Maroc Telecom_Consolidated results at December 31, 2019
CONSOLIDATED RESULTS AT DECEMBER 31,
2019
A strong operational
performance:
- Close to 68 million Group customers, up
11.1%;
- Growth in Group revenues (+0.9% on a
like-for-like basis*), driven by the rise of Mobile
Data in Morocco and in the subsidiaries;
- Increased profitability with EBITDA margin of
51.8% up 1.2 pt on a like-for-like basis*, promoted by ongoing cost
optimization;
- Adjusted Consolidated Cash Flow From Operations up
29.0% on a like-for-like basis*.
Proposed dividend payment of MAD 4.9
billion, implying MAD 5.54 per share and representing a yield of
3.8%**.
Maroc Telecom Group outlook for 2020 at
constant scope and exchange rates:
- Stable revenues;
- Stable EBITDA;
- CAPEX of approximately 15% of revenues, excluding
frequencies and licenses.
To mark the publication of this press release, Mr Abdeslam
Ahizoune, Chairman of the Management Board, made the following
comments:
" Excluding the impact of ANRT decision,
Maroc Telecom Group improves its performance and increases profits
beyond its annual objectives. It corroborates the relevance
of its strategy based on performing networks and a range of
services tailored to its market both domestic and in
subsidiaries.
Maroc Telecom will pursue in 2020 its investment
efforts and the digitization of its services in order to improve
the customer experience and the operational efficiency of its
organization."
* Like-for-like basis refers to the notes of
consolidating Tigo Chad, an unchanged MAD/Ouguiya/CFA franc
exchange rate andneutralization of the impact of IFRS 16** Based on
the price at February 14, 2020 (MAD 145)
Group consolidated adjusted results*
|
(IFRS in MAD million) |
Q4-2018 |
Q4-2019 |
Change |
Change on a like-for-like basis(1) |
2018 |
2019 |
Change |
Change on a like-for-like basis(1) |
|
Revenues |
8,895 |
9,209 |
+3.5% |
+1.0% |
36,032 |
36,517 |
+1.3% |
+0.9% |
|
EBITDA |
4,381 |
4,525 |
+3.3% |
-1.2% |
17,856 |
18,922 |
+6.0% |
+3.4% |
|
Margin (%) |
49.3% |
49.1% |
-0.1 pt |
-1.1 pt |
49.6% |
51.8% |
+2.3 pt |
+1.2 pt |
| Adjusted
EBITA |
2,589 |
2,552 |
-1.4% |
-2.2% |
11,052 |
11,540 |
+4.4% |
+4.3% |
|
Margin (%) |
29.1% |
27.7% |
-1.4 pt |
-0.9 pt |
30.7% |
31.6% |
+0.9 pt |
+1.0 pt |
| Group
Share of adjusted Net Income |
1,393 |
1,382 |
-0.8% |
+0.1% |
6,005 |
6,029 |
+0.4% |
+1.0% |
|
Margin (%) |
15.7% |
15.0% |
-0.7 pt |
-0.1 pt |
16.7% |
16.5% |
-0.2 pt |
+0.0 pt |
|
CAPEX(2) |
1,991 |
2,184 |
+9.7% |
+10.3% |
6,643 |
6,788 |
+2.2% |
+3.5% |
| Of which
frequencies and licenses |
245 |
102 |
|
|
719 |
1,418 |
|
|
|
CAPEX/Rev (excluding frequencies and licenses) |
19.7% |
22.7% |
+3.0 pt |
+3.0 pt |
16.4% |
14.7% |
-1.7 pt |
-1.7 pt |
|
Adjusted CFFO |
2,537 |
4,185 |
+64.9% |
+62.9% |
9,982 |
13,352 |
+33.8% |
+29.0% |
| Net
Debt |
13,872 |
17,350 |
+25.1% |
+11.2% |
13,872 |
17,350 |
+25.1% |
+11.2% |
|
Net debt / EBITDA(3) |
0.8x |
0.9x |
|
|
0.8x |
0.9x |
|
|
*Details of the financial indicator adjustments
are provided in Appendix 1.
