MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

4

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

Total comprehensive income for the period

5,706

319

6,025

1,014 7,039

Change in gains and losses recognized directly in equity and recyclable in profit or loss

0

319 319

319 319

144 144

463 463

Gains and losses on translation

Change in gains and losses recognized directly in equity and recyclable in profit or loss

-42

-42

-2 -2

-45

Actuarial difference

-5

-5

-8

Actuarial gains and loses

-37

-37

-37

Capital increase Capital decrease

0 0 0 0 0

0 0 0 0 0

Share-based compensation

Change in percentage without assumption/loss of control Change in percentage with assumption/loss of control

Dividends

-5,591

-5,591

-918 -6,509

Treasury stock

-31

-31

-31

Other adjustements

-2

-2

-2

-4

POSITION AT 31 DECEMBER 2017

5,275 10,710

-150 15,835

3,916 19,750

The reserves consist mainly of accumulated prior year retained earnings of which MAD 3,424 million of undistributable reserves at 31bDecemberb2017 and Group part net income for the current year.

At 31bDecemberb2017, Maroc Telecom’s share capital comprised 879,095,340 ordinary shares. Ownership of the shares was divided as follows: – Etisalat: 53% through a holding company 91.3%-owned by Etisalat and 8.7% owned by the Abu Dhabi Development Fund; – Kingdom of Morocco: 30%; – Other: 17%.

126

MAROC TELECOM ____ 2017 Registration Document