December 1 st, MAD. Mohammed ABDELJALIL million MAD(*) collaborators(*) 35.9 million tons(*)

Transcription

1 ANNUAL REPORT 2012

2 2012

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4 04 ANNUAL REPORT 2012 MARSA MAROC IN BRIEF Corporate Name Date of establishment Legal status Registered capital Headquarters President of the Executive Board Sector of activity Turnover Staff Global traffic Operated ports Société d Exploitation des Ports - Marsa Maroc December 1 st, 2006 Limited Company with Board of Directors and Supervisory Board MAD 175, Bd. Zerktouni Casablanca - Morocco Mohammed ABDELJALIL Terminals and ports operating within the framework of concessions million MAD(*) collaborators(*) 35.9 million tons(*) Nador, Al Hoceima, Tangier, Mohammedia, Casablanca, Jorf Lasfar, Safi, Agadir, Laayoune, Dakhla Provided services Ship related services (piloting, towing, mooring, victualing, etc); Goods related services (handling on board and on dockside, storing, checking, weighting, containers staffing and unstaffing etc); Related services (handling, goods stacking, loading and unloading of trucks, etc); Real-time Information (e-service Marsa Conteneur ). (*) To the end of 2012

5 05 CORPORATE PROFILE Marsa Maroc is a multi-speciality and the national leader in ports operation with a significant presence in all the kingdom s commercial ports. Since its creation by the end of 2006, Marsa Maroc started a development process with the ultimate objective to fully participate in improving the logistic performance of Morocco. Driven by the constant concern for service quality and thanks to its qualified human resources and performant equipments, Marsa Maroc strives to offer services along with the best international standards in all the national ports where it operates. Moreover, Marsa Maroc has the ambition to strengthen its presence in the international market in order to become a reference port operator at the regional scale. The obtaining of the Container Terminal 4 concession in the port of Tanger Med II and the Container Terminal 3 in the port of Casablanca confirm its ambition.

6 TABLE OF CONTENTS

7 PRESIDENT S WORD PRESENTATION OF MARSA MAROC Management bodies Organization Chart HIGHLIGHTS Development Quality Citizenship 2012 ACTIVITY Traffic achievements Financial results FINANCIAL STATEMENTS Balance sheet (Assets) Balance sheet (Liabilities) Profit and loss account Funds statement Statement of cash flows CONTACTS

8 08 PRESIDENT S WORD ANNUAL REPORT 2012

9 09 With its structuring projects, 2012 has been a development-driven year. Mohammed ABDELJALIL Chairman of the Executive Board With its structuring projects, 2012 has been a development-driven year. First, the vertical storage space at the Ro-Ro terminal of Casablanca s port inaugurated in April 2012 by His Majesty King Mohammed VI May God Assists Him. This major infrastructure that meets international norms and standards is truly the flagship of this type of terminals at the regional level. Offering a large capacity of vehicles hosting as well as processing a wide range of services with high added value, it intends to support the strong dynamic of vehicles import and export business. The other key event of this year that strengthens our Cap 15 project, by pursuing up our development projects, was undoubtedly the obtaining of the Container Terminal 3 concession at the port of Casablanca. With this new terminal, Marsa Maroc will process about TEUs in the port of Casablanca reinforcing thus our leadership in this strategic activity. Other important achievements are also part of our strategic vision, in particular the acquisition of high capacity cranes that can handle Post- Panamax vessels reaching up to 17 rows of containers. Furthermore, the subcontracting contract for passengers, cars and cruises activity at the Port of Tangier is a recognition by the market of our expertise and know-how. Moreover, we remain committed to our values and strongly believe in our role as a corporate citizen. This year, we renewed our commitment in areas such as education and environment. We are particularly proud of the distinction that we have been awarded by Mohammed VI Foundation for the Protection of the Environment in the field of environmental protection and «clean beaches». Regarding the achievements, we maintained our leadership by draining 48% of the national port traffic. As far as our financial performance is concerned, our turnover stood at million MAD registering an increase of 2% compared to the previous year. These achievements reinforce our determination to pursue our business plan in order to strengthen the position of Marsa Maroc as the national port sector leader as a basis for its future international expansion. This significant investment confirms our ambition to meet our customers needs and provide them quality services. Also as part of our improvement, the certification during the year 2012 of the freight forwarding activity at the Port of Casablanca and renewal of the certification for bulk and general cargo activity at the port of Tanger Med I crown our efforts to establish a quality management system.

