The growth of SMI's activity in 2020 is in line with our initial forecasts (C.f. Start 2021 under the cash-conversion perspective). This is a slight increase in revenue of 0.5% to MAD 856 Mn against an estimate of MAD 865 Mn. In addition, EBITDA and NI are relatively lower-than-expected with respective annual achievement rates of 91% and 80%.
