1H 2021 RESULTS

INVESTOR PRESENTATION

October 2021
 SUMMARY

1 MACROECONOMIC ENVIRONMENT & MARKET SHARE

2 1H OPENINGS AND HIGHLIGHTS
Ø 1H 2021 Openings
Ø Private Bond Issuance
Ø ESG Award

3 1H BUSINESS REVIEW
Ø Key EVolutions
Ø Consolidated Accounts
Ø Focus on Main Indicators
Ø Balance Sheet Indicators
1.MACROECONOMIC
ENVIRONMENT
 1. MACRO ECONOMIC ENVIRONMENT
1-2 Market Share of Carrefour & Carrefour Market

q CPG Market share gain during 1H-2021

12,4% (+1,9) (+1,4) (+0,6)

33,7 21,3%

*Source Nielsen / YTD June 2021

2. 1H OPENINGS &
HIGHLIGHTS
2-1 OPENINGS FOR 1H 2021
Summary Table

Segments Supermarkets Hypermarkets Hyper Cash Total Group

Number of stores at Dec 31st, 2020 87 11 11 109
Sales in sqm. 92 700 61 900 59 564 214 164
In % of Group total 43% 29% 28% 100%

Openings 10 1 - 11
Sales area opened in sqm. 2 336 4 000 - 6 336
Closings - - - 0
Sales area closed in sqm. - - - 0
Number of stores at June 30th, 2021 97 12 11 120
Sales area in sqm. 95 036 65 900 59 564 220 500
In % of Group Total 43% 30% 27% 100%

Ø Opening of 11 stores including 1 Carrefour Hypermarket in 1H 2021 (6 336 sqm)

Ø Opening of 6 additonal stores on July and August 2021, representing 3 300 sqm
2-1 OPENINGS FOR 1H 2021
2-1 Network outlook

Number of stores to date Number of stores planned by December 31st 2021

89 99

12 12

11 12

14 15

126 Stores 138 Stores

223 800 Sqm. 233 500 Sqm.

 1H 2021 HIGHLIGHTS
Private Bond Issuance / Terms and conditions
LabelVie  Group  carried  out  a  private  bond  debt  transac4on  on  July  29th  2021  with  the  following  terms:

!Amount : MMAD 800  

!Type: Unlisted bonds

!Terms:
▪ A: In fine over 5 years at variable rate  
▪ B: In fine over 5 years at fixed rate
▪ C: Amortized over 7 years at fixed rate
▪ D: Amortized over 7 years at variable rate

!Subscriptions:  
!A: MMAD 520 or 65% of the total amount at the rate of 2.38%  
!B: MMAD 120 or 15% of the total amount at the rate of 2.82%  
!C: MMAD 140 or 5% of the total amount at the rate of 2.38%
!D: MMAD 40 or 15% of the total amount at the rate of 2.80%

Representing an average rate of 2.51%  

The purpose of the transaction is to optimize financing costs by taking advantage of favorable interest rate conditions.  
The funds were intended for :
- the repayment of MMAD 500 of a former bond issue with a December 2021 maturity
- Funding the expansion program.
- Refinancing of assets to be contributed to the OPCI
 1H 2021 HIGHLIGHTS
ESG Award

The LabelVie Group was distinguished by a

price for the quality of its ESG report. Indeed, the
Group was ranked among the 3 finalists in the
«Consumer Goods» category on the first edition
of the Competition organized by Casablanca
Stock Exchange, Mohammed VI University, and
Finance Montréal.

This competition is part of an international

movement where corporate social and
environmental responsibility (CSR) and the
integration of environmental, social and
governance issues (ESG) have become an
essential component of corporate strategy.

