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masque ppt Coface - PowerPoint

VIEWS: 19 PAGES: 70

									Risk Underwriting
                         04 04 2011



    Olivier FOULONNEAU

2   Aman Union
Agenda


           Country risk analysis
           Sectorial ratings
           Corporate risk evaluation



3   Aman Union
Part 1

           Country risk analysis




4   Aman Union
Country @rating

    ● A measure of the average level of short-term non-payment risk
      associated with companies in 165 countries


    ● Threefold expertise developed by Coface

         Macroeconomic     expertise in assessing country risk

         Expertise   in business environment

         Microeconomic     expertise



5    Aman Union
                                                    Country
                                                    @rating

                                                                                          Companies’
                                                            Economic, financial,
                      Business climate                                                      payment
                                                           and political prospects
                                                                                           behaviour


                              Institutional                                    Foreign exchange
       Coface experience                      Growth vulnerability
                              environment                                     liquidity-crisis risk




         Quality and                          Sovereign financial             Banking sector’s
        availability of                          vulnerability                   fragilities
    financial information


     Creditor protection,
       debt collection                             External                        Political
         efficiency                            overindebtedness                 vulnerabilities




6    Aman Union
Sources of information

    ● IMF, World Bank, regional financial institutions reports
    ● IMF, World Bank, OECD statistics
    ● Private institutions reports : Institute of International Finance,
      Economist Intelligence Unit
    ● International private banks reports
    ● Political, economic or financial studies written by experts
    ● World press (Financial Times, Wall Street Journal, Le Monde)
    ● Internet
    ● Credit insurance data (Coface, Berne Union)


7    Aman Union
7 levels scale
    ● A1 to A4 for the lowest risks
         A1  : The political and economic situation is very good. A quality business
           environment has a positive influence on corporate payment behaviour.
           Corporate default probability is very low on average

         A2   : The political and economic situation is good. A basically stable and
           efficient business environment nonetheless leaves room for improvement.
           Corporate default probability is low on average

         A3:   Changes in generally good but somewhat volatile political and
           economic environment can affect corporate payment behaviour. A basically
           secure business environment can nonetheless give rise to occasional
           difficulties for companies. Corporate default probability is quite acceptable
           on average

         A4:  A somewhat shaky political and economic outlook and a relatively
           volatile business environment can affect corporate payment behaviour.
           Corporate default probability is still acceptable on average

8    Aman Union
7 levels scale
    ● B, C and D for the highest risks

         B:  Political and economic uncertainties and an occasionally difficult
           business environment can affect corporate payment behaviour. Corporate
           default probability is appreciable

         C:  : A very uncertain political and economic outlook and a business
           environment with many troublesome weaknesses can have a significant
           impact on corporate payment behaviour. Corporate default probability is
           high

         D:  A high-risk political and economic situation and an often very difficult
           business environment can have a very significant impact on corporate
           payment behaviour. Corporate default probability is very high



9    Aman Union
                                   COFACE EXPOSURE
                                       (base 100 : Tunisia 2001)

        250

        200

        150

        100

         50

           0
                  2001   2002   2003     2004   2005   2006     2007    2008   2009   2010

                                          Morocco   Algeria   Tunisia



10   Aman Union
TUNISIA
           Population                         GDP

                       10 (million)                 40 (US$ billion)



                       Rating                     Business climate
                       country                         rating
                           A4                              A4




          Strengths                                                    Weaknesses


          Geographic position                                         Weight of agriculture and public sector

          Natural resources                                           Unemployment

          Integration into international organisations                Social and geographical inequalities

          Skilled workforce                                            Political uncertainties

                                                                       Need for improvement in business climate


11   Titre de la présentation power point
     Aman Union
         Risk assessment


                   Political uncertainty with many social and economic challenges




                   Activity dependent on changes in the political situation



                   Deterioration of twin deficits




12   Aman Union
13
Aman Union
              Ja
                  n




                              50
                                   100
                                         150
                                               200
                                                     250
                                                               300




                          0
              Ju -9
                  l 7
              Ja y 97
                  n
              Ju -9
                  l 8
              Ja y 98
                  n
              Ju -99
                  l
              Ja y 9
                  n 9
              Ju -00
                  l
              Ja y 0
                  n 0
                                                     Tunisia
                                                               WORLD




