4. STOKVIS GROUP
1- MARKET AND ECOSYSTEM
MOROCCO: ECONOMIC CONTEXT / EXPECTATIONS
SOURCE: THE WORLD BANK
SOURCE : STANDARD & POOR
Detailed statistics available on the official
website of the World Bank
Morocco Country at a glance
Rating
Sovereigns Rating
T&C Assessment
BBB+
GENERAL INFORMATION
Political system
Constitutional monarchy
!
Currency
Dirham (MAD)
U.S. $ 1 = 8 DHS / 1 € = 11 DHS
!
Geographic Location / Area
Northwest Africa
712 000 km2
!
Resources
Phosphates
agriculture, fisheries
4
5. STOKVIS GROUP
1- Market and ecosystem
Morocco: MAJOR STRUCTURAL PROJECTS (1/2)
Morocco has started implementing major
structuring projects to promote the economical
and social development of the country
For more information: World Bank / Morocco overview
INFRASTRUCTURES
A budget of $US13.6 billion allocated
to infrastructure:
▪ Rails
▪ Roads
▪ Highways
▪ Ports
▪ Airports
!
!
!
2008 - 2015
AGRICULTURE
!
The strategy « Plan Maroc Vert »
includes a comprehensive approach
that covers all the economic players.
Two major pillars: a modern and
sustainable agriculture
2020 goal
TOURISM
!
6 resorts planned in the « Plan
Azur » strategy, which will allow to
double the capacity to welcome
tourists, in oder to put Morocco in
the top 20 worldwide destinations.
!
HOUSING
!
150,000 units to be produced each
year to meet the domestic demand
constantly increasing
!2012 - 2016 2007 - 2017
5
6. STOKVIS GROUP
1- MARKET AND ECOSYSTEM
MOROCCO: MAJOR STRUCTURAL PROJECTS (2/2)
!
MANUFACTURING
!
$US 1.5 billion is dedicated to the
development of industrial platforms
integrated in the « Emergence »
pact: putting all efforts on industrial
projects with high potential and
clear competitive and usable
advantages2009 - 2015
!
RENEWABLE ENERGIES
!
A budget of $US12 billion for the
wind turbines and solar energies.
Main goal : a production of 4000
MW, or about 40% of the country's
energy consumption
!
!2009 - 2015
!
ORIENTATIONS
In this favorable context, STOKVIS
GROUP aims to:
!
▪ Increase its current market shares to
strengthen the leading position in the
historic business
▪ Diversify its existing business by
capitalizing on its strong experience
and technical know-how and
organizational
▪ Develop new strong international
relationships
6
8. STOKVIS GROUP
2- STOKVIS GROUP
DATA SHEET
On the market for over 60 years,
STOKVIS GROUP has positioned
itself as the Moroccan leader for
import and distribution of technical
equipments
!
!
Our core businesses references:
!
▪ Construction, mining and
quarrying
▪ Farm equipments
▪ Automobile
Data – session 05/30/2014
Source: casablanca-bourse.com
8
Exchange rate 37.98
Variation 0.74%
Open 35.44
High 37.98
Low 35.44
Previous close 37.70
Volume (MAD) 908 710.04
Volume 25 576
Market cap 349 231 797
Total shares 9 195 150
9. STOKVIS GROUP
2- STOKVIS GROUP
POSITIONING
Our leadership position is based on
distinctive competencies clearly
established:
!
1. Structuring and evolving partnerships
!
1. A range of services with high added value
!
1. Structuring of the entire value chain on each
sector of activity
!
2. An organization able to ensure a balanced
sharing of duties and responsibilities
!
1. Continued investment in quality
!
1. Resale network with more than 35 agents
covering the whole national territory
9
10. STOKVIS GROUP
2- STOKVIS GROUP
HISTORY
STOKVIS I.C
!
Founded
!
Casablanca
MOROCCO
1950 2007
!
IPO
Casablanca
stock exchange
Ticker SNA
!
!
!
!
!
