SOMMAIRE P 05
MESSAGE DU PRÉSIDENT
P 07
LE GROUPE EN 2010
P 15
NOS ACTIONNAIRES
P 21
GOUVERNANCE
NOS MÉTIERS
P 39
CAPITAL HUMAIN
P 43
HORIZONS & PERSPECTIVES
P 47
RAPPORT FINANCIER
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P 27
33
Nos objectifs de réalisation sont en majorité atteints…, nous conservons un bilan, une position de liquidité et des assises financières très solides.
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Président
5
LE GROUPE EN 2010 Le groupe, avec ses 25 filiales et participations, est l’un des acteurs industriels majeurs de l’Êconomie nationale et rÊgionale. $X WUDYHUV GH VHV PpWLHUV GLYHUVLÀpV GHOWD KROGLQJ GpSORLH OH VDYRLU IDLUH HW OҋH[SHUWLVH GH VHV FROODERUDWHXUV SUpVHQWV VXU SOXV GH VLWHV GH SURGXFWLRQ GDQV SD\V HQ $IULTXH HW HQ (XURSH /H JURXSH HVW FRWp j OD ERXUVH GH &DVDEODQFD DYHF XQH FDSLWDOLVDWLRQ ERXUVLqUH GH OҋRUGUH GH PLOOLDUGV 0$' HQ
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LE GROUPE EN 2010
7
CHIFFRES CLES
DES  REALISATIONS EN  FORTE  CROISSANCE 3H JYVPZZHUJL PU[LYUL L[ L_[LYUL ZV\[LU\L L[ THz[YPZtL H WLYTPZ n KLS[H OVSKPUN KL YtHSPZLY KL IVUULZ WLYMVYTHUJLZ UV[HTTLU[ Z\Y SL WSHU ÄUHUJPLY (PUZP SL JOPMMYL K»HMMHPYLZ JVUZVSPKt LUYLNPZ[Yt LU LZ[ KL TPSSPVUZ KL KPYOHTZ LU HTtSPVYH[PVU KL WHY YHWWVY[ H\ WYtJtKLU[ L_LYJPJL *LJP LZ[ SL MY\P[ KL S»t]VS\[PVU YLTHYX\HISL K\ ]VS\TL K»HJ[P]P[t K\ NYV\WL K\ Kt]LSVWWLTLU[ KL UV\]LSSLZ HJ[P]P[tZ L[ KL SH JVUÄYTH[PVU KL ZVU SLHKLYZOPW KHUZ WS\ZPL\YZ Tt[PLYZ 3L YtZ\S[H[ K»L_WSVP[H[PVU JVUZVSPKt KL LZ[ KL TPSSPVUZ KL KPYOHTZ LU WYVNYLZZPVU KL WHY YHWWVY[ n *L[[L t]VS\[PVU YLTHYX\HISL Z»L_WSPX\L WHY S»HTtSPVYH[PVU K\ JOPMMYL K»HMMHPYLZ L[ SH WVSP[PX\L KL THz[YPZL KLZ JOHYNLZ K»L_WSVP[H[PVU X\L SL NYV\WL JVU[PU\L n WV\YZ\P]YL 3L YtZ\S[H[ UL[ JVUZVSPKt H H[[LPU[ TPSSPVUZ KL KPYOHTZ LU LU H\NTLU[H[PVU KL WHY YHWWVY[ n S»HUUtL JVUÄYTHU[ HPUZP SH IVUUL WYVÄ[HIPSP[t K\ NYV\WL THSNYt S»LMML[ KL JOHUNL UtNH[PM Z\Y SL YtZ\S[H[ ÄUHUJPLY 7HY HPSSL\YZ SL YtZ\S[H[ UL[ PZZ\ KLZ JVTW[LZ ZVJPH\_ Z»LZ[ tSL]t n TPSSPVUZ KL KPYOHTZ n ÄU NYoJL H\_ WLYMVYTHUJLZ KLZ ÄSPHSLZ K\ NYV\WL L[ H\_ KtJPZPVUZ KL KPZ[YPI\[PVU KLZ KP]PKLUKLZ WYPZLZ KHUZ SLZ ÄSPHSLZ L[ SLZ WHY[PJPWH[PVUZ KLS[H OVSKPUN KPZWVZL KL MVUKHTLU[H\_ [YuZ ZVSPKLZ ZL [YHK\PZHU[ LU[YL H\[YLZ WHY \U [H\_ K»LUKL[[LTLU[ SPTP[t 3L JVTW[L JV\YHU[ KL KLS[H OVSKPUN :( H\WYuZ KL ZLZ MPSPHSLZ L[ KL ZLZ WHY[PJPWH[PVUZ K»\U TVU[HU[ NSVIHS KL TPSSPVUZ KL KPYOHTZ LU LZ[ NtYt WHY \U Z`Z[uTL KL JHZO WVVSPUN X\P WLYTL[ JOHX\L QV\Y K»VW[PTPZLY SLZ WVZP[PVUZ NSVIHSLZ KLZ JVTW[LZ V\]LY[Z H\WYuZ KLZ IHUX\LZ WHY[LUHPYLZ K\ NYV\WL 3L NYV\WL H WV\YZ\P]P ZLZ WYVNYHTTLZ K»PU]LZ[PZZLTLU[ KL Kt]LSVWWLTLU[ L[ KL YLUV\]LSSLTLU[ LU YtHSPZHU[ LU \U PU]LZ[PZZLTLU[ NSVIHS KL TPSSPVUZ KL KPYOHTZ LU OH\ZZL KL WHY YHWWVY[ n JLS\P KL 3L YLUMVYJLTLU[ KL SH JHWHJP[t K»H\[VÄUHUJLTLU[ KtNHNt KL LU Z»t[HISPZZHU[ n TPSSPVUZ KL KPYOHTZ H WLYTPZ H\ NYV\WL \U ÄUHUJLTLU[ THz[YPZt KL ZLZ PU]LZ[PZZLTLU[Z L[ \UL H\[VUVTPL ÄUHUJPuYL 3LZ JHWP[H\_ WYVWYLZ K\ NYV\WL ZL ZVU[ t[HISPZ n TPSSPVUZ KL KPYOHTZ HMÄJOHU[ \UL WYVNYLZZPVU KL WHY YHWWVY[ n L[ WLYTL[[HU[ H\ MVUKZ KL YV\SLTLU[ KL Z»HTtSPVYLY KL WHY YHWWVY[ n LU Z»t[HISPZZHU[ n TPSSPVUZ KL KPYOHTZ *L[[L WYVNYLZZPVU K\ MVUKZ KL YV\SLTLU[ H WLYTPZ H\ NYV\WL SL ÄUHUJLTLU[ KL ZVU J`JSL K»L_WSVP[H[PVU
Chiffre d’affaires consolidé
Résultat d’exploitation
Résultat net consolidé
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Capacité d’autofinancement
9
$0.15&4 40$*"69 $PNQUFT TPDJBVY TJNQMJmÏT EF EFMUB IPMEJOH 4" du 1er janvier au 31 décembre 2010
COMPTES CONSOLIDÉS $PNQUFT DPOTPMJEÏT TJNQMJmÏT EF EFMUB IPMEJOH 4"
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du 1er janvier au 31 décembre 2010
11
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13
NOS ACTIONNAIRES Les analystes de la place ont vu juste. Le groupe affiche des réalisations en ligne avec ses prévisions, les confortant ainsi dans leurs recommandations à l’accumuler dans les portefeuilles
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NOS ACTIONNAIRES
15
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Filiales et participations
Principaux actionnaires au 30/06/2010 Divers actionnaires institutionnels & Flottant
27,85 %
Mustapha FAHIM
17,09 %
Fouad FAHIM
17,09 %
Hadj FAHIM
13,45 %
Meryem FAHIM
8,55 %
Leila FAHIM
8,55 %
El Hachmia EL HASSANI
7,42 %
Evolution du titre du 01/01/2010 au 31/12/2010
delta holding -‐ Rapport Annuel 2010
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Le droit aux Dividendes
delta holding -‐ Rapport Annuel 2010
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19
GOUVERNANCE Un management participatif axé sur les réalisations, une maîtrise des risques, une délégation appropriée et un dispositif de contrôle et d’audit en amélioration continue. S’appuyant sur des standards évolués et progressant en harmonie avec le développement du groupe, ses règles de gestion, de fonctionnement et sa charte d’éthique lui assurent un atout additionnel pour accompagner sa marche sur la voie du progrès.