► Customer
base
The Group customer base reaches 67.5 million
customers, up 11.1%. This growth was due both to the Mobile and
Fixed line customer bases in Morocco (+5.2% and 3.5% respectively)
and the extension of the Group's scope with the consolidation of
Tigo Chad as a subsidiary in July 2019.
►
Revenues
In 2019, Maroc Telecom Group generated total
revenues(4) of MAD 36,517 million, up 1.3% (+0.9% on a
like-for-like basis(1)). This performance reflects both the
continued growth in activities in Morocco and the resilience of
international activities despite the increased competition and
regulatory pressure.
In the fourth quarter alone, the Group's
revenues were up 3.5% (+1.0% on a like-for-like basis(1)), thanks
to the sustained growth of Mobile Data in Morocco and in the
subsidiaries.
► Earnings from
operations before depreciation and
amortization
Thanks to a robust management of costs, Maroc
Telecom Group earnings from operations before depreciation and
amortization (EBITDA) amounted to MAD 18,922 million, up 3.4% on a
like-for-like basis(1). The EBITDA margin reached 51.8%, up 1.2 pt
on a like-for-like basis(1).
► Earnings from
operations
At the end of 2019, Maroc Telecom Group's
adjusted earnings from operations (EBITA)(5) amounted to MAD
11,540 million, up 4.3% on a like-for-like basis(1). This increase
was mainly due to an increased EBITDA. The adjusted EBITA margin
increased by 0.9 pt (+1.0 pt on a like-for-like basis(1)) to
31.6%.
► Group share of net
income
The Group share of adjusted Net Income was up
1.0% on a like-for-like basis(1).
►
Investments
The capital expenditures(2) reached MAD 6,788
million up 2.2% year-on-year and representing 14.7% of revenues
(excluding frequencies and licences). This level of capital
expenditures remains in line with the stated objective for the
year.
► Cash
Flow
Adjusted Cash Flow From Operations
(CFFO)(6) was up 33.8% (+29.0% on a like-for-like basis(1)),
to MAD 13,352 million due to the increased EBITDA and effective
management of working capital requirements (WCR).
At December 31, 2019, Maroc Telecom Group's
consolidated net debt(7) represented 0.9 time the Group's annual
EBITDA excluding the impact of IFRS16.
► ANRT
decision
The decision taken by the Management Committee
of the ANRT on January 17, 2020, relating to anti-competitive
practices on the fixed-line market and fixed broadband internet
access, has been notified to Maroc Telecom on January 27, 2020.
This binding decision concerns a financial
penalty of MAD 3.3 billion and injunctions relating to the
technical and pricing aspects of the local loop unbundling.
In view of the recent, complex and exceptional
nature of the decision received, Maroc Telecom is studying the
file.
As required by law, Maroc Telecom has the option
to lodge an appeal with the court of appeal within 30 days from the
notification of the decision.
In this context, Maroc Telecom has made a
provision in its accounts as of 31 December 2019 for an
amount of MAD 3.3 billion.
► Appointments to the
Supervisory Board
At its meeting on Friday December 6, 2019, Maroc
Telecom's Supervisory Board co-opted Mr Obaid Bin Humaid Al Tayer
as Vice-Chairman of the Board, replacing Mr Eissa Mohamed Ghanem Al
Suwaidi.
►
Dividend
At the Shareholders' Meeting of April 21, 2020,
Maroc Telecom's Supervisory Board will propose to shareholders the
distribution of a dividend of MAD 5.54 per share, representing a
total of MAD 4.9 billion. This dividend would be paid from June 2,
2020.
► Outlook for Maroc
Telecom group for 2020
On the basis of recent changes in the market and
assuming that no new major exceptional events impact the Group's
business, Maroc Telecom is projecting the following for 2020, at
constant scope and exchange rates:
- Stable revenues;
- Stable EBITDA;
- CAPEX of approximately 15% of revenues, excluding
frequencies and licenses.
