For Stokvis, the year 2022 is marked by an exceptionally poor agricultural campaign due to the long drought in Morocco. Indeed, sales of agricultural equipment are impacted with a volume of 1,119 tractors sold as of December 31, 2022, once morest 1,950 units a year earlier, recording a sharp drop of 43% according to figures published by AMIMA.
The construction sector has not escaped this gloomy situation. Its main indicators appear to be down due, on the one hand, to a sharp contraction in public procurement and, on the other hand, to increases in the prices of raw materials, industrial components and freight.
More specifically, the arbitration case between Stokvis Automotive and FCAM has been definitively settled, and was the subject of a press release published on February 22, 2023.
As of December 31, 2022, the turnover of the Stokvis Nord Afrique Group amounted to 222 MMAD, down 36% compared to the same period of 2021.
CAPEX AND NET DEBT
The group’s financial debt amounted to 460 MMAD as of December 31, 2022 once morest 369 MMAD as of December 31, 2021, up by 91 MMAD. Which increase corresponds to the financing of the constitution of stocks of equipment, and this in anticipation of the consequent increases in the prices of raw materials, the extension of production times, transport and the non-reimbursement of loans due to the decline in activity .
During 2022, the group made no significant investments or disposals. The scope of consolidation has not changed during the period under review.
PERSPECTIVES
Despite this difficult context, the Stokvis group is continuing to deploy its 2021-2025 strategy by consolidating its positions in its historical markets and developing new businesses by concluding new distribution contracts with first-rate international partners. However, the group’s activities are significantly impacted by the current economic climate, like other companies in the trading sector. The Group also announces the launch of a reflection on a restructuring, the main lines of which will be communicated to the market once the implementation methods have been definitively adopted by its Board of Directors.
