Maroc Telecom_H1 2020 Consolidated Results
H1 2020 CONSOLIDATED RESULTS
Resilience of the Group's business amid an unprecedented
health crisis:
- 9% growth in the Group's overall customer
base, which reached 68.4 million
customers;
- Stable consolidated revenues thanks to
International activities and Mobile and Fixed line Data in
Morocco;
- Maintain of good profitability through optimized cost
management: Consolidated EBITDA margin of 52.4%, up 0.7 pt
on a like-for-like basis;
- Rapid adaptation of network resources and capacity to
respond to market developments facing the Covid-19
crisis.
Revision of 2020 outlook on a
like-for-like basis and at constant exchange rates:
- Slight decrease in revenues;
- Slight decrease in EBITDA;
- CAPEX of approximately 10% of revenues, excluding
frequencies and licenses.
Upon the publication of this press release, Mr.
Abdeslam Ahizoune, Chairman of the Management Board, said:
«In an unprecedented context of global health
crisis, the Maroc Telecom Group is mobilized to comply with the
authorities' guidelines and meet the expectations of its
customers.
The Group's network capacities and
infrastructures, which were very busy during the lockdown period,
fully responded to the increase in demand and the expansion of new
usages, without any impact on the quality of service. The relevance
of the Group's strategy, focused on investment for the
strengthening of networks, infrastructures and digitalization, is
thus reinforced.
Maroc Telecom, a socially responsible
company, has also contributed to the collective effort through
numerous initiatives in Morocco and in the countries of its
subsidiaries, notably through contributions to COVID funds set up
by the authorities.
This health context prompted the Group to adopt
a broad cost optimization plan, which made it possible to maintain
good performance over the half-year despite the first effects of
the pandemic.»
Group consolidated adjusted results*
|
(IFRS in MAD million) |
Q2-2019 |
Q2-2020 |
Change |
Change on a like-for-like
basis(1) |
6M-2019 |
6M-2020 |
Change |
Change on a like-for-like
basis(1) |
|
|
Revenues |
8,895 |
9,014 |
+1.3% |
-2.1% |
17,844 |
18,323 |
+2.7% |
+0.0% |
|
|
EBITDA |
4,762 |
4,809 |
+1.0% |
+0.2% |
9,409 |
9,603 |
+2.1% |
+1.4% |
|
|
Margin (%) |
53.5% |
53.3% |
-0.2 pt |
+1.2 pt |
52.7% |
52.4% |
-0.3 pt |
+0.7 pt |
|
| Adjusted
EBITA |
2,960 |
2,922 |
-1.3% |
-0.2% |
5,862 |
5,836 |
-0.5% |
+0.2% |
|
|
Margin (%) |
33.3% |
32.4% |
-0.9 pt |
+0.6 pt |
32.9% |
31.8% |
-1.0 pt |
+0.1 pt |
|
| Group
share of adjusted Net Income |
1,441 |
1,410 |
-2.2% |
+1.5% |
3,022 |
3,006 |
-0.5% |
+1.5% |
|
|
Margin (%) |
16.2% |
15.6% |
-0.6 pt |
+0.5 pt |
16.9% |
16.4% |
-0.5 pt |
+0.3 pt |
|
|
CAPEX(2) |
1,034 |
659 |
-36.3% |
-47.0% |
3,227 |
1,186 |
-63.3% |
-65.4% |
|
| Of which
frequencies & licenses |
|
|
|
|
1,327 |
|
|
|
|
|
CAPEX/revenues (excl.frequencies & licenses) |
11.7% |
7.3% |
-4.4 pt |
-6.7 pt |
10.7% |
6.5% |
-4.2 pt |
-5.4 pt |
|
|
Adjusted CFFO |
2,936 |
4,206 |
+43.2% |
+43.4% |
5,728 |
7,099 |
+23.9% |
+22.2% |
|
| Net
Debt |
21,034 |
18,659 |
-11.3% |
-9.0% |
21,034 |
18,659 |
-11.3% |
-9.0% |
|
|
Net Debt/EBITDA(3) |
1,1x |
0.9x |
|
|
1.1x |
0.9x |
|
|
|
*Details of the financial indicator adjustments are provided in
Appendix 1.
