Consolidated Results Q1 2022

21 april 2022

For further information, please refer to: www.iam.ma

Investor Relations
E-Mail [email protected]

Table of content

Glossary ……………………………
……………………………………………………………… Sheet 2

Financial KPI ………………… Sheet 3

……………………………………………………………...…………….

Financial KPI-Quarterly ……………………………………………………………………………………. Sheet 4

Operational KPI …………………………………………………………...…………. ………………… Sheet 5

Consolidated Statement of Financial Position ………………………………………………...………. Sheet 6

Consolidated Income Statement ……………………………………………………………...… Sheet 7

Consolidated Cash Flow Statement ………………………………………………… Sheet 8

Appendix 1 ………………………………………………… Sheet 9

Disclaimer

For convenience, this document is a collation of financial information from previous Maroc Telecom press releases, modified as
set out in the footnotes, but does not contain sufficient information to allow a full understanding of the historic results and state
of affairs of the Maroc Telecom Group. The figures are derived from our IFRS financial information but should not be viewed as
a substitute for our IFRS figures.
All the press releases can be found on the Communiqués Financiers section of the Maroc Telecom website
https://www.iam.ma/groupe-maroc-telecom/communication-financiere/information-reglementee/communiques-de-presse.aspx?
fiche=1

Maroc Telecom and the Maroc Telecom logo, are trade marks of the Maroc Telecom Group. Other product and company
names mentioned herein may be the trademarks of their respective owners.
Glossary

Customer The active customer base is made up of prepaid customers who have made or received a
voice call (other than from public telecommunications network operators (ERPT) or from
their customer services centers) or have made an SMS/MMS or used Data services, with
the exception of technical exchanges of information with ERPT departments, during the
past three months, and postpaid customers who have not terminated their agreements.

3G/4G+ The active customer base for 3G/4G+ Mobile Internet includes holders of a postpaid
Internet subscription agreement (with or without a voice offer) and holders of a prepaid Internet
customer base subscription 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 this period.

ARPU ARPU corresponds to the 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.

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

CFFO The CFFO includes net cash provided by operating activities, before income tax paid, as
presented in the Statement of Cash Flows, as well as dividends received from equity
affiliates and unconsolidated companies. It also includes capital expenditures, net that
relate to cash used for capital expenditures, net of proceeds from sales of property, plant
and equipment, and intangible assets.

EBITA 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).

EBITDA Abbreviation for Earnings Before Interest, Taxes, Depreciation and Amortization. EBITDA is
equivalent to EBITA before Depreciation.
Net debt Net debt is calculated as borrowings and other current and noncurrent liabilities minus cash
(and cash equivalents), including cash held in escrow for bank loans.
n.a. not applicable
n.m. not meaningful
Cumulative Financial KPI

MAD million IFRS 2020 2021 2022 % Change at constant rates (1)
3M 6M 9M 12M 3M 6M 9M 12M 3M 3M-21/20 6M-21/20 9M-21/20 12M-21/20 3M-22/21
Revenue 9,309 18,323 27,498 36,769 8,914 17,780 26,786 35,790 8,770 -5.0% -2.9% -2.1% -2.0% -0.6%
Morocco 5,400 10,524 15,729 20,881 4,889 9,774 14,878 19,906 4,756 -9.5% -7.1% -5.4% -4.7% -2.7%
Mobile 3,545 6,779 10,132 13,351 2,966 5,985 9,198 12,270 2,816 -16.3% -11.7% -9.2% -8.1% -5.1%
Services 3,432 6,637 9,925 13,009 2,876 5,766 8,850 11,684 2,703 -16.2% -13.1% -10.8% -10.2% -6.0%
Equipment 113 142 207 342 91 218 348 586 113 -19.3% 54.0% 68.0% 71.1% 24.7%
Fixed line 2,319 4,727 7,093 9,517 2,370 4,702 7,057 9,474 2,394 2.2% -0.5% -0.5% -0.5% 1.0%
Fixed Data(2) 813 1,707 2,587 3,490 910 1,838 2,789 3,754 986 11.9% 7.7% 7.8% 7.6% 8.3%
Elimination and other revenue -463 -981 -1,496 -1,987 -447 -913 -1,377 -1,837 -454
International 4,207 8,318 12,517 16,883 4,292 8,515 12,676 16,912 4,282 0.4% 2.5% 2.3% 1.5% 1.8%
o/w Mobile Services 3,859 7,595 11,476 15,507 3,963 7,859 11,698 15,626 3,960 1.1% 3.6% 3.0% 2.2% 2.0%
Elimination -298 -518 -748 -995 -268 -509 -767 -1,028 -268