This recognition confirms the commitment and

anchoring of the LabelVie Group in the
Moroccan ecosystem and testifies to its ambition
to become the reference player in terms of ESG
initiatives in the retail sector in Morocco.
3. 1H BUSINESS REVIEW
 3. HALF YEAR BUSINESS REVIEW
3-1 Main Performance Indicators
q Positive sales momentum confirmed in July and August
(Hors  Sta0on)
Sales  EvoluFon  (excluding  taxes)  vs  2020 Sales  evoluFon  (excludings  taxes)  -­‐ Pcst  BU
(Non  including  Gas  sta0ons) vs  2020
22,73%
18,49%
17,89%
13,70% 12,28%
9,20%
5,77% 4,53% 0,57% 7,95%
-­‐0,82%
1,12% 2,90% March April-­‐May-­‐June July-­‐August
Jan-­‐Feb March April-­‐May-­‐June July-­‐August -­‐1,41% -­‐3,56%
Jan-­‐Feb -­‐13,90%

-­‐24,96% -­‐33,58%

-­‐27,08% -­‐34,50%
PCST PTOT CRFM CRFH ATACADAO

Janv.-­‐Fév Mars Avril-­‐Mai-­‐Juin Juillet-­‐Août Cumul Janv.-­‐Fév Mars Avril-­‐Mai-­‐Juin Juillet-­‐Août Cumul

CRFM -­‐0,82% -­‐34,50% -­‐3,56% 7,95% -­‐4,90%

Vs  Historique 5,77% -­‐24,96% 9,20% 22,73% 6,61%
CRFH -­‐1,41% -­‐33,58% 0,57% 18,49% 0,54%
Vs  Budget 7,86% -­‐0,03% 2,54% 4,45% 4,00% ATACADAO 4,53% -­‐13,90% 12,28% 17,89% 7,91%

Ø The evolution of the Group’s sales in H1-2021 was marked by 3 key moments:

§ The January-February period: which corresponds to the period before the health crisis in 2020 where the group (excluding gas station segment) achieved a performance
of +5.77% vs historical
§ March: Decrease in sales on the 3 formats of activity during March which marks the first anniversary of health restrictions with -24.96% vs history
§ The April-June period: Sales resumption mainly at the level of the hypercash with +12.3% , period marked by the event Chaabane-Ramadan

Ø The positive business momentum was confirmed during July and August across all formats but espacially larger stores: +18.49% vs history on like for like basis for hypermarket
and +17.89% vs. budget on a like for like basis for hyper-cash (Aid Adha impact, return of Moroccan living abroad, tourism, etc.)
3. H1 2021 BUSINESS REVIEW
3-2 Sales Performance

Historical  Change  1H  2020   Historical  Change  1H  2019  

Sales Evolution 1H 2019 1H 2020 1H 2021

Supermarkets 1 578 005 1 905 765 1 740 888

Value
-164 878 -9 %
% Value
162 882 10 %
%
   +14%  
Hypermarkets 995 917 1 153 510 1 286 960 133 450 12 % 291 043 29 % 120 stores
Hyper Cash 1 475 985 1 734 256 1 639 859 -94 397 -5 % 163 874 11 %
Gas Stations 171 885 103 067 137 997 34 930 34 % -33 888 -20 %
Total Group 4 221 793 4 896 589 4 805 704 -90 895 -2 % 583 911 14 %

+29% vs 2019 u Hypermarket sales up 29%:

+12% vs 2020 • Growth in sales on like-for-like basis of 8% vs. 2019
12 stores

30% of Group’s sales

• The contribution of the openings completed in 2020 and 2021 is close to MAD 213m

+10% vs 2019 u Supermarket sales up by 10% thanks to:

-9% vs 2020 • Stabilization of like-for-like vs. 2019;
97 stores
• The contribution of the openings realized in 2019, 2020 and 2021 is respectively MAD 139m,
43% of Group’s Sales
MAD 27m and MAD 4m.
+11% vs 2019
-5% vs 2020
11 sales u Hyper-cash 11% increase in sales segment corresponding to the like-for-like evolution.
27% of Group’s Sales
 3. HALF YEAR BUSINESS REVIEW
3-3 Main Achievements