► Customer
base
The Group's customer bases continue to grow (up
9.1% year-on-year), reaching 68.4 million at the end of June 2020.
This increase was due partly to the consolidation of Tigo Chad into
the Group's scope since July 1, 2019.
►
Revenue
At the end of June 2020, the Maroc Telecom Group
had revenues (4) of 18,323 million dirhams, up 2.7% (stable on a
like-for-like basis (1)). This performance, amid a crisis, was
mainly due to the growth of Data Mobile and Mobile Money services
from International activities and the surge of the Fixed-line Data
in Morocco.
► Earnings from
operations before depreciation and
amortization
Maroc Telecom Group's EBITDA was 9,603 million
dirhams at the end of June 2020, up 2.1% (up 1.4% on a
like-for-like basis(1)), thanks to the 1.6 pt improvement (up 1.3
pt on a like-for-like basis(1)) in the gross margin. The EBITDA
margin was 52.4%, up 0.7 pt on a like-for-like basis(1).
► Earnings from
operations
At the end of the first six months of 2020, the
adjusted EBITA(5) of Maroc Telecom Group was 5,836 million dirhams,
up 0.2% on a like-for-like basis(1).
► Group share of Net
Income
The Group share of adjusted Net Income was 3,006
million dirhams, up 1.5% on a like-for-like basis(1).
►
Investments
Capital expenditures(2) excluding frequencies
and licenses were down 37.6% year-on-year (down 43.6% on a
like-for-like basis(1)), due to the adjustment of investments to
the current environment.
► Cash
Flow
Adjusted cash flows from operations (CFFO)(6)
was 7,099 million dirhams, up 23.9% (up 22.2% on a like-for-like
basis(1)) due to higher EBITDA and Capex decrease.
At the end of June 2020, the Group's
consolidated net debt(7) decreased by 11.3% to 18,659 million
dirhams. It represents 0.9x times its annual EBITDA(3).
► COVID-19
pandemic
The management of the health crisis by the Maroc
Telecom Group was marked by rapid key decisions and the active
mobilization of teams, including:
- The strengthening of hygiene, distancing measures and the use
of teleworking (collaborative work tools with remote access are
made available to employees);
- The promotion of digitization tools to encourage customers and
partners to interact with the company via the various online
services (orders, payment & service modification, bid
submission, etc.);
- Control of the supply chain (commercial and technical) while
meeting replenishment and customs clearance deadlines;
- Good management of business continuity, networks and
information systems.
However, the impact of the Covid-19 pandemic on
the growth forecasts for the Moroccan economy are significant (5.2%
contraction in 2020 forecast by Bank Al-Maghrib) with likely
repercussions on the growth momentum of Maroc Telecom's
activities.
As part of the communal drive to manage the
Covid-19 pandemic, some subsidiaries also participated in the
collective effort with contributions to the funds set up by the
authorities of each country.
►
Highlights
On June,1st 2020, Maroc Telecom launched
its mobile payment solution through its subsidiary "MT Cash". The
solution offers many financial services, comparable to those
available to customers with bank accounts, which users can access
safely and easily from a mobile phone.
►
Review of the Group's outlook for
2020
On the basis of the information available to
date and due the uncertainties generated by the Covid-19 crisis,
Maroc Telecom is revising its outlook for 2020 on a like-for-like
basis and at constant exchange rates:
- Slight decrease in revenues;
- Slight decrease in EBITDA;
- CAPEX of approximately 10% of revenues, excluding frequencies
and licenses.
Overview of the Group's activities
Details of the financial indicator adjustments for "Morocco" and
"International" are provided in Appendix 1.
