Maroc Telecom announced consolidated earnings results for the full year ended December 31, 2016. For the year, the company reported revenues of MAD 35,252 million against revenues of MAD 34,134 million a year ago. EBITDA was MAD 16,909 million against EBITDA of MAD 16,742 million a year ago. CAPEX was MAD 7,983 million against MAD 8,835 million a year ago. CFFO was MAD 10,970 million against MAD 9,362 million a year ago. Net debt was MAD 12,289 million against MAD 12,555 million a year ago. Earnings from operations were MAD 10,468 million against MAD 10,340 million a year ago. Earnings from continuing operations were MAD 10,421 million against MAD 10,294 million a year ago. Net income attributable to equity holders of the parent was MAD 5,598 million against MAD 5,595 million a year ago. Diluted earnings per share were MAD 6.4 against MAD 6.4 a year ago. Net cash from operating activities was MAD 13,483 million against MAD 14,569 million a year ago. Purchases of property, plant and equipment and intangible assets were MAD 6,251 million against MAD 8,352 million a year ago. Cash flow from operating activities was MAD 10,970 million, up 17.2% compared to end-2015 due to the cash impact of MAD 2.7 billion from 2015 license renewals despite continuing heavy Group capital expenditure in networks amounting to 20.1% of 2016 revenue.

For the year of 2017, the company expects stable revenues, stable EBITDA, Capex amounting to around 23% of revenues, excluding frequencies and licenses.