MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

4

FINANCIAL REPORT Statutory financial statements

STATEMENT OF COMPREHENSIVE INCOME (EXCLUSIVE OF VAT)

(in MAD thousand)

2017

2016

2015

I- Operating income Sales of goods Operating revenues Change in inventories Operating subsidies Other operating income II- Operating expenses Cost of goods sold Raw materials and supplies Other external expenses Company-constructed assets TOTAL I

20,324,642 382,127 19,518,264 19,900,391

21,065,643 378,063 19,680,420 20,058,482

20,993,021 311,568 19,931,371 20,242,939

Sales of manufactured goods and services rendered

0 0 0

0 0 0

0

16

0

31,436 392,815

629,850 377,310

364,140 385,926

Operating write-backs: expense transfers

20,324,642 13,648,763 629,207 3,503,463 2,777,274 222,417 2,190,425 3,644,867 678,570 13,648,763 6,675,879 1,532,300 932,680 150,096 281,834 167,691 1,532,300 526,028 253,230 103,347 169,356 526,028 1,006,272 7,682,151 924,968 2,540 95

21,065,643 14,071,410 688,723 3,681,985 2,740,708 185,290 2,339,746 3,639,680 792,737 14,071,410 6,994,233 1,772,812 1,179,331 97,340 364,508 131,633 1,772,812 491,986 209,721 187,691 491,986 1,280,826 8,275,059 1,083,408 634,826 245,754 202,827 1,083,408 1,104,808 415,948 527,269 1,104,808 -21,400 8,253,658 2,062,373 6,191,285 23,921,863 17,730,578 6,191,285 2,540 94,477 98 0 0 0 161,591 0

20,993,021 13,609,828 745,083 3,385,126 2,713,291 285,954 2,304,415 3,496,628 677,005 13,609,828 7,383,194 1,164,757 845,255 98,530 159,101 61,871 1,164,757 480,527 219,183 129,532 131,633 480,527 684,230 8,067,424 299,514 2,326 179

Taxes (except corporate income tax)

Payroll, costs

Other operating expenses

Operating allowances for amortization Operating allowances for provisions

TOTAL II

III- Operating income i-ii IV- Financial income

Income from equity investments and other financial investments

Foreign exchange gains

Interest and other financial income Financial writeb– backs: expense transfers

TOTAL IV

V- Financial expenses Interest and loans Foreign exchange losses Other financial expenses Financial allowances VI- Financial income iv - v VII- Ordinary income iii +bvi VIII- Extraordinary income TOTAL V

Proceeds from disposal of fixed assets

42,771

3,753

Subsidies received

0 0

0 0

Write-backs of investment subsidies Other extraordinary income Extraordinary write-backs: expense transfers

245,287 636,911 924,968 942,084 66,687

120,074 175,688 299,514 388,168

TOTAL VIII

IX- Extraordinary expenses Net book value of disposed assets Other extraordinary expenses Regulated provisions X- Extraordinary income viii - ix XI- Income before tax vii +bx XII- Corporate income tax XIII- Net income xi - xii XIV- TOTAL INCOME (I+IV+VIII) XV- TOTAL EXPENSES (II+V+IX+XII) Subsidies granted TOTAL IX

1,266

0

0

587,866

125,266

0

0

Extraordinary allowances for depreciation and provisions

287,531 942,084 -17,116 7,665,035 1,965,575 5,699,461 22,781,911 17,082,450 5,699,461

261,636 388,168 -88,654 7,978,770 2,040,864 5,937,906 22,457,292 16,519,386 5,937,906

XVI- NET INCOME (TOTAL INCOME – TOTAL EXPENSES)

170

MAROC TELECOM ____ 2017 Registration Document