MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated results of the past three years

SHAREHOLDERS’ EQUITY AND LIABILITIES

(in MAD million) Share capital

2017

2016

2015

5,275

5,275

5,275

Shareholders’equity, attributable to equity holders of the parent

15,835

15,476

15,344

Non-controlling interests Shareholders’equity Non-current liabilities Current liabilities (a)

3,916

3,822

4,360

19,750

19,298

19,704

5,014

5,402

6,855

37,918 62,682

36,596 61,296

33,990

TOTAL SHAREHOLDERS’EQUITY AND LIABILITIES 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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4.1.2 CONSOLIDATED RESULTS IN EUROS

The Group reports its financial data in Moroccan dirhams. This sectionbis intended to provide investors with comparable data in euros.

For EUR 1

2017

2016

2015

The closing rate at the balance sheet

11.2012 10.9257

10.6284 10.8505

10.8194 10.8196

Average rate used for the income statement

The above table shows the average dirham/euro conversion rates used in preparing the financial statements for fiscal years 2015, 2016 and 2017. The exchange rates are shown for indicative purposes only, to help the reader. The Group does not guarantee that the amounts

expressed in dirhams were, could have been or could be converted to euros at those exchange rates or at any other rate. The following table shows selected financial data for Maroc Telecom Group, presented in euros at the exchange rate used in preparing the Group’s consolidated statement of financial position and income statement for fiscal years 2015, 2016 and 2017.

STATEMENT OF COMPREHENSIVE INCOME

(in EUR million)

2017

2016

2015

REVENUES

3,200 2,256 944 941 602 522 0.59 0.59

3,249 2,284 965 960 611 516 0.59 0.59

3,155 2,199 956 951 608 517 0.59 0.59

Cost of purchases

EARNINGS FROM OPERATIONS Earnings from continuing operations

NET EARNINGS

Attributable to equity holders of parent

EARNINGS PER SHARE (IN EUR)

DILUTED EARNINGS PER SHARE (IN EUR)

107

MAROC TELECOM ____ 2017 Registration Document