FINANCIAL REPORT
2024
CONTENTS
1. | CONSOLIDATED RESULTS OF THE PAST THREE YEARS | 4 | ||
1.1 | Consolidated results in moroccan dirhams | 4 | ||
1.2 | Consolidated results in euros | 5 | ||
2. | OVERVIEW | 7 | ||
2.1 | Scope of consolidation | 7 | ||
2.2 | Comparison of results by geographical area | 9 | ||
2.3 | Transition from separate financial statements to consolidated financial statements | 22 | ||
3. | CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31 2022, 2023, 2024 | 24 | ||
4. | STATUTORY FINANCIAL STATEMENTS | 74 |
This report is not published in ESEF format and does not replace the official version of the annual financial report that will be included in the Universal Registration Document.
2 Maroc Telecom • 2024 financial report
1. CONSOLIDATED RESULTS OF THE PAST
THREE YEARS
1. CONSOLIDATED RESULTS OF THE PAST THREE YEARS
The following table presents a selection of Maroc Telecom Group's consolidated financial data for the three fiscal years ended December 31, 2022, 2023 and 2024, which comes from the Group's consolidated financial statements prepared in accordance with international IFRS (International Financial Reporting Standards) such as adopted by the European Union and audited by the auditors.
1.1 Consolidated results in moroccan dirhams
Statement of comprehensive income
(In MAD million) | 2022 | 2023 | 2024 |
Revenues | 35,731 | 36,786 | 36,699 |
Operating expenses | 26,744 | 25,181 | 30,637 |
Earnings from operations | 8,987 | 11,605 | 6,062 |
Earnings from continuing operations | 8,987 | 10,859 | 6,062 |
Net earnings | 3,639 | 6,161 | 2,660 |
Attributable to equity holders of the parent | 2,750 | 5,283 | 1,801 |
Earnings per share (in MAD) | 3.13 | 6.01 | 2.05 |
Diluted earnings per share (in MAD) | 3.13 | 6.01 | 2.05 |
Statement of financial position | |||
ASSETS (in MAD million) | 2022 | 2023 | 2024 |
Non-current assets | 49,857 | 51,672 | 55,285 |
Current assets | 15,673 | 13,871 | 15,089 |
Total assets | 65,530 | 65,543 | 70,374 |
SHAREHOLDERS' EQUITY AND LIABILITIES (in MAD | 2022 | 2023 | 2024 |
million) | |||
Share capital | 5,275 | 5,275 | 5,275 |
Shareholders'equity, attributable to equity holders of the | 13,895 | 17,126 | 14,908 |
Non-controlling interests | 4,107 | 3,878 | 3,794 |
Shareholders'equity | 18,002 | 21,004 | 18,702 |
Non-current liabilities | 4,992 | 4,868 | 6,406 |
Current liabilities | 42,535 | 39,671 | 45,266 |
Total Shareholders' equity and liabilities | 65,530 | 65,543 | 70,374 |
4 Maroc Telecom • 2024 financial report
1.2 Consolidated results in euros
The Group reports its financial data in Moroccan dirhams. This section is intended to provide investors with comparable data in Euros.
For 1 euro
The closing rate at the balance sheet Average rate used for the income statement
2022 | 2023 | 2024 |
11.1568 10.9145 10.5136
10.6406 10.9824 10.7912
The table above shows the average Moroccan dirham/euro conversion rates used in the consolidation of the Group's financial statements for the years 2022, 2023 and 2024.
The exchange rates are shown for indicative purposes only, to help the reader. The Group does not guarantee that the amounts expressed in dirhams were, could have been or could be converted to euros at those exchange rates or at any other rate.
The following table shows selected financial data for Maroc Telecom Group, presented in euros at the exchange rate used in preparing the Group's consolidated statement of financial position and income statement for fiscal years 2022, 2023 and 2024.
Statement of comprehensive income
(In € millions) | 2022 | 2023 | 2024 |
Revenues | 3,358 | 3,350 | 3,401 |
Cost of purchases | 2,513 | 2,293 | 2,839 |
Earnings from operations | 845 | 1,057 | 562 |
Earnings from continuing operations | 845 | 989 | 562 |
Net earnings | 342 | 561 | 246 |
Attributable to equity holders of parent | 258 | 481 | 167 |
Earnings per share (in Euro) | 0.29 | 0.55 | 0.19 |
Diluted earnings per share (in Euro) | 0.29 | 0.55 | 0.19 |
Statement of financial position | |||
ASSETS (In € millions) | 2022 | 2023 | 2024 |
Non-current assets | 4,469 | 4,734 | 5,258 |
Current assets | 1,405 | 1,271 | 1,435 |
TOTAL ASSETS | 5,874 | 6,005 | 6,694 |
SHAREHOLDERS' EQUITY AND LIABILITIES (In € | 2022 | 2023 | 2024 |
millions) | |||
Share capital | 473 | 483 | 502 |
Shareholders'equity, attributable to equity holders of the | 1,245 | 1,569 | 1,418 |
Non-controlling interests | 368 | 355 | 361 |
Shareholders'equity | 1,614 | 1,924 | 1,779 |
Non-current liabilities | 447 | 446 | 609 |
Current liabilities | 3,813 | 3,635 | 4,306 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 5,874 | 6,005 | 6,694 |
5 Maroc Telecom • 2024 financial report
2. OVERVIEW
2. OVERVIEW
The following comments and analysis should be read in conjunction with this document as a whole and in particular with the audited consolidated financial statements including the statement of financial position, the statement of comprehensive income, the statement of cash flows, the statement of changes in equity and the notes thereto for the years ended December 31, 2022, 2023 and 2024.
