Nom

COMPTE DE RESULTAT
Vente de biens et services produits
vente de marchandises
CHIFFRE D'AFFAIRES
dont l'exportation (% du CA)
Immobilisation produite par l'entreprise elle-mme
Variation de stocks de produits
PRODUCTION (100%)
achats de matires et d'approvisionnements
- variation de stocks de matires et d'approvisionnements
consommation de matires et d'approvisionnements
achats de marchandises
- variation de stocks marchandises
cot d'achat des marchandises vendues
Consommation
MARGE BRUTE SUR CONSOMMATION DE MATIERES ET MARCHANDISES
autres charges externes
VALEUR AJOUTEE
Charges de personnel
impt et taxes
Autres charges d'exploitation
subventions d'exploitation
dotations aux provisions sur actif circulant
autres dotations aux provisions d'exploitation
reprises sur provisions sur actifs circulants
autres reprises sur provisions d'exploitation
dotations aux provisions d'exploitation nettes des reprises
autres produits d'exploitation
autres charges d'exploitation
soldes des autres produits et charges d'exploitation
EXCEDENT BRUT D'EXPLOITATION
dotations aux amortissements
reprises sur amortissements
dotations aux amortissements nettes des reprises
dotations aux provisions sur actifs immobiliss
reprises sur provisions sur actifs immobiliss
dotations aux provisions sur actifs immobiliss nettes des reprises
RESULTAT D'EXPLOITATION
Charges d'intrts
Pertes de change
Autres charges financires
charges financires
produits financiers
gains de change
produits financiers sur actif immobilis
produits financiers
produits sur cession de titres de placement
charge sur cession de titres de placement
solde + ou - values cessions de titres de placement
dotations aux provisions financires
reprises sur provisions financires
dotations aux provisions financires nettes des reprises

2007
926,986,000.00
0.00
926,986,000.0
0.00
0.00
950,972,000.0
1,877,958,000.0
1,640,220,000.0
0.00
1,640,220,000.0
0.00
0.00
0.00
1,640,220,000.00
237,738,000.00
16,293,000.0
221,445,000.00
38,710,000.00
291,000.00
1,250,000.00
0.00
0.00
0.00
0.00
0.00
0.00
22,624,000.00
1,250,000.00
21,374,000.00
203,818,000.00
19,672,000.00
135,805,000.00
-116,133,000.00
0.00
0.00
0.00
319,951,000.00
10,605,000.00
0.00
0.00
10,605,000.00
0.00
0.00
37,310,000.00
37,310,000.00
0.00
0.00
0.00
0.00
0.00
0.00

2008
1,189,061,925.08
0.00
1,189,061,925.1
0.00
0.00
973,821,727.87
2,162,883,653.0
1,737,714,623.01
0.00
1,737,714,623.0
0.00
0.00
0.00
1,737,714,623.01
425,169,029.94
30,718,217.35
394,450,812.59
66,542,656.97
151,698.76
700,000.00
0.00
0.00
0.00
0.00
0.00
0.00
4,458,210.49
700,000.00
3,758,210.49
331,514,667.35
53,564,681.75
88,648,255.25
-35,083,573.50
0.00
0.00
0.00
366,598,240.85
32,806,050.70
203,653.93
0.00
33,009,704.63
0.00
201,556.87
58,579,984.89
58,781,541.76
0.00
0.00
0.00

RESULTAT FINANCIER
RESULTAT COURANT
plus (moins) values de cession
subventions d'quilibre
reprises sur subventions d'investissement
autres produits exceptionnels
reprises exceptionnelles
valeurs nettes d'amort des immob cdes
subventions accordes
autres charges exceptionnelles
dotations exceptionnelles aux amort & aux prov
RESULTAT AVANT IMPOT
rsultat des socits mises en quivalence
impt sur les bnfices
amortissement de la survaleur
RESULTAT NET
rsultat revenant aux intrts minoritaires

26,705,000.00
346,656,000.00
22,916,000.00
0.00
0.00
22,465,000.00
1,758,000.00
4,747,000.00
0.00
3,043,000.00
2,500,000.00
383,505,000.00
0.00
129,455,000.00
0.00
254,050,000.00
0.00

25,771,837.13
392,370,077.98
239,800,000.00
0.00
0.00
350,068.17
2,069,028.87
110,450,000.00
0.00
55,222.31
0.00
524,083,952.71
0.00
137,374,740.00
0.00
386,709,212.71
0.00

RESULTAT NET PART DU GROUPE

Les cashs flows

254,050,000.00
107,832,700.00

386,709,212.71
221,535,195.10

2007
0.00
60,420,000.00
0.00
60,420,000.00
354,000.00
0.00
0.00
2,142,000.00
2,496,000.00
204,000.00
9,054,000.00
0.00
1,000.00
4,608,000.00
0.00
0.00
13,867,000.00
15,083,000.00
77,000.00
557,156,000.00
0.00
572,316,000.00
0.00
0.00
0.00
649,099,000.00
0.00
1,292,046,000.00
591,214,000.00
0.00
90,320,000.00
1,973,580,000.00
78,867,000.00
7,732,000.00
8,189,000.00
90,517,000.00
657,442,000.00
284,378,000.00
16,293,000.00
1,143,418,000.00
0.00
1,004,674,000.00

2008
0.00
45,314,646.37
0.00
45,314,646.37
124,843.75
0.00
0.00
1,705,303.34
1,830,147.09
204,344.47
9,915,855.55
0.00
0.00
9,587,050.82
27,000.00
0.00
19,734,250.84
7,991,915.73
76,579.50
882,705,879.00
0.00
890,774,374.23
0.00
0.00
0.00
957,653,418.53
0.00
1,730,684,283.49
939,711,579.34
0.00
279,438,391.20
2,949,834,254.03
79,990,090.29
539,322,653.53
4,723,608.16
233,841,605.14
215,537,728.74
433,368,373.16
2,276,580.94
1,509,060,639.96
35,686.48
991,093,109.72

4,121,672,000.00
768,000.00
284,395,000.00
13,000.00
285,176,000.00
5,055,947,000.00
1,840,800,000.00
0.00
1,881,216,000.00
0.00
12,521,000.00
10,088,000.00
0.00
3,578,000.00
0.00
254,049,000.00
4,002,252,000.00
3,664,000.00
0.00
3,664,000.00
0.00
0.00
0.00
647,000.00
16,875,000.00
17,522,000.00
0.00
0.00
0.00
4,023,438,000.00
273,897,000.00
304,090,000.00
2,503,000.00
1,345,000.00
125,855,000.00
500,000.00
292,181,000.00
2,541,000.00
1,002,912,000.00
0.00
0.00
1,002,912,000.00
0.00
0.00
29,597,000.00
29,597,000.00
5,055,947,000.00
3,974,788,200.00
4,995,527,000.00
1,032,509,000.00
-11,770,200.00
3,974,788,200.00
4,005,916,000.00
42,898,000.00

4,133,301,160.27
6,556,216,348.34
2,421,696,655.49
1,218,532.58
4,133,301,160.27
4,132,065,850.40
-2,453,842.45

BILAN
frais prliminaires
charges repartir sur plusieurs exercices
prime de rembourssemenet des emprunts obligataires
immobilisations en non valeur
immobilisations en recherches et developpement
marques, brevets, fonds de commerce
fonds commercial
autres
immobilisations incorporelles
terrains
constructions
installations techniques matriel, outillage ...
materiel de transport
mobilier materiel de bureau et amnag divers
autres immob corporelles
immobilisations corporelles en cours
immobilisations corporelles
prets immobiliss
autres crances financires
titres de participation
autres titres immobiliss
immobilisations financires
diminition des creances immobilises
augmentation des dettes de financement
ecart de convertion actif
ACTIF IMMOBILISE
stock de marchandises
stock de matires et fournitures consommables
stock de produits en cours
produits intern,et prod resid
produits finis
stock total
Fourniss, dbiteur, avances et accomptes
Clients et CR
Personnel
Etat
Comptes assoc
Autres dbiteurs
Comptes de rgul actif
Crances de l'actif circultant
Ecart de conversion actif
TVP
ACTIF CIRCULANT
Chques et val encaisser
Banque TG et CP
Caisse regies d'avances et accreditifs
TRESORERIES ACTIF
TOTAL ACTIF
PASSIF
capital social
Actionnaires, CSNA, C.APP. Non verse
prime d'emission, de fusion,
ecart de reevaluation
reserve legale
autres reserves
reserves reglementees
report nouveau
resultats net en instance d'affectation
resultats net de l exercice
capitaux propres
subventionsd'investissment
provisions reglements
capitaux propres assimils
emprunts obigataire
autres dettes de financement
dettes de financement
provisions pour risques
provisons pour charges
provisions durables pour risques et charges
augmentation des crances immobilises
dimunition des dettes de financement
ecart de convertion passif
TOTAL FINANCEMENT PERMANENT
Fournisseurs et CR
client crditeurs, avances et acomptes
personnel
organismes sociaux
Etat
comptes d'associs
autres cranciers
compte de rgularisation passif
Dettes du passif circulant
autres provisions pour risques et charges
ecart de convertion passif
TOTAL PASSIF CIRCULANT
Crdits d'escompte
crdits de trsorerie
banque (solde crditeur)
TOTAL TRSORERIE PASSIF
TOTAL PASSIF