10 10 ANNUAL REPORT 2012 PRESENTATION OF MARSA MAROC Management bodies Supervisory Board : Mr Abdelaziz RABBAH Mr Younes TAZI Mr Abdelhak KHOUADRA Mr. Mohamed Jamal BENJELLOUN Mr Abdelhak BENDAHMANE Mr Jamal RAMDANE Minister of Equipment and Transport, Chairman of the Supervisory Board Vice-president of the Supervisory Board Representative of the Ministry of Economy and Finance Member of the Supervisory Board Secretary oh the Supervisory Board Shareholder of «La Société d Exploitation des Ports» Executive Board: Mohammed ABDELJALIL Chairman of the Executive Board El Mahjoub BAYRI Director and Tanger Med II Project Manager Mustapha SAHABI Financial Manager Rachid HADI Operations Manager at the Port of Casablanca Youssef BENNANI Development Manager

11 11 Organization Chart Chairman of the Executive Board Development Direction Port Operations Managers* Tanger Med Project Direction Technical Direction Financial Direction Human Resources Direction Information Systems Direction Purchase and General Affairs Direction Legal Matters Direction Internal Audit and Organization Direction (*) A total of eight: Nador, Tangier, Mohammedia, Casablanca, Jorf Lasfar, Safi, Agadir, Laâyoune.

12 HIGHLIGHTS 2012 Development Quality Citizenship

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14 14 ANNUAL REPORT 2012 DEVELOPMENT Royal inauguration of the vertical storage space for vehicles at Casablanca s port His Majesty King Mohammed VI inaugurated on April 26 th, 2012, a new vertical storage space for vehicles at Casablanca s port. This storage space aims at meeting cars importers and exporters needs in terms of saving time, hosting capacity and the quality of service. The project required a budget of 168 million MAD. Occupying 5 levels, the storage space covers an area of m², i.e. a useful storage area of m². It has a nominal storage capacity of cars and will allow the handling of cars annually. It will be able to increase the storage capacity at Casablanca s port from to units. Meeting the international norms and standards, the building comprises zones of delivery and cars hosting as well as a zone dedicated to value-added services. Operational from May 2012, the valueadded services zone offers related services such as preparation, paint retouching or washing cars in compliance with the specific needs of each client. Through this structuring project, Marsa Maroc aims at going along the strong dynamism that the cars import and export activity witnesses these last years.

15 15 Marsa Maroc awarded a provisional concession to operate Container Terminal 3 - CT3- of Casablanca s port On Tuesday, December 11 th, 2012, Marsa Maroc was awarded a provisional concession to operate Container Terminal 3 CT3- at Casablanca s port. With this success, Marsa Maroc strengthens its leadership in the national port market by increasing its capacity in handling domestic container traffic to about TEUs at Casablanca s port. This new container terminal which offers a 530 linear meters of quay with a depth of 12.5 to 14 meters and 30 hectares of land will be equipped of 4 gantry cranes and 13 RTG. Its commercial startup date is scheduled for August Under the terms of the concession agreement, which will bind it to the National Ports Agency (ANP) for a period of 30 years, Marsa Maroc will be committed to provide, for the good functioning of CT3, all superstructures, equipment and necessary human resources with an investment of about 850 million MAD. The signing of a subcontracting agreement between Marsa Maroc and the SAPT Marsa Maroc and the Planning Company for the Restructuring of Tangier s Port Zone SAPTsigned on October 1 st 2012, a subcontracting agreement for the operation of ferry and cruise ships terminal at Tangier s port. Under the terms of the subcontracting agreement, Marsa Maroc will make use, for a period of one year renewable by tacit consent and capped at three years, of its expertise and know-how for the management of passengers, vehicles and cruises activities.

