A B C D

1 2016

2 INCOME STATEMENT
3 Sales Revenue Chiffre d'affaire 7,116,230,359
4 Other productions Autres produits de l'exercice -1,647,062,769
5 Less: Cost of Goods Sold achats consommés 3,395,928,171
6 Gross Profits Valeur ajoutée 2,073,239,419
7 Payroll expenses Charge du personnel 264,980,435
8 Other expenses autres charges 281,804,942
9 Local Taxes taxes locales 11,965,048
10 EBITDA Excédent brut d'exploitation 1,514,488,994
11 Depreciations Amortissement et dépreciation 46,037,972
12 Operating Profits Résultat d'exploitation 1,560,526,966
Coût de l’endettement financier
13 Less: Interest Expense net -453,850,239
14
Autres produits et charges
Other Financial revenus and expenses financières 367,638,902
15 Other revenus and expenses Autres produits et charges 121,056,299
16 Net Profits Before Taxes Résultat avant impôt 1,595,371,928
17 Less: Taxes impots 360,087,828
18
part dans les résultats des
Income from associates (equity method) sociétes mises en équivalence -21,483,686
19 Net Profit After Taxes Résultat après impôt 1,213,800,414
20 Less: Minority interests intérêts minoritaires -112,560,171
21 1,101,240,243
Droit du groupe dans le résultat
22 Net Income - Reconciliation 1,101,240,243
23 Adjusted Outstanding shares 322,557,118
24 EPS 3.4
25

26

=('ETAT FINACIERS'!I67+'ETAT FINACI

27
BALANCE SHEET -
ASSETS
28 Goodwill écart d'acquisition -
29 Intangible fixed assets Immobilisations incorporelles 3,400,498
30 Tangible fixed assets Immobilisations corporelles 705,277,531
31 Financial fixed asstes Immobilisations financières 659,570,850
32 Deferred taxes on assets Actifs d'impôts différés 246,817,849
33 Other assets Autres actifs non courants 88
34 Net Fixed Assets Total Actifs non courants 1,615,066,816
35 Inventories Stocks et encours 15,277,213,396
36 Customers and related accounts Fournisseurs
Créancesavances
clients et 7,156,256,064
37 Supplier advances and installments accomptes
38 Payroll debts Personnel
 A B C D

39
Etats débiteurs/ Autres créances
Debtor statements courantes nettes 2,575,414,551
40
Diverses créances/ Autres actifs
Sundry debts courants
41 Marketable Securities TVP
42
Trésorerie et équivalent de
Cash trésorerie 836,865,777
43 Total Current Assets Total Actifs courants 25,845,749,788

44 Total Assets Total actif 27,460,816,604

45 27,460,816,604

46

47
BALANCE SHEET -
LIABILITIES
48 Capital Capital 3,225,571,180
49 Premiums Primes d'émission et de fusion 3,034,811,680
50 Consolidated reserves Réserves consolidées 4,266,082,053
51 Net income group share Résultats consolidés 1,009,164,298
52 exchange differential Ecarts de convesion 1,895,990
53 Minority interest Réserves minoritaires 737,602,871
54 Total Stockholders' Equity Capitaux propres d'ensemble 12,275,128,072
55 L / T Debt (Inc. Financial Leases) Dettes pour
Provisions financières
risques et 4,828,679,915
56 Provisions for risks and expenses charges 93,402
57 Other non current liabilities Autres passifs non courants 11,990
58 Deferred taxes liabilities Impôt différé passif 181,177,338
59 Total Non current Liabilities Total des passifs non courants 17,285,090,717
60 Suppliers Dettes fournisseurs 3,220,861,689
61 Customer advances and installments Clients avances et accomptes
62 Payroll and social entities Personnel et organismes sociaux
63
Etats créditeurs/ Autres créances
Creditor statements courantes nettes
64
Diverses dettes/ Autres passifs
Sundry debts courants 4,600,432,471
65 Other provisions Autres provisions 172,550,055
66
Découverts/Dettes financières
Overdrafts courantes 2,181,881,672
67 Total Current Liabilities Total dettes courants 10,175,725,887

68 Total Liabilities Total passif 27,460,816,604

69 27,460,816,604

70 Adjusted Outstanding stocks 322,557,118

 A B C D

71

72 CASH FLOWS STATEMENT 2016

73 Net Income 1,143,208,155
74 Adjustments for non cash operations 8,970,821
75 Cash Flows From Operations 1,152,178,976
76 Cash flows from investments 946,989,446
77 Free Cash Flows 2,099,168,422
78 Cash Flows From Financing -821,503,808
79 Change in cash 1,277,664,614
80 Change in Cash- Reconciliation 1,277,664,616
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
 E F G

1 2017 2018 2019

2
Compte de resultat
3 5,916,503,910 4,062,318,164 3,479,784,961
4 -816,452,828 -884,960,206 -1,371,657,258
5 3,555,244,679 2,250,642,595 1,310,109,551
6 1,544,806,403 926,715,363 798,018,152
7 241,221,385 226,803,537 199,729,008
8 220,636,223 180,176,426 131,383,071
9 29,562,095 39,222,609 23,098,061
10 1,053,386,700 480,512,791 443,808,012
11 -44,555,950 151,813,905 -166,804,788
12 1,008,830,750 632,326,696 610,612,800
13 -415,913,036 -412,651,432 -344,576,762
14
483,353,324 464,064,221 362,952,426
15 123,386,241 -34,680,771 -91,597,172
16 1,199,657,279 649,058,714 537,391,292
17 319,746,541 228,238,182 137,607,894
18
-13,649,929 -11,364,714 -5,787,380
19 866,260,809 409,455,818 393,996,018
20 -102,351,566 -32,872,826 -58,416,405
21 763,909,243 376,582,992 335,579,613

22 763,909,243 376,582,992 335,579,613

23 322,557,118 322,557,118 322,557,118
24 2.4 1.17 1.04
25

26

=('ETAT FINACIERS'!I67+'ETAT FINACIERS'!I55+'ETAT FINACIERS'!I56+'ETAT FINACIERS'!I57+'ETAT FINACIERS'!I58)

27 BILAN - ACTIF
28 542,053 542,053 542,053
29 2,493,469 1,729,562 1,047,627
30 722,750,513 700,154,415 317,059,178
31 714,449,112 653,751,737 400,722,194
32 388,668,331 1,098,368,095 1,083,874,783
33 5,779 166,451 140,333
34 1,828,909,257 2,443,602,451 1,803,386,168
35 16,008,034,576 15,680,686,733 14,709,755,354
36 7,086,831,589 3,957,172,557 3,826,263,113
37
38
 E F G

39
4,430,327,727 4,530,455,878 4,256,267,602
40
14,025
41

42
862,691,749 636,536,491 504,935,907
43 28,387,885,641 24,804,851,659 23,297,236,001

