Balance sheet Bilan

Balance Sheet - Assets Actif

Goodwill
Intangible fixed assets
Tangible fixed assets
Financial fixed asstes
Deferred taxes on assets
Other non-current assets
Net Fixed Assets
Inventories
Customers and related accounts
Supplier advances and installments
Payroll debts
Debtor statements Etats débiteurs/ Autres créances courantes nettes
Sundry debts
Marketable Securities
Cash
Total Current Assets
Total Assets
Ecarts d'acquisition
Immobilisations incorporelles
Immobilisations corporelles
Immobilisations financières
Actifs d'impôts différés
Autres actifs non courants
Total Actifs non courants
Stocks et encours
Créances clients
Fournisseurs avances et accomptes
Personnel
Diverses créances/ Autres actifs courants
Titres et valeurs de placement
Trésorerie et équivalent de trésorerie
Total Actifs courants
Total actifs

Balance Sheet - Liabilities Passif

Capital Capital
Premiums Primes d'émission et de fusion
Consolidated reserves Réserves consolidées
Net income group share Résultats consolidés
exchange differential Ecarts de convesion
Minority interest Intêrets minoritaires
Total Stockholders' Equity Capitaux propres d'ensemble
L / T Debt (Inc. Financial Leases) Dettes financières
Provisions for risks and expenses Provisions pour risques et charges
Other non current liabilities Autres passifs non courants
Deferred taxes liabilities Impôt différé passif
Total non current liabilities Total des passifs non courants
Suppliers Dettes fournisseurs
Customer advances and installments Clients avances et accomptes
Payroll and social entities Personnel et organismes sociaux
Creditor statements Etats créditeurs/ Autres créances cour
Sundry debts Diverses dettes/ Autres passifs couran
Other provisions Autres provisions
Overdrafts Découverts/Dettes financières courant
Total Current Liabilities Total dettes courants
Total liabilities Total passif

Income Statement Compte de resultat

Sales revenue Chiffre d'affaire
Change in finished goods and in-progress inventory Variation des stocks
Production Production de l'exercice
Less: Cost of Goods Sold Frais directs de production
Gross Profits Valeur ajoutée
Payroll expenses Charge du personnel
Local Taxes Impôt et taxes
Operating subsidies Subvetions d'exploition
Other operating income and cost Autres produits et charges d'exploitat
EBITDA Excédent brut d'exploitation
Depreciations and amortisation Amortissement et dépreciation
EBIT Resultat d'exploitation
Less: Interest Expense (p&C) Coût de l’endettement financier net
Other Financial revenus and expenses Autres produits et charges financières
Non recurring revenus and expenses Produits et charges non courantes
Other non recurring revenus and expenses Autres produits et charges non courantes
Net Profits Before Taxes, associates and joint ventuRésultat avant impôt
Less: Taxes Impôts sur les sociétés
Income from associates (equity method) Part dans les résultats des sociétés mi
Net profit after taxes Résultat après impôt
Less: Minority interests Intéêts minoritaires
Net Income
Net Income - Reconciliation

CASH FLOWS STATEMENT

Net Income
Adjustments for non cash operations
Cash Flows From Operations
Cash Flows From Investments
Free Cash Flows
Cash Flows From Financing
Change in cash
Change in Cash- Reconciliation
 2006 2007 2008 2009 2010

187 975,00 178 009,00 2 842 745,00 2 555 666,00 16 985 171,00
3 545 573,00 3 681 079,00 4 949 660,00 5 448 161,00 5 102 639,00
59 973 176,00 102 138 354,00 149 522 690,00 384 537 244,00 362 380 265,00
522 580,00 1 300 122 580,00 94 599 009,00 72 488 243,00 59 151 256,00
15 145 818,00 11 973 088,00 37 745 215,00 58 903 823,00
83 588 048,00
79 375 122,00 1 418 093 110,00 289 659 319,00 523 933 137,00 527 207 379,00
2 599 409 136,00 5 555 852 029,00 14 372 608 388,00 17 196 881 756,00 17 758 764 883,00
136 267 358,00 1 043 786 867,00 2 247 848 736,00 1 592 015 684,00 1 626 562 250,00
859 123 005,00 2 009 217 259,00 3 325 330 947,00 2 578 989 518,00 4 218 423 943,00
202 429,00 305 083,00 514 465,00 404 090,00 824 798,00
234 264 567,00 382 292 536,00 1 277 332 119,00 1 988 526 357,00 2 612 193 376,00
62 361 211,00 407 607 376,00 370 354 438,00 149 481 532,00 424 450 891,00
1 250 327 124,00 664 326 459,00 271 405 290,00 291 299 004,00
301 911 059,00 559 293 590,00 449 659 718,00 242 928 171,00 209 649 760,00
4 193 538 765,00 11 208 681 864,00 22 707 975 270,00 24 020 632 398,00 27 142 168 905,00
4 272 913 887,00 12 626 774 974,00 22 997 634 589,00 24 544 565 535,00 27 669 376 284,00

1 350 000 000,00 1 417 500 000,00 2 835 000 000,00 2 835 000 000,00 3 150 000 000,00
2 079 000 000,00 661 500 000,00 661 500 100,00 3 293 401 487,00
47 678 140,00 212 353 188,00 215 983 839,00 819 744 732,00 1 266 015 498,00
516 878 470,00 702 515 768,00 1 155 294 633,00 877 967 695,00 1 685 776 619,00

183 681,00 146 086 780,00 460 119 299,00 353 759 194,00 320 716 282,00
1 914 740 291,00 4 557 455 736,00 5 327 897 771,00 5 547 971 721,00 9 715 909 886,00
21 490 792,00 1 543 315 332,00 4 125 582 920,00 3 668 668 156,00 5 648 926 025,00
1 635 288,00 1 635 288,00 1 635 288,00

4 870 527,00 7 302 814,00 7 523 718,00 9 093 447,00 678 513 366,00
1 941 101 610,00 6 108 073 882,00 9 462 639 697,00 9 227 368 612,00 16 044 984 565,00
282 167 364,00 1 590 573 988,00 3 197 414 233,00 3 614 063 150,00 2 949 665 045,00
501 820 441,00 1 507 205 147,00 3 219 007 543,00 3 825 136 406,00 5 100 227 974,00
2 763 794,00 6 039 373,00 16 928 169,00 18 409 589,00 20 482 065,00
12 908 879,00 158 663 201,00 414 552 529,00 740 823 950,00 743 952 822,00
21 915 615,00 166 375 411,00 1 389 551 232,00 1 773 778 205,00 1 263 866 130,00
493 800,00 493 800,00 84 521 915,00 62 243 614,00 78 423 662,00
1 509 742 385,00 3 089 350 171,00 5 213 019 270,00 5 282 742 009,00 1 467 774 022,00
 2 331 812 278,00 6 518 701 091,00 13 534 994 891,00 15 317 196 923,00 11 624 391 720,00
4 272 913 888,00 12 626 774 973,00 22 997 634 588,00 24 544 565 535,00 27 669 376 285,00

2006 2007 2008 2009 2010

1 513 060 987,00 3 001 284 957,00 4 818 627 038,00 6 011 962 263,00 7 582 051 730,00
5 444 423,00 241 282 794,00 2 182 387 544,00 1 355 907 112,00 -877 288 061,00
1 518 505 410,00 3 242 567 751,00 7 001 014 582,00 7 367 869 375,00 6 704 763 669,00
799 446 659,00 2 183 552 602,00 4 645 702 364,00 5 341 389 168,00 3 975 193 164,00
719 058 751,00 1 059 015 149,00 2 355 312 218,00 2 026 480 207,00 2 729 570 505,00
31 293 241,00 49 720 633,00 131 028 396,00 172 678 406,00 171 711 922,00
3 978 619,00 1 441 225,00 12 426 940,00 10 905 452,00 16 608 748,00

