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Universal Registration Document Un monde nouveau vous appelle 2019 UNIVERSAL REGISTRATION DOCUMENT (New version of the Registration Document) including the annual financial report CONTENTS GROUP OVERVIEW 05 MESSAGE 1 FROM THE 1.1 Maroc Telecom in brief 06 CHAIRMAN 1.2 2019 Highlights 08 OF THE 1.3 2019 Key figures 12 MANAGEMENT 1.4 Group outlook and strategy 14 BOARD 02 CORPORATE 2 RISK FACTORS AND OPERATIONAL GOVERNANCE 03 CONTROL FRAMEWORK 17 2.1 Risk factors 18 2.2 Operational control framework 29 3 INFORMATION ABOUT THE COMPANY 35 3.1 Person responsible for the Universal Registration Document and for the audit of the financial statements 36 3.2 Information about the Company and corporate governance 38 4 DESCRIPTION OF THE GROUP, BUSINESS OPERATIONS AND LEGAL AND ARBITRATION PROCEEDINGS 79 4.1 Description of the Group 80 4.2 Description of operations 91 4.3 Legal and arbitration proceedings 132 5 FINANCIAL REPORT 135 5.1 Consolidated results of the past three years 136 5.2 Overview 138 5.3 Consolidated financial statements at December 31 2017, 2018 and 2019 148 5.4 Statutory financial statements 191 5.5 Statutory auditor’s special report 214 6 RECENT DEVELOPMENTS 223 Ordinary general meeting of April 29, 2020 224 ANRT decision 224 Withdrawal of Inwi lawsuit 224 Covid-19 impact 225 7 NOTES TO THE FINANCIAL STATEMENTS 227 Cross-reference table 228 Cross-reference table for the annual fi nancial report 230 2019 annual information document 230 Fees paid to the Statutory auditors 231 Glossary 236 2019 UNIVERSAL REGISTRATION DOCUMENT (New version of the Registration Document ) including the annual financial report This Universal Registration Document was submitted on April 27 , 2020 to the AMF in its capacity as the French fi nancial regulator under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of said regulation. The Universal Registration Document may be used when stocks and shares are sold to the public or listed on a regulated market if it is accompanied by a securities Note and, where applicable, a summary as well as any supplements to the Universal Registration Document. Once approved by the AMF under Regulation (EU) 2017/1129, these documents constitute a prospectus. MAROC TELECOM - 2019 UNIVERSAL REGISTRATION DOCUMENT 01 MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD ABDESLAM AHIZOUNE In 2019, the Maroc The Group’s involvement in the Telecom Group continued its service of communities goes beyond drive to improve its operational telecommunications. Maroc Telecom and performance, confirming the its subsidiaries are working actively to appropriateness of our strategy, fi nd the right balance between economic which is based on investing in next- competitiveness, social development generation technologies and designing and respect for the environment. Along innovative off ers that are tailored to our with the thousands of direct and indirect customers ’ expectations and accessible to jobs created, the Maroc Telecom Group is as many people as possible. strengthening its commitment to those working on educational, humanitarian, ◆ 2019 was marked by new progress in all Maroc Telecom cultural, sports and environmental aspects of the digital transformation of the issues. This is the approach of a socially and its subsidiaries Group, which continues to work towards responsible company which is committed are actively improving the customer experience and the to fully contributing to bridging the digital working environment of our employees. divide and value creation. working to fi nd Our customers are now able to perform, the right balance remotely and at any time, all transactions relating to their Mobile, Fixed or Internet between economic lines. The working environment is changing as a result of the simplifi cation of processes competitiveness, and more collaborative ways of working. social development and respect for the environment .◆ 02 MAROC TELECOM - 2019 UNIVERSAL REGISTRATION DOCUMENT CORPORATE GOVERNANCE MANAGEMENT BOARD ♦ Abdelkader MAAMAR, ♦ Abdeslam AHIZOUNE, ♦ François VITTE, Managing Director Chairman of the Managing Director Services Management Board Administration & Finance (CFO) ♦ Brahim BOUDAOUD, ♦ Hassan RACHAD, Managing Director, Managing Director Legal and Regulatory Networks and Systems Aff airs Maroc Telecom also has eight regional offi ces which report to the Chairman of the Management Board. SUPERVISORY BOARD CHAIRMAN DEPUTY CHAIRMAN ♦ Mohamed BENCHÂABOUN, ♦ Obaid BIN HAMAID AL TAYER, Minister of Economy and of Finance Chairman of the Board of Etisalat Group MEMBERS ♦ Abdelouafi LAFTIT, ♦ Saleh AL ABDOOLI, Minister of the Interior Managing Director of Etisalat Group ♦ Abderrahmane SEMMAR, ♦ Mohamed Saif AL SUWAIDI, Manager of the Department in charge of State Owned Managing Director of Abu Dhabi Fund for Development Enterprises and Privatization at the Ministry of Economy ♦ Hatem DOWIDAR, and Finance Managing Director of Etisalat International ♦ Mohamed HADI AL HUSSAINI, ♦ Serkan OKANDAN, Board member of Etisalat Group Chief Financial Officer of Etisalat Group