Presentation of Fipar-Holding Caisse de Dpt et de Gestion Group - - PowerPoint PPT Presentation

Presentation of Fipar-Holding

Caisse de Dépôt et de Gestion Group

2

▪ Fipar-Holding is a minority, active and engaged financial investor, whose ambition is to initiate and accelerate the growth and development of large and structuring projects in Morocco. ▪ As part of Caisse de Dépôt et de Gestion (CDG Group), a state-owned financial institution acting as the country’s primary and major investor, Fipar-Holding takes on its neutral and reliable investor role in accordance with the group’s values: Performance, Innovation, Synergy and Citizenship. ▪ Fipar-Holding’s aim is on the one hand to help Moroccan state-owned and private groups become first class players, either locally and internationally, and on the other hand to support multinational groups implement and succeed in their development strategy in Morocco, thanks to its affiliation to CDG Group, its market intelligence, its local partners and its network. ▪ Fipar-Holding’s approach is to get involved over time aside its investments’ partners within a dynamic, pragmatic and constructive supportive attitude. ▪ Fipar-Holding believes in the growth potential of its investments, and will gather all necessary expertise, energy, resources and network to capture it.

Vocation

Leader in Private Equity in Morocco with more than 7,5 billion dirhams of assets under management. Long term strategic partner, which will bring structural and capital value and advice to investments, together with all stakeholders. Value creator for all stakeholders, providing governance support within corporate social responsibility standards.

Investment vision

Neutrality and reliability Fipar-Holding, as part of CDG Group, has the unique ability to mobilize various partners and public authorities to initiate and launch development of large projects in Morocco, carried by national or international operators. Expertise Fipar-Holding relies on a pool of talents gathering sectorial and market expertise and skills in structuring large projects (in terms of business, finance, legal, tax aspects and networking, etc.) Middle and long term support Fipar-Holding is convinced that value creation is only possible through middle and long term support and engagement. Its investment firm status makes it possible to maintain investments for longer periods than for classic investment funds. Flexibility Fipar-Holding is a flexible holding that has the ability to quickly position itself on investment opportunities. Governance best practices Fipar-Holding focuses on governance best practices and corporate social responsibility standards and values, considered as a key success factor for long term growth.

Investment strategy

▪ Fipar-Holding is a multi-sectorial investment firm (infrastructure, energy, services, industry, etc.) and targets in priority large projects, by investing alongside reference operators in their sector of predilection. 4

Profitability

• Fipar-Holding seeks profitability levels based on a mid and long term partnership.

Investment ticket

• MMAD 100 minimum by project (except with the Investment Committee’s approval), with

a minority stake position. Targets

• Large projects and companies;
• Investment in a wide range of industries, except CDG’s dedicated sectors (real estate,

tourism), and those not corresponding to the group’s values ;

• Intervention at various stages of companies’ lifecycle (start-up, development, maturity, …);
• Fipar-Holding excludes companies under restructuration.

Active investor

• Active participation in the governance instances of partner companies ;
• Active presence in the company’s Board, Strategic Committee, Audit Committee,

Appointments and Remuneration Committee… ;

• Strategic partnership and not only financial : active and supportive partnership in terms of

accompaniment, value and synergy creation. Asset classes

• Equity, mainly and ideally unlisted and based in Morocco ;
• Quasi-Equity eventually.

Value creator Strategic partner

• Fipar-Holding is totally engaged within governance bodies, as an active and

strategic partner and not only a financial one.

• Its horizon of investment allows Fipar-Holding to fill its mission as an active

investor by arousing a regular strategic and operational dialogue with shareholders and getting involved in important decision-making.

Fipar-Holding is a value creator partner for its investments, its contribution is based on 4 axes : ▪ Shareholder structure institutionalization: ✓ Positive impact in terms of brand image ; ✓ Optimization of project structuration ; ✓ Facilitation of possible operations and transactions on financial markets. ▪ Secure the development strategy ; ▪ Contribution in terms of expertise : governance, organization, … ; ▪ Activation of synergies’ potentials between current investments and CDG Group and its partners.

Fipar-Holding added value

5

6

Case studies – Experiences of Fipar-Holding in the infrastructure sector

▪ Tanger Med Port Authority manages and develops the harbor complexes Tanger Med I and II, as well as the carters and passengers activity (Ro-Ro) ; ▪ The port includes 2 containers terminals, of a total capacity of 3 million TEU (an extension is in progress to carry the total capacity to 8.2 million of TEU), a terminal bulk carrier, a port carter and passenger, a terminal with hydrocarbons of a storage capacity of 532 000 m3 of the sophisticated products, and a car carrier.

