Maroc Telecom_PR-Q3 2023 Results
CONSOLIDATED
RESULTS AT SEPTEMBER 30, 2023
Performances above targets:
- Growth of 3.2% in
consolidated revenues, driven mainly by Moov Africa
subsidiaries (+7.5%);
- Group EBITDA up
3.2%, with high EBITDA margin of
52.5%;
- Adjusted Group net income
increasing by 2.4%;
- Sustained level of Group
investments (excluding frequencies and licenses), reaching
20.7% of revenues.
Against a difficult global macroeconomic
environment, Maroc Telecom Group resumed revenue growth, driven by
Data, particularly in Moov Africa subsidiaries. Thanks to
optimization cost efforts, the Group has maintained a high level of
profitability, and pursued investments to support the development
of usages and the quality of services. This performance comforts
that the Group is on track to achieve its annual targets and
confirms the success and resilience of its business model.
The Group's commitment to sustainable
development and the well-being of citizens remains a priority, and
is reflected in a variety of initiatives in the countries where it
operates. In line with this commitment, Maroc Telecom has mobilized
its teams to support the populations impacted by the earthquake in
the Kingdom of Morocco, and has also made a donation to the
dedicated Special Fund.
Group adjusted consolidated results*:
| (IFRS
in MAD millions) |
Q3 2022 |
Q3 2023 |
Change |
Change at constant exchange
rates(1) |
|
9M 2022 |
9M 2023 |
Change |
Change at constant exchange
rates(1) |
|
Revenues |
9,240 |
9,279 |
0.4% |
-0.8% |
|
26,808 |
27,679 |
3.2% |
1.2% |
|
Adjusted EBITDA |
4,901 |
4,948 |
1.0% |
0.0% |
|
14,072 |
14,527 |
3.2% |
1.5% |
|
Margin (%) |
53.0% |
53.3% |
0.3 pt |
0.4 pt |
|
52.5% |
52.5% |
-0.0 pt |
0.2 pt |
|
Adjusted EBITA |
3,131 |
3,178 |
1.5% |
0.8% |
|
8,872 |
9,230 |
4.0% |
2.5% |
|
Margin (%) |
33.9% |
34.3% |
0.4 pt |
0.6 pt |
|
33.1% |
33.3% |
0.3 pt |
0.4 pt |
|
Adjusted net income Group share |
1,651 |
1,694 |
2.6% |
1.9% |
|
4,520 |
4,629 |
2.4% |
1.5% |
|
Margin (%) |
17.9% |
18.3% |
0.4 pt |
0.5 pt |
|
16.9% |
16.7% |
-0.1 pt |
0.1 pt |
|
CAPEX(2) |
1,777 |
2,777 |
56.3% |
53.0% |
|
5,497 |
5,722 |
4.1% |
1.6% |
| Of which
frequencies and licenses |
0 |
0 |
|
|
|
0 |
0 |
|
|
|
CAPEX/Revenues (excluding frequencies and licenses) |
19.2% |
29.9% |
10.7 pt |
10.4 pt |
|
20.5% |
20.7% |
0.2 pt |
0.1 pt |
|
Adjusted CFFO |
2,833 |
2,139 |
-24.5% |
-24.4% |
|
8,159 |
7,176 |
-12.1% |
-13.4% |
| Net
debt |
17,166 |
17,410 |
1.4% |
-0.6% |
|
17,166 |
17,410 |
1.4% |
-0.6% |
|
Net debt/EBITDA(3) |
0.8x |
0.8x |
|
|
|
0.9x |
0.8x |
|
|
* The adjustments to the financial indicators are detailed in
Appendix 1.
At September 30, 2023, the Group's customer base
was 75.1 million, a slight 0.7%
decrease year-on-year.
For the nine months to September 30, 2023, the
Maroc Telecom Group posted consolidated revenues(4) of MAD
27,679 million, up 3.2%
year-on-year (+1.2% at constant exchange
rates(1)), driven mainly by a 7.5% increase in
international business (+3.1% at constant exchange
rates(1)).
- Earnings from
operations before depreciation and amortization
At September 30, 2023, Maroc Telecom Group’s
consolidated adjusted earnings from operations before depreciation
and amortization (EBITDA) amounted to MAD 14,527
million, up 3.2% (+1.5% at
constant exchange rates(1)), thanks to the increase in consolidated
revenues and an efficient controlling operating costs.