Review of the Group’s activities
Details of the financial indicator adjustments for "Morocco" and
"International" are provided in Appendix 1.
·Morocco
| (IFRS in
MAD million) |
Q4-2018 |
Q4-2019 |
Change |
Change on a like-for-like basis(1) |
2018 |
2019 |
Change |
Change on a like-for-like basis(1) |
|
Revenues |
5,319 |
5,378 |
+1.1% |
|
21,414 |
21,690 |
+1.3% |
|
|
Mobile |
3,465 |
3,557 |
+2.7% |
|
13,966 |
14,276 |
+2.2% |
|
|
Services |
3,401 |
3,523 |
+3.6% |
|
13,731 |
14,046 |
+2.3% |
|
|
Equipment |
64 |
35 |
-45.5% |
|
235 |
230 |
-2.0% |
|
|
Fixed-Line |
2,300 |
2,306 |
+0.2% |
|
9,239 |
9,261 |
+0.2% |
|
|
O/w Data Fixed line* |
755 |
886 |
+17.3% |
|
2,935 |
3,186 |
+8.5% |
|
|
Eliminations and other income |
-446 |
-485 |
|
|
-1,790 |
-1,846 |
|
|
|
EBITDA |
2,901 |
2,948 |
+1.6% |
-0.6% |
11,460 |
12,294 |
+7.3% |
+5.3% |
|
Margin (%) |
54.5% |
54.8% |
+0.3 pt |
-0.9 pt |
53.5% |
56.7% |
+3.2 pt |
+2.1 pt |
| Adjusted
EBITA |
1,876 |
1,917 |
+2.2% |
+2.2% |
7,620 |
8,294 |
+8.8% |
+8.5% |
|
Margin (%) |
35.3% |
35.6% |
+0.4 pt |
+0.4 pt |
35.6% |
38.2% |
+2.7 pt |
+2.5 pt |
|
CAPEX(2) |
959 |
1,289 |
+34.5% |
|
2,749 |
3,022 |
+9.9% |
|
| Of which
frequencies and licenses |
|
102 |
|
|
|
102 |
|
|
|
CAPEX/Rev (excluding frequencies and licenses) |
18.0% |
22.1% |
+4.1 pt |
|
12.8% |
13.5% |
+0.6 pt |
|
|
Adjusted CFFO |
2,001 |
3,000 |
+49.9% |
+46.8% |
7,498 |
9,425 |
+25.7% |
+22.7% |
| Net
Debt |
10,422 |
11,101 |
+6.5% |
-2.1% |
10,422 |
11,101 |
+6.5% |
-2.1% |
|
Net debt / EBITDA(3) |
0.9x |
0.9x |
|
|
0.9x |
0.8x |
|
|
* Fixed-Line Data includes Internet, ADSL TV and corporate Data
services
At end-December 2019, activities in Morocco had
generated revenues of MAD 21,690 million, up 1.3%, thanks to a
2.2%-increase in revenues from Mobile, still sustained by Data.
At the end of 2019, earnings from operations
before depreciation and amortization (EBITDA) amounted to MAD
12,294 million, up 7.3% (+5.3% on a like-for-like basis(1)), thanks
to the improvement of gross margin and the reduction in operational
costs. The EBITDA margin was thus unchanged at the high rate of
56.7%, up 2.1 pt on a like-for-like basis(1).
The adjusted earnings from operations (EBITA)(5)
reached MAD 8,294 million, up 8.8% (+8.5% on a like-for-like
basis(1)) thanks to the increase in EBITDA. The adjusted EBITA
margin was 38.2%, up 2.5 pt on a like-for-like basis(1).
Adjusted Cash Fows From Operations (CFFO)(6) in
Morocco were up 22.7% (on a like-for-like basis(1)), to MAD 9,425
million, in connection with the increase in EBITDA and optimal
management of working capital requirements.
