1 154.......................................................................
-2-1 154............................................................
-3-1 155..............................................................
-4-1 155......................................................................
-5-1 155.......................................................................
-2 156..........................................................
-3 156..................................................................
-4 157....................................................................
:
158.................
: 158......................................
-1 )158................................................(EVA
-2 )159..................................................(MVA
-3 160.................................
: 161..................
-1 161........................................................Altman and Mc Cough
-2 162...............................................................................Kida
-3 163........................................................................Sherrord
: 164..
203


-1 165..............................................................................
-2 165...............................................................................
166..........................................................................
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194..............................................................................
205.......................................................................................
206.......................................................................................Rsm
207.....................................................................................Abstract

204

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205

Rsum
L'analyse financire fondamentale rcente est considr comme lun
des outils les plus importants d'analyse financire qui aide les
investisseurs dvelopper leurs stratgies et leurs investissements,
d'une part, et essayer de trouver les actions qui ont une valeur plus faible
que la juste valeur d'autre part, cela peut permettre le dveloppement
d'opportunits d'investissement et des bnfices, pour eux, aussi ils
permettent au Conseil d'administration de dterminer leur engagement
la direction des prteurs d'une part, et les organismes officiels et l'IRS
d'autre part, si nous voulons participer l'analyse fondamentale rcente
des actions au quelle nous devons faire des tudes de la quantit et la
qualit, o la premire est base sur l'analyse du numrique et des
quations statistiques tires des tats financiers des entreprises , traitant
de tous les profits et revenus et des bnfices de la socit, les actifs et
passifs, la seconde est base sur les actifs incorporels de la socit,
comme la rputation de la direction de ces employs, le nom de marque
de la socit, la technologie, les brevets et la qualit des rsultats, on
ajoute cela l'utilisation d'indicateurs de travaux rcents sur les
l'valuation de leurs actions en fonction de leur juste valeur, et conclure
le processus de cette tude avec lopration de prdire la probabilit de
tomber dans l'chec financier moyen et long terme on utilisons des
modles mathmatiques qui lui est ddi.

Mots cls: ratios financiers - les indicateurs rcents - la valeur

Faire part - valuation de la performance - analyse quantitative Analyse Qualitative.

206

Abstract
The recent fundamental financial analysis is considered one of the most
important tools of financial analysis that helps investors to develop their
strategies and investments, on the one hand, and try to find shares that
have a lower value that the fair value on the other hand, this may allow
the development of investment opportunities and benefits for themselves,
they also allow the Board of Directors to determine their commitment to
the direction of the lenders on the one hand, and official agencies and
the IRS on the other hand, if we want to participate in recent fundamental
analysis of shares which we need to study the quantity and quality,
where the first is based on the analysis of digital and statistical equations
derived from financial statements of companies, dealing with all profits
and income and company profits, assets and liabilities, the second is
based on intangible assets of the company as the reputation of the
direction of its employees, the name brand of the company, technology,
patents and quality of results, we add the use of indicators of recent work
on the evaluation of their shares according to their fair value, and
conclude the process this study with the operation predict the probability
of falling into financial failure in the medium and long term we have to
use mathematical models dedicated to it.

Key words : financial ratios recent indicators - value fair share

perfomance evaluation quantitative analysis qualitative analysis.

207