Additional information 2009
Turnover >MAD1billion and
CertificationISO9001/2008
CGEM label of
Corporate Citizen
2005
Newpremises
2004
CertificationISO9001/2002
2002
CertificationISO
9001/2002
2003
Newinformation
system
10
2014
Confirmationofthe RSElabel
2013
Customcategorization–
A Class
11. STOKVIS GROUP
2- STOKVIS GROUP
HEADCOUNT
300
Employees
24 000 m2
Area of the main site in Bouskoura
4 000 m2 in Zenata (STOKVIS Motors)
2 500 m2 in Rabat (Fiat Rabat)
1 500 m2 in Zenata (Fiat Zenata)
▪ Average age: 35 years old
▪ Men/women ratio: 0.5
▪ Offices in Casablanca
▪ New car dealership in Zenata
INTERNAL
COMMITMENT
11
12. STOKVIS GROUP
2- STOKVIS GROUP
VALUES
INTERNAL
COMMITMENT
ETHICS
RESPECT OF THE
COMPETITION RULES
ENVIRONMENTAL
PROTECTION
CITIZEN AND SOCIAL
COMMITMENT
The development of a general business environment
that has to be healthy and socially responsible is a
major challenge for the future of STOKVIS GROUP.
Social benefits
▪ Transportation, canteen, gym, bonuses, conventions
with credit agencies and health centers, etc..
▪ Sponsoring of the internal soccer team
Training
▪ Integration program for new recruits
▪ Training in Morocco and abroad
12
15. STOKVIS GROUP
3- CORE BUSINESSES
AREAS OF EXPERTISE
15
CONSTRUCTION,
MINES & QUARRIES
!
AGRICULTURE
!
AUTOMOBILE
REGIONAL
DEVELOPMENT
!
GABON
ALGERIA
TUNISIA
IVORY COAST
!
!
!
RIO
!
LOXAM
RENTAL
!
!
KOMCAT
!
STOKVIS
INDUSTRIES
!
STOKVIS
MOTORS
16. STOKVIS GROUP
3- CORE BUSINESSES
CONSTRUCTION, MINES & QUARRIES
Types of equipment:
▪ Heavy machinery (bulldozer, dumper truck)
▪ Semi-heavy machinery (excavator)
▪ Lightweight gear (loader, grader, roller)
!
Activities :
▪ Mines and quarries
▪ Public works
Partners
16
17. STOKVIS GROUP
3- CORE BUSINESSES
AGRICULTURE
Types of equipment :
▪ Labour (tractors)
▪ Seeding (sowing)
▪ Harvest (combine harvesters, presses straw,
etc.)
!
Details:
▪ Merger and concentration of major brands
▪ Newcomers: China, India, Turkey and Brazil
Partners
17
18. STOKVIS GROUP
3- CORE BUSINESSES
AUTOMOBILE
Types of equipment :
▪ Passenger car
▪ Commercial vehicles
!
Activities :
▪ Commercialization
▪ Housekeeping and maintenance
▪ Casablanca dealership
▪ Rabat dealership
Partners
18
19. STOKVIS GROUP
3- CORE BUSINESSES
REGIONAL DEVELOPMENT
19
ExternalenvironmentInternalenvironment
Political environment Macroeconomic data Non-saturated markets
Morocco has signed several
economic cooperations with
many countries in West Africa
!
For instance in 2013, FDI
Moroccan companies in this
economical area amounted to
MAD 1.2 billion (Source:
Moroccan press)
GDP: an average growth rate of
5% with very encouraging
prospects for development
(Source: IMF)
!
Significant program support
from international institutions
Weak competition in several
markets where relative ease to
install
!
Low of equipment rate that still
offers great business
opportunities in several sectors
(housing, infrastructure, public
facilities ...)
STOKVIS: a unique positioning to capitalize on its strong experience and its financial leverage to effectively
serve regional markets
A win-win opportunity for STOKVIS partners to improve the development of their activities in West Africa
Expertise and know-how
Availability of financial
resources
Regional proximity
Over the years, STOKVIS has
acquired a very strong
experience in commercialization
and distribution of various
equipments.
Today, STOKVIS is a regional
reference in its market.
A solid financial foundation.
Listing on the Casablanca stock
exchange and access to
additional financial resources.
Strong relationships with local
banks that are already present
on the target markets in West
Africa.
Morocco would be the ideal hub
for multinational companies
wishing to invest in North Africa
and West Africa.
Availability of air/shipping lines.
Linguistic proximity.
