Annual Report - Groupe SIFCA

Cultivons Notre Croissance!
02
03
04
05
06
07
08
06
09
10
11
Pierre BILLON
David BILLON
Alassane DOUMBIA
Kuok Koon HONG
Lucie BARRY TANNOUS
Bertrand VIGNES
/
Sunny George VERGHESE
12
13
14
15
16
17
18
19
50.0%
3 FILIERES
3 BUSINESS LINES
6 PAYS
6 COUNTRIES
50.0%
NAUVU
27.06%
JV COMPANY
PARME
44.22%
INVESTISSEMENT
IMMORIV SA.
21.18%
DIVERS PRIVES
7.55%
PRIVATE SHAREHOLDERS
RUBBER
OIL
10 FILIALES
10 SUBSIDIARIES
SUGAR
30 000 COLLABORATEURS
30 000 COLLABORATORS
OTHER
52.51%
25.5%
(Plantations) RCI
49.49%
50.44% (Refinery) RCI
50.9%
BRVM:
21.99%
51.5%
Private:
0,07%
CAIT : 48.9%
(Storage)SENEGAL Private: 0.02%
RCI
State of
Côte d’Ivoire: 23%
Terra: 25,5%
55.6%
20%
(FR) Paris Stock Exc: 24,4%
9.89%
68.06%
(RCI)
State of Ghana: 25%
60%
(GH)
100%
Cosmo Ltd
(Vessel)
BRVM: 12.05%
Private: 10%
NEWGEN: 15%
100%
(LB)
60%
THSP
(Storage) RCI
70.3%
(NG)
49.5% Wilmar Africa Ltd
50.5% (Refinery) GHANA
76.63%
BOPP
Private:
(Plantations) GHANA 23.27%
100%
16.3%
FILIVOIRE
33.8%
SIFCOM
ASSUR
(RCI)
(RCI)
(Plantations) LIBERIA
40.0%
(RCI)
Ondo State: 15%
Edo State: 7%
Delta State: 3.5%
Ogun State: 4.2%
20
21
FRANCE
Sales
CÔTE D’IVOIRE
Agribusiness activities
Headquarters
Rubber - Palm Oil - Sugar
SENEGAL
Sales
Palm Oil
LIBERIA
Agribusiness activities
Rubber - Palm Oil
GHANA
Agribusiness activities
Rubber
NIGERIA
Agribusiness activities
Rubber
Cane sugar / Sucre de canne
Palm oil / Huile de palme
Natural rubber / Caoutchouc
Refining / Raffinage
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Rubber activity
Vegetable oil activity
2013
2012
Change
Immature plantations
14 202
13 029
9%
(mature plantations)
38 405
38 614
-1%
2 865
1 987
44%
55 472
53 630
3%
2013
2012
Change
69
68
1%
(hectares)
(hectares)
Total industrial plantations
(mature plantations)
2013
2012
Change
39 641
39 641
0%
34 612
32 993
5%
Total Outgrowers plantations
144 764
136 361
6%
(mature plantations)
129 590
120 003
8%
Total
184 405
176 002
5%
2013
2012
Change
Own plantations crop
504
496
2%
Outgrowers plantations crop.
692
767
-10%
1 195
1 263
-5%
(k Tonnes)
Total crop (k Tonnes)
2013
2012
Change
271
283
-5%
2013
2012
Change
CPO processed
374
403
-7%
Refined oil
355
385
-8%
Olein
282
292
-3%
65
71
-8%
3
2
36%
2013
2012
Change
(k Tonnes)
CPO produced
(k Tonnes)
Stearin
Margarine
Replanting
Total
(k Tonnes)
Own production
External purchases
91
83
10%
160
151
6%
(hectares)
2013
2012
Change
Immature plantations
2 773
2 801
-1%
Mature plantations
8 202
7 804
5%
Replanting
1 380
2 120
-35%
12 355
12 725
-3%
2013
2012
Change
Sugar cane production - industrial
875
893
-2%
Sugar cane production - external
84
85
-1%
958
978
-2%
88
98
-10%
2013
2012
Change
99
89
12%
Total
Sugar activity
Total
(k Tonnes)
Total cane production
Sugar produced (k Tonnes)
(k Tonnes)
Domestic sales
Olein - (k Tonnes)
Total olein sales
275
283
-3%
2013
2012
Change
Total stearin sales
64
71
-10%
PFAD - (k Tonnes)
2013
2012
Change
17
14
21%
Stearin - (k Tonnes)
Total PFAD
Export sales
Total sales
10
0
0%
109
89
23%
38
39
Financial Highlights
Y 2013
Net sales
510 965
Y 2012
Y 2011
Y 2010
Y 2009
Y 2008
Y 2007
536 326
516 650
372 069
295 349
399 138
231 858
Operating income
44 993
97 519
139 369
81 624
31 912
73 560
44 097
Net consolidated profit
23 848
58 887
100 979
54 728
17 368
43 154
30 770
50.0%
50.0%
NAUVU
27.06%
JV COMPANY
PARME
44.22%
INVESTISSEMENT
IMMORIV SA.
21.18%
DIVERS PRIVES
7.55%
PRIVATE SHAREHOLDERS
Operating profit (CFA billions)
Net sales (CFA billions)
Y 2013
Y 2012
Y 2011
510 965
536 326
516 650
Y 2010
Y 2009
Y 2008
372 069
295 349
399 138
Y 2007
231 858
Y 2013
Y 2012
Y 2011
Y 2010
Y 2009
Y 2008
Y 2007
44 993
97 519
139 369
81 624
31 912
73 560
44 097
52.51%
25.5%
NPAT consolidated (CFA billions)
Y 2013
Y 2012
Y 2011
Y 2010
Y 2009
Y 2008
Y 2007
23 848
58 887
100 979
54 728
17 368
43 154
30 770
(Plantations) RCI
BRVM:
21.99%
51.5%
49.49%
Private:
50.44% (Refinery) RCI 0,07%
50.9%
RCI
State of
Côte d’Ivoire: 23%
Terra: 25,5%
55.6%
20%
(FR) Paris Stock Exc: 24,4%
9.89%
68.06%
(RCI)
CAIT : 48.9%
(Storage)SENEGAL Private: 0.02%
State of Ghana: 25%
60%
(GH)
125 227
346 114
77 570
347 439
81 721
322 582
76 067
261 958
69 493
217 926
73 751
208 060
57 732
112 081
2013
2012
2011
2010
2009
2008
2007
100%
Cosmo Ltd
(Vessel)
BRVM: 12.05%
Private: 10%
NEWGEN: 15%
100%
(LB)
60%
THSP
(Storage) RCI
70.3%
(NG)
49.5% Wilmar Africa Ltd
50.5% (Refinery) GHANA
(CFA billion)
Y 2013
Y 2012
Y 2011
Y 2010
Y 2009
Y 2008
Y 2007
Equity
346 114
347 439
322 582
261 958
217 926
208 060
112 081
Debt
125 227
77 570
81 721
76 067
69 493
73 751
57 732
76.63%
BOPP
Private:
(Plantations) GHANA 23.27%
100%
16.3%
FILIVOIRE
33.8%
SIFCOM
ASSUR
(RCI)
(RCI)
(Plantations) LIBERIA
40.0%
(RCI)
Ondo State: 15%
Edo State: 7%
Delta State: 3.5%
Ogun State: 4.2%
40
41
Shareholders funds (CFA million)
Sales (CFA million)
2013
510 965
2012
536 326
2011
516 650
2010
372 069
2009
295 349
2008
399 138
Total Equity
2012
2011
2010
Sales per division - FY 2013
8% Sucre
8% Sugar
10% Sucre
10% Sugar
42% Oléagineux
42% Oil
50% Hévéa
50% Rubber
2009
0% Other
45% Oléagineux
45% Oil
2008
45% Hévéa
45% Rubber
Gearing=Debt/Equity
Oil
Sugar
Rubber
Other
Oil
Sugar
Rubber
Other
2013
23 848
2012
58 887
2011
100 979
2010
54 728
2009
17 368
2008
43 154
35%
34%
30%
27%
25%
20%
15%
10%
5%
0%
Consolidated net profit ( CFA million )
346 114
191 823
347 439
192 922
322 582
170 840
261 958
145 670
217 926
128 456
208 060
127 933
2013
Sales per division - FY 2012
0% Other
Group Equity
2008
2009
24%
2010
2011
2008
2009
2010
2011
2012
Return On Capital Employed
16% Sucre
16% Sugar
8% Sucre
8% Sugar
35%
41% Oléagineux
41% Oil
2013
2013
FY 12 NPAT per division
55% Hévéa
55% Rubber
2012
Gearing=Debt/Equity
FY 13 NPAT per division
29% Oléagineux
29% Oil
20%
51% Hévéa
51% Rubber
30%
25%
20%
15%
Oil
Sugar
Rubber
Oil
Sugar
Rubber
10%
5%
0%
2009
2010
2011
2012
2013
42
43
Consolidated Income Statement - OHADA
Consolidated Balance Sheet - OHADA
31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009 31 Dec 2008