·Morocco
|
(IFRS in MAD million) |
Q2-2019 |
Q2-2020 |
Change |
6M-2019 |
6M-2020 |
Change |
|
|
Revenues |
5,331 |
5,124 |
-3.9% |
10,713 |
10,524 |
-1.8% |
|
|
Mobile |
3,487 |
3,234 |
-7.3% |
6,959 |
6,779 |
-2.6% |
|
|
Services |
3,456 |
3,205 |
-7.3% |
6,794 |
6,637 |
-2.3% |
|
|
Equipment |
31 |
29 |
-5.0% |
165 |
142 |
-13.9% |
|
|
Fixed-line |
2,301 |
2,408 |
+4.6% |
4,657 |
4,727 |
+1.5% |
|
|
Of which Fixed-line Data* |
765 |
911 |
+19.1% |
1,538 |
1,740 |
+13.2% |
|
|
Eliminations and other income |
-457 |
-518 |
|
-903 |
-981 |
|
|
|
EBITDA |
3,111 |
3,008 |
-3.3% |
6,136 |
5,980 |
-2.5% |
|
|
Margin (%) |
58.4% |
58.7% |
+0.4 pt |
57.3% |
56.8% |
-0.5 pt |
|
| Adjusted
EBITA |
2,117 |
2,046 |
-3.4% |
4,170 |
4,037 |
-3.2% |
|
|
Margin (%) |
39.7% |
39.9% |
+0.2 pt |
38.9% |
38.4% |
-0.6 pt |
|
|
CAPEX(2) |
525 |
281 |
-46.5% |
877 |
564 |
-35.7% |
|
| Of which
frequencies & licenses |
|
|
|
|
|
|
|
|
CAPEX/revenues (excl.frequencies & licenses) |
9.9% |
5.5% |
-4.4 pt |
8.2% |
5.4% |
-2.8 pt |
|
|
Adjusted CFFO |
2,026 |
2,636 |
+30.1% |
3,818 |
4,256 |
+11.5% |
|
| Net
Debt |
15,299 |
11,891 |
-22.3% |
15,299 |
11,891 |
-22.3% |
|
|
Net Debt/EBITDA(3) |
1.2x |
0.9x |
|
1.2x |
0.9x |
|
|
*Fixed-line Data includes Internet, TV over ADSL and Corporate
Data services
At the end of June 2020, activities in Morocco
generated revenues of 10,524 million dirhams, down 1.8% compared to
the same period in 2019. This drop is explained by the decrease in
Mobile revenue, which was adversely affected by the impact of the
crisis, in particular on international incoming, outgoing prepaid
and roaming activities. This decrease was mitigated by the increase
in Mobile and Fixed-line Data.
EBITDA for the same period was 5,980 million
dirhams, down 2.5% compared to last year, due to lower revenue. The
EBITDA margin established at the high level of 56.8%.
Adjusted EBITA(5) was 4,037 million dirhams,
down 3.2% year-on-year, mainly due to the decline in EBITDA. The
adjusted EBITA margin was 38.4%.
Adjusted cash flow from operations (CFFO)(6) in
Morocco was up 11.5%.
Mobile
| |
Unit |
6M-2019 |
6M-2020 |
Change |
| |
|
|
|
|
| Customer base(8) |
(000) |
19,547 |
19,572 |
+0.1% |
| Prepaid |
(000) |
17,364 |
17,234 |
-0.7% |
| Postpaid |
(000) |
2,183 |
2,338 |
+7.1% |
| Of which 3G/4G+
Internet(9) |
(000) |
11,119 |
11,764 |
+5.8% |
|
ARPU(10) |
(MAD/month) |
57.5 |
55.1 |
-4.2% |
As of June 30, 2020, the Mobile customer base
(8) was 19.6 million customers, up slightly by 0.1% year-on-year
thanks to the increase in the postpaid customer base (up 7.1%).
Mobile revenues was down 2.6%, to 6,779 million
dirhams, due to the impact of the health crisis on international
incoming, outgoing prepaid and roaming activities in
particular.
Combined ARPU (10) for the first six months of
2020 was 55.1 dirhams, down 4.2% year-on-year.
