CREDIT RISK MANAGEMENT BEYOND NUMBERS Stock Market Review Bloomfield Intelligence th th Week 19 from May 04 to May 08 2020 (Source BRVM) Bloomfield Investment Corporation is a pan-African credit BRVM 10 -0.18% 130.59 rating agency which specializes in the assessment of the credit m risk. Headquartered in Abidjan with offices in Douala and in 0.69% Kigali. the agency operates essentially in Africa. BRVM COMPOSITE k 137.78 Accreditation UEMOA AN-001/2012 Listed Companies 46 RWANDA ref/CMA/July/3047/2015 Evol Value Average PER* k 15.91 Headquarters Cocody Riviera 3 – Rue E104. Average yield / share* k 9.08% Abidjan - Cote d’Ivoire Market capitalization (billion FCFA) k 4 140 Trading volume (shares) 328 710 Website www.bloomfield-investment.com Trading volume (bonds) 75 203 Value traded (shares) 893 042 885 Value traded (bonds) 756 719 805 Follow us * Calculated on the basis of the latest financial information published without consideration of companies in liquidation The Stock Market Tops Flops Price Evol% Vol Val (000) PER Y/S Price Evol% Vol Val (000) PER Y/S FILTISAC CI 980 22.50% 39 721 37 296 7.4 11.2% SUCRIVOIRE 425 -23.42% 13939 6413.38 N/A 16.9% CIE CI 1 250 18.48% 1 316 1 586 14.2 6.3% AIR LIQUIDE CI 210 -20.75% 1013 227.42 N/A N/A BICI CI 3 600 17.46% 365 1 285 6.1 5.1% BERNABE CI 600 -20.00% 725 477.76 9.4 7.5% NESTLE CI 240 14.29% 7 2 6.5 N/A CFAO CI 365 -6.41% 2712 1000.59 12.6 8.6% Sector Indexes Value Valued traded by sector # Avg Value Evol% Evol YTD Volume traded Avg PER 1% 2% Companies Y/S 1% 7% (M FCFA) BRVM – Industry 12 33.44 2.20% -10.97% 75 019 60 63.5 11% 26% BRVM – Public Services 4 423.32 0.71% -13.87% 61 012 562 9.4 10% BRVM - Finances 16 53.72 0.96% -9.67% 140 958 229 5.5 9% 63% BRVM - Transport 2 413.30 1.47% 12.69% 5 821 10 8.9 11% BRVM - Agriculture 5 64.29 -3.48% -24.99% 16 868 11 6.7 13% BRVM - Industry BRVM – Public services BRVM - Finance BRVM - Transport BRVM - Distribution 7 203.61 -1.02% -20.81% 26 542 20 9.4 9% BRVM - Agriculture BRVM - Distribution BRVM – Other sectors BRVM – Other sectors 1 271.45 -6.38% -15.39% 2 490 1 8.1 N/A Market Trends The BRVM ended this week with 130.59oints for the BRVM 10 index (-0.18%) and 137.78 points for the BRVM Composite index (+0.69%). The capitalization of the equity market stood at 4.140 billion francs CFA. The equity market transactions amounted to 893 million francs CFA at the end of the week, mainly driven by « Publics services» (63%) and « Finance » (26%) sectors. FILTISAC CI recorded the largest growth this week with a gain of 22.50%, while SUCRIVOIRE CI stock showed the largest decline with a lost of 23.42%. On the commodities market, crude oil price continues its upward trend ending the week with a gain of 30.62% to stand at $ 24.62. CREDIT RISK MANAGEMENT BEYOND NUMBERS W19–2020 / P2 The Stock Market The Chief Economist’s Analysis [a focus on PALM CI] PALMCI published on May 04 its performance for the 2019 financial year and for the first quarter of 2020. The results for the 2019 financial year showed improved results: turnover increased by 4% and a deficit lower than that recorded at the end of 2018. For the first quarter of 2020, PALM CI recorded a turnover of CFAF 40,949 million compared to CFAF 31,270.9 million in the same period in 2019, an increase of 30.9% which would come from the 33% rise in palm oil prices. In terms of net income, it more than doubled thanks to the 83% increase in profit from ordinary activities. On the stock market, PALM CI stock started 2020 at the price of CFAF 1,820 and then reached its highest level at the end of the session on February 3, 2020, at CFAF 2,450. This 34.6% increase could be explained by the anticipation of a positive development in company performance following the price increase in the second half of 2019. On May 8, 2020, the stock has been traded at CFAF 1,180, a depreciation of 35.2% compared to the start of the year. The PALMCI performance of the first