-80 952 653,00 -65 219 116,00 -202 495 127,00 -211 099 597,00 -174 705 241,00
602 834 238,00 942 634 175,00 2 009 361 755,00 1 631 796 752,00 2 366 544 594,00
48 535 711,00 9 680 210,00 19 277 324,00 79 345 491,00 34 058 283,00
554 298 527,00 932 953 965,00 1 990 084 431,00 1 552 451 261,00 2 332 486 311,00
-14 207 371,00 5 140 371,00 -614 488 614,00 -286 611 627,00 -185 771 678,00
financières
659 998,00 -1 473 808,00 34 120 898,00 45 969 005,00 34 355 322,00
non courantes
540 751 154,00 936 620 528,00 1 409 716 715,00 1 311 808 639,00 2 181 069 955,00
23 882 619,00 111 645 516,00 135 693 657,00 287 691 476,00 348 101 505,00
-9 966,00 -9 966,00 -580 223,00 -287 079,00 -1 320 763,00
516 858 569,00 824 965 046,00 1 273 442 835,00 1 023 830 084,00 1 831 647 687,00
19 900,00 -122 449 278,00 -118 148 202,00 -145 862 389,00 -145 871 066,00
516 878 469,00 702 515 768,00 1 155 294 633,00 877 967 695,00 1 685 776 621,00
516 878 469,00 702 515 768,00 1 155 294 633,00 877 967 695,00 1 685 776 621,00

2007 2008 2009 2010 2011

824965046 1274023059 1024117000 1832968000 1933733829
14 865 995 -452 796 559 -301 084 000 640 015 000 -145 931 324
839 831 041 821 226 500 723 033 000 2 472 983 000 1 787 802 505
4 210 006 973 5 407 356 600 326 655 000 3 067 941 000 3 015 779 908
-3 370 175 932 -4 586 130 100 396 378 000 -594 958 000 -1 227 977 403
3 298 277 800 1 766 826 466 -1 065 753 000 4 396 541 000 -467 184 792
-71 898 132 -2 819 303 634 -669 375 000 3 801 583 000 -1 695 162 195
-71 898 132 -2 819 303 634 -669 375 000 3 801 583 000 -1 695 162 195
 2011 2012 2013 2014 2015

5 411 508,00 451 711,00 451 711,00

5 007 486,00 3 538 231,00 3 250 947,00 3 311 992,00 4 437 059,00
495 981 236,00 271 354 879,00 281 317 385,00 287 238 803,00 236 891 657,00
24 044 345,00 133 304 552,00 189 241 573,00 612 936 738,00 570 604 569,00
1 386 516,00 237 843 638,00 259 585 012,00 376 419 311,00 305 953 739,00
171 612 628,00 606 787,00 156 791,00
703 443 719,00 646 493 011,00 733 846 628,00 1 280 513 631,00 1 118 043 815,00
18 569 900 603,00 17 241 703 882,00 17 798 608 645,00 18 358 882 239,00 17 283 093 305,00
1 152 380 429,00 8 352 468 689,00 10 320 616 637,00 8 407 720 187,00 7 245 349 519,00
6 651 660 514,00
736 423,00
3 054 704 728,00 5 233 874 013,00 5 671 755 424,00 3 782 360 822,00 3 008 580 198,00
329 529 689,00
94 269,00
207 435 396,00 137 811 537,00 213 470 170,00 291 122 627,00 331 429 355,00
29 966 347 782,00 30 965 858 121,00 34 004 450 876,00 30 840 180 144,00 27 868 452 377,00
30 669 791 501,00 31 612 351 132,00 34 738 297 504,00 32 120 693 775,00 28 986 496 192,00

3 150 000 000,00 3 150 000 000,00 3 225 571 180,00 3 225 571 180,00 3 225 571 180,00
3 293 401 487,00 2 770 312 550,00 3 034 811 680,00 3 034 811 680,00 3 034 811 680,00
1 820 910 738,00 1 771 957 501,00 2 882 899 516,00 3 845 849 219,00 4 192 970 793,00
1 834 953 547,00 1 799 023 881,00 1 681 833 720,00 1 011 710 974,00 852 596 488,00

418 972 399,00 333 001 708,00 286 678 427,00 498 354 243,00 677 721 080,00
10 518 238 171,00 9 824 295 640,00 11 111 794 523,00 11 616 297 296,00 11 983 671 221,00
5 820 510 084,00 6 376 550 062,00 6 220 501 182,00 6 066 796 120,00 4 878 344 843,00
6 635 288,00 1 635 288,00 1 635 288,00 733 398,00

659 047 114,00 97 629 130,00 112 995 139,00 300 382 277,00 218 616 363,00
17 004 430 657,00 16 300 110 120,00 17 446 926 132,00 17 984 209 091,00 17 080 632 427,00
4 058 279 355,00 4 356 106 132,00 5 686 015 573,00 5 207 992 794,00 3 592 180 743,00
4 641 508 092,00
24 980 336,00
958 474 869,00
1 056 617 606,00 7 002 204 310,00 7 628 537 715,00 5 265 733 500,00 5 224 959 899,00
56 077 740,00 180 081 379,00 212 883 782,00 122 215 511,00 134 613 258,00
2 869 422 848,00 3 773 849 190,00 3 763 934 301,00 3 540 542 880,00 2 954 109 866,00
13 665 360 846,00 15 312 241 011,00 17 291 371 371,00 14 136 484 685,00 11 905 863 766,00
30 669 791 503,00 31 612 351 131,00 34 738 297 503,00 32 120 693 776,00 28 986 496 193,00

2011 2012 2013 2014 2015

9 332 631 517,00 9 419 637 834,00 9 450 776 640,00 7 036 278 680,00 7 105 331 945,00
-411 446 770,00 77 583 744,00 -362 093 107,00 1 187 416 525,00 -1 496 878 570,00
8 921 184 747,00 9 497 221 578,00 9 088 683 533,00 8 223 695 205,00 5 608 453 375,00
6 137 263 222,00 6 430 699 496,00 6 486 353 208,00 6 268 490 823,00 3 840 550 797,00
2 783 921 525,00 3 066 522 082,00 2 602 330 325,00 1 955 204 382,00 1 767 902 578,00
212 768 401,00 231 935 260,00 233 532 274,00 246 589 600,00 258 966 358,00
13 699 935,00 8 274 032,00 13 694 445,00 17 076 097,00 16 541 032,00

