2017 CONSOLIDATED RESULTS
Achievements exceeding announced targets:
- 5.5% growth in Group customer base, nearly reaching 57 million customers;
- Return to sustained growth of consolidated revenues in the fourth quarter (+3.3% at constant exchange rates);
- In Morocco, resumption of revenue growth in the fourth quarter thanks the surge in Mobile Internet;
- Very strong performance of the new subsidiaries, with a revenue growth of 11.9% at constant exchange rates;
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- Improved Group profitability: EBITDA margin up 1.2 points at constant exchange rates to 49.1%;
- Group share of adjusted net income* up 4.4%;
- Adjusted Cash Flow from operating activities up 3.1% while maintaining a high level of investment amounting to 23% of Group revenues.
Proposed dividend payment of MAD 6.48 per share, up 1.9% vs. 2016 and representing a yield of 4.4%**.
Maroc Telecom Group outlook for 2018 at constant scope and exchange rates:
- Stable revenues;
- Stable EBITDA;
- CAPEX of approximately 23% of revenues, excluding frequencies and licenses.
To mark the publication of this press release, Abdeslam Ahizoune, Chairman of the Management Board, stated:
"The growth of Maroc Telecom Group's results demonstrates its resilience as well as its agility to anticipate market developments. Its high ability to control its costs and its profitable investment policy allow the Group to improve its margins particularly in the African subsidiaries. More than MAD 8 billion were dedicated this year in rolling out networks and introducing the very latest technological innovations. On the strength of this profitable growth trend, Maroc Telecom will continue in 2018 to pursue its strategy based on innovation to provide its customers with the best technology and services."
*Adjusted by the impact of restructuring charges in 2017 and the real estate disposals in 2016 (see Appendix 1)
**Based on the share price on February 16, 2018 (MAD 147.05)
Group adjusted* consolidated results
| IFRS in MAD million | 2016 | 2017 | Change | Change at constant exchange rates(1) |
| Revenues | 35,252 | 34,963 | -0.8% | -0.9% |
| EBITDA | 16,909 | 17,160 | +1.5% | +1.5% |
| Margin (%) | 48.0% | 49.1% | 1.1 pts | 1.2 pts |
| Adjusted EBITA | 10,426 | 10,553 | +1.2% | +1.2% |
| Margin (%) | 29.6% | 30.2% | +0.6 pts | +0.6 pts |
| Group share of adjusted net | 5,622 | 5,871 | +4.4% | +4.1% |
| income | ||||
| Margin (%) | 15.9% | 16.8% | +0.8 pts | +0.8 pts |
| CAPEX(2) | 7,983 | 8,232 | +3.1% | |
| o/w frequencies & licenses | 888 | 217 | ||
| CAPEX/revenues (excluding frequencies & licenses) | 20.1% | 22.9% | +2.8 pts | |
| Adjusted CFFO | 10,686 | 11,019 | +3.1% | |
| Net debt | 12,289 | 13,042 | +6.1% | |
| Net debt/EBITDA | 0.7 | 0.8 |
* Details of the financial indicator adjustments are provided in Appendix 1.
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Customer base
The Group's customer base was nearly 57 million customers at the end of 2017, up 5.5% thanks to the sustained growth of new subsidiaries' Mobile customer bases and the rise in customer numbers for High Speed Mobile and Fixed-Line in Morocco.
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Revenues
As of December-end 2017 Maroc Telecom Group's consolidated revenues(3) amounted to MAD 34,963 million, slightly decreasing by 0.8% (-0.9% at constant exchange rates). The 2.4% increase in subsidiaries' revenues at constant exchange rates offset the impact in Morocco of the deregulation of IP telephony since November 2016 and the decline in call termination rates. Revenues from outgoing services were up 3.7% thanks mainly to the growth in the customer base and increased Data usage.
Over the fourth quarter alone, Group revenues were up 4.3% (+3.3% at constant exchange rates) reflecting the combined effects of the resumption of revenue growth in Morocco (+2.7%) and the accelerated revenue growth of the subsidiaries (+5.0% at constant exchange rates).