GOUVERNANCE Omar SQALLI Administrateur Conseiller
Mustapha FAHIM Administrateur Directeur Général
delta holding -‐ Rapport Annuel 2010
Hadj FAHIM Président du Conseil d’Administration
Fouad FAHIM Administrateur Président Délégué
21
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La présidence
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La direction développement & international
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La direction du contrôle de gestion
+tWSVPL L[ Z\P[ SLZ HJ[P]P[tZ K\ JVU[Y SL KL NLZ[PVU L[ KL YLWVY[PUN
Le Conseil d’Administration 3L *VUZLPS K»(KTPUPZ[YH[PVU Kt[LYTPUL SLZ NYHUKLZ VYPLU[H[PVUZ KL S»HJ[P]P[t KL SH ZVJPt[t ± JL [P[YL PS L_HTPUL L[ HWWYV\]L SLZ NYHUKLZ VYPLU[H[PVUZ Z[YH[tNPX\LZ K\ NYV\WL L[ Z\Y SL\Y TPZL LU µ\]YL :V\Z YtZLY]L KLZ WV\]VPYZ H[[YPI\tZ H\_ (ZZLTIStLZ K»HJ[PVUUHPYLZ L[ KHUZ SH SPTP[L KL S»VIQL[ ZVJPHS PS ZL ZHPZP[ KL [V\[L X\LZ[PVU PU[tYLZZHU[ SH IVUUL THYJOL KL SH Z[Y\J[\YL <U Z`Z[uTL KVJ\TLU[HPYL PU[LYUL Z\Y SLZ IVUULZ YuNSLZ KL NLZ[PVU YHWWLSSL SLZ WV\]VPYZ WYVWYLZ H[[YPI\tZ WHY SH SVP H\ *VUZLPS K»(KTPUPZ[YH[PVU KL KLS[H OVSKPUN :( L[ n JL\_ KL S»LUZLTISL KLZ MPSPHSLZ 0S WYtJPZL H\ [YH]LYZ KL JLZ KVJ\TLU[Z SLZ VIQLJ[PMZ L[ SLZ TV`LUZ TPZ LU µ\]YL WV\Y JOHX\L MPSPHSL H\ [P[YL KL JOHX\L L_LYJPJL
,UMPU WV\Y MH]VYPZLY SH JVVYKPUH[PVU L[ WYVTV\]VPY SH JVUJLY[H[PVU L[ SL THUHNLTLU[ WHY[PJPWH[PM KL\_ JVTP[tZ WLYTHULU[Z ZVU[ TPZ LU WSHJL
delta holding -‐ Rapport Annuel 2010
(PUZP <U JVU[YH[ WYVNYHTTL LZ[ tSHIVYt HUU\LSSLTLU[ WHY SL THUHNLTLU[ KL JOHX\L MPSPHSL L[ ]HSPKt WHY ZVU *VUZLPS K»(KTPUPZ[YH[PVU 0S YtZ\TL S»LUZLTISL KLZ WYt]PZPVUZ KL SH MPSPHSL LU [LYTLZ K»VIQLJ[PMZ L[ KL TV`LUZ JV\]YHU[ SLZ HJ[P]P[tZ THUHNtYPHSLZ [LJOUPX\LZ JVTTLYJPHSLZ L[ HKTPUPZ[YH[P]LZ 3L Z\P]P KLZ YtHSPZH[PVUZ LZ[ HZZ\Yt WHY \U YLWVY[PUN TLUZ\LS [YuZ WYH[PX\L WLYTL[[HU[ \UL JVUZVSPKH[PVU NSVIHSL L[ \UL YtLSSL ]PZPIPSP[t n S»tJOLSSL K\ NYV\WL
23
$0.*5²4 1&3."/&/54 +HUZ \U VIQLJ[PM K»VW[PTPZH[PVU VYNHUPZH[PVUULSSL L[ KL YtHSPZH[PVU KL ZLZ VIQLJ[PMZ KLS[H OVSKPUN :( KPZWVZL KL KL\_ JVTP[tZ WtYPVKPX\LZ
Le Comité de Stratégie +PYPNt WHY SL WYtZPKLU[ KL JVUZLPS SL JVTP[t KL Z[YH[tNPL ZL Yt\UP[ KL THUPuYL [YPTLZ[YPLSSL L[ JOHX\L MVPZ X\»PS LZ[ UtJLZZHPYL WV\Y KtÄUPY SL Z`Z[uTL KL WPSV[HNL Z[YH[tNPX\L K\ NYV\WL 0S LZ[ JVTWVZt KLZ TLTIYLZ K\ JVTP[t KL KPYLJ[PVU K\ WYtZPKLU[ L[ KL ZLZ JVUZLPSSLYZ +HUZ JL JHKYL PS LZ[ HTLUt n [YHP[LY KLZ HZWLJ[Z Z\P]HU[Z ! 3LZ tStTLU[Z PZZ\Z KL ]LPSSL Z[YH[tNPX\L " 3LZ VYPLU[H[PVUZ Z[YH[tNPX\LZ KL Kt]LSVWWLTLU[ K\ NYV\WL UV[HTLU[ KHUZ SL ]VSL[ PUK\Z[YPLS ÄUHUJPLY JVTTLYJPHS YLZZV\YJLZ O\THPULZ L[ WVSP[PX\L ZVJPHSL " 3H NLZ[PVU KLZ YPZX\LZ Z[YH[tNPX\LZ " 3H WVSP[PX\L ÄUHUJPuYL NSVIHSL n KtWSV`LY H\_ KPMMtYLU[Z UP]LH\_ K\ NYV\WL " 3LZ VWtYH[PVUZ K»PU]LZ[PZZLTLU[ L[ KL WHY[LUHYPH[ n YtHSPZLY " 3LZ HJX\PZP[PVUZ JLZZPVUZ L[ WYPZLZ KL WHY[PJPWH[PVU n VWtYLY " 3LZ t[\KLZ L[ HUHS`ZLZ Z[YH[tNPX\LZ KPHNUVZ[PJZ Z[YH[tNPX\LZ WYVQLJ[PVUZ ÄUHUJPuYLZ I\ZPULZZ WSHUZ KtÄUP[PVU KLZ VIQLJ[PMZ L[ WSHUZ K»HJ[PVU Z[YH[tNPX\LZ MHP[LZ H\_ KPMMtYLU[Z UP]LH\_ K\ NYV\WL " 3H ]HSPKH[PVU KLZ WYVWVZP[PVUZ KL UVTPUH[PVUZ H\_ WVZ[LZ KL YLZWVUZHIPSP[t K\ NYV\WL