H1  2021  Acheived  Vs  H1  2020  

q Sales decreased by 2% vs H1 2020, including 7% on a like-for-like basis
q However, EBITDA increased by MAD 7 million and 0.3 percentage points vs. H1 2020 thanks to:
q Improvement of direct margins
q Improvement of opening and renovation rights
q Net income was impacted by the increase in depreciation and Non-Operating Loss (Covid expenses covered one quarter and were
amortized over 5 years in the H1 2020 closing)

H1  2021  Acheived  Vs  H1  2019  

2019: Baseline Exercise

q Sales up 5% on a like for like basis and 14% in total

q Margins improved by 18% and 0.8 percentage points despite a decrease in opening and renovation fees compared to 2019
q EBITDA and operating income rose by 19% and 13% respectively
q Net income remained stable due to the impact of expenses related to the management of the health crisis of MAD 30 million
 3. HALF YEAR 2021 BUSINESS REVIEW
3-4 Main Achievements
Sales EBITDA and margin
+14% +19%

-2% +2%

4,896.6 4,805.7 414.0 420.8

4,221.8 353.7

8.8%
8.5%
8.4%

1H-2019 1H-2020 acheived 1H-2021 1H-2019 1H-2020 Acheived 1H-2021

In MMAD
Net Income and Margin Investment
-3%

195.0 -16% +43%

+34% 428.0

168.7 300.2
163.9
223.5
4.0% 4.0%
3.4%

Historic 2019 Historic 2020 Acheived 2021

Historic 2019 Historic 2020 Acheived 2021
3. HALF YEAR BUSINESS REVIEW
3-5 Income Statement H1 2021 vs. H1 2019
Historic  2019 Acheived    2021 Evolution Change

Sales of Goods 4 221 793 4 805 704 583 911 14% Ø Improvement of Operating Income by +14%
Sales of Goods and Services 461 498 520 198 58 699 13%
Evolution 10,9% 10,8% -0,11 (MAD +30m) and -0.02 pts in ratio despite
Revenues 4 683 291 5 325 901 642 611 14% the weight of operating expenses +0.40 pts:
Direct Margin 470 436 577 972 107 536 23%
Evolution 11,1% 12,0% 0,88
§ Increase in Revenues by +14%;
Gross Margin 931 934 1 098 170 166 236 18% § Increase of the direct margin of 23% with an
Evolution 22,1% 22,9% 0,78
improvement of the rate of +0.88 pts;
Operating Expanses
Transfert of Charges
670 280
92 068
756 507
79 105
86 227
-12 962
13%
-14%
§ Improvement of the gross margin of +18%
Total Operating Expanses 578 213 677 402 99 189 17%
with an improvement of the ratio of +0.78 pts
Evolution 13,7% 14,1% 0,40 (-0.11 pts related to sales of services (Impact
EBITDA 353 722 420 768 67 047 19% openings and renovations MAD 46m Vs MAD
Evolution 8,4% 8,8% 0,38
62m in 2019, -0.52 pts);
Amortization
Evolution
155 880
3,7%
197 112
4,1%
41 232
0,41
26%
§ Increase in operating expenses by +17%,
+0.40 pts in ratio;
EBIT 197 841 223 657 25 815 13%
Evolution 4,7% 4,7% -0,03

Financial Result 19 327 24 283 4 956 26% Ø Non Operating Income reduced by MAD
Evolution 0,5% 0,5% 0,05
-29m due to impact of COVID charges :
Operating Income 217 168 247 940 30 771 14% MAD 23m and MAD 2m to CSS.
Evolution 5,1% 5,2% 0,02

Other Income -3 366 -33 047 -29 681 <-100%

Evolution -0,1% -0,7% -0,61

Income Before Taxes 213 802 214 893 1 091 1%

Evolution 5,1% 4,5% -0,59

Taxes 45 092 50 990 5 897 13%

Evolution 1,07% 1,06% -0,01

Net Income 168 710 163 903 -4 807 -3%

4,00% 3,41% -0,59
15  
3. HALF YEAR BUSINESS REVIEW
3-4 Income statement H1 2021 vs. H1 2020
Historic  2020 Acheived    2021 Evolution Change

