Slide 1: Analysts Presentation
ANALYSTS PRESENTATION February 2024
Slide 2: Highlights
HIGHLIGHTS Finalization of a 5-year investment program of MAD 1 500 million by : o Completion of the 3 new factories construction program in Berrechid (MAD 283 million) and collection of the investment subsidy of MAD 21 million ; o Acquisition of Ain Ifrane (bottled spring water) in July 10 2023 f
Slide 3: Strong growth for EBITDA at +24% and recurring net income at +18%
STRONG GROWTH FOR EBITDA AT +24% AND RECURRING NET INCOME AT +18% Stable raw material prices combined with the full year impact of price increases, enabled to a return to 2019 normative margins ; Lower volumes for many categories : Consumers reduced their purchases following 2022 prices increase
Slide 4: 2024 Strategic Priorities
2024 STRATEGIC PRIORITIES Favorable perspectives for Mutandis in 2024, with 3 key challenges : Integration of Ain Ifrane in the group’s sales and logistics system ; Successful launch of the new personal care brand, Vitaïa ; Creation of a new drink business unit with a dedicated distribution.
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT %var 2022 2023 In MAD million 22/23 Revenues 2.329 2.442 5% EBITDA 269 335 24% Amortization -90 -102 14% Allowances -1 -3 Other products and operating expenses -3 -2 -25% Financial Income -30 -60 100% Income taxes -40 -43 8% Recurring Net Income (1) 105 125 18% (1) Net
Slide 6: 2023 Financial Indicators: Revenues focus
2023 FINANCIAL INDICATORS Revenues focus Consolidated revenues In MAD million Higher consolidated revenues, up +5% at MAD 2 442 million, pulled by : 2023 2 442 Lower volumes for almost all categories, due to prices increase started in 2022 ; +5% 2022 2 329 Compensated by : Full year impact of pr
Slide 7: 2023 Financial Indicators: EBITDA focus
2023 FINANCIAL INDICATORS EBITDA focus Consolidated EBITDA In MAD million Strong growth for 2023 consolidated EBITDA at MAD 335 million, up +24% compared to 2022 thanks to : Higher margins due to stable raw material prices ; 2022 269 Feeling in 2023 the full impact of 2022 gradual price increase
Slide 8: 2023 Financial Indicators: Recurring Net Income
2023 FINANCIAL INDICATORS Recurring Net Income 2023 Recurring Net Income at MAD 125 million, up +18% due to : +18% -13 -30 Higher EBITDA ; 66 -3 125 105 But higher amortization and financial expenses ; Higher Total Net Income (including one time events), up +13%. 2022 EBITDA Amort Financial Co
Slide 9: Bridge from Recurring Net Income to Net Income
2023 FINANCIAL INDICATORS Bridge from Recurring Net Income to Net Income 2023 Net Income is MAD 113 million, up +13% vs 2022, non recurring items are below detailed : In MAD million Recurring Net Income 125 Donations to seism fund -3 Fines and penalties -4 Inventory loss -2 Cyber Fraud -2 Ifric 23 -
Slide 10: Balance sheet indicators
2023 FINANCIAL INDICATORS Balance sheet indicators Bank Net Debt CAPEX Im MAD million In MAD million +49% +151% 1 102 529 44% 739 36% 211 dec 2022 dec 2023 2022 2023
Slide 11: 2024: CMB (PET Bottles) Sale Impact
2024 : CMB (PET BOTTLES) SALE IMPACT Instant group’s debt reduction following CMB sale, enabled to return to a comfortable debt level (~MAD763 million, i.e. 2.3 x 2024 EBITDA) ; Will allow us to allocate almost total future operating cashflows to Capex and dividends ; End of the investment pha
Slide 12: 2024: Management Proposal to the General Meeting
2024 : MANAGEMENT PROPOSAL TO THE GENERAL MEETING Increase the dividend by +23% at MAD 10.5/ share, i.e. MAD 97 million ; Current stock price ~ MAD 270 => dividend yield at ~3.9%.
Slide 13: 2023 Cashflow Statement
2023 CASHFLOW STATEMENT In MAD million Cashflow from operations CAPEX FREE CASH FLOW Dividends paid to shareholders Capital increase/decrease Financing cashflow Currency translation impact Bank Net Debt change : ae ial MUTANDIS
Slide 14: Dividend Sustainability
DIVIDEND SUSTAINABILITY Target cashflow statement from 2025 : In MAD million TFT CIBLE Cash earnings 250 WCR change -30 Cashflow from operations 220 CAPEX -70 Dividends ~ MAD 11/share -100 Bank Net Debt change - 50
Slide 15: Initiatives: Status
2024 INITIATIVES : STATUS Frut : Launch of new flavors/formats ; Ain Ifrane : New drilling for additional capacity (?) ; Magix & Maxis’ : Focus on machine liquid : large size and semi-auto matic product ; Personal Care: launch of body soap (?)
Slide 16: Initiatives: Status
2024 INITIATIVES : STATUS Factories : Construction of hydrolysates factory at Dakhla (MAD 120 million), ready in Q4 2024 ; Marine: Launch of Marine fish paste (?) ;
Slide 17: 2024 Guidance
2024 GUIDANCE 2024 guidance excludes beverage bottles business from both fiscal years 2023 and 2024 (sale transaction anticipated in Q1 2024) : o 2024 revenues : ~+5% o 2024 EBITDA : +10% to +15% o 2024 Recurring Net Income : +10% to +15% Total Net Income (including one time events) will include
Slide 18: 2024 Agenda
2024 AGENDA 27 Fev. • FY 2023 results release 28 Fev. • Analysts conference 03 Avr. • General Meeting 06 • Q1 2024 financial results release Mai. 08 Juil. • Dividend payment 05 Aug. • Q2 2024 financial results release 06 • H1 2024 financial results release and analysts conference 03 Sept. sept. 04 •
Slide 19: Contact us
Contact us Address 22, boulevard Abdelkrim Khattabi, 20 100 Casablanca. Contact Info Email: fmediouni@mutandis.com Web site www.mutandis.com Phone numbers Office Phone 1 : +212 522 98 43 88 Office Phone 2 : +212 522 92 65 82 Fax : +212 522 98 34 60