16 16 ANNUAL REPORT 2012 Advances in the multi-users Container Terminal project CT4 of the port of Tanger Med II The signing with TMSA in June 2009, of the concession agreement of CT4 of the port of Tanger Med II embodies Marsa Maroc s major strategic development in containers business and this in conformity with the business plan CAP 15 developed in This project, that strengthens Marsa Maroc s leadership in the port sector, will gradually be put into operation and partly commissioned starting from February To support this important project, Marsa Maroc has already carried out a series of measures aiming at supporting the project in its preliminary stage and related to various projects such as: Project financing ; Assistance and consultancy in project management ; Market studies, traffic and costs. Two gantry cranes for the operation of post-panamax shipsat Casablanca s port Marsa Maroc has strengthened its equipment fleet with the purchase of two new container gantry cranes for Casablanca s port. These gantry cranes, which will reinforce the equipments of the Eastern Terminal, allow, since August 2012, treat post-panamax vessels reaching 17 rows and handle twin-lift containers (i.e. the handling of two full 20 feet containers at a same time) with a total load of 65 tons. In addition, this new method allows 35 handling movments ship movements per hour. This investment of over 148 million MAD goes with the evolution of the marine industry, especially in terms of the size of container ships and reflects the commitment of Marsa Maroc to offer its clients quality services through the improvement of containers loading and unloading rates and the reduction of ships lengths of stays.

17 17 The participation of Marsa Maroc in national and international exhibitions During the last quarter of 2012, Marsa Maroc took part in three important events gathering international professionals of transport and logistics. It participated in Morocco to the second edition of the International Exhibition of Transport, Mobility and Logistics, LOGISTRA, which took place from September 5 th to September 9 th, 2012, at the Office of Shows and Exhibitions in Casablanca. Marsa Maroc also participated to the International Exhibition of Solutions for Transport and Logistics in Dakar and the Atlantic Exhibition of Logistics and Transport (SALT) in Tenerife that took place respectively from November 15 th to November 17 th and from November 21 st to November 23 rd, Inaugurated by Mr Abdelaziz Rabbah, Minister of Equipment and Transport, the Dakar and Tenerife exhibitions have honored Morocco as an emerging logistic platform through the promotion of a moroccan global offer of logistics. During these three events, Marsa Maroc s stand was a forum of exchange and communication with local and foreign visitors who were informed about the flagship development projects of the company.

18 18 ANNUAL REPORT 2012 QUALITY Certification of Freight Forwarding activity at Casablanca s Port Marsa Maroc was granted in July 2012, the ISO version certification for: sales and operations of unloading, loading of trailers and containers and storage of goods». This certification project which aims at answering the requirements of customers and improve their satisfaction through the implementation of process, took place for a period of one year. It crowns the efforts made by the operations management at the port of Casablanca for the establishment of a quality management system for the Freight Forwarding activity. The renewal of certification of the bulk and general cargo terminal at the Port of Tanger Med I Following the first follow-up audit managed by TUV Rheinland, the ISO version certification that was granted to Marsa Maroc in June 2011, for: Management of terminals and port quays at the Port of Tanger Med I, was renewed. The renewal of this certification is a recognition of Marsa Maroc s commitment to anchoring a quality management system for the handling of bulk and general cargo traffics at the port of Tanger Med I.

