Maroc Telecom - Earnings Release 2011

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Press release
Rabat, February 22, 2011
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2010 Consolidated results

Higher than expected results:

More than 26 million customers, up 19%,
Increase in 2010 consolidated results:
Revenues: +4.3% to MAD 31.7 billion,
Earnings from operations: +2.3% to MAD 14.3 billion, representing an operating margin of 45.3%
Net earnings – Group share: +1.2% to MAD 9.5 billion,
Group net debt: MAD 4.3 billion, representing 0.2 time the annual EBITDA,
Proposal to distribute 100% of the distributable earnings, representing a dividend of MAD 10,58 per share, up 2.6% and representing a dividend yield of 6.8%*.

2011 outlook:

Moderate growth in revenues,
Profitability to be maintained at high levels.

Commenting on the publication, Mr. Abdeslam AHIZOUNE, chairman of the Management Board stated:

« Maroc Telecom Group once again goes beyond its operational and financial forecasts. Its revenues have grown significantly and its margins were maintained at a high level. This performance, despite an intense competitive context, is the result of significant investments in improving the quality of services and networks. These efforts combined with the development of innovative products that seduced and secured the loyalty of many customers, reinforced the Group’s undisputable leadership in all its businesses. »

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* Based on share price at February 18, 2011 (154.50 MAD)

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CONSOLIDATED RESULTS – GROUP

 Revenues

Maroc Telecom Group’s 2010 consolidated revenues[(1) ] amounted to MAD 31,655 million, up 4.3% year-on-year (+2.4% on a comparable basis[(2)] ) thanks to the solid performances of its domestic market and its subsidiaries in Africa.

The Group’s fourth quarter revenues amounted to MAD 7,945 million, up 0.3% year-on-year (+0.9% on a comparable basis).

The Group’s customer base stood at 25.8 million at December 31, 2010, up 19%. This expansion reflects a continuing sustained growth in the Mobile customer base in Morocco, up 10.6%, and especially in subsidiaries in Africa, where it settled at nearly 6.8 million mobile customers, up 58% versus the same period in 2009.

Earnings from operations before depreciation and amortization (EBITDA)

During 2010, the consolidated Group EBITDA stood at MAD 18,612 million, up 2.5% year-on-year (+2.0% on a comparable basis), allowing to maintain a margin at a high level, 58.8%, thanks to the rising of income and the continuation of a very proactive cost optimization policy both in Morocco and in the subsidiaries.

 Earnings from operations (EFO)

At December 31, 2010, consolidated earnings from operations stood at MAD 14,335 million, up 2.3% year-on-year (+2.7% on a comparable basis). Consolidated operating margin remained at a high level, at 45.3%, despite the continuation of a major investments program, both in Morocco and in the subsidiaries.

Consolidated earnings from operations for the fourth quarter stood at MAD 3,829 million, down 0.7%. Consolidated operating margin during the same period came at 48.2%.

Net earnings – Group share and Distributable earnings

2010 Net earnings – Group share came at MAD 9,537 million, up 1.2% year-on-year (+2.3% on a comparable basis).

During the same period, distributable earnings stood at MAD 9,307 million, up 2.7% year-on-year.

( 1 ) At December 31, 2010, Maroc Telecom established its results by consolidating the contributions from the Mauritel, Onatel, Gabon Télécom and Sotelma. Mobisud Belgium was no longer consolidated since June 30, 2010.

(2)Comparable basis illustrates the full consolidation of Sotelma, as if this transaction had occurred as of January 1, 2009 and constant exchange rates (MAD/Mauritanian Ouguiya/CFA Franc/Euro).

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 Capital Expenditure, Cash and Cash Equivalent

After distributing MAD 9.1 billion of dividends to shareholders in respect of the 2009 fiscal year and network capital expenditures of MAD 7.1 billion, the Group’s consolidated net debt[(3)] amounted to MAD 4.3 billion at December 31, 2010 versus MAD 3.6 billion at December 31, 2009. Group’s net debt represents 0.2 times the annual EBITDA.

At December 31, 2010 cash flow from operating activities amounted to MAD 12,836 million, down only 2.7% versus 2009, despite a 12% increase in capital expenditure.

