Investor Presentation
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Investor Presentation Communication financière Publication semestrielle Octobre 2016 Company at a glance : the leading port operator in Morocco 36,3 millions Mad 2 567 mn of tons USD 254 mn Consolidated turnover Traffic (2016) (2016) 60% Moroccan state 30% free float Mad 1 155 mn 10% pool of 3 investors USD 114 mn Shareholder structure Consolidated EBITDA (2016) Mad 580 mn > 2 100 USD 57 mn Consolidated Net Income Employees (2016) (2016) 2 Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 3 Morocco: a Growing Gateway Market Evolution of traffic per port(1) In million of tons • The traffic generated by maritime 90.3 trade has seen an average growth of 84.2 Nador 81.3 3 76.6 3 5.6% p.a. since 2013, reaching 90.3 MT Laayoune 3 3 5 Agadir 2 6 in 2016; 32 4 4 Safi 4 6 6 6 5 • In 2015, the traffic decreased by 3.4% Mohammedia 11 8 13 12 following the shutdown of of Moroccan Tanger Med 8 10 9 74 % of national refinery activities in August 2015; 26 22 23 traffic Jorf Lasfar 18 • The traffic has know a growth of 11% in 2016. Casablanca 23 25 25 28 2013 2014 2015 2016 Evolution of port operators(1) market shares • Marsa Maroc had a market share of 42% by the end of 2016 . This fall is explained by the liquid bulk traffic Hydrocarb Jorf decreased following the shutdown of Sosipo 2% 3% 1% 2% 1% SAMIR’s activity in August 2015. Mass Céréales 3% 4% 3% 3% Somaport 6% 5% 6% 4% 5% • Taqa Morocco 5% 7% 7% OCP operates close to a third of the 7% 6% traffic, mainly in the ports of Tanger Med 8% 10% 11% Casablanca and Jorf Lasfar; 28% OCP 27% • The Tanger Med operators have 27% 27% close to 10% of the national market share; • Operators in the grains sector (Sosipo and Mass Céréales) had 5% 49% Marsa Maroc 46% 44% 42% market share by the end of 2016; • OCP, Taqa Morocco, (industrial companies) etc. handle their own traffic on dedicated terminals 2013 2014 2015 2016 without resorting to port operators . (1) Excluding transhipment Source : ANP Marsa Maroc 4 Morocco: a Growing Gateway Market Company overview : the leading port operator in Morocco Sound Financials Growth opportunities 5 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 storage area.) unloading 90% of turnover * 3 Other services : services to ships, weighing, etc. 3% of turnover * Financing contracts, Concession Port authorities subcontracts, etc. agreements Third parties • 9 ports via the concession contract with the ANP Business • 1 terminal (TC3 Casablanca) conceded by the contracts ANP • 1 terminal (TC3 Tanger Med) conceded by TMPA • 1 terminal (Quai Nord Agadir) conceded by ANP Clients / suppliers to a subsidiary controlled by Marsa Maroc (51%) (*) 2016 6 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 of the concession contrat and the concession contract Signature of the operation Commissioning of for the TC3, port of concession contract terminal TC3, port of Casablanca for the port of Tanger Med 2 Tanger Med II (1) Start of the concession Marsa Maroc has 30-year contract concessions for the main ports in the country, 2016 renewable for an 2006 2009 2013 2019 additional 20 years Commissioning of terminal TC3, port of Casablanca 2042 2044 2046 2056 New concessions to be secured End period of TC3 concession End period of TC3 contract, port of concession Casablanca contract, Tanger Med II(3) as well as End period of the concession Terminal Nord, contract including the following port of Agadir ports: Casablanca, Mohammedia, Jorf Lasfar, Agadir, Safi, Nador, Al 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 Hoceima, Laâyoune et Dakhla (51%), SOMATIME, MANUSOUSS and INTERNAVI 3) Includes a 20-year renewal option (under the same conditions) 7 Presentation of the scope of the concessions of Marsa Maroc Tanger Med I Hoceima Nador Mohammedia Casablanca Jorf Lasfar Safi Agadir Contribution of the ports to Marsa Maroc’s traffic Others ports Laâyoune In % - 2016 figures Miscellaneous 6% Safi 6% Petroleum products Nador 8% Casablanca 38% Containers Jorf Lasfar Ro-ro ships 14% Minerals Dakhla Agadir 11% Mohammedia 16% A presence in 11 ports through: • 9 ports granted via a concession contract with the ANP • Two sub-contracting contracts in Tanger Med I (bulk and general terminal for TMPA) and in Tanger Ville (assistance to 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). 