Mobile
| |
Unit |
2018 |
2019 |
Change |
| |
|
|
|
|
|
Customer base(8) |
(000) |
19,062 |
20,054 |
+5.2% |
|
Prepaid |
(000) |
17,068 |
17,752 |
+4.0% |
|
Postpaid |
(000) |
1,993 |
2,302 |
+15.5% |
|
Of which
3G/4G+ Internet(9) |
(000) |
10,828 |
11,789 |
+8.9% |
|
ARPU(10) |
(MAD/month) |
58.6 |
58.3 |
-0.5% |
By the end of 2019, the Mobile customer base(8)
totaled 20.1 million customers, up 5.2% year-on-year, thanks to
combined increases of postpaid and prepaid by 15.5% and 4.0%
respectively.
Revenues from Mobile amounted to MAD 14,276
million up 2.2%, driven by the growth in Mobile Data, the traffic
of which continues to increase significantly (+36% in 2019).
In 2019, blended ARPU(10) amounted to MAD
58.3, down slightly by 0.5% year-on-year.
Fixed-Line and Internet
| |
Unit |
2018 |
2019 |
Change |
| |
|
|
|
|
|
Fixed-lines |
(000) |
1,818 |
1,882 |
+3.5% |
|
Broadband access(11) |
(000) |
1,484 |
1,573 |
+6.1% |
At the end of December 2019, growth in the Fixed
line customer base continued (+3.5% year-on-year), bringing the
number of lines to 1,882 thousand. The Broadband customer base
increased by 6.1% to 1.6 million subscribers.
The Fixed-Line and Internet activities in
Morocco generated revenues of MAD 9,261 million, up 0.2%.
Financial indicators
| (IFRS in MAD
million) |
Q4-2018 |
Q4-2019 |
Change |
Change on a like-for-like basis(1) |
2018 |
2019 |
Change |
Change on a like-for-like basis(1) |
|
Revenues |
3,891 |
4,102 |
+5.4% |
-0.2% |
16,041 |
16,095 |
+0.3% |
-0.6% |
|
Of which Mobile Services |
3,547 |
3,752 |
+5.8% |
-0.5% |
14,647 |
14,693 |
+0.3% |
-0.8% |
|
EBITDA |
1,481 |
1,576 |
+6.5% |
-2.3% |
6,397 |
6,629 |
+3.6% |
+0.0% |
|
Margin (%) |
38.0% |
38.4% |
+0.4 pt |
-0.8 pt |
39.9% |
41.2% |
+1.3 pt |
+0.2 pt |
| Adjusted
EBITA |
713 |
635 |
-10.9% |
-13.5% |
3,431 |
3,246 |
-5.4% |
-5.0% |
|
Margin (%) |
18.3% |
15.5% |
-2.8 pt |
-2.3 pt |
21.4% |
20.2% |
-1.2 pt |
-0.9 pt |
|
CAPEX(2) |
1,032 |
895 |
-13.3% |
-12.1% |
3,894 |
3,766 |
-3.3% |
-1.0% |
| Of which frequencies
and licenses |
245 |
|
|
|
719 |
1,316 |
|
|
|
CAPEX/Rev (excluding frequencies and licenses) |
20.3% |
21.9% |
+1.6 pt |
+3.1 pt |
19.8% |
15.2% |
-4.6 pt |
-3.9 pt |
|
Adjusted CFFO |
536 |
1,185 |
ns |
ns |
2,484 |
3,927 |
+58.1% |
+47.3% |
| Net
Debt |
6,514 |
8,748 |
+34.3% |
+18.1% |
6,514 |
8,748 |
+34.3% |
+18.1% |
|
Net debt / EBITDA(3) |
1.1x |
1.3x |
|
|
1.0x |
1.3x |
|
|
In a difficult competitive and regulatory
environment, the Group's international activities generated
revenues of MAD 16,095 million, practically unchanged compared with
the same period in 2018 (+0.3% on a reported basis and -0.6% on a
like-for-like basis(1)). This change is mainly attributable to the
reduction in Mobile termination rates and in international incoming
revenues, partially offset by the increase in Mobile Data and
Mobile Money services. Excluding the impact of the reduction in
call termination rates, revenues were up 1.2% on a like-for-like
basis(1).
