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

 Terms of Reference and Procedure

Overview of OCP Market Analysis: Trends and Opportunities Benchmark Analysis Financial Analysis Findings/Conclusions Recommendations: Action Plan 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 OCPs 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 nancial performance of OCP versus its peers Evalua4on of the economic value by using comparables Analysis of the business and nancial situa4on Performance a DCF Valua4on Comparision of the companys results over 4me and what this means for the companys future and would include an analysis of the income statement, balance sheet and nancial ra4os

Terms of Reference and Procedure

Overview of OCP
Market Analysis: Trends and Opportunities Benchmark Analysis Financial Analysis Findings/Conclusions Recommendations: Action Plan Appendix

Overview of OFFICE CHERIFIEN DE PHOSPHATE

Key Highlights
OCP Group, comprised of OCP S.A., its subsidiaries and its equity investments, is the worlds leading expoerter of phosphate rock and deriva4ve products The companys ac4vi4es span the en4re phosphate value chain, from phosphate rock mining to chemical processing of phosphoric acid and the produc4on of phosphate-based fer4lizers

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

The group is a major factor in the Moroccan economy, represen4ng 24% of the na4ons exports in 2010

Management Team Combina4on of an experienced team Mostafa Terrab, CEO and Chairman Mohamed Ibnaddeljalil, Execu4ve VP Sale,
Mohamed El Kadiri, General Secretary Marouane Ameziane, Head of CEOs Oce Rachid Mouline, Director of Business Steering Ali Ben Abdeslam, General Counsel Meryem Chami, Head of Human Resources Amar Drissi, Execu4ve VP Opera4ons

Marke4ng and Raw Material Procuremen Mbarek Karoua, Execu4ve VP Audit and Control Mohamed El Hajjouji, Execu4ve VP Finance and Management Support

Overview of OFFICE CHERIFIEN DE PHOSPHATE

Key Financials
Turnover Net Debt

Net Prot

Total Balance Sheet

Overview of OFFICE CHERIFIEN DE PHOSPHATE

Strengths
Important reserves of the worlds 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 signicantly increase the produc4on capacity across the en4re value chain. The cost valued at 130 billion MAD

Strategies
Strategy with four components

Comfort its presence over the en4re phosphate value chain Improve its nancial protability Enhance Marke4ng Flexibility A]empt to marry social and economic progress

Overview of OFFICE CHERIFIEN DE PHOSPHATE Products: Revenue Model

Break Down ProducIon
Fer4lizers

1stExporter
of phosphate rock

12%
Phosphoric 12% Acid

76%

Phosphate Rock

1stExporter
of phosphoric Acid

36.9 Million Tonnes In 2011

4thExporter
of phosphoric ferIlizers

Terms of Reference and Procedure Overview of OCP

Market Analysis: Trends and Opportunities

Benchmark Analysis Financial Analysis Findings/Conclusions Recommendations: Action Plan 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
Country
(in million of tonnes)

ProducIon 50 30.9 28 11 7.8

Reserves (2008) 4100 1200 5700 200 100

China USA Morocco Russia Tunisia

Source: U.S. Geological Survey Mineral Commodity Summaries

Phosphate Market: Trends and OpportuniGes

Annual global produc4on is around 170 million tonnes
Reserves that can be developed using current technology can be depleted in 90 years

Es4mated reserves stand at 15 billion tonnes

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

FerGlizer market

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

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.

Terms of Reference and Procedure Overview of OCP Market Analysis: Trends and Opportunities

Benchmark Analysis
Financial Analysis Findings/Conclusions Recommendations: Action Plan Appendix

Peers Comparison
EBITDA

Leverage 84%

36% 37% 22% 16% 22% 27% 26% 26% 28% ROE

ROS OCP Peers

ROA

MulGples ValuaGon provides a Firm Value between

MulIple RaIos
Company Name
Agrium Belaruskali CF Industries Israel Chemicals K+S PhosAgro Potash CorporaIon of Saskatchewan Saudi Arabian Mining Company The Mosaic Company Uralkali Vale FerIlizantes Yara

EV/EBITDA
6.0 28.1 3.9 7.9 6.0 5.6 9.6 14.9 6.8 9.9 5.0 4.8

Sales 2011
15470 3217 6097 7067 5150 100518 8715 1514 9937 3500 105520 80352

Currency
million USD million USD million USD million USD million EUR million RUB million USD million SR million USD million USD Million BRL million NOK

EBITDA (%Sales)
14% 33% 49% 31% 24% 29% 40% 44% 27% 71% 55% 23%

Net Income (%Sales)

