1 - CFG conference

PRESENTATION OF THE GROUP
OCTOBER 2014
DATE ARIAL REGULAR 8PT
PAGE 1
Contents
1 Alliances Group
P3
2
Business Portfolio
P9
3
Strategy
P27
4
Governance
P30
5
Foundation
P33
Appendices
Financial information of the Holding Company
Financial Information S1 2014
Construction Division: Backlog and main achievements
Services Division: Backlog and main achievements
Land Bank
P35
P36
P37
P43
P45
2
1. Alliances Group
Alliances at a glance
Identity
Institutional shareholders (to date)
Company name
Alliances Développement Immobilier
Legal form
Public limited Company with Board of
Directors
Chairman of the Board
Chairman
IFC
31,0%
RCAR
Mr Mohamed Alami Nafakh Lazraq
MAMDA
56,4%
Date incorporated
June 13, 1994
2013 revenues
4 266 MDH
2013 Group Net Income
580 MDH
MCMA
2,3%
2,3%
4,9%
3,0%
OTHERS
Distribution of revenues per activity segment (end of 2013)
2013 Equity
Market capitalization
6,237 MDH *
5,293 MDH
17 MDH 138 MDH
3,2%
0,4%
1,065 MDH
Low and medium cost
housing
Residential, Golf Resorts
and Tertiary
25,0%
2013 Dividend per share
12 DH
2,208 MDH
4,266 MDH
Employees at 31/12/2013
5,540 employees
Land bank
2,314 ha
Construction
51,8%
Services
**
19,7%
* Including bonds redeemable in shares (BRS) issued in 2012 and reimbursable in August
2015 (1 MMDH)
838 MDH
Holding ***
**ALMOD – ALGEST – ALTADEC
***ADI – Alliances International – ALHIF Management – ALVI
3
1. Alliances Group
Key consolidated financial indicators
Revenues
EBITDA
Group Net Income
MDH
MDH
MDH
4 266
4 003
1 403
1 329
1 500
30,0%
27,2%
1 091
1 000
500
17,0%
725
525*
580
10,0%
0
2012
2 013
2012
2 013
20,0%
0,0%
2012
2 013
Group Net Income
Consolidated Net Income
Net Margin
Group Net Income / Share
Dividend / Share
Financial Structure
DH
DH
MDH
47
43
10 000
20
60,0%
57,2%
57,4%
8 000
12
55,0%
6 000
4 000
1 000
1 000
45,0%
5 237
4 961
2 000
50,0%
8 330
8 028
0
2012
2 013
2013
2 014
40,0%
2012
Net indebtedness
2013
Equity
Gearing
BRS
* Excluding exceptional income registered by ADI in 2012 after the sale of 6.97% of Alliances Darna shares
4
1. Alliances Group
Stock price
02/01/2013
548 DH
17/09/2014
426 DH
120
1000000000
900000000
100
800000000
700000000
80
600000000
60
500000000
400000000
40
300000000
200000000
20
100000000
0
02/01/2013
0
02/04/2013
02/07/2013
02/10/2013
Volume
02/01/2014
ADI Price
02/04/2014
02/07/2014
MASI Price
5
1. Alliances Group
History
1994
2010
 Founding of Alliances Développement Immobilier (ADI)
 Launch of the Premium Residential business for Casablanca:
Sindibad, Les Allées Marines and Espace des Arts
 Launch of a program of 110,000 low cost housing units for
250 KDH
 Creation of the Alliances Foundation
1996-1998
 Signing of a number of delegated project agreements (MOD) for
large-scale projects (Bouznika Bay, Tanger Free Zone, Sapino
Industrial Park)
1999
2011
 Signature of an exclusivity contract for the MOD with ACCOR
 Delivery of 10,615 units by Alliances Darna, for the Riad Hay
Hassani, Sidi Moumen (Riad El Menzeh), Riad el Bernoussi,
Chwitter and Mehdia projects
2005
2012
 Diversification into real estate with the launching of the Al Maaden,
Al Qantara and Atlas Nakhil projects in Marrakech
 Launch of residential projects in Rabat: Clos Des Pins and
Terrasses Dar Essalam
 Acquisition by RCAR of 6.97% of the capital of Alliances Darna
(450 MDH)
2006
 Founding of Alliances Darna, responsible for low and middle
income housing
2008
 Private placement with major Moroccan and international
institutions through a capital increase of 1,050 MDH, or 17.4% of
the share capital
 Public offering for a total amount of 1,997 MDH through the sale of
a 16.5% interest and a 10% increase of the capital
2009
 Acquisition of EMT and EMT Levage (Ex Somadiaz) and creation
of the Construction Division
 Acquisition of a 83.5% interest in the Port Lixus station
2013
 Development of the group in Sub-Saharan Africa
 Final signature of a partnership between Alliances Group, the
CDG the FMDT to develop the Lixus station resulting in the
creation of a company jointly held by Alliances (50%), CDG (30%)
and FMDT (20%)
2014
 Entry of SFI with 3% of the capital of Alliances
 Redesign of the visual identity of Alliances on the occasion of the
