ANNUAL REPORT 2012
2012
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 733.956.000 MAD 175, Bd. Zerktouni - 20100 Casablanca - Morocco Mohammed ABDELJALIL Terminals and ports operating within the framework of concessions 1.990 million MAD(*) 2.279 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
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.
TABLE OF CONTENTS
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 9 10 10 11 12 14 18 19 20 22 28 32 34 35 36 38 39 40
08 PRESIDENT S WORD ANNUAL REPORT 2012
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 1.300.000 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 1.990 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 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 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.
HIGHLIGHTS 2012 Development Quality Citizenship
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 20.000 m², i.e. a useful storage area of 100.000 m². It has a nominal storage capacity of 5.000 cars and will allow the handling of 200.000 cars annually. It will be able to increase the storage capacity at Casablanca s port from 2.000 to 5.000 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 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 1.300.000 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 2015. 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 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 2008. This project, that strengthens Marsa Maroc s leadership in the port sector, will gradually be put into operation and partly commissioned starting from February 2015. 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 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, 2012. 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 ANNUAL REPORT 2012 QUALITY Certification of Freight Forwarding activity at Casablanca s Port Marsa Maroc was granted in July 2012, the ISO 9001-2008 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 9001-2008 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 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.
ACTIVITY 2012 TRAFFIC ACHIEVEMENTS FINANCIAL RESULTS
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 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. 15 190 000 1 4 771 000 16 000 000 14 000 000 12 000 000 10 000 000 8 000 000 6 000 000 4 000 000 2 000 000 0 Hydrocarbons 345 000 329 000 Vegetal oils 2012 2011
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. 2 000 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0
25 The container traffic segment remained nearly the same registering a volume of over 647.000 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 2012. EVOLUTION OF THE CONTAINER TRAFFIC BY PORT IN TEU 522 5645 17 531 600 000 500 000 400 000 300 000 124 8191 27 518 200 000 100 000 0 Casablanca Agadir 2012 2011 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 1 400 1 200 1 000 800 600 400 200 0 2012 2011
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 106.307 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 140 000 120 000 100 000 80 000 60 000 40 000 20 000 0 2010 2011 2012 The passengers traffic segment amounted to 2.01 million passengers including 456.500 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 3 000 000 2 500 000 2 000 000 1 500 000 1 000 000 500 000 0 2012 2011
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 14 000 000 12 000 000 10 000 000 8 000 000 6 000 000 4 000 000 2 000 000 0 2012 2011 NADOR TANGER MOHAMMEDIA CASABLANCA JORF-LASFAR SAFI AGADIR LAAYOUNE DAKHLA
