Marsa Maroc Sa · CSEMA:MSA
Marsa Maroc Sa — H1 2020 Earnings Presentation
19 slides from Marsa Maroc Sa's earnings presentation, September 2020
Slide 1: 1H 2020 financial results
1H 2020 financial results September, 2020 Communication financière Publication semestrielle Octobre 2016
Slide 2: Snapshot indicators
Snapshot indicators 18.8 million Mad 1 454 mn of tons EUR 132 mn Consolidated turnover Traffic (1H 2020) (1H 2020) 36% market Mad 647 mn share EUR 59 mn 1H 2020 Market share Consolidated EBITDA (1H 2020) 60% Moroccan state 30% free float Mad 73 mn 10% pool of 3 investors EUR 7 mn Consolidated Net In
Slide 3: Gateway Market dynamics / Company overview / Financial Overview
Gateway Market dynamics Company overview : the leading port operator in Morocco Financial Overview 3
Slide 4: Global national traffic
Global national traffic Evolution of global national traffic (*) Growing rate per traffic CAGR 17-19 : +2.9% In thousands of tons Growth rate Traffic 1H 19/20 +3.3% +2.6% 103 Solid bulks 97 100 +18.0% (ton) Containers +2.7% (EVP) -4.4% 52 53 Liquid bulks -8.7% (ton) General cargo -11.0% (tonnage) 20
Slide 5: Main component of each traffic
Main component of each traffic* Grains Fertilizer Sulphur Phosphates rock Coal and coke +1 954 KT +1 940 KT +382 KT +300 KT +245 KT 42.5% +4,1% +55.3% 6 506 +11.7% +6.5% Bulks 5 487 5 971 6 216 4 566 4 636 4 936 3 259 3 641 +4 716 KT 3 533 +18.0% 1H 2019 1H 2020 1H 2019 1H 2020 1H 2019 1H 2020 1H 20
Slide 6: National traffic breakdown by port
National traffic breakdown by port 1H 2019 1H 2020 Nador Others* Others* Safi Atlantique Agadir Nador 3% 2% 2% 5% Agadir 3% 2% Jorf Lasfar Safi Jorf Lasfar 6% 6% 34% Safi Mohammedia 6% 5% 36% Mohammedia 4% 15% 11% Tanger MED Tanger MED 29% 29% Casablanca Casablanca * Laayoune, Dakhla, Tanger ville,
Slide 7: Gateway Market dynamics / Company overview / Financial Overview
Gateway Market dynamics Company overview : the leading port operator in Morocco Financial Overview 7
Slide 8: Overall handled traffic: a leader in Morocco
Overall handled traffic : a leader in Morocco 2017-2019 CAGR: +2.5% In thousand tons 43 000 +3.8 % 70% +1.1% 36 478 37 879 38 000 36 078 65% 33 000 60% 55% 28 000 -1.9 % 50% 23 000 19 135 18 762 45% 18 000 40% 13 000 38% 35% 37% 37% 37% 36% 8 000 30% 3 000 25% -2 000 2017 2018 2019 1H 2019 1H 2020 2
Slide 9: Key driver change in containers
Key driver change in containers In thousand TEUs 2017-2019 CAGR: +8.6% 1 200 80% +5.9% 982 1 000 927 75% +11.4% 208 832 800 203 70% 67% 67% 192 66% 65% 600 -7.4% 65% 62% 504 467 103 400 99 60% 794 718 629 200 402 377 55% 0 50% 2017 2018 2019 1H 2019 1H 2020 Casablanca Agadir Mkt share Marsa Maroc •
Slide 10: Key driver change in bulk traffics
Key driver change in bulk traffics Traffic evolution Key drivers change In thousand tons 8 435 • 6% increase in the volume of solid bulk thanks to the increase in cereal and cattle feed traffic (+900 KT +6.0% and +260 KT) following the bad national harvests and ANP’s decision to authorize the handli
Slide 11: Traffic breakdown by port (in tons)
Traffic breakdown by port (in tons) 1H 2019 1H 2020 Variation Casablanca 37% 39% Jorf Lasfar 15% 15% Mohammedia 14% 12% Agadir 13% 15% Safi 9% 8% Nador 8% 8% Dakhla 2% 2% Laayoune 2% 2% Tanger 1% 1% 100% 100% 11
Slide 12: Gateway Market dynamics / Company overview / Financial Overview
Gateway Market dynamics Company overview : the leading port operator in Morocco Financial Overview 12
Slide 13: Evolution of revenue
Evolution of revenue 2017-2019 CAGR: +6.7% +5.9% +7.6% 2 909 2 748 2 554 +0.5% 1 447 1 454 2017 2018 2019 1H 2019 1H 2020 • Revenue grew by 0.5% in 1H2020 despite a 1.9% decrease in overall traffic to 18.8 MT. • This revenue is achieved thanks to 6% increase in solid bulk traffic driven by the incre
Slide 14: Revenue breakdown by segment
Revenue breakdown by segment 1H 2019 1H 2020 Other Other Maritime services Maritime services services services 7% 8% Bulk traffics Ro-Ro 6% Bulk traffics 7% (dry/liquid and Ro-Ro traffic (dry/liquid general cargo) 5% traffic 5% and general 39% 39% cargo) 42% 42% Containers Containers traffic traffic
Slide 15: Consolidated operating expenses
Consolidated operating expenses Operating expenses In MAD mn 4.5% 1 039 994 1H 2019 1H 2020 Purchases and external expenses Staff cost Depreciation and operating provisions 2.6% 8.4% 1.8% 389 400 387 357 228 232 1H 2019 1H 2020 1H 2019 1H 2020 1H 2019 1H 2020 15
Slide 16: Financials snapshot
Financials snapshot EBITDA Operating income Net income In MAD mn 800 -5% 80% -8% 700 50% 685 -79% 700 647 600 45% 70%500 600 471 432 50% 40% 500 35% 500 60%400 40%400 30% 343 25% 400 50%300 30%300 24% 20% 300 32% 47% 30% 200 15% 45% 40%200 20% 73 10% 200 100 5% 100 30%100 10% 0 5% 0% H1 2019 H1 2020
Slide 17: Investments plan
Investments plan Investments per categories In MAD mn Investissements 1H 2020 Equipments 119 Infrastrctures 10 Studies 7 Financial participation 4 Total 141 Investments per companies In MAD mn Tanger Alliance MAD 30 mn 21% SMA 40% MAD 5 mn 4% Marsa Maroc MAD 56 mn TC3PC 35% Mad 50 mn 17
Slide 18: Balance sheet
Balance sheet Financial structure Breakdown of net debt In MAD mn In MAD mn 2 588 1 199 1 938 696 447 215 65 déc-19 1H 2020 déc-19 1H 2020 -185 Total shareholders equity Net debt -928 -948 Cash Investment securities Corporate debt 18
Slide 19: Q&A
Q&A 19