Nom

COMPTE DE RESULTAT 2007 2008 variation (en %) 2009 variation en % 2010 variation en % 2011 variation en %
Vente de biens et services produits 926,986,000.00 1,189,061,925.08 28.27% 1,611,234,091.99 35.50% 1,940,272,428.95 20.42% 2,450,960,168.23 26.32%
vente de marchandises 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
CHIFFRE D'AFFAIRES 926,986,000.0 1,189,061,925.1 28.27% 1,611,234,092.0 35.50% 1,940,272,429.0 20.42% 2,450,960,168.2 26.32%
dont à l'exportation (% du CA) 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
Immobilisation produite par l'entreprise elle-même 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
Variation de stocks de produits 950,972,000.0 973,821,727.87 2.40% 870,036,689.73 -10.66% 305,439,259.85 -64.89% 353,402,938.12 15.70%
PRODUCTION (100%) 1,877,958,000.0 2,162,883,653.0 15.17% 2,481,270,781.7 14.72% 2,245,711,688.8 -9.49% 2,804,363,106.4 24.88%
achats de matières et d'approvisionnements 1,640,220,000.0 1,737,714,623.01 5.94% 2,270,807,271.04 30.68% 1,771,904,882.61 -21.97% 2,317,182,698.05 30.77%
- variation de stocks de matières et d'approvisionnements 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
consommation de matières et d'approvisionnements 1,640,220,000.0 1,737,714,623.0 5.94% 2,270,807,271.0 30.68% 1,771,904,882.6 -21.97% 2,317,182,698.1 30.77%
achats de marchandises 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
- variation de stocks marchandises 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
coût d'achat des marchandises vendues 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
Consommation 1,640,220,000.00 1,737,714,623.01 5.94% 2,270,807,271.04 30.68% 1,771,904,882.61 -21.97% 2,317,182,698.05 30.77%
MARGE BRUTE SUR CONSOMMATION DE MATIERES ET MARCHANDISES 237,738,000.00 425,169,029.94 78.84% 210,463,510.68 -50.50% 473,806,806.19 125.13% 487,180,408.30 2.82%
autres charges externes 16,293,000.0 30,718,217.35 88.54% 49,151,956.56 60.01% 67,153,118.32 36.62% 51,811,710.61 -22.85%
VALEUR AJOUTEE 221,445,000.00 394,450,812.59 78.13% 161,311,554.12 -59.10% 406,653,687.87 152.09% 435,368,697.69 7.06%
Charges de personnel 38,710,000.00 66,542,656.97 71.90% 77,003,777.77 15.72% 87,996,066.65 14.27% 91,967,434.69 4.51%
impôt et taxes 291,000.00 151,698.76 -47.87% 3,472,316.28 2188.95% 993,324.08 -71.39% 2,590,968.60 160.84%
Autres charges d'exploitation 1,250,000.00 700,000.00 -44.00% 0.00 -100.00% 0.00 0.00% 7,626,727.46 100.00%
subventions d'exploitation 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
dotations aux provisions sur actif circulant 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
autres dotations aux provisions d'exploitation 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
reprises sur provisions sur actifs circulants 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
autres reprises sur provisions d'exploitation 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
dotations aux provisions d'exploitation nettes des reprises 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
autres produits d'exploitation 22,624,000.00 4,458,210.49 -80.29% 672,094.76 -84.92% 622,764.88 -7.34% 842,603.21 35.30%
autres charges d'exploitation 1,250,000.00 700,000.00 -44.00% 0.00 -100.00% 0.00 0.00% 7,626,727.46 100.00%
soldes des autres produits et charges d'exploitation 21,374,000.00 3,758,210.49 -82.42% 672,094.76 -82.12% 622,764.88 -7.34% -6,784,124.25 -1189.36%
EXCEDENT BRUT D'EXPLOITATION 203,818,000.00 331,514,667.35 62.65% 81,507,554.83 -75.41% 318,287,062.02 290.50% 334,026,170.15 4.94%
dotations aux amortissements 19,672,000.00 53,564,681.75 172.29% 42,546,411.65 -20.57% 28,853,654.23 -32.18% 30,166,500.01 4.55%
reprises sur amortissements 135,805,000.00 88,648,255.25 -34.72% 395,895,204.63 346.59% 177,315,555.01 -55.21% 183,858,112.99 3.69%
dotations aux amortissements nettes des reprises -116,133,000.00 -35,083,573.50 -69.79% -353,348,792.98 907.16% -148,461,900.78 -57.98% -153,691,612.98 3.52%
dotations aux provisions sur actifs immobilisés 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
reprises sur provisions sur actifs immobilisés 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
dotations aux provisions sur actifs immobilisés nettes des reprises 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
RESULTAT D'EXPLOITATION 319,951,000.00 366,598,240.85 14.58% 434,856,347.81 18.62% 466,748,962.80 7.33% 487,717,783.13 4.49%
Charges d'intérêts 10,605,000.00 32,806,050.70 209.35% 33,139,868.06 1.02% 50,015,824.80 50.92% 106,485,621.96 112.90%
Pertes de change 0.00 203,653.93 0.00% 188,424.74 -7.48% 171,434.29 -9.02% 91,644.97 -46.54%
Autres charges financières 0.00 0.00 0.00% 59,098,677.72 0.00% 0.00 -100.00% 0.00 100.00%
charges financières 10,605,000.00 33,009,704.63 211.27% 92,426,970.52 180.00% 50,187,259.09 -45.70% 106,577,266.93 112.36%
produits financiers 0.00 0.00 0.00% 200,000,000.00 0.00% 50,000,000.00 -75.00% 100,000,000.00 100.00%
gains de change 0.00 201,556.87 100.00% 192,434.42 -4.53% 205,047.42 6.55% 38,500.73 -81.22%
produits financiers sur actif immobilisé 37,310,000.00 58,579,984.89 57.01% 18,588,998.17 -68.27% 38,721,392.91 108.30% 60,250,034.75 55.60%
produits financiers 37,310,000.00 58,781,541.76 57.55% 218,781,432.59 272.19% 88,926,440.33 -59.35% 160,288,535.48 80.25%
produits sur cession de titres de placement 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
charge sur cession de titres de placement 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
solde + ou - values cessions de titres de placement 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
dotations aux provisions financières 0.00 0.00 0.00% 0.00 0.00% 15,000,000.00 100.00% 0.00 -100.00%
reprises sur provisions financières 0.00 0.00 0.00% 0.00 0.00% 45,854,632.18 100.00% 55,754,588.43 21.59%
dotations aux provisions financières nettes des reprises 0.00 0.00 0.00% 0.00 0.00% -30,854,632.18 -100.00% -55,754,588.43 80.70%
RESULTAT FINANCIER 26,705,000.00 25,771,837.13 -3.49% 126,354,462.07 390.28% 69,593,813.42 -44.92% 109,465,856.98 57.29%
RESULTAT COURANT 346,656,000.00 392,370,077.98 13.19% 561,210,809.88 43.03% 536,342,776.22 -4.43% 597,183,640.11 11.34%
plus (moins) values de cession 22,916,000.00 239,800,000.00 946.43% 235,000,000.00 -2.00% 71,200.00 -99.97% 75,570.00 6.14%
subventions d'équilibre 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
reprises sur subventions d'investissement 0.00 0.00 0.00% 10,316,355.40 0.00% 6,456,980.73 -37.41% 4,239,361.46 -34.34%
autres produits exceptionnels 22,465,000.00 350,068.17 -98.44% 0.00 -100.00% 12,724,961.24 100.00% 1,959,212.66 -84.60%
reprises exceptionnelles 1,758,000.00 2,069,028.87 17.69% 847,541.48 -59.04% 728,151.48 -14.09% 19,348.82 -97.34%
valeurs nettes d'amort des immob cédées 4,747,000.00 110,450,000.00 2226.73% 110,150,000.00 -0.27% 213,601.24 -99.81% 0.00 -100.00%
subventions accordées 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
autres charges exceptionnelles 3,043,000.00 55,222.31 -98.19% 2,753,320.92 4885.89% 22,015,239.24 699.59% 210,395.00 -99.04%
dotations exceptionnelles aux amort & aux prov 2,500,000.00 0.00 -100.00% 40,000,000.00 0.00% 0.00 -100.00% 7,000,000.00 100.00%
RESULTAT AVANT IMPOT 383,505,000.00 524,083,952.71 36.66% 654,471,385.84 24.88% 534,095,229.19 -18.39% 596,266,738.05 11.64%
résultat des sociétés mises en équivalence 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
impôt sur les bénéfices 129,455,000.00 137,374,740.00 6.12% 183,459,230.00 33.55% 150,266,590.00 -18.09% 149,978,500.00 -0.19%
amortissement de la survaleur 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
RESULTAT NET 254,050,000.00 386,709,212.71 52.22% 471,012,155.84 21.80% 383,828,639.19 -18.51% 446,288,238.05 16.27%
résultat revenant aux intérêts minoritaires 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
RESULTAT NET PART DU GROUPE 254,050,000.00 386,709,212.71 52.22% 471,012,155.84 21.80% 383,828,639.19 -18.51% 446,288,238.05 16.27%
Les cashs flows 107,832,700.00 221,535,195.10 105.44% -48,949,349.51 -122.10% 178,262,373.18 -464.18% 187,710,835.21 5.30%