EBITDA 4,794 9,603 14,361 19,100 4,561 9,160 13,829 18,589 4,519 -5.5% -4.6% -3.3% -2.2% -0.1%
Morocco 2,972 5,980 8,971 11,950 2,672 5,390 8,262 11,234 2,613 -10.1% -9.9% -7.9% -6.0% -2.2%
International 1,823 3,623 5,389 7,150 1,889 3,771 5,567 7,355 1,906 2.0% 4.2% 4.4% 4.2% 2.8%
Adjusted EBITA (3) 2,913 5,836 8,714 11,598 2,746 5,571 8,504 11,586 2,815 -6.2% -4.4% -2.0% 0.4% 3.2%
Morocco 1,991 4,037 6,056 8,079 1,744 3,524 5,489 7,599 1,742 -12.4% -12.7% -9.4% -5.9% -0.1%
International 921 1,798 2,658 3,520 1,002 2,046 3,016 3,988 1,074 7.1% 14.1% 14.7% 14.8% 9.0%

Adjusted net Earnings - share of the Group (3)

1,597 3,006 4,526 6,001 1,474 2,832 4,300 6,014 1,500 -8.1% -5.8% -4.8% 0.5% 2.5%

Group CAPEX 527 1,186 2,032 3,448 418 2,115 3,687 5,615 1,137 -21.3% 78.3% 82.5% 64.0% 172.9%
o/w frequencies and licenses 0 0 11 135 0 0 123 123 0
Morocco 283 564 882 1,466 207 1,299 1,877 2,630 726 -26.8% 130.4% 112.7% 79.4% 250.5%
o/w frequencies and licenses 0 0 0 0 0 0 0 0 0
International 244 622 1,149 1,982 211 816 1,810 2,984 411 -15.1% 31.2% 59.3% 52.6% 96.8%
o/w frequencies and licenses 0 0 11 135 0 0 123 123 0
Adjusted CFFO 2,893 7,099 11,221 15,719 2,681 5,478 8,387 12,110 3,151 -8.1% -22.7% -24.9% -22.5% 18.5%
Morocco 1,620 4,256 7,054 10,300 1,221 2,737 4,601 7,179 1,919 -24.6% -35.7% -34.8% -30.3% 57.1%
International 1,273 2,843 4,167 5,419 1,460 2,741 3,787 4,932 1,232 13.0% -3.4% -8.3% -7.8% -13.8%
Net Debt 19,463 18,659 20,809 17,619 16,132 14,908 16,972 14,397 12,288 -17.3% -20.0% -17.9% -17.6% -23.1%
Morocco 12,896 11,891 14,314 11,515 11,032 9,888 11,541 9,350 7,789 -14.5% -16.8% -19.4% -18.8% -29.4%
International 8,250 8,206 7,948 7,517 6,428 5,986 6,413 5,983 5,249 -22.6% -26.8% -18.0% -18.7% -16.6%
Cancellation of shareholders loans -1,683 -1,438 -1,453 -1,413 -1,328 -965 -982 -936 -750

Notes
(1) Constant MAD/Ouguiya/ CFA Franc exchange rate.
(2) Fixed Data : includes Internet, TV over ADSL and data services to businesses. A change in the method of calculation was made on an element of the Fixed Data affecting the previous period.
(3) Adjustments to the financial indicators are detailed in Appendix 1
Quarterly Financial KPI

MAD million IFRS 2020 2021 2022 % Change at constant rates(1)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1-21/20 Q2-21/20 Q3-21/20 Q4-21/20 Q1-22/21
Revenue ### 9,309 9,014 9,174 9,271 8,914 8,866 9,006 9,004 8,770 -5.0% -0.8% -0.5% -1.8% -0.6%
Morocco ### 5,400 5,124 5,205 5,152 4,889 4,884 5,104 5,028 4,756 -9.5% -4.7% -1.9% -2.4% -2.7%
Mobile ### 3,545 3,234 3,354 3,219 2,966 3,018 3,213 3,072 2,816 -16.3% -6.7% -4.2% -4.6% -5.1%
Services ### 3,432 3,205 3,288 3,084 2,876 2,891 3,083 2,834 2,703 -16.2% -9.8% -6.2% -8.1% -6.0%
Equipment ### 113 29 65 135 91 127 130 238 113 -19.3% 339.1% 98.2% 75.9% 24.7%
Fixed line ### 2,319 2,408 2,367 2,424 2,370 2,332 2,355 2,416 2,394 2.2% -3.1% -0.5% -0.3% 1.0%
Fixed Data(2) ### 813 894 880 903 910 928 951 965 986 11.9% 3.8% 8.0% 6.9% 8.3%
Elimination and other revenue ### -463 -518 -515 -491 -447 -466 -464 -460 -454
International ### 4,207 4,111 4,199 4,367 4,292 4,223 4,160 4,236 4,282 0.4% 4.7% 2.0% -0.7% 1.8%
o/w Mobile Services ### 3,859 3,736 3,881 4,031 3,963 3,896 3,840 3,928 3,960 1.1% 6.2% 1.9% -0.3% 2.0%
Elimination ### -298 -220 -229 -247 -268 -241 -258 -261 -268