millions CFA millions CFA millions CFA millions CFA millions CFA millions CFA
ASSETS
31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009 31 Dec 2008
millions CFA millions CFA millions CFA millions CFA millions CFA millions CFA
Nets sales
NON-CURRENT ASSETS
Goodwill and Intangible assets
Property, plant and equipment, biological assets and other
Interests in associates and financial assets
Deferred tax assets
55!467
51!175
50!372
50!328
47!145
57!586
281!609
243!472
210!988
188!479
181!798
167!135
19!031
8!474
9!126
7!810
6!054
12!873
2!663
2!554
2!146
6!223
7!423
4!582
Total non-current assets
358!770
305!675
272!632
252!840
242!420
242!176
108!568
114!991
106!726
85!501
64!119
73!542
Trade receivables
Other receivables, tax assets and current financial assets
Derivative assets
Cash and cash equivalents
35!065
42!571
44!401
25!485
35!698
24!865
32!789
45!577
29!289
34!994
52!251
40!773
65!606
24!747
Total current assets
238!455
225!651
232!895
TOTAL ASSETS
597!225
531 325
505 528
8!703
13!741
-2!825
9!365
-2!452
10!707
10!652
15!535
303!549
425!380
- Raw materials used
-283!135
-280!517
-230!199
-166!372
-97!962
-156!777
-239
21
198
-2!323
-24!328
-38!392
+ Profit on raw materials used/ goods for resale sold
236!294
269!571
283!824
212!739
181!259
230!211
34!817
32!987
- External charges
-92!131
-87!620
-75!749
-65!415
-86!078
-84!387
- Taxes other than on income
-14!148
-14!867
-5!473
-5!207
-5!148
-5!298
45!227
46!889
- Other operating income and cost
14!375
14!382
10!030
11!524
-1!262
-2!998
188!614
173!630
188!235
= Value Added
144!391
181!466
212!632
153!641
88!771
137!528
441 445
416 050
430 411
- Personnel cost
-63!720
-57!129
-53!090
-47!421
-43!074
-42!364
80!670
124!337
159!542
106!220
45!697
95!164
-35!677
-26!818
-20!173
-24!596
-13!785
-21!604
= Operating profit (EBIT)
44!993
97!519
139!369
81!624
31!912
73!560
- Financial expenses
-6!067
-9!848
-9!819
-10!948
-10!596
-13!571
+ Financial income
2!596
-14
5!080
1!453
2!208
3!861
= Net Financial Expenses
-3!471
-9!862
-4!739
-9!495
-8!388
-9!710
= Profit Before Tax and non recurring items
41!522
87!657
134!630
72!129
23!524
63!850
-405
-445
-25
4!093
-1!349
-672
- Corporate income tax and deferred tax
-15!192
-26!496
-32!000
-19!939
-3!358
-19!281
= Net profit before income from associates and impairment losses
25!924
60!716
102!605
56!282
18!817
43!897
+ Income from Associates
192
217
288
235
192
291
- Amortisation of Goodwill
-2!267
-2!046
-1!914
-1!789
-1!641
-1!034
= Consolidated profit for the period
23!848
58!887
100!979
54!728
17!368
43!154
4!944
23!205
40!067
19!162
7!011
23!520
18!905
35!682
60!912
35!566
10!357
19!634
4 003
4 003
4 003
4 003
4!000
182!877
165!714
126!770
122!505
117!443
100!413
4!944
23!205
40!067
19!162
7!011
23!520
Equity attributable to equity holders of the parent
191!823
192!922
170!840
145!670
128!456
127!933
Reserves
Profit for minority
135!386
18!905
118!835
35!682
90!830
60!912
80!722
35!566
79!113
10!357
60!492
19!634
Minority Interests
Total Group Equity
154!291
346!114
154!517
347!439
151!742
322!582
116!288
261!958
89!470
217!926
80!126
208!060
Long term provisions and retirement benefit obligation
5!798
6!314
5!547
5!276
9!494
10!360
116!277
3!152
68!258
2!998
71!497
4!677
66!198
4!593
56!036
3!963
60!324
3!067
NON-CURRENT LIABILITIES
Liabilities associated with non current assets held for sale
Total non-current liabilities125!227
77!570
81!721
76!067
69!493
73!751
Trade and other payables
32!875
29!117
32!831
25!253
39!007
48!696
Tax and social security liabilities
Non current financial liabilities
Derivative liabilities
Bank overdrafts and short-term borrowings
19!938
34!936
29!622
24!263
38!135
27!053
20!499
0
29!648
14!510
19!777
17!412
0
40!989
8!106
24!042
0
57!475
15!346
20!859
0
63!700
125!884
106!316
101!225
103!431
128!630
148!600
597 225
531 325
505 528
441 445
416 050
430 411
CURRENT LIABILITIES
- Cost of goods for resale sold
+ Non reccurent results
Attributable to the Group
Total current liabilities
399!138
381!434
4!003
Medium and long term borrowings and liabilities
Deferred tax liabilities
295!349
513!825
- Depreciation and amortisation
Profit
372!069
+ Production for own use and other
= Earnings before Interest, Depreciation and Amortization (EBITDA)
Group Reserves
516!650
550!067
EQUITY and LIABILITIES
EQUITY
Share capital
536!326
519!669
CURRENT ASSETS
Inventories
+ Changes in inventories of finished goods and work in progress
510!965
= Production
Available for sale investments
TOTAL EQUITY and LIABILITIES
EQUITY and LIABILITIES
Attributable to Minority Interests
44
45
Consolidated balance sheet
(in millions of CFA francs)
31 Dec 2013
ASSETS
Notes
31 Dec 2012
Gross value
Deprec.
/Prov.
Net value
Net value
66 323
-18 078
48 245
46 685
6.
0
0
0
0
7.
11 744
-4 523
7 222
4 489
7.
78 067
-22 600
55 467
51 175
Land and buildings
195 417
-102 664
92 753
85 236
Technical and industrial facilities
231 069
-143 828
87 242
76 110
Other fixed assets
28 762
- 8 540
20 222
9 971
Assets under construction
83 218
-1 826
81 392
72 155
538 466
-256 857
281 609
243 472
8.
Defered tax assets
2663
0
2663
2 554
12.
Investments in associates
1 172
0
1 172
1 135
9.
338
-271
68
68
10.
17 914
-122
17 792
7 271
11.
FIXED ASSETS
Intangible fixed assets
good will
Fixed asset costs
Other intangible assets
Tangible fixed assets
Financial assets
Shareholdings
Loans and other financial assets (inc.FNI, RCI)
22 087
-393
21 694
11 028
638 620
-279 850
358 770
305 675
curreent inventories of raw material,parts,components
66 040
-1 239
64 802
65 722
18.1
Finished goods inventories and work in progress
35 434
0
35 434
41 700
18.2
Inventories of good for reseale
10 699
-2 366
8 333
7 570
18.3
112 173
-3 605
108 568
114 991
TOTAL (I)
CURRENT ASSETS
Inventories and work in progress
Debtors and simmilar
Prepayments
11 869
-744
11 125
8 723
19.
Trade debtors
41 051
-5 986
35 065
44 401
20.
Other debtors
34 503
-5 672
28 831
15 157
21.