44 30,216,794,898 27,248,454,110 25,100,622,169

45 30,216,794,898 27,248,454,110 25,100,622,169

46

47 BILAN - PASSIF
48 3,225,571,180 3,225,571,180 3,225,571,180
49 3,034,811,680 3,034,811,680 3,034,811,680
50 4,485,238,088 3,441,324,045 2,875,502,432
51 763,909,244 376,582,992 335,579,611
52 1,953,506 2,829,462 -979,503
53 1,215,888,297 1,065,735,251 1,052,997,437
54 12,727,371,995 11,146,854,611 10,523,482,837
55 4,392,602,510 4,467,133,453 4,076,630,556
56 212,543 600,517 573,481,344
57 26,511,355 26,511,355 34,767,430
58 369,568,190 354,335,263 294,650,694
59 17,516,266,593 15,995,435,199 15,503,012,861
60 4,208,789,222 3,494,130,803 2,855,791,796
61
62

63

64
5,663,303,952 5,685,863,564 4,904,655,255
65 191,735,309 193,320,676 200,583,420
66
2,636,699,822 1,879,703,867 1,636,578,838
67 12,700,528,305 11,253,018,910 9,597,609,309

68 30,216,794,898 27,248,454,109 25,100,622,170

69 30,216,794,898 27,248,454,109 25,100,622,170

70 322,557,118 322,557,118 322,557,118

 E F G

71

72 2017 2018 2019

73 879,910,739 420,820,532 399,783,396
74 85,687,883 103,274,860 110,312,890
75 965,598,621 524,095,392 510,096,286
76 -134,599,688 359,082,153 -16,256,306
77 830,998,933 883,177,545 493,839,980
78 -1,315,518,229 -352,336,848 -382,315,535
79 -484,519,296 530,840,697 111,524,445
80 -484,519,295 530,840,697 111,524,445
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
 H I J K

1 2020 2021 Variation21-20 Variation21-16

t 2

3 1,173,466,044 1,196,552,867 1.97% -83.19%

4 -140,149,963 808,947,403 -677.20% -149.11%
5 822,276,664 1,740,271,780 111.64% -48.75%
6 211,039,417 265,228,490 25.68% -87.21%
7 149,666,935 169,330,412 13.14% -36.10%
8 178,130,759 249,123,627 39.85% -11.60%
9 22,458,405 36,418,750 62.16% 204.38%
10 -139,216,682 -189,644,299 36.22% -112.52%
11 518,270,175 45,942,957 -91.14% -0.21%

12 -657,486,857 -235,587,256
-64.17% -115.10%
13 -307,786,235 -297,911,562 -3.21% -34.36%

14
403,709,211 340,803,705 -15.58% -7.30%
15 -155,634,611 16,055,379 -110.32% -86.74%
16 -717,198,492 -176,639,734 -75.37% -111.07%
17 72,402,269 16,534,814 -77.16% -95.41%

18
-11,738 -257,405 2092.92% -98.80%
19 -789,612,499 -193,431,953 -75.50% -115.94%
20 45,264,580 8,494,395 -81.23% -107.55%

21 -744,347,919 -184,937,558
-75.15% -116.79%
22 -744,347,919 -176,443,163
-76.30% -116.02%
23 402,551,254 402,551,254 0.00% 24.80%
24 - -
25

26

27

28
29 973,061 3,035,466 211.95% -10.73%
30 439,235,722 584,144,738 32.99% -17.18%
31 87,383,345 106,265,061 21.61% -83.89%
32 883,474,990 914,553,147 3.52% 270.54%
33 25,491 486,446 1808.30% 552679.55%
34 1,411,092,609 1,608,484,858
13.99% -0.41%
35 12,540,976,638 13,547,878,556 8.03% -11.32%
36 3,115,514,109 2,247,227,411 -27.87% -68.60%
37
38
 H I J K

39
2,999,023,277 2,494,725,105 -16.82% -3.13%

40

41

42
362,949,070 229,508,525 -36.77% -72.58%
43 19,018,463,094 18,519,339,597
-2.62% -28.35%

44 20,429,555,703 20,127,824,455
-1.48% -26.70%

45 20,429,555,703 20,127,824,455
-1.48% -26.70%

46

47

48 4,025,512,540 4,025,512,540 0.00% 24.80%

49 3,034,811,680 3,034,811,680 0.00% 0.00%
50 2,628,640,974 1,785,754,706 -32.07% -58.14%
51 -744,347,919 -88,280,646 -88.14% -108.75%
52 29,741 -932,791 -3236.38% -149.20%
53 913,700,215 848,439,110 -7.14% 15.03%

54 9,858,347,231 9,605,304,598
-2.57% -21.75%
55 3,331,901,845 3,733,477,503 12.05% -22.68%
56 60,542,324 40,662,690 -32.84% 43435.14%
57 24,672,608 159,586,752 546.82% 1330898.77%
58 225,718,862 260,298,374 15.32% 43.67%

59 13,501,182,870 13,799,329,917
2.21% -20.17%
60 1,864,784,435 1,841,517,161 -1.25% -42.83%
61 #DIV/0!
62 #DIV/0!

63
#DIV/0!

64
3,257,760,389 3,540,563,447 8.68% -23.04%
65 2,085,639 2,219,275 6.41% -98.71%
944,194,655
66
1,803,742,371 -47.65% -56.73%
67 6,928,372,834 6,328,494,537
-8.66% -37.81%

68 20,429,555,704 20,127,824,455
-1.48% -26.70%

69 20,429,555,704 20,127,824,455
-1.48% -26.70%
70 402,551,254 402,551,254 0.00% 24.80%
 H I J K

71

#DIV/0!

72 2020 2021 Variation20-21

0.25%
73 -789,600,760 -96,517,637 -87.78% -108.44%
74 -509,787,186 -62707327 -87.70% -799.01%

75 -1,299,387,946 -159,224,964
-87.75% -113.82%
76 1,519,415,497 40,185,467 -97.36% -95.76%

77 220,027,551 -119,039,497
-154.10% -105.67%
78 -529,177,920 -119,039,497 -77.50% -85.51%
79 -309,150,369 132,107,170 -142.73% -89.66%
80 -309,150,369 132,107,170
-142.73% -89.66%
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
 RATIOS

Capital employed
Working Capital
Change in Working Capital
Shareholder's Equity
Availabilities
Overdraft
Long term debts
midterm debt
Total Debt
Net debts
Net financial Debt
corporate tax rate
NOPAT
Cost of debt

Change in sales
change in COGS
Gross Margin
Change in Payroll expenses
Other expenses
Local Taxes
EBITDA/Sales
Depreciation
EBIT/Sales
Margin rate
ROCE
ROE (Return on Equity)
Gearing
Asset turn over

Inventory Turnover (years)

Average Collection Period (days)
Average Paiement Period (days)
Working capital turnover (years)