EBITDA ### 4,794 4,809 4,758 4,740 4,561 4,599 4,669 4,760 4,519 -5.5% -3.6% -0.7% 1.3% -0.1%
Morocco ### 2,972 3,008 2,991 2,979 2,672 2,718 2,873 2,972 2,613 -10.1% -9.7% -4.0% -0.3% -2.2%
International ### 1,823 1,800 1,767 1,761 1,889 1,882 1,796 1,788 1,906 2.0% 6.5% 4.7% 3.8% 2.8%
Adjusted EBITA (3) ### 2,913 2,922 2,879 2,886 2,746 2,825 2,933 3,082 2,815 -6.2% -2.6% 2.8% 7.5% 3.2%
Morocco ### 1,991 2,046 2,019 2,024 1,744 1,780 1,964 2,110 1,742 -12.4% -13.0% -2.7% 4.2% -0.1%
International ### 921 877 860 861 1,002 1,045 968 972 1,074 7.1% 21.5% 15.8% 15.1% 9.0%

Adjusted Net Income - Group share (3)

### 1,597 1,410 1,520 1,475 1,474 1,359 1,468 1,714 1,500 -8.1% -3.4% -2.7% 16.7% 2.5%

Group CAPEX ### 527 659 846 1,417 418 1,697 1,571 1,928 1,137 -21.3% 158.1% 88.3% 37.4% 172.9%
o/w frequencies and licenses ### 0 0 11 124 0 0 123 1 0
Morocco ### 283 281 319 584 207 1,092 578 754 726 -26.8% 288.5% 81.3% 29.1% 250.5%
o/w frequencies and licenses ### 0 0 0 0 0 0 0 0 0
International ### 244 378 527 832 211 605 994 1,174 411 -15.1% 61.1% 92.5% 43.3% 96.8%
o/w frequencies and licenses 0 0 11 124 0 0 123 1 0
Adjusted CFFO(3) ### 2,893 4,206 4,121 4,498 2,681 2,797 2,909 3,736 3,151 -8.1% -32.8% -28.7% -16.3% 18.5%
Morocco ### 1,620 2,636 2,797 3,246 1,221 1,516 1,863 2,578 1,919 -24.6% -42.5% -33.4% -20.6% 57.1%
International ### 1,273 1,570 1,324 1,252 1,460 1,281 1,046 1,158 1,232 13.0% -16.6% -18.6% -5.3% -13.8%
Net debt ### 19,463 18,659 20,809 17,619 16,132 14,908 16,972 14,397 12,288 -17.3% -20.0% -17.9% -17.6% -23.1%
Morocco ### 12,896 11,891 14,314 11,515 11,032 9,888 11,541 9,350 7,789 -14.5% -16.8% -19.4% -18.8% -29.4%
International ### 8,250 8,206 7,948 7,517 6,428 5,986 6,413 5,983 5,249 -22.6% -26.8% -18.0% -18.7% -16.6%
Cancellation of shareholders loans ### -1,683 -1,438 -1,453 -1,413 -1,328 -965 -982 -936 -750

Notes
(1) Constant MAD/Ouguiya/ CFA Franc exchange rate
(2) Fixed Data : includes Internet, TV over ADSL and Data services to businesses. A change in the method of calculation was made on an element of the Fixed Data
affecting the previous
(3) Adjustments to theperiod.
financial indicators are detailed in Appendix 1
Operational KPI

