MAROC_TELECOM_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT
Consolidated financial statements at 31 December 2015, 2016 and 2017
NOTE 17 — REVENUES
(in MAD million)
2017
2016
2015
Morocco
20,481 15,733 -1,250 34,963
21,244 15,326 -1,318 35,252
21,033 14,010
International
Elimination of transactions between the parent company andbsubsidiaries
-910
TOTAL CONSOLIDATED REVENUES
34,134
As of December-end 2017 Maroc Telecom Group’s consolidated revenues amounted to MAD 34,963 million, down slightly by 0.8% (-0.9% at constant exchange rates).The 2.4% increase in subsidiaries’ revenues at constant exchange rates offset the impact in Morocco
of the deregulation of IP telephony since Novemberb2016 and the decline in call termination rates. Revenues from outgoing services were up 3.7% thanks mainly to the growth in the customer base and increased Data usage.
4
NOTE 18 — COST OF SALES
(in MAD million) Cost of handsets
2017
2016
2015
659
793
835
Domestic and international interconnection charges
4,090 1,188 5,937
4,290 1,140 6,223
4,213
Other cost of sales
998
TOTAL
6,046
The “Other cost of sales” itemmainly comprises purchases of energy (fuel and electricity), the cost of purchasing phone cards, and other consumables.
Purchases consumed decreased from MAD 6,223 million in 2016 to MAD 5,937 million in 2017, following lower termination rates for international call.
NOTE 19 — PAYROLL COSTS
(in MAD million)
2017
2016
2015
Wages
2,654
2,796
2,761
Payroll taxes
484
463
483
Wages and taxes
3,138 3,138
3,260 3,260
3,245 3,245
Payroll costs
Average headcount (in number of employees)
11,022
12,162
12,556
This item includes the payroll costs for the fiscal year (wages, payroll taxes, training costs) but excludes employee severance plan costs, which were recognized as other operating expenses.
In 2017, personnel expenses declined byMAD 122million due to the finalization of the voluntary redundancy plan in Morocco.
153
MAROC TELECOM ____ 2017 Registration Document
Made with FlippingBook HTML5