Maroc Telecom : Maroc Telecom : Consolidated Results for H1 2013

       Maroc Telecom : Maroc Telecom : Consolidated Results for H1 2013

   





                       CONSOLIDATED RESULTS FOR H1 2013

Solid fundamentals:

                        *net income growth of 12.6% (group share);

                        *net growth in customer  bases: +12.5%, to more  than 
                          35 million customers;

                        *rapid  development  of  voice  and  data  usage   in 
                          Morocco, a consequence  of enhanced  rate plans  and 
                          additional price cuts;

                        *strong  profitability  growth  among   subsidiaries: 
                          revenues up 9.1% and EBITDA margin up by 7.0 pts, to
                          50.7%;

                        *growth of Group's EBITDA  underpinned by the  growth 
                          of African subsidiaries  and significant efforts  to 
                          control costs, and particularly  by the impact  from 
                          voluntary redundancy plans carried out in H2 2012;

                        *EBITDA and EBITA*  margin growth of  3.0 points  and 
                          1.9 points (+58.1% and +41.1%), respectively; 

                        *completion  of  major  upgrades  of  fixed-line  and 
                          mobile broadband networks in Morocco. 

These performances confirm our targets for 2013:

1.EBITDA margin maintained at a substantial level of approximately 56%;

2.Slight growth in "EBITDA - CAPEX**".

On the occasion of the publication  of this press release, Abdeslam  Ahizoune, 
Chairman of the Management Board, stated:

  "Maroc Telecom Group's performances  in the first half  were in line  with 
  our forecast annual targets. Product  offers, rapid growth of our  African 
  subsidiaries, and relentless efforts to  optimize costs were the basis  of 
  our success.  This performance  was achieved  under conditions  of  slower 
  consumer spending and heightened competition in Morocco.

  Capital spending  was  stepped up  for  the implementation  of  high-speed 
  broadband networks, for the rollout of fiber optics, and to prepare mobile
  radio technologies  for 4G.  Group  subsidiaries were  innovative:  Onatel 
  launched the first 3G network in Burkina Faso, and mobile payment  service 
  is now available in Burkina Faso and Mauritania."

*The change in EBITA margin is calculated exclusive of restructuring costs
accounted for in H1 2012.

  **Exclusive of acquisitions of new frequencies or licenses.

  

  Group Consolidated results

IFRS in MAD millions       H1 2012 H1 2013  Change  Change like for like^1
Revenues                   15,172  14,468   -4.6%           -4.6%
EBITDA                      8,358   8,406   +0.6%           +0.6%
    Margin (%)          55.1%   58.1%  +3.0 pts        +3.0 pts
EBITA before restructuring  5,955   5,951   -0.1%           -0.1%
    Margin (%)          39.2%   41.1%  +1.9 pts        +1.9 pts
EBITA                       5,155   5,951   +15.4%          +15.4%
                                                          
Net income (Group share)
                            3,696   3,521   -4.7%           -4.7%
before restructuring
    Margin (%)          24.3%   24.6%  -0.4 pts        -0.4 pts
Net income (Group share)    3,128   3,521   +12.6%          +12.6%
                                                          
CAPEX^2                     2,016   2,753   +36.6%
    CAPEX/Revenues      13.3%   19.0%  +5.7 pts 
CFFO                        5,458   5,354   -1.9%
Net debt                   11,114   9,644   -13.2%
    Net debt / EBITDA   0.7 x   0.6 x                    



Revenues

At June 30, 2013, Maroc Telecom Group had achieved consolidated revenues^3  of 
MAD14,468million, 4.6%  lower  than revenues  in  H1 2013  (-4.6%  like  for 
like^1). Despite a  high basis of  comparison, steady growth  in revenue  from 
international activities (+9.1% like for like) compensated partially for lower
revenues in Morocco (-8.1%), attributable  to soft consumer spending and  more 
aggressive competition.

The Group's customer base comprised more than 35 million customers at June 30,
2013. This net  annual growth  of 12.5% was  the result  of expanded  customer 
bases in Morocco  and abroad, where  customer bases increased  by 25% to  more 
than 15 million customers.

