MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated financial statements at 31 December 2015, 2016 and 2017

2016

(in MAD million)

Percentage held

Gross value

Impairment Carrying amount

Arabsat

NS NS NS 8% 9% NS

13 20 10

13 16 10 85 12 12 0

Autoroute du Maroc

4

Thuraya

Fond d’amorçage Sindibad

10%

5

5

Médi1 SAT RASCOM

169

84 32

44 12

Sonatel

CMTL

25%

6

1 8

4 3 1 0 0

INMARSAT

NS

12

IMT/GIE

20%

1

MT Fly

100%

20

20

4

Hôtels de la GARE

NS

1

1

TOTAL

312

156

156

2015

(in MAD million)

Percentage held

Gross value

Impairment Carrying amount

Arabsat

NS NS NS 8% 6% NS

14 20 10

14 16 10

Autoroute du Maroc

4

Thuraya

Fond d’amorçage Sindibad

10%

5

5

0

Médi1bSAT RASCOM

169

64

105

45 12

6

39 12

Sonatel

CMTL

25%

6

1

4

INMARSAT

NS

12

12

IMT/GIE

20%

1

1 0 0

MT Fly

100%

20

20

Hôtels de la GARE

NS

1

1

TOTAL

314

102

212

NOTE 8 — CHANGE IN DEFERRED TAXES

8.1

NET POSITION

(in MAD million)

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Assets

273 244

276 266

429 282 148

Liabilities

NET POSITION

29

10

143

MAROC TELECOM ____ 2017 Registration Document