Slide 1: 2023 Results Presentation
2023 RESULTS PRESENTATION Casablanca, March 5* 2024
Slide 2: Disclaimer
This presentation ("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 audited by the Company's auditors. The Company relies on information obtained from sources believed to be reliable,
Slide 3: Agenda
BACKGROUND AND HIGHLIGHTS 2023 STRATEGIC INITIATIVES & OPERATIONAL ACHIEVEMENTS FINANCIAL PERFORMANCE REVIEW SUSTAINABILITY & NON-FINANCIAL PERFORMANCE EXECUTIVE SUMMARY 3
Slide 4: Background and Highlights 2023
BACKGROUND AND HIGHLIGHTS 2023 4
Slide 5: Morocco energy targets and TAQA Morocco contribution
National target for 2030 Electricity generation in Twh Installed capacity in MW by end 2022 Wind power (ONEE & concessions) Solar / By 2025, Morocco aims for 52% of CAGR 14% 7% renewable energies in installed +4.9% Diesel thermal Hydropower plants 12% electricity capacity, a notable 3% PSPS increase
Slide 6: EBITDA, operating income, net income and ROCE 2014-2023
EBITDA Operating income Consolidated Net income ROCE* in M MAD in M MAD in M MAD in % CAGR +3.7% CAGR +2.3% CAGR +2.7% 14,8% +4.3 pt 1,349 3,559 10,5% 1,060 2,574 2,708 2,205 2014 2023 2014 2023 2014 2023 2014 2023 Return on Capital Employed : Operating income/(Total assets-Current liabilities) 6
Slide 7: TAQA Morocco share price vs MASI index 2013-2023
TAQA Morocco share price (DH) vs MASI index 2013-2023 1300CAGR TAQA Morocco : +10.8% 1,247 16000 1200 CAGR MASI : 3.5% 13,555 14000 12,568 1100 12000 1000 1,200 MASI 12,465 10000 Index 900 9,293 800 8000 1,040 700 6000 600 4000 500 448 TAQA Morocco 2000 400 (share price in MAD) 300 0 Dec-13 Oct-14 A
Slide 8: Industrial excellence and key strengths
18% of national Top decile 26 years of 92.8 % installed capacity industrial Average availability worldwide excellence rate for 35% of national in technical demand performance Unparalleled Development of Units 5 & 6 in Securing $1.4 Ability to structure proficiency in billion in multi- and finance on
Slide 9: Strategic Initiatives & Operational Achievements
STRATEGIC INITIATIVES & OPERATIONAL ACHIEVEMENTS 9
Slide 10: Strategic ambitions and progress reports
STRATEGIC AMBITIONS PROGRESS REPORTS TAQA Morocco Green Energy (TMGE) created to focus on the low-carbon energy development projects / Promote the Kingdom's low-carbon strategy Solar / Reinforce our standing as Morocco's leading private power producer with a Project : Noor PV II Installed capacity :
Slide 11: Drivers of TAQA Morocco's digital transformation
DRIVERS OF TAQA Investment & industry MOROCCO'S Safety & risk 4.0 DIGITAL management with TRANSFORMATION automation TAQA Morocco Digital Knowledge transformation management & skills Control, challenges Digitalization project transfer transparency & Implementation performance monitoring through data
Slide 12: Financial Performance Review
FINANCIAL PERFORMANCE REVIEW 12
Slide 13: 2023 key figures
93.7% 14,828 13,191 GWh M MAD AVAILABILITY RATE POWER GENERATION REVENUE 3,559 1,349 40% M MAD M MAD EBITDA CONSOLIDATED NET INCOME GEARING 13
Slide 14: Availability rate
/ Strong operational performance of 97,0% units 1 to 6 thanks to improvements in operational 93,9% 93,7% 94,2% efficiency. 92,6% 92,3% / Execution of 25-day minor overhauls for units 1 and 5, consistent with the preventive maintenance schedule. Overall Availability Availability availability 1 to 4 5
Slide 15: Consolidated results 2023 vs 2022
in M MAD 2023 2022 Variation / A small shift in operating margin primarily attributed to the impact of Revenue 13,191 13,604 (3.0%) lower coal prices relative to international benchmark index. EBITDA 3,559 3,730 (4.6%) / Financial results impacted by an exceptionnal foreign exchange loss due to the
Slide 16: Net debt and gearing
(0.1 Pt) (10.5%) (1 Pb) Continued strengthening of the 1.7 x 6,171 41% financial structure: / Reprofiling JLEC 5&6's debt and 5,52 1.6 x 40% optimizing of financial resources, 2 including MAD 6.6 billion funding with maturity extension to 2042. / Maintaining strong financial performance and implemen
Slide 17: JLEC 5&6 results
in M MAD 2023 2022 Variation / Sales influenced by international coal price fluctuations. Revenue 7,246 7,999 (9%) / Robust operational performance aligned with enhanced EBITDA 1,346 1,303 +3% availability rate for Units 1 to 4 (94.2% vs. 92.3% in 2022). EBITDA margin 19% 16% +14% / Significant incr
Slide 18: Sustainability & Non-Financial Performance
SUSTAINABILITY & NON- FINANCIAL PERFORMANCE 18
Slide 19: Three main pillars and impacts
3 MAIN PILLARS IMPACTS / 25% drop in carbon intensity by 2030 / Improved water consumption efficiency / Efficient management and revalorization ENVIRONMENT of co-products / Investment in environmental equipment 183 Environment (FGD) / Compliance with environmental World 75% Tons of collected and pro
Slide 20: Executive Summary
20 OS EXECUTIVE SUMMARY THNQUN
Slide 21: Executive summary
Continued deployment of low-carbon projects Ramp up in digitalization projects Reinforcing operational excellence Continued implementation of the sustainability roadmap 21
Slide 22: Financial calendar
April 22nd April 29th May 14th May 24th August 29th Sept. 13th Sept 19th Notice of Integrated Press release Post-AGM Press release Press release Press AGM Annual Q1 2024 press release Q2 2024 H1 2024 & H1 conference Financial financial & financial Report 2023 report analyst meeting H1 2024 22
Slide 23: TrNQuN
TrNQuN Morocco