28 ANNUAL REPORT 2012 FINANCIAL RESULTS Turnover evolution Marsa Maroc s turnover for 2012 reached 1.991 million versus 1.952 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 1.805 million MAD, an increase of 2% compared to 2011. 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 2011. Other operating activities totaled a turnover of 30 million MAD, a decrease of 10% compared to 2011. TURNOVER EVOLUTION IN MILLIONS OF MAD 2010-2013 2069 1952 1991 2050 2500 2000 1500 1000 500 0 2010 2011 2012 2013 (*) (*) Forecasts
29 BREAKDOWN OF 2012 TURNOVER BREAKDOWN OF 2012 TURNOVER BY PORT HANDLING SERVICES SERVICES TO VESSELS OTHER SERVICES
30 ANNUAL REPORT 2012 FINANCIAL RESULTS Evolution of operating expenses The operating expenses in 2012 amounted to 1,592 million MAD against 1.564 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. 1572 1 5641 5921 580 2500 2000 1500 1000 500 0 2010 2011 2012 2013 (*) (*) Forecasts
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 2010-2013 800 700 600 500 400 549 410 426 206 446 192 496 330 300 200 100 Operating income 0 (*) Forecasts 2010 2011 2012 2013 (*) 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. 208 300 152 185 250 200 150 61,5 98 26,4 100 50 0
FINANCIAL STATEMENTS 2012 BALANCE SHEET (ASSETS) BALANCE SHEET (LIABILITIES) PROFIT AND LOSS ACCOUNT MANAGEMENT ACCOUNTS FUNDS STATEMENT
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) 90 098 648,97 63 360 263,44 26 738 385,53 34 621 809,63 * Other intangible fixed assets 90 098 648,97 63 360 263,44 26 738 385,53 34 621 809,63 TANGIBLE FIXED ASSETS (C) 3 007 967 635,88 1 694 954 259,06 1 313 013 376,82 1 395 735 521,96 * Lands 80 823 701,84 17 050 642,78 63 773 059,06 63 847 809,70 * Buildings 647 660 676,78 207 876 257,41 439 784 419,37 305 858 835,78 * Technical fittings, material and equipment 2 123 029 591,11 1 381 714 334,79 741 315 256,32 771 534 603,73 * Transportation equipment 19 084 158,84 18 065 736,93 1 018 421,91 2 955 522,86 * Furniture, office equipment and various facilities 94 671 732,59 68 303 606,97 26 368 125,62 28 324 169,87 * Other tangible fixed assets 2 298 920,59 1 943 680,18 355 240,41 596 891,53 * Tangible fixed assets in process 40 398 854,13-40 398 854,13 222 617 688,49 CAPITAL ASSETS (D) 124 407 362,78 9 805 237,69 114 602 125,09 129 945 157,41 * Fixed advances 115 806 589,63 2 950 337,69 112 856 251,94 122 286 384,26 * Other financial claims 1 585 873,15 1 040 000,00 545 873,15 1 543 873,15 * Equity Securities 7 014 900,00 5 814 900,00 1 200 000,00 6 114 900,00 ASSET TRANSLATION ADJUSTEMENT (E) - - - - TOTAL I (A+B+C+D+E) 3 222 473 647,63 1 768 119 760,19 1 454 353 887,44 1 560 302 489,00 STOCKS (F) 132 961 169,59 11 413 971,67 121 547 197,92 121 967 668,90 * Supplies 113 156 909,09 11 413 971,67 101 742 937,42 102 163 408,40 * Work in process inventory 19 804 260,50 19 804 260,50 19 804 260,50 FLOATING ASSET RECEIVABLES (G) 560 093 140,56 101 639 078,11 458 454 062,45 438 704 976,57 * Advances to suppliers, advances and payments on account 163 754,90 163 754,90 148 580,00 * Trade account receivable and related accounts 320 178 272,78 67 010 284,07 253 167 988,71 242 500 010,68 * Staff 1 014 369,33 1 014 369,33 1 045 361,58 * Government 73 493 075,34 73 493 075,34 86 710 042,43 * Other receivables 98 891 690,75 34 628 794,04 64 262 896,71 90 326 137,97 * Accruals 66 351 977,46 66 351 977,46 17 974 843,91 SECURITIES AND INVESTMENT SECURITIES (H) 2 395 383 004,73 2 395 383 004,73 1 927 897 961,34 TOTAL II (F+G+H+I) 3 088 437 314,88 113 053 049,78 2 975 384 265,10 2 488 570 606,81 CASH RESOURCES - ASSET 276 501 982,96 207 673,50 276 294 309,46 276 701 197,12 * Uncashed cheques and instruments 2 818 955,64 207 673,50 2 611 282,14 841 322,38 * Banks TG and CP 273 396 535,96-273 396 535,96 275 622 000,62 * Cash, imprests and sums at disposal 286 491,36-286 491,36 237 874,12 TOTAL III 276 501 982,96 207 673,50 276 294 309,46 276 701 197,12 GRAND TOTAL I + II + III 6 587 412 945,47 1 881 380 483,47 4 706 032 462,00 4 325 574 292,93
