REGULATORY AND FINANCIAL IMPACTS OF COVID-19 ON THE ...

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REGULATORY AND

FINANCIAL IMPACTS OF

COVID-19 ON THE ACTIVITY

OF ALGERIAN COMPANIES

29/04/2020

Sommaire 1 TAX & SOCIAL SECURITY MEASURES

2 BANKING MEASURES

3 MEASURES IN RESPECT WITH LABOUR LAW

4 CUSTOMS MEASURES

5 GENERAL MEASURES

6 THE IMPACT ON HOLDING OF THE ORDINARY GENERAL MEETING

7 THE IMPACT ON COMMERCIAL CONTRACTS

8 THE IMPACT ON INSURANCE

9 MODELLING THE POTENTIAL FINANCIAL IMPACTS OF THE COVID – 19

10 MODEL SENSITIVITY FACTORS

11 KEY ISSUES FOR COPING WITH AND OVERCOMING THE CRISIS

12 KPMG SUPPORT

13 APPENDIX

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NOTE TO READERS

The information presented in this document evolves rapidly as new provisions are introduced and clarifications are made tothe existing provisions. This information may therefore have changed since the preparation of this document.

As the economic consequences of the Covid-19 virus are becoming increasingly visible, there is consequently a great dealof information about the repercussions of such a pandemic on the activity of companies, the organization of work and themanagement of employees.

To this end, we will attempt herewith to summaries the main measures taken by the government and those that could betaken according to the situation and specific nature of each company's activity.

Please accept, the expression of our highest consideration.

The partners of KPMG Algeria.

COVID-19: TAX & SOCIAL SECURITY MEASURES


COVID-19: TAX MEASURES (1/3)

The deadline for subscribing the monthly tax return “G50” related to February and March isextended until May 20th ,2020.

As a result, taxpayers will be required to subscribe for three tax returns (February-March-April) bythe above-mentioned deadline to pay due taxes.

However, taxpayers registered before the Direction of Big Entreprises “Direction des GrandesEntreprises (DGE) are not covered by the above measure and remain subject to the initialdeadline to pay their due taxes online.

Monthly Tax Return “ G n°50” (Taxpayers under the common regime and

liberal professions)

The subscription deadline for the quarterly declaration " G n°50 ter” of tax return and / tax onsalaries for the first quarter 2020 January-February-March), is extended until May 20th, 2020.

* IFU : i

Quarterly declaration " G n°50 ter” (Taxpayers under IFU*(????IFU) tax return

and payment of IRG/salaries for the first quarter 2020)

The deadline for subscribing to the annual tax return (balance sheet and notes) is extended until30 June 2020.

For companies registered before the DGE, the deadline is extended to May 31st ,2020. It is also indicated that the deadline for the balance of IBS( Tax on profit) payment is due later on

(20) twenty days from the date of subscription of the annual tax return.

Annual tax return (Common Regime)

The subscription deadline of the annual incomes statement is extended to June 30th ,2020.Annual Incomes statement “ G n° 1”

(individual taxpayer)

Tax return report:As part of the implementation of the flexibility measures generated by the Algerian Government to supportcompanies, financially affected by the health crisis that the country is currently going through, the tax administrationhas taken some measures with regard report of tax returns as follows:


COVID-19: TAX MEASURES (2/3)

Payment Extension of taxdeferral of IRG/IBS for thefirst installment The deadline payment for the first IRG/IBS installment is extended until June 20th, 2020.

Payment Schedule

Taxpayers who find themselves in a difficult financial situation may request a payment schedule for theirtax debts.

Likewise, those who already have a payment schedule may request adjustment in the event of cash flowdifficulties.

Suspension of taxation ofunallocated profits The taxation of unallocated profits for the financial year of 2016 and following, provided by the Article 15

of the Finance Act for 2020, is suspended.

Exemption Benefit ofAssociations or works of ahumanitarian or charitablenature

The Ministry of Finance, through a press release, recalled that associations or works of a humanitarian orcharitable nature, duly approved, and the Algerian Croisssant rouge, benefit of exemption on customsduties and VAT on goods given as donations and intended to be distributed free of charge for charitable ormedical purposes.

To this end, the associations concerned may contact the relevant Wilaya Tax Directorate (Sub-Directorateof tax Operations) to obtain a VAT exemption certificate, presenting the list of goods for which theexemption is requested.

In order to benefit from customs duties exemption, associations must go to the territorially competentDivisional Customs Inspectorate, in order to have the authorization for customs clearance free of importduties established, upon presentation of a simple written undertaking, specifying the destination of thegoods.

Moreover, it should be noted that these operations benefit from an accelerated procedure in terms ofcustoms clearance.


COVID-19 : TAX MEASURES (3/3)

Reception at the "DGE" :The DGE administration has indicated, through a pressrelease with regards reception procedures at the level of thisadministration during this period.Indeed, since March 19th, 2020 and until April 20th, 2020, thereception at the DGE is done by appointment confirmed byemail or by phone.As a reminder, below are the contact details of the DGE:

Email @[email protected]

Telephone023 38 11 48

023 38 11 50 023 38 11 46


COVID-19 : SOCIAL MEASURES (1/2)

Payment of social security contributions at the level of all agencies :

The Ministry of Labor, Employment and Social Security hasauthorized employers, by means of a communiqué, toproceed with the payment of social security contributions atthe level of all agencies throughout the national territory,without having to go to the agencies to which they depend.Thus, from March 22nd,2020 and until further notice,employers will be able to deposit their cheques or notices ofpayment of social security contributions at each structureunder the authority of the Caisse Nationale des AssurancesSociales des Travailleurs Salariés (CNAS), whether it is apayment center or a collection department.

Use of electronic declaration :The same Ministry has introduced the possibility for self-employed workers and employing organizations to make useof tele-filing and tele-payment services for the payment ofcontributions, through the following links :

CNAS

https://teledeclaration.cnas.dz

La Caisse nationale de sécurité sociale desnon-salariés (CASNOS):

https://eservices.casnos.com.dz

La Caisse nationale des congés payés et duchômage intempéries des secteurs du BTPH(CACOBATPH):https:www.tashritcom.dz

https://eservices.casnos.com.dz/


COVID-19 : SOCIAL MEASURES (2/2)

Following the publication of a press release by the Minister ofLabour, Employment and Social Security, concerning severalmeasures of support and assistance to employers, and this, inorder to contribute to preventive measures, in this exceptionalsituation in the country, due to the Covid-19 pandemic, it wasdecided :• Postponement of declarations and payments of social

contributions to the (CNAS) for the month of April until May30th,2020, instead of the legal deadline of April 30th, 2020;

• Postponement of declarations and payments of socialcontributions to the (CASNOS) until September 30th,2020,instead of the legal deadline of June 30th ,2020;

• Suspension for a period of (06) six months, of theaccumulation of late payment and collection penalties(CNAS) on late declarations prior to April 2020;

• Possibility of rescheduling previous debts in respect ofCNAS and CASNOS contributions, for which payment maybe made in installments;

• Anticipation of annual holiday payments by the(CACOBATPH), instead of July/August 2020.

