BRVM 10 210,98 BRVM Composite 232,45
Variation Jour -0,41 % BULLETIN OFFICIEL DE Variation Jour 0,11 % LA COTE Variation annuelle -3,95 % N° 39 vendredi 23 février 2018 Site : www.brvm.org Variation annuelle -4,37 %
Actions Niveau Evol. Jour Obligations Niveau Evol. Jour
Capitalisation boursière (FCFA) 6 537 867 140 495 0,11 % Capitalisation boursière (FCFA) 2 939 353 441 866 0,00 % Volume échangé 48 577 -55,25 % Volume échangé 3 000 -87,24 % Valeur transigée (FCFA) 167 267 415 -64,35 % Valeur transigée (FCFA) 23 997 600 -88,62 % Nombre de titres transigés 39 5,41 % Nombre de titres transigés 1 -75,00 % Nombre de titres en hausse 20 25,00 % Nombre de titres en hausse 0 -100,00 % Nombre de titres en baisse 9 -30,77 % Nombre de titres en baisse 0 Nombre de titres inchangés 10 25,00 % Nombre de titres inchangés 1 -66,67 %
PLUS FORTES HAUSSES PLUS FORTES BAISSES
Titres Cours Evol. Jour Evol. Titres Cours Evol. Jour Evol. annuelle annuelle PALM CI (PALC) 6 450 7,50 % 17,27 % TOTAL CI (TTLC) 2 150 -2,27 % -22,66 % SUCRIVOIRE (SCRC) 1 590 7,43 % 39,47 % SICOR CI (SICC) 3 850 -1,28 % -2,53 % NEI-CEDA CI (NEIC) 94 6,82 % 154,05 % ONATEL BF (ONTBF) 8 310 -1,01 % -13,08 % SICABLE CI (CABC) 1 800 5,88 % 62,90 % SONATEL SN (SNTS) 21 700 -0,91 % -7,66 % VIVO ENERGY CI (SHEC) 1 000 5,26 % 11,11 % SAPH CI (SPHC) 4 005 -0,25 % 29,40 %
INDICES SECTORIELS Base = 100 au 14 juin 1999 Nombre de sociétés Valeur Evol. Jour Evol. annuelle Volume Valeur PER moyen
BRVM - INDUSTRIE 12 96,42 0,45 % -6,39 % 4 467 11 190 855 22,71 BRVM - SERVICES PUBLICS 4 644,14 -0,84 % -8,70 % 6 169 63 355 835 11,16 BRVM - FINANCES 14 86,05 0,64 % -1,72 % 21 726 59 481 900 11,49 BRVM - TRANSPORT 2 1 085,50 0,00 % -9,74 % 2 111 9 147 225 24,20 BRVM - AGRICULTURE 5 224,69 2,61 % 22,46 % 2 829 9 096 365 29,56 BRVM - DISTRIBUTION 7 331,95 0,66 % -2,50 % 11 265 14 993 435 17,45 BRVM - AUTRES SECTEURS 1 222,10 0,00 % 0,00 % 10 1 800 2,17 BRVM - PETITES CAPITALISATIONS ------
Indicateurs 1er et 2è Comp. BRVM PC Indicateurs 1er et 2è Comp. BRVM PC
PER moyen du marché 17,86 Ratio moyen de liquidité 0,48 Taux de rendement moyen du marché 5,42 Ratio moyen de satisfaction 12,99 Taux de rentabilité moyen du marché 7,45 Ratio moyen de tendance 2 729,74 Nombre de sociétés cotées 45 Ratio moyen de couverture 3,66 Nombre de lignes obligataires 37 Taux de rotation moyen du marché 0,00 Volume moyen annuel par séance 12 839,00 Prime de risque du marché -0,40 Valeur moyenne annuelle par séance 16 535 744,74 Nombre de SGI participantes 25
Définitions
Volume moyen annuel par séance = Volume annuel échangé / nombre de séances Taux moyen de rotation = moyenne des taux de rotation des actions cotées (volume transigé/capi flottante)
Valeur moyenne annuelle par séance = Valeur annuelle échangée / nombre de séances PER moyen du marché = moyenne des PER des actions cotées ayant un PER positif
Ratio moyen de liquidité = Moyenne des ratios de liquidité (Titres échangés / Volume des ordres de vente) Taux de rendement moyen = moyenne des taux de rendement des actions cotées ayant distribué un dividende
Ratio moyen de satisfaction = Moyenne des ratios de satisfaction (Titres échangés / Volume des ordres d'achat) Taux de rentabilité moyen = moyenne des taux de rentabilité des actions cotées
Ratio moyen de tendance = Moyenne des ratios de tendance (Volume des ordres d'achat / Volume des ordres de vente) Prime de risque du marché = (1 / le PER moyen du marché) - le taux de référence actuel des emprunts d'Etat Ratio moyen de couverture = Moyenne des ratios de couverture (Volume des ordres de vente / Volume des ordres d'achat)
BRVM - BOURSE REGIONALE DES VALEURS MOBILIERES BRVM - Société Anonyme au capital de 3.062.040.000 CFA - RC : CI - ABJ - 1997 - B - 208435 - CC : 9819725 - E Siège Social : Abidjan - CÔTE D'IVOIRE. Adresse : 18,Rue Joseph ANOMA (Rue des Banques) - Abidjan Tél : +225 20 32 66 85 / 86, Fax : +225 20 32 66 84, Mail : [email protected], Site Web : www.brvm.org vendredi 23 février 2018
Cours du jour Séance de cotation Variation de Dernier dividende Cours Variation Cours Symbole Titre l'année payé Rdt. Net PER Précédent jour Référence Ouv. Clôt. Volume Valeur précédente Montant net Date
SECTEUR - INDUSTRIE 96,42 points 0,45 %
CABC SICABLE CI 1 700 1 715 1 800 5,88 % 3 536 6 006 425 1 800 62,90 % 50 30-juin-17 2,78 % 17,83
FTSC FILTISAC CI 4 800 4 800 4 790 -0,21 % 114 546 800 4 790 -2,74 % 261 9-janv.-18 5,45 % 27,51
NEIC NEI-CEDA CI 88 94 94 6,82 % 300 28 200 94 154,05 % 9 28-juin-01
NTLC NESTLE CI 2 055 2 055 2 050 -0,24 % 122 250 600 2 050 7,89 % 32 12-août-11 41,82
SEMC CROWN SIEM CI 13 000 13 000 13 000 0,00 % 1 13 000 13 000 -6,31 % 677 29-sept.-17 5,21 % 17,27
SIVC AIR LIQUIDE CI 440 440 440 0,00 % 25 11 000 440 10,00 % 63 29-sept.-17 14,32 % 55,61
SLBC SOLIBRA CI 117 500 117 500 117 500 0,00 % 26 3 055 000 117 500 -6,00 % 4 101 8-juin-17 3,49 % 7,02
SMBC SMB CI 11 800 NC NC 0,00 % 11 800 54,86 % 450 18-juil.-12 3,35
STBC SITAB CI 55 000 55 100 55 100 0,18 % 2 110 200 55 100 -23,47 % 4 124 19-juin-17 7,48 % 16,60
TTRC TRITURAF CI-Ste en 490 SP SP 0,00 % 490 0,00 % 1 440 19-juil.-02 Liquidation
UNLC UNILEVER CI 7 000 NC NC 0,00 % 7 000 -17,65 % 1 233 9-juil.-12
UNXC UNIWAX CI 3 350 3 430 3 430 2,39 % 341 1 169 630 3 430 -19,67 % 174 10-juil.-17 5,06 % 17,41
TOTAL 4 467 11 190 855 22,71
SECTEUR - SERVICES PUBLICS 644,14 points -0,84 %
CIEC CIE CI 1 990 1 990 2 000 0,50 % 2 171 4 323 200 2 000 -4,76 % 173 20-sept.-17 8,66 % 10,39
ONTBF ONATEL BF 8 395 8 390 8 310 -1,01 % 826 6 936 865 8 310 -13,08 % 619 1-juin-17 7,45 % 11,75
SDCC SODE CI 3 725 3 750 3 750 0,67 % 954 3 541 700 3 750 -36,55 % 270 28-sept.-17 7,20 % 12,47
SNTS SONATEL SN 21 900 22 000 21 700 -0,91 % 2 218 48 554 070 21 700 -7,66 % 1 500 15-mai-17 6,91 % 10,05
TOTAL 6 169 63 355 835 11,16
SECTEUR - FINANCES 86,05 points 0,64 %
BICC BICI CI 7 855 8 300 8 195 4,33 % 27 222 735 8 195 -3,47 % 277 24-juil.-17 3,38 % 11,34
BOAB BANK OF AFRICA BN 6 400 6 400 6 450 0,78 % 201 1 289 400 6 450 -13,42 % 447 15-mai-17 6,93 % 8,05
BOABF BANK OF AFRICA BF 7 000 7 050 7 100 1,43 % 116 816 850 7 100 -0,70 % 347 4-mai-17 4,88 % 12,55
BOAC BANK OF AFRICA CI 4 945 4 950 4 955 0,20 % 917 4 566 475 4 955 1,12 % 274 8-mai-17 5,53 % 9,76
BOAM BANK OF AFRICA ML 4 350 4 350 4 350 0,00 % 342 1 481 950 4 350 -16,35 % 372 2-mai-17 8,55 % 7,15
BOAN BANK OF AFRICA NG 5 100 5 100 5 120 0,39 % 369 1 854 800 5 120 3,43 % 378 19-mai-17 7,38 % 10,08
BOAS BANK OF AFRICA SENEGAL 2 800 2 795 2 800 0,00 % 1 010 2 827 450 2 800 12,00 % 50 15-mai-17 1,79 % 16,59
CBIBF CORIS BANK INTERNATIONAL 9 000 9 000 9 000 0,00 % 857 7 453 805 9 000 -10,00 % 224 9-juin-17 2,49 % 17,58
ECOC ECOBANK COTE D'IVOIRE 24 000 24 000 24 480 2,00 % 405 9 720 960 24 480 -17,52 %
ETIT ECOBANK TRANS. INCORP. TG 19 19 19 0,00 % 15 050 285 950 19 11,76 % 1 28-avr.-17 6,36 %
NSBC NSIA BANQUE COTE D'IVOIRE 8 400 8 395 8 400 0,00 % 1 058 8 764 535 8 400 -13,04 % 0
SAFC SAFCA CI 10 000 NC NC 0,00 % 10 000 -8,26 % 576 29-juil.-11
SGBC SGB CI 14 000 14 000 13 995 -0,04 % 971 13 614 150 13 995 21,17 % 584 4-juil.-17 4,17 % 12,29
SIBC SOCIETE IVOIRIENNE DE 16 200 16 200 16 300 0,62 % 403 6 582 840 16 300 -4,12 % 855 9-juin-17 5,25 % 9,54 BANQUE
TOTAL 21 726 59 481 900 11,49
SECTEUR - TRANSPORT 1 085,50 points 0,00 %
SDSC BOLLORE 4 500 4 600 4 500 0,00 % 2 111 9 147 225 4 500 -9,82 % 180 13-juil.-17 4,00 % 24,20
SVOC MOVIS CI 3 150 NC NC 0,00 % 3 150 -1,72 % 270 5-juil.-99
TOTAL 2 111 9 147 225 24,20
2 vendredi 23 février 2018
Cours du jour Séance de cotation Variation de Dernier dividende Cours Variation Cours Symbole Titre l'année payé Rdt. Net PER Précédent jour Référence Ouv. Clôt. Volume Valeur précédente Montant net Date
SECTEUR - AGRICULTURE 224,69 points 2,61 %
PALC PALM CI 6 000 6 000 6 450 7,50 % 31 188 250 6 450 17,27 % 120 29-sept.-17 1,87 % 24,13
SCRC SUCRIVOIRE 1 480 1 590 1 590 7,43 % 1 152 1 831 680 1 590 39,47 % 137 29-sept.-17 8,63 % 7,30
SICC SICOR CI 3 900 3 850 3 850 -1,28 % 13 50 050 3 850 -2,53 % 1 919 25-sept.-00 11,50
SOGC SOGB CI 4 950 4 920 4 945 -0,10 % 523 2 586 260 4 945 17,74 % 320 31-juil.-17 6,48 % 17,35
SPHC SAPH CI 4 015 4 000 4 005 -0,25 % 1 110 4 440 125 4 005 29,40 % 116 13-juin-14 87,50
TOTAL 2 829 9 096 365 29,56
SECTEUR - DISTRIBUTION 331,95 points 0,66 %
ABJC SERVAIR ABIDJAN CI 1 775 1 900 1 800 1,41 % 318 584 200 1 800 -10,00 % 50 24-juil.-17 2,75 % 18,75
BNBC BERNABE CI 2 750 2 750 2 850 3,64 % 103 290 450 2 850 -8,06 % 163 11-juil.-17 5,71 % 7,89
CFAC CFAO MOTORS CI 565 565 575 1,77 % 2 968 1 687 355 575 45,57 % 20 24-juil.-17 3,53 % 25,47
PRSC TRACTAFRIC MOTORS CI 289 990 NC NC 0,00 % 289 990 0,48 % 13 500 25-sept.-17 4,66 % 23,00
SHEC VIVO ENERGY CI 950 950 1 000 5,26 % 3 320 3 266 500 1 000 11,11 % 33 27-juil.-17 3,33 % 14,35
TTLC TOTAL CI 2 200 2 100 2 150 -2,27 % 3 840 7 959 200 2 150 -22,66 % 97 30-juin-17 4,51 % 15,23
TTLS TOTAL SN 1 680 1 680 1 685 0,30 % 716 1 205 730 1 685 -11,32 % 45 25-juil.-17 2,67 %
TOTAL 11 265 14 993 435 17,45
AUTRES SECTEURS 222,10 points 0,00 %
STAC SETAO CI 180 180 180 0,00 % 10 1 800 180 0,00 % 0 2,17
TOTAL 10 1 800 2,17
TOTAL - Marché des actions 48 577 167 267 415
Cours du jour Séance de cotation Variation Periode de négociation Cours Variation Cours Symbole Titre depuis Parité Précédent jour Référence Ouv. Clôt. Volume Valeur l'origine Début fin
TOTAL
TOTAL - Marché des droits
Cours du jour Séance de cotation Variation Cours Variation Cours Symbole Titre depuis Précédent jour Référence Ouv. Clôt. Volume Valeur l'origine
TOTAL
TOTAL - 3ème Compartiment - BRVM PC
Légende:
Cours du jour: Ouv.: Ouverture Clôt.: Clôture Moy.: Moyen Mentions : NC: Non Coté Ex-c: Ex-coupon Ex-d: Ex-droit SP: Suspendu Val-T: Valeur Théorique PER = Cours / BNPA selon les données disponibles Rdt. Net: Rendement net (DNPA / Cours) Comp.: 1 - Premier Compartiment 2 - Second Compartiment 3 - Compartiment de croissance Ratio de liquidité = Titres échangés / Volume des ordres de vente : Progression de l'indice sectoriel : Stabilité de l'indice sectoriel : Recul de l'indice sectorie
3 vendredi 23 février 2018
