MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Consolidated financial statements at 31 December 2015, 2016 and 2017

2015

Total Maroc Telecom Group

(in MAD million)

Morocco 36,549

International

Eliminations

Noncurrent assets Current assets TOTAL ASSETS Shareholders’equity Noncurrent liabilities

21,594

-12,483

45,660 14,889 60,549 19,825

7,475

8,508

-1,094

44,024 16,950

30,101 11,491

-13,576

-8,617 -3,866 -1,094

5,185

5,536

6,855

Current liabilities

21,889 44,024

13,074 30,101

33,869 60,549

TOTAL SHAREHOLDERS’EQUITY AND LIABILITIES

-13,576

Acquisitions of PP&E and intangible assets

4,793

4,043

8,835

28.2 SEGMENT EARNINGS BY GEOGRAPHICAL AREA

4

2017

Total Maroc Telecom Group

(in MAD million)

Morocco 20,481

International

Eliminations

Revenues

15,733

-1,250

34,963 10,310

Earnings from operations

6,760 3,826

3,550 2,784

0

Net depreciation and impairment

6,610

Voluntary redundancy plan

579

41

620

2016

Total Maroc Telecom Group

(in MAD million)

Morocco 21,244

International

Eliminations

Revenues

15,326

-1,318

35,252 10,468

Earnings from operations

6,901 3,846

3,568 2,643

Net depreciation and impairment

6,489

Voluntary redundancy plan

0

2015

Total Maroc Telecom Group

(in MAD million)

Morocco 21,033

International

Eliminations

Revenues

14,010

-910

34,134 10,339

Earnings from operations

7,383 3,761

2,956 2,643

Net depreciation and impairment

6,403

Voluntary redundancy plan

4

4

159

MAROC TELECOM ____ 2017 Registration Document