Cash flow Alliances Developpement Immobilier S.A.

Equities

ADI

MA0000011819

Real Estate Services

End-of-day quote Casablanca S.E. Other stock markets 2024-09-19			5-day change	1st Jan Change
317.00 ^MAD	+1.88%		+4.62%	+174.46%

Apr. 30	Alliances Developpement Immobilier S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 18	Alliances Developpement Immobilier S.A.(CBSE:ADI) added to S&P Pan Arab Composite	CI

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Published financial data: ALLIANCES DEVELOPPEMENT IMMOBILIER S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2.06B	1.27B	1.43B	1.63B	2.04B
Other Revenues, Total	-	-	-	-1K	-
Total Revenues	2.06B	1.27B	1.43B	1.63B	2.04B
Cost of Goods Sold, Total	1.55B	762M	1.01B	1.17B	1.7B
Gross Profit	515M	508M	414M	455M	342M
Selling General & Admin Expenses, Total	266M	262M	165M	173M	155M
Amortization of Goodwill and Intangible Assets - (IS)	25.8M	23.48M	37.77M	56.86M	57.13M
Other Operating Expenses	136M	527M	-10.95M	-39.53M	-224M
Other Operating Expenses, Total	428M	812M	192M	191M	-11.02M
Operating Income	86.45M	-304M	222M	264M	353M
Interest Expense, Total	-44.8M	-106M	-93.03M	-86.69M	-59.74M
Interest And Investment Income	30K	-	-	-	-
Net Interest Expenses	-44.77M	-106M	-93.03M	-86.69M	-59.74M
Income (Loss) On Equity Invest.	-	-287K	-	-	-
Other Non Operating Income (Expenses)	84.06M	9.75M	9.74M	10.77M	-40.16M
EBT, Excl. Unusual Items	126M	-400M	139M	188M	253M
Other Unusual Items	-10.49M	-632K	-6.32M	-6.7M	20.08M
EBT, Incl. Unusual Items	115M	-401M	132M	181M	273M
Income Tax Expense	8.85M	-3.44M	13.05M	7.29M	31.25M
Earnings From Continuing Operations	106M	-398M	119M	174M	242M
Net Income to Company	106M	-398M	119M	174M	242M
Minority Interest	-32.15M	-39.5M	148K	4.22M	-3M
Net Income - (IS)	74.25M	-437M	119M	178M	239M
Net Income to Common Incl Extra Items	74.25M	-437M	119M	178M	239M
Net Income to Common Excl. Extra Items	74.25M	-437M	119M	178M	239M
Per Share Items
Net EPS - Basic	3.89	-19.8	5.4	8.08	10.82
Basic EPS - Continuing Operations	3.89	-19.8	5.4	8.08	10.82
Basic Weighted Average Shares Outstanding	19.08M	22.08M	22.08M	22.08M	22.08M
Net EPS - Diluted	3.89	-19.8	5.4	8.08	10.82
Diluted EPS - Continuing Operations	3.89	-19.8	5.4	8.08	10.82
Diluted Weighted Average Shares Outstanding	19.08M	22.08M	22.08M	22.08M	22.08M
Normalized Basic EPS	2.43	-13.12	3.93	5.52	7.03
Normalized Diluted EPS	2.43	-13.12	3.93	5.52	7.03
Dividend Per Share	-	-	-	-	3
Payout Ratio	-	-	-	28.09	0.03
Supplemental Items
EBITDA	141M	-255M	280M	335M	423M
EBITA	114M	-279M	260M	321M	411M
EBIT	86.45M	-304M	222M	264M	353M
EBITDAR	147M	-249M	286M	336M	-
Total Revenues (As Reported)	1.63B	1.49B	1.55B	2.08B	1.88B
Effective Tax Rate - (Ratio)	7.68	0.86	9.87	4.02	11.44
Total Current Taxes	20.87M	11.94M	13.74M	21.39M	30.56M
Total Deferred Taxes	-12.02M	-15.38M	-691K	-14.1M	685K
Normalized Net Income	46.44M	-290M	86.72M	122M	155M
Supplemental Operating Expense Items
Net Rental Expense, Total	6.21M	6.21M	6.83M	720K	-
Imputed Operating Lease Interest Expense	885K	2.07M	1.92M	198K	-
Imputed Operating Lease Depreciation	5.32M	4.14M	4.91M	522K	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	283M	304M	303M	281M	183M
Short Term Investments	91K	26.92M	60K	66K	266M
Total Cash And Short Term Investments	283M	331M	303M	281M	449M
Accounts Receivable, Total	3.18B	3.13B	3.19B	2.65B	2.09B
Other Receivables	1.93B	1.94B	1.96B	1.86B	1.61B
Total Receivables	5.11B	5.07B	5.15B	4.51B	3.71B
Inventory	6.09B	5.91B	5.73B	6.17B	5.79B
