2024 HALF-YEAR RESULTS PRESENTATION
July 24, 2024
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HIGHLIGHTS
HIGHLIGHTS | BUSINESS | FINANCIAL | APPENDICES |
REVIEW | REVIEW |
KEY FIGURES H1 2024
Sustained high | ||||
Increase in Group | ||||
Consolidated | ||||
Group adjusted | ||||
customer base | ||||
revenue growth | EBITDA margin | |||
+5.1% | ||||
+0.9%(1) | 51.9% | |||
Continued revenue | ||
Continued growth | ||
growth among | ||
in Fixed Data | ||
Moov Africa | ||
revenues in | ||
subsidiaries | ||
Morocco | ||
+3.7%(2) | ||
+7.1% | ||
(1) | At constant exchange rates | |
(2) | 4.3% growth excluding the reduction in call termination rates and at constant exchange rates | 3 |
HIGHLIGHTS | BUSINESS | FINANCIAL | APPENDICES |
REVIEW | REVIEW |
REGULATORY HIGHLIGHTS
Morocco
Confirmation by the Casablanca Commercial Court of Appeal of the judgment rendered by the Rabat Commercial Court ordering IAM to pay Wana Corporate MAD 6.368 billion, fully accrued for in the accounts at the end of June 2024. The Company will appeal to the Court of Cassation against the decision of the Court of Appeal;
Asymmetrical regulation maintained in favor of competitors in retail and wholesale markets.
Subsidiaries
Reduction in Mobile call termination rates in Côte d'Ivoire, Chad, Burkina Faso and Mauritania;
More stringent customer identification conditions, tightening of coverage and QoS controls;
High sector taxation.
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HIGHLIGHTS | BUSINESS | FINANCIAL | APPENDICES |
REVIEW | REVIEW |
OVERVIEW
Group customer base growth
+5.1%
Consolidated revenue growth
+0.9%(1)
18.4 | 18.3 |
74.6
78.4
9.3 | 9.3 | +3.7%(2) |
51.5 | 56.1 | +8.9% |
23.1 | 22.3 | -3.5% |
(millions) | ||
H1 2023 | H1 2024 |
9.7 | 9.5 | -1.6% | |
Moov Africa subsidiaries | |||
Morocco | (MAD billion) | ||
H1 2023 | H1 2024 |
Growth in Group customer base (+5.1%), | Group revenue growth (+0.9%(1)) boosted by |
driven by the increase in subsidiaries' | the expansion of its Moov Africa subsidiaries |
customer base (+8.9%) | business (+3.7%(2)) |
(1) | At constant exchange rates | |
(2) | 4.3% growth excluding the reduction in call termination rates and at constant exchange rates | 5 |
HIGHLIGHTS | BUSINESS | FINANCIAL | APPENDICES |
REVIEW | REVIEW |
OUTLOOK FOR 2024
2024
outlook(1)
STABLE REVENUES
STABLE EBITDA
CAPEX(3) OF
APPROXIMATELY 20%
OF REVENUES
H1 2024
achievement(1)
+0.9%
+0.3%(2)
17.6%
- Net income and year-end debt significantly impacted by the Wana Corporate litigation provision recorded at June 30.
- At constant scope and exchange rates
- Adjusted EBITDA - see Appendix 2
(3) Excluding frequencies & licenses | 6 |
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BUSINESS REVIEW
HIGHLIGHTS | BUSINESS | FINANCIAL | APPENDICES |
REVIEW | REVIEW |
MOROCCO - MOBILE
Mobile customer base
19.6 | -2.6% |
19.1 | |
2.5 | 2.6 | +4.3% |
17.1 | 16.5 | -3.6% |
Postpaid
Prepaid
Mobile revenues
5.7 | -4.6% |
5.5 |
-7.6%
-2.3%
Equipments and other revenues Incoming revenues
(millions) | (MAD billion) | |||
H1 2023 | H1 2024 | H1 2023 | H1 2024 |
• Steady improvement in the postpaid | • Decrease in blended ARPU (-3.8%) |
customer base (+4.3%) | to MAD 43.3/month |
Outgoing revenues
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HIGHLIGHTS | BUSINESS | FINANCIAL | APPENDICES |
REVIEW | REVIEW |
MOROCCO - FIXED-LINE AND INTERNET
Fixed-line and Internet | Fixed-line and Internet | ||||
customer bases(1) | revenues | ||||
+2.1% | |||||
4.8 | 4.9 | ||||
1.1 | 1.1 | ||||
1.9 | 1.7 | -8.1% | 2.1 | 2.3 | |
1.7 | |||||
1.5 | |||||
-8.4% | |||||
+7.1%
Intra LL Maroc Telecom
Fixed-line | 1.5 | 1.5 | -3.4% | Data(2) | |||
Internet | Voice (including transit and others) | ||||||
(millions) | (MAD billion) | ||||||
H1 2023 | H1 2024 | H1 2023 | H1 2024 | ||||
• Strong growth in FTTH customer base | • Continued growth in Fixed-line Data(2) (+7.1%) |
(+36%), partially offsetting the decline in ADSL customer base
(1) | Including low speed, leased lines and FTTH | |
(2) | Fixed Data includes Internet, ADSL TV and Data services to companies | 9 |
HIGHLIGHTS | BUSINESS | FINANCIAL | APPENDICES |
REVIEW | REVIEW |
MOOV AFRICA SUSIDIARIES
Mobile customer base | Revenues | ||
+8.9% | 9.3 | +3.7%(1) | 9.3 |
51.0 | 55.5 | |||||||
(millions) | +18.2%(1) | |||||||
H1 2023 | H1 2024 | H1 2023 | (MAD billion) | H1 2024 | ||||
• Sustained growth in the Mobile customer base in | • Increase of 4.3%(1) in Moov Africa subsidiaries' revenues, | |||||||
subsidiaries (+8.9%) | excluding the reduction in call termination rates |
• Strong growth in Mobile Data (+18.2%(1))
(1) At constant exchange rates
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