-273 692 704,00 -202 371 740,00 -57 564 009,00 -336 791 636,00 -224 035 844,00
2 283 760 485,00 2 623 941 050,00 2 297 539 597,00 1 354 747 049,00 1 268 359 344,00
90 303 119,00 39 373 279,00 57 921 428,00 22 570 620,00 49 160 775,00
2 193 457 366,00 2 584 567 771,00 2 239 618 169,00 1 332 176 429,00 1 219 198 569,00
-268 719 755,00 -543 438 778,00 -660 231 174,00 -579 850 718,00 -584 809 667,00
307 215 382,00 412 810 338,00 521 310 868,00 520 944 617,00
92 963 565,00 715 429,00 -476 703,00 -16 460 950,00
-149 497 171,00 -37 504 608,00 -1 761 129,00 54 257 665,00
2 017 701 176,00 2 199 562 633,00 1 954 216 022,00 1 271 875 450,00 1 193 130 234,00
83 967 349,00 336 143 214,00 244 998 980,00 204 235 408,00 205 085 505,00
-4 141 565,00 -242 303,00 -3 388 765,00 6 283 753,00 47 069 996,00
1 929 592 262,00 1 863 177 116,00 1 705 828 277,00 1 073 923 795,00 1 035 114 725,00
-94 638 717,00 -64 153 235,00 -23 994 558,00 -62 212 820,00 -182 518 236,00
1 834 953 545,00 1 799 023 881,00 1 681 833 719,00 1 011 710 975,00 852 596 489,00
1 834 953 545,00 1 799 023 881,00 1 681 833 719,00 1 011 710 975,00 852 596 489,00

2012 2013 2014 2015 2016

1863419000 1709217043 1067640042 980044729 1143208155
138 757 000 -65 157 612 -149 573 339 90 099 989 8 970 821
2 002 176 000 1 644 059 431 918 066 703 1 078 144 718 1 152 178 976
3 036 109 000 1 135 808 383 483 196 456 -1 375 488 738 -946 989 446
-1 033 933 000 508 251 048 434 870 247 2 453 633 456 2 099 168 422
64 312 000 -422 677 529 -107 842 917 -1 826 893 713 -821 503 808
-969 621 000 85 573 519 327 027 330 626 739 743 1 277 664 614
-969 621 000 85 573 519 327 027 330 626 739 743 1 277 664 614
 2016 2017 2018 2019 2020 2021

542 053,00 542 053,00 542 053,00 - -

3 400 498,00 2 493 469,00 1 729 562,00 1 047 627,00 973 061,00 3 035 466,00
705 277 531,00 722 750 513,00 689 044 553,00 317 059 178,00 439 235 722,00 584 144 738,00
659 570 850,00 714 449 112,00 653 751 737,00 400 722 194,00 87 383 345,00 106 265 061,00
246 817 849,00 388 668 331,00 1 098 368 095,00 1 083 874 783,00 883 474 990,00 914 553 147,00
88 5 779,00 166 451,00 140 333,00 25 491,00 486 446,00
1 615 066 816,00 1 828 909 257,00 2 443 602 451,00 1 803 386 168,00 1 411 092 609,00 1 608 484 858,00
15 277 213 396,00 16 008 034 576,00 15 680 686 733,0014 709 755 354,0012 540 976 638,0013 547 878 556,00
7 156 256 064,00 7 086 831 589,00 3 957 172 557,00 3 826 263 113,00 3 115 514 109,00 2 247 227 411,00

2 575 414 551,00 4 430 327 727,00 4 530 455 878,00 4 256 267 602,00 2 999 023 277,00 2 494 725 105,00

14 025,00
836 865 777,00 862 691 749,00 636 536 491,00 504 935 907,00 362 949 070,00 229 508 525,00
25 845 749 788,00 28 387 885 641,00 24 804 851 659,0023 297 236 001,0019 018 463 094,0018 519 339 597,00
27 460 816 604,00 30 216 794 898,00 27 248 454 110,0025 100 622 169,0020 429 555 703,0020 127 824 455,00

3 225 571 180,00 3 225 571 180,00 3 225 571 180,00 3 225 571 180,00 4 025 512 540,00 4 025 512 540,00
3 034 811 680,00 3 034 811 680,00 3 034 811 680,00 3 034 811 680,00 3 034 811 680,00 3 034 811 680,00
4 266 082 053,00 4 485 238 088,00 3 441 324 045,00 2 875 502 432,00 2 628 640 974,00 1 785 754 706,00
1 009 164 298,00 763 909 244,00 376 582 992,00 335 579 611,00 -744 347 919,00 -88 280 646,00
1 895 990,00 1 953 506,00 2 829 462,00 -979 503,00 29 741,00 -932 791,00
737 602 871,00 1 215 888 297,00 1 065 735 251,00 1 052 997 437,00 913 700 215,00 848 439 110,00
12 275 128 072,00 12 727 371 995,00 11 146 854 610,0010 523 482 837,00 9 858 347 231,00 9 605 304 599,00
4 828 679 915,00 4 392 602 510,00 4 467 133 453,00 4 076 630 556,00 3 331 901 845,00 3 733 477 503,00
93 402,00 212 543,00 600 517,00 573 481 344,00 60 542 324,00 40 662 690,00
11 990,00 26 511 355,00 26 511 355,00 34 767 430,00 24 672 608,00 159 586 752,00
181 177 338,00 369 568 190,00 354 335 263,00 294 650 694,00 225 718 862,00 260 298 374,00
17 285 090 717,00 17 516 266 593,00 15 995 435 198,0015 503 012 861,0013 501 182 870,0013 799 329 918,00
3 220 861 689,00 4 208 789 222,00 3 494 130 803,00 2 855 791 796,00 1 864 784 435,00 1 841 517 161,00

4 600 432 471,00 5 663 303 952,00 5 685 863 564,00 4 904 655 255,00 3 257 760 389 3 540 563 447,00
172 550 055,00 191 735 309,00 193 320 676,00 200 583 420,00 2 085 639 2 219 275,00
2 181 881 672,00 2 636 699 822,00 1 879 703 867,00 1 636 578 838,00 1 803 742 371 944 194 655,00
10 175 725 887,00 12 700 528 305,00 11 253 018 910,00 9 597 609 309,00 6 928 372 834,00 6 328 494 538,00
27 460 816 604,00 30 216 794 898,00 27 248 454 108,0025 100 622 170,0020 429 555 704,0020 127 824 456,00

2016 2017 2018 2019 2020 2021

7 116 230 359,00 5 916 503 910,00 4 062 318 164,00 3 479 784 961,00 1 173 466 044,00 1 196 552 867,00
-1 647 062 769,00 -816 452 828,00 -884 960 206,00 -1 371 657 258,00 -140 149 963,00 808 947 403,00
5 469 167 590,00 5 100 051 082,00 3 177 357 958,00 2 108 127 703,00 1 033 316 081,00 2 005 500 270,00
3 395 928 171,00 3 555 244 679,00 2 250 642 595,00 1 310 109 551,00 822 276 664,00 -1 740 271 780,00
2 073 239 419,00 1 544 806 403,00 926 715 363,00 798 018 152,00 211 039 417,00 265 228 490,00
264 980 435,00 241 221 385,00 226 803 537,00 199 729 008,00 149 666 935,00 169 330 412
11 965 048,00 29 562 095,00 39 222 609,00 23 098 061,00 22 458 405,00 36 418 750