group’s 20th anniversary and the introduction of a new structure
 Signature of a partnership between Alliances and BERD for an
investment of €50 million intended for the development of a hotel
chain in Morocco
6
1. Alliances Group
Our main advantages
1
Stable and institutionalized shareholding with a long-term strategic vision
2
Positioning in rapidly growing markets
Diversification of activities and creation of synergies between the various divisions
3
Consolidation of market shares with the ambition to bring them to higher level
4
On-going search for growth opportunities, nationally and internationally
5
6
Solid fundamentals with the commercial and profitability indicators constantly rising
7
Strategic land bank for the real estate division
8
Experienced and close-knit management team around the CEO
7
Outline
1
Alliances Group
2 Business portfolio
P3
P9
3
Strategy
P27
4
Governance
P30
5
Foundation
P33
Appendices
Financial information of the Holding Company
Financial Information S1 2014
Construction Division: Backlog and main achievements
Services Division: Backlog and main achievements
Land Bank
P35
P36
P37
P43
P45
8
2. Business portfolio
Business portfolio
Over the last five years, the Alliances Group has created a diversified business portfolio, thereby becoming the primary integrated
real estate and tourist development group in Morocco.
Construction and
Services Activities
Real Estate activities
Low and medium cost
housing
Low and Medium Cost
Housing Division
Residential, Resorts,
Golf and Tertiary
Services delivery
Golf, Residential, Tertiary,
Tourist, Hotel and Services Division
Construction
Construction Division
9
2. Business portfolio
Value chain
The Alliances Group is present throughout the real estate, tourism and infrastructure development chain.
Real Estate development
Land
Développement
Immobilier
opportunities
Real estate
Land
Land
Activités
Low cost
Primary
residence
Segments de développement Immobilier
Construction
Hotels
Real Estate segments
Activities
Market
analysis
Résidence
Premium
primaryprincipale
Bas de marché
residence
Integrated,
Résidence
complexprincipale
and
multi-function
Premium
projects
Projets intégrés,
complexes et
Hotel multifonction
development
Hôtellerie
Infrastructures
development plan
Analyse
marché
prospecting
Plan dvpt.
Immobilier
and
purchase
negotiation
feasibility
analysisOpportunité
Prospection
foncière
foncier et
analyse de
faisabilité
Final
schedu-ling
Négociation/
achat foncier
Design
ProgramConcepmation
tion
définitive
Project
management
Low and medium cost housing Division
Commercialisation
Public works
Maîtrise
d'ouvrage
Delivery /
Client
Relations
Execution /
Completion
Marketing
BTP
Exécution /
Réalisation
Interior
Decoration
Aftersales
service
Livraison /
Relations
client
Follow-up/
site
development
Service
aprèsvente
Aménagement
Low and medium cost housing Division
Golf, Residential, Tertiary, Tourism,
Hotel and Services Division
ALTADEC
ALGEST
Pôle Habitat Résidentiel Premium,
Golfique, Touristique et Services
Alliances Hospitality
Alliances Hospitality
En cours
de développement
En cours
de développement
Construction Division
Buildings
10
2. Business portfolio
Low and medium cost housing
Introduction
•
•
•
•
General Manager Delegate
2013 Revenues
Net income 2013
Human resources, end 2013
Ahmed Amloul
2,208 MDH
566 MDH
329 employees
Dedicated to low and medium cost housing, Alliances Darna is a subsidiary of the Alliances
Group founded in November 2006. Its strategy is based on a very high demand market with
a diversification of housing programs and construction throughout the country.
The primary objective is to allow the largest number of people possible access to home
ownership by promoting economic and social development of the areas where its projects
are conducted, with the firm desire to support the government in its policy intended to make
a supply of low income housing that satisfies the highest standards available to citizens.
Alliances Darna delivered the first lots on the Medhia and Chwiter projects in 2009.
11
2. Business portfolio
Low and medium cost housing
Key indicators and highlights
in MDH
Revenues
2 653
2013 Highlights
Operating income
1 132
1 200
2 208
50%
912
1 000
45%
40%
43%
41%
800
600