Long term financing

Long term Assets
Excess stable financing
Current assets (Medterm)
Current liabilities (Midterm)
Working Capital
Cash and Merketable securities
Overdraft
Net Cash

Current Ratio
Quick Ratio
Cash Ratio

LEVE
Financial independance ratio
Debt-To-Assets Ratio
Interest Coverage Ratio
Debt-To-Equity Ratio
Gearing
Cash flow to Dept Ratio

Opening Share Price

Max Share Price
Min Share Price
Closing Share Price
Average Share Price
Number of shares
Dividends
DPS (Dividende per share)
EPS (Earning per share)
Pay Out Ratio = DPS / EPS
D/Y (Dividend Yield) = DPS / Share Price
PER (Price Earninge Ratio) = Price / EPS
Capitalization
PBR (Price to Book Ratio) = Market Cap / Equity
Beta = Covariance (Rm ; Rt) / Var (Rm)
Volatility = standrad deviation of share prices
MVA (Market Value Added) = Market Capit – Equity
TRS (Total Return For Shareholders)= Change in share price (%) + D/Y
IOS 2016 2017

Significants RATIOS
Actif Economique 18,630,106,612 19,290,274,666
Besoins en fonds de roulement 17,015,039,796 17,461,365,409
Variation du BFR - 2.62%
Capitaux propres 12,275,128,072 12,727,371,995
Disponibilité 836,865,777 862,691,749
Dette à court terme 2,181,881,672 2,636,699,822
Dette à long terme 5,009,962,645 4,788,894,598
Dette à moyen terme 7,993,844,215 10,063,828,483
Total Dettes 15,185,688,532 17,489,422,903
Dettes Nets 14,348,822,755 16,626,731,154
Dettes de financement nette 3,991,814,138 3,529,910,761
Taux d'impôt sur les sociétés 31% 31%
Resultat d'exploitation net 1,076,763,607 696,093,218
Coût de la dette 453,850,239 415,913,036

MARGIN ANALYSIS
Variation du chiffre d'affaire - -16.86%
Var du coût des produits vendus - 4.69%
Marge brute - -25.49%
Var Charge du personnel - -8.97%
Autres dépenses - -21.71%
Impôts et taxes - 147.07%
EBE/Chiffre d'affaire 21.28% 17.80%
Amortissement et dépreciation - -196.78%
Résultat d'exploitation/Chiffre d'affaire 21.93% 17.05%
Taux de marge 15.48% 12.91%
 RETURN ANALYSIS
Rentabilité économique 5.78% 3.61%
Rentabilité financière 8.97% 6.00%
Effet de levier 3.19% 2.39%
Taux de rotation de l'actif - 20.52%

WORKING CAPITAL ANAL

Délai des stocks - 4.40
Délai client 302 359
Délai fournisseur 263 334
Le poids du BFGE sur le chiffre d’affaires 1.99 2.46

FINANCIAL STRUCTUR
Passif non courant 17,285,090,717 17,516,266,593
actif non courant 1,615,066,816 1,828,909,257
Fond de roulement 15,670,023,901 15,687,357,336
Actif courant, hors trésorerie 25,008,884,011 27,525,193,892
Passif courant, hors trésorerie 7,993,844,215 10,063,828,483
Besoin en fonds global 17,015,039,796 17,461,365,409
Trésorerie Actif 836,865,777 862,691,749
Trésorerie Passif 2,181,881,672 2,636,699,822
Trésorerie nette (1,345,015,895) (1,774,008,073)

LIQUIDITY RATIOS ANAL

Ratio de liquidité générale 2.54 2.24
Ratio de liquidité réduite 1.04 0.97
Ratio de liquidité immédiate 0.08 0.07

LEVERAGE/SOLVENCY RATIOS
 Ratio d'autonomie financière 0.45 0.42
Ratio de solvabilité générale 1.81 1.73
Ratio de couverture des frais financiers 3.44 2.43
Ratio d’endettement général 1.22 1.34
Ratio d'endettement net 0.33 0.28
Capacité de rembourssement 0.08 0.06

SHARE ANALYSIS
Prix d'ouverture 23.67 42.85
Prix le plus haut 45.00 57.00
Prix le plus bas 23.20 30.62
Prix de fermeture 42.98 33.00
Prix moyen 34.10 43.81
Nombres d'actions 322,557,118 322,557,118
Dividendes 767,601,826.00 387,068,542.00
DPS (Dividendes par actions) 2.38 1.20
EPS (Bénéfice par action) 3.41 2.37
0.70 0.51
5.54% 3.64%
12.59 13.93
Capitalisation 13,863,504,931.64 10,644,384,894.00
1.13 0.84
Beta du secteur
Volatilité
1,588,376,859.64 -2,082,987,101.00
price (%) + D/Y
 2018 2019 2020

RATIOS
17,238,602,576 16,634,655,791 14,941,976,170
14,795,000,125 14,831,269,623 13,530,883,561
-15.27% 0.25% -8.77%
11,146,854,611 10,523,482,837 9,858,347,231
636,536,491 504,935,907 362,949,070
1,879,703,867 1,636,578,838 1,803,742,371
4,848,580,588 4,979,530,024 3,642,835,639
9,373,315,043 7,961,030,471 5,124,630,463
16,101,599,498 14,577,139,333 10,571,208,473
15,465,063,007 14,072,203,426 10,208,259,403
3,830,596,962 3,571,694,649 2,968,952,775
31% 31% 31%
436,305,420 421,322,832
412,651,432 344,576,762 307,786,235

NALYSIS
-31.34% -14.34% -66.28%
-36.70% -41.79% -37.24%
-40.01% -13.89% -73.55%
-5.98% -11.94% -25.06%
-18.34% -27.08% 35.58%
32.68% -41.11% -2.77%
11.83% 12.75% -11.86%
440.73% -209.87% 410.70%
15.57% 17.55% -56.03%
9.27% 9.64% -63.43%
NALYSIS
2.53% 2.53% -3.04%
3.38% 3.19% -7.55%
0.85% 0.66% -4.51%
14.14% 13.29% 5.15%

AL ANALYSIS
7.04 11.60 16.57
292 330 796
431 594 559
3.04 3.55 9.61

TRUCTURE
15,995,435,199 15,503,012,861 13,501,182,870
2,443,602,451 1,803,386,168 1,411,092,609
13,551,832,748 13,699,626,693 12,090,090,261
24,168,315,168 22,792,300,094 18,655,514,024
9,373,315,043 7,961,030,471 5,124,630,463
14,795,000,125 14,831,269,623 13,530,883,561
636,536,491 504,935,907 362,949,070
1,879,703,867 1,636,578,838 1,803,742,371
(1,243,167,377) (1,131,642,930) (1,440,793,300)

