Slide 1: Mutandis FY 2020 Results
MUTANDIS FY 2020 RESULTS February 15th, 2021
Slide 2: Disclaimer
DISCLAIMER Certain information included in this document has been prepared by the company, and has not been verified or audited by independant sources. This presentation contains also forecasts based on opinions and present assumptions related to future events. These forecasts reflect projections an
Slide 3: Agenda
AGENDA 1 | 2020 key events 2 | FY 2020 consolidated financial results 3| Investment program 5| 2021 Outlook 6 | 2021 Corporate calendar Février 2021 | 3
Slide 4: 2020 Key Events
1 2020 KEY EVENTS Février 2021 | 4
Slide 5: 2020: What to keep in mind?
2020: WHAT TO KEEP IN MIND? Stable indicators and resilience in the midst of an unprecedented health crisis Relatively stable year, in line with the guidance ; Unchanged cash flows enabling to maintain the dividend ; Launch of an important new investment programm of about MAD 300 million, aimi
Slide 6: FY 2020 Consolidated Financial Results
2 FY 2020 CONSOLIDATED FINANCIAL RESULTS Février 2021 | 6
Slide 7: Financial Snapshot
F I N A N C I A L S N A P S H OT FINANCIAL KEY MESSAGES Relatively stable year despite the health crisis Revenues EBITDA In MAD million In MAD million 2020 1 396 2020 225 -4,5% -1,0% 2019 1 462 2019 228 Recurring Net Income Net Income In MAD million In MAD million 2020 80 2020 68 -13,6% -17,5% 2019
Slide 8: Financial Indicators: Revenues focus
FINANCIAL INDICATORS Revenues focus Consolidated revenues breakdown In MAD million -4,5% 1 462 1 396 Annual revenues are MAD 1.396 million, a drop of 4,5% vs 2019 (-2,5% at constant PET 646 17 663 prices) ; Detergents revenues increase offsets bottles and seafood decline. Fruit juices 512 remain
Slide 9: Financial Indicators: EBITDA focus
FINANCIAL INDICATORS EBITDA focus Annual consolidated EBITDA breakdown In MAD million -1,0% Consolidated EBITDA is MAD 225 million, stable 228 225 vs 2019 ; Higher margins on variable costs on almost all 112 20 ranges, thanks to lower raw materials’ prices ; 132 Lower fixed costs (mostly payro
Slide 10: Financial Indicators: Recurring Net Income
FINANCIAL INDICATORS Recurring Net Income In MAD million -13,5% 2020 Recurring Net Income is MAD 80 million 93 (-13,5% vs 2019): -2 -12 80 -1 3 Stable EBITDA ; Higher amortization expenses induced by development programs started in 2019 and pursued in 2020 ; Stable financial result; Corporat
Slide 11: Financial Indicators: Non Recurring items
FINANCIAL INDICATORS Non Recurring items En mMAD 80 -10 2020 net income is MAD 68 million, non -2 68 recurring items detailed below: MAD 10 million, Covid fund donation ; MAD 2 million tax dispute settlement (MAD 26 million, of which 24 already provisioned) RNI Covid fund Tax dispute NI donation
Slide 12: Results by Product Range: Detergents
RESULTS BY PRODUCT RANGE Detergents In MAD million MAD million 2019 2020 % Revenues 645,8 662,8 +2,6% EBITDA 112,4 132,0 +17,5% Own brands show a good performance (+4% vs 2019), pulled by bleach (+34%) and handpowder (+3%), despite traditional shops and certain groceries closure during the lockdow
Slide 13: Results by Product Range: Seafood
RESULTS BY PRODUCT RANGE Seafood In MAD million MAD million 2019 2020 % Revenues 512,3 488,4 -4,7% EBITDA 64,9 54,8 -15,5% High production instability due to episodic closings of factories induced by the health crisis ; Slight decline of sardine cans sales (-4% vs 2019) ; Deterioration of marg
Slide 14: Results by Product Range: Beverage bottles
RESULTS BY PRODUCT RANGE Beverage bottles In MAD million MAD million 2019 2020 % Revenues 235,0 179,6 -23,6% EBITDA 53,4 39,9 -25,2% Bottles volumes are sharply down (-11%), mainly due to the health lockdown and the closure of hotels, coffee shops and restaurants; The main contracts are indexed
Slide 15: Results by Product Range: Fruit juices
RESULTS BY PRODUCT RANGE Fruit juices In MAD million MAD million 2019 2020 % Revenues 65,7 63,5 -3,3% EBITDA 6,9 6,9 1,2% Our own brands (mostly constituting our revenues) are up in Morocco (+3% vs 2019) ; Airline companies revenues are sharply down (-58% vs 2019), stabla export sales ; In tot
Slide 16: Financial Indicators: Net Debt
FINANCIAL INDICATORS Net Debt Bank net debt analysis In MAD million +51,9% -8 -45 27% -46 -26 -366 20 % -241 2019 ND WCR var Tax dispute CAPEX new perimeter Dividend var 2020 ND ND: Bank Net Debt Gearing Février 2021 | 16
Slide 17: Financial Indicators: CAPEX
FINANCIAL INDICATORS CAPEX CAPEX Capex analysis In MAD million +35,7% +35,6% 99 73 54 99 73 Constant perimeter 68 45 New perimeter 5 Dec 2019 Dec 2020 Dec 2019 Dec 2020 Février 2021 | 17
Slide 18: Investment Program
3 INVESTMENT PROGRAM Février 2021 | 18
Slide 19: Investment Program: new growth opportunities
INVESTMENT PROGRAM 4 new growth opportunities Personal Care Fish paste Hydrolisates Marrakech France H2 2021 2022 2023 2024 Fish paste Personal Marrakech Hydrolysates care main- stream France Février 2021 | 19
Slide 20: 2021 launches
2021 launches Launch of Magix Matic ; Launch of a new concept of Magix paste ; Launch of Marine skinless boneless sardines ; Launch of Marine fish paste ; Février 2021 | 20
Slide 21: 2021 launches
2021 launches Février 2021 | 21
Slide 22: Roadmap and new investment projects
Roadmap and new investment projects Capex In mMAD 2019 r 2020 r 2021 b 2022 b 2023 b 2024 b Total CAPEX New projects (5) (45) (147) (39) (18) (46) (300) Capex constant scope - (24) (60) (30) - - (114) Capex new scope (5) (21) (87) (9) (18) (46) (186) ROIC of these projects vary between 15% to 25%, f
Slide 23: 2021 Outlook
4 2021 OUTLOOK Février 2021 | 23
Slide 24: 2021 Outlook: Guidance
2021 OUTLOOK Guidance All indicators (revenues, EBITDA, Recurring net income), should be up between +4% & +8%; These forecasts include new projects expenses, which contribution is not expected until 2022. Février 2021 | 24
Slide 25: 2021 Agenda
5 2021 AGENDA Février 2021 | 25
Slide 26: 2021 Agenda: Upcoming key events
2021 AGENDA Upcoming key events 12 Fev. • FY 2020 results publication Nov. 15 Fev. • Analysts’ conference 01 Avr. • General Meeting 15 Avr. • Publication of 2020 capital markets document 03 Mai. • Q1 2021 Financial results publication 02 Juil. • Dividend distribution 02 Août. • Q2 2021 Financial res