Fixed- line & Internet
| |
Unit |
6M-2019 |
6M-2020 |
Change |
| |
|
|
|
|
| Fixed lines |
(000) |
1,851 |
1,979 |
+6.9% |
|
Broadband Access(11) |
(000) |
1,529 |
1,689 |
+10.5% |
At the end of June 2020, the Fixed-line customer
base grew by 6.9% year-on-year, bringing the number of lines to
nearly 2 million. The Broadband customer base increased by 10.5% to
1.7 million subscribers.
The Fixed-line and Internet activities in
Morocco recorded revenues of 4,727 million dirhams, up 1.5%
compared to the same period in 2019, thanks to the Fixed-line Data
surge.
Financial indicators
|
(IFRS in MAD million) |
Q2-2019 |
Q2-2020 |
Change |
Change on a like-for-like
basis(1) |
6M-2019 |
6M-2020 |
Change |
Change on a like-for-like
basis(1) |
|
|
Revenues |
3,887 |
4,111 |
+5.8% |
-2.0% |
7,824 |
8,318 |
+6.3% |
+0.1% |
|
|
Of which Mobile services |
3,537 |
3,736 |
+5.6% |
-2.8% |
7,118 |
7,595 |
+6.7% |
-0.2% |
|
|
EBITDA |
1,652 |
1,800 |
+9.0% |
+6.8% |
3,273 |
3,623 |
+10.7% |
+8.5% |
|
|
Margin (%) |
42.5% |
43.8% |
+1.3 pt |
+3.6 pt |
41.8% |
43.6% |
+1.7 pt |
+3.4 pt |
|
| Adjusted
EBITA |
843 |
877 |
+4.0% |
+8.0% |
1,692 |
1,798 |
+6.3% |
+8.8% |
|
|
Margin (%) |
21.7% |
21.3% |
-0.4 pt |
+2.0 pt |
21.6% |
21.6% |
+0.0 pt |
+1.7 pt |
|
|
CAPEX(2) |
508 |
378 |
-25.7% |
-47.3% |
2,351 |
622 |
-73.5% |
-75.5% |
|
| Of which
frequencies & licenses |
|
|
|
|
1,327 |
|
|
|
|
|
CAPEX/revenues (excluding frequencies & licenses) |
13.3% |
9.2% |
-4.1 pt |
-8.1 pt |
13.1% |
7.5% |
-5.6 pt |
-7.3 pt |
|
|
Adjusted CFFO |
910 |
1,570 |
+72.5% |
+73.2% |
1,909 |
2,843 |
+48.9% |
+42.6% |
|
| Net
Debt |
8,698 |
8,206 |
-5.7% |
+0.3% |
8,698 |
8,206 |
-5.7% |
+0.3% |
|
|
Net Debt/EBITDA(3) |
1.3x |
1.1x |
|
|
1.3x |
1.1x |
|
|
|
In an economic context marked by the
consequences of the Covid-19 crisis, the Group's international
operations have shown so far resilience and posted revenues up 6.3%
(+0.1% on a like-for-like basis (1)) compared to 2019. Growth in
Data Mobile and Mobile Money services more than offset the decline
in Voice revenues.
In the first six months of 2020, EBITDA was
3,623 million dirhams, up 10.7% (up 8.5% on a like-for-like basis
(1)). The EBITDA margin was 43.6%, up 1.7 pt (up 3.4 pt on a
like-for-like basis (1)), thanks to the improvement in the gross
margin and the decrease in operating costs.
During the same period, adjusted EBITA(5)
improved by 6.3% (up 8.8% on a like-for-like basis (1)) to 1,798
million dirhams, representing a stable adjusted EBITA margin of
21.6% (up 1.7 pt on a like-for-like basis (1)).
Adjusted cash flow from operations (CFFO)(6)
improved by 48.9% (+42.6% on a like-for-like basis (1)) to 2,843
million dirhams, primarily due to higher EBITDA and Capex
decrease.