 Dividend

The Supervisory Board of Maroc Telecom will propose to the shareholders meeting, to be held on April 18, 2011, the payment of an ordinary dividend of MAD 10.58 per share, representing a total amount of MAD 9.301 billion, corresponding to the distribution of all of the 2010 distributable earnings. The dividend will be made available for payment on May 31, 2011.

 2011 Outlook

Based on current market conditions and barring any unforeseen disruptions to the Group’s operations, Maroc Telecom will achieve moderate growth in revenues in 2011, driven mainly by growth of subsidiaries, and will maintain profitability at high levels while pursuing a sustained capital expenditure program.

(3) Cash and cash equivalents less borrowings and other current and non-current liabilities, including cash held in escrow for bank borrowings

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OPERATING REVIEW

Morocco

During 2010, the Group operations in Morocco generated net revenues[(4)] of MAD 26,191 million, up 1.7% versus the same period in 2009. Earnings from operations stood at MAD 13,209 million, up 1.0%, representing an operating margin of 50.4%, almost unchanged from 2009.

Mobile segment

Mobile gross revenues[(5)] stood at MAD 19,670 million, up 4.3% year-on-year, due to the continuing active customer base growth (+10.6%) and usage stimulation through new marketing offers.

Earnings from operations stood at MAD 10,361 million, up 6.7% due to the growth in revenues, MTR prices cut and costs optimization.

Mobile customer base[(6)] rose by 10.6% to 16.890 million customers, spurred by the success of the customer loyalty programs and offers that encourage retention. The cumulative blended churn rate dropped by 4.5 pts to 29%. The Postpaid segment accelerated its growth to stand at 817,000 customers, up 20%, thanks to new targeted offers.

Mobile 3G[(7)] Internet customer base was multiplied by 3.2 during 2010, with 549,000 customers versus 174,000 at end-2009.

Blended ARPU[(8)] for 2010 stood at MAD 93, down by only 4.7% year-on-year given the strong growth of the customer base. This performance is the result of the stimulation of the outbound usage, the popularity of the Mobile 3G Internet and the steady growth of value added services. The outgoing non-voice revenues increased by 25% during 2010, reaching 10.5% of the average bill, against 8.7% during the same period of 2009.

Fixed-line and Internet

Gross revenues generated by Fixed-line and Internet operations amounted to MAD 8,507 million, down 8.6% mainly due to lower voice and data incomes. This decrease is due to the reduction of traffic resulting from the competition with the Mobile and the price cut of lines leased to Maroc Telecom’s Mobile segment. At end- 2010, earnings from operations came to MAD 2,848 million, down 15.5%.

The Fixed-line customer base achieved a good performance, staying at 1.231 million lines, despite the fierce competition from Mobile. The DSL Internet customer base stood at 497,000 lines, up

(4) Net revenues exclude inter-segment revenues between the Fixed and Mobile activities of each subsidiary, but include intercompany revenues (e.g. service-level agreements) which are eliminated from consolidated revenues

(5) Gross revenues include inter-segment transactions (interconnection costs and leased lines) between Fixed-Line and Mobile operations

(6) Active customer base, comprising prepaid customers having made or received a voice call in the last three months, non-cancelled postpaid customers and 3G customers.

(7) 3G customer base includes prepaid and postpaid mobile data cards.

(8) ARPU (Average Revenue Per User) is defined as revenue from incoming and outgoing calls and data services, net of promotions and excluding roaming in and handset sales, divided by the average prepaid and postpaid customer base over the period.

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5.4% compared to end-2009, thanks to a proactive marketing policy especially with the free speeddoubling and a very attractive entry-level offer (1 Mbit/s for MAD 99/month).

 Mauritania

Operations in Mauritania generated net revenues of MAD 1,184 million, up 7.1% (+8.4% on a comparable basis). This good performance is a result of an intense promotional policy and the rise in international revenues. Earnings from operations stood at MAD 367 million, up 3.4% year-onyear (+4.6% on a comparable basis).