BILAN 2007 2008 variation en % 2009 variation en % 2010 variation en % 2011 variation en %
frais préliminaires 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
charges à repartir sur plusieurs exercices 60,420,000.00 45,314,646.37 -25.00% 30,209,764.24 -33.33% 31,740,632.18 5.07% 12,476,812.54 -60.69%
prime de rembourssemenet des emprunts obligataires 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
immobilisations en non valeur 60,420,000.00 45,314,646.37 -25.00% 30,209,764.24 -33.33% 31,740,632.18 5.07% 12,476,812.54 -60.69%
immobilisations en recherches et developpement 354,000.00 124,843.75 -64.73% 0.00 -100.00% 0.00 0.00% 0.00 0.00%
marques, brevets, fonds de commerce 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
fonds commercial 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
autres 2,142,000.00 1,705,303.34 -20.39% 2,379,128.10 39.51% 3,722,650.47 56.47% 6,626,643.60 78.01%
immobilisations incorporelles 2,496,000.00 1,830,147.09 -26.68% 2,379,128.10 30.00% 3,722,650.47 56.47% 6,626,643.60 78.01%
terrains 204,000.00 204,344.47 0.17% 204,344.47 0.00% 204,344.47 0.00% 204,344.47 0.00%
constructions 9,054,000.00 9,915,855.55 9.52% 9,145,007.79 -7.77% 9,719,780.65 6.29% 10,581,306.64 8.86%
installations techniques matériel, outillage ... 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
materiel de transport 1,000.00 0.00 -100.00% 128,067.25 100.00% 0.00 -100.00% 9,562.50 100.00%
mobilier materiel de bureau et aménag divers 4,608,000.00 9,587,050.82 108.05% 9,949,733.48 3.78% 8,560,811.76 -13.96% 8,141,690.18 -4.90%
autres immob corporelles 0.00 27,000.00 100.00% 27,000.00 0.00% 27,000.00 0.00% 27,000.00 0.00%
immobilisations corporelles en cours 0.00 0.00 0.00% 0.00 0.00% 0.00 #DIV/0! 866,769.50 100.00%
immobilisations corporelles 13,867,000.00 19,734,250.84 42.31% 19,454,152.99 -1.42% 18,511,936.88 -4.84% 19,830,673.29 7.12%
prets immobilisés 15,083,000.00 7,991,915.73 -47.01% 4,755,810.61 -40.49% 140,124.14 -97.05% 708,013.27 405.28%
autres créances financières 77,000.00 76,579.50 -0.55% 76,579.50 0.00% 76,579.50 0.00% 169,732.59 121.64%
titres de participation 557,156,000.00 882,705,879.00 58.43% 1,208,838,224.00 36.95% 1,238,638,224.00 2.47% 2,091,538,824.00 68.86%
autres titres immobilisés 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
immobilisations financières 572,316,000.00 890,774,374.23 55.64% 1,213,670,614.11 36.25% 1,238,854,927.64 2.08% 2,092,416,569.86 68.90%
diminition des creances immobilisées 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
augmentation des dettes de financement 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
ecart de convertion actif 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
ACTIF IMMOBILISE 649,099,000.00 957,653,418.53 47.54% 1,265,713,659.44 32.17% 1,292,830,147.17 2.14% 2,131,350,699.29 64.86%
stock de marchandises 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
stock de matières et fournitures consommables 1,292,046,000.00 1,730,684,283.49 33.95% 2,138,184,176.08 23.55% 2,206,933,497.15 3.22% 2,187,449,908.60 -0.88%
stock de produits en cours 591,214,000.00 939,711,579.34 58.95% 840,289,346.27 -10.58% 1,196,748,723.18 42.42% 1,155,940,848.07 -3.41%
produits intern,et prod resid 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
produits finis 90,320,000.00 279,438,391.20 209.39% 871,094,364.20 211.73% 809,364,082.37 -7.09% 1,306,157,395.48 61.38%
stock total 1,973,580,000.00 2,949,834,254.03 49.47% 3,849,567,886.55 30.50% 4,213,046,302.70 9.44% 4,649,548,152.15 10.36%
Fourniss, débiteur, avances et accomptes 78,867,000.00 79,990,090.29 1.42% 107,209,404.30 34.03% 281,879,543.29 162.92% 283,780,708.90 0.67%
Clients et CR 7,732,000.00 539,322,653.53 6875.20% 1,052,491,644.80 95.15% 1,618,012,601.59 53.73% 1,277,196,427.80 -21.06%
Personnel 8,189,000.00 4,723,608.16 -42.32% 3,697,482.26 -21.72% 717,014.79 -80.61% 930,995.04 29.84%
Etat 90,517,000.00 233,841,605.14 158.34% 323,951,074.82 38.53% 467,923,020.93 44.44% 514,763,998.39 10.01%
Comptes assoc 657,442,000.00 215,537,728.74 -67.22% 581,513,934.94 169.80% 1,193,239,250.48 105.20% 782,331,120.78 -34.44%
Autres débiteurs 284,378,000.00 433,368,373.16 52.39% 891,309,791.99 105.67% 564,014,235.04 -36.72% 641,853,546.69 13.80%
Comptes de régul actif 16,293,000.00 2,276,580.94 -86.03% 2,907,991.75 27.74% 12,813,421.93 340.63% 41,752,439.48 225.85%
Créances de l'actif circultant 1,143,418,000.00 1,509,060,639.96 31.98% 2,963,081,324.86 96.35% 4,138,599,088.05 39.67% 3,542,609,237.08 -14.40%
Ecart de conversion actif 0.00 35,686.48 100.00% 0.00 -100.00% 0.00 0.00% 0.00 0.00%
TVP 1,004,674,000.00 991,093,109.72 -1.35% 0.00 -100.00% 0.00 0.00% 120,000,000.00 100.00%
ACTIF CIRCULANT 4,121,672,000.00 5,450,023,690.19 32.23% 6,812,649,211.41 25.00% 8,351,645,390.75 22.59% 8,312,157,389.23 -0.47%
Chèques et val à encaisser 768,000.00 489,010.23 -36.33% 0.00 -100.00% 8,001,868.26 100.00% 3,340,515.00 -58.25%
Banque TG et CP 284,395,000.00 193,376,780.77 -32.00% 223,483,031.67 15.57% 783,196,016.17 250.45% 733,189,661.52 -6.38%
Caisse regies d'avances et accreditifs 13,000.00 23,781.47 82.93% 20,307.23 -14.61% 44,038.69 116.86% 136,750.06 210.52%
TRESORERIES ACTIF 285,176,000.00 193,889,572.47 -32.01% 223,503,338.90 15.27% 791,241,923.12 254.02% 736,666,926.58 -6.90%
TOTAL ACTIF 5,055,947,000.00 6,601,566,681.19 30.57% 8,301,866,209.75 25.76% 10,435,717,461.04 25.70% 11,180,175,015.10 7.13%
PASSIF
capital social 1,840,800,000.00 1,840,800,000.00 0.00% 1,840,800,000.00 0.00% 1,840,800,000.00 0.00% 1,840,800,000.00 0.00%
Actionnaires, CSNA, C.APP. Non verse 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
prime d'emission, de fusion, 1,881,216,000.00 1,881,216,000.00 0.00% 1,881,216,000.00 0.00% 1,881,216,000.00 0.00% 1,881,216,000.00 0.00%
ecart de reevaluation 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
reserve legale 12,521,000.00 25,223,518.77 101.45% 41,602,261.18 64.93% 69,354,192.71 66.71% 88,545,624.67 27.67%
autres reserves 10,088,000.00 11,845,826.91 17.42% 13,914,855.78 17.47% 14,762,397.26 6.09% 15,312,869.76 3.73%
reserves reglementees 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
report à nouveau 3,578,000.00 43,810,614.71 1124.44% 76,817,691.66 75.34% 290,320,849.30 277.93% 323,063,584.03 11.28%
resultats net en instance d'affectation 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
resultats net de l exercice 254,049,000.00 327,574,848.23 28.94% 555,038,630.65 69.44% 383,828,639.19 -30.85% 438,414,821.36 14.22%
capitaux propres 4,002,252,000.00 4,130,470,808.62 3.20% 4,409,389,439.27 6.75% 4,480,282,078.46 1.61% 4,587,352,899.82 2.39%
subventionsd'investissment 3,664,000.00 0.00 -100.00% 19,683,644.60 100.00% 13,226,663.87 -32.80% 8,987,302.41 -32.05%
provisions reglementés 0.00 1,595,041.78 100.00% 747,500.30 -53.14% 19,348.82 -97.41% 0.00 -100.00%
capitaux propres assimilés 3,664,000.00 1,595,041.78 -56.47% 20,431,144.90 1180.92% 13,246,012.69 -35.17% 8,987,302.41 -32.15%
emprunts obigataire 0.00 0.00 0.00% 0.00 0.00% 1,500,000,000.00 100.00% 1,500,000,000.00 0.00%
autres dettes de financement 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 65,000,000.00 100.00%
dettes de financement 0.00 0.00 0.00% 0.00 0.00% 1,500,000,000.00 100.00% 1,565,000,000.00 4.33%
provisions pour risques 647,000.00 847,450.00 30.98% 58,332,210.23 6783.26% 58,342,983.03 0.02% 55,370,883.73 -5.09%
provisons pour charges 16,875,000.00 16,939,771.97 0.38% 15,517,188.21 -8.40% 19,297,980.21 24.37% 17,054,572.21 -11.63%
provisions durables pour risques et charges 17,522,000.00 17,787,221.97 1.51% 73,849,398.44 315.18% 77,640,963.24 5.13% 72,425,455.94 -6.72%
augmentation des créances immobilisées 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
dimunition des dettes de financement 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
ecart de convertion passif 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
TOTAL FINANCEMENT PERMANENT 4,023,438,000.00 4,149,853,072.37 3.14% 4,503,669,982.61 8.53% 6,071,169,054.39 34.80% 6,233,765,658.17 2.68%
Fournisseurs et CR 273,897,000.00 551,279,324.11 101.27% 1,074,162,338.22 94.85% 1,137,276,806.32 5.88% 1,534,894,242.23 34.96%
client créditeurs, avances et acomptes 304,090,000.00 898,509,781.89 195.47% 1,291,134,211.86 43.70% 2,023,639,549.86 56.73% 2,182,666,052.68 7.86%
personnel 2,503,000.00 11,889,310.37 375.00% 16,055,409.47 35.04% 18,624,097.16 16.00% 19,461,066.60 4.49%
organismes sociaux 1,345,000.00 1,935,052.40 43.87% 1,569,415.54 -18.90% 2,207,641.50 40.67% 159,181.99 -92.79%
Etat 125,855,000.00 103,149,808.38 -18.04% 146,675,084.41 42.20% 167,201,291.56 13.99% 271,246,861.65 62.23%
comptes d'associés 500,000.00 505,346.00 1.07% 505,192.15 -0.03% 200,545,192.15 39596.81% 545,252.16 -99.73%
autres créanciers 292,181,000.00 380,901,018.64 30.36% 256,932,051.62 -32.55% 443,750,969.87 72.71% 483,445,146.50 8.95%
compte de régularisation passif 2,541,000.00 4,121,637.95 62.21% 40,281,396.92 877.32% 17,489,870.16 -56.58% 105,015,206.82 500.43%
Dettes du passif circulant 1,002,912,000.00 1,952,291,279.74 94.66% 2,827,315,100.19 44.82% 4,010,735,418.58 41.86% 4,597,433,010.63 14.63%
autres provisions pour risques et charges 0.00 29,994,157.89 100.00% 32,502,115.90 8.36% 32,710,486.98 0.64% 37,909,225.45 15.89%
ecart de convertion passif 0.00 22,795.44 100.00% 0.00 -100.00% 0.00 0.00% 0.00 0.00%
TOTAL PASSIF CIRCULANT 1,002,912,000.00 1,982,308,233.07 97.66% 2,859,817,216.09 44.27% 4,043,445,905.56 41.39% 4,635,342,236.08 14.64%
Crédits d'escompte 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
crédits de trésorerie 0.00 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00 0.00%
banque (solde créditeur) 29,597,000.00 469,405,375.75 1485.99% 938,379,011.05 99.91% 321,101,501.09 -65.78% 311,067,120.85 -3.12%
TOTAL TRÉSORERIE PASSIF 29,597,000.00 469,405,375.75 1485.99% 938,379,011.05 99.91% 321,101,501.09 -65.78% 311,067,120.85 -3.12%
TOTAL PASSIF 5,055,947,000.00 6,601,566,681.19 30.57% 8,301,866,209.75 25.76% 10,435,716,461.04 25.70% 11,180,175,015.10 7.13%

