- Maroc Telecom_PR-Q3 2023 Results
Oct 20, 2023
CONSOLIDATED RESULTS AT SEPTEMBER 30, 2023
Performances above targets:
Growth of 3.2% in consolidated revenues, driven mainly by Moov Africa subsidiaries (+7.5%); Group EBITDA up 3.2%, with high EBITDA margin of 52.5%; Adjusted Group net income increasing by 2.4%; Sustained level of Group investments (excluding frequencies and licenses), reaching 20.7% of revenues.
Against a difficult global macroeconomic environment, Maroc Telecom Group resumed revenue growth, driven by Data, particularly in Moov Africa subsidiaries. Thanks to optimization cost efforts, the Group has maintained a high level of profitability, and pursued investments to support the development of usages and the quality of services. This performance comforts that the Group is on track to achieve its annual targets and confirms the success and resilience of its business model.
The Group's commitment to sustainable development and the well-being of citizens remains a priority, and is reflected in a variety of initiatives in the countries where it operates. In line with this commitment, Maroc Telecom has mobilized its teams to support the populations impacted by the earthquake in the Kingdom of Morocco, and has also made a donation to the dedicated Special Fund.
Group adjusted consolidated results*:
(IFRS in MAD millions) Q3 2022 Q3 2023 Change Change at constant exchange rates(1) 9M 2022 9M 2023 Change Change at constant exchange rates(1) Revenues 9,240 9,279 0.4% -0.8% 26,808 27,679 3.2% 1.2% Adjusted EBITDA 4,901 4,948 1.0% 0.0% 14,072 14,527 3.2% 1.5% Margin (%) 53.0% 53.3% 0.3 pt 0.4 pt 52.5% 52.5% -0.0 pt 0.2 pt Adjusted EBITA 3,131 3,178 1.5% 0.8% 8,872 9,230 4.0% 2.5% Margin (%) 33.9% 34.3% 0.4 pt 0.6 pt 33.1% 33.3% 0.3 pt 0.4 pt Adjusted net income Group share 1,651 1,694 2.6% 1.9% 4,520 4,629 2.4% 1.5% Margin (%) 17.9% 18.3% 0.4 pt 0.5 pt 16.9% 16.7% -0.1 pt 0.1 pt CAPEX(2) 1,777 2,777 56.3% 53.0% 5,497 5,722 4.1% 1.6% Of which frequencies and licenses CAPEX/Revenues (excluding frequencies and licenses) 19.2% 29.9% 10.7 pt 10.4 pt 20.5% 20.7% 0.2 pt 0.1 pt Adjusted CFFO 2,833 2,139 -24.5% -24.4% 8,159 7,176 -12.1% -13.4% Net debt 17,166 17,410 1.4% -0.6% 17,166 17,410 1.4% -0.6% Net debt/EBITDA(3) 0.8x 0.8x 0.9x 0.8x
* The adjustments to the financial indicators are detailed in Appendix 1.
Story continues
Customer base
At September 30, 2023, the Group's customer base was 75.1 million, a slight 0.7% decrease year-on-year.
Revenues
For the nine months to September 30, 2023, the Maroc Telecom Group posted consolidated revenues(4) of MAD 27,679 million, up 3.2% year-on-year (+1.2% at constant exchange rates(1)), driven mainly by a 7.5% increase in international business (+3.1% at constant exchange rates(1)).
Earnings from operations before depreciation and amortization
At September 30, 2023, Maroc Telecom Group’s consolidated adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 14,527 million, up 3.2% (+1.5% at constant exchange rates(1)), thanks to the increase in consolidated revenues and an efficient controlling operating costs.
The adjusted EBITDA margin remained high at 52.5% (+0.2 pt at constant exchange rates(1) year-on-year).
Earnings from operations
Consolidated adjusted earnings from operations (EBITA)(5) for the first nine months of 2023 reached MAD 9,230 million, up 4.0% (+2.5% at constant exchange rates(1)). Adjusted EBITA margin stood at 33.3% (+0.4 pt at constant exchange rates(1) year-on-year).
Net income Group share
Adjusted net income Group share for the nine months to September 30, 2023 amounted to MAD 4,629 million, up 2.4% (+1.5% at constant exchange rates(1)).
Investments
CAPEX(2) excluding frequencies and licenses amounted to MAD 5,722 million, representing 20.7% of Group revenues, in line with the full-year outlook.
Cash flow
Over the first nine months of 2023, adjusted cash flows from operations (CFFO)(6) amounted to MAD 7,176 million, down 12.1% compared to the same period in 2022 (-13.4% at constant exchange rates(1)), in line with the rise in the investments.
Highlights
In response to the Royal appeal, Maroc Telecom supported the Special Fund set up to palliate the disastrous consequences of the recent earthquake in the Kingdom of Morocco. The Group contributed MAD 700 million to the fund in addition to individual employee contributions in order to support reconstruction and restoration work in the affected regions.
Group business review:
The adjustments to the “Morocco” and “International” financial indicators are explained in Appendix 1.
Morocco
(IFRS in MAD millions) Q3 2022 Q3 2023 Change 9M 2022 9M 2023 Change Revenues 5,247 5,069 -3.4% 14,808 14,749 -0.4% Mobile 3,245 3,132 -3.5% 8,930 8,870 -0.7% Services 3,021 2,990 -1.0% 8,518 8,359 -1.9% Equipments and other revenues 224 142 -36.6% 411 511 24.1% Fixed 2,461 2,382 -3.2% 7,239 7,207 -0.4% Of which Fixed Data* 1,027 1,031 0.3% 3,000 3,167 5.5% Elimination and other income -459 -446 -1,360 -1,329 Adjusted EBITDA 3,031 3,018 -0.4% 8,395 8,435 0.5% Margin (%) 57.8% 59.5% 1.8 pt 56.7% 57.2% 0.5 pt Adjusted EBITA 2,138 2,165 1,3% 5,763 5,849 1.5% Margin (%) 40.7% 42.7% 2.0 pt 38.9% 39.7% 0.7 pt CAPEX(2) 623 958 53.7% 2,381 2,385 0.2% Of which frequencies and licenses CAPEX/Revenues (excluding frequencies and licenses) 11.9% 18.9% 7.0 pt 16.1% 16.2% 0.1 pt Adjusted CFFO 2,266 1,717 -24.2% 5,456 4,527 -17.0% Net debt 10,667 8,609 -19.3% 10,667 8,609 -19.3% Net debt/EBITDA(3) 0.8x 0.7x 0.9x 0.7x
* Fixed Data includes Internet, ADSL TV and Data services to companies.
Over the first nine months of 2023, business operations in Morocco generated revenues of MAD 14,749 million, almost stable year-on-year, driven mainly by Fixed-line Data (+5.5%).
Over the same period, adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 8,435 million, a year-on-year increase of 0.5%. Adjusted EBITDA margin remains at the high level of 57.2%, an improvement of 0.5 pt.
Adjusted earnings from operations (EBITA)(5) amounted to MAD 5,849 million, up 1,5% year-on-year. Adjusted EBITA margin improved by 0.7 pt to 39.7%.
During the first nine months of 2023, adjusted cash flows from operations (CFFO)(6) totaled MAD 4,527 million, down 17,0%.
Mobile
Unit 9/30/2022 9/30/2023 Change Customer base(8) (000) 19,925 19,978 0.3% Prepaid (000) 17,521 17,492 -0.2% Postpaid (000) 2,404 2,486 3.4% Of which Internet 3G/4G+(9) (000) 11,041 11,807 6.9% ARPU(10) (MAD/month) 46.9 46.8 -0.3%
At September 30, 2023, the Mobile customer base(8) totaled nearly 20.0 million customers, continuing to benefit from the strong momentum of the postpaid segment, which expanded by 3.4%.
Mobile revenues slightly decreased (-0.7%) versus the same period in 2022 to MAD 8,870 million.
ARPU(10) for the first nine months of 2023 amounted to MAD 46.8, almost stable compared with the same period in 2022.
Fixed-line and Internet
Unit 9/30/2022 9/30/2023 Change Fixed-line (000) 1,937 1,819 -6.1% Broadband access(11) (000) 1,710 1,598 -6.5%
The Fixed-line customer base stood at 1.8 million lines at end-September 2023. Growth in the FTTH customer base (+44%) largely offset the decline in the ADSL customer base.
Fixed-line and Internet activities generated revenues of MAD 7.2 billion, down slightly by 0.4% compared to 2022. Growth in Fixed-line Data (+5.5%) partially offset the decline in Voice.
International
Financial indicators
(IFRS in MAD millions) Q3 2022 Q3 2023 Change Change at constant exchange rates(1) 9M 2022 9M 2023 Change Change at constant exchange rates(1) Revenues 4,248 4,485 5.6% 2.9% 12,801 13,765 7.5% 3.1% Of which Mobile services 3,930 4,129 5.1% 2.3% 11,844 12,703 7.2% 2.9% Adjusted EBITDA 1,870 1,930 3.2% 0.8% 5,678 6,093 7.3% 3.0% Margin (%) 44.0% 43.0% -1.0 pt -0.9 pt 44.4% 44.3% -0.1 pt -0.1 pt Adjusted EBITA 994 1,014 2.0% -0.1% 3,108 3,381 8.8% 4.4% Margin (%) 23.4% 22.6% -0.8 pt -0.7 pt 24.3% 24.6% 0.3 pt 0.3 pt CAPEX(2) 1,154 1,819 57.7% 52.6% 3,116 3,336 7.1% 2.8% Of which frequencies and licenses CAPEX/Revenues (excluding frequencies and licenses) 27.2% 40.6% 13.4 pt 13.1 pt 24.3% 24.2% -0.1 pt -0.1 pt Adjusted CFFO 567 422 -25.6% -25.2% 2,704 2,649 -2.0% -6.0% Net debt 6,892 8,865 28.6% 23.6% 6,892 8,865 28.6% 23.6% Net debt/EBITDA(3) 0.9x 1.1x 0.9x 1.0x
The Group’s international revenues for the first nine months of 2023 were up 7.5% (+3.1% at constant exchange rates(1)) at MAD 13,765 million, thanks to a good momentum in Mobile Data up 27,4% (+22.3% at constant exchange rates(1)) and the performance of Mobile Money up 11,6% (+7.3% at constant exchange rates(1)). Excluding the reduction in call termination rates, subsidiaries’ revenues were up 3.5% at constant exchange rates(1).
Adjusted earnings from operations before depreciation and amortization (EBITDA) rose 7.3% (+3.0% at constant exchange rates(1)) to MAD 6,093 million, representing an adjusted EBITDA margin of 44.3%.