At end- 2010, Mobile customer base stood at 1.576 million customers (+17.4% year-on-year). Fixed-line customer base came at 41,000 lines (-1.1% year-on-year). Internet customer base amounted to 7,000 customers (+3.3% year-on-year).

 Burkina Faso

Operations in Onatel posted net revenues of MAD 1,802 million during 2010, up 6.5% (+7.3% on a comparable basis) thanks to the solid performance of the Mobile segment, which has benefited from usages stimulation and strong customer base growth despite a highly competitive environment. Earnings from operations stood at MAD 353 million, up 9.6% (+10.5% on a comparable basis).

At end-2010, Mobile customer base stood at 2.397 million customers, up 53% year-on-year. Fixed-line customer base stood at 144,000 lines, down 5.6%, as a result of strong price cuts in mobile communications. The number of Internet customers stood at more than 28,000, up 24%.

 Gabon

2010 Group’s operations in Gabon generated net revenues of MAD 1,044 million, down 14.4% (-13.7% on a comparable basis) due to an increase in competition which resulted in substantial price cuts. Earnings from operations stood at MAD 169 million, down 21% (-20.2% on a comparable basis).

Mobile customer base rose by 36% to 699,000 customers. The Fixed-line customer base stood at 27,000 lines, down 27% year-on-year, following a clean-up process. Internet customer base came at 22,000 customers, up 9.6% year-on-year.

 Mali

Group’s revenues in Mali stood at MAD 1,575 million, up 26% on a comparable basis and earnings from operations amounted to MAD 239 million. Sotelma continues to gain market share in the

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Mobile segment (from 19% at end-December 2009 to 31% at end September 2010) by adjusting its pricing and deploying its networks rapidly.

Mobile customer base was multiplied by 2.6 during the year, reaching 2.162 million customers at end-2010. The Fixed-line customer base stood at 79,000 lines, up 22% year-on-year. Internet customer base came at 20,000 customers, up 167% year-on-year.

A full-service telecommunications operator, Maroc Telecom is the domestic market leader in all its business activities: Fixed-line, Mobile and Internet. Maroc Telecom is listed on the Casablanca and Paris stock exchanges since December 2004 and its main shareholders are Vivendi (53%) and the Kingdom of Morocco (30%).

Contacts Investor relations Press relations +212 (0)537 71 90 39 Najib El Amrani +212 (0)537 71 22 91 - [email protected] [email protected] Ali Jouahri +212 (0)537 71 90 12 - [email protected]

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2010 Revenues and EFO

2010 Revenues and EFO
MAD million - IFRS	% change 2009 2010 comparable
	basis
	Total (net3) Mobile (gross)(4) Fixed/Internet (gross)(4) Total (net3) Mobile (gross)(4) Fixe/Internet (gross)(4) *Total* *(net 3 )* Mobile (gross) (4) Fixe/Internet (gross) (4)
Consolidated revenues Maroc Telecom Mauritel(9) Onatel Gabon Télécom Sotelma Mobisud Consolidated EFO Maroc Telecom Mauritel Onatel Gabon Télécom Sotelma Mobisud	30,339 22,190 11,106 31,655 23,810 10,416 *2.4%* *5.3%* *(7.2%)* 25,764 18,866 9,312 26,191 19,670 8,507 1.7% 4.3% (8.6%) 1,105 935 263 1,184 1,014 210 8.4% 9.7% 0.6% 1,693 1,162 770 1,802 1,276 799 7.3% 10.7% 4.3% 1,220 688 615 1,044 575 572 (13.7%) (15.7%) (6.3%) 554 414 145 1,575 1,247 328 26.3% 33.4% (0.6%) 125 125 - 28 28 - (42.1%) (42.1%) - 14,008 10,712 3,297 14,335 11,778 2,557 *2.7%* *8.4%* *(17.3%)* 13,080 9,708 3,371 13,209 10,361 2,848 1.0% 6.7% (15.5%) 355 328 27 367 354 13 4.6% 7.0% (34.5%) 322 428 (106) 353 477 (124) 10.5% 12.3% (17.9%) 214 111 103 169 31 138 (20.2%) (71.7%) 35.3% 63 162 (98) 239 557 (318) ns 87.9% (6.8%) (25) (25) - (2) (2) - 60.3% 60.3% -
* Consolidated since August 1st, 2009