2.1Scope of consolidation
As at December 31, 2024, Maroc Telecom consolidated the following companies in its financial statements:
Mauritel
Maroc Telecom acquired on April 12, 2001, 51.5% of the voting rights of Mauritel, the incumbent operator in Mauritania and operator of a Fixed-line and Mobile telecommunications network, subsequent to the merger of Mauritel SA (Fixed line) and Mauritel Mobile. Mauritel S.A. is owned by the holding company Compagnie Mauritanienne de Communications (CMC), in which Maroc Telecom holds an 80% equity stake and consequently a 41.2% interest in Mauritel. Mauritel has been fully consolidated by Maroc Telecom since July 1, 2004.
Onatel
On December 29, 2006, Maroc Telecom acquired a 51% stake in the Burkinabe operator Onatel. The Group increases its stake in Onatel, its stake is 61% as of April 17, 2018. The subsidiary has been fully consolidated in Maroc Telecom's financial statements since January 1, 2007.
Gabon Telecom
On February 9, 2007, Maroc Telecom acquired 51% of the capital of Gabon Telecom. Gabon Telecom has been fully consolidated by Maroc Telecom since March 1, 2007.
Gabon Telecom bought out Maroc Telecom to acquire 100% of the subsidiary Atlantique Telecom Gabon, which was absorbed by Gabon Telecom on June 29, 2016.
Sotelma
On July 31, 2009, Maroc Telecom acquired a 51% stake in Mali's incumbent operator, Sotelma. Sotelma has been fully consolidated by Maroc Telecom since August 1, 2009.
Casanet
Casanet is a Moroccan provider of Internet access created in 1995. In 2008, the company became a 100% subsidiary of Maroc Telecom and expands its activities by specializing in information engineering. Casanet has been fully consolidated by Maroc Telecom since January 1, 2011.
Moov Africa Côte d'Ivoire
On January 26, 2015, Maroc Telecom acquired an 85% stake in the capital of the Côte d'ivoire Mobile operator. Moov Africa Côte d'Ivoire has been fully consolidated in the financial statements of Maroc Telecom since January 31, 2015.
Moov Africa Benin
On January 26, 2015, Maroc Telecom acquired 100% of the capital of the Benin Mobile operator. Moov Africa Benin has been fully consolidated in the financial statements of Maroc Telecom since January 31, 2015 .
Moov Africa Togo
On January 26, 2015, Maroc Telecom acquired a 95% stake in the capital of the Togo Mobile operator. Moov Africa Togo has been fully consolidated in the financial statements of Maroc Telecom since January 31, 2015.
Moov Africa Niger
On January 26, 2015, Maroc Telecom acquired 100% of the capital of the Niger Mobile operator. Moov Africa Niger has been fully consolidated in the financial statements of Maroc Telecom since January 31, 2015.
7 Maroc Telecom • 2024 financial report
Moov Africa Centrafrique
On January 26, 2015, Maroc Telecom acquired 100% of the capital of the Central African Republic Mobile operator. Moov Africa Centrafrique has been fully consolidated in the financial statements of Maroc Telecom since January 31, 2015.
Moov Africa Chad
On June 26, 2019, Maroc Telecom acquired 100% of the capital of the Chadian operator Millicom Tchad. Moov Africa Chad has been fully consolidated by Maroc Telecom since July 1, 2019.
Moov Africa brand
The new visual identity "Moov Africa" is launched on January 1, 2021. The ten subsidiaries of Maroc Telecom Group (present in Mauritania, Burkina Faso, Gabon, Mali, Ivory Coast, Benin, Togo, Niger, Central African Republic and Chad) are now united around a common identity.
Other non-consolidated investments
Investments which are not material to the consolidated financial statements or over which Maroc Telecom does not directly or indirectly exercise exclusive control, joint control or significant influence are not consolidated and are recorded under "Non-current financial assets".
This is the case for MAROC TELECOM Cash, MAROC TELECOM Fly, Moov Money and the minority interests held in RASCOM, Autoroutes du Maroc, Arabsat and other investments.