              Ju -01
                  l
              Ja y 01
                  n
              Ju -0
                  l 2
              Ja y 02
                  n
              Ju -0
                  l 3
                                                                       PAYMENT INCIDENTS INDEX




              Ja y 03
                  n
              Ju -0
                      4
             ja l y 0
                nv 4
               ju -05
                  ly
               ja 05
                  n
               ju -06
                  ly
               ja 06
                  n
              Ju -07
                  ly
               ja 07
                  n
              Ju -0
                  ly 8
               ja 08
                  n
              ju -0
                 ly 9
             ja -0
                nv 9
              ju -1
                                                                       (12 months moving average - base 100 : World 1995)




                 ly 0
               ja -10
                  n-
                     11
MOROCCO

         Population                     GDP

                  32 (million)                92 (US$ billion)


                  Rating                  Business climate
                  country                      rating
                     A4                              A4




         Strengths                                               Weaknesses

      Natural resources                                    Dependence on agriculture

      Geographic position                                  Lack of productivity and competitiveness

      Diversification of production                        Poverty and unemployment

      Macroeconomic stability policy                       Vulnerability to possible terrorist attacks

      Political stability




14   Aman Union
          Risk assessment


                  Economy still dependent on the farm sector and the European Union



                   Strengthened public finances and moderate foreign debt



                   Political stability, but challenges on social issues




15   Aman Union
16
Aman Union
              Ja
                  n




                              50
                                   100
                                         150
                                               200
                                                     250
                                                               300




                          0
              Ju -9
                  l 7
              Ja y 97
                  n
              Ju -9
                  l 8
              Ja y 98
                  n
              Ju -99
                  l
              Ja y 9
                  n 9
              Ju -00
                  l
              Ja y 0
                  n 0
              Ju -01
                  l
              Ja y 01
                  n
              Ju -0
                  l 2
                                                           WORLD




              Ja y 02
                  n
              Ju -0
                  l 3
                                                                     PAYMENT INCIDENTS INDEX




              Ja y 03
                  n
              Ju -0
                      4
             ja l y 0
                nv 4
               ju -05
                  ly
                                                           Morocco




               ja 05
                  n
               ju -06
                  ly
               ja 06
                  n
              Ju -07
                  ly
               ja 07
                  n
              Ju -0
                  ly 8
               ja 08
                  n
              ju -0
                 ly 9
             ja -0
                nv 9
                                                                     (12 months moving average - base 100 : World 1995)




              ju -10
                 ly
               ja -10
                  n-
                     11
ALGERIA
        Population                       GDP

                  35.5 (million)               160 (US$ billion)



                  Rating                     Business climate
                  country                         rating
                      A4                                    B




        Strengths                                                                   Weaknesses


        Oil and gas reserves                                       Dependence on hydrocarbon

        Financial position                                        Weight of public sector

        Focus on economic diversification                          Poor business environment

                                                                    Unemployment



17   Aman Union
     Risk assessment



                   Strong growth driven by the hydrocarbon sector and public spending




                   Moderate public debt and solid external financial position




                   Challenges on social issues and business climate




18   Aman Union
19
Aman Union
              Ja
                  n




                                   100
                                         150
                                               200
                                                     250
                                                                           300




                              50


                          0
              Ju -9
                 ly 7
              Ja 97
                  n
              Ju -9
                 l 8
              Ja y 9
                  n 8
              Ju -9
                 l 9
                                                                          WORLD
              Ja y 9
                  n 9
              Ju -0
                 l 0
                                                           North Africa

              Ja y 0
                  n 0
              Ju -0
                 ly 1
              Ja 01
                  n
              Ju -0
                 l 2
              Ja y 0
                  n 2
              Ju -0
                 l 3
                                                                                  PAYMENT INCIDENTS INDEX




              Ja y 0
                  n 3
              Ju -0
                      4
             ja ly 0
                nv 4
               ju -05
                  ly
               ja 05
                  n
               ju -06
                  ly
               ja 06
                  n
              Ju -0
                 ly 7
               ja 07
                  n
              Ju -0
                 ly 8
               ja 08
                  n
              ju -0
                 l 9
             ja y-0
                nv 9
                                                                                  (12 months moving average - base 100 : World 1995)




              ju -10
                 ly
               ja -10
                  n-
                     11
 Contagion in North Africa and the Middle East
 Common political, economic and social factors

         Aspirations   for greater political representativeness

         Increases    in food and energy prices

         Importance     of the population under 25, with difficult access to qualified
        employment

