Addoha Group: key player in the real estate sector

Transcription

Douja Promotion Groupe Addoha
An African leader in real estate development
CFG First one-on-one Equity Conference
October 2014
Summary
Page
II
Addoha Group: key player in the real estate sector in Morocco
3
II
An ambitious development strategy in Sub-Saharan Africa
14
III
Annexes
18
2
Summary
Page
II
3
Addoha Group: Addoha : First real estate group in Morocco
3
Addoha in 2014
9
II
14
III
Annexes
18
3
Addoha : First real estate group in Morocco
Shareholding (2014)
floating
43.44%
Sefrioui Family
56.56%
History marked by the Long-term vision of founding shareholder
Creation of Douja
Promotion Groupe
ADDOHA
 ISO 9001 – version 2000
certification
 Signature of the first and the
second agreement with the
authorities
1988
2000-2001
1995
Introduction of the « Guichet
Unique » one-stop shop
2003
2007
2004
 Launch of the National Program
with a target of 200,000 social
housing units
 Completion of the 1st major
program under the 'Addoha'
name, for the construction of
2,371 social housing units
 Completion of the first projects outside
 Signature of 4 agreements for
 Finance Act 2010
Casablanca
the development of social
 Roll-out of the Guichet unique (one-stop  A target of 150,000 social housing housing in Africa(
units
in
5
years
shop) all around Morocco
 Signature of the agreement
 Acquisition of 50% of Fadesa Maroc
 Establishment of a strategic
protocol with ALEM for the development plan
construction of 10,000 housing
units
Creation of 'IMMOLOG‘,
subsidiary in partnership
with CGI
2006
 IPO
 Constitution of a land reserve
guaranteeing the company's
activity up to 2018
 Creation of subsidiaries in
partnership with strategic
partners
2010
2009

 Launch of PRESTIGIA brand,
through 8 programs for high-end

housing.
 Opening of the Saïdia resort, the 
first 'Plan Azur‘
 Group’s restructuring
 ISO 9001 - 2008 certificate, also
covering the high-end segment
2012
2011
2013
Creation oh « La Foncière ISKANE »  Capital increase by
in partnership with ALEM
conversion of
Creation of Addoha Fondation
dividends of 2012
Start prospecting to international  Continued
development in SubSaharan Africa
4
19/05/2014 : 1 MAD = 0,0889 Euro
Positioning adapted to supply the market environment
A diversified product offering
CUMULATIVE ACHIEVEMENTS UP TO 2013
Units
Social housing:
186 487
Core business of Addoha Group;

Cumulative achievements up to
2013 :Near 159 000 units ;

Housing programs in large urban
areas (48% of the production is
located in the Casablanca-Rabat
axis) ;

158 875
70 736
Sale price: between 200 and 250 K
MAD HT (18 and 22 K Euro HT) ;
44 001


Logements
Completedachevés
houses

8 luxury projects in the biggest
cities in Morocco;

2013 :Near 6 000 units ;

Sale price: between 1 and 5 M
MAD (88 and 444 K Euro)
Logement
intérmédiaire
intermediate
housing
Non encore
entammés
not yet
started
Haut
standing
Luxury
segment
Strengthened presence in all segments of the real estate
Luxury segment :
Offers high end products via the
brand Prestigia ;
5 888
En cours
réalisation
In de
Progress
Logement
économique
Social housing
Sale price: between 320 and 500 K
MAD (28 and 44 K Euro) ;

20 847
11 678
6 875
2013 :Near 20 000 units ;
Housing programs in large urban
areas (37% of the production is
located in the Casablanca-Rabat
axis) ;
24 679
20 737
Intermediate housing :

