Transition from separate financial statements to consolidated financial statements
22
3.
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31 2020, 2021, 2022
24
4.
STATUTORY FINANCIAL STATEMENTS
76
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 • 2022 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, 2020, 2021 and 2022, 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
Statement of financial position
4 Maroc Telecom • 2022 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
2020
2021
2022
10.9081 10.5238 11.1568
10.8258 10.6761 10.6406
The table above shows the average Moroccan dirham/euro conversion rates used in the consolidation of the Group's financial statements for the years 2020, 2021 and 2022.
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 2020, 2021 and 2022.
Statement of comprehensive income
Statement of financial position
SHAREHOLDERS' EQUITY AND LIABILITIES (In € millions)
Share capital
Shareholders'equity, attributable to equity holders of the parent
Non-controlling interests
Shareholders'equity
Non-current liabilities
Current liabilities
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
2020
2021
2022
484
501
473
1,166
1,417
1,245
364
369
368
1,530
1,786
1,614
487
411
447
3,808
3,674
3,813
5,825
5,871
5,874
5 Maroc Telecom • 2022 financial report
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Maroc Telecom - Itissalat Al-Maghrib published this content on 21 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2023 04:59:02 UTC.
Maroc Telecom is Morocco's No. 1 telecommunications operator. Net sales (including intra-group) break down by activity as follows:
- mobile telephony (58.4%): 19.5 million customers in Morocco at the end of 2020, distributed between customers with prepaid cards (17.2 million) and with post-paid subscriptions (2.3 million). At the end of 2020, the group owned 13,000 base stations;
- fixed telephony and Internet (41.6%): fixed telephony services (2 million lines installed in Morocco as of the end of 2020), interconnection services, data transmission, and Internet access (1,738,000 subscribers). At the end of 2020, the network had a total of 45,000 km of urban fiber optic and intercity fiber optic cables.
Products and services are marketed through a network of 4,400 owned agencies, more than 75,000 group-approved points of sale (tobacconists, local shops, etc.) and independent distribution channels.
Morocco accounts for 56.8% of net sales (including intra-group).
ITISSALAT AL-MAGHRIB (IAM) S.A. 