         Privileges   granted to one specific category of citizens

         Developement   of the middle class through strong demographic and
        cultural evolutions

         Low     investment level caused by nepotism, cronyism and corruption

         Unequal     distribution of the benefits of economic growth

20   Aman Union
                                                    Decline in GDP growth

            7,0

            6,0

            5,0

            4,0                                                                                2010 e
            3,0                                                                                2011 f

            2,0

            1,0

            0,0
                                        t




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                                                n




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                                 Eg




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                                                    Li
                 g




                                                                                        Ye
                                            Jo




                                                           or




                                                                               Tu
              Al




                                                           M




21   Titre de la présentation power point
     Aman Union
                                                  Youth Unemployment

          35

          30

          25

          20

          15

          10

            5

            0
                              Algeria              Morocco               Tunisia              Egypt

                                Unemployment rate (official)   Unemployment of pop. 15-30 (estimates)



22   Titre de la présentation power point
     Aman Union
                                             Investment-to-GDP ratio
                                                    (%, 2009)


     50
     45
     40
     35
     30
     25
     20
     15
     10
      5
      0
              Algeria            Morocco Tunisia   Egypt    Brazil     Russia   India   China



23   Titre de la présentation power point
     Aman Union
No overreaction

                  ● country ratings reviewed end of March through usual quaterly process


       but

                  ● exposure frozen / reduced / cancelled on some buyers or countries




24   Aman Union
                            Country rating   Business climate
                  Algeria        A4                 B
                  Egypt          B                 B
                  Morocco        A4                A4
                  Tunisia       A4                A4




25   Aman Union
                                 Country rating   Business climate
                  Bahrain             A4                A3
                  Iran                 D                 D
                  Iraq                 D                 D
                  Jordan               B                A4
                  Kuwait              A2                A3
                  Lebanon              C                 B
                  Libya                D                 D
                  Oman                A3                A4
                  Qatar               A2                A3
                  Saudi Arabia        A4                 B
                  Syria               C                 C
                  UAE                 A3                A3
                  Yemen                D                 D



26   Aman Union
                                                Country @rating                                  Busines
                                                                                                 s climate
                  Jan ‘07   Jan ‘08   Jan ‘09   Jan ‘10   Mar ‘10   Jun ‘10   Sep ‘10   Jan 11     2010

Algeria             A4        A4        A4        A4        A4        A4        A4       A4        B

Morocco            A4        A4        A4        A4        A4        A4        A4       A4         A4


Tunisia            A4       A4        A4        A4        A4        A4        A4       A4         A4


Egypt               B         B         B         B         B         B         B         B         B




27   Aman Union
                                                 Country @rating                                  Business
                                                                                                   climate
                  Jan ‘07   Jan ‘08   Jan ‘09   Jan ‘10    Mar ‘10   Jun ‘10   Sep ‘10   Jan 11     2010

        Kuwait      A2        A2        A2        A2         A2        A2        A2       A2        A3

        Qatar       A2        A2        A2        A2         A2        A2        A2       A2        A3

        Bahrain     A3        A3        A3        A3         A3        A3        A3       A3        A3

        UAE         A2        A2       A2        A3         A3        A3        A3       A3        A3

        Oman        A3        A3        A3        A3         A3        A3        A3       A3        A4

        Saudi       A4        A4        A4        A4         A4        A4        A4       A4         B
        Arabia
        Jordan     B        B        B        B          B         B         B         B        A4

        Lebanon    C        C         C         C          C         C         C         C         D

        Libya       C         C         C         C          C         C         C         C         B

        Syria       C         C         C         C          C         C         C         C         C

        Iran        B         D         D         D          D         D         D         D         C

        Iraq        D         D         D         D          D         D         D         D         D

        Yemen       C         C         C         D          D         D         D         D         D




28   Aman Union
Part 2

            Sectorial ratings




29   Aman Union
Sectorial ratings
     ● A measure of risks on 16 sectors:
          Telecommunications      – Agrifood - Pharmaceuticals – Chemicals - Mass
            retail – Steel – Paper - Electronic component - Telecommunications -
            Mobile and network equipment - Computer industry - Mechanical
            engineering - Building & Civil engineering – Clothing – Textile -
            Automobile


     ● Twice a year review of current evolution, strategies and prospects.
       Special attention to shocks and changes that can affect these
       sectors such as price, demand or technology evolutions.