87 423
-12 403
75 021
68 282
199 597
-16 008
183 589
183 274
Cash equivalents
18 129
0
18 129
7 749
cash
34 122
0
34 122
33 023
52 251
0
52 251
40 773
2 615
0
2 615
870
TOTAL (II)
CASH AT BANK
TOTAL (III)
Deferred charges
translation adjustmen
TOTAL (IV)
TOTAL ASSETS
0
0
0
734
2 615
0
2 615
1 604
893 082
-295 857
597 225
531 325
22.
46
47
Consolidated Income Statement
Consolidated Balance Sheet (In millions of CFA francs)
(in millions of CFA francs)
OPERATING ACTIVITIES
EQUITY
31 Dec 2013
31 Dec 2012
Capital
4 003
4 003
182 877
165 714
Product sales
Sales of manufactured goods and services
Turnover
4 944
23 205
Movement in inventories and work in progress
191 823
192 922
Share capitalGroup share of consolidated reserves
Group share of profit
Group shareholders’interest
Minority interests’ share of reserves
Minority interests’ share of profit
Minority interests
Consolidated group equity
TOTAL (A)
135 386
118 835
18 905
35 682
154 291
154 517
346 114
347 439
Notes
Other income
EXPENSES
Borrowings and financial debts
Medium- and long-term loans
116 277
68 258
14.
Deferred tax liabilities
3 152
2 998
16.
Other provisions for liabilities and charges
5 795
6 312
15.
Provisions for liabilities and charges
Goodwill provisions
2
2
Financial and other liabilities
TOTAL (B)
125 227
77 570
TOTAL FUNDS
TOTAL (I) = (A) + (B)
471 341
425 009
17.
CURRENT LIABILITIES
2 915
4 197
23.
Trade creditors
32 875
29 117
24.
Tax and social security creditors
19 938
27 053
25.
Other operating liabilities
31 401
15 407
26.
TOTAL (II)
87 129
75 773
SHORT-TERMBORROWINGS
TOTAL (III)
38 135
29 648
Deferred income, eliminations and translation adjustments
TOTAL (IV)
621
895
597 225
531 325
Advances and deposits received
TOTAL Cash and cash equivalents
TOTAL (I)
Goods purchases
Movement in goods inventories
13.
27.
31 Dec 2013
31 Dec 2012
209 759
301 206
510 965
223 152
313 174
536 326
8 113
13 741
590
519 669
0
550 067
-552
313
-213
234
-268 910
-273 415
-14 226
-7 101
-92 131
-14 148
14 375
-375 278
-87 620
-14 867
14 382
-368 601
144 391
181 466
-63 720
80 670
-57 129
124 337
-34 066
-6 905
2 500
2 795
-35 677
-29 189
-9 408
6 785
4 994
-26 818
44 993
97 519
INCOME
Purchases of raw materials and other supplies
Movement in inventories of raw materials
and other supplies
External services
Taxes
Other operating income and cost
TOTAL (II)
CONTRIBUTION
Staff costs
GROSS OPERATING PROFIT
Amortisation, depreciation and provisions
Amortisation and depreciation
Provisions
Writebacks of amortisation and provisions
Reallocations
OPERATING PROFIT
TOTAL (I + II)
48
49
Consolidated Income Statement
(in millions of CFA francs)
CONSOLIDATED PROFIT
OPERATING PROFIT
BROUGHT FORWARD (III)
COMMON TRANSACTIONS
31 Dec 2013
31 Dec 2012
44 993
97 519
0
0
55
9
2 541
-23
Financial income
Interest and similar income
Other financial income
Financial charges
Interest and similar charges
Other financial charges
2 596
-14
-6 218
-5 382
151
-4 466
-6 067
-9 848
FINANCIAL LOSS
TOTAL (IV)
-3 471
-9 862
NET PROFIT BEFORE TAX
TOTAL (V = III + IV)
41 522
87 657
From capital transactions
252
4 042
Other exceptional income
577
474
Exceptional charges
829
4 516
0
-665
-1 234
-4 297
-1 234
-4 962
-405
-445
-13 794
-26 475
-1 399
-21
-15 192
-26 496
25 924
60 716
Exceptional income
On capital transactions
Other exceptional charges
TOTAL (VI)
EXCEPTIONAL ITEMS
Corporation tax
Deferred tax
TAX CHARGE
TOTAL (VII)
NET PROFIT
TOTAL (VIII = V + VI + VII
Share of income from associates
192
217
Amortisation and provisions on goodwill in subsidiaries and associates
-2 267
-2 046
NET CONSOLIDATED PROFIT
23 848
58 887
Minority interests
18 905
35 682
4 944
23 205
GROUP SHARE OF PROFIT
6.3
6.0
5.7
5.4
5.1
4.8
4.5
4.2
3.9
3.6
3.3
3.0
2.7
2.4
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0.0
€ / kg
US $ / kg
Prix vente trimestriel SIPH € / kg
Moyenne mobile 90 jours € / kg
Jan
2010
Mar
2010
May
2010
Jul
2010
Sep
2010
Nov
2010
Jan
2011
Mar
2011
May
2011
Jul
2011
Sep
2011
Nov
2011
Jan
2012
Mar
2012
May
2012
Jul
2012
Sep
2012
Nov
2012
Jan
2013
Mar
2013
May
2013
Jul
2013
Sep
2013
Nov
2013
Jan
2014
50
51
TREND IN MARKET PRICES OF CIF ROTTERDAM FOR CRUDE PALM OIL, USD/CFAF EXCHANGE RATE, LOCAL SELLING PRICE
OF CRUDE PALM OIL
Fr (CFA) 700 000
600 000
1400 USD / Fr (CFA)
443 388
1200
452 078
415 011
433 268
428 954
426 512
430 844
447 096 500 000
437 76
417 467
417 700
401 753
400 000
1000
800
916
846
862
851
839
846
853
826
823
906
853
300 000
814
200 000
600 493
492
506
504
506
497
501
493
491
481
486
Mar
2013
Apr
2013
May
2013
Jun
2013
Jul
2013
Aug
2013
Sep
2013
Oct
2013
Nov
2013
479 100 000
400
0
Jan
2013
Feb
2013
CIF ROTTERDAM
Dec
2013
52
53
54
55
56
57
50.0%
50.0%
NAUVU
27.06%
JV COMPANY
52.51%
25.5%
(Plantations) RCI
BRVM:
21.99%
PARME
44.22%
INVESTISSEMENT
51.5%
49.49%
Private:
50.44% (Refinery) RCI 0,07%
50.9%
CAIT : 48.9%
(Storage)SENEGAL Private: 0.02%
RCI
IMMORIV SA.