OS ANALYSIS
2.20 2.43 2.75
0.81 0.89 0.93
0.06 0.05 0.05

Y RATIOS ANALYSIS
 0.41 0.42 0.48
1.69 1.72 1.93
1.53 1.77 -2.14
1.41 1.30 1.04
0.34 0.34 0.30
0.03 0.04 -

ALYSIS
34.00 17.25 11.00
39.90 17.25 11.19
12.42 7.44 5.60
17.00 11.34 6.39
26.16 12.35 8.40
322,557,118 322,557,118 402,551,254
- - -
- - -
1.17 1.04 -
- - -
- - -
14.56 10.90 -
5,483,471,006.00 3,657,797,718.12 2,572,302,513.06
0.49 0.35 0.26

-5,663,383,605.00 -6,865,685,118.88 -7,286,044,717.94

- - -
2021 TCAM àmodifier

13,799,329,918 -4.88%
12,190,845,060 -5.41%
-9.90%
9,605,304,598 -4.01%
229,508,525 -19.40%
944,194,655 -13.03%
4,194,025,319 -2.92%
5,384,299,882 -6.37%
10,522,519,856 -5.93%
10,293,011,331 -5.39%
3,503,968,978 -2.15%
31%

297,911,562 -6.78%

1.97% -165.07%
111.64% 1.35%
25.68% -200.15%
13.14% -207.94%
39.85% -212.92%
62.16% -15.82%
-15.85% -197.70%
-91.14% -14.27%
-19.69% -202.92%
-15.46% -203.66%
 -1.18% -187.92%
-1.93% -196.61%
-0.75% -207.18%
5.90% -24.14%

7 11.24%
563 9.41%
278 -3.65%
13 39.39%

13,799,329,917 -4.40%
1,608,484,858 -0.08%
12,190,845,059 -4.90%
18,289,831,072 -6.07%
5,384,299,882 -7.60%
12,905,531,190 -5.38%
229,508,525 -22.80%
944,194,655 -15.42%
(714,686,131) -11.88%

2.93 2.87%
0.79 -5.43%
0.04 -15.11%
 0.48 1.32%
1.91 1.13%
0.79 -25.47%
1.05 -3.04%
0.36 2.32%
-0.02 -171.94%

- -14.21%
- -24.30%
- -24.74%
- -31.70%
- -24.45%
- 4.53%
-
-
-
-
-
-
- -28.60%
- -25.40%
-
-
- -235.61%
-
 Financial Analysis Gra

SIGNIFICANT RATIOS GRA

Capital Employed
25,000,000,000

20,000,000,000

15,000,000,000

10,000,000,000

5,000,000,000

-
2016 2017 2018 2019 2020 2021

Change in Working Capital

5.00%

0.00%
2016 2017 2018 2019 2020 2021

-5.00%

-10.00%

-15.00%

-20.00%
-15.00%

-20.00%

NOPAT
1,200,000,000

1,000,000,000

800,000,000

600,000,000
696,093,218

400,000,000
436,305,420

200,000,000 421,322,832

- - 0
2016 2017 2018 2019 2020 2021

Net financial Debt

4,100,000,000

3,900,000,000

3,700,000,000

3,500,000,000

3,300,000,000

3,100,000,000

2,900,000,000
2016 2017 2018 2019 2020 2021
 MARGIN RATIOS GRAPH

Net Sales
8,000,000,000

7,000,000,000

6,000,000,000

5,000,000,000

4,000,000,000

3,000,000,000

2,000,000,000

1,000,000,000

0
2016 2017 2018 2019 2020 2021

change in COGS
140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
2016 2017 2018 2019 2020 2021
-20.00%

-40.00%

-60.00%
 Marge opérationnelle EBIT/SALES
25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2016 2017 2018 2019 2020 2021
-5.00%

-10.00%

-15.00%

-20.00%

RETURN RATIOS GRAPH

ROCE / ROE / Effet de levier

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
2016 2017 2018 2019 2020 2021
-2.00%

-4.00%

-6.00%

-8.00%

-10.00%

ROCE Effet de levier ROE (Return on Equity)

 -6.00%

-8.00%

-10.00%

ROCE Effet de levier ROE (Return on Equity)

WORKING CAPITAL RATIOS G

Inventory turnover and Working Capital Turnover

18.00

16.00

14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00
2016 2017 2018 2019 2020 2021

Inventory Turnover (years) Working capital turnover (years)

Liquidity Graphic
3.50

3.00

2.50

2.00

1.50
 2.50

2.00

1.50

1.00

0.50

0.00
2016 2017 2018

Current Ratio Quick Ratio

Ratio d'autonomie financière

0.50

0.48

0.46

0.44

0.42

0.40

0.38

0.36
2016 2017 2018 2019 2020 2021

Interest coverage ratio

4.00

3.00

2.00

1.00
 3.00

2.00

1.00

0.00
2016 2017 2018 2019 2020 2021

-1.00

-2.00

-3.00

Gearing
0.38

0.36

0.34

0.32

0.30

0.28

0.26
2016 2017 2018 2019 2020 2021

SHARE ANALYSIS GRAP

MVA (Market Value Added)

4,000,000,000.00

2,000,000,000.00

0.00
2016 2017 2018 2019 2020

-2,000,000,000.00
2,000,000,000.00

0.00
2016 2017 2018 2019 2020

-2,000,000,000.00

-4,000,000,000.00

-6,000,000,000.00

-8,000,000,000.00
ancial Analysis Graphics

GNIFICANT RATIOS GRAPHICS

Working Capital
18,000,000,000

17,000,000,000

16,000,000,000

15,000,000,000

14,000,000,000

13,000,000,000

12,000,000,000
2016 2017 2018 2019 2020 2021
2021

Shareholder's Equity
13,000,000,000

12,500,000,000

12,000,000,000

11,500,000,000

11,000,000,000

10,500,000,000

10,000,000,000

9,500,000,000
2016 2017 2018 2019 2020 2021
 10,500,000,000

10,000,000,000

9,500,000,000
2016 2017 2018 2019 2020 2021

Debt Chart
20,000,000,000

18,000,000,000

16,000,000,000

14,000,000,000

12,000,000,000

10,000,000,000

8,000,000,000

6,000,000,000

4,000,000,000

2,000,000,000

-
2016 2017 2018 2019 2020 2021
0
2021 Overdraft Long term debts midterm debt Total Debt
MARGIN RATIOS GRAPHICS

Change in sales
10.00%

0.00%
2016 2017 2018 2019 2020 2021

-10.00%

-20.00%

-30.00%

-40.00%

-50.00%

-60.00%

-70.00%

Change in Payroll expenses

20.00%

15.00%

10.00%

5.00%

0.00%
2016 2017 2018 2019 2020 2021
-5.00%

-10.00%

-15.00%

-20.00%

-25.00%

-30.00%
RETURN RATIOS GRAPHICS

Asset turn over

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2016 2017 2018 2019 2020 2021
 5.00%