Commercial success of low and
medium cost housing projects with
reservations
received
in
2013
representing a backlog of 2.8 MMDH

Release of nearly 9,200 units,
including low cost and medium cost
housing units and lots for sales of 2.2
MMDH

Total land bank stabilized at 1,460 ha
representing an investment of 4.4
MMDH

Acceleration of the pace of projected
sales in 2014 due to the launch of
new authorized projects, allowing the
sale of nearly 11,000 units (housing,
lots, stores, etc.) for a projected total
property value of 4.5 MMDH

Reinforcement and success in
recovery of claims, representing a an
amount of 2.1 MMDH
35%
30%
25%
20%
400
15%
10%
200
5%
0
2012
0%
2013
2012
2 013
Operating Income
Net income
1 000
800
600
400
200
0
Equity
40,0%
812
599
30,6%
Operating Margin
439
2 050
566
25,6%
2 181
20,0%
0,0%
2012
2 013
Group Net Income
2012
2013
Consolidated Net Income
Net Margin
Breakdown of deliveries per
region (2013 year-to-date)
Breakdown of sales by region
(2013 year-to-date)
107
3 437
1 993
129
17 923
33 504
Casablanca-Mohammedia
Rabat-Kénitra
4 599
2 539
Marrakech
37 581
Tanger-Tétouan
10 044
19 344
Fès-Meknès
Casablanca-Mohammedia
Rabat-Kénitra
Marrakech
Tanger-Tétouan
10 970
Fès-Meknès
12
2. Business portfolio
Low and medium cost housing
Projects underway
25 projects are being executed by the Low and Medium Cost Housing Division  112,477 units
Region
Grand Casablanca
47,860 units
Until 2012
Riad Hay Hassani
Riad Sidi Moumen
Riad El Bernoussi I
Parc Errahma
Riad Errahma I
2013
2014
2015
2016
5,790 units
3,347 units
4,039 units
4,393 units
1,490 units
Riad Errahma II
Riad El Bernoussi II
Riad Chellalate
Riad Louizia I
1,045 units
2,367 units
2,360 units
2,045 units
Riad Errahma III
Riad Bouskoura
4,764 units
8,843 units
Riad Errahma IV
Center
Mehdia I
10,394 units
Mehdia II
Nejmat Saiss
26,270 units
9,588 units
982 units
Riad El Kheir Ain Aouda
Sidi Allal Bahraoui
South
Chwitter
10,064 units
2,178 units
3,128 units
15,143 units
SAG II
28,283 units
North
1,055 units
Riad Taddart
Riad Marrakech
Dar Al Morad
Bab Sebta Fnideq
7,377 units
3,437 units
5,203 units
3,445 units
2,769 units
Riad Tanger
Riad M'Diq
3,737 units
3,558 units
13
2. Business portfolio
Residential and Golf Resorts
Introduction
•
•
•
•
General Manager Delegate
2013 Revenues
2013 Net income
Human resources at end 2013
Yves Delmar
838 MDH
204 MDH
453 employees
The Alliances Group supports its policy to expand real estate with a high-level offering that
enables it to be present in all demand segments.
Assisted by major international and Moroccan architectural firms, the Group offers a number
of luxury and functional residential programs in preferred locations in Morocco’s largest
cities.
Alliances is also developing a Golf Resort concept for the most prized destinations in
Morocco, such as Marrakech and Agadir (Taghazout).
14
2. Business portfolio
Residential and Golf Resorts
Key indicators and highlights
in MDH
Revenues
2013 Highlights
Operating income
347
400
838
50%
45%
350
300
40%
43%
200
150
110
35%
41%
250
25%
129
15%
10%
2012
2013
0%
2012
Group Net Income
Group Net Income
Consolidated Net Income
Net Margin
 Sindibad* (Phase I): 700 MMDH +
2 013
Operating Margin
Equity
182
204
 Taghazout**: 240 MMDH
 Terrasses Dar Essalam + Clos des
20,0%
-20,7%
-20,0%
0
2 013
-100
-40,0%
Pins: 1,300 MMDH
289

133
2012
develop the Lixus tourist resort, resulting
2013
in the founding of a joint venture owned
50% by Alliances Group. 30% by CDG
Breakdown of units programmed (at end of June 2014)
1 112
1 651
1 862
106
695
776
615
15
454
327
451
Consistency
Sales
563
Rabat
and 20% by FMDT
3 252
3 252
Marrakech
Larache
Final signing of a partnership between the
Alliances Group, CDG and FMDT to
-60,0%
Casablanca
imminent launch of phase II
24,3%
0,0%
-31 2012 -23
sales of 2.9 MMDH, including:
5%
Operating Income
100
golf resort projects totaling confirmed
20%
0
200
Commercial success of the residential and
100
50
300

30%
1 862
998
* Project 50% owned by ADI
** Project 20% owned by ADI
1 601
864
Consistency
Agadir
Residential
Sales
Golf Resorts
15
2. Business portfolio
Residential and Golf Resorts
Projects underway
11 projects are being executed by the Low and medium cost housing Division  3,252 units
Region
Until 2012
Les Allées Marines
Casablanca
776 units
Espace des Arts
Sindibad Phase 1
2013
2014
2015
132 units
93 units
258 units
Sindibad Phase 2
Rabat
563 units
Espaces Dar Essalam
Marrakech
695 units
Clos des Pins
Atlas Nakhil
Al Maaden
Akenza
Agadir
1,112 units
Larache
106 units
* Units currently unter rental mnagement
Iken Park
Taghazout
Lixus – Preliminary
phase
2016
293 units
300 units
263 units
85 units
326 units
284 units
177 units
935 units
106 units*
16
2. Business portfolio
Construction
Introduction
•
•
•
•
General Manager Delegate
2013 Revenues
2013 Net income
Human Resources end 2013
Bernard Digoit
1,065 MDH
35 MDH
4,590 employees
The construction market is one of the pillars of Morocco’s economic growth, driven
essentially by needs for housing and infrastructures.
Specializing in public works and infrastructure projects, the Construction Division is
enhancing the Group’s positioning as the primary integrated real estate and tourist
promoter in Morocco. Its project execution expertise allows it to assist at the major
construction sites in the Kingdom of Morocco and internationally while respecting the best
international standards.
ADI
73%
ALMES
100%
EMT Bâtiment
Residential,
tourist and
industrial
buildings (turnkey
projects)
74%
EMT
Earthworks, port
works, railway
works, airport
works, hydraulic
developments,
road works, etc.
21%
95%
100%
EMT Levage
EMT Routes
Leasing of lifting,
handling
equipment,
special transport
and repairs
Street, road and
highway works
17
2. Business portfolio
Construction
Certifications & Distinctions
ISO 9001, version 2008 Certification
All subsidiaries of the Construction Division have obtained ISO certification of their
quality management system. This certification, awarded by Bureau Veritas, is based on
version 2008 of the ISO 9001 international standard. This distinction strengthens the
service commitment to clients and allows work to be done while respecting the highest
quality standards in public works.
EMT Bâtiment, chosen the best company in its field in 2013
In 2013, EMT Bâtiment was given the International Construction Award, a distinction for
quality and excellence annually presented to the best company in the field.
Its range of diversified competencies, its outstanding management and its technical
resources make it a preferred partner in the Kingdom of Morocco as well as
internationally.
EMT, outstanding in the field of dam construction
EMT is one of only three Moroccan companies certified by the Hydraulics Division
(Ministry of Installations) to building dams.
EMT Routes, OHSAS 18001 certified and qualified by the Ministry of Equipment
EMT Road has built considerable expertise since its inception. It is now certified
OHSAS 18001 V. 2007 and has numerous qualifications in the field of earthworks and
roadworks.
18
2. Business portfolio
Construction
Key indicators and highlights
in MDH
113
120
1 038
2013 Highlights
Operating income
Revenues
1 065
100
14%
85
12%
80
10%
11%
60
40
8%
8%