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Earnings from operations before depreciation and amortization
At 2017-end, Maroc Telecom Group earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 17,160 million, up 1.5% from the previous year (+1.5% at constant exchange rates). The EBITDA margin increased by 1.2 points over the year (at constant exchange rates) to 49.1% thanks to significant optimization efforts resulting in a 2.3% decrease in Group's operating costs, as well as the impact of the decreases in Mobile call termination rates in the subsidiaries.
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Earnings from operations
At 2017-end, Group consolidated adjusted earnings from operations (EBITA)(4) amounted to MAD 10,553 million, up 1.2% vs. 2016 due to EBITDA growth. The adjusted EBITA margin improved by 0.6 points to 30.2%.
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Group share of net income
The Group share of adjusted net income was MAD 5,871 million, up 4.4%. This increase reflects, in Morocco, the good resistance to VoIP applications and the substantial growth in net income from International operations and particularly the new Moov subsidiaries, which overall, at December-end 2017, produce a very substantially positive net income.
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Cash flow
The adjusted cash flow from operations (CFFO)(5) amounted to MAD 11,019 million, up 3.1% from 2016-end thanks to the increase in EBITDA, the close management of Working Capital Requirement (WCR) and despite the increase in capital expenditure that represented 23% of revenues over the full year (excluding frequencies and licenses).
As of December 31, 2017, the consolidated Maroc Telecom Group net debt(6) was up 6.1% at MAD 13 billion. Nevertheless, this represents only 0.8 times the Group's annual EBITDA.
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Exceptional highlights
The year 2017 was marked by the end of the voluntary redundancy plan, which was launched in 2016 in Morocco and in subsidiaries. This plan benefitted to 1, 068 staff in total, for a global cost of MAD 628 million, of which MAD 243 million in 2017. The total outflows associated with these termination plans reached MAD 620 million in 2017.
2017 was also marked by the payment of MAD 578 million for licenses in Ivory Coast, Gabon, and Togo, as well as the MAD 61 million for the refarming of the 4G spectrum in Morocco.
The 2016 accounts included the proceeds of real estate asset with a capital gain of MAD 297 million (cash impact of MAD 317 million), restructuring charges of MAD 255 million, and the payment of the first installment of the 3G license in Togo for MAD 33 million.
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Dividends
The Supervisory Board of Maroc Telecom will propose to the General Shareholders' Meeting on April 24, 2018 to effect the payment of an ordinary dividend of MAD 6.48 per share, up 1.9% vs. 2016, representing a total amount of MAD 5.7 billion and corresponding to 100% of the Net Profit. The dividend payment date would be from June 5, 2018.
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Maroc Telecom Group outlook for 2018
On the basis of the recent changes in the market, to the extent that no new major exceptional event impacts the Group's business, Maroc Telecom is projecting the following for 2018, at constant scope and exchange rates:
- Stable revenues;
- Stable EBITDA;
- CAPEX of approximately 23% of revenues, excluding frequencies and licenses.
Review of the Group's activities
Details of the financial indicator adjustments for "Morocco" and "International" are provided in Appendix 1.
