Maroc Telecom_H1 2019 Consolidated Results
H1 2019 CONSOLIDATED RESULTS
Results beyond
objectives:
- Group's total customer base, close to 63
million subscribers, up
3.9%;
- Consolidated revenues up 0.8% (at constant
exchange rates), thanks to the growth in Mobile
Data revenue in Morocco (+19.7%) and in the subsidiaries
(+24.6%);
- EBITDA up sharply (+5.1% on a
like-for-like basis*), thanks to cost optimization;
- Group share of adjusted Net Income up 1.8% (on
a like-for-like basis*);
- Adjusted Consolidated Cash Flow From Operations up
30.6% on a like-for-like basis*.
2019 outlook maintained, at constant
scope and exchange rates and excluding IFRS16:
- Stable revenues;
- Stable EBITDA;
- CAPEX approximately 15% of revenues, excluding
frequencies and licenses.
To mark the publication of this press release,
Abdeslam Ahizoune, Chairman of the Management Board, made the
following comments:
"Maroc Telecom achieved better-than-target
results in the first half of 2019, thanks in part to the success of
Data in all its markets, despite the strong competitive intensity.
Profitability is improving significantly thanks to cost
optimization efforts, which offset the increasing sectoral tax
pressure in some subsidiaries' countries.
As an engaged operator in digital transformation
in Africa, the Group continues its investment efforts to meet the
challenges of the digital age through the development of last
generation connectivity infrastructure. "
* Like-for-like basis refers to unchanged MAD/Ouguiya/ CFA Franc
exchange rates and the impact of the neutralization of the
application of IFRS 16
Group adjusted* consolidated results
IFRS in MAD million |
H1-2018 |
H1-2019 |
Change |
Change
on like-for-like basis(1) |
Revenues |
17,939 |
17,844 |
-0.5% |
+0.8% |
EBITDA |
8,860 |
9,409 |
+6.2% |
+5.1% |
Margin (%) |
49.4% |
52.7% |
+3.3 pt |
+2.1 pt |
Adjusted
EBITA |
5,540 |
5,862 |
+5.8% |
+6.4% |
Margin
(%) |
30.9% |
32.9% |
+2.0
pt |
+1.7
pt |
Adjusted
Net Income |
3,468 |
3,485 |
+0.5% |
+1.5% |
Group share of adjusted Net
Income |
2,991 |
3,022 |
+1.0% |
+1.8% |
Margin (%) |
16.7% |
16.9% |
+0.3
pt |
+0.2
pt |
CAPEX(2) |
3,599 |
3,227 |
-10.3% |
-8.2% |
Of which
frequencies and licenses |
480 |
1,327 |
|
|
CAPEX/revenue (excluding frequencies and licenses)
|
17.4% |
10.7% |
-6.7 pt |
-6.7 pt |
Adjusted CFFO |
4,230 |
5,728 |
+35.4% |
+30.6% |
Net debt |
17,129 |
21,034 |
+22.8% |
+16.3% |
Net debt / EBITDA(3) |
1.0x |
1.1x |
|
|
* Details of the financial indicator adjustments
are provided in Appendix 1.
► Customer
base
Maroc Telecom Group ended the half year with a
total customer base of nearly 63 million subscribers, up 3.9% on
the same period the previous year. This increase was
originating both from the Mobile and Fixed-Line customer base in
Morocco (up 3.2% and 3.6%, respectively) as well as from
subsidiaries’ Mobile customer base (up 4.1%).
►
Revenues
At end-June 2019, Maroc Telecom Group's
consolidated revenues(4) amounted to MAD 17,844 million,
up 0.8% (at constant exchange rates), thanks to business growth in
Morocco, which offset the adverse impact of the decline in Mobile
call terminations rates and incoming international revenue in
subsidiaries.
► Earnings from
operations before depreciation and
amortization
Thanks to an active cost optimization policy,
which reduced operating expenses, and to the favorable fall in
Mobile call termination rates in subsidiaries, the Group’s earnings
from operations before depreciation and amortization (EBITDA)
amounted to MAD 9,409 million, up 6.2% (+5.1% on a like-for-like
basis(1)). The EBITDA margin improved by 2.1 points to the high
level of 51.5% (on a like-for-like basis(1)).