0.00%
2016 2017 2018 2019 2020 2021

RKING CAPITAL RATIOS GRAPHICS

Average Collection period and average Paiement Period

900

800

700

600

500

400

300

200

100

-
2016 2017 2018 2019 2020 2021

Average Collection Period (days) Average Paiement Period (days)

Liquidity Graphics
 2018 2019 2020 2021

o Quick Ratio Cash Ratio

Ratio de solvabilité générale

2.00

1.95

1.90

1.85

1.80

1.75

1.70

1.65

1.60

1.55
2016 2017 2018 2019 2020 2021

Ratio d’endettement général

1.60

1.40

1.20
 1.40

1.20

1.00

0.80
2016 2017 2018 2019 2020 2021

Capacité de rembourssement
0.10

0.08

0.06

0.04

0.02

0.00
2016 2017 2018 2019 2020 2021

-0.02

-0.04

HARE ANALYSIS GRAPHICS

Opening and closing prices per year

50.00

45.00

40.00

35.00

30.00

25.00

20.00
45.00

40.00

35.00

30.00

25.00

20.00

15.00

10.00

5.00

0.00
2016 2017 2018 2019 2020

Opening Share Price Closing Share Price

 Actif Economique
25,000,000,000

20,000,000,000

15,000,000,000

10,000,000,000

5,000,000,000

-
1 2 3 4 5 6

Actif Economique

Capitaux propres
14,000,000,000

12,000,000,000

10,000,000,000
2020 2021
8,000,000,000

6,000,000,000

4,000,000,000

2,000,000,000

-
1 2 3 4 5 6

Capitaux propres

Resultat d'exploitation net

1,200,000,000

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

2020 2021 -
1 2 3 4 5 6
 800,000,000

600,000,000

400,000,000

200,000,000

2020 2021 -
1 2 3 4 5 6

Resultat d'exploitation net

2020 2021

Total Debt
020 2021

020 2021
20 2021
20 2021

Period

20 2021

d (days)
20 2021
20 2021

20 2021
2020
 Besoins en fonds de roulement
20,000,000,000 12,000,000,000
18,000,000,000
16,000,000,000 10,000,000,000
14,000,000,000
8,000,000,000
12,000,000,000
10,000,000,000 6,000,000,000
8,000,000,000
6,000,000,000 4,000,000,000
4,000,000,000
2,000,000,000
2,000,000,000
6 - -
1 2 3 4 5 6 1
Besoins en fonds de roulement Dette à court term

18,000,000,000
Total Dettes
16,000,000,000
20,000,000,000
14,000,000,000
18,000,000,000
16,000,000,000 12,000,000,000
14,000,000,000 10,000,000,000
12,000,000,000
10,000,000,000 8,000,000,000
8,000,000,000 6,000,000,000
6,000,000,000
4,000,000,000
4,000,000,000
2,000,000,000 2,000,000,000
- -
6 1 2 3 4 5 6 1

Total Dettes Dette

Coût de la dette
500,000,000
450,000,000
400,000,000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
-
6 1 2 3 4 5 6
 300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
-
6 1 2 3 4 5 6

Coût de la dette
 Dettes
12,000,000,000

10,000,000,000

8,000,000,000

6,000,000,000

4,000,000,000

2,000,000,000

-
1 2 3 4 5 6

Dette à court terme Dette à long terme Dette à moyen terme

18,000,000,000

16,000,000,000

14,000,000,000

12,000,000,000

10,000,000,000

8,000,000,000

6,000,000,000

4,000,000,000

2,000,000,000

-
1 2 3 4 5 6

Dettes Nets Dettes de financement nette

 2016
Chiffre d'affaire 7,116,230,359
Charge du personnel 264,980,435
Charge du personnel/CA 4%
EBITDA 1,514,488,994
Marge sur EBITDA 21%
EBIT 1,560,526,966
Taux de marge Opérationnelle 22%
Résultat Net 1,101,240,243
Taux de marge nette 15%
Capitaux propres 12,275,128,072
Rentabilité économique 5.78%
ROE 8.97%
Dettes de financement nettes 3,991,814,138
Gearing 0.33
Délai Fournisseurs 262.73
Délai Clients 301.69
BFG 17,015,039,796
BFR/CA 2.39

2016
Chiffre d'affaire 2,075,457,000
Charge du personnel 72,022,000
Charge du personnel/CA 3%
EBITDA 541,000,000
Marge sur EBITDA 26%
EBIT 535,000,000
Taux de marge Opérationnelle 26%
Résultat Net 364,841,000
Taux de marge nette 18%
Capitaux propres 3,727,195,000
Rentabilité économique 8.03%
ROE 9.97%
Dettes de financement nettes 479,841
Gearing 0.0001
Délai Fournisseurs 207
Délai Clients 140
BFG 5,915,136,000
BFR/CA 2.9

2016
Chiffre d'affaire 664,774,725
Charge du personnel 68,895,808
Charge du personnel/CA 10%
EBITDA (249,526,131)
Marge sur EBITDA -38%
EBIT 229965961.6
Taux de marge Opérationnelle 35%
Résultat Net 164,168,595
Taux de marge nette 25%
Capitaux propres 1,409,110,812
Rentabilité économique 1.93%
ROE 12.66%
Dettes de financement nettes 1,087,730,433
Gearing 0.77
Délai Fournisseurs 862
Délai Clients 197
BFG 3,156,716,111
BFR/CA 4.75

Chiffre d'affaire
Charge du personnel
Charge du personnel/CA
EBITDA
Marge sur EBITDA
EBIT
Taux de marge Opérationnelle
Résultat Net
Taux de marge nette
Capitaux propres
Rentabilité économique
ROE
Dettes de financement nettes
Gearing
Délai Fournisseurs
Délai Clients
BFG
BFR/CA
2017 2018 2019
5,916,503,910 4,062,318,164 3,479,784,961
241,221,385 226,803,537 199,729,008
4% 6% 6%
1,053,386,700 480,512,791 443,808,012
18% 12% 13%
1,008,830,750 632,326,696 610,612,800
17% 16% 18%
763,909,243 376,582,992 335,579,613
13% 9% 10%
12,727,371,995 11,146,854,611 10,523,482,837
3.61% 2.53% 2.53%
6.00% 3.38% 3.19%
3,529,910,761 3,830,596,962 3,571,694,649
0.28 0.34 0.34
334.40 431.23 594.34
359.34 292.24 329.87
17,461,365,409 14,795,000,125 14,831,269,623
2.95 3.64 4.26

2017 2018 2019

1,860,100,000 1,439,980,000 1,380,741,000
79,563,000 74,023,000 71,524,000
4% 5% 5%
390,000,000 394,000,000 320,223,000
21% 27% 23%
383,000,000 387,708,000 308,913,000
21% 27% 22%
330,325,000 327,441,000 304,208,000
18% 23% 22%
3,972,022,000 4,157,918,000 4,388,921,000
4.32% 4.28% 3.28%
8.32% 7.88% 6.93%
1,572,630,000 1,507,311,000 1,684,364,000
0.3959 0.3625 0.3838
207 268 369
154 172 195
5,400,916,000 5,689,654,000 6,289,595,289
2.9 4.0 4.6