Operational data

Operational data
thousands - end of period	2009	2010

	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4
Mobile customer base Maroc Telecom Prepaid Postpaid Mauritel Onatel Gabon Télécom Sotelma Mobisud	17,624 17,553 19,306 19,602 14,630 14,289 15,239 15,272 13,988 13,618 14,570 14,590 642 671 669 682 1,218 1,315 1,351 1,335 1,162 1,316 1,402 1,569 471 533 545 513 - - 685 818 143 100 84 95	20,333 21,515 23,031 23,724 15,578 15,904 16,740 16,890 14,872 15,173 15,989 16,073 706 731 751 817 1,473 1,547 1,578 1,576 1,812 1,994 2,122 2,397 528 577 631 699 911 1,464 1,959 2,162 31 29 - -
Fixed-line customer base Maroc Telecom Mauritel* Onatel Gabon Télécom Sotelma	1,524 1,533 1,576 1,528 1,286 1,290 1,269 1,234 54 56 57 41 149 151 152 152 35 36 36 36 - - 62 65	1,533 1,541 1,534 1,521 1,232 1,237 1,227 1,231 43 42 41 41 153 154 155 144 36 36 36 27 69 72 74 79
Internet customer base Maroc Telecom Mauritel* Onatel Gabon Télécom Sotelma	536 537 529 527 488 486 473 471 10 11 11 6 19 21 22 23 19 19 20 20 - - 3 7	537 546 551 574 476 479 481 497 7 7 7 7 24 25 25 28 20 21 22 22 10 14 16 20

clean-up of the custom er base at end-2009

Fourth quarter revenues and EFO

MAD million - IFRS	% change 2009 2010 comparable
	basis
Consolidated revenues Maroc Telecom Mauritel(9) Onatel Gabon Télécom Sotelma Mobisud Consolidated EFO Maroc Telecom Mauritel Onatel Gabon Télécom Sotelma Mobisud	Total (net3) Mobile (gross)(4) Fixe/Internet (gross)(4) Total (net3) Mobile (gross)(4) Fixe/Internet (gross)(4) *Total* *(net 3 )* Mobile (gross) (4) Fixe/Internet (gross) (4) 7,917 5,901 2,789 7,945 5,958 2,596 *0.9%* *1.6%* *(6.2%)* 6,518 4,847 2,284 6,573 4,916 2,107 0.8% 1.4% (7.7%) 269 235 65 290 244 49 9.0% 5.0% 5.8% 437 313 189 434 292 214 0.9% (5.4%) 14.0% 356 216 167 257 141 148 (26.4%) (33.7%) (9.8%) 351 269 85 450 366 77 30.0% 37.4% (8.5%) 38 20 - - - - - - - 3,856 3,073 783 3,829 3,056 774 *(0.7%)* *(0.7%)* *(0.9%)* 3,514 2,759 755 3,560 2,723 837 1.3% (1.3%) 10.8% 57 56 1 83 78 5 47.1% 33.8% ns 80 100 (20) (7) 54 (61) ns (44.3%) ns 127 63 64 99 10 88 (21.3%) (83.3%) 39.8% 83 101 (18) 95 190 (95) 15.9% 91.4% ns (6) (6) - - - - - - -
* Consolidated since August 1st, 2009

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CONSOLIDATED BALANCE SHEET

ASSETS(In millions of Moroccan dirhams) Goodwill Other intangible assets Property, plant and equipment net Investments in equity affiliates Non-current financial assets Deferred tax assets Non-current assets Inventories Trade accounts receivable and other Current financial assets Cash and cash equivalent Available for-sale assets Current assets TOTAL ASSETS	Dec. 31, 2010 6,865 4,064 23,378 0 444 116 34,866 779 10,568 142 788 58 12,335 47,201	Dec. 31, 2009
		7,271 3,723 21,468 0 572 63
		33,096
		653 11,196 45 874 56 12,824
		45,920

