Slide 1: Mutandis FY 2019 Results
MUTANDIS FY 2019 RESULTS February 17th, 2020
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: Mutandis' Founder & CEO Mr. Adil Douiri
MUTANDIS’ FOUNDER & CEO MR. ADIL DOUIRI February 2020| 3
Slide 4: Agenda
AGENDA 1 | Key Messages 2 | 2019 Consolidated financial results 3 | 2020 Outlook 4 | 2020 Calendar February 2020| 4
Slide 5: Key Messages
KEY MESSAGES Higher sales and a good cost control Strong growth in detergents, thanks to our own brands; Still increasing the higher margin products and markets with a stable total volume. Unfortunately adverse exchange rates conditions (weak euro); Significantly better margins in the bottles and ca
Slide 6: Key Facts
KEY FACTS Market share gains and new countries Magix becomes LEADER in the Maxis’ Maison « hand washing and semi- launches its new automatic machine » category perfume: Vanilla Flowers JOSIANE enters the Saudi market Marrakech juices continues to expand in Africa February 2020| 6
Slide 7: Key Facts
KEY FACTS Market share gains and new countries • Testing Marine in supermarkets in Morocco • First skinless boneless samples to the USA February 2020| 7
Slide 8: 2019 Consolidated Financial Results
2 2020 CONSOLIDATED FINANCIAL RESULTS February 2020| 8
Slide 9: Financial Key Messages (1/2)
FINANCIAL KEY MESSAGES (1/2) 2019 : Solid growth on all metrics RECORD REVENUES • Steady growth, in line with guidance ; REVENUES: MAD 1 462 MILLION • Mostly thanks to detergents and fruit juices. +6.9% /2018 RECORD EBITDA • Slightly better than guidance ; EBITDA : MAD 228 MILLION • Marginally highe
Slide 10: Financial Key Messages (2/2)
FINANCIAL KEY MESSAGES (2/2) 2019: Higher cash flows and still underleveraged balance sheet STABLE NET BANK DEBT • Lower need for working capital ; BANK NET DEBT / TOTAL CAPITAL : • Offset by higher capital expenditures. 20% vs 19% in 2018* CASH FLOW FROM OPERATIONS • Higher net income and depreciat
Slide 11: Financial Snapshot: Financial Indicators
FINANCIAL SNAPSHOT FINANCIAL INDICATORS 2019 in line with our guidance E B I CAPEX T D A Revenues EBITDA In MAD Millions +6.9% In MAD Millions 11.7% +6% à 8% 1,462 ~+10% 228 1,368 204 2018 Guidance 2019 2018 Guidance 2019 2019 2019 Recurring net income Cash flow from operations In MAD Millions In MA
Slide 12: Financial Indicators: Revenues Breakdown
FINANCIAL INDICATORS Revenues breakdown Revenues growth 2019 revenues by category In MAD Millions +6.9% 1,462 4.5% 1,368 0.2% 79 16.1% 646 567 44.2% 9 504 512 35.0% 239 235 -4 11 Detergents Food bottles other 55 3 66 3 Seafood Fruit juice 2018 2019 February 2020| 12
Slide 13: Financial Indicators: EBITDA Breakdown
FINANCIAL INDICATORS EBITDA Breakdown EBITDA growth In MAD Millions +11,7% 228 204 16 112 Detergents 97 65 Seafood 69 -4 9 53 Food bottles 44 4 Fruit juice 3 7 Other -10 -10 2018 2019 February 2020| 13
Slide 14: Results by Category: Detergents
RESULTS BY CATEGORY Detergents In MAD Millions MMAD 2018 2019 % Revenues 567.1 645.8 +13.9% EBITDA 96.4 112.4 +16.0% Key facts Strong growth thanks to enlarged distribution (route to market), to the shift to the 1 kg format (from the 10 kg big bag) and to steady liquid sales ; Offset by higher marke
Slide 15: Results by Category: Seafood Products
RESULTS BY CATEGORY Seafood products In MAD Millions MMAD 2018 2019 % Revenues 503.7 512.3 +1.7% EBITDA 69.0 64.9 -6.0% Key facts Continuing the shift to higher margins products/countries ; First skinless boneless shipments to Saudi Arabia and to the USA ; Adverse exchange rates due to weaker Euro ;
Slide 16: Results by Category: Food Bottles
RESULTS BY CATEGORY Food bottles In MAD Millions MMAD 2018 2019 % Revenues 239.1 235.0 -1.7% EBITDA 44.4 53.4 +20.1% Key facts Lower bottled water volumes dur to fading 2018 boycott effects (boycott affected non-partner brands) ; Significantly higher margins due to better contract negociations / sal
Slide 17: Results by Category: Fruit Juices
RESULTS BY CATEGORY Fruit juices In MAD Millions MMAD 2018 2019 % Revenues 55.0 65.7 +19.4% EBITDA 3.0 6.9 N/A Key facts Own brands up +33% in the domestic market ; Slight contraction in margins (mostly factory issues) ; Doubling EBITDA albeit from a low base. February 2020| 17
Slide 18: Financial Indicators: Cash Flow and Net Debt
FINANCIAL INDICATORS Cash flow and net debt Cash flow Net debt In MAD Millions In MAD Millions 19.1% 19.6% 2.0% 2.0% 129 -73 -61 -237 -241 -237 -241 ND 2018 CFO* CAPEX Dividend ND 2019 Dec 2018 Dec 2019 ND : Net debt Gearing CFO.* : Cash flow from operations ajusted by the cash impact of IFRS 16 Feb
Slide 19: Financial Indicators: CAPEX and Marketing
FINANCIAL INDICATORS CAPEX CAPEX Marketing In MAD Millions In MAD Millions 23.0% 29.7% 31 24 23 73 Opex 18 59 9 Amortization 7 Dec 2018 Dec 2019 Dec 2018 Dec 2019 February 2020| 19
Slide 20: 2020 Outlook
3 2020 OUTLOOK February 2020| 20
Slide 21: 2020 Outlook
2020 OUTLOOK Revenues: +6% to +7%, all categories contributing : New category in detergents; National launch of Marine in Morocco (after 2019 test) ; Further growth in fruit juices. EBITDA: ~+8% : favourable operating leverage on fixed costs ; Expected Capex : ~ 80 mad million including the first in
Slide 22: 2020 Outlook
2020 OUTLOOK Outlook MAD MILLION 2019 2020 Revenues 1,462 MMAD +6% to +7% EBITDA 228 MMAD ~ +8% Recurring Net Income 93 MMAD +10% to +13% February 2020| 22
Slide 23: 2020/2021 Outlook
2020/2021 OUTLOOK Products launches/Territories • Skinless Boneless 1st time in the USA • Machine powder launch • Marine national launch • Sardine fish paste launch February 2020| 23
Slide 24: 2020 Calendar
4 2020 CALENDAR February 2020| 24
Slide 25: 2020 Calendar
2020 CALENDAR Key dates Nov. 14 • FY 2019 results Feb. 17 • Analysts conference Feb. 02 • General Meeting Apr. 04 • Q1 2020 financial KPI May. 28 • Q2 2020 financial KPI Aug. 07 • H1 2020 financial results and analysts conference sept. • Q3 2020 financial KPI 05 Nov. February 2020| 25