170 860
134 503
Social housing
Intermediate housing
Luxury segment
Addoha offers several programs
of social housing in Morocco
within the framework of
agreements signed with the
State and to contribute to
government efforts in closing the
housing gap by facilitating access
to the property to low-income
households
Pioneer in the field of
intermediate housing through
the implementation of several
housing programs mid-range to
the middle classes with more
demanding residential criteria.
Since 2009, Addoha diversifies its
portfolio with the launch of the
brand «Prestigia Luxury Home»
positioned on the high standard
to meet strong demand for
luxury properties in the most
popular cities in Morocco.
+
+
5
19/05/2014 : 1 MAD = 0,0889 Euro
Historical ability to develop quality programs across the country
Effective coverage of the entire country with a presence in 18 cities in Morocco
Social Housing
Rabat - Salé - Kenitra
Total : 120 131 units
Intermediate housing
Luxury segment
50 357
Tanger - Tétouan
23 062
21 898
29 851
1 684 2 160
912
13 457
6 217 15 493 -
Logements
En cours de
Non encore
Completed
houses In réalisation
Progress Not yet
started
achevés
entammés
Grand Casablanca
Total : 125 621units
Kenitra
Rabat
Casablanca
El Jadida
78 417
Logements
4 153
1 099 690
Oujda
Logements
464 1 565
En cours de
9 863
En cours de
7 394
4 325
-
Non encore
-
Agadir
712
-
Logements
En cours de
8 460
522 189
Non encore
7 716
Logements
En cours de
Non encore
Completed
houses Inréalisation
Progress Not yet
started
achevés
entammés
2 122
-
En cours de
-
Non encore
Tadla – Azilal
Total : 2 490 units
23 689
-
1 776
Completed houses réalisation
In Progress Not
yet started
entammés
Marrakech – Tensift
2 110
214
Logements achevés
En cours
de réalisation
In Progress
Souss – Massa (Agadir)
82
-
7 386
782
-
2 573
-
Fès – Meknès - Tafilalt
2 219
1 005
1 256
Completed
In Progress Not
yet started
achevés housesréalisation
entammés
Doukkala – Abda (El Jadida)
Total : 4 006 units
1 784
Non encore
L’oriental (Oujda / Saadia)
Meknès
Beni-Mellal
1 938
773
256 125
-
Completed
In Progress entammés
Not yet started
achevés houses
réalisation
Fès
Completed
houses In réalisation
Progress Not yet
started
achevés
entammés
Logements achevés
Completed
houses
465
Marrakech
29 054
4 400 1 085
Tanger
57% of the Group's
achievements
11 248
8 351
1 495
Logements achevés
1 239
1 092
13 857
2 421
6 704
En cours de
5 763
Non encore
Completed houses réalisation
In Progress Not yet
started
entammés
Logements achevés
Completed houses
159
En cours de réalisation
In Progress
6
Expertise in identifying quality programs
Addoha has developed technical expertise and know how in the identification and
development of real estate projects :
 Mastery of design and sizing of projects;
 Projects consistent with established specifications (very precise and standardized for
better cost optimization) ;
 Contracts negotiated with subcontractors guaranteeing the best prices on the
market.
An industrial
process
1
mastered
Sales
performance
2

Addoha has a sales force deployed in major cities in Morocco ;

An innovative concept of « guichet unique », a one stop shop facilitating treatment
procedures related to the acquisition of housing (banks, notaries, legalization of
signatures, etc.).

Addoha Group has a land bank of 5,700 hectares fully authorized mainly located in
strengthened
A land reserve of
quality
3
the largest urban centers of Morocco;

The Group follows its strategy of acquiring land necessary for the sustainability of its
business.
 The Sefrioui Family, main shareholder of Addoha Group, accompanies the group in its
A reference
development and gives it the financial and human resources necessary to achieve
main
shareholder and
an experienced
4
these ambitions ;
 Addoha is based on the recognition of its management expertise to develop its
projects
management

A recognized
brand
5
The Group's reputation is based on know-how in the business of real estate
developed for over 20 years.

It is also based on strict partner selection criteria (offices, business buildings, etc..)
To provide housing that meets the requirements of quality and timeliness of
delivery.
7
A strategic vision focused on financial fundamentals

The mother company was listed in Casablanca Stock Exchange in 2006

The group started a major growth cycle :