Earnings from operations before depreciation and amortization 

In H1 2013, Maroc Telecom Group's EBITDA  rose by 0.6% (+0.6% like for  like), 
to  MAD8,406million,  with  the  EBITDA   margin  rising  3.0points  to   a 
substantial 58.1%.

This performance was attributable to 26% growth in international EBITDA, which
more than  compensated for  the 5.2%  decline in  Moroccan EBITDA.  The  gross 
margin improved  by 2.5points,  boosted by  lower mobile  termination  rates, 
especially in Morocco, and by  a more focused subsidy  policy for the sale  of 
handsets, and the  operating costs  decreased by 6.6%,  mainly from  voluntary 
redundancy plans carried out in Morocco and abroad in H2 2012.

Earnings from operations

At June 30, 2013,  Maroc Telecom Group's consolidated  EBITA4 amounted to  MAD 
5,951 million, 15.4%  higher (+15.4%  like for like)  than EBITA  in H1  2012, 
which included a restructuring  provision of MAD  800 million. Excluding  this 
exceptional item, EBITA was stable year on year
(-0.1% like for like), despite a slight increase in amortization expense.  The 
operating  margin   reached  41.1%,   rising  by   1.9points  (exclusive   of 
restructuring).

Net income

Net attributable income for H1 2013 came to MAD 3,521 million, 12.6% more than
earnings a year earlier, which  included an after-tax restructuring  provision 
of MAD568million. Adjusted for this item, the Group share of net income fell
year on year by 4.7% (-4.7% like for like).

Cash flow 

Cash flow from operations (CFFO^5) declined moderately (-1.9%) in H1 2013,  to 
MAD 5,354 million, in  line with expectations. This  change reflects the  9.4% 
decline in  CFFO in  Morocco,  related to  scheduled acceleration  in  capital 
spending for broadband  networks, and  compensated for  by international  CFFO 
growth of 64%.

At June  30,  2013, Maroc  Telecom  Group's net  debt^6  amounted to  MAD  9.6 
billion, down 13.2% year on year because of a decrease in dividends paid.  Net 
debt represents only 0.6 times the Group's annual EBITDA.

Outlook for 2013 unchanged

On the basis  of recent market  trends, and  as long as  no major  exceptional 
event interrupts  Group activity,  Maroc Telecom  forecasts maintenance  of  a 
substantial EBITDA margin of approximately 56%. EBITDA- CAPEX^2* is  expected 
to grow slightly.

*Exclusive of acquisitions of new frequencies or licenses.

  Overview of Group activities

  

Morocco

IFRS in MAD millions       H1 2012 H1 2013  Change
Revenues                   11,876  10,909   -8.1%
Mobile                      8,937   8,085   -9.5%
    Services            8,630   7,888   -8.6%
    Equipment            307     197    -36.0%
Fixed line                  3,410   3,709   +8.8%
    Wire-line data*      892     908    +1.8%
Elimination             -464    -885      
EBITDA                      6,834   6,478   -5.2%
    Margin (%)          57.5%   59.4%  +1.8 pts
EBITA before restructuring  5,180   4,758   -8.1%
    Margin (%)          43.6%   43.6%     -
EBITA                       4,380   4,758   +8.6%
                                           
CAPEX^2                     1,348   2,038   +51.2%
    CAPEX/Revenues      11.4%   18.7%  7.3 pts
CFFO                        4,901   4,443   -9.4%
Net debt                    9,528   8,297   -12.9%
    Net debt / EBITDA   0.7 x   0.6 x     

*Wire-line data include internet, ADSL TV, and data services to businesses.

In the first half of 2013,  business activities in Morocco generated  revenues 
of MAD 10,909 million, a decline of 8.1%. This decrease reflects ongoing price
cuts in the mobile  segment, the most recent  reduction in mobile  termination 
rates,  and  the  downslide  of  revenues  from  fixed  lines  subsequent   to 
significant price cuts carried out in H1 2012.