Extension of deadlines for the payment of socialsecurity contributions (CNAS - CASNOS)

Following a communiqué from the Caisse Nationale des CongésPayés et du Chômage-Intempéries des Secteurs du Bâtiment, des Travaux Publics et de l'Hydraulique, ("CACOBATPH“), it was decided:

• Extension of the deadline for of the payment of contributionsfor the month of April by thirty (30) days;

• Suspension of the increases of the previous late paymentpenalties, for a period of six (06) months from April toSeptember;

• Reimbursement of annual leave advances via a form that canbe downloaded from its website, under the heading"TASRIHATICOM".

Extension of deadlines for the payment OFCACOBATPH contributions for April

COVID-19: BANKING MEASURES


Easing of Prudential Rules

In view of the current health situation, the Bank of Algeriaissued an instruction n°05-2020 of 6 April 2020 introducingexceptional measures to ease certain prudential provisionsapplicable to banks and financial institutions. According to thisinstruction, the following emerges:

• The minimum threshold of the liquidity coefficient, set bythe provisions of Article 03 of Regulation No. 2011-04 of 24May 2011 on the identification, measurement, managementand control of the liquidity risk of banks and financialinstitutions, is reduced from 100% to 60%.

• Banks and financial institutions are exempt from theobligation to build up a safety cushion, set by the provisionsof Article No. 04 of Regulation No. 2014-01 of 16 February2014 setting the solvency coefficients applicable to banksand financial institutions at 2.5%.

• The Monetary Policy Operations Committee of the Bank ofAlgeria has put in place measures as from 15 March 2020:

- Reduce the reserve requirement ratio from 10 to 08% ofthe defined reserve base;

- Lower the Bank of Algeria's key rate by 25 basis points(0.25%) to 3.25%.

Finally, the Instruction provides for the possibility for banksand financial institutions to grant new loans to customers whohave benefited from the deferral or rescheduling measures.

Supporting Measures

In addition to the measures adopted by the Bank of Algeria,the Professional Association of Banks and FinancialInstitutions ("ABEF") came to consolidate the mechanismaimed at supporting the customers of banks and financialinstitutions during the Covid-19 pandemic.Indeed, according to the press release published on April 8th,2020, the ABEF has set up a panel of measures to supportthe customers of banks and financial institutions, in particularby protecting companies and production facilities.Within this framework, banks and financial institutionsundertake to study the individual situation of each customer(private individuals, professionals, VSEs, SMEs, largecompanies, etc.) in order to take the most appropriatemeasures for each situation.

COVID-19: BANKING MEASURES (1/2)


These measures are applicable for a period of six (06) monthsfrom 31 March 2020.

Finally, it should be noted that this note provides that banks andfinancial institutions will continue to provide the usual servicesto enable their customers to carry out all their transactions inthe best possible conditions.

Companies that have been impacted by this crisis could already apply to their banks to benefit from thesupporting measures provided for in this context.

COVID-19 : BANKING MEASURES (2/2)

This panel of measures could take a variety of forms, including :

COVID-19 : MEASURES IN RESPECT WITH LABOUR LAW


COVID-19 : MEASURES IN RESPECT WITH LABOUR LAW (1/2)

Several measures and actions to prevent and combat thespread of this virus have been taken by the Government.These were introduced by Executive Decree No. 20-69 onmeasures to prevent and control the spread of theCoronavirus (COVID-19), then supplemented by ExecutiveDecree No. 20-70 laying down additional measures to preventand control the spread of the Coronavirus (COVID-19) andfinally extended (to date) by Executive Decree No. 20-86extending the provisions on measures to prevent and controlthe spread of the Coronavirus (COVID-19).

These provisions were recently renewed by Executive DecreeNo. 20-100 of 19 April 2020 renewing the system forpreventing and combating the spread of the Coronavirus(Covid-19) until 29 April 2020 and from 20 April 2020onwards.

The various above mentioned decrees have introduced aseveral exceptional measures, applicable to the entirenational territory.

In this regard, the main mechanism highlighted, particularly bythe Executive Decree No. 20-69, is the exceptional leave,through which employers should put at least 50% of their staffon exceptional paid leave, and this, during a period fromMarch, 22th, 2020 to April, 19th 2020.

This provision has not yet been extended until nowThe decree expressly mentions the priority categories forexceptional leave. These are:

It is understood that these exceptional provisions apply both tothe public sector's employees [Institutions and publicadministrations] and to the private sector's employee.

Women raising children

People with chronic deseases and those withMedical vulnerabilities

Pregnant Women

Government Measures


Except the exceptional leave scheme, the Government hasencouraged the employers to take any measures toencourage the (“telework”) in accordance with the laws andregulations in force.Finally, a possible subsequent assumption of responsibility bythe State could be envisaged because of the losses causedby such measures.The arrangements for compensating any losses caused bypreventive measures will be the subject of a separate text.

COVID-19 : MEASURES IN RESPECT WITH LABOUR LAW (2/2)

Government Measures

Nevertheless, certain categories of employees have been excluded from such measures, namely :

• Healthcare workers regardless of employer ;• Personnel under the General Directorate of National

Security ;• The personnel under the General Directorate of Civil

Protection ;• The personnel under the General Directorate of Customs ;• The staff under the General Directorate of Penitentiary

Administration ;• The personnel coming under the General Directorate of

National Transmissions ;• The personnel of quality control and fraud repression ;• The personnel coming under the veterinary authority ;• The personnel coming under the phytosanitary authority ;• Staff assigned to hygiene and cleaning missions ;• Staff assigned to surveillance and security missions ;• Personnel essential to the continuity of vital public services

[by decision of the competent authority].


Being a very recent way of work organization in Algeria,telework has not a legal basis.

