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<strong>Annual</strong> <strong>Results</strong><strong>2012</strong>AnalystPresentationFebruary 21, 2013Résultats Annuels <strong>2012</strong>
GroupPerformancesMoroccoBusinessReviewFinancial<strong>Results</strong>OutlookSLOWER ECONOMIC GROWTH IN <strong>2012</strong>32.5 MPopulation (1)97.2 Bn $GDP (1)+1.3%Inflation (2)8.8%Unemployment rate (2)≈ 5,256 $Per capita income(PPP) (1)Source:(1) IMF, Oct. <strong>2012</strong>(2) HCP at end <strong>2012</strong>GDP Growth5,0%4,5%3,6%2,7%2010 2011 <strong>2012</strong> 2013eSource: Ministry of Finance• Slowdown in economic growth in<strong>2012</strong>• Return to sustained growth forecastfor 2013• Lower taxes: the contribution to thesolidarity fund falls to 2.0% of netincome in 2013 (vs. 2.5% en <strong>2012</strong>)<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>3
* Source ANRT* Source ANRT adj.GroupPerformancesMoroccoBusinessReviewFinancial<strong>Results</strong>OutlookA MATURE MOBILE MARKET THAT STILL HAS MOMENTUMA market still growingGood elasticity to price cuts102%32,0+14%114% 120%36,6+6.7% 39,01,1241,0+39%-34%57,00,73+32%-27%75,00,532010 2011 <strong>2012</strong>Mobile market(M clients)195%Penetration rate (%)Further growth potential for mobilepenetration rate2010 2011 <strong>2012</strong>Outgoing usage(min)Outgoing mobile per-minute rate(MAD)Significant growth margin in mobile usage(outgoing + incoming usage in min per month)163%127%120%113%Saudi Arabia UAE Tunisia Morocco EgyptSources: BMI, ANRT <strong>2012</strong>340866170122Asia emerging Africa, Middle Europe MoroccomarketsEastSources: <strong>Maroc</strong> <strong>Telecom</strong>, Merrill Lynch Global Wireless Matrix Q4 <strong>2012</strong><strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>4
GroupPerformancesMoroccoBusinessReviewFinancial<strong>Results</strong>OutlookREGULATORY ENVIRONMENT IN MOROCCO• Implementation as from January 1, 2013, of symmetrical voice MTRs between operatorsat a new unique rate of MAD 0.1399 (excl. tax).0.92320.74850.62380.66010.5390MTR (MAD/min)InwiMéditel<strong>Maroc</strong> <strong>Telecom</strong>0.46790.41520.33900.29430.25340.20660.22890.1399January 1,2011July 1,2011January 1,<strong>2012</strong>July 1,<strong>2012</strong>January 1,2013Until December 31, <strong>2012</strong>, the MTR was calculated as the average of peak and off-peak MTRs.• Obligation of nondiscriminatory on-net / off-net rates for prepaid mobile calls• Obligation to identify mobile customers as from January 1, <strong>2012</strong>, within 12 months, with an objective ofidentifying 25% of the unidentified customer base each quarter• First orders for unbundled lines expected in 2013<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>5
GroupPerformancesSUSTAINABLE ECONOMIC GROWTH IN COUNTRIES OFSUBSIDIARIESMoroccoBusinessReviewFinancial<strong>Results</strong>OutlookReal GDP growthAverage inflationMauritania6.9%Mali4.5%4.1%4.8%4.1Bn$3.6M9.6Bn$16.3M4.0%3.7%Burkina Faso2.5%10.3Bn$1.4%17.4M2010 2011 <strong>2012</strong>e 2013eGabon• Subsidiaries benefit from sustained longtermeconomic growth• Inflation is under controlGDPPopulation16.8Bn$1.5MSource: World Bank, IMF<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>6