The adjusted EBITDA margin remained high at
52.5% (+0.2 pt at constant
exchange rates(1) year-on-year).
Consolidated adjusted earnings from operations
(EBITA)(5) for the first nine months of 2023 reached MAD
9,230 million, up 4.0%
(+2.5% at constant exchange rates(1)). Adjusted
EBITA margin stood at 33.3% (+0.4
pt at constant exchange rates(1) year-on-year).
Adjusted net income Group share for the nine
months to September 30, 2023 amounted to MAD 4,629
million, up 2.4% (+1.5% at
constant exchange rates(1)).
CAPEX(2) excluding frequencies and licenses
amounted to MAD 5,722 million, representing
20.7% of Group revenues, in line with the
full-year outlook.
Over the first nine months of 2023, adjusted
cash flows from operations (CFFO)(6) amounted to
MAD 7,176 million, down
12.1% compared to the same period in 2022
(-13.4% at constant exchange rates(1)), in line
with the rise in the investments.
In response to the Royal appeal, Maroc Telecom
supported the Special Fund set up to palliate the disastrous
consequences of the recent earthquake in the Kingdom of Morocco.
The Group contributed MAD 700 million to the fund in addition to
individual employee contributions in order to support
reconstruction and restoration work in the affected regions.
Group business review:
The adjustments to the “Morocco” and “International” financial
indicators are explained in Appendix 1.
Morocco
| (IFRS
in MAD millions) |
Q3 2022 |
Q3 2023 |
Change |
|
9M 2022 |
9M 2023 |
Change |
|
Revenues |
5,247 |
5,069 |
-3.4% |
|
14,808 |
14,749 |
-0.4% |
|
Mobile |
3,245 |
3,132 |
-3.5% |
|
8,930 |
8,870 |
-0.7% |
| Services |
3,021 |
2,990 |
-1.0% |
|
8,518 |
8,359 |
-1.9% |
|
Equipments and other revenues |
224 |
142 |
-36.6% |
|
411 |
511 |
24.1% |
|
Fixed |
2,461 |
2,382 |
-3.2% |
|
7,239 |
7,207 |
-0.4% |
| Of which Fixed
Data* |
1,027 |
1,031 |
0.3% |
|
3,000 |
3,167 |
5.5% |
|
Elimination and other income |
-459 |
-446 |
|
|
-1,360 |
-1,329 |
|
|
Adjusted EBITDA |
3,031 |
3,018 |
-0.4% |
|
8,395 |
8,435 |
0.5% |
|
Margin (%) |
57.8% |
59.5% |
1.8 pt |
|
56.7% |
57.2% |
0.5 pt |
|
Adjusted EBITA |
2,138 |
2,165 |
1,3% |
|
5,763 |
5,849 |
1.5% |
|
Margin (%) |
40.7% |
42.7% |
2.0 pt |
|
38.9% |
39.7% |
0.7 pt |
|
CAPEX(2) |
623 |
958 |
53.7% |
|
2,381 |
2,385 |
0.2% |
| Of which
frequencies and licenses |
0 |
0 |
|
|
0 |
0 |
|
|
CAPEX/Revenues (excluding frequencies and licenses) |
11.9% |
18.9% |
7.0 pt |
|
16.1% |
16.2% |
0.1 pt |
|
Adjusted CFFO |
2,266 |
1,717 |
-24.2% |
|
5,456 |
4,527 |
-17.0% |
| Net
debt |
10,667 |
8,609 |
-19.3% |
|
10,667 |
8,609 |
-19.3% |
|
Net debt/EBITDA(3) |
0.8x |
0.7x |
|
|
0.9x |
0.7x |
|
* Fixed Data includes Internet, ADSL TV and Data services to
companies.
Over the first nine months of 2023, business
operations in Morocco generated revenues of
MAD 14,749 million, almost stable
year-on-year, driven mainly by Fixed-line Data
(+5.5%).
Over the same period, adjusted earnings from
operations before depreciation and amortization (EBITDA) amounted
to MAD 8,435 million, a year-on-year increase of
0.5%. Adjusted EBITDA margin remains at the high
level of 57.2%, an improvement of 0.5
pt.
Adjusted earnings from operations (EBITA)(5)
amounted to MAD 5,849 million, up
1,5% year-on-year. Adjusted EBITA margin improved
by 0.7 pt to 39.7%.