19 19 CITIZENSHIP Marsa Maroc awarded the Commitment Prize and Blue Flag for clean beaches operation Her Royal Highness Princess Lalla Hasna chaired in Skhirat on Saturday May 26 th, 2012, the Princess Lalla Hasna Trophy Ceremony for «clean beaches 2011». During this ceremony, Marsa Maroc received two distinctions. Firstable, it was awarded the commitment prize for raising the awareness of holiday makers about the preservation of the environment. Secondly, it was awarded and for three consecutive years, the Blue Flag for clean beaches operation. Construction of a childcare center Related to its commitment towards for better schooling project, Marsa Maroc has built and equipped a childcare center in Oursstek village located in Oukaimeden region. Inaugurated on March 4 th, 2012, the childcare center hosted 20 children during the first year and provided reading and writing courses to women from Oursstek village. Eco-school Program : For a better environment Within the framework of the Eco-school and clean beaches programs initiated by Mohammed VI Foundation for the Protection of Environment and in commemoration of the World Environment Day, Marsa Maroc, faithful to its vocation of a corporate citizen, organized in coordination with Bayti Hayati Association, an action to raise students awareness on the protection and preservation of beaches. This consciousness raising operation undertaken in four schools in Casablanca-Anfa and Bouznika, took place from June 5 th to June the 8 th 2012.

20 ACTIVITY 2012 TRAFFIC ACHIEVEMENTS FINANCIAL RESULTS

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22 22 ANNUAL REPORT 2012 TRAFFIC ACHIEVEMENTS Marsa Maroc s market share in the national container traffic In 2012, Marsa Maroc has attracted almost 48% of the national port traffic, in near-stagnation in comparison with the last year. Marsa Maroc upholds its leading position in the containerized segment with a market share of 62%. 7% 50% 31% MM Casablanca MM Agadir Somaport Tanger Med I 12% Traffic handled by Marsa Maroc GLOBAL TRAFFIC: Marsa Maroc handled in 2012 a total traffic of 35.9 million tons, registering in comparison with last year, a slight rise of 2%.

23 23 ACTIVITY SEGMENT TRAFFIC Dry bulks and liquid bulks handled by Marsa Maroc maintained their growth trend with a respective increase of 4% and 2%. As for the conventional and roll on roll off segments, they registered a significant decrease in terms of volume. The liquid bulks segment recorded a volume of over 15.7 million tons, registering a slight increase of 2% due to the increase of hydrocarbons imports, and more specifically crude oil in the port of Mohammedia and this, further to the starting up of La Samir s new facilities Hydrocarbons Vegetal oils

24 24 ANNUAL REPORT 2012 TRAFFIC ACHIEVEMENTS The solid bulk segment has reached more than 11.4 million tons thereby registering an increase of 4% in comparison with last year. This increase is due, on one hand, to the increase in cereals traffic and growth of sugar traffic, a result of poor agricultural year which affected both segments and, on the other hand, to the handling of new traffics including iron ore in the port of Agadir and clinker for export in the port of Jorf Lasfar

25 25 The container traffic segment remained nearly the same registering a volume of over TEU (Twenty Feet Equivalent Unit). A decrease in traffic of about 2% was registered in the port of Agadir due especially to the decline of citrus fruits and early vegetables traffics caused by bad weather. This decrease has been made up by a slight revival of the container traffic in the port of Casablanca due to the growth of the global market as well as the performance of our main costumers during EVOLUTION OF THE CONTAINER TRAFFIC BY PORT IN TEU Casablanca Agadir The conventional traffic segment underwent a 11% fall setting at 2,5 million tons. At the origin of this decline, the decrease of steel traffic in the port of Casablanca caused essentially by the decline of the steel companies activity and the tough competitiveness in this business unit. EVOLUTION OF MAIN CONVENTIONAL TRAFFICS IN TONS

26 26 ANNUAL REPORT 2012 TRAFFIC ACHIEVEMENTS The new vehicles and engines segment underwent a decrease of 11% in comparison with the previous year with a volume of units handled at the port of Casablanca. This decrease is mainly due to the transfer of Renault s export traffic from the port of Casablanca to Tanger Med port. EVOLUTION OF VEHICLES TRAFFIC IN CASABLANCA S PORT The passengers traffic segment amounted to 2.01 million passengers including cruisers registering a decline of 10%. The most significant decrease of 35% affected Nador s port and it was caused mainly by the weak maritime offer due to the difficulties facing the Moroccan flag and the competitiveness of Melilia s port. EVOLUTION OF PASSENGERS TRAFFIC BY PORT

