Investor Presentation Communication financière 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) 60% Moroccan state Mad 1 155 mn 30% free float USD 114 mn 10% pool of 3 investors 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 81.3 3 5.6% p.a. since 2013, reaching 90.3 MT Nador 3 76.6 3 5 Laayoune 3 3 in 2016; 2 6 Agadir 4 2 4 3 6 6 4 6 Safi In 2015, the traffic decreased by 3.4% 5 • 11 8 13 Mohammedia following the shutdown of of Moroccan 12 10 8 Tanger Med refinery activities in August 2015; 74 % of national 9 26 traffic 22 23 Jorf Lasfar The traffic has know a growth of 11% in • 18 2016. Casablanca 28 25 25 23 2013 2014 2015 2016 Marsa Maroc had a market share of Evolution of port operators (1) market shares • 42% by the end of 2016 . This fall is explained by the liquid bulk traffic decreased following the shutdown of Hydrocarb Jorf Sosipo 2% 1% 1% SAMIR’s activity in August 2015. 3% 2% 3% 3% Mass Céréales 3% 4% 4% 6% 5% 6% Somaport 5% OCP operates close to a third of the • 5% 7% 7% Taqa Morocco 6% traffic, mainly in the ports of 7% Tanger Med 8% 10% Casablanca and Jorf Lasfar; 11% 28% The Tanger Med operators have • OCP 27% 27% close to 10% of the national market 27% share; Operators in the grains sector • (Sosipo and Mass Céréales) had 5% 49% market share by the end of 2016; 46% Marsa Maroc 44% 42% OCP, Taqa Morocco, (industrial • companies) etc. handle their own traffic on dedicated terminals 2013 2014 2015 2016 without resorting to port operators . Source : ANP Marsa Maroc (1) Excluding transhipment 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/ 90% of to storage area.) unloading turnover * 3 3% of Other services : services to ships, weighing, etc. 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 • ANP contracts 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 Commissioning of operation Signature of the for the TC3, port of terminal TC3, port of concession contract Casablanca Tanger Med 2 for the port of Tanger Med II (1) Start of the concession contract Marsa Maroc has 30-year concessions for the main 2016 ports in the country, 2006 2009 2013 2019 renewable for an additional 20 years Commissioning of terminal TC3, port of Casablanca 2042 2044 2046 2056 New concessions to be secured End period of TC3 End period of TC3 concession concession contract, port of contract, Tanger Casablanca 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. Hoceima, Laâyoune et Dakhla 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) 7
Presentation of the scope of the concessions of Marsa Maroc Tanger Med I Tanger Med I Hoceima Hoceima Nador Nador Mohammedia Mohammedia Casablanca Casablanca Jorf Jorf Lasfar Lasfar Safi Safi Agadir Agadir Contribution of the ports to Marsa Maroc’s traffic Laâyoune Laâyoune Others ports In % - 2016 figures Miscellaneous 6% Safi 6% Petroleum Nador 8% Casablanca products 38% Containers Jorf Lasfar Ro-ro ships 14% Minerals Dakhla 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 thousand TEUs 2013-2016 CAGR: +0.5% 2013-2016 CAGR: 7.9% In 2015, liquid bulk In thousand tons traffic decreased by 900 120% 45 000 816 23% following the 38 366 800 shutdown of SAMIR’s 40 000 36 306 35 770 35 159 707 694 100% activity in August 650 192 700 35 000 2015, which also 170 160 explains the 8.4% 600 80% 30 000 143 decline in the overall 500 25 000 traffic handled by 60% 67% Marsa Maroc in 2015. 20 000 400 62% 62% 62% 624 300 40% 15 000 533 537 505 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 28 082 28 086 7 2 835 3 040 +2% 3 287 3 350 13 780 11 120 125 116 13 057 14 497 +11% 95 90 15 487 15 186 11 742 10 235 -13% 2013 2014 2015 2016 2013 2014 2015 2016 Vehicles and trucks TIR Liquid bulk Dry bulk Conventional 9
Impact of the national port development project on estimated Marsa Maroc’s traffics Tanger Med II The port Capacities Coal Tanger ville reconfiguration as it is planned Oil products by the 2030 national port strategy adopted by the Nador West Med Ministry of Equipment, Transport and logistics should involve the construction of new Nador terminals and port complexes. Hence, these new additional capacities could impact Cereals Kenitra Atlantique partially or totally by handling Refined oil products the Marsa Maroc historical Cattle Feed traffic in the new facilities Cars (Peugeot Citroën) (new LPG and chemical Mohammedia Tanger Med I & II Nador terminal at the port of Mohammedia Al Hoceima Mohammedia, new ports of Casablanca Casablanca Jorf Lasfar Safi, Nador West Med and Safi Kenitra, etc.). Agadir Coal TanTan Jorf Lasfar LPG Laâyoune Jorf Lasfar Refined oil products Dakhla Safi Safi Grand Sulfur ; Vrac 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 regarding the Moroccan State’s will to strengthen the Company’s governance. Hence, the new structure of the Supervisory Board include 12 concluded between the Government board members : and the 3 leading President of the institutional Supervisory Board investors. 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 (7 th 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
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