- Morocco
| IFRS in MAD million | 2016 | 2017 | Change |
| Revenues | 21,244 | 20,481 | -3.6% |
| Mobile | 14,115 | 13,335 | -5.5% |
| Services | 13,806 | 13,214 | -4.3% |
| Equipment | 309 | 121 | -60.9% |
| Fixed-Line | 8,829 | 8,962 | +1,5% |
| o/w Fixed-Line Data* | 2,427 | 2,664 | +9.8% |
| Eliminations and other income | -1,700 | -1,816 | |
| EBITDA | 11,004 | 10,804 | -1.8% |
| Margin (%) | 51.8% | 52.8% | +1.0 pt |
| Adjusted EBITA | 7,157 | 6,954 | -2.8% |
| Margin (%) | 33.7% | 34.0% | +0.3 pt |
| CAPEX | 3,905 | 4,589 | +17.5% |
| o/w frequencies and licenses | 61 | ||
| CAPEX/ revenues (excluding frequencies and licenses) | 18.4% | 22.1% | +3.7 pt |
| Adjusted CFFO | 7,124 | 7,319 | +2.7% |
| Net debt | 10,937 | 11,009 | +0.7% |
| Net debt/EBITDA | 1.0 | 1.0 |
*Fixed-line data includes Internet, ADSL TV and Data services to businesses
In 2017, operations in Morocco generated revenues of MAD 20,481 million, down 3.6%. The decline in incoming international traffic induced by the deregulation of IP telephony in November 2016 and the asymmetry of Mobile call termination rates since the first of March 2017 have weighed on Mobile revenues but are nevertheless partially offset by the increase in Fixed-Line and Internet activities.
Over the fourth quarter of 2017 alone, revenues in Morocco grew by 2.7%. This return to growth reflects the surge in Fixed-Line and Internet activities which revenues' grew by 8.5% and the slowdown of the decline in Mobile revenues thanks to the popularity of Mobile Internet.
The Fixed-Line and Internet activities' growth combined to the savings coming from the voluntary redundancy plan and efforts to optimize costs have increased the EBITDA margin by 1.0 points to 52.8%.
Adjusted earnings from operations were MAD 6,954 million, down 2.8% due to the decline in EBITDA. The adjusted EBITA margin improved by 0.3 points vs. prior year to 34.0%.
Cash flow from operations in Morocco was up 2.7% to more than MAD 7 billion, thanks to continued efforts to optimize Working Capital Requirements (WCR).
Mobile
| | Unit | 2016 | 2017 | Change |
| Mobile | ||||
| Customer base(7) | (000) | 18,375 | 18,533 | +0.9% |
| Prepaid | (000) | 16,645 | 16,766 | +0.7% |
| Postpaid | (000) | 1,729 | 1,767 | +2.2% |
| o/w 3G/4G+ Internet(8) | (000) | 7,844 | 9,481 | +20.9% |
| ARPU(9) | (MAD/month) | 61.1 | 58.0 | -5.0% |
As of December 31, 2017, the Mobile customer base(7) numbered 18.5 million customers, up 0.9% year-on-year, thanks to the 2.2% rise in postpaid customers and the 0.7% rise in prepaid customers.
Mobile revenues amounted to MAD 13,335 million, down 5.5% from 2016, suffering from the impact of deregulation of IP telephony since 2016 and the asymmetry of Mobile call terminations since March 2017.
Outgoing revenues increased by 1.9% to MAD 10,511 million, driven by the sharp growth in Mobile Data (+53%), which more than offset the decrease in Voice.
Mobile Data continues to be very popular. The Mobile Data customer base increased by 21% and its traffic by 78%, supported mainly by the extension of 4G+ network which covered 93% of the population at December-end 2017.
Blended 2017 ARPU(9) amounted to MAD 58, down by 5.0% compared to the same period in 2016 due to the decline in incoming revenues.
Fixed-Line and Internet
| | Unit | 2016 | 2017 | Change |
| Fixed-Line | ||||
| Fixed lines | (000) | 1,640 | 1,725 | +5.2% |
| Broadband access(10) | (000) | 1,241 | 1,363 | +9.8% |
The Fixed-line customer base was 1.7 million lines at year-end 2017, up by a sustained 5.2%, thanks to the ADSL services. The broadband customer base increased by 9.8% to nearly reach 1.4 million subscribers, driven by the enhancement of Double-Play packages and success of FTTH offers.
Fixed-Line and Internet posted MAD 8,962 million in revenues, up 1.5% vs. 2016 driven by the growth in customer base.
