Maroc Telecom FY2020 Consolidated Results
CONSOLIDATED RESULTS AT 31 DECEMBER
2020
Operating results in line with objectives thanks to
strong performances at the
subsidiaries:
- 8.1% growth of the Group's customer base, to
nearly 73 million customers;
- Growth in the revenues of the Moov Africa
subsidiaries (+1.4% on a like-for-like
basis*), driven by Data Mobile and Mobile Money services;
- Sustained growth in Fixed Data in Morocco
(+13.2%);
- Increased profitability with an
adjusted EBITDA margin for the Group of 51.9%, an
improvement of +0.7 pt on a like-for-like
basis*.
Proposed dividend payment of MAD 3.5
billion, implying MAD 4.01 per share, representing a yield of
2.8%**.
Maroc Telecom Group outlook for 2021 at
constant scope and exchange rates:
- Decrease in revenues;
- Decrease in EBITDA;
- CAPEX of maximum 15% of revenues, excluding frequencies
and licences.
To mark the publication of this press release,
Mr Abdeslam Ahizoune, Chairman of the Management Board, stated:
« In 2020, the Maroc Telecom Group posted
operating results in line with objectives. Thanks to ongoing
efforts to control costs and multiple innovations, the Group has
maintained its margins, demonstrating thus its resilience and its
strong capacity to adapt to the conditions imposed by an
unprecedented health and economic crisis.
In Morocco, despite the effects of this crisis
and strong competitive pressure, the significant investments made
in Broadband support its leadership and its position as forerunner
operator. Internationally, the Group has chosen to bring together
its subsidiaries in Africa, under a common “Moov Africa” visual
identity, reflecting their good growth momentum .
The digitisation project launched by the Group
continues and has proved its effectiveness in front of the
constraints imposed by the pandemic. »
* The like-for-like basis illustrates the consolidation effects
of Moov Africa Chad and the use of a constant exchange rate
MAD/Ouguiya/Franc CFA** Based on the share price of
February,18th 2021 (MAD 145.30)
adjusted consolidated results* of the group
| (IFRS in
MAD million) |
Q4-2019 |
Q4-2020 |
Change |
Change on
like-for-like basis(1) |
2019 |
2020 |
Change |
Change on
like-for-like basis(1) |
|
Revenues |
9,209 |
9,271 |
+0.7% |
+0.4% |
36,517 |
36,769 |
+0.7% |
-0.8% |
| Adjusted
EBITDA |
4,525 |
4,740 |
+4.8% |
+4.6% |
18,922 |
19,100 |
+0.9% |
+0.5% |
|
Margin (%) |
49.1% |
51.1% |
+2.0 pt |
+2.1 pt |
51.8% |
51.9% |
+0.1 pt |
+0.7 pt |
| Adjusted
EBITA |
2,552 |
2,886 |
+13.1% |
+13.1% |
11,540 |
11,598 |
+0.5% |
+0.8% |
|
Margin (%) |
27.7% |
31.1% |
+3.4 pt |
+3.5 pt |
31.6% |
31.5% |
-0.1 pt |
+0.5 pt |
| Group
share of adjusted Net Income - |
1,382 |
1,475 |
+6.7% |
+6.7% |
6,029 |
6,001 |
-0.5% |
-0.4% |
|
Margin (%) |
15.0% |
15.9% |
+0.9 pt |
+0.9 pt |
16.5% |
16.3% |
-0.2 pt |
+0.1 pt |
|
CAPEX(2) |
2,184 |
1,417 |
-35.1% |
-34.9% |
6,788 |
3,448 |
-49.2% |
-50.6% |
| Of which
frequencies and licences |
102 |
124 |
|
|
1,418 |
135 |
|
|
|
CAPEX/revenues (excluding frequencies and licences) |
22.7% |
13.9% |
-8.7 pt |
-8.7 pt |
14.7% |
9.0% |
-5.7 pt |
-5.5 pt |
|
Adjusted CFFO |
4,185 |
4,498 |
+7.5% |
+7.4% |
13,352 |
15,719 |
+17.7% |
+17.8% |
| Net
debt |
17,350 |
17,619 |
+1.6% |
+2.4% |
17,350 |
17,619 |
+1.6% |
+2.4% |
|
Net debt/EBITDA(3) |
0.9x |
0.9x |
|
|
0.9x |
0.8x |
|
|
*The adjustments to the financial indicators are
detailed in Appendix 1.
