MAROC_TELECOM_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT

Statutory financial statements

STATEMENT OF OPERATING DATA

Operating Statement (in MAD thousand)

2017

2016

2015

1 2

Sales of goods

382,127 629,207 -247,080

378,063 688,723 -310,660

311,568 745,083 -433,515

-

Cost of goods sold

I

= GROSS MARGIN ON SALES

II

+ PRODUCTION FOR THEbYEAR: (3+4+5)

19,518,264 19,680,420 19,931,387 19,518,264 19,680,420 19,931,371

3 4 5

Sales of manufactured goods and services rendered

Change in inventories Self-constructed assets

0 0

0 0

0

16

III

-

COST OF CURRENT YEAR PRODUCTION

6,280,737 6,422,693 6,098,417 3,503,463 3,681,985 3,385,126 2,777,274 2,740,708 2,713,291 12,990,446 12,947,066 13,399,455

6 7

Raw materials and supplies Other external expenses

4

IV

= ADDED VALUE (I+II-III) + Operating subsidies

8 9

0

0

0

-

Taxes

222,417

185,290

285,954

10 -

Payroll costs

2,190,425 2,339,746 2,304,415 10,577,605 10,422,030 10,809,086

V

= GROSS OPERATING SURPLUS = Net loss from operations

0

0

0

11 + Other operating income

31,436

629,850

364,140

12 -

Other operating expenses

2,540

2,540

2,326

13 + Operating write-backs, expense transfers

392,815

377,310

385,926

14 -

Operating allowances

4,323,437 4,432,418 4,173,633 6,675,879 6,994,233 7,383,194

VI

= OPERATING INCOME (+bOR -)

VII

+/-

FINANCIAL INCOME

1,006,272 1,280,826

684,230

VIII

= ORDINARY INCOME (+bOR -)

7,682,151 8,275,059 8,067,424

IX

+/-

EXTRAORDINARY INCOME

-17,116

-21,400

-88,654

15 -

Corporate income tax

1,965,575 2,062,373 2,040,864 5,699,461 6,191,285 5,937,906

X

= NET INCOME (+bOR -)

Operating Cash Flow (in MAD thousand)

2017

2016

2015

1

Net income

+ Profit

5,699,461 6,191,285 5,937,906

-

Loss

0

0

0

3,644,867 3,639,680 3,496,628

2 3 4 5 6 7 8 9

+ Operating allowancesb (a) + Financial allowancesb (a) + Extraordinary allowancesb (a)

107,647 287,531

72,964 272,269

37,789 261,636

1,112

1,121

1,117

- - - -

Operating write-backsb (b) Financial write-backsb (b) Extraordinary write-backsb (b) (c)

52,964 251,018 42,771 66,687

37,789 202,827 634,826 415,948

0

128,354

Proceeds on disposal of Fixed-lined assets

3,753 1,266

+ Net book value of disposed assets

I

CASH EARNINGS Dividend payments NET CASH EARNINGS

9,458,328 9,715,583 9,602,001 5,590,752 5,589,883 6,065,275

10 -

3,867,577

II

4,125,700 3,536,727

(a) Excluding allowances related to current assets and liabilities and cash. (b) Excluding write-backs relating to current assets and liabilities and cash. (c) Including write-backs of investments subsidies.

171

MAROC TELECOM ____ 2017 Registration Document