Maroc Telecom Sa · CSEMA:IAM
Maroc Telecom Sa — FY2024 Earnings Presentation
26 slides from Maroc Telecom Sa's earnings presentation, Feb 14, 2025
Slide 1: Presentation of 2024 Annual Results
PRESENTATION OF 2024 ANNUAL RESULTS February 14, 2025
Slide 2: Highlights
1 Highlights
Slide 3: 2024 Key Figures
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW 2024 KEY FIGURES Increase in Group customer base +4.5% Consolidated revenues up +1.2% (1) Growth in Group EBITDA +0.3% (1) Continued growth in Fixed Data +9.2% revenues in Morocco Continued revenue growth among +4.6% (2) the Moov Africa
Slide 4: Highlights
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW HIGHLIGHTS Morocco Subsidiaries Ongoing asymmetric regulation that favors competitors, Renewal of licenses in Mali and Chad, and authorization particularly in call termination rates and the retail market; to launch 4G in the Central Afri
Slide 5: Overview
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW OVERVIEW Customer base growth Consolidated revenue growth +4.5% +1.2% (1) 36.7 36.8 79.3 75.9 +8.1% 18.4 18.7 +4.6% (2) 52.8 57.1 19.5 19.1 Moov Africa 23.1 22.2 -3.7% Morocco -2.0% (millions) (MAD bn) 2023 2024 2023 2024 Maroc Telecom G
Slide 6: 2024 Results Above Target
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW 2024 RESULTS ABOVE TARGET 2024 2024 outlook(1) achievements(1) STABLE REVENUES +1.2% STABLE EBITDA +0.3% CAPEX(2) OF APPROXIMATELY 20% OF REVENUES 20.8% (1) At constant scope and exchange rates (2) Excluding frequencies & licenses 6 6
Slide 7: Dividends
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW DIVIDENDS PROPOSED DIVIDEND OF MAD 1.43 PER SHARE 7 7
Slide 8: Business Review
2 BUSINESS REVIEW
Slide 9: Morocco - Mobile
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MOROCCO - MOBILE Mobile customer base Mobile revenues -3.1% 11.6 -5.5% 19.8 19.1 11.0 2.5 -17.4% 2.6 +5.0% -9.0% 17.3 16.5 -4.3% -4.4% Equipments and other revenues Incoming revenues Postpaid Outgoing revenues (millions) Prepaid (MAD bn)
Slide 10: Morocco - Fixed-Line and Internet
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MOROCCO - FIXED-LINE AND INTERNET Fixed-Line and Internet Fixed-Line and Internet customer bases(1) revenues +2.3% 9.7 9.9 +0.0% 1.8 -7.4% +9.2% 1.6 1.7 1.5 Intra LL Maroc Telecom Fixed-line Data(2) -7.3% Internet -5.4% Voice (including
Slide 11: Moov Africa Subsidiaries
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MOOV AFRICA SUBSIDIARIES Mobile customer base Revenues +7.9% +4.6% (1) 18.7 18.4 52.2 56.4 (millions) +15.6%(1) (MAD bn) 2023 2024 2023 2024 5.2%(1) revenue growth among Moov Africa subsidiaries excluding reduction in call termination ra
Slide 12: Morocco - Investments
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MOROCCO - INVESTMENTS Change in Data traffic FTTH customer base CAPEX(1) CAPEX/REVENUES +18% 16.9% 16.7% +10% +29% -3.1% +9% 3.3 3.2 Mobile traffic Fixed traffic (MAD bn) 2023 2024 2023 2024 2023 2024 18% year-on-year growth in Mobile Da
Slide 13: Moov Africa Subsidiaries - Investments
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MOOV AFRICA SUBSIDIARIES - INVESTMENTS Mobile Data traffic FTTH customer base CAPEX(1) CAPEX/REVENUES 24.7% 23.6% +24% +74% -0.1%(1) 4.5 4.4 (MAD bn) 2023 2024 2023 2024 2023 2024 24% growth in subsidiaries' Mobile Data traffic thanks to
Slide 14: Financial Review