SHAREHOLDERS' EQUITY AND LIABILITIES(In millions of Moroccan dirhams) Share capital Retained earnings Net earnings Capital attributable to equity holders of the parents Minority interest Total shareholders' equity Non-current provisions Borrowings and other non-current financial liabilities Deferred tax liabilities Non-current liabilities Trade accounts payable Current income tax liabilities Current provisions Borrowings and other current financial liabilities Current liabilities TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	Dec. 31, 2010 5,275 4,243 9,536 19,054 4,451 23,505 668 2,404 123 3,195 17,160 233 157 2,950 20,500 47,201	Dec. 31, 2009
		5,275 3,864 9,425 18,564 4,369 22,934
		230 3,108 126 3,464
		17,176 146 503 1,697 19,522
		45,920

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CONSOLIDATED INCOME STATEMENT

(In millions of Moroccan dirhams) Revenues Cost of purchases Payroll costs Taxes and duties Other operating income (expenses) Net depreciation, amortization and provisions Earnings from operations Other income and charges from ordinary activities Income from equity affiliates Earnings from continuing operations Income from cash and cash equivalents Borrowing costs Net borrowing costs Other financial income and expenses Net financial income (expense) Income tax expense Net earnings Exchange gain or loss from foreign activities Other income and expenses Earnings Net earnings Attributable to equity holders of the parents Minority interests Earnings Attributable to equity holders of the parents Minority interests EARNINGS PER SHARE(In Moroccan dirhams) Net earnings - group share Number of shares at December 31 Earnings per share Diluted earnings per share	2010 31,655 (5,191) (2,746) (928) (3,827) (4,628) 14,335 (57) 0 14,278 37 (273) (236) 65 (171) (4,158) 9,949 (139) 9,810 9,949 9,536 412 9,810 9,459 351 2010 9,536 879,095,340 10.8 10.8	2009
		30,339 (4,874) (2,604) (877) (3,783) (4,193)
		14,008
		(5) 43
		14,046
		79 (228) (149) 2 (147) (4,120)
		9,779
		(57)
		9,722

		9,779
		9,425
		354

		9,722
		9,403
		319

		2009
		9,425 879,095,340
		10.7
		10.7

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CONSOLIDATED STATEMENT OF CASH FLOWS