-281 804 942,00 -220 636 223,00 -180 176 426,00 -131 383 073,00 -178 130 759,00 - 249 123 627
1 514 488 994,00 1 053 386 700,00 480 512 791,00 443 808 010,00 -139 216 682,00 -189 644 299,00
46 037 972,00 44 555 950,00 151 813 905,00 166 804 788,00 -518 270 175,00 45 942 957
1 468 451 022,00 1 008 830 750,00 632 326 696,00 610 612 798,00 -657 486 857,00 -143 701 342,00
-453 850 239,00 -415 913 036,00 -412 651 432,00 -344 576 762,00 -307 786 235,00 - 297 911 562
367 638 902,00 483 353 324,00 464 064 221,00 362 952 426,00 403 709 211,00 340 803 705
863 526,00 11 662 048,00 -63 311 141,00
121 056 299,00 122 522 715,00 -46 342 819,00 -91 597 172,00 -92 323 470,00
1 503 295 984,00 1 199 657 279,00 649 058 714,00 537 391 290,00 -717 198 492,00 -100 809 199,00
360 087 828,00 319 746 541,00 228 238 182,00 137 607 894,00 72 402 269,00 11 763 817
-21 483 686,00 -13 649 929,00 -11 364 714,00 -5 787 380,00 -11 738,00 - 257 405
1 121 724 470,00 866 260 809,00 409 455 818,00 393 996 016,00 -789 612 499,00 -112 830 421,00
-112 560 171,00 -102 351 566,00 -32 872 826,00 -58 416 405,00 45 264 580,00 8 494 395
1 009 164 299,00 763 909 243,00 376 582 992,00 335 579 611,00 -744 347 919,00 -104 336 026,00
1 009 164 299,00 763 909 243,00 376 582 992,00 335 579 611,00 -744 347 919,00 -104 336 026,00

2017 2018 2019 2020 2021

879910739 420820532 399783396 -789600760 -96517637
85 687 883 103274860
965 598 621 524095392 399783396 -789600760 -96517637
134 599 688 13754142 20013192 12120382 -214980741
830 998 933 510341250 379770204 -801721142 118463104
-1 315 518 229 -352336848 -382315535 -529177920 -119039497
-484 519 296 158004402 -2545331 -1330899062 -576393
-484 519 296 158004402 -2545331 -1330899062 -576393
 2022

8 484 858,00
7 878 556,00
7 227 411,00

4 725 105,00

9 339 597,00
7 824 455,00

5 512 540,00
4 811 680,00
5 754 706,00

5 304 599,00
3 477 503,00

9 329 918,00
1 517 161,00

0 563 447,00
8 494 538,00
7 824 456,00

2022
6 552 867,00

5 500 270,00
0 271 780,00
 Significant RATIOS 2007 2008
Immobilisations nettes Net fixed assets 1,418,093,110 289,659,319
Besoins en fonds de 5,969,710,230 13,272,013,472
Working Capital
roulement Change in Working
Variation du BFR - 122.3%
Capital
Actif Economique Capital employed 7,387,803,340 13,561,672,791
Capitaux propres Shareholder's Equity 4,557,455,736 5,327,897,771
Disponibilité Availabilities 1,809,620,714 1,113,986,177
Dette à court terme Overdraft 3,089,350,171 5,213,019,270
Dette à moyen terme Midterm debt 3,429,350,920 8,321,975,621
Dette à long terme Long term debts 1,550,618,146 4,134,741,926
Total Dettes Total Debt 8,069,319,237 17,669,736,817
Dettes Nets Net debts 6,259,698,523 21,883,648,411
Dettes de financement - 266,305,382 3,011,596,743
Net financial Debt
nette
Taux d'impôt sur les
Corporate tax rate 0.31 0.31
sociétés
Resultat d'exploitation
NOPAT 643,738,235.85 1,373,158,257.39
net
Coût de la dette Cost of debt 5,140,371 614,488,614

MARGIN ANALYSIS
Variation du chiffre 2007 2008
d'affaire
Var. du coût des Change in sales - 61%
produits vendus Change in COGS - 113%
Marge
Var. brute du
Charge Gross
ChangeMargin
in Payroll - 122%
personnel expenses - 164%
Autres dépenses Other expenses - 210%
Impôts et taxes Local Taxes - 762%
EBE/Chiffre d'affaire
Amortissement et EBITDA/Sales 31% 42%
dépreciation
d'exploitation/Chiffre Depreciation - 99%
d'affaire EBIT/Sales 31% 41%
marge nette Margin rate 23% 24%

RETURN ANALYSIS
Rentabilité
ROCE 13% 15%
économique
Rentabilité
ROCE - i 9% 10%
économique - i
Rentabilité financière ROE 15% 22%
Rentabilité des actifs ROA 6% 5%
Effet de levier Gearing 7% 12%
Taux de rotation de l'aAsset turn over - 27%
 CURRENT RATIO
Ratio de liquidité
Current Ratio 1.72 1.68
générale
Ratio de liquidité
Quick Ratio 0.87 0.62
réduite
Ratio de liquidité immCash Ratio 0.28 0.08

WORKING CAPITAL ANALYSIS

Inventory Turnover
Délai des stocks - 2.14
(years)
Average Collection
Délai client -46.32 -60.46
Period
Average(days)
Paiement
Délai fournisseur -55.85 -7.92
Period (days)
Le poids du BFGE sur Working capital turnover
1.66 2.3
le chiffre d’affaires (years)

FINANCIAL STRUCTURE
Passif non courant Long term financing 6,108,073,882 9,462,639,697
actif non courant Long term Assets 1,418,093,110 289,659,319
Fond de roulement Excess stable 16,703,695,459 9,172,980,378
Actif courant, hors financing
Current assets 9,399,061,150 21,593,989,093
Passiftrésorerie
courant, hors (Medterm)
Current liabilities 3,429,350,920 8,321,975,621
trésorerie
Besoin en fonds (Midterm)
Working Capital 5,969,710,230 13,272,013,472
global Cash and Merketable
Trésorerie Actif 12,459,008,988 23,372,301,729
securities
Trésorerie Passif Overdraft 3,089,350,171 5,213,019,270
Trésorerie nette Net Cash - 1,279,729,458 - 4,099,033,094

LEVERAGE/SOLVENCY
Ratio d'autonomie RATIOS
Financial ANALYSIS
independance
financière
Ratio de solvabilité ratio 0.36 0.23
générale
Ratio de couverture Debt-To-Assets Ratio 1.56 1
des frais
Ratio financiers
d’endettement Interest Coverage Ratio 181.5 3.24
général
Ratio d'endettement Debt-To-Equity Ratio 1.77 3.31
net Gearing -6% 57%
Capacité de rembour Cash flow to Dept Ratio 0.13 0.04

SHARE ANALYSIS
Prix le plus haut Max Share Price 185 230.42
Prix le plus bas Min Share Price 118.93 92.64
Prix de fermeture Closing Share Price 165.22 101.34
Prix moyen Average Share Price 151.97 161.53
Nombres d'actions Number of shares 141,750,000 283,500,000
Dividendes Dividends - 425,250,000
DPS (Dividendes par DPS (Dividende per
1.5 1.5
actions)
EPS (Bénéfice par share)
EPS (Earning per share) 4.96 4.08
action) Pay Out Ratio = DPS /
- 37%
EPS
D/Y (Dividend Yield) =
- 1%
DPS
PER/(Price
ShareEarninge
Price
33.310483870968 24.8382352941177
Ratio) = Price / EPS
Capitalisation Capitalization
PBR (Price to Book 23,419,935,000 28,729,890,000
Ratio) = Market Cap / 5.1388178748512 5.39235008531473
Beta = Covariance (Rm ;
Equity
Beta du secteur
Rt) / Var (Rm)
Volatility = standrad
Volatilité MVA (Market Value
deviation of share prices
Added) = Market
TRS (Total Capit
Return For – 18,862,479,264.00 23,401,992,229.00
Equity
Shareholders)= Change - -37%
in share price (%) + D/Y
 2009 2010 2011 2012
523,933,137 527,207,379 703,443,719 646,493,011
13,471,843,576 16,484,602,443 18,962,974,388 19,289,654,763
1.5% 22.4% 15.0% 1.7%
13,995,776,713 17,011,809,822 19,666,418,107 19,936,147,774
5,547,971,721 9,715,909,886 10,518,238,171 9,824,295,640
514,333,461 500,948,764 207,435,396 137,811,537
5,282,742,009 1,467,774,022 2,869,422,848 3,773,849,190
10,034,455,361 10,156,617,698 10,795,937,998 11,538,391,821
3,679,396,444 6,329,074,679 6,486,192,486 6,475,814,480
18,996,593,814 17,953,466,399 20,151,553,332 21,788,055,491
24,030,232,074 27,168,427,521 30,462,356,107 31,474,539,594
3,154,334,695 5,147,977,261 5,613,074,688 6,238,738,525
0.31 0.31 0.31 0.31
1,071,191,370.09 1,609,415,554.59 1,513,485,582.54 1,783,351,761.99
286,611,627 185,771,678 268,719,755 543,438,778

