MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

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FINANCIAL REPORT Consolidated financial statements at 31 December 2015, 2016 and 2017

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

(in MAD million)

Note

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

3 4 5 6 7 8

8,695 7,485

8,360 7,378

8,440 7,123

Goodwill (a)

Other intangible assets

Property, plant, and equipment Investments in equity affiliates Noncurrent financial assets

32,090

29,981

29,339

0

0

0

335 273

327 276

329 429

Deferred tax assets

NONCURRENT ASSETS

48,879

46,322

45,660

Inventories

9

296

324

375

Trade accounts receivable and other

10 11 12

11,325

12,001

11,192

Short term financial assets Cash and cash equivalents Assets available for sale

119

156

126

2,010

2,438

3,082

54

54

113

CURRENT ASSETS TOTAL ASSETS

13,803 62,682

14,974 61,296

14,889 60,549

SHAREHOLDERS’ EQUITY AND LIABILITIES

(in MAD million) Share capital

Note

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

5,275 4,854 5,706

5,275 4,604 5,598

5,275 4,474 5,595

Retained earnings

Net earnings

Shareholders’equity attributable to equity holders of the parent

13

15,835

15,476

15,344

Noncontrolling interests SHAREHOLDERS’EQUITY Noncurrent provisions

3,916

3,822

4,360

19,750

19,298

19,704

14 15

570

470

535

Borrowings and other long-term financial liabilities

4,200

4,666

6,039

Deferred tax liabilities

8

244

266

282

Other noncurrent liabilities NONCURRENT LIABILITIES Trade accounts payable (a)

0

0

0

5,014 25,627

5,402 24,626

6,855 22,827

16

Current tax liabilities Current provisions

563 838

651

714 834

14 15

1,208

Borrowings and other short term financial liabilities

10,890 37,918 62,682

10,110 36,596 61,296

9,615

CURRENT LIABILITIES

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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MAROC TELECOM ____ 2017 Registration Document

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