International
Financial indicators
| IFRS in MAD million | 2016 | 2017 | Change | Change at constant exchange rates(1) |
| Revenues | 15,326 | 15,733 | +2.7% | +2.4% |
| o/w Mobile Services | 13,815 | 14,274 | +3.3% | +3.1% |
| EBITDA | 5,905 | 6,357 | +7.6% | +7.6% |
| Margin (%) | 38,5% | 40,4% | +1.9 pt | +1.9 pt |
| Adjusted EBITA | 3,268 | 3,599 | +10.1% | +10.2% |
| Margin (%) | 21.3% | 22.9% | +1.6 pt | +1.6 pt |
| CAPEX | 4,077 | 3,643 | -10.7% | |
| o/w licenses and frequencies | 888 | 156 | ||
| CAPEX/Rev. (excluding licenses and frequencies) | 20.8% | 22.2% | +1.4 pt | |
| Adjusted CFFO | 3,563 | 3,700 | +3.9% | |
| Net Debt | 4,670 | 5,767 | +23.5% | |
| Net debt / EBITDA | 0.8 | 0.9 |
At 2017-end, the Group's International operations posted revenues of MAD 15,733 million, up 2.7% (+2.4% at constant exchange rates) driven by the 11.9% revenue increase (at constant exchange rates) of the new subsidiaries, offsetting the impacts of the drop in call termination rates, of the erosion of the international incoming traffic and of the deactivation of unidentified customers.
Over the fourth quarter alone, Group revenues from International activities rose by 5.0% at constant exchange rates thanks to the acceleration in growth of the new subsidiaries (+14.5% at constant exchange rates), especially in Ivory Coast and Benin, and the stabilization of historical subsidiaries' activities.
At 2017-end, earnings from operations before depreciation and amortization (EBITDA) amounted to MAD 6,357 million, up 7.6% at constant exchange rates. The EBITDA margin increased by 1.9 points to 40.4%, driven by the call termination rates and operating costs (-1.0% at constant exchange rates) decreases.
Adjusted earnings from operations (EBITA) were MAD 3,599 million, up 10.2% at constant exchange rates mainly due to the increase in EBITDA. The EBITA margin rose by 1.6 points (at constant exchange rates) to 22.9%.
Adjusted cash flow (CFFO) from international activities was up 3.9% to MAD 3,700 million, despite the acceleration in capital expenditure which reached more than 22% of revenues.
Operating indicators
| Unit | 2016 | 2017 | Change | |
| Mobile | ||||
| Customer base(7) | (000) | 32,370 | 34,967 | |
| Mauritania | 1,984 | 2,139 | +7.8% | |
| Burkina Faso | 7,017 | 7,176 | +2.6% | |
| Gabon | 1,690 | 1,547 | -8.4% | |
| Mali | 7,087 | 7,190 | +1.5% | |
| Ivory Coast | 6,840 | 7,734 | +13.1% | |
| Benin | 3,727 | 3,960 | +6.2% | |
| Togo | 2,463 | 2,943 | +19.5% | |
| Niger | 1,418 | 2,114 | +49.0% | |
| Central African Republic | 144 | 144 | +0.1% | |
| Fixed-Line | ||||
| Customer base | (000) | 291 | 302 | |
| Mauritania | 48 | 51 | +6.4% | |
| Burkina Faso | 76 | 76 | +0.4% | |
| Gabon | 19 | 21 | +12.6% | |
| Mali | 149 | 155 | +3.8% | |
| Fixed-Line Broadband | ||||
| Customer base (10) | (000) | 99 | 107 | |
| Mauritania | 11 | 13 | +18.6% | |
| Burkina Faso | 14 | 13 | -0.2% | |
| Gabon | 13 | 16 | +23.4% | |
| Mali | 61 | 64 | +4.9% |
Notes:
(1) At a constant exchange rate for the MAD, Ouguiya and CFA franc.
(2) CAPEX corresponds to purchases of tangible and intangible assets recognized for the period.
