Presentation of Fipar-Holding Caisse de Dépôt et de Gestion Group
Vocation ▪ 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. Leader in Private Equity in Long term strategic partner, which Value creator for all stakeholders, Morocco with more than will bring structural and capital providing governance support within 7,5 billion dirhams of assets value and advice to investments, corporate social responsibility under management. together with all stakeholders. standards. 2
Investment vision Fipar-Holding is a flexible holding that has the ability to quickly position itself on Flexibility investment opportunities. Fipar-Holding relies on a pool of talents gathering sectorial and market expertise Expertise and skills in structuring large projects (in terms of business, finance, legal, tax aspects and networking, etc.) Fipar-Holding, as part of CDG Group, has the unique ability to mobilize various Neutrality and reliability partners and public authorities to initiate and launch development of large projects in Morocco, carried by national or international operators. Fipar-Holding is convinced that value creation is only possible through middle and Middle and long term long term support and engagement. support Its investment firm status makes it possible to maintain investments for longer periods than for classic investment funds. Fipar-Holding focuses on governance best practices and corporate social Governance responsibility standards and values, considered as a key success factor for long best practices 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. Large projects and companies; • • Investment in a wide range of industries, except CDG’s dedicated sectors (real estate, Targets 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. MMAD 100 minimum by project (except with the Investment Committee’s approval), with • Investment ticket a minority stake position. Equity, mainly and ideally unlisted and based in Morocco ; • Asset classes • Quasi-Equity eventually. Profitability • Fipar-Holding seeks profitability levels based on a mid and long term partnership. Active participation in the governance instances of partner companies ; • • Active presence in the company’s Board, Strategic Committee, Audit Committee, Active investor Appointments and Remuneration Committee… ; • Strategic partnership and not only financial : active and supportive partnership in terms of accompaniment, value and synergy creation. 4
Fipar-Holding added value • Fipar-Holding is totally engaged within governance bodies, as an active and strategic partner and not only a financial one. Strategic partner • 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. Value creator ▪ Secure the development strategy ; ▪ Contribution in terms of expertise : governance, organization, … ; Activation of synergies ’ potentials between current investments and CDG Group and its ▪ partners. 5
Case studies – Experiences of Fipar-Holding in the infrastructure sector Case 1 : Tanger Med Port Authority Company Shareholder structure Presentation 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) ; Fipar- Holding ▪ The port includes 2 containers terminals, of a total capacity of 3 million TEU (an 32,3% 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 TMSA capacity of 532 000 m 3 of the sophisticated products, and a car carrier. 67,7% ▪ CDG was the incubator of the project ; ▪ Optimization of legal, financial and tax arrangements ; ▪ Establishment of governance bodies ; Key supports ▪ Monitoring of projects development and construction ; ▪ Assistance and support for the funds raising ; ▪ Regular dialogue on major projects and support in strategic negotiations. ▪ 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 ; Main benefits ▪ 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). 6
Case studies – Experiences of Fipar-Holding in the infrastructure sector Case 2 : Lydec Company Shareholder structure Presentation ▪ 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 Fipar- outsourcing contract signed in 1997 by the Delegating Authority (Communes Holding Urbaines de Casablanca, Mohammedia et Aïn Harrouda), the Supervisory Authority 16,0% (Ministry of Interior) and the Delegate (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 ; Key supports ▪ Supporting of projects development ; ▪ Supporting of the outsourcing of the Internal Retirement Fund ; ▪ Development of strategic and commercial synergies. ▪ 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 Main benefits 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. 7
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