MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

4

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

CONSOLIDATED STATEMENT OF CASH FLOW

(in MAD million)

Note

2017

2016

2015

Earnings from operations

10,310

10,468

10,340

Depreciation, amortization and other non-cash movements

6,582

6,548

6,804

GROSS CASH FROM OPERATING ACTIVITIES

16,892

17,016

17,143

Other changes in net working capital

1,189

-145

444

NET CASH FROM OPERATING ACTIVITIES BEFORE TAX

18,081 -3,170 14,911 -8,370

16,871 -3,388 13,483 -6,251

17,587 -3,018 14,569 -8,352

Income tax paid

NET CASH FROM OPERATING ACTIVITIESb(A) Purchase of PP&E and intangible assets

12

Purchases of consolidated investments after acquired cash

0 0

-66

-51

Investments in equity affiliates Increase in financial assets

0

0

-319

-219 414

-467

Disposals of PP&E and intangible assets

0

2

Decrease in financial assets

622

22

30

Dividends received from nonconsolidated investments NET CASH USED IN INVESTING ACTIVITIESb(B)

6

5

9

-8,061

-6,094

-8,828

Capital increase

-122

Dividends paid by Maroc Telecom

13

-5,598

-5,590 -1,210 -6,922

-6,065

Dividends paid by subsidiaries to their noncontrolling interests

-921

-996

CHANGES IN EQUITY

-6,519

-7,061

Proceeds from borrowings and increase in other long-term financial liabilities Payments on borrowings and decrease in other noncurrent financial liabilities Proceeds from borrowings and increase in other short-term financial liabilities Payments on borrowings and decrease in other current financial liabilities

1,681

307

2,800

0

0

0

910

1,352

2,813

-2,545

-2,299

-2,012

Change in net current accounts Net interest paid (cash only)

0

0

0

-784

-265 -153

-446 -103

Other cash expenses (income) used in financing activities CHANGE IN BORROWINGS AND OTHER FINANCIAL LIABILITIES

-9

-747

-1,058 -7,979

3,053 -4,008

NET CASH USED IN FINANCING ACTIVITIES (D)

-7,266

12

TRANSLATION ADJUSTMENT AND OTHER NONCASH ITEMS (G)

-13

-53

91

TOTAL CASH FLOWSb(A)+(B)+(D)+(G)

12

-428 2,438 2,010

-644 3,082 2,438

1,823 1,259 3,082

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD

12

124

MAROC TELECOM ____ 2017 Registration Document