Actif net comptable

Actif rel (Actif-actif fictif-ecart de conversion)
passif exigible (hors situation fiscale diffr)
situation fiscale diffre
capitaux propres et assimils
ecart de conversion non provisionns+actif fictif

VE
Prix par action

variation (en %)
28.27%
0.00%
28.27%
0.00%
0.00%
2.40%
15.17%
5.94%
0.00%
5.94%
0.00%
0.00%
0.00%
5.94%
78.84%
88.54%
78.13%
71.90%
-47.87%
-44.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-80.29%
-44.00%
-82.42%
62.65%
172.29%
-34.72%
-69.79%
0.00%
0.00%
0.00%
14.58%
209.35%
0.00%
0.00%
211.27%
0.00%
100.00%
57.01%
57.55%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-3.49%
13.19%
946.43%
0.00%
0.00%
-98.44%
17.69%
2226.73%
0.00%
-98.19%
-100.00%
36.66%
0.00%
6.12%
0.00%
52.22%
0.00%
52.22%
105.44%

2009
1,611,234,091.99
0.00
1,611,234,092.0
0.00
0.00
870,036,689.73
2,481,270,781.7
2,270,807,271.04
0.00
2,270,807,271.0
0.00
0.00
0.00
2,270,807,271.04
210,463,510.68
49,151,956.56
161,311,554.12
77,003,777.77
3,472,316.28
0.00
0.00
0.00
0.00
0.00
0.00
0.00
672,094.76
0.00
672,094.76
81,507,554.83
42,546,411.65
395,895,204.63
-353,348,792.98
0.00
0.00
0.00
434,856,347.81
33,139,868.06
188,424.74
59,098,677.72
92,426,970.52
200,000,000.00
192,434.42
18,588,998.17
218,781,432.59
0.00
0.00
0.00
0.00
0.00
0.00

2009
0.00
30,209,764.24
0.00
30,209,764.24
0.00
0.00
0.00
2,379,128.10
2,379,128.10
204,344.47
9,145,007.79
0.00
128,067.25
9,949,733.48
27,000.00
0.00
19,454,152.99
4,755,810.61
76,579.50
1,208,838,224.00
0.00
1,213,670,614.11
0.00
0.00
0.00
1,265,713,659.44
0.00
2,138,184,176.08
840,289,346.27
0.00
871,094,364.20
3,849,567,886.55
107,209,404.30
1,052,491,644.80
3,697,482.26
323,951,074.82
581,513,934.94
891,309,791.99
2,907,991.75
2,963,081,324.86
0.00
0.00

5,450,023,690.19
489,010.23
193,376,780.77
23,781.47
193,889,572.47
6,601,566,681.19

variation en %
0.00%
-25.00%
0.00%
-25.00%
-64.73%
0.00%
0.00%
-20.39%
-26.68%
0.17%
9.52%
0.00%
-100.00%
108.05%
100.00%
0.00%
42.31%
-47.01%
-0.55%
58.43%
0.00%
55.64%
0.00%
0.00%
0.00%
47.54%
0.00%
33.95%
58.95%
0.00%
209.39%
49.47%
1.42%
6875.20%
-42.32%
158.34%
-67.22%
52.39%
-86.03%
31.98%
100.00%
-1.35%
32.23%
-36.33%
-32.00%
82.93%
-32.01%
30.57%

1,840,800,000.00
0.00
1,881,216,000.00
0.00
25,223,518.77
11,845,826.91
0.00
43,810,614.71
0.00
327,574,848.23
4,130,470,808.62
0.00
1,595,041.78
1,595,041.78
0.00
0.00
0.00
847,450.00
16,939,771.97
17,787,221.97
0.00
0.00
0.00
4,149,853,072.37
551,279,324.11
898,509,781.89
11,889,310.37
1,935,052.40
103,149,808.38
505,346.00
380,901,018.64
4,121,637.95
1,952,291,279.74
29,994,157.89
22,795.44
1,982,308,233.07
0.00
0.00
469,405,375.75
469,405,375.75
6,601,566,681.19

0.00%
0.00%
0.00%
0.00%
101.45%
17.42%
0.00%
1124.44%
0.00%
28.94%
3.20%
-100.00%
100.00%
-56.47%
0.00%
0.00%
0.00%
30.98%
0.38%
1.51%
0.00%
0.00%
0.00%
3.14%
101.27%
195.47%
375.00%
43.87%
-18.04%
1.07%
30.36%
62.21%
94.66%
100.00%
100.00%
97.66%
0.00%
0.00%
1485.99%
1485.99%
30.57%

0.00
0.00

0.00

variation en %
35.50%
0.00%
35.50%
0.00%
0.00%
-10.66%
14.72%
30.68%
0.00%
30.68%
0.00%
0.00%
0.00%
30.68%
-50.50%
60.01%
-59.10%
15.72%
2188.95%
-100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-84.92%
-100.00%
-82.12%
-75.41%
-20.57%
346.59%
907.16%
0.00%
0.00%
0.00%
18.62%
1.02%
-7.48%
0.00%
180.00%
0.00%
-4.53%
-68.27%
272.19%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
390.28%
43.03%
-2.00%
0.00%
0.00%
-100.00%
-59.04%
-0.27%
0.00%
4885.89%
0.00%
24.88%
0.00%
33.55%
0.00%
21.80%
0.00%
21.80%
-122.10%

2010
1,940,272,428.95
0.00
1,940,272,429.0
0.00
0.00
305,439,259.85
2,245,711,688.8
1,771,904,882.61
0.00
1,771,904,882.6
0.00
0.00
0.00
1,771,904,882.61
473,806,806.19
67,153,118.32
406,653,687.87
87,996,066.65
993,324.08
0.00
0.00
0.00
0.00
0.00
0.00
0.00
622,764.88
0.00
622,764.88
318,287,062.02
28,853,654.23
177,315,555.01
-148,461,900.78
0.00
0.00
0.00
466,748,962.80
50,015,824.80
171,434.29
0.00
50,187,259.09
50,000,000.00
205,047.42
38,721,392.91
88,926,440.33
0.00
0.00
0.00
15,000,000.00
45,854,632.18
-30,854,632.18

2010
0.00
31,740,632.18
0.00
31,740,632.18
0.00
0.00
0.00
3,722,650.47
3,722,650.47
204,344.47
9,719,780.65
0.00
0.00
8,560,811.76
27,000.00
0.00
18,511,936.88
140,124.14
76,579.50
1,238,638,224.00
0.00
1,238,854,927.64

6,812,649,211.41
0.00
223,483,031.67
20,307.23
223,503,338.90
8,301,866,209.75

variation en %
0.00%
-33.33%
0.00%
-33.33%
-100.00%
0.00%
0.00%
39.51%
30.00%
0.00%
-7.77%
0.00%
100.00%
3.78%
0.00%
0.00%
-1.42%
-40.49%
0.00%
36.95%
0.00%
36.25%
0.00%
0.00%
0.00%
32.17%
0.00%
23.55%
-10.58%
0.00%
211.73%
30.50%
34.03%
95.15%
-21.72%
38.53%
169.80%
105.67%
27.74%
96.35%
-100.00%
-100.00%
25.00%
-100.00%
15.57%
-14.61%
15.27%
25.76%

1,840,800,000.00
0.00
1,881,216,000.00
0.00
41,602,261.18
13,914,855.78
0.00
76,817,691.66
0.00
555,038,630.65
4,409,389,439.27
19,683,644.60
747,500.30
20,431,144.90
0.00
0.00
0.00
58,332,210.23
15,517,188.21
73,849,398.44
0.00
0.00
0.00
4,503,669,982.61
1,074,162,338.22
1,291,134,211.86
16,055,409.47
1,569,415.54
146,675,084.41
505,192.15
256,932,051.62
40,281,396.92
2,827,315,100.19
32,502,115.90
0.00
2,859,817,216.09
0.00
0.00
938,379,011.05
938,379,011.05
8,301,866,209.75

