Marsa Maroc Sa · CSEMA:MSA
Marsa Maroc Sa — FY2018 Earnings Presentation
27 slides from Marsa Maroc Sa's earnings presentation, March 2019
Slide 1: 2018 annual results
2018 annual results Analysts Presentation Communication financière March, 2019 Publication semestrielle Octobre 2016
Slide 2: Company at a glance: the leading port operator in Morocco
Company at a glance : the leading port operator in Morocco 36,5 million Mad 2 748 mn of tons USD 285 mn Consolidated turnover Traffic (2018) (2018) 37% market Mad 1 249 mn share USD 129 mn Market share Consolidated EBITDA (2018) 60% Moroccan state 30% free float Mad 556 mn 10% pool of 3 investors US
Slide 3: Morocco: a Growing Gateway Market
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 3
Slide 4: Global national traffic
Global national traffic Evolution of global national traffic (*) Growing rate per traffic CAGR 15-18 : +6.6% In thousands of tons Growth rate Traffic +2.6% 17/18 +7.7% 97,2 99,7 Solid bulks +9.7% 90,3 +4.8% 82,3 (ton) Containers +4.8% (EVP) Ro-Ro +14.0% (Unit) Liquid bulks -4.7% 2015 2016 2017 2018
Slide 5: Main component of each traffic
Main component of each traffic Coal and coke Fertilizer Sulphur Grains Phosphates rock +2 059 KT + 293 KT +184 KT +157 KT +3 KT +30.0% 8 955 +3.3% +3.4% +2.4% 11 177 +0% 11 181 Bulks 9 247 8 953 5 534 5 350 6 504 6 661 + 2 337 KT 6 896 +4.8% 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 Hydrocar
Slide 6: Traffic breakdown by port
Traffic breakdown by port 2017 2018 Nador Others* Others* Nador Agadir 3% 3% Agadir 3% 4% 5% Safi 5% 6% Safi Jorf Lasfar 6% 32% 32% Casablanca Mohammedia 6% Mohammedia 5% Tanger MED 14% Tanger MED 14% 30% 30% Jorf Lasfar Casablanca * Laayoune, Dakhla, Tanger ville, Tan Tan. Source : ANP, TMPA 6
Slide 7: Company overview: the leading port operator in Morocco
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 7
Slide 8: Business model of Marsa Maroc
Business model of Marsa Maroc GATEWAY Ships Dock Storage Truck unloading / Entry / loading exit of the port Import flows Export flows 1 Maritime services (towing, 7% of steering, boatage, etc.) turnover * 2 Handling (loading/unloading vessels and transfer of cargo Storage and Truck loading/ to stora
Slide 9: Concessions time line of Marsa Maroc
Concessions time line of Marsa Maroc Signature and start of the concession contract including the following ports: Casablanca, Signature of the concession for Mohammedia, Jorf Lasfar, Agadir, the Terminal Nord, port of Safi, Nador, Al Hoceima, Laâyoune Agadir(2) and start of the et Dakhla Signature
Slide 10: Presentation of the scope of the concessions of Marsa Maroc
Presentation of the scope of the concessions of Marsa Maroc Tanger Med I Hoceima Nador Mohammedia Casablanca JorfLasfar Safi Agadir Contribution of the ports to Marsa Maroc’s traffic Laâyoune In % - 2018 figures Other ports 5% Miscellaneous Safi 7% Petroleum Casablanca Nador 9% 38% products Containe
Slide 11: Overall handled traffic: a leader in Morocco
Overall handled traffic : a leader in Morocco 2015-2018 CAGR: +1.2% In thousand tons 43 000 +3.3% -0.6% +1.9% 35 159 36 306 36 076 36 478 38 000 33 000 28 000 23 000 18 000 13 000 8 000 3 000 -2 000 2015 2016 2017 2018 2017 traffic by nature 2018 traffic by nature TIR and Vehicules 1% 1% TIR and Liq
Slide 12: Key driver change in bulk traffics
Key driver change in bulk traffics Trafic evolution Key drivers change 16 000 In thousand tons 15 500 15 299 • Bulk increase is mainly driven by the growth of coal +3.9% (+1,2MT) following the extension on a coal-fired 15 000 14 729 power plant in the north of Morocco ; 14 500 Dry bulk 14 000 • This
Slide 13: Key driver change in containers
Key driver change in containers In thousand TEUs 2015-2017 CAGR: +8.4% +11,4% +1,5 % 1 000 927 100% +15,8% 900 832 90% 819 800 208 80% 707 203 700 192 70% 600 170 67% 60% 66% 62% 62% 500 50% 400 40% 718 300 624 629 30% 537 200 20% 100 10% 0 0% 2015 2016 2017 2018 Casablanca Agadir Market share • Tra
