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Présentation Powerpoint HIGHLIGHTS RETURN TO GROWTH OF OUTGOING STRONG REVENUE GROWTH OF NEW SUBSIDIARIES MOBILE REVENUE IN MOROCCO THANKS INCREASE OF 1.4 PT IN THE GROUP TO SUCCESS WITH DATA EBITDA MARGIN TO 50% +8.0% +1.6% at constant exchange rates SUSTAINED GROWTH GROUP SHARE OF ADJUSTED NET INCOME ACCELERATED DEPLOYMENT OF 4G+ IN SUCCESS OF THE VOLUNTARY MOROCCO: REDUNDANCY PLAN IN MOROCCO +5.9% 80% POPULATION COVERAGE RATE 1,026 beneficiaries at constant exchange rates I 3 I OPERATIONAL AND FINANCIAL ACTIVITIES I GROWTH IN CUSTOMER BASE I (million) I GROWTH OF OUTGOING SERVICES REVENUE I (MAD million) 53.0 +3.8% 55.0 +2.1%* 32.0 33.7 +5.1% +1.8% 21.0 21.4 +1.9% +2.3% International Maroc H1 2016 H1 2017 H1 2016 H1 2017 INCREASE OF 3.8% IN GROUP CUSTOMER BASE TO In Morocco, thanks to the STRONG INCREASE IN MOBILE INTERNET MORE THAN 55 MILLION CUSTOMERS where revenues grew by 57% Continued growth of customer base despite the customer In the subsidiaries, despite an unfavorable economic climate and the identification process in all countries deactivation of unidentified customers Sustained growth of 22% in customer base of new subsidiaries *At constant exchange rates I 4 I SUCCESS OF INTERNATIONAL DEVELOPMENT STRATEGY H1 2016 H2 2016 H1 2017 % GROUP CUSTOMER BASE 60% 61% 61% Morocco % GROUP REVENUES 44% 43% 44% International % EBITDA 33% 35% 37% I 5 I REGULATORY HIGHLIGHTS IN MOROCCO Reinstatement by the regulator of a 20% asymmetry in Mobile call terminations starting March 1, 2017 January 1, 2013 March 1, 2017 0.1399 DH/Mn Inwi 0.1399 DH/Mn Orange Maroc 0.1399 DH/Mn 0.1169 DH/Mn Maroc Telecom Referral by Inwi regarding the implementation of unbundling Launch by the regulator of consultations for the demarcation of the pertinent markets for 2018-2020 AT SUBSIDIARIES Strengthening of constraints associated with unidentified customers: constraints on sales of SIM cards and suspension of customers Decreases in call termination rates with a positive impact on margins I 6 I RESULTS OF THE FIRST HALF OF 2017 UPDATING OF OUTLOOK FOR 2017 H1 2017 ACHIEVEMENTS At constant scope and exchange rates Slight drop in revenues following impact of latest regulatory measures -2.3% Stable EBITDA +0.4% CAPEX of approximately 23% of revenues, 17.7% excluding frequencies or licenses I 7 I MOROCCO – MOBILE / RETURN TO GROWTH IN OUTGOING SERVICE REVENUES +2.9% +1.6% -2.0% -5.2% -6.0% -6.3% -7.8% -8.1% -11.3% H1 13/12 H2 13/12 H1 14/13 H2 14/13 H1 15/14 H2 15/14 H1 16/15 HH22 16/1516/15 H1H1 17/1617/16 I 9 I MOROCCO– MOBILE I MOBILE CUSTOMER BASE I (000) I MOBILE REVENUE I (MMAD) 18,179 +1.3% 18,411 6,934 1,776 -5.5% 6,552 1,713 +3.7% 199 117 1,749 1,371 -21.6% 16,466 16,635 +1.0% 4,986 5,064 +1.6% S1H1 2016 S1H1 2017 H1 2016 H1 2017 Prepaid Postpaid Incoming revenue Outgoing revenue Equipment I ARPU I (MAD/month) RETURN TO GROWTH IN OUTGOING REVENUES -5.2% Strong enthusiasm for Data where revenues grew 57% DROP IN INCOMING REVENUES 60.1 56.9 Significant decrease in incoming international traffic since the liberalization of telephony over IP in November 