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    IAM   MA0000011488


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Itissalat Al Maghrib IAM S A : Maroc Telecom FY2020 Consolidated Results

02/19/2021 | 03:08am EDT


Operating results in line with objectives thanks to strong performances at the subsidiaries:      

  • 8.1% growth of the Group's customer base, to nearly 73 million customers;
  • Growth in the revenues of the Moov Africa subsidiaries (+1.4% on a like-for-like basis*), driven by Data Mobile and Mobile Money services;
  • Sustained growth in Fixed Data in Morocco (+13.2%);
  • Increased profitability with an adjusted EBITDA margin for the Group of 51.9%, an improvement of +0.7 pt on a like-for-like basis*.


Proposed dividend payment of MAD 3.5 billion, implying MAD 4.01 per share, representing a yield of 2.8%**.

Maroc Telecom Group outlook for 2021 at constant scope and exchange rates:

  • Decrease in revenues;
  • Decrease in EBITDA;
  • CAPEX of maximum 15% of revenues, excluding frequencies and licences.

To mark the publication of this press release, Mr Abdeslam Ahizoune, Chairman of the Management Board, stated:

« In 2020, the Maroc Telecom Group posted operating results in line with objectives. Thanks to ongoing efforts to control costs and multiple innovations, the Group has maintained its margins, demonstrating thus its resilience and its strong capacity to adapt to the conditions imposed by an unprecedented health and economic crisis. 

In Morocco, despite the effects of this crisis and strong competitive pressure, the significant investments made in Broadband support its leadership and its position as forerunner operator. Internationally, the Group has chosen to bring together its subsidiaries in Africa, under a common “Moov Africa” visual identity, reflecting their good growth momentum .

The digitisation project launched by the Group continues and has proved its effectiveness in front of the constraints imposed by the pandemic. »

* The like-for-like basis illustrates the consolidation effects of Moov Africa Chad and the use of a constant exchange rate MAD/Ouguiya/Franc CFA
** Based on the share price of  February,18th  2021 (MAD 145.30)

adjusted consolidated results* of the group

(IFRS in MAD million)Q4-2019Q4-2020ChangeChange on like-for-like basis(1)20192020ChangeChange on like-for-like basis(1)
Adjusted EBITDA 4,5254,740+4.8%+4.6%18,92219,100+0.9%+0.5%
 Margin (%)49.1%51.1%+2.0 pt+2.1 pt51.8%51.9%+0.1 pt+0.7 pt
Adjusted EBITA2,5522,886+13.1%+13.1%11,54011,598+0.5%+0.8%
 Margin (%)27.7%31.1%+3.4 pt+3.5 pt31.6%31.5%-0.1 pt+0.5 pt
Group share of adjusted Net Income -1,3821,475+6.7%+6.7%6,0296,001-0.5%-0.4%
 Margin (%)15.0%15.9%+0.9 pt+0.9 pt16.5%16.3%-0.2 pt+0.1 pt
Of which frequencies and licences102124  1,418135  
CAPEX/revenues (excluding frequencies and licences)22.7%13.9%-8.7 pt-8.7 pt14.7%9.0%-5.7 pt-5.5 pt
Adjusted CFFO4,1854,498+7.5%+7.4%13,35215,719+17.7%+17.8%
Net debt17,35017,619+1.6%+2.4%17,35017,619+1.6%+2.4%
Net debt/EBITDA(3)0.9x0.9x  0.9x0.8x  

*The adjustments to the financial indicators are detailed in Appendix 1.

►   Customer base

The Group's customer base grew by 8.1% in 2020, reaching nearly 73 million customers, due to the growth of the customer bases of the Moov Africa subsidiaries and Fixed in Morocco.

►   Revenues

Maroc Telecom Group generated revenues(4) of MAD 36,769 million, up 0.7% (-0.8% on a like-for-like basis(1)). The increase in the revenues of the Moov Africa subsidiaries and Fixed Broadband in Morocco offsets the slowdown in Mobile activities in Morocco, heavily impacted by the competitive context.

