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ANNUAL 20 REPORT 18 CONTINENTAL ASPIRATIONS SUMMARY BIRTH OF AN ASPIRATION 4 THE CASABLANCA STOCK EXCHANGE TAKES ON A NEW DIMENSION 6 2018 FACTS AND FIGURES 8 FROM AMBITION TO ACHIEVEMENT 18 ORGANIZATION 30 THE MARKET IN 2018 36 FINANCIAL RESULTS 46 CONTACTS 64 BIRTH OF AN ASPIRATION Ambition 2021, the new road map for 2018-2020 Message from The Chairman encompasses not only the Casablanca of the Board Stock Exchange but the Casablanca 2018 was a pivotal year for Moroccan capital To this end, three main development axes markets. First, with the creation of the Capital were identified: Deploying robust and efficient financial marketplace Markets Committee chaired by the Minister of market infrastructure; Contributing to funding Economy and Finance, evidence of a political the economy and Attaining national, regional as a whole. determination to develop capital markets. and international outreach. Second, by setting up the Ambition 2021 road-map for the Casablanca Stock Exchange Ambition 2021 implementation began this (CSE), outlining the contours of a market year with the deployment of market and commensurate with Morocco's economic marketplace structuring projects. These aspirations. projects are intended to attract a new breed Hamid TAWFIKI of investors, meet the needs of issuers, open As such, Ambition 2021 is not only a road- up our market to international financial map for the CSE but one for the Casablanca markets, particularly in Africa, and above all, financial center as a whole. Ambition 2021 provide efficient market infrastructure to turn aims to breathe new life into capital markets our marketplace into a financial hub serving and help build a more attractive financial Moroccan and African economies. center. Ambition 2021 federates all market stakeholders with one goal in mind: to become the leading platform, up to the highest international standards, for mobilizing savings to finance the economies of Morocco and Africa. 4 annual Report 2018 5 THE CASABLANCA STOCK EXCHANGE TAKES ON A NEW DIMENSION Message from THE CHIEF EXECUTUVE OFFICER 1. Ambition 2021 was introduced in early In parallel, we continued to implement 2018. What are its main areas of focus? projects aimed at achieving Ambition 2021 objectives, e. g. expansion of ELITE Morocco Indeed, Ambition 2021 outlines the main and launch of ELITE West Africa with BRVM in avenues for development of the Casablanca support of Moroccan and African companies; Stock Exchange for 2018 - 2021, but not only. enhancement of our financial education Ambition 2021, This new road-map, fruit of our collaboration offer with the Ecole de la Bourse and the with all key market participants, is a organization of the 3rd edition of the Morocco a new dimension marketplace project. It aims to build a modern, Capital Market Days in London and for the first efficient market for issuers and investors and a time in New York to showcase the Moroccan for the real lever for economic growth for Morocco. Financial Marketplace to international investors. Casablanca Stock Ambition 2021 is a 4-year project involving major investments. We have initiated a number 2. You became President of the ASEA at the Exchange and of projects simultaneously as part of its end of 2018. What does this mean for the implementation. These projects include market Casablanca Stock Exchange? Marketplace modernization and deployment of new market architecture, in particular with the launch of a This appointment as President of the ASEA clearing house and a derivatives market, as well is an acknowledgement of Casablanca Stock as building synergies with market participants. Exchange's leadership and expertise. It is an honor as well as a great responsibility as I will That said, there are other projects under be leading the African Exchanges Linkage Ambition 2021 that have already been Project (AELP) during my term of office. The launched. Efforts to implement our quality African Stock Exchange Integration Project Karim HAJJI policy continued. In this context, our business aims to unlock the potential of African stock continuity management system has been markets to fully contribute to financing the certified and we are now the second Moroccan continent's economies. In this context, we at firm to be certified ISO 22301. We also the Casablanca Stock Exchange will have to renewed our ISO 9001 certifications for service mobilize our know-how in the implementation of quality and ISO 27 001 for information system large-scale structuring projects. security. Simultaneously, we broadened our index portfolio to reach more investors with the introduction of Casablanca ESG 10, the Environment, Social responsibility and Governance Index. 