Marsa Maroc Sa · CSEMA:MSA
Marsa Maroc Sa — H1 2024 Earnings Presentation
26 slides from Marsa Maroc Sa's earnings presentation, September 2024
Slide 1: 1H FY 2024 Financial results
1H FY 2024 Financial results September 2024 Résultats au 30 juin 2024 - MARSA MAROC 1
Slide 2: Summary
SUMMARY 01 Company overview 02 Markets dynamics O3 Activity overview 04 Financial Overview 2
Slide 3: Company overview
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Slide 4: Company at a glance: the leading port operator in Morocco
Company at a glance : the leading port operator in Morocco #1 24 56,9 MT 2,5 M 4,3 MMDH 2 230 The leading port Terminals Total Volume TEUS handled Women & Men Consolidated operator in handled revenue Morocco 10 Ports of which one is a Hub Résultats au 30 juin 2024 - MARSA MAROC 4
Slide 5: Shareholder structure
Shareholder structure Ownership structure Consolidation scope Tanger Alliance Pool of 3 investors 50% +1 action 10% TC3 T-MED II TMSA 35% TC3PC Moroccan State TC3PC MARSA 25% 100% MAROC GROUP TC3 Casablanca SMA SMA Free Float 51% 30% TQNA Agadir Résultats au 30 juin 2024 - MARSA MAROC 5
Slide 6: Main milestones
Main milestones • MARSA Maroc Listed on the • Creation of the Casablanca Stock Commissioning of terminal company SODEP Exchange TC3 in the port of Tanger operating under the • Commissioning of Med brand name of MARSA terminal TC3 port Maroc since 2007 of Casablanca & a Acquisition by Tanger • Signat
Slide 7: Cargo breakdown FY23
Cargo breakdown FY23 31% Tanger 10 PORTS 1 Nador 5% WORLD CLASS HUB Al Hoceima 8% Mohammedia 27% 56 Casablanca 11% CRANES Jorf Lasfar 5% Safi 2,2 MILLION 11% Agadir SQM OF YARD 20 1% Laâyoune SHIP-TO-SHORE CRANES 10,2 KM OF QUAY 1% Dakhla Accessibility to 100% of Morocco‘s hinterland Résultats au 30
Slide 8: Business model
Business model Maritime services: Stevedoring: Other services: Steering, towing, boatage…. Track Goods’ unloading and stacking, Stevedoring Storage Handling on board & at dock, Entry/Exit of the port storage. loading/Unloading trucks loading and unloading, pointing, Weighing, container’s stuffing &
Slide 9: Market dynamics
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Slide 10: Global national traffic
Global national traffic Evolution of total traffic coastal Bunkering 0,79% CAGR T/S 19-23 : 18,5% CAGR Import 19-23 : 0,8% CAGR export 19-23 : -1,4% shipping 3% In million of tons 195 7.4% 2.1% 209 191 Export 16% 81 85 62 +15.4% 101 116 41 43 +18% 35 Transhipment 48% 47 44 +13% Import 32% 17 17 67 6
Slide 11: Activity overview
Activity overview 11
Slide 12: Main updates
Main updates Nador West Med SMA Benin Governance Signing of a concession contract for the Nador West Increase in its stake in the Change in the company’s Award to Marsa Maroc of the Med Eastern Container capital of the subsidiary Société mode of administration Terminal covering a period contract for
Slide 13: New strategic roadmap
New strategic roadmap Strengthening the competitiveness of port activities and acquiring new concessions in Morocco Integrating the logistics and maritime value chain in Morocco Strategic Internationalization of Marsa Maroc's activities roadmap Developing expertise in port and logistics activities I
Slide 14: Overall handled traffic: +14.5% in Morocco
Overall handled traffic : 1 in Morocco Traffic handled by Marsa Maroc Traffic split CAGR 20-23 : 16,9% JUNE 2023 JUNE 2024 In thousand of tons +13.0% +6.7% 56 936 2% 1% 17% 50 383 17% 47 203 +14.5% 46% 47% 31 128 27 181 35% 35% Dry bulk and general cargo Liquid bulk 2021 2022 2023 1H 2023 1H 2024 C