Adjusted earnings from operations (EBITA)(5) amounted to MAD 3,381 million, up 8.8% (+4.4% at constant exchange rates(1)), mainly due to the increase in adjusted EBITDA. This performance led to a slight 0.3 pt increase in adjusted EBITA margin to 24.6%.
Adjusted cash flows from operations (CFFO)(6) fell 2.0% (-6.0% at constant exchange rates(1)) to MAD 2,649 million, mainly due to the increase in investment.
Operating indicators
Unit 9/30/2022 9/30/2023 Change Mobile Customer base(8) (000) 51,548 51,145 Mauritania 2,642 2,642 0.0% Burkina Faso 11,021 11,339 2.9% Gabon 1,536 1,486 -3.2% Mali 9,163 8,358 -8.8% Côte d’Ivoire 10,534 9,704 -7.9% Benin 5,371 5,489 2.2% Togo 2,771 2,882 4.0% Niger 2,849 3,008 5.6% Central African Republic 216 230 6.3% Chad 5,444 6,007 10.3% Fixed Customer base (000) 362 383 Mauritania 56 38 -32.8% Burkina Faso 76 75 -1.0% Gabon 39 52 33.6% Mali 191 218 14.2% Fixed Broadband Base(11) (000) 153 189 Mauritania 19 22 14.8% Burkina Faso 16 21 32.9% Gabon 35 49 38.3% Mali 83 97 16.6%
Notes:
(1) Constant MAD/ouguiya/CFA franc exchange rate.
(2) Capital expenditure corresponds to acquisitions of property, plant and equipment and intangible assets recognized during the period.
(3) The net debt/EBITDA ratio excludes the impact of IFRS 16, and takes into account the annualization of EBITDA.
(4) Maroc Telecom consolidates in its financial statements Casanet and the Moov Africa subsidiaries in Mauritania, Burkina Faso, Gabon, Mali, Côte d’Ivoire, Benin, Togo, Niger, Central African Republic and Chad.
(5) EBITA corresponds to operating profit before amortization of intangible assets related to business combinations, impairment of goodwill and other intangible assets related to business combinations and other income and expenses related to financial investment transactions and transactions with shareholders (except when they are recognized directly in equity).
(6) CFFO comprises the net cash flows from operating activities before taxes as presented in the cash flow statement, as well as dividends received from associates and non-consolidated equity interests. It also includes net capital expenditure, which corresponds to net cash outflows on acquisitions and disposals of property, plant and equipment and intangible assets.
(7) Borrowings and other current and non-current liabilities less cash (and cash equivalents) including cash blocked for bank loans.
(8) The active customer base consists of prepaid customers who have made or received a voice call (excluding calls from the public telecommunication network operator concerned or its Customer Relations Centers) or sent an SMS/MMS or who have used the Data services (excluding exchanges of technical data with the public telecommunication network operator concerned) in the past three months, and non-terminated postpaid customers.
(9) The active customer base of the 3G and 4G+ Mobile Internet includes holders of a postpaid subscription contract (whether or not coupled with a voice offer) and holders of a prepaid subscription to the Internet service who have carried out at least one recharge during the past three months or whose credit is valid and who have used the service during this period.
(10) ARPU (average revenues per user) is defined as revenues generated by incoming and outgoing calls and data services net of promotions, excluding roaming and equipment sales, divided by the average number of users in the period. This is the blended ARPU of the prepaid and postpaid segments.
(11) The broadband customer base includes ADSL, FTTH and leased connections and also includes CDMA in Mali.
Important Warning:
Forward-looking statements. This press release contains forward-looking statements and items of a forward-looking nature relating to the financial position, results of operations, strategy and outlook of Maroc Telecom and the impacts of certain operations. Although Maroc Telecom believes that these forward-looking statements are based on reasonable assumptions, they do not constitute guarantees as to the future performance of the company. Actual results may be very different from forward-looking statements due to a number of known or unknown risks and uncertainties, most of which are beyond our control, including the risks described in public documents filed by Maroc Telecom with the Moroccan Capital Market Authority (www.ammc.ma) and the French Financial Markets Authority (www.amf-france.org), also available in French on our website (www.iam.ma). This press release contains forward-looking information that can only be assessed on the day it is distributed. Maroc Telecom makes no commitment to supplement, update or modify these forward-looking statements due to new information, a future event or any other reason, subject to applicable regulations, in particular Articles 2.19 et seq. of the circular of the Moroccan Capital Market Authority and 223-1 et seq. of the General Regulation of the French Financial Markets Authority.
Maroc Telecom is a global telecommunications operator in Morocco, a leader in all its business segments, Fixed-line, Mobile and Internet. It has grown internationally and is now present in eleven countries in Africa. Maroc Telecom is listed simultaneously in Casablanca and Paris and its reference shareholders are the Société de Participation dans les Télécommunications (SPT)* (53%) and the Kingdom of Morocco (22%).
* SPT is a Moroccan company controlled by Etisalat.
Contacts Investor relations
relations.investisseurs@iam.ma Press relations
relations.presse@iam.ma
Appendix 1: Relationship between adjusted financial indicators and published financial indicators
Adjusted EBITDA, adjusted EBITA, Group share of adjusted net income and adjusted CFFO are not strictly accounting measures and should be considered as additional information. They better illustrate the Group’s performance by excluding exceptional items.
9M 2022 9M 2023 (in MAD millions) Morocco International Group Morocco International Group Adjusted EBITDA 8,395 5,678 14,072 8,435 6,093 14,527 Published EBITDA 8,395 5,678 14,072 8,435 6,093 14,527 Adjusted EBITA 5,763 3,108 8,872 5,849 3,381 9,230 ANRT decision -2,451 -2,451 Restructuring costs -2 -2 Published EBITA 3,313 3,106 6,419 5,849 3,381 9,230 Adjusted net income Group share 4,520 4,629 ANRT decision -2,451 Restructuring costs -1 Income tax revision -67 Earthquake fund donation -481 Published net income Group share 2,068 4,081 Adjusted CFFO 5,456 2,704 8,159 4,527 2,649 7,176 Payment of license -26 -26 Restructuring costs -2 -2 ANRT decision -2,451 -2,451 Published CFFO 3,005 2,675 5,680 4,527 2,649 7,176
Appendix 2: Impact of the IFRS 16 norm
At the end of September 2023, the impacts of the IFRS 16 norm on the main indicators of the Maroc Telecom Group were as follows:
9M 2022 9M 2023 (in MAD millions) Morocco International Group Morocco International Group Adjusted EBITDA 193 202 395 203 235 438 Adjusted EBITA 10 32 42 10 37 47 Adjusted net income Group share -6 -5 Adjusted CFFO 193 202 395 203 235 438 Net Debt 733 643 1,375 781 845 1,627
Attachment
Maroc Telecom_PR-Q3 2023 Results
- Maroc Telecom_PR-Q3 2023 Results
Oct 20, 2023
CONSOLIDATED RESULTS AT SEPTEMBER 30, 2023
Performances above targets:
Growth of 3.2% in consolidated revenues, driven mainly by Moov Africa subsidiaries (+7.5%); Group EBITDA up 3.2%, with high EBITDA margin of 52.5%;Adjusted Group net income increasing by 2.4%;Sustained level of Group investments (excluding frequencies and licenses), reaching 20.7% of revenues.
Against a difficult global macroeconomic environment, Maroc Telecom Group resumed revenue growth, driven by Data, particularly in Moov Africa subsidiaries. Thanks to optimization cost efforts, the Group has maintained a high level of profitability, and pursued investments to support the development of usages and the quality of services. This performance comforts that the Group is on track to achieve its annual targets and confirms the success and resilience of its business model.
The Group's commitment to sustainable development and the well-being of citizens remains a priority, and is reflected in a variety of initiatives in the countries where it operates. In line with this commitment, Maroc Telecom has mobilized its teams to support the populations impacted by the earthquake in the Kingdom of Morocco, and has also made a donation to the dedicated Special Fund.
Group adjusted consolidated results*:
(IFRS in MAD millions)Q3 2022Q3 2023ChangeChange at constant exchange rates(1) 9M 20229M 2023ChangeChange at constant exchange rates(1)Revenues9,2409,2790.4%-0.8% 26,80827,6793.2%1.2%Adjusted EBITDA4,9014,9481.0%0.0% 14,07214,5273.2%1.5% Margin (%)53.0%53.3%0.3 pt0.4 pt 52.5%52.5%-0.0 pt0.2 ptAdjusted EBITA3,1313,1781.5%0.8% 8,8729,2304.0%2.5% Margin (%)33.9%34.3%0.4 pt0.6 pt 33.1%33.3%0.3 pt0.4 ptAdjusted net income Group share1,6511,6942.6%1.9% 4,5204,6292.4%1.5% Margin (%)17.9%18.3%0.4 pt0.5 pt 16.9%16.7%-0.1 pt0.1 ptCAPEX(2)1,7772,77756.3%53.0% 5,4975,7224.1%1.6%Of which frequencies and licenses CAPEX/Revenues (excluding frequencies and licenses)19.2%29.9%10.7 pt10.4 pt 20.5%20.7%0.2 pt0.1 ptAdjusted CFFO2,8332,139-24.5%-24.4% 8,1597,176-12.1%-13.4%Net debt17,16617,4101.4%-0.6% 17,16617,4101.4%-0.6%Net debt/EBITDA(3)0.8x0.8x 0.9x0.8x
* The adjustments to the financial indicators are detailed in Appendix 1.
Customer base
At September 30, 2023, the Group's customer base was 75.1 million, a slight 0.7% decrease year-on-year.
Revenues
For the nine months to September 30, 2023, the Maroc Telecom Group posted consolidated revenues(4) of MAD 27,679 million, up 3.2% year-on-year (+1.2% at constant exchange rates(1)), driven mainly by a 7.5% increase in international business (+3.1% at constant exchange rates(1)).
Earnings from operations before depreciation and amortization
At September 30, 2023, Maroc Telecom Group’s consolidated adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 14,527 million, up 3.2% (+1.5% at constant exchange rates(1)), thanks to the increase in consolidated revenues and an efficient controlling operating costs.
The adjusted EBITDA margin remained high at 52.5% (+0.2 pt at constant exchange rates(1) year-on-year).
Earnings from operations
Consolidated adjusted earnings from operations (EBITA)(5) for the first nine months of 2023 reached MAD 9,230 million, up 4.0% (+2.5% at constant exchange rates(1)). Adjusted EBITA margin stood at 33.3% (+0.4 pt at constant exchange rates(1) year-on-year).