0.00%
0.00%
0.00%
0.00%
64.93%
17.47%
0.00%
75.34%
0.00%
69.44%
6.75%
100.00%
-53.14%
1180.92%
0.00%
0.00%
0.00%
6783.26%
-8.40%
315.18%
0.00%
0.00%
0.00%
8.53%
94.85%
43.70%
35.04%
-18.90%
42.20%
-0.03%
-32.55%
877.32%
44.82%
8.36%
-100.00%
44.27%
0.00%
0.00%
99.91%
99.91%
25.76%

126,354,462.07
561,210,809.88
235,000,000.00
0.00
10,316,355.40
0.00
847,541.48
110,150,000.00
0.00
2,753,320.92
40,000,000.00
654,471,385.84
0.00
183,459,230.00
0.00
471,012,155.84
0.00
471,012,155.84
-48,949,349.51

variation en %
20.42%
0.00%
20.42%
0.00%
0.00%
-64.89%
-9.49%
-21.97%
0.00%
-21.97%
0.00%
0.00%
0.00%
-21.97%
125.13%
36.62%
152.09%
14.27%
-71.39%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-7.34%
0.00%
-7.34%
290.50%
-32.18%
-55.21%
-57.98%
0.00%
0.00%
0.00%
7.33%
50.92%
-9.02%
-100.00%
-45.70%
-75.00%
6.55%
108.30%
-59.35%
0.00%
0.00%
0.00%
100.00%
100.00%
-100.00%
-44.92%
-4.43%
-99.97%
0.00%
-37.41%
100.00%
-14.09%
-99.81%
0.00%
699.59%
-100.00%
-18.39%
0.00%
-18.09%
0.00%
-18.51%
0.00%
-18.51%
-464.18%

2011
2,450,960,168.23
0.00
2,450,960,168.2
0.00
0.00
353,402,938.12
2,804,363,106.4
2,317,182,698.05
0.00
2,317,182,698.1
0.00
0.00
0.00
2,317,182,698.05
487,180,408.30
51,811,710.61
435,368,697.69
91,967,434.69
2,590,968.60
7,626,727.46
0.00
0.00
0.00
0.00
0.00
0.00
842,603.21
7,626,727.46
-6,784,124.25
334,026,170.15
30,166,500.01
183,858,112.99
-153,691,612.98
0.00
0.00
0.00
487,717,783.13
106,485,621.96
91,644.97
0.00
106,577,266.93
100,000,000.00
38,500.73
60,250,034.75
160,288,535.48
0.00
0.00
0.00
0.00
55,754,588.43
-55,754,588.43

2011
0.00
12,476,812.54
0.00
12,476,812.54
0.00
0.00
0.00
6,626,643.60
6,626,643.60
204,344.47
10,581,306.64
0.00
9,562.50
8,141,690.18
27,000.00
866,769.50
19,830,673.29
708,013.27
169,732.59
2,091,538,824.00
0.00
2,092,416,569.86

8,351,645,390.75
8,001,868.26
783,196,016.17
44,038.69
791,241,923.12
10,435,717,461.04

variation en %
0.00%
5.07%
0.00%
5.07%
0.00%
0.00%
0.00%
56.47%
56.47%
0.00%
6.29%
0.00%
-100.00%
-13.96%
0.00%
#DIV/0!
-4.84%
-97.05%
0.00%
2.47%
0.00%
2.08%
0.00%
0.00%
0.00%
2.14%
0.00%
3.22%
42.42%
0.00%
-7.09%
9.44%
162.92%
53.73%
-80.61%
44.44%
105.20%
-36.72%
340.63%
39.67%
0.00%
0.00%
22.59%
100.00%
250.45%
116.86%
254.02%
25.70%

8,312,157,389.23
3,340,515.00
733,189,661.52
136,750.06
736,666,926.58
11,180,175,015.10

variation en %
0.00%
-60.69%
0.00%
-60.69%
0.00%
0.00%
0.00%
78.01%
78.01%
0.00%
8.86%
0.00%
100.00%
-4.90%
0.00%
100.00%
7.12%
405.28%
121.64%
68.86%
0.00%
68.90%
0.00%
0.00%
0.00%
64.86%
0.00%
-0.88%
-3.41%
0.00%
61.38%
10.36%
0.67%
-21.06%
29.84%
10.01%
-34.44%
13.80%
225.85%
-14.40%
0.00%
100.00%
-0.47%
-58.25%
-6.38%
210.52%
-6.90%
7.13%

1,840,800,000.00
0.00
1,881,216,000.00
0.00
69,354,192.71
14,762,397.26
0.00
290,320,849.30
0.00
383,828,639.19
4,480,282,078.46
13,226,663.87
19,348.82
13,246,012.69
1,500,000,000.00
0.00
1,500,000,000.00
58,342,983.03
19,297,980.21
77,640,963.24
0.00
0.00
0.00
6,071,169,054.39
1,137,276,806.32
2,023,639,549.86
18,624,097.16
2,207,641.50
167,201,291.56
200,545,192.15
443,750,969.87
17,489,870.16
4,010,735,418.58
32,710,486.98
0.00
4,043,445,905.56
0.00
0.00
321,101,501.09
321,101,501.09
10,435,716,461.04

0.00%
0.00%
0.00%
0.00%
66.71%
6.09%
0.00%
277.93%
0.00%
-30.85%
1.61%
-32.80%
-97.41%
-35.17%
100.00%
0.00%
100.00%
0.02%
24.37%
5.13%
0.00%
0.00%
0.00%
34.80%
5.88%
56.73%
16.00%
40.67%
13.99%
39596.81%
72.71%
-56.58%
41.86%
0.64%
0.00%
41.39%
0.00%
0.00%
-65.78%
-65.78%
25.70%

1,840,800,000.00
0.00
1,881,216,000.00
0.00
88,545,624.67
15,312,869.76
0.00
323,063,584.03
0.00
438,414,821.36
4,587,352,899.82
8,987,302.41
0.00
8,987,302.41
1,500,000,000.00
65,000,000.00
1,565,000,000.00
55,370,883.73
17,054,572.21
72,425,455.94
0.00
0.00
0.00
6,233,765,658.17
1,534,894,242.23
2,182,666,052.68
19,461,066.60
159,181.99
271,246,861.65
545,252.16
483,445,146.50
105,015,206.82
4,597,433,010.63
37,909,225.45
0.00
4,635,342,236.08
0.00
0.00
311,067,120.85
311,067,120.85
11,180,175,015.10

0.00%
0.00%
0.00%
0.00%
27.67%
3.73%
0.00%
11.28%
0.00%
14.22%
2.39%
-32.05%
-100.00%
-32.15%
0.00%
100.00%
4.33%
-5.09%
-11.63%
-6.72%
0.00%
0.00%
0.00%
2.68%
34.96%
7.86%
4.49%
-92.79%
62.23%
-99.73%
8.95%
500.43%
14.63%
15.89%
0.00%
14.64%
0.00%
0.00%
-3.12%
-3.12%
7.13%

69,593,813.42
536,342,776.22
71,200.00
0.00
6,456,980.73
12,724,961.24
728,151.48
213,601.24
0.00
22,015,239.24
0.00
534,095,229.19
0.00
150,266,590.00
0.00
383,828,639.19
0.00
383,828,639.19
178,262,373.18

0.00
0.00
0.00
1,292,830,147.17
0.00
2,206,933,497.15
1,196,748,723.18
0.00
809,364,082.37
4,213,046,302.70
281,879,543.29
1,618,012,601.59
717,014.79
467,923,020.93
1,193,239,250.48
564,014,235.04
12,813,421.93
4,138,599,088.05
0.00
0.00

4,476,990,465.77
8,271,656,445.51
3,765,694,111.24
28,971,868.50
4,476,990,465.77
4,429,820,584.17
-76,141,750.10

4,544,582,859.97
10,403,976,828.86
5,831,836,919.67
27,557,049.22
4,544,581,859.97
4,493,528,091.15
-78,610,818.04

109,465,856.98
597,183,640.11
75,570.00
0.00
4,239,361.46
1,959,212.66
19,348.82
0.00
0.00
210,395.00
7,000,000.00
596,266,738.05
0.00
149,978,500.00
0.00
446,288,238.05
0.00
446,288,238.05
187,710,835.21

