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Casablanca – Addoha is the largest real estate developer in Morocco operating in all of social, intermediate and high-end housing. Consolidated revenue decreased from MAD 9.3 billion in 2012 to MAD 7.0 billion in 2014 as a result of lower units delivered in all segments where the developer is operating.Henceforth, the group re-engineered its corporate strategy by launching the triennial cash generation plan (CGP) in 2015.The CGP reengineered many facets of the real estate giant’s strategy and focuses on the following pillars: 1/ Generating cash from the company’s current assets by selling the stocks of unsold finished products and by reducing clients receivable; 2/ Reducing both of production and investments in land acquisition over the coming years; 3/ Launching the marketing of tranches only if previous tranches have been entirely commercialized; 4/ Launching the production of tranches only if the pre-sale ratio is above 70%. The ambition of the CGP is for the company to enter a cycle of strong operating cash flow generation (a total of MAD 8b targeted for the 2015-2017Eperiod), in order to reduce the indebtedness (targeted gearing of 33% at the end of the period vs. 80% as of 2014), as well as in order to significantly increase the amount of dividends distributed to their shareholders.Today, the group reported exceptional CGP achievement rates (higher than 100%) at all levels (commercial, operational, financial). Management enjoys now a very decent track-record of outperforming the CGP targets amid a market where confidence in Management yields real market premia.During these past two years, the group has been able to achieve 70% of its deleveraging objective. The net reduction in debt stood at MAD 3.1 billion which corresponds to 116% of the amount targeted by the end of 2016.As a result of this debt reduction along with an improvement of cost of debt, financial expenses plunged by 22% to MAD 454 million. Henceforth, NIGS soared by 18% to MAD 1.0 billion, while net margin improved by 120 basis points to 15.8%. Also, gearing stood at 50% at the end of 2016 to be compared to 80% at the beginning of the CGP and to a target of 33%.Deliveries stood at 15,587 units almost stable YoY while revenue also barely increased by 0.2% to MAD 7.1 billion.  89.9% of the deliveries were social and intermediate housing dwellings. Margins resumed their upward trajectory with social and intermediate housing’s gross margin jumping by 4 percentage points to 28%, while high-end housing margin soared by 8 percentage points to 34%.Furthermore, the group pre-sold 10,744 units which corresponds to 92% of the target set in the CGP.For the Shareholders’ Meeting, the Board of Directors will propose the distribution of a dividend of MAD 2.40 per share (up 7% YoY). read more