The terms of application, which are clearly providedunder other regulations (generally requiring a collectiveagreement or a charter to be drawn up in consultationbetween the employer and employee representatives),are not defined under the Algerian regulations.

In view of the current situation, it is up to the employers,in our opinion, to opt for a specific formalism whichwould suit both parties [Employer - Employee].

Note bene :

It is understood that the teleworking employee(teleworker) should maintain the same rights andobligations as if he/she were working on thecompany's offices, subject to a series ofarrangements (definition of objectives, respect forworking hours, monitoring arrangements, provisionof the necessary equipment, etc.).

.

Regarding the exceptional paid leave :

In our view, exceptional paid leave does not correspondinto any categories of leave provided by the relevantregulations [Not to be confused with the cases ofabsence without loss of pay as provided by the Law No.90-11: as for the marriage, birth, training courses,pilgrimages, etc.] neither the different types of leave[annual leave, remaining leave, early leave, unpaidleave] .

We understand that each employing organization shouldput in place adequate measures, such as exceptionalleave, in order to respect the distancing measures duringthe period provided for by the regulations in force.

Regarding the teleworking :

Exceptional leave aside, the use of teleworking shouldbe, in accordance with the above provisions and in thesetimes of pandemic, encouraged as much as possible.

COVID-19 : THE IMPACT ON WORK ORGANISATION AND EMPLOYEE MANAGEMENT (1/2)

What about our interpretation of the above provisions?


Consumption of any type of legal leave [acquired and/or in theprocess of being acquired].

In addition to the Government measures to prevent and combat thespread of the Coronavirus (COVID-19), as mentioned above, it isthe responsibility of the employers to take appropriate measures asprovided by the common law, taking account of their responsibilitiestowards their employees in terms of health and safety.

Indeed, any employers must take preventive measures and ensurethat such measures are adapted to take account of the change incircumstances due to the health crisis.

In this respect, and with reference to the principles alreadyprovided for by common law, we can provide certain measures thatwe consider adequate:

Reduction of working time - Introduction of part-time work :

COVID-19 : THE IMPACT ON WORK ORGANISATION AND EMPLOYEE MANAGEMENT (2/2)

Suspension of the employment relationship

Note bene :

Furthermore, in the event of a prolongation of the currentsituation due to COVID-19, and after exhaustion ofseveral or all of the developed above measures,consideration should be given as of now to the possibleimplementation of the provisions of Legislative DecreeNo. 94-09 on job preservation and protection ofemployees likely to lose their jobs involuntarily, inparticular through the implementation of the workforcereduction procedure.

Finally, it is very high recommended to involve the socialpartners in a comprehensive manner and/or employeerepresentatives internally, prior to any execution of one ofthe above-mentioned measures by the employers. Theywill have to express an opinion prior to the execution ofany of decisions relating to the reorganization of work.

COVID-19: CUSTOMS MEASURES


COVID-19 : CUSTOMS MEASURES (1/1)

Green circuit for the customs clearance of certain products :

The Directorate General of Customs has made available toprofessionals a list by tariff classification, listing the maincategories of medical products, devices and instruments usedin the prevention and fight against the spread of the virus,identified by their tariff subheadings.This list aims at constituting a reference of tariff classificationof the above-mentioned products in the customs tariff, as wellas to contribute to bring facilitations to the customs agents aswell as to the forwarding agents, within the framework of theestablishment of the formalities of customs clearance relatingto it.In addition, the clearance of these goods will benefit from thegreen circuit procedure, which is designed to allow foraccelerated clearance and removal.To this end, it will be up to the customs services to accept, aspart of the customs declaration, the declarants' letters ofundertaking, accompanied by the transport documents, tomake the declaration in detail and to complete the customsclearance formalities, including the payment of duties andtaxes, after removal of the goods.

Tariff classification of certain products temporarilysuspended at export :

In addition to these measures, the Directorate General ofCustoms has also issued a tariff classification for productstemporarily suspended for export until the end of the crisiscaused by the pandemic- Virus Covid19.This list, formalized by Instruction n°111/PM of 22 March2020, includes a list of some foodstuffs and also medical andparamedical equipment, medicines and pharmaceuticals,personal hygiene products and household detergents.This list echoes, in particular, the exceptional measuresconcerning health products, medical equipment and allproducts directly related to the national policy to combat thespread of Covid-19, as well as basic foodstuffs for massconsumption, with a view to avoiding any possible shortages.

COVID-19 : GENERAL MEASURES


COVID-19 : GENERAL MEASURES

Partial Containment Measures Temporary Suspension of Notaries' Activity

Suspension of Transport Activity

The containment measures werethe subject of an allegation topass to partial containment forthe wilaya of Blida from 2:00 p.m.to 7:00 a.m. which was previouslysubjected to a total containmentsystem. For the following nine (9)wilayas: Algiers, Oran, Bejaia,Sétif, Tizi-Ouzou, Tipaza,Tlemcen, Aïn Defla and Médéa,the confinement will now be from5:00 p.m. to 7:00 a.m.

This confinement period is validuntil May 14th, 2020.

The National Chamber ofNotaries issued a note dated 05April 2020, to all regionalchambers of notaries in order toinvite notaries to temporarilyclose their notary offices.Thus, the closure of certainnotary offices would have animpact on the closing oftransactions requiring the signingof an authentic deed before thenotary.

Suspension of all public andprivate inter-wilaya andintra-city public and privatetransit, as well as rail traffic.

Insertion of the Electronic code "RCE"

CNRC has maintained thedeadline for amending andbringing trade registers intocompliance for the insertion ofthe electronic "RCE" code untilJune 30, 2020.

After this deadline, exceptsfrom the trade register that donot bear the above-mentionedcode become null and void.

Within the framework of the actions of prevention and fight against the spread of the COVID-19 virus implemented by the AlgerianAuthorities and taking into account the sanitary containment set up, note the following:

COVID-19: THE IMPACT ON HOLDING OF THE ORDINARY GENERAL MEETING


COVID-19: THE IMPACT ON HOLDING THE ORDINARY GENERAL MEETING (1/3)

Upholding the legal deadlines :In accordance with the provisions of the Commercial Code,the Company's management bodies are required to convenean OGM within six (06) months following the end of thefinancial year, for the approval of the Company's corporatefinancial statements before June 30th , 2020. Any extension ofthis deadline shall be subject to an order of the competentcourt ruling on request.

