MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated financial statements at 31 December 2015, 2016 and 2017

The deferred tax rates of the Group are as follows:

Entity

The deffered tax rate

Maroc Telecom

31.0% 25.0% 27.5% 30.0% 30.0% 30.0% 30.0% 28.0% 30.0% 30.0%

Mauritel

Onatel

Gabon Telecom

Sotelma

Atlantique Telecom Côte d’Ivoire

Etisalat Benin

Atlantique Telecom Togo Atlantique Telecom Niger

Atlantique Telecom Centrafrique

4

NOTE 26 — NONCONTROLLING INTERESTS

(in MAD million)

2017

2016

2015

Total noncontrolling interests

873

1,031

982

Noncontrolling interests represent the claims of shareholders other than Maroc Telecom to the earnings of Mauritel, Onatel, Gabon Telecom, Sotelma, AT CDI, and AT Togo.

In 2017, non-controlling interests fell by 15% because of lower earnings in some of the subsidiaries.

NOTE 27 — EARNINGS PER SHARE

27.1 EARNINGS PER SHARE

2017

2016

2015

(in MAD million)

Basic 5,706 5,706

Diluted

Basic 5,598 5,598

Diluted

Basic 5,595 5,595

Diluted

Net earnings, Group share

5,706 5,706

5,598 5,598

5,595 5,595

Adjusted net earnings, Group share

Number of shares (in million) Earnings per share (in MAD)

879 6.49

879 6.49

879 6.37

879 6.37

879 6.36

879 6.36

157

MAROC TELECOM ____ 2017 Registration Document