Net income Group share
Adjusted net income Group share for the nine months to September 30, 2023 amounted to MAD 4,629 million, up 2.4% (+1.5% at constant exchange rates(1)).
Investments
CAPEX(2) excluding frequencies and licenses amounted to MAD 5,722 million, representing 20.7% of Group revenues, in line with the full-year outlook.
Cash flow
Over the first nine months of 2023, adjusted cash flows from operations (CFFO)(6) amounted to MAD 7,176 million, down 12.1% compared to the same period in 2022 (-13.4% at constant exchange rates(1)), in line with the rise in the investments.
Highlights
In response to the Royal appeal, Maroc Telecom supported the Special Fund set up to palliate the disastrous consequences of the recent earthquake in the Kingdom of Morocco. The Group contributed MAD 700 million to the fund in addition to individual employee contributions in order to support reconstruction and restoration work in the affected regions.
Group business review:
The adjustments to the “Morocco” and “International” financial indicators are explained in Appendix 1.
Morocco
(IFRS in MAD millions)Q3 2022Q3 2023Change 9M 20229M 2023ChangeRevenues5,2475,069-3.4% 14,80814,749-0.4%Mobile3,2453,132-3.5% 8,9308,870-0.7% Services3,0212,990-1.0% 8,5188,359-1.9% Equipments and other revenues224142-36.6% 41151124.1%Fixed2,4612,382-3.2% 7,2397,207-0.4% Of which Fixed Data*1,0271,0310.3% 3,0003,1675.5% Elimination and other income-459-446 -1,360-1,329Adjusted EBITDA3,0313,018-0.4% 8,3958,4350.5% Margin (%)57.8%59.5%1.8 pt 56.7%57.2%0.5 ptAdjusted EBITA2,1382,1651,3% 5,7635,8491.5% Margin (%)40.7%42.7%2.0 pt 38.9%39.7%0.7 ptCAPEX(2)62395853.7% 2,3812,3850.2%Of which frequencies and licenses CAPEX/Revenues (excluding frequencies and licenses)11.9%18.9%7.0 pt 16.1%16.2%0.1 ptAdjusted CFFO2,2661,717-24.2% 5,4564,527-17.0%Net debt10,6678,609-19.3% 10,6678,609-19.3%Net debt/EBITDA(3)0.8x0.7x 0.9x0.7x
* Fixed Data includes Internet, ADSL TV and Data services to companies.
Over the first nine months of 2023, business operations in Morocco generated revenues of MAD 14,749 million, almost stable year-on-year, driven mainly by Fixed-line Data (+5.5%).
Over the same period, adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 8,435 million, a year-on-year increase of 0.5%. Adjusted EBITDA margin remains at the high level of 57.2%, an improvement of 0.5 pt.
Adjusted earnings from operations (EBITA)(5) amounted to MAD 5,849 million, up 1,5% year-on-year. Adjusted EBITA margin improved by 0.7 pt to 39.7%.
During the first nine months of 2023, adjusted cash flows from operations (CFFO)(6) totaled MAD 4,527 million, down 17,0%.
Mobile
Unit9/30/20229/30/2023Change Customer base(8)(000)19,92519,9780.3%Prepaid(000)17,52117,492-0.2%Postpaid(000)2,4042,4863.4%Of which Internet 3G/4G+(9)(000)11,04111,8076.9%ARPU(10)(MAD/month)46.946.8-0.3%
At September 30, 2023, the Mobile customer base(8) totaled nearly 20.0 million customers, continuing to benefit from the strong momentum of the postpaid segment, which expanded by 3.4%.
Mobile revenues slightly decreased (-0.7%) versus the same period in 2022 to MAD 8,870 million.
ARPU(10) for the first nine months of 2023 amounted to MAD 46.8, almost stable compared with the same period in 2022.
Fixed-line and Internet
Unit9/30/20229/30/2023Change Fixed-line(000)1,9371,819-6.1%Broadband access(11)(000)1,7101,598-6.5%
The Fixed-line customer base stood at 1.8 million lines at end-September 2023. Growth in the FTTH customer base (+44%) largely offset the decline in the ADSL customer base.
Fixed-line and Internet activities generated revenues of MAD 7.2 billion, down slightly by 0.4% compared to 2022. Growth in Fixed-line Data (+5.5%) partially offset the decline in Voice.
International
Financial indicators
(IFRS in MAD millions)Q3 2022Q3 2023ChangeChange at constant exchange rates(1) 9M 20229M 2023ChangeChange at constant exchange rates(1)Revenues4,2484,4855.6%2.9% 12,80113,7657.5%3.1%Of which Mobile services3,9304,1295.1%2.3% 11,84412,7037.2%2.9%Adjusted EBITDA1,8701,9303.2%0.8%5,6786,0937.3%3.0% Margin (%)44.0%43.0%-1.0 pt-0.9 pt 44.4%44.3%-0.1 pt-0.1 ptAdjusted EBITA9941,0142.0%-0.1% 3,1083,3818.8%4.4% Margin (%)23.4%22.6%-0.8 pt-0.7 pt 24.3%24.6%0.3 pt0.3 ptCAPEX(2)1,1541,81957.7%52.6%3,1163,3367.1%2.8%Of which frequencies and licenses CAPEX/Revenues (excluding frequencies and licenses)27.2%40.6%13.4 pt13.1 pt 24.3%24.2%-0.1 pt-0.1 ptAdjusted CFFO567422-25.6%-25.2% 2,7042,649-2.0%-6.0%Net debt6,8928,86528.6%23.6%6,8928,86528.6%23.6%Net debt/EBITDA(3)0.9x1.1x 0.9x1.0x
The Group’s international revenues for the first nine months of 2023 were up 7.5% (+3.1% at constant exchange rates(1)) at MAD 13,765 million, thanks to a good momentum in Mobile Data up 27,4% (+22.3% at constant exchange rates(1)) and the performance of Mobile Money up 11,6% (+7.3% at constant exchange rates(1)). Excluding the reduction in call termination rates, subsidiaries’ revenues were up 3.5% at constant exchange rates(1).
Adjusted earnings from operations before depreciation and amortization (EBITDA) rose 7.3% (+3.0% at constant exchange rates(1)) to MAD 6,093 million, representing an adjusted EBITDA margin of 44.3%.
Adjusted earnings from operations (EBITA)(5) amounted to MAD 3,381 million, up 8.8% (+4.4% at constant exchange rates(1)), mainly due to the increase in adjusted EBITDA. This performance led to a slight 0.3 pt increase in adjusted EBITA margin to 24.6%.
Adjusted cash flows from operations (CFFO)(6) fell 2.0% (-6.0% at constant exchange rates(1)) to MAD 2,649 million, mainly due to the increase in investment.
Operating indicators
Unit 9/30/2022 9/30/2023 Change Mobile Customer base(8)(000)51,54851,145 Mauritania 2,6422,6420.0%Burkina Faso 11,02111,3392.9%Gabon 1,5361,486-3.2%Mali 9,1638,358-8.8%Côte d’Ivoire 10,5349,704-7.9%Benin 5,3715,4892.2%Togo 2,7712,8824.0%Niger 2,8493,0085.6%Central African Republic 2162306.3%Chad 5,4446,00710.3%Fixed Customer base (000)362383Mauritania 5638-32.8%Burkina Faso 7675-1.0%Gabon 395233.6%Mali 19121814.2%Fixed Broadband Base(11)(000)153189Mauritania 192214.8%Burkina Faso 162132.9%Gabon 354938.3%Mali 839716.6%
Notes:
(1) Constant MAD/ouguiya/CFA franc exchange rate.
(2) Capital expenditure corresponds to acquisitions of property, plant and equipment and intangible assets recognized during the period.
(3) The net debt/EBITDA ratio excludes the impact of IFRS 16, and takes into account the annualization of EBITDA.
(4) Maroc Telecom consolidates in its financial statements Casanet and the Moov Africa subsidiaries in Mauritania, Burkina Faso, Gabon, Mali, Côte d’Ivoire, Benin, Togo, Niger, Central African Republic and Chad.
(5) EBITA corresponds to operating profit before amortization of intangible assets related to business combinations, impairment of goodwill and other intangible assets related to business combinations and other income and expenses related to financial investment transactions and transactions with shareholders (except when they are recognized directly in equity).
(6) CFFO comprises the net cash flows from operating activities before taxes as presented in the cash flow statement, as well as dividends received from associates and non-consolidated equity interests. It also includes net capital expenditure, which corresponds to net cash outflows on acquisitions and disposals of property, plant and equipment and intangible assets.
(7) Borrowings and other current and non-current liabilities less cash (and cash equivalents) including cash blocked for bank loans.
(8) The active customer base consists of prepaid customers who have made or received a voice call (excluding calls from the public telecommunication network operator concerned or its Customer Relations Centers) or sent an SMS/MMS or who have used the Data services (excluding exchanges of technical data with the public telecommunication network operator concerned) in the past three months, and non-terminated postpaid customers.
(9) The active customer base of the 3G and 4G+ Mobile Internet includes holders of a postpaid subscription contract (whether or not coupled with a voice offer) and holders of a prepaid subscription to the Internet service who have carried out at least one recharge during the past three months or whose credit is valid and who have used the service during this period.
(10) ARPU (average revenues per user) is defined as revenues generated by incoming and outgoing calls and data services net of promotions, excluding roaming and equipment sales, divided by the average number of users in the period. This is the blended ARPU of the prepaid and postpaid segments.
(11) The broadband customer base includes ADSL, FTTH and leased connections and also includes CDMA in Mali.
Important Warning:
Forward-looking statements. This press release contains forward-looking statements and items of a forward-looking nature relating to the financial position, results of operations, strategy and outlook of Maroc Telecom and the impacts of certain operations. Although Maroc Telecom believes that these forward-looking statements are based on reasonable assumptions, they do not constitute guarantees as to the future performance of the company. Actual results may be very different from forward-looking statements due to a number of known or unknown risks and uncertainties, most of which are beyond our control, including the risks described in public documents filed by Maroc Telecom with the Moroccan Capital Market Authority (www.ammc.ma) and the French Financial Markets Authority (www.amf-france.org), also available in French on our website (www.iam.ma). This press release contains forward-looking information that can only be assessed on the day it is distributed. Maroc Telecom makes no commitment to supplement, update or modify these forward-looking statements due to new information, a future event or any other reason, subject to applicable regulations, in particular Articles 2.19 et seq. of the circular of the Moroccan Capital Market Authority and 223-1 et seq. of the General Regulation of the French Financial Markets Authority.