9% 37% 25% 21% 11% 20% 35% 36% 25% 34% 36% 15%

Debt/Equity
1.044181705 0.727076125 0.327858881 1.358257477 0.963683528 1.800207551 1.071747165 1.168225709 0.356069066 0.571659015 0.65 0.650327162

Median Average Sector (Specialty Chemicals) S&P 500 STOXX Europe 600 Sector Mining
Source: Innancials, Annual Reports 2011

6.4 9.0 8.03 8.87 7.04 6.15

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

Terms of Reference and Procedure Overview of OCP Market Analysis: Trends and Opportunities Benchmark Analysis

Financial Analysis
Findings/Conclusions Recommendations: Action Plan Appendix

Income Statement Analysis

P&L ratios Growth of sales Margin / Sales EBITDA /Sales ROS (Net income/Sales) ROE (Net income / Equity) RONA (Ebit / Net Assets) CFO (Net Income+Depreciation) EBIT/Financial Expenses

2007 18% 18% 9% 9% 9% 2841 8.1

2008 119% 41% 41% 35% 64% 62% 23421 14.6

2009 -57% 12% 12% 4% 3% 3% 2134 2.6

2010 61% 31% 31% 19% 20% 17% 8872 9.8

2011 31% 36% 36% 27% 26% 26% 16341 16.8

Average 39% 28% 28% 19% 24% 23% 10722 10.4

Sales

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.

Margins

Income Statement Analysis

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 reec4ng the fundamental shig in the strategy to turn the company into a successful ecient Moroccan model. Compared to its peers the company is slight below the average 37% When compared to the nancial expenses the company has showed a healthy situa4on to cover its nancial expenses with an average of 10.4 for EBIT/Financial Expenses and reaching levels superior to 2.5 in the past ve years Slightly superior to the average when compared to its peers, 26% versus 27%, the Net Income has evolved posi4vely during the past ve 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. 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

ROS

ROE

Income Statement Analysis

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

CFO Total Debt

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

RISKS

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

COGS

Income Statement Analysis

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

RISKS

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

Balance Sheet Analysis

BALANCE SHORT VERSION Cash surplus NFO (with minimum cahs of 0) FA Fixed assets net NA Net assets D Debt short and long term E Equity Financing Cash surplus (+)

2007 1096 19096 10633 30825 2646 28179 30825

2008 1372 23308 12968 37648 12539 25110 37649

2009 1476 25755 15735 42966 13314 29652 42966

2010 2085 33414 18072 53571 19821 33750 53571

2011 2823 38818 22079 63720 13160 50559 63719

SUF 2008-2011 1451 15510 9111

621 25449

Balance Sheet Ratios Receivables days Inventory days Payables days NFO/Sales Leverage (Liability/Equity) Debt/EBITDA

2007 94 58 66% 0.27 10%

2008 58 62 188 37% 0.36 3%

2009 134 89 289 95% 0.24 49%

2010 96 64 245 77% 0.43 65%

2011 106 84 176 69% 0.22 6%

Balance Sheet Analysis

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.
2007 19096 20192 1096 2008 23308 24681 1373 2009 25755 27231 1476 2010 33414 35499 2085 2011 38818 41640 2822 SUF 2008-2011 15510 16959 1449

NFO WC Cash Surplus (+)

NFO vs WC

The sales are increasing and so the nancing 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 nancial situa4on since according to the equa4on NFO=WC+Credit, the company has an excess of funds.

Balance Sheet Analysis

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 Im 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 ve years. u Working Capital Requirements: taking an NFO propor4onal to sales. In this case I took the average of the last ve 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 ow generated in 2012 with a growth of zero and a cost of capital of 20%.

DCF Analysis Forecast Analysis

2012 Sales EBITDA Deprecia4on CAPEX Tax NFO Inc NFO FCF Terminal Value Present Value of Cash Flows 65,491 22,682 655 10,000 5,507 45,189 3,347 3,828

2013 70,730 23,566 707 10,000 5,715 48,804 3,615 4,236

2014 76,389 24,485 764 10,000 5,930 52,708 3,904 4,651

2015 82,500 25,440 825 10,000 6,154 56,925 4,217 5,070

2016 89,100 26,433 891 10,000 6,385 61,479 4,554 5,493

2017 96,228 27,463 962 10,000 6,625 66,397 4,918 5,920

2018 103,926 28,535 1,039 10,000 6,874 71,709 5,312 6,349

2019 112,240 29,647 1,122 10,000 7,131 77,446 5,737 6,779

2020 121,220 30,804 1,212 10,000 7,398 83,642 6,196 7,210 35,589

26,781 million MAD

Terms of Reference and Procedure Overview of OCP Market Analysis: Trends and Opportunities Benchmark Analysis Financial Analysis

