Omnium
Nord
Africain
(ONA)
Company Profile and History
ONA
is
the
first
private-equity
industrial
and
financial
group
in
Morocco
and
is
a
publicly
listed
company
on
the
Casablanca
and
Paris
stock
markets.
Approximately
5%
of
the
Casablanca
Stock
Exchange
is
represented
by
the
Group’s
market
capitalisation.
It
has
its
origins
in
the
Compagnie
Générale
de
Transport
et
de
Tourisme
(CGTT)
which
was
established
in
1919
and
became
ONA
in
1934.
In
the
beginning
of
the
1980's,
the
Group
diversified
its
activities
through
equity
investments
in
various
business
segments,
mainly
dairy
products
(Centrale
Laitière,
Pingouin),
sugar
(Cosumar),
oil
&
fats
(Unigral
Cristal,
Sepo),
banking
(Société
de
Banque
et
de
Crédit),
marine
transit,
chemical
products
and
textile.
ONA
pursued
its
development
in
these
traditional
business
segments
through:
equity
investment
in
Lesieur
Afrique;
acquisition
of
Sugar
mills
by
Cosumar;
acquisition
of
a
40
percent
stake
in
Banque
Commerciale
du
Maroc;
equity
investment
in
Compagnie
Africaine
d'Assurances;
acquisition
of
an
industrial
fishing
fleet
and
equity
investments
in
the
canned
fish
industry;
and
development
of
mining
activities.
In
the
early
90's,
ONA
entered
into
cutting-edge
domains
such
as
communications,
multimedia,
modern
retail
distribution
and
real-estate.
The
Group
has
also
signed
several
strategic
agreements:
strategic
partnership
with
SEMAFO,
a
Canadian
company
specialized
in
mining;
strengthening
of
the
partnership
with
DANONE
for
the
acquisition
of
BIMO
and
LEADERFOOD
companies;
and
a
partnership
with
AUCHAN
for
the
development
of
modern
retail
distribution
in
Morocco
(hyper
and
supermarkets).
In Country Location
60,
Rue
d’Alger,
Casablanca,
Maroc;
Telephone:
+212
(0)5
22
22
41
02
/
22
43
21
00
Telefax:
+212
(0)5
22
29
93
18
Services and Products
ONA
operates
in
5
strategic
business
areas:
retailing;
financial
services;
agribusiness;
and
mining.
Growth
drivers,
include
telecoms,
real
estate,
energy,
environment
and
information
technologies.
Managem
,
a
public
listed
company
produces
and
sells
cobalt,
base
metals
and
metal
derivatives.
It
has
specialized
service
companies
in
exploration,
research,
development
and
engineering.
Created
in
2002,
Mercure.com
is
an
IT
holding
company.
In
2005,
Mercure.com
concluded
a
strategic
partnership
agreement
with
Bearing
Point
Group,
a
world
leader
in
management
consulting.
Mercure.com
also
holds
a
participation
of
34%
in
Involys,
a
company
specializing
in
the
production
of
software.
Created
in
1992,
Netcom
Technology
,
a
subsidiary
of
Mercure.com,
specializes
in
systems
and
corporate
networks.
Created
in
May
2004,
Accolade,
another
subsidiary
of
Mercure.com,
is
a
call
centre
servicing
customers
of
large
(mainly
European)
companies
operating
in
various
sectors
such
as
tourism,
the
Internet
and
telephony.
Founded
in
1995,
Archos
Conseil
operates
mainly
in
two
market
segments:
information
systems
management
consulting
and
software
applications.
Onapar
represents
the
real
estate
holding
company
of
the
Group.
The
company
aims
at
realizing
tourism-oriented
large
scale
real
estate
projects
and
participating
in
development
projects
of
industrial
areas.
CMB
Plastique
operates
in
the
segment
of
plastic
packaging
for
the
liquid
food
industry.
Cosumar
,
a
PLC
created
in
1929,
is
involved
in
sugar
production,
import,
transformation,
branding
and
distribution.
Bimo
is
a
market
leader
in
the
biscuit
industry
in
Morocco.
Bimo
has
40
trademarks
under
5
different
brands.
Created
in
1940,
Centrale
Laitière
is
a
group
of
companies
specializing
in
the
Milk
and
dairy
products
industry.
Centrale
Laitière
is
owned
by
ONA
Group
since
1981
in
partnership
with
Danone
Group.
Sotherma
(Société
du
Thermalisme
Marocain)
markets
natural
still
water
since
1968.
In
2002,
Sotherma
signed
a
partnership
agreement
with
Danone
Group
and
extended
its
product
range
by
selling
a
new
brand;
Danone
Aïn
Saïss.
The
first
Moroccan
Agro-Industrial
company,
Lesieur
Cristal
works
in
two
sectors;
the
triturating
of
oleaginous
seeds,
and
refining
of
oils.
During
2005,
the
company
diversified
its
activities
in
the
field
of
bleaches
and
products
of
hygiene
and
domestic
maintenance
and
is
prominent
in
the
field
of
animal
feeds.