(3) Maroc Telecom consolidates the following companies in its financial statements: Mauritel, Onatel, Gabon Telecom, Sotelma and Casanet, as well as the new African subsidiaries (in the Ivory Coast, Benin, Togo, Niger, and the Central African Republic) and Prestige Telecom, which has provided IT services to those companies since their acquisition on January 26, 2015.
(4) 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).
(5) 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 booked at equity 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.
(6) Borrowings and other current and non-current liabilities less cash and cash equivalents, including cash held in escrow for bank loans.
(7) 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.
(8) 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.
(9) 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.
(10) The broadband customer base includes ADSL and FTTH (fiber optic) access and leased lines in Morocco, as well as the CDMA customer base for the historical subsidiaries.
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 III.2.31 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 ten 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 (30%).
*SPT is a company incorporated under Moroccan law and controlled by Etisalat.
| Contacts | |
| Investor Relations relations.investisseurs@iam.ma | Press Relations relations.presse@iam.ma |
Appendix 1: Change from adjusted financial indicators to published financial indicators
Adjusted earnings from operations, Group share of adjusted net income, and adjusted cash flow from operations, 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.
| FY 2016 | FY 2017 | |||||
| (in MAD million) | Morocco | International | Group | Morocco | International | Group |
| Adjusted EBITA | 7,157 | 3,268 | 10,426 | 6,954 | 3,599 | 10,553 |
| Non-recurring items: Real estate proceeds | +297 | +297 | ||||
| Restructuring costs | -255 | -255 | -193 | -49 | -243 | |
| Published EBITA | 6,902 | 3,565 | 10,468 | 6,760 | 3,550 | 10,310 |
| Group share of adjusted net income | 5,622 | 5,871 | ||||
| Non-recurring items: Real estate proceeds | +152 | |||||
| Restructuring costs | -176 | -165 | ||||
| Group share of published net income | 5,598 | 5,706 | ||||
| Adjusted CFFO | 7,124 | 3,563 | 10,686 | 7,319 | 3,700 | 11,019 |
| Non-recurring items: Real estate proceeds | +317 | +317 | ||||
| Restructuring costs | -579 | -41 | -620 | |||
| License payments | -33 | -33 | -61 | -578 | -639 | |
| Published CFFO | 7,124 | 3,847 | 10,970 | 6,679 | 3,081 | 9,761 |
Consolidated Statement of Financial Position
| ASSETS (in MAD million) | 12/31/2016 | 12/31/2017 |
| Goodwill | 8,360 | 8,695 |
| Other intangible assets | 7,378 | 7,485 |
| Property, plant and equipment | 29,981 | 32,090 |
| Non-current financial assets | 327 | 335 |
| Deferred tax assets | 276 | 273 |
| Non-current assets | 46,322 | 48,879 |
| Inventories | 324 | 296 |
| Trade and other receivables | 12,001 | 11,325 |
| Short-term financial assets | 156 | 119 |
| Cash and cash equivalents | 2,438 | 2,010 |
| Assets available for sale | 54 | 54 |
| Current assets | 14,974 | 13,803 |
| TOTAL ASSETS | 61,296 | 62,682 |
| SHAREHOLDERS' EQUITY AND LIABILITIES (in MAD million) | 12/31/2016 | 12/31/2017 |
| Share capital | 5,275 | 5,275 |
| Retained earnings | 4,604 | 4,854 |
| Net earnings | 5,598 | 5,706 |
| Shareholders' equity attributable to equity holders of the parent | 15,476 | 15,835 |
| Non-controlling interests | 3,822 | 3,916 |
| Shareholders' equity | 19,298 | 19,750 |
| Non-current provisions | 470 | 570 |
| Loans and other long-term financial liabilities | 4,666 | 4,200 |
| Deferred tax liabilities | 266 | 244 |
| Other non-current liabilities | 0 | 0 |