In 2019, earnings from operations before
depreciation and amortization (EBITDA) amounted to MAD 6,629
million, unchanged on a like-for-like basis(1). The EBITDA margin
rose 0.2 points on a like-for-like basis(1) to 41.2%.This
performance was due to an improved gross margin related to the
reduction in call termination, despite the fiscal and sectoral
growing pressure in certain countries. Excluding the impact of
fiscal and sectoral taxes, the EBITDA margin would have been
improved by 1.7 pt.
Over the same period, adjusted earnings
from operations (EBITA)(5) were down 5.4% (- 5.0% on a
like-for-like basis(1)) to MAD 3,246 million, owing to increased
amortization and depreciation expenses.
Adjusted cash flows from operations (CFFO)(6)
from International activities were up by 58.1% (+47.3% on a
like-for-like basis(1)) to MAD 3,927 million. This performance is
explained by optimal management of working capital
requirements.
Operating indicators
| |
Unit |
2018 |
2019 |
Change |
| Mobile |
|
|
|
|
|
Customer base(8) |
(000) |
37,926 |
43,531 |
|
|
Mauritania |
|
2,397 |
2,470 |
+3.1% |
|
Burkina Faso |
|
7,634 |
8,546 |
+11.9% |
|
Gabon |
|
1,620 |
1,621 |
+0.1% |
|
Mali |
|
7,320 |
7,447 |
+1.7% |
|
Côte d’Ivoire |
|
8,646 |
8,975 |
+3.8% |
|
Benin |
|
4,279 |
4,377 |
+2.3% |
|
Togo |
|
3,405 |
3,030 |
-11.0% |
|
Niger |
|
2,485 |
2,922 |
+17.6% |
|
Central African Republic |
|
140 |
168 |
+19.9% |
|
Chad |
|
- |
3,975 |
- |
| Fixed-Line |
|
|
|
|
| Customer
Base |
(000) |
318 |
324 |
|
|
Mauritania |
|
55 |
56 |
+1.9% |
| Burkina
Faso |
|
77 |
75 |
-1.9% |
| Gabon |
|
22 |
22 |
+2.1% |
| Mali |
|
164 |
171 |
+4.3% |
| Fixed-Line
Broadband |
|
|
|
|
| Customer
base(11) |
(000) |
114 |
116 |
|
|
Mauritania |
|
13 |
10 |
-21.1% |
| Burkina
Faso |
|
15 |
15 |
-2.6% |
| Gabon |
|
17 |
18 |
+6.5% |
|
Mali |
|
69 |
73 |
+5.6% |
Notes:
(1) "Like-for-like" refers to the effects of
consolidating Tigo Chad as if it had taken place on July
1, 2018, an unchanged MAD/Ouguiya/CFA franc exchange rate and
the neutralization of the impact of the application of IFRS 16 on
EBITDA, adjusted EBITA, Group share of adjusted Net Income,
adjusted CFFO and Net debt.(2) CAPEX corresponds to purchases of
tangible and intangible assets recognized for the period.(3) The
ratio Net Debt/EBITDA excludes the impact of IFRS 16.(4) Maroc
Telecom consolidates the following companies in its financial
statements: Mauritel, Onatel, Gabon Telecom, Sotelma, Casanet, AT
Côte d’Ivoire, Etisalat Bénin, AT Togo, AT Niger, AT Centrafrique,
and Tigo Chad since July 1, 2019. (5) EBITA corresponds to
EBIT before the amortization of intangible assets acquired through
business combinations, write-downs of goodwill and other intangible
assets acquired through business combinations, and other income and
expenses relating to financial investment transactions and
transactions with shareholders (except when recognized directly in
equity).(6) CFFO includes net cash flow from operations before tax,
as set out in the cash flow statement, as well as the dividends
received from companies accounted for by the equity method and
non-consolidated equity investments. CFFO also includes net capital
expenditure, which corresponds to net uses of cash for acquisitions
and disposals of tangible and intangible assets.(7) Loans and other
current and non-current liabilities less cash and cash equivalents,
including cash held in escrow for bank loans.(8) The active
customer base consists of prepaid customers who have made or
received a voice call (excluding ERPT or Call-Center calls) or
received an SMS/MMS or used Data services (excluding ERPT services)
during the past three months, and postpaid customers who have not
terminated their agreements.(9) The active customer base for 3G and
4G+ Mobile Internet includes holders of a postpaid subscription
agreement (with or without a voice offer) and holders of a prepaid
Internet subscription agreement who have made at least one top-up
during the past three months or whose top-up is still valid and who
have used the service during that period.(10) ARPU is defined as
revenues (generated by inbound and outbound calls and by data
services) net of promotional offers, excluding roaming and
equipment sales, divided by the average customer base for the
period. In this instance, blended ARPU covers both the prepaid and
postpaid segments.(11) The broadband customer base includes ADSL
access, FTTH and leased lines as well as the CDMA customer base in
Mauritania, Burkina Faso and Mali.