Operating indicators
| |
Unit |
6M-2019 |
6M-2020 |
Change |
| Mobile |
|
|
|
|
|
Customer base(8) |
(000) |
39,372 |
44,721 |
|
|
Mauritania |
|
2,389 |
2,400 |
+0.5% |
|
Burkina Faso |
|
8,020 |
8,930 |
+11.3% |
|
Gabon |
|
1,648 |
1,413 |
-14.3% |
|
Mali |
|
7,483 |
7,909 |
+5.7% |
|
Côte d’Ivoire |
|
8,899 |
9,231 |
+3.7% |
|
Bénin |
|
4,362 |
4,339 |
-0.5% |
|
Togo |
|
3,608 |
3,108 |
-13.8% |
|
Niger |
|
2,810 |
2,979 |
+6.0% |
|
Central African Republic |
|
153 |
184 |
+20.4% |
|
Chad |
|
- |
4,227 |
- |
| Fixed lines |
|
|
|
|
|
Parc |
(000) |
322 |
330 |
|
|
Mauritania |
|
57 |
58 |
+1.6% |
| Burkina
Faso |
|
77 |
75 |
-2.6% |
| Gabon |
|
22 |
23 |
+6.2% |
| Mali |
|
167 |
175 |
+4.7% |
| Fixed lines
Broadband |
|
|
|
|
| Parc
(10) |
(000) |
114 |
126 |
|
|
Mauritania |
|
11 |
18 |
+67.0% |
| Burkina
Faso |
|
15 |
14 |
-5.4% |
| Gabon |
|
18 |
20 |
+11.9% |
|
Mali |
|
71 |
75 |
+5.5% |
Notes:
(1) The like-for-like basis illustrates the
effects of the consolidation of Tigo Tchad as if had effectively
occurred on January 1, 2019 and a constant MAD/Ouguiya/CFA Franc
exchange rate. (2) CAPEX corresponds to the acquisitions of
non-current intangible assets and property, plant and equipment
recognized during the period. (3) The net debt / EBITDA ratio
excludes the impact of IFRS 16.(4) Maroc Telecom consolidates
Mauritel, Onatel, Gabon Télécom, Sotelma, Casanet, AT Côte
d’Ivoire, Etisalat Benin, AT Togo, AT Niger, AT Centrafrique, and
Tigo Tchad in its accounts since July 1, 2019. (5) EBITA
corresponds to operating income before the amortization of
intangible assets related to business combinations, goodwill
impairment and other intangible assets related to business
combinations and other income and expenses related to financial
investment operations and transactions with shareholders (unless
they are directly recognized in shareholders’ equity).(6) CFFO
includes the net cash flows from operations before tax, as
presented in the cash flow statement, as well as dividends received
from companies accounted for using the equity method and
non-consolidated investments. It also includes net industrial
investments, which correspond to net cash outflows related to
acquisitions and disposals of non-current intangible assets and
property, plant and equipment.(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,
FTTH and leased lines as well as the CDMA 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 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%).
* SPT is a company incorporated under
Moroccan law and 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 EBITA, 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.
|
|
H1-2019 |
H1-2020 |
|
(in MAD millions) |
Morocco |
International |
Group |
Morocco |
International |
Group |
|
Adjusted EBITA |
4,170 |
1,692 |
5,862 |
4,037 |
1,798 |
5,836 |
|
Published EBITA |
4,170 |
1,692 |
5,862 |
4,037 |
1,798 |
5,836 |
|
Group share of adjusted Net Income |
|
|
3,022 |
|
|
3,006 |
|
Non-recurring items: |
|
|
|
|
|
|
|
Covid-19 contributions |
|
|
|
|
|
-1,038 |
|
Published Group share of adjusted Net Income |
|
|
3,022 |
|
|
1,969 |
|
Adjusted CFFO |
3,818 |
1,909 |
5,728 |
4,256 |
2,843 |
7,099 |
|
Non-recurring items: |
|
|
|
|
|
|
|
Payment of licenses |
|
-1,841 |
-1,841 |
|
-107 |
-107 |
|
ANRT penalty |
|
|
|
-3,300 |
|
-3,300 |
|
Published CFFO |
3,818 |
68 |
3,887 |
956 |
2,736 |
3,692 |
The semester was marked by the disbursement of 3,300 million
dirhams linked to the full payment of the ANRT penalty in Morocco
as well as the payment of the last settlement of the license
(extension to 4G) in Togo for an amount of 107 million dirhams.
