MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

4

FINANCIAL REPORT Statutory financial statements

STATEMENT OF CASH FLOWS

SELECTED BALANCE-SHEET DATA

Changes (A-B)

Masses (in MAD thousand)

2017 (A)

2016 (B)

Uses (C)

Sources (D)

1 Equity and long-term liabilities

19,338,173 34,280,818 -14,942,645 7,724,586 15,763,938 -8,039,351 -6,903,294

20,252,447 33,567,470 -13,315,022 7,442,198 14,735,149 -7,292,951 -6,022,071

914,274 713,348

2 Less long-term assets 3 Working capital (1-2) (A)

1,627,623

4 Current assets

282,389

5 Less current liabilities

1,028,789 746,400 881,222

6 Working capital requirement (4-5) (B)

7 Net cash (A-B)

USES AND SOURCES

2017

2016

2015

(in MAD thousand)

Uses

Sources

Uses

Sources

Uses

Sources

I - LONG-TERM FINANCING SOURCES Net Cash earnings (A)

3,867,577 9,458,328 5,590,752

4,125,700 9,715,583 5,589,883

3,536,727 9,602,001 6,065,275

Cash earnings

Dividends

Disposals and reductions of Fixed-lined assets (B)

590,137

990,516

282,388

Reduction of intangible assets

23

464

0

Reduction of property, plant, and equipment Disposal of property, plant, and equipment

44,695 42,771

1,430

1,887 3,753

74

Disposal of financial assets

0

634,752 353,796

0

Write-backs of long-term receivables

502,648

276,748

Increase in shareholders’equity and quasi equity (C)

0 0 0 0

0 0 0 0

0 0 0

Increase in equity, capital contribution

Investment subsidies

Increase in long-term debt (D)

6,032,881

(net of refund premiums) TOTAL (I) LONG-TERM RESOURCES (A+B+C+D) II - LONG-TERM USES FOR THE YEAR Additionsb& increase in Fixed-lined assets (E)

4,457,714

5,116,216

9,851,996

4,972,443

3,969,460

11,071,498 1,520,649 3,145,266 2,199,297 4,206,286

Acquisitions of intangible assets

658,550

497,181

Acquisitions of property, plant, and equipment

3,822,795

3,268,237

Acquisitions of financial assets Increase in long-term receivables

0

110,976 93,067

491,098

Increase in property, plant, and equipment

0 0

0 0

0 0 0 0

Reimbursement of equity (F)

Reimbursement of long-term debt (G)

1,112,894

1,112,894

Capitalized costs (H)

0

0

TOTAL (II) STABLE USES (E+F+G+H)

6,085,337

5,082,354

11,071,498

0 746,400 357,183

0

0 222,161 0 997,342

III - CHANGE INWORKING CAPITAL REQUIREMENT IV - CHANGE IN CASH AND CASH EQUIVALENTS

0 881,222

0 323,321

GRAND TOTAL

6,085,337 6,085,337 5,439,537 5,439,537 11,071,498 11,071,498

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MAROC TELECOM ____ 2017 Registration Document