CONSOLIDATED RESULTS AT SEPTEMBER 30, 2019
Improvements all round:
- Group customer bases up to nearly 68 million customers;
- Increase in Group revenues (up 0.9% on a like-for-like basis*) thanks to Mobile Data;
- Steady increase in Consolidated EBITDA (up 4.9% on a like-for-like basis*) thanks to continued cost-optimization efforts;
- Group share of adjusted Net Income up 1.3% on a like-for-like basis*;
- Adjusted Consolidated Cash Flow From Operations up 18.0% (like-for-like basis*) with capital expenditure at 12.0% of consolidated revenues.
Outlook for 2019 maintained, at constant scope and exchange rates and excluding IFRS16:
- Stable revenues;
- Stable EBITDA;
- CAPEX approximately 15% of revenues, excluding frequencies and licenses.
To mark the publication of this press release, Abdeslam Ahizoune, Chairman of the Management Board, made the following comments:
“Maroc Telecom group maintains its growth trend with increased revenues, from Data in particular, and its margin improvement thanks to cost optimization. These results strengthen the Group in achieving its annual objectives and confirm the profitability and the relevancy of its business model.
Reference player in all its markets, Maroc Telecom continues to support the changes brought by the digital transformation through infrastructures deployment and enhanced offers to make technological innovation accessible to the largest number of users.”
*Like-for-like basis refers to the consolidation of Tigo Chad, unchanged MAD/Ouguiya/ CFA Franc exchange rates and the impact
of the neutralization of the application of IFRS 16
Group adjusted* consolidated results
| (IFRS in MAD million) | Q3-2018 | Q3-2019 | Change | Like-for-like change (1) | 9M-2018 | 9M-2019 | Change | Like-for-like change (1) | |
| Revenues | 9,198 | 9,465 | +2.9% | +1.0% | 27,137 | 27,308 | +0.6% | +0.9% | |
| EBITDA | 4,615 | 4,989 | +8.1% | +4.4% | 13,474 | 14,398 | +6.9% | +4.9% | |
| Margin (%) | 50.2% | 52.7% | +2.5 pt | +1.7 pt | 49.7% | 52.7% | +3.1 pt | +1.9 pt | |
| Adjusted EBITA | 2,923 | 3,126 | +7.0% | +6.1% | 8,462 | 8,989 | +6.2% | +6.3% | |
| Margin (%) | 31.8% | 33.0% | +1.3 pt | +1.6 pt | 31.2% | 32.9% | +1.7 pt | +1.7 pt | |
| Group Share of adjusted Net Income | 1,620 | 1,625 | +0.3% | +0.4% | 4,611 | 4,647 | +0.8% | +1.3% | |
| Margin (%) | 17.6% | 17.2% | -0.4 pt | -0.1 pt | 17.0% | 17.0% | 0.0 pt | +0.1 pt | |
| CAPEX(2) | 1,053 | 1,377 | +30.8% | +30.3% | 4,652 | 4,605 | -1.0% | +0.6% | |
| Of which frequencies and licenses | 477 | 1,321 | |||||||
| CAPEX/CA (excluding frequencies and licenses) | 11.5% | 14.6% | +3.1 pt | +3.0 pt | 15.4% | 12.0% | -3.4 pt | -3.4 pt | |
| Adjusted CFFO | 3,197 | 3,438 | +7.5% | +0.1% | 7,427 | 9,166 | +23.4% | +18.0% | |
| Net Debt | 15,560 | 20,188 | +29.7% | +18.5% | 15,560 | 20,188 | +29.7% | +18.5% | |
| Net Debt/EBITDA(3) | 0.8x | 1.0x | 0.9x | 1.1x |
* Financial indicator adjustments are set out in Appendix 1.
