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Prospectus Summary

ISSUANCE OF COMMERCIAL PAPERS

ANNUAL UPDATE 2017

Program for the issuance of commercial papers

Issue program ceiling: MAD 1 200 000 000

Par value: MAD 100 000

FINANCIAL ADVISOR

PLACEMENT AGENT

Visa of the AMMC (Financial Market Authority)

In accordance with the provisions of article 18 of Dahir n° 1-95-3 of 24 Chaabane 1415 (26 January 1995)

promulgating law n° 35-94 related to certain negotiable debt securities as amended and extended, the

original copy of this present prospectus has been approved by the AMMC under the reference n°

VI/EM/041/2018 on 31/12/ 2018.

The approval neither implies an approval regarding the merits of the transaction, nor a validation of the

documents presented herein. It has been attributed after an examination of the relevance and the

consistency of the information given in relation to the operation proposed to the investors.

Annual update of the 2016 treasury bill issue – Prospectus Summary

Warning The AMMC approved on 31/12/2018 a prospectus pursuant to the issuance of commercial papers by Afriquia Gaz. The prospectus approved by the AMMC is permanently available at Afriquia Gaz headquarters and at the financial advisor headquarter. It is also available within a maximum timeframe of 48 hours at the placement agent. The prospectus is made available to the public on the AMMC website http://www.ammc.ma/

http://www.cdvm.gov.mahttp/www.ammc.ma/

Annual update of the 2016 treasury bill issue – Prospectus Summary

PART I. INTRODUCTION TO OPERATION

Annual update of the 2016 treasury bill issue – Prospectus Summary 4

Objectives

The Company wishes to undertake a commercial paper issuance program in order to:

▪ Optimize the cost of short term financing by substituting partially or integrally the existing bank debt and

overdrafts by Treasury bill projects.

▪ Meet the individual cash requirements induced by working capital variations during the year (due to

fluctuations in the payment deadlines of counterparts).

Characteristics of transaction

Nature of securities

Marketable securities dematerialized via registration in the Central

depository (Maroclear) and entered into an account among authorized

affiliates.

Form of securities Commercial papers written out to bearer.

Issue ceiling MAD 1 200 000 000

Outstanding amount on september 30th 2018 Nil

Par value MAD 100 000

Maturity From 10 days to 12 months.

Entitlement date Date of payment.

Interest rate Determined for each issue according to market conditions.

Interest Post-calculated.

Coupon payment In fine. i.e. at due date of each bill.

Repayment of capital In fine. i.e. at due date of each bill.

Negotiability of securities

No restriction is imposed by the terms of issue with regard to the

marketability of the treasury bills issued.

The securities are negotiable over the counter.

Guarantee This issue carries no guarantees.

Assimilation clauses Commercial papers issued are not subject to any assimilation with other

securities or previous issues.


Placement syndicate – financial intermediaries

Advisor and coordinator BMCE Capital Conseil

63 bd Moulay Youssef – Casablanca

Placement Agent BMCE Bank of Africa

140. Avenue Hassan II – 20000 Casablanca

Securities account manager BMCE Bank of Africa


Custodian BMCE Bank of Africa



PART II. GENERAL PRESENTATION OF AFRIQUIA GAZ


General Information

Corporate Name AFRIQUIA GAZ S.A.

Legal Headquarters Rue Ibnou El Ouennane. Aîn Sebaa – Casablanca

Administrative headquarters 139. Bd Moulay Ismail. Casablanca

Phone / Fax (212) 05 22 63 96 00

(212) 05 22 24 80 85

Website www.afriquiagaz.com

Legal form Business corporation with board of directors

Date of creation 1992

Life span The corporate life span is set at 99 years except in the event of early wind up or

extension stipulated by the company by—laws or the law.

Trade Register N 68 545 Casablanca

Fiscal Year From January 1st to December 31st

Registered Capital MAD 343 750 000 split up into 3 437 500 shares of MAD 100 each on September 30th 2018.

Consultation of legal

documents

The corporate legal documents, in particular the by-laws, minutes of general

meetings and auditors’ reports can be consulted at the headquarters or

administrative seat of AFRIQUIA GAZ.

Corporate purpose According to article 3 of the by-laws the corporate purpose is:

▪ Trade and industry in all forms including import. export, refinery work, storage,

warehousing, transport, consignment and distribution of liquefied petroleum

gas and all related bi-products and stuffs;

▪ Creation and operation of all gas storage. packaging and filling centers on behalf

of the company and all third parties;

▪ Utilization of all brand names and processes;

▪ And more generally all operations directly or indirectly concerning the main

purpose poised to facilitate Company expansion and development.

http://www.afriquiagaz.com/


AFRIQUIA GAZ Shareholders

Background and structure of AFRIQUIA GAZ

On September 30th 2018, the shareholder structure of AFRIQUIA GAZ was the following:

Background of AFRIQUIA GAZ shareholders from 2014 to June 2017 :

Shareholders

dec-15 dec-16 dec-17 Sept-18

Number of shares

% of equity

and voting rights

Number of shares

% of equity

and voting rights

Number of shares

% of equity

and voting rights

Number of shares

% of equity

and voting rights

AFRIQUIA SMDC 1 306 252 38,0% 1 306 252 38,0% 1 306 252 38,0% 1 306 252 38,0%

AKWA Holding 1 031 513 30,0% 1 031 013 30,0% 1 031 013 30,0% 1 031 013 30,0%

RMA - WATANYA 171 877 5,0% 172 204 5,0% 172 204 5,0% 172 204 5,0%

AL AJIAL INVESTMENT FUND HOLDING 171 875 5,0% 171 875 5,0% 171 875 5,0% 171 875 5,0%

Floating on stock exchange 755 983 22,0% 756 156 22,0% 756 156 22,0% 756 156 22,0%

Total 3 437 500 100,0% 3 437 500 100,0% 3 437 500 100,0% 3 437 500 100,0%

Source : Bourse de Casablanca

From 2015 to September 2018, Company shareholders remained relatively stable with AFRIQUIA SMDC and

AKWA Holding representing the main shareholders. Since 2017, the Company has not experienced any change

in its shareholding structure.


Background of treasury bills issued

Table 2 - Background of commercial paper issues by AFRIQUIA GAZ

At the date of the visa the company issued the following treasury bills:

Number or shares Amount (MAD) Duration Entitlement Due date Par value

2 000 200 000 000 1 month 30/03/2011 29/04/2011 3,55%

3 000 300 000 000 1 month 02/05/2011 01/06/2011 3,55%

1 500 150 000 000 15 days 24/08/2011 08/09/2011 3,45%

2 500 250 000 000 1 month 28/09/2011 28/10/2011 3,55%

600 60 000 000 15 days 12/10/2011 27/10/2011 3,50%

3 000 300 000 000 1 month 14/11/2011 14/12/2011 3,55%

8 000 800 000 000 1 month 24/02/2012 26/03/2012 3,80%

3 000 300 000 000 1 month 26/03/2012 26/04/2012 3,80%

4000 400 000 000 3 month 26/03/2012 25/06/2012 3,90%

4 000 400 000 000 1 month 02/05/2012 04/06/2012 3,55%

2500 250 000 000 15 days 04/06/2012 19/06/2012 3,45%

2 120 212 000 000 1 month 27/07/2012 27/08/2012 3,60%

5 000 500 000 000 1 month 27/08/2012 26/09/2012 3,80%

2 670 267 000 000 1 month 05/10/2012 05/11/2012 3,80%

1250 125 000 000 3 months 05/10/2012 27/12/2012 3,90%

1 800 180 000 000 1 month 09/11/2012 10/12/2012 3,80%

2 210 221 000 000 10 days 18/12/2012 28/12/2012 3,50%

2 000 200 000 000 1 month 21/01/2013 21/02/2013 4,20%

7 000 700 000 000 1 month 25/02/2013 27/03/2013 4,20%

1 000 100 000 000 1 month 12/04/2013 13/05/2013 4,20%

1 750 175 000 000 15 days 24/04/2013 09/05/2013 4,15%

2 350 235 000 000 1 month 24/04/2013 24/05/2013 4,20%

3 100 310 000 000 1 month 27/05/2013 25/06/2013 4,20%

2 500 250 000 000 1 month 05/09/2013 07/10/2013 3,95%

850 850 000 000 15 days 14/10/2013 29/10/2013 3,88%

500 500 000 000 15 days 19/11/2013 04/12/2013 3,90%

500 500 000 000 15 days 25/11/2013 10/12/2013 3,90%

1 500 150 000 000 15 days 17/01/2014 03/02/2014 3,90%

3 850 385 000 000 31 days 08/08/2014 08/09/2014 3,40%

6 000 600 000 000 30 days 08/09/2014 08/10/2014 3,40%

5 650 565 000 000 31 jours 17/10/2014 17/11/2014 3,15%

3 500 350 000 000 10 jours 25/11/2014 05/12/2014 3,10%

As of September, 30th 2018, the amount of commercial paper outstanding is null.


Issuer Administrative and Management Bodies

Board of Directors

The table below describes the current make-up of AFRIQUIA GAZ Board of Directors as of March,31st 2018:

Members of Board of Directors Current

position

Link to

AFRIQUIA GAZ

Date of

appointment Expiry of term

Mr. Ali WAKRIM Chairman CEO 1999 AGM called to approve the

financial statements for 2022

Mr. Rachid IDRISSI KAITOUNI Administrator Intuitu

personae 1999

AGM called to approve the


Mr. Mohammed Bouzaid OUAISSI Administrator Intuitu personae 2010 AGM called to approve the


AFRIQUIA SMDC (represented by

Mr. Adil ZIADY) Administrator Shareholder 2009



AKWA Group (represented by Mr.

Youssef IRAQI HOUSSEINI) Administrator Shareholder 1999



Mrs Sanae MADDAH Administrator Intuitu personae 2016 AGM called to approve the


Mr. Majid EL YACOUBI Administrator Intuitu personae 2016 AGM called to approve the


Source: AFRIQUIA GAZ

Management Bodies

According to article 22 of the AFRIQUIA GAZ by-laws, general management is exercised either by the Board of

Directors Chairman or by another individual person appointed by the Board of Directors granted the title of

Chief Executive Officer.

Upon a proposal by the chief executive officer, the Board of Directors can nominate one or more individual

persons to assist the chairman as general manager bearing the title of Deputy General Manager.

With regard to the Company, the deputy general managers are invested with powers as determined by the

Board of Directors upon proposal by the chief executive officer concerning the scope and duration.

With regard to third parties the deputy general managers have the same powers as the chief executive officer.

The table below includes a list of the principal managers of AFRIQUIA GAZ:

Managers Current Position Date of taking

office

Mr. Ali WAKRIM Chief Executive Officer of AFRIQUIA GAZ 2008

Mr. Rachid IDRISSI KAITOUNI General Manager – Gas division (AKWA Group) 2001

Mr. Tawfik HAMOUMI Deputy General Manager of Afriquia Gaz 2010

Mr. Amine ABDELHAKIM Manager, Business Unit Supply Chain (Afriquia Gaz) 2010

Mr. Ghassane BENCHEKROUN Chief Financial Officer– Gas division (AKWA Group) 2006

Mr. Redouane BENBIHI Human Resources Manager– Gas division (AKWA Group) 2005

Mr. Abdelmoula EL MOUAQUIT Safety and Quality Manager– Gas Division (Afriquia Gaz) 2007

MR. Hicham ZITY Distribution Business Unit Manager 2018



Afriquia Gaz Activity

AFRIQUIA GAZ business activities

The AKWA Group gas division deals with all the links in the LPG value chain directly and via its subsidiaries and

other entities: supply, storage, making of cylinders and accessories, filling and distribution of packaged and

bulk LPG.

Presence of AKWA Group and AFRIQUIA GAZ in the LPG value chain


Distribution Filling Storage Importation & Local supplies

Manufacture of cylinders and accessories

• NATIONAL GAZ •

• AFRIQUIA GAZ • AB GAZ • MAGHREB GAZ • TADLA GAZ • GAZAFRIC

SODIPIT INTRAL •

• TECHNOGAZ AFRIQUIA GAZ

DRAGON GAZ •

Afriquia Gaz

AB GAZ

Maghreb GAZ

TADLA GAZ

GAZAFRIC

AFRIQUIA GAZ

SOMAS

STOGAZ

MAGHREB GAZ


The LPG distribution diagram is the following:

LPG distribution diagram on September30th 2018

Source : AFRIQUIA GAZ

« Filling » activity

The filling activity is strongly correlated to the distribution of packaged LPG. In the framework of LPG

distribution, AFRIQUIA GAZ makes use of three types of filling centers:

▪ Filling centers owned by AFRIQUIA GAZ (in Marrakech, Mohammedia, Jorf Lasfar and Beni Mellal) ;

▪ The filling centers held as stakes taken out or entering into the perimeter of AKWA Group (MAGHREB GAZ.

AB GAZ. TADLA GAZ. SALAM GAZ and GAZAFRIC) ;

▪ Filling centers of other companies.

The choice of one of these three types of filling hinges primarily on the geographical locations of the centers,

proximity to the place of distribution and optimization of the supply chain.

The filling centers held by the Company act on behalf of AFRIQUIA GAZ and also for other packaged LPG

distributors.

« Distribution » Activity

AFRIQUIA GAZ has a complete panel of products and offers LPG in bulk or packaged format (Butane B3, Butane

B6, Butane B12 and Propane P34). AFRIQUIA GAZ products are listed in the below table:

(SAMIR) Propane imports Butane imports

Jorf Lasfar Terminal

SOMAS Terminal Tanger Med

Own Filling centers Jorf Lasfar Terminal

STOGAZ

Distribution

Third Party filling centers Filling centers

Partially held by AKWA Group

Wholesale depositors

Retailers Service - Stations

End consumer: Corporate and private

Packages LPG Bulk LPG


Table 4 Afriquia Gaz Products

B3 B6 B12 P34 Bulk

Brands

CAMPING GAZ AFRIQUIA GAZ

ULTRA GAZ NATIONAL GAZ

BUTAFRIC

AFRIQUIA GAZ TISSIR GAZ

TISSIR GAZ AFRIQUIA GAZ

ULTRA GAZ NATIONAL GAZ

BUTAFRIC

AFRIQUIA GAZ META GAZ

AFRIQUIA GAZ

Description Butane gas packaged in 3 and 6 kg

cylinders

Butane gas packaged in 12

cylinders

Propane gas packaged in 34

kg cylinders

Propane and butane gas delivered in

tanks of capacity

ranging from 330kg to 50t.

Use Domestic and basically rural :

cooking and lighting

Urban and rural domestic :

cooking and hot water

Professional in periods of rising propane prices

Domestic in packs : villas, Professional:

hotels, restaurants,

Welding, drycleaners,

bakeries.

Domestic: villas

Professionnal: any industry using a boiler or an oven.

hotels. restaurants

Customers Wholesalers, retailers, end

consumers and fellow operators

Wholesalers, retailers, end

consumers and fellow operators

Wholesalers, professionals, domestic and

fellow operators

Professionals and domestic



Legal Organization Chart

AFRIQUIA GAZ is the holder of several stakes, the largest of which are in NATIONAL GAZ, SODIPIT, OMNIUM DE STOCKAGE, GAZAFRIC, STOGAZ and DRAGON GAZ.

In addition to majority held subsidiaries AFRIQUIA GAZ has stakes in other companies. The following graph shows the principal ones held by AFRIQUIA GAZ at the date of this information record:

Principal stakes held by AFRIQUIA GAZ as of December, 31st 2017


AFRIQUIA GAZ

OMNIUM DE STOCKAGE

GAZAFRIC

STOGAZ

SOMAS SALAM GAZ

100%

50%

50%

20%

SODIPIT 100%

PROACTIS 25%

8%

NATIONAL GAZ 100%

100%

DRAGON GAZ

6%

AKWA AFRICA 17%


PART III. FINANCIAL DATAS


Consolidated Balance Sheet of Afriquia Gaz 2015-2017

Over the past three fiscal years the consolidated balance sheet of the AFRIQUIA GAZ Group is as follows:

Table 5 Trend in balance sheet items

In thousand MAD 2015 % 2016 % Var16/15 2017 % Var 17/16

Goodwill 625 289 9,8% 625 289 9,7% 0,0% 625 289 8,2% 0,0%

Intangible fixed assets - 0,0% - 0,0% n.a. - n.a. n.a.

Tangible fixed assets 2 682 484 41,9% 2 933 582 45,3% 9,4% 2 962 974 38,7% 1,0%

Financial fixed assets 20 740 0,3% 20 740 0,3% 0,0% 20 740 0,3% 0,0%

Securities by equity method 159 530 2,5% 187 568 2,9% 17,6% 263 897 3,4% 40,7%

Other financial fixed assets 1 307 0,0% 1 307 0,0% 0,0% 1 307 0,0% 0,0%

Fixed assets 3 489 350 54,5% 3 768 486 58,2% 8,0% 3 874 207 50,6% 2,8%

Other non-current assets 87 130 1,4% 129 963 2,0% 49,2% 37 680 0,5% -71,0%

Deferred taxes – assets 118 818 1,9% 138 910 2,1% 16,9% 150 782 2,0% 8,5%

Total of other non-current assets 205 948 3,2% 268 873 4,2% 30,6% 188 462 2,5% -29,9%

Total non current assets 3 695 298 57,8% 4 037 359 62,3% 9,3% 4 062 669 53,0% 0,6%

Inventories 216 546 3,4% 220 802 3,4% 2,0% 394 969 5,2% 78,9%

Trade receivables 381 667 6,0% 435 835 6,7% 14,2% 780 120 10,2% 79,0%

Investment securities - 0,0% - 0,0% n.a. - n.a. n.a.

Payable tax – assets 1 110 0,0% 134 0,0% -87,9% 1 478 0,0% 1003,0%

Other receivables and adjustment accounts 1 310 235 20,5% 1 426 835 22,0% 8,9% 1 584 880 20,7% 11,1%

Operating assets 1 909 558 29,8% 2 083 606 32,2% 9,1% 2 761 447 36,1% 32,5%

Cash assets 792 509 12,4% 354 522 5,5% -55,3% 835 847 10,9% 135,8%

Total current assets 2 702 067 42,2% 2 438 128 37,7% -9,8% 3 597 294 47,0% 47,5%

Total Assets 6 397 365 100,0% 6 475 487 100,0% 1,2% 7 659 963 100,0% 18,3%



In thousand MAD 2015 % 2016 % Var16/1

5 2017 %

Var

17/16

LIABILITIES

Equity 343 750 5,4% 343 750 5,3% 0,00% 343 750 4,5% 0,0%

Issuance premium 842 674 13,2% 842 674 13,0% 0,00% 842 674 11,0% 0,0%

Consolidated reserves 509 839 8,0% 569 517 8,8% 11,70% 687 281 9,0% 20,7%

Consolidated income 420 617 6,6% 478 702 7,4% 13,80% 573 579 7,5% 19,8%

Total shareholders’ equity group share 2 116 880 33,1% 2 234 643 34,5% 5,60% 2 447 284 31,9% 9,5%

Minority interests 3 0,0% 3 0,0% 0,00% 3 0,0% 0,0%

Total shareholders’ equity 2 116 883 33,1% 2 234 646 34,5% 5,60% 2 447 287 31,9% 9,5%

Financial debt of more than one year 930 299 14,5% 895 369 13,8% -3,80% 856 189 11,2% -4,4%

Other non current liabilities 581 749 9,1% 619 066 9,6% 6,40% 613 422 8,0% -0,9%

Deferred taxes – Liabilities 29 820 0,5% 32 079 0,5% 7,60% 26 791 0,3% -16,5%

Total non current liabilities 1 541 868 24,1% 1 546 514 23,9% 0,30% 1 496 402 19,5% -3,2%

Accounts payable and associated accounts 2 444 206 38,2% 2 167 418 33,5% -11,30% 3 096 997 40,4% 42,9%

Financial debt of less than one year 90 826 1,4% 81 567 1,3% -10,20% 68 321 0,9% -16,2%

Liabilities. tax payable 4 960 0,1% 16 206 0,3% 226,70

% 60 376 0,8% 272,6%

Other debts and adjustment accounts 165 506 2,6% 298 202 4,6% 80,20% 249 590 3,3% -16,3%

Operating debts 2 705 498 42,3% 2 563 393 39,6% -5,30% 3 475 284 45,4% 35,6%

Overdrafts and equivalent 33 116 0,5% 130 934 2,0% 295,40

% 240 990 3,1% 84,1%

Total current liabilities 2 738 614 42,8% 2 694 327 41,6% -1,60% 3 716 274 48,5% 37,9%

Total liabilities 6 397 365 100,0% 6 475 487 100,0% 1,20% 7 659 963 100,0% 18,3%



Afriquia Gaz consolidated income statement 2015-2017

For the past three fiscal years the consolidated income statement of AFRIQUIA GAZ Group is as follows:

Table 6 Trend in income statement accounts

In thousand MAD 2015 2016 Var 16/15 2017 Var. 17/16

Ordinary products and activities 3 402 350 3 561 909 4,69% 4 424 072 24,2%

Other products 59 221 59 598 0,64% 61 373 3,0%

Cost of goods and services sold -2 196 975 -2 306 754 5,00% -2 965 755 28,6%

Payroll expenses -128 796 -131 867 2,38% -137 521 4,3%

Other operating expenses and income -263 385 -280 263 6,41% -319 893 14,1%

Operating income before allocation for depreciation 872 415 902 623 3,46% 1 062 276 17,7%

Allocations for depreciation -211 303 -233 639 10,57% -292 793 25,3%

Operating income 661 112 668 984 1,19% 769 483 15,0%

Cash income and equivalent 2 276 17 374 663,36% 15 337 -11,7%

Gross financial indebtedness cost -58 874 -63 666 8,14% -56 854 -10,7%

Net cost of financial indebtedness -56 598 -46 292 -18,21% -41 517 -10,3%

Other financial expenses and income 9 207 6 311 -31,45% 7 920 25,5%

Pre-tax Income of integrated companies 613 721 629 003 2,49% 735 886 17,0%

Quota in net income of companies accounted for by the equity method -11 558 34 036 -394,48% 74 829 119,9%

Income tax -181 546 -184 337 1,54% -237 136 28,6%

Net consolidated income 420 617 478 702 13,81% 573 579 19,8%

Other expenses and revenues - - n. a. - n. a.

Global net income in the period 420 617 478 702 13,81% 573 579 19,8%

Net income –group share 420 617 478 702 13,81% 573 579 19,8%

Minority interest - - n.a. - n.a.-

Net income per share in MAD 122 139 13,93% 167 20,1%

Diluted income per share in MAD 122 139 13,93% 167 20,1%



Afriquia Gaz consolidated balance sheet as of june 30th 2018

As of june 30th 2018 the consolidated balance sheet of AFRIQUIA GAZ Group is as follows

In thousand MAD 30/06/2016 % 31/12/2017 % Var 18/17

Goodwill 625 289 8,0% 625 289 8,2% 0,0%

Intangible fixed assets 4 758 0,1% - n.a n.a

Tangible fixed assets 3 020 982 38,9% 2 962 974 38,7% 2,0%

Financial fixed assets 20 740 0,3% 20 740 0,3% 0,0%

Securities by equity method 239 783 3,1% 263 897 3,4% -9,1%

Other financial fixed assets 1 307 0,0% 1 307 0,0% 0,0%

Fixed assets 3 912 859 50,3% 3 874 207 50,6% 1,0%

Other non-current assets 80 524 1,0% 37 680 0,5% 113,7%

Deferred taxes – assets 146 044 1,9% 150 782 2,0% -3,1%

Total of other non-current assets 226 568 2,9% 188 462 2,5% 20,2%

Total non current assets 4 139 427 53,3% 4 062 669 53,0% 1,9%

Inventories 201 594 2,6% 394 969 5,2% -49,0%

Trade receivables 698 680 9,0% 780 120 10,2% -10,4%

Investment securities 9 875 0,1% 1 478 0,0% 568,1%

Payable tax – assets 2 388 828 30,7% 1 584 880 20,7% 50,7%

Other receivables and adjustment accounts 3 298 977 42,4% 2 761 447 36,1% 19,5%

Current assets 335 091 4,3% 835 847 10,9% -59,9%

Cash assets 3 634 068 46,7% 3 597 294 47,0% 1,0%

TOTAL ASSETS 7 773 495 100,0% 7 659 963 100,0% 1,5%


In thousand MAD 30/06/2016 % 31/12/2017 % Var 18/17

LIABILITIES

Equity 343 750 4,4% 343 750 4,5% 0,0%

Issuance premium 842 674 10,8% 842 674 11,0% 0,0%

Consolidated reserves 831 174 10,7% 687 281 9,0% 20,9%

Consolidated income 321 672 4,1% 573 579 7,5% -43,9%

Total shareholders’ equity group share 2 339 270 30,1% 2 447 284 31,9% -4,4%

Minority interests 3 0,0% 3 0,0% 0,0%

Total shareholders’ equity 2 339 273 30,1% 2 447 287 31,9% -4,4%

Financial debt of more than one year 839 837 10,8% 856 189 11,2% -1,9%

Other non current liabilities 607 854 7,8% 613 422 8,0% -0,9%

Deferred taxes – Liabilities 26 991 0,3% 26 791 0,3% 0,7%

Total non current liabilities 1 474 682 19,0% 1 496 402 19,5% -1,5%

Accounts payable and associated accounts 3 286 274 42,3% 3 096 997 40,4% 6,1%

Financial debt of less than one year 29 464 0,4% 68 321 0,9% -56,9%

Liabilities. tax payable 8 309 0,1% 60 376 0,8% -86,2%

Other debts and adjustment accounts 335 201 4,3% 249 590 3,3% 34,3%

Operating debts 3 659 248 47,1% 3 475 284 45,4% 5,3%

Overdrafts and equivalent 300 292 3,9% 240 990 3,1% 24,6%

Total current liabilities 3 959 540 50,9% 3 716 274 48,5% 6,5%

TOTAL LIABILITIES 7 773 495 100,0% 7 659 963 100,0% 1,5%


Afriquia Gaz consolidated income statement as of june 30th 2018

As of june 30th 2018 the consolidated income statement of AFRIQUIA GAZ Group is as follows:

In thousand MAD 30/06/2016 % 31/12/2017

Ordinary products and activities 2 124 672 2 155 001 -1,41%

Other products 15 324 18 083 -15,26%

Cost of goods sold -1 327 462 -1 426 883 -6,97%

Payroll expenses -75 763 -68 457 10,67%

Other operating expenses and income -180 509 -149 940 20,39%

Operating income before allocation for depreciation 556 262 527 804 5,39%

Allocations for depreciation -140 251 -145 110 -3,35%

Operating income 416 011 382 694 8,71%

Cash income and equivalent 4 095 6 105 -32,92%

Gross financial indebtedness cost -27 837 -30 312 -8,17%

Net cost of financial indebtedness -23 742 -24 207 -1,92%

Other financial expenses and income 1 444 4 027 -64,14%

Pre-tax Income of integrated companies 393 714 362 514 8,61%

Quota in net income of companies accounted for by the equity method 52 884 36 414 45,23%

Income tax -124 925 -105 800 18,08%

Net consolidated income 321 672 293 128 9,74%

Other expenses and revenues - - n.a

Global net income in the period 321 672 293 128 9,74%

Net income –group share 321 672 293 128 9,74%

Minority interest - - n.a

Net income per share in MAD 94 85 10,59%

Diluted income per share in MAD 94 85 10,59%


Afriquia Gaz balance sheet 2015-2017

For the past three fiscal years, the balance of AFRIQUIA GAZ is as follows:

ACTIF (KMAD) 2015 2016 Var. 16/15 2017 Var. 17/16

FIXED ASSETS AT NON DISCOUNTED VALUE (A) 2 107 1 695 -19,5% 540 -68,2%

. Preliminary costs - - n.a - n.a

. Expenses to be amortized over several financial years 2 107 1 695 -19,5% 540 -68,2%

. Bond redemption premiums - - n.a - n.a

INTANGIBLE ASSETS (B) 713 000 713 000 0,0% 713 000 0,0%

. Research and development assets - - n.a - n.a

. Patents, trademarks, rights and similar assets - - n.a - n.a

. Business goodwill 713 000 713 000 0,0% 713 000 0,0%

. Other intangible assets - - n.a - n.a

TANGIBLE FIXED ASSETS (C) 2 025 920 2 128 865 5,1% 2 164 197 1,7%

. Land 52 033 76 629 47,3% 76 629 0,0%

. Buildings 317 538 293 315 -7,6% 486 271 65,8%

. Technical installations, equipment and tools 1 474 479 1 461 286 -0,9% 1 560 409 6,8%

. Transport equipment 1 801 2 119 17,7% 2 989 41,1%

. Furniture, office equipment and miscellaneous fittings 8 510 8 530 0,2% 7 293 -14,5%

. Other tangible fixed assets - - n.a - n.a

Tangible assets under construction 171 560 286 986 67,3% 30 607 -89,3%

FINANCIAL FIXED ASSETS (D) 262 747 305 247 16,2% 305 247 0,0%

. Locked-in loans - - n.a - n.a

. Other financial receivables 488 488 0,0% 488 0,0%

. Equity securities 262 260 304 760 16,2% 304 760 0,0%

. Other long term securities - - n.a - n.a

TRANSLATION ADJUSTMENT - ASSETS (E) - - n.a - n.a

.Decrease in fixed receivables - - n.a - n.a

Increase in financial debts - - n.a - n.a

TOTAL I (A+B+C+D+E) 3 003 774 3 148 808 4,8% 3 182 985 1,1%

INVENTORIES (F) 216 401 221 471 2,3% 394 910 78,3%

. Goods 213 862 218 932 2,4% 394 910 80,4%

. Consumable materials and supplies 2 540 2 540 0,0% - -100,0%

. Work in progress - - n.a - n.a

. Intermediate and residual products - - n.a - n.a

. Finished products - - n.a - n.a

CURRENT ASSETS RECEIVABLES (G) 1 388 259 1 904 992 37,2% 2 216 765 16,4%

. Supplies, receivables, advances and deposits 3 187 3 103 -2,6% - -100,0%

. Trade receivables and related accounts 418 804 546 509 30,5% 865 652 58,4%

.Staff 3 645 4 369 19,9% 5 813 33,0%

State 677 924 1 155 418 70,4% 1 117 074 -3,3%

. Shareholders accounts - - n.a - n.a

. Other receivables 280 410 191 051 -31,9% 226 273 18,4%

. Accrued income and prepaid expenses 4 288 4 542 5,9% 1 954 -57,0%

SECURITIES AND INVESTMENT SECURITIES (H) 400 000 19 999 -95,0% - -100,0%

CONVERSION ADJUSTMENT - ASSETS (I) - - n.a 262 n.a

(Circulating elements) - - n.a 262 n.a

TOTAL II (F+G+H+I) 2 004 660 2 146 462 7,1% 2 611 936 21,7%

CASH ASSETS - - n.a - n.a

.Check and securities to be cashed 40 773 56 269 38,0% 63 632 13,1%

. Bank 654 233 251 918 -61,5% 755 649 200,0%

. Cash, imprest accounts and letters of credit 319 289 -9,5% 630 118,2%

TOTAL III 695 325 308 476 -55,6% 819 911 165,8%

TOTAL I+II+III 5 703 759 5 603 746 -1,8% 6 614 832 18,0%


LIABILITIES 2015 2016 Var15/16 2017 Var16/17

SHAREHOLDERS’EQUITY . Share or personal capital (1) 343 750 343 750 0,0% 343 750 -

. minus : shareholders, uncalled subscribed capital - - n.a - n.a

Called capital - - n.a - n.a

Of which paid - - n.a - n.a

. Share issue, merger and contribution premium 882 423 882 423 0,0% 882 423 0,0%

. Capital surplus - - n.a - n.a

. Legal reserve 34 375 34 375 0,0% 34 375 -

. Other reserves 446 140 485 140 8,7% 485 140 -

. Retained earnings(2) 220 350 58,9% 94 253 26817,4%

. Net income pending allocation (2) - - n.a - n.a

. Net income for the year (2) 400 067 454 841 13,7% 543 405 19,5%

TOTAL EQUITY (A) 2 106 976 2 200 879 4,5% 2 383 346 8,3%

QUASI EQUITY (B) - - n.a - n.a

. Investment subsidies - - n.a - n.a

. Regulated provisions - - n.a - n.a

. Provisions for charges - - n.a - n.a

. Provisions for investments - - n.a - n.a

FINANCING DEBTS (C) 1 137 821 1 133 036 -0,4% 1 119 281 -1,2%

. Bond borrowings 600 000 600 000 0,0% 600 000 0,0%

. Other financing debts 119 725 100 000 -16,5% 81 736 -18,3%

. Other financing debts : C.F.S 261 715 268 954 2,8% 268 954 0,0%

. Other financing debts: Tank deposits 156 382 164 081 4,9% 168 590 2,7%

LONG TERM PROVISIONS FOR LIABILITIES AND CHARGES (D) 1 935 1 935 0,0% 21 935 1033,8%

. Provisions for risks 1 935 1 934 600 n.a 21 935 n.a

. Provisions for charges - - n.a - n.a

CONVERSION ADJUSTMENTS LIABILITIES - - n.a - n.a

. Increase in fixed assets - - n.a - n.a

. Decrease in financing debts - - n.a - n.a

TOTAL I (A+B+C+D+E) 3 246 732 3 335 849 2,7% 3 524 562 5,7%

CURRENT LIABILITIES (F) 2 422 719 2 259 850 -6,7% 3 052 099 35,1%

. Trade payables and related accounts 2 295 918 2 036 575 -11,3% 2 810 779 38,0%

. Accounts payable, advances and deposits - - n.a - n.a

. Staff 4 454 4 204 -5,6% 4 530 7,7%

. Social organizations 6 956 7 290 4,8% 8 220 12,8%

. State 93 920 167 915 78,8% 208 996 24,5%

. Shareholders accounts 2 2 43,1% 3 30,1%

. Other creditors 283 28 743 10054,4% 158 -99,4%

. Accruals and deferred income 21 185 15 120 -28,6% 19 412 28,4%

OTHER PROVISIONS FOR RISKS AND CHARGES 1 060 1 060 0,0% 1 321 24,7%

CONVERSION ADJUSTMENTS LIABILITIES (circulating items) 144 439 205,5% - -100,0%

TOTAL II (F+G+H) 2 423 922 2 261 348 -6,7% 3 053 420 35,0%

CASH LIABILITIES - - n.a - n.a

. Discount credits - - n.a - n.a

. Treasury loans - - n.a - n.a

. Banks 33 106 6 548 -80,2% 36 850 462,8%

TOTAL III 33 106 6 548 -80,2% 36 850 462,8%

TOTAL GENERAL I + II + III 5 703 759 5 603 746 -1,8% 6 614 832 18,0%


Afriquia Gaz income statement 2015-2017

For the past three fiscal years, the income statement of AFRIQUIA GAZ is as follows:

En KMAD 2015 2016 Var. 16/15 2017 Var.17/16

Operating incomes

.Sales of goods 3 843 359 3 941 041 2,5% 5 472 730 38,9%

.Sales of goods and services produced 4 945 2 250 -54,5% 2 838 26,1%

Revenues 3 848 303 3 943 290 2,5% 5 475 568 38,9%

. Change in goods inventories - - n.a - n.a

. Fixed assets produced by the company for itself - - n.a - n.a

. Operating subsidies - - n.a - n.a

. Other operating income 28 809 30 147 4,6% 34 529 14,5%

. Operating write-backs, expense transfers 2 479 3 618 45,9% 9 674 167,4%

TOTAL I 3 879 591 3 977 055 2,5% 5 519 770 38,8%

Operating expenses

. Resold purchases of goods 2 637 393 2 575 496 -2,3% 3 872 141 50,3%

. Cost of goods sold 91 760 98 951 7,8% 149 505 51,1%

. Other external expenses 285 474 325 259 13,9% 339 140 4,3%

. Taxes and duties 2 914 7 162 145,8% 7 872 9,9%

. Payroll expenses 123 525 127 830 3,5% 133 818 4,7%

. Other operating expenses 1 500 1 500 0,0% 8 635 475,7%

. Operating depreciation and amortization 212 223 210 002 -1,0% 237 469 13,1%

TOTAL II 3 354 790 3 346 201 -0,3% 4 748 581 41,9%

Operating income III 524 801 630 854 20,2% 771 189 22,2%

Financial income

. Income from equity securities and other long-term securities

67 749 28 613 -57,8% 59 830 109,1%

. Currency exchange gain 946 318 -66,4% 463 45,6%

. Interest and other financial income 11 711 22 280 90,2% 14 299 -35,8%

. Financial write-backs and expense transfers - - n.a - n.a

TOTAL IV 80 405 51 211 -36,3% 74 592 45,7%

Financial expenses

. Interest expenses 42 508 34 660 -18,5% 36 011 3,9%

. Currency exchange losses 136 157 15,4% 1 060 575,0%

. Other financial expenses 422 89 -78,9% 72 -18,9%

. Financial depreciation and amortization - - n.a 262 n.a

TOTAL V 43 066 34 906 -18,9% 37 405 7,2%

Financial income VI 37 338 16 305 -56,3% 37 188 128,1%

Earnings before taxes excluding extr. items VII 562 139 647 159 15,1% 808 377 24,9%

Extraordinary income

Proceeds from the sale of fixed assets 131 134 51 301,10 -60,9% 31 358,22 -38,9%

Balance grants - - n.a - n.a

Reversal of investments subsidies - - n.a - n.a

Other extraordinary income 592 1 747,66 195,0% 4 665,82 167,0%

Non-current write-backs, transfers of cost 11 627 - -100,0% - n.a

TOTAL VIII 143 353 53 049 -63,0% 36 024 -32,1%

Extraordinary expenses

Net amortization values of fixed assets sold 129 105 50 302 -61,0% 30 743 -38,9%

Subsidies granted 0 300 n.a 300 0,0%

Other extraordinary expenses 17 300 1 875 -89,2% 6 653 254,8%

Non-current depreciation, amortization and provisions

- - n.a 20 000 n.a

TOTAL IX 146 405 52 477 -64,2% 57 696 9,9%

Extraordinary income X -3 052 571 118,7% -21 672 -3893,5%

Earnings before tax 559 088 647 730 15,9% 786 705 21,5%

Income tax 159 021 192 890 21,3% 243 300 26,1%

Net income 400 067 454 841 13,7% 543 405 19,5%


Afriquia Gaz balance sheet as of june 30th 2018

As of june 30th 2018, the balance sheet of AFRIQUIA GAZ is as follows:

ACTIF (KMAD) 31/12/2017 30/06/2018 Var. 17-S1/2018

FIXED ASSETS AT NON DISCOUNTED VALUE (A) 540 442 -18,1%

. Preliminary costs - - n.a

. Expenses to be amortized over several financial years 540 442 -18,1%

. Bond redemption premiums - - n.a

INTANGIBLE ASSETS (B) 713 000 717 759 0,7%

. Research and development assets - - n.a

. Patents, trademarks, rights and similar assets - 4 759 n.a

. Business goodwill 713 000 713 000 0,0%

. Other intangible assets - - n.a

TANGIBLE FIXED ASSETS (C) 2 164 197 2 233 574 3,2%

. Land 76 629 76 629 0,0%

. Buildings 486 271 471 123 -3,1%

. Technical installations, equipment and tools 1 560 409 1 589 721 1,9%

. Transport equipment 2 989 3 680 23,1%

. Furniture, office equipment and miscellaneous fittings 7 293 7 827 7,3%

. Other tangible fixed assets - - n.a

Tangible assets under construction 30 607 84 594 176,4%

FINANCIAL FIXED ASSETS (D) 305 247 305 247 0,0%

. Locked-in loans - - n.a

. Other financial receivables 488 488 0,0%

. Equity securities 304 760 304 760 0,0%

. Other long term securities - - n.a

CONVERSION ADJUSTMENT - ASSETS (E) - - n.a

.Decrease in fixed receivables - - n.a

Increase in financial debts - - n.a

TOTAL I (A+B+C+D+E) 3 182 985 3 257 022 2,3%

INVENTORIES (F) 394 910 201 532 -49,0%

. Goods 394 910 198 993 -49,6%

. Consumable materials and supplies - 2 540 n.a

. Work in progress - - n.a

. Intermediate and residual products - - n.a

. Finished products - - n.a

CURRENT ASSETS RECEIVABLES (G) 2 216 765 3 065 785 38,3%

. Supplies, receivables, advances and deposits - - n.a

. Trade receivables and related accounts 865 652 794 347 -8,2%

.Staff 5 813 3 720 -36,0%

State 1 117 074 1 975 397 76,8%

. Shareholders accounts - - n.a

. Other receivables 226 273 262 502 16,0%

. Accrued income and prepaid expenses 1 954 29 819 1426,4%

SECURITIES AND INVESTMENT SECURITIES (H) - - -

CONVERSION ADJUSTMENT - ASSETS (I) 262 152 -41,9%

(Circulating elements) 262 152 -41,9%

TOTAL II (F+G+H+I) 2 611 936 3 267 469 25,1%

CASH ASSETS 819 911- 288 486 -64,8%

.Check and securities to be cashed 63 632 195 365 207,0%

. Bank 755 649 92 698 -87,7%

. Cash, imprest accounts and letters of credit 630 422 -33,1%

TOTAL III 819 911 288 486 -64,8%

TOTAL I+II+III 6 614 832 6 812 977 3,0%


PASSIF 31/12/2017 30/06/2018 Var. 17-S1/2018

SHAREHOLDERS’EQUITY . Share or personal capital (1) 343 750 343 750 0,0%

. minus : shareholders, uncalled subscribed capital - - n.a

Called capital - - n.a

Of which paid - - n.a

. Share issue, merger and contribution premium 882 423 882 423 0,0%

. Capital surplus - - n.a

. Legal reserve 34 375 34 375 0,0%

. Other reserves 485 140 485 140 0,0%

. Retained earnings(2) 94 253 207 971 120,7%

. Net income pending allocation (2) - - n.a

. Net income for the year (2) 543 405 287 585 -47,1%

TOTAL EQUITY (A) 2 383 346 2 241 244 -6,0%

QUASI EQUITY (B) - - n.a

. Investment subsidies - - n.a

. Regulated provisions - - n.a

. Provisions for charges - - n.a

. Provisions for investments - - n.a

FINANCING DEBTS (C) 1 119 281 1 118 033 -0,1%

. Bond borrowings 600 000 600 000 0,0%

. Other financing debts 81 736 72 288 -11,6%

. Other financing debts : C.F.S 268 954 268 954 0,0%

. Other financing debts: Tank deposits 168 590 176 790 4,9%

LONG TERM PROVISIONS FOR RISKS AND CHARGES (D) 21 935 21 935 0,0%

. Provisions for risks 21 935 21 935 0,0%

. Provisions for charges - - n.a

CONVERSION ADJUSTMENTS LIABILITIES

-

n.a

. Increase in fixed assets - - n.a

. Decrease in financing debts - - n.a

TOTAL I (A+B+C+D+E) 3 524 562 3 381 211 -4,1%

CURRENT LIABILITIES (F) 3 052 099 3 408 072 11,7%

. Trade payables and related accounts 2 810 779 3 075 598 9,4%

. Accounts payable, advances and deposits - - n.a

. Staff 4 530 6 447 42,3%

. Social organizations 8 220 8 578 4,4%

. State 208 996 237 439 13,6%

. Shareholders accounts 3 4 27,6%

. Other creditors 158 146 -7,5%

. Accruals and deferred income 19 412 79 859 311,4%

OTHER PROVISIONS FOR RISKS AND CHARGES 1 321 1 212 -8,3%

CONVERSION ADJUSTMENTS LIABILITIES (circulating items) - 106 n.a

TOTAL II (F+G+H) 3 053 420 3 409 390 11,7%

CASH LIABILITIES 36 850 22 376 -39,3%

. Discount credits - - n.a

. Treasury loans - - n.a

. Banks 36 850 22 376 -39,3%

TOTAL III 36 850 22 376 -39,3%

TOTAL GENERAL I + II + III 6 614 832 6 812 977 3,0%


Afriquia Gaz social income statement as of june 30th 2018

As of june 30th 2018 the social income statement of AFRIQUIA GAZ Group is as follows:

En KMAD 30/06/2017 30/06/2018 Var. 16/15

Operating incomes

.Sales of goods 2 586 014 3 144 279 21,6%

.Sales of goods and services produced 1 402 3 574 155,0%

Revenues 2 587 416 3 147 854 21,7%

. Change in goods inventories - - n.a

. Fixed assets produced by the company for itself - - n.a

. Operating subsidies - - n.a

. Other operating income 17 001 18 829 10,7%

. Operating write-backs, expense transfers 225 1 293 474,7%

TOTAL I 2 604 642 3 167 975 21,6%

Operating expenses

. Resold purchases of goods 1 837 522 2 312 238 25,8%

. Cost of goods and services sold 52 706 88 512 67,9%

. Other external expenses 177 100 207 836 17,4%

. Taxes and duties 3 381 1 600 -52,7%

. Payroll expenses 66 526 73 984 11,2%

. Other operating expenses 750 750 0,0%

. Operating depreciation and amortization 116 329 115 847 -0,4%

TOTAL II 2 254 313 2 800 766 24,2%

Operating income III 350 329 367 209 4,8%

Financial income

. Income from equity securities and other long-term securities 28 866 47 945 66,1%

. Currency exchange gain 456 1 228 169,3%

. Interest and other financial income 6 059 3 829 -36,8%

. Financial write-backs and expense transfers 0 262 n.a

TOTAL IV 35 381 53 263 50,5%

Financial expenses

. Interest expenses 19 867 18 089 -8,9%

. Currency exchange losses 250 460 84,0%

. Other financial expenses 8 27 250,9%

. Financial depreciation and amortization 138,69561 152,10647 9,7%

TOTAL V 20 263 18 727 -7,6%

Financial income VI 15 118 34 536 128,4%

Earnings before taxes excluding extr. items VII 365 447 401 745 9,9%

Extraordinary income n.a

Proceeds from the sale of fixed assets 31 358 - -100,0%

Balance grants - - n.a

Reversal of investments subsidies - - n.a

Other extraordinary income 408 1 123 174,9%

Non current write-backs, transfers of cost - - n.a

TOTAL VIII 31 767 1 123 -96,5%

Extraordinary expenses n.a

Net amortization values of fixed assets sold 30 743 0 -100,0%

Subsidies granted 300 300 0,0%

Other extraordinary expenses 92 150 63,2%

Non-current depreciation, amortization and provisions - - n.a

TOTAL IX 31 135 450 -98,6%

Extraordinary income X 632 673 6,5%

Earnings before tax 366 079 402 418 9,9%

Income tax 104 523 114 833 9,9%

Net income 261 556 287 585 10,0%


PART IV. RISK FACTORS


Competition risks

The LPG distribution market is highly competitive. However it should be noted that the entry of new players in

the domestic market of the conditioned is unlikely due to the significance of the initial investment. Therefore,

the high cost of facilities and the existing distribution network covering almost all of Morocco constitute high

barriers to entry.

On the bulk market AFRIQUIA GAZ is tied to formal contracts.

Risks linked to market trend

Recent market trends clearly indicate an upward swing in national packaged LPG consumption. What is remarkable in this market segment is the decline in sales of butane B3 attributable to rising sales of butane B6 and B12. The main reason behind this phenomenon is the continuation of the rural electrification program.

Given the level reached by the Global Rural Electrification Program « PERG » (more than 98%), over forthcoming years B3 sales are expected to stabilize.

With regard to the distribution of LPG in bulk form, the market trend is closely tied to fluctuating industrial

demand. However, the sales structure of AFRIQUIA GAZ accounts for bulk distribution at less than 10% of

turnover vs. more than 90% for the packaged version.

Risques linked to liberalization

The liberalization of mid term LPG prices for distributors will entail price deregulation and margin fluctuations.

Since 1995 only propane has been affected by this measure. This makes it possible for LPG distributors,

including AFRIQUIA GAZ, to benefit from a successful experiment, as well as smooth transition from a regulated

to a liberalized market.

Afriquia Gaz enjoys a well-structured organization. Resultantly it is efficiently prepared to confront potential

market liberalization and to be in a position to benefit the most therefrom.

Risk of dependency on individual customers

In the portfolio of AFRIQUIA GAZ, no particular customer represents more than 10% of global turnover.

Elsewhere, with regard to bulk LPG distribution, in particular to institutional customers, AFRIQUIA GAZ has

signed exclusivity contracts.

Risks linked to safety

All facilities and items of equipment (filling centers, cylinders, tanks and transport) of AFRIQUIA GAZ answer to

the safety standards currently in force in Morocco.

In addition, in the framework of the hygiene program particular to the AKWA Group and the subsidiaries

thereof, AFRIQUIA GAZ permanently operates keeping close watch over the improvement of production

processes.

Risks linked to international price fluctuations

LPG prices on the international market are subject to substantial fluctuations in connection with crude oil and

natural gas prices.

With liberalized propane gas prices AFRIQUIA GAZ, like the other LPG players, for imports, is exposed to

international LPG price fluctuations. This is generally passed on to customers but only rarely has an effect on

corporate income in connection with the impact of such variations in turnover for propane.

To the extent in which the propane activity of AFRIQIA GAZ represents less than 10% of turnover, this risk

remains very limited in scope.

With regard to butane, fluctuations in international prices currently entail no risk to the extent in which

recovery prices are regulated and subsidized via the Compensation Fund.


Risks linked to the duty of financing the safety stock

To guard against any request for repayment of the debt corresponding to the financing of the safety stock,

which could occur if the company does not respect the legal minimum required by applicable law, Gaz Afriquia

maintained in inventory for several years and recurrently, quantities valued at amounts above 245 MMAD. In

the future, the Company will continue (i) to maintain stocks at least upper and (ii) have the financial abilities to

refund the amount of 245 MMAD in case of a duty request.

It should be noted that the Contribution to the Financing Stocks is an integral part of the structure of the

prevailing prices of today. Therefore, the liquidity risk is controlled due to the existence of equalization in the

distribution of LPG.


Warning

The aforementioned information constitutes only a part of the Prospectus approved by the AMMC under

reference n° VI/EM/041/2018 dated 31/12/2018.

The AMMC advises reading the entire information record made available to the public in the French language

version.

prospectus summary©sumé_maj bt... · 4000 400 000 000 3 month 26/03/2012 25/06/2012 3,90% 4 000...

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