Maroc Telecom Sa · CSEMA:IAM
Maroc Telecom Sa — H1 2022 Earnings Presentation
23 slides from Maroc Telecom Sa's earnings presentation, July 2022
Slide 1: Half-Year Results
Maroc Telecom HALF-YEAR RESULTS WN
Slide 2: Highlights
HIGHLIGHTS July 2022
Slide 3: H1 2022 highlights
H1 2022 highlights HIGH LEVEL OF 21.2% INCREASE IN GROUP CUSTOMER BASE +1.9% GROUP CAPEX of revenues MAINTAINED GROWTH IN INCREASE IN ADJUSTED NET GROUP ADJUSTED +0.5%(1) INCOME +1.7%(1) EBITDA GROUP SHARE CONTINUED REVENUE SUSTAINED GROWTH GROWTH OF THE MOOV AFRICA +1.6%(2) IN FIXED DATA +7.3% REVE
Slide 4: Overview
Overview Customer base growth Slight decline in consolidated revenues (millions) (MAD billions) 73.6 +1.9% 74.9 17.8 -0.6%(1) 17.6 8.5 8.6 +1.6%(2) 50.2 51.6 +2.8% International Morocco 9.8 9.6 -2.2% 23.4 23.3 -0.2% H1 2021 H1 2022 H1 2021 H1 2022 Group customer base up nearly 2% to 74.9 Increased r
Slide 5: Regulatory highlights
Regulatory highlights MOROCCO SUBSIDIARIES Notification on July 22, 2022 of the decision of the ANRT's Reduction in Mobile termination rates in Mauritania, Côte d’Ivoire, Gabon, Management Committee relating to the liquidation of the penalty Togo and Niger; imposed on Maroc Telecom in the context of
Slide 6: 2022 outlook maintained
2022 outlook maintained 2022 Decrease Decrease in CAPEX(2) Outlook(1) in EBITDA of approximately revenues 20% of revenues H1 2022 achievements(1) -0.6% +0.5% 21.2% (1) At constant scope and exchange rates (2) Excluding frequencies and licenses 6 Highlights I Business review I Financial review I Appe
Slide 7: Business Review
BUSINESS REVIEW July 2022
Slide 8: Morocco Mobile
Morocco Mobile Mobile customer base Mobile revenues (millions) (MAD billions) +0.3% -5.0% 6.0 5.7 19.6 19.7 -14.4% 2.3 2.4 -10.9% +2.9% Equipment Postpaid Incoming revenues Prepaid Outgoing revenues -3.9% 17.3 17.3 -0.1% H1 2021 H1 2022 H1 2021 H1 2022 Mobile customer base growth (+0.3%) driven by t
Slide 9: Morocco Fixed-Line and Internet
Morocco Fixed-Line and Internet Fixed-Line and Internet customer bases(1) Fixed-Line and Internet revenues (millions) (MAD billions) +1.6%(1) 4.7 4.8 LL intra 1.1 1.1 +0.0% Maroc Telecom Fixed-Line -2.9% Internet Data(2) 1.8 2.0 +7.3% 2.0 1.9 1.7 1.7 Voice (including transit) -2.1% 1.7 1.7 -3.5% H1
Slide 10: International
International Mobile customer base Revenues (millions) (MAD billions) +2.8% +1.6%(1) 8.6 8.5 51.1 49.7 Of wich Mobile +29%(1) Internet H1 2021 H1 2022 H1 2021 H1 2022 Strong growth in the Mobile customer base (+2.8%) 2.8%(1) revenue growth among the Moov Africa subsidiaries, excluding the reduction
Slide 11: Morocco CAPEX
Morocco CAPEX Change in Data traffic CAPEX (MAD billions) +18% 13.3% CAPEX/REVENUES 18.4% +20% Fixed traffic +35% Mobile traffic 1.8 1.3 +6% H1 2021 H1 2022 H1 2021 H1 2022 Data traffic growth of 18% driven by the change in Fixed-line Broadband usage Fixed Data traffic up 20% year-on-year driven by
Slide 12: International CAPEX
International CAPEX Change in Mobile Data traffic CAPEX(1) (MAD billions) 9.6% CAPEX/REVENUES 22.9% +69% +143%(1) 2.0 0.8 H1 2021 H1 2022 H1 2021 H1 2022 The subsidiaries’ Mobile Data traffic was up 69% driven by a major extension program on Mobile networks. CAPEX was also used for infrastructure up