Le Comité de Direction 3L *VTP[t KL +PYLJ[PVU LZ[ KPYPNt WHY SL 7YtZPKLU[ +tStN\t K\ NYV\WL L[ S»LUZLTISL LZ[ ZV\Z S»tNPKL K\ *VUZLPS K»(KTPUPZ[YH[PVU 0S LZ[ JVTWVZt KLZ KPYLJ[L\YZ NtUtYH\_ Tt[PLYZ L[ KLZ KPYLJ[L\YZ KLZ YLZZV\YJLZ KL JVU[Y SL KL NLZ[PVU L[ KL Kt]LSVWWLTLU[ 0S ZL Yt\UP[ n MYtX\LUJL IPTLUZ\LSSL WV\Y HZZ\YLY SL Z\P]P VWtYH[PVUULS KL S»LUZLTISL KLZ HJ[P]P[tZ K\ NYV\WL +HUZ JL JHKYL PS LZ[ HTLUt n [YHP[LY KLZ HZWLJ[Z Z\P]HU[Z ! 3»PTWStTLU[H[PVU H\_ UP]LH\_ HWWYVWYPtZ KLZ KtJPZPVUZ WYPZLZ WHY SL JVTP[t KL Z[YH[tNPL HPUZP X\L S»t]HS\H[PVU KLZ YtZ\S[H[Z LU KtJV\SHU[ " 3»L_HTLU KLZ JVU[YH[Z WYVNYHTTLZ L[ KLZ YHWWVY[Z KL NLZ[PVU KLZ W SLZ L[ ÄSPHSLZ H]HU[ SL\Y WYtZLU[H[PVU n SH ]HSPKH[PVU " 3H WLY[PULUJL L[ S»HKtX\H[PVU KLZ Z\WWVY[Z VYNHUPZH[PVUULSZ L[ Tt[OVKVSVNPX\LZ KVU[ SL Z`Z[uTL KVJ\TLU[HPYL THU\LSZ WYVJtK\YLZ¯ " 3H TPZL LU VL\]YL KL SH WVSP[PX\L ÄUHUJPuYL K\ NYV\WL " 3LZ YL]\LZ KLZ WYVJLZZ KL KPYLJ[PVU KL KLS[H OVSKPUN :( " 3»L_HTLU KLZ YLWVY[PUNZ L[ YtHSPZH[PVUZ " 3L KtWSVPLTLU[ KLZ HJ[P]P[tZ KL NLZ[PVU KLZ YPZX\LZ L[ KL JVU[Y SL HPUZP X\L KLZ HJ[PVUZ KL YLKYLZZLTLU[ L[ K»HTtSPVYH[PVU HYYv[tLZ *L[[L VYNHUPZH[PVU U»LTWvJOL WHZ SLZ ÄSPHSLZ KL QV\PY K»\UL SPILY[t L[ K»\UL H\[VUVTPL WV\Y SLZ WYPZLZ KL KtJPZPVU L[ SH NLZ[PVU VWtYH[PVUULSSL
delta holding -‐ Rapport Annuel 2010
,U LMML[ \U JVU[YH[ WYVNYHTTL LZ[ tSHIVYt HUU\LSSLTLU[ H]LJ JOHX\L ÄSPHSL Kt[HPSSHU[ SLZ VIQLJ[PMZ JOPMMYtZ L[ SLZ TV`LUZ n TL[[YL LU µ\]YL WV\Y SLZ H[[LPUKYL
25
Environnement
Métallurgie Infrastructures
NOS MÉTIERS Au cours de l’année 2010 et comme à l’accoutumée, delta holding fait preuve d’un dynamisme sur l’ensemble de ses métiers. La diversité de ses ressources, de ses activités, de ses marchés et leurs géographies nourrit la solidité et la pérennité du développement du groupe, et accroît sa capacité à mieux faire en permanence.
delta holding -‐ Rapport Annuel 2010
NOS MÉTIERS Parachimie Services
27
Nos Métiers
Infrastructures
Réalisation et entretien de grands travaux d’infrastructures routières, portuaires, hydrauliques et leurs équipements et produits associés (les bitumes, la signalisation, les dispositifs de sécurité, le péage et les systèmes de gestion d’exploitation).
.YHUKZ JOHU[PLYZ YV\[PLYZ ! *L[[L ZVJPt[t JYttL LU
PU[LY]PLU[ KHUZ SL KVTHPUL KLZ NYHUKZ
JOHU[PLYZ YV\[PLYZ ,SSL HZZ\YL SH JVUZ[Y\J[PVU L[ S»LU[YL[PLU KLZ YV\[LZ H\[VYV\[LZ ]VPLZ \YIHPULZ WSH[LMVYTLZ WVY[\HPYLZ L[ WPZ[LZ HtYVUH\[PX\LZ ,SSL Kt]LSVWWL L[ LUYPJOP[ tNHSLTLU[ ZLZ JVTWt[LUJLZ KHUZ SL KVTHPUL KL SH MHIYPJH[PVU KLZ TH[tYPH\_ KL JVUZ[Y\J[PVU KLZ JOH\ZZtLZ )P[\TH ! *YttL LU
JL[[L ZVJPt[t VWuYL KHUZ SL KVTHPUL KL IP[\TLZ L[ ZLZ KtYP]tZ ,SSL SLZ
JVTTLYJPHSPZL LU S»t[H[ V\ HWYuZ [YHUZMVYTH[PVU LU tT\SZPVUZ L[ LU WYVK\P[Z IP[\TPUL\_ ZWtJPH\_ WV\Y YtWVUKYL H\_ ILZVPUZ KLZ [YH]H\_ YV\[PLYZ 3H ZVJPt[t H tNHSLTLU[ Kt]LSVWWt \UL L_WLY[PZL LU YL]v[LTLU[ KLZ Z\YMHJLZ ZWVY[P]LZ 3H ZVJPt[t KPZWVZL K»\U YtZLH\_ KL KtW [Z KL Z[VJRHNL n ({U ([PX 4VOHTTLKPH 5HKVY L[ (NHKPY ([LSPLYZ 0UK\Z[YPLSZ *OtYPÄLUZ ! ,U HJ[P]P[t KLW\PZ JL[[L ZVJPt[t LZ[ ZWtJPHSPZtL KHUZ SH MHIYPJH[PVU K»tX\PWLTLU[Z KL ZtJ\YP[t YV\[PuYL L[ K»PUZ[HSSH[PVUZ KL WtHNL HPUZP X\L SH