The EBITDA margin rose by  1.8points year on year,  to 59.4%, with EBITDA  of 
MAD 6,478 million  (-5.2%). The rising  EBITDA margin is  attributable to  the 
2.3-point increase in gross  margin, made possible  by lower call  termination 
rates. The elimination of asymmetry  favorable to Maroc Telecom's  competitors 
was particularly beneficial to  EBITDA margin, as was  a more focused  subsidy 
policy for the sale of handsets. In addition, operating costs were reduced  by 
6.3%, mainly from the impact of voluntary redundancies carried out in H2 2012.

Despite a 4.0% rise  in amortization expense, EBITA  from business in  Morocco 
grew 8.6% year on year. Note  that H1 2012 included a restructuring  provision 
of MAD 800 million.  Excluding restructuring, EBITA declined  by 8.1%, to  MAD 
4,758 million. The EBITA margin (43.6%) was stable, compared with the H1 2012.

Cash flow  from operations  in Morocco  fell by  9.4%, to  MAD  4,443million, 
because of the scheduled acceleration of major upgrades for fixed-line  (MSAN) 
and mobile (Single RAN) networks. Capital expenditures were 51% higher than in
H1 2012.

Mobile

                              Unit     H1 2012 H1 2013  Change
Mobile
Customer base^7                (000)    17,385  18,049   +3.8%
    Prepaid                (000)    16,255  16,731   +2.9%
    Postpaid               (000)     1,130   1,318   +16.7%
    3G internet            (000)     1,385   1,822   +31.6%
ARPU^8                      (MAD/month)  81.4    71.5    -12.2%
    Data in % of ARPU^9     (%)      9.4%    13.9%  +4.5 pts
MOU                         (min/month)   110     133    +21.1%
Churn                           (%)      22.3%   20.5%  -1.8 pts

Mobile revenues  declined by  9.5%  in H1  2013,  to MAD  8,085million.  This 
reflects  a  challenging  competitive  environment  and  overall  slowdown  in 
consumer spending in the first half of 2013.

The mobile customer base^7 continued to grow, however, expanding 3.8% year  on 
year, to  18,049million customers.  This  growth was  the  result of  a  2.9% 
expansion in  the prepaid  customer  base (+476,000  customers) and  by  solid 
momentum in the high-value postpaid customer base (+17%). Enhanced content  in 
rate plans drove both performances. The churn rate improved significantly,  to 
20.5% (-1.8 points, compared  with H1 2012). The  3G mobile internet  customer 
base^10 continued its strong momentum,  expanding to 1.8 million customers  at 
June 30, 2013, or +32% year on year.

Outgoing mobile revenues  were 7.8% lower  than in  H1 2012. The  22% rise  in 
outgoing traffic  did  not  fully  compensate  for  the  28%  fall  in  rates, 
especially after  June  2013,  when per-second  billing  became  standard  for 
prepaid plans. Mobile-services revenues  declined by 8.6%  because of a  11.0% 
fall in incoming revenues subsequent to a new reduction in mobile  termination 
rates as of January 1, 2013. Equipment revenues continued to decline (-36%  in 
H1 2013) because of a more focused policy for subsidized handsets.

Blended ARPU^8 fell by 12.2% in H1 2013, to MAD 71, with outgoing ARPU down by
11.6%. The impact of substantial price  cuts in the mobile segment (-28%),  of 
reduced termination rates (-52% year on year), and of customer-base growth was
partially compensated for  by a  rise in outgoing  voice usage  (+17%) and  by 
growth in data services,^9 which represent 13.9% of ARPU (4.5points more than
in 2012).  Data services  were boosted  by usage  of mobile  internet and  SMS 
prepaid recharges.

  Fixed line and internet

                   Unit  H1 2012 H1 2013 Change
Fixed line
Fixed lines         (000)  1,245   1,325  +6.4%
Broadband access^11 (000)   630     755   +19.8%

In the  first half  of 2013,  fixed-line and  internet activities  in  Morocco 
generated revenues of MAD3,709million. This 8.8% year on year growth was due
mainly to the  increase in the  number of  lines leased by  the Maroc  Telecom 
mobile segment to the  Maroc Telecom fixed-line  segment (+95%). Adjusted  for 
this intragroup  activity,  fixed-line  and  internet  activities  in  Morocco 
declined by  3.9%.  These  activities  were hurt  by  the  sharp  downturn  in 
public-telephony use,  now  seriously  menaced by  mobile  telephony,  and  by 
fixed-line rate cuts in H1 2012  that were intended to restore the  fixed-line 
segment's competitiveness in the face of the mobile challenge.