The extension of the deadlines for subscribing tothe annual declaration and (Cf. measures in tax and socialmatters) as well as those relating to the publication ofcompany accounts (Cf. Impact on the holding of theOGM/publication of accounts) would not affect the legaldeadline for holding the Ordinary General' Meeting("OGM"), subject to the publication of a specificregulatory provision.

Physical presence for holding the meeting :Faced with the health crisis and in order to comply with therules of social distancing (prohibition of any gathering of morethan two (2) people), which will have a direct impact onholding future meetings, in our opinion, the company'smanagement bodies could exceptionally, and even in theabsence of a relevant provision in the Articles of Association,after unanimous agreement of the participants (shareholders)and Statutory Auditor ..), use remote communication devices(without physical presence, in this case through a call oraudiovisual conference, etc.)

to hold the OGM. Where applicable, the quorum and majorityconditions provided for in Articles of Association and/or theshareholders' agreement remain applicable. Whereapplicable, the quorum and majority conditions provided bythe articles of association and/or theshareholders' agreement remain applicable.This will ensure, in particular :• Participation of the persons entitled to

attend (shareholders, representatives andstatutory auditor) in the deliberations andvotes;

• Compliance with the legal deadlines forholding the meeting and of publishing thecorporate financial statements

For the organization for holding of the OGM, measuresshould be taken by the authorized bodies to ensure thesmooth running of the meeting, in particular :

communicating the required information and documents toshareholders,

ensure that the sound and image are sufficiently clear andthat there is no uncertainty about the identification ofparticipants, also secure the meeting (VPN),

record the virtual meeting in minutes, initialed and signedby each member by electronic way.

The terms and conditions for holding theaforementioned OGM also remain valid for holding ofBoard of Directors' Meetings.



Upholding the legal deadlines :According to the press release from the DGI dated April 4th,2020, the deadlines for subscribing to the annual incomestatement (balance sheet and notes) have been extended toJune 30, 2020 and to May 31, 2020 for companies under theDGI. (Cf. Tax and Social Measures).

The extension of the deadlines for subscribing to theannual declaration and as well as those relating to thepublication of company accounts (Cf. Impact on theholding of the OGM/publication of accounts) would not affectthe legal deadline for holding the Ordinary General'Meeting ("OGM"), subject to the publication of a specificregulatory provision.In accordance with the provisions of the Commercial Code,the Company's management bodies are required to convenean OGM within six (06) months following the end of thefinancial year, for the approval of the Company's corporatefinancial statements before June 30th , 2020. Any extension ofthis deadline shall be subject to an order of the competentcourt ruling on request. Physical presence for holding the meeting :Faced with the health crisis and in order to comply with therules of social distancing (prohibition of any gathering of morethan two (2) people), which will have a direct impact onholding future meetings, in our opinion, the company'smanagement bodies could exceptionally, and even in theabsence of a relevant provision in the Articles of Association,after unanimous agreement of the participants (shareholders)

and Statutory Auditor ..), use remote communication devices(without physical presence, in this case through a call oraudiovisual conference, etc.) to hold the OGM. Whereapplicable, the quorum and majority conditions provided for inArticles of Association and/or the shareholders' agreementremain applicable. Where applicable, the quorum andmajority conditions provided by the articles of associationand/or theshareholders' agreement remain applicable.This will ensure, in particular :• Participation of the persons entitled to

attend (shareholders, representatives andstatutory auditor) in the deliberations andvotes;

• Compliance with the legal deadlines forholding the meeting and of publishing thecorporate financial statements

For the organization for holding of the OGM, measuresshould be taken by the authorized bodies to ensure thesmooth running of the meeting, in particular :

communicating the required information and documents toshareholders,

ensure that the sound and image are sufficiently clear andthat there is no uncertainty about the identification ofparticipants, also secure the meeting (VPN),

record the virtual meeting in minutes, initialed and signedby each member by electronic way.

The terms and conditions for holding theaforementioned OGM also remain valid for holding ofBoard of Directors' Meetings.



Legal Obligations for Holding the OGM

Preparation of the auditor's report

The company's accounting documents could, in our opinion, be sent to the auditor, in electronicformat, to enable the preparation of the annual report.

Right information As for the auditor, Shareholders may access the company's accounting documents electronically,either by e-mail or by setting up a data room containing all of the company's accounting documents.

Convocation de l’Assemblée Générale

Ordinaire

L’AGO doit être convoquée par les organes de gestion dans les délais prescrits, selon le cas, parcourriels avec accusée de réception.

La convocation devra préciser, en plus de l’ordre de jour, la date, l’heure et le moyen de participation àcette assemblée en incluant le lien permettant de rejoindre la réunion, si l’AGO est tenue par voie deVidéo-conférence ou conférence- téléphonique

NB : Management bodies should establish physical versions of each document for archiving, legal publication anddividend transfer request purposes where appropriate.

Convening of the Ordinary General Meeting

of Shareholders

The OGM shall be convened by the management bodies within the prescribed time limits,depending on the case, by e-mail with acknowledgement of receipt.

In addition to the agenda, the notice shall specify the date, hour and means of participation in themeeting, including the link to join the meeting, if the OGM is held by videoconference orconference call.



Publication of Company Financial Statements

In accordance with Article 717 of the Commercial Code, thecompany's financial statements shall be filed with the NationalCenter of Trade Register (CNRC) within one month of theiradoption by the General Meeting. This filing is deemed to bea publication.

The publication of the corporate financial statements shouldtake place one month after their adoption.

The deadline for filing the corporate financial statements forfiscal year 2019 has been exceptionally extended toWednesday, September 30th, 2020 instead of July 31st, 2020as originally planned following a press release issued by theCNRC on April 21st , 2020.

With regard to the payment of dividends distributed at theOGM, Article 724 of the Commercial Code specifies that "thepayment of dividends must take place within a maximumperiod of nine months after the end of the financial year. Theextension of this period may be granted by court decision.”

As for the holding of the ordinary general meeting and in theabsence of a specific regulatory provision, the company'smanagement bodies are required to comply with the legaldeadline for the payment of dividends, i.e. September 30th

2020.

Holding of the OGM no later than 30/06/2020

Publication of accounts no later than 30/07/2020

Payment of dividends no later than 30/09/2020

COVID-19 :THE IMPACT ON COMMERCIAL CONTRACTS


MANAGING THE IMPACT OF COVID 19 ON CONTRACTSThe COVID-19 pandemic, and the measures taken to limit itsspread (partial containment, closure of non-essentialbusinesses, administrative difficulties hampering businessactivity, etc.), are having a significant impact on commercialcontracts..