Maroc Telecom is a global telecommunications operator in Morocco, a leader in all its business segments, Fixed-line, Mobile and Internet. It has grown internationally and is now present in eleven countries in Africa. Maroc Telecom is listed simultaneously in Casablanca and Paris and its reference shareholders are the Société de Participation dans les Télécommunications (SPT)* (53%) and the Kingdom of Morocco (22%).
* SPT is a Moroccan company controlled by Etisalat.
ContactsInvestor relations
relations.investisseurs@iam.maPress relations
relations.presse@iam.ma
Appendix 1: Relationship between adjusted financial indicators and published financial indicators
Adjusted EBITDA, adjusted EBITA, Group share of adjusted net income and adjusted CFFO are not strictly accounting measures and should be considered as additional information. They better illustrate the Group’s performance by excluding exceptional items.
9M 20229M 2023(in MAD millions)MoroccoInternationalGroupMoroccoInternationalGroupAdjusted EBITDA8,3955,67814,0728,4356,09314,527Published EBITDA8,3955,67814,0728,4356,09314,527Adjusted EBITA5,7633,1088,8725,8493,3819,230ANRT decision-2,451 -2,451 Restructuring costs -2-2 Published EBITA3,3133,1066,4195,8493,3819,230Adjusted net income Group share 4,520 4,629ANRT decision -2,451 Restructuring costs -1 Income tax revision -67Earthquake fund donation -481Published net income Group share 2,068 4,081Adjusted CFFO5,4562,7048,1594,5272,6497,176Payment of license -26-26 Restructuring costs -2-2 ANRT decision-2,451 -2,451 Published CFFO3,0052,6755,6804,5272,6497,176
Appendix 2: Impact of the IFRS 16 norm
At the end of September 2023, the impacts of the IFRS 16 norm on the main indicators of the Maroc Telecom Group were as follows:
9M 20229M 2023(in MAD millions)MoroccoInternationalGroupMoroccoInternationalGroupAdjusted EBITDA193202395203235438Adjusted EBITA103242103747Adjusted net income Group share -6 -5Adjusted CFFO193202395203235438Net Debt 7336431,3757818451,627
Attachment
Maroc Telecom_PR-Q3 2023 Results
- Maroc Telecom FY2020 Consolidated Results
Feb 19, 2021
CONSOLIDATED RESULTS AT 31 DECEMBER 2020
Operating results in line with objectives thanks to strong performances at the subsidiaries:
8.1% growth of the Group's customer base, to nearly 73 million customers;Growth in the revenues of the Moov Africa subsidiaries (+1.4% on a like-for-like basis*), driven by Data Mobile and Mobile Money services;Sustained growth in Fixed Data in Morocco (+13.2%);Increased profitability with an adjusted EBITDA margin for the Group of 51.9%, an improvement of +0.7 pt on a like-for-like basis*.
Proposed dividend payment of MAD 3.5 billion, implying MAD 4.01 per share, representing a yield of 2.8%**.
Maroc Telecom Group outlook for 2021 at constant scope and exchange rates:
Decrease in revenues;Decrease in EBITDA;CAPEX of maximum 15% of revenues, excluding frequencies and licences.
To mark the publication of this press release, Mr Abdeslam Ahizoune, Chairman of the Management Board, stated:
« In 2020, the Maroc Telecom Group posted operating results in line with objectives. Thanks to ongoing efforts to control costs and multiple innovations, the Group has maintained its margins, demonstrating thus its resilience and its strong capacity to adapt to the conditions imposed by an unprecedented health and economic crisis.
In Morocco, despite the effects of this crisis and strong competitive pressure, the significant investments made in Broadband support its leadership and its position as forerunner operator. Internationally, the Group has chosen to bring together its subsidiaries in Africa, under a common “Moov Africa” visual identity, reflecting their good growth momentum .
The digitisation project launched by the Group continues and has proved its effectiveness in front of the constraints imposed by the pandemic. »
* The like-for-like basis illustrates the consolidation effects of Moov Africa Chad and the use of a constant exchange rate MAD/Ouguiya/Franc CFA
** Based on the share price of February,18th 2021 (MAD 145.30)
adjusted consolidated results* of the group
(IFRS in MAD million)Q4-2019Q4-2020ChangeChange on like-for-like basis(1)20192020ChangeChange on like-for-like basis(1)Revenues9,2099,271+0.7%+0.4%36,51736,769+0.7%-0.8%Adjusted EBITDA 4,5254,740+4.8%+4.6%18,92219,100+0.9%+0.5% Margin (%)49.1%51.1%+2.0 pt+2.1 pt51.8%51.9%+0.1 pt+0.7 ptAdjusted EBITA2,5522,886+13.1%+13.1%11,54011,598+0.5%+0.8% Margin (%)27.7%31.1%+3.4 pt+3.5 pt31.6%31.5%-0.1 pt+0.5 ptGroup share of adjusted Net Income -1,3821,475+6.7%+6.7%6,0296,001-0.5%-0.4% Margin (%)15.0%15.9%+0.9 pt+0.9 pt16.5%16.3%-0.2 pt+0.1 ptCAPEX(2)2,1841,417-35.1%-34.9%6,7883,448-49.2%-50.6%Of which frequencies and licences1021241,418135 CAPEX/revenues (excluding frequencies and licences)22.7%13.9%-8.7 pt-8.7 pt14.7%9.0%-5.7 pt-5.5 ptAdjusted CFFO4,1854,498+7.5%+7.4%13,35215,719+17.7%+17.8%Net debt17,35017,619+1.6%+2.4%17,35017,619+1.6%+2.4%Net debt/EBITDA(3)0.9x0.9x 0.9x0.8x
*The adjustments to the financial indicators are detailed in Appendix 1.
► Customer base
The Group's customer base grew by 8.1% in 2020, reaching nearly 73 million customers, due to the growth of the customer bases of the Moov Africa subsidiaries and Fixed in Morocco.
► Revenues
Maroc Telecom Group generated revenues(4) of MAD 36,769 million, up 0.7% (-0.8% on a like-for-like basis(1)). The increase in the revenues of the Moov Africa subsidiaries and Fixed Broadband in Morocco offsets the slowdown in Mobile activities in Morocco, heavily impacted by the competitive context.
In the fourth quarter alone and despite the decrease in Mobile call termination rates in Morocco in December 2020, the Group's revenues increased by 0.7% (+0.4% on a like-for-like basis(1)), thanks to the sustained increase in the activities of the Moov Africa subsidiaries and Fixed Broadband in Morocco.
► Earnings from operations before depreciation and amortization
At the end of December 2020, Maroc Telecom Group's adjusted earnings from operations before depreciation and amortization (EBITDA) reached MAD 19,100 million, up 0.9% (+0.5% on a like-for-like basis(1)). The adjusted EBITDA margin was 51.9%, up 0.1 pt (+0.7pt on a like-for-like basis(1)), thanks to rigorous cost management.
► Earnings from operations
At the end of 2020, Maroc Telecom Group’s adjusted earnings from operations (EBITA)(5) amounted to MAD 11,598 million, up 0.8% on a like-for-like basis(1), thanks to the increase in EBITDA. The adjusted EBITA margin stood at 31.5%, up 0.5 pt on a like-for-like basis(1).
► Group share of Net Income
The adjusted Group share of Net Income decreased slightly by 0.4% on a like-for-like basis(1).
► Investments
The capital expenditures(2) excluding frequencies and licenses, down 38.3% over one year, were adapted to the context of the health crisis and focused on meeting strong demand for Fixed Internet access, extensions of Data infrastructures, and quality of service. They represent 9.0% of revenues, a level in line with the objective announced for the year.
► Cash flow
Adjusted Cash Flow From Operations (CFFO)(6) improved by +17.8% on a like-for-like basis(1), reaching MAD 15,719 million mainly due to the decrease in investments.
At 31 December 2020, Maroc Telecom Group’s consolidated net debt(7) represented 0.8 times(3) the Group's annual EBITDA.
► Highlights of the fourth quarter
In Morocco, the ANRT is implementing a multi-annual framework for Mobile and Fixed termination rates, implying a 35% reduction in Mobile tariffs for Maroc Telecom vs. 25% for Orange and 22% for Inwi, maintaining asymmetry.
In Mauritania, Mauritel obtained a 4G licence for a total amount of MAD 124 million.
The new visual identity “Moov Africa” was launched on 1 January 2021. The ten subsidiaries of the Maroc Telecom Group (based in Mauritania, Burkina Faso, Gabon, Mali, Côte d'Ivoire, Benin, Togo, Niger, Central African Republic and Chad) are now united around a common visual identity.
► Dividend
At the General Meeting of Shareholders of 30 April 2021, the Supervisory Board of Maroc Telecom will propose the distribution of a dividend of MAD 4.01 per share, representing a total amount of MAD 3.5 billion.
► Maroc Telecom Group outlook for 2021 at constant scope and exchange rates:
Based on recent market developments and insofar as no new major exceptional event disrupts the Group's activity, Maroc Telecom forecasts for 2021, at constant scope and exchange rates:
Decrease in revenues;Decrease in EBITDA;CAPEX of maximum 15% of revenues, excluding frequencies and licences.
review of the Group's activities
The adjustments to the "Morocco" and "International" financial indicators are detailed in Appendix 1.
·Morocco
(IFRS in MAD million)Q4-2019Q4-2020 Change 2019 2020 Change Revenues5,3785,152-4.2%21,69020,881-3.7% Mobile3,5573,219-9.5%14,27613,351-6.5% Services3,5233,084-12.4%14,04613,009-7.4% Equipment35135ns230342+48.9% Fixed2,3062,424 +5.1%9,2619,517+2.8% Of which Fixed Data*886966+9.1%3,1863,608+13.2% Elimination and other income-485-491 -1,846-1,987 Adjusted EBITDA2,9482,979 +1.1%12,29411,950-2.8% Margin (%)54.8%57.8% +3.0 pt56.7%57.2%+0.5 ptAdjusted EBITA1,9172,024+5.6%8,2948,079-2.6% Margin (%)35.6%39.3%+3.6 pt38.2%38.7%+0.5 ptCAPEX(2)1,289584-54.7%3,0221,466-51.5% Of which frequencies and licences102 102 CAPEX/revenues (excluding frequencies and licences)22.1%11.3%-10.8 pt13.5%7.0%-6.4 ptAdjusted CFFO3,0003,246+8.2%9,42510,300+9.3%Net debt11,10111,515+3.7%11,10111,515+3.7%Net debt/EBITDA(3)0.9x0.9x0.8x0.9x
*Fixed Data includes the Internet, TV on ADSL and Data services to businesses
The Group's activities in Morocco generated revenues down 3.7% compared with 2019, affected in particular by the effects of the Covid-19 pandemic on Mobile activities and partially offset by the solid momentum of Fixed and Internet. This change was more marked in the fourth quarter of the year due in particular to the fall in national call termination prices, which has applied from December, 1st 2020.
