MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated financial statements at 31 December 2015, 2016 and 2017

15.3 STATEMENT OF ANALYSIS

Borrowing (in MAD million)

Company

Currency

Maturity Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2015

Maroc Telecom Loan Etisalat Maroc Telecom Loan Etisalat

EUR January-19 USD November-19

1,882 1,979 7,535

2,881 1,979 7,064

4,021 1,979 6,711

Maroc Telecom Banks, overdrafts IAM

MAD

-

Mauritel

Leasing contracts ZTE 42 site solaire Leasing contracts ZTE 12 site solaire Leasing contracts ZTE 50 site solaire

USD

May-17

3

11

Mauritel

USD April-18

1

3

5

Mauritel

USD August-19 MRO July-19 MRO July-19

12 64

20

28

Mauritel Mauritel Mauritel

Loan QNB

105

155

Loan ETTIJARI

53

78

4

Mauritel overdraft Loan AFD1110-1111

MRO

-

73

1 4

1 6 1

Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel Onatel

EUR October-18

2

Loan BIB 2008

FCFA FCFA FCFA FCFA FCFA FCFA FCFA FCFA

- -

Spot credit Onatel

179

95

CREDIT SPOT BICIA B Onatel CREDIT SPOT SGBF Onatel CREDIT SPOT SGBF Onatel CREDIT SPOT CBAO Onatel Loan BICIA 2011 Telmob Loan SGBB 2012 (2 wMLRS) Loan SGBB 2012 (3 MLRS)

April-18 April-18 April-18 May-18 July-16 May-17

86 43 86 51

17 10 20 62

3

FCFA November-17 FCFA October-18

10 41

Loan BIB 2013 Loan BICIA 2014 Loan BICIA 2016 Loan CBAO 2015 Loan SGBB 2015

FCFA FCFA FCFA FCFA

May-20 May-22 May-21 May-21

86 87 60 60

114

115

82 73 73 16

83 85

Banks, overdrafts Onatel

FCFA December-19

3

3

Loan BICIA B 2014

FCFA

May-20

34

Gabon Télécom Loan AFD Gabon Télécom Loan UGB Gabon Télécom Loan UGB

EUR

-

2

2

2

FCFA December-20 FCFA December-20

367 166

194

Sotelma Sotelma Sotelma Sotelma Sotelma Sotelma Sotelma Sotelma Sotelma Casanet

Loan DGDP/CFD OP

FCFA FCFA

April-20 April-18

1 2

1 5

1 8 3

Loan AFD OE/CML 1026 01 S Loan AFD OY/CML 1065 03 X

EUR October-16

Loan DGDP/NKF

FCFA FCFA FCFA

-

10

10

10

Loan BIM 47 Milliards Loan BIM 58 Milliards Loan BIM 10 Milliards Loan BIM 52 Milliards

575

April-19

871 173

FCFA October-19 FCFA September-16

648

Banks, overdrafts Sotelma Banks, financial debt Casanet

FCFA MAD

- -

7 0

307

24

0

Moov CDI Moov CDI

Loan SIB

EUR August-18

182 150

392

631

Banque Atlantique Côte d’Ivoire

FCFA

2018

151

MAROC TELECOM ____ 2017 Registration Document