     ● Rating on world level but also for 8 geographical areas: North
       America, Japan, Western Europe, Emerging Europe, Emerging
       Asia, Latin America, Middle-East North Africa and CIS.

30    Aman Union
Sectorial ratings

     ● Does not assess financial yields or stock market outlooks.

     ● Three types of measurements:

          vulnerability  of economic conditions in the sector, which reflects the
            influence of market prospects, price levels, and production costs on
            company solvency

          company   financial solidity in the sector, which reflects the capability of
            companies to cope with economic downturns

          payment   experience on transactions payable in the short-term as reflected
            by Coface



31    Aman Union
10 levels scale
     A+            The economic environment has been good in the sector and has had a
     A             positive influence on the company financial situation. Payment experience
     A-            has been satisfactory. Default probability has been low on average
     B+            In an essentially favourable economic environment nonetheless not safe
     B             from short-term deterioration with negative repercussions on the company
     B-            financial situation, payment behaviour is generally correct and default
                   probability acceptable
     C+            In a very uncertain sectoral environment combined with a very vulnerable
     C             company financial situation, payment behaviour is relatively poor with
     C-            default probability disquietingly high.
     D             In an unfavourable sectoral environment, a deteriorated company financial
                   situation which is at the root of generally poor payment behaviour. Default
                   probability is high.




32    Aman Union
                  World   North Am   Japan   W Euro   Emerg E    Emerg A   Latin Am    MENA       CIS

Agrofood          A-      A          B       A        B          B         A

Car industry      C-      D          B+      C        B-         B         B-          B+         C+

Chemicals         B+     B+         A-     B+       B          A-       B+          A         B

Clothing          C      C-        C-     C       B         B+       C+         B

Computer          B-      B-         B-      B-       B+         B         B+          B

Construction      C+      C          B-      C+       B+         B+        B+          A-         B+

Electronic        B      B+         B+      B                   B

Distribution      B+      B          A-      B+       B+         A-        A-          A          A

Engineering       B-      B-         B+      B-       B-         B+

Pharma            A-      A-         B+      A-       B (dist)   A         A- (dist)   B (dist)   B (dist)

Steel             B+     B+        A-     B+      B          B         A-         A          B

Telecom equip     B       B          B+      B                   B+

Telecom ope       A       A-        A+     A       A          A         A           A+         A

Textile           C       C-         B-      C-       B-         A-       B-         B          B- 

Tourism           C+      C         C       B-      B-         B        B-         B+        C+



33   Aman Union
Part 3

            Corporate risk evaluation




34   Aman Union
     ● Buyer Non financial data
          Legal  Forms
          Identification data

          Environment & Behaviour

          Miscellaneous



     ● Buyer Financial data

     ● Securities




35    Aman Union
Limited liability

     ● Separate entity distinct from the personal identities of its
       individual members.

     ● Liability limited to the total assets of the business which exclude
       the possessions of any individual unless they have given personal
       guarantees.

     ● In the event of failure directors can however be disqualified from
       acting as directors for a number of years.




36    Aman Union
Limited liability
     ● Advantages                                     ● Disadvantages

              Separate legal entity and ownership          Limited liability: if a company
               is transferable.                              has more liabilities than assets
              Possible tax advantage.                       the creditors will not be able to
              Specialised management.                       get further money from the
              May be easier to raise capital.               owners.
              Business has to be registered                Possible conflict between
               according to the law of the country           shareholders and management.
               and is closely regulated.                    More expensive to run.
              Financial information usually has to
               be filed for public record.




37    Aman Union
Co-operatives
     ● Advantages                               ● Disadvantages

          Set up to meet mutual needs and            Limited liability.
           profit is shared with the members.         Possible development of
          Belongs to its members and is run           conflict between members.
           democratically (one member one             Longer decision making
           vote).                                      process.
                                                      Requires members to participate
                                                       for success.
                                                      Less incentive to invest
                                                       additional capital.