At the end of 2020, the adjusted earnings from operations before depreciation and amortisation (EBITDA) amounted to MAD 11,950 million, down 2.8% compared with 2019. The adjusted EBITDA margin increased by 0.5 pt to a high level of 57.2%, thanks to the control of operating costs.
The adjusted earnings from operations (EBITA)(5) reached MAD 8,079 million, down 2.6%. It represents an adjusted margin rate of 38.7%, up 0.5 pt.
Adjusted Cash Flow From Operations (CFFO)(6) in Morocco increased by 9.3% to MAD 10,300 million due to efficient investment management adapted to the context of the crisis.
Mobile
Unit20192020Change Customer base(8)(000)20,05419,498-2.8%Prepaid(000)17,75217,181-3.2%Postpaid(000)2,3022,317+0.6%Of which Internet 3G/4G+(9)(000)11,78911,060-6.2%ARPU(10)(MAD/month)58.354.3-6.9%
At the end of 2020, the Mobile customer base(8) totaled 19.5 million customers, down 2.8% over one year.
Mobile revenues fell by 6.5% compared to the same period in 2019, to MAD 13,351 million impacted by the Covid-19 pandemic effects and the competitive context.
The 2020 combined ARPU(10) stood at MAD 54.3, down 6.9% over one year.
Fixed and Internet
Unit20192020Change Fixed lines(000)1,8822,008+6.6%Broadband Access(11)(000)1,5731,738+10.4%
The Fixed customer base maintained its good momentum and increased by 6.6% to 2 million lines. The Broadband customer base now has 1.7 million subscribers, up 10.4%.
The Fixed and Internet activities in Morocco continue to improve their performance and generate revenues of MAD 9,517 million, up 2.8% compared to 2019. This growth accelerated in the last three months of the year, thanks to the enthusiasm for the FTTH offers and the ADSL service.
International
Financial indicators
(IFRS in MAD million)Q4-2019Q4-2020ChangeChange on like-for-like basis(1)20192020ChangeChange on like-for-like basis(1)Revenues4,1024,367+6.4%+5.8%16,09516,883+4.9%+1.4% Of which mobile services3,7524,031+7.4%+6.8%14,69315,507+5.5%+1.7%Adjusted EBITDA1,5761,761+11.7%+11.2%6,6297,150+7.9%+6.5% Margin (%)38.4%40.3%+1.9 pt+2.0 pt41.2%42.4%+1.2 pt+2.0 ptAdjusted EBITA635861+35.7%+35.7%3,2463,520+8.4%+9.6% Margin (%)15.5%19.7%+4.3 pt+4.4 pt20.2%20.8%+0.7 pt+1.6 ptCAPEX(2)895832-7.0%-6.3%3,7661,982-47.4%-50.0%Of which frequencies and licences1241,316135 CAPEX/revenues (excluding frequencies and licences)21.9%16.2%-5.7 pt-5.6 pt15.2%10.9%-4.3 pt-3.8 ptAdjusted CFFO1,1851,252+5.7%+5.3%3,9275,419+38.0%+38.4%Net debt8,7487,517-14.1%-12.3%8,7487,517-14.1%-12.3%Net debt/EBITDA(3)1.3x1.0x 1.3x1.0x
The Group's international activities recorded revenues of MAD 16,883 million, up 1.4% on a like-for-like basis(1), explained by the recovery in post-lockdown activities and the growth in Data Mobile and Mobile Money services.
In 2020, the adjusted earnings from operations before depreciation and amortisation (EBITDA) amounted to MAD 7,150 million, up 7.9% (+6.5% on a like-for-like basis(1)). The adjusted EBITDA margin was 42.4%, up 1.2 pt (+2.0 pt on a like-for-like basis(1)). This performance comes from the improvement in the gross margin rate and rigorous cost management.
During the same period, the adjusted earnings from operations (EBITA)(5) improved by 8.4% (+9.6% on a like-for-like basis(1)) to MAD 3,520 million, thanks to the increase in EBITDA.
Adjusted Cash Flow From Operations (CFFO)(6) from international activities improved by +38.4% on a like-for-like basis(1) to MAD 5,419 million.
Operating indicators
Unit20192020 ChangeMobile Customer base(8)(000)43,53149,226 Mauritania 2,4702,641+6.9% Burkina Faso 8,5469,388+9.8% Gabon 1,6211,632+0.6% Mali 7,4479,684+30.0% Côte d’Ivoire 8,975 10,050+12.0% Benin 4,3774,682+6.9% Togo 3,0303,380 +11.6% Niger 2,9223,005+2.8% Central African Republic 168189+12.0% Chad 3,9754,577+15.2%Fixed-Line Customer Base (000)325337 Mauritania 5657+0.9% Burkina Faso 7575-0.3% Gabon 2225+13.9% Mali 171180+5.1%Fixed-Line Broadband Customer base(11)(000)116131 Mauritania 1018+82.7% Burkina Faso 1514-2.2% Gabon 1822+19.9% Mali 7377+5.2%
Notes:
(1) "Like-for-like" refers to the effects of consolidating Moov Africa Chad as if it had taken place on January 1, 2019, and an unchanged MAD/Ouguiya/CFA franc exchange rate.
(2) CAPEX corresponds to purchases of tangible and intangible assets recognized for the period.
(3) The ratio Net Debt/EBITDA excludes the impact of IFRS 16.
(4) Maroc Telecom consolidates in its financial statements Casanet and Moov Africa subsidiaries in Mauritania, Burkina Faso, Gabon, Mali, Côte d’Ivoire, Benin, Togo, Niger, Central African Republic and Chad since July 1, 2019.
(6) 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 accounted for by the equity method 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, 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 2.19 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.
ContactsInvestor relations
relations.investisseurs@iam.ma Press relations
relations.presse@iam.ma
Appendix 1: Transition from adjusted financial indicators to published financial indicators
Adjusted EBITDA, 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.
20192020(in MAD million)MoroccoInternationalGroupMoroccoInternationalGroupAdjusted EBITDA12,2946,62918,92211,9507,15019,100Exceptional items:Dispute resolution+420+420Published EBITDA12,2946,62918,92212,3707,15019,520Adjusted EBITA8,2943,24611,5408,0793,52011,598Exceptional items:
Dispute resolutionRestructuring costs-9-9Dispute resolution+420+420ANRT fine-3,300-3,300 Published EBITA4,9943,2378,2318,4993,52012,018Group share of adjusted Net Income 6,029 6,001Exceptional items:
Restructuring costs Restructuring costs-4 Dispute resolution +469COVID contributions -1,047ANRT fine-3,300 Published net income – Group share 2,726 5,423Adjusted CFFO9,4253,92713,35210,3005,41915,719Exceptional items:
Payment of licencesLicences Payment-102-1,835-1,937-143-143ANRT fine-3,300-3,300Published CFFO9,3242,09111,4157,0005,27712,276
2020 CFFO was marked by the disbursement of MAD 3,300 million linked to the full payment of the ANRT fine in Morocco as well as MAD 143 million for licences obtained in Mauritania, Gabon and Togo.
2019 CFFO included the payment of MAD 1,937 million corresponding to the licences obtained in Burkina Faso, Mali, Côte d’Ivoire and Togo as well as the widening of the bandwidth spectrum in Morocco.