Valeur Cours Cours du Cours Séance de cotation Coupon Coupon d'intérêt Symbole Titre Type Amort nominale Précédent jour Référence Volume Valeur couru Période Montant net Eché. OBLIGATIONS D'ETAT EOM.O1 ETAT DU MALI 6.20% 2016-2023 10 000 10 000 NC 10 000 468,82 A 620,00 23-mai-18 ACD EOM.O2 Etat du Mali 6.50% 2017-2024 10 000 10 000 NC 10 000 550,27 A 650,00 20-avr.-18 AC EOS.O4 ETAT SENEGAL 6.70% 2012-2019 4 000 4 000 NC 4 000 52,13 A 268,00 14-déc.-18 ACD EOS.O5 ETAT SENEGAL 6.50% 2013-2023 10 000 10 000 NC 10 000 44,89 S 325,00 29-juil.-18 ACD EOS.O6 ETAT SENEGAL 6.50% 2014-2021 8 000 7 999 7 999 7 999.20 3 000 23 997 600 126,41 S 260,00 27-mai-18 ACD EOS.O7 ETAT SENEGAL 6.30% 2015-2025 10 000 10 000 NC 10 000 155,34 S 312,41 25-mai-18 ACD TPBF.O3 TPBF 6,50% 2013-2020 10 000 10 000 NC 10 000 154,42 S 325,00 29-mai-18 ACD TPBF.O4 TPBF 6.50% 2017-2027 10 000 10 000 NC 10 000 40,96 S 322,33 31-juil.-18 ACD TPBJ.O1 TPBJ 6.50% 2017-2027 10 000 10 000 NC 10 000 573,42 A 650,00 7-avr.-18 ACD TPCI.O15 TPCI 6.30% 2013-2018 10 000 10 000 NC 10 000 141,92 S 315,00 3-juin-18 ACD TPCI.O16 TPCI 6.55% 2014-2022 10 000 10 000 NC 10 000 500,67 A 655,00 20-mai-18 ACD TPCI.O17 TPCI 3% 2014-2024 10 000 10 000 NC 10 000 54,70 S 150,00 18-juin-18 ACD TPCI.O18 TPCI 5.85% 2014-2021 10 000 10 000 NC 10 000 106,66 S 292,50 18-juin-18 ACD TPCI.O19 TPCI 5.99% 2015-2025 10 000 10 000 NC 10 000 467,71 A 599,00 14-mai-18 ACD TPCI.O20 TPCI 5.85% 2015-2022 10 000 10 000 NC 10 000 226,61 S 292,50 5-avr.-18 ACD TPCI.O21 TPCI 6% 2016-2028 10 000 10 000 NC 10 000 527,67 A 600,00 8-avr.-18 ACD TPCI.O22 TPCI 5.90% 2016-2026 10 000 10 000 NC 10 000 408,96 A 590,00 15-juin-18 ACD TPCI.O23 TPCI 5.90% 2016-2026 10 000 10 000 NC 10 000 158,41 A 590,00 17-nov.-18 ACD TPCI.O24 TPCI 6.25% 2017-2029 10 000 9 990 NC 9 990 250,69 S 312,50 31-mars-18 ACD TOTAL 3 000 23 997 600
OBLIGATIONS REGIONALES BIDC.O3 BIDC-EBID 6.50% 2014-2021 10 000 10 000 NC 10 000 265,75 S 325,00 28-mars-18 ACD BIDC.O4 BIDC-EBID 6.10%2017-2027 10 000 10 000 NC 10 000 421,15 A 610,00 16-juin-18 ACD BOAD.O11 BOAD 5.95% 2012-2019 10 000 10 000 NC 10 000 577,07 A 595,00 6-mars-18 ACD BOAD.O12 BOAD 5.95% 2014-2021 10 000 9 399 NC 9 399 96,18 A 595,00 26-déc.-18 ACD CRRH.O1 CRRH-UEMOA 6.10% 2012-2022 10 000 10 000 NC 10 000 16,85 S 305,00 13-août-18 AC CRRH.O2 CRRH-UEMOA 6.10% 2012-2024 10 000 10 000 NC 10 000 62,35 S 305,00 17-juil.-18 AC CRRH.O3 CRRH-UEMOA 6% 2013-2023 10 000 10 000 NC 10 000 197,80 S 300,00 26-avr.-18 AC CRRH.O4 CRRH-UEMOA 6% 2014-2024 10 000 9 999 NC 9 999 90,66 S 300,00 30-juin-18 AC CRRH.O5 CRRH-UEMOA 5.85% 2015-2025 10 000 10 000 NC 10 000 80,14 S 290,10 4-juil.-18 AC CRRH.O6 CRRH-UEMOA 5.85% 2016-2026 10 000 10 000 NC 10 000 82,42 S 292,50 3-juil.-18 ACD SHAF.O3 SHELTER AFRIQUE 6.6% 2014-2021 7 000 7 000 NC 6 000 226,57 S 232,90 28-févr.-18 ACD TOTAL 0 0
OBLIGATIONS PRIVEES ORGT.O1 ORAGROUP 6.75% 2013-2019 10 000 10 000 NC 10 000 150,21 S 337,50 4-juin-18 ACD
SIFC.O1 SIFCA 6.90% 2013-2021 10 000 10 000 NC 10 000 368,67 A 676,20 8-août-18 ACD
TOTAL 0 0
SUKUK ET TITRES ASSIMILES
SUKCI.S1 SUKUK CI 5.75% 2015-2020 10 000 10 000 NC 10 000 91,04 S 290,69 28-juin-18 AC
SUKCI.S2 SUKUK CI 5.75% 2016-2023 10 000 10 000 NC 10 000 269,93 S 289,10 7-mars-18 ACD
SUKSN.S1 SUKUK SN 6.25% 2014-2018 10 000 9 999 NC 9 999 62,85 S 315,97 18-juil.-18 AC
SUKSN.S2 SUKUK SN 6% 2016-2026 10 000 10 000 NC 10 000 46,67 S 301,67 26-juil.-18 ACD
SUKTG.S1 SUKUK TG 6.5% 2016-2026 10 000 10 000 NC 10 000 0,00 S 0,00 17-févr.-18 ACD
TOTAL 0 0
TOTAL - Marché des obligations 3 000 23 997 600
Légende : (##) Cours de référence amorti Cours du jour: Ouv.: Ouverture Clôt.: Clôture Moy.: Moyen Type Amort: Type d'Amortissement IF: In Fine AC: Amortissement Constant AD: Amortissement Dégressif ACD: Amortissement Constant Différé Période: Périodicité de paiement des coupons A: Annuelle S: Semestrielle T: Trimestrielle Eché.: Échéance de paiement des intérêts Mentions: NC: Non Coté Ex-c: Ex-coupon ou Ex-droit SP: Suspendu
4 vendredi 23 février 2018
OPERATIONS EN COURS Emetteur Opération
CRRH-UEMOA Emprunt obligataire "CRRH 5.95% 2017-2029"- Première cotation le 06/03/2018
AVIS Entité N° Nature Objet
BRVM N°026-2018 Transaction Sur Dossier Transaction Sur Dossier
COMMUNIQUES Emetteur N° Nature Objet
SONATEL 20180223_2 Communiqué de presse Press Release - 2017 results Sonatel group
SONATEL 20180223_1 Communiqué de presse Communiqué de presse - Résultats 2017 du groupe Sonatel
SONATEL 20180223 Resultats financiers Résultats financiers 2017 (version anglaise) - SONATEL
5 vendredi 23 février 2018
MARCHE DES ACTIONS Quantité Cours Quantité Symbole Titre résiduelle à Achat / Vente résiduelle à la Cours de Référence l'achat vente ABJC SERVAIR ABIDJAN CI 86 1,775 / 1,800 368 1 800 BICC BICI CI 15 8,005 / 8,195 12 8 195 BNBC BERNABE CI 21 2,750 / 2,850 223 2 850 BOAB BANK OF AFRICA BN 3 6,405 / 6,450 22 6 450 BOABF BANK OF AFRICA BF 105 7,050 / 7,100 403 7 100 BOAC BANK OF AFRICA CI 100 4,955 / 5,000 573 4 955 BOAM BANK OF AFRICA ML 55 4,300 / 4,350 1 401 4 350 BOAN BANK OF AFRICA NG 250 4,905 / 5,120 358 5 120 BOAS BANK OF AFRICA SENEGAL 49 2,795 / 2,800 387 2 800 CABC SICABLE CI 295 1,700 / 1,820 32 1 800 CBIBF CORIS BANK INTERNATIONAL 5 8,530 / 9,000 334 9 000 CFAC CFAO MOTORS CI 105 575 / 580 1 300 575 CIEC CIE CI 142 1,950 / 2,000 836 2 000 ECOC ECOBANK COTE D'IVOIRE 20 23,500 / 24,445 215 24 480 ETIT ECOBANK TRANS. INCORP. TG 66 959 18 / 19 123 926 19 FTSC FILTISAC CI 285 4,700 / 4,790 12 4 790 NEIC NEI-CEDA CI 45 275 Marché / 94 NSBC NSIA BANQUE COTE D'IVOIRE 418 8,200 / 8,400 1 172 8 400 NTLC NESTLE CI 6 2,000 / 2,050 778 2 050 ONTBF ONATEL BF 273 8,310 / 8,740 10 8 310 PALC PALM CI 10 Marché / 6 450 PRSC TRACTAFRIC MOTORS CI / 289,930 3 289 990 SAFC SAFCA CI / 9,250 152 10 000 SCRC SUCRIVOIRE 3 874 Marché / 1 590 SDCC SODE CI 18 3,700 / 3,750 64 3 750 SDSC BOLLORE 729 4,400 / 4,500 6 4 500 SEMC CROWN SIEM CI 24 13,000 / 13,975 19 13 000 SGBC SGB CI 2 13,900 / 13,995 80 13 995 SHEC VIVO ENERGY CI 530 Marché / 1 000 SIBC SOCIETE IVOIRIENNE DE BANQUE 1 156 16,250 / 16,300 14 16 300 SICC SICOR CI / 3,850 1 493 3 850 SIVC AIR LIQUIDE CI 100 435 / 440 77 440 SLBC SOLIBRA CI 5 117,505 / 119,000 1 117 500 SMBC SMB CI 10 11,800 / 11 800 SNTS SONATEL SN 102 21,600 / 21,700 163 21 700 SOGC SOGB CI 15 4,930 / 4,950 1 131 4 945 SPHC SAPH CI 25 4,005 / 4,010 991 4 005 STAC SETAO CI 2 465 170 / 180 799 180 STBC SITAB CI 28 55,100 / 59,000 2 55 100 SVOC MOVIS CI 55 3,000 / 3,100 7 3 150 TTLC TOTAL CI 5 2,095 / 2,145 95 2 150 TTLS TOTAL SN 36 1,680 / 1,685 430 1 685 TTRC TRITURAF CI-Ste en Liquidation / 490 UNLC UNILEVER CI 566 7,000 / 7 000 UNXC UNIWAX CI 7 3,350 / 3,400 65 3 430
6 vendredi 23 février 2018
MARCHE DES DROITS Quantité Cours Quantité Symbole Titre résiduelle à Achat / Vente résiduelle à la Cours de Référence l'achat vente
TROISIEME COMPARTIMENT - BRVM PETITES CAPITALISATIONS Quantité Cours Quantité Symbole Titre résiduelle à Achat / Vente résiduelle à la Cours de Référence l'achat vente
7 vendredi 23 février 2018
MARCHE DES OBLIGATIONS Symbole Titre Quantité Cours Quantité Cours de Référence résiduelle à Achat / Vente résiduelle à la l'achat vente ORGT.O1 ORAGROUP 6.75% 2013-2019 / 10 000
SIFC.O1 SIFCA 6.90% 2013-2021 / 10 000
EOM.O1 ETAT DU MALI 6.20% 2016-2023 / 10 000
EOM.O2 Etat du Mali 6.50% 2017-2024 / 10 000
EOS.O4 ETAT SENEGAL 6.70% 2012-2019 / 4 000
EOS.O5 ETAT SENEGAL 6.50% 2013-2023 / 10 000
EOS.O6 ETAT SENEGAL 6.50% 2014-2021 / 7 999
EOS.O7 ETAT SENEGAL 6.30% 2015-2025 / 10 000
TPCI.O24 TPCI 6.25% 2017-2029 / 10,000 500 9 990
TPCI.O18 TPCI 5.85% 2014-2021 / 10 000
TPCI.O19 TPCI 5.99% 2015-2025 / 9,950 44 400 10 000
TPCI.O20 TPCI 5.85% 2015-2022 / 10 000
TPCI.O21 TPCI 6% 2016-2028 / 10 000
TPCI.O22 TPCI 5.90% 2016-2026 / 9,950 50 000 10 000
TPCI.O23 TPCI 5.90% 2016-2026 / 10,000 100 10 000
TPBF.O3 TPBF 6,50% 2013-2020 / 10 000
TPBF.O4 TPBF 6.50% 2017-2027 / 10,000 35 10 000
TPBJ.O1 TPBJ 6.50% 2017-2027 / 10,000 13 621 10 000
TPCI.O15 TPCI 6.30% 2013-2018 / 10 000
TPCI.O16 TPCI 6.55% 2014-2022 2 900 10,000 / 10 000
TPCI.O17 TPCI 3% 2014-2024 / 10 000
BIDC.O3 BIDC-EBID 6.50% 2014-2021 / 10 000
BIDC.O4 BIDC-EBID 6.10%2017-2027 / 10 000
BOAD.O11 BOAD 5.95% 2012-2019 / 10 000
BOAD.O12 BOAD 5.95% 2014-2021 / 9 399
CRRH.O1 CRRH-UEMOA 6.10% 2012-2022 / 10 000
CRRH.O2 CRRH-UEMOA 6.10% 2012-2024 / 10 000
CRRH.O3 CRRH-UEMOA 6% 2013-2023 / 10 000
CRRH.O4 CRRH-UEMOA 6% 2014-2024 / 9 999
CRRH.O5 CRRH-UEMOA 5.85% 2015-2025 / 10 000
CRRH.O6 CRRH-UEMOA 5.85% 2016-2026 / 10 000
SHAF.O3 SHELTER AFRIQUE 6.6% 2014-2021 / 7 000
SUKUK ET TITRES ASSIMILES Symbole Titre Quantité Cours Quantité Cours de Référence résiduelle à Achat / Vente résiduelle à la l'achat vente SUKCI.S1 SUKUK CI 5.75% 2015-2020 / 10 000
SUKCI.S2 SUKUK CI 5.75% 2016-2023 / 10 000
SUKSN.S1 SUKUK SN 6.25% 2014-2018 / 9 999
SUKSN.S2 SUKUK SN 6% 2016-2026 / 10 000
SUKTG.S1 SUKUK TG 6.5% 2016-2026 / 10 000
8 vendredi 23 février 2018
ANNEE : 2018 Société Nature Date Heure Lieu
9
Communiqué de presse
Résultats consolidés du groupe Sonatel au titre de l'exercice 2017
Le groupe Sonatel maintient ses bonnes performances opérationnelles et financières
Dakar, le 19 février 2018 – En 2017, le groupe Sonatel a consolidé ses performances opérationnelles et financières, renforcées par l’intégration de la nouvelle filiale Orange Sierra Léone, malgré un environnement concurrentiel, règlementaire et fiscal de plus en plus difficile. Investissements soutenus
Le groupe a su maintenir et consolider sa trajectoire de rentabilité et ses positions commerciales fortes dans tous les pays grâce aux investissements importants réalisés : 334 milliards dans l’année dont 150 milliards FCFA au titre d’achat de licences 4G et de renouvellements de concessions (au Sénégal et au Mali). Ces investissements ont fortement contribué à l’amélioration de l’expérience client, au renforcement de l’excellence opérationnelle, à la poursuite des efforts sur la qualité de service technique et au renforcement de la politique de fidélisation de nos clients .
Bonne dynamique commerciale et reprise de la croissance du parc
Le groupe a su garder son leadership sur tous ses marchés grâce au maintien de la dynamique de recrutement et à la reprise de la croissance du parc, malgré l’intensification de la concurrence et le resserrement des conditions d’identification.