Super
4%
20
2%
0
2012
2013
2012
Group Net Income
Group Net Income
Consolidated Net Income
39 3,3%
Operating Margin
30,00
Equity
Sustained growth by EMT Bâtiment
with revenues of 720 MDH
144
4,0%
35

108
3,0%
35,00
representing
confirmed revenues of 511 MDH
2 013

40,00
Collector,
0%
Operating Income
45,00
Success in its bid to build the West
6%
Net Margin
Launch of the construction of the first
section of the Akwaba project in Cote
2,0%
25,00
20,00
d’Ivoire, consisting of 1,422 units for
1,0%
15,00
10,00
5,00
0,14
0,0%
-0,3%
projected total revenues of 418 MDH
0,00
-5,00
-10,00
-1,0%
2012
-3
2 013
2012
-2,0%
2013
Breakdown of backlog - 2013
636
EMT
2 225
6 232
3 371
EMT B
EMT R
19
2. Business portfolio
Service delivery*
Introduction
•
•
•
•
General Manager Delegate
2013 Revenues
2013 Net income
Human Resources at end 2013
Yves Delmar
17 MDH
-6 MDH
168 employees
To support its major construction projects and as an integrated player, Alliances has
specialized subsidiaries that have become benchmarks in the Moroccan market and have
been grouped in the Services Division of the Group.
The Alliances Group proposes service offerings for Moroccan and international institutional
clients (30 hotels on behalf of international brands). It acts as: Delegated Project Manager
(MOD), General Contractor and Turnkey Contractor. Delegated Project Management was
the first business of Alliances.
The Group has also developed expertise in rental management (ALGEST) and interior
designing (ALTADEC).
*ALMOD – ALGEST – ALTADEC
20
2. Business portfolio
Service delivery*
Key financial ratios and highlights
in MDH
Revenues
2013 Highlights
Operating income

42
0
-1
15%
2012
2 013
Program underway for 7 hotels and villas
under rental management representing
10%
5%
-1
17
-2
-1
an investment of nearly 2.7 MMDH
0%
-5%
-2%
-13%
(1,118 keys), for a confirmed sale of 1.1
-10%
-2
-15%
-3
2012
2013
MMDH
-2
Operating Margin
-20%
Operating Income

Group Net Income
Equity
0
-5
residential
140,0%
2012
-4
-0,3%
-6
-10
2 013
2012
2013
3,3%
-6
-60,0%
Group Net Income
Consolidated Net Income
Net Margin
projects,
representing
an
investment of more than 5 MMDH,
representing a confirmed sale of 164
40,0%
-5
Development underway for large scale
MMDH
-8
 Casablanca: Sindibad, Les Arènes,
-14
Breakdown of Backlog - 2013
Les Allées Marines, Espaces des Arts
 Rabat: Clos des Pins, Terrasses dar
Essalam
164
 Agadir: Founty, Taghazout
Hotel projects
1 275
Residential projects
1111
*ALMOD – ALGEST – ALTADEC
21
2. Business portfolio
New growth drivers
Africa (1/2)
Development Strategy
Priorities
2013 Highlights
Horizon
 Launch of work on the Akwaba projects for an investment of
1 Confirm the
execution of projects
being developed
(Ivory Coast,
Senegal)
Short
term
2 Actively seek out
and identify projects
to launch (Cameroon,
Congo-Brazzaville,
Mali)
Mid
term
3 Remain attentive
to future
opportunities
(Ghana, Burkina
Faso, Gabon)
Long
term
1.9 MMDH and included as part of the signing of an agreement
with the Government of Côte d’Ivoire on the construction of 10,000
low and medium cost housing units in Abidjan
 Signing of a memorandum of understanding for the development
of an urban area of 526 hectares, to be built in 4 phases in the
Dakar region
 Signing of an agreement on a program of collaboration for the
development of the property of the Ministry of Defence of Mali
22
2. Business portfolio
New growth drivers
Africa (2/2)
Projets launched
Ivory Coast
Akwaba – Phase 1
Senegal
Diamniadio – Unit 1 of phase 1, parts A & B

Area: 12,5 ha

Area: 6,8 ha

Consistency:
1,422 affordable housing units
18 retail units
76 showrooms
152 offices
1 shopping center

Consistency:
850 affordable housing units
200 medium-class housing units
12 villas

Investment amount: 340 MDH

Investment amount: 334 MMAD

Forecast revenues: 445 MDH

Forecast revenues: 418 MMAD
23
2. Business portfolio
New growth drivers
Hotel development (1/2)

By its numerous investments in the Azur tourism development plan and the development of golf resorts,
Alliances contributes to the national tourism strategy and follows a development logic that is both
sustainable and geographically extensive.

