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Présentation Roadshow Octobre 2019

1) SAH is a leading personal care products company in Africa with revenues of TND586.6 million in 2019 and a presence in 20 African countries. 2) The company produces baby diapers, feminine hygiene products, adult diapers, paper products, and detergent. It has 8 production facilities across Africa. 3) SAH's largest product categories by sales are baby hygiene at 52.4% of sales and feminine hygiene at 24.2% of sales. The majority of sales (61.8%) come from Tunisia.

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0% found this document useful (0 votes)
122 views45 pages

Présentation Roadshow Octobre 2019

1) SAH is a leading personal care products company in Africa with revenues of TND586.6 million in 2019 and a presence in 20 African countries. 2) The company produces baby diapers, feminine hygiene products, adult diapers, paper products, and detergent. It has 8 production facilities across Africa. 3) SAH's largest product categories by sales are baby hygiene at 52.4% of sales and feminine hygiene at 24.2% of sales. The majority of sales (61.8%) come from Tunisia.

Uploaded by

Imad Troudi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Société d’Articles Hygiéniques « SAH »

Investor Presentation
October 2019
I. SAH Overview

2
We are a
leading
personal care
products
company with
strong footprint
in Africa

3
At a Glance

TND586.6m 12% TND220m +34%


of Forecasted Of CapEx over
Revenue CAGR Of sales in foreign
revenues in 2019 2017 – 2019
2012-18 markets
(c.US$ 209.5m*) (c.US$ 78.5m)

Presence in
Public 20 8 +4 400
Company since 2014 Production facilities Employees
African countries

*: Based on an FX USD/TND: 2.8 4


Group Structure & Product Offering by Subsidiary
A compelling rooting scheme in the attractive African market
SAH Tunisia
(Parent Company)
Baby diapers, Feminine pads, Adult
diapers, Handkerchief, Napkins, Paper
rolls, Wet wipes

70 % 60 % 100 % 62 % 100 % 51 % 100 %

SAH Algeria SAH Libya SAH Morocco Azur Papier SAH CI Azur Detergent SAH Senegal
2007 2009 2010 2009 2016 2016 2018
Baby diapers, Feminine pads Distribution of baby Production of Baby diapers Bleach Baby Diapers
Handkerchief Napkins diapers, feminine cellulose wadding Feminine Hygiene Powder & Feminine hygiene
Napkins hygiene products, Paper products Liquid Paper products
adult diapers & paper detergent
products
51 %
SAH Distribution
2010

Distribution of
feminine hygiene
products, adult
diapers & paper
products 5
Product Offering
A singular offering reaching three promising markets

HYGIENE CELLULOSE WADDING DETERGENT

Development and production of Supply of cellulose wadding Development and production of


hygiene products : internally to the group’s detergent products:
companies and to third parties
• Baby diapers across Africa • Bleach

• Feminine Hygiene • Powder detergent

• Adult Hygiene • Liquid detergent

• Paper products

• Wipes

6
Product Offering by Category: Hygiene
Current Production
Product Category Formats (SKUs) Production Site (s)
Capacity
Baby Diapers > Mjez El Beb > 9 Production lines
> 3 Types : Comfort max,
Unisex & Pharmacy (Tunisia) > In # of items/year:
> 6 sizes (2 to 25 kg) > Beja (Tunisia) 1 103 940k
> Algeria (Tunisia only)
> Ivory Coast
Feminine Hygiene > Mjez El Beb > 6 Production lines
> 2 Subcategories : Sanitary
pads & Panty liners (Tunisia) > In # of items/year:
> 7 Types for Sanitary pads > Beja (Tunisia) 556 518k
& 3 Types for Panty liners > Libya (Tunisia only)

Adult Hygiene
> 2 Types: Protect & > Mjez El Beb > 1 Production line
Protect comfort (Tunisia) > In # of items/year:
> 3 sizes (Small, Medium 43 022k
& Large)

Wet wipes > Mjez El Beb > 2 Production lines


> 5 Types: Fresh (Baby &
(Tunisia) > In # of items/year:
Feminine), Comfort max,
577 638k
Pharmacy & Protect