Actif net comptable 3,974,788,200.00 4,133,301,160.27 4,476,990,465.77 4,544,582,859.97 4,662,144,519.70

Actif réel (Actif-actif fictif-ecart de conversion) 4,995,527,000.00 6,556,216,348.34 8,271,656,445.51 10,403,976,828.86 11,167,698,202.56
passif exigible (hors situation fiscale différé) 1,032,509,000.00 2,421,696,655.49 3,765,694,111.24 5,831,836,919.67 6,473,500,131.48
situation fiscale différée -11,770,200.00 1,218,532.58 28,971,868.50 27,557,049.22 32,053,551.38
3,974,788,200.00 4,133,301,160.27 4,476,990,465.77 4,544,581,859.97 4,662,144,519.70
capitaux propres et assimilés 4,005,916,000.00 4,132,065,850.40 4,429,820,584.17 4,493,528,091.15 4,596,340,202.23
ecart de conversion non provisionnés+actif fictif 42,898,000.00 -2,453,842.45 -76,141,750.10 -78,610,818.04 -97,857,868.85
VE 2,584,355,191.54
Prix par action 140.39

rentabilité exigée 12.52% 12.52% 12.52% 12.52% 12.52%

TSR 3.26% 3.26% 3.26% 3.26% 3.26%
Beta 1.06 1.06 1.06 1.06 1.06
prime de risque 8.74% 8.74% 8.74% 8.74% 8.74%
cout des capitaux propres 12.52% 12.52% 12.52% 10.64% 10.61%
taux d'impot 30% 30% 30% 30% 30%
taux de la dette 5.0% 5.0% 5.0% 5.0% 5.0%
cout de la dettes 0 0% 0% 0.3754% 0.889%
CMCP 12.52% 12.52% 12.52% 11.02% 11.50%