Le maintien de cette bonne dynamique commerciale notamment sur le recrutement mobile ( reprise de la croissance du parc à +8,7% en 2017 contre une décroissance de -1,3% en 2016) a permis une maîtrise du churn reflétée par les gains de parts de marché dans tous les pays (Guinée +4,6 points, Sénégal +2,2 points, Mali +1,7 points, Bissau +1,1 points).
Le parc clients du groupe au 31 décembre 2017 s’élève ainsi à 30,2 millions en hausse de 8,7%, dont 28,7 millions (+9,6%) sur le périmètre historique (hors Orange Sierra
Léone). Cette croissance est tirée principalement par le parc mobile (29,7 millions), grâce notamment à la refonte de l’offre prépayée et la bonne dynamique de recrutement de la 4G au Sénégal et au Mali, et à l’extension de la couverture en Guinée (actions d’animations autour des nouvelles localités couvertes).
La bonne dynamique commerciale reste soutenue grâce au développement des usages de données mobile, de l’activité Orange Money et des services à valeur ajoutée (SVA). Ainsi, on note une accélération de la croissance des clients utilisateurs de la donnée Mobile (9,2 millions soit +30,8%% par rapport à 2016), des services financiers d’Orange Money (4,4 millions soit une hausse de 34,7%)
Résultats financiers 2017
Accéleration de la croissance des revenus et amélioration de la rentabilité opérationnelle
La contribution renforcée des relais de croissance dans l’activité du groupe
Le chiffre d’affaires consolidé du groupe s’établit à 972,9 milliards de FCFA l’exercice 2017, en hausse de 7,5%, malgré les impacts défavorables de la dépréciation du franc guinéen et du léone.
Cette croissance des revenus est tirée par le développement de l’activité mobile tirée elle-même par les usages de la donnée mobile, des services à valeur ajoutée et des services d’Orange Money. Sur le périmètre historique (Hors Sierra Léone), la croissance s’est accélérée pour s’établir, à base comparable, à +5,3% par rapport à 2016 soit une amélioration de +1,5 points (+4,8% en 2016). Les filiales à l’étranger ont contribué à hauteur d’un peu plus de la moitié au Chiffre d’Affaires consolidé du groupe et l’ l’intégration d’Orange Sierra Léone dans le périmètre de consolidation a renforcé la croissance du groupe malgré un léger effet dilutif sur le taux de l’EBITDA
L’amélioration des trajectoires de rentabilité opérationnelle
Dans la foulée de la croissance des revenus, les trajectoires de rentabilité se sont améliorées reflétée par la reprise de la croissance de l’EBITDA à base comparable de +3,2% contre une baisse de -1,7% enregistrée en 2016, malgré l’impact des effets de change, des mesures fiscales nouvelles (Mali) et des décisions réglementaires défavorables (Bissau, Sierra Léone).
Le résultat net du groupe baisse de -6,3%, passant à 202,2 milliards de FCFA.
Malgré l’amélioration de l’Ebitda, Le résultat net du groupe baisse en 2017, impacté par :
- Les effets de change significatifs et, -La forte croissance des amortissements consécutive aux investissements importants réalisés au cours des 3 dernières années (près de 800 milliards de Fcfa incluant les couts des licences 4G ,le renouvellement des différentes concessions et l’aquisition en Sierra Léone) pour consolider les fondamentaux du leadership du Groupe dans un contexte de transformation numérique en accélération . Ces investissements permettent déjà du reste en 2017, une accélération de la croissance du Chiffre d’affaires et de l’EBITDA sur le périmètre historique (hors Orange Sierra Léone)
Le groupe Sonatel contribue à la création de richesse dans ses pays de présence
Le groupe continue de rester un acteur majeur de la création de richesse dans tous ses pays de présence et particulièrement au Sénégal.
Il a contribué pour plus de 502 milliards CFA aux recettes budgétaires des pays de présence.
Au titre du développement du secteur privé local, les activités du groupe ont généré au profit des entreprises locales plus de 247 milliards de FCFA de chiffres d’affaires. Au titre de la balance des paiements, le groupe y a contribué positivement dans tous ses pays de présence à travers les balances de trafic représentant des exportations nettes pour plus de 160 milliards de FCFA.
Enfin, en matière d’emploi, les activités du groupe ont permis de générer plus de 3 500 emplois directs et plus de 100 000 emplois indirects grâce à une distribution commerciale étendue, à la sous - traitance et aux différents partenariats dynamiques.
L’engagement citoyen du groupe Sonatel dans tous ses pays de présence
A ces contributions au développement économique et la création d’emplois et de richesse dans tous ses pays de présence, il convient de rajouter les actions menées dans le domaine de la Responsabilité Sociétale d’Entreprise. Conscient de son rôle moteur dans l’écosystème numérique partout où il est présent, le groupe Sonatel s’active aussi dans l’émergence d’incubateurs. Ainsi, après CTIC au Sénégal et CREATAEAM au Mali, l’incubateur Saboutech a été inauguré en Guinée où une centaine d’écoles a aussi été connectée à la 3G dans le cadre du programme d’accès des Lycées au monde digital.
C’est aussi dans ce cadre que Sonatel Academy, la 1ère école de codage gratuite en Afrique de l’Ouest a été créée au Sénégal. L’objectif est de former des jeunes, demandeurs d’emplois et profils sous-représentés aux métiers techniques du numérique et leur permettre, à travers cette formation professionnalisante, de s’intégrer au marché du travail ou de créer leur propre activité.
De même, en partenariat avec la Fondation Orange, au Sénégal comme en Guinée ont été inaugurées les premières Maisons Digitales, pour éduquer plus de filles et rendre les femmes de plus en plus autonomes.
Par ailleurs, les fondations du groupe Sonatel poursuivent la mise en œuvre du programme « Projet Village » qui contribue au désenclavement des localités reculées par la construction d’un centre de santé, d’une école et d’un point d’eau. Ainsi, au Sénégal, après Thicatt Woloff en 2015 et SOB2 2017, le 3ième Projet Village a été développé à Mbakhna, dans la région de Matam, et sera inauguré en 2018. Au Mali, deux nouveaux villages ont été réalisés à Kérouané et à N'Tentou tandis qu’en Guinée, c’est Kenendé qui a posé la 1ère pierre de ses infrastructures après Wallia en 2016.
Perspectives 2018
Sonatel a anticipé et réalisé des investissements essentiels pour préparer l’avenir mais entend poursuivre ses efforts d’investissement et d’adaptation à un environnement qui continue sa mutation avec des évolutions structurantes du secteur des télécoms sur tout le périmètre.
Cette politique sera poursuivie pour améliorer l’offre d’une expérience incomparable à ses clients et pour mieux soutenir sa dynamique de conquête et son leadership dans tous les pays de présence. C’est ainsi que le groupe entend renforcer ses investissements et dynamiser ses actions autour de la Donnée Mobile, des services à valeur ajoutée, des services financiers mobile et des services aux entreprises et aux Etats. Le nouveau Datacenter du Sénégal (le plus grand d’Afrique de l’ouest), inauguré en juin 2017, devrait jouer un rôle moteur dans cette stratégie ainsi que le déploiement de l’accès client en fibre optique (FTTx Residentiel et Entreprise) et le deploiement de la 4G qui va se poursuivre au Sénégal, en Guinée Bissau et au Mali.
Le groupe poursuivra ses projets de transformation et d’adaptation de sa structure de coûts afin de renforcer sa dynamique de croissance organique rentable et faire face aux évolutions importantes et structurantes de son environnement concurrentiel, règlementaire, fiscal en mutation et qui s’est beaucoup durci.
Enfin, le groupe Sonatel va poursuivre la mise en œuvre de son plan Stratégique «Horizons 2020 » , accompagner les Etats pour une émergence numérique des territoires et renforcer son engagement citoyen à travers sa politique de Responsabilité Sociétale d’Entreprise.
La Direction Communication Institutionnelle et des Relations Extérieures
Suivez nous sur : www.sonatel.com ; blog.sonatel.sn
Press release
Sonatel consolidated results for 2017 fiscal year
Sonatel Group maintains good operating and financial performance
Dakar, February 19, 2018 - In 2017, Sonatel Group consolidated its operational and financial performance, reinforced by the integration of the new subsidiary Orange Sierra Leone, despite a competitive, regulatory and tax environment becoming harder and harder.
Sustained investments
The group has strengthen its trajectory of profitability and its strong commercial positions in all the countries thanks to the realized important investments: XOF 334 billions in the year among which XOF 150 billions in conformance with purchase of licenses 4G and renewals of concession (in Senegal and in Mali). These investments strongly contributed to the improvement of the customer experience, to the strengthening of the operational excellence, in pursuit of the efforts on the quality of technical service and in the strengthening of the policy of development of customer loyalty.
Good commercial momentum and recovery of the customer base growth
The group has maintained its leadership in all its markets thanks to the preservation of the dynamics of recruitment and to the resumption of the growth of the customer base, in spite of the intensification of the competition and the contraction of the conditions of identification.
The preservation of this good commercial momentum, , in particular on the mobile recruitment (recovery of the growth of the subscriber base by + 8.7% in 2017 against a decline of -1.3% in 2016), allowed a control of the churn reflected by market share gains in all the countries (Guinea +4.6 points, Senegal +2.2 points, Mali +1.7 points, Bissau +1.1 points).
The Group's customer base at December 31, 2017 amounted to 30.2 million, increasing by 8,7 %, among which 28,7 millions (9,6 %) on the historic perimeter (except Orange Sierra Leone). This growth is mainly pulled by the mobile subscriber base (29,7 millions), due to the revision of the prepaid offer and the good dynamics of recruitment of the 4G in Senegal
and in Mali, and in extension of the cover in Guinea (the actions of animations around the new covered localities).
The good momentum of turnover remains sustained thanks to the development of mobile data usage, the Orange Money business and value-added services (VAS). Thus, we note an acceleration in the growth of mobile data users (9.2 million or + 30.8 %% compared to 2016), Orange Money's financial services (4.4 million, an increase of 34.7%)
2017 Financial results
Acceleration of the growth of revenue and improvement of the operating returns
• The enhanced contribution of growth drivers (nexw lines of business) in the group's activity
The group's consolidated turnover amounted to XOF 972.9 billion in 2017, up 7.5%, despite the negative impact of the depreciation of the guinea franc (GNF) and Leone.
This growth of turnover is pulled by the development of mobile activity, itself pulled by the uses of the mobile data, value-added services and services of Orange Money. On the historic perimeter (Except Sierra Leone), the growth accelerated to become established, at comparable base, at 5,3 % with regard to 2016 is an improvement of 1,5 points (4,8 % in 2016).
Subsidiaries abroad contributed slightly more than half to the Group's consolidated turnover and the integration of Orange Sierra Leone into the scope of consolidation strengthened the group's growth despite a slight dilutive effect on EBITDA.
• The improvement of the operational profitability trajectories
Following the growth of revenue, the trajectories of profitability improved, were reflected by the resumption of the growth of the EBITDA, at comparable base, of 3,2 % against a reduction in 1,7 % recorded in 2016, in spite of the impact of bills of exchange, new fiscal measures (Mali) and unfavorable regulatory decisions (Bissau, Sierra Leone).
• The net income of the group falls by 6.3%, passing toXOF 202,2 billion.
In spite of the improvement of the EBITDA, the net income of the group falls in 2017, impacted by:
• the significant bills of exchange and • the strong growth of the amortizations consecutive to the important investments realized during the last 3 years (nearly XOF 800 billion including the costs of licenses 4G, the renewal of the various concessions and the acquisition in Sierra Leone), to strengthen the fundamental of the leadership of the group in a context of digital transformation in acceleration. These investments allow already besides in 2017, an acceleration of the revenue growth and the EBITDA on the historic perimeter (except Orange Sierra Leone).
Sonatel Group contributes to the creation of wealth in its countries of presence
The group continues to remain a leading player of the creation of wealth in all its countries of presence and particularly in Senegal.
It contributed for more than XOF 502 billion to the the budgetary recipes of the countries of presence.
In conformance with the development of the local private sector, the activities of the group generated for the benefit of the local companies more than XOF 247 billion of turnovers.
In conformance with the balance of payments, the group contributed to it positively in all its countries of presence through the balances of traffic representing net exports exports for more than XOF 160 billion.
Finally, in terms of employment, the group 's activities generated more than 3,500 direct jobs and more than 100,000 indirect jobs thanks to extensive commercial distribution, subcontracting and various dynamic partnerships.
The public-spirited commitment of the group Sonatel in all its countries of presence
In these contributions in the economic development and in the creation of jobs and wealth in all its countries of presence, it is advisable to add actions carried out in the field of the Corporate social responsibility of Company.
Indeed, aware(conscious) of its driving role in the digital ecosystem everywhere where he(it) is present, the group Sonatel also bustles in the emergence of incubators. So, after CTIC in Senegal and CREATAEAM in Mali, the incubator Saboutech was inaugurated in Guinea where hundred schools was so connected to the 3G within the framework of the program of access of high schools to the digital world.
It is also in this frame which Sonatel Academy, the 1st free school of coding in western Africa, was created in Senegal. The objective is to train young people, job-seekers and under-represented profiles, in the technical jobs by the digital technology and to allow them, through this vocational training , to become integrated into the labor market or to create their own activity.
Also, in partnership with her Orange foundation, in Senegal as in Guinea were inaugurated the first Digital Houses, to educate more girls and return the more and more autonomous women.
Besides, the foundations of the group Sonatel pursue the implementation of the program " Village project " which contributes to the opening up of localities moved(put) back by the construction of a health center, a school and a water source. So, in Senegal, after Thicatt Woloff in 2015 and SOB2 2017, the 3rd Village project was developed to Mbakhna, in the region of Matam, and will be inaugurated in 2018. In Mali, two new villages were realized to Kérouané and to N' Tentou whereas in Guinea, it is Kenendé who laid the 1st stone of its infrastructures after Wallia in 2016.
Outlook 2018
The group Sonatel anticipated and realized the essential investments to prepare the future, but intends to pursue its efforts of investment and adaptation to an environment which continues its transfer, with structuring evolutions of the telecommunications sector on all the perimeter.
This politics will be pursued to improve the offer of an incomparable experience to his customers and to support better its dynamics of conquest and its leadership in all the countries of presence. This is the way the group intends to strengthen its investments and to revitalize its actions around the Data Mobile, the value-added services, the financial services motive and services to corporates and to States. New Datacenter of Senegal (the biggest of western Africa), inaugurated in June, 2017, should play a driving role in this strategy as well as the deployment of the customer access by fiber (optical fiber) (Residential FTTx and Business) and the extension of the 4G which is going to continue in Senegal, in Guinea Bissau and in Mali.
The group will pursue its projects of transformation and adaptation of its cost structure to strengthen its dynamics of profitable organic growth and face the important and structuring evolutions of its competitive, regulatory, fiscal environment, in transformation and which hardened a lot.