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 2 375 817 952,38 2 294 944 933,92 * Personal funds or registered capital 733 956 000,00 733 956 000,00 * Reserve 73 395 600,00 73 395 600,00 * Other reserves 206 331 958,64 206 331 958,64 * Balance carried forward 1 170 261 375,28 1 075 099 817,62 * Income of the financial year 191 873 018,46 206 161 557,66 SHAREHOLDERS EQUITY TOTAL (A) 2 375 817 952,38 2 294 944 933,92 EQUIVALENT SHAREHOLDERS EQUITY (B) 187 881 416,35 184 581 097,55 * Amortization expense 187 881 416,35 184 581 097,55 FINANCING DEBTS (C) 100 385 418,55 128 667 105,13 * Other financing debts 100 385 418,55 128 667 105,13 PERMANENT PROVISIONS FOR RISK EXPOSURE AND EXPENSES (D) 1 068 757 859,25 802 217 425,58 * Provisions for risk exposures 247 544 255,12 206 000 394,36 * Provisions for expenses 821 213 604,13 596 217 031,22 RATE ADJUSTMENT (E) 81 845,56 544 065,05 * Financial debts decrease 81 845,56 544 065,05 TOTAL I (A+B+C+D+E) 3 732 924 492,09 3 410 954 627,23 DEBTS OF THE FLOATING LIABILITIES (F) 766 910 867,56 710 560 362,34 * Trade accounts payable and related accounts 281 828 852,57 264 293 552,00 * Advances and payments on account from customers 20 773 814,74 19 390 445,11 * Staff 66 612 891,04 60 213 713,47 * Social institutions 53 335 517,07 50 586 706,57 * Government 171 920 670,26 140 398 875,32 * Current accounts 287,08 232,64 * Other creditors 172 295 253,34 174 397 042,50 * Liability adjustement accounts 143 581,46 1 279 794,73 TRANSLATION ADJUSTEMENTS LIABILITIES (H) 61 254,52 71 372,57 TOTAL II (F + G + H) 766 972 122,08 710 631 734,91 CASH RESOURCES - LIABILITY 206 135 847,83 203 987 930,79 * Banks (credit balances) 206 135 847,83 203 987 930,79 TOTAL III 206 135 847,83 203 987 930,79 GENERAL TOTAL I + II + III 4 706 032 462,00 4 325 574 292,93
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 2 036 111 149,98 1 432 751,47 2 037 543 901,45 1 990 003 979,49 * Sales of assets and services produced 1 989 205 916,73 1 432 751,47 1 990 638 668,20 1 951 778 057,44 * Operating recovery: transfers and expenses 46 905 233,25 46 905 233,25 38 225 922,05 TOTAL I 2 036 111 149,98 1 432 751,47 2 037 543 901,45 1 990 003 979,49 II. OPERATING COSTS 1 588 155 983,56 3 859 345,20 1 592 015 328,76 1 563 974 305,33 * Consumed purchases of materials and supplies 177 227 285,03 1 669 426,94 178 896 711,97 188 215 526,22 * Other external expenses 333 591 109,23 2 189 918,23 335 781 027,46 344 879 283,48 * Duties and taxes 20 024 139,24-20 024 139,24 19 241 764,14 * Payroll 569 650 255,26-569 650 255,26 524 209 699,00 * Operating expenses 487 663 194,80 0,03 487 663 194,83 487 428 032,49 TOTAL II 1 588 155 983,56 3 859 345,20 1 592 015 328,76 1 563 974 305,33 III. OPERATING RESULTS (I - II) 447 955 166,42-2 426 593,73 445 528 572,69 426 029 674,16 IV. FINANCIAL INCOME 87 533 201,22-87 533 201,22 88 472 087,94 * Income of investments and other long-term investments - - - 1 095 000,00 * Exchange gains 234 653,51-234 653,51 56 351,28 * Interest income and other financial income 87 298 547,71-87 298 547,71 84 974 135,70 * Financial reversals : transfers of expenses - - - 2 346 600,96 TOTAL IV 87 533 201,22-87 533 201,22 88 472 087,94 V. FINANCIAL EXPENSES 14 365 147,55-14 365 147,55 11 926 119,29 * Interest expenses 6 952 759,31 6 952 759,31 9 263 474,48 * Exchange loss 223 514,36 223 514,36 615 543,54 * Other financial expenses 29 470,44 29 470,44 30 805,85 * Financial expenses 7 159 403,44 7 159 403,44 2 016 295,42 TOTAL V 14 365 147,55-14 365 147,55 11 926 119,29 VI. FINANCIAL INCOME (IV - V) 73 168 053,67-73 168 053,67 76 545 968,65 VII. CURRENT INCOME (III - VI) 521 123 220,09-2 426 593,73 518 696 626,36 502 575 642,81 VIII. NON CURRENT INCOME 132 299 561,65 473 792,22 132 773 353,87 62 636 201,72 * Disposals income 3 302 050,00 3 302 050,00 2 833 595,90 * Other non current income 34 809 749,70 473 792,22 35 283 541,92 22 307 438,79 * Non current reversals : transfers of expenses 94 187 761,95-94 187 761,95 37 495 167,03 TOTAL VIII 132 299 561,65 473 792,22 132 773 353,87 62 636 201,72