Based on its expertise in the design and construction of hotels that meet international standards, the
Alliances Group is now a major player in the sector, both as a hotel investor and now a preferred partner of
world-class hotel chains.
Alliances, expertise in integrated projects

The Group has a long experience in the construction of resorts and can count among its achievements:
 Al Maaden at Marrakech (golf resort);
 Sindibad Resort at Casablanca (urban resort);
 Lixus at Larache (golf resort).

Thanks to its deep knowledge of every step in the construction chain, ALMOD, the Alliances
subsidiary specializing in project management is involved in complex projects, from design to construction,
and has solid experience and recognized expertise in hotel management, alongside the Accor Group, with
which an exclusivity agreement was signed in 1999.
24
2. Business portfolio
New growth drivers
Hotel development (2/2)
An ambitious development
•
Signature of a partnership between Alliances
Hospitality, Alliances Group subsidiary specialized in hotel
development,
and
the
European
Bank
for
Reconstruction and Development (EBRD) :




•
Creation of Alliances Hotel Investment (NewCo,
40% capitalized by BERD and 60% by Alliances
Hospitality)
1st investment envelope of €50 million
(€10 million managed by BERD and €15 million
managed by Alliances Group)
Construction of 3 and 4 star hotels in Morocco
First hotels developed in Casablanca and
Marrakech, followed by other cities of the Kingdom,
such as Tanger, Rabat, etc.
Advanced study underway for the development of a
132 key hotel, located on the Bay of Taghazout and
representing an investment of more than 340 MDH.
25
Outline
1
Alliances Group
P3
2
Business portfolio
P9
3 Strategy
P27
4
Governance
P30
5
Foundation
P33
Appendices
Financial information of the Holding Company
Financial Information S1 2014
Construction Division: Backlog and main achievements
Services Division: Backlog and main achievements
Land Bank
P35
P36
P37
P43
P45
26
3. Strategy
Strategy
Fundamental principles of the 2014-2020 Strategic Plan
The guiding principles of the Alliances
Group strategic plan in the 2020 horizon can
Growth in revenues and Division contributions to
Group revenues
be summarized as follows:
 Portfolio diversification, international
1
> Balanced portfolio with an equal contribution from
the Low income Housing, Construction and
Residential Divisions, resulting in less dependence
on low income housing
2
Stabilization of profitability at very satisfactory
levels
3
Improvement in cash flows and debt levels
development;
 Consolidation of historical businesses
(low income housing and services);
 Development of optimal synergy among
the Group’s divisions.
Implementation of this strategy should result
in a significant growth accompanied by
solid
fundamentals
that
allow
steady
growth and sustainable profitability on
markets with high potential.
27
3. Strategy
Strategy
Emphasize our presence in fast-growing sectors
Alliances Group is capitalizing on its experience in order to:
Contribute to the efforts of public authorities to reduce the housing deficit and reinforce its
presence in the medium cost housing segment, intended for the middle class and young
Moroccan families.
Consolidate our brand image through major, high profile projects that highlight the group’s
expertise, with a priority focus on quality.
Support the largest infrastructure projects in Morocco and abroad by offering services that
comply with the best international standards.
Continue to develop leadership in tourist and real estate projects and expand into potential
foreign markets.
… and create new growth drivers, such as:
Africa
Reducing the housing deficit in Africa and participate in infrastructure renewal.
Hotel
development
Participating in enriching and diversifying the hotel offering in Morocco and contribute to the
success of the 2020 Vision and the country’s tourist development.
28
Sommaire
1
Alliances Group
P3
2
Business portfolio
P9
3
Strategy
P27
4 Governance
5
Foundation
P30
P33
Appendices
Financial information of the Holding Company
Financial Information S1 2014
Construction Division: Backlog and main achievements
Services Division: Backlog and main achievements
Land Bank