► Customer
base
The Group's customer base grew by
8.1% in 2020, reaching nearly 73
million customers, due to the growth of the customer bases of the
Moov Africa subsidiaries and Fixed in Morocco.
►
Revenues
Maroc Telecom Group generated revenues(4) of MAD
36,769 million, up 0.7%
(-0.8% on a like-for-like basis(1)). The increase
in the revenues of the Moov Africa subsidiaries and Fixed Broadband
in Morocco offsets the slowdown in Mobile activities in Morocco,
heavily impacted by the competitive context.
In the fourth quarter alone and despite the
decrease in Mobile call termination rates in Morocco in December
2020, the Group's revenues increased by 0.7%
(+0.4% on a like-for-like basis(1)), thanks to the
sustained increase in the activities of the Moov Africa
subsidiaries and Fixed Broadband in Morocco.
► Earnings from
operations before depreciation and
amortization
At the end of December 2020, Maroc Telecom
Group's adjusted earnings from operations before depreciation and
amortization (EBITDA) reached MAD 19,100 million,
up 0.9% (+0.5% on a like-for-like
basis(1)). The adjusted EBITDA margin was 51.9%,
up 0.1 pt (+0.7
pt on a like-for-like basis(1)), thanks to
rigorous cost management.
► Earnings from
operations
At the end of 2020, Maroc Telecom Group’s
adjusted earnings from operations (EBITA)(5) amounted to MAD
11,598 million, up 0.8% on a
like-for-like basis(1), thanks to the increase in EBITDA. The
adjusted EBITA margin stood at 31.5%, up
0.5 pt on a like-for-like basis(1).
► Group share of Net
Income
The adjusted Group share of Net Income decreased
slightly by 0.4% on a like-for-like basis(1).
►
Investments
The capital expenditures(2) excluding
frequencies and licenses, down 38.3% over one
year, were adapted to the context of the health crisis and focused
on meeting strong demand for Fixed Internet access, extensions of
Data infrastructures, and quality of service. They represent
9.0% of revenues, a level in line with the
objective announced for the year.
► Cash
flow
Adjusted Cash Flow From Operations (CFFO)(6)
improved by +17.8% on a like-for-like basis(1),
reaching MAD 15,719 million mainly due to
the decrease in investments.
At 31 December 2020, Maroc Telecom Group’s
consolidated net debt(7) represented 0.8 times(3)
the Group's annual EBITDA.
► Highlights of the
fourth quarter
In Morocco, the ANRT is implementing a
multi-annual framework for Mobile and Fixed termination rates,
implying a 35% reduction in Mobile tariffs for
Maroc Telecom vs. 25% for Orange and
22% for Inwi, maintaining asymmetry.
In Mauritania, Mauritel obtained a 4G licence
for a total amount of MAD 124 million.
The new visual identity “Moov Africa” was
launched on 1 January 2021. The ten subsidiaries of the Maroc
Telecom Group (based in Mauritania, Burkina Faso, Gabon, Mali, Côte
d'Ivoire, Benin, Togo, Niger, Central African Republic and Chad)
are now united around a common visual identity.
►
Dividend
At the General Meeting of Shareholders of 30
April 2021, the Supervisory Board of Maroc Telecom will propose the
distribution of a dividend of MAD 4.01 per share,
representing a total amount of MAD 3.5
billion.
► Maroc Telecom Group
outlook for 2021 at constant scope and exchange
rates:
Based on recent market developments and insofar
as no new major exceptional event disrupts the Group's activity,
Maroc Telecom forecasts for 2021, at constant scope and exchange
rates:
- Decrease in revenues;
- Decrease in EBITDA;
- CAPEX of maximum 15% of revenues, excluding frequencies
and licences.
review
of the Group's activities
The adjustments to the "Morocco" and "International" financial
indicators are detailed in Appendix 1.