During the first nine months of 2023, adjusted
cash flows from operations (CFFO)(6) totaled
MAD 4,527 million, down
17,0%.
Mobile
|
|
Unit |
9/30/2022 |
9/30/2023 |
Change |
|
|
|
|
|
|
|
Customer base(8) |
(000) |
19,925 |
19,978 |
0.3% |
|
Prepaid |
(000) |
17,521 |
17,492 |
-0.2% |
|
Postpaid |
(000) |
2,404 |
2,486 |
3.4% |
| Of which
Internet 3G/4G+(9) |
(000) |
11,041 |
11,807 |
6.9% |
|
ARPU(10) |
(MAD/month) |
46.9 |
46.8 |
-0.3% |
At September 30, 2023, the Mobile customer
base(8) totaled nearly 20.0 million customers,
continuing to benefit from the strong momentum of the postpaid
segment, which expanded by 3.4%.
Mobile revenues slightly decreased
(-0.7%) versus the same period in 2022 to MAD
8,870 million.
ARPU(10) for the first nine months of 2023
amounted to MAD 46.8, almost stable compared with
the same period in 2022.
Fixed-line and Internet
|
|
Unit |
9/30/2022 |
9/30/2023 |
Change |
|
|
|
|
|
|
|
Fixed-line |
(000) |
1,937 |
1,819 |
-6.1% |
|
Broadband access(11) |
(000) |
1,710 |
1,598 |
-6.5% |
The Fixed-line customer base stood at
1.8 million lines at end-September 2023. Growth in
the FTTH customer base (+44%) largely offset the
decline in the ADSL customer base.
Fixed-line and Internet activities generated
revenues of MAD 7.2 billion, down slightly by
0.4% compared to 2022. Growth in Fixed-line Data
(+5.5%) partially offset the decline in Voice.
International
Financial indicators
|
(IFRS in MAD millions) |
Q3 2022 |
Q3 2023 |
Change |
Change at constant exchange
rates(1) |
|
9M 2022 |
9M 2023 |
Change |
Change at constant exchange
rates(1) |
|
Revenues |
4,248 |
4,485 |
5.6% |
2.9% |
|
12,801 |
13,765 |
7.5% |
3.1% |
| Of which
Mobile services |
3,930 |
4,129 |
5.1% |
2.3% |
|
11,844 |
12,703 |
7.2% |
2.9% |
|
Adjusted EBITDA |
1,870 |
1,930 |
3.2% |
0.8% |
|
5,678 |
6,093 |
7.3% |
3.0% |
|
Margin (%) |
44.0% |
43.0% |
-1.0 pt |
-0.9 pt |
|
44.4% |
44.3% |
-0.1 pt |
-0.1 pt |
|
Adjusted EBITA |
994 |
1,014 |
2.0% |
-0.1% |
|
3,108 |
3,381 |
8.8% |
4.4% |
| Margin
(%) |
23.4% |
22.6% |
-0.8 pt |
-0.7 pt |
|
24.3% |
24.6% |
0.3 pt |
0.3 pt |
|
CAPEX(2) |
1,154 |
1,819 |
57.7% |
52.6% |
|
3,116 |
3,336 |
7.1% |
2.8% |
| Of which
frequencies and licenses |
0 |
0 |
|
|
|
0 |
0 |
|
|
|
CAPEX/Revenues (excluding frequencies and licenses) |
27.2% |
40.6% |
13.4 pt |
13.1 pt |
|
24.3% |
24.2% |
-0.1 pt |
-0.1 pt |
|
Adjusted CFFO |
567 |
422 |
-25.6% |
-25.2% |
|
2,704 |
2,649 |
-2.0% |
-6.0% |
|
Net debt |
6,892 |
8,865 |
28.6% |
23.6% |
|
6,892 |
8,865 |
28.6% |
23.6% |
|
Net debt/EBITDA(3) |
0.9x |
1.1x |
|
|
|
0.9x |
1.0x |
|
|
The Group’s international revenues for the first
nine months of 2023 were up 7.5%
(+3.1% at constant exchange rates(1)) at
MAD 13,765 million, thanks to a good momentum
in Mobile Data up 27,4% (+22.3%
at constant exchange rates(1)) and the performance of Mobile Money
up 11,6% (+7.3% at constant
exchange rates(1)). Excluding the reduction in call termination
rates, subsidiaries’ revenues were up 3.5% at
constant exchange rates(1).