In the fourth quarter alone and despite the decrease in Mobile call termination rates in Morocco in December 2020, the Group's revenues increased by 0.7% (+0.4% on a like-for-like basis(1)), thanks to the sustained increase in the activities of the Moov Africa subsidiaries and Fixed Broadband in Morocco.

►   Earnings from operations before depreciation and amortization

At the end of December 2020, Maroc Telecom Group's adjusted earnings from operations before depreciation and amortization (EBITDA) reached MAD 19,100 million, up 0.9% (+0.5% on a like-for-like basis(1)). The adjusted EBITDA margin was 51.9%, up 0.1 pt (+0.7 pt on a like-for-like basis(1)), thanks to rigorous cost management.

►   Earnings from operations

At the end of 2020, Maroc Telecom Group’s adjusted earnings from operations (EBITA)(5) amounted to MAD 11,598 million, up 0.8% on a like-for-like basis(1), thanks to the increase in EBITDA. The adjusted EBITA margin stood at 31.5%, up 0.5 pt on a like-for-like basis(1).

►   Group share of Net Income

The adjusted Group share of Net Income decreased slightly by 0.4% on a like-for-like basis(1).

►   Investments

The capital expenditures(2) excluding frequencies and licenses, down 38.3% over one year, were adapted to the context of the health crisis and focused on meeting strong demand for Fixed Internet access, extensions of Data infrastructures, and quality of service. They represent 9.0% of revenues, a level in line with the objective announced for the year.

►   Cash flow

Adjusted Cash Flow From Operations (CFFO)(6) improved by +17.8% on a like-for-like basis(1), reaching  MAD 15,719 million mainly due to the decrease in investments.

At 31 December 2020, Maroc Telecom Group’s consolidated net debt(7) represented 0.8 times(3) the Group's annual EBITDA.

►   Highlights of the fourth quarter

In Morocco, the ANRT is implementing a multi-annual framework for Mobile and Fixed termination rates, implying a 35% reduction in Mobile tariffs for Maroc Telecom vs. 25% for Orange and 22% for Inwi, maintaining asymmetry.

In Mauritania, Mauritel obtained a 4G licence for a total amount of MAD 124 million.

The new visual identity “Moov Africa” was launched on 1 January 2021. The ten subsidiaries of the Maroc Telecom Group (based in Mauritania, Burkina Faso, Gabon, Mali, Côte d'Ivoire, Benin, Togo, Niger, Central African Republic and Chad) are now united around a common visual identity.

►   Dividend

At the General Meeting of Shareholders of 30 April 2021, the Supervisory Board of Maroc Telecom will propose the distribution of a dividend of MAD 4.01 per share, representing a total amount of MAD 3.5 billion.

►   Maroc Telecom Group outlook for 2021 at constant scope and exchange rates:

Based on recent market developments and insofar as no new major exceptional event disrupts the Group's activity, Maroc Telecom forecasts for 2021, at constant scope and exchange rates:

  • Decrease in revenues;
  • Decrease in EBITDA;
  • CAPEX of maximum 15% of revenues, excluding frequencies and licences.

review of the Group's activities

The adjustments to the "Morocco" and "International" financial indicators are detailed in Appendix 1.


(IFRS in MAD million)Q4-2019Q4-2020






 Of which Fixed Data*886966+9.1%3,1863,608+13.2% 
 Elimination and other income-485-491 -1,846-1,987  
Adjusted EBITDA2,9482,979      +1.1%12,29411,950-2.8% 
 Margin (%)54.8%57.8%   +3.0 pt56.7%57.2%+0.5 pt 
Adjusted EBITA1,9172,024+5.6%8,2948,079-2.6% 
 Margin (%)35.6%39.3%+3.6 pt38.2%38.7%+0.5 pt 
Of which frequencies and licences102  102   
CAPEX/revenues (excluding frequencies and licences)22.1%11.3%-10.8 pt13.5%7.0%-6.4 pt 
Adjusted CFFO3,0003,246+8.2%9,42510,300+9.3% 
Net debt11,10111,515+3.7%11,10111,515+3.7% 
Net debt/EBITDA(3)0.9x0.9x 0.8x0.9x  

