Consolidated Financial Statements at 31 December 2016
CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2016 www.ocpgroup.ma Contents Key figures and significant events of the period KEY FIGURES 4 SIGNIFICANT EVENTS OF THE PERIOD 4 EVENTS AFTER THE REPORTING PERIOD 4 Consolidated financial statements CONSOLIDATED STATEMENT OF PROFIT AND LOSS 5 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 7 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 8 CONSOLIDATED STATEMENT OF CASH FLOWS 10 Notes to consolidated financial statements NOTE 1 - ACCOUNTING RULES AND METHODS 11 NOTE 2 - CONSOLIDATION SCOPE 12 NOTE 3 - SEGMENT REPORTING 14 NOTE 4 - OPERATIONAL DATA 17 NOTE 5 - EXPENSES AND EMPLOYEE BENEFITS 21 NOTE 6 - INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 24 NOTE 7 - OTHER OPERATING ITEMS 28 NOTE 8 - PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS 29 NOTE 9 - PROVISIONS AND CONTINGENT LIABILITIES 35 NOTE 10 - FINANCIAL INSTRUMENTS, NET DEBT AND NET COST OF FINANCING 37 NOTE 11 - CORPORATE INCOME TAXES 47 NOTE 12 - EQUITY, PERPETUAL SUBORDINATED DEBT, DIVIDENDS AND EARNINGS PER SHARE 50 NOTE 13 - RELATIONS WITH THE STATE 52 Statutory auditors’ opinion on the consolidated financial information STATUTORY AUDITORS’ OPINION ON THE CONSOLIDATED FINANCIAL INFORMATION 53 Key figures and significant events of the period Key figures (In millions of dirhams) Note FY 2016 FY 2015 Revenues 4.1.1.2 42,471 47,747 Profit (loss) from joint ventures 6.1 123 358 EBITDA 12,777 17,659 Operating profit (loss) before exceptional items 8,301 13,820 Cost of net financial debt 10.1.5 (402) (363) Net profit (loss) - Group share 3,779 8,011 Consolidated equity - Group share 70,335 63,776 Net financial debt 38,019 35,247 Net operating investments 13,261 14,264 Basic and diluted earnings per share (in dirhams) 12.4 45.96 97.52 Dividend per share (in dirhams) 30.17 15.09 Significant events of the period Business LAUNCH OF JORF FERTILIZER COMPANY II IN JULY 2016 In order to strengthen the presence of OCP Group in the production of phosphate fertilizers, Jorf Fertilizer Company II became operational in July 2016.
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