Slide 1: TAQA Morocco H1 2023 Financial results
"NOUN Morocco TAQA Morocco H1 2023 Financial results October 6, 2023
Slide 2: Disclaimer
This presentation (the "Presentation") has been prepared by TAQA Morocco S.A. ("TAQA Morocco" or the "Company"). The information contained in the Presentation may not have been reviewed or reported on by the Company's auditors. The Company relies on information obtained from sources believed to be r
Slide 3: Contents
CONTENTS TAQA Morocco H1 2023 key highlights development strategy H1 2023 financial and Takeaways & priorities performance review 3
Slide 4: TAQA Morocco Development Strategy
TAQA MOROCCO DEVELOPMENT STRATEGY NQuN Morocco
Slide 5: Strategic ambitions and 2030 objectives
IMPACT & STRATEGIC AMBITIONS VALUE CREATION / Support Morocco’s low carbon / Leverage off our reference Strengthen the impact strategy shareholder for expertise in of TAQA Morocco on desalination its stakeholders / Strengthen our position as the & environment leading IPP in Morocco with a / Capitali
Slide 6: Renewable Energies
Renewable Energies Solar: 5 lots Noor PVII (96 MW) Wind power: 100 MW of secured sites in the North. 600 MW in the pre-development phase in southern Morocco. 200 MW in proposal phase. TAQA Morocco will support Morocco’s ambition to develop combined cycle gas power plants. 6
Slide 7: Seawater desalination projects
TAQA Morocco is targeting seawater desalination projects, in line with the national roadmap to secure access to water resources. TAQA Morocco benefits from the expertise of the Group, world leader in seawater desalination with an installed capacity of c.4,150,000 m3/day and > 900,000 m3/day under de
Slide 8: Environment Social Governance
2022 2030 100% 1,000 MW Ren Coal 25% reduction in carbon footprint ENVIRONMENT SOCIAL GOVERNANCE Contribution to Morocco’s low-carbon Human capital driving Transparency commitments strategic ambition / Strong governance beyond / Carbon footprint reduction: TAQA Morocco will reduce its / Consolidatio
Slide 9: H1 2023 Key Highlights
H1 2023 KEY HIGHLIGHTS NQuN Morocco
Slide 10: Availability rate, power generation and revenue
94.9% 7,991 GWh 7,448 MDH Availability rate Power generation Revenue Operational efficiency Active participation to supply +26.1% due to higher energy payments Human capital technical expertise Morocco’s growing power needs resulting from higher coal prices on the Digitalized preventive
Slide 11: 6.6 billion MAD raised on attractive terms
6.6 BILLION MAD RAISED ON ATTRACTIVE RAMPING UP OUR 2030 STRATEGIC TERMS PLAN Institutional impact Ability to carry out large-scale financial Develop a diversified portfolio of 1,000 MW operations of additional low-carbon energy capacity. Renewed confidence from domestic investors and lenders
Slide 12: H1 2023 Financial Performance Review
H1 2023 FINANCIAL PERFORMANCE REVIEW NQuN Morocco 12
Slide 13: Revenue, EBITDA and net income
7,448 MMAD 1,784 MMAD 458 MMAD +26.1% vs. H1 2022 (4.2%) vs. H1 2022 (24.4%) vs. H1 2022 Revenue EBITDA Net income, Group share Higher energy payments driven by Solid operating performance impacted Impact of global coal price trends rising coal and higher power costs by variation in internatio
Slide 14: Operating performance and availability
H1 2022 H1 2023` Enhanced efficiency drives operating performance improvement across all units. Strong growth in the operating 94,9% 97,0% 95,9% performance of Units 1 to 4 (H1 2022 92,7% 91,1% 90,7% lower due to Unit 3 minor overhaul) Successful 25-day minor overhaul of Unit 5 in H1 2023 as s
Slide 15: Income statement H1 2023 vs H1 2022
In M MAD H1 2023 H1 2022 % variation Revenues 7 448 5 906 26,1% Sales growth and solid operating Operating expenses 6 069 4 461 +36,1% performance. Significant fall in the benchmark index relative to the average purchase price EBITDA 1 784 1 862 -4,2% of coal. Improved operational efficiency.
Slide 16: Operating income and financial result
In M MAD -23,4% Operating income down following drop in API II coal price index. Decrease in financial result due to exceptional negative FX impact of USD/MAD exchange rate movements. 16
Slide 17: Balance sheet and cash flow
In M MAD H1 2023 H1 2022 % variation Fixed assets 13 013 13 577 -4,2% Improved financial strength with a Shareholders' equity 7 333 7 553 -2,9% reduction in net debt. Net debt 4 978 6 171 -19,3% Working capital requirements under control and strong growth in operating Working capital cash flow.
Slide 18: Net debt, leverage and gearing
2022 H1 2023 1,7x 1,7x 6,2 Reinforcement of financial structure by -19% aligning debt to TAQA’s new business model 5,0 41,0% -4 bp 37% Net debt in Bn MAD* Net debt/EBITDA* Gearing *H1 2023 vs. FY 2022 18
Slide 19: Subsidiary financial results
In M MAD H1 2023 H1 2022 % variation Revenue 4 044 3 518 +14,9% Solid operating performance across EBITDA 659 662 -0,5% Units 1 to 4, with 97% availability vs 91.1% in H1 2022. Operating Income 487 499 -2,4% Operating income impacted by change in API II coal price index in H1 2023 Financial Resu
Slide 20: Key Takeaways & 2023 Priorities
KEY TAKEAWAYS & 2023 PRIORITIES NQuN Morocco 20
Slide 21: 2023 priorities
Accelerate the deployment of renewable energy projects Drive digitalized predictive maintenance to ensure high levels of availability & operational excellence Leverage off TAQA Group’s unique know-how to develop new projects identified in Morocco 21
Slide 22: TWhQeat -—- i
TWhQeat -—- i Morocco oe LU =| I |