Mutandis Sca · CSEMA:MUT

Mutandis Sca — Mutandis — H1 2023 Earnings Presentation

19 slides from Mutandis Sca's earnings presentation, September 2023

  1. Slide 1: Analysts Presentation

    ANALYSTS PRESENTATION September 2023

  2. Slide 2: Significantly higher EBITDA and net income (up +20% and up +28%)

    SIGNIFICANTLY HIGHER EBITDA AND NET INCOME (UP +20% AND UP +28%)  After an initial phase of lower margins due to worldwide higher raw material prices, Mutandis margins are now improving ;  Prices and volumes allowed for a satisfactory growth in H1 revenues (+8% vs H1 2022), with preserved market s

  3. Slide 3: Financial indicators: Revenues focus

    FINANCIAL INDICATORS Revenues focus Consolidated revenues In MAD million H1 2022 1 020 Consolidated revenues up +8% at MAD 1 100 million. +8%  Satisfactory growth for revenues in H1 2023, with H1 2023 1 100 preserved market shares, despite price hikes.

  4. Slide 4: Financial indicators: EBITDA focus

    FINANCIAL INDICATORS EBITDA focus Consolidated EBITDA In MAD million Consolidated EBITDA in H1 2023 is MAD 139 million, up +20% compared to H1 2022 thanks to: o Higher margins due to stable raw material prices ; H1 2022 116 o Full impact of the 2022 gradual price increases on margins +20% H1 2023 13

  5. Slide 5: Financial indicators: Recurring Net Income

    FINANCIAL INDICATORS Recurring Net Income Recurring Net Income in H1 2023 at MAD 50 million, up +21% due to : +21% -2 -8  Higher EBITDA ; -4 50 23 41  Higher Amortization and financial expenses ;  Total Net Income (including non recurring one time events) up +28%. H1 2022 EBITDA Amort Financial C

  6. Slide 6: Bridge from Recurring Net Income to Net Income

    FINANCIAL INDICATORS Bridge from Recurring Net Income to Net Income H1 2023 Net Income is up +28% at MAD 47 million vs H1 2022, non recurring items are below detailed : In MAD million Recurring Net Income 50 Penalties -2 Ifric 23 -1 Net Income 47

  7. Slide 7: Balance sheet indicators

    FINANCIAL INDICATORS Balance Sheet indicators Bank Net Debt CAPEX In MAD million In MAD million +27% +14% 939 127 111 739 42% 36% dec 2022 June 2023 H1 2022 H1 2023

  8. Slide 8: 2023 Launches Progress: Fruit juices

    2023 LAUNCHES PROGRESS Fruit juices In February, nationwide launch of a fruit-based drink in Morocco :  Soda price point (market of MAD 4 billion);  Natural claim ; Objectives :  Massify drinks category ;  Create synergies with bottled water through distribution specialization.

  9. Slide 9: 2023 Launches Progress: Marine skinless boneless sardines

    2023 LAUNCHES PROGRESS Marine skinless boneless sardines Since August, nationwide launch of skinless boneless filets of sardines, in 2 flavors :  Tomato and Vegetable oil ;  Olive oil in modern trade. Objectives :  Enter the local market with a seafood brand.

  10. Slide 10: 2023 Launches Progress: Fishpaste

    2023 LAUNCHES PROGRESS Fishpaste The launch was postponed due to :  Insufficiently conclusive consumer tests ;  Too many launches in 2023 for our sales force.

  11. Slide 11: 2023 Launches Progress: Personal care

    2023 LAUNCHES PROGRESS Personal care In Q4, launch of a personal care product range in all Channels :  Range of shampoos;  Soaps and shower gels (in 2024). Objectives :  Entry to an important growth driver (market of MAD 4 billion) ;  Duplicate our successful homecare strategy (gradual market sh

  12. Slide 12: 2023 Launches Progress: Season

    2023 LAUNCHES PROGRESS Season Launch in 2023 :  Several new products and offers at Walmart, Wholefood, BJ club to expand our network ;  Introduction of plain sardines at Costco, in addition to skinless boneless sardines. Objectives :  Season is the skinless boneless leader  Help the category gro

  13. Slide 13: 2023 Launches Progress: Factories

    2023 LAUNCHES PROGRESS Factories  Start of personal care factory: July 2023.  Start of detergents factory : August 2023  Start of juices factory : October 2023 Structural works – 100% Works completion and ancillary equipments – 100% Last machines – delivery in progress

  14. Slide 14: Acquisition of Les Eaux Minérales d'Ifrane

    ACQUISITION OF « LES EAUX MINÉRALES D’IFRANE »  Acquisition closing on July 10, 2023 ;  Price of acquisition MAD 380 million, fully financed through debt ;  The acquired business achieved in FY 2022 :  Annual revenues at MAD 240 million ;  Recurring Net Income at about MAD 25 million  Objectiv

  15. Slide 15: 2023 Guidance

    2023 GUIDANCE  At this stage, we are in line with previously published 2023 guidance (as to EBITDA and Recurring Net Inco me, both up +12% to +18%).

  16. Slide 16: Mutandis is entering a new phase

    MUTANDIS IS ENTERING A NEW PHASE After 4 years of strong investments to prepare new growth drivers :  2 acquisitions in 2 years, Season in 2021 and Ain Ifrane in 2023 ;  Greenfield investments of MAD 350 million between 2021 and 2024, including 4 new factories for new products. Mutandis group is g

  17. Slide 17: Long term perspective

    LONG TERM PERSPECTIVE Mutandis Consolidated results 2017 2018 2019 2020 In MAD million Revenues 1.269 1.368 1.462 1.396 EBITDA 165 204 228 225 Recurring Net Income 55 77 93 80 2023 2021 2022 TCAM 17/23 In MAD million MidPoint Revenues 1.685 2.329 2.737 14% EBITDA 224 269 309 11% Recurring Net Income

  18. Slide 18: Corporate calendar: Q3 2023 financial results publication

    CORPORATE CALENDAR 09 • Q3 2023 Financial results publication 05 Nov.

  19. Slide 19: Contact us

    • Contact us Address 22, boulevard Abdelkrim Khattabi, 20 100 Casablanca. Contact Info Email: fmediouni@mutandis.com Website www.mutandis.com Phone Office Phone 1 : +212 522 98 43 88 Office Phone 2 : +212 522 92 65 82 Fax : +212 522 98 34 60

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