AlphaMena Corporate Services - Societe Generale Industrielle de Filtration S.A. (GIF) 2015: a year to forget

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AlphaMena Corporate Services

EUR 236.14 For Business Accounts Only

2015: a year to forget

GIF Filter posted its Q4 2015 figures, showing a 2.47% decrease to TND12.077M vs.TND12.384M, a year ago. The domestic market showed a drop of 9.81% to TND9.445M. However, export sales increased significantly by 37.75% to reach TND2.632M. Furthermore, production was up by 4.61%, yoy. Investments engaged during 2014 amounted to TND2.622M, a 74.4% increase, oriented mainly to the acquisition of transport equipment and industrial materials related to the fourth upgrade plan.

21/01/2016 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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A good Q1

GIF Filter posted its figures for the first quarter of the year, showing a 20.7% revenue increase to TND3.855m vs. TND3.193m a year ago. The domestic market showed an improvement of 16.5% to TND2.792m. The export sales jumped by 33.5% to reach TND1.062m. Furthermore, the production was down by 19.5%, yoy. The investments engaged during the first three months of the year amounted to TND0.552m vs. an investment of TND0.122m by the end of March 2016, oriented mainly to the acquisition of transport and industrial equipment linked to a pleating production line as part of the upgrade program.

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2015: a year to forget

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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