Other Current Assets, Total	727M	558M	551M	515M	244M
Total Current Assets	12.21B	11.87B	11.73B	11.47B	10.19B
Gross Property Plant And Equipment	933M	936M	948M	989M	964M
Accumulated Depreciation	-284M	-307M	-320M	-338M	-295M
Net Property Plant And Equipment	649M	629M	629M	650M	669M
Long-term Investments	100M	99.24M	126M	98.42M	185M
Goodwill	501M	478M	631M	574M	517M
Other Intangibles, Total	3.87M	1.8M	1.3M	1.24M	1.19M
Deferred Tax Assets Long-Term	15.44M	25.99M	21.25M	17.02M	10.83M
Other Long-Term Assets, Total	4.49M	4.39M	4.38M	4.43M	4.27M
Total Assets	13.49B	13.11B	13.14B	12.82B	11.57B
Liabilities
Accounts Payable, Total	2.54B	2.37B	2.17B	1.81B	1.52B
Accrued Expenses, Total	1.5B	1.32B	1.38B	1.32B	1.07B
Short-term Borrowings	891M	545M	342M	440M	217M
Other Current Liabilities	2.59B	2.36B	2.69B	2.83B	2.31B
Total Current Liabilities	7.52B	6.59B	6.58B	6.39B	5.11B
Long-Term Debt	1.5B	2.16B	2.26B	2B	1.94B
Long-Term Leases	4.89M	4.55M	3.71M	4.25M	5.3M
Deferred Tax Liability Non Current	152M	148M	142M	124M	118M
Other Non Current Liabilities	869M	866M	904M	896M	890M
Total Liabilities	10.04B	9.76B	9.88B	9.42B	8.07B
Common Stock, Total	1.91B	2.21B	2.21B	2.21B	2.21B
Additional Paid In Capital	1.22B	1.22B	1.22B	1.22B	-
Retained Earnings	74.25M	-437M	119M	178M	239M
Comprehensive Income and Other	-171M	-94.38M	-542M	-412M	987M
Total Common Equity	3.04B	2.9B	3.01B	3.2B	3.43B
Minority Interest	407M	448M	251M	203M	74.92M
Total Equity	3.44B	3.35B	3.26B	3.4B	3.51B
Total Liabilities And Equity	13.49B	13.11B	13.14B	12.82B	11.57B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	19.08M	22.08M	22.08M	22.08M	22.08M
ECS Total Common Shares Outstanding	19.08M	22.08M	22.08M	22.08M	22.08M
Book Value / Share	159.1	131.37	136.3	144.88	155.54
Tangible Book Value	2.53B	2.42B	2.38B	2.62B	2.92B
Tangible Book Value Per Share	132.63	109.65	107.67	118.81	132.07
Total Debt	2.4B	2.7B	2.6B	2.45B	2.16B
Net Debt	2.11B	2.37B	2.3B	2.17B	1.71B
Debt Equivalent Oper. Leases	49.67M	49.67M	54.64M	5.76M	-
Minority Interest, Total (Incl. Fin. Div)	407M	448M	251M	203M	74.92M
Equity Method Investments, Total	345K	58K	58K	58K	58K
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Others	6.16B	6.37B	6.16B	6.6B	6.07B
Land - (BS)	6.14M	6.14M	6.14M	6.14M	6.45M
Buildings, Total	417M	417M	417M	420M	425M
Machinery, Total	335M	337M	334M	343M	291M
Full Time Employees	411	270	263	293	284
Accumulated Allowance for Doubtful Accounts (Supple)	346M	420M	407M	415M	396M
Order Backlog	-	2.9B	3.2B	2.7B	3.1B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	74.25M	-437M	119M	178M	239M
Depreciation & Amortization - CF	26.8M	24M	19.31M	13.86M	12.16M
Amortization of Goodwill and Intangible Assets - (CF)	27.62M	24.57M	38.44M	57.32M	57.59M
Depreciation & Amortization, Total	54.41M	48.57M	57.75M	71.18M	69.75M
(Gain) Loss From Sale Of Asset	57K	3.36M	108K	2.17M	-
(Income) Loss On Equity Investments - (CF)	-	287K	-	-	-
Other Operating Activities, Total	1.11M	135M	87.38M	71.76M	103M
Change In Deferred Taxes	-12.02M	-15.38M	-691K	-14.1M	685K
Change in Other Net Operating Assets	561M	-216M	316M	8.03M	320M
Cash from Operations	679M	-482M	579M	317M	732M
Capital Expenditure	-8.04M	-4.17M	-19.7M	-35.27M	-34.14M
Sale of Property, Plant, and Equipment	507K	397K	1K	75K	-
Cash Acquisitions	-528M	-514K	-345M	-9K	-189M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-295K	-797K	-170K	-396K	-409K
Investment in Marketable and Equity Securities, Total	-979K	250K	-26M	-	-10K
Net (Increase) Decrease in Loans Originated / Sold - Investing	-1.48M	2.33M	7K	8K	96K