► Earnings from
operations
At the end of June 2019, Maroc Telecom Group's
adjusted consolidated earnings from operations (EBITA) (5)
amounted to MAD 5,862 million, up 5.8% (+6.4% on a
like-for-like basis(1)), supported by the rise in EBITDA. The EBITA
margin rose 2.0 points (+1.7 pts on a like-for-like basis(1)) to
32.9%.
► Net Income and Group
share of Net Income
In the first half of 2019, adjusted Net Income
amounted to MAD 3,485 million and Group share of adjusted Net
Income was MAD 3,022 million, up 1.5% and 1.8%, respectively, on a
like-for-like basis(1), supported by strong business performance in
Morocco.
►
Investments
Excluding frequencies and licenses, the
optimization of capital expenditures levels leads to a
CAPEX/revenue ratio of 10.7%, in line with targets.
► Cash
Flow
Adjusted cash flow from operations (CFFO)(6) was
MAD 5,728 million, up 35.4% (+30.6% on a like-for-like basis(1))
under the combined effects of higher EBITDA and optimization of
investments.
At the end of June 2019, Maroc Telecom Group's
consolidated net debt(7) was MAD 21 billion, up 22.8% year-on-year,
reflecting the license payments in subsidiaries, the acquisition of
Tigo Chad, the payment of dividends to all Maroc Telecom Group
shareholders and the impact of IFRS16. Excluding the impact of IFRS
16, the consolidated net debt is up 16.3%.
►
Highlights
As part of the implementation of the 2019 Budget
Act, the Moroccan Government sold off 8% of the capital and voting
rights in Itissalat Al-Maghrib in the form of blocks of shares on
June 17, 2019 (6% of capital) and of a public offer sale closed on
July 16, 2019 (2% of capital). After the completion of this
transaction, the Kingdom of Morocco holds 22% of the capital and
voting rights in Maroc Telecom.
Further to the agreement signed on March 14,
2019, Maroc Telecom finalized the acquisition from Millicom of its
subsidiary Tigo Chad. The consolidation of this subsidiary will be
effective in the second half of 2019.
► 2019 Outlook
maintained, at constant scope and exchange rates and excluding
IFRS16
Based on recent market changes and to the extent
that no new major exceptional event impacts the Group's business,
Maroc Telecom has maintained its forecasts for 2019, at constant
scope and exchange rates and excluding IFRS 16:
- Stable revenues;
- Stable EBITDA;
- CAPEX of around 15% of revenue (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.
IFRS in MAD million |
H1-2018 |
H1-2019 |
Change |
Change
on like-for-like basis (1) |
Revenues |
10,562 |
10,713 |
+1.4% |
|
Mobile |
6,784 |
6,959 |
+2.6% |
|
Services |
6,645 |
6,794 |
+2.2% |
|
Equipment |
138 |
165 |
+19.0% |
|
Fixed
line |
4,665 |
4,657 |
-0.2% |
|
O/w Data Fixed line* |
1,472 |
1,538 |
+4.5% |
|
Elimination et other revenues |
-887 |
-903 |
|
|
EBITDA |
5,542 |
6,136 |
+10.7% |
+9.0% |
Margin (%) |
52.5% |
57.3% |
+4.8 pt |
+3.9 pt |
Adjusted
EBITA |
3,679 |
4,170 |
+13.3% |
+13.2% |
Margin (%) |
34.8% |
38.9% |
+4.1 pt |
+4.0 pt |
CAPEX(2) |
1,376 |
877 |
-36.3% |
|
O/w frequencies and licenses |
|
|
|
|
CAPEX / CA (excluding frequencies and licenses) |
13.0% |
8.2% |
-4.8 pt |
|
Adjusted CFFO |
3,186 |
3,818 |
+19.8% |
+16.7% |
Net
Debt |
14,119 |
15,299 |
+8.4% |
+2.4% |
Net Debt /EBITDA(3) |
1.3x |
1.2x |
|
|
*Fixed-Line Data includes Internet, ADSL TV and corporate Data
services
Revenues from activities in Morocco continued to
grow, to MAD 10,713 million (+1.4% from the same period of the
previous year) thanks to the still-booming Mobile and Fixed-line
Data business (+19.7% and +4.5% respectively).