3 FINANCIAL REVIEW
Slide 15: Morocco
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MOROCCO MAD millions 2023 2024 Change Improvement in adjusted EBITDA margin (%) Revenues 19,543 19,143 -2.0% +0.5 pt -0.3 pt (1) Adjusted EBITDA 11,266 11,091 -1.6% Margin (%) 57.7% 57.9% 0.3 pt 57.9% (1) 57.7% Adjusted EBITA 7,819 7,785
Slide 16: Moov Africa Subsidiaries
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MOOV AFRICA SUBSIDIARIES Change at constant Millions MAD 2023 2024 Change Resilient adjusted EBITDA margin, despite strong exchange inflationary, fiscal and regulatory pressures (%) rates Revenues 18,381 18,706 1.8% 4.6% Adjusted EBITDA(
Slide 17: Maroc Telecom Group: Consolidated Results
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MAROC TELECOM GROUP: CONSOLIDATED RESULTS Change at Adjusted net income - Group share (MAD millions) constant MAD millions 2023 2024 Change exchange rates Revenues 36,786 36,699 -0.2% 1.2% +123 -183 Adjusted EBITDA (1) 19,369 19,197 -0.9
Slide 18: Maroc Telecom Group: Consolidated Cash Flow
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW MAROC TELECOM GROUP : CONSOLIDATED CASH FLOW Change at constant Net Debt (MAD million) MAD millions 2023 2024 Change exchange rates Adjusted EBITDA(1) 19,369 19,197 -0.9% 0.3% CAPEX 7,838 11,164 42.4% 44.7% Of which licenses and frequenc
Slide 19: Outlook
4 OUTLOOK
Slide 20: Outlook for 2025
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW OUTLOOK FOR 2025 Morocco Subsidiaries Competitive and regulatory pressure; Continued development of Mobile Money and content services; Further investment to support traffic growth and prepare for new generation technologies; Boom in Mobi
Slide 21: Appendices
5 APPENDICES
Slide 22: Appendix 1: Macroeconomic Environment
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW APPENDIX 1: MACROECONOMIC ENVIRONMENT Morocco(1) Subsidiaries(2) Macroeconomic balances held up well despite The economic outlook is improving in a context the onset of multiple geopolitical risks and of adjustments. Short-term growth is
Slide 23: Appendix 2: Reconciliation of Adjusted and Published Financial Indicators
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW APPENDIX 2: RECONCILIATION OF ADJUSTED AND PUBLISHED FINANCIAL INDICATORS 2023 2024 (In MAD millions ) Morocco Subsidiaries Group Morocco Subsidiaries Group Adjusted EBITDA 11,266 8,102 19,369 11,091 8,106 19,197 Published EBITDA 11,266
Slide 24: Appendix 3: Impact of IFRS 16
HIGHLIGHTS BUSINESS FINANCIAL OUTLOOK APPENDICES REVIEW REVIEW APPENDIX 3: IMPACT OF IFRS 16 2023 2024 (In MAD millions) Morocco Subsidiaries Group Morocco Subsidiaries Group Adjusted EBITDA 273 314 587 277 305 583 Adjusted EBITA 19 49 69 11 44 55 Adjusted net income - Group share -13 -22 Adjusted C
Slide 25: Presence of Maroc Telecom Group
PRESENCE OF MAROC TELECOM GROUP Burkina Cote Central African Morocco Mauritania Gabon Mali Benin Togo Niger Chad Faso d’Ivoire Republic 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 (millions) 36.8 4.5 24.
Slide 26: Important Legal Disclaimer
IMPORTANT LEGAL DISCLAIMER Forward-looking statements. This document contains forward-looking statements and items relating to the financial position, results of operations, strategy and outlook of Maroc Telecom and the impacts of certain operations. Although Maroc Telecom believes that these forwar