Methode du Good Will 2007 2008 2009 2010 2011

ANCC (a) 3,974,788,200.00 4,133,301,160.27 4,476,990,465.77 4,544,582,859.97 4,662,144,519.70
Taux sans risque 5ans (b) 0.03 0.03 0.03 0.03 0.03
Rémunération de l'ANCC (a)*(b)=(c) 129,578,095.32 134,745,617.82 145,949,889.18 148,153,401.24 151,985,911.34
Impôt sur société (d)=c*30% 38,873,428.60 40,423,685.35 43,784,966.76 44,446,020.37 45,595,773.40
Rémunerat° de l'ANCC nette (c)-(d)=(e) 90,704,666.72 94,321,932.48 102,164,922.43 103,707,380.86 106,390,137.94
Bénéfice net (f) 254,050,000.00 386,709,212.71 471,012,155.84 383,828,639.19 446,288,238.05
Surprofits (g)=(f)-(e) 163,345,333.28 292,387,280.23 368,847,233.41 280,121,258.33 339,898,100.11
Facteur d'actualisation (h) 88.87% 78.98% 70.19% 65.83% 58.02%
Surprofits actualisés (i)=(g)*(h) 145,164,367.26 230,921,868.94 258,884,716.78 184,413,718.75 197,211,282.68
Cumul des super profits 145,164,367.26 376,086,236.20 634,970,952.98 819,384,671.73 1,016,595,954.41
GOOD WILL (j) 1,016,595,954.41
Va leur de l'e ntreprise (k)=a201 1+(j) 5,678,740,474.12
nombre d'actions 18,408,000.00
PRIX par action 308.49

Méthode des Praticiens 2007

ANCC 3,974,788,200
Taux d'actualisation 12.52%
Bénéfice durable soit 446,288,238
B/i 3,563,350,244.72
B/i - ANCC -411,437,955
1/2(B/i - ANCC) -205,718,978
BAD WILL (j) -205,718,978
Valeur de l'entreprise 3,769,069,222
nombre d'actions 18,408,000
PRIX par action 204.752

Chiffre d’affaires 2011 Résultat Net Fonds P ropres de ttes Resultat d'exp
Indicateurs fondamentaux Secteur d’activité DIVIDENDES Nombre d'action Actif économique
(M DH) 2011(MDH) 2011(MD H) financières apres im pot
Douja Promotion (Groupe ADDOHA) Immobilier 9,332,631,517.00 1,834,953,547.00 10,518,238,171.00 1.50 315,000,000 5,827,145,372 25,672,145,372 2,193,457,368.00
Ciments du Maroc Ciment 3,970,000,000.00 975,900,000.00 5,785,043,000.00 35.00 14,436,004 1,983,250,000 2,892,718,252 1,257,961,000
Holcim Ciment 3,493,872,000.00 575,290,000.00 1,848,361,659.46 130.00 4,210,000 1,796,712,459 2,061,942,459 1,103,225
Lafarge Maroc Ciment 5,567,171,000.00 1,660,417,000.00 5,094,585,000.00 66.00 17,469,113 30,333,093 1,130,887,212 2,348,789,000
Aluminium du Maroc Profilés en Aluminium 768,942,542.75 € 58,781,979.47 380,973,969.16 120.00 465,954 36,119,770 65,474,872 77,246,676
Ronds à béton et fils
Sonasid 5,487,800,000.00 106,700,000.00 1,372,138,960.63 0.00 3,900,000 433,619,511 679,319,511 164,388,373
machines
Colorado Peinture de bâtiments 628,000,000.00 54,000,000.00 292,417,093.02 3.00 9,000,000 31,657,114 598,657,114 104,108,269
Médiaco construction 36,525,367.19 -118,232,869.00 13,909,616.40 0.00 428,750 137,768,979 164,780,229 (101,713,836)
Fénie-Brossette Métallurgie 498,855,511.44 13,291,418.96 367,844,245.14 5.00 1,438,984 6,437,737 97,093,729 20,293,615
CGI Immobilier 2,450,960,168.23 446,288,238.05 4,587,352,899.82 19 18,408,000 1,211,825,650 24,291,800,365 487,717,783
Total secteur 20,451,166,421.38 3,326,147,529.43 15,155,273,543.81 2,768,130,998.00 384,756,805 ### 33,363,018,750.74 6,065,633,689.58
Facteur d'imposiiton 0.70

Capitalisation
Indicateurs Boursiers Boursière au PER 2011 P/B 2011 P/Dividende VE/CA VE/Rex
31/12/2011
Douja Promotion (Groupe ADDOHA) 19,845,000,000.00 10.81 1.89 42.00 2.751 16.720
Ciments du Maroc 909,468,252.00 0.93 0.16 1.80 0.729 3.285
Holcim 265,230,000.00 0.46 0.14 0.48 0.590 2670.019
Lafarge Maroc 1,100,554,119.00 0.66 0.22 0.95 0.203 0.688
Aluminium du Maroc 29,355,102.00 0.50 0.08 0.53 0.085 1.211
Sonasid 245,700,000.00 2.30 0.18 0.124 5.903
Colorado 567,000,000.00 10.50 1.94 21.00 0.953 8.215
Mé diaco 27,011,250.00 0.00 1.94 4.511 -2.314
Fé nie-Brossette 90,655,992.00 6.82 0.25 12.60 0.195 6.835
Total secteur 23,079,974,715.00 3.67 1.52 8.34 1.631 7.858

Applic ation du Applica tion du A pplic ation du Application du Application du

La Société CGI
PER se ctoriel 2 011 P/B s ectoriel 20 11 P/DIV sec tor ie l 20 11 VE/C A sec tor ie l 20 11 VE/NOP ATs ec tor ie l 20 11
Valorisation par type de ratio 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
Valorisation par comparables boursiers 3,873,794,285.54
valeur par action 210.44

Synthèse Méthodes utilisées Valeur globale Valeur de l'action

Méthode de l'ANCR 2,584,355,191.54 140.39
Moyenne des méthodes patrimoniales 2,584,355,191.54 140.39
Méthode du GoodWill 5,678,740,474.12 308.49
Méthode des praticiens(indirecte) 3,769,069,222.36 204.75
Moyenne des méthodes de goodwill 4,723,904,848.24 256.62
Valeur de l'entreprise 2007 3,654,130,019.89 198.51
Cours sur le marché 15,609,984,000.00 848.00
Ecart = Val théorique- Val réelle -11,955,853,980.11 -649.49

Méthode du PER 1,636,068,795.81 88.88

Méthode P/B 6,986,082,344.91 379.51
Méthode P/dividende 2,916,143,535.96 158.42
Méthode du coeiff VE/CA 3,998,374,878.24 217.21
Méthode du coeiff VE/Rex 3,832,301,872.76 208.19
Moyenne des méthodes des comparables 3,873,794,285.54 210.44

Valeur de l'entreprise 2011 3,873,794,285.54 210.44

Cours sur le marché 15,609,984,000.00 848.00
Ecart = Val théorique- Val réelle -11,736,189,714.46 -637.56