0.00
0.00
0.00
2,131,350,699.29
0.00
2,187,449,908.60
1,155,940,848.07
0.00
1,306,157,395.48
4,649,548,152.15
283,780,708.90
1,277,196,427.80
930,995.04
514,763,998.39
782,331,120.78
641,853,546.69
41,752,439.48
3,542,609,237.08
0.00
120,000,000.00

variation en %
26.32%
0.00%
26.32%
0.00%
0.00%
15.70%
24.88%
30.77%
0.00%
30.77%
0.00%
0.00%
0.00%
30.77%
2.82%
-22.85%
7.06%
4.51%
160.84%
100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
35.30%
100.00%
-1189.36%
4.94%
4.55%
3.69%
3.52%
0.00%
0.00%
0.00%
4.49%
112.90%
-46.54%
100.00%
112.36%
100.00%
-81.22%
55.60%
80.25%
0.00%
0.00%
0.00%
-100.00%
21.59%
80.70%
57.29%
11.34%
6.14%
0.00%
-34.34%
-84.60%
-97.34%
-100.00%
0.00%
-99.04%
100.00%
11.64%
0.00%
-0.19%
0.00%
16.27%
0.00%
16.27%
5.30%

4,662,144,519.70
11,167,698,202.56
6,473,500,131.48
32,053,551.38
4,662,144,519.70
4,596,340,202.23
-97,857,868.85

2,584,355,191.54
140.39

rentabilit exige
TSR
Beta
prime de risque
cout des capitaux propres
taux d'impot
taux de la dette
cout de la dettes

12.52%
3.26%
1.06
8.74%
12.52%
30%
5.0%
0

CMCP

Methode du Good Will

ANCC (a)
Taux sans risque 5ans (b)
Rmunration de l'ANCC (a)*(b)=(c)
Impt sur socit (d)=c*30%
Rmunerat de l'ANCC nette (c)-(d)=(e)
Bnfice net (f)
Surprofits (g)=(f)-(e)
Facteur d'actualisation (h)
Surprofits actualiss (i)=(g)*(h)
Cumul des super profits
GOOD WILL (j)
Valeur de l' entreprise (k)=a20 11+(j)

12.52%
3.26%
1.06
8.74%
12.52%
30%
5.0%
0%

12.52%

12.52%

2007
3,974,788,200.00
0.03
129,578,095.32
38,873,428.60
90,704,666.72
254,050,000.00
163,345,333.28
88.87%
145,164,367.26
145,164,367.26

2008
4,133,301,160.27
0.03
134,745,617.82
40,423,685.35
94,321,932.48
386,709,212.71
292,387,280.23
78.98%
230,921,868.94
376,086,236.20

12.52%
3.26%
1.06
8.74%
12.52%
30%
5.0%
0%

12.52%
3.26%
1.06
8.74%
10.64%
30%
5.0%
0.3754%

12.52%

2009
4,476,990,465.77
0.03
145,949,889.18
43,784,966.76
102,164,922.43
471,012,155.84
368,847,233.41
70.19%
258,884,716.78
634,970,952.98

2010
4,544,582,859.97
0.03
148,153,401.24
44,446,020.37
103,707,380.86
383,828,639.19
280,121,258.33
65.83%
184,413,718.75
819,384,671.73

nombre d'actions

12.52%
3.26%
1.06
8.74%
10.61%
30%
5.0%
0.889%

11.02%

11.50%

2011
4,662,144,519.70
0.03
151,985,911.34
45,595,773.40
106,390,137.94
446,288,238.05
339,898,100.11
58.02%
197,211,282.68
1,016,595,954.41
1,016,595,954.41
5,678,740,474.12
18,408,000.00

PRIX par action

308.49

Mthode des Praticiens

ANCC
Taux d'actualisation
Bnfice durable soit
B/i
B/i - ANCC
1/2(B/i - ANCC)
BAD WILL (j)
Valeur de l'entreprise
nombre d'actions
PRIX par action

2007
3,974,788,200
12.52%
446,288,238
3,563,350,244.72
-411,437,955
-205,718,978
-205,718,978
3,769,069,222
18,408,000
204.752

Indicateurs fondamentaux

Chiffre daffaires 2011

(M DH)
9,332,631,517.00
3,970,000,000.00
3,493,872,000.00
5,567,171,000.00
768,942,542.75
5,487,800,000.00
628,000,000.00
36,525,367.19
498,855,511.44

Secteur dactivit

Douja Promotion (Groupe ADDOHA)

Ciments du Maroc
Holcim
Lafarge Maroc
Aluminium du Maroc
Sonasid
Colorado
Mdiaco
Fnie-Brossette

Immobilier
Ciment
Ciment
Ciment
Profils en Aluminium
Ronds bton et fils
machines
Peinture de btiments
construction
Mtallurgie

CGI

Immobilier

2,450,960,168.23

Total secteur

20,451,166,421.38

Rsultat Net
2011(MDH)
1,834,953,547.00
975,900,000.00
575,290,000.00
1,660,417,000.00
58,781,979.47
106,700,000.00
54,000,000.00
-118,232,869.00
13,291,418.96
446,288,238.05
3,326,147,529.43

dettes
Actif
Resultat d'ex p
Fonds P ropres
DIVIDENDES
Nombre d'action
2011(MD H)
financir es
conomique
apres impot
10,518,238,171.00
1.50
315,000,000
5,827,145,372
25,672,145,372
2,193,457,368.00
5,785,043,000.00
35.00
14,436,004
1,983,250,000
2,892,718,252
1,257,961,000
1,848,361,659.46
130.00
4,210,000
1,796,712,459
2,061,942,459
1,103,225
5,094,585,000.00
66.00
17,469,113
30,333,093
1,130,887,212
2,348,789,000
465,954
36,119,770
65,474,872
77,246,676
380,973,969.16
120.00
3,900,000
433,619,511
679,319,511
164,388,373
1,372,138,960.63
0.00
292,417,093.02
3.00
9,000,000
31,657,114
598,657,114
104,108,269
428,750
137,768,979
164,780,229
(101,713,836)
13,909,616.40
0.00
367,844,245.14
5.00
1,438,984
6,437,737
97,093,729
20,293,615
4,587,352,899.82
15,155,273,543.81

19

2,768,130,998.00

18,408,000

1,211,825,650

384,756,805

###

24,291,800,365

33,363,018,750.74
Facteur d'imposiiton

Indicateurs Boursiers
Douja Promotion (Groupe ADDOHA)
Ciments du Maroc
Holcim
Lafarge Maroc
Aluminium du Maroc
Sonasid
Colorado
Mdiaco
Fnie-Brossette
Total secteur

La Socit CGI

Valorisation par type de ratio

Valorisation par comparables boursiers
v aleur par action

Capitalisation
B oursire au
31/12/2011

PER 2011

P/B 2011

19,845,000,000.00
909,468,252.00
265,230,000.00
1,100,554,119.00
29,355,102.00
245,700,000.00
567,000,000.00
27,011,250.00
90,655,992.00
23,079,974,715.00
Applica tion du
PER se ctoriel 2 011

10.81
0.93
0.46
0.66
0.50
2.30
10.50
0.00
6.82
3.67
Application du
P/B s ectoriel 20 11

1,636,068,795.81

Valeur globale

Valeur de l'action

2,584,355,191.54

140.39

2,584,355,191.54

Applica tion du
P/DIV sec tor ie l 20 11

VE/CA
42.00
1.80
0.48
0.95
0.53
21.00
12.60
8.34

Applic ation du
VE/C A s ectoriel 201 1

487,717,783

6,065,633,689.58
0.70

VE/Rex
2.751
0.729
0.590
0.203
0.085
0.124
0.953
4.511
0.195
1.631

16.720
3.285
2670.019
0.688
1.211
5.903
8.215
-2.314
6.835
7.858

Application du
VE/NOPATse ctoriel 2 011

3,998,374,878.24

3,832,301,872.76

2009
1,611,234,092
561,210,810
126,354,462
434,856,348
3,237,956,323
1,265,713,659
3,952,831,995
5,218,545,655
(714,875,672)
4,429,820,584
788,725,071
5,218,545,655

variation en %
35.50%
43.03%
390.28%
18.62%
1.43%
32.17%
13.99%
17.92%
159.47%
7.21%
168.91%
17.92%

140.39

Mthode du GoodWill
Mthode des praticiens(indirecte)

5,678,740,474.12
3,769,069,222.36

308.49
204.75

Moye nne de s m thode s de goodwill

4,723,904,848.24

256.62

Valeur de l'entreprise 2007

Cours sur le march
Ecart = Val thorique- Val relle

15,609,984,000.00

848.00

-11,955,853,980.11

-649.49

Mthode du PER
Mthode P/B
Mthode P/dividende
Mthode du coeiff VE/CA
Mthode du coeiff VE/Rex

1,636,068,795.81
6,986,082,344.91
2,916,143,535.96
3,998,374,878.24
3,832,301,872.76