JVUJLW[PVU L[ SL Kt]LSVWWLTLU[ KL ZVS\[PVUZ KL NLZ[PVU KL [YHÄJ 7HY HPSSL\YZ SH ZVJPt[t KPZWVZL K»\UL HJ[P]P[t KL MHIYPJH[PVU K»LUZLPNULZ L[ KL ZPNUHSPZH[PVU W\ISPJP[HPYL (0* H tNHSLTLU[ Kt]LSVWWt \UL SHYNL NHTTL KL TVIPSPLYZ \YIHPUZ HIYPZ I\Z IHUJZ W\ISPJZ JVYILPSSLZ WSHX\LZ KL Y\LZ WHUULH\_ K»HMÄJOHNL¯ JVTW[L [LU\ KLZ ILZVPUZ JYVPZZHU[Z KLZ ]PSSLZ LU JLZ WYVK\P[Z L[ KL SL\Y JVTWStTLU[HYP[t H]LJ SH ZPNUHSPZH[PVU 3H 3PNUL )SHUJOL ! *YttL LU SH ZVJPt[t Kt[PLU[ \UL L_WLY[PZL YLJVUU\L KHUZ SLZ [LJOUPX\LZ KL ZVU ZLJ[L\Y K»HJ[P]P[t X\P JV\]YL SH WVZL KL ZPNUHSPZH[PVU OVYPaVU[HSL ]LY[PJHSL HPUZP X\L S»PUZ[HSSH[PVU L[ SH THPU[LUHUJL K»tX\PWLTLU[Z KL ZtJ\YP[t Z\Y ]VPLZ KL JPYJ\SH[PVU
3LZ *HYYPtYLZ K\ ;HÄSHSL[ ! *YttL LU
LSSL Z»VJJ\WL n S»PUZ[HY K»,.,* KL SH MHIYPJH[PVU L[ KL SH
,U[YLWYPZL .tUtYHSL K»,_WSVP[H[PVU KLZ *HYYPtYLZ ! *L[[L ZVJPt[t Z»VJJ\WL KL SH MHIYPJH[PVU L[ KL SH ]LU[L KL TH[tYPH\_ KL JVUZ[Y\J[PVU KLZ[PUtZ H\ ZLJ[L\Y K\ Io[PTLU[ L[ KLZ [YH]H\_ W\ISPJZ .YV\WLTLU[ 3VNPZ[PX\L 4HPU[LUHUJL ! *L NYV\WLTLU[ K»PU[tYv[ tJVUVTPX\L H WV\Y TPZZPVU KL NtYLY SH SVNPZ[PX\L L[ SH THPU[LUHUJL KLZ LUNPUZ L[ TH[tYPLSZ YV\SHU[Z K\ NYV\WL
delta holding -‐ Rapport Annuel 2010
]LU[L KL TH[tYPH\_ KL JVUZ[Y\J[PVU KLZ[PUtZ H\ ZLJ[L\Y K\ );7
29
Nos Métiers
Métallurgie
Conception, réalisation et maintenance des équipements mécaniques et électromécaniques. È Structures métalliques È Chaudronnerie È Galvanisation È Fonderie È Extrusion aluminium È Montage
(0* 4t[HSS\YNPL ! *L[[L ZVJPt[t PU[LY]PLU[ KHUZ SLZ KVTHPULZ KL SH JVUZ[Y\J[PVU Tt[HSSPX\L L[ TtJHUPX\L KL SH JOH\KYVUULYPL KLZ tX\PWLTLU[Z O`KYVTtJHUPX\LZ KL SH [\`H\[LYPL KLZ To[Z L[ KLZ JHUKtSHIYLZ K»tJSHPYHNL W\ISPJ *LSSL JP ItUtÄJPL K»\UL SVUN\L L_WtYPLUJL KHUZ SL ZLJ[L\Y ,U LMML[ H]HU[ ZH JYtH[PVU LU
(0* 4t[HSS\YNPL VWtYHP[ KHUZ SL JHKYL K»\U KtWHY[LTLU[ K»(0*
KLW\PZ .HS]HJPLY ! *YttL LU
JL[[L LU[YLWYPZL PU[LY]PLU[ KHUZ SL ZLJ[L\Y KL SH NHS]HUPZH[PVU n JOH\K L[
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n 2tUP[YH ,U .HS]HJPLY
SHUJL ZH KL\_PuTL \UP[t KHUZ SH aVUL :\K 6\LZ[ KL 4VOHTTLKPH -VUKLYPL L[ ,_[Y\ZPVU ! *YttL LU -VUL_ L_ (-: LZ[ \UL ZVJPt[t ZWtJPHSPZtL KHUZ SH MVUKLYPL L[ S»L_[Y\ZPVU K»HS\TPUP\T HPUZP X\L SLZ HJPLYZ PUV_`KHISLZ L[ ZWtJPH\_ ,SSL tSHIVYL tNHSLTLU[ KLZ WPuJLZ LU MVU[L K\J[PSL WV\Y SLZ V\]YHNLZ O`KYH\SPX\LZ PUK\Z[YPLSZ L[ \YIHPUZ
0ZVMVYT ! *YttL LU JL[[L ZVJPt[t Z»LZ[ VYPLU[tL ]LYZ SLZ WYLZ[H[PVUZ KL [YHUZMVYTH[PVU KLZ HJPLYZ L[ KL [ SLYPL KL WYtJPZPVU ! KtJV\WL SHZLY WVPUsVUUHNL U\TtYPX\L L[ [OLYTVMVYTHNL ,SSL JVTTLYJPHSPZL tNHSLTLU[ \UL SHYNL NHTTL KL WVU[Z TVK\SHPYLZ KL ZLJV\YZ 0ZVZPNU ! :VJPt[t MYHUsHPZL JVUsVP[ L[ WYVWVZL Z\Y SLZ THYJOtZ L\YVWtLU L[ PU[LYUH[PVUHS \UL WHSL[[L K»tX\PWLTLU[Z YV\[PLYZ L[ WLPU[\YLZ WV\Y THYX\HNL KLW\PZ ZH JYtH[PVU LU ;V\Z ZLZ WYVK\P[Z ZVU[ JLY[PÄtZ ZLSVU SLZ UVYTLZ L\YVWtLUULZ *, L[ 5- .tUtYHSL KLZ (JPLYZ ! *YttL LU JL[[L ZVJPt[t MHP[ SL TVU[HNL L[ SH THPU[LUHUJL KLZ tX\PWLTLU[Z tSLJ[YVUPX\LZ ,SSL PU[LY]PLU[ H\ZZP KHUZ S»HTtUHNLTLU[ KLZ Z[H[PVUZ KL WVTWHNL S»PUZ[HSSH[PVU KLZ