Finally, the group Sonatel is going to continue the implementation of its Strategic plan " Horizons 2020 ", to support States for a digital emergence of territories and to strengthen its public-spirited commitment through its policy of Corporate social responsibility
The Institutional Communication and External Relations Department
Follow us at: www.sonatel.com ; blog.sonatel.sn
SONATEL
Senegal Mali Guinea Bissau Sierra Leone 1
Consolidation scope – General information
The consolidated financial statements include the accounts of Sonatel and all its directly or indirectly controlled subsidiaries. Subsidiaries are incorporated using the full consolidation method. Orange Sierra Leone owned at 50% is consolidated using the full consolidation method in accordance with the shareholders’ agreement. Orange Sierra Leone and its subsidiaries specialized in electronic money – Airtel Money Transfert and Airtel Money Commerce - in addition to Orange Finances Mobiles Guinea are included in the consolidation scope. Reciprocal transactions between integrated companies are eliminated. The consolidated financial statements are presented in XOF. Assets, liabilities and income statements of subsidiaries out of XOF zone are converted at the exchange rate prevailing at the closing period. The Group’s consolidated financial statements are prepared in accordance with the West African System of Accounting (SYSCOA). 2
HIGHLIGHTS 1
OPERATIONAL 2 RESULTS
FINANCIAL 3 RESULTS
4 PROSPECTS S u m m a r y APPENDIX 5 3 #2017 key messages Key messages
5 Continually transformation in the 2 environment with structuring evolutions Acceleration of turnover of the telecom sector across the scope growth and EBITDA revival within the historical scope 6 3 Continuing Net income growth impacted transformation of the by currency depreciations and business model a considerable increase in amortization
4 1 Continuous expansion of the growth relays thus reinforcing its 7 Strong financial performances in the contribution weight on the Group’s Sustained momentum for subscribers Group strengthened by the integration activity recruitment despite intense competition of Sierra Leone despite a small dilutive in the market and tougher compliance effect on the EBITDA requirements regarding customer identification 1 2 3 4 5 HIGHLIGHTS OPERATIONAL FINANCIAL PROSPECTS APPENDIX RESULTS RESULTS
#2017 Financial Results Key operational figures 5
972,9 452,8 202,2 269,0 b i l l i o n ( + 7 . 5 % ) b i l l i o n ( + 2 . 8 % ) b i l l i o n ( - 6 . 3 % ) b i l l i o n ( - 6 . 1 % )
939,1* 447,0* 203,0* 278,6* b i l l i o n ( + 5 . 3 % ) b i l l i o n ( + 3 , 2 % ) billion ( - 4 , 6 % ) billion ( - 1 , 2 % )
Turnover Ebitda Net income Free cash flow
EBITDA Rate : Net margin : 46.5% (-2,2 pts) 20,8% (-3,1 pts) 47.6%* (-1,0 pt) 21.7%* (-2,2 pts)
* Group scope excluding contribution of Orange Sierra Leone #2017 Financial Results Key operational figures 6
30.2 m i l l i o n ( + 8 . 7 % ) 9.2 m i l l i o n 4.5 m i l l i o n 183.7 ( + 3 2 . 2 % ) ( + 4 4 . 1 % ) billion 28.7* Active subscribers A c t i v e subscribers ( + 1 9 . 4 % )
m i l l i o n ( + 9 . 6 % )
Subscribers Mobile data Orange Money Capex
Mobile : 29.7 / 28.3* million Turnover : 135.6 billion Turnover: 46.1 billion capex / Turnover : 18.9% (+1.9 pt) Fix : 285 thousand (+65.3%) (+70.5%) Internet : 145 thousand Weight on turnover: Weight on turnover: 13.9% (+4.9 pts.) 4.7% (+1.8 pt.) Contribution to turnover growth: Contribution to turnover growth: 78.9% (1.9 pt) 28.1%
* historical scope (excluding Orange Sierra Leone) #2017 Financial Results 7 Strong operational and financial performances reinforced by the i. Business and environment integration of Orange Sierra Leone, continuing development of the growth relays evolution Competition • Maintaining leadership and strong commercial Offers positions • Sustaining the dynamism of recruitment • Launch of optical fiber in Senegal • Increased promotional offers • 4G launch in Mali • Start-up of activities by the 3rd operator in Mali • Redesign of the prepaid offers • 3 ISP licenses and 3 MVNO licenses granted in • Widening of the international corridors Senegal offers • Strengthening of Orange Money and Mobile data penetration • Orange Sierra Leone rebranding Regulation • Stronger requirements from regulators for the improvement of the quality of service (Senegal, Bissau and Sierra Leone) Capex • Lunch of free roaming in the ECOWAZ zone • Ongoing discussion on 4G frequencies in Guinea • Increased investments in all countries of presence • Capex rate of 19% Taxation • VAT reduction from 20% to 18% in Guinea • Rise of the collect rate of universal service fund from 1% to 2% in Mali Customer experience • Introduction of new tax (number registration +70% and frequencies +15% in Mali) • COPC certification confirmation • NPS amelioration in all countries of presence • Opening of the first Smart store in Senegal • Opening of the Data Center in Senegal Income and Expenses • Improvement in revenue growth / 2016 • Resumption of EBITDA growth
iii. Highlights by country 8 SENEGAL
. Maintained its strong commercial positions in terms of volume and value . Favorable retail dynamism (mobile data, Orange money, fix broadband) MARKET SHARE . Repositioning of prepaid mobile offers in response to the growing competition in
voice and data promotions Position : LEADER . Strengthening of data usage offers (diversification of the distribution channels, micro 54,4% pass, smartphones …) . Installation of a committee for social dialogue within Sonatel . Finalization of the 3 newly awarded MVNO licenses by the ARTP after the market was opened to 3 ISPs . Surge of the SIMBOX fraud during the fourth semester; launch of Free Roaming; continuous decrease in international incoming traffic NETWORK . Inauguration of the Sonatel Data Center . Commercial launch of the optical fiber for business and residential customers 2G / 3G / 4G
GDP Population Inflation Penetration Orange Money / GDP
6.8% 15.3M 1.2% 100.5% 13% iii. Highlights by country 9 MALI
• Consolidation of the market leadership MARKET SHARE • Sustained growth in Data and Orange money usage • 4G launch in September by Orange Mali Position : LEADER • Start of activities of the third operator in December 2017 61% • Strong growth in OTT traffic thus resulting in a decrease in international incoming traffic volumes and traffic revenues • Accelerating transformation of the business model with usage package offers • Start-up of pilot financial services (savings/credit) as part of the expansion of Orange Money • Degradation of the political and security climate NETWORK • Increase in the tax on universal services from 1% to 2% starting in 2017 • Further 2G/3G network swaps as part of the modernization of the access network in 2G / 3G / 4G the aim to improve service quality and customer experience
GDP Population Inflation Penetration Orange Money / GDP
5.3% 20.0M 1.0% 104.7% 30% iii. Highlights by country 10 GUINEA
• Strengthened leadership with a 62% market share in terms of transaction volume and MARKET SHARE value by the end of December 2017 • Launch of free roaming with the 7 countries member of ECOWAS since end of March Position : LEADER 2017 62,2% • 10-Years celebration of Orange Guinea • Effective 3G coverage in all the sub-prefectures of the country • Implementation of the decreased VAT of 18% from 20% since January 2017 • Heavy pressure from the regulator for the sharing of infrastructures • Announcement of Sotelgui (Guinea Telecom) resumption of activities • Decrease in the corporate tax rate except for the telecom sector, with the rate being NETWORK maintained at 35% 2G / 3G
GDP Population Inflation Penetration Orange Money / GDP
6.6% 11.5M 8.3% 99% 26% iii. Highlights by country 11 BISSAU
• Consolidation of the leadership with an increased market share in terms of both MARKET SHARE transaction volume and value • Launching of Orange Money Position : LEADER • Modernization of the Mobile access network and network core 55,8% • Complete 4G coverage in the city of Bissau • Revision of the tariffs applied to mobile data in November 2017 • Strong fiscal and competitive pressure arising from the new control in international incoming traffic (February) and new taxes (+70% for taxes on dialing and +15% on taxes on frequencies) NETWORK 2G / 3G / 4G
GDP Population Inflation Penetration Orange Money / GDP
5.0% 1.9M 1.1% 81% 0.1% iii. Highlights by country 12 SIERRA LEONE
MARKET SHARE • Rebranding to Orange in October 2017 • 0.02$ / minute withholding by NATCOM on the local incoming interconnection Position : SECOND revenues 40,5% • 400 000$ fine sanctioned by the regulator for bad network quality • Series of sanctions imposed by the regulator NATCOM • SLL currency continually depreciating compared to the EURO/XOF (-17.5%) • Extended network coverage in the country with 45 new sites, among which 26 for 3G • Continued network modernization plans (implementations, 2G/3G access network, migration to the new IN, …) NETWORK • Onnet tariff increase from SLL450 to SLL650 (VAT included) in April 2017 • New operating licenses assigned to QCell by the regulator 2G / 3G • Comprehensive inventory of the fixed assets completed
GDP Population Inflation Penetration Orange Money / GDP
5.4% 7.1M 17.8% 52.5% 8.7% 13 The group Sonatel is a major player and a growth driver in iv. Economic contribution the economies of its countries of presence.
Contribution Over 247 Contribution Over 502 to the private to the sector budgetary billion revenues billion + 4.7% + 6.2%
of turnover generated for local businesses in the paid out as duties, taxes, royalties, social countries of presence contributions, customs duties and dividends in the countries of presence
close to 160 Over 100 000 Exports Job Indirect jobs billion creation
3 500 generated from foreign telecom direct jobs operators as contributions on the thanks to a wide commercial distribution balance of payments network and dynamic partners 14 Mobile, mobile data and Orange money commercial ads v. Commercial ads
Mobile Internet Voice Orange Money 15 Numerous CSR actions that reflect our societal commitment vi. Social responsibility
• Support in the creation of CREATEAM “Chaine de l’espoir” : Backing in telemedicine, • Support to LISCA for cancer patients (“Centre Révélateur et Accélérateur de Talents equipment for the new pediatric surgery unit at the care d'Entreprises au Mali”) : 1er incubator of the Fann hospital and medical care for operation for • Set up of a national fundraising program kind in Mali children with heart disease and a 10-million XOF contribution for the operation And defar sunu gox : 8 localities • Inauguration of the Saboutech incubator in Launch of Mramadan Joint actions with UN Women on in Senegal cleaned up and Guinea and 3G connection offered to roughly a sms sending Women’s Rights in the Workplace equipped with public litter boxes thousand schools under the Guinean awareness campaign Gender Roundtable for sanitation purposes government program for high schools access to the digital world
Wifi: Open, free wifi internet • Celebration of the International Women’s Day access for the populations of • Conference, Green Women Day, roundtable, Rufisque, Parcelles and to be support t to Kitamba for empowering women JIFTIC : Jigguen CTIC contest soon followed by Sacré Cœur which consists of rewarding the most creative, innovative and ICT oriented projects World Environment Day celebration: plastic waste Virtual pharmacy for optimization of awareness, recycling workshop, planting of 500 medicines consumption and preservation trees and Set Sétal (cleaning) with Nébéday, micro- at the Diamniadio hospital gardening# 112 with #Mama Africa
Mlouma : Platform that Digital Tuesday: series of Organization of the POESAM for conferences to examine the promotion of startups local connects stakeholders in the problems related to the digital ecosystems agricultural sector transformation 1 2 3 4 5 HIGHLIGHTS OPERATIONAL FINANCIAL PROSPECTS APPENDIX RESULTS RESULTS
#2017 Financial Results 17 Global customer base of 30.2 millions subscribers, with an increase of i. Subscribers base 8.7% compared to 2016.
Evolution
Fixed line 285.2 Park 2015 2016 2017 16/15 17/16 283.1 in K
283 140 277 859 285 294 -1.9% 2.7% 277.8
27 679 665 27 319 568 29 736 083 -1.3% 8.8% 2015 2016 2017
131 644* 143 620* 144 753 9.1% 0.8% 144.7 Internet 143.6 28 094 449 27 741 047 30 166 130 -1.3% 8.7% in K 131.6
Mobile : 8.7% growth in customer base driven by : • Growth in the customer base in Senegal following a redesign of the prepaid offers 2015 2016 2017 • Good dynamism of recruitment in Mali and Guinea • An expansion of subscribers base in Bissau
Fixed line : Recovery of the subscribers base (+2.7%). Mobile 29.7 High-speed internet: Slowing growth of the customer base (0.8% compared 9.1% in 2016) with the migration of the in residential subscribers towards the Flybox offers. 27.6 27.3 M
2015 2016 2017 * Integration of Flybox subscribers in Mali Growth of the mobile customer base driven by the recovery of Mali’s mobile 18 base following the negative impacts of the compliance requirements on customer identification, and a good recruitment trend. i. Mobile base
Mobile 2015 2016 2017 16/15 17/16 23% base 42% Senegal SENEGAL 8 413 127 7 900 150 8 344 083 -6.1% 5.6% Mali Guinea 2% MALI 11 898 450 11 262 654 12 539 918 -5.3% 11.3% Bissau Sierra Leone GUINEA 5 275 668 6 032 667 6 783 073 14.3% 12.4% 5%
BISSAU 558 375 600 384 646 573 7.5% 7.7% 28% SIERRA LEONE 1 534 045 1 523 713 1 422 436 -0.7% -6.6%
27 679 665 27 319 568 29 736 083 -1.3% 8.8%
. Senegal : Recovery of the mobile customer base (+5.6%) through a repositioning of the prepaid mobile offers, a good dynamism of recruitment for the 4G and the strengthening of data usage offers despite constraints posed by the compliance requirements on customer identification . Mali : 11.3% increase in customer base thanks to the launch of the 4G and the Mosaic project following negative impacts in 2016 from compliance requirements imposed on the customer base . Guinea : Maintained pace of recruitment (+12.4%) resulting from the opening of new sites, 3G coverage, and commercial animations, despite constraints from the identification of subscribers. . Bissau : Enhancing of the customer base (+0.2 point with 46 189 subscribers) through 3G coverage extension and an improvement of the QoS. . Sierra Leone : 6.6% decrease in the mobile base due to a delay in deployment. 19 Favorable evolution of ARPUs in most countries of presence ii. ARPUs
ARPU 2015 2016 2017 16/15 17/16 Monthly, by country
Fix 100 672 95 084 94 838 -5.6% -0.3% Senegal (XOF) Prepaid mobile 2 627 2 661 2 794 1.3% 5.0%
Mali (XOF) Prepaid mobile 1 667 1 912 1 618 14.7% -15.4%
Guinea (GNF) Prepaid mobile 25 500 26 006 26 448 2.0% 1.7%
Bissau (XOF) Prepaid mobile 2 892 2 842 2 832 -1.7% -0.4%
Sierra Leone Prepaid mobile - 18 230 19 542 - 7.2% (SLL)
Drop in ARPU in Mali and Bissau due to a recovering mobile base following the impacts from compliance requirements regarding identification and a growth in revenues lesser important than that of the customer base
Rise in ARPU in Senegal, Guinea and Sierra Leone thanks to the strong performance of the growth relays through strengthening usage. 20 Continuing momentum for Orange Money activities (+1.1M active iii. Orange Money subscribers, +70,5% growth on revenue)
46.1 10.5 4.7% 28.1% billion million + 7 0 . 5 % + 1 . 8 pt - 1 . 1 pt + 1 7 . 1 p t s Turnover Weight on turnover Contribution to turnover growth Subscribers
4.5 467 5 201 million million billion 20.4% + 5 . 4 p t s + 4 4 . 1 % + 8 6 . 8 % + 6 5 . 2 %
Active subscribers Transaction volume Value of transactions Value of transaction / GDP
Senegal Mali Guinea Bissau Sierra Leone
Turnover: 9.3 billion ; +168% Turnover: 29.6 billion ; +37% Turnover: 5.7 billion ; +179% Turnover: 4 million Turnover: 1.5 billion Subscribers : 4.1 million ; +16.6% Subscribers : 3.9 million ; +12.5% Subscribers : 2.1 million ; +35.4% Subscribers : 53 thousand Subscribers : 0.3 million ; -21.4% Active subscribers : 1.5 million ; Active subscribers : 1.8 million ; Active subscribers : 0.9 million Active subscribers : 5 thousand Active subscribers : 0.2 million Transaction volume : 137.3 million Transaction volume : 188.9 million Transaction volume : 118.4 million Transaction volume : 225 thousand Transaction volume : 22.3 million Transaction value : 1 227 billion Transaction value : 2 704 billion Transaction value : 1 067 billion Transaction value : 838 million Transaction value : 203 billion 21 Strong growth in customer base (+33%), revenues (65.3%) and iv. Mobile data usage, launching of 4G in Mali
135.6 1,232 2.1 13.9% billion XOF million + 4 . 9 p t s + 6 5 . 3 % + 2 7 . 0 % Subscribers delta Weight on turnover Turnover ARPU data mobile
1 0 2 4 K f i t t e d 9.2 subscribers 78.9% million + 3 2 . 2 % + 1 . 9 p t s 3 4 6 s i t e s
Contribution to turnover 4G / Senegal Active subscribers growth
Senegal Mali Guinea Bissau Sierra Leone
Turnover growth: 56.2% Turnover growth: 78.5% Turnover growth: 39.6% Turnover growth: 65.9% Turnover growth: -45.5% Subscribers : 3.0 millions ; +38.3% Subscribers : 3.5 millions ; +38.3% Subscribers : 2.0 millions ; +17.4% Subscribers : 89 214 Subscribers : 625 824 ; +0.8% Turnover (billion) : 65.0 Turnover (billion) : 43.8 Turnover (billion) : 19.9 Turnover (billion) : 2.7 Turnover (billion) : 4.2 ARPU monthly : 1 795 ARPU monthly ; 1 052 ARPU monthly ; 844 ARPU monthly ; 2 500 ARPU monthly ; 558 1 2 3 4 5 HIGHLIGHTS OPERATIONAL FINANCIAL PROSPECTS APPENDIX RESULTS RESULTS
#2017 Financial Results 23 Strong financial performances strengthened by the integration of Orange Sierra Leone, however with impressive currency impacts i. Financial results (SLL)
2017 Variation 2017 YoY 2016 In billions XOF (Scope 2016 comparable 2017 excluding Scope comparable base* Comparable Orange SL) Nominal excluding Base Ex. base Orange SL Orange SL Turnover 905 891.4 972.9 939.1 7.5% 9.1% 3.8% 5.3% Ebitda 440.5 433.3 452.8 447.0 2.8% 4.5% 1.5% 3.2% Ebitda margin 48.7% 48.6% 46.5% 47.6% -2.2 pts -2.1 pts -1.1 pt -1.0pt Operating results 323.2 317.8 307.8 306.4 -4.8% -3.1% -5.2% -3.6% Operating margin 35.7% 35.6% 31.6% 32.7% -4.1 pts -4 pts -3.0 pts -2.9 pts Net income 215.9 212.9 202.2 203.0 -6.3% -5.0% -6.0% -4.6% Net margin 23.9% 23.9% 20.8% 21.7% -3.1 pts -3.1 pts -2.2 pts -2.2 pts CAPEX 153.9 151.3 183.7 168.4 19.4% 21.4% 9.4% 11.3% Capex rate 17.0% 16.9% 18.9% 17.9% +1.9 pt +2 pts +0.9 pt +1 pt Free cash flow 286.6 282.0 269.0 278.6 -6.1% -4.6% -2.8% -1.2%
A growth in revenues by 7.5% driven data (+65,3% or 78.9% of turnover) and Orange money (+70.5% or 28.1% of turnover); thus strong growth relays thanks to a momentum of the activity, successful promotional offers, sustained animation and an expanded distribution network. Operating margin decreased by 2.2 points compared to 2016 due to the growing weight of the lower margin revenues, which resulted in higher direct costs with Orange money returns coupled with a significant decrease in Core business income (international traffic, fix, mobile, voice) with high margin.