State of
Côte d’Ivoire: 23%
Terra: 25,5%
21.18%
55.6%
DIVERS PRIVES
7.55%
PRIVATE SHAREHOLDERS
20%
(FR) Paris Stock Exc: 24,4%
9.89%
68.06%
(RCI)
State of Ghana: 25%
60%
(GH)
100%
Cosmo Ltd
(Vessel)
BRVM: 12.05%
Private: 10%
NEWGEN: 15%
100%
(LB)
60%
THSP
(Storage) RCI
70.3%
(NG)
49.5% Wilmar Africa Ltd
50.5% (Refinery) GHANA
76.63%
BOPP
Private:
(Plantations) GHANA 23.27%
100%
16.3%
FILIVOIRE
33.8%
SIFCOM
ASSUR
(RCI)
(RCI)
(Plantations) LIBERIA
40.0%
(RCI)
Ondo State: 15%
Edo State: 7%
Delta State: 3.5%
Ogun State: 4.2%
58
59
31 Dec 2013
Company
Country
SIFCA SA
Côte d'Ivoire
SIPH
France
GREL
31 Dec 2012
Shareholding
Voting
rights
Consolidation
method
Shareholding
Voting
rights
Consolidation
method
100.00
100.00
MÈRE
100.00
100.00
MÈRE
55.60
55.60
IG
55.60
55.60
IG
Ghana
33.36
60.00
IG
33.36
60.00
IG
RENL
Nigeria
39.10
70.32
IG
39.10
70.32
IG
SAPH
Côte d'Ivoire
37.84
68.06
IG
37.84
68.06
IG
CRC
Liberia
55.60
100.00
IG
33.36
100.00
IG
PALMCI
Côte d'Ivoire
52.89
52,89
IG
52.89
52.89
IG
SANIA & Cie
Côte d'Ivoire
49.49
49.49
IP
49.49
49.49
IP
MARY PALM
Liberia
100.00
100.00
IG
100.00
100.00
IG
COSMO Shipping Ltd
Côte d'Ivoire
49.49
100.00
IP
49.49
100.00
IP
SENDISO
Senegal
25.19
50.90
IP
25.19
50.9
IP
THSP
Wilmar Africa Ltd
BOPP
Côte d'Ivoire
Ghana
Ghana
60.00
49.50
37.94
60.00
49.50
73.63
IG
IP
IP
60.00
NI
NI
60.00
NI
NI
IG
NI
NI
SUCRIVOIRE
Côte d'Ivoire
51.50
59.50
IG
51.50
59.50
IG
FILIVOIRE
SIFCOM Assur
ALIZE VOYAGES
Côte d'Ivoire
Côte d'Ivoire
Côte d'Ivoire
16.34
33.80
40.00
16.34
33.80
40.00
MEE
MEE
MEE
16.34
33.80
40.00
16.34
33.80
40.00
MEE
MEE
MEE
Rubber
Oil
Sugar
Services and miscellaneous
IG = FC = Full consolidation
MEE = EA = Equity accounting
Company
IP = PC = Proportional consolidation
NC = Not consolidated
SIFCA
PALMCI (1)
Amount
Net goodwill at 31.12.2012
46 685
- Amortisation of goodwill in the first half of the year (1)
(2 267)
+ Exchange rate differences
(777)
+ Other differences
(346)
+ Goodwill from changes in the consolidation scope (2)
4 950
Net goodwill at 31.12.13
48 245
Additions
Disposals
Transfers and changes
Gross closing
(+)
(-)
in consolidation scope
31.12.13
8 644
499
(72)
(8)
9 063
204 609
14 188
(16 652)
(11 515)
190 630
SANIA
19 752
956
(5 376)
4
15 337
SUCRIVOIRE (2)
90 526
13 305
(406)
0
103 425
262
24
(28)
-
258
CRC
GREL (4)
14 712
36 365
3 525
8 402
(758)
(714)
(14)
17 524
43 996
RENL
27 158
4 207
(1 261)
(1 903)
28 201
SAPH (3)
85 911
15 321
(68)
(1)
101 164
-
2 432
-
7 760
10 192
SIPH
In millions of CFA francs
Gross opening
Wilmar Africa Ltd (6)
-
853
(37)
2 210
3 026
Cosmo Shipping LTD
1 021
1
-
(41)
981
Mary Palm (5)
8 323
4 442
-
(490)
12 275
THSP
1 919
141
(24)
-
2 036
-
360
-
-
360
499 202
68 657
(24 682)
(4 711)
538 466
(255 731)
(31 660)
24 519
6 015
(256 857)
243 471
36 996
(163)
1 304
281 609
BOPP
Sendiso
Total Gross Value
- accumulated depreciation
Net tangible fixed assets
60
61
In millions of CFA francs
31 dec 2013
31 dec 2012
72
447
SIFCA
PALMCI
In millions of CFA francs
COMPANY
31 December 2013
31 December 2012
Share of net assets
before profit/(loss)
-Share of
profit/(loss)
Share of net assets
before profit/(loss)
-Share of
profit/(loss)
99
6
97
1
SIFCOM ASSUR
726
121
678
160
ALIZE VOYAGES
153
65
141
56
Subtotal
978
192
917
FILIVOIRE
Share of net assets
1 170
1 244
1 244
SANIA
226
226
SUCRIVOIRE
581
104
SIPH
62
62
CRC
-
GREL
18
18
RENL
12
13
SAPH
438
430
Cosmo Shipping LTD
1
1
Mary Palm
-
-
THSP
9
9
2 663
2 554
Total deferred tax assets
217
1 134
In millions of CFA francs
Consolidated net position at 31.12.12
Consolidated profit at 2013 (1)
Dividents paid
In millions of CFA francs
31 Dec 2013
31 Dec 2012
Other non equity securities (1)
3 016
3 016
Loans (3)
7 848
3 117
Other financial assets (2)
Total gross
Accumulated depreciation
Net fixed assets
7 050
1 212
17 914
7 345
(122)
(74)
17 792
7 271
+ or - other movements in capital
+ others movements
Consolidated net positon at 30.12.13
Group share
Minoriy
interests
Total
192 922
154 517
347 439
4 944
18 905
23 848
-6 000
-16 800
-22 800
889
-939
-50
-932
-1 392
-2 324
191 823
154 291
346 114
62
63
(1) Net consolidated Profit 2013
31.12.2013
30 017
Total profit before consolidation adjustments
-26 208
- Dividends received
-2 267
- Amortisation of goodwill and similar
-986
+ Net change in deferred tax assets and liabilities
Elimination of internal mark-ups on inventories /
19 060
intercompany profit (or loss) on asset sales
+ Other sundry consolidation restatements
4 233
23 848
18 905
Restated profit at 30.12.13
Minority interest
Group share of profit
4 944
31 Decembre 2013
Dividends received
Dividends paid
SIFCA
PALMCI
Group
Outside the
group
0
6 000
6 000
14 987
-
6 494
5 874
12 367
-
-
9 288
Total
Group Outside the
group
Total
14 987
SIPH
7 382
5 897
13 279
9 288
-
GREL
1 968
1 312
3 280
-
-
-
RENL
2 733
1 154
3 887
-
-
-
SAPH
SIFCOM ASSUR
FILIVOIRE
5 566
44
111
2 613
86
570
8 179
131
682
-
-
-
24 298
23 506
47803
24 275
-
24 275
Total
COMPANY
SIFCA (1)
PALMCI (2)
SANIA (7)
SUCRIVOIRE (3)
Société Internationale de Plantations d'Hévéas (4)
Cavalla Rubber Corporation
Ghana Rubber Estate Limited (5)
Rubber Estate Nigeria Limited (8)
Société Africaine de Plantations d'Hévéas
Wilmar Africa Ltd (6)
Total borrowings and financial debts
31 dec 2013
31 dec 2012
36 756
23 121
4 737
16 916
9 834
2 648
5 575
16 689
2 304
29 477
3 443
13 343
10 802
2 529
6 360
-
116 277
68 258
COMPANY (In millions of CFA francs)
31 Decembre 2012
Retirement benefits (1)
Others (2)
Total
Total
SIFCA
PALMCI
SANIA
SUCRIVOIRE
SIPH
GREL
RENL
SAPH
THSP
228
0
0
1 037
227
928
1 508
0
25
251
364
8
4
0
677
170
367
0
479
364
8
1 041
227
1 605
1 679
367
25
434
568
8
890
226
1 395
2 324
441
24
Total Other provisions for liabilities and charges
3 953
1 842
5 795
6 312
31.12.12 (for comparison)
3 860
2 451
6 312
COMPANY
31 Decembre 2013
31 Decembre 2012
SIFCA
PALMCI
SANIA
SUCRIVOIRE
SIPH
GREL
SAPH
THSP
COSMO
72
2 091
202
3
161
12
70
2 091
56
3
156