Slide 15: Key driver change in containers
Key driver change in containers 3 000 2 571 Total Import/Export : 603 KEVP 2 500 +24.5% Total Transhipment : 822 KEVP In thousand TEUs 2 065 CAGR 20-23 : 40,8% 1 907 +8.3% 2 000 1 553 +17.4% 1 425 1 500 1 157 934 1 214 1 000 834 150 173 703 178 500 74 861 77 792 724 432 512 0 2021 2022 2023 1H 2023
Slide 16: Key driver change in dry bulk
Key driver change in dry bulk 1H 2024 9 387 +11.3% 1H 2023 8 437 +12 +613 +65 +492 +253 -62 -479 -84 +62 -49 1 516 1 528 In thousand tons 1 253 1 109 998 1 063 1 013 968 715 768 706 640 630 521 543 459 435 475 426 373 Coal and coke Grains Animal feed Sulphur Gypsum Sugar Clinker Barite Feldspath Iro
Slide 17: Key driver change in general cargo
Key driver change in general cargo 1H 2024 1 418 +39.7% 1H 2023 1015 • 403 thousand tons increase in general cargo traffic, mainly due to higher steel products traffic at the port of Casablanca resulting from Marsa Maroc's increased market share. Résultats au 30 juin 2024 - MARSA MAROC 17
Slide 18: Key driver change in liquid bulk
Key driver change in liquid bulk 1H 2024 1 418 +11.8% 1H 2023 1015 • Increase in liquid bulk traffic of 546 thousand tons, mainly due to higher gasoil (+299 thousand tons) and kerosene (+264 thousand tons) traffic. Résultats au 30 juin 2024 - MARSA MAROC 18
Slide 19: Traffic split by port location
Traffic split by port location Tanger Nador 5% 29% Al Hoceima 8% Mohammedia 29% Casablanca 11% Jorf Lasfar Safi 6% 9% Agadir 2% Laâyoune 1% Dakhla Résultats au 30 juin 2024 - MARSA MAROC 19
Slide 20: Financial Overview
Financial Overview 20
Slide 21: Evolution of revenue
Evolution of revenue Consolidated revenue Breakdown of revenue by companies In MAD million In MAD million +9.4% 4 320 +10.0% 3 949 +17.2% 3 592 2 482 2 119 +17.2% +20% 590 2 482 2 119 493 -12% 90 102 426 369 +15% 1155 +19% 1377 2021 2022 2023 1H 2023 1H 2024 1H 2023 1H 2024 Marsa Maroc SA TC3PC SMA
Slide 22: Consolidated operating expenses
Consolidated operating expenses Operating expenses In MAD mn 1 425 1 370 +4.1% 1H 2023 1H 2024 Depreciation and operating provisions Purchases and external expenses Staff cost 729 729 +11.6% -3.2% -2.5% 284 277 654 654 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 Résultats au 30 juin 2024 - MARSA
Slide 23: Sound Financials
Sound Financials EBITDA Operating income Net income group share 1 300 60% 700 In MAD mn 626 29% 1 074 55% 80% 1 100 600 1 333 50% 27% +29.1% 75% +39.7% 900 500 +44.6% 70% 433 25% 769 45% 1 033 65% 25% 400 700 43% 40% 23% 60% 55% 300 21% 35% 54% 50% 500 36% 200 20% 19% 49% 45% 30% 40% 300 25% 100 17%
Slide 24: CAPEX
CAPEX Investments per nature Investments per companies In MAD mn Tanger Alliance 13 mn Investment June 2023 June 2024 SMA 7 mn TC3PC 8% Equipments 120 57 4% 13 mn 8% Infrastructures 16 58 Other 2 49 Total 138 164 80% Marsa Maroc 131 mn • To support the development of economic operators, Marsa Maroc
Slide 25: Balance sheet
Balance sheet Financial structure Breakdown of net debt In MAD mn In MAD mn 2 983 2 951 2626 2 008 2023 1H 2024 2023-24 1H 2024 -654 Total shareholders equity Net debt -2 032 -1980 Cash & Securities Corporate debt • The Group's net debt fell to MAD -647 million, due to an increase in cash and cash e
Slide 26: marsamaroc.co.ma
marsamaroc.co.ma Résultats au 30 juin 2024 - MARSA MAROC 26