OCP BusinessReport

BUSINESS REPORT by

Hicham Haddouti

Index

§  Terms of Reference and Procedure §  Overview of OCP

§  Market Analysis: Trends and Opportunities

§  Benchmark Analysis

§  Financial Analysis

§  Findings/Conclusions

§  Recommendations: Action Plan

§  Appendix







§  Appendix

Terms of Reference

•  The report was prepared for general circula4on and does not provide investment recommenda4ons to OCP Consul4ng.

•  Any opinion expressed in this report is a statement of my judgment to this date

•  This report is published solely for marke4ng purposes

•  The informa4on herein is based on the OCP’s Annual Reports of 2011 and sources that I believe are reliable but are not guaranteed by me

Procedure

•  Exact steps and methods used

–  Performance a benchmarking analysis of the financial performance of OCP versus its peers

–  Evalua4on of the economic value by using comparables –  Analysis of the business and financial situa4on –  Performance a DCF Valua4on Comparision of the company’s results over 4me and what this means for the company’s future and would include an analysis of the income statement, balance sheet and financial ra4os







§  Appendix

Overview of OFFICE CHERIFIEN DE PHOSPHATE

Key Highlights

Management Team

OCP Group, comprised of OCP S.A., its subsidiaries and its equity investments, is the world’s leading expoerter of phosphate rock and deriva4ve products

The company’s ac4vi4es span the en4re phosphate value chain, from phosphate rock mining to chemical processing of phosphoric acid and the produc4on of phosphate-‐based fer4lizers

The group is a major factor in the Moroccan economy, represen4ng 24% of the na4on’s exports in 2010

OCP S.A. was founded in 1920 and is headquartered in Casablanca, Morocco

•  Mostafa Terrab, CEO and Chairman •  Mohamed El Kadiri, General Secretary •  Marouane Ameziane, Head of CEO’s Office •  Rachid Mouline, Director of Business

Steering •  Ali Ben Abdeslam, General Counsel •  Meryem Chami, Head of Human Resources •  Amar Drissi, Execu4ve VP Opera4ons

•  Mohamed Ibnaddeljalil, Execu4ve VP Sale, Marke4ng and Raw Material Procuremen

•  M’barek Karoua, Execu4ve VP Audit and Control

•  Mohamed El Hajjouji, Execu4ve VP Finance and Management Support

Combina4on of an experienced team


Key Financials

Turnover

Net Profit

Net Debt

Total Balance Sheet


Strengths

•  Important reserves of the world’s largest phosphate resources

•  Leading world wide exporter of phosphate rock and phosphoric acid

•  Ambi4ous Investment Program: The group is moving forward with a program designed to significantly increase the produc4on capacity across the en4re value chain. The cost valued at 130 billion MAD

Strategies

•  Comfort its presence over the en4re phosphate

value chain

•  Improve its financial profitability

•  Enhance Marke4ng Flexibility

•  A]empt to marry social and economic progress

Strategy with four components

36.9 Million Tonnes In 2011

Overview of OFFICE CHERIFIEN DE PHOSPHATE Products: Revenue Model

Phosphate Rock

Phosphoric Acid

Fer4lizers

Break Down ProducIon

12%

12%

76%

1stExporter of phosphate

rock

1stExporter of phosphoric

Acid

4thExporter of phosphoric ferIlizers







§  Appendix

Industry Analysis: Phosphate and Agriculture

•  Phosphate is one of the three key nutrients that are used in fer4lizers. The other two nutrients are nitrogen and potash.

•  Phosphate contains phosphorous, an important element for the human body to build and repair cell walls. It is found in the form of phosphate rock, which is processed into diammonium phosphate and other fer4liser deriva4ves.

•  While arable land is

expected to rising, albeit slowly, arable land per person will con4nue to fall

•  This will necessitate

increased produc4vity per unit of land. More usage of phosphate fer4lizers which depends on the price

Phosphate Market: Overview

While nearly 30 countries produce phosphate rock, China, the United States and Morocco are the largest producers

Source: U.S. Geological Survey Mineral Commodity Summaries

Country ProducIon Reserves (2008) (in million of tonnes)

China 50 4100 USA 30.9 1200 Morocco 28 5700 Russia 11 200 Tunisia 7.8 100

Phosphate Market: Trends and OpportuniGes

Reserves that can be developed using current technology

can be depleted in 90

years

Annual global produc4on is around 170

million tonnes

Es4mated reserves stand at 15 billion tonnes

Morocco should be posiIoned to take advantage of the depleIon of the phosphate reserves

FerGlizer market

u  The overall industry improved following the general strength in phosphate demand

u  Phosphate rock and phosphoric acid prices followed the price of DAP (Diammonium Phosphate), leaving phosphate upgrading margins virtually unchanged from 2010.

u  Phosphoric acid prices increased somewhat more than rock and DAP, resul4ng in higher

upgrading margins from rock to acid and less from acid to DAP.