Calcul des ratio 2007 2008 variation en % 2009 variation en % 2010 variation en % 2011 variation en %
chiffre d'affaires (CA) 926,986,000 1,189,061,925 28.27% 1,611,234,092 35.50% 1,940,272,429 20.42% 2,450,960,168 26.32%
résultat courant (Rc) 346,656,000 392,370,078 13.19% 561,210,810 43.03% 536,342,776 -4.43% 597,183,640 11.34%
résultat financier (R fin) 26,705,000 25,771,837 -3.49% 126,354,462 390.28% 69,593,813 -44.92% 109,465,857 57.29%
résultat d'exploitation (Re) 319,951,000 366,598,241 14.58% 434,856,348 18.62% 466,748,963 7.33% 487,717,783 4.49%
Fond de roulement (FR) 3,374,339,000 3,192,199,654 -5.40% 3,237,956,323 1.43% 4,778,338,907 47.57% 4,102,414,959 -14.15%
immobilisations (I) 649,099,000 957,653,419 47.54% 1,265,713,659 32.17% 1,292,830,147 2.14% 2,131,350,699 64.86%
besoin en fonds de roulement (BFR) 3,118,760,000 3,467,715,457 11.19% 3,952,831,995 13.99% 4,308,199,485 8.99% 3,676,815,153 -14.66%
actif économique AE = I + BFR 3,767,859,000 4,425,368,876 17.45% 5,218,545,655 17.92% 5,601,029,632 7.33% 5,808,165,852 3.70%
Trésorerie nette (TN) 255,579,000 (275,515,803) -207.80% (714,875,672) 159.47% 470,139,422 -165.77% 425,599,806 -9.47%
capitaux propres (CP) 4,005,916,000 4,132,065,850 3.15% 4,429,820,584 7.21% 4,493,528,091 1.44% 4,596,340,202 2.29%
endettement net global (y compris provisions et dividendes) (D) (238,057,000) 293,303,025 -223.21% 788,725,071 168.91% 1,107,501,541 40.42% 1,211,825,650 9.42%
actif économique AE = CP + D 3,767,859,000 4,425,368,876 17.45% 5,218,545,655 17.92% 5,601,029,632 7.33% 5,808,165,852 3.70%

taux de l'impôt sur les sociétés (T) 30.00% 30.00% 30.00% 30.00% 30.00%

rentabilité économique nette = Re * (1 - T) / AE 5.94% 5.80% -0.15% 5.83% 0.03% 5.83% 0.00% 5.88% 0.04%
rentabilité des capitaux propres = Rc * (1 -T) / CP 6.06% 6.65% 0.59% 8.87% 2.22% 8.36% -0.51% 9.09% 0.74%
effet de levier 0.11% 0.85% 0.73% 3.04% 2.19% 2.52% -0.51% 3.22% 0.70%
coût net de l'endettement estimé = R fin * (1 - T) / D -7.85% 6.15% 14.00% 11.21% 5.06% 4.40% -6.82% 6.32% 1.92%
levier financier (D/CP) -0.06 0.07 13.04% 0.18 10.71% 0.25 6.84% 0.26 1.72%
Ratio de rentabilité = Résultat net /CA 27.41% 32.52% 5.12% 29.23% -3.29% 19.78% -9.45% 18.21% -1.57%
Ratio de rentabilité = Résultat net /Actif immobilisé 39.14% 40.38% 1.24% 37.21% -3.17% 29.69% -7.52% 20.94% -8.75%
(1) Marge nette corrigée = Rc * (1 - T) / CA 26.18% 23.10% -3.08% 24.38% 1.28% 19.35% -5.03% 17.06% -2.29%
(2) Rotation de l'actif économique = CA / AE 24.60% 26.87% 2.27% 30.88% 4.01% 34.64% 3.77% 42.20% 7.56%
(3) 1+ levier financier = AE / CP 94.06% 107.10% 13.04% 117.80% 10.71% 124.65% 6.84% 126.37% 1.72%
Rentabilité nette des capitaux propres=="= (1) * (2) * (3)" 6.06% 6.65% 0.59% 8.87% 2.22% 8.36% -0.51% 9.09% 0.74%
Ratios d'endettement = DLMT/total Passif 0.00% 0.00% 0.00% 0.00% 0.00% 14.37% 14.37% 14.00% -0.38%
Ratio de liquidité général= Actifs Circulant / Passif Circulant 410.97% 274.93% -136.04% 238.22% -36.71% 206.55% -31.67% 179.32% -27.23%
Ratio de liquidité réduite= Actifs Circulant - Stocks/ Passifs Circulant 214.19% 126.13% -88.06% 103.61% -22.51% 102.35% -1.26% 79.01% -23.34%
autonomie financière = CP/FP 99.56% 99.57% 0.01% 98.36% -1.21% 74.01% -24.35% 73.73% -0.28%
Remboursement des dettes à LT 0.00% 0.00% 0.00% 0.00% 0.00% 471.27% 471.27% 468.53% -2.75%
Taux de marge d'exploitation= Résultat d'exploitation / Chiffre d'affaire (HT) 34.52% 30.83% -3.68% 26.99% -3.84% 24.06% -2.93% 19.90% -4.16%

Les ratios de gestion : 2007 2008 variation en % 2009 0.05% 2010 variation en % 2011 variation en %
TVA 20.00% 20.00% 20.00% 0.00% 20.00% 0.00% 20.00% 0.00%
Délais de recouvrement des créances clients (en j CA) 2.50230316315457 137.960833092023 5413.35% 198.687997532341 44.02% 253.647628192409 27.66% 158.501384542307 -37.51%
Délais de paiement fournisseurs (en j de consommation ) 50.0963895087244 96.4950125851745 92.62% 143.880276429454 49.11% 195.225882975235 35.69% 201.479005405073 3.20%
Rotation stocks (jours achat TTC) 519.80012437356 733.335831365463 41.08% 732.344549094191 -0.14% 1027.16348977238 40.26% 866.83057120145 -15.61%
BFR total (en j CA) 0.009345580431875 0.008100959868677 -13.32% 0.006814707391356 -15.88% 0.006167804383362 -9.49% 0.004167091557752 -32.44%
 Structure Bilancielle

2007 2008
Fond de roulement (FR) 3,374,339,000.00 3,192,199,653.84
Besoin fond de roulement 3,118,760,000.00 3,467,715,457.12
TN 255,579,000.00 -275,515,803.28

La structure du CPC
6,000,000,000.00

5,000,000,000.00

4,000,000,000.00 F
B
3,000,000,000.00
T
2,000,000,000.00

1,000,000,000.00

0.00
1 2 3 4 5
-1,000,000,000.00

Structure de Résultat

2007 2008
PRODUCTION (100%) 1,877,958,000.0 2,162,883,653.0
MARGE BRUTE 237,738,000.00 425,169,029.94
VALEUR AJOUTEE 221,445,000.00 394,450,812.59
EXCEDENT BRUT D'EXPLOITATIO 203,818,000.00 331,514,667.35
RESULTAT NET 254,050,000.00 386,709,212.71
CASHS FLOWS 107,832,700.00 221,535,195.10

La structure du bilan
3,000,000,000.0

2,500,000,000.0 PRODUCT
MARGE B
2,000,000,000.0 VALEUR A
EXCEDEN
1,500,000,000.0 D'EXPLOI
RESULTAT
1,000,000,000.0
CASHS FL
500,000,000.0

2007 2008 2009 2010 2011

(500,000,000.0)
 500,000,000.0

2007 2008 2009 2010 2011

(500,000,000.0)

Analyse des produits d'exploit

2007 2008

Le chiffre d'affaire
926,986,000.00 1,189,061,925.08

Immobilisation produite par

l'entreprise elle-même
0.00 0.00

Variation de stocks de produits 950,972,000.00 973,821,727.87

autres reprises sur provisions
d'exploitation 135,805,000.00 88,648,255.25

autres produits d'exploitation 22,624,000.00 4,458,210.49

total produits d'exploitation 2,036,387,000.00 2,255,990,118.69

Analyse des charges d'exploit

2007 2008
Achats de MP 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

impôt et taxes 291,000.00 151,698.76

Autres charges d'exploitation 1,250,000.00 700,000.00
Dotations d'exploitation 19,672,000.00 53,564,681.75

total charges d'exploitation 1,716,436,000.00 1,889,391,877.84

Analyse de la valeur ajouté

2007 2008
VALEUR AJOUTEE 221,445,000.00 394,450,812.59

Analyse de l'excédent brut d'expl

2007 2008
EXCEDENT BRUT D'EXPLOITATION 203,818,000.00 331,514,667.35
 Analyse du résultat d'exploita

2007 2008
PRODUITS D'EXPLOITATION 2,036,387,000.00 2,255,990,118.69
Dont Chiffre d'affaire 926,986,000.00 1,189,061,925.08
CHARGES D'EXPLOITATION 1,716,436,000.00 1,889,391,877.84
RESULTAT D'EXPLOITATION 319,951,000.00 366,598,240.85
MARGE OPERATIONNELLE 34.52% 30.83%