88.88
379.51
158.42
217.21
208.19

Moye nne de s m thode s de s comparable s

3,873,794,285.54

210.44

Valeur de l'entreprise 2011

Cours sur le march
Ecart = Val thorique- Val relle

15,609,984,000.00

848.00

-11,736,189,714.46

-637.56

Calcul des ratio

chiffre d'affaires (CA)
rsultat courant (Rc)
rsultat financier (R fin)
rsultat d'exploitation (Re)
Fond de roulement (FR)
immobilisations (I)
besoin en fonds de roulement (BFR)
actif conomique AE = I + BFR
Trsorerie nette (TN)
capitaux propres (CP)
endettement net global (y compris provisions et dividendes) (D)
actif conomique AE = CP + D

1.89
0.16
0.14
0.22
0.08
0.18
1.94
1.94
0.25
1.52

6,986,082,344.91
2,916,143,535.96
3,873,794,285.54
210.44

Synth se M thode s utilis e s

Mthode de l'ANCR

Moye nne de s m thode s patrimoniale s

P/Dividende

3,654,130,019.89

198.51

3,873,794,285.54

210.44

2007
926,986,000
346,656,000
26,705,000
319,951,000
3,374,339,000
649,099,000
3,118,760,000
3,767,859,000
255,579,000
4,005,916,000
(238,057,000)
3,767,859,000

2008 variation en %
1,189,061,925
28.27%
392,370,078
13.19%
25,771,837
-3.49%
366,598,241
14.58%
3,192,199,654
-5.40%
957,653,419
47.54%
3,467,715,457
11.19%
4,425,368,876
17.45%
(275,515,803)
-207.80%
4,132,065,850
3.15%
293,303,025
-223.21%
4,425,368,876
17.45%

taux de l'impt sur les socits (T)

30.00%

30.00%

rentabilit conomique nette = Re * (1 - T) / AE

rentabilit des capitaux propres = Rc * (1 -T) / CP
effet de levier
cot net de l'endettement estim = R fin * (1 - T) / D
levier financier (D/CP)
Ratio de rentabilit = Rsultat net /CA
Ratio de rentabilit = Rsultat net /Actif immobilis
(1) Marge nette corrige = Rc * (1 - T) / CA

5.94%
6.06%
0.11%
-7.85%
-0.06
27.41%
39.14%
26.18%

5.80%
6.65%
0.85%
6.15%
0.07
32.52%
40.38%
23.10%

30.00%
-0.15%
0.59%
0.73%
14.00%
13.04%
5.12%
1.24%
-3.08%

5.83%
8.87%
3.04%
11.21%
0.18
29.23%
37.21%
24.38%

2010
1,940,272,429
536,342,776
69,593,813
466,748,963
4,778,338,907
1,292,830,147
4,308,199,485
5,601,029,632
470,139,422
4,493,528,091
1,107,501,541
5,601,029,632

variation en %
20.42%
-4.43%
-44.92%
7.33%
47.57%
2.14%
8.99%
7.33%
-165.77%
1.44%
40.42%
7.33%

30.00%
0.03%
2.22%
2.19%
5.06%
10.71%
-3.29%
-3.17%
1.28%

5.83%
8.36%
2.52%
4.40%
0.25
19.78%
29.69%
19.35%

2011
2,450,960,168
597,183,640
109,465,857
487,717,783
4,102,414,959
2,131,350,699
3,676,815,153
5,808,165,852
425,599,806
4,596,340,202
1,211,825,650
5,808,165,852

variation en %
26.32%
11.34%
57.29%
4.49%
-14.15%
64.86%
-14.66%
3.70%
-9.47%
2.29%
9.42%
3.70%

30.00%
0.00%
-0.51%
-0.51%
-6.82%
6.84%
-9.45%
-7.52%
-5.03%

5.88%
9.09%
3.22%
6.32%
0.26
18.21%
20.94%
17.06%

0.04%
0.74%
0.70%
1.92%
1.72%
-1.57%
-8.75%
-2.29%

(2) Rotation de l'actif conomique = CA / AE

(3) 1+ levier financier = AE / CP
Rentabilit nette des capitaux propres=="= (1) * (2) * (3)"
Ratios d'endettement = DLMT/total Passif
Ratio de liquidit gnral= Actifs Circulant / Passif Circulant
Ratio de liquidit rduite= Actifs Circulant - Stocks/ Passifs Circulant
autonomie financire = CP/FP
Remboursement des dettes LT
Taux de marge d'exploitation= Rsultat d'exploitation / Chiffre d'affaire (HT)
Les ratios de gestion :
TVA
Dlais de recouvrement des crances clients (en j CA)
Dlais de paiement fournisseurs (en j de consommation )
Rotation stocks (jours achat TTC)
BFR total (en j CA)

24.60%
94.06%
6.06%
0.00%
410.97%
214.19%
99.56%
0.00%
34.52%

26.87%
107.10%
6.65%
0.00%
274.93%
126.13%
99.57%
0.00%
30.83%

2007
20.00%
2.5023031632
50.0963895087
519.8001243736
0.0093455804

2008
20.00%
137.960833092
96.4950125852
733.3358313655
0.0081009599

2.27%
13.04%
0.59%
0.00%
-136.04%
-88.06%
0.01%
0.00%
-3.68%
variation en %
5413.35%
92.62%
41.08%
-13.32%

30.88%
117.80%
8.87%
0.00%
238.22%
103.61%
98.36%
0.00%
26.99%

4.01%
10.71%
2.22%
0.00%
-36.71%
-22.51%
-1.21%
0.00%
-3.84%

34.64%
124.65%
8.36%
14.37%
206.55%
102.35%
74.01%
471.27%
24.06%

3.77%
6.84%
-0.51%
14.37%
-31.67%
-1.26%
-24.35%
471.27%
-2.93%

42.20%
126.37%
9.09%
14.00%
179.32%
79.01%
73.73%
468.53%
19.90%

7.56%
1.72%
0.74%
-0.38%
-27.23%
-23.34%
-0.28%
-2.75%
-4.16%

2009
20.00%
198.6879975323
143.8802764295
732.3445490942
0.0068147074

0.05%
0.00%
44.02%
49.11%
-0.14%
-15.88%

2010
20.00%
253.6476281924
195.2258829752
1027.1634897724
0.0061678044

variation en %
0.00%
27.66%
35.69%
40.26%
-9.49%

2011
20.00%
158.5013845423
201.4790054051
866.8305712015
0.0041670916

variation en %
0.00%
-37.51%
3.20%
-15.61%
-32.44%

Structure Bilancielle
Fond de roulement (FR)
Besoin fond de roulement
TN

2007
3,374,339,000.00
3,118,760,000.00
255,579,000.00

2008
3,192,199,653.84
3,467,715,457.12
-275,515,803.28

La structure du CPC
6,000,000,000.00
5,000,000,000.00

Fond

4,000,000,000.00

Beso

3,000,000,000.00

TN

2,000,000,000.00
1,000,000,000.00
0.00

-1,000,000,000.00

Structure de Rsultat
2007
PRODUCTION (100%)
MARGE BRUTE
VALEUR AJOUTEE
EXCEDENT BRUT D'EXPLOITATIO
RESULTAT NET
CASHS FLOWS

2008

1,877,958,000.0
237,738,000.00
221,445,000.00
203,818,000.00
254,050,000.00
107,832,700.00

2,162,883,653.0
425,169,029.94
394,450,812.59
331,514,667.35
386,709,212.71
221,535,195.10

La structure du bilan
3,000,000,000.0
2,500,000,000.0
2,000,000,000.0

PRODUCTION (100%)

MARG

VALEUR AJOUTEE

EXCED
D'EXP

RESULTAT NET

CASH

1,500,000,000.0
1,000,000,000.0
500,000,000.0

(500,000,000.0)

500,000,000.0

(500,000,000.0)

Analyse des produits d'exploit

2007
Le chiffre d'affaire
Immobilisation produite par
l'entreprise elle-mme
Variation de stocks de produits
autres reprises sur provisions
d'exploitation
autres produits d'exploitation
total produits d'exploitation