P35
P36
P37
P43
P45
29
4. Governance
Structure of the Alliances Group
B. SKALLI
Strategy and
Partnerships
J. HAMDAOUI
Advisor
M. NASROLLAH
Legal Affairs
O. FASSI FEHRI
Special Advisor
O. LAZRAQ
Y. BENHADOUCH
S. SKALLI
Project Leaders
H. BENZAKOUR
Secretary General
Group
Y. SEBTI
Finance and Management
Control
Z. ELKASRI
Communication
K. KANINE
Management Control
T. BENERRADI (PI)
Procurement
A. LAGHZAOUI
Treasury
F. KADMIRI
Human Resources
A. LAHGAZI
Consolidation
M. BOUSSEMHA
Information Systems
M. FASSI FIHRI
Risks and Internal Controls
Organization, Methods and
Quality
A. LAZRAQ
CEO
P. LELU
Development in Africa
Internal Audit
Y. DELMAR
General Manager
GRT, Tourist, Hotel and
Services
H. CHKILI
AGM
Golf, Residential and
Tertiary
R. BENNOUNA
AGM
Hotel Development
N. BOURHIS
AGM
Services
A. AMLOUL
General Manager
Low and Medium Cost
Housing
B. DIGOIT
General Manager
Construction
A. WALIALLAH
General Secretariat
M. AL MOUZANI
AGM EMT
A. MANSIR
AGM Technology
M. AL MOUZANI
AGM EMTL
M. NACIRI
Finance Director
O. BENNANI
AGM EMTB
M. LAZRAQ
Director, Sales and
Marketing Services
M. EL MESBAHI
AGM EMTR
C. KHALILI
Deputy AGM Services
Y. KABBAJ
AGM
Lixus Resort*
Operational Services
*Company being created with ADI holding 50%, CDG 30% and FMDT 20%
30
4. Governance
Executive Committee
Senior, expert and tight-knit team around the CEO of the Group
J. HAMDAOUI
Advisor
A. LAZRAQ
CEO
O. FASSI FEHRI
Special Advisor
H. BENZAKOUR
Secretary General
Group
Y. DELMAR
General Manager
GRT, Tourism, Hotels and
Services
B. SKALLI
Strategy and partnerships
Y. SEBTI
Finance and Management
Control Services
A. AMLOUL
General Manager
Low and Medium Cost
Housing
B. DIGOIT
General Manager
Construction
31
Sommaire
1
Alliances Group
P3
2
Business portfolio
P9
3
Strategy
P27
4
Governance
P30
5 Foundation
P33
Appendices
Financial information of the Holding Company
Financial Information S1 2014
Construction Division: Backlog and main achievements
Services Division: Backlog and main achievements
Land Bank
P35
P36
P37
P43
P45
32
5. Foundation
Alliances Foundation
Alliances Foundation was created in February 2010 with a mission to support Morocco’s economic, social
and cultural development through concrete actions in social solidarity, culture and health.
SOLIDARITY
CULTURE
HEALTH
Using an original social support
investment
model,
Alliances
Foundation created and now
maintains the Mourafiq program,
an ambitious social support
program for newcomers to low
and medium cost housing built by
the Alliances Group.
Alliances
Foundation
provides
cultural patronage. It supports
contemporary artists, in particular
through a unique project in
Marrakech: the Al Maaden Sculpture
Park. It also provides support for
young artists, sponsors a museum
of contemporary African art and
funds a restoration project to
promote Moroccan culture in the
Marrakech region.
Alliances Foundation also acts in the
health sector, actively supporting
organizations or initiatives that foster
access to quality care for the
greatest number of people.
33
Outline
1 Alliances Group
P3
2
Business portfolio
P9
3
Strategy
P27
4
Governance
P30
5
Foundation
P33
Appendices
Financial information of the Holding Company
Financial Information S1 2014
Construction Division: Backlog and main achievements
Services Division: Backlog and main achievements
Land Bank
P35
P36
P37
P43
P45
34
Appendices
Financial information of the Holding* Company
in MDH
Revenues
Operating income
160
0
138
-2
15%
2012
2 013
-4
10%
5%
-5
-6
0%
-4%
-8
-5%
-7%
-10
-10%
-12
-14
2012
2013
-15%
-12
-20%
Operating Income
Group Net Income
Operating Margin
Equity
311
200,0%
193,8%
150
1 000
1 000
2 651
2 596
2012
2013
100,0%
0,0%
-53,5%
-100,0%
-4
-50
2012
-5
-200,0%
2 013
-74
Group Net Income
*ADI – Alliances International – ALHIF Management – ALVI
Consolidated Net Income
-300,0%
Net Margin
Equity
BRS
35
Appendices
Financial information of S1 2014
En MDH
GLOBAL
Low and medium
cost housing
Residential, Golf
Resorts and
Tertiary
Construction
Services*
Holding**
S1 2013
S1 2014
S1 2013
S1 2014
S1 2013
S1 2014
S1 2013
S1 2014
S1 2013
S1 2014
S1 2013
S1 2014
1 803
1 997
922
1 198
258
317
543
466
18
10
61
5
589
651
391
493
137
173
58
17
8
-6
-5
-27
32,7%
32,6%
42,5%
41,2%
53,2%
54,7%
10,6%
3,7%