Analyse du résultat financie

2007 2008
PRODUITS FINANCIERS 37,310,000.00 58,781,541.76
CHARGES FINANCIERES 10,605,000.00 33,009,704.63
RESULTAT FINANCIER 26,705,000.00 25,771,837.13

Analyse du résultat non cour

2007 2008
PRODUITS NON COURANTS 47,139,000.00 242,219,097.04
CHARGES NON COURANTS 10,290,000.00 110,505,222.31
RESULTAT NON COURANT 36,849,000.00 131,713,874.73

Analyse du résultat net

2007 2008
RESULTAT D'EXPLOITATION 319,951,000.00 366,598,240.85
RESULTAT FINANCIER 26,705,000.00 25,771,837.13
RESULTAT COURANT 346,656,000.00 392,370,077.98
RESULTAT NON COURANT 36,849,000.00 131,713,874.73
RESULTAT AVANT IMPOT 383,505,000.00 524,083,952.71
IMPOT 115,051,500.00 157,225,185.81
RESULTAT NET 268,453,500.00 366,858,766.90

Analyse de l'actif immobilis

2007 2008
immobilisations en non valeur 60420000 45314646.37
immobilisations incorporelles 2496000 1830147.09
immobilisations corporelles 13867000 19734250.84
immobilisations financières 572316000 890774374.23
total actif immobilisé 649099000 957653418.53

Analyse de l'actif circulan

2007 2008
stock total 1973580000 2949834254.03
Créances de l'actif circultant 1143418000 1509060639.96
Ecart de conversion actif 0 35686.48
TVP 1004674000 991093109.72
ACTIF CIRCULANT 4121672000 5450023690.19

Analyse du stock

2007 2008
stock de marchandises 0 0
stock de matières et fournitures
consommables 1,292,046,000.00 1,730,684,283.49
stock de produits en cours 591,214,000.00 939,711,579.34
produits intern,et prod resid 0.00 0.00
produits finis 90,320,000.00 279,438,391.20
achat consommé 1,640,220,000.00 1,737,714,623.01
ratio de rotation de stock 519.80 733.34

Analyse des Créances de l'actif c

2007 2008
Fourniss, débiteur, avances et
accomptes 78,867,000.00 79,990,090.29
Clients et CR 7,732,000.00 539,322,653.53
Personnel 8,189,000.00 4,723,608.16
Etat 90,517,000.00 233,841,605.14
Comptes assoc 657,442,000.00 215,537,728.74
Autres débiteurs 284,378,000.00 433,368,373.16
Comptes de régul actif 16,293,000.00 2,276,580.94
CA 926,986,000.00 1,189,061,925.08
Délais de règlement clients 2.50 137.96

Analyse de la trésorerie act

2007 2008
Chèques et val à encaisser 768,000.00 489,010.23
Banque TG et CP 284,395,000.00 193,376,780.77
Caisse regies d'avances et
accreditifs 13,000.00 23,781.47

Analyse du financement perma

2007 2008
capitaux propres 4,002,252,000.00 4,130,470,808.62
capitaux propres assimilés 3,664,000.00 1,595,041.78
dettes de financement 0.00 0.00
provisions durables pour risques
et charges 17,522,000.00 17,787,221.97
ecart de convertion passif 0.00 0.00

Analyse des capitaux propr

2007 2008
capital social 1,840,800,000.00 1,840,800,000.00
prime d'emission, de fusion, 1,881,216,000.00 1,881,216,000.00
reserve legale 12,521,000.00 25,223,518.77
autres reserves 10,088,000.00 11,845,826.91
report à nouveau 3,578,000.00 43,810,614.71
resultats net de l exercice 254,049,000.00 327,574,848.23
capitaux propres 4,002,252,000.00 4,130,470,808.62

Analyse des capitaux assimi

2007 2008
subventions d'investissement 3,664,000.00 0.00
provisions reglementés 0.00 1,595,041.78
capitaux propres assimilés 3,664,000.00 1,595,041.78

Analyse de l'Endettement à moyen et

2007 2008
dettes de financement 0.00 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

2007 2008
Fournisseurs et CR 273,897,000.00 551,279,324.11
client créditeurs, avances et
acomptes 304,090,000.00 898,509,781.89
personnel 2,503,000.00 11,889,310.37
organismes sociaux 1,345,000.00 1,935,052.40
Etat 125,855,000.00 103,149,808.38
comptes d'associés 500,000.00 505,346.00
autres créanciers 292,181,000.00 380,901,018.64
compte de régularisation passif 2,541,000.00 4,121,637.95
autres provisions pour risques et
charges 0.00 29,994,157.89
ecart de convertion passif 0.00 22,795.44
passif circulant 1,002,912,000.00 1,982,308,233.07

Analys de Trésorerie pass

2007 2008
Crédits d'escompte 0.00 0.00
crédits de trésorerie 0.00 0.00
banque (solde créditeur) 29,597,000.00 469,405,375.75
trésorerie actif 29,597,000.00 469,405,375.75
e Bilancielle

2009 2010 2011

3,237,956,323.17 4,778,338,907.22 4,102,414,958.88
3,952,831,995.32 4,308,199,485.19 3,676,815,153.15
-714,875,672.15 470,139,422.03 425,599,805.73

tructure du CPC

Fond de roulement (FR)

Besoin fond de roulement
TN

3 4 5

e de Résultat

2009 2010 2011

2,481,270,781.7 2,245,711,688.8 2,804,363,106.4
210,463,510.68 473,806,806.19 487,180,408.30
161,311,554.12 406,653,687.87 435,368,697.69
81,507,554.83 318,287,062.02 334,026,170.15
471,012,155.84 383,828,639.19 446,288,238.05
-48,949,349.51 178,262,373.18 187,710,835.21

re du bilan

PRODUCTION (100%)
MARGE BRUTE
VALEUR AJOUTEE
EXCEDENT BRUT
D'EXPLOITATION
RESULTAT NET
CASHS FLOWS

2010 2011
 2010 2011

e des produits d'exploitation

var 2009 var 2010

28.27% 1,611,234,091.99 35.50% 1,940,272,428.95

0.00% 0.00 0.00% 0.00

2.40% 870,036,689.73 -10.66% 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% 3,472,316.28 2188.95% 993,324.08

-44.00% 0.00 -100.00% 0.00
172.29% 42,546,411.65 -20.57% 28,853,654.23

10.08% 2,442,981,733.30 29.30% 1,956,901,045.89

alyse de la valeur ajoutée

var 2009 var 2010

78.13% 161,311,554.12 -59.10% 406,653,687.87

de l'excédent brut d'exploitation

var 2009 var 2010

62.65% 81,507,554.83 -75.41% 318,287,062.02
se du résultat d'exploitation

var 2009 var 2010

10.78% 2,877,838,081.11 27.56% 2,423,650,008.69
28.27% 1,611,234,091.99 35.50% 1,940,272,428.95
10.08% 2,442,981,733.30 29.30% 1,956,901,045.89
14.58% 434,856,347.81 18.62% 466,748,962.80
-3.68% 26.99% -3.84% 24.06%

alyse du résultat financier

var 2009 var 2010

57.55% 218,781,432.59 272.19% 88,926,440.33
211.27% 92,426,970.52 180.00% 50,187,259.09
-3.49% 126,354,462.07 390.28% 38,739,181.24

yse du résultat non courant

var 2009 var 2010

413.84% 246,163,896.88 1.63% 19,981,293.45
973.91% 152,903,320.92 38.37% 22,228,840.48
257.44% 93,260,575.96 -29.19% -2,247,547.03