For contracts not yet concluded, it may be appropriate torenegotiate the terms of the contract or even waive them.

Point of Vigilance: If negotiations have been going onfor some time and you wish to end them, you should proceedcautiously. Indeed, the breakdown of the talks must not be atfault and the consequences on the preliminary contracts (Letterof Intent, agreement in principle, promises...) must bemeasured.

In any event, attention should be paid in particular to thefollowing clauses:• Clauses relating to price and terms of payment (price that

can be revised or updated, possible default interest) ;• Force majeure clause and renegotiation clause (hardship);• Clauses relating to contractual deadlines and penalties for

late payment;

Liability clauses (penalty clause, limitation of liability clause) Resolutive clause Clause on applicable law and dispute settlement.

COVID-19 : THE IMPACT ON COMMERCIAL CONTRACTS (1/4)


Renegotiation of Contractso Renegotiation between the Parties

The contract may contain a hardship clause, which imposesan obligation to renegotiate in good faith, but without anobligation of result. This clause could be usefully invoked tostart negotiations between the parties.More broadly, price revision or discounting clauses may alsoprovide a basis for renegotiating the financial terms of thecontract. In any event, the drafting of an amendment appearsnecessary to record any modification of the contract.

o Judicial review of the contractArticle 107 of the Civil Code: "When, as a result ofexceptional, unforeseeable and general events, theperformance of the contractual obligation, without becomingimpossible, becomes excessively onerous, so as to threatenthe debtor with an exorbitant loss, the court may, dependingon the circumstances and after taking into consideration theinterests of the parties, reduce, to a reasonable extent, theobligation that has become excessive. Any agreement to thecontrary is void. »

This possibility should be reserved as a last resort since itimplies legal action, which could prove difficult in the currentcontext.

o Suspension of the ContractGenerally, private contracts may include a suspension clause.The suspension of the obligations of the parties may also be aconsequence of the implementation of the force majeureclause.Indeed, it can be provided that if the force majeure does notlast longer than a certain period, the parties will only have theirobligations suspended. The suspension of obligations can alsoresult de facto from the plea of non-performance (e.g. if theCustomer does not pay the Provider may cease to perform itsobligations and vice versa).This is a temporary remedy for the non-performance of thecontract by a party.

o Termination of the contractIf the company wishes to terminate the contract, it couldusefully invoke the application of clauses in the contract (suchas the resolutory clause or the force majeure clause - seebelow). The Civil Code also provides for the case of judicialtermination.

AUDIT AND ANALYSIS OF ONGOING CONTRACTS

COVID-19 : THE IMPACT ON COMMERCIAL CONTRACTS(2/4)


FOCUS ON FORCE MAJEUREThe Civil Code does not explicitly define force majeure. It isgenerally accepted that the event must be unforeseeable (notforeseeable on the day the contract is concluded), irresistible(impossibility to avoid its effects) and external to the debtor.

Is the outbreak of COVID-19 a case of force majeure?In our opinion, if the force majeure clause of the contract inquestion is expressly aimed at epidemic situations, itsimplementation should not pose any particular difficulties.Otherwise, and in the event of disagreement between theparties, the judge will have to determine whether the currenthealth situation constitutes a case of force majeure. We are ofthe opinion that this Pandémic does not in itself, and byoperation of law, constitute a case of force majeure.Nevertheless, the consequences induced by Covid-19 couldbe so, and only if, the effects could not be avoided byappropriate measures (in the absence of a viable alternativesolution). In any event, the burden of proof will weigh heavilyon the debtor.

An instruction of the Prime Minister of 15 April 2020 providesfor the application of the provisions of Article 147 ofPresidential Decree No. 15-247 of 16 September 2015,("Public Procurement Code"), which reads in particular asfollows:« (…) In the event of force majeure, deadlines aresuspended and delays do not give rise to the applicationof late penalties within the limits set by the orders tostop and resume services taken as a result by thecontracting service. In both cases, the waiver of penaltiesfor delay results in the issuance of an AdministrativeCertificate. »

More specifically, the instruction provides for "the suspensionof contractual deadlines and the non-application of financialpenalties for delay within the limit set by the orders to stopand resume services issued by the contracting department asa result", in particular under the following conditions: The suspension of the application of penalties for delay is

applicable from the date of publication of Executive DecreeNo. 20-69 of 21 March 2020;

The suspension of deadlines and of the application ofpenalties for delay, as provided for in Article 147 of thePublic Procurement Code, must be applied by thecontracting authorities at the request of the contractingcompanies.

Private Contracts

Public Procurement Contracts

COVID-19 : THE IMPACT ON COMMERCIAL CONTRACTS(3/4)


In the event of a breach of contract, the party towards whom theundertaking has not been performed or has been performedimperfectly may also invoke the following means : Application of penalties for delay or any other sanction

provided for in the Contract; Invoke the means provided for by the Civil Code the exception

of non-performance (non-payment in case of cessation ofservices, and vice versa), forced performance in kind by thedebtor or by a third party at the expense of the debtor,termination,..;

The bringing into play of contractual liability consistingschematically in the granting of damages and interest tocompensate for the damage caused by a contractual fault.Note that only damages foreseeable at the time of theconclusion of the contract may be compensated, except in thecase of fraud or gross negligence.

Private Contracts Public Procurement Contracts

In the event of improper performance of public contracts, penalties ortermination are normally provided for.• Application of penalties: As mentioned above, the Prime Minister

has instructed the Government to suspend contractual deadlinesand the application of penalties for delay.

Termination: Termination may occur in particular in the event of faulton the part of the contracting partner (partial termination providedfor), or more specifically in the case of public contracts for a reasonof general interest (the question is obviously acute).

Dispute settlement: The Public Procurement Code provides for thefollowing in the event of failure to reach an amicable settlement:

For contracts concluded with national partners: Litigation submittedto the Amicable Dispute Resolution Committee.

For public contracts concluded with foreign partners: recourse to aninternational arbitration body is henceforth subject, on the proposalof the Minister concerned, to a prior agreement reached at ameeting of the Government. They are submitted to the regulatoryauthority for public contracts and delegations.

The Instruction also provides, in order to cushion the financialconsequences of this crisis on public and private constructioncompanies and on employment, that the Minister of Finance isresponsible for releasing and notifying, under the seal of urgency, tothe various project owners, the payment credits and revaluationsnecessary for the payment of debts held by these companies underpublic procurement contracts.