Acquisition of strategic land reserve

Establishment of strategic partnerships for huge projects

Launch of major projects in all big cities and towns

Investment in land reserve for high end projects (8 programs)
2006 to 2012
Important level
High growth
rate:
20 to 25% per
of working
+
year
capital:
1.7 billion euro
in 2012
Objective:
 To reduce the working capital
Strategic plan
2013 to 2015
 To generate positive cash flow
3 main axis
1. Reduce the land acquisition and
limit it to land for social housing in
the Casablanca-Rabat area
2. Accelerate the
collection
of
receivables
3. Review the production
schedule in terms of
commercialization rate
8
Summary
Page
II
3
Addoha Group: Addoha : First real estate group in Morocco
3
Addoha in 2014
9
II
14
III
Annexes
18
9
Addoha in 2014
Highlights
Launching a new
flagship project
 A strategic location;
1
 5000 social housing on land of 24 Hectares ;
 An important commercial success (85% of the first part launched was marketed)
Launching of the
Brand CORALIA
 The new brand CORALIA was launched to market intermediate projects
2
 A major publicity campaign was launched to communicate about the new brand
 Purchases are limited to Casablanca-Rabat axis in Morocco, and specific areas in West
Addoha
en 2014
Expansion of
land reserve
3
Africa
 Disbursements related to these acquisitions are about 670 million dirhams at the end
of September 2014
Return to
 By January 2014, notaries returned to the one stop shops of the Group, which has
normal
operation the
“one stop
enabled the business of signing sales contracts to resume its normal rhythm;
4
 This allowed a significant improvement in the collection of receivables in the first half
of 2014
shops”
 This is a secured bond of 2 billion dirhams, repayable over eight years (a first in the
Moroccan financial market)
Refinancing of
the bonds
5
 The objective is:
•
•
Refinance the bond maturing in 2015
Begin the progressive debt reduction plan of the Group.
10
Addoha in 2014
Operational Achievements
Deliveries
Production
Units
Deliveries have increased by 12%. This is
Units
13 606
9 641
8 636
+59%
+12%
mainly explained by the reprofiling
of
production schedules in the year;
8 538
he increase in production is part of the
Group's desire to improve the distribution
of production schedules during the year,
which will have a positive impact on the
cash flow;
S1 2013
2013
H1
S1 2013
H1 2013
S1 2014
H1
2014
S1 2014
H1 2014
The Group continues to show strong sales
performance
Presales- Units
Presales- Value
Units
despite
the
difficult
macroeconomic environment, thanks to
M MAD
the continuation of its aggressive and
effective marketing policy;
9 888
+1%
10 005
4 291
- 1%
4 248
The rate of sales has accelerated during
the summer and Ramadan, encouraged by
the presence of Moroccans Living Abroad.
S1 2013
2013
H1
S1 2014
H1
2014
S1
H12013
2013
S1 2014
2014
H1
11
Addoha in 2014
Performance indicators
Turnover
M MAD
The Group was able to maintain this level
High End
High End
3025
71%
of net margin in spite of the general
26%
3360
29%
expenses incurred for the launch of the
74%
+11%
Social and
intermediate
Social and
intermediate
African subsidiaries that directly impact
the operating result;
The first fruits of these investments will be
seen in 2016, with the first deliveries in
each of these countries.
S1 2013
H1 2013
Gross margin
S1 2014
H1 2014
Net margin
M MAD
M MAD
33,5%
1 015
S12013
2013
H1
28,9%
19,7%
968
2014
H1S12014
Gross margin
18,1%
595
608
S1
H12013
2013
S1 2014
2014
H1
Net margin
12
Addoha in 2014
Balance sheet indicators
Consolidated equiy
Net debt
Working Capital
M MAD
11 112
+ 1,1%
The 2013-2015 strategic plan to master
M MAD
M MAD
9 328
11 236
19 584
- 0,1%
19 568
- 0,2%
9 307
the working
capital and debt and
generate positive cash flow started to give
its first hrough :
•
The decline in debt: The Group now
has the lowest debt ratio of listed real
estate sector in Morocco (83%)
•
31 décembre
2013
31/12/2013
31 décembre 2013
31/12/2013
30
juin 2014
30/06/2014
31 décembre 2013
31/12/2013
30 juin 2014
30/06/2014
30 juin 2014
30/06/2014
The decrease in working capital,
primarily due to a significant increase
in receipts of the Group
Gearing evolution
Comparison with the sector
•
The generation of 88 million dirhams
of positive cash
96%
167%
84%
83%
127%
134%
83%
31 31/12/2012
décembre 2012
(*) Proforma
31 31/12/2013
décembre 2013
30
juin 2014
30/06/2014
ADDOHA
Espaces Saada
CGI
Alliances
Gearing: net debt/ Consolidated equity
13
Summary
Page
II
3
II
14
III
Annexes
18
14
Sub-Saharan Africa: development priority for Addoha Group
Challenges in the real estate sector in Africa
Positioning of Addoha Group
The housing supply is insufficient to meet significant demand steadily
increasing.


In response to a part of the request, Addoha plans to produce more
than 15 000 houses in Africa by 2018.
The ability to address multiple segments of the African real estate market
(social housing, intermediate, etc..).


Diversified real estate projects to meet a wide population in all African
countries concerned and an offer adapted to each addressed market.