GroupPerformancesSTRONG GROWTH IN INTERNATIONAL REVENUE BOOSTEDBY STEADY MOMENTUM OF CUSTOMER BASESGroupBusinessReviewFinancial<strong>Results</strong>OutlookGrowth of customer bases(<strong>2012</strong> vs. 2011 like for like in %)+39% +37%+29%Gabon Mali Burkina-Faso+30.4%+14.8%+13.5%+4.5%Mauritania GroupMoroccoGrowth of 13.5% in Group customer base, to33 million customers• Morocco (+849 000 customers): growth in customerbases: mobile postpaid, 18%; 3G internet, 40%; andADSL, 16%;• International (+3.1 million customers): 32% growth intotal mobile customer base.Revenue growth(<strong>2012</strong> vs. 2011 like for like in %)+23.4%+19.3%+14.3%+17.7%+14.1%International revenue growth of 18%compensates for the slowdown in MoroccoGabon Mali Burkina-Faso-3.0% -7.4%Mauritania Group MoroccoGroup• Acceleration of revenue growth,• Impact of mobile price cuts and reduced MTRs inMorocco.<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>7
GroupPerformancesGroupBusinessReviewFinancial<strong>Results</strong>OutlookSUCCESS OF INTERNATIONAL DEVELOPMENT STRATEGY% customerbase20102011 <strong>2012</strong>28%35% 40%% Grouprevenues20102011 <strong>2012</strong>18%20% 23%<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>8
GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookCONTINUAL EFFORTS TO OPTIMIZE COSTS• Success of voluntary redundancy plans:− Morocco: 1,404 departures, i.e., 14.1% of total workforce− Mauritania: 51 departures, i.e., 13% of total workforce− Mali: 66 departures, i.e., 9% of total workforcefor a total cost of MAD 877 million• Voluntary reduction in handset subsidies in Morocco• Lower general and administrative costs• Optimized maintenance costs and energy consumption<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>9
GroupPerformances<strong>2012</strong> RESULTS EXCEED PREVIOUSLY ANNOUNCEDOBJECTIVESGroupBusinessReviewFinancial<strong>Results</strong>OutlookOperating margin (EBITA)* of more than 38%Target Reported> 38% 39.6% • High margin (43.2%) maintained inMorocco as a result of costoptimization• Strong international performance(+7.3 pts, to 25.6%) resulting frombusiness growth and cost controlCash flow from operations (CFFO)*stable at MAD 11.5 billionTarget Reported11.5 Bn 12.6 Bn • Morocco: CFFO down only slightly(-2.4%) as a result of carefulmanagement of WCR• International: CFFO multiplied by 4,the consequence of a sharp rise inEBITDA (+36% like for like) and lowerCAPEX (-17%)*excluding restructuring<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>10
GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookVERY ATTRACTIVE DIVIDEND YIELD MAINTAINEDProposed distributionof MAD 7.4 per share:100% of distributable earningsYield of 7.0%**Based on the share price at February 20, 2013 (MAD 106.40)<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>11
<strong>Annual</strong> <strong>Results</strong><strong>2012</strong>GroupPerformancesBusinessReviewRésultats Annuels <strong>2012</strong>
GroupPerformancesSTEADY FALL IN PRICES PARTLY COMPENSATED FOR BYHIGHER USAGEBusinessReviewMobile -MOROCCOFinancial<strong>Results</strong>OutlookChange in per-minute rate-27% -29%-38% -42%Continued steep decline in <strong>Maroc</strong> <strong>Telecom</strong> tariffs:• Acceleration of price cuts in Q3 and Q4 becauseof increased number of promotional daysQ1-12 Q2-12 Q3-12 Q4-12Per-minute rate <strong>Annual</strong> change (%)Change in outgoing usage40% 40% 37%48%Continued strong growth in outgoing usage• Excellent elasticity, despite decline since Q3Q1-12 Q2-12 Q3-12 Q4-12Outgoing usage <strong>Annual</strong> change (%)<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>13