2009 2010 2011 2012

25% 26% 23% 1%
15% -26% 54% 5%
-14% 35% 2% 10%
32% -1% 24% 9%
4% -17% 57% -86%
-12% 52% -18% -40%
27% 31% 24% 30%
312% -57% 165% 124%
26% 31% 24% 27%
15% 22% 20% 19%

11% 14% 11% 13%

8% 9% 8% 9%
16% 17% 17% 18%
4% 6% 6% 6%
8% 8% 10% 9%
25% 29% 32% 30%
 1.57 2.33 2.19 2.02
0.45 0.81 0.83 0.9
0.03 0.04 0.02 0.01

2.96 4.4 2.96 2.78

-62.18 -34.89 64.62 266.01
109.25 95.65 135.98 201.98
1.87 1.81 1.69 1.71

9,227,368,165 16,044,984,565 17,004,430,657 16,300,110,120

523,933,137 527,207,379 703,443,719 646,493,011
8,703,435,028 15,517,777,186 16,300,986,938 15,653,617,109
23,506,298,937 26,641,220,141 29,758,912,386 30,828,046,584
10,034,455,361 10,156,617,698 10,795,937,998 11,538,391,821
13,471,843,576 16,484,602,443 18,962,974,388 19,289,654,763
24,292,037,688 27,433,467,909 29,966,347,782 30,965,858,121
5,282,742,009 1,467,774,022 2,869,422,848 3,773,849,190
- 4,768,408,548 - 966,825,257 - 2,661,987,450 - 3,636,037,654

0.23 0.35 0.34 0.31

1 1 1 1
5.42 12.56 8.16 4.76
3.42 1.78 1.85 2.21
57% 53% 53% 64%
0.03 0.09 0.06 0.06

151 122.51 112.2 76

74 98 64.22 58.28
101.48 104 69.9 63
112.5 110.26 88.21 67.14
283,500,000 315,000,000 315,000,000 315,000,000
 472,500,000 630,000,000 472,500,000 567,000,000
1.5 2 1.5 1.8
3.1 5.35 5.83 5.71
48% 37% 26% 32%
1% 2% 2% 3%
32.7354838709677 19.4392523364486 11.9897084048027 11.0332749562172
28,769,580,000 32,760,000,000 22,018,500,000 19,845,000,000
5.18560321623528 3.37178919775749 2.09336389251078 2.01999214266317

23,221,608,279.00 23,044,090,114.00 11,500,261,829.00 10,020,704,360.00

2% 4% -31% -7%
 2013 2014 2015 2016
733,846,628 1,280,513,632 1,118,043,815 1,615,066,816
20,263,543,636 ### 18,585,269,122 17,015,039,796
5.0% -1.5% -6.9% -8.4%
20,997,390,264 ### 19,703,312,937 18,630,106,612
11,111,794,523 11,616,297,296 11,983,671,221 12,275,128,072
213,470,170 291,216,896 331,429,355 836,865,777
3,763,934,301 3,540,542,880 2,954,109,866 2,181,881,672
13,527,437,070 10,595,941,805 8,951,753,900 7,993,844,215
6,335,131,609 6,367,911,795 5,096,961,206 5,009,962,645
23,626,502,980 20,504,396,480 17,002,824,972 15,185,688,532
34,524,827,333 ### 28,655,066,838 26,623,950,827
6,007,031,012 5,775,579,224 4,546,915,488 3,991,814,138
0.31 0.31 0.31 0.31
1,545,336,536.61 ### 841,247,012.61 1,013,231,205.18
660,231,174 579,850,718 584,809,667 453,850,239

2013 2014 2015 2016

0% -26% 1% 0%
1% -3% -39% -12%
-15% -25% -10% 17%
1% 6% 5% 2%
47% 481% -33% 26%
66% 25% -3% -28%
24% 19% 18% 21%
-72% -61% 118% -6%
24% 19% 17% 21%
18% 16% 17% 17%

11% 6% 6% 8%
7% 4% 4% 5%
16% 10% 10% 10%
5% 4% 4% 4%
8% 5% 6% 5%
28% 21% 23% 25%
 1.97 2.18 2.34 2.54
0.94 0.88 0.89 1.04
0.01 0.02 0.03 0.08

2.7 2.88 4.64 4.79

327.61 358.47 305.91 301.69
260.66 236.54 265.13 262.73
1.79 2.36 2.18 1.99

17,446,926,132 ### 17,080,632,427 17,285,090,717

733,846,628 1,280,513,632 1,118,043,815 1,615,066,816
16,713,079,504 ### 15,962,588,612 15,670,023,901
33,790,980,706 ### 27,537,023,022 25,008,884,011
13,527,437,070 ### 8,951,753,900 7,993,844,215
20,263,543,636 ### 18,585,269,122 17,015,039,796
34,004,450,876 ### 27,868,452,377 836,865,777
3,763,934,301 3,540,542,880 2,954,109,866 2,181,881,672
- 3,550,464,132 -3,249,325,984 - 2,622,680,510 - 1,345,015,895

0.32 0.36 0.41 0.45

1 1 1 1
3.39 2.3 2.08 3.24
2.12 1.74 1.4 1.22
54% 50% 38% 33%
0.05 0.03 0.04 0.04

64 55.9 40.8 45
39.8 37.25 22.33 23.2
55.9 37.6 23.72 42.98
51.9 46.58 31.57 34.1
322,557,118 322,557,118 322,557,118 322,557,118
 567,000,000 645,114,236 725,753,516 774,137,083
1.8 2 2.25 2.4
5.36 3.52 3.77 3.83
34% 57% 60% 63%
3% 5% 9% 6%
10.4291044776119 10.6818181818 6.2917771883289 11.221932114883
18,030,942,896 12,128,147,637 7,651,054,839 13,863,504,932
1.62268505403679 1.04406312338 0.6384566714074 1.1293979867813

6,919,148,373.00 511,850,341.00 -4,332,616,382.00 1,588,376,860.00

-8% -27% -27% 87%
 2017 2018 2019 2020
1,828,909,257 2,443,602,451 1,803,386,168 1,411,092,609
17,461,365,409 14,795,000,125 14,831,255,598 13,530,883,561
2.6% -15.3% 0.2% -8.8%
19,290,274,666 17,238,602,576 16,634,641,766 14,941,976,170
12,727,371,995 11,146,854,610 10,523,482,837 9,849,852,836
862,691,749 636,536,491 504,949,932 362,949,070
2,636,699,822 1,879,703,867 1,636,578,838 1,803,742,371
10,063,828,483 9,373,315,043 7,961,030,471 5,124,630,463
4,788,894,598 4,848,580,588 4,979,530,024 3,642,835,639
17,489,422,903 16,101,599,498 14,577,139,333 10,571,208,473
29,354,103,149 26,611,917,617 24,595,672,238 20,058,112,239
3,529,910,761 3,830,596,962 3,571,680,624 2,968,952,775
0.31 0.31 0.31 0.31
696,093,217.50 475,445,699.22 679,942,219.14 744,900,326.79
415,913,036 412,651,432 344,576,762 307,786,235