Source: The Market, Fer4lizer Week, World Bank and Pla]s







§  Appendix

Peers Comparison

36%

27%

26% 22%

22%

37%

26%

28% 16%

84%

EBITDA

ROS

ROE ROA

Leverage

OCP

Peers

MulGples ValuaGon provides a Firm Value between

MulIple RaIos

Company Name EV/EBITDA Sales 2011 Currency EBITDA

(%Sales) Net Income

(%Sales) Debt/Equity

Agrium 6.0 15470 million USD 14% 9% 1.044181705 Belaruskali 28.1 3217 million USD 33% 37% 0.727076125 CF Industries 3.9 6097 million USD 49% 25% 0.327858881 Israel Chemicals 7.9 7067 million USD 31% 21% 1.358257477 K+S 6.0 5150 million EUR 24% 11% 0.963683528 PhosAgro 5.6 100518 million RUB 29% 20% 1.800207551 Potash CorporaIon of Saskatchewan 9.6 8715 million USD 40% 35% 1.071747165 Saudi Arabian Mining Company 14.9 1514 million SR 44% 36% 1.168225709 The Mosaic Company 6.8 9937 million USD 27% 25% 0.356069066 Uralkali 9.9 3500 million USD 71% 34% 0.571659015 Vale FerIlizantes 5.0 105520 Million BRL 55% 36% 0.65 Yara 4.8 80352 million NOK 23% 15% 0.650327162

Median 6.4 Average 9.0 Sector (Specialty Chemicals) 8.03 S&P 500 8.87 STOXX Europe 600 7.04 Sector Mining 6.15

Source: Infinancials, Annual Reports 2011

ValuaIon Results

EBITDA 2011 6 725 m MulIples (EV/EBITDA) 6.4x EV 2011 43 billion MAD







§  Appendix

Income Statement Analysis

Sales

Margins

Cyclical sales that experienced a huge drop in 2009 ager the global economic downturn. Since 2010 sales started peaking up with consistent double digit growth. The demand for fer4lizers in par4cular is increasing which is a good indicator of business poten4al.

Improving margins over 4me and above average for the last two years.

P&L ratios 2007 2008 2009 2010 2011 Average Growth of sales 119% -‐57% 61% 31% 39% Margin / Sales 18% 41% 12% 31% 36% 28% EBITDA /Sales 18% 41% 12% 31% 36% 28% ROS (Net income/Sales) 9% 35% 4% 19% 27% 19% ROE (Net income / Equity) 9% 64% 3% 20% 26% 24% RONA (Ebit / Net Assets) 9% 62% 3% 17% 26% 23% CFO (Net Income+Depreciation) 2841 23421 2134 8872 16341 10722 EBIT/Financial Expenses 8.1 14.6 2.6 9.8 16.8 10.4


EBITDA With an average of 28% over the last four years, the EBITDA has been systema4cally increasing up to a level of 36% for the 2011 year reflec4ng the fundamental shig in the strategy to turn the company into a successful efficient Moroccan model. Compared to its peers the company is slight below the average 37% When compared to the financial expenses the company has showed a healthy situa4on to cover its financial expenses with an average of 10.4 for EBIT/Financial Expenses and reaching levels superior to 2.5 in the past five years

ROS Slightly superior to the average when compared to its peers, 26% versus 27%, the Net Income has evolved posi4vely during the past five years with an average of 19% , an incredible jump from 9% in 2007 to 27% in 2011 The size of the Net Income is interes4ng allowing to build a healthy balance sheet.

