Marsa Maroc Sa · CSEMA:MSA
Marsa Maroc Sa — FY2021 Earnings Presentation
22 slides from Marsa Maroc Sa's earnings presentation, April 2022
Slide 1: 2021 annual results
2021 annual results April 2021 Communication financière 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 47.2 million Mad 3 592 mn of tons USD 362 mn Consolidated revenue Traffic (2021) (2021) 33% market share Mad 1 632 mn USD 165 mn Market share Consolidated EBITDA (2021) 35% Tanger MED group 25% Moroccan state Mad 666 mn 30% free float 10% po
Slide 3: Market Overview / Activity evolution / Financial Overview
Market Overview Activity evolution Financial Overview
Slide 4: Global national traffic
Global national traffic Evolution of global traffic (incl. T/S) Traffic split by categories CAGR T/S 17-21 : 22.5% In thousands of tons % of overall traffic in tons CAGR export 17-21 : 2.5% CAGR Import 17-21 : 6.5% +12.4% 191 coastal 170 shipping 4% 152 127 137 +30% 81 62 Export 21% 49 Transhipment
Slide 5: Main component of each traffic
Main component of each traffic In thousands of tons Grains Fertilizer Phosphates rock Sulphur Coal and coke -2,262 - 1,026 -561 - 367 +728 +6.4% -8.0% -5.6% -5.% 11 368 12 096 Bulks -24.1% 12 756 11 730 7 221 6 854 9 382 10 043 7 120 9 482 -2,972 -5.0% 2020 2021 2020 2021 2020 2021 2020 2021 2020 20
Slide 6: National traffic breakdown by port
National traffic breakdown by port 2021 2020 Safi Atlantique Others** Safi Atlantique Others** Nador Nador Agadir 2% Agadir 3% 3% 3% 2% 4% 6% Jorf Lasfar 5% Safi Jorf Lasfar Safi 32% 6% 35% 6% Mohammedia 4% Mohammedia 4% 14% Tanger MED * 19% Tanger MED * 28% 27% Casablanca Casablanca * MM estimation
Slide 7: Market Overview / Activity evolution / Financial Overview
Market Overview Activity evolution Financial Overview
Slide 8: 2021 main updates
2021 main updates Commissioning of Commissioning of container Terminal 3 at the port of Tanger Med 2 operated by TC3 January 2021 Tanger Alliance The Moroccan state sells to Tanger Med a 35% strategic stake of the share capital of the Société d’Exploitation des Ports. This transaction shall be carri
Slide 9: Overall handled traffic: a leader in Morocco
Overall handled traffic : a leader in Morocco 2018-2021 CAGR: +9.0% In thousand tons 47 203 +32.2 % +3.8% -5.9 % 36 478 37 879 35 654 2018 2019 2020 2021 2020 traffic by nature 2021 traffic by nature TIR & TIR & vehicules vehicules 1% 1% 1% 1% 2% 22% Containers 25% Dry bulk and Dry bulk 27% general
Slide 10: Key driver change in containers
Key driver change in containers In thousand TEUs 2018-2021 CAGR: +27.2% 1,907 8 934 +106.9% 927 +5.9% 982 -6.1 % 921 0 10 178 10 173 208 174 718 794 738 792 2018 2019 2020 2021 Casablanca Agadir Tanger Med (Tanger Alliance) • MM's overall market share in gateway traffic is 61%. • DEP Casablanca: +7%
Slide 11: Key driver change in dry bulk
Key driver change in dry bulk In thousand tons 2021 15 418 +1.2% 2020 15 228 +17 2020 2021 3 014 3 031 -398 +101 -322 -205 +613 -209 2 123 2 045 1 944 1 725 1 715 1 393 1 357 1 152 979 926 715 366 Coal and coke Animal feed Sulphur Grains Clinker Barite Fertilizers • Decrease in grains and animal fee
Slide 12: Key driver change in liquid bulk
Key driver change in liquid bulk In thousand tons 2021 9 337 +8.5% 2020 8 607 8065 7 346 Oil products 2020 2021 • Increase in liquid bulk traffic, driven by hydrocarbons (+10%), thanks to less travel restrictions following the health crisis. 12
Slide 13: Key driver change in general cargo
Key driver change in general cargo In thousand tons 2021 2 517 +2.8% 2020 2 465 • Increase in the traffic of steel products (+7%) and wood & derivatives (+7%) following the recovery of the construction and automotive sectors. 13
Slide 14: Key driver change in vehicules
Key driver change in vehicules Trafic evolution Main drivers change In thousand units • Increase of the traffic of new cars in the port of Casablanca following the growth of car sales by +36% 91 car dealers (+32%). 67 New vehicules 2020 2021 In thousand units +47% 28 • Increase in TIR traffic at the
Slide 15: Traffic breakdown by port
Traffic breakdown by port Traffic breakdown (% of ton) 2020 2021 Variation Casablanca 38% 29% Tanger Med 2 (TA) - 21% Jorf Lasfar 15% 12% Agadir 15% 11% Mohammedia 13% 10% Safi 8% 7% Nador 8% 8% Laayoune 2% 2% Dakhla 2% 1% Tanger Med 1 1% 1% 100% 100% 17
Slide 16: Market Overview / Activity evolution / Financial Overview
Market Overview Activity evolution Financial Overview
Slide 17: Evolution of revenue
Evolution of revenue Breakdown of turnover by port * Breakdown of revenue by compagnies 2018-2021 CAGR: +9.3% 3 592 3 592 +5.9% +30.0 % 2 909 678 2 748 2 909 -5.2% 2 757 2 748 2 757 90 109 175 158 538 578 676 543 2 120 2 222 2 056 2 063 2018 2019 2020 2021 2018 2019 2020 2021 Marsa Maroc SA TC3PC SM
Slide 18: Evolution of consolidated operating expenses
Evolution of consolidated operating expenses Operating expenses In MAD mn 21% 2 533 2 096 2020 2021 Purchases and external expenses Staff cost Depreciation and operating provisions 40% 1,3% 31% 1 165 775 765 502 830 383 2020 2021 2020 2021 2020 2021 • Increase in purchases and • The staff cost is al
Slide 19: Sound Financials
Sound Financials EBITDA Operating income In MAD mn 1 900 80% In MAD mn 1 300 50% 1 700 1 631 75% 1 129 +49% 45% EBITDA increased 1 100 70% 1 500 +43% 40% by 43% due to 1 300 65% higher revenues. 1 142 900 759 35% 60% 1 100 55%700 30% 900 31% 50% 25% Adjusted for the 700 28% 45%500 Covid-19 donation
Slide 20: Investments plan
Investments plan Investments per categories In MAD mn Investissements 2020 2021 Equipments 303 511 Infrastrctures 128 125 Studies 13 21 Financial participation & others 12 26 Total 455 683 Investments per companies Tanger Alliance In MAD mn SMA MAD 28 mn MAD 41 mn TC3PC Mad 31 mn 6% 4% 5% Marsa Maro
Slide 21: Sound Financials
Sound Financials Financial structure Breakdown of net debt 2 302 2 141 In MAD mn In MAD mn 1 085 1 020 The General 594 Assembly dividend distribution of MAD 7.2 per share. 2020 2021 -201 2020 2021 -757 -1 640 -1 028 Total shareholders equity Net debt -2 642 Cash Investment securities Corporate debt
Slide 22: Q&A
Q&A 19