Appendix 2: Impact of the adoption of IFRS 16
As at end-December 2020, the impacts of this standard on Maroc Telecom’s key indicators were as follows:
2020(in MAD million)MoroccoInternationalGroupAdjusted EBITDA +266+292+557Adjusted EBITA+33+29+62Group share of adjusted Net Income -17Adjusted CFFO+266+292+557Net Debt +838+801+1,639
Consolidated Statement of Financial Position
ASSETS (in MAD million)20192020Goodwill9,201 9,315 Other intangible assets8,808 8,120 Property, plant and equipment31,037 28,319 Right-of-use asset1,630 1,592 Equity affiliates0 Non-current financial assets470 654 Deferred tax assets339 580 Non-current assets 51,485 48,579 Inventories321 271 Trade and other receivables11,380 11,816 Short-term financial assets128 130 Cash and cash equivalents1,483 2,690 Assets available for sale54 54 Current assets 13,365 14,960 TOTAL ASSETS 64,851 63,540 LIABILITIES (in MAD million)20192020Share capital5,275 5,275 Consolidated reserves4,069 2,023 Consolidated net income for the period2,726 5,423 Shareholders’ equity – Group share12,069 12,721 Non-controlling interests3,934 3,968 Shareholder’s equity 16,003 16,688 Non-current provisions504 521 Borrowings and other long-term financial liabilities4,178 4,748 Deferred tax liabilities258 45 Other non-current liabilities0 Non-current liabilities 4,939 5,314 Trade payables23,794 24,007 Current tax liabilities733 671 Current provisions4,634 1,247 Borrowings and other short-term financial liabilities14,748 15,612 Current liabilities 43,908 41,538 TOTAL LIABILITIES 64,85163,540
Consolidated Income Statement
(In MAD million)20192020 Revenues 36,51736,769 Cost of purchases-5,670-5,416 Payroll costs-3,098-3,005 Taxes, royalties and dues-3,183-3,344 Other operating income and expenses-5,610-8,746 Net depreciation, amortization, and provisions-10,724-4,240 Earnings from operations8,23112,018 Other income and expenses from ordinary activities-11-1,513 Income from equity affiliates0 Income from ordinary activities 8,22010,505 Income from cash and cash equivalents217 Gross cost of financial debt-756-888 Net cost of financial debt-754-871 Other financial income and expenses-3826 Financial income-792-844 Income tax-3,830-3,372 Net Income3,5986,289 Translation difference resulting from foreign business activities-226134 Other comprehensive income and expenses43-14 Total comprehensive income for the period 3,4156,409 Net Income 3,5986,289 Earnings attributable to equity holders of the parents2,7265,423 Non-controlling interests873866 Earnings per share20192020 Net income attributable to equity holders of the parent (in MAD million)2,7265,423 Number of stocks at December 31879,095,340879,095,340 Net earnings per share (in MAD)3.106.17 Diluted net earnings per share (in MAD)3.106.17
Consolidated Cash Flow Statement
(In MAD million)20192020Earnings from operations8,23112,018Depreciation, amortization, and other restatements10,7212,719Gross cash flow from operating activities18,95214,738 Other changes in net working capital requirement419139 Net cash flow from operating activities before tax19,37214,877 Income tax paid-4,091-3,789 Net cash flow from operating activities (a)15,28111,088 Purchases of property, plant and equipment and intangible assets-7,949-4,141 Purchases of consolidated investments after acquired cash-1,096Increase in financial assets-73-249 Disposals of property, plant and equipment and intangible assets614Decrease in financial assets287144Dividends received from non-consolidated equity investments614Net cash flow used in investing activities (b)-8,819 -4,219 Capital increaseDividends paid to shareholders-6,003-4,870Dividends paid by subsidiaries to their non-controlling shareholders-838-855Changes in equity capital-6,841-5,725Proceeds from borrowings and increase in other long-term financial liabilities2,270 2,307 Proceeds from borrowings and increase in other short-term financial liabilities2,8601,167 Payments on borrowings and decrease in other short-term financial liabilities-4,548-2,687 Net interest paid-473 -626Other cash items relating to financing activities-13 -35Change in borrowings and other financial liabilities96125 Net cash flow used in financing activities (d)-6,744 -5,600 Translation adjustments and other non-cash items (g)65-62 Total cash flows (a)+(b)+(d)+(g)-2171,207 Cash and cash equivalents at beginning of period1,7001,483 Cash and cash equivalents at end of period1,4832,690
Attachment
Maroc Telecom_PR-FY2020_EN_VDEF
- Maroc Telecom : Communiqué établissant le bilan semestriel du contrat de liquidité et de régularisation de cours
Jan 6, 2021
Communiqué établissant le bilan semestriel
du contrat de liquidité à Paris
et du contrat de régularisation de cours à Casablanca
de la société Maroc Telecom
Contrat de liquidité à Paris
Au titre du contrat de liquidité confié par la société Maroc Telecom à Rothschild Martin Maurel, à la date du 31 décembre 2020, les moyens suivants figuraient au compte de liquidité :
·42 687 Titres
·4 596 618,00 €
Il est rappelé qu’au 30 juin 2020, les moyens suivants figuraient au compte de liquidité :
·30 045 Titres
·4 762 388,00 €
Contrat de régularisation de cours à Casablanca
Au titre du contrat de régularisation de cours à Casablanca confié par la société Maroc Telecom à Rothschild Martin Maurel, à la date du 31 décembre 2020, les moyens suivants figuraient au :
i) compte dédié à la poche de liquidité :
·3 500 Titres
·36 848 523,63 MAD
ii) compte de régularisation :
·10 000 Titres
·32 774 725,83 MAD
Il est rappelé qu’au 30 juin 2020, les moyens suivants figuraient au :
i) compte dédié à la poche de liquidité :
·3 000 Titres
·36 598 286,27 MAD
ii) compte de régularisation :
·5 000 Titres
·33 172 458,04 MAD
Itissalat Al Maghrib - Maroc Telecom : Société anonyme à Directoire et à Conseil de surveillance au capital de 5.274.572.040 Dh / RC 48947 Rabat – Patente 27603573 – IF 333 2162
Avenue Annakhil, Hay Riad Rabat Maroc
Tel + 212 (0) 537 71 21 21 / fax + 212 537 71 48 60
Pièce jointe
Communiqué établissant le bilan semestriel du contrat de liquidité et de régularisation_Décembre 2020
- Information mensuelle relative au nombre total de droits de vote et d’actions composant le capital social_Décembre 2020
Jan 4, 2021
Information mensuelle relative au nombre total de droits de vote
et d’actions composant le capital social
Au 31 décembre 2020
Article 223-16 du Règlement Général de l’Autorité des Marchés Financiers
Places de cotation :
- Bourse de Casablanca : Marché principal / MA 0000011488
- Euronext Paris : Eurolist (valeurs étrangères) / MA 0000011488
- LEI : 254900LH0G1ZIZ78Y462
Nombre total d’actions composant le capital socialNombre total de droit de vote
BrutNombre d’actions auto-détenues, privées de droits de voteNombre total de droit de vote
Net*Au 31/12/2020879 095 340879 095 34056 187879 039 153Au 30/11/2020879 095 340879 095 34053 692879 041 648Au 30/10/2020879 095 340879 095 34039 500879 055 840
- Présence dans les statuts de Maroc Telecom d’une clause imposant l’obligation de déclaration de franchissement de seuil complémentaire de celle relative aux seuils légaux : OUI
Avenue Annakhil, Hay Riad Rabat MAROC
Tel + 212 (0) 537 71 21 21 / fax + 212 537 71 48 60
Itissalat Al Maghrib - Maroc Telecom : Société anonyme à Directoire et à Conseil de surveillance au capital de 5.274.572.040 Dh / RC 48947 Rabat – Patente 27603573 – IF 333 2162
Pièce jointe
Information mensuelle relative au nombre de droits de vote et d actions composant le capital_Décembre 2020
- Maroc Telecom_Information mensuelle relative au nombre total de droits de vote et d'actions composant le capital social_Novembre 2020
Dec 9, 2020
Information mensuelle relative au nombre total de droits de vote
et d’actions composant le capital social
Au 30 novembre 2020
Article 223-16 du Règlement Général de l’Autorité des Marchés Financiers
Places de cotation :
- Bourse de Casablanca : Marché principal / MA 0000011488
- Euronext Paris : Eurolist (valeurs étrangères) / MA 0000011488
- LEI : 254900LH0G1ZIZ78Y462
Nombre total d’actions composant le capital socialNombre total de droit de vote
BrutNombre d’actions auto-détenues, privées de droits de voteNombre total de droit de vote
Net*AU 30/11/2020879 095 340879 095 34053 692879 041 648Au 30/10/2020879 095 340879 095 34039 500879 055 840Au 30/09/2020879 095 340879 095 34083 100879 012 240
- Présence dans les statuts de Maroc Telecom d’une clause imposant l’obligation de déclaration de franchissement de seuil complémentaire de celle relative aux seuils légaux : OUI
Avenue Annakhil, Hay Riad Rabat MAROC
Tel + 212 (0) 537 71 21 21 / fax + 212 537 71 48 60
Itissalat Al Maghrib - Maroc Telecom : Société anonyme à Directoire et à Conseil de surveillance au capital de 5.274.572.040 Dh / RC 48947 Rabat – Patente 27603573 – IF 333 2162
Pièce jointe
Information mensuelle relative au nombre de droits de vote et d actions composant le capital_Novembre 2020
- Maroc Telecom_Information mensuelle relative au nombre total de droits de vote et d'actions composant le capital social_Octobre 2020
Nov 3, 2020
Information mensuelle relative au nombre total de droits de vote
et d’actions composant le capital social
Au 30 octobre 2020
Article 223-16 du Règlement Général de l’Autorité des Marchés Financiers
Places de cotation :
- Bourse de Casablanca : Marché principal / MA 0000011488
- Euronext Paris : Eurolist (valeurs étrangères) / MA 0000011488
- LEI : 254900LH0G1ZIZ78Y462
Nombre total d’actions composant le capital socialNombre total de droit de vote
BrutNombre d’actions auto-détenues, privées de droits de voteNombre total de droit de vote
Net*Au 30/10/2020879 095 340879 095 34039 500879 055 840Au 30/09/2020879 095 340879 095 34083 100879 012 240Au 31/08/2020879 095 340879 095 34033 200879 062 140
- Présence dans les statuts de Maroc Telecom d’une clause imposant l’obligation de déclaration de franchissement de seuil complémentaire de celle relative aux seuils légaux : OUI
Avenue Annakhil, Hay Riad Rabat MAROC
Tel + 212 (0) 537 71 21 21 / fax + 212 537 71 48 60
Itissalat Al Maghrib - Maroc Telecom : Société anonyme à Directoire et à Conseil de surveillance au capital de 5.274.572.040 Dh / RC 48947 Rabat – Patente 27603573 – IF 333 2162
Pièce jointe
Information mensuelle relative au nombre de droits de vote et d actions composant le capital_Octobre 2020
- Maroc Telecom_Résultats consolidés au 30 septembre 2020
Oct 19, 2020
RÉSULTATS CONSOLIDÉS AU 30 SEPTEMBRE 2020
Des résultats résilients malgré le contexte difficile :
Augmentation de 4,3% du parc global du Groupe qui atteint 70,5 millions de clients ;Amélioration de 0,2 pt (à base comparable) du taux de marge d’EBITDA ajusté du Groupe qui atteint 52,2% en raison d’une bonne maîtrise des coûts ;Bonne résilience des activités à l’International grâce à la Data Mobile ;Poursuite de la croissance des activités Fixe au Maroc, portées par la croissance de la Data.
À l’occasion de la publication de ce communiqué, Monsieur Abdeslam Ahizoune, Président du Directoire, a déclaré :
« Dans ce contexte de crise sanitaire mondiale et de durcissement de la concurrence, la stratégie de diversification à l’international, initiée par Maroc Telecom depuis plusieurs années, démontre à nouveau son succès. Les actifs à l’international permettent en effet au Groupe d’améliorer sa résilience dans cette conjoncture difficile.
Maroc Telecom a également fait preuve d’une grande capacité d’adaptation pour faire face aux effets de la crise et ce à travers l’adoption, dès le début de la pandémie, de plans d’optimisation des coûts et d’une gestion optimisée des investissements.
Le Groupe poursuit par ailleurs la modernisation des infrastructures et des services afin d’offrir aux clients la meilleure qualité et la plus large couverture au niveau de tous les pays de présence. Maroc Telecom, opérateur engagé, se positionne comme un catalyseur de la digitalisation et de la lutte contre la fracture numérique. »
résultats consolidés ajustes* du groupe
(IFRS en millions MAD)T3-2019T3-2020VariationVariation à base comparable
(1)9M-20199M-2020VariationVariation à base comparable
(1) Chiffre d'affaires9 4659 174-3,1%-3,5%27 30827 498+0,7%-1,2% EBITDA ajusté4 9894 758-4,6%-5,0%14 39814 361-0,3%-0,8% Marge (%)52,7%51,9%-0,8 pt-0,8 pt52,7%52,2%-0,5 pt+0,2 pt EBITA ajusté3 1262 879-7,9%-8,1%8 9898 714-3,1%-2,6% Marge (%)33,0%31,4% -1,7 pt-1,6 pt32,9%31,7%-1,2 pt-0,5 ptRésultat Net ajusté - Part du Groupe1 6251 520-6,5%-6,3%4 6474 526-2,6%-1,4% Marge (%)17,2%16,6%-0,6 pt-0,5 pt17,0%16,5%-0,6 pt-0,0 pt CAPEX(2)1 377846-38,6%-38,8%4 6052 032-55,9%-57,8% Dont fréquences et licences11 1 32111 CAPEX/CA (hors fréquences et licences)14,6%9,1%-5,5 pt-5,5 pt12,0%7,3%-4,7 pt-4,7 ptCFFO ajusté3 4384 121+19,9%+19,5%9 16611 221+22,4%+21,2%Dette Nette20 18820 809+3,1%+2,8%20 18820 809+3,1%+2,8%Dette Nette/EBITDA(3)1,0x1,0x1,1x1,0x
*Les ajustements des indicateurs financiers sont détaillés dans l’annexe 1.