GroupPerformancesBusinessReviewMobile- MOROCCOFinancial<strong>Results</strong>OutlookPROMOTIONS, THE KEY TO BOOSTING USAGEDouble/TriplePermanent TopupPromotion BonusSMS/MMSPromotionJawal Top-upCredit x5 & 6Promotion JawalTop-up Creditx5/x7Pass MAD 5& MAD 10Promotion JawalTop-up Credit x3& x5Promotion JawalTop-up Credit x4& 5PromotionThaniya Top-upCrédit x3Pass MAD 50PromotionRecharge ThaniyaCrédit x2Pass MAD 100<strong>2012</strong>Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.RebalancinginternationaltariffsOverhaul ofmobile rateplans: additionof 1H/2HOverhaul ofthematic rateplans: addition ofone hourOverhaul ofmobile rateplans: inclusionof free credit inprincipal planDoubledbandwidth for 3GPRP, from 3.6 to7.2 Mb/sBandwidthdoubledregularly for3G PoP,and newbandwidthof 14.4 Mb/s<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>14
GroupPerformancesBusinessReviewMobile -MOROCCOFinancial<strong>Results</strong>OutlookSOLID GROWTH IN CUSTOMER BASEMobile customer base (thousands)46.9% 45.8% -1.1 pts17 126 17 855 +4.3%1 1991 019+17.7%16 10616 65623,3% 20,8% *2011 <strong>2012</strong>Prepaid Postpaid Total churn+3.4%Change11/12Market share* Excluding the impact of nonrecurrent termination of inactive customers.In <strong>2012</strong>, return to strong growth in mobilecustomer base:• Customer base growth driven by prepaid(+550,000 customers)• High growth rate maintained in 3G internetcustomer base (+40.3%), due to the gain of 1.0 ptsof market share to 47,2%ARPU (MAD)87.378.69,6% 11,1%-10.0%-17.1%-7.8%• Strong impact of lower MTRs on incomingARPU• Limited decline of outgoing ARPU, despiteexpanded customer base and price cuts, as aresult of increased voice and data usages2011 <strong>2012</strong> Change11/12Outgoing Incoming Data ARPU (% ARPU)<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>15
GroupPerformancesBusinessReviewMobile -MOROCCOFinancial<strong>Results</strong>OutlookGROSS MARGIN IMPROVEDMobile revenue (MAD millions)Gross MarginServicesEquipment18 935753-7.7%17 477Gross margin+1.4 pts498-34%18 18216 979-6.6%2011 <strong>2012</strong>Change11/122011 <strong>2012</strong>• Fewer handset purchases• Decline in commissions• Lower interconnexion costs<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>16
GroupPerformancesGROWTH OF FIXED-LINE CUSTOMER BASE DRIVEN BYBROADBAND INTERNETBusinessReviewFixed line and InternetMOROCCOFinancial<strong>Results</strong>OutlookFixed-line customer bases(‘000)+2.3%1 241 1 2692011 <strong>2012</strong>591ADSL customer bases*(‘000)+15.6%683• Growth of fixed-line customer base, particularlythe residential segment (+8.4%) driven by:• success of broadband internet offers (+16%)• incoming international call traffic• despite the downturn of public-telephonysegment, seriously threatened by mobile• Strong growth of ADSL customer base thanks to:• success of Double Play plan• expansion of sales offerings2011 <strong>2012</strong>*Includes narrowband access and leased lines.<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>17