·Morocco
|
(IFRS in MAD million) |
Q4-2019 |
Q4-2020 |
Change |
2019 |
2020 |
Change |
|
|
Revenues |
5,378 |
5,152 |
-4.2% |
21,690 |
20,881 |
-3.7% |
|
|
Mobile |
3,557 |
3,219 |
-9.5% |
14,276 |
13,351 |
-6.5% |
|
|
Services |
3,523 |
3,084 |
-12.4% |
14,046 |
13,009 |
-7.4% |
|
|
Equipment |
35 |
135 |
ns |
230 |
342 |
+48.9% |
|
|
Fixed |
2,306 |
2,424 |
+5.1% |
9,261 |
9,517 |
+2.8% |
|
|
Of which Fixed Data* |
886 |
966 |
+9.1% |
3,186 |
3,608 |
+13.2% |
|
|
Elimination and other income |
-485 |
-491 |
|
-1,846 |
-1,987 |
|
|
| Adjusted
EBITDA |
2,948 |
2,979 |
+1.1% |
12,294 |
11,950 |
-2.8% |
|
|
Margin (%) |
54.8% |
57.8% |
+3.0 pt |
56.7% |
57.2% |
+0.5 pt |
|
| Adjusted
EBITA |
1,917 |
2,024 |
+5.6% |
8,294 |
8,079 |
-2.6% |
|
|
Margin (%) |
35.6% |
39.3% |
+3.6 pt |
38.2% |
38.7% |
+0.5 pt |
|
|
CAPEX(2) |
1,289 |
584 |
-54.7% |
3,022 |
1,466 |
-51.5% |
|
| Of which
frequencies and licences |
102 |
|
|
102 |
|
|
|
|
CAPEX/revenues (excluding frequencies and licences) |
22.1% |
11.3% |
-10.8 pt |
13.5% |
7.0% |
-6.4 pt |
|
|
Adjusted CFFO |
3,000 |
3,246 |
+8.2% |
9,425 |
10,300 |
+9.3% |
|
| Net
debt |
11,101 |
11,515 |
+3.7% |
11,101 |
11,515 |
+3.7% |
|
|
Net debt/EBITDA(3) |
0.9x |
0.9x |
|
0.8x |
0.9x |
|
|
*Fixed Data includes the Internet, TV on ADSL and Data services
to businesses
The Group's activities in Morocco generated
revenues down 3.7% compared with 2019, affected in
particular by the effects of the Covid-19 pandemic on Mobile
activities and partially offset by the solid momentum of Fixed and
Internet. This change was more marked in the fourth quarter of the
year due in particular to the fall in national call termination
prices, which has applied from December, 1st 2020.
At the end of 2020, the adjusted earnings from
operations before depreciation and amortisation (EBITDA) amounted
to MAD 11,950 million, down 2.8%
compared with 2019. The adjusted EBITDA margin increased by
0.5 pt to a high level of 57.2%,
thanks to the control of operating costs.
The adjusted earnings from operations (EBITA)(5)
reached MAD 8,079 million, down
2.6%. It represents an adjusted margin rate of
38.7%, up 0.5 pt.
Adjusted Cash Flow From Operations (CFFO)(6) in
Morocco increased by 9.3% to MAD
10,300 million due to efficient investment
management adapted to the context of the crisis.
Mobile
| |
Unit |
2019 |
2020 |
Change |
| |
|
|
|
|
| Customer base(8) |
(000) |
20,054 |
19,498 |
-2.8% |
| Prepaid |
(000) |
17,752 |
17,181 |
-3.2% |
| Postpaid |
(000) |
2,302 |
2,317 |
+0.6% |
| Of which Internet
3G/4G+(9) |
(000) |
11,789 |
11,060 |
-6.2% |
|
ARPU(10) |
(MAD/month) |
58.3 |
54.3 |
-6.9% |
At the end of 2020, the Mobile customer base(8)
totaled 19.5 million customers, down
2.8% over one year.