Earnings from operations before depreciation and
amortization (EBITDA) in the first half of 2019 amounted to MAD
6,136 million, up 10.7% and +9.0% excluding the impact of the
application of IFRS16. This performance reflects revenue growth as
well as cost control. EBITDA margin improved by 3.9 points (on a
like-for-like basis(1)).
Adjusted earnings from operations (EBITA)(5)
amounted to MAD 4,170 million, up 13.3% year-on-year
(+13.2% on like-for-like basis(1)) mainly due to the rise in
EBITDA. The adjusted EBITA margin therefore improved by 4.0 points
(on a like-for-like basis(1)).
In the first six months of 2019, adjusted cash
flow from operations (CFFO)(6) amounted to MAD 3,818 million,
up 19.8% (16.7% excluding the impact of IFRS 16), mainly thanks to
the increase of EBITDA and the optimization of investments.
Mobile
|
Unit |
H1-2018 |
H1-2019 |
Change |
Mobile |
|
|
|
|
Customer base(8) |
(000) |
18,935 |
19,547 |
+3.2% |
Prepaid |
(000) |
17,090 |
17,364 |
+1.6% |
Postpaid |
(000) |
1,845 |
2,183 |
+18.3% |
Of which 3G/4G+ internet(9) |
(000) |
10,084 |
11,119 |
+10.3% |
ARPU(10) |
(MAD/month) |
57.5 |
57.5 |
+0.1% |
At June 30, 2019, the Mobile customer base(8)
was 19.5 million customers, up 3.2% year-on-year, driven by the
growth of 18.3% in the postpaid base, and of 1.6% in the prepaid
base.
Mobile revenues amounted to MAD 6,959 million,
up 2.6%. The 6.5% growth in outgoing revenues largely offset the
decline in incoming revenues reflecting the international traffic
decline.
Blended ARPU(10) was MAD 57.5 for the first six
months of 2019, unchanged from the same period the previous
year.
Fixed-Line and Internet
|
Unit |
H1-2018 |
H1-2019 |
Change |
Fixed-Line |
|
|
|
|
Fixed lines |
(000) |
1,787 |
1,851 |
+3.6% |
Broadband access(11) |
(000) |
1,439 |
1,529 |
+6.2% |
The Fixed-line customer base is at 1.9 million
lines, up 3.6% and the Broadband subscribers rise by 6.2% to 1.5
million lines.
Revenues from Fixed-line and Internet activities
posted a slight decrease of 0.2%, due to the decline in revenues
from international transit, partly offset by the 4.5% increase in
Fixed-line Data revenue.
Financial indicators
IFRS in MAD million |
H1-2018 |
H1-2019 |
Change |
Change
on a like-for-like basis (1) |
Revenues |
8,146 |
7,824 |
-4.0% |
-1.0% |
Of which Mobile Services |
7,443 |
7,118 |
-4.4% |
-1.4% |
EBITDA |
3,318 |
3,273 |
-1.4% |
-1.3% |
Margin (%) |
40.7% |
41.8% |
+1.1 pt |
-0.1 pt |
Adjusted
EBITA |
1,861 |
1,692 |
-9.1% |
-7.0% |
Margin (%) |
22.8% |
21.6% |
-1.2 pt |
-1.4 pt |
CAPEX(2) |
2,223 |
2,351 |
+5.7% |
+9.2% |
Of which
frequencies and licenses |
480 |
1,327 |
|
|
CAPEX/Rev (excluding frequencies and licenses) |
21.4% |
13.1% |
-8.3 pt |
-8.3 pt |
Adjusted CFFO |
1,044 |
1,909 |
+82.9% |
+73.0% |
Net
Debt |
6,583 |
8,698 |
+32.1% |
+27.9% |
Net debt/EBITDA(3) |
1.0x |
1.3x |
|
|
At the end of June 2019, the Group’s
international activities recorded revenues of MAD 7,824
million, down 1.0% at constant exchange rates, mainly due to the
decline in Mobile call terminations rates as well as the decrease
in incoming international revenue facing indirect competition from
OTTs’ services. Excluding the impact of the decline in call
terminations rates, revenues from international activities are up
0.7% at constant exchange rates.