27 27 TRAFFIC BY PORT : In 2012, all ports operated by Marsa Maroc had their activity grow or stagnate compared to last year with the exception of Tangier and Laayoune ports. The port of Jorf Lasfar registered the most significant increase in traffic with a growth of about 9%. TRAFFIC EVOLUTION BY PORT IN TONS NADOR TANGER MOHAMMEDIA CASABLANCA JORF-LASFAR SAFI AGADIR LAAYOUNE DAKHLA

28 28 ANNUAL REPORT 2012 FINANCIAL RESULTS Turnover evolution Marsa Maroc s turnover for 2012 reached million versus million MAD in 2011, an increase of 2% and an additional turnover of 39 million MAD. Compared to the initial forecasts, the turnover of 2012 was up by 3%. Port handling services representing 91% of Marsa Maroc s turnover generated revenues of million MAD, an increase of 2% compared to The main services are handling (1.125 million MAD ), storage (395 million MAD ) and various services (286 million MAD ). The services provided to ships and which mainly include towing, steering and mooring achieved in 2012 a turnover of 156 million MAD, a slight decrease of 1% compared to Other operating activities totaled a turnover of 30 million MAD, a decrease of 10% compared to TURNOVER EVOLUTION IN MILLIONS OF MAD (*) (*) Forecasts

29 29 BREAKDOWN OF 2012 TURNOVER BREAKDOWN OF 2012 TURNOVER BY PORT HANDLING SERVICES SERVICES TO VESSELS OTHER SERVICES

30 30 ANNUAL REPORT 2012 FINANCIAL RESULTS Evolution of operating expenses The operating expenses in 2012 amounted to 1,592 million MAD against million MAD reported in 2011, which means a 2% increase. Changes in operating expenses were recorded as follows: Purchases (-5%), external expenses (-3%) and taxes and duties (4%) and personnel expenses (9%). The 2012 operating expenses underwent a decrease of 2% compared to the forecasts (*) (*) Forecasts

31 31 Evolution of income The 2012 operating income amounted to 446 million MAD versus 426 million MAD in 2011, an increase of 5%. Thus increasing by 28%, compared to the forecasts. The net income of 2012 reached 192 million MAD versus 206 million MAD achieved in 2011, a decrease of 7%. EVOLUTION OF OPERATING INCOME AND NET INCOME IN MILLIONS OF MAD Operating income 0 (*) Forecasts (*) Net income 2012 Capital budget performance Compared to the 2012 budget allowance amounting to 458 million MAD, the commitments at the end of 2012 reached 272 million MAD, i.e. a commitment rate of 59%. The commitments reached 40% for equipments, 27% for infrastructures and 89% for studies and financial participations , ,

32 FINANCIAL STATEMENTS 2012 BALANCE SHEET (ASSETS) BALANCE SHEET (LIABILITIES) PROFIT AND LOSS ACCOUNT MANAGEMENT ACCOUNTS FUNDS STATEMENT

