CONSOLIDATED RESULTS FOR H1 2012
Results in line with forecast targets:
· Morocco:
- outbound mobile revenues slightly increasing, a consequence of a 40% rise in usage;
- strong growth in customer bases for postpaid mobile (+21%), 3G internet (+71%), and ADSL (+19%);
- restructuring: voluntary redundancy plan has so far reduced headcount by
800 employees. Over the year, this figure may experience a marked change given the success met with employees.
· International business:
- strong growth in revenues (+21%), earnings from operations (+50%), and customer bases (+37%);
· Consolidated results:
- revenues declined slightly, by 1.0%, to MAD 15.2 billion;
- earnings from operations before restructuring charges fell by 2.3%, to MAD 6.0 billion, a margin of 39.3%;
- cash flow from operations (CFFO) rose 16%, to MAD 5.5 billion.
Outlook for 2012 (excluding restructuring) unchanged:
- operating margin (EBITDA) approximately 38%;
- cash flow from operations (CFFO) stable, at MAD 11.5 billion.
On the occasion of the publication of this press release, Abdeslam Ahizoune, Chairman of the Management Board, stated: « The results obtained in the first half of 2012 corroborate Maroc Telecom's strategy of significant price cuts, innovative rate plans, and network investment, all in a competitive environment that remains fierce.
Maroc Telecom also enjoys excellent momentum from its international activities. As leader in all markets in which it operates, Maroc Telecom is able to maintain high margins as a result of its ability to anticipate, innovate, and adapt to market changes. »