The fixed-line customer base continues to  expand rapidly in Morocco. At  June 
30, 2013,  it stood  at 1,325  thousand customers  (+6.4% year  on year).  The 
fixed-line segment benefits from price cuts for telephony, from enhanced  rate 
plans (especially the  inclusion in rate  plans of free  minutes for calls  to 
mobiles), and from  the success  of ADSL,  whose customer  base continues  its 
steady growth. At  March 31,  2013, the ADSL  customer base  stood at  755,000 
(+20% year on year).

Revenues from fixed-line data grew by 1.8%, to MAD908million, driven by  the 
success of broadband rate plans and IP products for businesses.

International

IFRS in MAD millions      H1 2012 H1 2013  Change  Change like for like^1
Revenues                   3,488   3,804   +9.1%           +9.1 %
Mauritania                  667     737    +10.5%          +10.4%
    Mobile services     607     673    +11.0%          +11.0%
Burkina Faso               1,028   1,095   +6.5%           +6.6%
    Mobile services     845     921    +9.0%           +9.0%
Gabon                       635     698    +9.9%           +9.9%
    Mobile services     332     397    +19.5%          +19.5%
Mali                       1,186   1,308   +10.3%          +10.3%
    Mobile services    1 004   1123   +11.8%          +11.9%
Elimination                 -28     -34
EBITDA                     1,524   1,928   +26.5%          +26.5%
    Margin (%)         43.7%   50.7%  +7.0pts        +7.0pts
EBITA                       776    1,194   53.9%           53.9%
    Margin (%)         22.2%   31.4%  +9.1pts        +9.1pts
CAPEX^2                     668     715    +7.0%
    CAPEX/Revenues     19.2%   18.8%  -0.4 pts           
CFFO                        557     911    +63.6%
Net debt                   1,586   1,348   -15.0%
    Net debt / EBITDA  0.5 x   0.3 x                    

In the first half of 2013, Maroc Telecom Group's international operations grew
strongly (+9.1%, and +9.1%  like for like),  generating revenues totaling  MAD 
3,804 million.  Achieved in  spite of  a  high basis  of comparison  in  Gabon 
(impact from the Africa Cup of Nations) and Mali (rapid business growth in  Q1 
2012), this performance was made possible by steady growth of mobile  customer 
bases (+27%),  enhanced  rate  plans, and  higher  customer  consumption.  The 
competitive environment was stable.

In the same period, EBITDA grew by 26%  year on year (+26% like for like),  to 
MAD 1,928 million. The EBITDA margin  (50.7%) rose sharply (+7.0 points) as  a 
result of  gross-margin growth  of 1.7  pts and  a 7.4%  decline in  operating 
expenses, due in part to exceptional items.

EBITA in H1 2013 amounted  to MAD 1,194million, up  54% (+54% like for  like) 
from the previous  year. Lower  amortization expenses  contributed largely  to 
this performance, which resulted in an EBITA margin of 31.4% (+9.1 points).

Cash flow from  operations (CFFO) from  international operations increased  by 
64%, to MAD911million.  CFFO was boosted  by EBITDA growth  and by  improved 
WCR, particularly from the collection of government receivables.

  Mauritania

                          Unit     H1 2012 H1 2013 Change like for like^1
Mobile
    Customer base^7    (000)     1,956   2,000          +2.3%
    ARPU^8          (MAD/month)  53,8    54,6           +1.4%
Fixed lines                (000)      41      42            +1.5%
Broadband access^11        (000)       7       7            +4.2%

At June 30, 2013, activities in  Mauritania had generated revenues of  MAD737 
million, a  rise of  10.5% (+10.4%  like for  like) reinforced  by the  mobile 
segment, whose service revenues advanced 11.0%  (+11.0% like for like) in  the 
wake of growth of the mobile customer  base (+2.3%) and the ARPU (+1.4%).  The 
fixed-line customer base  grew slightly,  to 42,126 lines  (+1.5%), while  the 
internet customer base grew by 4.2%, to 7,358 customers.