2017 2018 2019

1,184,870,000 1,564,403,000 945,299,000
66,066,000 65,663,000 61,511,000
6% 4% 7%
430,544,000 234,399,000 33,690,000
36% 15% 4%
 431,086,000 234,327,000 7,728,000
36% 15% 1%
314,607 123,678 48,128
0.03% 0.01% 0.01%
2,539,017,000 2,661,876,000 2,708,384,000
4.29% 2.55% 0.09%
9.89% 12.15% 3.93%
746,937,000 346,886,000 309,091,000
0.29 0.13 0.11
556 614 431
228 148 264
4,600,801,000 3,723,770,000 3,700,046,000
3.88 2.38 3.91

5,048,287,000 5,021,072,000 4,570,962,000

541,000,000 491,495,000 515,935,000
85869151.04% 187205197.37% 518531698.80%
411,683,000 401,471,000 69,586,000
2.52% 1.38% 2.01%
544302000 726706000 476522000
10.78% 14.47% 10.42%
253,466,000 422,159,000 397,689,000
5.02% 8.41% 8.70%
6,073,713,000 5,615,050,000 6,148,594,000
4.34% 4.93% 2.96%
4.17% 7.52% 6.47%
1,883,923,000 2,005,894,000 2,358,717,000
31.02% 35.72% 38.36%
661
957
9,153,281,000 10,167,539,000 10,773,800,000
1.81314592454827 2.02497375062536 2.35700931226293
2020 2021 TCAM
1,173,466,044 1,196,552,867 -97.20%
149,666,935 169,330,412 -89.35%
13% 14% -36.66%
-139,216,682 -189,644,299 -102.09%
-12% -16% -112.41%
-657,486,857 -235,587,256 -102.52%
-56% -0.196888296787642 -114.96%
-744,347,919 -176,443,163 -102.67%
-63% -15% -115.88%
9,858,347,231 9,605,304,598 -86.96%
-3.04% -1.18% -103.40%
-7.55% -1.93% -103.58%
2,968,952,775 3,503,968,978 -85.37%
0.30 0.364795196471915 -81.30%
559.21 277.700022004726 -82.38%
796.49 563.42535452719 -68.87%
13,530,883,561 12905531190 -87.36%
11.53 10.7855921338075 -24.82%

2020 2021 TCAM

618,169,000 776,243,000 -15.12%
73,527,000 74,769,000 0.63%
12% 10% 18.55%
(62,209,484) 14,880,261.91 -45.06%
-10% 2% -35.27%
(64,366,000) 7,831,311.43 -50.54%
-10% 1% -41.73%
(135,251,000) -43,396,711.98 -165.32%
-22% -6% -179.52%
4,253,456,000 4,237,061,000 2.16%
-1.00% 0.12% -50.28%
-3.18% -1.02% -101.71%
1,675,321,665 1834726957.42 295.44%
0.3939 0.4330 287.08%
308 471.910304160613 14.72%
444 254.266533371122 10.46%
6,288,276,406 6089512780.81 0.49%
10.2 7.8 18.38%

2020 2021 TCAM

478,026,000 932,880,000 7.0%
53,228,000 49,740,000 -6.3%
11% 5.33% -12.4%
72,865,000 170,303,784 -192.6%
15% 18.26% -186.6%
 (333,744,000) 373,888,057 10.2%
-70% 40.08% 3.0%
(385,000) 183,864 -74.3%
-0.08% 0.02% -76.0%
2,323,384,000 2,185,672,000 9.2%
-7.46% 8.34% 34.0%
-0.02% 0.01% -76.9%
818,450,000 782,816,000 -6.4%
0.35 0.36 -14.2%
851 1,237 7.5%
506 664 27.5%
3,406,116,000 712,479,851 -25.7%
7.13 0.76 -30.6%

3,319,495,000 395,629,706.12 -98.43%

501,278,000 41,668,450.76 -98.46%
-62836909.09% 10.53% -100.00%
335,485,000 0 -100.00%
1.60% 0 -100.00%
369,310,000 42,233,108.55 -98.45%
11.13% 10.67% -80.20%
242,707,000 171,141,644.65 -86.50%
7.31% 43.26% 72.31%
6,159,879,000 2,663,404,714.33 -91.23%
2.20% 0.29% -98.65%
3.94% 6.43% -69.20%
2,761,185,031 4204562403.24 -55.36%
44.83% 157.86% 1.79%
216 3488.66 75.80%
1,506 1826.96 -36.39%
10,426,074,000 6639057788.13 -85.49%
3.14086148646104 16.780989105293 85.10%
Moyenne
3,824,142,718
208,621,952
8%
527,222,586
6%
486,537,183
-1%
276,086,835
-5%
11,022,748,224
2%
2%
3,566,156,377
33%
410
441
15,089,848,284
6

Moyenne
1,358,448,333
74,238,000
7%
266,315,630
15%
259,681,052
14%
191,361,215
9%
412276216667%
3%
5%
1,379,138,911
33%
305
227
5,945,515,079
5

Moyenne
961,708,787
60,850,635
7%
115,379,276
8%
 157,208,503
10%
27,408,979
4%
2,304,573,969
2%
6%
681,985,072
34%
759
335
3,216,654,827
4

3,671,089,141
418,275,290
1,457,538
243,645,000
2%
431,814,622
11%
297,432,529
15%
5,332,128,143
3%
6%
2,642,856,287
1
1,455
1,430
9,431,950,358
5
 Intérpréation Graphique

Chiffre d'AFFAIRE
8,000,000,0.00
7,000,000,0.00
6,000,000,0.00
5,000,000,0.00
4,000,000,0.00
3,000,000,0.00
2,000,000,0.00
1,000,000,0.00
0.00
2016 2017 2018 2019 2020 2021 Moyenne

Adohha Alliances Escpaces Saada AL Omrane

Charges du personnel/CA
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
2016 2017 2018 2019 2020

ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Marge sur EBITDA

50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2016 2017 2018 2019 2020 2021 Moyenne
-10.00%
-20.00%
-30.00%
-40.00%
-50.00%
20.00%
10.00%
0.00%
2016 2017 2018 2019 2020 2021 Moyenne
-10.00%
-20.00%
-30.00%
-40.00%
-50.00%

ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Taux de marge opérationnelle

0.6

0.4

0.2

0
2016 2017 2018 2019 2020 2021 Moyenne
-0.2

-0.4

-0.6

-0.8

ADDOHA ALLIANCES ESPACES SAADA Al Omrane

ROE
20.00%

0.00%
2016 2017 2018 2019 2020 2021 Moyenne
-20.00%

-40.00%

-60.00%

-80.00%

-100.00%

-120.00%

ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Délais Fournisseurs
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
2016 2017 2018 2019 2020 2021 Moyenne
2,500
2,000
1,500
1,000
500
-
2016 2017 2018 2019 2020 2021 Moyenne