Analyse du résultat net

var 2009 var 2010

14.58% 434,856,347.81 18.62% 466,748,962.80
-3.49% 126,354,462.07 390.28% 38,739,181.24
13.19% 561,210,809.88 43.03% 505,488,144.04
257.44% 93,260,575.96 -29.19% -2,247,547.03
36.66% 654,471,385.84 24.88% 503,240,597.01
36.66% 196,341,415.75 24.88% 150,972,179.10
36.66% 458,129,970.09 24.88% 352,268,417.91

alyse de l'actif immobilisé

var 2009 var 2010

-25.00% 30209764.24 -33.33% 31740632.18
-26.68% 2379128.1 30.00% 3722650.47
42.31% 19454152.99 -1.42% 18511936.88
55.64% 1213670614.11 36.25% 1238854927.64
 47.54% 1265713659.44 32.17% 1292830147.17

nalyse de l'actif circulant

var 2009 var 2010

49.47% 3849567886.55 30.50% 4213046302.7
31.98% 2963081324.86 96.35% 4138599088.05
100.00% 0 -100.00% 0
-1.35% 0 -100.00% 0
32.23% 6812649211.41 25.00% 8351645390.75

Analyse du stock

var 2009 var 2010

0.00% 0 0.00% 0

33.95% 2,138,184,176.08 23.55% 2,206,933,497.15

58.95% 840,289,346.27 -10.58% 1,196,748,723.18
0.00% 0.00 0.00% 0.00
209.39% 871,094,364.20 211.73% 809,364,082.37
5.94% 2,270,807,271.04 30.68% 1,771,904,882.61
41.08% 732.34 -0.14% 1,027.16

des Créances de l'actif circulant

var 2009 var 2010

1.42% 107,209,404.30 34.03% 281,879,543.29

6875.20% 1,052,491,644.80 95.15% 1,618,012,601.59
-42.32% 3,697,482.26 -21.72% 717,014.79
158.34% 323,951,074.82 38.53% 467,923,020.93
-67.22% 581,513,934.94 169.80% 1,193,239,250.48
52.39% 891,309,791.99 105.67% 564,014,235.04
-86.03% 2,907,991.75 27.74% 12,813,421.93
28.27% 1,611,234,091.99 35.50% 1,940,272,428.95
5413.35% 198.687997532341 44.02% 253.65

alyse de la trésorerie actif

var 2009 var 2010

-36.33% 0.00 -100.00% 8,001,868.26
-32.00% 223,483,031.67 15.57% 783,196,016.17
 82.93% 20,307.23 -14.61% 44,038.69

e du financement permanent

var 2009 var 2010

3.20% 4,409,389,439.27 6.75% 4,480,282,078.46
-56.47% 20,431,144.90 1180.92% 13,246,012.69
0.00% 0.00 0.00% 1,500,000,000.00

1.51% 73,849,398.44 315.18% 77,640,963.24

0.00% 0.00 0.00% 0.00

lyse des capitaux propres

var 2009 var 2010

0.00% 1,840,800,000.00 0.00% 1,840,800,000.00
0.00% 1,881,216,000.00 0.00% 1,881,216,000.00
101.45% 41,602,261.18 64.93% 69,354,192.71
17.42% 13,914,855.78 17.47% 14,762,397.26
1124.44% 76,817,691.66 75.34% 290,320,849.30
28.94% 555,038,630.65 69.44% 383,828,639.19
3.20% 4,409,389,439.27 6.75% 4,480,282,078.46

yse des capitaux assimilés

var 2009 var 2010

-100.00% 19,683,644.60 100.00% 13,226,663.87
100.00% 747,500.30 -53.14% 19,348.82
-56.47% 20,431,144.90 1180.92% 13,246,012.69

Endettement à moyen et long terme

var 2009 var 2010

0.00% 0.00 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 2009 var 2010

101.27% 1,074,162,338.22 94.85% 1,137,276,806.32

195.47% 1,291,134,211.86 43.70% 2,023,639,549.86

375.00% 16,055,409.47 35.04% 18,624,097.16
43.87% 1,569,415.54 -18.90% 2,207,641.50
-18.04% 146,675,084.41 42.20% 167,201,291.56
1.07% 505,192.15 -0.03% 200,545,192.15
30.36% 256,932,051.62 -32.55% 443,750,969.87
62.21% 40,281,396.92 877.32% 17,489,870.16

100.00% 32,502,115.90 8.36% 32,710,486.98

100.00% 0.00 -100.00% 0.00
0.98 2,859,817,216.09 0.44 4,043,445,905.56

alys de Trésorerie passif

var 2009 var 2010

0.00% 0.00 0.00% 0.00
0.00% 0.00 0.00% 0.00
1485.99% 938,379,011.05 99.91% 321,101,501.09
1485.99% 938,379,011.05 99.91% 321,101,501.09
2011 3,500,000,000.00

2,450,960,168.23 3,000,000,000.00

Le chiffre d'affaire
2,500,000,000.00
Immobilisation produite par
0.00
l'entreprise elle-même
2,000,000,000.00 Variation de stocks de
353,402,938.12 produits
1,500,000,000.00 autres reprises sur
183,858,112.99 provisions d'exploitation
autres produits
1,000,000,000.00 d'exploitation
842,603.21
total produits d'exploitation
500,000,000.00
2,989,063,822.55
0.00
2007 2008 2009 2010 2011

Evolution des charges d'exploitation

2011
3,000,000,000.00
2,317,182,698.05
Achats de MP
2,500,000,000.00
51,811,710.61 autres charges externes
91,967,434.69
Charges de personnel
2,000,000,000.00
impôt et taxes
2,590,968.60 Autres charges
7,626,727.46
1,500,000,000.00 d'exploitation
30,166,500.01 Dotations d'exploitation
1,000,000,000.00 total charges d'exploitation
2,501,346,039.42
500,000,000.00

0.00
2007 2008 2009 2010 2011

VALEUR AJOUTEE
2011
435,368,697.69 500,000,000.00
400,000,000.00
VALEUR AJOUTEE
300,000,000.00
200,000,000.00
100,000,000.00
0.00
2011 2007 2008 2009 2010 2011
334,026,170.15

EXCEDENT BRUT D'EXPLOITATION

400,000,000.00
350,000,000.00
 EXCEDENT BRUT D'EXPLOITATION
400,000,000.00
350,000,000.00
300,000,000.00
2011 250,000,000.00 EXCEDENT BRUT
2,989,063,822.55 D'EXPLOITATION
2,450,960,168.23 200,000,000.00
2,501,346,039.42 150,000,000.00
487,717,783.13
19.90% 100,000,000.00
50,000,000.00
0.00
2007 2008 2009 2010 2011

2011 Evolution du résultat financier

160,288,535.48
140,000,000.00
106,577,266.93
53,711,268.55 120,000,000.00

100,000,000.00

80,000,000.00 RESULTAT FINANCIER

60,000,000.00
2011
6,293,492.94 40,000,000.00
7,210,395.00
-916,902.06 20,000,000.00

0.00
2007 2008 2009 2010 2011

RESULTAT NON COURANT

2011
487,717,783.13 140,000,000.00
53,711,268.55
120,000,000.00
541,429,051.68
-916,902.06 100,000,000.00
540,512,149.62
162,153,644.89 80,000,000.00 RESULTAT NON COURANT
378,358,504.73 60,000,000.00

40,000,000.00

20,000,000.00
0.00
2007 2008 2009 2010 2011
-20,000,000.00

2011
12476812.54
6626643.6 RESULTAT NET
19830673.29 500,000,000.00
2092416569.86
450,000,000.00
400,000,000.00
350,000,000.00
300,000,000.00 RESULTAT NET
250,000,000.00
 RESULTAT NET
500,000,000.00
450,000,000.00
2131350699.29
400,000,000.00
350,000,000.00
300,000,000.00 RESULTAT NET
250,000,000.00
200,000,000.00
150,000,000.00
100,000,000.00
2011
4649548152.15 50,000,000.00
3542609237.08 -
0 2007 2008 2009 2010 2011
120000000
8312157389.23
Actif immobilisé
2500000000

2000000000 immobilisations en non

valeur
immobilisations
2011 incorporelles
1500000000
0 immobilisations corporelles
immobilisations financières
2,187,449,908.60 1000000000 total actif immobilisé
1,155,940,848.07
0.00 500000000
1,306,157,395.48
2,317,182,698.05
866.83 0
2007 2008 2009 2010 2011

