MAROC_TELECOM_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT
Overview
4.2.2.1.3 International activities FINANCIAL INDICATORS
Changes on a like-for-like basis (a)
IFRS (in MAD million)
2017
2016
Changes +2.7% +3.3% +7.6% +1.9pt +10.1% +1.6pt -10.7% +1.4pt +3.9% +23.5%
REVENUES
15,733 14,274 6,357 40.4% 3,599 22.9% 3,643 22.2% 3,700 5,767 156
15,326 13,815 5,905 38.5% 3,268 21.3% 4,077 20.8% 3,563 4,670 888
+2.4% +3.1% +7.6% +1.9pt +10.2%
o/w Mobile Services
EBITDA
Margin (%)
Adjusted EBITA
Margin (%)
+1.6pt
CAPEX
o/w licenses and frequencies
4
CAPEX/Rev. (excluding licenses and frequencies)
Adjusted CFFO
Net Debt
Net debt/EBITDA
0.9
0.8
(a) At a constant exchange rate for the MAD, Ouguiya and CFA franc.
At 2017-end, the Group’s International operations posted revenues of MAD 15,733 million, up 2.7% (+2.4% at constant exchange rates) driven by the 11.9% revenue increase (at constant exchange rates) of the new subsidiaries, offsetting the impacts of the drop in call termination rates, of the erosion of the international incoming traffic and of the deactivation of unidentified customers. At 2017-end, earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 6,357 million, up 7.6% at constant exchange rates.The EBITDAmargin increased by 1.9 points
to 40.4%, driven by the call termination rates and operating costs (-1.0% at constant exchange rates) decreases. Adjusted earnings from operations (EBITA) were MAD 3,599 million, up 10.2% at constant exchange rates mainly due to the increase in EBITDA. The EBITAmargin rose by 1.6 points (at constant exchange rates) to 22.9%. Adjusted cash flow (CFFO) from international activities was up 3.9% toMAD 3,700million, despite the acceleration in capital expenditure which reached more than 22% of revenues.
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MAROC TELECOM ____ 2017 Registration Document
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