GroupPerformancesGROWTH OF CUSTOMER BASE THROUGH CONTINUALENHANCEMENT OF SALES OFFERINGSBusinessReviewFixed line and InternetMOROCCOFinancial<strong>Results</strong>OutlookUp to 58% reduction in fixedto-mobileratesPromotion 1H Al Manzilto mobiles (January to April)Reduction of fixed-line rates: 2 min = MAD 1 tofixed lines and mobiles in Morocco and to majorinternational destinations: France, UK, US, etc.Promotion Phony tout temps offered for free for 1month to Phony W&WE customersOverhaul of Phony fixed-linerate plans•additional free hours to mobiles inMorocco•free unlimited fixed-line calls 24/7Rate cuts for calls from telestores to mobiles inMorocco, at MAD 1 per minute<strong>2012</strong>Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.ADSL bandwidth doubled forthe same pricePromotion MT DUO:MAD 100 call credit offeredfor freePromotion MT DUO:MAD 100 call credit offeredfor freePromo MT DUO:-50% off the firstthree bills (3months)Promotion MT DUO:-50% off the first threebills (3 months)<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>18
GroupPerformancesDATA GROWTH AND NET IMPROVEMENT OF GROSSMARGINBusinessReviewFixed line and InternetMOROCCOFinancial<strong>Results</strong>OutlookFixed-line and internet revenues(MAD millions)7 4321 695Voice-10.3%Data6 669Gross marginGross margin+2.5 pts1 757+3.6%5 7374 912-14.4%2011 <strong>2012</strong>Change11/122011 <strong>2012</strong>• Near-total closing of public-telephony segment, the main source of decline in voice (-86% over three years)• Rapid development of data (26.3% of fixed-line and internet revenues) and of international wholesale (multipliedtimes seven over three years)• Improvement of gross margin related to decline in voice usage and to lower MTRs.<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>19
GroupPerformancesBusines ReviewInternationalSTRONG BUSINESS GROWTH DRIVEN BY CUSTOMER-BASE GROWTH AND INCREASED MARKET SHAREFinancial<strong>Results</strong>OutlookMauritaniaBurkina FasoMobile customer base (‘000) Revenues (MADMobile customer Parc (‘000) base (‘000)millions)Revenues (MADmillions)62%58%+15,2%2 0131 7471 202+12,6% (1)1 37546%42%+30,3% 3 8722 97158%1 733+21,0% (1)2 067Gabon2011 <strong>2012</strong>22%Customer baseMarket share32%2011 <strong>2012</strong>Source: Dataxis, Q3 <strong>2012</strong> vs. end 2011 data+46,1%532 7771 047+25,1% (1)1 291Mali2011 <strong>2012</strong>Customer baseMarket share40% 41%+37,6% 645%023440%3762011 <strong>2012</strong>Source: Dataxis, Q3 <strong>2012</strong> vs. end 2011 dataMobile customer base (‘000) Revenues (MADMobile customer base (‘000) Revenues (MADmillions)millions)+15,7% (1)2 4222 123<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>2011 <strong>2012</strong>Customer baseMarket share2011 <strong>2012</strong>Source: Dataxis, Q3 <strong>2012</strong> vs. end 2011 data(1) Change like for like202011 <strong>2012</strong>Customer baseMarket share2011 <strong>2012</strong>Source: market data at end <strong>2012</strong>
<strong>Annual</strong> <strong>Results</strong><strong>2012</strong>GroupPerformancesBusinessReviewFinancial<strong>Results</strong>Résultats Annuels <strong>2012</strong>
GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookGROUP PROFITABILITY IMPROVESIn MAD millions 2011 <strong>2012</strong>Change11/12 like for likeRevenues 30,837 29,849 -3.0%EBITDA 16,996 16,703 -1.6%% Revenues 55.1% 56.0% +0.8 ptsEBITA (1) 12,375 11,835 -4.3%% Revenues 40.1% 39.6% -0.5 ptsCFFO (1) 11,647 12,635 +8.5%CFFO/EBITDA 68.5% 75.6% +7.1 pts(1) Before restructuring<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>22
Group revenuesMAD millionsGroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookREVENUE GROWING IN SUBSIDIAIRIES30 8376 066Morocco- 1852+172MauritaniaInternational: +1 050+334 +244BurkinaFasoGabon+299Mali∆Intercompany29 849-36 7 079-3.0%+17.7%InternationalMorocco25 03023 178-7.4%2011 <strong>2012</strong>Change (1)11-12(1) Change like for like.<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>23
EBITDAMAD millionsEBITDA margin (%)HIGH MARGINS MAINTAINED THROUGH CAREFUL COSTMANAGEMENT4 666GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookInternationalMorocco16 996-1 144+85116 7032 439∆ EBITDA∆ EBITDA329014 557 <strong>Maroc</strong> <strong>Telecom</strong> International13 414-1.6%+36.0%-7.9%2011<strong>2012</strong>Change (1)11-1261,9%Morocco58,2% 57,9%58,8%Group55,1% 56,0%International46,5%42,9%40,2%2010 2011 <strong>2012</strong>(1) Change like for like(2) Reported <strong>2012</strong><strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>24OperatorsMT EBITDA margin vs. comparables<strong>2012</strong>e<strong>Maroc</strong> <strong>Telecom</strong> (2) 56.0%Etisalat 52.0%Qtel 46.1%MTN 43.5%Vodacom 35.6%Telefonica 34.1%France <strong>Telecom</strong> (2) 31.7%Deutsche Telekom 31.1%Vodafone 29.9%Source: Factset, Feb. 20, <strong>2012</strong>
Net earnings,Group shareMAD millionsGroup EBITAMAD millionsGroupPerformancesEBITA AND NET INCOME AFFECTED BY RESTRUCTURING CHARGESAND BY EXCEPTIONAL CONTRIBUTION TO MOROCCAN STATEBusinessReviewFinancial<strong>Results</strong>OutlookInternationalMorocco12 3751 113-293∆ EBITDA-242∆ depreciation andamortizationEBITAbefore restructuring11 835 -4,3% -8771 815Restructuringcharges10 9571 738-11.4%+57.3%11 26210 0209 219-18.1%8 1232011 <strong>2012</strong><strong>2012</strong>before restructuring-540∆ EBITA-87∆ financialresultNet earnings,Group sharebefore restructuringand exceptionalcontribution7 496-7.7%-587Restructuringcharges-204Exceptionalcontribution toMoroccan state6 705Change (1)11-12-17.4%2011 <strong>2012</strong><strong>2012</strong>before restructuring(1) Change like for like<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>25Change (1)11-12
MAD millionsCAPEX/Revenues (%)GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookGRADUAL REDUCTION OF CAPEXGROUP CAPEX (1)5 793-7.0%5 3851 911 1 5923 882 3 7922011 <strong>2012</strong>Morocco International-16.7%-2.3%Change11-12InternationalGroupMorocco40,9%31,5%20,7% 18,8%22,5%18,0%16,2% 15,5% 16,4%2010 2011 <strong>2012</strong>• Morocco: excellent management of CAPEX, despite investments in Fixed & Mobile networks upgrade(MSAN, SingleRAN ...)• International: significant reduction of CAPEX after the completion of major programs for mobile coverage(1) CAPEX correspond to property, plant, equipment and intangible assets acquisitions recognized over the period<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>26