Over the same period, earnings from operations
before depreciation and amortization (EBITDA) amounted to MAD 3,273
million, down 1.4% (-1.3% like-for-like(1)) reflecting the combined
impacts of the decline in revenues and the weight of taxes and
regulatory fees, which represented 4.2% of EBITDA. EBITDA margin
was stable (-0.1 pt on like-for-like basis(1)) from the same period
of 2018.
In the first half of 2019, adjusted earnings
from operations (EBITA)(5) amounted to MAD 1,692
million, down 9.1% (-7.0% on like-for-like basis(1)), representing
a margin of 21.6% (down 1.4 pt on a like-for-like basis(1)) from
the same period the previous year.
Adjusted cash flow from operations (CFFO)(6) in
international activities increased by 82.9% (+73.0% on
like-for-like basis(1)), to MAD 1,909 million, with capital
expenditures at 13.1% of revenues, excluding frequencies and
licenses.
Operating indicators
|
Unit |
H1-2018 |
H1-2019 |
Change |
Mobile |
|
|
|
|
Customer base(8) |
(000) |
37,818 |
39,372 |
|
Mauritania |
|
2,160 |
2,389 |
+10.6% |
Burkina Faso |
|
7,526 |
8,020 |
+6.6% |
Gabon |
|
1,648 |
1,648 |
0.0% |
Mali |
|
8,360 |
7,483 |
-10.5% |
Côte d’Ivoire |
|
8,167 |
8,899 |
+9.0% |
Benin |
|
4,385 |
4,362 |
-0.5% |
Togo |
|
3,151 |
3,608 |
+14.5% |
Niger |
|
2,273 |
2,810 |
+23.6% |
Central African Republic |
|
147 |
153 |
+4.1% |
Fixed-Line |
|
|
|
|
Customer
Base |
(000) |
310 |
322 |
|
Mauritania |
|
53 |
57 |
+7.5% |
Burkina
Faso |
|
77 |
77 |
-0.6% |
Gabon |
|
22 |
22 |
+1.2% |
Mali |
|
159 |
167 |
+5.4% |
Fixed-line broadband |
|
|
|
|
Customer
base (11) |
(000) |
111 |
114 |
|
Mauritania |
|
13 |
11 |
-21.3% |
Burkina
Faso |
|
14 |
15 |
+2.6% |
Gabon |
|
17 |
18 |
+4.2% |
Mali |
|
66 |
71 |
+6.9% |
Notes:
(1) "Like-for-like" refers to unchanged
MAD/Ouguiya/ CFA Franc exchange rates and the neutralization of the
impact of the application of IFRS 16 on EBITDA, adjusted EBITA,
adjusted Net Income, 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 IFRS16 standard.(4) Maroc
Telecom consolidates the following companies in its financial
statements: Mauritel, Onatel, Gabon Telecom, Sotelma, Casanet, AT
Côte d’Ivoire, Etisalat Benin, AT Togo, AT Niger, and AT
Centrafrique. (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 booked at equity 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 and leased lines in Morocco, as well as the ADMA 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%).
Contacts |
Investor Relationsrelations.investisseurs@iam.ma
|
Press Relationsrelations.presse@iam.ma |
*SPT is a company incorporated
under Moroccan law and controlled by Etisalat.
Appendix 1: Relationship between adjusted
financial indicators and published financial indicators
Adjusted EBITA, Adjusted Net Income, 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.