+LS[H /VSKPUN :tUtNHS ! 0UZ[HSStL n +HRHY +/: LZ[ \UL ZVJPt[t KL KYVP[ ZtUtNHSHPZ JYttL LU H]LJ WV\Y VIQLJ[PM KHUZ \U WYLTPLY [LTWZ K»t[LUKYL S»HJ[P]P[t KL NHS]HUPZH[PVU H\ :tUtNHS W\PZ n [LYTL H\ UP]LH\ KL S»LUZLTISL KL SH aVUL KL S»(MYPX\L KL S»6\LZ[ HPUZP X\L K»H\[YLZ YtNPVUZ
delta holding -‐ Rapport Annuel 2010
tX\PWLTLU[Z WVY[\HPYLZ L[ O`KYH\SPX\LZ HPUZP X\L SH YtHSPZH[PVU KL WYVQL[Z PUK\Z[YPLSZ
31
Nos Métiers
Environnement
Un savoir faire et une expertise reconnue, des outils de production modernes et une intégration horizontale de l’ensemble des métiers de l’eau. È Etudes et process È Traitement des eaux È Canalisations È Equipements
:VNL[YHTH ! *YttL LU JL[[L ZVJPt[t ZL JOHYNL KL SH WVZL KL JHUHSPZH[PVU L[ KL SH YtHSPZH[PVU K»V\]YHNLZ K»tX\PWLTLU[Z HUUL_LZ WV\Y SLZ YtZLH\_ K»HKK\J[PVU L[ KL KPZ[YPI\[PVU K»LH\ WV[HISL K»HZZHPUPZZLTLU[ L[ K»PYYPNH[PVU HPUZP X\L WV\Y SL [YHP[LTLU[ KLZ LH\_
0UK\Z[YPLZ /`KYH\SPX\LZ L[ 4tJHUPX\LZ ! *YttL LU JL[[L ZVJPt[t H WV\Y HJ[P]P[t WYLTPuYL SH ]LU[L K»HWWHYLPSSHNLZ K»HKK\J[PVU L[ K»tX\PWLTLU[Z WV\Y SL IYHUJOLTLU[ LU LH\ WV[HISL 0/4 YtHSPZL tNHSLTLU[ KLZ WYLZ[H[PVUZ KL ZLY]PJL ZL YHWWVY[HU[ n ZVU Tt[PLY KL IHZL [LS X\L S»VZJ\S[H[PVU L[ SH Kt[LJ[PVU KLZ M\P[LZ O`KYH\SPX\LZ
.3: ! *YttL LU
JL[[L ZVJPt[t H WV\Y ]VJH[PVU S»t[\KL L[ SH YtHSPZH[PVU KL Z[H[PVUZ K»tW\YH[PVU
K»LH\_ \ZtLZ KL [YHP[LTLU[ K»LH\ WV[HISL L[ KL KLZZHSLTLU[ KLZ LH\_ KL TLY
La société OMCE ! *YttL LU
ZL JOHYNL KL SH MHIYPJH[PVU KL [\`H\_ L[ KL JHUH\_ LU It[VU
HYTt JLU[YPM\Nt L[ WYtJVU[YHPU[ HPUZP X\L KL [\`H\_ ZWtJPH\_ KLZ[PUtZ n S»HKK\J[PVU K»LH\ IY\[L V\ WV[HISL L[ H\_ YtZLH\_ K»PYYPNH[PVU L[ K»HZZHPUPZZLTLU[
[\`H\_ LU It[VU HYTt KLZ[PUtZ H\_ YtZLH\_ K»HZZHPUPZZLTLU[ L[ H\_ JHUH\_ K»PYYPNH[PVU tX\PWHU[ SLZ YtNPVUZ K\ 5VYK
delta holding -‐ Rapport Annuel 2010
( S»PUZ[HY KL ZH ZVJPt[t TuYL 64*, OMCE Nord JYttL LU L[ IHZtL n ;HUNLY MHIYPX\L KLZ
33
Nos Métiers
Parachimie
Un métier en devenir pour delta holding et des produits pour les besoins des secteurs de la recherche, de la santé et des industries alimentaires et cosmétiques. È Ethanol È Gaz techniques È Fluides médicaux È Peintures industrielles
:V[YHTLN ! *YttL LU LSSL HWWYV]PZPVUUL SL THYJOt UH[PVUHS LU t[OHUVS L[ LU NHa JHYIVUPX\L SPX\PKL L[ L_WVY[L SLZ L_JtKLU[Z KL ZH WYVK\J[PVU :V[YHTLN MHIYPX\L tNHSLTLU[ K\ IPV Tt[OHUL WV\Y ZH WYVWYL JVUZVTTH[PVU tULYNt[PX\L
6_HPY ! *YttL LU 6?(09 LZ[ \UL ZVJPt[t X\P WYVK\P[ JVUKP[PVUUL L[ JVTTLYJPHSPZL KLZ NHa PUK\Z[YPLSZ TtKPJH\_ L[ KL SHIVYH[VPYL ,SSL ZL JOHYNL tNHSLTLU[ KL S»t[\KL L[ KL SH YtHSPZH[PVU KLZ PUZ[HSSH[PVUZ KLZ YtZLH\_ KL KPZ[YPI\[PVUZ KLZ NHa WYtJP[tZ ,UÄU LU JVTWStTLU[ KL S»VMMYL WYVWVZtL LSSL PTWVY[L L[ KPZ[YPI\L K\ TH[tYPLS WHYHTtKPJHS HPUZP X\L K\ TH[tYPLS L[ KLZ HJJLZZVPYLZ KL ZV\KHNL
*OYVTHJVSVY ! -HIYPX\L KLZ WLPU[\YLZ KPS\HU[Z L[ WYVK\P[Z SPtZ UV[HTTLU[ n SH ZPNUHSPZH[PVU OVYPaVU[HSL Z\Y YV\[LZ H\[VYV\[LZ ]VPLZ \YIHPULZ L[ HtYVKYVTLZ HPUZP X\L WV\Y SL Io[PTLU[ L[ S»PUK\Z[YPL ,SSL LZ[
delta holding -‐ Rapport Annuel 2010
WYtZLU[L LU MVYJL KHUZ SLZ ZLJ[L\YZ ZWtJPHSPZtZ Z\Y SLZ THYJOtZ UH[PVUHS L[ PU[LYUH[PVUHS
35
Nos Métiers
Services
Gestion déléguée des services publics, Aide à la gestion et à l’exploitation des infrastructures, Promotion immobilière... Un choix stratégique et des relais de croissance.