12
610
1
610
1
-
Total deferred tax liabilities
3 152
2 998
64
COMPANY In millions of CFA francs
SIFCA
PALMCI (2)
65
31 December 2013
31 December 2012
14
17 090
11
15 875
SANIA (1)
5 220
7 006
SUCRIVOIRE (4)
CRC
9 681
772
10 048
3 634
GREL
5 950
3 301
16 505
24 886
498
9 358
1 231
0
SAPH (3)
RENL
Wilmar Africa LTD
BOPP
342
0
Mary Palm
THSP
604
7
1 059
7
66 040
67 058
Gross inventory
- Impairment
-1 239
-1 336
Net raw materials and other supplies inventory
64 802
65 722
En tonnes
Works in progress (sugar cane crops)
Products manufactured in Zuénoula
Products manufactured in Borotou
TOTAL Products manufactured
Sugar imported
In millions of CFA francs
PALMCI
SANIA
SUCRIVOIRE
31 December 2013
31 December 2012
2 617
6 814
6 198
6 233
14 932
19 058
CRC
GREL
933
1 082
19
696
RENL
404
930
SAPH
Gross inventory
- Impairment
Net Intermediate and finished goods inventory
8 651
8 838
35 434
41 972
0
-273
35 434
41 699
31 December 2012
703 873
8 759
666 445
26 031
9 294
8 686
18 053
34 717
171
-
31 December 2013
31 December 2012
81
398
0
665
CRC
2 057
1 298
GREL
RENL
1 569
1 244
914
1 325
SAPH
4 085
3 409
Mary Palm
1 266
756
Gross inventory
10 699
8 367
- Impairment
Net goods inventory
-2 366
8 333
-797
7 570
SUCRIVOIRE
SIPH
In millions of CFA francs
31 December 2013
66
In millions of CFA francs
67
31 December 2013
31 December 2012
SIFCA
PALMCI
98
4 292
316
4 468
SANIA
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH
THSP
Sendiso
Mary Palm
707
1 779
1 543
1 261
597
316
640
0
1
634
819
1 489
575
516
104
353
442
0
0
385
11 869
-744
11 125
9 467
-744
8 723
Gross prepayments
- Impairment
Net prepayments
COMPANY
In millions of CFA francs
SIFCA
PALMCI (1)
SANIA (2)
SUCRIVOIRE
SIPH (3)
CRC
GREL
RENL
SAPH
THSP
TOTAL Trade debtors
31-12-12 (for comparison)
31 December 2013
31 December 2013
COMPANY
In millions of CFA francs
SIFCA
PALMCI
SANIA
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH
Wilmar Africa LTD
BOPP
Cosmo Shipping LTD
Mary Palm
THSP
Sendiso
TOTAL Other receivables
31-12-12 (for comparison)
Gross
4 477
8 682
3 796
178
1 160
295
3 231
11
6 949
3 741
100
1 830
16
36
34 504
19 878
- Impairment
(1 827)
(3 221)
(3)
(4)
(101)
(516)
(5 672)
(4721)
Net
2 650
5 461
3 793
178
1 156
194
3 231
11
6 433
3 741
100
1 830
16
36
28 832
15 157
31 December 2012
Net
1 323
5 941
547
289
709
722
3 924
8
986
679
30
15 157
31 December 2012
Gross
- Impairment
Net
net
407
10 386
9 840
1 393
14 523
25
42
4 401
34
41 051
48 843
(1 252)
(2 858)
(100)
(1)
(51)
(8)
(1 716)
(5 986)
(4 442)
407
9 134
6 982
1 292
14 522
25
(9)
(8)
2 685
34
35 065
44 401
572
10 245
14 674
902
15 420
(6)
(9)
2 602
44 401
COMPANY
In millions of CFA francs
31 December 2013
31 December 2012
Cash
equivalents
Cash
Total
Cash
equivalents
Cash
Total
12 620
-
2 776
1 129
15 396
1 129
-
2 268
4 204
2 268
4 204
SIFCA
PALMCI
-
4 227
4 227
-
2 135
2 135
5 509
5 854
2 923
5 854
8 432
7 749
1 388
12 869
1 388
20 619
CRC
-
1 810
1 810
-
899
899
GREL
RENL
-
782
7 239
782
7 239
-
2 557
5 818
2 557
5 818
SAPH
-
4 455
4 455
-
826
826
WAL
BOPP
MARY PALM
THSP
-
2 142
566
58
53
2 142
566
58
53
-
0
22
37
0
0
22
37
SENDISO
-
107
107
-
0
0
18 129
34 122
52 251
7 749
33 023
40 773
SANIA
SUCRIVOIRE
SIPH
TOTAL Cash and cash equivalents
68
In millions of CFA francs
SIFCA
PALMCI
SANIA
SUCRIVOIRE
SIPH
CRC
SAPH
Total Advances and deposits received
In millions of CFA francs
SIFCA
PALMCI
SANIA
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH
Cosmo Shipping LTD
Mary Palm
THSP
Total trade creditors
In millions of CFA francs
SIFCA
PALMCI (2)
SANIA (1)
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH
BOPP
Mary Palm
THSP
Total tax and social security liabilities
69
31 December 2013
0
3
2 359
355
133
0
65
2 915
31 December 2012
0
8
2 391
451
200
111
1 036
4 197
31 December 2013
1 298
6 616
3 612
7 503
3 458
1 103
2 224
500
5 928
77
514
40
32 875
31 December 2013
1 050
4 230
869
1 322
442
294
193
4 125
5 812
50
1 523
27
19 938
31 December 2012
995
5 727
3 605
8 007
2 131
467
862
635
6 221
0
430
38
29 117
31 December 2012
635
7 626
1 137
1 540
70
426
176
4 912
8 973
1 553
5
27 053
In millions of CFA francs
SIFCA
PALMCI (1)
SANIA
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH
Wilmar Africa Ltd (2)
BOPP
Cosmo Shipping LTD
Mary Palm
THSP
Sendiso
Total Other liabilities
31 December 2013
935
7 880
835
898
489
268
865
383
2 522
15 758
111
27
52
132
247
31 401
31 December 2012
804
7 969
675
1 027
923
163
685
558
2 472
0
0
0
128
3
0
15 407
In millions of CFA francs
31 December 2013
31 December 2012
0
5 030
7 716
0
5 025
1 514
11 628
2 100
6 772
0
1 265
0
17 330
20
0
0
0
9 341
0
0
21
0
19
0
1
38 135
0
0
29 648
SIFCA
PALMCI
SANIA (1)
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH (2)
BOPP
Cosmo Shipping LTD
Mary Palm
THSP
Sendiso
Total Short-term borrowings
70
71
COMPANY
31 Dec. 2013
Operating
In millions of CFA francs
(A)
31 Dec. 2012
Financial
Ordinary Exceptionnal Corporation
Goodwill Share of profit Profit/(loss)
activities
Items
tax amortisation of associates
(C )+(D)+
(B) (C )= (A) + (B)
(D)
(E)
(F)
(G) (E )+(F)+(G)
Profit/(loss)
SIFCA
(2 851)
(1 512)
(4 363)
12
(1 060)
-
(5 411)
(6 630)
PALMCI
15 214
(2 038)
13 177
340
(2 555)
(661)
10 301
22 886
SANIA
5 085
(1 228)
3 857
51
G (-814)
-
3 093
5 013
SUCRIVOIRE
6 824
(1 862)
4 962
(78)
H (-107)
(113)
4 665
5 294
SIPH
2 446
(328)
2 118
(11)
(2 242)
-
(135)
(2 517)
CRC
(3 666)
(705)
(4 371)
(743)
(1 311)
(238)
(6 663)
(3 602)
GREL
4 614
(356)
4 257
61
I (-281)
-
4 036
8 909
RENL
8 067
468
8 535
(43)
(2 488)
(327)
5 678
7 976
SAPH
18 160
(183)
17 977
16
(4 278)
(653)
13 061
22 401
Wilmar Africa Ltd
(7 704)
4 718
(2 986)
-
(0)
(265)
(3 251)
-
439
(385)
54
(16)
(39)
-
(0)
-
62
(60)
2
-
(0)
-
1
1
(1 680)
2
(1 678)
-
-
-
(1 678)
(1 080)
28
(2)
25
6
(18)
(10)
3
17
(43)
-
(43)
-
-
-
(43)
-
44 993
(3 471)
41 522
(405)
(15 192)
(2 267)
23 657
58 670
BOPP
Cosmo Shipping LTD
Mary Palm
THSP
SENDISO
TOTAL full consolidated companies
FILIVOIRE