|
H1-2018 |
H1-2019 |
(in MAD millions) |
Morocco |
International |
Group |
Morocco |
International |
Group |
Adjusted EBITA |
3,679 |
1,861 |
5,540 |
4,170 |
1,692 |
5,862 |
Non-recurring items: |
|
|
|
|
|
|
Restructuring costs |
-2 |
+11 |
+9 |
|
|
|
Published EBITA |
3,677 |
1,872 |
5,549 |
4,170 |
1,692 |
5,862 |
Adjusted Net Income |
|
|
3,468 |
|
|
3,485 |
Non-recurring items: |
|
|
|
|
|
|
Restructuring costs |
|
|
+10 |
|
|
|
Published Net Income |
|
|
3,477 |
|
|
3,485 |
Adjusted Net Income – Group share |
|
|
2,991 |
|
|
3,022 |
Non-recurring items: |
|
|
|
|
|
|
Restructuring costs |
|
|
+10 |
|
|
|
Published Net Income – Group share |
|
|
3,001 |
|
|
3,022 |
Adjusted CFFO |
3,186 |
1,044 |
4,230 |
3,818 |
1,909 |
5,728 |
Non-recurring items: |
|
|
|
|
|
|
Restructuring costs |
-2 |
|
-2 |
|
|
|
License payments |
|
-274 |
-274 |
|
-1,841 |
-1,841 |
Published CFFO |
3,185 |
769 |
3,954 |
3,818 |
68 |
3,887 |
The first half of 2019 was marked by the payment
of MAD 1,841 million for licenses in Burkina Faso, Mali, Togo and
Côte d’Ivoire.
The first half of 2018 was marked by the payment
of MAD 274 million for licenses for subsidiaries in Gabon and Côte
d’Ivoire.
Appendix 2: Impact of the adoption of IFRS
16
IFRS 16 is applied from January 1, 2019, and
H1-2018 data represent the application of IAS 17. The like-for-like
change excludes the impact of the application of IFRS 16 (MAD+189
million on EBITDA, MAD+15 million on adjusted EBITA, MAD-10 million
on adjusted Net Income, MAD-10 million on Group share of adjusted
Net Income, MAD+254 million on adjusted CFFO and MAD+1,362 million
in Net debt).
As at end-June 2019, the impact of this standard
on Maroc Telecom’ key indicators are as follows:
|
H1-2019 |
(in MAD million) |
Morocco |
International |
Group |
EBITDA |
+98 |
+91 |
+189 |
Adjusted EBITA |
+6 |
+9 |
+15 |
Adjusted Net Income |
|
|
-10 |
Group share of adjusted Net Income |
|
|
-10 |
Adjusted CFFO |
+101 |
+154 |
+254 |
Net Debt |
+844 |
+518 |
+1,362 |
Appendix 3: Consolidated financial
statements
Consolidated Statement of Financial
Position
ASSETS (in
MAD million) |
12/31/2018 |
6/30/2019 |
|
|
Goodwill |
8,548 |
8,507 |
|
Other intangible assets |
7,681 |
8,737 |
|
Property, plant and equipment |
31,301 |
29,945 |
|
Right-of-use asset |
|
1,448 |
|
Non-current financial assets |
299 |
1,510 |
|
Deferred tax assets |
224 |
281 |
|
Non-current
assets |
48,053 |
50,428 |
|
Inventories |
348 |
338 |
|
Trade & other receivables |
11,839 |
12,583 |
|
Short-term financial assets |
138 |
111 |
|
Cash and cash equivalents |
1,700 |
1,634 |
|
Assets available for sale |
54 |
54 |
|
Current assets |
14,078 |
14,719 |
|
TOTAL ASSETS |
62,131 |
65,147 |
|
|
|
|
|
LIABILITIES
(in MAD million) |
12/31/2018 |
6/30/2019 |
|
|
Share capital |
5,275 |
5,275 |
|
Consolidated reserves |
4,383 |
4,155 |
|
Consolidated net income for the
period |
6,010 |
3,022 |
|
Shareholders’ equity - Group
share |
15,668 |
12,452 |
|
Non-controlling interests |
3,822 |
3,552 |
|
Shareholders’
equity |
19,490 |
16,004 |
|
Non-current provisions |
464 |
445 |
|
Borrowings and other long-term financial
liabilities |
3,475 |
4,005 |
|
Deferred tax liabilities |
246 |
258 |
|
Other non-current liabilities |
|
|
|
Non-current
liabilities |
4,185 |
4,709 |
|
Trade payables |
24,095 |
23,358 |
|
Current tax liabilities |
906 |
1,102 |
|
Current provisions |
1,325 |
1,265 |
|
Borrowings and other short-term
financial liabilities |
12,129 |