ADDOHA ALLIANCES ESPACES SAADA Al Omrane

BFR
20,000,000,0.00
18,000,000,0.00
16,000,000,0.00
14,000,000,0.00
12,000,000,0.00
10,000,000,0.00
8,000,000,0.00
6,000,000,0.00
4,000,000,0.00
2,000,000,0.00
0.00
2016 2017 2018 2019 2020 2021

ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Rentabilité économique
10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
2016 2017 2018 2019 2020 2021 Moyenne
-2.00%

-4.00%

-6.00%

-8.00%

-10.00%

ADDOHA ALLIANCES ESPACES SAADA Al Omrane

tion Graphique BENCHMARKING

Charges du personnel
600,000,0.00

500,000,0.00

400,000,0.00

300,000,0.00

200,000,0.00

100,000,0.00

0.00
2021 Moyenne 2016 2017 2018 2019 2020 2021 Moyenne

ne ADDOHA ALLIANCES ESPACES SAADA Al Omrane

EBITDA
2,000,000,0.00

1,500,000,0.00

1,000,000,0.00

500,000,0.00

0.00
2016 2017 2018 2019 2020 2021 Moyenne

2020 -500,000,0.00

rane ADDOHA ALLIANCES ESPACES SAADA Al Omrane

EBIT
2,000,000,0.00

1,500,000,0.00

1,000,000,0.00

500,000,0.00
021 Moyenne
0.00
2,0.16 2,0.17 2,0.18 2,0.19 2,0.20 2,0.21 Moyenne
-500,000,0.00

-1,000,000,0.00
 1,000,000,0.00

500,000,0.00
021 Moyenne
0.00
2,0.16 2,0.17 2,0.18 2,0.19 2,0.20 2,0.21 Moyenne
-500,000,0.00

-1,000,000,0.00

ane ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Capitaux Propres
14,000,000,000

12,000,000,000

10,000,000,000

8,000,000,000
21 Moyenne
6,000,000,000

4,000,000,000

2,000,000,000

-
2016 2017 2018 2019 2020 2021 Moyenne

ane ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Gearing
1.80
1.60
021 Moyenne 1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2016 2017 2018 2019 2020 2021 Moyenne

ane ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Délais Clients
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-
021 Moyenne 2016 2017 2018 2019 2020 2021 Moyenne
 1,400
1,200
1,000
800
600
400
200
-
021 Moyenne 2016 2017 2018 2019 2020 2021 Moyenne

ane ADDOHA ALLIANCES ESPACES SAADA Al Omrane

BFR/CA
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
20 2021 2016 2017 2018 2019 2020 2021 Moyenne

ane ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Dettes de financement nette

4,500,000,000

4,000,000,000

3,500,000,000

3,000,000,000

2,500,000,000

021 Moyenne 2,000,000,000

1,500,000,000

1,000,000,000

500,000,000

0
2016 2017 2018 2019 2020 2021 Moyenne

ane ADDOHA ALLIANCES ESPACES SAADA Al Omrane

Moyenne
Informations de base pour le calcul du coût du capital
Taux des bons de trésor (maturité longue) 2.41%
Prime de risque marché actions au Maroc 8.00%
Béta 1
Coût des Fonds Propres 10.41%
Taux d'intérêt 7.98%
Taux IS 31%
Coût de l'endettement 6%
Pourcentage des capitaux propres 48%

Pourcentage de l'endettement net 52%

Coût moyen pondéré du Capital (WACC) 7.85%
*données 2021
site de l'ammc
Attijari Global Research

Dettes à long terme

 Benchmarking Sectoriel 2016

Chiffre d'affaires
Adohha 7,116,230,359
Alliances 664,774,725
Escpaces Saada 2,075,457,000
AL Omrane

Charges du personnel
ADDOHA 264,980,435
ALLIANCES 68,895,808
ESPACES SAADA 72,022,000
Al Omrane -

Charges du personnel/CA
ADDOHA 3.72%
ALLIANCES 10.36%
ESPACES SAADA 3.47%
Al Omrane -

EBE (EBITDA)
ADDOHA 1,514,488,994
ALLIANCES (249,526,131)
ESPACES SAADA 541,000,000
Al Omrane -

Marge sur EBITDA

ADDOHA 21.28%
ALLIANCES -37.54%
ESPACES SAADA 26.07%
Al Omrane -

Résultat d'exploitation (EBIT)

ADDOHA 1,560,526,966
ALLIANCES 229965961.6
ESPACES SAADA 535,000,000
Al Omrane -

Taux de marge Opérationnelle

ADDOHA 21.93%
ALLIANCES 34.59%
ESPACES SAADA 25.78%
Al Omrane

Résultat Net
ADDOHA 1,101,240,243
ALLIANCES 164,168,595
ESPACES SAADA 364,841,000
Al Omrane

Taux de marge Nette

ADDOHA 15.48%
ALLIANCES 24.70%
ESPACES SAADA 17.58%
Al Omrane -

Capitaux propres
ADDOHA 12,275,128,072
ALLIANCES 1,409,110,812
ESPACES SAADA 3,727,195,000
Al Omrane

La rentbilité économique
ADDOHA 5.78%
ALLIANCES 1.93%
ESPACES SAADA 8.03%
Al Omrane -

ROE
ADDOHA 8.97%
ALLIANCES 12.66%
ESPACES SAADA -1.02%
Al Omrane -

Dettes de financement nette

ADDOHA 3,991,814,138
ALLIANCES 1,087,730,433
ESPACES SAADA 479,841
Al Omrane -

Gearing
ADDOHA 0.33
ALLIANCES 0.77
ESPACES SAADA 0.00
Al Omrane -

Délai Fournisseurs
ADDOHA 263
ALLIANCES 862
ESPACES SAADA 207
Al Omrane -

Délai Clients
ADDOHA 302
ALLIANCES 197
ESPACES SAADA 140
Al Omrane -

BFG
ADDOHA 17,015,039,796
ALLIANCES 3,156,716,111
ESPACES SAADA 5,915,136,000
Al Omrane -

BFR/Chiffre d'affaire
ADDOHA 2.39
ALLIANCES 4.75
ESPACES SAADA 2.85
Al Omrane -

IN-DEPTH COMPARISON AL Omrane

Marge sur EBITDA 1.50%
Marge opérationnelle 11.50%
Marge nette 14.54%
ROE 5.71%
Gearing 61.56%
BFR/CA 5.22
Charges du personnel/CA 145753829.73%
 2017 2018 2019 2020

5,916,503,910 4,062,318,164 3,479,784,961 1,173,466,044

1,184,870,000 1,564,403,000 945,299,000 478,026,000
1,860,100,000 1,439,980,000 1,380,741,000 618,169,000
5,048,287,000 5,021,072,000 4,570,962,000 3,319,495,000