CFFOMAD millionsEBITDA vs. CFFOMAD millionsCFFO (3) in % ofGroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookGROWTH OF CFFO AND EBITDA CONVERSION RATEInternationalMorocco11 64742111 22612 6351 68010 955+8.5%x4.0-2.4%-80011 8341 63510 199+1.6%x3.9-9.1%2011<strong>2012</strong> Changebefore restructuring 11-12Restructuring<strong>2012</strong><strong>2012</strong>Change (1)11-12EBITDACFFO (2)CFFO (2) /EBITDA16 996 16 70311 64712 63576%69%2011<strong>2012</strong>EBITDA <strong>2012</strong> eEtisalat<strong>Maroc</strong> <strong>Telecom</strong> (2,4)VodacomMTNQtelFrance <strong>Telecom</strong> (4)TelefonicaVodafoneDeutsche Telekom80,7%75,6%65,9%63,3%60,3%57,8%56,8%52,6%52,3% Source: Factset, Feb. 20, <strong>2012</strong>(1) Change like for like(2) CFFO before restructuring<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>(3) For <strong>Maroc</strong> <strong>Telecom</strong>, CFFO = EBITDA – CAPEX – ∆BFR; for comparables, EBITDA – CAPEX(4) Reported <strong>2012</strong>27
NET DEBTMAD millionsGroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookVERY LOW CONSOLIDATED DEBTCFFO+12 635Restructuring-800Interestexpense- 363Taxes paid- 3 028Dividends tominorities- 480DividendsTo shareholders2011<strong>2012</strong>-8 137- 6 8620.4xOther-76- 7 1110.4xNet debt /EBITDA<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>28
<strong>Annual</strong> <strong>Results</strong><strong>2012</strong>GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookRésultats Annuels <strong>2012</strong>
GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookOUTLOOK FOR 2013Trends for 2013Morocco• Continual increase in usage• Slight rise in capital expenditureInternational• Revenue growth in all countries• Cost optimization• Net decline in capital expenditureOutlook for 2013EBITDA margin maintained at a substantial level of approximately 56%Slight growth in “EBITDA − CAPEX” (1,2)(1) CAPEX correspond to property, plant, equipment and intangible assets acquisitions recognized over the period(2) Excluding potential acquisition of spectrum and licenses<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>30
<strong>Annual</strong> <strong>Results</strong><strong>2012</strong>GroupPerformancesBusinessReviewFinancial<strong>Results</strong>OutlookAnnexesRésultats Annuels <strong>2012</strong>
MAROC TELECOM GROUP’SCONSOLIDATED INCOME STATEMENTAnnexesMAD millions 2011 <strong>2012</strong> Change like for likeREVENUES 30,837 29,849 -3.0%EBITDA 16,996 16,703 -1.6%Margin (%) 55.1% 56.0% +0.8 ptsEBITA before restructuring 12,375 11,835 -4.3%Marge (%) 40.1% 39.6% -0.5 ptsEBITA 12,375 10,957 -11.4%NET EARNINGS, GROUP SHAREbefore restructuring8,123 7,496 -7.7%Margin (%) 26.3% 25.1% -1.2 ptsNET EARNINGS, GROUP SHARE 8,123 6,705 -17.4%Margin (%) 26.3% 22.5% -3.9 pts<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>32
MAROC TELECOM GROUP’SCONSOLIDATED STATEMENT OF CASH FLOWSAnnexesMAD millions 2011 <strong>2012</strong> Change like for likeEBITDA 16,996 16,703 -1.6%Margin (%) 55.1% 56.0% +0.8 ptsCAPEX 5,793 5,385 -7,0%CAPEX/Revenues (%) 18.8% 18.0% -0.7 ptsCFFO before restructuring 11,647 12,635 +8,5%CFFO/EBITDA (%) 68.5% 75.6% +7.1 ptsCFFO 11,647 11,834 +1.6%NET DEBT 6,862 7,111 +3.6%Net debt / EBITDA 0.4x 0.4x -<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>33