Paper based products > El Zriba (Tunisia) > 11 Production lines


> 7 Subcategories:
> In # of items/year:
Handkerchief, Tissue,
377 426k
Kitchen napkins, Kitchen
roll, Paper rolls (2) &
Industrial roll
7
Sales Mix
Group sales breakdown by product line Group sales breakdown by destination
4.2% 1.0% 2.9%
2.1%

24.2% 13.3%

52.4%
6.2%
18.8%
61.8%
13.0%

Baby hygiene Feminine hygiene Adult hygiene Paper based products Wipes
Tunisia Libya Algeria Mauritania Ivory Coast Other African countries

Group sales breakdown by subsidiary EBITDA contribution by subsidiary


0.3%
0.9% 1.0% 14.3%
11.5%

11.8% 8.9%

3.1%
4.4%

71.1% 72.7%

SAH Tunisia SAH Libya SAH Algeria SAH Tunisia SAH Libya SAH Algeria SAH Ivory Coast Azur Papier
SAH Ivory Coast Azur Papier SAH Morocco
Excluding SAH Morocco EBITDA (negative yet non material)
8
Breakdown as of June 30, 2019
Product Offering by Category: Detergent
Production
Product Category Formats (SKUs) Competition
Capacity
BLEACH > 50k tons/year
16 SKUs:
• 4 Sizes: 1L, 1.75L, 3L & 4.75L > 3 Production lines
• 4 Fragrances: Classic, Woods,
Lavender & Lemon

> 50k tons/year


POWDER 30 SKUs > 6 Production lines
> Machine washing powder: 18 SKUs > Atomization tower with
• 7 Sizes & 3 Fragrances an annual capacity of 45k
> Hand washing powder: 12 SKUs tons of base powder
• 4 Sizes & 3 Fragrances

LIQUID 83 SKUs > 40k tons/year


➢ Machine washing gel: 6 SKUs > 4 Production lines
➢ Semi-automatic machine & Hand
washing liquid: 6 SKUs
➢ Softeners: 8 SKUs
➢ Floor & Surfaces liquid: 15 SKUs
➢ Multi-purpose liquid: 16 SKUs
➢ Deodorizer: 20 SKUs
➢ Dishwashing liquid: 12 SKUs

9
Key Dates
A unique success story of a continuously expanding business..
Lilas enters the
“Detergent” segment

2019
2018
2017
SAH goes public Lilas starts production
in Côte d’Ivoire
2014

Lilas enters the 2013


“Adult diapers”
market and Lilas launches AZUR
starts exporting Papier, the Group’s
to Algeria paper supplier
2005
2004
Regional expansion
Lilas enters the
Lilas becomes the 2000 “Paper based
leading feminine products” market
hygiene producer in 1999
Tunisia Lilas enters the
1997 “Baby diapers”
1996
market
Launch in Lilas starts
1994 exporting to Libya
10
Strategy Pillars
…operating with a clearly defined strategy

Innovation and Integration and Regional Diversification of


Differentiation Optimization Expansion Revenue Streams
An upstream
integration by
increasing the Exploring further
Deploying
production capacity organic and Diversification of
innovation to
of Azur Papier inorganic business lines by
continue rolling
(Cellulose wadding) opportunities to launching the
differentiated
penetrate new detergent activity
products across the
Streamline markets
price spectrum
operations in
existing markets

11
Strategy Pillars
Production innovation is at the core of Lilas’ operations
Historically, SAH has been able to successfully:
• Launch a wide range of products every year and
• Customize its products for each market (packaging, sizes, etc..), while emphasizing on product quality
and affordability
SAH creates well-tailored products to match its markets needs through:
• In-house R&D strategy; 45%
Innovation & • Technical know-how, and
• Close collaboration with business partners (Suppliers, companies and laboratories)
Differentiation

New SKUs by product type

10

Deploying - 129 SKUs for


innovation to detergent
- 6 SKUs for
continue tissue rolls for
rolling 46 34 135 professional
differentiated 29 use
11
products
9 51 12
across the 22
38 40 35
21
price spectrum
2013 2014 2015 2016 2017 2018 2019

