MAROC_TELECOM_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT
Consolidated financial statements at 31 December 2015, 2016 and 2017
2015
Change in scope of consolidation
Translation adjustment
(in MAD million)
2014 366
Charges
Used
Reversals Reclassification
2015 535
Noncurrent provisions Provisions for life annuities Provisions for termination benefits Provisions for disputes with third parties
41
-31
166
-4
0
-2
20
-1
19
337
33
-25
41
-4
0
381
9
8
-1 -3
15
0
0 0
-2
29
Other provisions Current provisions
-
-
110 139
-1
0
106 834
571
244
-144
0
-4
27
Provisions for voluntary redundancy plan
134
-4
131
Provisions for employee-related expenses
4
-
Provisions for disputes with third parties
328 109 937
83
-52 -88
47 92
1
-4
-37 64 24
365 338
Other provisions
161 285
-1 -4
0
TOTAL
-175
305
-4
1,369
NOTE 15 — BORROWINGS AND OTHER FINANCIAL LIABILITIES
15.1 NET CASH POSITION
(in MAD million)
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Bank loans due in more than onebyear Bank loans due in less than onebyear
4,200 2,913 7,977
4,666 2,551 7,559
6,039 2,438 7,172
Bank overdrafts
BORROWING AND OTHER FINANCIAL LIABILITIES
15,090
14,775
15,648
Cash and cash equivalents
2,010
2,438
3,082
Cash held in escrow for repayment of bank loans
38
48
11
NET CASH POSITION
-13,042
-12,289
-12,555
(in MAD million)
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Outstanding debt and accrued interestb(A)
15,090
14,775
15,648
Cash assetsb(B)
2,048
2,486
3,093
NET CASH POSITIONb(B)-(A)
-13,042
-12,289
-12,555
The change in the Group’s financial liabilities is explained by: – increase in debt by subsidiaries with credit institutions in the amount of MAD 2,076 million; – increase in bank overdrafts in the amount of MAD 784 million mainly in Morocco for MAD 535 million;
– repayment of the euro-denominated line of credit granted by Etisalat to Maroc Telecom in the amount of MAD 999 million; – repayment of financial debts and bank overdrafts by subsidiaries in the amount of MAD 2,620 million.
149
MAROC TELECOM ____ 2017 Registration Document
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