*YttL LU SH Camerrounaise Des Eaux NuYL SH WYVK\J[PVU L[ SH KPZ[YPI\[PVU KL S»LH\ Z\Y S»LUZLTISL K\ [LYYP[VPYL *HTLYYV\UHPZ WV\Y SL JVTW[L KL *HT^H[LY *+, LZ[ SL MY\P[ K»\UL HZZVJPH[PVU MY\J[\L\ZL L[ L_LTWSHPYL LU[YL KLS[H OVSKPUN S»6MÄJL 5H[PVUUHS KL S»,H\ 7V[HISL L[ KL SH *HPZZL KL +tW [ L[ KL .LZ[PVU
Société de projet JYttL LU ]\L KL SH NLZ[PVU KtStN\tL KL SH JVTTLYJPHSPZH[PVU KL S»L[OHUVS WV\Y SL JVTW[L K\ 4PUPZ[uYL KL S»0UK\Z[YPL K\ *VTTLYJL L[ KLZ UV\]LSSLZ [LJOUVSVNPLZ :H TPZZPVU JVUZPZ[L LU SH JYtH[PVU L[ SH NLZ[PVU K»\U KtW [ UH[PVUHS KL Z[VJRHNL L[ KL KPZ[YPI\[PVU K»L[OHUVS
Société Immobilière JYttL LU H`HU[ WV\Y TPZZPVU KL JVUZ[P[\LY \UL YtZLY]L MVUJPuYL KL YtHSPZLY KLZ WYVQL[Z PTTVIPSPLYZ L[ KL SLZ JVTTLYJPHSPZLY ,SSL VWtYL WHY[PJ\SPuYLTLU[ KHUZ SL WYVNYHTTL UH[PVUHS KL Kt]LSVWWLTLU[ KLZ SVNLTLU[Z ZVJPH\_
*YttL LU Bitucab ZL ZWtJPHSPZL KHUZ SL JHIV[HNL L[ SL MYv[ THYP[PTL KLZ WYVK\P[Z IP[\TPUL\_ L[ O`KYVJHYI\YLZ ,SSL KPZWVZL K»\UL ÅV[[L KL [YHUZWVY[ THYP[PTL L[ [LYYLZ[YL L[ K»PTWVY[HU[Z TV`LUZ KL delta holding -‐ Rapport Annuel 2010
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37
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CAPITAL HUMAIN
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delta holding -‐ Rapport Annuel 2010
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41
Horizons & Perspectives Les axes stratĂŠgiques : la promotion de lâ&#x20AC;&#x2122;export, les ĂŠnergies renouvelables et la gestion dĂŠlĂŠguĂŠe des services publics. 'HOWD KROGLQJ PRELOLVH XQ UpVHDX GH SDUWHQDLUHV D\DQW XQH IRUWH SpQpWUDWLRQ GHV PDUFKpV j OŇ&#x2039;LQWHUQDWLRQDO &RQYDLQFX TXH OHV IXWXUV SURMHWV SRUWDQW VXU OHV (QHUJLHV 5HQRXYHODEOHV HW VXU OD JHVWLRQ GpOpJXpH GHV VHUYLFHV SXEOLFV SUHQGURQW OH UHODLV GH VD FURLVVDQFH OH JURXSH VŇ&#x2039;HQJDJH DFWLYHPHQW GDQV OHV SURFHVVXV GH SDUWHQDULDWV HW GŇ&#x2039;LQWpJUDWLRQ LQGXVWULHOOH
delta holding -‐ Rapport Annuel 2010
HORIZONS & PERSPECTIVES
43
1&341&$5*7&4
Promotion des activités à l’International, Gestion déléguée des Services Publics, Energies Renouvelables; les trois axes stratégiques de notre développement.
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Gestion dĂŠlĂŠguĂŠe des services publics Le groupe a dĂŠveloppĂŠ une expertise dans les PPP et les montages des concessions. Il en fait un axe stratĂŠgique de son dĂŠveloppement. Le groupe a participĂŠ Ă plusieurs opĂŠrations et a dĂŠcrochĂŠ deux grands projets de gestion dĂŠlĂŠguĂŠe de services publics. Sa compĂŠtitivitĂŠ sâ&#x20AC;&#x2122;appuie notamment sur : :VU ZH]VPY MHPYL ! PUNtUPLYPL Ă&#x201E;UHUJPuYL L[ Q\YPKPX\L JVUJLW[PVU JVUZ[Y\J[PVU L_WSVP[H[PVU L[ THPU[LUHUJL " :H JHWHJP[t KÂťPU[LY]LU[PVU KHUZ KP]LYZ ZLJ[L\YZ YLSL]HU[ KL ZLZ Tt[PLYZ ! LH\ WV[HISL tSLJ[YPJP[t tULYNPLZ YLUV\]LSHISLZ [YHUZWVY[ JVU[Y SL YV\[PLY HPKL n SH NLZ[PVU KLZ PUMYHZ[Y\J[\YLZ LU]PYVUULTLU[ÂŻ :H WYtZLUJL H\ UP]LH\ 5H[PVUHS (MYPJHPU L[ ,\YVWtLU " :LZ WHY[LUHYPH[Z Ă&#x201E;UHUJPLYZ L[ [LJOUVSVNPX\LZ " <UL Z[Y\J[\YL Ă&#x201E;UHUJPuYL ZVSPKL
Energies renouvelables Cadre juridique et institutionnel porteur : (KVW[PVU KÂť\UL Z[YH[tNPL UH[PVUHSL ]PZHU[ SH ZtJ\YPZH[PVU KL SÂťHWWYV]PZPVUULTLU[ K\ WH`Z LU tULYNPL tSLJ[YPX\L L[ SH WYVTV[PVU KLZ tULYNPLZ YLUV\]LSHISLZ X\P Ă&#x201E;_L WV\Y VIQLJ[PM KÂťH[[LPUKYL KL SH W\PZZHUJL PUZ[HSStL n IHZL KÂťtULYNPLZ YLUV\]LSHISLZ LU " 3HUJLTLU[ KLZ WSHUZ UH[PVUH\_ ZVSHPYL L[ tVSPLU " =VSVU[t HMĂ&#x201E;JOtL KLZ WV\]VPYZ W\ISPJZ KÂť\UL PU[tNYH[PVU PUK\Z[YPLSSL UH[PVUHSL"
delta holding -â&#x20AC;? Rapport Annuel 2010
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RAPPORT FINANCIER Des performances solides avec une forte progression du chiffre d’affaires et des résultats. /D SURJUHVVLRQ VLJQLÀFDWLYH GX FKLIIUH GҋDIIDLUHV OD VROLGLWp GHV IRQGDPHQWDX[ HW GHV LQYHVWLVVHPHQWV UpDOLVpV HQ UHQIRUFHQW OD FRQÀDQFH GH GHOWD KROGLQJ GDQV OҋDYHQLU GH VHV DFWLYLWpV /HV ERQV UpVXOWDWV UpDOLVpV SHUPHWWHQW DX JURXSH JUkFH j OD UpJXODULWp GDQV OD GLVWULEXWLRQ GHV GLYLGHQGHV GH ÀGpOLVHU VHV DFWLRQQDLUHV WRXW HQ SUpVHUYDQW VD FDSDFLWp j ÀQDQFHU VRQ SURJUDPPH GH GpYHORSSHPHQW HW VRQ DXWRQRPLH ÀQDQFLqUH
delta holding -â&#x20AC;? Rapport Annuel 2010
RAPPORT FINANCIER
47
6/& "//&& 3*$)& &/ 3&"-*4"5*0/4 Evolution des principaux indicateurs financiers 3L *VUZLPS K»(KTPUPZ[YH[PVU KL KLS[H OVSKPUN Z»LZ[ Yt\UP n :ROPYH[ SL THYKP 4HYZ HÄU K»L_HTPULY S»HJ[P]P[t K\ NYV\WL H\ [LYTL KL S»L_LYJPJL L[ ZLZ WLYZWLJ[P]LZ HPUZP X\L WV\Y HYYv[LY SLZ JVTW[LZ ZVJPH\_ L[ SLZ JVTW[LZ JVUZVSPKtZ H\ KtJLTIYL
Evolution des principaux indicateurs financiers : En millions de dirhams (MDH)
Indicateurs
2008
2009
2010
TCAM(*)
1 782,5
1 965,5
2 203,9
22,1%
Résultat d’exploitation
290,1
313,3
347,4
39,5%
Résultat net consolidé
1954,4
236,2
251,2
42,4%
Capitaux propres
1 166,0
1 301,1
1 391,3
43,6%
244,4
256,5
282,9
25,8%
Chiffre d’affaires
Capacité d’autofinancement
(*) : le Taux de Croissance Annuel Moyen (TCAM) donné est celui calculé sur les cinq derniers exercices.
