MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

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FINANCIAL REPORT Consolidated financial statements at 31 December 2015, 2016 and 2017

1.7 EARNINGS PER SHARE Earnings per share, as presented in the statement of comprehensive income, are calculated by dividing net earnings (Group share) for the period by the average number of shares outstanding over the period. Diluted earnings per share are calculated by dividing: – net profit of the fiscal year (Group share); and

– by the average number of shares outstanding over the period plus the average number of ordinary shares that would have been issued upon conversion of all potentially dilutive instruments that are convertible into ordinary shares. At 31bDecemberb2017, there were no potentially dilutive instruments

NOTE 2 — SCOPE OF CONSOLIDATION

Consolidation method

Company

Legal form % Group interest

% Capital held

Maroc Telecom

SA

100%

100%

FC

Avenue Annakhil Hay Riad Rabat-Maroc Compagnie Mauritanienne de Communication (CMC)

SA

Dec, 31,17 Dec, 31,16 Dec, 31,15

80% 80% 80%

80% 80% 80%

FC FC FC

Avenue Roi Fayçal Nouakchott-Mauritanie Mauritel SA

SA

Dec, 31,17 Dec, 31,16 Dec, 31,15

41% 41% 41%

52% 52% 52%

FC FC FC

Avenue Roi Fayçal Nouakchott-Mauritanie Onatel

SA

Dec, 31,17 Dec, 31,16 Dec, 31,15

51% 51% 51%

51% 51% 51%

FC FC FC

705, AV. de la nation 01 BP10000 Ouagadougou – Burkina Faso Gabon Telecom

SA

Dec, 31,17 Dec, 31,16 Dec, 31,15

51% 51% 51%

51% 51% 51%

FC FC FC

Immeuble 9 étages, BP 40 000 Libreville-Gabon Sotelma

SA

Dec, 31,17 Dec, 31,16 Dec, 31,15

51% 51% 51%

51% 51% 51%

FC FC FC

Route de Koulikoro, quartier Hippodrome, BP 740, Bamako-Mali Casanet

SA

Dec, 31,17 Dec, 31,16 Dec, 31,15

100% 100% 100%

100% 100% 100%

FC FC FC

Avenue Annakhil Hay Riad Rabat-Maroc

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MAROC TELECOM ____ 2017 Registration Document