Mobile revenues fell by 6.5%
compared to the same period in 2019, to MAD 13,351
million impacted by the Covid-19 pandemic effects and the
competitive context.
The 2020 combined ARPU(10) stood at MAD
54.3, down 6.9% over one
year.
Fixed and Internet
| |
Unit |
2019 |
2020 |
Change |
| |
|
|
|
|
| Fixed
lines |
(000) |
1,882 |
2,008 |
+6.6% |
|
Broadband Access(11) |
(000) |
1,573 |
1,738 |
+10.4% |
The Fixed customer base maintained its good
momentum and increased by 6.6% to
2 million lines. The Broadband customer base now
has 1.7 million subscribers, up
10.4%.
The Fixed and Internet activities in Morocco
continue to improve their performance and generate revenues of MAD
9,517 million, up 2.8% compared
to 2019. This growth accelerated in the last three months of the
year, thanks to the enthusiasm for the FTTH offers and the ADSL
service.
Financial indicators
| (IFRS in MAD
million) |
Q4-2019 |
Q4-2020 |
Change |
Change on like-for-like basis(1) |
2019 |
2020 |
Change |
Change on like-for-like basis(1) |
|
Revenues |
4,102 |
4,367 |
+6.4% |
+5.8% |
16,095 |
16,883 |
+4.9% |
+1.4% |
|
Of which mobile services |
3,752 |
4,031 |
+7.4% |
+6.8% |
14,693 |
15,507 |
+5.5% |
+1.7% |
| Adjusted
EBITDA |
1,576 |
1,761 |
+11.7% |
+11.2% |
6,629 |
7,150 |
+7.9% |
+6.5% |
|
Margin (%) |
38.4% |
40.3% |
+1.9 pt |
+2.0 pt |
41.2% |
42.4% |
+1.2 pt |
+2.0 pt |
| Adjusted
EBITA |
635 |
861 |
+35.7% |
+35.7% |
3,246 |
3,520 |
+8.4% |
+9.6% |
|
Margin (%) |
15.5% |
19.7% |
+4.3 pt |
+4.4 pt |
20.2% |
20.8% |
+0.7 pt |
+1.6 pt |
|
CAPEX(2) |
895 |
832 |
-7.0% |
-6.3% |
3,766 |
1,982 |
-47.4% |
-50.0% |
| Of which
frequencies and licences |
|
124 |
|
|
1,316 |
135 |
|
|
|
CAPEX/revenues (excluding frequencies and licences) |
21.9% |
16.2% |
-5.7 pt |
-5.6 pt |
15.2% |
10.9% |
-4.3 pt |
-3.8 pt |
|
Adjusted CFFO |
1,185 |
1,252 |
+5.7% |
+5.3% |
3,927 |
5,419 |
+38.0% |
+38.4% |
| Net
debt |
8,748 |
7,517 |
-14.1% |
-12.3% |
8,748 |
7,517 |
-14.1% |
-12.3% |
|
Net debt/EBITDA(3) |
1.3x |
1.0x |
|
|
1.3x |
1.0x |
|
|
The Group's international activities recorded
revenues of MAD 16,883 million, up
1.4% on a like-for-like basis(1), explained by the
recovery in post-lockdown activities and the growth in Data Mobile
and Mobile Money services.
In 2020, the adjusted earnings from operations
before depreciation and amortisation (EBITDA) amounted to MAD
7,150 million, up 7.9%
(+6.5% on a like-for-like basis(1)). The adjusted
EBITDA margin was 42.4%, up 1.2
pt (+2.0 pt on a like-for-like basis(1)).
This performance comes from the improvement in the gross margin
rate and rigorous cost management.
During the same period, the adjusted earnings
from operations (EBITA)(5) improved by 8.4%
(+9.6% on a like-for-like basis(1)) to MAD
3,520 million, thanks to the increase in
EBITDA.