-
-
6
6
1
SIFCOM ASSUR
-
-
121
121
160
ALIZE VOYAGES
-
-
TOTAL associates
65
65
56
192
192
217
58 887
TOTAL profit /(loss) Dec 2013
44 993
(3 471)
41 522
(405)
(15 192)
(2 267)
192
23 848
TOTAL profit /(loss) Dec 2012
97 519
(9 862)
87 657
(445)
(26 496)
(2 046)
217
58 887
SIFCA (1)
PALMCI (2)
SANIA
SUCRIVOIRE
SIPH (1)
CRC
GREL
RENL
SAPH (3)
Wilmar Africa Ltd (4)
BOPP
COSMO SHIPPING Ltd
Mary Palm
THSP
COSMO SHIPPING Ltd
Alizé Voyages
Filivoire
SIFCOM ASSUR
TOTAL
Social net
Result
Contributory
result
% contributory
10 741
11 030
5 524
4 140
(8 309)
(5 114)
4 036
6 004
13 707
(16 600)
1 397
(1 678)
13
(104)
15
732
191
25 726
(5 411)
10 301
3 093
4 665
(135)
(6 663)
4 036
5 678
13 061
(3 251)
1
(1 678)
3
(43)
6
121
65
23 848
-22,69
43,19
12,97
19,56
-0,57
-27,94
16,93
23,81
54,77
-13,63
0,00
0,01
-7,04
0,01
-0,18
0,02
0,51
0,27
100,00%
Oil
Rubber
Sugar
Others
TOTAL
2013
227 076
229 326
53 144
1420
510 965
2012
225 776
264 449
44 463
1637
536 325
44,44%
44,88%
10,40%
0,28%
100%
Turnover by division
In millions of CFA francs
Share in turnover
Turnover by division (%)
10% Sucre 10% Sugar
45% Oléagineux
45% Oil
Oil
Sugar
Rubber
Other
0% Other
45% Hévéa
45% Rubber
72
In millions of CFA francs
SIFCA
PALMCI
SANIA
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH
WAL
BOPP
Cosmo Shipping LTD
Mary Palm
THSP
Sendiso
Total External services
73
31 December 2013
31 December 2012
-6 166
-22 304
-7 311
-8 338
-5 328
-2 309
-8 866
-5 593
-14 840
- 9 730
-166
-189
-827
-6 426
-27 033
-7 710
-8 116
-4 883
-1 945
-9 195
-7 081
-14 677
0
-421
-46
-117
-47
-88
0
-92 131
-87 620
31 December 2013
In millions of CFA francs
SIFCA
PALMCI
31 December 2012
-409
-1 981
-966
-725
-572
-57
0
-356
-9 693
0
0
-37
-21
-52
0
-14 867
Amount
%
-4 236
-17 767
6,6%
27,9%
-3 603
-17 045
6,3%
29,8%
-3 050
4,8%
-2 806
4,9%
SUCRIVOIRE
SIPH
-9 622
-1 391
15,1%
2,2%
-8 912
-2 267
15,6%
4,0%
CRC
-2 871
4,5%
-2 597
4,5%
GREL
RENL
-2 330
-4 831
3,7%
7,6%
-2 008
-4 079
3,5%
7,1%
SAPH
-15 095
23,7%
-12 858
22,5%
-552
-213
-1 676
-87
0,9%
0,3%
2,6%
0,1%
0
-218
-630
-107
0,0%
0,4%
1,1%
0,2%
0
0
0,0%
0,0%
0
0
0,0%
0,0%
-63 720
100%
-57 129
100%
BOPP
Cosmo Shipping LTD
Mary Palm
THSP
Total Staff costs
31 December 2013
-411
-2 452
-447
-834
-235
-167
0
-405
-9 060
0
0
-3
-57
-62
-14
-14 148
%
SANIA
Sendiso
WAL
In millions of CFA francs
SIFCA
PALMCI
SANIA
SUCRIVOIRE
SIPH
CRC
GREL
RENL
SAPH
Wilmar Africa LTD
BOPP
Cosmo Shipping LTD
Mary Palm
THSP
Sendiso
Total corporation and other taxes
31 December 2012
Amount
Management
Supervisors
W/E
Total
permanent
Total
tempory
Combined
Total
78
63
47
177
76
403
201
643
0
6 740
201
7 383
SANIA
75
213
103
391
0
391
SAPH
RENL
149
66
145
0
4 056
2 003
4 350
2 069
1 951
0
6 301
2 069
COMPANY
SIFCA SA
SUCRIVOIRE
13
2 461
0
2 474
0
2 474
GREL
SIPH
101
22
0
0
453
0
554
22
2 800
0
3 354
22
PALMCI
182
490
7 702
8 374
0
8 374
Total staff at 31.12.13
749
3 533
14 796
19 078
11 491
30 569
Total staff at 31.12.12
620
1 194
14 102
15 916
14 022
29 938
CRC/MOPP
74
In millions of CFA francs
BOPP
COSMO
CRC
FILIVOIRE
GREL
PALMCI
RENL
SANIA
SAPH
SIFCA
SIFCOM ASSUR
SIPH
SUCRIVOIRE
THSP
WAL
TOTAL
75
31 December 2013
Deferred
taxes
-9
Current
taxes
- 30
- 1 311
Income tax
expences
- 39
31 December 2012
Deferred
taxes
Current
taxes
Income tax
expences
- 757
- 7 113
- 3 138
- 757
- 7 221
- 3 452
+ 97
- 7 333
- 1 354
- 1 311
- 281
- 2 555
- 2 084
- 668
- 4 286
- 1 060
- 281
- 2 555
- 2 488
- 814
- 4 278
- 1 060
- 108
- 314
+ 97
+ 255
-6
+ 469
- 2 236
- 576
- 18
- 2 242
- 107
- 18
+ 62
- 20
+9
- 5 540
- 985
- 5 478
- 1 005
+9
- 1 399
- 13 794
- 15 193
- 19
- 26 475
- 26 494
- 404
- 146
+8
- 7 588
- 1 354
Op. Rate
Aver. Rate. N-1
C. Rate
Aver.Rate
Francs CFA BCEAO
1,00000
1,00000
1,00000
1,00000
Euro
655,957
655,957
655,957
655,957
Naira
Cedi (GHS)
3,17989
260,70387
3,23893
277,90078
2,98680
201,95285
3,13200
240,63868
Dollar US
496,38057
510,15477
476,50516
493,94352
76
77
78
79
The SIFCA Group
Ivory Coast Corporate Analysis
Financial data:
(US$’m comparative)
31/12/11
FCFA/US$ (avg.)
FCFA/US$ (close)
Total assets
Total debt
Total capital
Cash & equiv.
Turnover
EBITDA
NPAT
471.5
507.3
896.5
169.4
536.2
129.2
1,095.8
338.4
213.6
Market share
Market cap
31/12/12
510.5
495.9
968.2
197.4
597.4
82.2
1,050.6
243.6
114.9
n.a.
n.a.
Rating history:
Initial rating (11/2006)
Long term: A-(CI)
Short term: A2(CI)
Rating outlook: Stable
Last rating (11/2012)
Long term: A(CI)
Short term: A1(CI)
Rating outlook: Stable
Related methodologies/research:
GCR’s criteria for rating corporate entities,
August 2013
The SIFCA Group (“Sifca”) reports
(2006-2012)
GCR contacts:
December 2013
Rating rationale
The rating is based on the following key factors:
• Sifca is a leader in the West African agricultural industry, with its
strength in rubber production (and sugar cultivation to a lesser extent)
now augmented by a substantial position in palm cultivation,
processing and manufacture of finished products.
• The group has actively pursued diversification into neighbouring
countries, thereby reducing exposure to the Ivorian economy.
• Olam and Wilmer (leading global palm oil producers and marketers
respectively) have become material shareholders in the group. This has
driven improved management depth, information & reporting,
transparency and corporate governance. Furthermore, Olam and
Wilmer have brought significant benefit to the palm businesses in
terms of expertise and best practice, which have begun to yield
productivity and efficiency benefits.
• Despite active investment activity over recent periods, Sifca reports
comfortable levels of debt and gearing, with net gearing of 15%
(FYE12: 19%) and net debt to EBITDA of 35% at 1H F13 (FYE12:
46%). Strong revenue growth and profit margins have seen a sharp rise
in earnings, outpacing interest charges. Debt serviceability has thus
been sound, with net interest cover well above historical levels at 21.8x
in 1H F13 (F12: 9.9x).
