Marsa Maroc Sa · CSEMA:MSA
Marsa Maroc Sa — H1 2018 Earnings Presentation
23 slides from Marsa Maroc Sa's earnings presentation, 2018
Slide 1: Investor Presentation
Investor Presentation Communication financière Publication semestrielle Octobre 2016
Slide 2: Company at a glance: the leading port operator in Morocco
Company at a glance : the leading port operator in Morocco 36,1 millions Mad 2 554 mn of tons USD 278 mn Consolidated turnover Traffic (2017) (2017) 60% Moroccan state 30% free float Mad 1 143 mn 10% pool of 3 investors USD 125 mn Shareholder structure Consolidated EBITDA (2017) Mad 599 mn > 2 350 U
Slide 3: Morocco: a Growing Gateway Market
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 3
Slide 4: Morocco: a Growing Gateway Market
Morocco: a Growing Gateway Market Evolution of traffic per port(1) In million of tons 83.7 84.2 77.4 3 • The national traffic reached 43.7 MT in 3 71.5 3 5 the first half of 2018, i.e +4.7% compared Nador 3 3 Laayoune 3 3 6 to end of June 2017. Agadir 4 2 5 Safi 6 4 6 6 6 • In 2015, the traffic decr
Slide 5: Global national traffic
Global national traffic Growing rate per traffic Growth rate Traffic june17/18 Solid bulks Liquid bulks +9.7% -4.8% (ton) (ton) Containers Others bulks +3.9% -5.1% (EVP) (ton) Ro-Ro +22.5% (Unit) Traffic split by categories % of overall traffic in tons June 2017 June 2018 Ro-Ro 1% Others Ro-Ro 1% Ot
Slide 6: Key drivers of volume change
Key drivers of volume change Coal and coke Phosphates rock Sulphur Fertilizer Grains +1 206 KT + 401 KT +352 KT +308 KT +136 KT +36.8% +7.7% +14.8% +6.9% +3.4% Bulks 4 443 4 752 3 997 4 133 5 626 4 476 2 736 + 2 355 KT 3 269 5 226 2 384 +9.7% S1 2017 S1 2018 S1 2017 S1 2018 S1 2017 S1 2018 S1 2017 S
Slide 7: Company overview: the leading port operator in Morocco
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 5
Slide 8: Business model of Marsa Maroc
Business model of Marsa Maroc GATEWAY Ships Dock Storage Truck unloading / Entry / loading exit of the port Import flows Export flows 1 Maritime services (towing, 7% of steering, boatage, etc.) turnover * 2 Handling (loading/unloading vessels and transfer of cargo Storage and Truck loading/ to stora
Slide 9: Concessions time line of Marsa Maroc
Concessions time line of Marsa Maroc Signature and start of the concession contract including the following ports: Casablanca, Signature of the concession for Mohammedia, Jorf Lasfar, Agadir, the Terminal Nord, port of Safi, Nador, Al Hoceima, Laâyoune Agadir(2) and start of the et Dakhla Signature
Slide 10: Presentation of the scope of the concessions of Marsa Maroc
Presentation of the scope of the concessions of Marsa Maroc Tanger Med I Hoceima Nador Mohammedia Casablanca JorfLasfar Safi Agadir Contribution of the ports to Marsa Maroc’s traffic Laâyoune In % - H1 2018 figures Other ports 5% Miscellaneous Safi 6% Petroleum Casablanca Nador 9% 38% products Conta
Slide 11: Overall handled traffic: a leader in Morocco
Overall handled traffic : a leader in Morocco 2015-2017 CAGR: +1.3% 45 000 In thousand tons 40 000 36 306 35 159 36 078 35 000 30 000 25 000 +1.9% 20 000 18 245 18 596 15 000 10 000 5 000 0 2015 2016 2017 H1 2017 H1 2018 First half of 2017 traffic by nature First half of 2018 traffic by nature TIR a
Slide 12: Key driver change in bulk
Key driver change in bulk Trafic evolution Key drivers change In thousand tons 8 095 • Bulk increase is mainly driven by the growth of coal +6.4% (+640 Kt) following the extension on a coal-fired power plant in the north of Morocco ; 7 608 Dry bulk • This increase enabled, among other things, to off
Slide 13: Key driver change in containers
Key driver change in containers In thousand TEUs 2015-2017 CAGR: +8.4% 900 819 832 100% 800 90% 707 192 203 +8.5% 80% 700 66% 170 63% 70% 600 470 60% 500 62% 64% 62% 433 50% 400 103 107 40% 300 624 629 537 30% 200 367 20% 326 100 10% 0 0% 2015 2016 2017 H1 2017 H1 2018 Casablanca Agadir Mkt share •
Slide 14: Sound Financials
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
Slide 15: Breakdown of revenue
Breakdown of revenue Breakdown of turnover by port * Breakdown of revenue by services provided 9,2% H1 2017 H1 2018 Variation 1 391 1 273 Casablanca 52% 52% 7,5% Agadir 17% 16% 1 179 1 267 Jorf Lasfar 9% 8% +26,7% 82 104 Mohammedia 7% 6% 20 20 Juin 2017 Juin 2018 Nador 5% 6% Handling & storage Servi
Slide 16: Evolution of consolidated operating expenses
Evolution of consolidated operating expenses Operating expenses In MAD mn 965 5.9% 911 June 2017 June 2018 Purchases and external expenses Staff cost Depreciation and operating provisions 15.5% 2.3% 216 4.6% 358 187 354 371 350 June 2017 June 2018 June 2017 June 2018 June 2017 June 2018 19
Slide 17: Sound Financials
Sound Financials Turnover EBITDA 2015-2017 CAGR: +8.4% In MAD mn 2015-2017 CAGR: +6.4% In MAD mn 1400 70% 2 567 2 554 1155 1143 65% 1200 The turnover in the first half of 70 26 1010 2018 reached MAD 1,391 million 2 168 182 182 60% 38 1000 representing an increase of 9% thank to the increase of 151 5
Slide 18: Sound Financials
Sound Financials Net income 2015-2017 CAGR: +26.4% In MAD mn 700 40% 580 599 600 35% 500 30% 400 375 +26% 325 25% 300 259 23% 23% 23% 20% 200 20% 100 17% 15% 0 10% 2015 2016 2017 H1 2017 H1 2018 Net Income Margin (%) The net income, group share stood at MAD 325 million, representing a 26% increase c
Slide 19: Investments plan
Investments plan Investments per categories In MAD mn Investissements H1 2018 Equipments 130 Infrastrctures 11 Studies 14 Others 7 Total 162 Investments per companies In MAD mn SMA 11 TC3PC 7% 18 11% Marsa Maroc 133 82%
Slide 20: Sound Financials
Sound Financials Financial structure Breakdown of net debt In MAD mn The company distributed a 2 550 dividend of MAD 10.7 per share, including MAD 8.0 as 2 085 an ordinary dividend and 1 139 MAD 2.7 as an extraordinary dividend. 775 360 187 179 2017 H1 2018 -44 2017 H1 2018 Total shareholder equity
Slide 21: Growth opportunities
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
Slide 22: A growth strategic plan
A growth strategic plan The business plan does not take into account the implementation of the Company's development strategy including securing new port concessions in Morocco Strong international Contribution to and in the African continent. Leading port operator in presence, particularly in enhan
Slide 23: Q&A
Q&A 19