The first six months of 2019 included the
payment of 1,841 million dirhams for licenses obtained in Burkina
Faso, Mali, Côte d'Ivoire and Togo.
Appendix 2: Impact of the adoption of IFRS
16
As at end-June 2020, the impact IFRS 16 on Maroc
Telecom’ key indicators are as follows:
|
|
H1-2020 |
|
(in MAD million) |
Morocco |
International |
Group |
|
EBITDA |
+137 |
+138 |
+275 |
|
Adjusted EBITA |
+23 |
+21 |
+44 |
|
Group share of adjusted Net Income |
|
|
+0 |
|
Adjusted CFFO |
+137 |
+138 |
+275 |
|
Net Debt |
+881 |
+729 |
+1,610 |
Appendix 3: Consolidated financial
statements
Consolidated Statement of Financial Position
| ASSETS (in
MAD million) |
12/31/2019 |
6/30/2020 |
|
| |
| Goodwill |
9,201 |
9,306 |
|
| Other intangible assets |
8,808 |
8,393 |
|
| Property, plant and equipment |
31,037 |
29,349 |
|
| Right-of-use asset |
1,630 |
1,654 |
|
| Non-current financial assets |
470 |
619 |
|
| Deferred tax assets |
339 |
409 |
|
| Non-current
assets |
51,485 |
49,729 |
|
| Inventories |
321 |
304 |
|
| Trade & other receivables |
11,380 |
13,069 |
|
| Short-term financial assets |
128 |
137 |
|
| Cash and cash equivalents |
1,483 |
2,271 |
|
| Assets available for sale |
54 |
54 |
|
| Current assets |
13,365 |
15,835 |
|
| TOTAL ASSETS |
64,851 |
65,564 |
|
| |
|
|
|
| LIABILITIES
(in MAD million) |
12/31/2019 |
6/30/2020 |
|
| |
| Share capital |
5,275 |
5,275 |
|
| Consolidated reserves |
4,069 |
2,031 |
|
| Consolidated net income for the
period |
2,726 |
1,969 |
|
| Shareholders’ equity - Group
share |
12,069 |
9,275 |
|
| Non-controlling interests |
3,934 |
3,542 |
|
| Shareholders’
equity |
16,003 |
12,817 |
|
| Non-current provisions |
504 |
573 |
|
| Borrowings and other long-term financial
liabilities |
4,178 |
4,886 |
|
| Deferred tax liabilities |
258 |
233 |
|
| Other non-current liabilities |
|
|
|
| Non-current
liabilities |
4,939 |
5,692 |
|
| Trade payables |
23,794 |
28,958 |
|
| Current tax liabilities |
733 |
519 |
|
| Current provisions |
4,634 |
1,441 |
|
| Borrowings and other short-term
financial liabilities |
14,748 |
16,137 |
|
| Current
liabilities |
43,908 |
47,055 |
|
| TOTAL
LIABILITIES |
64,851 |
65,564 |
|
Statement of comprehensive income
| (In MAD million) |
6/30/2019 |
6/30/2020 |
|
| Revenues |
17,844 |
18,323 |
|
| Cost of purchases |
-2,801 |
-2,699 |
|
| Payroll costs |
-1,550 |
-1,464 |
|
| Taxes |
-1,469 |
-1,616 |
|
| Other operating income and
expenses |
-2,555 |
-5,949 |
|
| Net depreciation, amortization, and
provisions |
-3,607 |
-759 |
|
| Operating
earnings |
5,862 |
5,836 |
|
| Other income and expenses from ordinary
activities |
-5 |
-1,513 |
|
| Income from ordinary
activities |
5,857 |
4,323 |
|
| Income from cash and cash
equivalents |
1 |
7 |
|
| Gross cost of financial
debt |
-322 |
-423 |
|
| Net cost of financial debt |
-321 |
-416 |
|
| Other financial income and
expense |