Slide 13: Financial Review
FINANCIAL REVIEW July 2022
Slide 14: Morocco
Morocco Improvement in adjusted EBITDA margin (%) MAD million H1 2021 H1 2022 Change Revenues 9,774 9,561 -2.2% +1.1 pt -0.1 pt Adjusted EBI TDA (1) 5,390 5,363 -0.5% Margin (%) 55.1% 56.1% 1.0 pt 56.1% Adjusted EBI TA (1) 3,524 3,626 2.9% 55.1% Margin (%) 36.1% 37.9% 1.9 pt CAPEX 1,299 1,758 35.4%
Slide 15: International
International Change at Improvement in adjusted EBITDA margin (%) MAD million H1 2021 H1 2022 Change constant exchange +0.4 pt -0.2 pt rates Revenues 8,515 8,552 0.4% 1.6% (1) 44.5% Adjusted EBI TDA 3,771 3,808 1.0% 2.0% 44.3% Margin (%) 44.3% 44.5% 0.2 pt 0.2 pt H1 2021 Gross margin OPEX H1 2022 Ad
Slide 16: Maroc Telecom Group Consolidated results
Maroc Telecom Group Consolidated results Change at Group Share of adjusted Net Income (MAD millions) MAD million H1 2021 H1 2022 Change constant exchange +135 rates +170 Revenues 17,780 17,568 -1.2% -0.6% -243 Adjusted EBI TDA (1) 9,160 9,171 0.1% 0.5% -26 Margin (%) 51.5% 52.2% 0.7 pt 0.6 pt Adjust
Slide 17: Maroc Telecom Group Consolidated cash flow
Maroc Telecom Group Consolidated cash flow Change at constant Net debt MAD million H1 2021 H1 2022 Change exchange rates Adjusted EBITDA (1) 9,160 9,171 0.1% 0.5% CAPEX 2,115 3,720 75.9% 77.0% I ncluding licences and 0 0 frequencies CAPEX / Revenues (excluding 11.9% 21.2% 9.3 pt 9.3 pt frequencies a
Slide 18: Appendices
APPENDICES July 2022
Slide 19: Macroeconomic environment
Appendix 1 / Macroeconomic environment Morocco(1) International(2) 1600 +7.9% 10,0% 180 7,0% 8,0% +4.6% +5.0% 175 5,0% 1550 6,0% 170 3,0% 4,0% REAL +1.1% 1500 GDP GROWTH 165 +1.7% 2,0% 1,0% 0,0% 160 1450 GDP -1,0% -2,0% 155 150 -3,0% 1400 -4,0% -6,0% 145 -5,0% -7.2% 1350 -8,0% 140 -7,0% 2020 2021 20
Slide 20: Transition from adjusted to published financial indicators
Appendix 2 / Transition from adjusted financial indicators to published financial indicators H1 2021 H1 2022 Millions MAD Morocco International Group Morocco International Group Adjusted EBITDA 5,390 3,771 9,160 5,363 3,808 9,171 Published EBITDA 5,390 3,771 9,160 5,363 3,808 9,171 Adjusted EBITA 3,
Slide 21: Impact of IFRS 16
Appendix 3 / Impact of IFRS 16 H1 2021 H1 2022 MAD million Morocco International Group Morocco International Group Adjusted EBITDA 127 147 274 129 131 261 Adjusted EBITA 8 20 29 8 21 29 Adjusted net income Group share -8 -4 Adjusted CFFO 127 147 274 129 131 261 Net debt 789 655 1,444 737 651 1,387 2
Slide 22: Presence of the Maroc Telecom Group
Appendix 4 / Presence of the Maroc Telecom Group BURKINA FASO CÔTE D’IVOIRE MAURITANIA MOROCCO REPUBLIC CENTRAL AFRICAN GABON BENIN NIGER TOGO CHAD MALI Year of acquisition 2001 2006 2007 2009 2015 2015 2015 2015 2015 2019 Percentage held 52% 61% 51% 51% 85% 100% 95% 100% 100% 100% Population (milli
Slide 23: Important legal disclaimer
Important legal disclaimer Forward-looking statements This press release contains forward-looking statements and items of a forward-looking nature relating to the financial position, results of operations, strategy and outlook of Maroc Telecom and the impacts of certain operations. Although Maroc Te