Adjusted earnings from operations before
depreciation and amortization (EBITDA) rose 7.3%
(+3.0% at constant exchange rates(1)) to
MAD 6,093 million, representing an adjusted
EBITDA margin of 44.3%.
Adjusted earnings from operations (EBITA)(5)
amounted to MAD 3,381 million, up
8.8% (+4.4% at constant exchange
rates(1)), mainly due to the increase in adjusted EBITDA. This
performance led to a slight 0.3 pt increase in
adjusted EBITA margin to 24.6%.
Adjusted cash flows from operations (CFFO)(6)
fell 2.0% (-6.0% at constant
exchange rates(1)) to MAD 2,649 million,
mainly due to the increase in investment.
Operating indicators
|
|
Unit |
9/30/2022 |
9/30/2023 |
Change |
|
Mobile |
|
|
|
|
|
Customer base(8) |
(000) |
51,548 |
51,145 |
|
|
Mauritania |
|
2,642 |
2,642 |
0.0% |
| Burkina
Faso |
|
11,021 |
11,339 |
2.9% |
| Gabon |
|
1,536 |
1,486 |
-3.2% |
| Mali |
|
9,163 |
8,358 |
-8.8% |
| Côte
d’Ivoire |
|
10,534 |
9,704 |
-7.9% |
| Benin |
|
5,371 |
5,489 |
2.2% |
| Togo |
|
2,771 |
2,882 |
4.0% |
| Niger |
|
2,849 |
3,008 |
5.6% |
| Central
African Republic |
|
216 |
230 |
6.3% |
| Chad |
|
5,444 |
6,007 |
10.3% |
|
Fixed |
|
|
|
|
|
Customer base |
(000) |
362 |
383 |
|
|
Mauritania |
|
56 |
38 |
-32.8% |
| Burkina
Faso |
|
76 |
75 |
-1.0% |
| Gabon |
|
39 |
52 |
33.6% |
| Mali |
|
191 |
218 |
14.2% |
| Fixed
Broadband |
|
|
|
|
|
Base(11) |
(000) |
153 |
189 |
|
|
Mauritania |
|
19 |
22 |
14.8% |
| Burkina
Faso |
|
16 |
21 |
32.9% |
| Gabon |
|
35 |
49 |
38.3% |
|
Mali |
|
83 |
97 |
16.6% |
Notes:
(1) Constant MAD/ouguiya/CFA franc exchange
rate. (2) Capital expenditure corresponds to acquisitions of
property, plant and equipment and intangible assets recognized
during the period.(3) The net debt/EBITDA ratio excludes the impact
of IFRS 16, and takes into account the annualization of EBITDA.(4)
Maroc Telecom consolidates in its financial statements Casanet and
the Moov Africa subsidiaries in Mauritania, Burkina Faso, Gabon,
Mali, Côte d’Ivoire, Benin, Togo, Niger, Central African Republic
and Chad. (5) EBITA corresponds to operating profit before
amortization of intangible assets related to business combinations,
impairment of goodwill and other intangible assets related to
business combinations and other income and expenses related to
financial investment transactions and transactions with
shareholders (except when they are recognized directly in
equity).(6) CFFO comprises the net cash flows from operating
activities before taxes as presented in the cash flow statement, as
well as dividends received from associates and non-consolidated
equity interests. It also includes net capital expenditure, which
corresponds to net cash outflows on acquisitions and disposals of
property, plant and equipment and intangible assets.(7) Borrowings
and other current and non-current liabilities less cash (and cash
equivalents) including cash blocked for bank loans.(8) The active
customer base consists of prepaid customers who have made or
received a voice call (excluding calls from the public
telecommunication network operator concerned or its Customer
Relations Centers) or sent an SMS/MMS or who have used the Data
services (excluding exchanges of technical data with the public
telecommunication network operator concerned) in the past three
months, and non-terminated postpaid customers.(9) The active
customer base of the 3G and 4G+ Mobile Internet includes holders of
a postpaid subscription contract (whether or not coupled with a
voice offer) and holders of a prepaid subscription to the Internet
service who have carried out at least one recharge during the past
three months or whose credit is valid and who have used the service
during this period.(10) ARPU (average revenues per user) is defined
as revenues generated by incoming and outgoing calls and data
services net of promotions, excluding roaming and equipment sales,
divided by the average number of users in the period. This is the
blended ARPU of the prepaid and postpaid segments.(11) The
broadband customer base includes ADSL, FTTH and leased connections
and also includes CDMA in Mali.