2016 Decrease of 16% of the call termination rate of Maroc Telecom since S1H1 2016 S1H1 2017 March 1, 2017 I 10 I MOROCCO – DATA MOBILE CONTINUED SURGE IN MOBILE DATA (000) I MOBILE INTERNET CUSTOMER BASE I I DATA TRAFFIC I (GB) 38% 45% Penetration rate* 8,372 +20.6% 6,944 1,475 +3.4% +82% 1,426 16,6% 6,897 +25.0% Postpaid 5,518 Prepaid H1 2016 H1 2017 S1H1 2016 S1H1 2017 I REVENUE DATA I (000) STRONG SURGE FOR 3G/4G INTERNET AS A RESULT OF the expansion of the 4G+ network The strong growth in 4G usage where traffic represented 35% of Mobile Internet traffic in H1 2017 +57% MAROC TELECOM IS THE CLEAR LEADER IN MOBILE INTERNET WITH A 47.5% MARKET SHARE AT THE END OF MARCH 2017 H1 2016 H1 2017 * Calculated on the Maroc Telecom overall base I 11 I MOROCCO – FIXED AND INTERNET I FIXED-LINE & INTERNET REVENUE I (MAD million) I FIXED-LINE & ADSL CUSTOMER BASE ** I (000) 4,471 -0.5% 4,451 1,124 1,127 +0.3% 1,197 1,322 +10.4% +3.8% 1,617 1,678 1,197 1,306 +9.1% 2,150 2,001 -6.9% H1 2016 H1 2017 H1 2016 H1 2017 Voice (including transit) Data* LL intra Maroc Telecom Fixed-line ADSL Continued STRONG GROWTH OF DATA REVENUES supported by the success of High-speed offers on ADSL and Fiber Optic Decrease in voice revenues due to the volatility of international transit activities with very low margins *Fixed Data combines Internet, TV over ADSL and business Data services; ** Including low speed and leased connections. I 12 I INTERNATIONAL I MOBILE CUSTOMER BASE I (000) I CHANGE IN REVENUES I 33,254 31,647 +5.1% 7,678 +0.0%** 7,582 17,722 -6.5% 18,963 -4.3% 15,532 +22.5% 12,684 +8.0% Historical subsidiaries H1 2016* H1 2017 H1 2016 H1 2017 New subsidiaries *The merger between Gabon Telecom and Moov Gabon in 2016 led to the consolidation of their historical data. I MARKET SHARES I (%) Revenue stability at subsidiaries due to the DECREASE IN CALL Q1 2016 Q1 2017 TERMINATION RATES (positive impact on margins) Historical subsidiaries 44% 43% OUTGOING SERVICE REVENUES SUSTAINED GROWTH OF 1.8% New subsidiaries 26% 28% despite an unfavorable macroeconomic climate and the deactivation of unidentified customers Global 35% 35% Source: Dataxis Q1 2017 I 13 I **At constant exchange rates MOROCCO - NETWORK MODERNIZATION I CAPEX I (MAD million) I COVERAGE I (as % of population) CAPEX/ 14.6% 17.8% REVENUES +15,5% 1,793 H1 2016 H1 2017 1,552 319 369 2G 1,128 99.5% 99.5% 834 3G 86.6% 89.0% 349 346 H1 2016 H1 2017 4G 70.0% 80.0% Very-High-Speed Fixed-Line Very-High-Speed Mobile Other CONTINUED INVESTMENT IN HIGH SPEED WITH AN 80% 4G POPULATION COVERAGE RATE, CONFIRMING MAROC TELECOM’S POSITION AS THE NUMBER ONE 4G+ OPERATOR IN MOROCCO Introduction of 900 Mhz frequencie on 3G, allowing for improved Indoor and Outdoor coverage Strong growth in international bandwidth capability and doubling of Mobile Data Network capability in one year Extension of the residential Fiber Optic access network in order to support the growth in the number of Fiber customers I 14 I INTERNATIONAL - NETWORK MODERNIZATION I CAPEX (excl. licenses) I (MAD million) I CHANGE IN RADIO SITES I CAPEX/ 17.4% 16.2% REVENUES 5,741 5,227 +10% 1,335 -8.0% 1,228 