MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

4 FINANCIAL REPORT

4.1 CONSOLIDATED RESULTS OF THE PAST THREE YEARS 4.1.1 Consolidates results in moroccan dirhams

106 106 107 109 109 110

4.1.2 Consolidated results in euros

4.2 OVERVIEW

4.2.1 Scope of consolidation

4.2.2 Comparison of results by geographical area 4.2.3 Transition from separate financial statements to consolidated financial statements 4.3 CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2015, 2016 AND 2017 Statutory auditors’ report on the consolidated financial statements year ended 31 December 2017 Consolidated statement of financial position Consolidated statement of comprehensive income Consolidated statement of cash flow Consolidated statement of changes in equity 4.4 STATUTORY FINANCIAL STATEMENTS Statutory auditors’ general report year ended December 31, 2017

119

120

121 122 123 124 125

166

167 168 169 170 171 172

Assets

Shareholders’equity and liabilities

Statement of comprehensive income (exclusive of VAT)

Statement of operating data Statement of cash flows

Statutory Auditors’ Special Report on the financial statements for the fiscal year January 1 to December 31, 2017

191

105

MAROC TELECOM ____ 2017 Registration Document