  Burkina Faso

                          Unit     H1 2012 H1 2013 Change like for like^1
Mobile
    Customer base^7    (000)     3,574   4,248          +18.9%
    ARPU^8          (MAD/month)  42,3    37,0           -12.5%
Fixed lines                (000)      143     100           -29.9%
Broadband access^11        (000)      31      27            -12.4%

At June 30,  2013, activities in  Burkina Faso had  generated revenues of  MAD 
1,095 million, a  rise of  6.5% (+6.6% like  for like).  This performance  was 
helped by steady growth in mobile  services, whose revenues increased by  9.0% 
(+9.0% like for like). The mobile  customer base showed strong growth of  19%, 
although ARPU fell by 12.5% like for like.

During the first quarter, Onatel updated the fixed-line prepaid customer  base 
for its CDMA network. The result  was a total fixed-line active customer  base 
of 100,021 lines  at June  30, 2013. The  internet customer  base declined  by 
12.4%, to 27,262 customers.

  Gabon

                          Unit     H1 2012 H1 2013 Change like for like^1
Mobile
    Customer base^7    (000)      714     929           +30.2%
    ARPU^8          (MAD/month)  85,6    77,7           -9.2%
Fixed lines                (000)      18      18            +2.3%
Broadband access^11        (000)       7       9            +27.4%

Despite an unfavorable basis of comparison because of the positive impact from
the Africa Cup of Nations in Gabon  in early 2012, revenues in Gabon  amounted 
to MAD 698 million in H1 2013, a rise of 9.9% (+9.9% like for like).  Business 
is still driven by  the mobile-services segment, whose  revenue rose by  19.5% 
(+19.5% like for like)  as a result  of strong growth  (+30%) in the  customer 
base. The  latter  has  benefited  from significant  price  cuts  and  network 
expansion.

The fixed-line (+2,3%) and internet  (+27%) customer bases returned to  steady 
growth after  an update  of the  CDMA  customer base  was completed  in  2012. 
Enhanced rate  plans (free  fixed-to-fixed calls,  free doubling  of  internet 
capacity) also contributed to this growth.

  Mali

                          Unit     H1 2012 H1 2013 Change like for like^1
Mobile
    Customer base^7    (000)     5,377   7,524          +39.9%
    ARPU^8          (MAD/month)  37,8    27,9           -26.2%
Fixed lines                (000)      95      102           +7.3%
Broadband access^11        (000)      41      47            +14.2%

Despite the country's problems and an unfavorable basis of comparison (Q1 2012
revenues grew 23% like for like), H1 2013 revenues generated by activities  in 
Mali increased by 10.3% (+10.3% like for  like), to MAD 1,308 million. In  the 
second quarter, Sotelma's revenues rose by 17%. This net acceleration was  due 
to strong growth of  the mobile customer base  (+40%). Fixed-line (+7.3%)  and 
internet (+14.2%) customer bases continue to show steady growth.

Notes

1 Fixed exchange rates for MAD / Mauritanian ouguiya / CFA franc.

2 CAPEX  correspond  to  property,  plant,  equipment  and  intangible  assets 
acquisitions recognized over the period.

3 At  March  31, 2013,  Maroc  Telecom consolidated  Mauritel,  Onatel,  Gabon 
Telecom, Sotelma, and Casanet in its financial statements. 

4 EBITA  corresponds to  EBIT before  the amortization  of intangible  assets 
acquired through business combinations and  the impairment losses on  goodwill 
and other intangibles acquired through business combinations, other income and
charges related to financial investing  transactions and to transactions  with 
shareowners (except if directly recognized in equity).

5 CFFO comprises pretax net cash flows from operations (see the statement of
cash flows), dividends received from affiliates, and unconsolidated equity
interests. CFFO also comprises net capital expenditure, which corresponds to
net uses of cash for acquisitions and disposals of property, plant, equipment,
and intangible assets.

6 Borrowings and other current and noncurrent liabilities less cash and cash
equivalents, including cash held in escrow for bank loans.