2008
926,986,000.00

0.00
950,972,000.00

1,189,061,925.08

0.00
973,821,727.87

135,805,000.00

88,648,255.25

22,624,000.00

4,458,210.49

2,036,387,000.00

2,255,990,118.69

Analyse des charges d'exploit

2007
Achats de MP

2008

1,640,220,000.00

1,737,714,623.01

autres charges externes

16,293,000.00

30,718,217.35

Charges de personnel

38,710,000.00

66,542,656.97

impt et taxes
Autres charges d'exploitation
Dotations d'exploitation

291,000.00
1,250,000.00
19,672,000.00

151,698.76
700,000.00
53,564,681.75

1,716,436,000.00

1,889,391,877.84

total charges d'exploitation

Analyse de la valeur ajout

VALEUR AJOUTEE

2007
221,445,000.00

2008
394,450,812.59

Analyse de l'excdent brut d'expl

EXCEDENT BRUT D'EXPLOITATION

2007
203,818,000.00

2008
331,514,667.35

Analyse du rsultat d'exploita

PRODUITS D'EXPLOITATION

Dont Chiffre d'affaire

CHARGES D'EXPLOITATION
RESULTAT D'EXPLOITATION
MARGE OPERATIONNELLE

2007
2,036,387,000.00
926,986,000.00
1,716,436,000.00
319,951,000.00
34.52%

2008
2,255,990,118.69
1,189,061,925.08
1,889,391,877.84
366,598,240.85
30.83%

Analyse du rsultat financie

PRODUITS FINANCIERS
CHARGES FINANCIERES
RESULTAT FINANCIER

2007
37,310,000.00
10,605,000.00
26,705,000.00

2008
58,781,541.76
33,009,704.63
25,771,837.13

Analyse du rsultat non cour

PRODUITS NON COURANTS

CHARGES NON COURANTS
RESULTAT NON COURANT

2007
47,139,000.00
10,290,000.00
36,849,000.00

2008
242,219,097.04
110,505,222.31
131,713,874.73

Analyse du rsultat net

RESULTAT D'EXPLOITATION
RESULTAT FINANCIER
RESULTAT COURANT
RESULTAT NON COURANT
RESULTAT AVANT IMPOT
IMPOT
RESULTAT NET

2007
319,951,000.00
26,705,000.00
346,656,000.00
36,849,000.00
383,505,000.00
115,051,500.00
268,453,500.00

2008
366,598,240.85
25,771,837.13
392,370,077.98
131,713,874.73
524,083,952.71
157,225,185.81
366,858,766.90

Analyse de l'actif immobilis

immobilisations en non valeur

immobilisations incorporelles
immobilisations corporelles
immobilisations financires

2007
60420000
2496000
13867000
572316000

2008
45314646.37
1830147.09
19734250.84
890774374.23

total actif immobilis

649099000

957653418.53

Analyse de l'actif circulan

stock total
Crances de l'actif circultant
Ecart de conversion actif
TVP
ACTIF CIRCULANT

2007
1973580000
1143418000
0
1004674000
4121672000

2008
2949834254.03
1509060639.96
35686.48
991093109.72
5450023690.19

Analyse du stock

stock de marchandises
stock de matires et fournitures
consommables
stock de produits en cours
produits intern,et prod resid
produits finis
achat consomm
ratio de rotation de stock

2007
0
1,292,046,000.00
591,214,000.00
0.00
90,320,000.00
1,640,220,000.00
519.80

2008
0
1,730,684,283.49
939,711,579.34
0.00
279,438,391.20
1,737,714,623.01
733.34

Analyse des Crances de l'actif c

2007
Fourniss, dbiteur, avances et
accomptes
Clients et CR
Personnel
Etat
Comptes assoc
Autres dbiteurs
Comptes de rgul actif
CA
Dlais de rglement clients

78,867,000.00
7,732,000.00
8,189,000.00
90,517,000.00
657,442,000.00
284,378,000.00
16,293,000.00
926,986,000.00
2.50

2008
79,990,090.29
539,322,653.53
4,723,608.16
233,841,605.14
215,537,728.74
433,368,373.16
2,276,580.94
1,189,061,925.08
137.96

Analyse de la trsorerie act

Chques et val encaisser

Banque TG et CP

2007
768,000.00
284,395,000.00

2008
489,010.23
193,376,780.77

Caisse regies d'avances et

accreditifs

13,000.00

23,781.47

Analyse du financement perma

capitaux propres
capitaux propres assimils
dettes de financement
provisions durables pour risques
et charges
ecart de convertion passif

2007
4,002,252,000.00
3,664,000.00
0.00

2008
4,130,470,808.62
1,595,041.78
0.00

17,522,000.00
0.00

17,787,221.97
0.00

Analyse des capitaux propr

capital social
prime d'emission, de fusion,
reserve legale
autres reserves
report nouveau
resultats net de l exercice
capitaux propres

2007
1,840,800,000.00
1,881,216,000.00
12,521,000.00
10,088,000.00
3,578,000.00
254,049,000.00
4,002,252,000.00

2008
1,840,800,000.00
1,881,216,000.00
25,223,518.77
11,845,826.91
43,810,614.71
327,574,848.23
4,130,470,808.62

Analyse des capitaux assimi

subventions d'investissement
provisions reglements
capitaux propres assimils

2007
3,664,000.00
0.00
3,664,000.00

2008
0.00
1,595,041.78
1,595,041.78

Analyse de l'Endettement moyen et

dettes de financement

2007
0.00

2008
0.00

Analyse des Provisions durables pour ris

2007

2008

provisions durables pour risques

et charges

17,522,000.00

17,787,221.97

Analyse de Passif circulan

Fournisseurs et CR
client crditeurs, avances et
acomptes
personnel
organismes sociaux
Etat
comptes d'associs
autres cranciers
compte de rgularisation passif
autres provisions pour risques et
charges
ecart de convertion passif
passif circulant

2007
273,897,000.00

2008
551,279,324.11

304,090,000.00
2,503,000.00
1,345,000.00
125,855,000.00
500,000.00
292,181,000.00

898,509,781.89
11,889,310.37
1,935,052.40
103,149,808.38
505,346.00
380,901,018.64

2,541,000.00

4,121,637.95

0.00
0.00
1,002,912,000.00

29,994,157.89
22,795.44
1,982,308,233.07

Analys de Trsorerie pass

Crdits d'escompte
crdits de trsorerie
banque (solde crditeur)
trsorerie actif

2007
0.00
0.00
29,597,000.00
29,597,000.00

2008
0.00
0.00
469,405,375.75
469,405,375.75

e Bilancielle
2009
3,237,956,323.17
3,952,831,995.32
-714,875,672.15

2010
4,778,338,907.22
4,308,199,485.19
470,139,422.03

2011
4,102,414,958.88
3,676,815,153.15
425,599,805.73

ucture du CPC

Fond de roulement (FR)

Besoin fond de roulement
TN

e de Rsultat
2009

2010

2,481,270,781.7
210,463,510.68
161,311,554.12
81,507,554.83
471,012,155.84
-48,949,349.51

2011
2,245,711,688.8
473,806,806.19
406,653,687.87
318,287,062.02
383,828,639.19
178,262,373.18

ure du bilan
PRODUCTION (100%)

MARGE BRUTE

VALEUR AJOUTEE

EXCEDENT BRUT
D'EXPLOITATION

RESULTAT NET

CASHS FLOWS

2,804,363,106.4
487,180,408.30
435,368,697.69
334,026,170.15
446,288,238.05
187,710,835.21

e des produits d'exploitation

var

2009
28.27%

var
1,611,234,091.99

0.00%
2.40%

0.00
870,036,689.73

2010
35.50%

0.00%
-10.66%

1,940,272,428.95

0.00
305,439,259.85

-34.72%

395,895,204.63

346.59%

177,315,555.01

-80.29%

672,094.76

-84.92%

622,764.88

10.78%

2,877,838,081.11

27.56%

2,423,650,008.69

e des charges d'exploitation

Variation

2009 Variation

2010

5.94%

2,270,807,271.04

30.68%

1,771,904,882.61

88.54%

49,151,956.56

60.01%

67,153,118.32

71.90%

77,003,777.77

15.72%

87,996,066.65

-47.87%
-44.00%
172.29%

3,472,316.28
0.00
42,546,411.65

2188.95%
-100.00%
-20.57%

993,324.08
0.00
28,853,654.23

10.08%

2,442,981,733.30

29.30%

1,956,901,045.89

alyse de la valeur ajoute

var
78.13%

2009 var
161,311,554.12

-59.10%

2010
406,653,687.87

-75.41%

2010
318,287,062.02

de l'excdent brut d'exploitation

var
62.65%

2009 var
81,507,554.83

se du rsultat d'exploitation

var
10.78%
28.27%
10.08%
14.58%
-3.68%

2009 var
2,877,838,081.11
1,611,234,091.99
2,442,981,733.30
434,856,347.81
26.99%

2010
27.56%
2,423,650,008.69
35.50% 1,940,272,428.95
29.30% 1,956,901,045.89
18.62% 466,748,962.80
-3.84%
24.06%

2009 var
218,781,432.59
92,426,970.52
126,354,462.07

272.19%
180.00%
390.28%

2010
88,926,440.33
50,187,259.09
38,739,181.24

1.63%
38.37%
-29.19%

2010
19,981,293.45
22,228,840.48
-2,247,547.03

2009 var
434,856,347.81
126,354,462.07
561,210,809.88
93,260,575.96
654,471,385.84
196,341,415.75
458,129,970.09

