Slide 1: Mutandis H1 2019 Results
MUTANDIS H1 2019 RESULTS September 9th 2019
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 2019 Highlights 2 | H1 2019 Consolidated financial results 3 | 2019 Outlook (reminder) 4 | 2019 financial calendar (reminder) September 2019| 3
Slide 4: H1 2019 Highlights
1 H1 2019 HIGHLIGHTS September 2019| 4
Slide 5: Highlights (1/2)
HIGHLIGHTS (1/2) 2019, another year of growth in accordance with our guidance REVENUES • Good performance of almost all product lines; REVENUES : MAD 684 MILLION • Slight decline in H1 seafood revenues with no impact on full year. +6.4% / H1 2018 EBITDA • Significant increase over the period; EBITDA
Slide 6: Highlights (2/2)
HIGHLIGHTS (1/2) 2019, another year of growth in accordance with our guidance NET DEBT GEARING : • Debt reduction following the capital increase (IPO) 30% vs 43% as of June 30th 2018 CAPEX • Capex in line with the Group’s investment program CAPEX : MAD 37 MILLION September 2019| 6
Slide 7: H1 2019 Consolidated Financial Results
2 H1 2019 CONSOLIDATED FINANCIAL RESULTS September 2019| 7
Slide 8: Financial Snapshot: Reminder of the Guidance
REMINDER OF THEFGUIDANCE I N A N CI A L S NA P S H O T As presented on February 15th 2019 : E B I TD A Revenues EBIDTA In MAD millions In MAD millions 5.7% 16.4% +6-8% +32% ~ +10% +114% 1,368 188 1,037 88 2013 2018 2019 p 2013 2018 2019 p Recurring Net Income In MAD millions +8.4% +50% +15-25% 78 52
Slide 9: Financial Indicators
F I N A N CI A L S NA P S H O T FINANCIAL INDICATORS First half financial results confirm our guidance for FY 2019 Revenues EBITDA In MAD millions In MAD millions +6.4% +10.3% 684 105 642 95 H1 2018* H1 2019 H1 2018* H1 2019 Recurring Net Income Net Income In MAD millions In MAD millions +15.0% +25.
Slide 10: Breakdown of First Half Consolidated Revenues
FINANCIAL INDICATORS Breakdown of first half consolidated revenues Revenues growth Revenues by category In MAD millions 6.4% 684 5.2% 642 0.2% 18.8% 41 306 265 44.8% 230 -18 212 31.0% 114 14 129 Detergents Beverage Bottles Others 32 1 4 1 35 Seafood Fruit Juices H1 2018* H1 2019 *Proforma accounts i
Slide 11: First Half Consolidated EBITDA
FINANCIAL INDICATORS First half consolidated EBITDA EBITDA growth In MAD millions 10.3% 105 95 11 58 Detergents 47 19 Seafood 27 -8 6 29 Beverage Bottles 23 Fruit Juices 2 1 4 -4 -4 Common expenses H1 2018* H1 2019 *Proforma accounts including the impact of IFRS 16 Standard September 2019| 11
Slide 12: Results by Category: Detergents
RESULTS BY CATEGORY Detergents In MAD H1 2018* H1 2019 % millions Revenues 265.2 306.4 15.5% EBITDA 46.7 57.8 23.8% Achievements Continued increase of our own brands’ revenues thanks to the expansion of our distribution network, the success of our shift to the 1kg format and the good performance o
Slide 13: Results by Category: Seafood Products
RESULTS BY CATEGORY Seafood products In MAD H1 2018* H1 2019 % millions Revenues 229.9 212.0 -7.8% EBITDA 27.0 18.9 -29.9% Achievements Lower canned fish and byproducts’ revenues over the period; The choice of scheduling the maintainance of our 2 vessels in H1 2019 (vs only one in H1 2018) affec
Slide 14: Results by Category: Beverage Bottles
RESULTS BY CATEGORY Beverage Bottles In MAD H1 2018* H1 2019 % millions Revenues 114.4 128.7 12.5% EBITDA 23.1 29.2 26.4% Achievements Increase in volumes combined to a favorable product mix; Good performance driven by botteled waters and soft drinks categories in addition to export sales; Sou
Slide 15: Results by Category: Fruit Juices
RESULTS BY CATEGORY Fruit Juices In MAD H1 2018* H1 2019 % millions Revenues 31.7 35.2 11.2% EBITDA 2.3 3.7 61.4% Achievements Good performance thanks to local sales especially for our own brands (+35% vs H1 2018) ; All product ranges launched in the course of 2018 are pulling our growth, especi
Slide 16: Capex and Net Debt
FINANCIAL INDICATORS Capex and Net Debt CAPEX Net Debt In MAD millions In MAD millions 43% 30% 26.4% -29.9% 75 59 38 H2 28 -583 -409 37 H1 31 2018 2019 H1 2018* H1 2019 Gearing *Proforma accounts including the impact of IFRS 16 Standard September 2019| 16
Slide 17: 2019 Outlook
3 2019 OUTLOOK September 2019| 17
Slide 18: Outlook 2019 (Reminder)
OUTLOOK 2019 (REMINDER) Outlook Revenues growth +6% to +8%, all categories contributing: Steady growth for detergents ; New sales channels for seafood products ; Launch of the Marrakech juices. EBITDA growth ~+10% at constant scope: operating leverage ; Capex spent less than 60 MMAD at c
Slide 19: 2019 Outlook: Products Launches
2019 OUTLOOK Products launches • Josiane Skinless boneless in the Middle East • Maxi Pulp’ in Morocco • Marine skinless boneless in Morocco • Vitakid’s by Marrakech in Morocco September 2019| 19
Slide 20: Financial Calendar 2019
4 FINANCIAL CALENDAR 2019 September 2019| 20
Slide 21: 2019 Financial Calendar
2019 FINANCIAL CALENDAR Nov. Key dates 15 • FY 2018 results and analysts conference FEV. 1 • General Meeting Apr. 2 May • Q1 2019 financial KPI 26 Sept • Q2 2019 financial KPI 6/9 • H1 2019 financial results and analysts conference Sept. • Q3 2019 financial KPI 4 Nov. September 2019| 21