Closing Price and Financial Results of TAQA Morocco | Casablanca Stock Exchange 2023 | Industrial Excellence and Diversification Strategy

2023-09-20 10:00:49

Closing price Casablanca Stock Exchange 00:00:00 09/19/2023 Varia. 5d. Varia. Jan 1 1040.00 MAD 0.00% -1.98% -5.28%

September 20, 2023 at 11:59 a.m.

PRESS RELEASE OF FINANCIAL RESULTS AS OF JUNE 30, 2023 CASABLANCA, SEPTEMBER 20, 2023

TAQA MOROCCO CONFIRMS ITS INDUSTRIAL EXCELLENCE

AND RAISES FUNDING TO FINANCE ITS DIVERSIFICATION STRATEGY

Continuous improvement in operational performance with an overall availability rate of 94.9% compared to 92.7% as of June 30, 2022 Increase in turnover following the increase in energy costs following changes in energy prices coal on the international market Fundraising of 6.6 billion dirhams to reprofile the debt of the subsidiary JLEC 5&6 by 2042 and develop a portfolio of diversified low-carbon assets

“TAQA Morocco confirms its industrial performance and its capacity to support national economic development. This positioning contributed to the success of our recent fundraising of 6.6 billion dirhams, which consolidates our investment capacity as part of our development strategy for 2030.” Abdelmajid IRAQUI HOUSSAINI, Chairman of the Management Board of TAQA Morocco.

The Management Board of TAQA Morocco, meeting on September 12, 2023, under the Chairmanship of Mr. Abdelmajid IRAQUI HOUSSAINI, approved the corporate and consolidated accounts as of June 30, 2023 as follows:

CONSOLIDATED ACCOUNTS IN MDH

In MDH

June 30, 2023

June 30, 2022

Variation in value

Variation a %

Consolidated turnover

7 448

5 906

1 542

26.1%

Consolidated EBITDA

1 784

1 862

-78

-4.2%

Consolidated operating income

1 379

1 470

-91

-6.2%

bottom line

-291

-205

-85

-41.5%

Consolidated Net Income

606

791

-185

-23.4%

Of which Net profit – Group share

458

605

-147

-24.3%

Of which Minority interest

147

186

-38

-20.5%

As of June 30, 2023, the JLEC 5&6 accounts taken into account for consolidation correspond to the closing date from October 1, 2022 to March 31, 2023, in accordance with the consolidation methods adopted by the TAQA Morocco Group.

Rate of availability

in %

26,1%

7 448

5 906

– 24,3%

605

458

Turnover

Net income Group share

in MDH

in MDH

CONTINUED IMPROVEMENT IN EFFICIENCY

OPERATIONAL

TAQA Morocco has consolidated its industrial performance, thanks to the continuation of its operational efficiency approach and the continued deployment of its preventive maintenance strategy.

For the first half of 2023, TAQA Morocco achieved an overall availability rate of 94.9% compared to 92.7% as of June 30, 2022. This strong progression is explained by the successful execution of a minor 25-day overhaul. of Unit 5 in accordance with the maintenance plan during the period, as well as the positive impacts of the minor and major overhauls carried out previously.

INCREASED CONSOLIDATED TURNOVER

TAQA Morocco records a consolidated turnover of MAD 7,448 million, up 26.1% compared to the same period in 2022. This growth is attributable to

the improvement of the operational efficiency of the various Units of the Power Plant and the evolution of the price of coal on the international market during the period.

SIGNIFICANT DROP IN THE REFERENCE INDEX COMPARED TO THE AVERAGE PURCHASE PRICE OF COAL

Taking into account the change in the purchase price of coal, the operating profit stands at 1,379 MDH as of June 30, 2023 compared to 1,470 MDH as of June 30, 2022. At the same time, the observation of an exceptional exchange loss following the evolution of the USD/MAD parity during the first half of the year impacted the Group’s Net Profit Share which stood at 458 MDH as of June 30, 2023, compared to 605 MDH as of June 30, 2022.

CONTINUED STRENGTHENING FINANCIAL SOLIDITY

TAQA Morocco continues to benefit from a balanced capital structure, with equity of MAD 7,333 billion as of June 30, 2023. The strengthening of the Group’s equity and the control of the working capital requirement which stands at MAD 636 million compared to 1,650 MDH at the end of 2022, made it possible to further consolidate the financing capacities of TAQA Morocco, following the fundraising of 6.6 billion MAD.

SOCIAL ACCOUNT

The social net result amounts to 198 MDH as of June 30, 2023 compared to 240 MDH as of June 30, 2022 taking into account the evolution of the international coal price benchmark index.

PERSPECTIVES

TAQA Morocco continues to implement its main strategic priorities, which include strengthening its operational excellence, optimizing production costs, as well as implementing its strategy aimed at developing a diversified portfolio of 1000 MW of additional capacity by 2030 in the areas of low-carbon energy and seawater desalination.

About TAQA Morocco

TAQA Morocco is the first private electricity producer in Morocco. Created in 1997, the company is the result of the Kingdom of Morocco’s desire to strengthen its energy mix to provide itself with the resources necessary for its industrialization and economic growth.

TAQA Morocco operates the largest independent coal-fired thermal power plant in the Africa and Middle East region. An industrial infrastructure of 6 Units totaling 2,056 MW and ranked in the upper quartile of the best power plants in the world according to a global benchmark of thermal power plants of equivalent sizes.

Listed on the Casablanca Stock Exchange since December 2013, TAQA Morocco contributes to nearly 38% of national electricity demand for 19% of installed capacity, and is positioned as a benchmark energy operator in Morocco in terms of know-how and of business expertise.

Abu Dhabi National Energy Company (TAQA) Subsidiary

TAQA Morocco • Headquarters: Km 23, Secondary Road 301, Moulay Abdellah Commune – El jadida Province – Jorf Lasfar Thermal Power Plant – BP99 – Sidi Bouzid – El Jadida – Morocco Tel: [phone] – Fax: [phone] Contact : [email protected]

Find the consolidated and social accounts of TAQA Morocco on

The Financial Report as of June 30, 2023 of TAQA Morocco is published on its website at the link

following:https://www.taqamorocco.ma/fr/investors/rapports-fnanciers-et-presentations

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TAQA Morocco is the leading Moroccan private electricity producer. At the end of 2020, the group had a coal-fired thermal power plant (with a total capacity of 2,056 MW) located in Morocco.

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Average recommendation

KEEP

Last Closing Course

1040.00MAD

Average course objective

1103.50MAD

Gap / Average Objective
1695206657
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