Management of Risk in the event of Breach of Contract

COVID-19 : THE IMPACT ON COMMERCIAL CONTRACTS (4/4)

COVID-19 : THE IMPACT ON INSURANCE


Most companies are faced with the consequences of thepandemic, resulting in a drop in activity and therefore in turnover.Therefore, the question of covering operating losses throughinsurance contracts taken out by the company is central.The question of how to cover the consequences of the health crisisdoes not call for an absolute and unique answer, in the sense thateverything will depend on the guarantees subscribed and in forceat the date of the loss, and their conditions of application.Consequently, it will be advisable in any event to refer to thepolicies taken out.General principles applicable to business insuranceIn general, companies can subscribe to two types of insuranceproducts:

Des contrats « multirisques » sont également proposés.Coverage of operating losses resulting from the health crisis.

Some companies, whose business activity has droppedsignificantly as a result of the measures taken in response tothe pandemic, believe they are covered by their insurance forbusiness interruption. However, this does not seem to be soobvious, and in practice these main points in particular willhave to be respected in practice:

Step 1 - Analysis of the general and special conditionsof the insurance contract :

Firstly, it is necessary to find out whether the company hassubscribed to any cover for operating losses (not linked to therisk of closure or limitation of the opening of the company) inthe event of an epidemic or similar event.

Then a detailed analysis of the cover should be made(conditions of implementation, possible exclusions ofguarantee), the amounts insured and the terms ofcompensation.

Second step - Reporting the claim in accordance withcontractual and legal requirements :

Possible notification by registered letter withacknowledgement of receipt could be problematic in practice,given the current health situation.

Civil liability insurance for damage caused to third parties

Damage insurance on assets: the operating lossesgenerated by the health crisis could possibly be covered bythis type of insurance

COVID-19 : THE IMPACT OF INSURANCE (1/2)


Step 3: Insurance Coverage of the Claim :(In case of unjustified refusal by the insurer, recourse ispossible).Finally, it should be noted that the consequences induced bythe health crisis affect all companies, including insurancecompanies.Government measures would, if necessary, clarify the role ofinsurance companies and the role of the State in dealing withthe consequences of this major and unprecedented crisis.

COVID-19 : THE IMPACT OF INSURANCE (2/2)

POTENTIAL FINANCIAL IMPACTS MODELLING


Recovery Model| Financial impacts modelling |

Description Probability

Model in L

Model in V

Model in W

Model in U

Illustration

V

U

W

L

A fall followed by a long period of stagnation > Economic depression that sets in over time if economic support measures prove to be insufficient

Sudden recovery after bottoming out > this scenario is completely ruled out today in view of the lost jobs, the companies that will go bankrupt and the sectors that will be long impacted by the crisis, in particular, tourism, aeronautics and the automobile industry

Succession of shutdowns and start-ups > this could happen in the case of an uncontrolled de-containment, triggering a new pandemic

Low Medium High

Low Medium High

Low Medium High

Low Medium High

A fall followed by a period of stagnation that precedes a relatively strong start > the duration of the stagnation will depend on containment duration, the recovery will be vigorous but with a risk of rationing behavior among households and businesses

0

20

40

60

80

100

120

Période 1 Période 2 Période 3 Période 4 Période 5 Période 6

-20

0

20

40

60

80

100

0

10

20

30

40

50

60

70

80

90


0

20

40

60

80

100

120


0

20

40

60

80

100

120

Période 1 Période 2 Période 3 Période 4 Période 5

Modelised by KPMG


The extent of the COVID pandmic and its impact on businesses is not fully known, but there is an urgent need to address the important short-term issues. The medical uncertainty is combined with many economic uncertainties: the degree of disruption and the time needed to restart industrial and transport activities, chain effects in integrated activity sectors, dynamics of recovery and catch-up, etc. Also, behavioural factors are uncertain, both in terms of the functioning of society in general and in terms of organisations or consumption. In addition, this health crisis will have a double effect on both the parity of the dinar and the price of the barrel, which will lead inexorably to a precarious purchasing power, a deterioration in the profitability of companies and a tightening of restrictive import measures.

Each of these uncertainty factors has potentially significant impacts

Companies face potentially high risks:• Cash flow difficulties and increasing debt pressure• Organizational difficulties in maintaining critical activities (supply chain, production, distribution, support functions, etc.) with a high risk of

absenteeism.• Difficulties related to third parties (supply, distribution network, etc.)

Introduction| Introduction |

We have tried to modelling the short and medium term impact of the health crisis on a typical Algerian company as well as the effects on its operating cash flow and financing needs.

First, we will present the main measures put in place by the government to help businesses deal with the crisis.

We will then present the results of the simulation of two scenarios (optimistic / pessimistic) on an industrial company. Several recovery scenarios are currently considered by economists, in V, U, L and W, we have favoured the U-shaped recovery model for our simulation.

We will then discuss the model sensitivity factors (non-exhaustive list including the main factors: cost structure, foreign procurement, WC structure).

Finally, we will set out the key questions that the company must ask itself in order to optimise its resilience and create its resurgence conditions.

Our view of the crisis

Purpose of the presentation


COVID-19 Impacts

Assumptions for the Business Case Construction | Financial impacts modelling |

Main assumptions for the business model construction

Profit and loss- Turnover: ≈ 1.2 billion DZD in annual turnover (100mDZD on average per month)- Direct purchasing costs represent 55% of turnover, 70% of which are imports.- Fixed costs consist of(i) personnel expenses representing 15% of the normative turnover, i.e. 15m

DZDm/month(ii) Purchases of services and other external charges representing 10% of the

normative turnover, i.e. 10mDZD/month.- Activity is slightly seasonal, with a decline in activity during the summer season.

Balance sheetOperational working capital- Trade receivables represent 60 days of sales.- Supplier lead times are 30 days for local supplies and 90 days for imports.- Inventory coverage is 2 months of consumption.- VAT and social security charges are paid monthly.Others :Income tax payment: 1st deposit in March, 2nd deposit in June; 3rd deposit inNovember and liquidation balance in April of the following year.Financing: no operating debts or bank loans.