Adjusted Cash Flow From Operations (CFFO)(6)
from international activities improved by +38.4%
on a like-for-like basis(1) to MAD 5,419
million.
Operating indicators
| |
Unit |
2019 |
2020 |
Change |
| Mobile |
|
|
|
|
|
Customer base(8) |
(000) |
43,531 |
49,226 |
|
|
Mauritania |
|
2,470 |
2,641 |
+6.9% |
|
Burkina Faso |
|
8,546 |
9,388 |
+9.8% |
|
Gabon |
|
1,621 |
1,632 |
+0.6% |
|
Mali |
|
7,447 |
9,684 |
+30.0% |
|
Côte d’Ivoire |
|
8,975 |
10,050 |
+12.0% |
|
Benin |
|
4,377 |
4,682 |
+6.9% |
|
Togo |
|
3,030 |
3,380 |
+11.6% |
|
Niger |
|
2,922 |
3,005 |
+2.8% |
|
Central African Republic |
|
168 |
189 |
+12.0% |
|
Chad |
|
3,975 |
4,577 |
+15.2% |
| Fixed-Line |
|
|
|
|
| Customer
Base |
(000) |
325 |
337 |
|
|
Mauritania |
|
56 |
57 |
+0.9% |
|
Burkina Faso |
|
75 |
75 |
-0.3% |
|
Gabon |
|
22 |
25 |
+13.9% |
|
Mali |
|
171 |
180 |
+5.1% |
| Fixed-Line
Broadband |
|
|
|
|
| Customer
base(11) |
(000) |
116 |
131 |
|
|
Mauritania |
|
10 |
18 |
+82.7% |
|
Burkina Faso |
|
15 |
14 |
-2.2% |
|
Gabon |
|
18 |
22 |
+19.9% |
|
Mali |
|
73 |
77 |
+5.2% |
Notes:
(1) "Like-for-like" refers to the effects of
consolidating Moov Africa Chad as if it had taken place on January
1, 2019, and an unchanged MAD/Ouguiya/CFA franc exchange
rate.(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 in
its financial statements Casanet and Moov Africa subsidiaries in
Mauritania, Burkina Faso, Gabon, Mali, Côte d’Ivoire, Benin, Togo,
Niger, Central African Republic and Chad since July 1, 2019. (6)
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 2.19 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: Transition from adjusted financial
indicators to published financial indicators
Adjusted EBITDA, 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.
|
|
2019 |
2020 |
|
(in MAD million) |
Morocco |
International |
Group |
Morocco |
International |
Group |
|
Adjusted EBITDA |
12,294 |
6,629 |
18,922 |
11,950 |
7,150 |
19,100 |
|
Exceptional items: |
|
|
|
|
|
|
|
Dispute resolution |
|
|
|
+420 |
|
+420 |
|
Published EBITDA |
12,294 |
6,629 |
18,922 |
12,370 |
7,150 |
19,520 |
|
Adjusted EBITA |
8,294 |
3,246 |
11,540 |
8,079 |
3,520 |
11,598 |
|
Exceptional items:Dispute resolution |
|
|
|
|
|
|
|
Restructuring costs |
|
-9 |
-9 |
|
|
|
|
Dispute resolution |
|
|
|
+420 |
|
+420 |
|
ANRT fine |
-3,300 |
|
-3,300 |
|
|
|
|
Published EBITA |
4,994 |
3,237 |
8,231 |
8,499 |
3,520 |
12,018 |
|
Group share of adjusted Net Income |
|
|
6,029 |
|
|
6,001 |
|
Exceptional items: Restructuring costs |
|
|
|
|
|
|
|
Restructuring costs |
|
|
-4 |
|
|
|
|
Dispute resolution |
|
|
|
|
|
+469 |
|
COVID contributions |
|
|
|
|
|
-1,047 |
|
ANRT fine |
|
|
-3,300 |
|
|
|
|
Published net income – Group share |
|
|
2,726 |
|
|
5,423 |
|
Adjusted CFFO |
9,425 |
3,927 |
13,352 |
10,300 |
5,419 |
15,719 |
|
Exceptional items: Payment of licences |
|
|
|
|
|
|
|
Licences Payment |
-102 |
-1,835 |
-1,937 |
|
-143 |
-143 |
|
ANRT fine |
|
|
|
-3,300 |
|
-3,300 |
|
Published CFFO |
9,324 |
2,091 |
11,415 |
7,000 |
5,277 |
12,276 |
2020 CFFO was marked by the disbursement of MAD
3,300 million linked to the full payment of the
ANRT fine in Morocco as well as MAD 143 million
for licences obtained in Mauritania, Gabon and Togo.