-10 |
-16 |
|
| Financial income |
-331 |
-432 |
|
| Income tax |
-2,040 |
-1,490 |
|
| Net income |
3,485 |
2,401 |
|
| Translation differences resulting from
foreign business activities |
-59 |
138 |
|
| Other income and expenses |
0 |
-2 |
|
| Total comprehensive income for the
period |
3,426 |
2,537 |
|
| Net income |
3,485 |
2,401 |
|
| Attributable to equity holders of the
parent |
3,022 |
1,969 |
|
|
Non-controlling interests |
463 |
432 |
|
| |
|
|
|
| Earnings per
share |
6/30/2019 |
6/30/2020 |
|
| |
| Net income attributable to equity
holders of the parent (in MAD million) |
3,022 |
1,969 |
|
| Number of shares at June 30 |
879,095,340 |
879,095,340 |
|
| Net earnings per share
(in MAD) |
3.44 |
2.24 |
|
| Diluted net earnings per
share (in MAD) |
3.44 |
2.24 |
|
Consolidated cash flow statement
| (In MAD million) |
6/30/2019 |
6/30/2020 |
|
| |
| Income from
operations |
5,862 |
5,836 |
|
| Depreciation,
amortization, and other restatements |
3,608 |
-759 |
|
| Gross
cash flow |
9,470 |
5,077 |
|
| Other changes in
net working capital requirement |
-1,335 |
-616 |
|
| Net cash
flow from operating activities before tax |
8,135 |
4,461 |
|
| Income tax
paid |
-1,870 |
-2,213 |
|
| Net cash
flow from operating activities (a) |
6,265 |
2,248 |
|
| Purchase of
property, plant and equipment and intangible assets |
-4,219 |
-2,287 |
|
| Increase in
financial assets |
-1,206 |
-157 |
|
| Disposals of
property, plant and equipment and intangible assets |
2 |
6 |
|
| Decrease in
financial assets |
202 |
41 |
|
| Dividends
received from non-consolidated equity investments |
-42 |
0 |
|
| Net cash
flow used in investing activities (b) |
-5,263 |
-2,397 |
|
| Capital
increase |
0 |
0 |
|
| Dividends paid to
shareholders |
-5,732 |
0 |
|
| Dividends paid by
subsidiaries to their non-controlling shareholders |
-465 |
-431 |
|
| Changes
in equity capital (c) |
-6,197 |
-431 |
|
| New borrowings
and increase in other long-term financial liabilities |
1,909 |
2,449 |
|
| Loan repayments
and decrease in other long-term financial liabilities |
0 |
0 |
|
| Change in
short-term financial liabilities |
3,665 |
-680 |
|
| Net interest paid
(cash only) |
-403 |
-392 |
|
| Other cash items
relating to financing activities |
-33 |
-52 |
|
| Change in
borrowings and other financial liabilities (d) |
5,139 |
1,326 |
|
| |
|
|
|
| Net cash
flow used in financing activities (e) = (c) + (d) |
-1,058 |
894 |
|
| |
|
|
|
|
Translation adjustments (f) |
-10 |
42 |
|
| |
|
|
|
| Total
cash flows (a)+(b)+(e)+(f) |
-66 |
788 |
|
| |
|
|
|
| Cash and
cash equivalents at beginning of period |
1,700 |
1,483 |
|
| Cash and
cash equivalents at end of period |
1,634 |
2,271 |
|
- Maroc Telecom_PR_H1 2020 Results_ANG
Maroc Telecom (EU:IAM)
Historical Stock Chart
From May 2024 to Jun 2024
Maroc Telecom (EU:IAM)
Historical Stock Chart
From Jun 2023 to Jun 2024