241,221,385 226,803,537 199,729,008 149,666,935

66,066,000 65,663,000 61,511,000 53,228,000
79,563,000 74,023,000 71,524,000 73,527,000
541,000,000 491,495,000 515,935,000 501,278,000

4.08% 5.58% 5.74% 12.75%

5.58% 4.20% 6.51% 11.13%
4.28% 5.14% 5.18% 11.89%
10.72% 9.79% 11.29% 15.10%

1,053,386,700 480,512,791 443,808,012 (139,216,682)

430,544,000 234,399,000 33,690,000 72,865,000
390,000,000 394,000,000 320,223,000 (62,209,484)
411,683,000 401,471,000 69,586,000 335,485,000

17.80% 11.83% 12.75% -11.86%

36.34% 14.98% 3.56% 15.24%
20.97% 27.36% 23.19% -10.06%
8.15% 8.00% 1.52% 10.11%

1,008,830,750 632,326,696 610,612,800 (657,486,857)

431,086,000 234,327,000 7,728,000 (333,744,000)
383,000,000 387,708,000 308,913,000 (64,366,000)
544302000 726706000 476522000 369,310,000

17.05% 15.57% 17.55% -56.03%

36.38% 14.98% 0.82% -69.82%
 20.59% 26.92% 22.37% -10.41%
10.78% 14.47% 10.42% 11.13%

763,909,243 376,582,992 335,579,613 (744,347,919)

314,607 123,678 48,128 (385,000)
330,325,000 327,441,000 304,208,000 (135,251,000)
253,466,000 422,159,000 397,689,000 242,707,000

12.91% 9.27% 9.64% -63.43%

0.03% 0.01% 0.01% -0.08%
17.76% 22.74% 22.03% -21.88%
5.02% 8.41% 8.70% 7.31%

12,727,371,995 11,146,854,611 10,523,482,837 9,858,347,231

2,539,017,000 2,661,876,000 2,708,384,000 2,323,384,000
3,972,022,000 4,157,918,000 4,388,921,000 4,253,456,000
6,073,713,000 5,615,050,000 6,148,594,000 6,159,879,000

3.61% 2.53% 2.53% -3.04%

4.29% 2.55% 0.09% -7.46%
4.32% 4.28% 3.28% -1.00%
4.34% 4.93% 2.96% 2.20%

6.00% 3.38% 3.19% -7.55%

9.89% 12.15% 3.93% -0.02%
-101.71% 4.82% 6.93% -3.18%
4.17% 7.52% 6.47% 3.94%

3,529,910,761 3,830,596,962 3,571,694,649 2,968,952,775

746,937,000 346,886,000 309,091,000 818,450,000
1,572,630,000 1,507,311,000 1,684,364,000 1,675,321,665
1,883,923,000 2,005,894,000 2,358,717,000 2,761,185,031

0.28 0.34 0.34 0.30

 0.29 0.13 0.11 0.35
0.40 0.36 0.38 0.39
0.31 0.36 0.38 0.45

334 431 594 559

556 614 431 851
207 268 369 308
- - 661 216

359 292 330 796

228 148 264 506
154 172 195 444
- - 957 1,506

17,461,365,409 14,795,000,125 14,831,269,623 13,530,883,561

4,600,801,000 3,723,770,000 3,700,046,000 3,406,116,000
5,400,916,000 5,689,654,000 6,289,595,289 6,288,276,406
9,153,281,000 10,167,539,000 10,773,800,000 10,426,074,000

2.95 3.64 4.26 11.53

3.88 2.38 3.91 7.13
2.90 3.95 4.56 10.17
1.81 2.02 2.36 3.14

ADDOHA
5.99%
-0.60%
-5.15%
2.01%
32.53%
5.93
7.67%
2021 TCAM Moyenne

1,196,552,867 -97.20% 3,824,142,718

932880000 7.01% 961708787.428333
776243000 -15.12% 1358448333.33333
395629706.12 -98.43% 3671089141.224

169,330,412 -89.35% 208,621,952

49740000 -6.31% 60850634.6883333
74769000 0.63% 74238000
41,668,451 -98.46% 418275290.152

14% -36.66% 0.076715469717684

5% -12.45% 0.071851301092576
10% 18.55% 0.065991141735944
11% -100.00% 1457538.29729576

-189644299 -102.09% 527222586

170303783.72 -192.64% 115379275.516667
14880261.91 -45.06% 266315629.588333
0 -100.00% 243645000

-16% -112.41% 0.059926468655231

18% -186.57% 0.084745344074388
2% -35.27% 0.149067029587326
0% -100.00% 0.015035091132075

-235587256 -102.52% 486537183.166667

373888056.6 10.21% 157208503.033333
7831311.43 -50.54% 259681051.905
42233108.55 -98.45% 431814621.71

-20% -114.96% -0.00604160002359

40% 2.99% 0.09505600996573
 1% -41.73% 0.143769640254289
11% -80.20% 0.114960835532003

-176443163 -102.67% 276086834.833333

183864 -74.31% 27408978.6316667
-43396711.98 -165.32% 191361214.67
171141644.65 -86.50% 297432528.93

-15% -115.88% -0.05146189792909

-75.99% 0.041123485608922
-6% -179.52% 0.087731469684419
43% 72.31% 0.145397028042952

9605304598 -86.96% 11022748224

2185672000 9.18% 2304573968.71667
4237061000 2.16% 4122762166.66667
2663404714.33 -91.23% 5332128142.866

-1% -103.40% 0.017063030502625

8% 33.98% 0.016223843163091
0% -50.28% 0.03173159579995
0% -98.65% 0.029447069996525

-2% -103.58% 0.020108087080809

0% -76.85% 0.064368776668542
-1% 101.71% 5%
6% -69.20% 0.057050552591786

3503968978 -85.37% 3566156377.16667

782816000 -6.37% 681985072.22
1834726957.42 295.44% 1379138910.58833
4204562403.24 -55.36% 2642856286.848

36% -81.30% 0.325258394126558

 36% -14.24% 0.336829147592729
43% 287.08% 0.328206584549873
158% 1.79% 0.615585155454294

277.700022004726 -82.38% 409.93404772445

1237.35110049441 7.50% 758.599047091219
471.910304160613 14.72% 305.07
3,489 75.80% 1,455

563.42535452719 -68.87% 440.508474193007

664.356058657062 27.52% 334.573618483653
254.266533371122 10.46% 226.536714058842
1826.96091495305 -36.39% 1430.28688789814

12905531190 -87.36% 15089848284

712479850.97 -25.75% 3216654826.97
6089512780.81 0.49% 5945515079.24333
6639057788.13 -85.49% 9431950357.626

1079% -24.82% 5.92712320013411

76% -30.61% 3.80251614471008
784% 18.38% 5.37955236290454
1678% 85.10% 5.22339591583813