• Sifca reports competitive advantages in that it owns significant
biological assets and its labour costs are globally competitive.
However, most raw materials are still purchased from outgrowers,
rendering it susceptible to quality and price fluctuations. In terms of
final products, Sifca is subject to movements in global rubber, palm oil
and sugar prices, as well as to fluctuations in the CFA/US$ exchange
rate (with its commodities priced in US$s).
• Despite its presence in Ghana, Liberia and Nigeria, the group remains
exposed to the Ivorian economy and political situation, which in the
recent past has negatively impacted the group. While stability over the
past two years has underpinned a booming economy, the lead up to the
2015 elections and the elections themselves will test the country’s
stability and democracy. Adverse changes to tax laws in Ivory Coast
have also been noted, impacting the rubber business in particular.
Factors that could trigger a rating action may include:
Positive change: Sifca is expected to see capex reduce and focus
placed on capacity utilisation and efficiency improvements. Should
this occur, and translate to improved earnings, this would improve
credit risk measures and the group’s credit strength.
Negative change: Further large and unexpected capex could drive
increased borrowings and a deterioration in credit protection metrics,
which could adversely impact on the ratings. Other negative rating
movement factors include sustained reductions in realised palm oil
and/or rubber prices, as well as adverse socio-political developments.
80
81
Holding
SIFCA SA
l’étalon des performances, la sécurité des investissements
COMMUNIQUÉ DE PRESSE
:
WARA affirme la notation du Groupe SIFCA, premier
employeur privé de Côte d’Ivoire, à AAbidjan, le 11/06/14 — West Africa Rating Agency
(WARA) affirme aujourd’hui la notation du Groupe
SIFCA . Sur l’échelle régionale de WARA, la notation de
long terme de SIFCA est « A- », en grade
d’investissement, et sa notation de court terme est de «
w-3 ». Cette note reflète la position de leader de SIFCA
sur son marché domestique, ainsi que sa situation
financière saine. La perspective attachée à ces notations
est stable.
Simultanément, sur son échelle internationale, WARA
assigne à SIFCA une notation de iB+/Stable/iw-5.
WARA affirme aussi la notation de l’emprunt obligataire
en cours et dont la date de maturité est juillet 2021,
à A-/Stable/w-3.
Les notations de SIFCA restent tributaires du maintien
de sa position de marché et de la relative stabilité des
cours du SICOM et du CPO CIF ROTTERDAM,
indices déterminant le prix de marché du caoutchouc
naturel et de l’huile de palme. En effet, l’évolution des
cours mondiaux des matières premières affectent
directement la majeure partie du chiffre d’affaires de
SIFCA, de manière exogène. WARA justifie les
notations de SIFCA et la perspective qui leur est
attachée par le fait qu’il sera difficile à la concurrence de
mettre à mal la position concurrentielle de SIFCA sur
son marché domestique. Par conséquent, les avantages
compétitifs de SIFCA sur son marché, sa maîtrise de la
chaîne de valeur dans les secteurs du caoutchouc naturel,
de l’huile de palme et du sucre, ainsi que sa solidité
financière sont les trois facteurs déterminants pour la
notation de SIFCA. Ce sont ces mêmes facteurs qui
conditionneront la capacité de SIFCA à s’adapter à
l’éventuelle volatilité des cours du caoutchouc naturel et
de l’huile de palme, dont elle reste en définitive
tributaire.
sucre » ajoute monsieur Tiendrébéogo
Fondée en 1964 à Abidjan, SIFCA occupe une place
particulière dans le secteur agro-industriel ouestafricain. SIFCA est en effet le premier employeur
privé de Côte d’Ivoire, fort de plus de 29 000 salariés
(dont 20 000 en Côte d’Ivoire), son chiffre d’affaires
s’élève à 511 milliards de francs CFA en 2013. «
SIFCA produit 140 000 tonnes de caoutchouc naturel
(dont 100 000 tonnes en Côte d’Ivoire) et 300 000
tonnes d’huile de palme raffinée par an, ce qui en fait
l’acteur de référence de ces filières sur le marché
domestique ivoirien ; cette capacité de production
grandissante constitue un facteur important de
notation » ajoute Landry Tiendrébéogo.
Une amélioration de la notation de SIFCA
dépendra: i) d’une amélioration des processus
industriels et de gestion visant à réduire les coûts de
production ; ii) de la concrétisation des plans
d’investissement nécessaires pour moderniser et/ou
augmenter les capacités de production actuelles des
différentes filiales ; iii) de l’augmentation de la surface
de plantation détenue en propre pour une meilleure
rentabilité et une meilleure qualité du produit fini, en
Côte d’Ivoire ou dans d’autres pays ; et iv) du
développement de produits finis oléagineux portés par
une ou plusieurs marques fortes sur le marché régional
à même de mieux cristalliser les marges de cette filière.
Une détérioration de la notation de SIFCA serait la
conséquence : i) d’une nouvelle crise politique
impactant la Côte d’Ivoire ; ii) de la perte de parts de
marché de SIFCA sur ses marchés domestiques,
régionaux et internationaux, selon les filières ; iii) de la
baisse significative et durable des cours du SICOM
pour le caoutchouc naturel et du CPO CIF Rotterdam
pour l’huile de palme; ou iv) de retards rédhibitoires
en matière d’investissements destinés à moderniser
et/ou à augmenter les capacités de production.
A titre de référence, WARA estime que la probabilité
31 Dec 11
6!463
13!719
CFA millions
USD thousand
11!146
22!566
9!066
17!770
Net profit
CFA millions
10!741
12!806
6!606
Equity
USD thousand
CFA millions
21!746
91!727
25!102
86!986
14!023
78!181
USD thousand
192!500
175!241
154!327
Financial Debt
CFA millions
USD thousand
36!765
77!155
2!304
4!642
7
14
Total Balance sheet
CFA millions
USD thousand
133!277
279!697
98!497
198!430
96!349
190!192
31 Dec 13
31 Dec 12
31 Dec 11
131!280
265!778
162!514
318!558
156!415
332!023
Palm (plantation)
PALMCI
WARA affirme la note de
SIFCA à A-/Stable/w-3
31 Dec 12
Turnover
Notation Financière SIFCA
« La notation de contrepartie de SIFCA ne bénéficie
d’aucun facteur de support externe » précise Landry
Tiendrébéogo, l’analyste principal en charge, pour
WARA, de la notation du Groupe SIFCA. «
Toutefois, l’opinion de WARA quant à la solvabilité
de SIFCA tient compte des bénéfices multiples que
retire le Groupe des relations étroites qu’il entretient
avec ses actionnaires stratégiques, Wilmar et Olam
dans l’huile de palme, mais aussi, dans une certaine
mesure, Michelin dans le caoutchouc et Terra dans le
31 Dec 13
d’occurrence des scénarios favorables est supérieure à
celle des scénarios défavorables à moyen terme, ce qui
signifie en d’autres termes, que la notation actuelle de
SIFCA contient davantage de possibilités de
rehaussement que de risques d’abaissement.
Turnover
CFA millions
USD thousand
Net profit
CFA millions
11!030
24!160
29!346
La méthodologie que WARA utilise pour la notation du
Groupe SIFCA est la méthodologie de notation des
entreprises industrielles et commerciales, publiée le 15
juillet 2012, et disponible sur le site Internet de WARA
(www.rating-africa.org).
Equity
USD thousand
CFA millions
22!331
84!291
47!357
85!628
62!293
68!426
USD thousand
176!895
172!505
135!071
Financial Debt
CFA millions
USD thousand
27!333
57!361
33!938
68!370
47!007
92!791
Total Balance sheet
CFA millions
USD thousand
139!337
292!414
146!035
294!199
149!215
294!549
31 Dec 13
31 Dec 12
31 Dec 11
Les sources d’information utilisées par WARA pour la
conduite de la notation du Groupe SIFCA sont
principalement les informations privatives obtenues lors
des échanges avec le management de SIFCA et de ses
filiales, au cours du mois d’avril 2014. Ces informations,
couplées à des sources publiquement disponibles, sont
considérées par WARA comme pertinentes et
suffisantes pour la conduite de la notation du Groupe
SIFCA.
