Download Risk Underwriting

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 business environment
 Microeconomic
5
Aman Union
expertise in assessing country risk
expertise
Country
@rating
Business climate
Coface experience
Quality and
availability of
financial information
Creditor protection,
debt collection
efficiency
6
Aman Union
Institutional
environment
Economic, financial,
and political prospects
Companies’
payment
behaviour
Growth vulnerability
Foreign exchange
liquidity-crisis risk
Sovereign financial
vulnerability
Banking sector’s
fragilities
External
overindebtedness
Political
vulnerabilities
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
Morocco
10
Aman Union
2006
Algeria
2007
Tunisia
2008
2009
2010
TUNISIA
Population
GDP
10 (million)
40 (US$ billion)
Rating
country
Business climate
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
AmandeUnion
Titre
la présentation power point
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
Ja
n
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
Ja y 02
n
Ju -0
l 3
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
l 9
ja y-0
nv 9
ju -1
ly 0
ja -10
n11
PAYMENT INCIDENTS INDEX
(12 months moving average - base 100 : World 1995)
13
Aman Union
300
WORLD
250
Tunisia
200
150
100
50
0
MOROCCO
Population
32 (million)
92 (US$ billion)
Rating
country
Business climate
rating
A4
Strengths
A4
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
GDP
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
Ja
n
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
Ja y 02
n
Ju -0
l 3
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
l 9
ja y-0
nv 9
ju -1
ly 0
ja -10
n11
PAYMENT INCIDENTS INDEX
(12 months moving average - base 100 : World 1995)
300
16
Aman Union
WORLD
Morocco
250
200
150
100
50
0
ALGERIA
Population
GDP
35.5 (million)
160 (US$ billion)
Rating
country
Business climate
rating
A4
B
Weaknesses
Strengths
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
Ja
n
Ju -9
ly 7
Ja 97
n
Ju -9
l 8
Ja y 9
n 8
Ju -9
l 9
Ja y 9
n 9
Ju -0
l 0
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
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
ju -10
ly
ja -10
n11
PAYMENT INCIDENTS INDEX
(12 months moving average - base 100 : World 1995)
300
19
Aman Union
WORLD
North Africa
250
200
150
100
50
0
Contagion in North Africa and the Middle East
Common political, economic and social factors
 Aspirations
 Increases
for greater political representativeness
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
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Aman Union
distribution of the benefits of economic growth
Decline in GDP growth
7,0
6,0
5,0
4,0
2010 e
3,0
2011 f
2,0
1,0
21
AmandeUnion
Titre
la présentation power point
en
Ye
m
ni
si
a
Tu
Sy
ria
oc
co
M
or
by
a
Li
da
n
Jo
r
yp
t
Eg
Al
g
er
ia
0,0
Youth Unemployment
35
30
25
20
15
10
5
0
Algeria
Morocco
Unemployment rate (official)
22
AmandeUnion
Titre
la présentation power point
Tunisia
Egypt
Unemployment of pop. 15-30 (estimates)
Investment-to-GDP ratio
(%, 2009)
50
45
40
35
30
25
20
15
10
5
0
Algeria
23
Morocco Tunisia
AmandeUnion
Titre
la présentation power point
Egypt
Brazil
Russia
India
China
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
A4
A4
Tunisia
25
Aman Union
26
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
Busines
s climate
Country @rating
Jan ‘07
Jan ‘08
Jan ‘09
Jan ‘10
Mar ‘10
Jun ‘10
Sep ‘10
Jan 11
2010
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
B
B
B
B
B
B
B
B
B
Algeria
Egypt
27
Aman Union
Country @rating
28
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
Arabia
A4
A4
A4
A4
A4
A4
A4
A4
B
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
Aman Union
Part 2
Sectorial ratings
29
Aman Union
Sectorial ratings
● A measure of risks on 16 sectors:
– Agrifood - Pharmaceuticals – Chemicals - Mass
retail – Steel – Paper - Electronic component - Telecommunications Mobile and network equipment - Computer industry - Mechanical
engineering - Building & Civil engineering – Clothing – Textile Automobile
 Telecommunications
● 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.
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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
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Aman Union
10 levels scale
32
A+
A
A-
The economic environment has been good in the sector and has had a
positive influence on the company financial situation. Payment experience
has been satisfactory. Default probability has been low on average
B+
B
B-
In an essentially favourable economic environment nonetheless not safe
from short-term deterioration with negative repercussions on the company
financial situation, payment behaviour is generally correct and default
probability acceptable
C+
C
C-
In a very uncertain sectoral environment combined with a very vulnerable
company financial situation, payment behaviour is relatively poor with
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.
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
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
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
B
B+
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