Earnings from operations Amortization and other adjustments Gross Cash Earnings Other elements of the net change in working capital Cash flow from operating before income tax expense Tax paid Net cash from operating activities (a) Purchase of PP&E and intangible assets Purchase of consolidated investments Purchase of equity affiliates Increase in financial assets Disposals of PP&E and intangible assets Decrease in financial assets Dividends received from non-consolidated investments Net cash used in investing activities (b) Share capital increase Dividends paid by Maroc Telecom 13 Dividends paid by subsidiaries to minority shareholders Changes in share capital Borrowings and increase in other non-current financial liabilities Payments on borrowings and decrease in other non-current financial liabilities Borrowings and increase in other current financial liabilities Payments on borrowings and decrease in other current financial liabilities Changes in current accounts debtors/financial creditors Net interests (only Cash) Other cash expenses (income) used in financing activities Changes in borrowings and other financial liabilities Net cash used in financing activities (d) Effect of foreign currency adjustments and other non-cash expenses (income) (G) Change in cash and cash equivalents (a)+(b)+(d)+(g) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	Earnings from operations Amortization and other adjustments Gross Cash Earnings Other elements of the net change in working capital Cash flow from operating before income tax expense Tax paid Net cash from operating activities (a) Purchase of PP&E and intangible assets Purchase of consolidated investments Purchase of equity affiliates Increase in financial assets Disposals of PP&E and intangible assets Decrease in financial assets Dividends received from non-consolidated investments Net cash used in investing activities (b) Share capital increase Dividends paid by Maroc Telecom 13 Dividends paid by subsidiaries to minority shareholders Changes in share capital Borrowings and increase in other non-current financial liabilities Payments on borrowings and decrease in other non-current financial liabilities Borrowings and increase in other current financial liabilities Payments on borrowings and decrease in other current financial liabilities Changes in current accounts debtors/financial creditors Net interests (only Cash) Other cash expenses (income) used in financing activities Changes in borrowings and other financial liabilities Net cash used in financing activities (d) Effect of foreign currency adjustments and other non-cash expenses (income) (G) Change in cash and cash equivalents (a)+(b)+(d)+(g) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	Earnings from operations Amortization and other adjustments Gross Cash Earnings Other elements of the net change in working capital Cash flow from operating before income tax expense Tax paid Net cash from operating activities (a) Purchase of PP&E and intangible assets Purchase of consolidated investments Purchase of equity affiliates Increase in financial assets Disposals of PP&E and intangible assets Decrease in financial assets Dividends received from non-consolidated investments Net cash used in investing activities (b) Share capital increase Dividends paid by Maroc Telecom 13 Dividends paid by subsidiaries to minority shareholders Changes in share capital Borrowings and increase in other non-current financial liabilities Payments on borrowings and decrease in other non-current financial liabilities Borrowings and increase in other current financial liabilities Payments on borrowings and decrease in other current financial liabilities Changes in current accounts debtors/financial creditors Net interests (only Cash) Other cash expenses (income) used in financing activities Changes in borrowings and other financial liabilities Net cash used in financing activities (d) Effect of foreign currency adjustments and other non-cash expenses (income) (G) Change in cash and cash equivalents (a)+(b)+(d)+(g) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	Earnings from operations Amortization and other adjustments Gross Cash Earnings Other elements of the net change in working capital Cash flow from operating before income tax expense Tax paid Net cash from operating activities (a) Purchase of PP&E and intangible assets Purchase of consolidated investments Purchase of equity affiliates Increase in financial assets Disposals of PP&E and intangible assets Decrease in financial assets Dividends received from non-consolidated investments Net cash used in investing activities (b) Share capital increase Dividends paid by Maroc Telecom 13 Dividends paid by subsidiaries to minority shareholders Changes in share capital Borrowings and increase in other non-current financial liabilities Payments on borrowings and decrease in other non-current financial liabilities Borrowings and increase in other current financial liabilities Payments on borrowings and decrease in other current financial liabilities Changes in current accounts debtors/financial creditors Net interests (only Cash) Other cash expenses (income) used in financing activities Changes in borrowings and other financial liabilities Net cash used in financing activities (d) Effect of foreign currency adjustments and other non-cash expenses (income) (G) Change in cash and cash equivalents (a)+(b)+(d)+(g) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	Earnings from operations Amortization and other adjustments Gross Cash Earnings Other elements of the net change in working capital Cash flow from operating before income tax expense Tax paid Net cash from operating activities (a) Purchase of PP&E and intangible assets Purchase of consolidated investments Purchase of equity affiliates Increase in financial assets Disposals of PP&E and intangible assets Decrease in financial assets Dividends received from non-consolidated investments Net cash used in investing activities (b) Share capital increase Dividends paid by Maroc Telecom 13 Dividends paid by subsidiaries to minority shareholders Changes in share capital Borrowings and increase in other non-current financial liabilities Payments on borrowings and decrease in other non-current financial liabilities Borrowings and increase in other current financial liabilities Payments on borrowings and decrease in other current financial liabilities Changes in current accounts debtors/financial creditors Net interests (only Cash) Other cash expenses (income) used in financing activities Changes in borrowings and other financial liabilities Net cash used in financing activities (d) Effect of foreign currency adjustments and other non-cash expenses (income) (G) Change in cash and cash equivalents (a)+(b)+(d)+(g) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	Earnings from operations Amortization and other adjustments Gross Cash Earnings Other elements of the net change in working capital Cash flow from operating before income tax expense Tax paid Net cash from operating activities (a) Purchase of PP&E and intangible assets Purchase of consolidated investments Purchase of equity affiliates Increase in financial assets Disposals of PP&E and intangible assets Decrease in financial assets Dividends received from non-consolidated investments Net cash used in investing activities (b) Share capital increase Dividends paid by Maroc Telecom 13 Dividends paid by subsidiaries to minority shareholders Changes in share capital Borrowings and increase in other non-current financial liabilities Payments on borrowings and decrease in other non-current financial liabilities Borrowings and increase in other current financial liabilities Payments on borrowings and decrease in other current financial liabilities Changes in current accounts debtors/financial creditors Net interests (only Cash) Other cash expenses (income) used in financing activities Changes in borrowings and other financial liabilities Net cash used in financing activities (d) Effect of foreign currency adjustments and other non-cash expenses (income) (G) Change in cash and cash equivalents (a)+(b)+(d)+(g) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	Earnings from operations Amortization and other adjustments Gross Cash Earnings Other elements of the net change in working capital Cash flow from operating before income tax expense Tax paid Net cash from operating activities (a) Purchase of PP&E and intangible assets Purchase of consolidated investments Purchase of equity affiliates Increase in financial assets Disposals of PP&E and intangible assets Decrease in financial assets Dividends received from non-consolidated investments Net cash used in investing activities (b) Share capital increase Dividends paid by Maroc Telecom 13 Dividends paid by subsidiaries to minority shareholders Changes in share capital Borrowings and increase in other non-current financial liabilities Payments on borrowings and decrease in other non-current financial liabilities Borrowings and increase in other current financial liabilities Payments on borrowings and decrease in other current financial liabilities Changes in current accounts debtors/financial creditors Net interests (only Cash) Other cash expenses (income) used in financing activities Changes in borrowings and other financial liabilities Net cash used in financing activities (d) Effect of foreign currency adjustments and other non-cash expenses (income) (G) Change in cash and cash equivalents (a)+(b)+(d)+(g) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	2010	2009
	rnings from operations mortization and other justments oss Cash Earnings						14,335 4,187 18,522	14,008
								4,046 18,055