2019 CFFO included the payment of MAD
1,937 million corresponding to the licences
obtained in Burkina Faso, Mali, Côte d’Ivoire and Togo as well as
the widening of the bandwidth spectrum in Morocco.
Appendix 2: Impact of the adoption of IFRS
16
As at end-December 2020, the impacts of this
standard on Maroc Telecom’s key indicators were as follows:
|
|
2020 |
|
(in MAD million) |
Morocco |
International |
Group |
|
Adjusted EBITDA |
+266 |
+292 |
+557 |
|
Adjusted EBITA |
+33 |
+29 |
+62 |
|
Group share of adjusted Net Income |
|
|
-17 |
|
Adjusted CFFO |
+266 |
+292 |
+557 |
|
Net Debt |
+838 |
+801 |
+1,639 |
Consolidated Statement of Financial
Position
|
ASSETS (in MAD million) |
2019 |
2020 |
| Goodwill |
9,201 |
9,315 |
| Other
intangible assets |
8,808 |
8,120 |
| Property, plant
and equipment |
31,037 |
28,319 |
| Right-of-use
asset |
1,630 |
1,592 |
| Equity
affiliates |
0 |
0 |
| Non-current
financial assets |
470 |
654 |
| Deferred tax
assets |
339 |
580 |
|
Non-current assets |
51,485 |
48,579 |
|
Inventories |
321 |
271 |
| Trade and other
receivables |
11,380 |
11,816 |
| Short-term
financial assets |
128 |
130 |
| Cash and cash
equivalents |
1,483 |
2,690 |
| Assets
available for sale |
54 |
54 |
| Current
assets |
13,365 |
14,960 |
| TOTAL
ASSETS |
64,851 |
63,540 |
| |
|
|
|
LIABILITIES (in MAD million) |
2019 |
2020 |
| Share
capital |
5,275 |
5,275 |
| Consolidated
reserves |
4,069 |
2,023 |
| Consolidated
net income for the period |
2,726 |
5,423 |
| Shareholders’
equity – Group share |
12,069 |
12,721 |
| Non-controlling
interests |
3,934 |
3,968 |
|
Shareholder’s equity |
16,003 |
16,688 |
| Non-current
provisions |
504 |
521 |
| Borrowings and
other long-term financial liabilities |
4,178 |
4,748 |
| Deferred tax
liabilities |
258 |
45 |
| Other
non-current liabilities |
0 |
0 |
|
Non-current liabilities |
4,939 |
5,314 |
| Trade
payables |
23,794 |
24,007 |
| Current tax
liabilities |
733 |
671 |
| Current
provisions |
4,634 |
1,247 |
| Borrowings and
other short-term financial liabilities |
14,748 |
15,612 |
| Current
liabilities |
43,908 |
41,538 |
| TOTAL
LIABILITIES |
64,851 |
63,540 |
Consolidated Income Statement
| (In MAD million) |
2019 |
2020 |
|
| |
|
Revenues |
36,517 |
36,769 |
|
| Cost of
purchases |
-5,670 |
-5,416 |
|
| Payroll
costs |
-3,098 |
-3,005 |
|
| Taxes,
royalties and dues |
-3,183 |
-3,344 |
|
| Other
operating income and expenses |
-5,610 |
-8,746 |
|
| Net
depreciation, amortization, and provisions |
-10,724 |
-4,240 |
|
|
Earnings from operations |
8,231 |
12,018 |
|
| Other income
and expenses from ordinary activities |
-11 |
-1,513 |
|
| Income from
equity affiliates |
0 |
0 |
|
| Income
from ordinary activities |
8,220 |
10,505 |
|
| Income from
cash and cash equivalents |
2 |
17 |
|
| Gross cost of
financial debt |
-756 |
-888 |
|
| Net cost of
financial debt |
-754 |
-871 |
|
| Other
financial income and expenses |
-38 |
26 |
|
|
