AlphaMena Corporate Services - Societe Generale Industrielle de Filtration S.A. (GIF) 2015, a tough year ahead

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AlphaMena Corporate Services

EUR 236.14 For Business Accounts Only

2015, a tough year ahead

After a good start to the year, H1 2015 results published by GIF are disappointing. Revenues were down by -7.18% to TND6.224M vs. TND5.777M a year ago. This decrease can be explained by the local activity decline (-11.4%). However, the export business went up by 17.85% to TND1.058M vs. TND0.898M a year earlier. Production decreased by -10.54% as a result of the disturbances recorded at the production level during the installation of the new machines as part of the upgrade program.

10/09/2015 2 EN

Underlying

Societe Generale Industrielle de Filtration S.A.

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TN0007130016 Tunis Stock Exchange Tunisia

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AlphaMena Corporate Services

AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

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2015, a tough year ahead

Clearer sky

Moody's: BNP Paribas and Societe Generale will continue to feel pinch from ultra-low interest rates, but geographic and business diversification will help to offset pressures on profitability

A good Q1

Resilient despite the turmoil

Tough year but better long term perspectives (Jordan Ahli Bank)

A boost is needed

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