Unit 2020 2021 2022 %Change

3M 6M 9M 12M 3M 6M 9M 12M 3M 3M-21/20 6M-21/20 9M-21/20 12M-21/20 3M-22/21
Group customers (000) 68,507 68,418 70,480 72,938 73,172 73,578 72,788 74,230 75,837 6.8% 7.5% 3.3% 1.8% 3.6%
Morocco (000) 23,474 23,240 23,410 23,244 23,095 23,377 23,755 23,609 23,549 -1.6% 0.6% 1.5% 1.6% 2.0%
International (000) 45,033 45,177 47,070 49,694 50,078 50,201 49,033 50,621 52,288 11.2% 11.1% 4.2% 1.9% 4.4%
Morocco
Mobile
Customers (000) 19,972 19,572 19,711 19,498 19,335 19,633 20,033 19,900 19,867 -3.2% 0.3% 1.6% 2.1% 2.8%
Prepaid (000) 17,624 17,234 17,393 17,181 17,011 17,303 17,694 17,538 17,487 -3.5% 0.4% 1.7% 2.1% 2.8%
Postpaid (000) 2,348 2,338 2,318 2,317 2,324 2,329 2,339 2,362 2,380 -1.0% -0.4% 0.9% 1.9% 2.4%
o/w 3G/4G+ (000) 11,888 11,764 11,335 11,060 10,841 10,979 11,517 10,633 10,287 -8.8% -6.7% 1.6% -3.9% -5.1%
ARPU (MAD/mois) 56.1 55.1 55.1 54.3 48.7 48.8 49.5 48.7 44.9 -13.2% -11.4% -10.2% -10.2% -7.9%
Fixed line
Fixed lines (000) 1,899 1,979 1,991 2,008 2,010 1,999 1,984 1,974 1,959 5.8% 1.0% -0.4% -1.7% -2.6%
Broadband Accesses (000) 1,602 1,689 1,709 1,738 1,750 1,745 1,739 1,735 1,723 9.2% 3.3% 1.8% -0.2% -1.6%
International
Mobile
Customer Base
Mauritania (000) 2,485 2,400 2,572 2,641 2,667 2,706 2,753 2,985 3,031 7.3% 12.8% 7.1% 13.0% 13.7%
Burkina Faso (000) 8,779 8,930 9,087 9,388 9,708 9,954 10,259 10,457 10,637 10.6% 11.5% 12.9% 11.4% 9.6%
Gabon (000) 1,573 1,413 1,562 1,632 1,585 1,710 1,605 1,656 1,533 0.7% 21.0% 2.8% 1.5% -3.3%
Mali (000) 7,693 7,909 8,572 9,684 9,567 9,341 8,011 8,163 9,263 24.4% 18.1% -6.5% -15.7% -3.2%
Côte d'Ivoire (000) 9,198 9,231 9,703 10,050 10,071 10,014 9,877 10,489 10,727 9.5% 8.5% 1.8% 4.4% 6.5%
Benin (000) 4,300 4,339 4,541 4,682 4,811 4,893 4,995 5,132 5,261 11.9% 12.8% 10.0% 9.6% 9.3%
Togo (000) 3,091 3,108 3,190 3,380 3,184 2,955 2,847 2,687 2,601 3.0% -4.9% -10.8% -20.5% -18.3%
Niger (000) 3,083 2,979 2,888 3,005 3,048 3,078 3,059 3,212 3,202 -1.1% 3.3% 5.9% 6.9% 5.0%
Central African Republic (000) 178 184 185 189 192 217 221 210 213 8.2% 17.9% 19.2% 11.5% 11.1%
Chad (000) 4,203 4,227 4,306 4,577 4,766 4,849 4,919 5,138 5,318 13.4% 14.7% 14.2% 12.3% 11.6%
Fixed lines
Customer Base
Mauritania (000) 57 58 58 57 58 58 58 57 57 1.4% 0.2% -0.8% 0.0% -1.3%
Burkina Faso (000) 75 75 74 75 75 76 76 76 76 1.2% 1.3% 1.5% 0.8% 1.0%
Gabon (000) 23 23 25 25 27 30 30 32 34 20.6% 26.9% 18.6% 24.7% 24.1%
Mali (000) 173 175 178 180 182 183 184 186 188 5.2% 4.7% 3.8% 3.5% 2.9%
Broadband accesses
Customer Base
Mauritania (000) 16 18 18 18 20 20 20 19 19 23.0% 14.0% 13.0% 2.9% -2.2%
Burkina Faso (000) 14 14 14 14 15 15 15 15 16 3.4% 7.6% 6.3% 7.8% 8.2%
Gabon (000) 18 20 21 22 23 24 26 28 30 23.8% 22.9% 24.6% 29.5% 32.4%
Mali (000) 74 75 76 77 78 78 79 79 82 5.3% 4.6% 3.6% 2.7% 4.8%
Consolidated Statement of Financial Position

