MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated financial statements at 31 December 2015, 2016 and 2017

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(in MAD million)

Note

2017

2016

2015

REVENUES

34,963 -5,937 -3,138 -2,838 -6,183 -6,557 10,310

35,252 -6,223 -3,260 -2,971 -5,486 -6,845 10,468

34,134 -6,046 -3,245 -2,377 -5,323 -6,804 10,340

17 18 19 20 21 22

Cost of purchases

Payroll costs

Taxes and duties

Other operating income (expenses)

Net depreciation, amortization, and provisions

EARNINGS FROM OPERATIONS

Other income and charges from ordinary activities

-32

-47

-46

Income from equity affiliates

23

0

0

0

4

EARNINGS FROM CONTINUING OPERATIONS

10,278

10,421

10,294

Income from cash and cash equivalents

6

10

14

Gross borrowing costs Net borrowing costs

-497 -491

-333 -322 -124 -446

-454 -439 -126 -565

Other financial income and expenses Net financial income (expense)

-1

24 25

-491

Income tax

-3,208 6,579

-3,347 6,628

-3,152 6,577

NET INCOME

Exchange gain or loss from foreign activities

463 -45

-276

-78

Other income and expenses

-23

1

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

6,997 6,579 5,706

6,329 6,628 5,598 1,031 6,329 5,438

6,499 6,577 5,595

NET INCOME

Attributable to equity holders of the parent

Noncontrolling interests

26

873

982

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

6,997 5,940

6,499 5,547

Attributable to equity holders of the parent

Noncontrolling interests

26

1,014

891

953

Earnings per share

Note

2017

2016

2015

Net earnings attributable to equity holders of the parent (inbMADbmillion) Number of shares at Decemberb31 st NET EARNINGS PER SHARE (IN MAD) DILUTED NET EARNINGS PER SHARE (IN MAD)

5,706

5,598

5,595

879,095,340

879,095,340

879,095,340

27 27

6.49 6.49

6.37 6.37

6.36 6.36

123

MAROC TELECOM ____ 2017 Registration Document