*Fixed Data includes the Internet, TV on ADSL and Data services to businesses

The Group's activities in Morocco generated revenues down 3.7% compared with 2019, affected in particular by the effects of the Covid-19 pandemic on Mobile activities and partially offset by the solid momentum of Fixed and Internet. This change was more marked in the fourth quarter of the year due in particular to the fall in national call termination prices, which has applied from December, 1st 2020. 

At the end of 2020, the adjusted earnings from operations before depreciation and amortisation (EBITDA) amounted to MAD 11,950 million, down 2.8% compared with 2019. The adjusted EBITDA margin increased by 0.5 pt to a high level of 57.2%, thanks to the control of operating costs.

The adjusted earnings from operations (EBITA)(5) reached MAD 8,079 million, down 2.6%. It represents an adjusted margin rate of 38.7%, up 0.5 pt.

Adjusted Cash Flow From Operations (CFFO)(6) in Morocco increased by 9.3% to MAD 10,300 million due to efficient investment management adapted to the context of the crisis.



Customer base(8)(000)20,05419,498-2.8%
Of which Internet 3G/4G+(9)(000)11,78911,060-6.2%

At the end of 2020, the Mobile customer base(8) totaled 19.5 million customers, down 2.8% over one year.

Mobile revenues fell by 6.5% compared to the same period in 2019, to MAD 13,351 million impacted by the Covid-19 pandemic effects and the competitive context.

The 2020 combined ARPU(10) stood at MAD 54.3, down 6.9% over one year.

Fixed and Internet


Fixed lines(000)1,8822,008+6.6%
Broadband Access(11)(000)1,5731,738+10.4%

The Fixed customer base maintained its good momentum and increased by 6.6% to 2 million lines. The Broadband customer base now has 1.7 million subscribers, up 10.4%.

The Fixed and Internet activities in Morocco continue to improve their performance and generate revenues of MAD 9,517 million, up 2.8% compared to 2019. This growth accelerated in the last three months of the year, thanks to the enthusiasm for the FTTH offers and the ADSL service.

  • International

Financial indicators

(IFRS in MAD million)Q4-2019Q4-2020ChangeChange on like-for-like basis(1)20192020ChangeChange on like-for-like basis(1)
 Of which mobile services3,7524,031+7.4%+6.8%14,69315,507+5.5%+1.7%
Adjusted EBITDA1,5761,761+11.7%+11.2%6,6297,150+7.9%+6.5%
 Margin (%)38.4%40.3%+1.9 pt+2.0 pt41.2%42.4%+1.2 pt+2.0 pt
Adjusted EBITA635861+35.7%+35.7%3,2463,520+8.4%+9.6%
 Margin (%)15.5%19.7%+4.3 pt+4.4 pt20.2%20.8%+0.7 pt+1.6 pt
Of which frequencies and licences 124  1,316135  
CAPEX/revenues (excluding frequencies and licences)21.9%16.2%-5.7 pt-5.6 pt15.2%10.9%-4.3 pt-3.8 pt
Adjusted CFFO1,1851,252+5.7%+5.3%3,9275,419+38.0%+38.4%
Net debt8,7487,517-14.1%-12.3%8,7487,517-14.1%-12.3%
Net debt/EBITDA(3)1.3x1.0x  1.3x1.0x  

The Group's international activities recorded revenues of MAD 16,883 million, up 1.4% on a like-for-like basis(1), explained by the recovery in post-lockdown activities and the growth in Data Mobile and Mobile Money services.

In 2020, the adjusted earnings from operations before depreciation and amortisation (EBITDA) amounted to MAD 7,150 million, up 7.9% (+6.5% on a like-for-like basis(1)). The adjusted EBITDA margin was 42.4%, up 1.2 pt (+2.0 pt on a like-for-like basis(1)). This performance comes from the improvement in the gross margin rate and rigorous cost management.

