MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

4

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

NOTE 6 — INVESTMENTS IN EQUITY AFFILIATES

No equity interest was accounted for by the equity method in 2015, 2016, or 2017.

NOTE 7 — NONCURRENT FINANCIAL ASSETS

(in MAD million)

Note

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Unconsolidated investments

7.1

102 233 335

156 171 327

212 117 329

Other financial assets

NET TOTAL

At 31bDecemberb2017, other financial assets mainly comprised: – AT Togo financial receivables in the amount of MAD 79 million; – Etisalat Bénin financial receivables in the amount of MAD 58bmillion;

– loans by Mauritel amounting to MAD 34 million; – loans to Maroc Telecom staff amounting to MAD 16 million.

At 31bDecemberb2017, the maturities of other financial assets were as follows:

(in MAD million)

Note

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Due in less than 12bmonths

172

9

42 69

Due in 1 to 5byears

59

159

Due in more than 5byears

2

3

6

NET TOTAL

233

171

117

7.1

UNCONSOLIDATED INTERESTS

2017 (in MAD million)

Percentage held

Gross value

Impairment Carrying amount

Arabsat

NS NS NS 8% 9% NS

12 20 10

12 16 10 31 11 13 0

Autoroute du Maroc

4

Thuraya

Fond d’amorçage Sindibad

10%

5

5

Médi1 TV RASCOM

169

138

47 13

36

Sonatel

CMTL

25%

6

6 4

0 8 1 0 0

INMARSAT

NS

12

IMT/GIE

20%

1

MT Fly

100%

20

20

Hôtels de la GARE

NS

1

1

TOTAL

316

213

102

In 2017, the percentage of non-consolidated listed companies was nearly unchanged.

142

MAROC TELECOM ____ 2017 Registration Document