Slide 1: Analysts Presentation
ANALYSTS PRESENTATION February 2023
Slide 2: Record 2022 Results, 2023 Should Be Even Stronger
RECORD 2022 RESULTS 2023 SHOULD BE EVEN STRONGER Double digit growth in revenues (MAD 2 329 million, +38%), EBITDA (MAD 269 million, +20%) and adjusted net income (MAD 105 million, +36%). Sharply higher revenues for almost all categories pulled by prices and volumes combined increase; Strong growth
Slide 3: Our Strategic Priorities for 2023
OUR STRATEGIC PRIORITIES FOR 2023 Return to pre-pandemic levels: Full year impact of price increases, while raw materials stabilize ; Important product launches in 2023 in Morocco, in the 3 segments: Fruit juices, seafood and personal care; Perimeter change, due to Ain Ifrane (bottled water) acquisi
Slide 4: Financial Indicators: Revenues Focus
FINANCIAL INDICATORS Revenues focus Consolidated revenues In MAD million Higher consolidated revenues, up +38% at MAD 2 329 million, pulled by: 2021 1 685 Prices and volumes combined increase for almost +38% all categories and ; 2022 2 329 Strong growth in the USA (+16% for revenues at constant
Slide 5: Volumes by Category
VOLUMES BY CATEGORY VOLUMES 2022 Significant growth for volumes for almost all categories, at the end of december 2022. Detergents +5% The growth is due to : Seafood +3% Significantly higher drinks consumption in Morocco Beverage bottles +14% further to health restrictions total lift ; Fruit j
Slide 6: Financial Indicators: EBITDA Focus
FINANCIAL INDICATORS EBITDA focus Consolidated EBITDA In MAD million 2022 consolidated EBITDA is MAD 269 million, up +20% compared to 2021 ; 2021 224 Gradual return to pre-pandemic unit margins +20% (MAD/kg sold), after the worldwide raw materials 2022 269 price increases ; Significant contrib
Slide 7: Financial Indicators: Recurring Net Income
FINANCIAL INDICATORS Recurring Net Income +36% 2022 Recurring Net Income : MAD 105 million (+36%) -4 7 -21 105 Higher EBITDA ; 45 78 Higher financial expenses, more than offset by currency gains ; Record recurring net income, breaking through the MAD 100 million threshold for the first time. 2
Slide 8: Bridge from Recurring Net Income to Net Income
FINANCIAL INDICATORS Bridge from Recurring Net Income to Net Income 2022 net result is MAD 100 million, non recurring items are below detailed : In MAD million Recurring Net Income 105 Customs duties -1 Terminations -1 Ifric 23 (future tax audits) -3 Net Result 100
Slide 9: Financial Indicators: Balance Sheet Indicators
FINANCIAL INDICATORS Balance sheet indicators Bank Net Debt CAPEX In MAD million In MAD million +3% -55% 716 739 488 Leverage 42% 36% 218 2021 2022 2021 2022
Slide 10: Mutandis Is Entering a New Phase
MUTANDIS IS ENTERING A NEW PHASE After 4 years of strong investments preparing the new growth drivers : 2 acquisitions in 2 years, Season in 2021 and Ain Ifrane (bottled water) in progress ; Greenfield investments of MAD 350 million between 2021 and 2024, including 4 new factories for new produc
Slide 11: Target Cash Flow Statement
TARGET CASH FLOW STATEMENT In MAD million Target cash flow Cash Flow 250 WCR change -30 Cash flow from operations 220 Capex -70 Dividends ~ MAD 11 /share -100 Bank Net Debt change - -50
Slide 12: 2023 Launches: Fruit Juice
2023 LAUNCHES Fruit juice In Q1, nation wide 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.
Slide 13: 2023 Launches: Seafood
2023 LAUNCHES Seafood In Q3, nation wide launch of a new seafood product range, under « Marine » brand : Skinless boneless sardine cans ; Fish mortadella ; Fish paste. Objectives : Conquere local market ; Value fish unadapted to canning.
Slide 14: 2023 Launches: Personal Care
2023 LAUNCHES 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 share gain)
Slide 15: 2023 Launches: Season
2023 LAUNCHES Season Launch in 2023 : New products at walmart ; Introduction of Anny in low cost market. Objectives : Season skinless boneless leader Help the category grow Complete the seafood offering Eventually stretch the brand out of seafood
Slide 16: 2023 Launches: Factories
2023 LAUNCHES Factories Start of juice factory in Q2 2023 Start of detergents factory in Q2 2023 Start of personal care factory in Q4 2023. Structural works – 100% Works completion and ancillary equipments – 95% - end of Dec 22 Machines – Delivery in progress
Slide 17: 2023 Guidance
2023 GUIDANCE Under the assumption of stable raw material prices, and a successful closing of the announced Ain Ifrane acquisition, we would expect for 2023 : - Higher revenues (between +15% and +20%) ; - Higher EBITDA and Recurring Net Income (between +12% and +18%) ; The guidance is subject to
Slide 18: 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
Slide 19: Corporate Calendar
CORPORATE CALENDAR 17 Feb. • FY 2022 results publication 20 Feb. • Analysts conference 03 Apr. • General shareholder meeting 05 • Q1 2023 financial results publication May. 03 Jul. • Dividend payment 01 Aug. • Q2 2023 financial results publication 04 • H1 2023 full results publication and analysts c
Slide 20: Contact us
Contact us Address 22, boulevard Abdelkrim Khattabi, 20 100 Casablanca. Contact Info Email: fmediouni@mutandis.com Web site www.mutandis.com Phone number Office Phone 1 : +212 522 98 43 88 Office Phone 2 : +212 522 92 65 82 Fax : +212 522 98 34 60