Tax benefits
20. STOKVIS GROUP
3- CORE BUSINESSES
REGIONAL DEVELOPMENT / AFRICA
20
WEST AFRICA, DRIVING FORCE OF THE CONTINENT
MOROCCO: +4.6%
Regional Base
TUNISIA
ALGERIA
LIBYA EGYPT
SUDAN
ETHIOPIA
KENYA
TANZANIA
MOZAMBIQUE
RWANDA
GABON
ANGOLA
NAMIBIA
SOUTH AFRICA
NIGE
NIGERIA
MALI
GHANA
IVORY
COAST
SENEGAL
TOTAL
AFRICA
INDIAN
OCEANGROWTH FORECASTS
In 2013 in GDP %
ATLANTIC
OCEAN
!
Targeted sectors :
!
▪ Mining and
Construction
▪ Agriculture
▪ Handling
▪ Energy
21. STOKVIS GROUP
3- CORE BUSINESSES
AREAS OF EXPERTISE
Subsidiaries
!
Additional shares
STOKVIS MOTORS100 %
KOMCAT100 %
LOXAM - ATLAS RENTAL49 %
RIO (REDUCE INVENT OPTIMIZE)38%
STOKVIS INDUSTRIES100 % Industries
21
22. STOKVIS GROUP
Industries
3- CORE BUSINESSES
ACTIVITIES/SUBSIDIARIES
!
Includes the following
activities:
▪ Handling, cleaning
and racking
▪ Air conditioning and
industrial
refrigeration
▪ Energy
!
Brands:
▪ HIMOINSA
▪ YORK
▪ MECALUX
▪ KARCHER
▪ REPSOL
▪ MITSUBISHI
MOTORS
▪ IRCO
!
▪ Import and
distribution of
motorcycles, scooters
and tricycles
▪ Import and
distribution of
agricultural
equipment, trucks
and commercial
vehicles
manufactured in
China
!
Brands:
▪ CLASS
▪ MAHINDRA
▪ Average and long-
term rental of
equipments for
building and public
works
▪ Short and medium
term rental of
equipment for
building and public
works
▪ Treatment of water
and waste
▪ Renewable energies
22
24. STOKVIS GROUP
4- STRATEGY
GROWTH DRIVERS
As part of its strategic directions,
STOKVIS GROUP focuses on three
growth drivers
Consolidation
Reinforcing of the leading
position in the historical
businesses
Diversification Partnership
Improving the supply of
goods and services
Developing partnerships
and obtaining exclusive
distribution networks
24
25. STOKVIS GROUP
4- STRATEGY
DEVELOPMENT LEVERS
1. Strategy ‘One Stop
Shop’
2. Observation and
advanced technology
3. Human
resources
4. Costs’
optimization
5. International
opportunities
STOKVIS GROUP offers a comprehensive and diversified solutions to its customers.
Either to purchase or rent for long or short terms, we make sure that any kind of
products or services are present in our solution
STOKVIS GROUP continues to expand its
solutions through the distribution of
products with high technological content
to meet specific technical needs for its
customers
STOKVIS GROUP offers to high potential
profiles trainings, and professional/
personal development
Systematic cost control for all processes
and for developed commercial projects -
ISO 9001 Certification / 2008
STOKVIS GROUP studies opportunities
to expand more abroad: particularly
Gabon, Ivory Coast, Algeria and Tunisia
25
26. STOKVIS GROUP
4- STRATEGY
GOALS
STOKVIS GROUP is part of the
national growth by following these
priorities:
Increaseinturnover Improvementinnet
profitability
Increasemarketshares
26
28. STOKVIS GROUP
4- STRATEGY
CIVIC ENGAGEMENT
!
STOKVIS GROUP has confirmed
its position as a major socially
responsible economical actor.
!
Beyond its social and professional
commitment, the GROUP
sponsors many associations,
cultural and sports projects
!
▪ INSAF Association : for more than three years, STOKVIS GROUP has
been supporting this association that calls for women and children’s
rights. Enrollment of girls in rural areas is also one of the priorities
for the association
!
▪ Amal Association : STOKVIS GROUP financially participated over
the establishment of a gym dedicated to people with diabetes
!
▪ Philharmonic orchestra: for more than a decade, STOKVIS GROUP
has been helping The Philharmonic Orchestra of Morocco in its
promotion of national and international music scene and supporting
artistic education of children in need
!