Enfin, WARA précise que la notation de SIFCA est
sollicitée et participative, c’est-à-dire qu’elle fait suite à
une requête en notation de la part de SIFCA, et que
l’équipe dirigeante du Groupe a pris une part active aux
échanges avec les équipes analytiques de WARA.
La note du Groupe SIFCA de « A- » est donc 3 crans
au-dessus de la note acceptée par le CREPMF pour
émettre sans garantie.
Le rapport de notation complet est
disponible sur demande par mail à
l’adresse infos@rating -africa.org
Contacts
Analyste principal
Landry TIENDREBEOGO
Fixe : + 225 22 50 18 44
+ 221 33 825 72 22
Mobile : + 226 70 66 06 12
E mail : landry.tiendrebeogo@ rating-africa.org
Palm (plantation)
BOPP
Turnover
GHC thousand
USD thousand
35!438
17!265
0
0
0
0
Net profit
GHC thousand
4!671
0
0
Equity
USD thousand
GHC thousand
2!275
42!526
0
0
0
0
USD thousand
18!023
0
0
Financial Debt
GHC thousand
USD thousand
0
0
0
0
0
0
Total Balance sheet
GHC thousand
USD thousand
44!691
18!941
0
0
0
0
31 Dec 13
31 Dec 12
31 Dec 11
Palm (plantation)
MOPP
Turnover
USD thousand
USD thousand
0
0
0
0
0
0
Net profit
USD thousand
-3!398
-2!116
-1!442
Equity
USD thousand
USD thousand
-3!398
-7!315
-2!116
-3!917
-1!442
-1!801
USD thousand
-7!315
-3!917
-1!801
Financial Debt
USD thousand
USD thousand
37!582
37!582
0
0
0
0
Total Balance sheet
USD thousand
USD thousand
34!882
34!882
24!816
24!816
14!147
14!147
82
83
Vegetable oil
SANIA
31 Dec 13
31 Dec 12
31 Dec 11
217!877
441!096
274!927
538!908
219!558
466!056
Turnover
CFA millions
USD thousand
Net profit
CFA millions
5!524
12!510
-2!890
Equity
USD thousand
CFA millions
11!183
64!200
24!521
62!676
-6!134
50!166
USD thousand
134!730
126!266
99!027
Financial Debt
CFA millions
USD thousand
9!577
20!098
6!963
14!027
5!024
9!918
Total Balance sheet
CFA millions
USD thousand
117!863
247!350
126!802
255!453
110!243
217!619
31 Dec 13
31 Dec 12
31 Dec 11
Vegetable oil
WILMAR AFRICA Ltd
Sugar
SUCRIVOIRE
31 Dec 13
31 Dec 12
31 Dec 11
53!144
107!592
44!472
87!175
35!866
76!133
Turnover
CFA millions
USD thousand
Net profit
CFA millions
4!140
5!563
5!507
Equity
USD thousand
CFA millions
8!381
41!159
10!904
37!019
11!691
31!456
USD thousand
86!376
74!577
62!094
Financial Debt
CFA millions
USD thousand
16!916
35!501
13!343
26!880
6!124
12!088
Total Balance sheet
CFA millions
USD thousand
73!236
153!695
66!857
134!689
56!529
111!588
Rubber
SIPH Holding
31 Dec 13
31 Dec 12
31 Dec 11
Turnover
GHC thousand
USD thousand
368!880
179!711
0
0
0
0
Turnover
Thousands of Euro
USD thousand
360!531
478!785
404!456
520!050
408!528
568!835
Net profit
GHC thousand
-68!982
0
0
Net profit
Thousands of Euro
-15!884
54!749
50!544
Equity
USD thousand
GHC thousand
-33!607
-105!555
0
0
0
0
Equity
USD thousand
Thousands of Euro
-21!094
71!810
70!396
107!915
70!378
93!623
USD thousand
-44!736
0
0
USD thousand
98!853
142!608
121!228
Financial Debt
GHC thousand
USD thousand
224!733
95!247
0
0
0
0
Financial Debt
Thousands of Euro
USD thousand
12!811
17!635
16!181
21!383
19!560
25!328
Total Balance sheet
GHC thousand
USD thousand
278!540
118!051
0
0
0
0
Total Balance sheet
Thousands of Euro
USD thousand
126!853
174!625
161!363
213!238
155!645
201!537
31 Dec 13
31 Dec 12
31 Dec 11
0
0
0
0
0
0
Turnover
CFA millions
USD thousand
Net profit
Equity
Vegetable oil
SENDISO
Turnover
CFA millions
USD thousand
Net profit
CFA millions
-104
0
0
Equity
USD thousand
CFA millions
-211
896
0
10
0
0
Rubber
SAPH
31 Dec 13
31 Dec 12
31 Dec 11
155!621
315!058
172!962
339!039
194!549
412!969
CFA millions
13!707
21!071
45!628
USD thousand
CFA millions
27!750
73!865
41!304
68!337
96!855
84!895
USD thousand
1!880
20
0
USD thousand
155!015
137!670
167!582
Financial Debt
CFA millions
USD thousand
0
0
0
0
0
0
Financial Debt
CFA millions
USD thousand
0
1
0
0
188
372
Total Balance sheet
CFA millions
USD thousand
2!049
4!300
10
20
0
0
Total Balance sheet
CFA millions
USD thousand
108!085
226!828
98!076
197!582
107!690
212!579
31 Dec 13
31 Dec 12
31 Dec 11
498
1!009
521
1!021
388
823
Vegetable oil
THSP
Turnover
CFA millions
USD thousand
Net profit
CFA millions
13
19
1
Equity
USD thousand
CFA millions
27
451
37
438
2
419
USD thousand
947
883
828
Financial Debt
CFA millions
USD thousand
0
0
0
0
0
0
Total Balance sheet
CFA millions
USD thousand
675
1!416
714
1!438
615
1!214
Rubber
GREL
31 Dec 13
31 Dec 12
31 Dec 11
Turnover
Thousands of Euro
USD thousand
39!652
52!657
48!074
61!813
48!539
67!586
Net profit
Thousands of Euro
6!154
13!582
18!361
Equity
USD thousand
Thousands of Euro
8!172
45!789
17!464
44!636
25!566
44!054
USD thousand
63!034
58!985
57!043
Financial Debt
Thousands of Euro
USD thousand
4!036
5!556
11!922
15!754
4!309
5!579
Total Balance sheet
Thousands of Euro
USD thousand
73!212
100!784
61!911
81!814
54!316
70!331
84
85
Rubber
RENL
31 Dec 13
31 Dec 12
31 Dec 11
8!120
51!485
9!431
59!877
11!652
75!556
Turnover
NGN millions
USD thousand
Net profit
NGN millions
1!922
2!562
4!278
Equity
USD thousand
NGN millions
12!186
7!963
16!266
7!158
27!738
8!596
USD thousand
49!913
45!854
53!901
Financial Debt
NGN millions
USD thousand
1!867
11!701
2!000
12!812
2!000
12!541
Total Balance sheet
NGN millions
USD thousand
12!159
76!217
11!835
75!816
13!787
86!455
31 Dec 13
31 Dec 12
31 Dec 11
21!971
21!971
Rubber
CRC
Turnover
USD thousand
USD thousand
13!689
13!689
10!061
10!061
Net profit
USD thousand
-10!694
-6!502
1!580
Equity
USD thousand
USD thousand
-10!694
-11!890
-6!502
-1!196
1!580
5!306
USD thousand
-11!890
-1!196
5!306
Financial Debt
USD thousand
USD thousand
46!036
46!036
28!559
28!559
15!770
15!770
Total Balance sheet
USD thousand
USD thousand
38!925
38!925
37!769
37!769
29!809
29!809
86
87
88
89
90
91
92
93
94
95
96
97
Designed by
(+225) 09 33 26 21
[email protected]
96
Siège Abidjan, boulevard du Havre
01 B.P. 1289 Abidjan 01
Tél. :
+ 225 21 75 75 75
Fax :
+ 225 21 25 45 65
Email : [email protected]
www.groupesifca.com