We present two scenarios according to the duration of the containment and the evolution of the health crisis.Optimistic scenario: based on a moderate containment, a 70% drop in activity in April and May, a gradual recovery in June and a return to a level of normative activitydegraded to 90% from December 2020.Pessimistic scenario: based on a prolonged confinement, a 70% drop in activity between April and July, a slow recovery from August/September and a return to a normativeactivity deteriorated to 90% in April 2021.For both scenarios, we have assumed a customer loss ratio of 5% of salesMore delays in customer/supplier payment terms should be considered. We have not modelled this impact in our business case.The impact of the health crisis will accelerate the Dinar devaluation. We have not modelled this impact in our business case (see the model sensitivity factors slide).

Tax levers

- Extension of the subscription period for the monthly declaration G° 50 of February and March and for the payment of the related duties and taxes, until 20 May 2020.- Payment postponement of the first income tax instalment: The deadline for payment of the first personal income /Income tax instalment is extended until 20 June 2020.


97 99 101 103 105 97 94

82

95 97 99 101 102 103 104 105 106

31 32 34 42 45

57 68

79 91 92 93 94 95

51

32 29 28 25 31 34

39 45

61

72

83 95 95

-

20

40

60

80

100

120

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21

In D

ZDm

Normative scenario Optimistic scenario Pessimistic scenario

Impacts on Sales and Profitability| Financial impacts modelling |

Points to keep in mind

1938

5980

102 121 138 150 168 186206

226247

269290

313335

36 19 5 (7) (14) (21) (23) (20) (13) (1) 10 22 33 45 58

19 38 36 19 5 (9) (23) (39) (52) (63) (72) (79) (79) (74) (66) (52) (39)

(150)

(100)

(50)

-

50

100

150

200

250

300

350

400


In D

ZDm


Covid 19: Simulation of the impact on EBITDA (cumulative)

Covid 19: Simulation of the impact on turnover

Loss of 38% of the 2020 annual turnover according to the optimistic scenario +16% additional loss of turnover according to the pessimistic scenario

- The drastic drop in turnover from March 2020 will lead to negative profitability which extends to September in the optimistic scenario and to January 2021 in the pessimistic scenario.

- A loss of profitability of (19)pts is expected in the first scenario against (34)pts in the second scenario.

- The decline in profitability is strongly dependent on the company's cost structure (see slide Impact of cost structure on FY20 KPIs).

Summary KPIs - FY20 per scenario

Turnover EBITDAin val. En % du in val. In % of

Scenario DZDm normative DZDm normativeNormative scenario 1 170 226Optimistic scenario 725 62% (1) (1)%Pessimistic scenario 539 46% (79) (35)%


149 146 150 151 153 150 142 138 136

152 149 150 151 151 152 153 153

87 83 73 66 65

91

149 146

120

71 88 85

75 57

35 27 39

65

120 133 139

147

(20)

-

20

40

60

80

100

120

140

160

180


In D

ZDm


Impact on Cash Flow| Financial impacts modelling |

Points to keep in mindCovid 19: Simulation of the impact on cash flow

20 41

41 45

64 70 94 108 127 128 135 153 171 191 210

230 251

8 3 6 13 16 (18)

(61) (55) (40) (31) (21) (10)

8 3 5 7 (11)(47)

(80)

(135) (145) (143) (140) (132)(200)

(150)

(100)

(50)

-

50

100

150

200

250

300


In D

ZDm


Trésorerie par scénario

Position Ecart / normatifEn MDZD Dec. 20 MaI. 21 Dec. 20 MaI. 21Scénario Normatif 153 251Scénario optimiste (61) (10) (214) (163)Scénario pessimiste (80) (132) (232) (284)

Need for financingDeterioration in cash flow impacted by: the drop in profitability linked to the sharp drop in activity and the effect of catching up on tax deadlines

Sharp deterioration in cash flow in December 2020 and January 2021 for the optimistic and pessimistic scenarios respectively, linked to the growth in working capital following the upturn in activity and the rebuilding of cover stocks.

Covid 19: Simulation of the impact on the working capital requirement

Decrease in Receivables, Depletion of Inventories and payments of Accounts Payable

The increase in the level of cash over the period March -April 2020 despite the decline in profitability is driven by:(i) The sharp drop in WC (cash generation)(ii) The government's extension of tax deadlines

Optimistic Scenario According to the first (optimistic) scenario, the cash position declines from April to June 2020 and then stabilizes following a gradual recovery in activity combined with a decline in working capital. The company draws on its inventories until August when it gradually replenishes its cover stock in August/September with a delayed impact on cash flow between November and December (90-day delay for foreign suppliers).From January onwards, although negative, the cash position will gradually improve following the end of the crisis. Pessimistic ScenarioIn the pessimistic scenario, the cash position declines from April to June 2020 and then stabilizes thanks to the continued decline in working capital in connection with stocks disposal. The late resumption of activity is mild and leads to cash position deterioration from October which worsens with the reconstitution of stocks in September/October and which effects on the cash position are only visible in December 2020 and January 2021.From March 2021, the cash position remains negative but will gradually improve following the end of the crisis.

Impact of tax measures and WC

decrease

Inventory rebuildimpact

12

1

2

SENSITIVITYANALYSIS


Model Sensitivity Analysis| Sensitivity analysis |

FactorsImpact EBITDA

CommentsImpact on

cash

Proportion of fixed costs in the cost structure

- The higher the proportion of fixed costs in the company's cost structure, the greater the impact on profitability and cash flow is (see attached slide).

⇒ Firms with a significant fixed cost structure (e.g. service companies) will be more affected.

High negativeimpact

High negativeimpact

Negative Positive

Neutral

Negative Positive

Neutral

Use of imports

- The use of imports leads to a high exposure of companies to logistical delays and exchange rate risk.

- Over a few days in April, the dinar lost 4% of its value.

⇒ Companies relying on imports will be more affected by the crisis.

High negativeimpact

High negativeimpact

Negative Positive

Neutral

Negative Positive

Neutral

Structurally positive WC /Cover stock

N/A

- The structure of the normative WC (pre-crisis starting WC) will have the effect of postponing the deterioration of the cash position.

- Companies with a conservative storage policy (high starting stock) will be able to maintain their cash flow by drawing on their stocks.

Moderate positive impact

Negative Positive

Neutral

*

Cash position

N/A - Companies with high profitability and strong cash flow will be better able to takle the crisis.

Moderate positive impact

Negative Positive

Neutral

HOW TO DEAL WITH THE CRISIS


| How to deal with the crisis |

Am I able to design a short and medium term cash flow forecast including :the direct impacts of the crisis (impacts on demand, sales, supply, operations, production, physical points of sale, etc.).government obligations, etc.).the cost of the internal crisis mechanism (absenteeism, etc.)