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delta holding -‐ Rapport Annuel 2010
Performance annuelle en 2010 du titre à la bourse de Casablanca : + 37,9 %
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delta holding -â&#x20AC;? Rapport Annuel 2010
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du  1er  janvier  au  31  dÊcembre  2010
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Immobilisation corporelles
Événements posterieurs à la clôture
3LZ PTTVIPSPZH[PVUZ JVYWVYLSSLZ ZVU[ JVTW[HIPSPZtLZ n SL\Y JV [ K»HJX\PZP[PVU V\ IPLU KL WYVK\J[PVU 3LZ WYPUJPWHSLZ JH[tNVYPLZ K»PTTVIPSPZH[PVUZ JVYWVYLSSLZ Kt[LU\LZ ZVU[ HTVY[PLZ ZLSVU SLZ K\YtLZ KL ]PL Z\P]HU[LZ !
(\J\U t]tULTLU[ ZPNUPÄJH[PM WVZ[tYPL\Y n SH JS [\YL KLZ JVTW[LZ U»LZ[ n ZPNUHSLY *LSSLZ JP ZVU[ HTVY[PLZ Z\Y \UL K\YtL KL JPUX HUZ
3LZ HTVY[PZZLTLU[Z ZVU[ JVUZ[H[tZ LU KPTPU\[PVU KL SH ]HSL\Y IY\[L KLZ PTTVIPSPZH[PVUZ ZLSVU SH Tt[OVKL SPUtHPYL Z\Y SH K\YtL KL ]PL LZ[PTtL K\ IPLU 3H ZVJPt[t WYH[PX\L tNHSLTLU[ SL TVKL K»HTVY[PZZLTLU[ KtNYLZZPM
delta holding -‐ Rapport Annuel 2010
*VUZ[Y\J[PVUZ ! HUZ " 4H[tYPLS L[ V\[PSSHNL ! HUZ " 4H[tYPLS KL [YHUZWVY[ ! HUZ " 4H[tYPLS PUMVYTH[PX\L ! LU[YL L[ HUZ " (\[YLZ PTTVIPSPZH[PVUZ ! HUZ
55
$0.15&4 40$*"69
$0.15&4 40$*"69
delta holding -â&#x20AC;? Rapport Annuel 2010
5BCMFBV EFT UJUSFT EF QBSUJDJQBUJPO j# x &YUSBJU
57
$0.15&4 40$*"69
delta holding -â&#x20AC;? Rapport Annuel 2010
$0.15&4 40$*"69
59
"55&45"5*0/4 %&4 $0..*44"*3&4 "69 $0.15&4
&RPSWHV 6RFLDX[
&RPSWHV &RQVROLGpV
delta holding -‐ Rapport Annuel 2010
COMPTES CONSOLIDÉS CJMBO BDUJG
61
COMPTES CONSOLIDÉS CJMBO QBTTJG
COMPTES CONSOLIDÉS DPNQUF EF QSPEVJUT FU DIBSHFT
delta holding -‐ Rapport Annuel 2010
du 1er janvier au 31 décembre 2010
63
COMPTES CONSOLIDÉS 5BCMFBV EF nVY EF USÏTPSFSJF du 1er janvier au 31 décembre 2010
COMPTES CONSOLIDÉS &UBU EFT JOGPSNBUJPOT DPNQMÏNFOUBJSFT j&5*$ $x
du 1er janvier au 31 décembre 2010
PRINCIPES COMPTABLES
PERIMETRE ET MÉTHODES DE CONSOLIDATION
7HY HPSSL\YZ LU JVUMVYTP[t H]LJ SLZ WYPUJPWLZ JVTW[HISLZ WYtJP[tZ SLZ YuNSLZ L[ Tt[OVKLZ JP HWYuZ VU[ t[t LU[YL H\[YLZ HWWSPX\tLZ SVYZ KL SH JVUZVSPKH[PVU !
DÉROGATIONS ET REGIME FISCAL
3LZ ÄSPHSLZ t[YHUNuYLZ JVUZVSPKtLZ VU[ t[t ]HSVYPZtLZ H\ JV\YZ OPZ[VYPX\L 3LZ [P[YLZ KL WHY[PJPWH[PVU KHUZ SLZ ZVJPt[tZ UVU JVUZVSPKtLZ HPUZP X\L SLZ H\[YLZ [P[YLZ PTTVIPSPZtZ ÄN\YLU[ H\ IPSHU n SL\Y JV [ K»HJX\PZP[PVU <UL WYV]PZPVU LZ[ JVUZ[P[\tL SVYZX\L SH ]HSL\Y WYVIHISL KL YtHSPZH[PVU LZ[ PUMtYPL\YL H\ WYP_ K»HJX\PZP[PVU 7V\Y *+, WHY[PJPWH[PVU KL KLS[H OVSKPUN H\ *HTLYV\U KVU[ SLZ YtZ\S[H[Z UL ZVU[ WHZ JVUZVSPKtZ H\ [P[YL KL S»L_LYJPJL SH ZVJPt[t U»H WHZ Q\Nt VWWVY[\U KL WHZZLY \UL WYV]PZPVU LU YHPZVU UV[HTTLU[ KL SH ZPNUH[\YL LU QHU]PLY K»\U H]LUHU[ H\ JVU[YH[ K»HMMLYTHNL HWWVY[HU[ \UL HTtSPVYH[PVU KL SH YLU[HIPSP[t K\ WYVQL[ 3H TPZL n QV\Y L[ SH YtN\SHYPZH[PVU K»H\[VYPZH[PVUZ HKTPUPZ[YH[P]LZ K\ JVTWSL_L PUK\Z[YPLS KL :ROPYH[ KVU[ 6?(09 MHP[ WHY[PL ZVU[ LU JV\YZ 3LZ VWtYH[PVUZ KL JYtKP[ IHPS ZVU[ YL[YHP[tLZ JVTTL KLZ HJX\PZP[PVUZ K»PTTVIPSPZH[PVUZ 3LZ PTW [Z KPMMtYtZ YtZ\S[HU[ KL SH UL\[YHSPZH[PVU KLZ KPMMtYLUJLZ [LTWVYHPYLZ PU[YVK\P[LZ WHY SLZ YuNSLZ ÄZJHSLZ L[ KLZ YL[YHP[LTLU[Z KL JVUZVSPKH[PVU ZVU[ JHSJ\StZ ZVJPt[t WHY ZVJPt[t 3»HUU\SH[PVU KLZ WYV]PZPVUZ n JHYHJ[uYL ÄZJHS UL KVUUL WHZ SPL\ n SH JVUZ[H[H[PVU K»PTW [Z KPMMtYtZ ZP JLZ WYV]PZPVUZ ZVU[ \[PSPZtLZ JVUMVYTtTLU[ n SL\Y VIQL[ L[ ZVU[ KVUJ KtÄUP[P]LTLU[ L_VUtYtLZ K»PTW [Z
(\ KtJLTIYL SLZ ZVJPt[tZ K\ NYV\WL KLS[H OVSKPUN PUJS\ZLZ KHUZ SL WtYPTu[YL KL JVUZVSPKH[PVU LU WS\Z KLS[H OVSKPUN :( ZVJPt[t TuYL K\ NYV\WL ZVU[ JVTTL Z\P[ !