quarter of 2020 will not be enough to reassure investors in a context marked by the health crisis and its implications on the prices of raw materials in general and those of palm oil prices. News BRVM Corporates Market News ❑ [UNIWAX]: UNIWAX SA presented its activity ❑ [UEMOA]: The latest BCEAO report on the report for the first quarter of 2020. It appears conditions of banks in WAEMU indicates that the that the turnover amounted to CFAF 8,572 upward momentum of new loans and deposits is million, a drop of 16% compared to the first continuing, accompanied by a fall in the cost of quarter of 2019. Operating profit also contracted credit in the WAEMU. Indeed, new credits (-69%) to stand at CFAF 321 million. Net income amounted to CFAF 15,435.7 billion in 2019, an fell 70% to CFAF 236 million compared to the increase of 4.1% compared to the previous year; and new deposits increased by 4.3% to CFAF same period in 2019. 7,469.6 billion. The lending rate fell throughout ❑ [UNILEVER CI]: UNILEVER CI has published its the zone except for Côte d'Ivoire and Niger, which activity report for the first quarter of 2020, which observed an increase of 1% and 16.4% reveals a 17% drop in turnover compared to the respectively. first quarter of 2019. The net profit has improved at CFAF 61 million against a loss of CFAF 267 ❑ [MALI]: The second cotton producer in Africa, million in 2019. Mali, dropped the producer price by CFAF 75 to CFAF 200 per kilogram for the first choice. This ❑ [SOCIÉTÉ GENERALE-CI]: Société Générale decision reflects the downward trend in cotton Côte d´Ivoire published its financial results for the prices with the health crisis which constrains first quarter of 2020. Net banking income came to demand following the containment measures of CFAF 39.8 billion, an increase of 21.4%. Net profit half of the world population. also increased (+ 41.4%) compared to March 31, 2019, standing at FCFA 14.1 billion. ❑ [BURKINA FASO]: The World Bank has granted $ 21.2 million in funding to fight the COVID-19 pandemic in Burkina Faso. This funding is expected to strengthen the prevention, anticipation and response capacities of public health systems. CREDIT RISK MANAGEMENT BEYOND NUMBERS W19– 2020 / P3 The Stock Market Industry Sector Reference Net margin Evol% Vol Val (000) PER Y/S ROE price ratio SICABLE CI 670 3.08% 10 149 6 749 6.22 11.19% 4.2% 10.4% FILTISAC CI 980 22.50% 39 721 37 296 7.45 11.22% 5.4% 9.1% NEI-CEDA CI 120 0.00% 707 81 1.98 N/A 8.3% N/A NESTLE CI 240 14.29% 7 2 6.46 N/A -2.9% N/A CROWN SIEM CI 120 -4.00% 9 610 1 153 N/A N/A N/A N/A AIR LIQUIDE CI 210 -20.75% 1 013 227 N/A N/A -1.1% -1.3% SOLIBRA CI 45 000 0.00% 0 0 56.76 3.04% 2.2% 4.2% SMB CI 2 650 4.54% 562 1 457 359.25 16.98% 8.3% 97.7% SITAB CI 600 14.29% 4 679 2 654 N/A N/A -3.0% N/A TRITURAF CI-Ste en 490 0.00% N/A 0 N/A N/A N/A N/A Liquidation UNILEVER CI 4 775 0.00% 0 0 N/A N/A -6.0% 16.3% UNIWAX CI 1 235 -1.98% 8 571 10 592 6.1 14.72% 7.7% 13.9% Public Services Sector Reference Net margin Evol% Vol Val (000) PER Y/S ROE price ratio CIE CI 1 250 18.48% 1 316 1 586 14.20 6.34% 0.3% 10.6% ONATEL BF 3 250 -0.31% 23 682 76 378 7.35 12.60% 17.4% 40.9% SODE CI 2 950 7.27% 1 540 4 353 8.99 9.15% 2.9% 21.7% SONATEL SN 13 900 0.00% 34 474 479 980 7.06 10.79% 17.7% 24.1% Finance Sector Reference Net margin Evol% Vol Val (000) PER Y/S ROE price ratio BICI CI 3 600 17.46% 365 1 285 6.13 5.08% 20.1% 18.2% BANK OF AFRICA BN 3 970 7.30% 10 185 38 725 5.37 10.48% 84.6% 16.4% BANK OF AFRICA BF 3 200 -4.76% 6 877 22 168 3.8 11.56% 43.3% 31.0% BANK OF AFRICA CI 3 330 -0.60% 10 754 36 004 4.63 9.19% 40.7% 33.9% BANK OF AFRICA M 1 000 1.01% 692 681 N/A 27.10% -21.8% -17.8% BANK OF AFRICA NG 3 850 0.65% 14 607 56 175 5.89 10.00% 90.6% 21.1% BANK OF AFRICA S 1 545 -0.32% 6 140 9 494 3.26 10.36% 40.1% 10.6% CBI BF 7 745 1.91% 1 027 7 743 8.95 5.19% 46.9% 27.2% ECOBANK CÔTE D'IVOIRE 3 000 -1.64% 5 142 15 567 6.51 8.03% 30.4% 22.1% ECOBANK TRANS.