During the same period, the adjusted earnings from operations (EBITA)(5) improved by 8.4% (+9.6% on a like-for-like basis(1)) to MAD 3,520 million, thanks to the increase in EBITDA.

Adjusted Cash Flow From Operations (CFFO)(6) from international activities improved by +38.4% on a like-for-like basis(1) to MAD 5,419 million.

Operating indicators


 Customer base(8)(000)43,53149,226 
   Mauritania 2,4702,641+6.9%
   Burkina Faso 8,5469,388+9.8%
   Gabon 1,6211,632+0.6%
   Mali 7,4479,684+30.0%
   Côte d’Ivoire 8,975 10,050+12.0%
   Benin 4,3774,682+6.9%
   Togo 3,0303,380 +11.6%
   Niger 2,9223,005+2.8%
   Central African Republic 168189+12.0%
   Chad 3,9754,577+15.2%
Customer Base (000)325337 
   Mauritania 5657+0.9%
   Burkina Faso 7575-0.3%
   Gabon 2225+13.9%
   Mali 171180+5.1%
Fixed-Line Broadband    
Customer base(11)(000)116131 
   Mauritania 1018+82.7%
   Burkina Faso 1514-2.2%
   Gabon 1822+19.9%
   Mali 7377+5.2%


(1) "Like-for-like" refers to the effects of consolidating Moov Africa Chad as if it had taken place on January 1, 2019, and an unchanged MAD/Ouguiya/CFA franc exchange rate.
(2) CAPEX corresponds to purchases of tangible and intangible assets recognized for the period.
(3) The ratio Net Debt/EBITDA excludes the impact of IFRS 16.
(4) Maroc Telecom consolidates in its financial statements Casanet and Moov Africa subsidiaries in Mauritania, Burkina Faso, Gabon, Mali, Côte d’Ivoire, Benin, Togo, Niger, Central African Republic and Chad since July 1, 2019.
(6) EBITA corresponds to EBIT before the amortization of intangible assets acquired through business combinations, write-downs of goodwill and other intangible assets acquired through business combinations, and other income and expenses relating to financial investment transactions and transactions with shareholders (except when recognized directly in equity).
(6) CFFO includes net cash flow from operations before tax, as set out in the cash flow statement, as well as the dividends received from companies accounted for by the equity method and non-consolidated equity investments. CFFO also includes net capital expenditure, which corresponds to net uses of cash for acquisitions and disposals of tangible and intangible assets.
(7) Loans and other current and non-current liabilities less cash and cash equivalents, including cash held in escrow for bank loans.
(8) The active customer base consists of prepaid customers who have made or received a voice call (excluding ERPT or Call-Center calls) or received an SMS/MMS or used Data services (excluding ERPT services) during the past three months, and postpaid customers who have not terminated their agreements.
(9) The active customer base for 3G and 4G+ Mobile Internet includes holders of a postpaid subscription agreement (with or without a voice offer) and holders of a prepaid Internet subscription agreement who have made at least one top-up during the past three months or whose top-up is still valid and who have used the service during that period.
(10) ARPU is defined as revenues (generated by inbound and outbound calls and by data services) net of promotional offers, excluding roaming and equipment sales, divided by the average customer base for the period. In this instance, blended ARPU covers both the prepaid and postpaid segments.
(11) The broadband customer base includes ADSL access, FTTH and leased lines as well as the CDMA customer base in Mauritania, Burkina Faso and Mali.