Marona
operates
in
deep
sea
fishing
and
specializes
in
selling
a
wide
variety
of
fish
mainly
cephalopods.
Japan
is
considered
their
main
export
market
(mainly
for
octopus),
while
the
Spanish
and
Italian
(for
white
fish).
Sopriam
is
the
exclusive
distributor
of
the
Peugeot
and
Citroën
car
brands,
and
a
market
leader
in
the
“new”
cars
segment
in
Morocco.
Marjane
is
a
hypermarket
chain
with
14
stores
in
Casablanca,
Rabat,
Marrakech,
Tangier,
Fès,
Agadir,
Tétouan
and
Meknes.
Created
in
2002
in
partnership
with
Auchan,
Acima
introduced
the
“supermarket
proximity”
concept
into
districts
of
large
cities,
which
was
extended
to
small
and
average
sized
cities.
Optorg
and
its
subsidiaries
distribute
goods
and
services
in
Morocco
(through
Tractafric
Maroc)
and
in
Sub-saharian
Africa.
Business
activities
are
divided
into
two
main
segments:
Tractafric
Equipement-materials
for
public
works,
forest,
mining-Caterpillar,
Hyster,
Manitou,
and
Perkins;
and
Tratafric
Motors-Trucks,
private
vehicles-Mercedes
Benz,
Chrysler,
Jeep,
Mitsubishi,
Hyundai,
Mazda
and
Michelin.
ONA
is
present
in
the
banking
sector
through
Attijariwafa
Bank.
Attijariwafa
Bank
concentrates
the
majority
of
its
activities
in
Morocco,
but
has
representative
offices
in
various
European
countries.
Agma
Lahlou
Tazi
is
involved
in
the
insurance
business
and
is
an
official
partner
of
Marsh,
a
world
leader
in
risk
management
consulting
and
insurance
brokerage.
Wana
(previously
Maroc
Connect)
is
involved
in
the
ICT
sector.
Established
in
January
2005,
Nareva
specializes
in
energy,
environment
and
utilities.
Number of Employees
More than 32000 employees, amongst others: Mercure.com: 454 people; Onapar: 103 people; CMB Plastique: 56 people; Cosumar: 2 571 people; Bimo: 1341 people; Centrale Laitière: 2 453 people; Sotherma: 314 people; Lesieur Cristal: 1 314 people; Sopriam: 364 people; Marona: 526 people; Marjane: 5 134 people; Acima: 1 238 people; Optorg: 1 273 people; Attijariwafa Bank: 8 196 people; Agma Lahlou Tazi: 162 people; Wana: 574 people; Nareva: 21 people
Financial Information
2008
Revenues:
MAD36,635
million.
Share
capital:
MAD1,746,245,000
Managem
2007
turnover:
MAD
2
208,8m;
Operating
profit:
MAD
172,5m;
Mercure.com
2007
turnover:
MAD
112m;
Onapar:
2007
turnover:
MAD
511m;
CMB
Plastique
2007
turnover:
MAD
184,7m;Cosumar
2007
turnover:
MAD
5,462,6m;
Bimo
2007
turnover:
MAD
537,6m;
Centrale
Laitière
2007
turnover:
MAD
4
483,6
m;
Sotherma
2007
turnover:
MAD
192,1m;
Lesieur
Cristal
2007
turnover:
MAD
3
694
m;
Marona
2007
turnover:
MAD
303,7m;
Sopriam
2007
turnover:
MAD
2
587,2
m;
Marjane
2007
turnover:
MAD
6
338,1
m;
Acima
2007
turnover:
MAD
1
804,7
m;
Optorg
2007
turnover:
427,1
M€;
Attijariwafa
Bank:
Net
banking
product-MAD
8
793,1
m;
Agma
Lahlou
Tazi
2007
turnover:
MAD
109,56
m;
Wana
2007
turnover:
MAD
791,2
m;
Nareva
2007
turnover:
MAD
3,8
m

Market Share
ONA
is
Morocco’s
largest
private-equity
group.
Managem
is
the
largest
Moroccan
integrated
mining
operator;
Cosumar
the
leader
in
sugar
production,
import,
transformation,
branding
and
distribution;
Bimo
Market
share:
41.7%;
Centrale
Laitière
Market
share
(milk)
:
58.8
%;
Lesieur
Cristal
Market
share:
Edible
Oil:
4%, Olive
oil:
16%, Oil
cakes
:
45%, Soap:
87%, Cleaning
products
:
28%;
Sopriam,
Market
share:
18.1%;
Agma
Lahlou
Tazi
Market
share:
7.8%;
Attijariwafa
Bank,
ranked
second
after
Banques
Populaires
Group;
Agma
Lahlou
Tazi,
is
the
market
leader
in
insurance
in
Morocco.
Business Objective
“To
become
not
only
a
major
domestic
but
also
regional
economic
force”
“Our
aim
is
to
reach
a
balance
between
delivering
growth
and
improving
profitability
whilst
pursuing
our
social
and
economic
ambitions.”
Business Model
After
years
of
strong
development
and
diversification,
the
Group
started
making
strategic
changes
between
1995
and
1997
by
refocusing
its
business
activities.
The
group’s
objective
was
to
capitalize
on
competitive
advantages
and
foster
growth.
ONA
emphasizes
productivity,
quality
and
innovation
whilst
making
every
effort
to
mobilise
both
financial
and
high-calibre
human
resources
to
be
able
to
satisfy
demand
and
seize
opportunities.
The
Group’s
investment
strategy
is
based
on
the
principle
of
majority
ownership
whilst
retaining
management
control.
A
hands-on
management
approach
underpins
this
strategy
aimed
at
developing
a
stable
portfolio
over
the
long-term.
The
Group
aims
to
generate
sustainable
growth
over
the
long-term
from
its
traditional
businesses
(food
manufacturing
and
mining),
services
sectors
(distribution
and
financial
services),
as
well
as
from
new
activities
with
strong
growth
potential
(growth
drivers).
ONA
Holding
bases
its
model
on
the
following:
maximise
each
subsidiary’s
return
on
invested
capital
and
ensure
the
profitable
growth
of
the
Group’s
various
activities;
ensure
an
optimal
allocation
of
capital,
whilst
taking
into
consideration
the
overall
risk-reward
profile;
validate
the
strategy
and
monitor
the
performance
and
risks
of
its
subsidiaries;
encourage
synergies
between
subsidiaries;
provide
support
and
expertise
to
its
subsidiaries
(legal,
tax-related,
financial
communications,
etc).
ONA’s
“Synergies”
and
“Risk
Management”
projects
are
vitally
important
for
the
Group’s
development.
Both
these
functions
have
a
common
objective,
that
of
value-creation.
The
Synergies
programme
endeavours
to
match
resources
to
skills
whilst
the
Risk
Management
programme
is
aimed
at
improving
risk
control
and
decision-making.
The
Synergies
programme,
which
was
launched
in
2005
by
the
Development
and
Synergies
division,
has
resulted
in
a
corporate
culture
founded
on
best
practice.
Other
projects
have
been
launched
aimed
at
generating
sustainable
cost
savings
and
exploring
new
areas
for
potential
synergies.
Risk
management,
for
which
the
holding
company’s
General
Control
division
is
responsible,
is
one
of
the
key
functions
of
the
Group.
The
aim
is
to
progressively
put
in
place
a
global
risk
management
system
for
all
the
Group’s
subsidiaries.
This
system
identifies
and
manages
risks,
improves
decision-making
processes
and
allocation
of
resources
and
provides
support
for
implementing
corporate
strategy.
The
Risk
Management
system
manages
both
risks
relating
to
the
external
environment
(external
factors
that
may
affect
the
viability
of
a
subsidiary’s
business
model),
risks
relating
to
the
business
model
itself
(operational,
HR,
organisational,
ethical
and
IT-related
risks)
and
risks
relating
to
the
accuracy
and
relevance
of
information
as
the
basis
for
taking
strategic
and
operational
decisions.
Ownership of Business
Holding
Companies:
Mercure.Com,
100.0%
owned
by
ONA
Group;
Archos,
100.0%
owned
by
ONA
Group
since
2003;
Netcom,
100.0%
owned
by
ONA
Group
since
2001;
Accolade,100.0%
owned
by
ONA
Group;
Onapar,
100.0%
owned
by
ONA
Group
Managem
Owned
78.18%
by
ONA
Group;
Cosumar,
55.5%
owned
by
ONA
Group;
Bimo,
50.0%
owned
by
ONA
Group;
Centrale
Laitiere,
51%
owned
by
ONA
Group;
Sotherma,
30%
owned
by
ONA
Group;
CMB
Plastique,
56.1%
owned
by
ONA
Group;
Lesieur
Cristal,
56.1%
owned
by
ONA
Group;
Marona,
98.73%
owned
by
ONA
Group;
Sopriam,
91.0%
owned
by
ONA
Group;
Marjane,
100%
owned
by
ONA
Group;
Acima,
100%
owned
by
ONA
Group;
Optorg,
100.0%
owned
by
ONA
Group;
Attijariwafa
Bank,29.6%
owned
by
ONA
Group;
Agma
Lahlou
Tazi,
49.0%
owned
by
ONA
Group;
Wana,
51.0%
owned
byONA
Group;
Nareva,
100.0%
owned
by
ONA
Group
Benefits Offered and Relations with Government
The
company
is
controlled
by
the
Moroccan
royal
family,
and
it
enjoys
preferential
treatment,
privileges
and
sometimes
even
state-protected
monopoly
in
many
vital
economic
sectors
of
the
country.
Product Development
Emaar
Properties,
the
largest
real
estate
developer
in
the
world
in
terms
of
market
capitalisation
and
ONA
Group
entered
into
a
joint
venture
to
create
large
scale
residential
and
golfing
development
projects
throughout
Morocco.
The
first
project
is
Amelkis
II-a
luxury
residential
golfing
complex
in
Marrakech.