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Investor Presentation Communication financire Publication semestrielle Octobre 2016 Company at a glance : the leading port operator in Morocco Mad 2 567 mn 36,3 millions USD 254 mn of tons Consolidated turnover Traffic (2016) (2016)
Publication semestrielle Octobre 2016
36,3 millions
Traffic (2016) 60% Moroccan state 30% free float 10% pool of 3 investors Shareholder structure
Mad 2 567 mn USD 254 mn
Consolidated turnover (2016)
> 2 100
Employees (2016)
Mad 580 mn USD 57 mn
Consolidated Net Income (2016)
Mad 1 155 mn USD 114 mn
Consolidated EBITDA (2016)
Company at a glance : the leading port operator in Morocco
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Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
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23 25 25 28 18 22 23 26 9 8 10 13 12 11 8 6 5 6 6 6 4 4 4 5 3 3 2 3 2 3 3 3 76.6 84.2 81.3 90.3 2013 2014 2015 2016
Morocco: a Growing Gateway Market
Evolution of traffic per port(1) Evolution of port operators(1) market shares
Source : ANP Marsa Maroc
74 % of national traffic
Casablanca Jorf Lasfar Mohammedia Safi Agadir Laayoune Tanger Med Nador
trade has seen an average growth of 5.6% p.a. since 2013, reaching 90.3 MT in 2016;
following the shutdown of of Moroccan refinery activities in August 2015;
2016.
Marsa Maroc OCP Tanger Med Somaport Taqa Morocco Mass Céréales Sosipo Hydrocarb Jorf
42% by the end of 2016 . This fall is explained by the liquid bulk traffic decreased following the shutdown of SAMIR’s activity in August 2015.
traffic, mainly in the ports of Casablanca and Jorf Lasfar;
close to 10% of the national market share;
in the grains sector (Sosipo and Mass Céréales) had 5% market share by the end of 2016;
Taqa Morocco, (industrial companies) etc. handle their own traffic
dedicated terminals without resorting to port operators .
(1) Excluding transhipment
In million of tons
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49% 46% 44% 42% 28% 27% 27% 27% 7% 8% 10% 11% 5% 7% 7% 6% 6% 5% 6% 5% 3% 4% 3% 4% 2% 3% 2% 3% 1% 1% 2013 2014 2015 2016
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
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Business model of Marsa Maroc
Ships Dock Storage Truck unloading / loading Entry / exit of the port Import flows Export flows
Maritime services (towing, steering, boatage, etc.)
1 2
Handling (loading/unloading vessels and transfer of cargo to storage area.) Storage and Truck loading/ unloading Other services : services to ships, weighing, etc.
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90% of turnover * 3% of turnover * 7% of turnover *
GATEWAY Concession agreements
Clients / suppliers Third parties
Financing contracts, subcontracts, etc. Business contracts
ANP
to a subsidiary controlled by Marsa Maroc (51%)
Port authorities
(*) 2016
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Marsa Maroc has 30-year concessions for the main ports in the country, renewable for an additional 20 years
2009 2006 Signature and start of the concession contract including the following ports: Casablanca, Mohammedia, Jorf Lasfar, Agadir, Safi, Nador, Al Hoceima, Laâyoune et Dakhla 2013 2019 Start of the concession contract Commissioning of terminal TC3, port of Tanger Med 2 2016 Signature of the concession for the Terminal Nord, port of Agadir(2) and start of the concession contrat and the
1) In 24 march 2016, an amendment to Tanger Med 2 contract was signed, thus changing the concession perimeter. 2) New subsidiary of Terminal Nord of the Port of Agadir : Signature by the consortium composed of Marsa Maroc (51%), SOMATIME, MANUSOUSS and INTERNAVI 3) Includes a 20-year renewal option (under the same conditions)
Signature of the concession contract for the TC3, port of Casablanca End period of the concession contract including the following ports: Casablanca, Mohammedia, Jorf Lasfar, Agadir, Safi, Nador, Al Hoceima, Laâyoune et Dakhla 2044 2042 2046 End period of TC3 concession contract, port of Casablanca 2056 New concessions to be secured Signature of the concession contract for the port of Tanger Med II (1) Commissioning of terminal TC3, port of Casablanca End period of TC3 concession contract, Tanger Med II(3) as well as Terminal Nord, port of Agadir
Concessions time line of Marsa Maroc
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A presence in 11 ports through:
passengers, cruise passengers, and accompanied vehicles for the Société de Gestion du Port de Tanger Ville, the managing company of the Port of Tanger Ville).
