2020 operational achievements without major surprises
CMT's operational achievements in 2020 do not come as a real surprise. In fact, the decreases in the EBIT by -31% to MAD 158 Mn and in the recurring NIGS by -35% to MAD 120 Mn are largely integrated into our initial forecasts (Cf. Start 2021 under the cash-conversion perspective).
This underperformance is mainly explained by a negative price/volume effect. On the one hand, production fell by -9% following the disruptions caused by the health crisis. On the other hand, the average price of Lead dropped by -9% during 2020. Recall that the contribution of this metal to revenue exceed 60%.