42,8%
-54,4%
-8,6%
NS
313
287
224
279
96
91
17
-16
4
-9
-29
-58
17,4%
14,4%
24,3%
23,3%
37,3%
28,7%
3,2%
-3,4%
20,8%
-89,8%
-47,9%
N/S
246
207
156
197
96
91
19
-14
4
-9
-29
-58
Equity
4 993
5 358
2 045
2 002
256
365
126
126
-4
-25
2 570
2 889
Net indebtedness
8 504
8 298
4 291
4 570
943
1 005
454
426
-1
0
2 817
2 625
Revenues
Operating income
Operating Margin
Net Income
Net Margin
Group Net Income
*ALMOD – ALGEST – ALTADEC
**ADI – Alliances International – ALHIF Management – ALVI
36
Appendices
Construction
EMT | Backlog
Project
Category
Location
Project size (MDH)
Start Date
Projected End Date
Sidi Abdellah
Dam
Tardoudant
493
Nov - 09
Mar - 15
Timkit
Dam
Errachidia
375
Aug - 09
Sept - 14
Sidi Ifni Port
Port
Sidi Ifni
284
Feb - 11
Sept - 14
Fishing port
Lagoon
Fishing shelter
Elhocema
Nador
Tanger (Ksar Sghir)
81
71
49
Oct - 11
Sept - 12
Nov - 13
Sept - 14
Sept - 14
Sept - 14
Oil terminal
Tanger
87
Oct - 13
Dec - 14
Water purification plant
Rabat
261
Jan - 13
Mar - 15
Landfill
Meknès
74
Jan - 13
Dec - 14
Landfill
Layoune
24
Jun - 14
Dec - 14
Environment
Casablanca
426
Mar - 14
Mar - 17
Inouaren
Marchica
Dalia
Port pétrolier
Oum Azza
Sita Meknès
Laayoune
Landfill
West Collector
Total
2,225
37
Appendices
Construction
EMT | Main Achievements
Platforms for the Renault Melloussa plant
Coastal platform for the new port on the Mediterranean Sea at Tanger
General marine earthworks at Casablanca
Installations for storing and distributing hydrocarbons at the Tanger MED port
Earthworks for the rail connection to the Tanger MED port
Aït H’Mad Dam at Guelmim
Douiss Dam in the province of Figuig
Mazer Dam in the province of Settat
Tamalout RRC Dam in the province of Midelt
Aircraft runways and parking areas: Mohammed V Airport in Casablanca, Nador Airport, Menara Airporat at Marrakech, Fès Saiss
Airport, Tétouan Airport, Tanger Airport, Errachidia Airport, Rabat Airport
Irrigation canals: province of Marrakech (100 km), province of El Kelaa des Sraghna (50 km), province of Kenitra (30 km), Beht
canal (50 km)
38
Appendices
Construction
EMT B | Backlog
Project
Category
Location
Project size (MDH)
Start Date
Projected End Date
Clos Des Pins
Residential
Rabat
322
Jun - 12
Dec - 15
Sindibad
Residential
Casablanca
166
Sept - 13
Jan - 15
Hôtel Barcelo
Hotel
Marrakech
210
Dec -10
Oct - 14
Hôtel Husa
Hotel
Marrakech
147
Dec - 10
Oct - 14
OCP - Halassa
Industrial
Khouribga
272
Dec - 12
Oct - 14
OCP - Halassa 2
Industrial
Khouribga
77
Nov - 13
Dec - 14
OCP - Caserve Chamaia
Barracks
Chamaia
177
Jan - 14
Nov - 14
Low and medium
cost housing
Abidjan
2.000
Jan - 14
Dec - 18
Côte d’Ivoire
Total
3,371
39
Appendices
Construction
EMT B | Main Achievements
Al Maaden, Marrakech - Riads and Villas
OCP, El Jadida Cultural Centre
Hotel Jasmin and Sky Morocco Hospitality
El Hallassa Mine
Riad El Bernoussi - Low and medium cost housing
OCP, Mohammed VI Polytechnical University
40
Appendices
Construction
EMT R | Backlog
Project
Category
Parc Errahma
Low-cost housing
Riad El Bernoussi subdivision
Low-cost housing
Al Maaden - Medina III Complex
Residential
Station de Lixus - Phase II
Residential
Riad Errahma II subdivision
Low-cost housing
OCP HALASSA
Industrial
Mehdia II Project
Residential
Chemaia Barracks
Industrial
ZI de Jouamaa - Lot N°2
Industrial
Ennakhil subdivision
Low-cost housing
Roses de Bouznika subdivision
Medium-cost housing
Casa-Settat Highway
Highway
Mohammed VI Benguerir Green City
Signage
Tanger Blvd Fès et Blvd MySlimane
Public works
Tanger Lot 10
Roadworks
Total
Location
Project size (MDH)
Start Date
Projected End Date
Casablanca
Casablanca
Marrakech
Larache
Casablanca
Khouribga
Mehdia
Chamaia
Tanger
Casablanca
Bouznika
Casa - Settat
Benguerir
Tanger
Tanger
45
50
16
95
29
36
55
32
51
20
46
10
1
76
74
636
Mar - 12
Sep - 11
Feb - 12
May- 11
Jun - 13
Jun - 13
Feb - 14
Mar - 14
Aug - 12
Apr - 12
Apr - 12
Apr - 14
Apr - 14
Pending
Pending
Dec - 14
Dec - 13
Jan - 14
Pending
Jul - 14
Dec - 14
Dec - 14
Dec - 14
Dec - 14
Oct - 13
Aug - 14
Sep - 14
Jul - 14
-
41
Appendices
Construction
EMT R | Main Achievements
Lixus seaside resort at Larache – Inland improvements, Phases I and II
Al Maaden - Médina 3
El Halassa Mine
Tanger Automotive City
Riad El Bernoussi - Low cost social housing
Mohammed VI Polytechnical University