TMSA 67,7% Fipar- Holding 32,3%

Company Shareholder structure Presentation

Case 1 : Tanger Med Port Authority ▪ CDG was the incubator of the project ; ▪ Optimization of legal, financial and tax arrangements ; ▪ Establishment of governance bodies ; ▪ Monitoring of projects development and construction ; ▪ Assistance and support for the funds raising ; ▪ Regular dialogue on major projects and support in strategic negotiations. Key supports ▪ The port Tanger Med is ranked among the top 20 ports in the world ; ▪ 51 billion dirhams invested (public and private) ; ▪ Significant contribution to the improvement of logistics costs and the competitiveness of the major players settled in Morocco ; ▪ Strong contribution to the creation of industrial sub-sectors and to the import / export segment ; ▪ 51 000 direct and indirect jobs created, with a contribution of 52% job creation in the North region of Morocco and 34% job creation in the whole country ; ▪ 8% of foreing direct investments (FDI) in Morocco ; ▪ 9 billion dirhams of additional GDP (44% of GDP in the North zone, 14% of national industrial GDP, 3% of national GDP). Main benefits

7

Case studies – Experiences of Fipar-Holding in the infrastructure sector

▪ Lydec is the dealer of public services in the Grand Casablanca region which manages the distribution of water and electricity, collection of waste and pluvial water, and street lighting for 4,2 million inhabitants. These missions were entrusted in an

• utsourcing contract signed in 1997 by the Delegating Authority (Communes

Urbaines de Casablanca, Mohammedia et Aïn Harrouda), the Supervisory Authority (Ministry of Interior) and the Delegate (Lydec). Company Shareholder structure Presentation

Case 2 : Lydec ▪ Liaising and assisting in negotiations with the delegating authority ; ▪ Active presence in the Board of Directors and other committees ; ▪ Optimization of funding and assistance in negotiations with the banks ; ▪ Supporting of projects development ; ▪ Supporting of the outsourcing of the Internal Retirement Fund ; ▪ Development of strategic and commercial synergies. Key supports ▪ Improvement of the living conditions of Casablanca’s population and maintaining of a close relationship with the community ; ▪ Access to clean drinking water and sanitation and ensuring environmental sustainability, a better hygiene and disease prevention ; ▪ A key participant to the INDH program for the region of Casablanca ; ▪ Capitalizing on the Suez Environment group’s know-how, technology and dedication to performance-driven outcomes. Main benefits

Fipar- Holding 16,0%

8

Case studies – Experiences of Fipar-Holding in the infrastructure sector

▪ Medi Telecom is the second multiservice operator, having 3 operating licenses of telecommunication network (GSM, 3G and landline telephone) in Morocco; ▪ Medi Telecom offers to its 11 million Mobile customers varied services of telecommunication in voice, data and multimedia through network infrastructures, platforms of services and information systems completely implemented by Medi Telecom and corresponding to the most recent technological standards. Company Shareholder structure Presentation

Case 3 : Meditelecom - Orange ▪ Initial acquisition by CDG of 8% share capital from Telefonica and Portugal Telecom ,1 year after the creation of Medi Telecom in 1999 ; ▪ In 2009, CDG and FinanceCom groups jointly purchased temporarily 100% of the share capital of Medi Telcom and structured in 2010 the entry of Orange in the capital via the sale of 40% of their share capital ; ▪ Active presence on in the Board of Directors and other committees ; ▪ Regular dialogue on major projects and support in strategic negotiations. Key supports ▪ Important investments in the telecom and big data infrastructures (around 1 billion MAD/year) ; ▪ Decrease of telecommunication prices for Moroccan consumers due to the competition created in the telecom sector ; ▪ Capitalizing on the Orange’s group know-how and expertise through a diversification of the telecommunication products and services for the Moroccan population. Main benefits

Fipar- Holding 15,2% Holdco 10,3% Groupe CDG 25,5%

* Immeuble Mamounia, Place Moulay El Hassan, Rabat – Maroc ) +212 537 66 91 51 7 +212 537 66 90 10 www.fipar.ma

Preparing for the future…