In % - 2016 figures
Contribution of the ports to Marsa Maroc’s traffic Casablanca Agadir Tanger Med I Dakhla Mohammedia Jorf Lasfar Safi Nador Laâyoune Minerals Miscellaneous Petroleum products Containers Ro-ro ships Hoceima Casablanca Agadir Tanger Med I Dakhla Mohammedia Jorf Lasfar Safi Nador Laâyoune Hoceima
Presentation of the scope of the concessions of Marsa Maroc
8 Casablanca 38% Mohammedia 16% Agadir 11% Jorf Lasfar 14% Nador 8% Safi 6% Others ports 6%
95 90 116 125 8 7 7 7 2013 2014 2015 2016 Vehicles and trucks TIR 505 533 537 624 143 160 170 192 62% 62% 62% 67% 0% 20% 40% 60% 80% 100% 120% 100 200 300 400 500 600 700 800 900 2013 2014 2015 2016 Casablanca Agadir Mkt share MM 15 487 15 186 11 742 10 235 11 120 13 780 13 057 14 497 3 040 2 835 3 287 3 350 2013 2014 2015 2016 Liquid bulk Dry bulk Conventional
Evolution of the overall traffic handled by Marsa Maroc Evolution of container traffic handled by Marsa Maroc Evolution of bulk traffic Evolution of TIR and vehicle traffic
In thousand tons 650 694 707 29 647 31 801 28 086 In thousand tons 102 96 123 65
+11% +2% In thousand TEUs In number of units 2013-2016 dry bulk CAGR : +9.2% 2013-2016 liquid bulk CAGR: -12.9% 2013-2016 conventional CAGR: +3.3% 2013-2016 CAGR: +0.5% 2013-2016 CAGR: 7.9%
A leader position in Morocco
2013-2016 CAGR: 9.1%
In 2015, liquid bulk traffic decreased by 23% following the shutdown of SAMIR’s activity in August 2015, which also explains the 8.4% decline in the overall traffic handled by Marsa Maroc in 2015. 9
35 770 38 366 35 159 36 306 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 2013 2014 2015 2016 28 082 816
Impact of the national port development project on estimated Marsa Maroc’s traffics
Tanger ville Casablanca Nador Jorf Lasfar LPG Safi Nador West Med Mohammedia Kenitra Atlantique Jorf Lasfar Tanger Med II Agadir Safi Grand Vrac
Dakhla Casablanca Agadir Tanger Med I & II Mohammedia Jorf Lasfar Safi Nador Laâyoune TanTan Al Hoceima
Refined oil products Refined oil products Cereals Cattle Feed Cars (Peugeot Citroën) Sulfur ; Conventional Bulks Coal Coal Oil products
Existing port Port extension New port
The port Capacities reconfiguration as it is planned by the 2030 national port strategy adopted by the Ministry of Equipment, Transport and logistics should involve the construction of new terminals and port complexes. Hence, these new additional capacities could impact partially or totally by handling the Marsa Maroc historical traffic in the new facilities (new LPG and chemical terminal at the port of Mohammedia, new ports of Safi, Nador West Med and Kenitra, etc.).
The opening of new port infrastructures will lead to a new distribution of import/export traffics between the ports and will involve a risk of migration of some traffics currently handled in Marsa Maroc terminals, towards new infrastructure.
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A new governance structure
3 Core investors (institutional) President of the Supervisory Board The initial public offering in july 2016 has allow Marsa Maroc to strengthen its governance whilst providing a strong signal to the market regarding the Moroccan State’s will to strengthen the Company’s governance. Hence, the new structure of the Supervisory Board include 12 board members : Ministry of Equipment, Transport and Logistics Ministry of Economy and Finance Ministry of Equipment, Transport and Logistics
A shareholders’ agreement has been concluded between the Government and the 3 leading institutional investors.
Independent Board Members *
under management**
under management**
in morocco ;
management **
Capitalization (7th
(*) not apppointed yet at this stage (**) end of June 2016 11
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
1 750 1 822 1 981 2 314 153 158 151 182
37 42 38 70 2013 2014 2015 2016
Handling services Services to vessels Others services
Turnover EBITDA Operating income Net income
Sound Financials
2013-2016 CAGR: +9.8% +18% 2013-2016 CAGR: +20% 2013-2016 CAGR: +31% 2013-2016 CAGR: +11%
2016 was characterized by a significant improvement in the company’s performance, thanks to a growth in turnover driven by containers and cereals trafics.
In MAD mn In MAD mn In MAD mn In MAD mn
13 1 939 2 023 2 171 2 567 844 886 1 010 1 155
44% 44% 47% 45%
30% 35% 40% 45% 50% 55% 60% 200 400 600 800 1000 1200 1400
2013 2014 2015 2016
EBITDA Margin (%)
481 499 622 830
25% 25% 29% 32% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 100 200 300 400 500 600 700 800 900
2013 2014 2015 2016 Operating income Margin (%) 256 329 375 580
13% 16% 17% 23% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 100 200 300 400 500 600 700
2013 2014 2015 2016 Net Income Margin (%)
Financial structure Breakdown of net debt
Sound Financials
Dividends
In MAD mn In MAD mn
14 2 812 2 235 1 347 744 2015 2016
Total shareholder equity Net debt (excess of cash)
113 207 1 415 1 171
2015 2016 Cash Investment securities Corporate debt 272 398 488 740 235 294 882 587
87% 74% 181% 79% 0% 50% 100% 150% 200% 250% 300% 350% 400% 100 200 300 400 500 600 700 800 900 1 000
2013 2014 2015 2016
Net Income Dividend Pay out ratio
Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities
A growth strategic plan
Conditions for success and change management
under development
and authorizations
authorizations in Africa
related activities Leading port operator in Morocco Contribution to enhancement of logistics in Morocco Performance and agility Sales approach
management
1 2 3 4 5 6 7 9 8 10
Strong international presence, particularly in Africa
The business plan does not take into account the implementation of the Company's development strategy including securing new port concessions in Morocco and in the African continent. 16
Q & A
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