3LZ ZVJPt[tZ K\ NYV\WL KLS[H OVSKPUN ZVU[ ZV\TPZLZ H\ YtNPTL ÄZJHS LU ]PN\L\Y KHUZ SL\YZ WH`Z K»HWWHY[LUHUJL +L WS\Z JLZ ZVJPt[tZ UL ItUtÄJPLU[ K»H\J\UL KtYVNH[PVU H\_ WYPUJPWLZ JVTW[HISLZ H\_ Tt[OVKLZ K»t]HS\H[PVU L[ H\_ YuNSLZ K»t[HISPZZLTLU[ L[ KL WYtZLU[H[PVU KLZ t[H[Z KL Z`U[OuZL
CHANGEMENTS DE MÉTHODES
3LZ Tt[OVKLZ HWWSPX\tLZ WV\Y SH JVUZVSPKH[PVU KLZ JVTW[LZ ZVU[ WLYTHULU[LZ L[ UL JOHUNLU[ WHZ K»\U L_LYJPJL n S»H\[YL
ÉVÉNEMENTS POSTÉRIEURS A LA CLÔTURE
(\J\U t]tULTLU[ ZPNUPÄJH[PM WVZ[tYPL\Y n SH JS [\YL KLZ JVTW[LZ U»LZ[ n ZPNUHSLY
delta holding -‐ Rapport Annuel 2010
3LZ JVTW[LZ JVUZVSPKtZ H\ KtJLTIYL ZVU[ t[HISPZ LU JVUMVYTP[t H]LJ SLZ YuNSLZ L[ SLZ WYH[PX\LZ JVTW[HISLZ HWWSPJHISLZ H\ 4HYVJ [LSSLZ X\L WYLZJYP[LZ WHY SH Tt[OVKVSVNPL HKVW[tL WHY SL *VUZLPS 5H[PVUHS KL SH *VTW[HIPSP[t
65
$0/5"$54
INFRASTRUCTURES
MÉTALLURGIE
ENVIRONNEMENT
PARACHIMIE
SERVICES
GCR
AIC MÉTALLURGIE
SOGETRAMA GLS
SOTRAMEG
SIAS
5XH Q = , %LU 5DPL .pQLWUD ² 0DURF 7pO )D[ ( PDLO DLFP#DLFPHWDOOXUJLH PD
&RPSOH[H GH 6NKLUDW $QJOH $Y +DVVDQ ,, URXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ ( PDLO VRJHWUDPD#VRJHWUDPD PD
6LqJH 5XH 0kDPRUD qPH pWDJH $SSDUW Q .pQLWUD ² 0DURF 7pO )D[ 8VLQH 7pO )D[ ( PDLO VRWUDPHJ#VRWUDPHJ PD
5RXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ ( PDLO VLDV#VLDV PD 6LWH ZHE ZZZ VLDV PD
&RPSOH[H GH 6NKLUDW $QJOH $Y +DVVDQ ,, URXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ ( PDLO &RQWDFW#JUF PD
GALVACIER BITUMA &RPSOH[H GH 6NKLUDW $QJOH $Y +DVVDQ ,, URXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ ( PDLO VHFUHWDULDW#ELWXPD PD 6LWH :HE ZZZ ELWXPD PD
AIC 5XH Q = , %LU 5DPL .pQLWUD ² 0DURF 7pO )D[ ( PDLO DLF#DLF PD
LIGNE BLANCHE 5XH Q = , %LU 5DPL .pQLWUD ² 0DURF 7pO )D[ ( PDLO ,E#OLJQHEODQFKH PD
EGEC.LCT &RPSOH[H GH 6NKLUDW $QJOH $Y +DVVDQ ,, URXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ ( PDLO HJHF OFW#JFU PD
GLM 5XH Q = , %LU 5DPL .pQLWUD ² 0DURF 7pO )D[ ( PDLO JOP #PVQ FRP
6LqJH HW 8VLQH .pQLWUD /RW qPH 7UDQFKH = , %LU 5DPL .pQLWUD ² 0DURF 7pO )D[ 8QLWp 0RKDPPpGLD = , 6XG 2XHVW 0RKDPPHGLD ² 0DURF 7pO )D[ ( PDLO FRQWDFW#JDOYDFLHU PD 6LWH ZHE ZZZ JDOYDFLHU PD
FONEX (AFS) 5RXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ ( PDLO FRQWDFW#IRQH[ PD 6LWH ZHE ZZZ IRQH[ PD
GENA 5XH Q = , %LU 5DPL .pQLWUD ² 0DURF 7pO )D[ ( PDLO JHQD#JHQD PD
ISOFORM /RW = , *XH]QDLD 7DQJHU ² 0DURF 7pO )D[ ( PDLO GJ#LVRIRUP PD 6LWH ZHE ZZZ LVRIRUP PD
ISOSIGN $YHQXH GH OҋRSpUD 3DULV 7pO ( PDLO LVRVLJQ#LVRVLJQ IU 6LWH ZHE ZZZ LVRVLJQ IU
DHS 5XH 0DUpFKDO -RIIUH ² %3 'DNDU 3RQW\ ² 6pQpJDO 7pO )D[ ( PDLO GKV#RUDQJH VQ
IHM 5XH Q = , %LU 5DPL .pQLWUD ² 0DURF 7pO )D[ ( PDLO FRQWDFW#LKP PD
GLS $ $YHQX GH Oҋ(XURSH 7RXVVXV /H 1REOH ² )UDQFH 7pO )D[ ( PDLO FRQWDFW#JOV IU 6LWH ZHE ZZZ JOV IU
OMCE &RPSOH[H GH 6NKLUDW $QJOH $Y +DVVDQ ,, URXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ 8VLQH &7 3. %LU -GLG 7pO )D[ ( PDLO RPFH#RPFH PD 6LWH ZHE ZZZ RPFH PD
OMCE NORD &RPPXQH UXUDO (O $RXDPD .P $LQ 'DOLD /DNELUD 7DQJHU ² 0DURF 7pO )D[ ( PDLO RPFH#RPFH PD 6LWH ZHE ZZZ RPFH PD
CHROMACOLOR &RPSOH[H GH 6NKLUDW $QJOH $Y +DVVDQ ,, URXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO j )D[ 8VLQH = , $wQ $WLT ² 0DURF 7pO )D[ ( PDLO FKURPDFRORU #JPDLO FRP
OXAIR 5RXWH GH OD SODJH 6NKLUDW ² 0DURF 7pO )D[ ( PDLO GJ#R[DLU PD 6LWH ZHE ZZZ R[DLU PD
CDE % 3 'RXDOD &DPHURXQ 7pO )D[ ( PDLO OD FGH#OD FGH FRP 6LWH ZHE ZZZ OD FGH FRP
ETHANOL 6LqJH 6RXN $O +DG &RPPXQH %HQPDQVRXU .pQLWUD %DQOLHXH ² 0DURF 'pS{WV = , 6$3,12 1RXDVVHU &DVDEODQFD 7pO )D[ ( PDLO HWKDQRO#HWKDQRO PD
BITUCAB VLqJH VRFLDO ORW =, *]HQD\D 7DQJHU ² 0DURF 7HO )D[ ( PDLO ELWXFDE#\DKRR IU
GHOWD KROGLQJ 5DSSRUW $QQXHO
Delta holding S.A. 6LpJH VRFLDO &RPSOH[H GH 6NKLUDW $QJOH $Y +DVVDQ ,, URXWH GH OD SODJH 6NKLUDW ² 0DURF 7HO j )D[ ( PDLO GJ#GHOWDKROGLQJ PD 6LWH ZHE ZZZ GHOWDKROGLQJ PD