NOTE D'INFORMATION Offre Publique de Retrait Obligatoire visant ...

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Note d’InformationOffre Publique de RetraitSOMMAIREABREVIATIONS……………………………………………………………………………............ 2DEFINITIONS………………………………………………………………………………………. 3AVERTISSEMENT……………………………………………………………………………........ 6PREAMBULE……………………………………………………………………………................ 7PARTIE I : ATTESTATIONS ET COORDONNEES……………………………….…………... 9I. Le Président du Conseil d’Administration du CIH………………………………………… 10II. Le Président du Conseil d’Administration de SOFAC…………………………………… 11III. Les Commissaires aux Comptes…………………………………………………………… 12IV. Le Conseiller Financier……………………………………………………………………… 25V. Le Conseiller Juridique……………………………………………………………………….. 26VI. Les responsables de L’information et de la Communication Financière…………… 27VII. Le Garant Irrévocable………………………………………………………………………... 28VIII. L’Evaluateur Indépendant………………………………………………………………….. 29PARTIE II. PRESENTATION DE L’OPERATION………………………………………………. 30I. Cadre de l’Opération……………………………………………………………………………. 31II. Structure de l’Offre…………………………………………………………………………….. 37III. Rapport de l’Evaluateur Indépendant……………………………………………………… 38IV. Intermédiaires Financiers……………………………………………………………………. 41V. Caractéristique des Actions………………………………………………………………… 41VI. Calendrier de L’opération……………………………………………………………………. 42VII. Modalités de Participation à l’Offre………………………………………………………. 43VIII. Régime Fiscal………………………………………………………………………………… 46PARTIE III. PRESENTATEUR de L’INITIATEUR……………………………………………… 48I. Présentation Générale du CIH………………………………………………………………… 49II. Activité du CIH………………………………………………………………………………….. 91III. Situation Financière du CIH………………………………………………………………… 121IV. Perspectives……………………………………………………………………………………. 168V. Facteurs de Risque du CIH…………………………………………………………………... 171VI. Faits Exceptionnels et Litiges……………………………………………………………… 173PARTIE IV. PRESENTATION GENERALE DE SOFAC………………………………………. 174I. Présentation Générale de SOFAC……………………………………………………………. 175II. Gouvernement d’Entreprise………………………………………………………………….. 191PARTIE V. ACTIVITE de SOFAC………………………………………………………………… 195I. Historique de SOFAC…………………………………………………………………………... 196II. Appartenance de la Société à un Groupe………………………………………………….. 198III. Secteur d’Activité……………………………………………………………………………… 200IV. Activité de SOFAC…………………………………………………………………………….. 2114
Note d’InformationOffre Publique de RetraitV. Organisation de SOFAC………………………………………………………………………. 219PARTIE IV. SITUATION FINANCIERE DE SOFAC……………………………………………. 226I. Analyse de l’Etat des Soldes de Gestion…………………………………………………… 227II. Analyse du Bilan……………………………………………………………………………….. 236III. Indicateurs Financiers………………………………………………………………………... 244IV. Analyse du Tableau des Flux de Trésorerie……………………………………………… 247PARTIE VII. PERSPECTIVES DE SOFAC……………………………………………………… 249I. Orientations Stratégiques de SOFAC………………………………………………………. 250II. Business Plan…………………………………………………………………………………… 251III. Budget 2013 de SOFAC………………………………………………………………………. 260PARTIE VIII. FACTEURS DE RISQUE DE SOFAC……………………………………………. 263I. Risque Client…………………………………………………………………………………….. 264II. Risque de Baisse de la Rentabilité en Raison de la Baisse du TMIC………………… 265III. Risque de Liquidité et de Taux……………………………………………………………… 265PARTIE IX. FAITS EXCEPTIONNELS ET LITIGES DE SOFAC…………………………….. 266PARTIE X. ANNEXES……………………………………………………………………………... 268I. Etats de Synthèse Consolidés IFRS – CIH…………………………………………………. 269II. Etats de Synthèse – SOFAC…………………………………………………………………. 307III. Ordre de Vente…………………………………………………………………………………. 3885
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