AnnexesMoroccoMAD millions 2011 <strong>2012</strong> ChangeRevenues 25,030 23,178 -7.4%Mobile 18,935 17,477 -7.7%Services 18,182 16 979 -6.6%Equipment 753 498 -33.8%Fixe 7,432 6,669 -10.3%Fixed-line data* 1,695 1,757 3.6%Elimination -1,337 -968EBITDA 14,557 13,414 -7.9%Margin (%) 58.2% 57.9% -0.3 ptsEBITA before restructuring 11,262 10,020 -11.0%Margin (%) 45.0% 43.2% -1.8 ptsEBITA 11,262 9,219 -18.1%CAPEX 3,882 3,792 -2.3%CAPEX / Revenues 15.5% 16.4% 0.9 ptsCFFO before restructuring11,226 10,955 -2.4%CFFO 11,226 10,199 -9.1%Net debt 5,592 6,059 8.3%Net debt / EBITDA 0.38 x 0.45 x -* Fixed-line data include internet, ADSL TV, and data services to businesses.<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>34
AnnexesMoroccoPopulationGDPPer-capitaincome (PPP)Inflation32.5 million$ 97.2 billion in <strong>2012</strong>e≈ $ 5 256+1.3% (source HCP)Mobile 2011 <strong>2012</strong> ChangeCustomer base (‘000) 17 126 17 855 +4.3%ARPU (MAD) 87.3 78.6 -10.0%Market share 46.85% 45.77% -1.08 ptsPenetration rate 113.6% 120.0% +6.4 ptsNb of operators 3 3 -Fixid lineSource: IMF, World Economic Outlook Database, October <strong>2012</strong>,.Customer base (‘000) 1 241 1 269 2.3%Market share* 97.6% 90.2% -7.4 ptsPenetration rate* 4% 4% -Nb of operators 3 3 -InternetCustomer base (‘000) 591 683 15.6%Source: ANRT Q4 12* Data excluding restricted mobility restated by <strong>Maroc</strong> <strong>Telecom</strong><strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>35
AnnexesInternationalMAD millions 2011 <strong>2012</strong> Change Change like for likeRevenues 6,066 7,079 16.7% 17.7%Mauritania 1,202 1,375 14.3% 12.6%Mobile services 1,033 1,257 21.7% 19.9%Burkina Faso 1,733 2,067 19.3% 21.0%Mobile services* 1,401 1,694 20.9% 22.6%Gabon 1,047 1,291 23.4% 25.1%Mobile services* 510 688 34.8% 36.7%Mali 2,123 2,422 14.1% 15.7%Mobile services 1,767 2,055 16.3% 17.9%Elimination -39 -76EBITDA 2,439 3,290 34.9% 36.0%Margin (%) 40,2% 46,4% +6.2 pts +6.2 ptsEBITA before restructuring 1,113 1,815 63.1% 64.3%Marge (%) 18,3% 25,6% +7.3 pts +7.3 ptsEBITA 1,113 1,738 56.2% 57.3%CAPEX 1,911 1,592 -16.7% -CAPEX / Revenues 31,5% 22,5% -9.0 pts -CFFO before restructuring 421 1,680 x4.0 -CFFO 421 1,635 x3.9 -Net debt 1,270 1,052 -17.1% -Net debt / EBITDA 0,5 x 0,32 x -*Mobile infrastructure rental revenues from Onatel and Gabon <strong>Telecom</strong> were accounted for under mobile service revenue in <strong>2012</strong>, but not prior to thatyear. <strong>Annual</strong> Therefore <strong>Results</strong> data <strong>2012</strong> for 2010 and 2011 have been restated in order to facilitate 36 comparison.
GROWTH OF MOBILE MARKETS IN COUNTRIES OFSUBSIDIARIESAnnexesMauritaniaBurkina Faso+13.9%84%93%2 943 3 351Mobile customerbase (‘000)Mobile penetration rate(%)41%6 859+20.1%48%8 236Mobile customerbase (‘000)Mobile penetration rate(%)Q3-2011 Q3-<strong>2012</strong>GabonSource: Dataxis, Q3 <strong>2012</strong> vs. Q3 2011 dataMaliQ3-2011 Q3-<strong>2012</strong>Source: Dataxis, Q3 <strong>2012</strong> vs. Q3 2011 data143%+16.2% +31%164%2 167 2 518Mobile customerbase (‘000)Mobile penetration rate(%)68%10 81989%14 605Mobile customerbase (‘000)Mobile penetration rate(%)Q3-2011 Q3-<strong>2012</strong>Q4-2011 Q4-<strong>2012</strong>Source: Dataxis, Q3 <strong>2012</strong> vs. Q3 2011 dataSource: market data at end <strong>2012</strong><strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>37