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34 34 ANNUAL REPORT 2012 F I X E D A SS E TS C U RR E N T A SS E TS C A S H ASSETS BALANCE SHEET (ASSETS) GROSS Financial year from 01/01/2012 to 31/12/2012 FINANCIAL YEAR DEPRECIATIONS AND PROVISIONS NET 31/12/2012 PREVIOUS FINANCIAL YEAR NET 31/12/2011 DEFERRED EXPENSES RECORDED AS ASSET (A) INTANGIBLE FIXED ASSETS (B) , , , ,63 * Other intangible fixed assets , , , ,63 TANGIBLE FIXED ASSETS (C) , , , ,96 * Lands , , , ,70 * Buildings , , , ,78 * Technical fittings, material and equipment , , , ,73 * Transportation equipment , , , ,86 * Furniture, office equipment and various facilities , , , ,87 * Other tangible fixed assets , , , ,53 * Tangible fixed assets in process , , ,49 CAPITAL ASSETS (D) , , , ,41 * Fixed advances , , , ,26 * Other financial claims , , , ,15 * Equity Securities , , , ,00 ASSET TRANSLATION ADJUSTEMENT (E) TOTAL I (A+B+C+D+E) , , , ,00 STOCKS (F) , , , ,90 * Supplies , , , ,40 * Work in process inventory , , ,50 FLOATING ASSET RECEIVABLES (G) , , , ,57 * Advances to suppliers, advances and payments on account , , ,00 * Trade account receivable and related accounts , , , ,68 * Staff , , ,58 * Government , , ,43 * Other receivables , , , ,97 * Accruals , , ,91 SECURITIES AND INVESTMENT SECURITIES (H) , , ,34 TOTAL II (F+G+H+I) , , , ,81 CASH RESOURCES - ASSET , , , ,12 * Uncashed cheques and instruments , , , ,38 * Banks TG and CP , , ,62 * Cash, imprests and sums at disposal , , ,12 TOTAL III , , , ,12 GRAND TOTAL I + II + III , , , ,93

35 35 P R O P E R T Y A S S E T S L I Q U I D A S S E T S C A S H LIABILITIES BALANCE SHEET (LIABILITIES) Financial year from 01/01/2012 to 31/12/2012 FINANCIAL YEAR 31/12/2012 PREVIOUS FINANCIAL YEAR 31/12/2011 SHAREHOLDERS EQUITY , ,92 * Personal funds or registered capital , ,00 * Reserve , ,00 * Other reserves , ,64 * Balance carried forward , ,62 * Income of the financial year , ,66 SHAREHOLDERS EQUITY TOTAL (A) , ,92 EQUIVALENT SHAREHOLDERS EQUITY (B) , ,55 * Amortization expense , ,55 FINANCING DEBTS (C) , ,13 * Other financing debts , ,13 PERMANENT PROVISIONS FOR RISK EXPOSURE AND EXPENSES (D) , ,58 * Provisions for risk exposures , ,36 * Provisions for expenses , ,22 RATE ADJUSTMENT (E) , ,05 * Financial debts decrease , ,05 TOTAL I (A+B+C+D+E) , ,23 DEBTS OF THE FLOATING LIABILITIES (F) , ,34 * Trade accounts payable and related accounts , ,00 * Advances and payments on account from customers , ,11 * Staff , ,47 * Social institutions , ,57 * Government , ,32 * Current accounts 287,08 232,64 * Other creditors , ,50 * Liability adjustement accounts , ,73 TRANSLATION ADJUSTEMENTS LIABILITIES (H) , ,57 TOTAL II (F + G + H) , ,91 CASH RESOURCES - LIABILITY , ,79 * Banks (credit balances) , ,79 TOTAL III , ,79 GENERAL TOTAL I + II + III , ,93

36 36 ANNUAL REPORT 2012 O P E R A T I N G F I N A N C I N G PROFITAND LOSS ACCOUNT PROFIT AND LOSS ACCOUNT (excluding tax) OPERATIONS FINANCIAL YEAR OPERATIONS Financial year from 01/01/2012 to 31/12/2012 PREVIOUS FINANCIAL YEAR TOTALS OF THE FINANCIAL YEAR 31/12/2012 C = A + B TOTALS OF THE PREVIOUS FINANCIAL YEAR 31/12/2011 D A B I. OPERATING INCOME , , , ,49 * Sales of assets and services produced , , , ,44 * Operating recovery: transfers and expenses , , ,05 TOTAL I , , , ,49 II. OPERATING COSTS , , , ,33 * Consumed purchases of materials and supplies , , , ,22 * Other external expenses , , , ,48 * Duties and taxes , , ,14 * Payroll , , ,00 * Operating expenses ,80 0, , ,49 TOTAL II , , , ,33 III. OPERATING RESULTS (I - II) , , , ,16 IV. FINANCIAL INCOME , , ,94 * Income of investments and other long-term investments ,00 * Exchange gains , , ,28 * Interest income and other financial income , , ,70 * Financial reversals : transfers of expenses ,96 TOTAL IV , , ,94 V. FINANCIAL EXPENSES , , ,29 * Interest expenses , , ,48 * Exchange loss , , ,54 * Other financial expenses , , ,85 * Financial expenses , , ,42 TOTAL V , , ,29 VI. FINANCIAL INCOME (IV - V) , , ,65 VII. CURRENT INCOME (III - VI) , , , ,81 VIII. NON CURRENT INCOME , , , ,72 * Disposals income , , ,90 * Other non current income , , , ,79 * Non current reversals : transfers of expenses , , ,03 TOTAL VIII , , , ,72