Local Export

*: 20 SKUs not yet released as of the report date

12
Strategy Pillars
Vertical integration for cost optimization and speed to market
• In 2013, SAH launched Azur Papier, a company specialized in the production of cellulose wadding, its
main raw material in order to secure its availability and reliability while increasing margins. Gross margin
moved from 34% in 2013 to 41% in 2017;
• First production line reached full capacity, leading to a capacity increase with the acquisition of a second
production line. Additional sales (non-group) would represent 7.6% of total Group’s sales by 2022

Integration & 40%


Optimization • TND 86m (c. US$ 30m)
CAPEX
• Second line to be 60%
An upstream
launched in Q1’2020 • Increase the production
integration by capacity
increasing the • Cost optimization &
production margin increase at the
capacity of 30% 33.5 group’s level
Azur Papier • More operational
flexibility
(Cellulose
• Cellulose wadding • Supply the group’s
wadding) 70% increasing raw material
exclusively supplied by • First line at full capacity
external suppliers • Continuous increase of needs
Streamline • Limited control over the the Group’s needs • Increase exports
operations in margins 21 21
existing • Total reliance on
markets suppliers

Before 2013 2013 2019

Cellulose wadding sold to: Non-Group Group line 1 capacity (kT) line 2 capacity (kT)
13
Strategy Pillars
Expanding into Africa through exploring new export markets &
developing regional platforms • Introduce SAH activity to
East Africa
• SAH has proven ability to penetrate and establish manufacturing
• Establish a production unit
capabilities in new markets with the successful launch of the of baby diapers and
Algerian, Libyan and Ivorian subsidiaries feminine products intended
to domestic and
neighboring markets
• Benefit from the market’s
Regional rapid urbanization
Expansion Lilas to start
Exports to Exports to Production in production in
Libya Algeria Libya Senegal

1996 2000 2005 2008 2012 2017 2019 TBD

Exploring further Exports to Sub- Lilas starts Production in Lilas to start


organic and Saharan Africa production in Côte d’Ivoire production in
inorganic Algeria Kenya
opportunities to
penetrate new
• Reinforce SAH
markets presence in
UEMOA region
• Benefit from the
Distribution Production strong growth
of the country’s
economy
14
Strategy Pillars
Diversifying product portfolio to use Lilas’ product equity & distribution
network
Project rationale
• Limited growth of the hygiene market • Leverage the existing distribution network
• Fast growing, yet fragmented and imports’ • Leverage Lilas’ strong brand notoriety
driven market (detergent) • Enlarge consumer reach by entering new
• Limited local competition markets
Diversification
of Revenue TND 86m
Creation of Azur
Streams (US$ c.30m)
Detergent CAPEX
Total capacity of 140k tons/year & A large range of Laundry & Home care products:
Powder: 50k tons/year
Liquid: 40k tons/ year
Bleach: 50k tons/year

Diversification of
business lines by Product mix Place mix Price mix Competitors
launching the
- Width: 3 lines - Traditional - In line with - 4 local producers
detergent activity
- Length: 10 products distribution competition
- Depth: 129 SKUs - Modern retail
- Healthcare - 3 foreign competitors
facilities

15
Key Investment Highlights
A solid track record and a healthy financial performance
▪ High birth rates and increasing female working ratio in targeted countries. Ratios
1 reached 36% and 45% respectively in Sub-Saharan Africa
Markets dynamics
▪ Rapid urbanization and increasing levels of disposable income
▪ Low penetration rate of paper based products
▪ Increased awareness and access to health and hygiene

Unparalleled growth
2 track record & Healthy
▪ Solid and sustainable growth: +12% Revenue CAGR over the last 7 years
profit margins
▪ Gross margin expansion: +7% following the integration of the paper mill (Azur Papier)

3 ▪ Well-known brand in Tunisia, Algeria, Libya, Gabon, Congo & Mauritania


Leading brand
▪ Market leader with 65% and 45% market shares in Tunisia and Libya respectively

4 ▪ Vertical integration providing SAH Group full control of its supply chain and allowing
Vertical integration
sustainable margins. Additional capacity of 33.5 thousand tons planned for Q1’2020

5 Strong distribution ▪ 40 000 Distribution points in Africa


network ▪ 113 Regional warehouses of which 40 owned by Lilas in Africa
▪ 223 Vehicles of which 157 owned by distributors