8 Maroc Telecom • 2024 financial report
2.2Comparison of results by geographical area
GROUP CONSOLIDATED ADJUSTED RESULTS*
Change at | |||||||||||||
(IFRS in MAD millions) | Q4 2023 | Q4 2024 | Change | constant | |||||||||
exchange | |||||||||||||
rates(1) | |||||||||||||
Revenues | 9,107 | 9,238 | 1.4% | 2.8% | |||||||||
Adjusted EBITDA | 4,841 | 4,972 | 2.7% | 3.9% | |||||||||
Margin (%) | 53.2% | 53.8% | 0.7 pt | 0.6 pt | |||||||||
Adjusted EBITA | 2,996 | 3,253 | 8.6% | 9.7% | |||||||||
Margin (%) | 32.9% | 35.2% | 2.3 pt | 2.2 pt | |||||||||
Adjusted | net income | - | 1,566 | 1,632 | 4.2% | 5.0% | |||||||
Group share | |||||||||||||
Margin (%) | 17.2% | 17.7% | 0.5 pt | 0.4 pt | |||||||||
CAPEX(2) | 2,116 | 5,904 | 179.0% | 183.3% | |||||||||
Of which | frequencies and | 0 | 3,527 | ||||||||||
licenses | |||||||||||||
CAPEX/Revenues (excluding | 23.2% | 25.7% | 2.5 pt | 2.5 pt | |||||||||
frequencies and licenses) | |||||||||||||
Adjusted CFFO | 3,037 | 3,172 | 4.5% | 5.6% | |||||||||
Net debt | 16,367 | 22,436 | 37.1% | 38.2% | |||||||||
Net debt/EBITDA(3) | 0.8x | 1.1x |
Change at | |||||||||
2023 | 2024 | Change | constant | ||||||
exchange | |||||||||
rates(1) | |||||||||
36,786 | 36,699 | -0.2% | 1.2% | ||||||
19,369 | 19,197 | -0.9% | 0.3% | ||||||
52.7% | 52.3% | -0.3 pt | -0.5 pt | ||||||
12,226 | 12,182 | -0.4% | 0.7% | ||||||
33.2% | 33.2% | -0.0 pt | -0.2 pt | ||||||
6,195 | 6,132 | -1.0% | -0.4% | ||||||
16.8% | 16.7% | -0.1 pt | -0.3 pt | ||||||
7,838 | 11,164 | 42.4% | 44.7% | ||||||
0 | 3,549 | ||||||||
21.3% | 20.8% | -0.6 pt | -0.5 pt | ||||||
10,213 | 10,941 | 7.1% | 8.4% | ||||||
16,367 | 22,436 | 37.1% | 38.2% | ||||||
0.8x | 1.1x |
* The adjustments to the financial indicators are detailed in Appendix 1.
2.2.1 Comparison of financial data for fiscal years 2024 and 2023
2.2.1.1 Group consolidated results
Customer base
At the end of 2024, the Maroc Telecom Group's customer base stands at 79.3 million customers, up 4.5% year-on-year, primarily driven by Moov Africa subsidiaries' customers base (+8.1%).
Revenues
The Maroc Telecom Group generated revenues(4) of MAD 36.7 billion in 2024, up 1.2%(1). This performance was driven by revenue growth from the Fixed-Line business in Morocco (+2.3%), boosted by increased Data usage and customer bases, combined with the one of Moov Africa subsidiaries (+4.6%(1)).
Earnings from operations before depreciation and amortization
At the end of 2024, the Maroc Telecom Group's consolidated adjusted earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 19,197 million, up 0.3%(1) over the year thanks to growth in adjusted EBITDA of the Moov Africa subsidiaries (+2.9%(1)).
The adjusted EBITDA margin remained high at 52.3%, thanks to the Group's ongoing efforts to control operating costs, as well as the favorable impact of lower Mobile termination rates in the subsidiaries.
9 Maroc Telecom • 2024 financial report
Earnings from operations
The Group's consolidated adjusted earnings from operations (EBITA)(5) for the full-year 2024 amounted to MAD 12,182 million, up 0.7%(1) vs. the same period in 2023, driven by the increase in EBITDA. The adjusted EBITA margin represented 33.2% of revenues, virtually unchanged over the year.
Net income Group share
The adjusted net income Group share reached 6,132 million dirhams as of December 2024, nearly stable compared to the previous year.
Investments
CAPEX(2) excluding frequencies and licenses represented 20.8% of revenues, in line with the target announced for the year.
Cash flow
Adjusted net cash flows from operations (CFFO)(6) increased by 8.4%(1) in 2024 versus 2023, reaching MAD 10,941 million. At December 31, 2024, consolidated net debt(7) represented 1.1 times(3) Group full-year EBITDA.
Dividend
At the next General Meeting of Shareholders, the Maroc Telecom Supervisory Board will propose payment of a dividend of MAD 1,43 per share, representing a total payout of MAD 1,26 billion.
Maroc Telecom Group's outlook for 2025
Based on recent market developments and provided no new major exceptional event disrupts the Group's activity, Maroc Telecom forecasts the following outlook for 2025 at constant scope and exchange rates:
- Slight revenue growth;
- High EBITDA level maintained;
- CAPEX of approximately 20% of revenues, excluding frequencies and licenses.
10 Maroc Telecom • 2024 financial report