Slide 1: Mutandis FY 2018 Results
MUTANDIS FY 2018 RESULTS February 15th, 2019
Slide 2: Disclaimer
DISCLAIMER Certain information included in this document has been prepared by the company, and has not been verified or audited by independant sources. This presentation contains also forecasts based on opinions and present assumptions related to future events. These forecasts reflect projections an
Slide 3: Agenda
AGENDA 1 | Key Messages 2 | 2018 Consolidated financial results 3 | 2019 Outlook 4 | 2019 Calendar 5 | Appendices February 2019 | 3
Slide 4: Key Messages
KEY MESSAGES 2018: 6th consecutive increase of our financial aggregates Sustained and steady growth for detergents and successful switch from bulk to traditional small size formats ; Good initial results of the transformation strategy for the seafood business: margin expansion at stable volumes ; Hi
Slide 5: 2018 Consolidated Financial Results
2 2018 CONSOLIDATED FINANCIAL RESULTS February 2019 | 5
Slide 6: Financial Key Messages (1/2)
FINANCIAL KEY MESSAGES (1/2) 2018 another year of growth RECORD REVENUES • Good growth of all product ranges ; REVENUES : 1,368 MMAD • First full year of the fruit juice business in Mutandis. +7.8%/2017 RECORD EBIDTA • Sixth consecutive year of growth ; EBITDA : 188 MMAD • Improvement of variable co
Slide 7: Financial Key Messages (2/2)
FINANCIAL KEY MESSAGES (2/2) 2018 another year of growth NET DEBT • Lower working capital requirements ; NET DEBT/ EMPLOYED CAPITAL : • Capital increase through the IPO. 21% vs 39% in 2017 CASH FLOW FROM OPERATIONS • Higher net income+amortization, and lower need for Working CASH FLOW FROM OPERATION
Slide 8: Financial Indicators: Snapshot of the Group results
FINANCIAL INDICATORS Snapshot of the Group results E B I CAPEX T D A Revenues EBIDTA In MAD millions In MAD millions 7.8% 14.1% 1,368 188 1,269 165 2017 2018 2017 2018 Recurring net income Cash flow from operations In MAD millions In MAD millions 40.1% 42.0% 78 125 55 88 2017 2018 2017 2018 February
Slide 9: Financial Indicators: Breakdown of consolidated revenues
FINANCIAL INDICATORS Breakdown of consolidated revenues Revenues growth 2018 revenues by business In MAD millions 7.8% 1,368 4.0% 1,269 0.2% 17.5% 34 567 533 41.4% 32 504 471 36.8% 20 219 239 12 Detergents Food bottles Other 43 3 55 3 Seafood products Fruit juice 2017 2018 February 2019 | 9
Slide 10: Financial Indicators: Consolidated EBITDA
FINANCIAL INDICATORS Consolidated EBITDA EBITDA growth In MAD millions 14.1% 105 -62 -19 VCM : +12.1% / 2017 188 EBITDA 165 2017 Production VC FC 2018 VC : variable Costs VCM : variable contribution margin FC : fixed costs February 2019 | 10
Slide 11: Financial Indicators: Breakdown of consolidated EBITDA
FINANCIAL INDICATORS Breakdown of consolidated EBITDA EBITDA growth In MAD million 14.1% 188 165 84 2 Detergents 82 17 69 Seafood products 52 3 Food bottles 41 44 1 Fruit juice 2 3 -11 -11 Common charges 2017 2018 February 2019 | 11
Slide 12: Results by Business: Detergents
RESULTS BY BUSINESS Detergents In MAD millions MMAD 2017 2018 % Revenues 532.8 567.1 +6.4% EBITDA 82.3 84.0 +2.1% Achievements Good revenues growth thanks to investments in the sales fleet, to a successful switch from bulk packaging of hand powder to 1kg format (plastic bag ban) and to strong liquid
Slide 13: Results by Business: Seafood products