* 2016 figures adjusted to the GNF exchange rate prevailing on December 31, 2017 24 Increase in revenues with the development of growth relays, but slowed ii. Turnover with a decrease in international incoming traffic
Bissau 20.1 Sierra Leone Billion XOF 33.8 9.1% +10.0% Billion XOF Others 10.4% 16.0% Guinea 14.7% 153.5 Orange Money 4.7% 28.1% Billion XOF +6.3% 4.8% 13.9% Mobile data 78.9% 972.9 billion Senegal 12.7% 418.1 XOF Billion XOF +7.5% -0.7%
Mobile 55.0% 55.4% 14.0% Mali 347.3 Wholesales Billion XOF International 12.8% -33.4% +8.1% Fixed line 3.1% -3.7% Weight on activity Contribution to turnover growth
Revenue growth mainly driven by the mobile services through data usage, value-added services and the development of Orange Money services. However, this trend is slowed by the declining international revenues and a drop in fixed activities. The maintenance of a strong commercial position is boosting growth in revenues to mitigate the declines. Significant currency exchange impact on the growth trajectories of financial 25 indicators (GNF depreciation = 1.5 pts. of turnover growth) iii. exchange rate impacts
+7.5% or 67.9 billion XOF +2;8% or 12;3 billion XOF
+9.1% or 81.5 billion XOF +4.5% or 19.5 billion XOF
+5.3% +3.2% Turnover +33.8 EBITDA +5.8
OSL OSL +47.7 +13.7 Scope -13.6 Scope -7.2 972.9 452.8 delta Rev. Exch. Rate delta Rev. Exch. rate 447.0 Historical 939.1 GNF Historical 905.0 GNF 440.5 scope 433.3 scope 891.4
2016 2016 BC* 2017 nominal 2017 2016 2016 BC* 2017 nominal 2017 nominal excluding OSL nominal nominal excluding OSL nominal +19.4% or 29.8 billion XOF
+21.4% or 32.4 billion XOF
+11.3%
CAPEX +15.3 OSL +17.1 -2.6 Scope 183.7 Exch. rate delta Rev. 168.4 153.9 GNF Historical 151.3 scope
2016 • 2016 figures adjusted to the GNF exchange rate prevailing on 2016 BC* nominal 2017 nominal 2017 December 31, 2017 excluding OSL nominal 26 Dilutive effects on margins due to the currency depreciation and the integration of Orange SL iv. Margins
Margin 2016 Margin 2017 Margin 2017 Excluding OSL
48;7% Ebitda margin 46.5% 47.7%
Operating margin 35.7% 31.6% 32.7%
Net margin 23.9% 20.8% 21.7%
Slight decreases due to the currency exchange rate but also by the strengthening of lower margin income lines of revenue (Mobile data, Orange Money, and value added services). iv. Business model mutation 27
SOCIAL : Revenues Var. Revenues % CAPEX CAPEX rate Var. Capex %
2017, billion XOF 2017 vs 2016, (%) 2017, billions XOF 2017, (%) 2017 vs 2016, (%)
Sonatel 973 7.5% 184 18.9% 19.4%
Senegal 452 -1.5% 86 19.0% 20.2%
Mali 355 8.4% 51 14.2% 2.0%
Guinea 162 17.2% 27 16.9% -0.1%
Bissau 23 6.3% 5 19.9% -16.5%
Sierra Leone 34 15 45.3%
Transformation of the business model due to the decrease in core revenues (mobile voice, international incoming traffic and fixed line) and an increasing contribution to revenues from growth relays (Mobile data, Orange money) with lower margin, combined with penalizing exogenous factors (taxation, regulation, energy …); thus causing a deflation of the EBITDA margin.
Higher level of investments (19% of turnover) reinforced by network 28 investments mainly in Senegal and Sierra Leone. v. Capex
8% Senegal billion variation 3% XOF 2016 2017 Mali 17/16 Guinea 15% Bissau Sierra Leone Network 135.6 163.6 +20.6% 47%
Others 18.3 20.1 +9.8%
Total Capex 153.9 183.7 +19% 27%
Capex rate 17% 19% +2 pts
Breakdown by country
Network investments accounted for 89% of total Capex. The renewal of the access networks and the increased density of networks with the development of data usage constitute the bulk of the investments.
29 Stock price stabilized at around 23000 XOF vi. Stock price evolution
monthly average share price Peak of the month 29 000 Trade volume 28 000 2016 Financial results Ex-dividend 27 000 announcement 2017 First semester financial 26 000 results announcement 25 250 25 200 24 500 25 000 24 500 25 000 24 500 24 500 24 500 24 929 24 222 24 986 24 000 24 000 23 400 24 213 23 898 23 000 23 500 23 500 23 618 23 738 23 000 23 564 23 168 22 696 22 396 22 000 494 973 474 950 378 134 331 045 297 784 301 763 316 604 290 031 286 192 256 665 21 000 203 823 203 911
20 000 0 0 0 0 0 0 0 0 0 0 0 0 1 2 3 4 5 HIGHLIGHTS OPERATIONAL FINANCIAL PROSPECTS APPENDIX RESULTS RESULTS
#2017 Financial Results #2018 prospects 31
• Cost structure • I n v e s t m e n t • G r o w t h
Profitability 32 #2018 perspectives
. Year 2017 dedicated again the leadership and the robust operational and financial performances of Sonatel Group, strengthened by the integration of Orange Sierra Leone in its scope of consolidation.
. These performances were made possible thanks to the important investments realized over time, in the concern of constant improvement of the customer experience, in the operational excellence, in pursuit of the efforts on the quality of technical service and in the policy of development of customer loyalty of our customers. They also allowed the Group to maintain its trajectories of profitability among the highest of the sector.
. The group was able to renew its concessions and to acquire 4G license on these main markets. What is going to strengthen it in its continuous will to offer a unique customer experience to its subscribers, to support better its dynamics of conquest and its leadership in its countries of presence but also to revitalize better its actions and offers around the Mobile Data, the value-added services, the financial mobile services motive and B2B services. New Datacenter of Senegal (the biggest of western Africa) and the deployment of the fiber should play a driving role in this strategy.
. The group will pursue its projects of transformation and adaptation of its cost structure to pursue its dynamics of profitable organic growth and face the important and structuring evolutions of its competitive, statutory, fiscal environment in transformation and which hardened a lot.
. The exchange rate impacts due to the depreciation of the Guinea franc and the Leone* and the acceleration of the OTT phenomena on the reduction in the international entering traffic should continue over 2018. Nevertheless, the Group will have to pursue its good dynamics of profitable growth. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
* Source * According to study: Perspective monde - http://perspective.usherbrooke.ca/ 1 2 3 4 5 HIGHLIGHTS OPERATIONAL FINANCIAL PROSPECTS APPENDIX RESULTS RESULTS
#2017 Financial Results 34 Sonatel Group 2017 Consolidated Financial Statements
1. Note to readers 2. Consolidated financial statements 3. Note on the consolidated accounts 4. Accounting principles and methods
35
1. Notes to readers Notes to readers – consolidation scope 36
• The consolidated financial statements include the accounts of Sonatel and all its directly or indirectly controlled subsidiaries. Subsidiaries are incorporated using the full consolidation method. Orange Sierra Leone owned at 50% is consolidated using the full consolidation method in accordance with shareholders’ agreement. • Orange Sierra Leone and its subsidiaries specialized in electronic money – Airtel Money Transfer and Airtel Money Commerce - in addition to Orange Finances Mobiles Guinea are integrated in the consolidation scope. • Reciprocal transactions between integrated companies are eliminated. • The consolidated financial statements are presented in XOF. Assets, liabilities and income statements of subsidiaries out of XOF zone are converted at the exchange rate prevailing at the closing period. • The Group’s consolidated financial statements are prepared in accordance with the East African System of Accounting (SYSCOA).