Slide 14: Sound Financials
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
Slide 15: Breakdown of revenue
Breakdown of revenue Breakdown of revenue by services provided Breakdown of turnover by port * 7.6% 2017 2018 Variation 2 748 2 554 31 26 196 180 8.9% Casablanca 52% 53% Agadir 16% 16% 2 349 2 521 7.3% Jorf Lasfar 9% 9% Mohammedia 7% 6% 2017 2018 Handling & storage Services to ships Nador 5% 6% Othe
Slide 16: Evolution of consolidated operating expenses
Evolution of consolidated operating expenses Operating expenses In MAD mn 6.6% 1 984 1 861 2017 2018 Purchases and external expenses Staff cost Depreciation and operating provisions 7.8% 780 3.8% 699 484 8.6% 674 449 718 2017 2018 2017 2018 2017 2018 16
Slide 17: Sound Financials
Sound Financials Revenue EBITDA 2015-2018 CAGR: +8.2% In MAD mn 2015-2018 CAGR: +7.3% In MAD mn +7.6% -0.5% 2 748 +9,3% 2 567 2 554 31 1400 1 249 70% +18.4% 196 70 26 1 155 1 143 65% 2 168 182 180 1200 1 010 38 60% 151 1000 55% 800 50% 2 349 2 521 600 2 314 45% 1 981 47% 400 45% 45% 45% 40% 200 35%
Slide 18: Sound Financials: Net income
Sound Financials Net income 2014-2017 CAGR: +22.1% 700 40% 599 -7.3% 580 600 556 35% 500 30% 400 375 25% 300 23% 23% 20% 200 20% 100 17% 15% 0 10% 2015 2016 2017 2018 Net Income Margin (%) The net income declines by 7.3% compared with 2017 due to the taking into account of MAD 115 million in extraor
Slide 19: Investments plan
Investments plan Investments per categories In MAD mn Investissements 2017 2018 Equipments 463 360 Infrastrctures 64 50 Studies 19 20 Others 0 7 Total 545 436 Investments per companies SMA In MAD mn MAD 14 3% Gantries Mad Mad mn 75 TC3PC 24% Reachstakers Mad mn 18 Mad 103 Rail crane MAD mn 77 Marsa
Slide 20: Sound Financials
Sound Financials Financial structure Breakdown of net debt The Management board proposes to submit the 2 550 In MAD mn In MAD mn distribution of a dividend of 2 309 MAD 9.3 per share for 2018. 1 139 976 360 188 187 185 2017 2018 2017 2018 Total shareholder equity Net debt -966 -973 Cash Investment s
Slide 21: Growth opportunities
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
Slide 22: Competitive environment
Competitive environment Competition from other port operators Competition related to alternative (intra port and inter port) modes of transport of goods (Casablanca, Jorf Lasfar, Tanger Med) (rail, road) Competition linked to the opening of Competition relating to concessions new ports granted by mu
Slide 23: A growth strategic plan
A growth strategic plan Strong international Contribution to Leading port operator in presence, particularly in enhancement of logistics in Morocco Africa Morocco •1 Concessions currently 3• Concessions and • 4 Hinterland logistics and under development authorizations in Africa related activities •2
Slide 24: Development project: Presentation of Tanger Med Project
Development project : Presentation of Tanger Med Project Marsa Maroc announces the signature on March 15, 2019 of a joint venture agreement with Eurogate International GmbH and Contship Italia SpA for their entry in the share capital of Marsa International Tangier Terminals SA (MINTT ), which has as
Slide 25: Presentation of others Tanger Med terminals
Presentation of others Tanger Med terminals TC1 : Terminal specifications TC4 : Terminal specifications Operator : APTM Operator : APTM Lenth over all : 800m berth length and 40ha Lenth over all : 1600m berth length and 76ha Draught : 16-18 mzh Draught : 18 mzh Capacity : up to 2 milli
Slide 26: Development project: Africa projects
Development project : Africa projects Project description Progress • Dry bulk terminal in Takoradi port • Submission of financial and technical (mineral products); offer on January 2017; Ghana • 25 years concession agreement • No official feedback but negotiations structured according to a landlord
Slide 27: Q&A
Q&A 19