ROE Similar to the average of its peers, the cost of equity shows how shareholders are taking the same risk as other companies in the same sector across the world


2007 2008 2009 2010 2011 CFO 2841 23421 2134 8872 16341 Total Debt 564 836 1750 9434 1417

CFO When compared to the debt carried by the OCP it indicates a incredible recover in 2011 helping going ahead with future investments according to the expansion plan. Altough the CFO has been erra4c the debt has been under control all the 4me, new investments been made and some cash leg to shareholder’s equity

RISKS

-‐15% -‐10% -‐5% 0% 5% 10% 15% -‐15% 16,067 19,099 22,131 25,163 28,195 31,227 34,259 -‐10% 15,026 18,058 21,090 24,122 27,154 30,186 33,218 -‐5% 13,984 17,016 20,048 23,080 26,112 29,144 32,176 0% 12,943 15,975 19,007 22,039 25,071 28,103 31,135 5% 11,902 14,934 17,966 20,998 24,030 27,062 30,094 10% 10,860 13,892 16,924 19,956 22,988 26,020 29,052 15% 9,819 12,851 15,883 18,915 21,947 24,979 28,011

OPERATIONAL: Sensi4vity Analysis of the Net Income to Changes in Sales and COGS

Sales

COGS


RISKS FINANCIAL : Sensi4vity Analysis of the Net Income to Changes in the Financial Expenses

-‐15% -‐10% -‐5% 0% 5% 10% 15% Net Income 16569.5 16504 16438.5 16373 16307.5 16242 16176.5 % Change 1.2% 0.8% 0.4% 0.0% -‐0.4% -‐0.8% -‐1.2%

Financial Expenses

Balance Sheet Analysis

BALANCE SHORT VERSION 2007 2008 2009 2010 2011 SUF 2008-‐2011 Cash surplus 1096 1372 1476 2085 2823 1451 NFO (with minimum cahs of 0) 19096 23308 25755 33414 38818 15510 FA Fixed assets net 10633 12968 15735 18072 22079 9111 NA Net assets 30825 37648 42966 53571 63720

D Debt short and long term 2646 12539 13314 19821 13160 621 E Equity 28179 25110 29652 33750 50559 25449 Financing 30825 37649 42966 53571 63719 Cash surplus (+)

Balance Sheet Ratios 2007 2008 2009 2010 2011 Receivables days 94 58 134 96 106 Inventory days 58 62 89 64 84 Payables days 188 289 245 176 NFO/Sales 66% 37% 95% 77% 69% Leverage (Liability/Equity) 0.27 0.36 0.24 0.43 0.22 Debt/EBITDA 10% 3% 49% 65% 6%


SUF Sources and Uses of Funds (SUF) between the years 2011 and 2008 indicates how the company has accompanied the growth in sales through an increase in the funds used (NFO) which at the same 4me has been fueled through equity, an indicator of a sound balance sheet. For the year 2011 the warning signs are the increase in the number of receivable days from 96 to 106 and most importantly the increase in the number of the inventory days from 64 to 84.

NFO vs WC The sales are increasing and so the financing needed to run the opera4ons. At the same 4me that the NFO is increasing the WC is also increasing but at a slightly higher pace. We can conclude that the company is in a sound financial situa4on since according to the equa4on NFO=WC+Credit, the company has an excess of funds.

2007 2008 2009 2010 2011 SUF 2008-‐2011 NFO 19096 23308 25755 33414 38818 15510 WC 20192 24681 27231 35499 41640 16959

Cash Surplus (+) 1096 1373 1476 2085 2822 1449


Risk Balance Sheet

Although the company has been run by a variable leverage, the last year it has shown a debt/equity ra4o of 0.22 far below 0.43 of the previous year. The leverage not only seems to be under control but also decreasing despite the recovery of the commodity market and the increase in the turnover.

DCF Analysis -‐ AssumpGons

u  Sales: I assumed that sales will grow at constant 8% every year 4ll the horizon 2020. I used 8% in order to double the capacity produc4on in hereager the turnover in the next 9 years. Beyond 2020 the grow is zero since I’m assuming no more capacity expansion.

u  EBITDA Margin: The EBITDA growth is constant at 3.9% which what I needed to have a 30% reduc4on in the costs in 9 years.

u  DepreciaIon: I took 1% of the sales every year u  CAPEX: Considering that the total amount planned to be invested is 120 billion MAD in the

period 2010-‐2020, the CAPEX per year is assumed to be 1 billion MAD. u  Tax: Assumed 25% which is the result of the average tax rate paid during the last five years. u  Working Capital Requirements: taking an NFO propor4onal to sales. In this case I took the

average of the last five years, NFO=69% of Sales u  Discount Rate (WACC): For the cost of equity I took the ROE of the last year, 24%and for the

cost of debt the risf free rate of 3%. The cost of capital total is 20%. u  Terminal Value: The perpetuity of the cash flow generated in 2012 with a growth of zero and

a cost of capital of 20%.