7 The  active customer  base  comprises prepaid  customers  who have  made  or 
received a voice call  (paid or free) or  who have sent an  SMS or MMS at  any 
time during  the  past  three  months,  and  postpaid  clients  who  have  not 
terminated their agreements.

8 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 combines both prepaid and postpaid segments.

9 Mobile data revenues include revenues of all non-voice services billed (SMS,
MMS, mobile internet mobile, etc.). As from second-quarter 2012, revenues from
mobile data  also include  the valuation  of 3G  internet access  at 512  kb/s 
included in all  Maroc Telecom postpaid  rate plans. The  comparison base  has 
been modified retroactively.

10 The active customer base for 3G mobile internet includes holders of a
postpaid subscription agreement (with or without a voice offer) and holders of
a prepaid internet subscription who have made at least one top-up during the
past three months or whose top-up is still valid.

11 The broadband customer bases include narrowband access and leased lines.

Important Disclaimers

Cautionary Note  Regarding  Forward  Looking Statements.  This  press  release 
contains forward-looking statements and elements with respect to the financial
condition, results  of  operations,  strategy,  plans  and  outlook  of  Maroc 
Telecom, including the impact of certain transactions. Although Maroc  Telecom 
believes  that  such  forward-looking  statements  are  based  on   reasonable 
assumptions, such statements are not guarantees of future performance.  Actual 
results may differ materially from the forward-looking statements as a  result 
of a number of known  and unknown risks and  uncertainties, many of which  are 
outside our control,  including the  risks described in  the public  documents 
Maroc Telecom filed  with the  Conseil Déontologique  des Valeurs  Mobilières 
www.cdvm.gov.ma  and  Autorité  des  Marchés  Financiers  www.amf-france.org, 
(Moroccan and  French  securities  regulators),which  are  also  available  in 
English on Maroc  Telecom's website  www.iam.ma. Accordingly,  we caution  you 
against  relying  on   forward  looking   statements.  These   forward-looking 
statements are made as  of the date  of this press  release and Maroc  Telecom 
disclaims any  intention  or  obligation  to provide,  update  or  revise  any 
forward-looking statements, whether  as a  result of  new information,  future 
events  or  otherwise,  subject  to  applicable  law  including  III.2.31  and 
following of the  Conseil Déontologique  des Valeurs  Mobilières Circular  and 
223-1 and following  of the  General Regulation  of the  Autorité des  Marchés 
Financiers.

Maroc Telecom is  a full-service  telecommunications operator  in Morocco  and 
leader in  the  fixed-line,  mobile,  and  internet  sectors.  The  Group  has 
developed internationally  and today  has  operations in  Mauritania,  Burkina 
Faso, Gabon, and Mali.  Maroc Telecom has been  listed on the Casablanca  and 
Paris stock exchanges since December 2004. The Group's major shareholders  are 
Vivendi Group (53%) and the Kingdom of Morocco (30%).

                                  Contacts
-----------------------------------------------------------------------------
            Investor relations                      Press relations

 Emmanuel de Feydeau +212 (0)537 71 90 39  Mouna Mellah +212 (0)537 71 50 97

      relations.investisseurs@iam.ma            relations.presse@iam.ma

Consolidated statement of financial position

ASSETS (in millions MAD)                      June 30, 2013  December 31, 2012
Goodwill                                              6,861              6,877
Other intangible assets                               3,337              3,445
Property, plant, and equipment                       25,874             25,476
Noncurrent financial assets                             215                266
Deferred tax assets                                      66                 59
Noncurrent assets                                    36,353             36,122
Inventories                                             458                468
Trade accounts receivable and other                   9,623             10,291
Short-term financial assets                              60                 47
Cash and cash equivalents                               632                964
Available-for-sale assets                                56                 56
Current assets                                       10,828             11,825
TOTAL ASSETS                                         47,181             47,948
SHAREHOLDRS' EQUITY AND LIABILITIES (in
millions MAD)                                 June 30, 2013  December 31, 2012
Share capital                                         5,275              5,275
Retained earnings                                     4,513              4,314
Net earnings                                          3,521              6,705
Equity attributable to equity holders of the         13,309             16,294
parents
Noncontrolling interest                               4,190              4,399
Total shareholders' equity                           17,499             20,693
Noncurrent provisions                                   734                692
Borrowings and other long-term financial                472                886
liabilities
Deferred tax liabilities                                226                244
Other noncurrent liabilities                            132                132
Noncurrent liabilities                                1,564              1,954
Trade accounts payable                               17,510             17,394
Current income tax liabilities                          593                369
Current provisions                                      199                279
Borrowings and other short-term financial             9,814              7,259
liabilities
Current liabilities                                  28,117             25,302
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES           47,181             47,948

