Mutandis Sca · CSEMA:MUT
Mutandis Sca — Mutandis — H1 2021 Earnings Presentation
24 slides from Mutandis Sca's earnings presentation, Sep 6, 2021
Slide 1: Mutandis H1 2021 Results
MUTANDIS H1 2021 RESULTS September 6th, 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: Sommaire
SOMMAIRE 1 | H1 2021 highlights 2 | H1 2021 consolidated financial results 3 | Season acquisition 4 | Perspectives 5 | 2021 Corporate calendar Septembre 2021| 3
Slide 4: H1 2021 Highlights
1 H1 2021 HIGHLIGHTS Septembre 2021| 4
Slide 5: H1 2021: What to keep in mind?
H1 2021: WHAT TO KEEP IN MIND? Q2 growth offsets unfavorable Q1 results Flat sales over the first half but shows a slight decline on margins ; Overall higher Q2 2021 vs Q2 2020 (Revenues +11%; EBITDA +8%; Non-Recurring Income +17%) ; Stable dividend kept at 8.5 MAD per share ; Finalization o
Slide 6: H1 2021 Consolidated Financial Results
2 H1 2021 CONSOLIDATED FINANCIAL RESULTS Septembre 2021| 6
Slide 7: Financial Snapshot
F I N A N C I A L S N A PS H OT FINANCIAL KEY MESSAGES First half flat revenues and slightly lower margins (Covid raw materials volatility) Revenues EBITDA In MAD million In MAD million H1 2021 689 H1 2021 99 +1% -5% H2 2020 683 H1 2020 105 Recurring net income Net Income In MAD million In MAD milli
Slide 8: Financial Indicators: Main indicators growth
FINANCIAL INDICATORS Main indicators growth H1 revenues growth H1 EBITDA growth In MAD million In MAD million +6,4% -0,1% +0,9% 689 +10,3% -0,6% 684 683 -4,9% 642 105 105 99 95 H1 2018 H1 2019 H1 2020 H1 2021 H1 2018 H1 2019 H1 2020 H1 2021 Proforma IFRS16 Septembre 2021| 8
Slide 9: Financial Indicators: Revenues focus
FINANCIAL INDICATORS Revenues focus H1 consolidated revenues breakdown In MAD million 1% H1 consolidated revenues are MAD 689 683 689 million, stable vs H1 2020 ; Beverage bottles and fruit juices higher 295 revenues offsets detergents and seafood 338 -43 decline ; H1 revenues usually represen
Slide 10: Financial Indicators: H1 consolidated EBITDA breakdown
FINANCIAL INDICATORS H1 consolidated EBITDA breakdown H1 consolidated EBITDA breakdown In MAD million -5% H1 consolidated EBITDA is MAD 99 million, 105 lower vs H1 2020 ; 99 Lower margin on variable costs on almost all categories due to: 69 54 Sharply higher raw materials prices. -14 Partly
Slide 11: Results by Category: Detergents
RESULTS BY CATEGORY Detergents In MAD million In MAD H1 2020 H1 2021 % million Revenues 337.7 295.1 -12.6% EBITDA 68.8 54.5 -20.7% Our own brands are down -11% following an exceptional H1 2020 due to an overconsumption of detergents ; Lower margin on variable costs due to higher prices of raw ma
Slide 12: Results by Category: Seafood
RESULTS BY CATEGORY Seafood In MAD million In MAD H1 2020 H1 2021 % million Revenues 224.9 199.7 -11.2% EBITDA 19.2 12.4 -35.7% Over H1 2021, sardine cans and mackerel sales are down -17% vs June 2020 (-13% in volume) ; Despite a strong demand, revenues are down -11.2%, due to supply problems fr
Slide 13: Results by Category: Beverage bottles
RESULTS BY CATEGORY Beverage bottles In MAD million In MAD H1 2020 H1 2021 % million Revenues 85,3 154,6 81,2% EBITDA 17,9 32,3 80,4% At the end of June 2021, Beverage bottles revenues are up +81.2% vs H1 2020 (+11% in volume). The rebound is due to: - Progressive lifting of health restrictions (c
Slide 14: Results by Category: Fruit juices
RESULTS BY CATEGORY Fruit juices In MAD million In MAD H1 H1 2021 % million 2020 Revenues 33.9 38.8 14.6% EBITDA 3.4 5.2 53.2% H1 2021 shows a strong rebound in own brands’ revenues (+12%) vs H1 2020 (+14% in volume) ; Growth pulled by Marrakech Pulp and Vitakids successful repositionning impact
Slide 15: Financial Indicators: Recurring Net Income
FINANCIAL INDICATORS Recurring Net Income In MAD million H1 2021 recurring Net Income: MAD 31 million (- -14,0% 14%) 37 Lower EBITDA; -5 31 -2 -1 Higher amortization expenses due to 3 development programs started in 2019 ; Partly offset by higher financial results. H1 2020 EBITDA D&A Financial
Slide 16: Switch from RNI to NI
FINANCIAL INDICATORS Switch from RNI to NI En mMAD 31 -2 28 H1 2021 Net Income is MAD 28 million. Recurring -1 Net items are detailed below: MAD - 2 million non-strategic financial assets revaluations, net of Corporate tax ; MAD -1 million of IFRIC 23 provision. RNI Assets IFRIC 23 NI revaluatio
Slide 17: Season Acquisition
3 SEASON ACQUISITION Septembre 2021| 17
Slide 18: Season Acquisition: History
SEASON ACQUISITION History • The Season Brand was established in 1921. Season is the best-known high-end sardines brand in USA, in sales and volume ; • Season owns 25% of US sardines’ total market share ($ 42.3 million/ $ 167 million) and 40% of high-end sardines market ; • Sardines represented 90%
Slide 19: Season Acquisition: Products and distribution network portfolio
SEASON ACQUISITION Products and distribution network portfolio Main clients Septembre 2021| 19
Slide 20: Post-acquisition motivations and synergies
SEASON ACQUISITION Post-acquisition motivations and synergies • Transition from B2B to B2C: o Very competitive B2B model with strong pressure on prices (EU) ; o Vs B2C Model of consumer pricing. • The American market has been identified as a target market dominated by Moroccans in the skinless bonel
Slide 21: Perspectives
4 PERSPECTIVES Septembre 2021| 21
Slide 22: 2021 Perspectives: Guidance
2021 PERSPECTIVES Guidance Given exceptional volatility in raw materials and transportation costs, it is not possible to provide with quantified guidance at this stage. However, consolidated revenues should be higher over the year, especially after the 5-month Season brand business integration.
Slide 23: 2021 Corporate Calendar
5 2021 CORPORATE CALENDAR Septembre 2021| 23
Slide 24: Corporate Calendar: Key dates
2020 CORPORATE CALENDAR Key dates 12 Feb. • FY 2020 results Nov. 15 Feb. • Analysts conference 01 Apr. • General Meeting 15 Apr. • 2020 reference document release 03 May. • Q1 2021 financial KPI 02 Jul. • Dividend paid 02 Aug • Q2 2021 financial KPI 06 Sept. • H1 2021 results and analysts conference