Important notice:
Forward-looking statements. This press release contains forward-looking statements regarding Maroc Telecom’s financial position, income from operations, strategy, and outlook, as well as the impact of certain transactions. Although Maroc Telecom believes that these forward-looking statements are based on reasonable assumptions, they do not amount to guarantees for the company’s future performance. The actual results may be very different from the forward-looking statements, due to a number of risks and uncertainties, both known and unknown. The majority of these risks are beyond our control, namely the risks described in the public documents filed by Maroc Telecom with the Moroccan Capital Markets Authority (www.ammc.ma) and the French Financial Markets Authority (www.amf-france.org), which are also available in French on our website (www.iam.ma). This press release contains forward-looking information that can only be assessed at its publication date. Maroc Telecom does not undertake to supplement, update, or alter these forward-looking statements as a result of new information, future events, or for any other reason, subject to the applicable regulations, and especially to Articles 2.19 et seq. of the circular issued by the Moroccan Capital Markets Authority and to Articles 223-1 et seq. of the French Financial Markets Authority’s General Regulations.

Maroc Telecom is a full-service telecommunications operator in Morocco and the leader in all of its Fixed-Line, Mobile and Internet business sectors. It has expanded internationally, and currently operates in 11 African countries. Maroc Telecom is listed on both the Casablanca and Paris Stock Exchanges, and its majority shareholders are Société de Participation dans les Télécommunications (SPT*) (53%), and the Kingdom of Morocco (22%).

* SPT is a company incorporated under Moroccan law and controlled by Etisalat.

Investor relations
Press relations

Appendix 1: Transition from adjusted financial indicators to published financial indicators

Adjusted EBITDA, adjusted EBITA, Group share of adjusted Net Income, and adjusted CFFO are not strictly accounting measures, and should be considered as additional information. They are a better indicator of the Group's performance as they exclude non-recurring items.

(in MAD million)MoroccoInternationalGroupMoroccoInternationalGroup
Adjusted EBITDA12,2946,62918,92211,9507,15019,100
Exceptional items:      
Dispute resolution   +420 +420
Published EBITDA12,2946,62918,92212,3707,15019,520
Adjusted EBITA8,2943,24611,5408,0793,52011,598
Exceptional items:
Dispute resolution
Restructuring costs -9-9   
Dispute resolution   +420 +420
ANRT fine-3,300 -3,300   
Published EBITA4,9943,2378,2318,4993,52012,018
Group share of adjusted Net Income   6,029  6,001
Exceptional items:


Restructuring costs
Restructuring costs  -4   
Dispute resolution     +469
COVID contributions     -1,047
ANRT fine  -3,300   
Published net income – Group share   2,726  5,423
Adjusted CFFO9,4253,92713,35210,3005,41915,719
Exceptional items:


Payment of licences
Licences Payment-102-1,835-1,937 -143-143
ANRT fine   -3,300 -3,300
Published CFFO9,3242,09111,4157,0005,27712,276

2020 CFFO was marked by the disbursement of MAD 3,300 million linked to the full payment of the ANRT fine in Morocco as well as MAD 143 million for licences obtained in Mauritania, Gabon and Togo.

2019 CFFO included the payment of MAD 1,937 million corresponding to the licences obtained in Burkina Faso, Mali, Côte d’Ivoire and Togo as well as the widening of the bandwidth spectrum in Morocco.

Appendix 2: Impact of the adoption of IFRS 16

As at end-December 2020, the impacts of this standard on Maroc Telecom’s key indicators were as follows:

(in MAD million)MoroccoInternationalGroup
Adjusted EBITDA +266+292+557
Adjusted EBITA+33+29+62
Group share of adjusted Net Income  -17
Adjusted CFFO+266+292+557
Net Debt +838+801+1,639

Consolidated Statement of Financial Position

ASSETS (in MAD million)20192020
Goodwill9,201 9,315
Other intangible assets8,808 8,120
Property, plant and equipment31,037 28,319
Right-of-use asset1,630 1,592
Equity affiliates0 0
Non-current financial assets470 654
Deferred tax assets339 580
Non-current assets 51,485

Inventories321 271
Trade and other receivables11,380 11,816
Short-term financial assets128 130
Cash and cash equivalents1,483 2,690
Assets available for sale54 54
Current assets 13,365