37
Separate legal entity and ownership
is transferable.
Possible tax advantage.
Specialised management.
May be easier to raise capital.
Business has to be registered
according to the law of the country
and is closely regulated.
Financial information usually has
to be filed for public record.
Aman Union
● Disadvantages



Limited liability: if a company
has more liabilities than assets
the creditors will not be able to
get further money from the
owners.
Possible conflict between
shareholders and management.
More expensive to run.
Co-operatives
● Advantages
 Set
up to meet mutual needs and
profit is shared with the members.
 Belongs to its members and is run
democratically (one member one
vote).
● Disadvantages





38
Aman Union
Limited liability.
Possible development of
conflict between members.
Longer decision making
process.
Requires members to participate
for success.
Less incentive to invest
additional capital.
Government-funded bodies
I.
DIFFERENT TYPES OF PUBLIC BODIES
Usually public bodies include
1)
a government department


2)
3)
4)
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Aman Union
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,….
nationalised industries such as automobiles industry, transport
administration,…
public corporations such as broadcast corporation.
municipal councils and regions local and regional authorities
Government-funded bodies
II. CONSTITUTION OF PUBLIC BODIES





40
Aman Union
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
Unlimited Liability
● Sole proprietorships


Simplest business organisation.
Owner fully liable for all debts to the extent of his personal assets.
● Partnerships

41
Essentially the same except that responsibilities and liabilities extend to the
business assets and personal estates of all partners.
Aman Union
Sole proprietorships
● Advantages





Unlimited liability to creditors.
Complete control over business
decisions.
Limited regulation.
Relatively low start up costs.
No share of profits.
● Disadvantages




42
Aman Union
Difficult to run the business
effectively when the business
grows substantially.
Mismanagement possible in the
event of absence, illness or death of
owner.
Lack of transparency: Not
requested to disclose financial
information publicly.
Difficult to raise additional funds.
Partnership
● Advantages





Unlimited liability to creditors.
More flexible and therefore
more competent management.
Easier to source additional
capital.
Limited regulation.
Relatively low start up costs.
● Disadvantages




43
Aman Union
Lack of control where
responsibilities for business
areas have not been clearly
established.
May be more difficult to raise
capital when the business
grows.
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.
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


46
Recent fire
Burglary
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.



47
The PROFIT & LOSS account shows the sales and expenses for that
period. The difference between the two represents the profit -or the lossmade 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.
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

48
The business will continue to trade for the foreseeable future.
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

49
Future research undertaken.
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.


50
Date at which the audit was completed.
Signature.
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

51
When the accounts do not give a true and fair view.
Aman Union
Types of accounts
● Full accounts





Auditors report
Profit & Loss
Balance Sheet
Cashflow Statement
Notes to the accounts
● Abbreviated accounts

52
Smaller companies do not need to file a Profit & Loss account or Cashflow
statement.
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

53
Gross Profit less Operating Expenses.
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

58
Income received before the balance sheet date but relating to a subsequent period.
Aman Union
Working capital
● Working Capital

Current Assets less Current liabilities
● Need for Working Capital

59
Stocks + Trade Debtors less Trade Creditors.
Aman Union
Long-term borrowings
● Long term borrowings





60
Bank loans
Hire purchase and lease agreements
Mortgage
Directors/Shareholders loans
Inter company loans
Aman Union
Shareholders funds
● Share Capital

Ordinary shares, preference shares and deferred shares
● Non distributable reserves


Share premium account
Revaluation reserves
● Distributable reserves

61
Accumulated profit and loss
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



63
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.
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
2006
2005
5%
Aliquam vera estat
2000
1800
1600
1400
1200
30%
1000
800
51%
600
400
25%
200
0
2007
69
Aman Union
2008
2004
2005
2006
2007
2008
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
88
90
71
Aman Union
193
0
55
0
56
106
249
194
136
238
127
0
75
105
141
177
178
180