Important notice:Forward-looking statements.
This press release contains forward-looking statements regarding
Maroc Telecom’s financial position, income from operations,
strategy, and outlook, as well as the impact of certain
transactions. Although Maroc Telecom believes that these
forward-looking statements are based on reasonable assumptions,
they do not amount to guarantees for the company’s future
performance. The actual results may be very different from the
forward-looking statements, due to a number of risks and
uncertainties, both known and unknown. The majority of these risks
are beyond our control, namely the risks described in the public
documents filed by Maroc Telecom with the Moroccan Capital Markets
Authority (www.ammc.ma) and the French Financial Markets Authority
(www.amf-france.org), which are also available in French on
our website (www.iam.ma). This press release contains
forward-looking information that can only be assessed at its
publication date. Maroc Telecom does not undertake to supplement,
update, or alter these forward-looking statements as a result of
new information, future events, or for any other reason, subject to
the applicable regulations, and especially to Articles III.2.31 et
seq. of the circular issued by the Moroccan Capital Markets
Authority and to Articles 223-1 et seq. of the French Financial
Markets Authority’s General Regulations.
Maroc Telecom is a full-service
telecommunications operator in Morocco and the leader in all of its
Fixed-Line, Mobile and Internet business sectors. It has expanded
internationally, and currently operates in 11 African countries.
Maroc Telecom is listed on both the Casablanca and Paris Stock
Exchanges, and its majority shareholders are Société de
Participation dans les Télécommunications (SPT*) (53%), and the
Kingdom of Morocco (22%).
* SPT is a company incorporated under
Moroccan law and controlled by Etisalat.
|
Contacts |
|
Investor
Relationsrelations.investisseurs@iam.ma |
Press Relationsrelations.presse@iam.ma |
Appendix 1: Relationship between adjusted
financial indicators and published financial indicators
Adjusted EBITA, Group share of adjusted Net
Income, and adjusted CFFO are not strictly accounting measures, and
should be considered as additional information. They are a better
indicator of the Group's performance as they exclude non-recurring
items.
|
|
2018 |
2019 |
|
(in MAD million) |
Morocco |
International |
Group |
Morocco |
International |
Group |
|
Adjusted EBITA |
7,620 |
3,431 |
11,052 |
8,294 |
3,246 |
11,540 |
|
Non-recurring items:Restructuring costs |
-2 |
+2 |
|
|
-9 |
-9 |
|
ANRT decision |
|
|
|
-3,300 |
|
-3,300 |
|
Published EBITA |
7,618 |
3,434 |
11,052 |
4,994 |
3,237 |
8,231 |
|
Adjusted Net Income – Group share |
|
|
6,005 |
|
|
6,029 |
|
Non-recurring items:Restructuring costs |
|
|
+5 |
|
|
-4 |
|
ANRT decision |
|
|
|
|
|
-3,300 |
|
Published Net Income – Group share |
|
|
6,010 |
|
|
2,726 |
|
Adjusted CFFO |
7,498 |
2,484 |
9,982 |
9,425 |
3,927 |
13,352 |
|
Non-recurring items:Restructuring costs |
-2 |
-9 |
-11 |
|
|
|
|
License payments |
|
-524 |
-524 |
-102 |
-1,835 |
-1,937 |
|
Published CFFO |
7,496 |
1,951 |
9,447 |
9,324 |
2,091 |
11,415 |
2019 was marked by the cash disbursement of MAD
1,937 million for the payment of the licenses obtained in Burkina
Faso, Mali, Côte d’Ivoire and Togo, and by the widening of the
bandwidth in Morocco.