► Parc
Le parc du Groupe continue de croître (+4,3% sur un an), pour atteindre 70,5 millions à fin septembre 2020, tiré par la hausse du parc des filiales (+7,3%), du parc Fixe (+6,7%) et Haut Débit Fixe (+10,4%) au Maroc.
► Chiffre d’affaires
Durant les neuf premiers mois de l’année 2020, le Groupe Maroc Telecom a réalisé un chiffre d’affaires(4) de 27 498 millions de dirhams, en hausse de 0,7% (-1,2% à base comparable (1)). La bonne résilience des activités à l’International compense partiellement le retrait du chiffre d’affaires au Maroc pénalisé par les effets de la crise sanitaire liée à la Covid19.
► Résultat opérationnel avant amortissement
Le résultat opérationnel avant amortissements (EBITDA) ajusté du Groupe Maroc Telecom atteint 14 361 millions de dirhams, à fin septembre 2020, en légère baisse de 0,3% (-0,8% à base comparable(1)) grâce à la progression de 6,7% (+5,0% à base comparable(1)) de l’EBITDA ajusté des activités à l’International qui compense en partie la baisse de l’EBITDA ajusté au Maroc. Le taux de marge d’EBITDA ajusté progresse de 0,2 pt à base comparable(1), pour s’établir à 52,2%.
► Résultat opérationnel
Au terme des neuf premiers mois de 2020, le résultat opérationnel (EBITA)(5) ajusté du Groupe Maroc Telecom s’établit à 8 714 millions de dirhams, en baisse de 3,1% (-2,6% à base comparable(1)) du fait de la hausse des amortissements.
► Résultat Net - Part du Groupe
Le Résultat Net ajusté Part du Groupe ressort à 4 526 millions de dirhams, en retrait de 2,6% (- 1,4% à base comparable (1)).
► Investissements
En raison d’une gestion efficace des investissements (2), adaptée au contexte de la crise actuelle, les Capex (hors fréquences et licences) ressortent en baisse de 38,5% à fin septembre 2020.
► Cash Flow
Les flux nets de trésorerie opérationnels (CFFO)(6) ajustés s’élèvent à 11 221 millions de dirhams, en hausse de 22,4% (+21,2% à base comparable(1)) du fait de la baisse des Capex.
À fin septembre 2020, la dette nette(7) consolidée du Groupe représente 1,0x fois son EBITDA annualisé(3).
revue des activités du groupe
Les ajustements des indicateurs financiers « Maroc » et « International » sont détaillés dans l’annexe 1.
·Maroc
(IFRS en millions MAD)T3-2019T3-2020 Variation 9M-2019 9M-2020 Variation Chiffre d'affaires5 5995 205-7,0%16 31215 729-3,6% Mobile3 7603 354-10,8%10 71910 132-5,5% Services3 7293 288-11,8%10 5239 925-5,7% Équipement3165ns195207+6,2% Fixe2 2982 367+3,0%6 9557 093+2,0% Dont Data Fixe*762901+18,2%2 3002 641+14,8% Élimination et autres revenus-458-515- 1 361-1 496 EBITDA ajusté3 2092 991 -6,8%9 3458 971-4,0% Marge (%)57,3%57,5%+0,2 pt57,3%57,0%-0,3 ptEBITA ajusté2 2072 019-8,5%6 3776 056-5,0% Marge (%)39,4%38,8%-0,6 pt 39,1%38,5%-0,6 pt CAPEX(2)856318-62,9%1 733882-49,1% Dont fréquences et licences CAPEX/CA (hors fréquences et licences) 15,3%6,1% -9,2 pt 10,6%5,6%-5,0 ptCFFO ajusté2 6062 797+7,3%6 4247 054+9,8%Dette Nette13 73914 314+4,2%13 73914 314+4,2%Dette Nette/EBITDA(3)1,1x1,0x 1,1x1,1x
*La Data Fixe regroupe l’Internet, la TV sur ADSL et les services Data aux entreprises
Les revenus des activités au Maroc s’établissent à 15 729 millions de dirhams sur les neuf premiers mois de l’année 2020, en baisse de 3,6% du fait du recul du chiffre d’affaires Mobile. Privé de revenus importants liés au tourisme et aux MRE, le segment Mobile continue de subir les effets de la crise du Covid-19 notamment sur l’entrant international et le roaming. Cette baisse est atténuée par la hausse du chiffre d’affaire Fixe qui augmente de 2,0% sur les neuf mois (+3,0% sur le seul troisième trimestre 2020).
Sur la même période, le résultat opérationnel avant amortissement (EBITDA) ajusté se contracte de 4,0% par rapport à l’an dernier, à 8 971 millions de dirhams. Le taux de marge d’EBITDA ajusté s’élève à 57,0%, en légère baisse de 0,3 pt.
Le résultat opérationnel (EBITA)(5) ajusté atteint 6 056 millions de dirhams, en baisse de 5,0% sur une année, du fait de la baisse de l’EBITDA ajusté. Le taux de marge d’EBITA ajusté s’établit à 38,5%, en retrait de 0,6 pt.
Les flux nets de trésorerie opérationnels (CFFO)(6) ajustés au Maroc sont en hausse de 9,8%.
Mobile
Unité9M-20199M-2020Variation Parc(8)(000)20 28119 711-2,8%Prépayé(000)18 03117 393-3,5%Postpayé(000)2 2502 318+3,0%Dont Internet 3G/4G+(9)(000)12 32811 335-8,1%ARPU(10)(MAD/mois)58,755,1-6,1%
Au 30 septembre 2020, le parc(8) Mobile s’élève à 19,7 millions de clients, en contraction de 2,8% sur une année.
Les effets de la crise sanitaire exercent une pression importante sur les activités Mobile qui enregistrent un chiffre d’affaires en baisse de 5,5%, pour s’établir à 10 132 millions de dirhams.
Au terme des neuf premiers mois de 2020, l’ARPU(10) mixte s’élève à 55,1 dirhams, en retrait de 6,1% sur un an.
Fixe et Internet
Unité9M-20199M-2020Variation Lignes Fixe(000)1 8651 991+6,7%Accès Haut Débit(11)(000)1 5481 709+10,4%
À fin septembre 2020, le parc Fixe s’améliore de 6,7% sur un an, à près de 2 millions de lignes. Le parc Haut Débit progresse de 10,4%, pour atteindre 1,7 million d’abonnés.
Les activités Fixe et Internet au Maroc réalisent un chiffre d’affaires de 7 093 millions de dirhams, en hausse de 2,0% par rapport à la même période de 2019, portées par la Data Fixe.
International
Indicateurs financiers
(IFRS en millions MAD)T3-2019T3-2020VariationVariation à base comparable
(1)9M-20199M-2020VariationVariation à base comparable
(1) Chiffre d'affaires4 1694 199 +0,7%-0,3%11 99312 517 +4,4%-0,1% Dont services Mobile3 8233 881 +1,5%+0,5%10 94111 476 +4,9%+0,0% EBITDA ajusté1 7791 767-0,7%-1,6%5 0525 389+6,7%+5,0% Marge (%)42,7%42,1%-0,6 pt -0,6 pt 42,1%43,1%+0,9 pt+2,1 ptEBITA ajusté920860-6,4%-7,0%2 6122 658+1,8%+3,2% Marge (%)22,1%20,5%-1,6 pt-1,5 pt 21,8%21,2%-0,5 pt+0,7 pt CAPEX(2)521527+1,2%+0,6%2 8721 149-60,0%-62,7%Dont fréquences et licences 111 32111 CAPEX/CA (hors fréquences et licences)12,6%12,3%-0,3 pt-0,3 pt 12,9%9,1%-3,8 pt-3,2 ptCFFO ajusté8321 324+59,0%+57,5%2 7424 167+52,0%+46,9%Dette Nette9 3137 948-14,7%-15,2%9 3137 948-14,7%-15,2%Dette Nette/EBITDA(3)1,3x1,1x 1,4x1,0x
En dépit d’un contexte particulièrement difficile marqué par les effets de l’épidémie de Covid-19, les troubles sociopolitiques et économiques au Mali et les fortes pluies au niveau de certaines régions, les activités du Groupe à l’International continuent de faire preuve de résilience et génèrent un chiffre d’affaires quasiment stable à fin septembre 2020 (-0,1% à base comparable(1)) et +4,4% à variation courante par rapport à 2019. La Data Mobile continue de soutenir les activités.
Le résultat opérationnel avant amortissements ajusté (EBITDA) des neuf premiers mois de l’année 2020 s’élève à 5 389 millions de dirhams, en progression de 6,7% (+5,0% à base comparable(1)). Le taux de marge d’EBITDA ajusté est en hausse de 0,9 pt (+2,1 pt à base comparable(1)). Cette performance est liée essentiellement à l’amélioration du taux de marge brute et aux efforts continus d’optimisation des coûts opérationnels.
Le résultat opérationnel (EBITA)(5) ajusté s’améliore de 1,8% (+3,2% à base comparable(1)), pour s’établir à 2 658 millions de dirhams, représentant une amélioration de 0,7 pt du taux de marge ajusté à base comparable.
Avec une hausse de l’EBITDA et une optimisation des investissements, les flux nets de trésorerie opérationnels (CFFO)(6) ajustés progressent de 52,0% (+46,9% à base comparable(1)) pour atteindre 4 167 millions de dirhams.
Indicateurs opérationnels
Unité9M-20199M-2020 VariationMobile Parc(8)(000)43 435 46 606 Mauritanie 2 4402 572+5,4% Burkina Faso 8 2949 087+9,6% Gabon 1 6011 562-2,4% Mali 7 3958 572+15,9% Côte d’Ivoire 9 0309 703+7,5% Bénin 4 5494 541-0,2% Togo 3 6893 190-13,5% Niger 2 8462 888+1,5% Centrafrique 160185+15,8% Tchad 3 4314 306+25,5%Fixe Parc (000)324 335 Mauritanie 5658+2,9% Burkina Faso 7774-3,0% Gabon 2225+13,0% Mali 169178+5,0%Haut Débit Fixe Parc (11)(000)114 129 Mauritanie 1018+78,6% Burkina Faso 1514-6,0% Gabon 1821+17,6% Mali 7276+5,8%
Notes :
(1) La base comparable illustre les effets de consolidation de Tigo Tchad comme si elle était effectivement produite le 1er janvier 2019 et le maintien d’un taux de change constant MAD/Ouguiya/ Franc CFA.
