MAROC_TELECOM_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT
Overview
As of 31bDecemberb2017, the consolidatedMaroc TelecomGroup net debtb (1) was up 6.1% at MAD 13 billion. Nevertheless, this represents only 0.8 times the Group’s annual EBITDA. DIVIDENDS The Supervisory Board of Maroc Telecomwill propose to the General Shareholders’Meeting on 24bAprilb2018 to effect the payment of an ordinary dividend of MAD 6.48 per share, up 1.9% vs. 2016, representing a total amount of MAD 5.7 billion and corresponding to 100% of the Net Profit. The dividend payment date would be from 5bJuneb2018.
MAROC TELECOM GROUP OUTLOOK FOR 2018 On the basis of the recent changes in the market, to the extent that no newmajor exceptional event impacts the Group’s business,Maroc Telecom is projecting the following for 2018, at constant scope and exchange rates: – Stable revenues; – Stable EBITDA; – Capex amounting to around 23% of revenues, excluding frequencies and licenses.
4.2.2.1.2 Activities in Morocco Details of the financial indicator adjustments for “Morocco” and “International” are provided in Appendixb1.
IFRS (in MAD million)
2017
2016
Changes -3.6% -5.5% -4.3% -60.9% +1,5% +9.8%
4
REVENUES
20,481 13,335 13,214 8,962 2,664 -1,816 10,804 52.8% 6,954 34.0% 4,589 22.1% 7,319 11,009 121 61
21,244 14,115 13,806 8,829 2,427 -1,700 11,004 51.8% 7,157 33.7% 3,905 18.4% 7,124 10,937 309
Mobile Services
Equipment Fixed-line
including Fixed-line data (a)
Eliminations and other revenues
EBITDA
-1.8% +1.0pt -2.8% +0.3pt
Margin (%)
Adjusted EBITA
Margin (%)
CAPEX
+17.5%
including licenses and frequencies
CAPEX/Rev. (excluding licenses and frequencies)
+3.7pt +2.7% +0.7%
Adjusted CFFO
Net debt
Net debt/EBITDA
1.0
1.0
(a) Fixed-line data includes internet, ADSL TV and data services to businesses.
In 2017, operations in Morocco generated revenues of MAD 20,481 million, down 3.6%. The decline in incoming international traffic induced by the deregulation of IP telephony in Novemberb2016 and the asymmetry of Mobile call termination rates since the first of Marchb2017 have weighed on Mobile revenues but are nevertheless partially offset by the increase in Fixed-line and Internet activities. The Fixed-line and Internet activities’growth combined to the savings coming from the voluntary redundancy plan and efforts to optimize costs have increased the EBITDA margin by 1.0 points to 52.8%.
Adjusted earnings from operations were MAD 6,954 million, down 2.8% due to the decline in EBITDA. The adjusted EBITA margin improved by 0.3 points vs. prior year to 34.0%. Cash flow from operations in Morocco was up 2.7% to more than MAD 7 billion, thanks to continued efforts to optimize Working Capital Requirements (WCR).
(1) Borrowings and other current and non-current liabilities less cash and cash equivalents, including cash held in escrow for bank loans.
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MAROC TELECOM ____ 2017 Registration Document
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