2018 included the payment of MAD 524 million
related to the licenses obtained in Côte d’Ivoire, Gabon and
Togo.
Appendix 2: Impact of the adoption of IFRS
16IFRS 16 is applied with effect from January 1, 2019, and 2018
data represent the application of IAS 17. Change on a like-for-like
basis excludes the impact of IFRS 16.
As at end-December 2019, the impacts of this
standard on Maroc Telecom’s key indicators were as follows:
|
|
2019 |
|
(in MAD million) |
Morocco |
International |
Group |
|
EBITDA |
+228 |
+234 |
+462 |
|
Adjusted EBITA |
+24 |
+27 |
+51 |
|
Group share of adjusted Net Income |
|
|
-16 |
|
Adjusted CFFO |
+228 |
+234 |
+462 |
|
Net Debt |
+902 |
+750 |
+1,652 |
Consolidated Statement of Financial
Position
|
ASSETS (in MAD million) |
2018 |
2019 |
| Goodwill |
8,548 |
9,201 |
| Other
intangible assets |
7,681 |
8,808 |
| Property, plant
and equipment |
31,301 |
31,037 |
| Right-of-use
asset |
|
1,630 |
| Equity
affiliates |
0 |
0 |
| Non-current
financial assets |
299 |
470 |
| Deferred tax
assets |
224 |
339 |
|
Non-current assets |
48,053 |
51,485 |
|
Inventories |
348 |
321 |
| Trade and other
receivables |
11,839 |
11,380 |
| Short-term
financial assets |
138 |
128 |
| Cash and cash
equivalents |
1,700 |
1,483 |
| Assets
available for sale |
54 |
54 |
| Current
assets |
14,078 |
13,365 |
| TOTAL
ASSETS |
62,131 |
64,851 |
| |
|
|
|
LIABILITIES (in MAD million) |
2018 |
2019 |
| Share
capital |
5,275 |
5,275 |
| Consolidated
reserves |
4,383 |
4,069 |
| Consolidated
net income for the period |
6,010 |
2,726 |
| Shareholders’
equity – Group share |
15,668 |
12,069 |
| Non-controlling
interests |
3,822 |
3,934 |
|
Shareholder’s equity |
19,490 |
16,003 |
| Non-current
provisions |
464 |
504 |
| Borrowings and
other long-term financial liabilities |
3,475 |
4,178 |
| Deferred tax
liabilities |
246 |
258 |
| Other
non-current liabilities |
0 |
0 |
|
Non-current liabilities |
4,185 |
4,939 |
| Trade
payables |
24,095 |
23,794 |
| Current tax
liabilities |
906 |
733 |
| Current
provisions |
1,325 |
4,634 |
| Borrowings and
other short-term financial liabilities |
12,129 |
14,748 |
| Current
liabilities |
38,456 |
43,908 |
| TOTAL
LIABILITIES |
62,131 |
64,851 |
Consolidated income statement
| (In MAD million) |
2018 |
2019 |
|
| |
|
Revenues |
36,032 |
36,517 |
|
| Cost of
purchases |
-6,011 |
-5,670 |
|
| Payroll
costs |
-2,891 |
-3,098 |
|
| Taxes,
royalties and dues |
-2,818 |
-3,183 |
|
| Other
operating income and expenses |
-5,923 |
-5,610 |
|
| Net
depreciation, amortization, and provisions |
-7,337 |
-10,724 |
|
|
Earnings from operations |
11,052 |
8,231 |
|
| Other income
and expenses from ordinary activities |
-11 |
-11 |
|
| Income from
equity affiliates |
0 |
0 |
|
| Income
from ordinary activities |
11,040 |
8,220 |
|
| Income from
cash and cash equivalents |
3 |
2 |
|
| Gross cost of
financial debt |
-527 |
-756 |
|
| Net cost of
financial debt |
-524 |
-754 |
|
| Other
financial income and expenses |