6 Strong product
▪ Sustained CapEx investment with +US$ 75m over the last 2 years
development
capabilities ▪ Continuous upgrade and maintenance of production lines and equipment

16
II. Our Value Proposition

17
We deliver on
key business
metrics

International Management
Sales growth Sustainability
expansion excellence

05/20/2019 Q1 2019 - Financial reporting 18


1. Sales Growth
Customer value is in the heart of our sales growth strategy
Innovative & Unparalleled Exceptional brand
High quality products
diversified offer retail coverage messaging

• Lilas products are designed to be gentle and effective


• The components of all hygiene products have been
tested by both internal and external experts
• Clinical tests are carried out with the greatest
diligence ahead of marketing the products
• Lilas operates state of the art plants (9 in total), with
up to date technologies and high speed lines supplied
by MD Viola, Diatec and Perrini

• Lilas has been certified ISO 9001 since 1999

• Lilas is certified ISO 22 716 (Best Manufacturing Practices for


cosmetics). The scope of ISO 22716 includes the steps of production,
control, storage and transportation of cosmetics.

19
1. Sales Growth
Customer value is in the heart of our sales growth strategy

Innovative & Unparalleled Exceptional brand


High quality products
diversified offer retail coverage messaging
1994 1999 2004 2005 2010 2013 2018
Feminine Launch
hygiene
Baby
Launch
diapers
Paper Launch
products
Adult Launch
diapers
Launch
Wipes

Jumbo
Launch
rolls

Detergents Launch

20
1. Sales Growth
Customer value is in the heart of our sales growth strategy
Innovative & Unparalleled Exceptional brand
High quality products
diversified offer retail coverage messaging

Ensuring availability for the customer is our priority Our distribution channels*
1%
40,000
Point of sale in Africa 24%

223
Vehicles of which 157 owned by
distributors (Hygiene& Detergent) 10%
65%

113
Regional warehouses of which 40 owned
Pharmacy
by Lilas
Export
Modern distri. channels
Traditional distri. Channels
With: 157 50 11
Sales men Supervisors Area managers
21
*: SAH Tunisia only
1. Sales Growth
Customer value is in the heart of our sales growth strategy
Innovative & Unparalleled Exceptional brand
High quality products
diversified offer retail coverage messaging

Sponsoring events Partnerships Traditional channels Social media


International Kids International Partnerships with National TV, Facebook page
Theatre Festival Festival of public and private radios, bill boards designed to help
Carthage hospitals new mothers

22
2. Sustainability from a financial perspective (1/2)
SAH Group financial profile
✓ Revenue grew at an average rate of EBITDA (TNDm)& EBITDA margin
8.7% over the 2014-2018 period; Revenues (TNDm)
✓ FY18 profitability was adversely 80.0 19.1% 25.0%
70.0 19.0% 14.0%
affected by: 1.5x 15.8%
17.3% 72.1 20.0%
442.7 60.0
• The rise in raw materials’ prices 50.0
64.7 62.1
376.8 56.3 15.0%
(+30% for cellulose and +15% for 325.0 341.3 40.0 46.2
super absorbent); 291.8 30.0 10.0%
• The ongoing depreciation of the local 20.0
5.0%
10.0
currency against the Euro and US
0.0 0.0%
dollar (80% of used raw materials are 2014A 2015A 2016A 2017A 2018A
imported, of which 65% are 2014A 2015A 2016A 2017A 2018A
denominated in Euros and the EBITDA EBITDA margin