37 Notes to readers – consolidation scope
Entry in 2017
Entry in 2017 38 2. Consolidated financial statements (in millions XOF) Consolidated financial statements: Assets 39
ASSETS
GROSS AMORT/PROV NET 2016 NET 2017
FIXED ASSETS FIXED CHARGES 898 898 1 200 INTANGIBLE ASSETS 479 936 182 330 297 606 77 558 GOODWILL 80 372 7 591 72 781 - OTHER INTANGLIBLE ASSETS 399 564 174 740 224 825 77 558 TANGIBLE ASSETS 1 674 728 1 022 473 652 255 595 046 ADVANCES AND INSTALLMENTS - - - - FINANCIAL ASSETS 156 895 944 155 950 255 536 DEFERRED TAXES 19 393 - 19 393 19 746 EQUITY AFFILIATES - - - - PARTIPATION AND LINKED DEBTS 9 999 583 9 416 83 984 LOANS AND OTHER FINANCIAL ASSETS 127 503 362 127 141 151 806 TOTAL FIXED ASSETS (I) 2 312 457 1 205 748 1 106 709 929 340 CURRENT ASSETS - - - - INVENTORY 15 315 1 079 14 236 16 143 RECEIVABLES AND ASSIMILATED FUNCTIONS 269 031 25 651 243 380 197 128 RECEIVABLES 146 280 25 329 120 951 128 217 OTHER RECEIVABLES 122 750 322 122 428 68 911 TOTAL CURRENT ASSETS (II) 284 345 26 730 257 616 213 271 ASSETS – CASH FLOW TOTAL (III) 231 339 - 231 339 248 690 TOTAL FIXED ASSETS (I+II+III) 2 828 142 1 232 478 1 595 664 1 391 301 Consolidated financial statements: Liabilities 40
LIABILITIES 2017 2016 EQUITY
EQUITY 50 000 50 000 ADDITIONAL PAID IN CAPITAL AND CONSOLIDATED RESERVES 407 353 410 697 CONVERSION VARIANCE 3 688 5 699 NET RESULT (part of the consolidated company) 172 454 186 331 OTHER EQUITY - - PART OF THE CONSOLIDATED COMPANY 626 119 641 329 PART OF MINORITY 89 822 69799
EQUITY OF TOTAL CONSOLIDATED (I) 714 941 711 128 - - FINANCIAL DEBTS AND ASSIMILATED RESSOURCES - - DEFERRED TAXES 661 673 LOANS AND FINANCIAL DEBTS 158 329 1 923 FINANCIAL PROVISIONS FOR CONTINGENIES AND CHARGES 59 694 59 225
FINANCIAL DEBTS AND ASSIMILATED RESSOURCES (II) 218 685 61 821
TOTAL STABLE EQUITY I=(A+B) 934 626 772 949 - - CURRENT LIABILITIES - - ACCOUNTS PAYABLES AND RELATED ACCOUNTS 273 017 188 326 OTHER DEBTS 241 065 233 351 TOTAL CURRENT LIABILITIES 514 082 421 676
LIABILITIES – CASH FLOW TOTAL(III) 146 956 196 676
TOTAL LIABILITIES (I+II+III) 1 595 664 1 391 301 Consolidated financial statements: Income 41 CONSOLIDATED INCOME STATEMENT
2017 2016 statement TURNOVER 972 905 905 036 STOCKED PRODUCTION IMMOBILIZED PRODUCTION 4 687 3 877 OTHER OPERATING REVENUE 16 800 28 582
I – PRODUCTION OF THE YEAR 994 393 937 495 CONSUMED PURCHASES 61 237 53 420 EXTERNAL SERVICES AND OTHER CONSUMPTIONS 390 869 357 851
II – CONSUMPTION OF THE YEAR 452 106 411 271
VALUE-ADDED OF THE ACTIVITIES 542 287 526 224 STAFF COSTS 93 625 83 449
GROSS OPERATING PROFIT 448 662 442 775 DEPRECIATION AND PROVISIONS 160 593 131 426 REVERSALS PRODUCTS 19 718 11 809
OPERATING PROFIT 307 787 323 158 FINANCIAL REVENUES 10 312 9 879 FINANCIAL EXPENSES 18 971 20 305 ORDINARY ACTIVITIES RESULT 299 128 312 732
O.O.A. RESULTS 1 662 3 648
RESULTS BEFORE TAX 297 467 316 379
TAX DUE ON RESULTS 93 622 101 655 DEFERRED TAX 1 659 1 156
NET RESULT OF INTEGRATED COMPANIES 202 186 215 880 SHARE IN NET INCOME OF EQUITY AFFILIATES
NET RESULT OF THE INTEGRATED COMPAN 202 186 215 880 PART OF MINORITY 29 732 29 549
PART OF THE CONSOLIDATED COMPANY 172 454 186 331 Consolidated financial statements: TAFIRE I 42
GLOBAL CASH FLOW (GCF) AMOUNT AMOUNT
XOF MILLION XOF MILLION GOP 448 662 (SA) FINANCIAL FEES (TT) OPERATING 14 632 2 200 EXPENSE TRANSFER (SC) EXCHANGE RATE LOSS (UA) FINANCIAL 3 978 5 431 INCOME (SL) EXPENSES OUTSIDE ORDINARY ACTIVITIES (UE) FINANCIAL 539 EXPENSES 1 TRANSFER (SQ) PARTICIPATION (UC) EXCHANGE 0 4 486 RATE PROFIT (SR) INCOME TAX (UL) O.O.A 93 622 2 620 PRODUCTS (UN) O.O.A EXPENSE 0 TRANSFER
TOTAL (I) 112 770 TOTAL (II) 463 400
GCF : TOTAL (I) – TOTAL (II) 350 630 FINANCING FROM CASH FLOW Dividends distributed during the fiscal year 191 097 AF = GCF – Dividends distributed during the fiscal year 159 533
WORKING CAPITAL NEED CHANGES (N.W.C)
Change N.W.C = Inventory Changes + Debt Changes + Notes Payable Changes
Inventory Changes N – (N-1) Uses Resources (increase +) (decrease -) (BC) GOODS 0 0 (BD) RAW MATERIAL AND OTHER SUPPLIES 0 1635 (BE) IN PROGRESS 0 0 (BF) MANUFACTURED PRODUCTS 0 0 (A) INVENTORY GLOBAL NET CHANGES 0 1635 43 Consolidated financial statements : TAFIRE I
CHANGE IN RECIVABLES Uses Resources – next (increase +) (decrease -) SUPPLIERS, ADVANCES PAID 0 2 524 CUSTOMERS 36 292 0 OTHER RECEIVABLES 36 836 0 CONVERSION GAP - ASSETS 3 742 0 TOTAL 76 870 2 524 (B)GLOBAL NET CHANGE IN RECEIVABLES 74 346 0
DEBT CHANGE Uses Resources (increase +) (decrease -) CUSTOMERS, ADVANCES PAID 55 0 TRADE SUPPLIERS 0 89 255 TAX LIABILITIES 721 0 SOCIAL LIABILITIES 0 2 940 OTHER LIABILITIES 3 405 0 CONVERSION GAP – LIABILITIES 887 0 PROVISIONS FOR CONTINGENCIES 0 2 528 TOTAL 5 068 94 722 (C)GLOBAL NET CHANGE IN DEBT 0 89 654
CHANGE IN NETWORKING CAPITAL = A + B - C 0 16 943
OPERATING CASH SURPLUS OCS = GOP – N.W.C CHANGE – IMMOBILIZED PRODUCTION 2017 2016 GOP 448 662 442 775 - CHANGES IN NWC (NETWORKING CAPITAL) 16 943 10 732 - IMMOBILIZED PRODUCTION -4 687 -3 877 O.C.S (OPERATING CASH SURPLUS) 460 919 449 629 Consolidated financial statements : TAFIRE II 44
2017 2016 Uses Resources U-; R+ I-INVESTMENTS AND DISINVESTMENTS Fixed charges (increase during period) 0 -1 489 Internal growth Acquisition/Transfers of intangible assets 187 002 0 -54 559 Acquisition/Transfers of tangible assets 191 240 14 628 -146 642 External growth Acquisition/Transfers of financial assets 35 024 30 608 -112 831 TOTAL INVESTMENTS 368 031 0 -315 521 II-CHANGE IN OPERATING WORKING CAPITAL NEED 0 16 943 10 732 A-ECONOMIC USES TO BE FINANCED FF+GG 351 087 0 -304 789 III-USES/RESOURCES (B.F.; O.O.A) 0 35 414 -18 473 IV-RESTRAINED FINANCIAL USES 25388 -509 Refund (based on payment schedule) of loans and financial debts B-TOTAL USES TO BE FINANCED 341 061 0 -323 772 V-INTERNAL FINANCING Dividends (uses) / CGF (resources) 191 097 350 630 143 613 VI-EQUITY FINANCING Increase in capital by new contribution 7 700 3 734 Investments from grants 0 0 Equity withdrawals 0 0 45 Consolidated financial statements : TAFIRE II – next
2017 2016 Uses Resources U-; R+ VII-FINANCING BY NEW LOANS Loans 0 206 198 221 Other financing debts 0 -1 59 C-NET FINANCING RESOURCES 0 373 430 147 626 D-EXCESS OR SHORTAGE OF RESOURCES FUNDING (C-B) 0 32 369 -176 146 VIII-CASH VARIATION Net cash At the end of the period + o - 84 383 0 52 014 At the beginning of the period + or - 52 014 0 228 160 Cash change (+ if uses; - if resource) 32 369 0 -176 146
CONTROL (Based on N and N-1 balance sheet volumes) Uses Resources 2017 2017 Working Capital change: WC (N) – WC (N-1) 17 984 0 Working Capital Need change: WCN (N) – WCN (N-1) 0 50 353 Cash change (T): T(N) – T(N-1) 32 369 0 TOTAL 50 353 50353 46 Consolidated financial statements : Statement of changes in Equity
Balance Social equity Other Count Final Before Issuance of share To Balance after distribution Cash In-kind Incorporated Decrease Increases Decreases Conversion Account Distribution distribution distribution reserves variance transfer
Equity 50 000 -1 946 -1 946 50 000 Issuance, merger, contribution premium 3 572 -253 3 319 Re-evaluation variance -5 699 2 011 -3 688 Legal reserve 23 098 -389 1 22 710 Statutory and contractual reserves 0 0 Other reserves 424 444 1 432 -2 781 38 967 462 062 Carried over balance -166 0 0 -20 482 -20 648 Previous year result not yet allocated 0 0 Result of the year 215 880 202 186 -191 097 -2 341 -22 443 202 186 Investment grant 0 0 Regulated provisions 0 0 TOTAL 711 127 0 0 0 0 202 186 -189 665 -7 709 0 715 941 47 Consolidated financial statements: Table of changes, consolidated debts and off balance sheet consolidated commitments TABLE OF CHANGES AND CONSOLDATED DEBTS Balance Incurred Payments Incorporated to Net conversion Other Balance end Collateral of beginning of debts equity variance movements of year secured debts year (1) (2) (3) (4) (5) (6) (7) Convertible bond debts Other bonds debts Loans and debt credit 475 156 299 282 0 156 492 institutions Various financial loans and 1 448 915 508 -17 0 1 837 debts
TOTAL 1 923 157 214 791 0 -17 0 158 329
OFF BALANCE SHEET CONSOLIDATED COMMITMENTS Commitments Given Received (1) (1) Secured commitments With real collaterals 843 Other secured commitments 8 202 2 843
Mutual commitments In terms of leasing Definite orders
48 Consolidated financial statements: Table of turnover breakdown
2017 Turnover % of turnover A)Sales allocation by activity
Fixed lines 30 202 3.10% Mobile lines including data and Orange Money 670 788 68.95% Internet fixed line 46 149 4.74% National interconnection 39 979 4.11% International interconnection 34 427 3.54% Other wholesale (LL, Roaming, Operators) 124 580 12.80% Data and integration 13 124 1.35% Other income 2 437 1.15%
Total 972 905 100%
B)Sales allocation by geographic areas
Africa (ECOWAS) 693 550 71.29% Africa (outside ECOWAS) 162 101 16.66% Asia 2 025 0.21% America 1 779 0.18% Europe 113 450 11.66%
TOTAL 972 905 100% 49 Consolidated financial statements: Workforce per category
EXERCISE 2017 EXERCISE 2016 Workforce Payroll Workforce Payroll Staff under payroll 3 035 87 715 2 840 76 553
Manager and senior executives 1 473 50 201 1 346 42 492 Middle managers 1 022 26 982 1 022 24 832 Foremen 476 9 577 425 8 242 Employees and workers 64 955 47 987
Temporary staff 1 309 5 910 1 257 6 897
TOTALS 4 344 93 625 4 097 83 449 50 3.Note on the consolidated accounts (in millions XOF unless otherwise specified) 51 Note on the consolidated accounts (in millions XOF unless otherwise specified)
1- Immobilized charges 2017 2016 898 1 200
They correspond to the acquisition cost of fixed assets.
2 - Intagible assets Grosse Amort. Net 2017 Net 2016 Software licenses, Patents, Trademarks 396 487 -174 740 221 747 74 426 Goodwill 3 077 0 3 077 3 132 80 372 -7 591 72 781 0 479 936 -182 331 297 606 77 558
This item is constituted of licenses to operate telecom networks for the mobile and the fixed lines, software licenses, patents and trademarks, as well as assets for Sonatel Mobiles, Sonatel Business Solutions and Orange Guinea. The increase is due to the renewal of the license for Orange Mali for 100 billion and a complementary 50 billion towards the concession renewal for Sonatel SA. The 72 781 million in goodwill corresponds to the difference between the acquisition cost of Orange Sierra Leone and our shares in ownership in the mentioned subsidiary. 52 Note on the consolidated accounts (in millions XOF unless otherwise specified)
3 - Tangible assets Gross Amort Net 2017 Net 2016 - Land and enhancement work 6 523 - 17 6 506 6 062 - Buildings and facilities 89 392 -70 418 18 974 34 772 - Operating equipment: switching, transmission lines and networks, energy 1481 851 -875 970 605 881 531 337 - Office furniture and equipment 72 125 -59 034 13 091 15 168 - Vehicles 24 836 -17 034 7 803 7 706 1674 728 -1022 473 652 255 595 046
The increase in tangible assets from 2016 to 2017 is related to the strengthening of the investment programs thus resulting in the advancement of the following items (netted): - Land and development work: +443 million, - Buildings and installations: -15 798 million, - Transmission: +55 305 million, - Switching: -1 721 million, - Data networks: -5 697 million, - Energy: +1 678 million, - Lines and networks: +7 005 million, - Others: +6 580 million, - Vehicles: +96 million, - Office furniture and equipment: -2 077 million 53 Note on the consolidated accounts (in millions XOF unless otherwise specified)
4 - Advances and installments on Fixed Assets 2017 2016 0 0 Advance payments are paid amounts to suppliers at the start of work.
5 - Financial Assets Gross Prov. Net 2017 Net 2016 - Non-consolidated securities 9 999 -583 9 416 83 984 - Staff loans 123 765 -361 123 404 120 354
- Orange Sierra Leone loan 0 0 0 27 340 - Bonds 688 0 688 1 362 - Deposits and guarantees paid 3 048 -1 3 048 2 749
- Deferred taxes - Assets 19 393 0 19 393 19 746 156 894 -944 155 950 255 536
Change in non-consolidated securities is due to integration of Orange Sierra Leone and Orange Finances Mobile Guinea to the consolidation scope as well as a subscription to the capital increase of “Teranga Capital”.
The item Staff loans correspond to loans granted to employees.
Orange Sierra Leone loan is equal to 27 340 million and was converted to actions during the subscription to the capital increase of said subsidiary.
The decrease in bonds is explained by coupons reimbursement on government bonds in Senegal.
Deposits and guarantees increased by 352 million due to security deposits transferred to the “Caisse de Dépôt et de Consignations” in Senegal.
Deferred taxes – assets are a result of the temporary differences between the accounting and tax results. 54 Note on the consolidated accounts (in millions XOF unless otherwise specified)
6 - Non-Consolidated securities Gross Prov. Net 2017 Net 2016 E-money institutions 0 0 0 136 Orange Sierra Leone 0 0 0 74 198 Canal Horizons 5 0 5 5 Rascom 794 0 794 794 Ico 533 - 533 0 0 Technopole 8 0 8 8 Jeune Afrique 100 - 50 50 50 Groupement Orange Services 4 420 0 4 420 4 464 Guilab 3 681 0 3 681 4 065 Teranga Capital 446 0 446 252 GIM UEMOA 12 0 12 12 9 999 - 583 9 416 83 984
Gross Prov 2017 2016 7 - Net inventory 15 315 -1 079 14 236 16 143 Gross inventory essentially consists: - fuel: 2 million
- lines and networks supplies : 2 666 million - terminals for subscribers: 6 450 million - phone cards: 3 413 million - peritelephony: 1 213 million - internet keys: 319 million - office furniture: 56 million - en-route inventory: 1 173 million The decrease is explained partly by the disposal of phone cards (-2 243 million), lines and networks supplies (-189 million), and en-route inventory (-379 million), and the other hand by the storage of terminals including modems and livebox (+1 357 million).
Inventories considered dead (disqualified), dormant (unused for a year) and defective are depreciated at a 100%. 55 Note on the consolidated accounts (in millions XOF unless otherwise specified)
8 - Net Accounts Receivable Gross Prov 2017 2016 - Receivables residential customers 56 448 -21 886 34 562 27 913 - Receivables Clients State 13 196 0 13 196 13 787 - Receivabless Clients Operators 46 985 -3 443 43 542 52 690 - Services to be billed 29 652 0 29 652 33 827 146 280 -25 329 120 951 128 217
The increase in residential clients receivables is thanks to a business growth.
Receivables state (Government of Senegal) is still decreasing.
The decrease in receivables operators results from a decrease in international incoming traffic.
Services to be billed take into account billing for December or fourth quarter for 2017 for mobile and fixed lines, internet, business solutions, hubbing, roaming, as well as national and international interconnection.
Doubtful debts are 100% provisioned based on seniority: - fixed line residential clients for over 6 months, - mobile clients for over 90 days, - operators (Africa, Latin America and Asia) for over 12 years and on a case-by-case basis for other countries.
Receivables are considered as bad debts and written off after 5 years apart for operators subject to the discretion of the portfolio managers. 56 Note on the consolidated accounts (in millions XOF unless otherwise specified)
9 - Other Net Receivables Gross Prov 2017 2016 - Advances payment to suppliers 5 472 0 5 472 5 286 - Advance payments to staff 740 - 54 685 984 - State taxes and taxes receivable 75 297 0 75 297 51 883 - Current accounts of the group's companies 5 966 0 5 966 4 267 - Other debtors 32 647 - 268 32 379 5 209 - Regulatory account - Asset (conversion differences) 2 629 0 2 629 1 283 122 750 - 322 122 428 68 911
The stability of Advance payment to suppliers is explained by the implementation of netting. The considerable increase in taxes for 23 414 million is explained by: - an increase by 5 342 million in deducted VAT, - an increase of the IRVM by 1 227 million consequential on dividends received by Sonatel SA, - 4 524 million increase in third-party attributions as an asset recovery was undertaken on occupation fee on public domain in favor of a municipality and the Public Market Regulatory Agency, - an increase on tax imposed on bank transactions by 887 million – such amount is due to a greater use of bank funding, - various advances to governments in the countries of presence.
The increase in inter-company activities justifies the change in balance in the Group’s companies current accounts.
The increase by 27 170 million in other debtors is explained by the acquisition of shares to be distributed to the staff.
The increase in exchange rate differences is correlated to the increase in foreign currency receivables at closing date.
NB: Foreign currency receivables are valued at closing price. 57 Note on the consolidated accounts (in millions XOF unless otherwise specified)
10 - Net Cash Assets 2017 2016 - Banks 157 578 183 059 - UV Orange Money in circulation (electronic money) 66 286 54 413 - Cash register 534 507 - Treasury 3 386 3 038 - Investment assets 3 556 7 674 231 339 248 690
There is a decrease of 25 481 million in bank balances.