AnnexesMauritaniaPopulationGDPPer-capitaincome (PPP)3.6 million$ 4.1 billion+5.3% in <strong>2012</strong>e$ 2 099 in <strong>2012</strong>eMobile 2011 <strong>2012</strong>Change likefor likeCustomer base (‘000) 1 747 2 013 15.2%ARPU (MAD) 47.1 53.3 13.1%Market share* 58.4% 61.5% +3.1 ptsInflation +5.9%1 MAD =1 MAD = 34.3 MROappreciation 1.5% vs.2011Source: IMF, World Economic Outlook Database, October <strong>2012</strong>.Penetration rate* 84.5% 92.9% 8.4 ptsNb of operators 3 3 -Fixed lineCustomer base (‘000) 41 41 0.2%Market share* 50.0% 48.6% -1.4 ptsPenetration rate* 2.3% 2.6% +0.3 ptsNb of operators 2 2 -InternetCustomer base (‘000) 7 7 2.5%*Source: Dataxis, Q3 <strong>2012</strong> vs end-2011 data<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>38
AnnexesBurkina FasoPopulationGDPPer-capitaincome (PPP)17.4 million$ 10.3 billion+7.0% in <strong>2012</strong>e$ 1 384 in <strong>2012</strong>eMobile 2011 <strong>2012</strong>Change likefor likeCustomer base (‘000) 2 971 3 872 30.3%ARPU (MAD) 40.7 39.5 -3.1%Market share* 41.7% 46.0% +4.3 ptsInflation +3.0%1 MAD =1 MAD = 59.1 FCFAdepreciation of 1.4%vs. 2011Source: IMF, World Economic Outlook Database, October <strong>2012</strong>.Penetration rate* 42.0% 47.7% +5.7 ptsNb of operators 3 3 -Fixed lineCustomer base (‘000) 142 141 -0.1%Market share* 100% 100% -Penetration rate* 0.8% 0.8% -Nb of operators 1 1 -InternetCustomer base (‘000) 31 30 -3.6%*Source: Dataxis, Q3 <strong>2012</strong> vs end-2011 data<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>39
AnnexesGabonPopulationGDPPer-capitalincome (PPP)1.54 million$ 16,8 billion+6.1% in <strong>2012</strong>e$ 17 339 in <strong>2012</strong>eMobile 2011 <strong>2012</strong>Change likefor likeCustomer base (‘000) 532 777 46.1%ARPU (MAD) 97,8 79.2 -17.8%Market share* 22.5% 31.9% +9.4 ptsInflation +2.3%1 MAD =1 MAD = 59.1 FCFAdepreciation of 1.4%vs. 2011Source: IMF, World Economic Outlook Database, October <strong>2012</strong>.Penetration rate* 156% 164%t +8.0 ptsNb of operators 4 4 -Fixed lineCustomer base (‘000) 22 18 -19.9%Market share* 100% 100% -Penetration rate* 1.4% 1.2% -0.2 ptsNb of operators 1 1 -InternetCustomer base (‘000) 24 8 -66.8%*Source: Dataxis, Q3 <strong>2012</strong> vs end-2011 data<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>40
AnnexesMaliPopulationGDPPer-capitaincome (PPP)16.3 million$ 9.6 billion-4.5% in <strong>2012</strong>e$ 1,062 in <strong>2012</strong>eMobile 2011 <strong>2012</strong>Change likefor likeCustomer base (‘000) 4,376 6,023 37.6%ARPU (MAD) 45.3 33.2 -26.8%Market share* 40.4% 41.2% +0.8 ptsInflation +7.2%1 MAD =1 MAD = 59.1 FCFAdepreciation of 1.4%vs. 2011Source: IMF, World Economic Outlook Database, October <strong>2012</strong>.Penetration rate* 68.3% 89.6% +21.3 ptsNb of operators 2 3 -Fixed lineCustomer base (‘000) 94 98 4.8%Market share* 100% 100% -Penetration rate* 0.6% 0.6% -Nb of operators 1 1 -InternetCustomer base (‘000) 37 45 20.5%Source: market data at end <strong>2012</strong>*Dataxis: Q3 <strong>2012</strong> vs. end 2011 data<strong>Annual</strong> <strong>Results</strong> <strong>2012</strong>41
Résultats Annuels <strong>2012</strong><strong>Annual</strong> <strong>Results</strong><strong>2012</strong>