38    Aman Union
Government-funded bodies
     I.        DIFFERENT TYPES OF PUBLIC BODIES
          Usually public bodies include
          1)   a government department
                      Responsible for ensuring effective governance in its proper area , a government
                       department carries out its function depending on its activity within the central
                       government.
                      For example : the department of health, environment, education, culture,….
          2)       nationalised industries such as automobiles industry, transport
                   administration,…
          3)       public corporations such as broadcast corporation.
          4)       municipal councils and regions local and regional authorities




39    Aman Union
Government-funded bodies
     II. CONSTITUTION OF PUBLIC BODIES
                 Public bodies are established for the specific purpose of meeting needs
                  of general interest.
                 The company performs a public service subject to government or
                  regions regulations.
                 The authorised capital of a public company usually belongs – at least for
                  51 % – to public shareholders (such as the state, regional or local
                  authorities, bodies governed by public law),
                 A public company has legal personality and sometimes specific status
                  but its management doesn’t differ from commercial company.
                 Petition for bankruptcy against public bodies cannot be issued by
                  ordinary proceedings




40   Aman Union
Unlimited Liability
     ● Sole proprietorships
              Simplest business organisation.
              Owner fully liable for all debts to the extent of his personal assets.




     ● Partnerships
              Essentially the same except that responsibilities and liabilities extend to the
               business assets and personal estates of all partners.




41    Aman Union
Sole proprietorships
     ● Advantages                                  ● Disadvantages

                                                         Difficult to run the business
              Unlimited liability to creditors.          effectively when the business
              Complete control over business             grows substantially.
               decisions.                                Mismanagement possible in the
              Limited regulation.                        event of absence, illness or death of
                                                          owner.
              Relatively low start up costs.            Lack of transparency: Not
              No share of profits.                       requested to disclose financial
                                                          information publicly.
                                                         Difficult to raise additional funds.




42    Aman Union
Partnership
     ● Advantages                                  ● Disadvantages

              Unlimited liability to creditors.         Lack of control where
                                                          responsibilities for business
              More flexible and therefore                areas have not been clearly
               more competent management.                 established.
              Easier to source additional               May be more difficult to raise
               capital.                                   capital when the business
              Limited regulation.                        grows.
              Relatively low start up costs.            Private individuals are not
                                                          legally required to maintain any
                                                          sort of accounting system.
                                                         Hard to find suitable partners
                                                          and possible development of
                                                          conflict between partners.

43    Aman Union
Identification data
     ● Date established:
              Records show that new businesses (less than three years of age) are more
               prone to insolvency, the first year being the most critical.


     ● Location:
              Some areas may be notorious for fraud.




     ● Number of staff




44    Aman Union
Buyer environment & behaviour
     ● Group affiliation:
              Parent/subsidiary relationship
              Common owner/common director relationship.


     ● Directors background:
              String of failed businesses? Prestigious background? Age? Experience?


     ● Trading experience:
              To be relied on only if it has been obtained independently.
              History of disputes or late payments?


     ● Court actions and legal proceedings.

45    Aman Union
Non financial data: Miscellaneous
     ● Secured Charges
              Created when money is borrowed against security.
              Registration compulsory to show unsecured creditors that in the event of
               insolvency other creditors would have priority over the assets of the
               company.
                    Charge
                         Borrowings secured over any type of assets including machinery and book debts.
                    Debenture
                         Borrowings secured over all the assets of a company.
                    Mortgage
                         Charge over properties, land …



     ● Exceptional events
              Recent fire
              Burglary


46    Aman Union
Financial data: basic principles
     ● The ACCOUNTS show the financial position at the end of the
       year and summarise the transactions recorded in the books during
       that period.

              The PROFIT & LOSS account shows the sales and expenses for that
               period. The difference between the two represents the profit -or the loss-
               made by the business.
              The BALANCE SHEET shows the state of the business at the end of that
               period.
              The CASH FLOW STATEMENT shows the cash generated by the
               business, the way it has been spent and the amount of cash left at the end
               of the year.




47    Aman Union
Financial data: fundamental accounting concepts
     ● Consistency Concept
              Items are to be treated consistently from one year to the next to ensure that
               meaningful comparisons can be made.


     ● Accruals Concept / Matching Principle
              Income and costs are always matched to each other.


     ● Prudence Concept
              Losses are recognised at the earliest opportunity.


     ● Going Concern Concept
              The business will continue to trade for the foreseeable future.


48    Aman Union
Directors report
     ● Principal activities
              Description of the company’s activities.


     ● Business review
              Development of the business during the year and position (profit/loss) at
               the end of the year. Review of the subsidiaries for big groups.


     ● Future developments
              What the directors expect to achieve in the future.


     ● Research and development
              Future research undertaken.