| Non-current liabilities | 5,402 | 5,014 |
| Trade payables | 24,626 | 25,627 |
| Current tax liabilities | 651 | 563 |
| Current provisions | 1,208 | 838 |
| Loans and other short-term financial liabilities | 10,110 | 10,890 |
| Current liabilities | 36,596 | 37,918 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 61,296 | 62,682 |
Consolidated statement of comprehensive income
| (In MAD million) | 2016 | 2017 | |
| Revenues | 35,252 | 34,963 | |
| Cost of purchases | -6,223 | -5,937 | |
| Payroll costs | -3,260 | -3,138 | |
| Taxes | -2,971 | -2,838 | |
| Other operating income (expenses) | -5,486 | -6,183 | |
| Net depreciation, amortization, and provisions | -6,845 | -6,557 | |
| Earnings from operations | 10,468 | 10,310 | |
| Other income and expenses from ordinary activities | -47 | -32 | |
| Income from continuing operations | 10,421 | 10,278 | |
| Income from cash and cash equivalents | 10 | 6 | |
| Gross cost of financial debt | -333 | -497 | |
| Net cost of financial debt | -322 | -491 | |
| Other financial income and expense | -124 | -1 | |
| Financial income | -446 | -491 | |
| Income tax | -3,347 | -3,208 | |
| Net earnings | 6,628 | 6,579 | |
| Translation differences resulting from foreign business activities | -276 | 463 | |
| Other income and expenses | -23 | -45 | |
| Comprehensive net income | 6,329 | 6,997 | |
| Net earnings | 6,628 | 6,579 | |
| Attributable to equity holders of the parent | 5,598 | 5,706 | |
| Non-controlling interests | 1,031 | 873 | |
| Earnings per share | 2016 | 2017 | |
| Net earnings attributable to equity holders of the parent (in MAD million) | 5,598 | 5,706 | |
| Number of shares at December 31 | 879,095,340 | 879,095,340 | |
| Earnings per share (in MAD) | 6.37 | 6.49 | |
| Diluted earnings per share (in MAD) | 6.37 | 6.49 |
Consolidated cash flow statement
| (In MAD million) | 2016 | 2017 |
| Earnings from operations | 10,468 | 10,310 |
| Depreciation, amortization, and other restatements | 6,548 | 6,582 |
| Gross cash flows from operating activities | 17,016 | 16,892 |
| Other changes in net working capital | -145 | 1 189 |
| Net cash flows from operating activities before tax | 16,871 | 18,081 |
| Income tax paid | -3,388 | -3,170 |
| Net cash flows from operating activities (a) | 13,483 | 14,911 |
| Purchase of property, plant and equipment and intangible assets | -6,251 | -8,370 |
| Purchases of consolidated investments after acquired cash | -66 | 0 |
| Increase in financial assets | -219 | -319 |
| Disposals of property, plant and equipment and intangible assets | 414 | 0 |
| Decrease in financial assets | 22 | 622 |
| Dividends received from non-consolidated equity investments | 5 | 6 |
| Net cash flows used in investing activities (b) | -6,094 | -8,061 |
| Capital increase | -122 | 0 |
| Dividends paid to shareholders | -5,590 | -5,598 |
| Dividends paid by subsidiaries to their non-controlling shareholders | -1,210 | -921 |
| Changes in equity | -6,922 | -6,519 |
| Proceeds from loans and increase in other long-term financial liabilities | 307 | 1,681 |
| Proceeds from borrowings and increase in other short-term financial liabilities | 1,352 | 910 |
| Payments on borrowings and decrease in other current financial liabilities | -2,299 | -2,545 |
| Net interest paid | -265 | -784 |
| Other cash items relating to financing activities | -153 | -9 |
| Change in borrowings and other financial liabilities | -1,058 | -747 |
| Net cash used in financing activities (d) | -7,979 | -7,266 |
| Translation adjustment and other noncash items (g) | -53 | -13 |
| Total cash flows (a)+(b)+(d)+(g) | -644 | -428 |
| Cash and cash equivalents at the beginning of the period | 3,082 | 2,438 |
| Cash and cash equivalents at the end of the period | 2,438 | 2,010 |
