MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

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FINANCIAL REPORT Consolidated results of the past three years

4.1 _ Consolidated results of the past three years

Maroc TelecomGroup’s consolidated financial data is summarized in the following table. Selected financial data from the three fiscalbyears ended 31bDecemberb2015, 2016, and 2017, were drawn fromGroup

consolidated financial statements prepared in compliance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and audited by the Statutory Auditors.

4.1.1 CONSOLIDATES RESULTS IN MOROCCAN DIRHAMS

STATEMENT OF COMPREHENSIVE INCOME

(in MAD million)

2017

2016

2015

REVENUES

34,963 24,653 10,310 10,278

35,252 24,784 10,468 10,421

34,134 23,794 10,340 10,294

Operating expenses

EARNINGS FROM OPERATIONS Earnings from continuing operations

NET EARNINGS

6,579 5,706

6,628 5,598

6,577 5,595

Attributable to equity holders of the parent EARNINGS PER SHARE (IN MAD) Diluted earnings per share (in MAD)

6.49 6.49

6.37 6.37

6.36 6.36

STATEMENT OF FINANCIAL POSITION

ASSETS

(in MAD million)

2017

2016

2015

48,879 13,803 62,682

46,322 14,974 61,296

45,660 14,889

Non-current assets (a)

Current assets TOTAL ASSETS

60,549 (a) In accordance with IFRSb3, the financial statements at 31bDecemberb2015 (goodwill and trade accounts payable) have been restated for the impact of the final purchase price allocation for Moov subsidiaries.

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MAROC TELECOM ____ 2017 Registration Document