LIABILITIES (in MAD million)20192020
Share capital5,275 5,275
Consolidated reserves4,069 2,023
Consolidated net income for the period2,726 5,423
Shareholders’ equity – Group share12,069 12,721
Non-controlling interests3,934 3,968
Shareholder’s equity 16,003 16,688

Non-current provisions504 521
Borrowings and other long-term financial liabilities4,178 4,748
Deferred tax liabilities258 45
Other non-current liabilities0 0
Non-current liabilities 4,939 5,314

Trade payables23,794 24,007
Current tax liabilities733 671
Current provisions4,634 1,247
Borrowings and other short-term financial liabilities14,748 15,612
Current liabilities 43,908 41,538

Consolidated Income Statement

(In MAD million)20192020 
Revenues 36,51736,769

Cost of purchases-5,670-5,416 
Payroll costs-3,098-3,005 
Taxes, royalties and dues-3,183-3,344 
Other operating income and expenses-5,610-8,746 
Net depreciation, amortization, and provisions-10,724-4,240 
Earnings from operations8,23112,018

Other income and expenses from ordinary activities-11-1,513 
Income from equity affiliates0 
Income from ordinary activities 8,22010,505 
Income from cash and cash equivalents217 
Gross cost of financial debt-756-888 
Net cost of financial debt-754-871 
Other financial income and expenses-3826 
Financial income-792-844 
Income tax-3,830-3,372 
Net Income3,5986,289 
Translation difference resulting from foreign business activities-226134 
Other comprehensive income and expenses43-14 
Total comprehensive income for the period 3,4156,409

Net Income 3,5986,289 
Earnings attributable to equity holders of the parents2,7265,423 
Non-controlling interests873866 
Earnings per share20192020 
 Net income attributable to equity holders of the parent (in MAD million)2,7265,423 
 Number of stocks at December 31879,095,340879,095,340 
 Net earnings per share (in MAD)3.106.17 
 Diluted net earnings per share (in MAD)3.106.17 


Consolidated Cash Flow Statement

(In MAD million)20192020
Earnings from operations8,23112,018
Depreciation, amortization, and other restatements10,7212,719
Gross cash flow from operating activities18,95214,738

Other changes in net working capital requirement419139

Net cash flow from operating activities before tax19,37214,877

Income tax paid-4,091-3,789

Net cash flow from operating activities (a)15,28111,088

Purchases of property, plant and equipment and intangible assets-7,949-4,141

Purchases of consolidated investments after acquired cash-1,0960
Increase in financial assets-73-249

Disposals of property, plant and equipment and intangible assets614
Decrease in financial assets287144
Dividends received from non-consolidated equity investments614
Net cash flow used in investing activities (b)-8,819


Capital increase00
Dividends paid to shareholders-6,003-4,870
Dividends paid by subsidiaries to their non-controlling shareholders-838-855
Changes in equity capital-6,841-5,725
Proceeds from borrowings and increase in other long-term financial liabilities2,270


Proceeds from borrowings and increase in other short-term financial liabilities2,8601,167

Payments on borrowings and decrease in other short-term financial liabilities-4,548-2,687

Net interest paid-473

Other cash items relating to financing activities-13

Change in borrowings and other financial liabilities96125

Net cash flow used in financing activities (d)-6,744


Translation adjustments and other non-cash items (g)65-62

Total cash flows (a)+(b)+(d)+(g)-2171,207

Cash and cash equivalents at beginning of period1,7001,483

Cash and cash equivalents at end of period1,4832,690



  • Maroc Telecom_PR-FY2020_EN_VDEF

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Net income 2021 6 032 M 682 M 682 M
Net Debt 2021 15 949 M 1 804 M 1 804 M
P/E ratio 2021 18,6x
Yield 2021 4,90%
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EV / Sales 2021 3,68x
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Free-Float 19,1%
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Abdeslam Ahizoune Chairman-Management Board
Francois Vitte Chief Financial & Administrative Officer
Mohamed Benchaaboun Chairman-Supervisory Board
Mohamed Hadi Ahmad Adbulla Al-Hussaini Member-Supervisory Board
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