2017 2018 2019 2020

-17% -31% -14% -66%
5% -37% -42% -37%
-25% -40% -14% -74%
-9% -6% -188% -25%
-22% -182% -27% 36%
147% 33% -159% -3%
18% 21% 33% 48%
-3% 241% 10% -411%
17% 17% 28% 92%
16% 12% 24% 77%

5% 4% 6% 7%
4% 3% 4% 5%
8% 4% 8% 9%
3% 2% 3% 4%
4% 2% 4% 4%
21% 14% 13% 5%
 2.24 2.2 2.43 2.75
0.97 0.81 0.89 0.93
0.07 0.06 0.05 0.05

4.4 7.04 11.6 16.57

359.34 292.24 329.87 796.49
334.4 506.28 726.83 868.49
2.46 3.04 3.55 9.61

17,516,266,593 15,995,435,198 15,503,012,861 13,492,688,475

1,828,909,257 2,443,602,451 1,803,386,168 1,411,092,609
15,687,357,336 13,551,832,747 13,699,626,693 12,081,595,866
27,525,193,892 24,168,315,168 22,792,286,069 18,655,514,024
10,063,828,483 9,373,315,043 7,961,030,471 5,124,630,463
17,461,365,409 14,795,000,125 14,831,255,598 13,530,883,561
862,691,749 636,536,491 504,949,932 362,949,070
2,636,699,822 1,879,703,867 1,636,578,838 1,803,742,371
- 1,774,008,073 - 1,243,167,378 - 1,131,628,905 - 1,449,287,695

0.42 0.41 0.42 0.48

1 1 1 1
2.43 1.67 2.86 3.51
1.34 1.41 1.3 1.04
28% 34% 34% 30%
0.03 0.02 0.02 -0.06

57 34 17.25 11.49
30.62 12.42 7.44 11.18
33 17 11.34 11.2
43.81 23.21 12.35 11.34
322,557,118 322,557,118 322,557,118 402,551,254
 387,068,542 - - -
1.2 - - -
3 1.55 2.56 2.24
40% - - -
4% - - -
11 10.96774193548 4.4296875 5
10,644,384,894 5,483,471,006 3,657,797,718 4,508,574,045
0.8363380042778 0.491929893934 0.347584328749 0.45773009201942

-2,082,987,101.00 ### -6,865,685,119.00 -5,341,278,791.00

-20% -0.484848484848 -0.332941176471 -0.0123456790123
 2021 TCAM Moyenne
1,608,484,858 0.84% 1,196,785,061
11,961,336,535 4.74% 15,723,167,606
-11.6% - -
13,569,821,393 4.44% 16,919,952,667
9,605,304,599 5.10% 9,755,435,128
229,508,525 -12.86% 570,250,268
-100.00% 3,006,667,938
6,326,275,263 4.47% 8,946,319,075
4,194,025,319 6.86% 4,927,978,106
10,520,300,582 1.78% 16,680,520,590
10,293,011,331 3.37% 24,921,669,379
3,503,968,978 -218.74% 4,041,724,433
0.31 0.00%
- 162,555,206.64 -191.23% 983,145,567
297,911,562 31.08% 397,450,110

2021 TCAM Moyenne

2% -120.38% -1%
112% -100.06% 8%
26% -110.45% 0%
-213% -301.78% -14%
-240% -300.87% 18%
-262% -293.13% 40%
-16% -195.54% 25%
-109% -300.63% 25%
-12% -193.86% 27%
-16% -197.69% 20%

-1% -184.77% 9%
-1% -184.77% 6%
-2% -187.42% 12%
-1% -189.07% 4%
-1% -189.74% 6%
6% -109.65% 21%
 2.93 3.61% 2.21
0.79 -0.66% 0.84
0.04 -12.69% 0.06

7.5 -91.30% 5.53

563.43 -218.12% 250.79
277.7 -211.29% 281.19
8.33 11.36% 3.09

13,799,329,918 5.58% 14,683,413,233

1,608,484,858 0.84% 1,196,785,061
12,190,845,060 6.58% 13,486,628,173
18,289,831,072 4.54% 24,669,634,634
6,328,494,537 4.17% 8,946,467,027
11,961,336,535 4.74% 15,723,167,606
229,508,525 -23.38% 16,309,046,762
- -100.00% 3,006,667,938
229,508,525 -189.18% - 2,236,539,434

0.48 1.88% 0.37

1.91 1.35% 1.1
-0.79 -169.60% 15.75
1.05 -3.43% 1.8
36% -212.99% 0.41
0.05 -6.98% 0.04

10.91 -17.20% 80.9

10.6 -14.89% 46.73
10.61 -16.73% 56.55
10.76 -16.18% 63.81
402,551,254 7.21% 314,450,155.60
 - 566,632,337.63
- 1.77
-0.49 -185.70% 3.62
- 0.43
- 0.04
-21.65306122449 -197.17% 12.12
4,271,068,805 -10.72% ###
0.444657299618 -15.05% 2.01