49    Aman Union
Auditors report
     ● Basis of Opinion
              Accounting policies chosen.


     ● Opinion
              Statement that the accounts give a true and fair view of the state of the
               company at the end of the financial year.


     ● Name and Address of the auditors.
              Date at which the audit was completed.
              Signature.




50    Aman Union
Qualified auditors reports
     ● Disagreement about accounting treatment
              If the directors have followed an incorrect accounting policy.


     ● Limitation on scope of audit
              Can be due to fire or computer breakdown during the year, auditors not
               present at stock take …


     ● Fundamental uncertainty
              About the continued ability of the company to carry on trading, the
               funding of the business…


     ● Adverse opinion
              When the accounts do not give a true and fair view.

51    Aman Union
Types of accounts
     ● Full accounts
              Auditors report
              Profit & Loss
              Balance Sheet
              Cashflow Statement
              Notes to the accounts


     ● Abbreviated accounts
              Smaller companies do not need to file a Profit & Loss account or Cashflow
               statement.




52    Aman Union
Profit & Loss Account
     ● Turnover
              Total sales made by a company net of VAT.


     ● Cost of Sales
              All direct costs such as materials, staff and production overheads.


     ● Gross Profit
              Turnover less Cost of Sales.


     ● Operating Expenses
              Distribution costs and Administrative expenses.


     ● Operating Profit
              Gross Profit less Operating Expenses.

53    Aman Union
P&L (2)
     ● Exceptional items
              Discontinued operations, restructuring costs …

     ● Profit on ordinary activity before interest and tax

     ● Interest receivable and payable

     ● Profit before tax

     ● Tax

     ● Net Profit

54    Aman Union
Balance Sheet
     ● Fixed Assets

     ● Current Assets

     ● Current Liabilities

     ● Working Capital

     ● Long Term Liabilities

     ● Shareholders Funds
55    Aman Union
Fixed assets
     ● Tangible assets
                    Building, land, plant and machinery …


     ● Intangible assets
                    Licences, trademarks, goodwill, investments …



     ● Depreciation is charged on all assets according to their
       expected useful life.




56    Aman Union
Current assets
     ● Stocks
                    Raw materials, stationery, cleaning materials …
                    Work in progress
                    Finished goods


     ● Debtors
                    Trade debtors: Money owed by customers to the business.
                    Amounts owed by group companies
                    Prepayments
                    Investments and cash in bank.




57    Aman Union
Current liabilities
     ● Trade creditors
              Amounts owed to suppliers (our policyholders)


     ● Amounts owed to group/parent companies

     ● Bank overdraft/loan (current)

     ● Accruals
              Item that has not been invoiced but where it is known that a liability has incurred.


     ● Differed income
              Income received before the balance sheet date but relating to a subsequent period.




58    Aman Union
Working capital
     ● Working Capital
              Current Assets less Current liabilities


     ● Need for Working Capital
              Stocks + Trade Debtors less Trade Creditors.




59    Aman Union
Long-term borrowings
     ● Long term borrowings
              Bank loans
              Hire purchase and lease agreements
              Mortgage
              Directors/Shareholders loans
              Inter company loans




60    Aman Union
Shareholders funds
     ● Share Capital
              Ordinary shares, preference shares and deferred shares


     ● Non distributable reserves
              Share premium account
              Revaluation reserves


     ● Distributable reserves
              Accumulated profit and loss




61    Aman Union
Securities
     ● GUARANTEES
             Used when the debtor’s ability to repay his debts is in doubt.

                   Parent Company Guarantee
                        A parent company guarantee confirms that in the event of a subsidiary defaulting on payment,
                         the holders of the guarantee would be able to institute legal proceedings directly against the
                         parent company to obtain payment.


                   Bank Guarantee
                        Document supplied by an approved bank and certifying that a buyer has sufficient funds on
                         deposit at the bank to pay a debt.
                        Written obligation of a bank to repay the beneficiary of the guarantee the sum specified in the
                         agreement on the agreed terms.




62   Aman Union
Securities (2)
     ● RETENTION OF TITLE
             Clause included in the conditions of sales and stating that the goods
              supplied remain the seller’s property until paid for.
             If the seller is not paid and the company is wound up, the seller will have
              priority over all other creditors of the company in respect of the goods or
              any property representing the goods.
             This clause does not constitute a charge on the goods.