18.62%
390.28%
43.03%
-29.19%
24.88%
24.88%
24.88%

2010
466,748,962.80
38,739,181.24
505,488,144.04
-2,247,547.03
503,240,597.01
150,972,179.10
352,268,417.91

2009 var
30209764.24
2379128.1
19454152.99
1213670614.11

-33.33%
30.00%
-1.42%
36.25%

2010
31740632.18
3722650.47
18511936.88
1238854927.64

alyse du rsultat financier

var
57.55%
211.27%
-3.49%

yse du rsultat non courant

var
413.84%
973.91%
257.44%

2009 var
246,163,896.88
152,903,320.92
93,260,575.96

Analyse du rsultat net

var
14.58%
-3.49%
13.19%
257.44%
36.66%
36.66%
36.66%

alyse de l'actif immobilis

var
-25.00%
-26.68%
42.31%
55.64%

47.54%

1265713659.44

32.17%

1292830147.17

2009 var
3849567886.55
2963081324.86
0
0
6812649211.41

30.50%
96.35%
-100.00%
-100.00%
25.00%

2010
4213046302.7
4138599088.05
0
0
8351645390.75

2009 var
0

0.00%

2010
0

nalyse de l'actif circulant

var
49.47%
31.98%
100.00%
-1.35%
32.23%

Analyse du stock
var
0.00%
33.95%
58.95%
0.00%
209.39%
5.94%
41.08%

2,138,184,176.08
840,289,346.27
0.00
871,094,364.20
2,270,807,271.04
732.34

23.55% 2,206,933,497.15
-10.58% 1,196,748,723.18
0.00%
0.00
211.73%
809,364,082.37
30.68% 1,771,904,882.61
-0.14%
1,027.16

des Crances de l'actif circulant

var

2009 var
1.42%
6875.20%
-42.32%
158.34%
-67.22%
52.39%
-86.03%
28.27%
5413.35%

107,209,404.30
1,052,491,644.80
3,697,482.26
323,951,074.82
581,513,934.94
891,309,791.99
2,907,991.75
1,611,234,091.99
198.6879975323

2010
34.03%
281,879,543.29
95.15% 1,618,012,601.59
-21.72%
717,014.79
38.53%
467,923,020.93
169.80% 1,193,239,250.48
105.67%
564,014,235.04
27.74%
12,813,421.93
35.50% 1,940,272,428.95
44.02%
253.65

alyse de la trsorerie actif

var
-36.33%
-32.00%

2009 var
0.00
223,483,031.67

-100.00%
15.57%

2010
8,001,868.26
783,196,016.17

82.93%

20,307.23

-14.61%

44,038.69

e du financement permanent

var
3.20%
-56.47%
0.00%
1.51%
0.00%

2009 var
4,409,389,439.27
20,431,144.90
0.00
73,849,398.44
0.00

2010
6.75% 4,480,282,078.46
1180.92%
13,246,012.69
0.00% 1,500,000,000.00
315.18%
0.00%

77,640,963.24
0.00

2009 var
1,840,800,000.00
1,881,216,000.00
41,602,261.18
13,914,855.78
76,817,691.66
555,038,630.65
4,409,389,439.27

0.00%
0.00%
64.93%
17.47%
75.34%
69.44%
6.75%

2010
1,840,800,000.00
1,881,216,000.00
69,354,192.71
14,762,397.26
290,320,849.30
383,828,639.19
4,480,282,078.46

2009 var
19,683,644.60
747,500.30
20,431,144.90

100.00%
-53.14%
1180.92%

2010
13,226,663.87
19,348.82
13,246,012.69

lyse des capitaux propres

var
0.00%
0.00%
101.45%
17.42%
1124.44%
28.94%
3.20%

yse des capitaux assimils

var
-100.00%
100.00%
-56.47%

Endettement moyen et long terme

var
0.00%

2009 var
0.00

2010
0.00% 1,500,000,000.00

isions durables pour risques et charges

var

2009 var

2010

1.51%

73,849,398.44

315.18%

77,640,963.24

alyse de Passif circulant

var
101.27%

2009 var
1,074,162,338.22

195.47%
375.00%
43.87%
-18.04%
1.07%
30.36%

1,291,134,211.86
16,055,409.47
1,569,415.54
146,675,084.41
505,192.15
256,932,051.62

62.21%

40,281,396.92

100.00%
100.00%
0.98

32,502,115.90
0.00
2,859,817,216.09

2010
94.85% 1,137,276,806.32
43.70% 2,023,639,549.86
35.04%
18,624,097.16
-18.90%
2,207,641.50
42.20%
167,201,291.56
-0.03%
200,545,192.15
-32.55%
443,750,969.87
877.32%

17,489,870.16

8.36%
32,710,486.98
-100.00%
0.00
0.44
4,043,445,905.56

alys de Trsorerie passif

var
0.00%
0.00%
1485.99%
1485.99%

2009 var
0.00
0.00
938,379,011.05
938,379,011.05

0.00%
0.00%
99.91%
99.91%

2010
0.00
0.00
321,101,501.09
321,101,501.09

3,500,000,000.00

2011
2,450,960,168.23

3,000,000,000.00
2,500,000,000.00

0.00
353,402,938.12
183,858,112.99

Le chiffre d'affaire

Immobilisation produite
par l'entreprise ellemme

Variation de stocks de
produits

autres reprises sur

provisions d'exploitation

autres produits
d'exploitation

total produits
d'exploitation

2,000,000,000.00
1,500,000,000.00
1,000,000,000.00

842,603.21

500,000,000.00

2,989,063,822.55

0.00

Evolution des charges d'exploitation

2011
2,317,182,698.05

3,000,000,000.00

51,811,710.61

2,500,000,000.00

91,967,434.69

2,000,000,000.00

2,590,968.60
7,626,727.46
30,166,500.01

1,500,000,000.00

2,501,346,039.42

Achats de MP

autres charges externes

Charges de personnel

impt et taxes

Autres charges
d'exploitation

Dotations d'exploitation

total charges
d'exploitation

1,000,000,000.00
500,000,000.00
0.00

2011
435,368,697.69

VALEUR AJOUTEE
500,000,000.00
400,000,000.00

VALEUR AJOUTEE

300,000,000.00
200,000,000.00
100,000,000.00
2011
334,026,170.15

0.00
2007

2008

2009

2010

2011

EXCEDENT BRUT D'EXPLOITATION

400,000,000.00

EXCEDENT BRUT D'EXPLOITATION

400,000,000.00
350,000,000.00
300,000,000.00
2011
2,989,063,822.55
2,450,960,168.23
2,501,346,039.42
487,717,783.13
19.90%

EXCEDENT BRUT
D'EXPLOITATION

250,000,000.00
200,000,000.00
150,000,000.00
100,000,000.00
50,000,000.00
0.00
2007

2011
160,288,535.48
106,577,266.93
53,711,268.55

2008

2009

2010

2011

Evolution du rsultat financier

140,000,000.00
120,000,000.00
100,000,000.00
RESULTAT FINANCIER

80,000,000.00
2011
6,293,492.94
7,210,395.00
-916,902.06

60,000,000.00
40,000,000.00
20,000,000.00
0.00
2007 2008 2009 2010 2011

2011
487,717,783.13
53,711,268.55
541,429,051.68
-916,902.06
540,512,149.62
162,153,644.89
378,358,504.73

RESULTAT NON COURANT

140,000,000.00
120,000,000.00
100,000,000.00

RESULTAT NON
COURANT

80,000,000.00
60,000,000.00
40,000,000.00
20,000,000.00
0.00
2007
-20,000,000.00

2011
12476812.54
6626643.6
19830673.29
2092416569.86

2008

2009

2010

2011

RESULTAT NET
500,000,000.00
450,000,000.00
400,000,000.00
350,000,000.00
300,000,000.00
250,000,000.00

RESULTAT NET

RESULTAT NET
2131350699.29

2011
4649548152.15
3542609237.08
0
120000000
8312157389.23

2011
0
2,187,449,908.60
1,155,940,848.07
0.00
1,306,157,395.48
2,317,182,698.05
866.83

500,000,000.00
450,000,000.00
400,000,000.00
350,000,000.00
300,000,000.00
250,000,000.00
200,000,000.00
150,000,000.00
100,000,000.00
50,000,000.00
-