2,564 +7% 2,398 639 545 +12% 696 683 New subsidiaries 2,829 3,177 Historical subsidiaries H1 2016 H1 2017 H1 2016 H1 2017 INTERNATIONAL Extensions and densification of Radio coverage together with upgrading of infrastructure Deployment and upgrading of urban and interurban optical transmission networks in order to support the growth of Data and Voice usage Launch of the Moov Benin 4G network and launch of the 3G network in Niger in progress I 15 I MOROCCO – MAINTAINING HIGH MARGINS I EBITDA MARGIN I (%) MAD million H1 2016 H1 2017 Change REVENUES 10,615 10,076 -5.1% EBITDA 5,670 5,355 -5.6% EBITDA Margin Cost of sales -7.4% Margin (%) 53.4% 53.1% -0.3 pt Almost stable Adjusted EBITA* 3,824 3,493 -8.6% OPEX -2.3% at Margin (%) 36.0% 34.7% -1.4 pt 53.1% CAPEX 1,552 1,793 +15.5% O/w licenses and 0 0 I MAINTAINING GOOD CASH GENERATION I (MMAD) frequencies despite the increase in CAPEX CAPEX /Revenues 60% (excl. licenses and 14.6% 17.8% +3.2 pt 58% frequencies) Adjusted CFFO / EBITDA (%) Adjusted CFFO * 3,408 3,092 -9.3% % EBITDA 60.1% 57.7% -2.4 pt -9.3% EBITDA NET DEBT 13,955 14,493 +3.9% Ajusted CFFO Net debt/EBITDA 1.2x 1.4x 3,408 3,092 * Please see Appendix 1 H1 2016 H1 2017 I 17 I INTERNATIONAL I REVENUES I Change at MAD million H1 2016 H1 2017 Change constant exchange rates Revenue growth at constant REVENUES 7,678 7,582 -1.3% +0.0% exchange rates and excluding the decrease in mobile termination rates +1.1 % EBITDA 2,855 3,166 +10.9% +12.4% Margin (%) 37.2% 41.8% +4.6 pt +4.6 pt I EBITDA MARGIN I (%) Adjusted EBITA* 1,483 1,794 +21.0% +22.7% +1.4 pt +0.9 pt +2.3 pt Margin (%) 19.3% 23.7% +4.4 pt +4.4 pt OPEX Gross margin CAPEX 2,223 1,228 -45.6% 2016 non-recurring 37,2% items 41,8% O/w licenses and 888 - frequencies H1 2016 H1 2017 CAPEX /Revenues I LOW CASH GENERATION I (MAD million) (excl. licenses and 17.4% 16.0% -1.4 pt Due to seasonality of the WCR frequencies) 64% Adjusted CFFO* 1,832 1,435 -21.7% 45% Adjusted CFFO / EBITDA (%) % EBITDA 64.2% 45.3% -18.9 pt NET DEBT 5,609 6,164 +9.9% -22% EBITDA Net debt/EBITDA 1.0x 1.0x Adjusted 1,832 1,435 CFFO * Please see Appendix 1 H1 2016 H1 2017 I 18 I MAROC TELECOM GROUP CONSOLIDATED RESULTS Change I ADJUSTED GROUP SHARE OF NET INCOME I (MAD million) MAD million HY1 2016 HY1 2017 Change at constant exchange rates REVENUES 17,593 17,091 -2.8% -2.3% EBITDA 8,525 8,521 +0.0% +0.4% Margin (%) 48.5% 49.9% +1.4 pt +1.4 pt Change Change Adjusted +185 Minorities Adjusted EBITA* 5,306 5,287 -0.4% +0,1% EBITA +41 Change -51 Margin (%) 30.2% 30.9% +0.8 pt +0.7 pt -19 Change Financial Income Financial Income -203 -162 -20.2% Result Tax Income Tax -1,894 -1,709 -9.8% 2,923 +5.9%** Minority shareholders -420 -471 +12.1% 2,766 GROUP SHARE OF ADJUSTED NET 2,766 2,923 +5.7% +5.9% INCOME H1 2016 H1 2017 Margin (%) 15.7% 17.1% +1.4 pt +1.3 pt Group share of Group share of adjusted net income adjusted net income ** At constant exchange rates * Please see Appendix 1 I 19 I MAROC TELECOM GROUP CONSOLIDATED CASH FLOW MAD million H1 2016 H1 2017 Change I NET DEBT I (MAD million) EBITDA 8,525 8,521 +0.0% Dec.
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