63   Aman Union
Titre
     ● Sustisit la autet, vulla consenit nulluptat wisse vullutpat,
       veliquam, vullaore magna conse molore magna feuis er sustionsed
       dipisi.
          Texte  de niveau deux
            Sustisit la autet, vulla consenit nulluptat wisse vullutpat, veliquam, vullaore
            magna conse molore magna feuis er sustionsed dipisi. Sustisit la autet, vulla
            consenit nulluptat.
                    molore magna feuis er sustionsed dipisi cum.

     ● odolorem vel dolor sequissisl iustrud tiscili.Sustisit la autet, vulla
       consenit nulluptat wisse vullutpat,




64    Aman Union
Titre
     ● Sustisit la autet, vulla consenit nulluptat wisse vullutpat,
       veliquam, vullaore magna conse molore magna feuis er sustionsed
       dipisi.
          Texte  de niveau deux
            Sustisit la autet, vulla consenit nulluptat wisse vullutpat, veliquam, vullaore
            magna conse molore magna feuis er sustionsed dipisi. Sustisit la autet, vulla
            consenit nulluptat.
                    molore magna feuis er sustionsed dipisi cum.

     ● odolorem vel dolor sequissisl iustrud tiscili.Sustisit la autet, vulla
       consenit nulluptat wisse vullutpat,




65    Aman Union
Titre
     ● Sustisit la autet, vulla consenit nulluptat wisse vullutpat,
       veliquam, vullaore magna conse molore magna feuis er sustionsed
       dipisi.
          Texte  de niveau deux
            Sustisit la autet, vulla consenit nulluptat wisse vullutpat, veliquam, vullaore
            magna conse molore magna feuis er sustionsed dipisi. Sustisit la autet, vulla
            consenit nulluptat.
                    molore magna feuis er sustionsed dipisi cum.

     ● odolorem vel dolor sequissisl iustrud tiscili.Sustisit la autet, vulla
       consenit nulluptat wisse vullutpat,




66    Aman Union
Titre
     ● Sustisit la autet, vulla consenit nulluptat wisse vullutpat,
       veliquam, vullaore magna conse molore magna feuis er sustionsed
       dipisi.
          Texte  de niveau deux
            Sustisit la autet, vulla consenit nulluptat wisse vullutpat, veliquam, vullaore
            magna conse molore magna feuis er sustionsed dipisi. Sustisit la autet, vulla
            consenit nulluptat.
                    molore magna feuis er sustionsed dipisi cum.

     ● odolorem vel dolor sequissisl iustrud tiscili.Sustisit la autet, vulla
       consenit nulluptat wisse vullutpat,




67    Aman Union
Titre
     ● Sustisit la autet, vulla consenit nulluptat wisse vullutpat,
       veliquam, vullaore magna conse molore magna feuis er sustionsed
       dipisi.
          Texte  de niveau deux
            Sustisit la autet, vulla consenit nulluptat wisse vullutpat, veliquam, vullaore
            magna conse molore magna feuis er sustionsed dipisi. Sustisit la autet, vulla
            consenit nulluptat.
                    molore magna feuis er sustionsed dipisi cum.

     ● odolorem vel dolor sequissisl iustrud tiscili.Sustisit la autet, vulla
       consenit nulluptat wisse vullutpat,




68    Aman Union
Titre

         Lorem ipsum dolor                        Aliquam vera estat

        2006                       2005   2000
                        5%                1800
                                          1600
                                          1400
                                          1200
                  30%
                                          1000
                                           800
                             51%
                                           600
                                           400
                  25%
                                           200
                                             0
                                                 2004   2005   2006   2007   2008
        2007                       2008




69   Aman Union
Titre
     ● Sustisit la autet, vulla consenit nulluptat wisse vullutpat,
       veliquam, vullaore magna conse molore magna feuis er sustionsed
       dipisi.
          Texte  de niveau deux
            Sustisit la autet, vulla consenit nulluptat wisse vullutpat, veliquam, vullaore
            magna conse molore magna feuis er sustionsed dipisi. Sustisit la autet, vulla
            consenit nulluptat.
                    molore magna feuis er sustionsed dipisi cum.

     ● odolorem vel dolor sequissisl iustrud tiscili.Sustisit la autet, vulla
       consenit nulluptat wisse vullutpat,




70    Aman Union
Les références RVB




          88      193    0    249   238   75    177
          88       0    56    194   127   105   178
          90      55    106   136    0    141   180




71   Aman Union

								
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