18,710 |
|
Current
liabilities |
38,456 |
44,435 |
|
TOTAL
LIABILITIES |
62,131 |
65,147 |
|
Statement of comprehensive
income
(In MAD million) |
6/30/2018 |
6/30/2019 |
|
Revenues |
17,939 |
17,844 |
|
Cost of purchases |
-2,983 |
-2,801 |
|
Payroll costs |
-1,579 |
-1,550 |
|
Taxes |
-1,375 |
-1,469 |
|
Other operating income and
expenses |
-2,977 |
-2,555 |
|
Net depreciation, amortization, and
provisions |
-3,475 |
-3,607 |
|
Operating
earnings |
5,549 |
5,862 |
|
Other income and expenses from ordinary
activities |
-6 |
-5 |
|
Income from ordinary
activities |
5,543 |
5,857 |
|
Income from cash and cash
equivalents |
1 |
1 |
|
Gross cost of financial
debt |
-231 |
-322 |
|
Net cost of financial debt |
-230 |
-321 |
|
Other financial income and
expense |
20 |
-10 |
|
Financial income |
-210 |
-331 |
|
Income tax |
-1,856 |
-2,040 |
|
Net income |
3,477 |
3,485 |
|
Translation differences resulting from
foreign business activities |
-113 |
-59 |
|
Other income and expenses |
-7 |
0 |
|
Total comprehensive income for the
period |
3,358 |
3,426 |
|
Net income |
3,477 |
3,485 |
|
Attributable to equity holders of the
parent |
3,001 |
3,022 |
|
Non-controlling interests |
476 |
463 |
|
|
|
|
|
Earnings per
share |
6/30/2018 |
6/30/2019 |
|
|
Net income attributable to equity
holders of the parent (in MAD million) |
3,001 |
3,022 |
|
Number of shares at June 30 |
879,095,340 |
879,095,340 |
|
Net earnings per share
(in MAD) |
3.41 |
3.44 |
|
Diluted net earnings per
share (in MAD) |
3.41 |
3.44 |
|
Consolidated cash flow
statement
(In MAD million) |
6/30/2018 |
6/30/2019 |
|
|
Income from
operations |
5,549 |
5,862 |
|
Depreciation,
amortization, and other restatements |
3,476 |
3,608 |
|
Gross cash
flow |
9,025 |
9,470 |
|
Other changes in
net working capital requirement |
-1,117 |
-1,335 |
|
Net cash flow
from operating activities before tax |
7,908 |
8,135 |
|
Income tax
paid |
-1,571 |
-1,870 |
|
Net cash
flow from operating activities (a) |
6,338 |
6,265 |
|
Purchase of
property, plant and equipment and intangible assets |
-3,960 |
-4,219 |
|
Increase in
financial assets |
-589 |
-1,206 |
|
Disposals of
property, plant and equipment and intangible assets |
1 |
2 |
|
Decrease in
financial assets |
163 |
202 |
|
Dividends
received from non-consolidated equity investments |
1 |
-42 |
|
Net cash
flow used in investing activities (b) |
-4,383 |
-5,263 |
|
Capital
increase |
0 |
0 |
|
Dividends paid to
shareholders |
-5,534 |
-5,732 |
|
Dividends paid by
subsidiaries to their non-controlling shareholders |
-401 |
-465 |
|
Changes
in equity capital (c) |
-5,935 |
-6,197 |
|
New borrowings
and increase in other long-term financial liabilities |
1,315 |
1,909 |
|
Loan repayments
and decrease in other long-term financial liabilities |
0 |
0 |
|
Change in
short-term financial liabilities |
2,571 |
3,665 |
|
Net interest paid
(cash only) |
-269 |
-403 |
|
Other cash items
relating to financing activities |
-15 |
-33 |
|
Change in
borrowings and other financial liabilities (d) |
3,602 |
5,139 |
|
|
|
|
|
Net cash
flow used in financing activities (e) = (c) + (d) |
-2,333 |
-1,058 |
|
|
|
|
|
Translation
adjustments (f) |
47 |
-10 |
|
|
|
|
|
Total
cash flows (a)+(b)+(e)+(f) |
-331 |
-66 |
|
|
|
|
|
Cash and
cash equivalents at beginning of period |
2,010 |
1,700 |
|
Cash and
cash equivalents at end of period |
1,678 |
1,634 |
|
- Maroc Telecom_PR-H1 2019 Results_ENG
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