UV Orange Money in circulation is growing thanks to the development of e-money issuance and distribution by 12 000 million.
The increase in balance in Treasury results from an outsourcing of the collection for roaming to the clearing house.
The decrease in investment assets is explained by the evolution of the mechanism's equity portfolio. 58 Note on the consolidated accounts (in millions XOF unless otherwise specified)
11 - Equity 2017 2016 - Capital 50 000 50 000 - Unavailable reserves 22 710 23 098 - Other reserves 413 579 375 960 - Regulated reserves 48 484 48 484 - Share premium, issuance and fusion 3 319 3 572 - Conversion gap -3 688 -5 699 - Retained earnings -20 648 - 166 - Profit attributable to parent company 172 454 186 331 - Quote minority 29 732 29 549 715 941 711 128
Unavailable reserves correspond to the legal reserve capped at 20% of the social capital of each company.
Other reserves are free reserves amounted annually during profit allocations.
Regulated reserves only account for the provision for the renewal of tools and equipment.
The exchange differences are due to the impacts in conversion of the opening capital of Orange Guinea (Guinean Franc) and of Orange Sierra Leone (Leone).
The balance for retained earnings corresponds to the net losses of Orange Finances Mobiles Senegal and Orange Sierra Leone.
Overall, change in equity from 2016 to 2017 results from the allocations of profits in reserves and a non-Group distribution of dividends for 191 096 million. 59 Note on the consolidated accounts (in millions XOF unless otherwise specified)
12 - Financial liabilities and Assimilated Ressources 2017 2016 - Deferred taxes - liabilities 661 673
Deferred taxes – liabilities are generated by the tax adjustment of the gains to be reinvested from the disposition of buildings. 13 - Loans and Financial Debts 2017 2016 - Bank loans 152 043 473 - Security deposits 1 837 1 447 - Accrued interest 4 449 2 158 329 1 923
The transformation of the loans from short-term to medium-tern explains the increase in bank loans and accrued interests.
Security deposits consist of payments made by clients as an advance on consumption for taken subscriptions. 60 Note on the consolidated accounts (in millions XOF unless otherwise specified)
14 - Provisions of risks and charges 2017 2016 - provisions for disputes 3 270 2 808 - provisions for risks 4 232 3 000 - pension provisions 18 517 17 354 - provisions for other charges 33 674 36 064 59 694 59 225 The appearance of new disputes and risks resulted in an increase in provisions respectively for 462 and 1 232 million. There was an additional allocation to the pension provisions for 1 163 million. The decrease in provisions for other charges is correlated to the decrease in provisions for the spread of loyalty bonuses on share packages distributed to staff through a reversal of provisions. 15 - Accounts payable 2017 2016 Trade suppliers 199 801 152 210 Invesment suppliers 73 216 36 116 273 017 188 326
The increase in trade accounts payable is linked to an increased balance in local suppliers +22 565 million, and to provisions for accrued expenses payable +21 284 million, Orange money supplier balance (biller and merchants) +3,198 million, operators (-4 823 million) and foreign suppliers (+5 367 million).
The increase in investment payables is a result of the rise in contracted debts from local and foreign suppliers for respectively 25 079 and 8 741 million and a provision of 3 226 million for accrued expenses payable.
NB: The contract term for supplier credit is on average 60 days upon receiving the invoice. 61 Note on the consolidated accounts (in millions XOF unless otherwise specified)
16 - Other liabilities 2017 2016 - Social liabilities 14 942 12 148 - Tax liabilities 116 618 119 676 - Current accounts 1 460 2 705 - Customers - advances received 7 269 6 847 - Other payables 100 500 90 774 - Regulatory account liabilities (conversion differences) 277 1 200 241 065 233 351
The increase in social liabilities by 2 794 million resulted from the increase in performance bonuses.
The decrease in tax liabilities by 3,058 million is explained by the combined effect of the following: - an increase in provisions for income tax on bonuses +3 047 million, - a decrease of the IS for 6 189 million due to weaker results, - an increase in the collected VAT by 1 315 million with sales growth.
Current accounts decreased by 1 245 million due to settlements carried out regularly.
Payables Clients increased by 1 649 million as credits granted to operators decreased following the implementation of net rates.
The increase in other liabilities resulted from: - an increase in Orange Money credit balance with e-money issued for 13 482 million; - a decrease in deferred revenues by 6 475 million from sold phone cards remaining unused by OML, considering the growth in consumption; - a reclassification of the investment subsidy received in the ACE project from equity to other liabilities for 1 449 million.
The decrease in exchange differences are related to the volume in loans and debts in foreign currencies at closing date. 62 Note on the consolidated accounts (in millions XOF unless otherwise specified)
18 - Turnover
Turnover is comprised of: 2017 2016 Var. - Fixed line 30 202 32 708 -7,7% - Mobile (data included) 670 788 607 723 10,4% - Orange Money 46 149 27 068 70,5% - Internet fixed lines 39 979 35 482 12,7% - National Interconnection 34 427 28 490 20,8% - International interconnection 124 580 147 243 -15,4% - Autres wholesale (LL, Roaming, Operators) 13 124 12 839 2,2% - Data and Integration 11 219 11 068 1,4% - Other revenues 2 434 2 415 0,8%
972 902 905 036 7,5%
The consolidated turnover increased by 7.5% as a result of: - 7.7% decrease in the fixed line due to a continuous drop of its activities; - 10.4% growth with the mobile thanks to a sustained strong commercial position, the development of usages (data, VAS); - powerful growth of Orange Money by 70.5%; - 12.7% progression of the internet fixed line through the development of Internet offers; - 20.6% growth of the national interconnection correlated with received volumes from third party operators; - 15.4% decrease in international interconnection linked to the decrease in international incoming traffic with the augmentation of OTT and the Simbox fraud; - 2.2% increase in other wholesale products driven by an increase in operator’s Roaming and national leased lines despite a decrease in international leased lines; - 1.4% hike of the integration thanks to timely business billings; - small increase in other revenues +0.8%. 63 Note on the consolidated accounts (in millions XOF unless otherwise specified)
The following figures highlights the contribution of each subsidiary to the turnover and the gross operating profit.
Contribution to turnover by company can be broken down as follows: 2017 2016
Orange Mali 347 307 321 327 Sonatel Mobiles 291 053 281 805
Sonatel SA 108 336 127 557 Orange Guinea 147 851 144 529 Orange Bissau 20 095 18 270 Sonatel Multimedia 8 634 7 961 Sonatel Business Solutions 800 1 068 Orange Finances Mobiles Senegal 9 279 2 517 Orange Finances Mobiles Mali 0 0 Orange Finances Mobiles Guinea 5 728 0 Orange Sierra Leone 33 822 0 972 905 905 036
Gross Operating Profit (GOP) contributory by company can be broken down as follows : 2017 2016 Sonatel Mobiles 222 923 217 825 Orange Mali 189 481 184 260 Orange Guinea 77 767 76 605 Orange Bissau 10 114 9 091 Sonatel Multimedia 4 457 5 633 Sonatel Business Solutions -4 548 -3 912 Sonatel SA -57 652 -44 821 Orange Finances Mobile Senegal -1 585 -1 252 Orange Finances Mobile Mali - 562 - 654 Orange Finances Mobile Guinea 2 603 0 Orange Sierra Leone 5 664 0 448 662 442 775 64 Note on the consolidated accounts (in millions XOF unless otherwise specified)
19 - Consumptions
Consumptions for the year are: 2017 2016 Var. - Purchases 59 122 51 338 15% - Transport 2 114 2 081 2% - External services 335 081 301 996 11% - Taxes 39 746 38 382 4% - Other expenses 16 042 17 473 -8% 452 106 411 271 0
The increase in purchases is due to increased consumptions on the technical sites in fuel and electricity for respectively 2 578 and 1 553 million. Also contributing to the increase is the purchase of terminals for 2 643 million considering sales growth in terminals (notably smartphones) however attenuated by a 1 040 million decrease in purchased prepaid phone cards with the development of virtual top-up cards sales. The improvement in integration offers incited an increase in the purchase of equipment for 634 million. The rise in the purchases of livebox and flybox by 115 million is a result of the development of internet offers. Finally, the dynamism of recruitment incited the purchase of additional sims cards for 774 million.
The small increase in transport costs is due to travel expenses.
65 Note on the consolidated accounts (in millions XOF unless otherwise specified)
The significant activities that explain the increase in external services by 33 085 million are: - 5 245 and 3 967 million increase respectively in outsourcing and maintenance of the networks following the externalization of some activities, the integration of Sierra Leone in the consolidation scope, newly signed service contracts and the deployment of the optical fiber, - an increase in commercial fees by 2 182 million following a rebranding in Sierra Leone and the expansion of offers notably with Orange Money, - 4 856 million decrease in international revenues with the decrease in international incoming traffic as a result of the OTT, - 2 473 million decrease in capacity leasing expenses with the optimization of bandwidth, - 1,796 million decrease in Roaming expenses with the decrease in IOT traffic, - repayments for VAS to SMS+ partners and other service platforms increased by 3 050 million following the development of value added services and the growth of data, - the increase in interconnection expenses towards third-party operators by 8 063 million with the increase in off-net traffic through numerous offers, - 1 334 million decrease in bank fees resulting from the transfer fees recorded in 2016 with the acquisition of Airtel Sierra Leone, - 5 458 million increase in commissions to accompany Orange Money expansion offers, - the increase in fees by 1 718 million with the ongoing transformation plans. 66 Note on the consolidated accounts (in millions XOF unless otherwise specified)
- The increase in information system royalties by 2 803 million as it is outsourced to Orange Sierra Leone, - The increase in network operating royalties by 5 760 million following the integration of Sierra Leone and traffic growth thanks to the progression in data, - The increase in other royalties linked to turnover: * management fees 1 370 million, * brand fees 788 million,
The 1 364 million increase in taxes is explained by : - an increase in the tax on telecom network access in Guinea and Mali by respectively 111 and 1 402 million, - 1 623 million increase in non-deductible VAT on activities from e-money institutions outside the VAT scope.
The decrease in other expenses by 1 433 million is due to a decrease in provision for clients depreciation for 910 million and the decrease in other adjustments based on 2016 for 623 million. The drop is furthered by the decline in payables of over 5 years as they are written off as losses 4 187 vs. 4 463 million in 2016, coinciding the reversal of provisions for the same amount. 67 Note on the consolidated accounts (in millions XOF unless otherwise specified)
20 - Other charges 2017 2016 Var. - Staff costs 93 625 83 449 12% - Depreciation, amortization and provisions 160 593 131 426 22% - Financial expenses 18 971 20 305 -7% - Expenses excluding Ordinary Activity of Corporation tax 19 168 121 15777% 292 357 235 301 24%
The increase in staff expenses by 10 176 million is in response to: - 1 476 million increase in base salary due to an increase in wages following professional advances and promotions in addition to all indexed pay types including paid leave allowance (+548 million), - 2 485 million increase in performance bonus following the revalorization of rates and an increase in payroll, - 1 865 million increase in severance pay, - social contributions 504 million, - subsidizing of staff loans 358 million, - 237 million increase in severance pay and pre-retirement payments following the increase in exiting staff, - 552 million decrease in temporary staff expenses attained through a policy for expenses optimization.
The increase in depreciation 27 657 million is related to the project to renew mobile access networks. The increase in provisions by 1 436 million is due to the combined effect of a decrease in the loyalty premium provision by 2 186 million and an increase in the provision for contingencies by 2 401 million. Financial expenses decreased by 1 335 million following a decrease in exchange rate losses by 11 262 million thanks to the minimal fluctuations of the Guinean franc, but lessened by the increase in interest on loans by 8 441 million and exchange differences on foreign currency debts by 1 548 million. O.O.A expenses went up by 19 047 million with to the project to modernize network equipment. 68 Note on the consolidated accounts (in millions XOF unless otherwise specified)
21 - Other income 2017 2016 Var. - Other operating income 16 800 28 582 -41% - Reversals of provisions and expense transfers 19 718 11 809 67% - Immobilized production 4 687 3 877 21% - Financial income 10 312 9 879 4% - Products out of Ordinary Activity 17 507 3 768 365% 69 024 57 916 19%
Other operating income decreased by 11 782 million due to numerous adjustments completed last year. Reversals of provisions increased by 7 909 million with the reversals of unjustified provisions.
The 810 million change in immobilized production are related to extension and rehabilitation works on the networks. Financial income decreased by 433 million due to a decrease in financial investments. Revenue outside the Ordinary activity increased by 13 738 million essentially with the project to modernize network equipment. 69 Note on the consolidated accounts (in millions XOF unless otherwise specified)
22 - Off-balance sheet commitments
In 2017, the Group received and distributed off balance sheet commitments as follows:
a) - Guarantees received 2017 2016 - Guarantees from providers 2 843 655 - Staff pledged shares 843 1 146 3 686 1 801
b) - Guarantees given 2017 2016 - Blocked term accounts for AFD Dakar 94 300 300 - Customs credit deposits 700 700 - Market bid deposits 1 007 7 549 - Guaranteed bonds in favor of the Government (concession renewal) 0 50 000 - Irrevocable lease term deposit 795 0 - Certificate of financial standing 5 400 0 8 202 58 549 23 - Executive renumeration
The overall renumaration amount for 10 highest paid people in 2017 is: 2 032 million.
24 - Events after balance sheet date
NRT 70
4.Accounting principles and methods
Accounting principles and methods 71
• Consolidation principles . Immobilized expense and intangible assets Subsidiaries under exclusive control are consolidated using the full They are amortized over a five-year period. consolidation method. Cf. page 5: consolidation scope Disassociated software (invoiced separately from the computer equipment) are capitalized and amortized on a estimated useful • Financial statements presentation life of 3 years. Financial statements are prepared in accordance with the SYSCOA method: balance sheet, income statement, cash flow statement Exchange differences to distribute are evaluated in accordance (TAFIRE). with foreign currency operations principles. • Basis of preparation of financial statements
Financial statements are prepared on a historical cost basis and presented according to the principles and methods accepted in the countries of presence. They comply with the West African Accounting System (SYSCOA) in place since January 1st, 1998. Accounting principles and methods 72 • Tangible assets . Other current assets They are evaluated at their acquisition cost which consists of the They consist of home loans and personnel vehicles, government purchasing price and approach expenses and amortized under the loans to the staff to acquire shares of the group (10%), security and straight line approach over the below specified estimated periods: guarantee deposits paid on water and electricity subscriptions as well Buildings 20 years as prepaid rents and equity. Land enhancement work 40 years Office furniture and accommodation 10 years Office equipment 05 years The assets are recorded and evaluated at their historical cost.
Fixture, fittings and installations 10 years Transportation equipment 05 years On securities, depreciation provisions are taken into account when Switching equipment 10 years the closing value is inferior to the historical cost.
Transmission equipment 10 years Lines and network equipment 10 years Closing value is either the stock price of the listed securities; or net Energy equipment 10 years asset value for the unlisted securities. Measuring equipment 03 years Other assets 10 years
Fixed assets in progress are recorded at their acquisition cost and re- classed as tangible once in service.
Accounting principles and methods 73
. Receivables • Inventories Accounting services to Local customers Inventories are evaluated at the weighted average cost of purchase. Retained value for local purchases corresponds to the non-revisable Services to local customers are invoiced in XOF on the issue date historical cost cited as annex in the market contract. of the bill and recorded in the 41 accounts. Unbilled services by Purchasing cost of imported products corresponds to market plus the closing date are recorded in the 418 accounts (Accrued customs duties and transit fees. income).