Am I assured of the robustness and reliability of the forecasting model?

What are the operational implications for updating the model on a regular basis (type of modeling, frequency of updating, operational and financial levers available, scenario analysis / sensitivities, headroom level)?

Have I analyzed my cash flow situation to see if it can meet short- / medium-term needs?

Have I studied all the alternativesto secure the company's activity?

What is my normative WC? How long can I hold out before a need / a cash flow impasse? How much cash do I have available to meet this possible need?

What is the operational risk of availability of the financial teams and the security of management tools (especially cash management) and accounting closures?

Are the finance teams able to deliver documents to shareholders, directors and/or investors?

What assets/subsidiaries can be sold in order to generate cash in the short and medium term?

What is the impact of the crisis on : - customer payment terms? - supplier payment terms? - Inventories and the anticipation of an upturn in activity?

Have I activated all the levers linked to the government measures at my disposal to support the economy?

Has the company identified the key internal and external players to ensure business continuity during the crisis period?

Has a task force been set up?

What measures have been taken to deal with the health risk and the associated financial impacts?

Has the company surrounded itself with experts?

If my financial debt has covenants: what is the impact of the crisis on the current covenant level (projected covenant calculation, available headroom and maximum threshold)?

Can the company consider sale and lease back operations?

Does the current context present investment opportunities to consolidate or expand my business to get out of the crisis?

ProceedAnticipate ActivateOptimise

Key questions to address the crisis

What are the questions to ask in order to optimize its resilience capacity?

ASSISTANCE OF KPMG


Assistance Flash KPMG| KPMG assistance |

Multi-scenario monthly cash flow forecast

July-December 2020

Preparing to emerge from the crisisModelling of business recovery and WC rebuilding scenarios

ObjectivesIdentifying and estimating a medium-term need for additional funding

Securing the way out of the crisis

3

Cash flow 2021-2023 (Business Plan horizon)

Calibrate the financing in relation to the Business PlanTranslation of the 2021-2023 Business Plan into Cash flow and modeling of the impact of the new funding

ObjectiveDemonstrate to the banks the ability to repay the desired loan

4

Financing report

To accompany the steps and exchanges with the banksAssistance with the preparation of the financing file - presentation (20/30 pages)

ObjectiveFacilitate and accelerate the financing process with banks

5

Fundsraising

Facing the crisis and preparing

the way out

Weekly cash flow forecast

Until the end of June 2020 (at least)

Adress the crisisAssistance in the detailed projection of receipts/disbursements taking into account the operational

impacts of the crisis and identified business levers

ObjectivesEstimate the short-term financing requirement

Identifying and activating cash optimization levers

2

Scenario and lever identification

Until the end of June 2020 (at least)

How to deal with the crisisAssistance in setting up scenarios

lever identification

ObjectivesEstimating the impact of the crisis on the company Identify and quantify the levers to be put in place

1

APPENDIX


Impact of Cost Structure on FY20 KPI's | APPENDIX|

Business case used

Seasonalityimpact

(400)

(300)

(200)

(100)

-

100

200

300

Var. > fixe Var. = fixe Var. < fixe

(300)(250)(200)(150)(100)(50)

-50

100150200

Var. > fixe Var. = fixe Var. < fixe

Cost structure: impacts on EBITDA

Cost structure: impact on cash flow

Normative Scenario Optimistic Scenario Pessimistic Scenario

The higher the proportion of fixed costs in the company's cost structure, the greater the impact on profitability and cash flow.

Normative Scenario Optimistic Scenario Pessimistic Scenario

Sensitivity of impact to cost structure - normative

Cost Impact/KPi's structure Assumptions KPI model

Var. > fixed Variable 55% / Fixed 25% 226 -EBITDA Var. < fixed Variable 25% / Fixed 55% 217 (9)

Var. = fixed Variable 40% / Fixed 40% 222 (5)Var. > fixed Variable 55% / Fixed 25% 153 -

Cash flow Var. < fixed Variable 25% / Fixed 55% 133 (20)Var. = fixed Variable 40% / Fixed 40% 143 (10)

Sensitivity of impact to cost structure - Optimistic Scenario

Cost Impact/KPi's structure Assumptions KPI model

Var. > fixed Variable 55% / Fixed 25% (1) -EBITDA Var. < fixed Variable 25% / Fixed 55% (144) (142)

Var. = fixed Variable 40% / Fixed 40% (72) (71)Var. > fixed Variable 55% / Fixed 25% (61) -

Cash flow Var. < fixed Variable 25% / Fixed 55% (194) (132)Var. = fixed Variable 40% / Fixed 40% (128) (66)

Sensitivity of impact to cost structure - Pessimistic scenario

Cost Pessimistic Impact/KPi's structure Assumptions scenario model

Var. > fixed Variable 55% / Fixed 25% (79) -EBITDA Var. < fixed Variable 25% / Fixed 55% (277) (198)

Var. = fixed Variable 40% / Fixed 40% (178) (99)Var. > fixed Variable 55% / Fixed 25% (80) -

Cash flow Var. < fixed Variable 25% / Fixed 55% (244) (164)Var. = fixed Variable 40% / Fixed 40% (162) (82)


Your contacts

Mathieu BEAUCOURTPartner, Chairman and Chief Executive OfficerPhone : +213 770 92 92 [email protected]

Your contacts at KPMG Algeria :

Ramzi OUALIPartner, Managing DirectorPhone : +213 770 94 83 [email protected]

mailto:[email protected]

mailto:[email protected]

Thank you for

your attention

kpmg.dz

Les informations contenues dans ce document sont d’ordre général et ne sont pas destinées à traiter les particularités d’une personne ou d’une entité. Bien que nous fassions tout notre possible pour fournir des informations exactes et appropriées, nous ne pouvons garantir que ces informations seront toujours exactes à une date ultérieure. Elles ne peuvent ni ne doivent servir de support à des décisions sans validation par les professionnels ad hoc.

KPMG Algérie S.P.A., une société par actions au capital social de 100 030 000.00 DZD, inscrite au registre de commerce d’Alger sous le numéro 02B 0018309 16/00 Numéro de Carte d’Immatriculation Fiscale000216289042735. Siège social : 42, rue Abou Nouas, 16035 Hydra, Alger, Algérie.

http://www.kpmg.fr/

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