2021 2020 2019

ASSETS (In million of Moroccan dirhams)

Goodwill 8,976 9,315 9,201

Other intangible assets 7,521 8,120 8,808
Property, plant and equipment 27,400 28,319 31,037
Right-of-use asset 1,371 1,592 1,630
Non-current financial assets 784 654 470
Deferred tax assets 508 580 339
Non-current assets 46,560 48,579 51,485
Inventories 318 271 321
Trade accounts receivable and other 12,699 11,816 11,380
Short term financial assets 126 130 128
Cash and cash equivalent 2,024 2,690 1,483
Assets held for sale 54 54 54
Current assets 15,222 14,960 13,365
TOTAL ASSETS 61,782 63,540 64,851

2021 2020 2019

SHAREHOLDERS' EQUITY AND LIABILITIES (In million of Moroccan dirhams)

Share capital 5,275 5,275 5,275

Retained earnings 3,631 2,023 4,069
Net earnings 6,008 5,423 2,726
Equity attributable to equity holders of the parent 14,914 12,721 12,069
Non-controlling interest 3,887 3,968 3,934
Total shareholders' equity 18,800 16,688 16,003
Non-current provisions 503 521 504
Borrowings and other long term financial liabilities 3,767 4,748 4,178
Deferred tax liabilities 50 45 258
Other non-current liabilities 0 0 0
Non-current liabilities 4,321 5,314 4,939
Trade accounts payable 23,865 24,007 23,794
Current tax liabilities 787 671 733
Current provisions 1,332 1,247 4,634
Borrowings and other short term financial liabilities 12,677 15,612 14,748
Current liabilities 38,661 41,538 43,908
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 61,782 63,540 64,851
Consolidated Statement of Comprehensive Income

2021 2020 2019

(In million of Moroccan dirhams)

Revenues 35,790 36,769 36,517

Cost of sales -5,123 -5,416 -5,670
Payroll costs -2,868 -3,005 -3,098
Taxes and duties -3,447 -3,344 -3,183
Other operating income (expense) -5,303 -8,746 -5,610
Net depreciation, amortization and provisions -7,477 -4,240 -10,724
Earnings from operations 11,573 12,018 8,231
Other income and charges from ordinary activities -88 -1,513 -11
Earnings from continuing operations 11,485 10,505 8,220
Income from cash and cash equivalents 27 17 2
Gross borrowing costs -826 -888 -756
Net borrowing costs -800 -871 -754
Other financial income and expenses -77 26 -38
Net financial income (expense) -876 -844 -792
Income tax -3,680 -3,372 -3,830
Net earnings 6,928 6,289 3,598
Exchange gain or loss from foreign activities -378 134 -226
Other income and expenses 34 -14 43
Total comprehensive income for the period 6,584 6,409 3,415
Net earnings 6,928 6,289 3,598
Attributable to equity holders of the parent 6,008 5,423 2,726
Non-controlling interests 920 866 873

2021 2020 2019

EARNINGS PER SHARE

Net earnings - Share of the Group (In millions of Moroccan dirhams) 6,008 5,423 2,726
Number of shares 879,095,340 879,095,340 879,095,340
Earnings per share (In Moroccan dirhams) 6.83 6.17 3.10
Diluted earnings per share (In Moroccan dirhams) 6.83 6.17 3.10
Consolidated Statement of Cash Flow

2021 2020 2019

(In million of Moroccan dirhams)