RESULTS BY BUSINESS Seafood products In MAD millions MMAD 2017 2018 % Revenues 471.5 503.7 +6.8% EBITDA 51.6 68.7 +33.1% Achievements Sharply lower purchasing costs ; Improvement of manufacturing productivity ; Opening of new sales channels with a focus on high margin products/countries. February 20
Slide 14: Results by Business: Food bottles
RESULTS BY BUSINESS Food bottles In MAD millions MMAD 2017 2018 % Revenues 218.6 239.1 +9.4% EBITDA 40.6 43.8 +8.0% Achievements Sharp increase in bottled water volumes and a satisfactory year for the other categories ; Indexation of contracts on raw materials prices: good margin performance (cautio
Slide 15: Results by Business: Fruit juices
RESULTS BY BUSINESS Fruit juices In MAD millions MMAD 2017 2018 % Revenues 43,3 55,0 +27,0% EBITDA 1,6 3,0 +87,6% Achievements A first full year of Marrakech fruit juice at Mutandis, launchings during the year ; Good initial results for the three Tetra Pak product ranges. Still early to assess the P
Slide 16: Financial Indicators: Cash flow and net debt
FINANCIAL INDICATORS Cash flow and net debt Cash flow Net debt In MAD millions In MAD millions 39% -46.4% 21% -46.4% 125 214 -59 -51 -1 -492 -492 -264 -264 ND 2017 CFO CAPEX Dividend CI Autre ND 2018 Dec 2017 Dec 2018 ND : Net Debt CFO : cash flow from operations Gearing CI: Capital increase Februar
Slide 17: 2019 Outlook
3 2019 OUTLOOK February 2019 | 17
Slide 18: 2019 Outlook
2019 OUTLOOK Revenues growth +6% to +8%, all businesses contributing: Steady growth for detergents ; New sales channels for seafood products ; Launch of the Marrakech juices. EBITDA growth ~+10% at constant scope: operating leverage ; Capex spent less than 60 MMAD at constant scope ; First investmen
Slide 19: 2019 Outlook
2019 OUTLOOK MMAD 2018 2019 Revenues 1,368 MMAD +6% to +8% EBITDA 188 MMAD ~ +10% Recurring Net Income 78 MMAD +15% to +25% Outstanding shares 6.8 million 8 million February 2019 | 19
Slide 20: 2019 Outlook: Products launches
2019 OUTLOOK Products launches • Josiane Skinless boneless in the Middle East • Maxi’s machine powder in Morocco • Marine skinless boneless in Morocco • Vitakid’s by Marrakech in Morocco February 2019 | 20
Slide 21: 2019 Calendar
4 2019 CALENDAR February 2019 | 21
Slide 22: 2019 Financial Calendar
2019 FINANCIAL CALENDAR Nov. Future Key dates 15 • FY 2018 results and analysts conference FEV. 1 • General Meeting Apr. 2 May • Q1 2019 financial KPI 10 May. • Dividend payment 10 Sept. • H1 2019 financial results and analysts conference • Q3 2019 financial KPI 4 Nov. February 2019 | 22
Slide 23: Appendices
5 APPENDICES February 2019 | 23
Slide 24: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Consolidated Income Statement in KMAD 2018 2017 Revenues 1 368 109 1 268 986 Detergents 567 052 532 788 Seafood Products 503 743 471 450 Beverage Bottles 239 066 218 609 Fruit juice 55 047 43 348 Others 3 201 2 790 Change in inventories 18 065 12 495 Cost of Goods Sold
Slide 25: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET in KMAD in KMAD 31.12.2018 31.12.2017 31.12.2018 31.12.2017 Goodwill 410 576 410 576 Share capital 799 674 680 405 Intangible assets 116 368 112 621 Reserves 125 906 49 721 Property, plant, equipment 382 501 382 757 Net income Group share 70 439 49 562 Investment Property
Slide 26: Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT 2018 2017 Cash flow 145 740 130 474 Change in need for working capital -20 280 -42 378 Cash flow from operations 125 460 88 096 Acquisition / Sales of assets in consolidated subsidiaries -2 Acquisition / Sales of intangible assets -2 212 -48 236 Acquisition / Sales o