Mutandis Sca · CSEMA:MUT
Mutandis Sca — Mutandis — H1 2024 Earnings Presentation
22 slides from Mutandis Sca's earnings presentation, Sep 6, 2024
Slide 1: Analysts Presentation H1 2024
MUTANDIS ANALYSTS PRESENTATION H1 2024 September 6, 2024 Sept 2024
Slide 2: Agenda
Agenda Highlights Financial 2024 Guidance indicators Calendar Questions/answers Sept 2024
Slide 3: Highlights
Highlights Sept 2024
Slide 4: H1 2024 highlights
H1 2024 highlights H1 2024 : Strong profit growth, 2024 guidance revised upward Stable revenues (+1%) at MAD 965 million : seafood sales decline (late start of fishing season) offset by all other categories growth; EBITDA: +35% at MAD 163 million, pulled by : o Margins expansion in HPC, and at Seaso
Slide 5: H1 2024 highlights
H1 2024 highlights Recurring Net Income: +20% at MAD 52 million, EBITDA strong growth offsetting higher amortization costs, following the 3 new factories start of operations. Total Net Income includes net realized capital gain on the sale of the bottles business and reached MAD 106 million. 2024 new
Slide 6: Financial indicators
Financial indicators Sept 2024
Slide 7: H1 2024 Consolidated revenues: +1%
H1 2024 Consolidated revenues : +1% seafood 15% MAD 142 million Drinks 18% HPC 38% Stable consolidated revenues at MAD 176 million MAD 965 million (+1% vs H1 2023) MAD 366 million Season USA 29% MAD 281 million HPC Seafood Drinks Season USA Sept 2024
Slide 8: Home & Personal Care
Home & Personal Care Own brands revenues : +12% vs H1 2023, pulled by liquid detergents revenues. Overall revenues (including export and private label) are up +9% thanks to higher volumes +11%. Vitaia : Mutandis entry into personal care business is in line with our expectations. Sept 2024
Slide 9: Seafood
SEAFOOD Cans revenues : (-50%) vs June 2023 : demand is still strong but unsatisfied due to the lack of stock of finished products and frozen fish in early 2024; Late fish return led to production delay in Q2 2024 : Lower volumes (-43%) ; Available production capacity should allow us to partly catch
Slide 10: Drinks
DRINKS Drinks revenues are up +74% ; Good growth for the Marrakech brand, pulled mainly by Frut and Vitakids ; The closing of Marrakech old factory in Kenitra will significantly increase our production capacity, industrial flexibility and margins (better profitability). Ain Ifrane : 2024, 1st full y
Slide 11: Season USA
SEASON USA 2024 : Season will be organizing only 2 months of intensive promotion instead of 3 in 2023. One promotional month: retail prices off -30% ; Margins almost zero ; Revenues 3X higher than a regular month. One promotional month less led to : • Moderate revenues growth, up +3%; • Sharpl
Slide 12: H1 2024 Consolidated EBITDA: +35%
H1 2024 CONSOLIDATED EBITDA : +35% Sharply higher EBITDA at MAD 163 million (+35%) : all categories, except for cans production, contributing to this growth. Higher margins for HPC, drinks and Season thanks to: PRODUITS DE LA MER o new formulas developed in 2022 and 2023 and, o gradual prices in
Slide 13: H1 2024 Consolidated Recurring Net Income: +20%
H1 2024 CONSOLIDATED RECURRING NET INCOME: +20% Sharply higher amortization costs in 2024, following the start of the 3 new factories in Berrechid (liquid detergents, personal care and drinks). PRODUITS DE LA Despite that, Net Income excluding non-recurring items, is significantly MERhigher in H
Slide 14: CAPEX and Net Debt
CAPEX and NET DEBT Bank Net Debt CAPEX In MAD million In MAD million 1 032 158 PRODUITS DE LA 124 MER 42% 710 HYGIENE SEASON 33% dec 2023 H1 2024 H1 2023 BOISSONS H1 2024 Sept 2024
Slide 15: Free cashflow
Free cashflow ∑ Operational ∑ CAPEX Divestment of PET Cashflow bottles business MAD MAD MAD 152 million 124 million 330 million Sept 2024
Slide 16: Free Cashflow and net debt decrease
Free cashflow Free Cashflow MAD 321 million Net Debt decrease MAD 322 million Sept 2024
Slide 17: Vitaia
Vitaia POWER OF NATURE on ea, MARRAKECH 5 f oo ee
Slide 18: Guidance
GUIDANCE Sept 2024
Slide 19: Revised Guidance
REVISED GUIDANCE Initial guidance New guidance REVENUES~ +5% STABLE REVENUES 2024 EBITDA: +10% to +15% 2024 EBITDA~ +20% 2024 Recurring Net Income : +10% to +15% 2024 Recurring Net Income ~ +20% Sept 2024
Slide 20: Calendar
CALENDAR Sept 2024
Slide 21: 2024 Calendar
2024 CALENDAR • Q3 2024 financials release 04 Nov 0 03 6 sep t. 0 Sept 2024 5
Slide 22: Questions & Answers
Questions & Answers Sept 2024