8 A leader position in Morocco Evolution of the overall traffic handled by Marsa Maroc Evolution of container traffic handled by Marsa Maroc In 2015, liquid bulk 2013-2016 CAGR: +0.5% In thousand tons 2013-2016 CAGR: 7.9% In thousand TEUs traffic decreased by 23% following the 45 000 900 816 120% 38 366 shutdown of SAMIR’s 40 000 36 306 800 35 770 35 159 694 707 100% activity in August 650 192 2015, which also 35 000 700 160 170 explains the 8.4% 30 000 600 143 80% decline in the overall 25 000 500 traffic handled by 60% 67% Marsa Maroc in 2015. 20 000 400 62% 62% 62% 15 000 300 624 40% 505 533 537 10 000 200 20% 5 000 100 0 0 0% 2013 2014 2015 2016 2013 2014 2015 2016 Casablanca Agadir Mkt share MM Evolution of bulk traffic Evolution of TIR and vehicle traffic 2013-2016 dry bulk CAGR : +9.2% In thousand tons In number of units 2013-2016 liquid bulk CAGR: -12.9% 2013-2016 CAGR: 9.1% 2013-2016 conventional CAGR: +3.3% 65 123 7 7 102 31 801 96 29 647 8 2 835 28 086 28 082 7 3 040 3 287 3 350 +2% 11 120 13 780 125 116 13 057 14 497 +11% 95 90 15 487 15 186 11 742 10 235 -13% 2013 2014 2015 2016 2013 2014 2015 2016 Liquid bulk Dry bulk Conventional Vehicles and trucks TIR 9 Impact of the national port development project on estimated Marsa Maroc’s traffics Tanger Med II The port Capacities Coal reconfiguration as it is planned Tanger ville by the 2030 national port Oil products strategy adopted by the Ministry of Equipment, Nador West Med Transport and logistics should involve the construction of new Nador terminals and port complexes. Hence, these new additional capacities could impact partially or totally by handling Cereals Kenitra Atlantique the Marsa Maroc historical Cattle Feed Refined oil products traffic in the new facilities Cars (Peugeot Citroën) (new LPG and chemical Tanger Med I & II Mohammedia Nador terminal at the port of Mohammedia Al Hoceima Casablanca Mohammedia, new ports of Casablanca Jorf Lasfar Safi, Nador West Med and Safi Agadir Kenitra, etc.). Coal TanTan Jorf Lasfar LPG Laâyoune Jorf Lasfar Refined oil products Dakhla Safi Safi Grand Vrac Sulfur ; Conventional Bulks Existing port Port extension New port Agadir 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. 10 A new governance structure A shareholders’ The initial public offering in july 2016 has allow Marsa Maroc to strengthen its governance whilst providing a strong signal to the market agreement has been concluded between regarding the Moroccan State’s will to strengthen the Company’s governance. Hence, the new structure of the Supervisory Board include 12 the Government board members : and the 3 leading institutional President of the investors. Supervisory Board Ministry of Equipment, Transport and Logistics Ministry of Equipment, Ministry of Economy 3 Core investors Independent Board Transport and Logistics and Finance (institutional) Members * • Pension funds ; • ≠1 Insurance company • Pension funds ; in morocco ; • MAD 98 bn assets • MAD 31 assets under • MAD 111 bn assets under management ** under management** • USD 1.3 bn market management** Capitalization (7th october 2016) (*) 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 Sound Financials Turnover EBITDA In MAD mn 2013-2016 CAGR: +11% 2013-2016 CAGR: +9.8% 2 567 In MAD mn 2016 was characterized by a +18% 70 1400 60% significant improvement in the 2 171 182 company’s performance, 1 155 1 939 2 023 38 1200 55% thanks to a growth in turnover 37 42 151 1 010 driven by containers and 153 158 1000 886 cereals trafics. 844 50% 800 45% 2 314 47% 1 981 600 45% 1 750 1 822 44% 44% 40% 400 200 35% 0 30% 2013 2014 2015 2016 2013 2014 2015 2016 Handling services Services to vessels Others services EBITDA Margin (%) Operating income Net income 2013-2016 CAGR: +31% 2013-2016 CAGR: +20% In MAD mn 700 In MAD mn 55% 900 830 60% 580 50% 600 800 55% 45% 700 622 50% 500 40% 600 45% 375 35% 481 499 400 329 500 40% 30% 400 35% 300 256 25% 300 30% 20% 32% 200 23% 200 29% 25% 15% 100 25% 25% 20% 100 16% 17% 13% 10% 0 15% 2013 2014 2015 2016 0 5% 2013 2014 2015 2016 Operating income Margin (%) Net Income Margin (%) 13 Sound Financials