### -191.92% ###

-0.052678571429 -112.22% -0.1
 2016 2017
Chiffre d'affaire 7,116,230,359 5,916,503,910
Charge du personnel 264,980,435 241,221,385
Charge du personnel/CA 4% 4%
EBITDA 1,514,488,994 1,053,386,700
Marge sur EBITDA 21% 18%
EBIT 1,560,526,966 1,008,830,750
Taux de marge Opérationne 22% 17%
Résultat Net 1,101,240,243 763,909,243
Taux de marge nette 15% 13%
Capitaux propres 12,275,128,07212,727,371,995
Rentabilité économique 5.78% 3.61%
ROE 8.97% 6.00%
Dettes de financement nett 3,991,814,138 3,529,910,761
Gearing 0.33 0.28
Délai Fournisseurs 262.73 334.40
Délai Clients 301.69 359.34
BFG 17,015,039,79617,461,365,409
BFR/CA 2.39 2.95
2016 2017
Chiffre d'affaire 2,075,457,000 1,860,100,000
Charge du personnel 72,022,000 79,563,000
Charge du personnel/CA 3% 4%
EBITDA 541,000,000 390,000,000
Marge sur EBITDA 26% 21%
EBIT 535,000,000 383,000,000
Taux de marge Opérationne 26% 21%
Résultat Net 364,841,000 330,325,000
Taux de marge nette 18% 18%
Capitaux propres 3,727,195,000 3,972,022,000
Rentabilité économique 8.03% 4.32%
ROE 9.97% 8.32%
Dettes de financement nett 479.841 1,572,630,000
Gearing 0.0001 0.3959
Délai Fournisseurs 207 207
Délai Clients 140 154
BFG 5,915,136,000 5,400,916,000
BFR/CA 2.9 2.9
2016 2017
Chiffre d'affaire 664,774,725 1,184,870,000
Charge du personnel 68,895,808 66,066,000
Charge du personnel/CA 10% 6%
EBITDA (249,526,131) 430,544,000
Marge sur EBITDA -38% 36%
EBIT 229965961.6 431,086,000
Taux de marge Opérationne 35% 36%
Résultat Net 164,168,595 314.607
Taux de marge nette 25% 0.03%
Capitaux propres 1,409,110,812 2,539,017,000
Rentabilité économique 1.93% 4.29%
ROE 12.66% 9.89%
Dettes de financement nett 1,087,730,433 746,937,000
Gearing 0.77 0.29
Délai Fournisseurs 862 556
Délai Clients 197 228
BFG 3,156,716,111 4,600,801,000
BFR/CA 4.75 3.88
2016 2017
Chiffre d'affaire 5,048,287,000
Charge du personnel 541,000,000
Charge du personnel/CA 85869151.04%
EBITDA 411,683,000
Marge sur EBITDA 2.52%
EBIT ###
Taux de marge Opérationnelle 10.78%
Résultat Net 253,466,000
Taux de marge nette 5.02%
Capitaux propres 6,073,713,000
Rentabilité économique 4.34%
ROE 4.17%
Dettes de financement nettes 1,883,923,000
Gearing 31.02%
Délai Fournisseurs
Délai Clients
BFG 9,153,281,000
BFR/CA 1.813145925
 2018 2019 2020 2021 TCAM Moyenne
4,062,318,164 3,479,784,961 1,173,466,044 1,196,552,867 -97.20% 3,824,142,718
226,803,537 199,729,008 149,666,935 169,330,412 -89.35% 208,621,952
6% 6% 13% 14% -36.66% 8%
480,512,791 443,808,012 -139,216,682 -189,644,299 -102.09% 527,222,586
12% 13% -12% -16% -112.41% 6%
632,326,696 610,612,800 -657,486,857 -235,587,256 -102.52% 486,537,183
16% 18% -56% -0.196888297 -114.96% -1%
376,582,992 335,579,613 -744,347,919 -176,443,163 -102.67% 276,086,835
9% 10% -63% -15% -115.88% -5%
11,146,854,61110,523,482,837 9,858,347,231 9,605,304,598 -86.96% 11,022,748,224
2.53% 2.53% -3.04% -1.18% -103.40% 2%
3.38% 3.19% -7.55% -1.93% -103.58% 2%
3,830,596,962 3,571,694,649 2,968,952,775 3,503,968,978 -85.37% 3,566,156,377
0.34 0.34 0.30 0.364795196 -81.30% 33%
431.23 594.34 559.21 277.700022 -82.38% 410
292.24 329.87 796.49 563.4253545 -68.87% 441
14,795,000,12514,831,269,62313,530,883,561 12905531190 -87.36% 15,089,848,284
3.64 4.26 11.53 10.78559213 -24.82% 6
2018 2019 2020 2021 TCAM Moyenne
1,439,980,000 1,380,741,000 618,169,000 776,243,000 -15.12% 1,358,448,333
74,023,000 71,524,000 73,527,000 74,769,000 0.63% 74,238,000
5% 5% 12% 10% 18.55% 7%
394,000,000 320,223,000 (62,209,484) 14,880,261.91 -45.06% 266,315,630
27% 23% -10% 2% -35.27% 15%
387,708,000 308,913,000 (64,366,000) 7,831,311.43 -50.54% 259,681,052
27% 22% -10% 1% -41.73% 14%
327,441,000 304,208,000 (135,251,000)-43,396,711.98 -165.32% 191,361,215
23% 22% -22% -6% -179.52% 9%
4,157,918,000 4,388,921,000 4,253,456,000 4,237,061,000 2.16% ###
4.28% 3.28% -1.00% 0.12% -50.28% 3%
7.88% 6.93% -3.18% -1.02% -101.71% 5%
1,507,311,000 1,684,364,000 1,675,321,665 1834726957 295.44% 1,379,138,911
0.3625 0.3838 0.3939 0.4330 287.08% 33%
268 369 308 471.9103042 14.72% 305
172 195 444 254.2665334 10.46% 227
5,689,654,000 6,289,595,289 6,288,276,406 6089512781 0.49% 5,945,515,079
4.0 4.6 10.2 7.8 18.38% 5
2018 2019 2020 2021 TCAM Moyenne
1,564,403,000 945,299,000 478,026,000 932,880,000 7.0% 961,708,787
65,663,000 61,511,000 53,228,000 49,740,000 -6.3% 60,850,635
4% 7% 11% 5.33% -12.4% 7%
234,399,000 33,690,000 72,865,000 170,303,784 -192.6% 115,379,276
15% 4% 15% 18.26% -186.6% 8%
234,327,000 7,728,000 (333,744,000) 373,888,057 10.2% 157,208,503
15% 1% -70% 40.08% 3.0% 10%
123.678 48.128 -385 183.864 -74.3% 27,408,979
0.01% 0.01% -0.08% 0.02% -76.0% 4%
2,661,876,000 2,708,384,000 2,323,384,000 2,185,672,000 9.2% 2,304,573,969
2.55% 0.09% -7.46% 8.34% 34.0% 2%
12.15% 3.93% -0.02% 0.01% -76.9% 6%
346,886,000 309,091,000 818,450,000 782,816,000 -6.4% 681,985,072
0.13 0.11 0.35 0.36 -14.2% 34%
614 431 851 1.237 7.5% 759
148 264 506 664 27.5% 335
3,723,770,000 3,700,046,000 3,406,116,000 712,479,851 -25.7% 3,216,654,827
2.38 3.91 7.13 0.76 -30.6% 4
2018 2019 2020 2021 TCAM Moyenne
5,021,072,000 4,570,962,000 3,319,495,000 395,629,706.12 -98.43% 3,671,089,141
491,495,000 515,935,000 501,278,000 41,668,450.76 -98.46% 418,275,290
187205197.37% 518531698.80% -62836909.09% 10.53% -100.00% 1,457,538
401,471,000 69,586,000 335,485,000 0.00 -100.00% 243,645,000
1.38% 2.01% 1.60% 0.00 -100.00% 0.02
### ### 369,310,000 42,233,108.55 -98.45% 431,814,622
14.47% 10.42% 11.13% 10.67% -80.20% 0.11
422,159,000 397,689,000 242,707,000 171,141,644.65 -86.50% 297,432,529
8.41% 8.70% 7.31% 43.26% 72.31% 0.15
5,615,050,000 6,148,594,000 6,159,879,000 ,663,404,714.33 -91.23% 5,332,128,143
4.93% 2.96% 2.20% 0.29% -98.65% 0.03
7.52% 6.47% 3.94% 6.43% -69.20% 0.06
2,005,894,000 2,358,717,000 2,761,185,031 4204562403.24 -55.36% 2,642,856,287
35.72% 38.36% 44.83% 157.86% 1.79% 1.00
661.00 216.00 3488.66 75.80% 1.46
957.00 1.51 1826.96 -36.39% 1.43
10,167,539,000 10,773,800,000 10,426,074,000 ### -85.49% 9,431,950,358
2.024973751 2.357009312 3.140861486 16.78098911 85.10% 5.00
Benchmarking Sectoriel 2016 2017 2018
Chiffre d'affaires
ADDOHA 7 116 230 359,005 916 503 910,004 062 318 164,00
ALLIANCES 664774724.6 1,184,870,000 1,564,403,000
ESPACES SAADA 2,075,457,000 1,860,100,000 1,439,980,000
Al Omrane 5,048,287,000 5,021,072,000