remaining 35% in US dollars); Gross profit (TNDm) & Gross margin


• The capital expenditures as part of 180.0 100.0%
Net income (TNDm)& Net margin
154.2 159.1
the expansion strategy in Sub-Saharan 160.0 40.0 36.9 25.0%
137.3
Africa as well as the launch of the 140.0 124.0 80.0%
28.2 28.3 26.5 20.0%
detergent business; 120.0 106.4 30.0
60.0% 20.7
• The increase in financing costs as a 100.0 36.5% 38.2% 40.2% 40.9% 10.8% 15.0%
80.0 35.9% 20.0 8.7%
consequence of higher indebtedness. 40.0% 7.1% 7.5% 10.0%
60.0 6.0%
SAH’s investment plan was financed40.0 10.0
5.0%
20.0%
up to 70% through new loans. 20.0
• The gearing level improved in 2019 0.0 0.0
0.0%
0.0%
2014A 2015A 2016A 2017A 2018A
following the: 2014A 2015A 2016A 2017A 2018A
• TND 50m (US$ 17.8m) capital Gross profit Gross margin
Net income Net margin
increase
• TND 70m (US$ 24.5m): PE
funds investing directly in the
subsidiaries, i.e. Azur Papier
and Azur Detergent
23
2. Sustainability from a financial perspective (2/2)
HY’19 Financial highlights - Consolidated Revenue contribution by subsidiary (TNDm) –
300.0
On a combined basis 268.7
• SAH reported 2.4
consolidated revenues Revenues (kTND) – On a 212.8 11.8
250.0
of TND 246.2m (US$ consolidated basis 0.6 31.7
81.7m) as of June 2019, 200.0 15.0 30.9
up by 25.7% compared 1.26x 27.8
to the same period last 150.0 32.2
year;
• Group gross profit 246,241 100.0 191.2
amounted to TND 87m 195,848
135.1
(US$ 28.9m), up by 50.0
19.3% and representing
-
a gross margin of HY18 HY19
HY'18 HY'19
35.7%. Reported
EBITDA reached TND SAH Tunisia Azur Papier SAH Algeria
34m (US$ 11.3m), up SAH Libya SAH Morocco SAH Ivory Coast
by 13.4% and
accounting for 13.8% of Gross profit (kTND) EBITDA (kTND) Consolidated net income (kTND)
the group revenues;
100,000
40,000
• Consolidated net 1.2x
80,000 35,000 1.1x 14,000
1.3x
income reached TND 30,000 12,000
12.3m (US$ 4m) up by
60,000 25,000 10,000
27.5%; 20,000 8,000
87,051 34,099
• Net debt decreased40,000
72,995 15,000 30,073 6,000 12,330
9,670
from TND 271m (US$20,000
10,000 4,000
90.5m) as of December 5,000 2,000
0 0
2018 to TND 223.3m 0
HY18 HY19 HY18 HY19 HY18 HY19
(US$ 77.7m) as of June
2019
24
3. International expansion from a strategic perspective

In North Africa :
Tunisia ▪ Leveraging the region’s demand potential as
countries like Algeria and Morocco are still
Morocco lagging in terms of tissue paper consumption
per capita
▪ Reinforcing presence in Mauritania where
Algeria Libya Egypt Lilas is leader with an estimated 70% market
share, competing with various imported brands
Mauritania
Mali Niger In the UEMOA and CEMAC regions:
Chad
Senegal Establishing footprint gradually:
▪ November 2017: Launch of production in
Côte d’Ivoire. Currently, SAH produces baby
diapers
Côte d’Ivoire Cameroon ▪ 2018: Set up of a subsidiary in Senegal;
Uganda ▪ December 2019: Launch of production in
Gabon Democratic Kenya Senegal with the set up of baby diapers line
Republic of
the Congo Tanzania In the EAC region:
▪ Selected distributors for the region
Angola ▪ A Kenyan production site is being explored

In the Middle East :


Parent company ▪ Selected distributors for the region:
Distribution already started in Lebanon and
Production site
Qatar
Madagascar
Served market South
Future production site Africa

25
3. International expansion from a strategic perspective

North Africa
196m
M.E
8.7m

UEMOA
120m CEMAC 650m
140m consumers
market reach
EAC
Parent company
186m
Production site
Served market
Future production site

Total population

26
4. Management from an internal perspective
Lilas success is built on its experienced, owner-led management team
with strong governance practices
Jalila Mezni. – Executive Chairman
Founder & CEO

Internal Audit Quality & HS&E


Abdelbasset Ben Moussa (Ekuity Capital) Hichem Mtibaa

Tarek Kabil
Expert in the FMCG & Mohamed Hammadi Mounir El Jaiez Ahmed
Anas Ben Malek Achref Mezni Adel Goucha
Hygiene sectors with Fahed Alnemah Employee at SAH since
Mokdadi Co-Founder & Managing
Badreldin Managing Director -
extensive experiences in Representative of Representative of Director of Azur Minority shareholder
2004 Partner - RMBV RMBV
Pepsi & Procter & Ekuity Capital minority shareholders Detergent
Gamble