Important Warning:Forward-looking
statements. This press release contains forward-looking
statements and items of a forward-looking nature relating to the
financial position, results of operations, strategy and outlook of
Maroc Telecom and the impacts of certain operations. Although Maroc
Telecom believes that these forward-looking statements are based on
reasonable assumptions, they do not constitute guarantees as to the
future performance of the company. Actual results may be very
different from forward-looking statements due to a number of known
or unknown risks and uncertainties, most of which are beyond our
control, including the risks described in public documents filed by
Maroc Telecom with the Moroccan Capital Market Authority
(www.ammc.ma) and the French Financial Markets Authority
(www.amf-france.org), also available in French on our website
(www.iam.ma). This press release contains forward-looking
information that can only be assessed on the day it is distributed.
Maroc Telecom makes no commitment to supplement, update or modify
these forward-looking statements due to new information, a future
event or any other reason, subject to applicable regulations, in
particular Articles 2.19 et seq. of the circular of the Moroccan
Capital Market Authority and 223-1 et seq. of the General
Regulation of the French Financial Markets Authority.
Maroc Telecom is a global
telecommunications operator in Morocco, a leader in all its
business segments, Fixed-line, Mobile and Internet. It has grown
internationally and is now present in eleven countries in Africa.
Maroc Telecom is listed simultaneously in Casablanca and Paris and
its reference shareholders are the Société de Participation dans
les Télécommunications (SPT)* (53%) and the Kingdom of Morocco
(22%).
* SPT is a Moroccan company 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 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 better
illustrate the Group’s performance by excluding exceptional
items.
|
|
9M 2022 |
9M 2023 |
|
(in MAD millions) |
Morocco |
International |
Group |
Morocco |
International |
Group |
|
Adjusted EBITDA |
8,395 |
5,678 |
14,072 |
8,435 |
6,093 |
14,527 |
|
Published EBITDA |
8,395 |
5,678 |
14,072 |
8,435 |
6,093 |
14,527 |
|
Adjusted EBITA |
5,763 |
3,108 |
8,872 |
5,849 |
3,381 |
9,230 |
|
ANRT decision |
-2,451 |
|
-2,451 |
|
|
|
|
Restructuring costs |
|
-2 |
-2 |
|
|
|
|
Published EBITA |
3,313 |
3,106 |
6,419 |
5,849 |
3,381 |
9,230 |
|
Adjusted net income Group share |
|
|
4,520 |
|
|
4,629 |
|
ANRT decision |
|
|
-2,451 |
|
|
|
|
Restructuring costs |
|
|
-1 |
|
|
|
|
Income tax revision |
|
|
|
|
|
-67 |
|
Earthquake fund donation |
|
|
|
|
|
-481 |
|
Published net income Group share |
|
|
2,068 |
|
|
4,081 |
|
Adjusted CFFO |
5,456 |
2,704 |
8,159 |
4,527 |
2,649 |
7,176 |
|
Payment of license |
|
-26 |
-26 |
|
|
|
|
Restructuring costs |
|
-2 |
-2 |
|
|
|
|
ANRT decision |
-2,451 |
|
-2,451 |
|
|
|
|
Published CFFO |
3,005 |
2,675 |
5,680 |
4,527 |
2,649 |
7,176 |
Appendix 2: Impact of the IFRS 16 norm
At the end of September 2023, the impacts of the
IFRS 16 norm on the main indicators of the Maroc Telecom Group
were as follows:
|
|
9M 2022 |
9M 2023 |
|
(in MAD millions) |
Morocco |
International |
Group |
Morocco |
International |
Group |
|
Adjusted EBITDA |
193 |
202 |
395 |
203 |
235 |
438 |
|
Adjusted EBITA |
10 |
32 |
42 |
10 |
37 |
47 |
|
Adjusted net income Group share |
|
|
-6 |
|
|
-5 |
|
Adjusted CFFO |
193 |
202 |
395 |
203 |
235 |
438 |
|
Net Debt |
733 |
643 |
1,375 |
781 |
845 |
1,627 |
- Maroc Telecom_PR-Q3 2023 Results
Maroc Telecom (EU:IAM)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Maroc Telecom (EU:IAM)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