RESULTAT NET

2007

2008

2009

2010

2011

Actif immobilis
2500000000

immobilisations en non
valeur

2000000000

immobilisations
incorporelles

1500000000

immobilisations
corporelles

1000000000

immobilisations
financires
total actif immobilis

500000000
0

2007 2008 2009 2010 2011

Analyse de l'actif circulant

9000000000
2011
283,780,708.90
1,277,196,427.80
930,995.04
514,763,998.39
782,331,120.78
641,853,546.69
41,752,439.48
2,450,960,168.23
158.50

8000000000

stock total

7000000000

Crances de l'actif
circultant

6000000000

Ecart de conversion
actif

5000000000
4000000000

TVP

3000000000

ACTIF CIRCULANT

2000000000
1000000000
0

2007

2008

2009

2010

2011

Analyse du stock
2500000000
2011
3,340,515.00
733,189,661.52

stock de marchandises

stock de matires et
fournitures
consommables

1500000000

stock de produits en
cours

produits intern,et prod

resid

1000000000

produits finis

achat consomm

2000000000

500000000

ratio de rotation de
stock

2500000000

stock de marchandises

stock de matires et
fournitures
consommables

1500000000

stock de produits en
cours

produits intern,et prod

resid

1000000000

produits finis

achat consomm

2000000000

136,750.06

ratio de rotation de
stock

500000000
0

2011
4,587,352,899.82
8,987,302.41
1,565,000,000.00
72,425,455.94
0.00

Evolution dees crances de l'AC

3,000,000,000.00
2,500,000,000.00

Fourniss, dbiteur,
avances et accomptes

Clients et CR

2,000,000,000.00

Personnel

Etat

Comptes assoc

Autres dbiteurs

Comptes de rgul actif

CA

1,500,000,000.00
1,000,000,000.00
500,000,000.00
2011
1,840,800,000.00
1,881,216,000.00
88,545,624.67
15,312,869.76
323,063,584.03
438,414,821.36
4,587,352,899.82

2011
8,987,302.41
0.00
8,987,302.41

2011
1,565,000,000.00

2011

0.00

Dlais de rglement
clients

72,425,455.94

2011
1,534,894,242.23
2,182,666,052.68
19,461,066.60
159,181.99
271,246,861.65
545,252.16
483,445,146.50
105,015,206.82
37,909,225.45
0.00
4,635,342,236.08

2011
0.00
0.00
311,067,120.85
311,067,120.85

tion produite
prise elle-

eprises sur
d'exploitation

its
on

itation

ernes

ation

UR AJOUTEE

TION

TION

EDENT BRUT
PLOITATION

ier

T FINANCIER

SULTAT NON
OURANT

ESULTAT NET

ESULTAT NET

ations en non

ations
es

ations
s

ations

mmobilis

nt

otal

es de l'actif
nt

e conversion

CIRCULANT

matires et

ables

tern,et prod

somm

matires et

ables

tern,et prod

somm

'AC

ts et CR

es dbiteurs

Etude de l'quilibre

TOTAL FINANCEMENT
PERMANENT
ACTIF IMMOBILISE
Fond de roulement (FR)
ACTIF CIRCULANT
TOTAL PASSIF CIRCULANT
Besoin fond de roulement
La trsorerie actif
La trsorerie passif
Trsorerie nette

2007

2008

2009

4,023,438,000.00
649,099,000.00
3,374,339,000.00
4,121,672,000.00
1,002,912,000.00
3,118,760,000.00
285,176,000.00
29,597,000.00
255,579,000.00

4,149,853,072.37
957,653,418.53
3,192,199,653.84
5,450,023,690.19
1,982,308,233.07
3,467,715,457.12
193,889,572.47
469,405,375.75
-275,515,803.28

4,503,669,982.61
1,265,713,659.44
3,237,956,323.17
6,812,649,211.41
2,859,817,216.09
3,952,831,995.32
223,503,338.90
938,379,011.05
-714,875,672.15

Analyse de la Solv

2007
endettement net global (y compris
provisions et dividendes) (D)

-238,057,000.00

2008

293,303,025.25

2009

788,725,070.59

Analyse de liqui
2007

2008

2009

Ratio de liquidit gnral= Actifs

Circulant / Passif Circulant

410.97%

274.93%

238.22%

Ratio de liquidit rduite= Actifs

Circulant - Stocks/ Passifs
Circulant

214.19%

126.13%

103.61%

Analyse de l'endet

Remboursement des dettes LT

Ratio d'autonomie financire

2007

2008

2009

0.00%
99.56%

0.00%
99.57%

0.00%
98.36%

Analyse de la rent

Rsultat d'exploitation
Rentabilit conomique
Rsultat financier
Rentabilit des capitaux propres

2007
319,951,000.00
5.94%
26,705,000.00

2008
366,598,240.85
5.80%
25,771,837.13

2009
434,856,347.81
5.83%
126,354,462.07

6.06%

6.65%

8.87%

Etude de l'quilibre financier

Etude de l'quilibre financier

6,000,000,000.00
2010

2011

6,071,169,054.39
1,292,830,147.17
4,778,338,907.22
8,351,645,390.75
4,043,445,905.56
4,308,199,485.19
791,241,923.12
321,101,501.09
470,140,422.03

6,233,765,658.17
2,131,350,699.29
4,102,414,958.88
8,312,157,389.23
4,635,342,236.08
3,676,815,153.15
736,666,926.58
311,067,120.85
425,599,805.73

5,000,000,000.00
4,000,000,000.00

Fond de rouleme
(FR)

3,000,000,000.00

Besoin fond de
roulement

2,000,000,000.00

Trsorerie nette

1,000,000,000.00
0.00

2007 2008 2009 2010 2011

-1,000,000,000.00

Analyse de la Solvabilit :

endettement net global (y compris provisions et dividendes)

2010

2011

1,400,000,000.00
1,200,000,000.00

1,107,501,541.21

1,211,825,650.21

1,000,000,000.00

endettement net
global (y compris
provisions et
dividendes) (D)

800,000,000.00
600,000,000.00

Analyse de liquidit :

400,000,000.00
200,000,000.00

2010

2011

206.55%

179.32%

102.35%

79.01%

0.00
-200,000,000.00 2007 2008 2009 2010 2011
-400,000,000.00

Liquidit
700.00%

Ratio de liquidit
rduite= Actifs
Circulant - Stoc
Passifs Circulan

600.00%
500.00%
400.00%

Analyse de l'endettement
2010

2011

471.27%
74.01%

468.53%
73.73%

Ratio de liquidit
gnral= Actifs
Circulant / Pass
Circulant

300.00%
200.00%
100.00%
0.00%
2007

2008

2009

2010

2011

Analyse de la rentabilit :

Endettement
500.00%
450.00%
400.00%
350.00%

Remboursement
dettes LT

Endettement
2010
466,748,962.80
5.83%
69,593,813.42

2011
487,717,783.13
5.88%
109,465,856.98

8.36%

9.09%

500.00%
450.00%
400.00%
350.00%
300.00%
250.00%
200.00%
150.00%
100.00%
50.00%
0.00%

Remboursement
dettes LT

Ratio d'autonomie
financire

2007

2008

2009

2010

2011

Evolution de la Re et Rcp
16.00%
14.00%

Rentabilit de
capitaux prop

12.00%
10.00%

Rentabilit
conomique

8.00%
6.00%
4.00%
2.00%
0.00%
2007

2008

2009

2010

2011

e financier

Fond de roulement (FR)

6,000,000,000.00

Fond de roulement
(FR)

5,000,000,000.00

Besoin fond de
roulement

4,000,000,000.00

Trsorerie nette

en MDHS

3,000,000,000.00
2,000,000,000.00
1,000,000,000.00

011
0.00
2007

visions et dividendes) (D)

5,000,000,000.00
4,500,000,000.00
4,000,000,000.00
3,500,000,000.00
3,000,000,000.00
2,500,000,000.00
2,000,000,000.00
1,500,000,000.00
1,000,000,000.00
500,000,000.00
0.00
2007

2009

2010

400,000,000.00
200,000,000.00
en DHS

0.00
2007
-200,000,000.00

-600,000,000.00
-800,000,000.00

Remboursement des
dettes LT

2008

600,000,000.00

-400,000,000.00

ent

20

Trsorerie nette

Ratio de liquidit
rduite= Actifs
Circulant - Stocks/
Passifs Circulant

11

2009

Besoin fond de roulement

en Dhs

Ratio de liquidit
gnral= Actifs
Circulant / Passif
Circulant

2008

2008

2009

2010

ent

Remboursement des
dettes LT
Ratio d'autonomie
financire

11

Re et Rcp

011

Rentabilit des
capitaux propres
Rentabilit
conomique

nt (FR)

2009

2010

2011

lement

2009

2010

2011

tte

2009

2010

2011