Sister company “Ciments de l’Afrique” plans to deploy more than 10
cement plants in Africa by 2015 in order to secure the supply of cement
for Addoha Group’s projects in sub-Saharan Africa

Addoha plans to manage with several banks operating in the region
including Moroccan ones, in order to support and facilitate access to
credit for housing;
Addoha plans to set up one-stop shops on the model adopted in
Morocco in order to facilitate the completion of legal and
administrative formalities.
The low availability of construction materials has long limited the
development of the real estate sector in Africa.
Insufficient and inadequate funding is a major obstacle in the acquisition
of property.
Weakness and lack of planning policies impact the development of real
estate investments;
Lack of attractive legal and fiscal framework for developers.






Need to have a solid business to establish a reserve of quality and
develop real estate projects experience



Addoha has signed agreements with several African countries to
develop low-cost housing programs;
The Group has obtained Building Permits for several real estate
projects and other programs are in advanced stage of negotiation.
Addoha is based on the recognized expertise of its management to
develop its projects;
The Company capitalizes on its experience in the development of
housing programs in Morocco;
Addoha adopts a policy of acquiring land based in major African cities
with commercial and demographic attractive potential .
15
An extensive presence on the African continent
Senegal *
Morocco
A total objective of 118 000 housing in sub-Saharan African
 25744 produced housing
in 2013
 Objective : 10 000 units
 2 500 housing under the
agreement
Mali *
Guinea *
 3 lands acquired
Niger *
Tchad
Ivory Cost*
 Objective : 15 000 units +
High end villas
 2 lands acquired
Burkina Faso
Cameroun *
 Objective :10 000 units
 1 land allocated
Ghana
Congo *
Gabon
 Objective :10 000 units
 1 land allocated
Addoha continues its exploration in sub-Saharan Africa to position itself as a leader in the real estate
sector in the African continent
Sierra Leone
 Ongoing exploration
Countries in development - Priority (tax agreements and first purchased or allocated land)
Countries to develop in a second phase
16
*
Tax agreements signed
Addoha in sub-Saharan Africa : key success factors
A severe
shortage of
housing in subSaharan Africa
 An important demographic dynamism;
1
 Population growth that is accompanied by rapid urbanization of cities;
 A real estate market more resilient, offer is remaining structurally insufficient in Africa.
A sector strongly
supported by
the government
 Starting policies against slums in several countries in sub-Saharan Africa;
2
 Strong government support programs for low-cost housing (access to land, facilitating
administrative procedures, etc..)
Addoha in
subSaharan
Africa
Launch of
urbanization
policies defined
by the public
authorities
3
 Newly implemented development policies
 Strong development of basic infrastructure (power grids, transportation, etc..).
 Privileged relations with the local authorities in the various countries where the Group
intends to establish relations;
Advanced
negotiations
with partners
 Tax agreements signed with several governments ;
4
 Several land allocated for free (Congo, Cameroon) and discussions underway to
expand the land bank of the Group;
 Partnerships being negotiated with local banks to facilitate access to housing.
Addoha : a
model of success
recognized in
Africa
 Know-how in the business of real estate developed over 20 years;
5
 Strong expertise in the business of designing, developing and marketing of social
housing.
17
Summary
Page
II
3
II
14
III
Annexes
18
18
Douja Promotion Groupe Addoha
Addoha : a resilient value prized by the market
Share price of Addoha since 20 mai 2011
Douja Promotion Addoha Group is
Max : 102 MAD (8,9 €)
listed on the Casablanca Stock
Exchange since 06 July 2006.
20 mai 2011:
100 MAD
(8,8€)
The IPO is made by the sale of 35%
19 mai 2014:
60 MAD
(5,3€)
of the capital;
Min : 40 MAD (3,5 €)
The share Addoha is one of the
most popular in the Casablanca
stock exchange values. The
company has completed more than
mai-11
nov.-11
mai-12
Volume DPGA
3 capital increases since its IPO;
Market capitalization
The share provides stable returns
for shareholders. In December 2013,
nov.-12
mai-13
nov.-13
Cours
ShareDPGA
price Douja Promotion
Dividend yield
Multiples
Mrds Euro
PER
2.0
1.8
the market capitalization stood at
1.6
2.9%
1.7
1.9%
1,7 Mrds € with a PER de 10,7x and
PBR
12.0x
10.7x
10.5x
2.2%
a PBR of 1,6x.
2.1x
2011
2012
2013
2014
2010
2011
2012
2011
1.6x
2012
1.6x
2013
19
Casablanca stock exchange data

Addoha Group: key player in the real estate sector

Transcription

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