▪ Casablanca Marathon : STOKVIS GROUP sponsors and participates
actively to every edition of Casablanca Marathons. Our employees
wear proudly the colors of the company during this event
28
36. STOKVIS GROUP
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
AUDIT COMMITTEE
• Attributions
− Supervision and control of financial and accounting information
(financial statements)
− Inspection reports of Internal Audit, review the program of
Internal Audit and action plan
− Inspection reports of the External Audit
− Evaluate the organization of delegated authority
− Monitor the functioning of the internal control system
− Assess and monitor risks
− Respect legal and regulatory requirements
• Composition
− Non-executive officers (Min 2)
− Director and General Manager
− CFO
− Internal Audit Management
− External auditor
• Procedure
− Frequency / Duration: twice a year (before the Board of directors)
/ 4 hours
− Secretariat: Internal Audit Manager
− Progress/ Decision:
à Invitation 15 days before
à Preparation of reports 5 days before
à Quorum: Administrators, Managing Director, Internal Audit
Management and External Auditor
à Review of previous actions to each committee
à Validation of the audit action plan in December
• Major Outputs
– Audit Report / Summary of recommendations /Annual audit plan
!
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
AUDIT COMMITTEE
36
37. STOKVIS GROUP
COMPENSATION COMMITTEE
• Attributions
- Salary conditions for decision makers
- Salary condition for middle managers
- Appointments to management positions
- Social benefits for employees
- Training policy
- Succession plan
- Discussion of social indicators
• Composition
- Director and General Manager
- CFO
- Human Resources Management
(No director shall be present during the deliberations
regarding their own situation.)
• Procedure
- Frequency / Duration: twice a year (January and July) / 2
hours
- Secretariat: Human Resources Management
- Progress/ Decision:
à Invitation 15 days before
à Preparation of reports 5 days before
à Quorum: Administrators, ADG, Audit, Human Resource
Management
à Review of previous actions to each committee
• Major Outputs
- Human resource development plan
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
compensation COMMITTEE
37
38. STOKVIS GROUP
STRATEGIC COMMITTEE
• Attributions
– Sharing sensitive information
– Evaluate the performance and results of STOKVIS
GROUP
– Market Analysis
– Strategic outlooks
– Development
– Human Resources
• Composition
– Director and General Manager
– CFO
– Business Unit Manager/ Subsidiary
!
• Procedure
− Frequency / duration: once per semester for a period
of 4 hours
− Secretariat: Administrative and financial Management
− Process / Decision:
à Invitation sent at least 15 days before the meeting
à Sending additional documents with the invitation
• Major Outputs
– Evaluate Key Performance Indicators (KPI)
– Strategic development plan
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
STRATEGIC COMMITTEE
38
39. STOKVIS GROUP
EXECUTIVE COMMITTEE
• Attributions
– Strategy alignment with the guidelines of shareholders
– Analysis of the positionning with the competition
– Market share analysis by activity
– Decision range of products
– Evaluation of financial, business and operational performance
– Evaluation of commitments and cash
– Defining improvements for the different areas of the GROUP
– Validation of investments and budgets
– Respect of procedures and internal control
– Preparing presentations for Board of diretors
– Update on current projects
• Composition
– Director and General Manager
– CFO
– Financial Controller
– Business Unit Manager
– Other (depending on the current projets)
!
• Procedure
− Frequency / duration: once per quarter during 3 hours
− Secretariat: Financial Controller
− Process / Decision:
à Invitation at least 7 days before the meeting
à Sending additional documents with the invitation
à Quorum of the committee set at 3 permanent members plus the CEO
whose presence is mandatory
à The report must be submitted no later than 48 hours after the meeting
and must be validated in the following 48 hours by all participants
• Major Outputs
– Evaluation of performances
– Evaluation of Key Performance Indicators (KPI)
– Action plan on blocking points
– Continuous improvement plan
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health an Safety
Committee
Recruitment
Committee
39
7- ANNEXES
EXECUTIVE COMMITTEE
40. STOKVIS GROUP
BUSINESS REVIEW
• Attributions
– Summary of the previous meeting
– Evolution of sales by product
– Cumulative sales and rate of achievement
– Commercial animation
– Operational monitoring processes (quality of service,
customer complaints, recruitment ...)
• Composition
– Director and General Manager
– CFO
– Financial Controller
– Business Unit Manager
!