Analyse de l'actif circulant

9000000000
8000000000

2011 7000000000 stock total

6000000000 Créances de l'actif circultant
283,780,708.90 Ecart de conversion actif
5000000000
1,277,196,427.80 TVP
930,995.04 4000000000 ACTIF CIRCULANT
514,763,998.39 3000000000
782,331,120.78
2000000000
641,853,546.69
41,752,439.48 1000000000
2,450,960,168.23 0
158.50 2007 2008 2009 2010 2011

Analyse du stock
2500000000
stock de marchandises
2011 2000000000 stock de matières et
3,340,515.00 fournitures consommables
733,189,661.52 stock de produits en cours
1500000000
produits intern,et prod resid
produits finis
1000000000 achat consommé
ratio de rotation de stock
500000000
 stock de marchandises
2000000000 stock de matières et
fournitures consommables
stock de produits en cours
1500000000
produits intern,et prod resid
136,750.06 produits finis
1000000000 achat consommé
ratio de rotation de stock
500000000

0
2007 2008 2009 2010 2011

2011
4,587,352,899.82
8,987,302.41
Evolution dees créances de l'AC
1,565,000,000.00 3,000,000,000.00

2,500,000,000.00
72,425,455.94
0.00 Fourniss, débiteur, avances Clients et CR
2,000,000,000.00 et accomptes
Personnel Etat
1,500,000,000.00 Comptes assoc Autres débiteurs
Comptes de régul actif CA
1,000,000,000.00 Délais de règlement clients

500,000,000.00

2011 0.00
1,840,800,000.00 07 0 8 09 10 11
2 0 20 2 0 20 2 0
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
 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
aire
produite par
e-même
ocks de

ses sur
xploitation
uits

d'exploitation

s externes
ersonnel

ploitation
d'exploitation

LEUR AJOUTEE
CEDENT BRUT
EXPLOITATION

AT FINANCIER

ON COURANT

RESULTAT NET
 RESULTAT NET

ons en non

ons
s
ons corporelles
ons financières
mobilisé

actif circultant
ersion actif

ANT

andises
es et
nsommables
its en cours
,et prod resid

mé
n de stock
 andises
es et
nsommables
its en cours
,et prod resid

mé
n de stock

ents et CR

t
tres débiteurs
 Etude de l'équilibre fin

2007 2008 2009

TOTAL FINANCEMENT
PERMANENT 4,023,438,000.00 4,149,853,072.37 4,503,669,982.61
ACTIF IMMOBILISE 649,099,000.00 957,653,418.53 1,265,713,659.44
Fond de roulement (FR) 3,374,339,000.00 3,192,199,653.84 3,237,956,323.17
ACTIF CIRCULANT 4,121,672,000.00 5,450,023,690.19 6,812,649,211.41
TOTAL PASSIF CIRCULANT 1,002,912,000.00 1,982,308,233.07 2,859,817,216.09
Besoin fond de roulement 3,118,760,000.00 3,467,715,457.12 3,952,831,995.32
La trésorerie actif 285,176,000.00 193,889,572.47 223,503,338.90
La trésorerie passif 29,597,000.00 469,405,375.75 938,379,011.05
Trésorerie nette 255,579,000.00 -275,515,803.28 -714,875,672.15

Analyse de la Solvab

2007 2008 2009

endettement net global (y compris

provisions et dividendes) (D) -238,057,000.00 293,303,025.25 788,725,070.59

Analyse de liquidit

2007 2008 2009

Ratio de liquidité général= Actifs

Circulant / Passif Circulant 410.97% 274.93% 238.22%
Ratio de liquidité réduite= Actifs
Circulant - Stocks/ Passifs
Circulant 214.19% 126.13% 103.61%

Analyse de l'endettem
2007 2008 2009

Remboursement des dettes à LT 0.00% 0.00% 0.00%

Ratio d'autonomie financière 99.56% 99.57% 98.36%

Analyse de la rentabi
 Analyse de la rentabi

2007 2008 2009

Résultat d'exploitation 319,951,000.00 366,598,240.85 434,856,347.81
Rentabilité économique 5.94% 5.80% 5.83%
Résultat financier 26,705,000.00 25,771,837.13 126,354,462.07

Rentabilité des capitaux propres 6.06% 6.65% 8.87%

Etude de l'équilibre financier Etude de l'équilibre financier
6,000,000,000.00

2010 2011 5,000,000,000.00

6,071,169,054.39 6,233,765,658.17 4,000,000,000.00 Fond de roulement (FR)

1,292,830,147.17 2,131,350,699.29 Besoin fond de roulement
4,778,338,907.22 4,102,414,958.88 3,000,000,000.00
Trésorerie nette
8,351,645,390.75 8,312,157,389.23
2,000,000,000.00
4,043,445,905.56 4,635,342,236.08
4,308,199,485.19 3,676,815,153.15 1,000,000,000.00
791,241,923.12 736,666,926.58
321,101,501.09 311,067,120.85 0.00
470,140,422.03 425,599,805.73 2007 2008 2009 2010 2011
-1,000,000,000.00
Analyse de la Solvabilité :
endettement net global (y compris provisions
2010 2011
et dividendes) (D)
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
800,000,000.00 compris provisions et
dividendes) (D)
600,000,000.00
Analyse de liquidité : 400,000,000.00
200,000,000.00
2010 2011 0.00
-200,000,000.00 2007 2008 2009 2010 2011
-400,000,000.00
206.55% 179.32%

102.35% 79.01%
Liquidité
700.00%

600.00%
Ratio de liquidité réduite=
500.00% Actifs Circulant - Stocks/
Passifs Circulant
400.00% Ratio de liquidité général=
Analyse de l'endettement Actifs Circulant / Passif
300.00% Circulant
2010 2011
200.00%
471.27% 468.53%
100.00%
74.01% 73.73%
0.00%
2007 2008 2009 2010 2011

Analyse de la rentabilité :
Analyse de la rentabilité :
Endettement
500.00%
2010 2011
450.00%
466,748,962.80 487,717,783.13
400.00%
5.83% 5.88%
69,593,813.42 109,465,856.98 350.00% Remboursement des dettes
à LT
300.00%
Ratio d'autonomie
8.36% 9.09% 250.00% financière
200.00%
150.00%
100.00%
50.00%
0.00%
2007 2008 2009 2010 2011

Evolution de la Re et Rcp
16.00%
14.00%
12.00%
Rentabilité des capitaux
10.00% propres
8.00% Rentabilité économique

6.00%
4.00%
2.00%
0.00%
2007 2008 2009 2010 2011
financier Fond de roulement (FR)
6,000,000,000.00

5,000,000,000.00
Fond de roulement (FR)
Besoin fond de roulement 4,000,000,000.00
Trésorerie nette
en MDHS

3,000,000,000.00

2,000,000,000.00

1,000,000,000.00

0.00
2007 2008 2009 2010

compris provisions
Besoin fond de roulement
5,000,000,000.00
4,500,000,000.00
4,000,000,000.00
endettement net global (y
compris provisions et 3,500,000,000.00
dividendes) (D)
3,000,000,000.00
en Dhs

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 2008 2009 2010

Trésorerie nette
Ratio de liquidité réduite= 600,000,000.00
Actifs Circulant - Stocks/
Passifs Circulant 400,000,000.00
Ratio de liquidité général=
Actifs Circulant / Passif 200,000,000.00
Circulant
0.00
en DHS

2007 2008 2009 2010

-200,000,000.00

-400,000,000.00

-600,000,000.00

-800,000,000.00
 -200,000,000.00

-400,000,000.00

-600,000,000.00

-800,000,000.00
t

Remboursement des dettes

à LT
Ratio d'autonomie
financière

et Rcp

Rentabilité des capitaux

propres
Rentabilité économique
 (FR)

9 2010 2011

ment

9 2010 2011

2010 2011