   

  Consolidated statement of comprehensive income

(In millions MAD)                                    H1-2013      H1-2012
Revenues                                                14,468       15,172
Cost of purchases                                      (2,014)      (2,517)
Payroll costs                                          (1,369)      (1,504)
Taxes and duties                                         (740)        (697)
Other operating income (expenses)                      (1,957)      (1,992)
Net depreciation, amortization, and provisions         (2,439)      (3,306)
Earnings from operations                                 5,951        5,155
Other income and charges from ordinary activities         (21)         (21)
Earnings from continuing operations                      5,930        5,135
Income from cash and cash equivalents                       11            2
Borrowing costs                                          (143)        (142)
Net borrowing costs                                      (132)        (140)
Other financial income and expenses                       (19)         (12)
Net financial income (expense)                           (151)        (152)
Income tax expense                                     (1,859)      (1,618)
Net earnings                                             3,920        3,364
Exchange gain or loss from foreign activities                2         (56)
Other income and expenses                                 (26)            0
Total comprehensive income for the period                3,896        3,308
Net earnings                                             3,920        3,364
Attributable to equity holders of the parent             3,521        3,128
Noncontrolling interest                                    399          236
Earnings per share                                   H1-2013      H1-2012
Net earnings - Group share (in millions MAD)            3,521        3,128
Number of shares                                  879,095,340  879,095,340
Earnings per share (in MAD)                               4.0          3.6
Diluted earnings per share (in MAD)                       4.0          3.6





  Consolidated statement of cash flows

(In millions MAD)                                            H1-2013  H1-2012
Earnings from operations                                        5,951    5,155
Amortization, depreciation and other adjustments                2,352    3,210
Gross cash earnings                                             8,304    8,365
Other elements of the net change in working capital             (127)      114
Cash flow from operations before taxes                          8,177    8,479
Tax paid                                                      (1,070)  (1,135)
Net cash from operating activities (a)                          7,107    7,344
Purchase of PP&E and intangible assets                        (2,831)  (3,048)
Increase in financial assets                                      (7)        0
Disposal of PP&E and intangible assets                              8       77
Decrease in financial assets                                       66        0
Dividends received from nonconsolidated investments                 0        1
Net cash used in investing activities (b)                     (2,765)  (2,970)
Capital increase                                                    0        0
Dividends paid by Maroc Telecom                               (6,209)  (8,137)
Dividends paid by subsidiaries to minority shareholders         (446)    (302)
Changes in share capital                                      (6,655)  (8,439)
Borrowings and increase in other noncurrent financial               0      230
liabilities
Payments on borrowings and decrease in other noncurrent             0     (79)
financial liabilities
Borrowings and increase in other current financial              3,616    2,786
liabilities
Payments on borrowings and decrease in other current            (648)    (576)
financial liabilities
Changes in shareholders' current accounts debtors /             (841)    1,935
financial creditors
Net interest (cash only)                                        (132)    (137)
Other cash expenses (income) used in financing activities        (16)     (14)
Changes in borrowings and other financial liabilities           1,979    4,145
Net cash used in financing activities (d)                     (4,676)  (4,294)
Effect of foreign currency adjustments (g)                          3        0
Total cash flows (a)+(b)+(d)+(g)                               (331)       80
Cash and cash equivalents at beginning of period                  964      617
Cash and cash equivalents at end of period                        632      697

Maroc telecom : Consolidated Results for H1 2013

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Source: Maroc Telecom via Thomson Reuters ONE
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