• Procedure
− Frequency / duration: once a month (the 10th of each
month)
− Secretariat: concerned Business Unit Manager
− Process / Decision:
à One to One meeting with each Business Unit Manager
à Invitation sent at least 2 days before the meeting
à Sending operational report and agenda with the
invitation
à The report must be submitted no later than 24 hours
after the holding of the meeting and must be validated in
the next 24 hours by all participants
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
BUSINESS REVIEW (1/2)
40
41. STOKVIS GROUP
BUSINESS REVIEW
• Inputs
– BU Manager’s monthly report:
➢ Main facts of the month
➢ Competition
➢ Commercial
➢ Success rate
➢ Number of customers billed for the month
➢ Analysis of the financial statement
➢ Turnover and growth margin
➢ Comments compared to budget and
month year -1
➢ Projection of the turnover and growth
margin for the coming quarter and YTG
➢ Direct expenses - Explanation of Variances
➢ Contribution
➢ Recovery
➢ Evolution of Days Sales Outstanding and
receipts compared to forecasts.
➢ Comments on claims already expired .
➢ Stocks
➢ Evolution of the ITO
➢ Comment on destocking and old stocks
➢ Staff and other information
!
• Major Outputs
– Monitoring of achievements
– Evaluation of KPIs
– Action plan on blocking points
– Continuous improvement plan
7- ANNEXES
BUSINESS REVIEW (2/2)
41
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
42. STOKVIS GROUP
COMMITTEE OF RECRUITMENT
• Attributions
– Recruitment of new staff
• Composition
– Director and General Manager
– Administration and Financial Management
– Human Resources Management
– BU Manager
– Other BU Managers
• Procedure
− Frequency / duration: depending on the need to
recruit
− Secretariat: Human Resources Management
− Process / Decision :
à Invitation sent at least 3 days before the
meeting
à Sending resumes of short-listed candidates
!
• Major Outputs
– Recruitment decision
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
COMMITTEE OF RECRUITMENT
42
43. STOKVIS GROUP
RECOVERY COMMITTEE
• Attributions
– Detailed evaluation of the status of claims
– Decision to classify loans and status (litigation, …)
• Composition
– Director and General Manager
– CFO
– BU Manager
– Recovery Manager
!
• Procedure
− Frequency / duration: once a month during 1h30
− Secretariat: Recovery Manager
− Process / Decision :
à Invitation sent at least 7 days before the meeting
à Sending additional documents with the invitation
à The report must be submitted no later than 48
hours after the meeting and must be validated in the
following 48 hours by all participants
!
• Major Outputs
– Monitoring of recoveries
– Performance monitoring (KPIs)
– Implementation plan of acted decisions
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
RECOVERY COMMITTEE
43
44. STOKVIS GROUP
PURCHASING COMMITTEE
• Attributions
− Providors’ referencing
− Decision to renew and / or review purchasing
framework contracts
− Validation of the procurement plan and bidding
launch
!
• Composition
− Director and General Manager
− CFO
− Financial Controller
!
• Procedure
− Frequency: once a year
− Secretariat: Financial Controller
− Process / Decision :
à Invitation sent 5 days before
à Preparation of technical and financial reports
à Quorum: CFO, Financial Controller, Instructing
Entity
à Review of previous actions to each committee
• Major Outputs
– Updating the list of approved suppliers
– Updating purchasing framework contracts
– Annual procurement plan
!
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
PURCHASING COMMITTEE
44
45. STOKVIS GROUP
BUDGET COMMITTEE
• Attributions
– Presentation and approval of estimated budget
!
• Composition
– Director and General Manager
– CFO
– Financial Controller
– BU Manager
!
• Procedure
− Frequency/duration: once a year (September)
− Secretariat: Financial Controller
− Process/ Decision :
à Invitation sent at least 15 days before the
meeting
à Sending additional documents with the
invitation
• Major Outputs
– Approved budget
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
committee
7- ANNEXES
BUDGET COMMITTEE
45
46. STOKVIS GROUP
HEALTH AND SAFETY COMMITTEE
• Attributions
– Analysis of working conditions and occupational risks
– Analysis of the circumstances and causes of accidents
or diseases
– Proposal of preventive actions
• Composition
– Human Resource Manager
– Quality Manager
– Doctor
– Security Manager
– Staff representative
• Procedure
− Frequency / duration: once per quarter
− Secretariat: quality
− Process/ Decision: :
à Invitation sent at least 15 days before the
meeting
à Sending additional documents with the
invitation
!
• Major Outputs
– Quality and safety action plan d’action
Strategic Committee
Internal
Compensation
Committee
Audit Committee
Board of Directors
Business Review
Executive Committee
Purchasing
Committee
Recovery Committee
Budget Committee
Health and Safety
Committee
Recruitment
Committee
7- ANNEXES
HEALTH AND SAFETY COMMITTEE
46