Other Investing Activities, Total	-	-1K	-	-	-1K
Cash from Investing	-538M	-2.51M	-391M	-35.6M	-224M
Long-Term Debt Issued, Total	82.02M	834M	210M	72.15M	55.3M
Total Debt Issued	82.02M	834M	210M	72.15M	55.3M
Long-Term Debt Repaid, Total	-336M	-181M	-107M	-338M	-117M
Total Debt Repaid	-336M	-181M	-107M	-338M	-117M
Issuance of Common Stock	-	300M	-	-	-
Common Dividends Paid	-	-	-	-50.1M	-74K
Common & Preferred Stock Dividends Paid	-	-	-	-50.1M	-74K
Other Financing Activities, Total	32.12M	-102M	-89.55M	-85.12M	-56.73M
Cash from Financing	-222M	852M	14.33M	-401M	-119M
Miscellaneous Cash Flow Adjustments	-1K	-	-	-	-
Net Change in Cash	-80.75M	367M	203M	-119M	390M
Supplemental Items
Levered Free Cash Flow	638M	-406M	421M	101M	616M
Unlevered Free Cash Flow	666M	-339M	479M	155M	653M
Change In Net Working Capital	-566M	193M	-302M	45.13M	-397M
Net Debt Issued / Repaid	-254M	653M	104M	-266M	-61.75M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	0.4	-1.43	1.06	1.27	1.81
Return on Total Capital	0.9	-3.19	2.33	2.82	3.83
Return On Equity %	3.04	-11.71	3.61	5.23	7
Return on Common Equity	2.44	-14.73	4.04	5.75	7.2
Margin Analysis
Gross Profit Margin %	24.95	40	28.96	27.92	16.73
SG&A Margin	12.9	20.59	11.55	10.64	7.6
EBITDA Margin %	6.83	-20.08	19.57	20.59	20.68
EBITA Margin %	5.53	-21.97	18.22	19.74	20.08
EBIT Margin %	4.19	-23.9	15.53	16.22	17.26
Income From Continuing Operations Margin %	5.16	-31.3	8.34	10.7	11.83
Net Income Margin %	3.6	-34.41	8.35	10.96	11.68
Net Avail. For Common Margin %	3.6	-34.41	8.35	10.96	11.68
Normalized Net Income Margin	2.25	-22.81	6.07	7.48	7.59
Levered Free Cash Flow Margin	30.91	-31.94	29.44	6.22	30.12
Unlevered Free Cash Flow Margin	32.27	-26.72	33.51	9.55	31.95
Asset Turnover
Asset Turnover	0.15	0.1	0.11	0.13	0.17
Fixed Assets Turnover	3.13	1.99	2.27	2.55	3.1
Receivables Turnover (Average Receivables)	0.65	0.4	0.45	0.56	0.86
Inventory Turnover (Average Inventory)	0.24	0.13	0.17	0.2	0.28
Short Term Liquidity
Current Ratio	1.62	1.8	1.78	1.8	1.99
Quick Ratio	0.72	0.82	0.83	0.75	0.81
Operating Cash Flow to Current Liabilities	0.09	-0.07	0.09	0.05	0.14
Days Sales Outstanding (Average Receivables)	560.87	909.75	807.77	654.22	423.21
Days Outstanding Inventory (Average Inventory)	1.49K	2.88K	2.09K	1.85K	1.28K
Average Days Payable Outstanding	860.88	1.54K	999.89	449.12	459.6
Cash Conversion Cycle (Average Days)	1.19K	2.25K	1.9K	2.06K	1.25K
Long Term Solvency
Total Debt/Equity	69.65	80.76	79.88	71.94	61.62
Total Debt / Total Capital	41.05	44.68	44.41	41.84	38.13
LT Debt/Equity	43.76	64.49	69.4	59.02	55.45
Long-Term Debt / Total Capital	25.79	35.68	38.58	34.32	34.31
Total Liabilities / Total Assets	74.48	74.46	75.2	73.46	69.68
EBIT / Interest Expense	1.93	-2.86	2.38	3.05	5.91
EBITDA / Interest Expense	3.14	-2.4	3.01	3.87	7.08
(EBITDA - Capex) / Interest Expense	2.96	-2.44	2.79	3.46	6.5
Total Debt / EBITDA	17.02	-10.6	9.32	7.3	5.12
Net Debt / EBITDA	15.01	-9.3	8.23	6.46	4.05
Total Debt / (EBITDA - Capex)	18.05	-10.43	10.02	8.16	5.56
Net Debt / (EBITDA - Capex)	15.92	-9.16	8.85	7.22	4.41
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-37.15	-38.41	12.43	13.99	25.55
Gross Profit, 1 Yr. Growth %	-44.61	-1.25	-18.61	9.91	-24.79
EBITDA, 1 Yr. Growth %	-74.9	-281.11	-209.58	19.92	31.71
EBITA, 1 Yr. Growth %	-78.57	-348.65	-192.88	23.81	27.92
EBIT, 1 Yr. Growth %	-82.93	-451.3	-173.04	19.06	33.65
Earnings From Cont. Operations, 1 Yr. Growth %	-67.1	-473.73	-129.96	46.17	38.88
Net Income, 1 Yr. Growth %