Findings/Conclusions
Recommendations: Action Plan 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

Revenue Model

Gross Margin Model

q OCP becoming a leader as reserves are depleIng q Need to grow in ferIlizer markets

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

OperaIng Model

OCP Business Model

Working Capital Model

q Sales supported in the main regions q Cross SecIonal Teams

q Financial strategy to increase the capacity

Sustainability
Resources and CapabiliIes Tangibles Assets Intangible Assets OrganizaIonal Assets

Sustainability

How it is used

imitability

Low

High

Medium

Sustainability

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 inuenced

The only hope to succeed is to develop a compe44ve advantage by: u developing strong and suppor4ve supply chain u managing it eciently by alloca4ng necessary resources for the elements of the supply chain.

Terms of Reference and Procedure Overview of OCP Market Analysis: Trends and Opportunities Benchmark Analysis Financial Analysis Findings/Conclusions

Recommendations: Action Plan

Appendix

AcGon Plan: FormulaGng CompeGGve Strategy

AnIcipate change which will erode the sustainability of your posiIon, decide on new direcIons and go back to 1

Choose a posiIon (scope and acIviIes) that takes an advantage of your capabiliIes and protect the rm from the industry forces eroding prots

FormulaIng CompeIIve Strategy

Inuence compeIIve forces in your favor Make sure the acIviIes t with scope and are consistent with exisIng capabiliIes

Determine which resources and capabiliIes the organizaIon needs to develop to make this posiIon more sustainable

Terms of Reference and Procedure Overview of OCP Market Analysis: Trends and Opportunities Benchmark Analysis Financial Analysis Findings/Conclusions Recommendations: Action Plan

Appendix

Benchmarking Analysis
Comparables Key Figures ( 2011F)

Company Name
Agrium Belaruskali CF Industries Israel Chemicals K+S PhosAgro Potash Corpora4on of Saskatchewan Saudi Arabian Mining Company The Mosaic Company Uralkali Vale Fer4lizantes Yara

EV/EBITDA
5.99 28.08988764 3.93 7.94 5.95 5.61 9.64 14.94 6.84 9.93 4.95 4.76

Sales 2011
15470 3217 6097 7067 5150 100518 8715 1514 9937 3500 105520 80352

Currency
million USD million USD million USD million USD million EUR million RUB million USD million SR million USD million USD Million BRL million NOK

EBITDA (%Sales)
14% 33% 49% 31% 24% 29% 40% 44% 27% 71% 55% 23%

ROS
9% 37% 25% 21% 11% 20% 35% 36% 25% 34% 36% 15%

ROE
21% 52% 31% 49% 18% 34% 39% 3% 22% 15% 26% 27%

ROA
10% 30% 23% 21% 9% 12% 19% 1% 16% 9% 16% 16%

LEVERAGE
1.04 0.73 0.33 1.36 0.96 1.80 1.07 1.17 0.36 0.57 0.65 0.65

Median Average

6.4 9.0

32% 37%

25% 25%

26% 28%

16% 15%

0.8 0.9

Source

Key Main Players of the Industry Company

Agrium

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 ne, ne 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 oers 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 a North American manufacturer and distributor of agricultural fer4lizers, based in Deereld, Illinois, a suburb of Chicago. It was founded in 1946 as the Central Farmers Fer4lizer Company, and for its rst 56 years, it was a federa4on of regional agricultural supply coopera4ves. CF then demutualized, and made an ini4al public oering of shares of equity stock in 2005 mul4-na4onal Israeli manufacturing concern that develops, produces and markets fer4lizers, metals and other special-purpose chemical products.

Belaruskali

CF Industries

Israel Chemicals

Key Main Players of the Industry Company

K+S

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 worlds 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 diversied mining company, ac4ve in gold base metals mining and infrastructure industry. The company is structures as headquarter corporate based in Riyadh with several subsidiaries.

PhosAgro Potash Corpora4on of Saskatchewan Saudi Arabian Mining Company The Mosaic Company

a Fortune 500 company based in Plymouth, Minnesota. Mosaic mines two key crop nutrientsphosphate and potashand produces specialty products MicroEssen4als, K-Mag and Pegasus

Key Main Players of the Industry Company

Uralkali

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 diversied 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.