MAROC TELECOM - 2019 UNIVERSAL REGISTRATION DOCUMENT 03 Un monde nouveau vous appelle 04 MAROC TELECOM - 2019 UNIVERSAL REGISTRATION DOCUMENT 1 1.1 Maroc Telecom in brief 06 GROUP 1.2 2019 Highlights 08 OVERVIEW 1.3 2019 Key fi gures 12 1.4 Group outlook and strategy 14 1.4.1 Moroccan telecom market outlook and Maroc Telecom’s business strategy 14 1.4.2 International outlook and strategy of Maroc Telecom’s sub-Saharan subsidiaries 15 1.4.3 Maroc Telecom’s sustainable development strategy 15 MAROC TELECOM - 2019 UNIVERSAL REGISTRATION DOCUMENT 05 GROUP OVERVIEW 1 MAROC TELECOM IN BRIEF 1.1 • Maroc Telecom in brief A major player in the economic and social development of 11 African countries Morocco 100% 100% Niger CASANET MAROC MAROC AT NIGER TELECOM TELECOM Chad Mauritania 51.5% 100% MAROC TIGO CHAD MAURITEL MAROC TELECOM* TELECOM Mali 51% SOTELMA MAROC TELECOM 61% Burkina Faso MAROC ONATEL TELECOM Côte d’Ivoire 85% AT CÔTE D’IVOIRE MAROC TELECOM 100% Central African Republic MAROC AT CENTRAFRIQUE TELECOM Togo 95% AT TOGO MAROC TELECOM 51% Gabon MAROC GABON TELECOM 100% TELECOM Bénin MAROC ETISALAT BÉNIN TELECOM * 51.527% controlled via CMC, a Mauritanian company. HISTORICAL Maroc Telecom is the incumbent telecommunications operator in the Kingdom of Morocco. It operates in the Fixed-Line telephony, Mobile telephony and Internet segments. 1984 1998 2001 2004 2006 2007 Creation Creation Acquisition of 54% IPO Acquisition Acquisition of 51% of the ONPT of Maroc Telecom SA. of Mauritel SA. in Casablanca of a 51% of Gabon Telecom (National Postal and and Paris Stock stake Telecommunications Exchanges in Onatel Office) Promulgation of Law Vivendi’s entry into Disposal of 4% of the capital 24-96 and the Maroc Telecom’s of Maroc Telecom by the implementing decrees capital. Kingdom of Morocco on the relating to Casablanca Stock Exchange telecommunications. 06 MAROC TELECOM - 2019 UNIVERSAL REGISTRATION DOCUMENT GROUP OVERVIEW MAROC TELECOM IN BRIEF 1 CONSOLIDATED REVENUES OF MAD 36.5 BILLION GROUP EBITDA* MARGIN OF 51.8% OF REVENUE GROUP CAPITAL EXPENDITURE OF Excluding the impact of ANRT MAD 6.8 BILLION decision, Maroc Telecom Group improves its performance and increases profi ts beyond its annual 10,422 objectives GROUP EMPLOYEES ADJUSTED NET INCOME ** GROUP SHARE OF MAD 6 BILLION NEARLY 68 MILLION CUSTOMERS * The defi nition of EBITDA is detailed in section 5.2 . ** Net income adjustements are defi ned in the table on page 144 . 2009 2014 2015 2016 2018 2019 Acquisition Etisalat Acquisition of Etisalat’s Merger Acquisition Acquisition of a 51% stake acquires a stake six African subsidiaries of Gabon Telecom of a 10% stake of Tigo Chad. in Sotelma. in Maroc Telecom. in Benin, Côte d’Ivoire, and Moov Gabon in ONATEL S.A. Gabon, Niger, The Central on the BRVM Disposal of 8% of the African Republic (west African government's stake and Togo. regional stock in Maroc Telecom's exchange capital share. in Abidjan) Liquidation of the Prestige Telecom subsidiary. MAROC TELECOM - 2019 UNIVERSAL REGISTRATION DOCUMENT 07 GROUP OVERVIEW 1 2019 HIGHLIGHTS 1.2 • 2019 Highlights Un monde nouveau vous appelle JANUARY 2019 FEBRUARY 2019 ♦ In Morocco, ANRT launched a study ♦ In Morocco, enactment of Act ♦ In Mauritania, the invitation to tender on the preparation of the General No. 121.12, amending and for 4G licenses by operators with a Guidelines Note by 2023. supplementing Act 24-96, which 2G/3G license and the invitation to ♦ Maroc Telecom launches the new establishes a general obligation to tender for a fourth 2G/3G/4G mobile “Switch” balance conversion service access and share infrastructure and license are both renewed. which off ers Jawal customers the an increase in the level of penalties. ♦ In Mali, 7.5 billion CFA francs paid as freedom and fl exibility to convert their ♦ Maroc Telecom enhances its range the fi rst installment of the 4G license Voice credits to data and vice versa of top-end Mobile Packages for the acquired in 2018. according to their needs. Business and Professional Mobile ♦ In Burkina Faso, a decree adopted ♦ In Togo, specifi cations are signed for segment, introducing additional 4G+ changing the terms and conditions for the 2G/3G/4G license. data volumes free of charge. identifying subscribers and making ♦ In Niger, the tax on incoming ♦ Maroc Telecom further enhances the the compliance deadline 3 months. international traffi c of 88 CFA francs/ prepaid Mobile Internet off er and ♦ In the Central African Republic, min for non-4G operators and 50 increases the validity period of the adoption of the implementing CFA francs/min for 4G operators is MAD 30 internet pass to 14 days. decrees for Law No. 18.002 governing reintroduced. ♦ Maroc Telecom enhances the *4 electronic communications in the international pass and lowers the Central African Republic as required price of 22 destinations in Africa. by Law No. 19.001. ♦ Maroc Telecom enhances the *7 Roaming Pass, which includes voice, SMS and data, with new destinations: MT customers can now use their Roaming Pass in 30 countries instead of 6.
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