Financial income |
-792 |
-844 |
|
| Income
tax |
-3,830 |
-3,372 |
|
| Net
Income |
3,598 |
6,289 |
|
| Translation
difference resulting from foreign business activities |
-226 |
134 |
|
| Other
comprehensive income and expenses |
43 |
-14 |
|
| Total
comprehensive income for the period |
3,415 |
6,409 |
|
| Net
Income |
3,598 |
6,289 |
|
| Earnings
attributable to equity holders of the parents |
2,726 |
5,423 |
|
|
Non-controlling interests |
873 |
866 |
|
| Earnings per
share |
2019 |
2020 |
|
| |
| Net
income attributable to equity holders of the parent (in MAD
million) |
2,726 |
5,423 |
|
| Number
of stocks at December 31 |
879,095,340 |
879,095,340 |
|
|
Net earnings per share (in MAD) |
3.10 |
6.17 |
|
|
Diluted net earnings per share (in MAD) |
3.10 |
6.17 |
|
Consolidated Cash Flow Statement
| (In MAD million) |
2019 |
2020 |
| Earnings from
operations |
8,231 |
12,018 |
| Depreciation,
amortization, and other restatements |
10,721 |
2,719 |
| Gross cash
flow from operating activities |
18,952 |
14,738 |
| Other changes in
net working capital requirement |
419 |
139 |
| Net cash
flow from operating activities before tax |
19,372 |
14,877 |
| Income tax
paid |
-4,091 |
-3,789 |
| Net cash
flow from operating activities (a) |
15,281 |
11,088 |
| Purchases of
property, plant and equipment and intangible assets |
-7,949 |
-4,141 |
| Purchases of
consolidated investments after acquired cash |
-1,096 |
0 |
| Increase in
financial assets |
-73 |
-249 |
| Disposals of
property, plant and equipment and intangible assets |
6 |
14 |
| Decrease in
financial assets |
287 |
144 |
| Dividends received
from non-consolidated equity investments |
6 |
14 |
| Net cash
flow used in investing activities (b) |
-8,819 |
-4,219 |
| Capital
increase |
0 |
0 |
| Dividends paid to
shareholders |
-6,003 |
-4,870 |
| Dividends paid by
subsidiaries to their non-controlling shareholders |
-838 |
-855 |
| Changes in
equity capital |
-6,841 |
-5,725 |
| Proceeds from
borrowings and increase in other long-term financial
liabilities |
2,270 |
2,307 |
| Proceeds from
borrowings and increase in other short-term financial
liabilities |
2,860 |
1,167 |
| Payments on
borrowings and decrease in other short-term financial
liabilities |
-4,548 |
-2,687 |
| Net interest
paid |
-473 |
-626 |
| Other cash items
relating to financing activities |
-13 |
-35 |
| Change in
borrowings and other financial liabilities |
96 |
125 |
|
|
|
|
| Net cash
flow used in financing activities (d) |
-6,744 |
-5,600 |
|
|
|
|
| Translation
adjustments and other non-cash items (g) |
65 |
-62 |
| Total cash flows
(a)+(b)+(d)+(g) |
-217 |
1,207 |
| Cash and
cash equivalents at beginning of period |
1,700 |
1,483 |
| Cash and
cash equivalents at end of period |
1,483 |
2,690 |
- Maroc Telecom_PR-FY2020_EN_VDEF
Maroc Telecom (EU:IAM)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Maroc Telecom (EU:IAM)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