DCF Analysis – Forecast Analysis

2012 2013 2014 2015 2016 2017 2018 2019 2020

Sales 65,491 70,730 76,389 82,500 89,100 96,228 103,926 112,240 121,220 EBITDA 22,682 23,566 24,485 25,440 26,433 27,463 28,535 29,647 30,804 Deprecia4on 655 707 764 825 891 962 1,039 1,122 1,212 CAPEX 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Tax 5,507 5,715 5,930 6,154 6,385 6,625 6,874 7,131 7,398 NFO 45,189 48,804 52,708 56,925 61,479 66,397 71,709 77,446 83,642 Inc NFO 3,347 3,615 3,904 4,217 4,554 4,918 5,312 5,737 6,196

FCF 3,828 4,236 4,651 5,070 5,493 5,920 6,349 6,779 7,210 Terminal Value 35,589

Present Value of Cash Flows 26,781

million MAD







§  Appendix

Findings/Conclusions

DOES OCP CREATE VALUE? DOES OCP CAPTURE VALUE? CAN OCP SUSTAIN THE VALUE CREATED/CAPTURED?

✓

✓

✓

Value CreaGon

Percentage of global demand met by OCP in phosphate in all forms

Value Captured

Gross Margin Model

q  Market characterized by its cyclicity q  SensiIve price; dependent on the size

of the client

Working Capital Model

q  Financial strategy to increase the

capacity

Revenue Model

q  OCP becoming a leader as reserves are

depleIng q  Need to grow in ferIlizer markets

OperaIng Model

q  Sales supported in the main regions q  Cross SecIonal Teams

OCP Business Model

Sustainability

Intangible Assets Tangibles Assets OrganizaIonal Assets

Resources and CapabiliIes

Sustainability

Sustainability

imitability

How it is used

Low High Medium

✓ X X

Findings/Conclusion

highly complex and uncertain industry

As the market for raw materials of fer4lizer is oligopolis4c at the

global level

the prices of raw materials are highly dependent on the

environment

So is the price of fer4lizers.

changes cannot be easily predicted and influenced The only hope to succeed is to develop a compe44ve advantage by:

u developing strong and suppor4ve supply chain u managing it efficiently by alloca4ng necessary resources for the

elements of the supply chain.







§  Appendix

AcGon Plan: FormulaGng CompeGGve Strategy

Choose a posiIon (scope and acIviIes) that takes an

advantage of your capabiliIes and protect the

firm from the industry forces eroding profits

Make sure the acIviIes fit with scope and are consistent with

exisIng capabiliIes

Determine which resources and capabiliIes the

organizaIon needs to develop to make this posiIon more

sustainable

Influence compeIIve forces in your favor

AnIcipate change which will erode the sustainability of your posiIon, decide on new direcIons and go back

to 1

FormulaIng CompeIIve Strategy







§  Appendix

Benchmarking Analysis

Company Name EV/EBITDA Sales 2011 Currency EBITDA

(%Sales) ROS ROE ROA LEVERAGE

Agrium 5.99 15470 million USD 14% 9% 21% 10% 1.04 Belaruskali 28.08988764 3217 million USD 33% 37% 52% 30% 0.73 CF Industries 3.93 6097 million USD 49% 25% 31% 23% 0.33 Israel Chemicals 7.94 7067 million USD 31% 21% 49% 21% 1.36 K+S 5.95 5150 million EUR 24% 11% 18% 9% 0.96 PhosAgro 5.61 100518 million RUB 29% 20% 34% 12% 1.80 Potash Corpora4on of Saskatchewan 9.64 8715 million USD 40% 35% 39% 19% 1.07 Saudi Arabian Mining Company 14.94 1514 million SR 44% 36% 3% 1% 1.17 The Mosaic Company 6.84 9937 million USD 27% 25% 22% 16% 0.36 Uralkali 9.93 3500 million USD 71% 34% 15% 9% 0.57 Vale Fer4lizantes 4.95 105520 Million BRL 55% 36% 26% 16% 0.65 Yara 4.76 80352 million NOK 23% 15% 27% 16% 0.65

Median 6.4 32% 25% 26% 16% 0.8 Average 9.0 37% 25% 28% 15% 0.9

Comparables – Key Figures ( 2011F)

Source

Key Main Players of the Industry

Company DescripIon Agrium Inc. is a retail supplier of agricultural products and services in North and South America, a wholesale producer and marketer of the three major agricultural nutrients and a supplier of specialty fer4lizers in North America through its Advanced Technologies business unit.