Depreciation provisions are applied at a 100% on defective, dormant Sold top-up cards that are unused are recorded as deferred (inventory that registered no activity for a year) and dead revenue. (declassified or unused inventory for 3 years) inventories.
Doubtful debts from residential clients are depreciated at a 100% when: - left unpaid for more than 6 months for the fixed line; - left unpaid for more than 90 days on the mobile
Accounting principles and methods 74
Accounting for revenue from International traffic Exchange rate gains and losses are recorded in the balance sheet in accounts 478 and 479 “conversion variance”. Traffic balances are recorded on a monthly, bi-monthly or quarterly basis depending on the account balance for the month, Receivables from the foreign correspondent are depreciated on two-month period or quarter, as a credit or debit line once accepted a case-by-case basis depending on the creditworthiness of the by the concerned foreign correspondent. correspondent.
A provision is calculated year-end for all traffic balances not yet . Foreign currency transactions accepted. They are recorded in 418300 accounts (Accrued income) when the balance is in favor of Sonatel and as Accrued liabilities Foreign currency operations are converted at the exchange rate otherwise in the Accrued expenses payable account (408400). prevailing on the date they are recorded. Foreign exchange differences are recorded as currency gains or losses on the settlement date.
Foreign currency accounts are converted at the exchange rate prevailing on closing date. Potential currency gains are recorded as exchange rate gains or losses rather than as revenues. Unrealized exchange rate losses give rise to a provision for risks.
Accounting principles and methods 75
Income statement . Provisions for risks liabilities and charges
Unrealized exchange rate losses on operations over a year old are Disputes recorded as liabilities in the “Provision for exchange rate losses” account and the counterpart is reported to the assets in account 478 All potential risks associated with litigations with third parties are “Exchange rate differences”. provisioned according the information provided by group’s legal services. Unjustified provisions are accounted for in the income Unrealized exchange rate losses on less than a year-old operations are statement. recorded in 679 with a credit to account 499. Losses in the cash accounts are reported in the income to offset the Retirement benefits Cash account. Due employee benefits at the time of retirement or in the case of a contractual framework are subject to a provision for expenses. • Investment grants
They are transferred to the Accruals and deferred liabilities. The . Deferred taxes offset is recorded on the income statement. Deferred taxes are recorded to offset to the temporary effect of revenues and expenses due to tax considerations. The liability method is applied.
Accounting principles and methods 76
• Electronic money Orange Money is a mobile payment offering marketed by e- money institutions “EMI” certified by BCEAO or the central bank of Guinea It consists of issuing and distributing electronic money or units of value that can be used for commercial transactions. Currency in circulation is recorded in the 514xxx cash account and offset as debts posted to the 472xxx accounts by category (vendors, biller, merchants and end-consumer). Issued money not distributed stay in the “EMI” main cash account. Paid commissions are posted as expenses and offset as revenues.
77
77 78
78 79 DARFT RESOLUTION THAT WILL BE SUBMITTED AT THE GENERAL SHAREHOLDER MEETING WITCH APPROVE THE FINANCIAL STATEMENTS OF THE FISCAL YEAR 2017
RESOLUTION DRATF : FISCAL YEAR 2017 INCOME ASIGNMENT
The Shareholders Assembly, approving the proposal of the Board of Directors,decides to allocate the entire profit of the year ended December 31st, 2017 todividends. Moreover, the Shareholders Assembly decided to take XOF 3,088,044,627 on free reserves to pay out dividends. As a result, the Shareholders Assembly sets at XOF one thousand six hundred and sixty seven (1.667) the gross dividend due to each share. After deduction of withholding tax of 10% in respect of IRVM, net dividend XOF one thousand five hundred (1.500) will be paid from May 11th, 2018.
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#2017 Financial results
T h a n k
y o u OPCVM: FONDS COMMUNS DE PLACEMENT ET SOCIETES D'INVESTISSEMENT A CAPITAL VARIABLE vendredi 23 février 2018 Valeur Liquidative Variation Sociétés de gestion Dépositaire OPCVM Catégorie Précédente Actuelle Origine Origine Précédent Valeur Date Valeur Date Date % % QUOTIDIENNES AFRICABOURSE ASSET MANAGEMENT AFRICABOURSE SA FCP AAM CAPITAL SUR OCT 5 000 6 600,48 20/02/2018 ND ND 10/10/2012 - - FCP AAM EPARGNE CROISSANCE D 5 000 6 147,90 20/02/2018 ND ND 19/11/2012 - - FCP AAM OBLIGATIS OMLT 5 000 7 055,74 20/02/2018 ND ND 12/09/2012 - - FCP AAM EPARGNE ACTION A 5 000 4 252,32 20/02/2018 ND ND 16/01/2017 - - AFRICAM SA SBIF FCP EXPANSIO D 5 000 7 773,41 21/02/2018 7 779,06 22/02/2018 01/01/2013 55,58% 0,07% FCP SECURITAS OMLT 5 000 5 762,68 21/02/2018 5 763,65 22/02/2018 01/01/2013 15,27% 0,02% FCP VALORIS A 5 000 7 092,75 21/02/2018 7 104,35 22/02/2018 01/01/2013 42,09% 0,16% ATLANTIC ASSET MANAGEMENT ATLANTIQUE FINANCE FCP ATLANTIQUE CROISSANCE D 5 000 4 917,73 21/02/2018 ND ND 30/05/2015 - - FCP ATLANTIQUE SECURITE OMLT 5 000 5 810,79 21/02/2018 ND ND 30/05/2015 - - BNI GESTION BNI FINANCES FCP CAPITAL CROISSANCE D 10 000 18 818,00 19/08/2015 ND ND 01/01/2009 - - FCP DYNAMIC SAVINGS D 10 000 10 197,00 19/08/2015 ND ND 06/06/2014 - - BOA ASSET MANAGEMENT BOA CAPITAL SECURITIES FCP Emergence D 5 000 6 533,97 21/02/2018 6 531,07 22/02/2018 01/02/2010 30,62% -0,04% FCP Treso Monea OCT 25 000 000 29 976 644,81 21/02/2018 29 979 245,29 22/02/2018 01/12/2013 19,91% 0,01% BRM ASSET MANAGEMENT BRM FCP "BRM DYNAMIQUE" D 10 000 12 923,13 08/09/2014 ND ND 12/03/2009 - - FCP "BRM OBLIGATAIRE" D 10 000 12 057,50 17/10/2014 ND ND 12/03/2009 - - FCP ACTIONS PHARMACIE A 1000 1 026,00 21/02/2018 1 023,90 22/02/2018 25/07/14 2,39% -0,20% FCP AL BARAKA A 1000 1 015,16 21/02/2018 1 014,64 22/02/2018 01/03/17 1,46% -0,05% FCP ASSUR' SENEGAL D 1000000 1 188 687,44 21/02/2018 1 188 011,47 22/02/2018 06/07/14 18,80% -0,06% FCP PLACEMENT AVANTAGE D 1000 1 416,84 21/02/2018 1 415,40 22/02/2018 29/03/13 41,54% -0,10% CGF GESTION CGF BOURSE FCP PLACEMENT CROISSANCE A 1000 1 346,91 21/02/2018 1 344,79 22/02/2018 29/03/13 34,48% -0,16% FCP HORIZON D 1000 1 811,28 21/02/2018 1 804,50 22/02/2018 27/06/09 80,45% -0,37% FCP PLACEMENT QUIETUDE OMLT 1000 1 257,93 21/02/2018 1 258,09 22/02/2018 29/03/13 25,81% 0,01% FCP LIQUIDITE-OPTIMUM OMLT 10000 10 195,82 21/02/2018 10 197,62 22/02/2018 01/10/17 1,98% 0,02% FCP BNDE VALEURS A 1000 1 066,03 21/02/2018 1 065,88 22/02/2018 02/09/16 6,59% -0,01% CORIS ASSET MANAGEMENT CORIS BOURSE FCP CORIS ACTIONS A 5 000 4 568,46 04/12/2017 ND ND 11/11/2014 - - FCP CORIS PERFORMANCE D 5 000 4 991,62 04/12/2017 ND ND 11/11/2014 - - OAM S.A SGI TOGO FCP-1 OPTI PLACEMENT A 5 000 13 707,29 21/02/2018 ND ND 01/02/2002 - - FCP-2 OPTI REVENU OMLT 5 000 7 478,22 21/02/2018 ND ND 01/02/2002 - - FCP-3 OPTI CAPITAL D 5 000 17 657,65 21/02/2018 ND ND 24/01/2003 - - SOGESPAR SOGEBOURSE FCP SOGEAVENIR D 500 1 870,00 21/02/2018 1 847,00 22/02/2018 01/10/2002 269,40% -1,23% FCP SOGEDEFI D 4 888 4 681,00 21/02/2018 4 632,00 22/02/2018 23/12/2014 -5,24% -1,05% FCP SOGEDYNAMIQUE A 4 888 4 473,00 21/02/2018 4 423,00 22/02/2018 23/12/2014 -9,51% -1,12% FCP SOGEPRIVILEGE D 4 888 4 588,00 21/02/2018 4 558,00 22/02/2018 23/12/2014 -6,75% -0,65% FCP SOGESECURITE OMLT 4 888 4 955,00 21/02/2018 4 955,00 22/02/2018 23/12/2014 1,37% 0,00% FCP SOGEVALOR A 1 000 4 184,00 21/02/2018 4 140,00 22/02/2018 04/06/2002 314,00% -1,05% SOAGA-SA SGI-BOA CAPITAL SECURITIES FCP SOAGA EPARGNE ACTIVE D 10 000 8 695,34 21/02/2018 8 687,12 22/02/2018 28/10/2016 -13,13% -0,09% SICAV Abdou DIOUF D 10 000 000 15 089 140,53 21/02/2018 15 096 541,76 22/02/2018 01/12/2003 50,97% 0,05% FCP SOAGA EPARGNE SERENITE OMLT 10 000 10 302,03 21/02/2018 10 300,61 22/02/2018 28/10/2016 3,01% -0,01% SAPHIR ASSET MANAGEMENT SGI BENIN FCP SAPHIR DYNAMIQUE D 5 000 5 094,97 21/02/2018 5 092,45 22/02/2018 28/08/2017 1,85% -0,05% FCP SAPHIR QUIETUDE OMLT 5 000 5 311,11 21/02/2018 5 311,64 22/02/2018 28/08/2017 6,23% 0,01% HEBDOMADAIRES BNI GESTION BNI FINANCES FCP BNI RETRAITE D 2 500 3 814,00 06/08/2015 3 855,00 13/08/2015 11/05/2012 54,20% 1,07% FCP INITIATIVES SOLIDARITE D 2 500 5 586,00 24/07/2015 5 687,00 05/08/2015 01/08/2013 127,48% 1,81% FCP SODEFOR COMPLEMENTAIRE RETRAITE D 2 500 7 107,00 24/07/2015 7 295,00 06/08/2015 04/01/2010 191,80% 2,65% FCP PAM ACTIONS A 43 082 10 004,91 01/02/2017 10 023,67 08/02/2017 13/12/2017 0,24% 0,19% PhoenixAfrica Asset Management Phoenix Capital Management FCP PAM DIVERSIFIE EQUILIBRE D 43 082 10 003,47 01/02/2017 10 041,84 08/02/2017 13/12/2017 0,42% 0,38% FCP PAM DIVERSIFIE OBLIGATIONS D 43 082 10 022,57 01/02/2017 10 031,05 08/02/2017 13/12/2017 0,31% 0,08% FCP Global Investors D 25 000 27 780,20 09/02/2018 27 990,09 16/02/2018 01/12/2012 11,96% 0,76% BOA ASSET MANAGEMENT BOA CAPITAL SECURITIES FCP Boa Obligations OMLT 10 000 10 538,61 09/02/2018 10 551,40 16/02/2018 Mars. 2017 5,51% 0,12% FCP Boa Actions A 10 000 9 806,13 09/02/2018 9 812,12 16/02/2018 Juil. 2017 -1,88% 0,06% BRM ASSET MANAGEMENT IMPAXIS FCP "SDE" D 1 000 2 083,36 05/09/2014 ND ND 14/03/2011 - - CGF GESTION CGF BOURSE FCPCR SONATEL D 1 000 6 412,00 15/02/2018 6 343,44 22/02/2018 12/02/2004 541,20% -1,07% IMPAXIS SECURITIES FCP FORCE PAD D 1 000 1 243,64 14/02/2018 1 248,11 21/02/2018 16/02/2014 24,81% 0,36% CGF BOURSE FCPE SINI GNESIGUI D 1 000 1 302,33 13/02/2018 1 311,15 20/02/2018 25/02/2014 31,12% 0,68% CGF BOURSE FCPE DP WORLD DAKAR D 1 000 1 062,38 12/02/2018 1 061,94 19/02/2018 04/10/2016 6,24% -0,04% EDC Asset Management EDC Investment Corporation FCP ECOBANK UEMOA DIVERSIFIE D 5 000 7 976,00 14/02/2018 8 034,00 21/02/2018 19/09/2007 60,68% 0,73% FCP ECOBANK UEMOA OBLIGATAIRE OMLT 20 000 000 20 145 773,00 14/02/2018 20 164 923,00 21/02/2018 01/01/2018 0,82% 0,10% FCP ECOBANK UEMOA RENDEMENT OMLT 1 000 000 1 475 665,00 14/02/2018 1 480 645,00 21/02/2018 10/10/2007 48,06% 0,34% FCP ECOBANK ACTIONS UEMOA A 5 000 3 870,00 14/02/2018 3 919,00 21/02/2018 20/04/2016 -21,62% 1,27% BRIDGE ASSET MANAGEMENT BRIDGE SECURITIES FCP BRIDGE INSITUTIONNEL D 25 000 000 25 036 319,18 26/01/2018 25 047 554,86 02/02/2018 02/11/2017 0,19% 0,04%
SGO MALI FINANCE SGI MALI FCPE ORANGE MALI D 10 000 20 624,73 14/02/2018 20 623,08 21/02/2018 03/09/2012 106,23% 106,25% SGI AFRICAINE DE BOURSE ATTIJARI OBLIG OMLT 10000 12019,17 02/02/2018 12022,48 09/02/2018 13/07/2012 20,22% 0,03% ATTIJARI LIQUIDITE OCT 10000 10964,89 02/02/2018 10974,9 09/02/2018 30/08/2013 9,75% 0,09% ATTIJARI HORIZON OMLT 10000 12157,04 02/02/2018 12164,91 09/02/2018 30/08/2013 21,65% 0,06% ATTIJARI ASSET MANAGEMENT ATTIJARI ACTIONS A 10000 9382,85 02/02/2018 9474,61 09/02/2018 21/05/2015 -5,25% 0,98% ATTIJARI DIVERSIFIE D 10000 11315,51 02/02/2018 11328,08 09/02/2018 21/05/2015 13,28% 0,11% ATTIJARI INVEST OMLT 10000 10951,71 02/02/2018 10960,18 09/02/2018 21/01/2016 9,60% 0,08% ATTIJARI PATRIMOINE OMLT 10000 10953,78 02/02/2018 10 963,90 09/02/2018 21/01/2016 9,64% 0,09% MENSUELLES BNI GESTION BNI FINANCES FCP CNRA D 2 500 4 308,00 30/06/2015 3 133,00 14/08/2015 29/10/2013 25,32% -27,27% FCP KARIMA ETHIQUE D 1 000 1 366,00 03/07/2015 1 458,00 03/08/2015 22/05/2013 45,80% 6,73% OPCVM : Organisme de Placement Collectif en Valeurs Mobilières ND: Non Disponible Catégories: