What Causes Cleft Foot

Samir: upside potential in exchange for 12% and a profit of nearly one billion DH

Samir's financial situation is gradually improving and analysts not lacking to show their satisfaction with the prospects of the company. After restoring its indicators of activity and profitability last year after a year marked by the 2008 crisis, the refiner would have to close this year with a turnover of more than 30 billion dirhams, up 15%, and net profit of 981 million dirhams, increasing by 77%. In 2011, the uptrend should continue to realizations and volume of activity is expected to reach 32.4 billion DH for a net profit of 1.19 billion dirhams. These estimates confirm analysts in their recommendation to buy the title of the refiner. Those BMCE Capital setting a theoretical course of 699 DH. Compared during bouriser November 22 (624 DH), the value thus offers a potential upside of 12%.

It should be noted that the commissioning of its new Samir complex hydrockraking the beginning of the second half, which strengthened by 60% its production capacity to 4.2 million tons, increased levels of margin the company more than $ 6 per barrel of oil. Good market conditions and prices have more incentive to utilize fully the refiner at its facilities, as evidenced by the increased utilization of refining capacity Now that spring to 93% against 76% at end 2009. So, commercially, and taking into account the resilience of its business during the first half of this year (sales up 15%), the company aims to increase its sales by 5% in Morocco, $ 5.9 million tons at year end.

investment side, Samir intends to continue the work of its major projects, primarily related to its fourth distillation unit to increase its production capacity of bitumen and recovery of energy in its refinery in Mohammedia. For years, the company plans to build a petrochemical complex based on the process by steam cracking. This unit should be designed to produce ethylene and propylene, which are necessary for the manufacture of polyethylene and polypropylene. In addition, and wishing to enjoy the full potential of LNG (Liquefied Gas addition to natural), the refiner is continuing its studies to validate the feasibility of setting up an LNG terminal and pipeline in the future.

Given this ambitious investment policy for the coming years, the top management of Samir says no dividend distribution should take place before 2012. But by 2013, significant cash flow that should clear the company will allow it to display an attractive dividend yield.

source lavieeco.com

Wedding Telegram Different

Risma 1.2 billion DH to invest further by

Risma, which has just obtained the agreement of CDVM for a capital increase reserved for existing shareholders by issuing bonds redeemable in shares (NRS) strengthens its permanent capital to better address the financing of its development program 2010-2013. This program involves a total investment of 1.6 billion DH, including 1.2 billion DH still to invest.

source Morocco-journal.com

Hemogram 4 Test Explained

2013 2010 a difficult year for stationery

Soaring international prices of paper pulp has impacted performance.

This year, the stationery industry has suffered from soaring prices at the international pulp and paper, the main input in the process papermaking. During the first half of 2010, the price of the imported input in large quantities by manufacturers rose nearly 80%, affecting considerably the performance of companies in the sector.

To cite only the case of Med Paper (listed company), it posted revenues down 8.47% at end-June 2010 mainly due to erratic changes in prices of this matter at the international, especially as the pulp is about 58% of inputs, mainly from cellulose Morocco. The rest is in turn, imported from Europe, and depending on availability and offers on the market International. Thus, to improve its performance, the company, which expects to start the third production line early in the second half of 2010 to increase production by 30% and also the turnover, plans to negotiate contracts for the purchase of pulp for two years, in order to guard against a possible outbreak. For the group MCPC, whose business is paper mill in 2010 marked a recovery of volumes of more than 10% (driven both by good growth in exports but also by improving the offer including the boxboard), the approach is another.

"Speculation on the subject is always risky and we are very careful to follow more closely at our conditions of supply to avoid breaks and stay in the current market conditions. This approach, unlike the vast majority of our international competition, also enabled us to maintain very short delivery times, "said Philippe d'Adhemar Chief Stationery Group MCPC in Kenitra. Thus, as to avoid direct impact on margins while customer loyalty, management had to act cautiously. "In a context of crisis and slow economic recovery, our policy was to absorb the maximum fluctuations. Thus, we have only partially reflected the impact, "he said.

The group, whose business is focused on packaging paper box with two product lines namely flat cardboard and corrugated paper has also benefited this year developing a new coating improves rendering printing of cartons, but also new products that meet the expectations of the domestic market. Innovation, improving quality and distribution remain strengths underlying the large companies operating in this sector to maintain or develop their positioning. Some even play the map environment to differentiate themselves. This is particularly true of the group MCPC, a subsidiary of International Paper.

"We are launching phase of a sewage wastewater to ensure environmentally responsible manufacturing in line with the National Charter for the Environment and Sustainable Development," said Philippe d'Adhemar . Currently, there are no environmental regulations in Morocco specific about the paper industry, with particular emphasis on upgrading its waste minimization and the impact of his last on the environment.
standardization of the production process to the image of environmental constraints applied in Europe could corner the operators to commit significant investment to comply with the law.

Unfair Competition

Industries in the paper industry operating in a domestic environment characterized by large informal sector, where common practices of sales without VAT which represent the bulk of the sales matters relating to the sector. There are also the imports, excluding VAT and customs duties, paper Publishing, whose destination is often diverted to other purposes for future flood the informal market. It is the same for imports of other types of printing and writing paper, often under-invoiced, thus leading to unfair competition. These practices encouraged by the existence of barriers to entry should logically lose their meaning with the dismantling of tariff barriers under way.

source lematin.ma

Why Are People Writing Numbers On Their Facebook

Airport Project of Notre Dame des Landes and your tax home ....

The financing plan is based on the latest news:

- Vinci: 302.5 million euros (instead of 500 planned some time ago)

- State : 138.5 million euros

- Local: 115 million euros of which 40.4

million euros for the Regional Council Pays de la Loire, 28.9 million euros for the Regional Council Britain, 23.1 million euros for the Council General de Loire Atlantique, 17.91 million euros for Nantes Métropole, 2.9 million euros for the city of St. Nazaire and 2.3 million euros to Cape Atlantic! The elected

(s) environmentalists argue that the proposed airport at Notre Dame Des Landes is 255 million euros in new spending, including 115 million euros at the expense of communities, including:

- 17 euros per household in the region outside
Loire Atlantique - 41 euros per household's tax department, outside Nantes Métropole
- 112 euros per tax unit of Nantes Métropole

So when the project leaders speak of "advance refundable "in under a clause of "better fortunes", ie a share of the profits of the operator (Vinci) would return to communities, one wonders if in this case taxes decreased.