Jalila Mezni– Chief Executive Officer

CFO
HR Sales Exports Transit
Procurement Legal Marketing Operations Mohamed IT
Monaam Khaled Seif Eddine Anis
Ali Chaouachi Najet Jebali Jihene Almi (Vacant) Amine Ben Aida Mejri
Daagi Chaaben Saddam Hammami
Malek

Independent members

27
4. Management from an ESG perspective

Committed to the
protection of the
environment and
65% 1 23.9 kwh/ton
Of production is Water treatment Of Electricity
engaged with the based on recycled facility on site (the consumption in 2018 vs
immediate local paper second is under study) 23.5kwh/ton in 2017
community (following LED
implementation*)

Salaries
significantly
higher than
100% +480 c.30%
minimum wage Of SAH employees are Of trained workers in Of female workers
and gender direct hires – No 2018 (Reported for SAH
contracted workers Tunisia & Azur Papier only)
parity in
compensation

Ongoing
Committed to
employee
100% US$ k audits 43
safety & Of SAH workers are Of expenditures in
2018 dedicated to For fire & life safety
security equipped with the
H&S verification
required PPE

*: El Zriba production site 28


IV. The Development Strategy

29
We Plan to
deliver balanced
and sustainable
growth and create
shareholders
value in attractive
African markets
Focus on the Detergent Business: Market Dynamics
The Tunisian market is characterized by a significant stake of imports while local
production is centralized by four main players: Henkel, Unilever, Judy & Sodet
Market segmentation Evolution of exports (in kTND)
37,851 32,921 33,092
63% 10% 20% 7% 22,721

7,593 9,784 6,794 9,629


Powder Liquid Bleach Other products 5,212 5,922 5,410 5,939

2013 2014 2015 2016


Detergent (73%) Household products (27%) Soaps Household products Bleach

► The local detergent market is dominated by the powder detergent ► Exports in value of household products and bleach reported CAGRs of
in terms of production, sales and consumption (12%) and (6%), respectively over the 2013-16 period. Exports in quantities
► The bleach represents 90% of the household products’ sub-market reported higher decreases, i.e. (10.4%) and (14.5%);
► Main export country is Libya followed by Algeria and France

Evolution of production (In kTND) Evolution of imports (In kTND)


490
CAGR: 2.6% 132,161 133,128 132,192
117,864
458
453
442
20,236 21,948 21,918 21,724
352 245 439 517

2013 2014 2015 2016

2013 2014 2015 2016 Household soaps Cleaning products Bleach


Imports

► Production of soaps, detergent and household products reported ► Imports of detergent products reported a 3% CAGR;
an annual growth of 2.6% in average over the 2013-16 period; ► The production opportunity in Tunisia is driven by lower production costs
► Up to 75% of the local production is dominated by four main (water, gas, fuel and workforce) compared to Europe and limited local
players competition
31
Source: Agence de Promotion de l’industrie et de l’Innovation
Focus on the Detergent Business: Achievements & Prospects
Lilas’ entering the detergent market is a stepping stone to becoming a local and
regional monopoly in the household sector
In June 2019, Lilas enters the market as the first local manufacturer
offering a complete range of detergent products
Revenue breakdown by distribution Revenue breakdown by category
channel

12%
12%
42%

Lilas reports YTD revenues of TND 30.5m (c. US$ 11m) as of September,
representing an estimated market share of 6.2% 46%
88%

Bleach Liquid Powder


Modern retail Traditional retail

Lilas forecasts TND 57m (c. US$ 20.3) of revenues by the end of
December 2019, representing an estimated market share of 11.6%

