MAROC_TELECOM_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT
Consolidated financial statements at 31 December 2015, 2016 and 2017
The Group has a currency hedging arrangement in the form of a forward swap (euro/dollar) on US dollar-denominated borrowing.
The following table shows the Company’s net foreign-currency positions in euros and US dollars, and the aggregate of other currencies, at 31bDecemberb2017:
Other currencies (against the euro (a) ) (b)
(in million)
EUR (c)
USD (c)
Assets
530 -274 257 -151 106
43
2
Liabilities
-334 -292 173 -119
-8 -6
Net position
Commitmentsb (d)
AGGREGATE NET POSITION
-6
(a) based on 1 euro =b11.1870 dirhams, the Bank-Al Maghrib average rate at Dec.31, 2017. (b) Other currencies are mainly the Japanese yen (YEN), Swiss franc (CHF) and Swedish krona (SEK). (c) The foreign-currency position in euros and in dollars is calculated by applying, to receivables and debts expressed in Special Drawing Rights (SDR) of foreign operators at 31bDecemberb2016, the proportion per currency of inflows in 2016. (d) For the balance of commitments owed on contracts in progress, the breakdown by currency corresponds to the actual remaining part of the contracts signed.
4
LIQUIDITY RISK Maroc Telecom estimates that the cash flows generated by its operating activities, its holdings of cash and cash equivalents, and funds available via lines of credit, will be sufficient to cover the disbursements and capital expenditures necessary for its operations, for servicing its debt, for dividend payments, and for external growth operations in progress on 31bDecemberb2017.
INTEREST-RISK RISK Maroc Telecom Group’s debt is mainly at a fixed rate of interest. As the variable-rate component of its debt is relatively small, Maroc Telecom Group is not significantly exposed to favorable or unfavorable fluctuations in interest rates.
NOTE 33 — EVENTS AFTER THE END OF THE REPORTING PERIOD
33.1 HIGHLIGHTS None.
165
MAROC TELECOM ____ 2017 Registration Document
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