Earnings from operations 11,573 12,018 8,231

Amortization, depreciation and other non-cash movements 7,487 2,719 10,721
Gross cash from operating activities 19,060 14,738 18,952
Other changes in net working capital -1,847 139 419
Net cash from operating activities before tax 17,213 14,877 19,372
Income tax paid -3,659 -3,789 -4,091
Net cash from operating activities (a) 13,554 11,088 15,281
Purchase of PP&E and intangible assets -5,289 -4,141 -7,949
Purchase of consolidated investments after acquired cash 5 0 -1,096
Increase in financial assets -41 -249 -73
Disposals of PP&E and intangible assets 14 14 6
Decrease in financial assets 3 144 287
Dividend income received from non-consolidated investments 6 14 6
Net cash used in investing activities (b) -5,303 -4,219 -8,819
Capital increase 0 0 0
Dividends paid to shareholders -3,525 -4,870 -6,003
Dividend paid by subsidiaries to their non-controlling shareholders -687 -855 -838
Changes in equity (c) -4,212 -5,725 -6,841
Proceeds from borrowings and increase in other long-term financial liabilities 694 2,307 2,270
Proceeds from borrowings and increase in other short-term financial liabilities 1,536 1,167 2,860
Changes in short-term financial liabilities -6,145 -2,687 -4,548
Net interests paid (Cash only) -695 -626 -473
Other cash income (expense) used in financing activities -47 -35 13
Changes in borrowings and other financial liabilities (d) -4,657 125 96
Net cash used in financing activities (e)=c+d -8,869 -5,600 -6,744
Effect of foreign exchange rate changes and other non-cash items (f) -47 -62 65
Total cash flows (a)+(b)+(e)+(f) -666 1,207 -217
Cash and cash equivalents - Beginning of period 2,690 1,483 1,700
Cash and cash equivalents - End of period 2,024 2,690 1,483
 Change from adjusted financial indicators to published financial indicators

MAD million IFRS 2020 2021 2022

3M 6M 9M 12M 3M 6M 9M 12M 3M
Groupe

Adjusted EBIDTA 14,361 19,100 4,561 9,160 13,829 18,589 4,519

Non-recurring items
Resolution of dispute 420 420
Published EBIDTA 14,780 19,520 4,561 9,160 13,829 18,589 4,519

Adjusted EBITA 2,913 5,836 8,714 11,598 2,746 5,571 8,504 11,586 2,815
Non-recurring items
Restructuring charges - 13 - 14 - 14 -2
ANRT decision
Resolution of dispute 420 420
Published EBITA 2,913 5,836 9,134 12,018 2,746 5,557 8,490 11,573 2,813

Group share of adjusted Net Income 1,597 3,006 4,526 6,001 1,474 2,832 4,300 6,014 1,500
Non-recurring items
Restructuring charges -6 -6 -6 -1
ANRT decision
Covid-19 contributions - 1,038 - 1,038 - 1,047
Resolution of dispute 469 469
Group share of published Net Income 1,597 1,969 3,958 5,423 1,474 2,827 4,294 6,008 1,499

Adjusted CFFO 2,893 7,099 11,221 15,719 2,681 5,478 8,387 12,110 3,151
Non-recurring items
Restructuring charges - 13 - 13 -2
License payment - 107 - 118 - 143 - 25 - 147 - 172
ANRT decision - 3,300 - 3,300 - 3,300 - 3,300
Published CFFO - 407 3,692 7,803 12,276 2,681 5,440 8,227 11,938 3,148

Maroc

Adjusted EBIDTA 8,971 11,950 2,672 5,390 8,262 11,234 2,613

Non-recurring items
Resolution of dispute 420 420
Published EBIDTA 9,391 12,370 2,672 5,390 8,262 11,234 2,613

Adjusted EBITA 1,991 4,037 6,056 8,079 1,744 3,524 5,489 7,599 1,742
Non-recurring items
Restructuring charges
Resolution of dispute 420 420
ANRT decision
Published EBITA 1,991 4,037 6,476 8,499 1,744 3,524 5,489 7,599 1,742

Adjusted CFFO 1,620 4,256 7,054 10,300 1,221 2,737 4,601 7,179 1,919
Non-recurring items
Restructuring charges
License payment
ANRT decision - 3,300 - 3,300 - 3,300 - 3,300
Published CFFO - 1,680 956 3,754 7,000 1,221 2,737 4,601 7,179 1,919

International

Adjusted EBIDTA 1,823 3,623 5,389 7,150 1,889 3,771 5,567 7,355 1,906
Non-recurring items
Resolution of dispute
Published EBIDTA 1,823 3,623 5,389 7,150 1,889 3,771 5,567 7,355 1,906

Adjusted EBITA 921 1,798 2,658 3,520 1,002 2,046 3,016 3,988 1,074
Non-recurring items
Restructuring charges - 13 - 14 - 14 -2
Published EBITA 921 1,798 2,658 3,520 1,002 2,033 3,002 3,974 1,071

Adjusted CFFO 1,273 2,843 4,167 5,419 1,460 2,741 3,787 4,932 1,232
Non-recurring items
Restructuring charges - 13 - 13 -2
License payment - 107 - 118 - 143 - 25 - 147 - 172
Published CFFO 1,273 2,736 4,049 5,277 1,460 2,703 3,626 4,759 1,229