Joint Stock Company "Belaruskali" produces and supplies potash mineral fer4lizers. It produces mineral potash fer4lizers in the form of fine, fine crystallized, and granulated concentrate of the potassium chloride; potassium chloride technical; and sodium chloride technical, common edible rock salts, common edible rock salt iodized, and common feeding salts. The company also offers cooking and technical salts. It provides its products in Europe, East Asia, Mediterranean countries, South Africa, India, China, and South and North America. Joint Stock Company "Belaruskali" was founded in 1970 and is based in Soligorsk, Belarus

Agrium

Belaruskali

a North American manufacturer and distributor of agricultural fer4lizers, based in Deerfield, Illinois, a suburb of Chicago. It was founded in 1946 as the Central Farmers Fer4lizer Company, and for its first 56 years, it was a federa4on of regional agricultural supply coopera4ves. CF then demutualized, and made an ini4al public offering of shares of equity stock in 2005

CF Industries

mul4-‐na4onal Israeli manufacturing concern that develops, produces and markets fer4lizers, metals and other special-‐purpose chemical products. Israel Chemicals


Company DescripIon The K+S Group is one of the world's leading suppliers of standard and speciality fer4lizers. In the salt business, measured by produc4on capacity, K+S, with sites in Europe as well as North and South America, is the world’s leading producer

a chemical Russian company producing fer4lizer, phosphates and feed phosphates. The company is based in Moscow, Russia, and its subsidiaries include Apa4t, a company based in the Murmansk Region and engaged in the extrac4on of apa4te rock

Canadian corpora4on based in Saskatoon, Saskatchewan. The company is the world's largest potash producer and the third largest producers of nitrogen and phosphate, three primary crop nutrients used to produce fer4lizer.

MA'ADEN (Saudi Arabian Mining Co.) is a diversified mining company, ac4ve in gold base metals mining and infrastructure industry. The company is structures as headquarter corporate based in Riyadh with several subsidiaries.

a Fortune 500 company based in Plymouth, Minnesota. Mosaic mines two key crop nutrients—phosphate and potash—and produces specialty products MicroEssen4als, K-‐Mag and Pegasus

K+S

PhosAgro

Potash Corpora4on of Saskatchewan

Saudi Arabian Mining Company

The Mosaic Company


Company DescripIon Uralkali is a Russian potash fer4lizer company. It is traded on the London Stock Exchange using the symbol, URKA. and its largest shareholder is billionaire Suleyman Kerimov. The company is based in Berezniki, Perm Krai, Russian Federa4on.

the fer4lizer unit of Brazilian mining giant Vale SA, Vale S.A. is a Brazilian mul4na4onal diversified metals and mining corpora4on and one of the largest logis4cs operators in Brazil. In addi4on to being the second-‐largest mining company in the world, Vale is also the largest producer of iron ore, pellets, and second largest of nickel. Vale also produces manganese, ferroalloys, copper, bauxite, potash, kaolin, alumina and aluminium. In the electric energy sector, the company par4cipates in consor4a and currently operates nine hydroelectric plants.

Yara Interna4onal ASA is a Norwegian-‐based chemical company. Its largest business area is the produc4on of nitrogen fer4lizer,[2][3] however it also encompasses the produc4on of dry ice, nitrates, ammonia, urea and other nitrogen-‐based chemicals.

Uralkali

Vale Fer4lizantes

Yara

Yun4anhua Group of China

Yun4anhua Group Co., Ltd., through its subsidiaries, produces and supplies chemical fer4lizers, fiber glass materials, and organic and phosphate chemicals


0% 10% 20% 30% 40% 50% 60% 70% 80%

Agrium Yara K+S

The Mosaic Company PhosAgro

Israel Chemicals Belaruskali

OCP Potash Corpora4on of Saskatchewan

Saudi Arabian Mining Company CF Industries

Vale Fer4lizantes Uralkali

EBITDA(%Sales)