Sales of Goods 4 896 598 4 805 704 -90 895 -2%

Sales of Goods and Services 484 157 520 198 36 041 7% Ø Decrease in Operating Income by -6% and -0.25
Evolution 9,9% 10,8% 0,94
pts in ratio despite the weight of operating expenses
Revenues 5 380 755 5 325 901 -54 854 -1% +0.93 pts:
Direct Margin 574 426 577 972 3 547 1%
Evolution 11,7% 12,0% 0,30 § Decrease of revenues of -1% (-2% in sales);
Gross Margin 1 058 583 1 098 170 39 587 4% § Direct margin increase by 1% or +0.30 pts;
Evolution 21,6% 22,9% 1,23
§ Improvement of the gross margin by +4% or
0
Operating Expanses 710 013 756 507 46 494 7% +1.23 pts including 0.94 pts related to sales of
Transfert of Charges 65 385
0
79 105 13 721 21%
services;
Total Operating Expanses 644 628 677 402 32 774 5% § Increase in operating expenses by +5%,
Evolution 13,2% 14,1% 0,93
+0.93 pts in ratio related to late sales;
EBITDA 413 955 420 768 6 814 2%
Evolution 8,5% 8,8% 0,30
Ø Drop in non-operating income of MAD -21 million
Amortization
Evolution
176 748
3,6%
197 112
4,1%
20 364
0,49
12%
due to increased covid charges in H1 2021:

EBIT 237 207 223 657 -13 550 -6%

Evolution 4,8% 4,7% -0,19
§ COVID charges MAD 18m vs MAD 3m in
Financial Result 27 857 24 283 -3 574 -13% 2020;
Evolution 0,6% 0,5% -0,06
§ COVID donation (MAD 5m) in 2021 and 2020;
Operating Income 265 064 247 940 -17 125 -6%
Evolution 5,4% 5,2% -0,25 § Contribution to Solidarity Tax (MAD 6m).
Other Income -11 765 -33 047 -21 282 181%
Evolution -0,2% -0,7% -0,45

Income Before Taxes 253 299 214 893 -38 406 -15%
Evolution 5,2% 4,5% -0,70

Taxes 58 304 50 990 -7 314 -13%

Evolution 1,19% 1,06% -0,13

Net Income 194 995 163 903 -31 092 -16%

3,98% 3,41% -0,57
3. HALF YEAR BUSINESS REVIEW
3-6 Balance sheet items vs. History

Acheived    2020 Acheived    2021 Evolution Deterioration of the working capital of

FINANCIAL  INDICATORS
Value Day  of  Sales Value Day  of  Sales Value Day  of  Sales MAD -213 Million following the delay
in debt issuances;
Working  Capital   526  579 19 312  715 12 -­‐213  864 -­‐7
Improvement of the normative
Equity 2  202  378 80 2  195  510 83 -­‐6  868 3 operating Working Capital by MAD
Net  Income 337  679 163  903 +51 Million (increase in inventory
Dividend  distribution -­‐160  000 -­‐170  000
due to the impact of Aïd and holidays
Capital  Increase                                            -­‐                                                    -­‐  
Minority  Interest   1  143 -­‐771 of suppliers);
Financing  Debt 3  020  604 110 3  043  336 116 22  732 5
Ongoin  Funding 5  222  982 190 5  238  846 199 15  864 9 Improvement of other current assets
Net  Debt  Ration 50,4% 50,6%
by MAD +168 Million on 06/30/2021
Fixed  Assets   -­‐4  696  403 -­‐171 -­‐4  926  131 -­‐187 -­‐229  728 -­‐16 (including dividends in the midst of
Normative  Operating  Working  Capital 747  462 28 798  565 30 51  102 2 distribution as of June 30th 2021).

Other  Current  Assets -­‐488  792 -­‐18 -­‐319  923 -­‐12 168  869 6

TREASURY  AND  PLACEMENTS 785  249 29 791  357 30 6  107 1

Thank You