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 132 299 561,65 473 792,22 132 773 353,87 62 636 201,72 IX. NON CURRENT EXPENSES 278 007 068,33 265 657,44 278 272 725,77 218 477 045,30 * Net worth of transferred fixed assets depreciation 1 736 553,90 1 736 553,90 45 068,58 * Other non current expenses 88 802 670,46 265 657,44 89 068 327,90 148 356 152,75 * Non current depreciation and estimated expenses 187 467 843,97-187 467 843,97 70 075 823,97 TOTAL IX 278 007 068,33 265 657,44 278 272 725,77 218 477 045,30 X. NON CURRENT INCOME (VIIIX) -145 707 506,68 208 134,78-145 499 371,90-155 840 843,58 XI. INCOME BEFORE TAXES (VII+X) 375 415 713,41-2 218 458,95 373 197 254,46 346 734 799,23 XII. INCOME TAXES 181 324 236,00 181 324 236,00 140 573 241,57 XIII. NET INCOME (XI - XII) 194 091 477,41-2 218 458,95 191 873 018,46 206 161 557,66 XIV. INCOME TOTAL (I + IV + VIII) 2 255 943 912,85 1 906 543,69 2 257 850 456,54 2 141 112 269,15 XV. EXPENSE TOTAL (II + V + IX + XII) 2 061 852 435,44 4 125 002,64 2 065 977 438,08 1 934 950 711,49 XVI NET INCOME (Income total - Expense total) 194 091 477,41-2 218 458,95 191 873 018,46 206 161 557,66
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) 1 990 638 668,20 1 951 778 057,44 1 Purchases of produced goods and services 1 990 638 668,20 1 951 778 057,44 2 Inventory changes 3 Fixed assets produced by the company for itself II - CONSUMPTION OF THE FINANCIAL YEAR: (4+5) 514 677 739,43 533 094 809,70 4 Consumed purchases of materials and supplies 178 896 711,97 188 215 526,22 5 Other external expenses 335 781 027,46 344 879 283,48 III = VALUE ADDED (I -II ) 1 475 960 928,77 1 418 683 247,74 6 + Operating grants 7 - Duties and taxes 20 024 139,24 19 241 764,14 8 - Payroll 569 650 255,26 524 209 699,00 IV = EARININGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION 886 286 534,27 875 231 784,60 9 + Other operating income 10 - Other operating expenses 11 + Operating reversals : transfers of expenses 46 905 233,25 38 225 922,05 12 - Operating expenses 487 663 194,83 487 428 032,49 V = OPERATING RESULTS (+ ou -) 445 528 572,69 426 029 674,16 VI + FINANCIAL INCOME - 73 168 053,67 76 545 968,65 VII = CURRENT INCOME (+ OU -) 518 696 626,36 502 575 642,81 VIII + NON CURRENT INCOME - -145 499 371,90-155 840 843,58 13 - Income taxes 181 324 236,00 140 573 241,57 IX = NET INCOME OF THE FINANCIAL YEAR (+ ou -) 191 873 018,46 206 161 557,66 II. SELFFINANCING CAPACITY - SELF-FINANCING 1 Net income of the financial year 191 873 018,46 206 161 557,66 2 + Operating expenses (1) 450 984 599,73 423 393 350,82 3 + Financial expenses (1) 6 979 403,44 2 016 295,42 4 + Non current expenses (1) 187 467 843,97 70 075 823,97 5 - Operating reversals (2) 11 448 138,74 9 293 019,35 6 - Financial reversals (2) - 2 346 600,96 7 - Non current reversals (2) (3) 56 204 087,07 37 495 167,03 8 - Disposals income 3 302 050,00 2 833 595,90 9 + Net worth of transferred fixed assets depreciation 1 736 553,90 45 068,58 I SELFFINANCING CAPACITY 768 087 143,69 649 723 713,21 10 Distribution of earnings 111 000 000,00 111 000 000,00 II SELF FINANCING 657 087 143,69 538 723 713,21 (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 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) 3 732 924 492,09 3 