32
Focus on the Detergent Business: Achievements & Prospects
Lilas’ commercial team meeting its prospective customers

33
Focus on the Detergent Business: A State of the Art Facility (1/2)

34
Focus on the Detergent Business: A State of the Art Facility (2/2)

35
Focus on the Detergent Business: Presence in the Modern Retail

36
Focus on the Detergent Business: Presence in the Traditional Retail

37
Appendices
-
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1,000.0
12/22/2015
1/22/2016

421.7
2/22/2016
3/22/2016

Free Float
4/22/2016
5/22/2016
6/22/2016

62.7%
7/22/2016
8/22/2016

JM Holding
4.3%

9/22/2016
10/22/2016
11/22/2016
12/22/2016
33.0%

1/22/2017
2/22/2017
3/22/2017
4/22/2017
Other minority shareholders

5/22/2017
Shareholding structure as of September 2019

6/22/2017

*: Based on a market cap of TND 764.5m as of October 4, 2019


7/22/2017
8/22/2017
9/22/2017
10/22/2017
Shareholding & Market Performance

11/22/2017
12/22/2017
1/22/2018
2/22/2018
Market Capitalization (TNDm)

3/22/2018
4/22/2018
5/22/2018
6/22/2018
7/22/2018
8/22/2018
9/22/2018
10/22/2018
11/22/2018
12/22/2018
1/22/2019
2/22/2019
39

3/22/2019
4/22/2019
5/22/2019
6/22/2019
7/22/2019
8/22/2019
P/E 2020*: 15.2x
Top 5 shareholders (+1% ownership), excluding JM Holding

764.5

9/22/2019
Distribution Network (Hygiene)
Local distribution network

Healthcare
Hypermarkets &
Traditional facilities &
Supermarkets
Pharmacies
Order acceptance &
Wholesale: invoicing managed by 14
Retail sale:
200 Sales representatives,
45
Wholesalers who in turn report to 4
Distributors
Sales managers Managed by 25
Supervisors,
who in turn
Semi - Distributor Distributor Distributor report to 11
wholesalers
Retail sellers
#1 #2
…………… #45 Area managers

Vehicle #1 Vehicle #1 Vehicle #1


(1 Sales man (1 Sales man (1 Sales man
& 1 Driver) & 1 Driver) & 1 Driver)

Vehicle #2
Vehicle #1 Vehicle #2
Vehicle #1 Vehicle #2
Vehicle #1 100 Vehicles
100 Sales men
(1 Sales
(1 Sales man
man (1 Sales
(1 Sales man
man (1 Sales
(1 Sales man
man held by
(Employees of SAH); & 1 Driver)
& 11 Driver)
& Driver) & 11 Driver)
& Driver) & 1 Driver) distributors
Drivers report to
& managed

……
……

……

distributors
by Lilas
Vehicle #x Vehicle #x Vehicle #x
(1 Sales man (1 Sales man (1 Sales man
& 1 Driver) & 1 Driver) & 1 Driver)

Final points of distribution: Grocery shops, Convenience stores, Mini-markets.. 40


Facilities’ Pictures
SAH BEJA & MJEZ EL BEB

41

41
Facilities’ Pictures
SAH ZRIBA

AZUR PAPIER

42

42
Distribution Network (Detergent)
Local distribution network

Healthcare
Hypermarkets &
Traditional facilities &
Supermarkets
Pharmacies
Order acceptance &
Wholesale: invoicing managed by 14
Retail sale:
200 Sales representatives,
45
Wholesalers* who in turn report to 4
Distributors*
Sales managers* Managed by 15
Supervisors,
who in turn
Semi - Distributor Distributor Distributor report to 11
wholesalers
Retail sellers
#1 #2
…………… #45 Area managers*

Vehicle #1 Vehicle #1 Vehicle #1


(1 Sales man (1 Sales man (1 Sales man
& 1 Driver) & 1 Driver) & 1 Driver)

Vehicle #2
Vehicle #1 Vehicle #2
Vehicle #1 Vehicle #2
Vehicle #1 57 Vehicles
57 Sales men
(1 Sales
(1 Sales man
man (1 Sales
(1 Sales man
man (1 Sales
(1 Sales man
man held by
(Employees of SAH); & 1 Driver)
& 11 Driver)
& Driver) & 11 Driver)
& Driver) & 1 Driver) distributors
Drivers report to
& managed

……
……

……

distributors
by Lilas
Vehicle #x Vehicle #x Vehicle #x
(1 Sales man (1 Sales man (1 Sales man
& 1 Driver) & 1 Driver) & 1 Driver)

*: Same as for Hygiene

Final points of distribution: Grocery shops, Convenience stores, Mini-markets.. 43


Detergent products’ display in the modern retail

44
Detergent products’ display in the traditional retail

45

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