99 |
-38 |
|
|
Financial income |
-425 |
-792 |
|
| Income
tax |
-3,677 |
-3,830 |
|
| Net
Income |
6,938 |
3,598 |
|
| Translation
difference resulting from foreign business activities |
-239 |
-226 |
|
| Other
comprehensive income and expenses |
-5 |
43 |
|
| Total
comprehensive income for the period |
6,693 |
3,415 |
|
| Net
Income |
6,938 |
3,598 |
|
| Earnings
attributable to equity holders of the parents |
6,010 |
2,726 |
|
|
Non-controlling interests |
928 |
873 |
|
| Earnings per
share |
2019 |
2019 |
|
| |
| Net
income attributable to equity holders of the parent (in MAD
million) |
6,010 |
2,726 |
|
| Number
of stocks at December 31 |
879,095,340 |
879,095,340 |
|
|
Net earnings per share (in MAD) |
6.84 |
3.10 |
|
|
Diluted net earnings per share (in MAD) |
6.84 |
3.10 |
|
Consolidated cash flow statement
| (In MAD million) |
2018 |
2019 |
| Earnings from
operations |
11,052 |
8,231 |
| Depreciation,
amortization, and other restatements |
7,318 |
10,721 |
| Gross cash
flow from operating activities |
18,370 |
18,952 |
| Other changes in
net working capital requirement |
-883 |
419 |
| Net cash
flow from operating activities before tax |
17,487 |
19,372 |
| Income tax
paid |
-2,967 |
-4,091 |
| Net cash
flow from operating activities (a) |
14,520 |
15,281 |
| Purchases of
property, plant and equipment and intangible assets |
-8,075 |
-7,949 |
| Purchases of
consolidated investments after acquired cash |
-469 |
-1,096 |
| Increase in
financial assets |
-194 |
-73 |
| Disposals of
property, plant and equipment and intangible assets |
31 |
6 |
| Decrease in
financial assets |
335 |
287 |
| Dividends received
from non-consolidated equity investments |
2 |
6 |
| Net cash
flow used in investing activities (b) |
-8,369 |
-8,819 |
| Capital
increase |
0 |
0 |
| Dividends paid to
shareholders |
-5,732 |
-6,003 |
| Dividends paid by
subsidiaries to their non-controlling shareholders |
-798 |
-838 |
| Changes in
equity capital |
-6,529 |
-6,841 |
| Proceeds from
borrowings and increase in other long-term financial
liabilities |
1,347 |
2,270 |
| Proceeds from
borrowings and increase in other short-term financial
liabilities |
1,933 |
2,860 |
| Payments on
borrowings and decrease in other short-term financial
liabilities |
-2,682 |
-4,548 |
| Net interest
paid |
-575 |
-473 |
| Other cash items
relating to financing activities |
6 |
-13 |
| Change in
borrowings and other financial liabilities |
29 |
96 |
|
|
|
|
| Net cash
flow used in financing activities (d) |
-6,501 |
-6,744 |
|
|
|
|
| Translation
adjustments and other non-cash items (g) |
40 |
65 |
| Total cash flows
(a)+(b)+(d)+(g) |
-310 |
-217 |
| Cash and
cash equivalents at beginning of period |
2,010 |
1,700 |
| Cash and
cash equivalents at end of period |
1,700 |
1,483 |
- Maroc Telecom_PR-2019 Results
Maroc Telecom (EU:IAM)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Maroc Telecom (EU:IAM)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