6 annual Report 2018 7 2018 FACTS & FIGURES 2018 8 annual Report 2018 9 STOCK MARKET FIGURES 2018 FACTS & FIGURES Masi®Floating FTSE CSE Morocco 15 -8.27% in 2018 -11.54% in 2018 +18.12% since 2014 +16.43% since 2014 150 FTSE CSE Morocco 15 Index Base 100 MASI Base 100 140 130 CASABLANCA STOCK EXCHANGE KEY 120 FIGURES 110 100 90 80 Revenue 70 (in MMAD) 60 -14% Dec Jul Dec Jul Dec Jul Dec Jul Dec 14 15 15 16 16 17 17 18 18 120 Net income 103 93 (in MMAD) Amounts raised 76 78 -41% 39 (MAD billion) 32 Number 28 12.7 17 of companies listed 76 10 Number 5.3 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 of bonds listed 46 3.7 1.7 2 2014 2015 2016 2017 2018 Market capitalization Operating expenses (MAD billion) Listed Bonds Increase in Share Initial Public Capital Offerings (in MMAD) Equity -12% (in MMAD) 627 Traded volume +3% 583 582 110 693 484 (MAD billion) 97 453 95 674 66 54 80 664 47 73 657 45 45 629 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Block-Trade market Central market 10 annual Report 2018 11 SALIENT FACTS Casablanca Stock Exchange development activities in 2018 focused mainly on: implementing the new Ambition 2021 road-map, consolidating relations with African stock exchanges and supporting Moroccan companies. MAY MARCH 5th cohort ELITE Morocco Bond issue New road-map for the Casablanca Stock Exchange Launch of the 5th cohort consisting Transaction size: MAD 5 billion. Announcement of AMBITION 2021, the new of 10 new companies and Casablanca Stock Exchange road-map for 2018- certification of 8 others from 2021. Objective: unlock the market's potential previous cohorts. through the implementation of three major axes: build robust and efficient infrastructure, contribute to Corporate Social Responsibility Initial public offering financing the economy and achieve national, regional (CSR) / CGEM label IPO of 81.18% of Immorente's and international outreach. Renewal of the CSR label awarded share capital through capital by the General Confederation of issue. Transaction size: 1st cohort of ELITE BRVM LOUNGE Moroccan Enterprises (CGEM). MAD 400 M. Participation in the launch ceremony in Abidjan. ELITE BRVM LOUNGE implemented FEBRUARY in the UEMOA region by the Casablanca Stock Capital issue Bond issue Exchange, the Bourse Régionale des Valeurs Transaction size: MAD 996.6 Transaction size: MAD 1 billion. Mobilières (BRVM) and the London Stock million. Exchange Group. 7th edition of "Finance Week for Children and Youth" Capital Issue Reception and training of 600 students as part of Transaction value: MAD CSE participation in the Moroccan Foundation for 100.6 Million. Financial Education. ELITE Morocco Workshop ELITE Morocco Workshop ELITE Morocco Workshop Preparing for a successful initial Securitization: New Financing Governance issues for Small and public offering: from due diligence Instruments for ELITE Companies. Medium-sized Enterprises to first listing. Partnership with the International Stock Exchange Champions Bond issue Capital issue Finance Corporation (IFC) Award ceremony organization Transaction size: MAD 800 Million. Transaction size: MAD To support SMEs, notably those for the edition, held from March 314.9 million. participating in ELITE Morocco, in 12 to April 6, 2018 with over 1,000 the areas of corporate governance participants. and financial communication. JULY Bond issue Morocco Capital Market Days Transaction size: MAD 1.5 Billion. (MCMD) - London and New York Third edition in London in partnership with London Stock Exchange Group (LSEG) and first edition in New York entitled "Morocco, Your Gateway to Africa" JUNE (MYGA). This event was organized in partnership with Citi Bank and with APRIL the active support of the Moroccan Embassy in the United States. 12 annual Report 2018 13 SALIENT FACTS SEPTEMBER DECEMBER th Casablanca ESG 10 6 cohort ELITE Morocco Bond issue th Launch of an Environment, Social Launch of the 6 cohort Transaction size: MAD 750 responsibility and Governance consisting of 14 new companies, million. (ESG) index composed of 10 certification of 9 companies stocks listed on the Casablanca from previous cohorts and Stock Exchange. signature of two partnerships. The first with the Moroccan Initial public offering 2018 Top CSR performers Capital Market Authority IPO of 27.79% of Mutandis share Ceremony organized in (AMMC) and the second with capital by means of a hybrid collaboration with Vigéo Eiris OCTOBER the General Confederation of operation. Maximum overall to recognize 2018 Top CSR Moroccan Enterprises (CGEM) transaction size: 400 MMAD. performers among listed Workshop for the support of ELITE Morocco companies and/or bond issuers. Organized in partnership with program companies. ELITE Day the Moroccan Association Participation together with some for Participatory Finance fifteen Moroccan ELITE Morocco Professionals - Sharia Compliant Capital issue program companies in the first (AMFP) entitled "Structuring Meeting on financial information Transaction size: MAD 2,4 billion. ELITE Day edition organized by the inaugural issue of sovereign in Morocco Borsa Italiana in Milan under the Sukuk: Technical Insights". Organization of the 4th edition of theme of "Linking Excellence". this meeting with Finances News Bond issue This event was the first ELITE and Maroclear under the theme Transaction size: MAD 500 million.
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