37 37 N O N C U R R E N T PROFITAND LOSS ACCOUNT PROFIT AND LOSS ACCOUNT (excluding tax) OPERATIONS OPERATIONS FINANCIAL YEAR Financial year from 01/01/2012 to 31/12/2012 PREVIOUS FINANCIAL YEAR TOTALS OF THE FINANCIAL YEAR 31/12/2012 C = A + B TOTALS OF THE PREVIOUS FINANCIAL YEAR 31/12/2011 D A B TOTAL VIII , , , ,72 IX. NON CURRENT EXPENSES , , , ,30 * Net worth of transferred fixed assets depreciation , , ,58 * Other non current expenses , , , ,75 * Non current depreciation and estimated expenses , , ,97 TOTAL IX , , , ,30 X. NON CURRENT INCOME (VIIIX) , , , ,58 XI. INCOME BEFORE TAXES (VII+X) , , , ,23 XII. INCOME TAXES , , ,57 XIII. NET INCOME (XI - XII) , , , ,66 XIV. INCOME TOTAL (I + IV + VIII) , , , ,15 XV. EXPENSE TOTAL (II + V + IX + XII) , , , ,49 XVI NET INCOME (Income total - Expense total) , , , ,66

38 38 ANNUAL REPORT 2012 MANAGEMENT ACCOUNTS REANALISIS FORM STATEMENT OF INCOME MANAGEMENT Period of 01/01/2012 to 31/12/2012 FINANCIAL YEAR 2012 PRIVIOUS YEAR 2011 I + I + PRODUCTION OF THE FINANCIAL YEAR : (1+2+3) , ,44 1 Purchases of produced goods and services , ,44 2 Inventory changes 3 Fixed assets produced by the company for itself II - CONSUMPTION OF THE FINANCIAL YEAR: (4+5) , ,70 4 Consumed purchases of materials and supplies , ,22 5 Other external expenses , ,48 III = VALUE ADDED (I -II ) , , Operating grants 7 - Duties and taxes , , Payroll , ,00 IV = EARININGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION , , Other operating income 10 - Other operating expenses 11 + Operating reversals : transfers of expenses , , Operating expenses , ,49 V = OPERATING RESULTS (+ ou -) , ,16 VI + FINANCIAL INCOME , ,65 VII = CURRENT INCOME (+ OU -) , ,81 VIII + NON CURRENT INCOME , , Income taxes , ,57 IX = NET INCOME OF THE FINANCIAL YEAR (+ ou -) , ,66 II. SELFFINANCING CAPACITY - SELF-FINANCING 1 Net income of the financial year , , Operating expenses (1) , , Financial expenses (1) , , Non current expenses (1) , , Operating reversals (2) , , Financial reversals (2) , Non current reversals (2) (3) , , Disposals income , , Net worth of transferred fixed assets depreciation , ,58 I SELFFINANCING CAPACITY , ,21 10 Distribution of earnings , ,00 II SELF FINANCING , ,21 (1) Excluding the expenses relating to the treasury floating assets and liabilities (2) Excluding the reversals relating to the treasury floating assets and liabilities (3) Including reversals on investments grants

