Marsa Maroc Sa · CSEMA:MSA
Marsa Maroc Sa — Investor Presentation (April 2020)
21 slides from Marsa Maroc Sa's investor presentation, April 2020
Slide 1: Investor presentation
Investor presentation April 2020 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 37.9 million Mad 2 909 mn of tons EUR 262 mn Consolidated turnover Traffic (2019) (2019) 37% market Mad 1 361 mn share EUR 123 mn Market share Consolidated EBITDA (2019) 60% Moroccan state 30% free float Mad 671 mn 10% pool of 3 investors EU
Slide 3: 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 4: Key Investment Drivers
Key Investment Drivers Morocco: a growing Gateway market An experienced Marsa Maroc, a team and a leading port solid corporate operator in governance Morocco Operational performance Identified meeting the growth drivers highest for the future standards a yield value with an Sound financial attractiv
Slide 5: Morocco: a Growing Gateway Market
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 5
Slide 6: Global national traffic
Global national traffic Evolution of global national traffic (*) Growing rate per traffic CAGR 16-19 : +4.5% In thousands of tons Growth rate Traffic 18/19 Liquid bulks +2.6% +3.3% 103 (ton) +2.1% +7.7% 97 100 90 Containers +3.6% (EVP) Solid bulks 3.2% (ton) General cargo +13.5% 2016 2017 2018 2019
Slide 7: Main component of each traffic
Main component of each traffic Coal and coke Phosphates rock Sulphur Fertilizer Grains +2 389 KT -1 553 KT +1100 KT +392 KT +321KT +26.7% -13.9% +19.9% +4.2% +4.8% Bulks 11 344 6 634 9 639 6 982 11 181 9 247 6 661 5 534 +1 646KT 8 955 9 628 3.2% 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 Hydr
Slide 8: National traffic breakdown by port
National traffic breakdown by port 2018 2019 Others Nador Others Nador Agadir 4% Agadir 3% 3% 3% 5% 5% Jorf Lasfar Jorf Lasfar Safi Safi 6% 6% 32% 34% Mohammedia 5% 5% Mohammedia Tanger MED 15% 14% Tanger MED 30% 29% Casablanca Casablanca * Laayoune, Dakhla, Tanger ville, Tan Tan. Source : ANP, TMPA
Slide 9: 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 9
Slide 10: 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 11: 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 % - 2019 figures Other 5% Miscellaneous Nador 8% Petroleum products Safi 9% Casablanca 38% Containers Aga
Slide 12: Overall handled traffic: a leader in Morocco
Overall handled traffic : a leader in Morocco 2016-2019 CAGR: +1.4% In thousand tons +3.8 % 37 879 +1.1% -0.6% 36 306 36 478 36 078 2016 2017 2018 2019 2018 traffic by nature 2019 traffic by nature TIR & TIR & vehicules vehicules 1%2% 1% 1% 22% Containers Containers 24% Dry bulk and 25% Dry bulk and
Slide 13: Key driver change in bulk traffics
Key driver change in bulk traffics Trafic evolution Key drivers change In thousand tons • Increase of 1.7% in the volume of solid bulk thanks to 15 563 15 299 the exceptional coal traffic in the ports of Safi and +1.7% Jorf Lasfar (+890 KT) to supply the new Safiec power station. Dry bulk • This inc
Slide 14: Key driver change in containers
Key driver change in containers In thousand TEUs 2016-2019 CAGR: +6.2% 1 200 80% +5.9% 982 1 000 927 75% +1.5 % 832 +11.4% 819 178 800 208 70% 67% 192 203 66% 64% 600 65% 62% 400 794 60% 718 624 629 200 55% 0 50% 2016 2017 2018 2019 Casablanca Agadir PDM Marsa Maroc • Traffic in Marsa Maroc’s termin
Slide 15: Sound Financials
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 15
Slide 16: Evolution of revenue
Evolution of revenue 2016-2019 CAGR: +4.3% Breakdown of turnover by port * +5,9% 2018 2019 Variation -0,5% +7,6% 2 909 2 748 2 567 2 554 Casablanca 53% 53% Agadir 16% 15% Jorf Lasfar 9% 10% Mohammedia 6% 6% 2016 2017 2018 2019 Nador 6% 6% Revenue grew by 6% in 2019 : • This increase is mainly driven
Slide 17: Evolution of consolidated operating expenses
Evolution of consolidated operating expenses Operating expenses In MAD mn 2.0% 1984 2024 2018 2019 Purchases and external expenses Staff cost Depreciation and operating provisions 0.7% -1.7% 5.7% 824 699 704 484 476 780 2018 2019 2018 2019 2018 2019 17
Slide 18: Sound Financials
Sound Financials EBITDA Operating income In MAD mn In MAD mn 1 500 1 361 80% 1 300 1 249 +9.0% 75% 1 000 +13.7% 937 50% 70% 900 824 45% 1 100 65% 800 40% 900 60% 700 35% 55% 600 700 30% 50% 500 32% 30% 25% 500 45% 400 45% 47% 20% 40% 300 300 15% 35% 200 100 30% 100 10% 2018 2019 2018 2019 EBE EBE/CA
Slide 19: Investments plan
Investments plan Investments per categories In MAD mn Investissements 2018 2019 Equipments 360 186 Infrastrctures 50 112 Studies 20 13 Financial participation 7 290 Total 436 601 Investments per companies SMA In MAD mn MAD 23 mn 4% TC3PC 7% Mad 43 mn Financial injection in Marsa Maroc Tanger Allianc
Slide 20: Sound Financials
Sound Financials Financial structure Breakdown of net debt In MAD mn In MAD mn 2 588 2 309 976 696 447 185 188 215 2018 2019 2018 2019 Total shareholders equity Net debt -973 -928 Cash Investment securities Corporate debt Dividends Dividend per share In MAD mn In MAD 900 400% 785 10,7 800 712 350% 6
Slide 21: Q&A
Q&A 19