0% 5% 10% 15% 20% 25% 30% 35% 40%

Agrium K+S Yara

PhosAgro Israel Chemicals

CF Industries The Mosaic Company

OCP Uralkali

Potash Corpora4on of Saskatchewan Saudi Arabian Mining Company

Vale Fer4lizantes Belaruskali

Net Income(%Sales)


0.00 0.10 0.20 0.30 0.40 0.50 0.60

Saudi Arabian Mining Company Uralkali

K+S Agrium

The Mosaic Company Vale Fer4lizantes

OCP Yara

CF Industries PhosAgro

Potash Corpora4on of Saskatchewan Israel Chemicals

Belaruskali

ROE


0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35

Saudi Arabian Mining Company K+S

Uralkali Agrium

PhosAgro Vale Fer4lizantes

The Mosaic Company Yara

Potash Corpora4on of Saskatchewan Israel Chemicals

OCP CF Industries Belaruskali

ROA


0.00 0.50 1.00 1.50 2.00

OCP CF Industries

The Mosaic Company Uralkali

Vale Fer4lizantes Yara

Belaruskali K+S

Agrium Potash Corpora4on of Saskatchewan

Saudi Arabian Mining Company Israel Chemicals

PhosAgro

Leverage (D/E)


CONSOLIDATED INCOME STATEMENT Millions of MAD December year end 2007 2008 2009 2010 2011

OperaIng Income 30766 67446 28671 46272 60640 Opera4ng expenses 25091 39600 25113 31851 38601 OperaIng Profit 5675 27846 3558 14421 22039 Financial Income 1050 2748 1290 1940 1897 Financial Expenses 700 1908 1391 1475 1310 Financial profit 350 840 -‐101 465 587

Profit before Tax and Extraordinary Items 6025 28686 3457 14886 22626 Non-‐Recurrent products 2127 28199 1340 7158 537 Extraordinary Expenses 7294 28362 2280 11152 3731 Profit From Extraordinary AcIviIes -‐5167 -‐163 -‐940 -‐3994 -‐3194

Profit Before Tax 858 28523 2517 10892 19432

Tax on Profit -‐1894 5109 1111 2428 4292 Deferred Taxes 124 -‐426 -‐1223 Net Income of Integrated Companies 2752 23414 1282 8890 16363

Income From Companies Consolidated by the equity Method 0 1 1 Net Goodwill amor4za4on Write Down 2 Net Consolidated Income 2752 23414 1282 8889 16360 Minority Interest 40 26

Group Share Net Income 2752 23414 1282 8849 16334

Cash Flow: Assets

CONSOLIDATED BALANCE SHEET Millions of MAD December year end 2007 2008 2009 2010 2011

Cash 1096 1372 1476 2085 2823 Accounts Receivable 8021 10792 10642 12361 17826 Inventory 4064 6775 6236 5671 8970 Securi4es and Investment Securi4es 14635 18260 17087 24997 24094 Currency Adjustments -‐ Assets (current items) 53 58 25 49 14 Current Assets 27869 37257 35466 45163 53727 Fixed Assets in Non-‐Values 96 119 0 0 0 Intangible assets 76 133 298 380 203 Tangible Assets 10082 11707 13178 15795 20409 Investment in associates 0 0 1 1 0 Financial Assets 328 964 2211 1855 1426 Currency Adjustments-‐Assets 51 45 47 41 41 Fixed Assets Net 10633 12968 15735 18072 22079

Total Assets 38502 50225 51201 63235 75806

Cash Flow: LiabiliGes and Equity

CONSOLIDATED BALANCE SHEET Millions of MAD December year end 2007 2008 2009 2010 2011

Current Liabili4es Debts 7579 12267 8094 9465 11771 Other provisions for risks and charges 88 272 83 132 118 Currency adjustments -‐Liabili4es (current items) 10 38 58 67 197 Current Liabili4es 7677 12577 8235 9664 12086 Cash Liabili4es (Credit Bank) 564 836 1750 9434 1417 Total LiabiliIes 8241 13413 9985 19098 13503

Shareholders's Equity -‐9860 13562 16741 24338 37038 Minority Interests 0 0 0 148 175 Assimilated Shareholders' Equity 0 0 26 23 21 Financing Debts 2082 11703 11564 10387 11743 Sustainable provisions for risks and charges 37939 11451 12790 9149 13237 Currency Adjustments-‐ Liabili4es 100 97 95 92 88 Total Equity 30261 36813 41216 44137 62302

Total Equity&Liability 38502 50226 51201 63235 75805

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