39 39 ASSETS CASH FLOW STATEMENT (Integrated funds investment in current assets) FINANCIAL YEAR 31/12//2012 (a) Financial year from 01/01/2012 to 31/12/2012 FINANCIAL YEAR 31/12/2011 (b) APPROPRIA- TIONS (c) VARIATIONS (a - b) RESOURCES (d) Permanent financing (1) , , ,86 Minus fixed asset (2) , , ,56 = WORKING CAPITAL (A) FUNCTIONAL (1-2) , , ,42 Floating assets (3) , , ,89 Minus floating assets (4) , , ,17 = FINANCING REQUIREMENT (B) GLOBAL (3-4) , , ,72 NET CASH (ASSET - LIABILITY = A - B , , ,30 ASSETS APPROPRIATIONS (a) FINANCIAL YEAR RESOURCES (b) PREVIOUS FINANCIAL YEAR APPROPRIATIONS (a) RESOURCES (b) I. PERMANENT RESOURCES OF THE FINANCIAL YEAR (FLOW) , ,90 SELF FINANCING (A) , ,21 Funds from operations , ,21 Disribution of earnings , ,00 DISPOSALS AND DECREASE OF CAPITAL ASSETS (B) , ,69 Disposals of intangible assets Disposals of tangible assets , ,90 Disposals of capital assets Non performing assets recovery , ,68 Intangible assets withdrawal , ,11 INCREASE IN CAPITALS AND EQUIVALENTS (C) Increase in capital, contributions Capital grants OTHER RESOURCES INCREASE IN FINANCING DEBTS (D) ,00 (net of redemption premiums) TOTAL 1 : PERMANENT RESOURCES , ,90 II. PERMANENT APPROPRIATIONS OF THE FINANCIAL YEAR (FLOW) , ,03 ACQUISITION AND INCREASE OF FIXED ASSETS (E) , ,49 Acquisitions of intangible assets , ,00 Acquisition of tangible assets , ,93 Acquisitions of capital assets ,00 Increase of non performing debt , ,56 REDEMPTION OF CAPITAL (F) REDEMPTION OF FINANCING DEBTS (G) , ,54 APPROPRIATIONS AS DEFERRED CHARGES (H) TOTAL II - PERMANENT APPROPRIATIONS (E + F + G + H) , ,03 III. VARIATION IN THE GLOBAL FINANCING REQUIREMENT (G.F.R) , ,95 IV. VARIATION IN CASH FLOW , ,92 GRAND TOTAL , , , ,90

40 CONTACTS 2012

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42 22 ANNUAL REPORT 2012 CONTACTS HEAD QUARTER DEVELOPEMENT DIRECTION PORTS 175, Bd. Zerktouni Casablanca Maroc Tel. : Fax : Tel : Fax : y_bennani@marsamaroc.co.ma Nador : B.P. BB Béni-Ensar NADOR Tel : (6LG) Fax : bouassam@marsamaroc.co.ma Al Hoceima : B.P. BB Béni-Ensar NADOR Tel. : Fax : bouassam@marsamaroc.co.ma Tanger : Port de commerce B.P 305 Tanger Tel : à 45 Fax : m_sennouni@marsamaroc.co.ma Mohammedia : Port de Commerce - B.P 98 Mohammedia Tel : Fax : l_oujja@marsamaroc.co.ma Casablanca : Port des Almohades - Casablanca Tel : (15LG) - Fax : r_hadi@marsamaroc.co.ma

43 43 PORTS Jorf Lasfar : km 22 Route d El Jadida B.P. 407 Plateau Rl Jadida Tel : / /13 Fax : h_oubaha@marsamaroc.co.ma Safi : B.P 8 fond de Mer Safi Tel. : / Fax : r_abinouh@marsamaroc.co.ma Agadir : B.P. 36 Port d Agadir Tel. : Fax : k_mansour@marsamaroc.co.ma Laayoune : B.P. 48 Elmersa Tel. : Fax : a_bellat@marsamaroc.co.ma Dakhla : Nouveau Port de Dakhla B.P 335 Dakhla Tel. : / Fax : n_boumezzough@marsamaroc.co.ma

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46 Head quarter 175, Bd Zerktouni Casablanca - Maroc Tel.: Fax :