Vale Fer4lizantes

Yara

Yun4anhua Group of China

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

Benchmarking Analysis
EBITDA(%Sales)
Uralkali Vale Fer4lizantes CF Industries Saudi Arabian Mining Company Potash Corpora4on of Saskatchewan OCP Belaruskali Israel Chemicals PhosAgro The Mosaic Company K+S Yara Agrium 0% 10% 20% 30% 40% 50% 60% 70% 80%

Benchmarking Analysis
Net Income(%Sales)
Belaruskali Vale Fer4lizantes Saudi Arabian Mining Company Potash Corpora4on of Saskatchewan Uralkali OCP The Mosaic Company CF Industries Israel Chemicals PhosAgro Yara K+S Agrium 0% 5% 10% 15% 20% 25% 30% 35% 40%

Benchmarking Analysis
ROE
Belaruskali Israel Chemicals Potash Corpora4on of Saskatchewan PhosAgro CF Industries Yara OCP Vale Fer4lizantes The Mosaic Company Agrium K+S Uralkali Saudi Arabian Mining Company 0.00 0.10 0.20 0.30 0.40 0.50 0.60

Benchmarking Analysis
ROA
Belaruskali CF Industries OCP Israel Chemicals Potash Corpora4on of Saskatchewan Yara The Mosaic Company Vale Fer4lizantes PhosAgro Agrium Uralkali K+S Saudi Arabian Mining Company 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35

Benchmarking Analysis
Leverage (D/E)
PhosAgro Israel Chemicals Saudi Arabian Mining Company Potash Corpora4on of Saskatchewan Agrium K+S Belaruskali Yara Vale Fer4lizantes Uralkali The Mosaic Company CF Industries OCP 0.00 0.50 1.00 1.50 2.00

Income Statement Analysis

CONSOLIDATED INCOME STATEMENT
Millions of MAD December year end

2007 30766 25091 5675 1050 700 350 6025 2127 7294 -5167 858 -1894 2752

2008 67446 39600 27846 2748 1908 840 28686 28199 28362 -163 28523 5109 23414

2009 28671 25113 3558 1290 1391 -101 3457 1340 2280 -940 2517 1111 124 1282 0

2010 46272 31851 14421 1940 1475 465 14886 7158 11152 -3994 10892 2428 -426 8890 1 8889 40 8849

2011 60640 38601 22039 1897 1310 587 22626 537 3731 -3194 19432 4292 -1223 16363 1 2 16360 26 16334

OperaIng Income Opera4ng expenses OperaIng Prot Financial Income Financial Expenses Financial prot Prot before Tax and Extraordinary Items Non-Recurrent products Extraordinary Expenses Prot From Extraordinary AcIviIes Prot Before Tax Tax on Prot Deferred Taxes Net Income of Integrated Companies Income From Companies Consolidated by the equity Method Net Goodwill amor4za4on Write Down Net Consolidated Income Minority Interest Group Share Net Income

2752 2752

23414 23414

1282 1282

Cash Flow: Assets

CONSOLIDATED BALANCE SHEET

Millions of MAD December year end

2007 1096 8021 4064 14635 53 27869 96 76 10082 0 328 51 10633 38502

2008 1372 10792 6775 18260 58 37257 119 133 11707 0 964 45 12968 50225

2009 1476 10642 6236 17087 25 35466 0 298 13178 1 2211 47 15735 51201

2010 2085 12361 5671 24997 49 45163 0 380 15795 1 1855 41 18072 63235

2011 2823 17826 8970 24094 14 53727 0 203 20409 0 1426 41 22079 75806

Cash Accounts Receivable Inventory Securi4es and Investment Securi4es Currency Adjustments - Assets (current items) Current Assets Fixed Assets in Non-Values Intangible assets Tangible Assets Investment in associates Financial Assets Currency Adjustments-Assets Fixed Assets Net Total Assets

Cash Flow: LiabiliGes and Equity

CONSOLIDATED BALANCE SHEET
Millions of MAD December year end

2007 7579 88 10 7677 564 8241

2008 12267 272 38 12577 836 13413

2009 8094 83 58 8235 1750 9985

2010 9465 132 67 9664 9434 19098

2011 11771 118 197 12086 1417 13503

Current Liabili4es Debts Other provisions for risks and charges Currency adjustments -Liabili4es (current items) Current Liabili4es Cash Liabili4es (Credit Bank) Total LiabiliIes

Shareholders's Equity Minority Interests Assimilated Shareholders' Equity Financing Debts Sustainable provisions for risks and charges Currency Adjustments- Liabili4es Total Equity Total Equity&Liability

-9860 0 0 2082 37939 100 30261 38502

13562 0 0 11703 11451 97 36813 50226

16741 0 26 11564 12790 95 41216 51201

24338 148 23 10387 9149 92 44137 63235

37038 175 21 11743 13237 88 62302 75805