42
Appendices
Service Delivery
Backlog
Hotel projects
Project
City
Start Date
Projected end date
Investment in MDH
(eg. land)
Sales
Park Hyatt (1)
Hyatt Place (2)
Baccarat
Les arènes Hôtel (3)
Marriott Taghazout (4)
Hôtel Sindibad
Hôtel Lot 19
Marrakech
Taghazout
Rabat
Casablanca
Taghazout
Casablanca
Marrakech
15/11/2010
01/09/2012
31/12/2011
01/06/2014
01/01/2015
01/01/2015
01/10/2015
31/12/2015
31/12/2014
31/12/2015
31/12/2017
31/12/2016
31/07/2017
31/12/2016
708
187
459
600
476
162
84
765
7
22
27
24
175
91
2,677
1,111
Total
Residential projetcs
City
Start Date
Projected end date
Investment in MDH
(eg. land)
Sales
Les Allées Marines
Casablanca
11/07/2011
30/09/2014
216
11
Espace des Arts
Clos Des Pins
Terrasses Dar Essalam
Iken Park
Taghazout
Sindibad – Phase 1
Les Arènes
Casablanca
Rabat
Rabat
Agadir
Agadir
Casablanca
Casablanca
29/02/2012
30/06/2014
105
01/05/2012
01/10/2012
30/04/2015
31/08/2015
338
516
15/03/2014
N/A
01/02/2013
01/06/2014
31/03/2016
01/03/2017
31/07/2015
31/12/2017
119
2,000
485
294
5
17
18
6
75
19
13
5,070
164
Project
Total
(1) Including 44 villas
(2) Including 20 villas with leasing services
(3) Including 30 apartments
(4) Including 100 villas with leasing services
43
Appendices
Service Delivery
Main Achievements
Project nameU
MARRAKECH
Sofitel Palais Jamaï
Club Med Palmeraie
Club Med Palmeraie - Finest
Sofitel Palais Imperial
Ibis Palmeraie
Hotel Club
Hotel Palladien
Al Baraka Resort
Suite Novotel
Morabah – Lucien Barrière
Four Seasons
Park Hyatt
MEKNES
Ibis Meknès
ESSAOUIRA
Mgallery (ex Sofitel Mogador)
Ibis Essaouira
TANGER
Ibis Tanger Free Zone
Ibis Tanger City Center
FNIDEQ
Ibis Fnideq
Units
Investments in
MDH
Project name
Units
Investments in
MDH
AGADIR
142 rooms
300 rooms
60 suites
268 rooms
150 rooms
450 rooms
400 rooms
78 rooms
112 suites
85 rooms
+ 30 riads
140 rooms
+ 40 riads and villas
130 rooms
+ 44 villas
54
410
541
54
188
156
156
61
380
990
720
104 rooms
30
111 rooms
150 rooms
110
50
104 rooms
200 rooms
31
78
101 rooms
32
Sofitel Royal Bay - Night club +
Conference Room
Sofitel Thalassa Sea & Spa
CASABLANCA
Ibis Sidi Maârouf
Ibis Casa City Center
Novotel Casa City Center
Sofitel Tour Blanche
Park Hyatt
FES
Barcelo
LARACHE
Station Port Lixus – Larache
RABAT
Baccarat
TAGHAZOUT
Hyatt Place
EL JADIDA
Ibis El Jadida
OUARZAZATE
Ibis Ouarzazate
42
173 rooms
403
91 rooms
266 rooms
281 rooms
171 rooms
120 rooms
38
120
207
420
500
150 rooms
105
80 villas
155
135 rooms
450
142 rooms
200
103 rooms
35
104 rooms
36
44
Appendices
Land Bank
Low and medium cost housing as at December 31, 2013
Casablanca region
∑ 1,460 ha
North region
Excluding Land bank not
yet recognized on balance
sheet
Riad bab Sebta
17 ha
Riad M’deq
61 ha
Riad Tanger
25 ha
Riad Khmiss Sahel*
143 ha
Riad el Bernoussi I
18 ha
Riad Hay Hassani
28 ha
Riad Sidi Moumen
14 ha
Riad Errahma II
17 ha
Riad Bernoussi II
11 ha
Riad Chellalat
18 ha
Riad Park Errahma
36 ha
Riad Louizia I
18 ha
Riad les Oliveraies
de Fès*
87 ha
Riad Bouskoura
49 ha
Riad Nejmat Saiss
10 ha
Riad Errahma I
6 ha
Riad Mehdia
108 ha
Riad Errahma III
21 ha
Riad Bouknadel*
186 ha
Riad Errahma IV
41 ha
Sidi Allal Bahraoui
59 ha
Mehdia extension
129 ha
El Mansour*
196 ha
Ain Aouda
11 ha
Ain Aouda II*
120 ha
Central region
South region
SAG II
Chwiter
Rmila
SAG I (El Biaz)
South region
37 ha
Riad Marrakech
200 ha
Dar Al Mourad
51 ha
Riad Taddart
34 ha
215 ha
190 ha
36 ha
(*) Not yet shown on balance sheet; their acquisition being finalized.
45
Appendices
Land Bank
Residential as at December 31, 2013
∑ 63 ha
Excluding Land bank not
yet recognized on balance
sheet
Casablanca region
Les Arènes*
1 ha
Les Allées Marines
1.7 ha
Sindibad**
28 ha
Espace des Arts
0.4 ha
Akilam
5 ha
South region
Amerchich
3.7 ha
Agdal activity zone
0.25 ha
Atlas Nakhil
45 ha
Lot 19
2 ha
Founty
1 ha
Rabat
Les Terrasses Dar
Essalam
3.3 ha
Clos des Pins
1 ha
(*) Not yet shown on balance sheet; their acquisition being finalized
(**) Phase 1 already acquired –Alliances interest is 50%.
46
Appendices
Land Bank
Golf resorts as at December 31, 2013
∑ 791 ha
Excluding Land bank not
yet recognized on balance
sheet
North region
Lixus
410 ha
South region Sud
(*) Alliances interest is 20%.
Akenza
238 ha
Al Maaden
143 ha
Taghazout*
615 ha
47