Charges du personnel
ADDOHA 264,980,435.00 241,221,385 226,803,537
ALLIANCES 68,895,808 66,066,000 65,663,000
ESPACES SAADA 72,022,000 79,563,000 74,023,000
Al Omrane - 541,000,000 491,495,000

Charges du personnel/CA
ADDOHA 3.72% 4.08% 5.58%
ALLIANCES 10.36% 5.58% 4.20%
ESPACES SAADA 3.47% 4.28% 5.14%
Al Omrane - 10.72% 9.79%

EBE (EBITDA)
ADDOHA 1,514,488,994 1,053,386,700 480,512,791
ALLIANCES (249,526,131) 430,544,000 234,399,000
ESPACES SAADA 541,000,000 390,000,000 394,000,000
Al Omrane 411,683,000 401,471,000

Marge sur EBITDA

ADDOHA #NAME? 17.80% 11.83%
ALLIANCES -37.54% 36.34% 14.98%
ESPACES SAADA 26.07% 20.97% 27.36%
Al Omrane - 8.15% 8.00%

Résultat d'exploitation (EBIT)

ADDOHA 1,560,526,966 1,008,830,750 632,326,696
ALLIANCES 229965961.6 431,086,000 234,327,000
ESPACES SAADA 535,000,000 383,000,000 387,708,000
Al Omrane - 544302000 726706000

Taux de marge Opérationnelle

ADDOHA 21.93% 17.05% 15.57%
ALLIANCES 34.59% 36.38% 14.98%
ESPACES SAADA 25.78% 20.59% 26.92%
Al Omrane 10.78% 14.47%

Résultat Net
ADDOHA 1,101,240,243 763,909,243 376,582,992
ALLIANCES 164,168,595 314.607 123.678
ESPACES SAADA 364,841,000 330,325,000 327,441,000
Al Omrane 253,466,000 422,159,000

Taux de marge Nette

ADDOHA 15.48% 12.91% 9.27%
ALLIANCES 24.70% 0.03% 0.01%
ESPACES SAADA 17.58% 17.76% 22.74%
Al Omrane - 5.02% 8.41%

Capitaux propres
ADDOHA 12,275,128,072 12,727,371,995 11,146,854,611
ALLIANCES 1,409,110,812 2,539,017,000 2,661,876,000
ESPACES SAADA 3,727,195,000 3,972,022,000 4,157,918,000
Al Omrane 6,073,713,000 5,615,050,000

La rentbilité économique
ADDOHA 5.78% 3.61% 2.53%
ALLIANCES 1.93% 4.29% 2.55%
ESPACES SAADA 8.03% 4.32% 4.28%
Al Omrane - 4.34% 4.93%

ROE
ADDOHA 8.97% 6.00% 3.38%
ALLIANCES 12.66% 9.89% 12.15%
ESPACES SAADA -1.02% -101.71% 4.82%
Al Omrane - 4.17% 7.52%

Dettes de financement nette

ADDOHA 3,991,814,138 3,529,910,761 3,830,596,962
ALLIANCES 1,087,730,433 746,937,000 346,886,000
ESPACES SAADA 479.841 1,572,630,000 1,507,311,000
Al Omrane - 1,883,923,000 2,005,894,000

Gearing
ADDOHA 0.33 0.28 0.34
ALLIANCES 0.77 0.29 0.13
ESPACES SAADA 0.00 0.40 0.36
Al Omrane - 0.31 0.36

Délai Fournisseurs
ADDOHA 263 334 431
ALLIANCES 862 556 614
ESPACES SAADA 207 207 268
Al Omrane - - -

Délai Clients
ADDOHA 302 359 292
ALLIANCES 197 228 148
ESPACES SAADA 140 154 172
Al Omrane - - -

BFG
ADDOHA 17,015,039,796 17,461,365,409 14,795,000,125
ALLIANCES 3,156,716,111 4,600,801,000 3,723,770,000
ESPACES SAADA 5,915,136,000 5,400,916,000 5,689,654,000
Al Omrane - 9,153,281,000 10,167,539,000

BFR/Chiffre d'affaire
ADDOHA 2.39 2.95 3.64
ALLIANCES 4.75 3.88 2.38
ESPACES SAADA 2.85 2.90 3.95
Al Omrane - 1.81 02.02

IN-DEPTH COMPARISON AL Omrane ADDOHA

Marge sur EBITDA 1.50% 5.99%
Marge opérationnelle 11.50% -0.60%
Marge nette 14.54% -5.15%
ROE 5.71% 2.01%
Gearing 61.56% 32.53%
BFR/CA 5.22 5.93
Charges du personnel/CA 145753829.73% 7.67%
 2019 2020 2021 TCAMMOYENNE

3 479 784 961,00 6181690001 196 552 867,00

945,299,000 478,026,000 932,880,000.00
1,380,741,000 618,169,000 776,243,000
4,570,962,000 3,319,495,000 395,629,706.12

199,729,008 149,666,935 169,330,412

61,511,000 53,228,000 49,740,000
71,524,000 73,527,000 74,769,000
515,935,000 501,278,000 41,668,450.76

5.74% 24.21% 14.15%

6.51% 11.13% 5.33%
5.18% 11.89% 9.63%
11.29% 15.10% 10.53%

443,808,012 -139,216,682 -189,644,299

33,690,000 72,865,000 170,303,784
320,223,000 (62,209,484) 14,880,261.91
69,586,000 335,485,000 0.00

12.75% -11.86% -16%

3.56% 15.24% 18%
23.19% -10.06% 2%
1.52% 10.11% 0%

610,612,800 (657,486,857) -235587256

7,728,000 (333,744,000) 373888056.6
308,913,000 (64,366,000) 7831311.43
 476522000 369,310,000 42233108.55

17.55% -56.03% -20%

0.82% -69.82% 40%
22.37% -10.41% 1%
10.42% 11.13% 11%

335,579,613 (744,347,919) -176443163

48.128 -385 183864
304,208,000 (135,251,000) -43396711.98
397,689,000 242,707,000 171141644.7

9.64% -63.43% -15%

0.01% -0.08%
22.03% -21.88% -6%
8.70% 7.31% 43%

10,523,482,837 9,858,347,231 9605304598

2,708,384,000 2,323,384,000 2185672000
4,388,921,000 4,253,456,000 4237061000
6,148,594,000 6,159,879,000 2663404714

2.53% -3.04% -1%

0.09% -7.46% 8%
3.28% -1.00% 0%
2.96% 2.20% 0%

3.19% -7.55% -2%

3.93% -0.02% 0%
 6.93% -3.18% -1%
6.47% 3.94% 6%

3,571,694,649 2,968,952,775 3503968978

309,091,000 818,450,000 782816000
1,684,364,000 1,675,321,665 1834726957
2,358,717,000 2,761,185,031 4204562403

0.34 0.30 36%

0.11 0.35 36%
0.38 0.39 43%
0.38 0.45 158%

594 559 277.700022

431 851 1237.3511
369 308 471.9103042
661 216 3.489

330 796 563.4253545

264 506 664.3560587
195 444 254.2665334
957 1.506 1826.960915

14,831,269,623 13,530,883,561 12905531190

3,700,046,000 3,406,116,000 712479851
6,289,595,289 6,288,276,406 6089512781
10,773,800,000 10,426,074,000 6639057788

4.26 11.53 1079%

3.91 7.13 76%
4.56 10.17 784%
2.36 3.14 1678%