Ot a u u u n	her elements of the ne ash flow from operati x paid et cash from operatin rchase of PP&E and in rchase of consolidated rchase of equity affiliat crease in financial asse	t change in work ng before incom g activities (a)	ing capital e tax exp	en	se		1,255	576



							19,776	18,631


							(3,697)	(3,815)

							16,079	14,816

		tangible assets investments es ts					(7,093)	(5,585)
								(3,045)

							89	(153)
	sposals of PP&E and intangible assets ecrease in financial assets vidends received from non-consolidated investments et cash used in investing activities (b) are capital increase vidends paid by Maroc Telecom vidends paid by subsidiaries to minority shareholder hanges in share capital					13	156 (304) 1 (7,151)	153 39 8 (8,583)
							(9,065) (269) (9,333)
								43 (9,516) (160)

								(9,633)

							237 0 149 (986) 1 173 (236) (13) 323 (9,010) (5) (86) 874 788	2 997 (58) 67 (1,026) (167) (149) (34) 1,631
								(8,002)
								(35)
								(1,804)

								2,678
								874

AI assistant

Maroc Telecom Earnings Release 2011

9965_iss_2011-02-21_3d193370-35e1-41e9-9d2f-eb976a45fefd.pdf

2010 Consolidated results

Higher than expected results:

2011 outlook:

CONSOLIDATED RESULTS – GROUP

 Revenues

 Earnings from operations (EFO)

 Capital Expenditure, Cash and Cash Equivalent

 Dividend

 2011 Outlook

OPERATING REVIEW

Mobile segment

Fixed-line and Internet

 Mauritania

 Burkina Faso

 Gabon

 Mali

2010 Revenues and EFO

Operational data

Fourth quarter revenues and EFO

CONSOLIDATED BALANCE SHEET

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF CASH FLOWS

AI assistant

Maroc Telecom — Earnings Release 2011

9965_iss_2011-02-21_3d193370-35e1-41e9-9d2f-eb976a45fefd.pdf

2010 Consolidated results

Higher than expected results:

2011 outlook:

CONSOLIDATED RESULTS – GROUP

 Revenues

 Earnings from operations (EFO)

 Capital Expenditure, Cash and Cash Equivalent

 Dividend

 2011 Outlook

OPERATING REVIEW

Mobile segment

Fixed-line and Internet

 Mauritania

 Burkina Faso

 Gabon

 Mali

2010 Revenues and EFO

Operational data

Fourth quarter revenues and EFO

CONSOLIDATED BALANCE SHEET

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF CASH FLOWS

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Maroc Telecom Earnings Release 2011