(2) Les CAPEX correspondent aux acquisitions d’immobilisations corporelles et incorporelles comptabilisées sur la période.
(3) Le ratio dette nette/EBITDA exclut l’impact de la norme IFRS16.
(4) Maroc Telecom consolide dans ses comptes les sociétés Mauritel, Onatel, Gabon Télécom, Sotelma, Casanet, AT Côte d’Ivoire, Etisalat Bénin, AT Togo, AT Niger, AT Centrafrique, et Tigo Tchad depuis le 1er juillet 2019.
(5) L’EBITA correspond au résultat opérationnel avant les amortissements des actifs incorporels liés aux regroupements d’entreprises, les dépréciations des écarts d’acquisition et autres actifs incorporels liés aux regroupements d’entreprises et les autres produits et charges liés aux opérations d’investissements financiers et aux opérations avec les actionnaires (sauf lorsqu’elles sont directement comptabilisées en capitaux propres).
(6) Le CFFO comprend les flux nets de trésorerie provenant des activités d’exploitation avant impôts, tels que présentés dans le tableau des flux de trésorerie, ainsi que les dividendes reçus des sociétés mises en équivalence et des participations non consolidées. Il comprend aussi les investissements industriels nets, qui correspondent aux sorties nettes de trésorerie liée aux acquisitions et cessions d’immobilisations corporelles et incorporelles.
(7) Emprunts et autres passifs courants et non courants moins Trésorerie (et équivalents de trésorerie) y compris le cash bloqué pour emprunts bancaires.
(8) Le parc actif est constitué des clients prépayés, ayant émis ou reçu un appel voix (hors appel en provenance de l’ERPT concerné ou de ses Centres de Relations Clients) ou émis un SMS/MMS ou ayant fait usage des services Data (hors échanges de données techniques avec le réseau de l’ERPT concerné) durant les trois derniers mois, et des clients postpayés non résiliés.
(9) Le parc actif de l’Internet Mobile 3G et 4G+ inclut les détenteurs d’un contrat d’abonnement postpayé (couplé ou non avec une offre voix) et les détenteurs d’une souscription de type prépayé au service Internet ayant effectué au moins une recharge durant les trois derniers mois ou dont le crédit est valide et qui ont utilisé le service durant cette période.
(10) L’ARPU se définit comme le chiffre d’affaires (généré par les appels entrants et sortants et par les services de données) net des promotions, hors roaming et ventes d’équipement, divisé par le parc moyen de la période. Il s’agit ici de l’ARPU mixte des segments prépayé et postpayé.
(11) Le parc haut débit inclut les accès ADSL, FTTH et les liaisons louées et inclut également le parc CDMA en Mauritanie, Burkina Faso et Mali.
Avertissement Important :
Déclarations prospectives. Le présent communiqué de presse contient des déclarations et éléments de nature prévisionnelle relatifs à la situation financière, aux résultats des opérations, à la stratégie et aux perspectives de Maroc Telecom ainsi qu’aux impacts de certaines opérations. Même si Maroc Telecom estime que ces déclarations prospectives reposent sur des hypothèses raisonnables, elles ne constituent pas des garanties quant à la performance future de la société. Les résultats effectifs peuvent être très différents des déclarations prospectives en raison d'un certain nombre de risques et d'incertitudes connus ou inconnus, dont la plupart sont hors de notre contrôle, notamment les risques décrits dans les documents publics déposés par Maroc Telecom auprès de l’Autorité Marocaine du marché des capitaux (www.ammc.ma) et de l'Autorité des Marchés Financiers (www.amf-france.org), également disponibles en langue française sur notre site (www.iam.ma). Le présent communiqué de presse contient des informations prospectives qui ne peuvent s'apprécier qu'au jour de sa diffusion. Maroc Telecom ne prend aucun engagement de compléter, mettre à jour ou modifier ces déclarations prospectives en raison d’une information nouvelle, d’un évènement futur ou de tout autre raison, sous réserve de la réglementation applicable notamment les articles 2.31 et suivants de la circulaire de l’autorité marocaine du marché des capitaux et 223-1 et suivants du règlement général de l’Autorité des Marchés Financiers.
Maroc Telecom est un opérateur global de télécommunications au Maroc, leader sur l’ensemble de ses segments d’activités, Fixe, Mobile et Internet. Il s’est développé à l’international et est aujourd’hui présent dans onze pays en Afrique. Maroc Telecom est coté simultanément à Casablanca et à Paris et ses actionnaires de référence sont la Société de Participation dans les Télécommunications (SPT)* (53%) et le Royaume du Maroc (22%).
* SPT est une société de droit marocain contrôlée par Etisalat.
ContactsRelations investisseurs
relations.investisseurs@iam.ma Relations presse
relations.presse@iam.ma
Annexe 1 : Passage des indicateurs financiers ajustés aux indicateurs financiers publiés
L’EBITDA ajusté, l’EBITA ajusté, le Résultat Net ajusté part du Groupe et le CFFO ajusté, sont des mesures à caractère non strictement comptable et doivent être considérés comme des informations complémentaires. Ils illustrent mieux les performances du Groupe en excluant les éléments exceptionnels.
9M - 20199M - 2020(en millions MAD)MarocInternationalGroupeMarocInternationalGroupeEBITDA ajusté9 3455 05214 3988 9715 38914 361Résolution de litiges+420 +420EBITDA publié9 3455 05214 3989 3915 38914 780EBITA ajusté6 3772 6128 9896 0562 6588 714Résolution de litiges+420 +420EBITA publié6 3772 6128 9896 4762 6589 134Résultat Net ajusté – Part du Groupe 4 647 4 526Résolution de litiges +469Contributions Covid 19 -1 038Résultat Net publié – Part du Groupe 4 6473 958CFFO ajusté6 4242 7429 1667 0544 16711 221Paiement des licences -1 833-1 833 -118-118Amende ANRT -3 300 -3 300CFFO publié6 4249087 3333 7544 0497 803
Les neuf premiers de l’année 2020 ont été marqués par le décaissement de 3 300 millions de dirhams lié au paiement intégral de l’amende de l’ANRT au Maroc, le paiement de la dernière tranche de la licence (extension à la 4G) au Togo et les fréquences au Gabon pour un montant de 118 millions de dirhams.
Les neuf premiers mois de l’année précédente intégraient le paiement de 1 833 millions de dirhams au titre des licences obtenues au Burkina Faso, au Mali, en Côte d’Ivoire et au Togo.
Annexe 2 : Impact norme IFRS 16
À fin septembre 2020, les impacts de l'application de la norme IFRS16 sur les principaux indicateurs de Maroc Telecom se présentent comme suit :
9M- 2020(en millions MAD)MarocInternationalGroupeEBITDA ajusté+201+212+413EBITA ajusté+29+30+59Résultat Net ajusté Part du Groupe -5 CFFO ajusté+201+212+413Dette nette +862+776+1 638
Pièce jointe
Maroc Telecom_CP-Résultats T3 2020.pdf
- Maroc Telecom_Information mensuelle relative au nombre total de droits de vote et d'actions composant le capital_Septembre 2020
Oct 5, 2020
Information mensuelle relative au nombre total de droits de vote
et d’actions composant le capital social
Au 30 septembre 2020
Article 223-16 du Règlement Général de l’Autorité des Marchés Financiers
Places de cotation :
- Bourse de Casablanca : Marché principal / MA 0000011488
- Euronext Paris : Eurolist (valeurs étrangères) / MA 0000011488
- LEI : 254900LH0G1ZIZ78Y462
Nombre total d’actions composant le capital socialNombre total de droit de vote
BrutNombre d’actions auto-détenues, privées de droits de voteNombre total de droit de vote
Net*Au 30/09/2020879 095 340879 095 34083 100879 012 240Au 31/08/2020879 095 340879 095 34033 200879 062 140Au 31/07/2020879 095 340879 095 34029 409879 065 931
- Présence dans les statuts de Maroc Telecom d’une clause imposant l’obligation de déclaration de franchissement de seuil complémentaire de celle relative aux seuils légaux : OUI
Avenue Annakhil, Hay Riad Rabat MAROC
Tel + 212 (0) 537 71 21 21 / fax + 212 537 71 48 60
Itissalat Al Maghrib - Maroc Telecom : Société anonyme à Directoire et à Conseil de surveillance au capital de 5.274.572.040 Dh / RC 48947 Rabat – Patente 27603573 – IF 333 2162
Pièce jointe
Information mensuelle relative au nombre de droits de vote et d actions composant le capital_Septembre 2020.doc
- Maroc Telecom : Informaton mensuelle relative au nombre total de droits de vote et d'actions composant le capital social_Août 2020
Sep 7, 2020
Information mensuelle relative au nombre total de droits de vote
et d’actions composant le capital social
Au 31 août 2020
Article 223-16 du Règlement Général de l’Autorité des Marchés Financiers
Places de cotation :
- Bourse de Casablanca : Marché principal / MA 0000011488
- Euronext Paris : Eurolist (valeurs étrangères) / MA 0000011488
- LEI : 254900LH0G1ZIZ78Y462
Nombre total d’actions composant le capital socialNombre total de droit de vote
BrutNombre d’actions auto-détenues, privées de droits de voteNombre total de droit de vote
Net*Au 31/08/2020879 095 340879 095 34033 200879 062 140Au 31/07/2020879 095 340879 095 34029 409879 065 931Au 30/06/2020879 095 340879 095 34038 045879 057 295
- Présence dans les statuts de Maroc Telecom d’une clause imposant l’obligation de déclaration de franchissement de seuil complémentaire de celle relative aux seuils légaux : OUI
Avenue Annakhil, Hay Riad Rabat MAROC
Tel + 212 (0) 537 71 21 21 / fax + 212 537 71 48 60
Itissalat Al Maghrib - Maroc Telecom : Société anonyme à Directoire et à Conseil de surveillance au capital de 5.274.572.040 Dh / RC 48947 Rabat – Patente 27603573 – IF 333 2162
Pièce jointe
Information mensuelle relative au nombre de droits de vote et d actions composant le capital_Août 2020