410 954 627,23 321 969 864,86 Minus fixed asset (2) 1 454 353 887,44 1 560 302 489,00 105 948 601,56 = WORKING CAPITAL (A) FUNCTIONAL (1-2) 2 278 570 604,65 1 850 652 138,23 427 918 466,42 Floating assets (3) 2 975 384 265,10 2 488 570 606,21 486 813 658,89 Minus floating assets (4) 766 972 122,08 710 631 734,91 56 340 387,17 = FINANCING REQUIREMENT (B) GLOBAL (3-4) 2 208 412 143,02 1 777 938 871,30 430 473 271,72 NET CASH (ASSET - LIABILITY = A - B 70 158 461,63 72 713 266,93 2 554 805,30 ASSETS APPROPRIATIONS (a) FINANCIAL YEAR RESOURCES (b) PREVIOUS FINANCIAL YEAR APPROPRIATIONS (a) RESOURCES (b) I. PERMANENT RESOURCES OF THE FINANCIAL YEAR (FLOW) 696 959 942,08 580 449 446,90 SELF FINANCING (A) 657 087 143,69 538 723 713,21 Funds from operations 768 087 143,69 649 723 713,21 Disribution of earnings 111 000 000,00 111 000 000,00 DISPOSALS AND DECREASE OF CAPITAL ASSETS (B) 39 422 798,39 41 725 733,69 Disposals of intangible assets Disposals of tangible assets 3 302 050,00 2 833 595,90 Disposals of capital assets Non performing assets recovery 36 010 748,39 36 883 198,68 Intangible assets withdrawal 110 000,00 2 008 939,11 INCREASE IN CAPITALS AND EQUIVALENTS (C) Increase in capital, contributions Capital grants OTHER RESOURCES INCREASE IN FINANCING DEBTS (D) 450 000,00 (net of redemption premiums) TOTAL 1 : PERMANENT RESOURCES 696 959 942,08 580 449 446,90 II. PERMANENT APPROPRIATIONS OF THE FINANCIAL YEAR (FLOW) 269 041 475,66 303 534 440,03 ACQUISITION AND INCREASE OF FIXED ASSETS (E) 239 847 569,59 275 526 086,49 Acquisitions of intangible assets 5 295 743,58 4 651 226,00 Acquisition of tangible assets 206 904 706,50 246 907 294,93 Acquisitions of capital assets 900 000,00 Increase of non performing debt 26 747 119,51 23 967 565,56 REDEMPTION OF CAPITAL (F) REDEMPTION OF FINANCING DEBTS (G) 29 193 906,07 28 008 353,54 APPROPRIATIONS AS DEFERRED CHARGES (H) TOTAL II - PERMANENT APPROPRIATIONS (E + F + G + H) 269 041 475,66 303 534 440,03 III. VARIATION IN THE GLOBAL FINANCING REQUIREMENT (G.F.R) 430 473 271,72 227 824 464,95 IV. VARIATION IN CASH FLOW 2 554 805,30 49 090 541,92 GRAND TOTAL 699 514 747,38 699 514 747,38 580 449 446,90 580 449 446,90
CONTACTS 2012
22 ANNUAL REPORT 2012 CONTACTS HEAD QUARTER DEVELOPEMENT DIRECTION PORTS 175, Bd. Zerktouni 20100 Casablanca Maroc Tel. : 0522 23 23 24 - Fax : 0522 23 23 35 www.marsamaroc.co.ma Tel : 0522 25 82 58 - Fax : 0522 99 52 17 e-mail : y_bennani@marsamaroc.co.ma Nador : B.P. BB Béni-Ensar NADOR Tel : 0536 60 85 18 (6LG) Fax : 0536 60 85 31 bouassam@marsamaroc.co.ma Al Hoceima : B.P. BB Béni-Ensar NADOR Tel. : 0661 91 57 49 Fax : 0536 98 48 62 bouassam@marsamaroc.co.ma Tanger : Port de commerce B.P 305 Tanger Tel : 0539 93 60 40 à 45 Fax : 0539 93 15 05 m_sennouni@marsamaroc.co.ma Mohammedia : Port de Commerce - B.P 98 Mohammedia Tel : 0523 32 40 80 Fax : 0523 32 40 75 l_oujja@marsamaroc.co.ma Casablanca : Port des Almohades - Casablanca Tel : 0522 31 71 11 (15LG) - Fax : 0522 31 58 95 r_hadi@marsamaroc.co.ma
43 PORTS Jorf Lasfar : km 22 Route d El Jadida B.P. 407 Plateau Rl Jadida Tel : 0523 34 54 54 / 0522 34 51 06/13 Fax : 0523 34 51 12 h_oubaha@marsamaroc.co.ma Safi : B.P 8 fond de Mer Safi Tel. : 0524 46 22 56 / 0524 46 23 90 Fax : 0524 46 48 48 r_abinouh@marsamaroc.co.ma Agadir : B.P. 36 Port d Agadir Tel. : 0528 84 37 00 Fax : 0528 84 28 25 k_mansour@marsamaroc.co.ma Laayoune : B.P. 48 Elmersa Tel. : 0528 99 88 88 Fax : 0528 99 80 65 a_bellat@marsamaroc.co.ma Dakhla : Nouveau Port de Dakhla B.P 335 Dakhla Tel. : 0528 89 88 17/18 0528 89 71 76 Fax : 0528 89 88 25 n_boumezzough@marsamaroc.co.ma
Head quarter 175, Bd Zerktouni - 20100 Casablanca - Maroc Tel.: 0522 232 324 - Fax : 0522 232 35 www.marsamaroc.co.ma