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MAROC TELECOM (ISIN : MA0000011488) |
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Maroc Telecom : 2008 First half consolidated results
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(29/07/08 17:30 CET)
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- Growth of results at June 30, 2008:
o Revenues: MAD14.3 billion / +10.0%
o Earnings from operations: MAD6.7 billion / +11.1%
o Net income group share: MAD4.5 billion / +17.6%
- Upgrade of 2008 annual growth forecasts:
o Above 8% for revenues
o Above 11% for earnings from operations
Abdeslam Ahizoune, Chairman of the Management Board of Maroc Telecom, declared:
"The development strategy based on the growth of each business activity, both in Morocco and in our subsidiaries, bear fruit. 2008 first half revenues and results are in a strong improvement, better than our forecasts, despite an increasing competitive environment and the rise of food and energy prices."
On July 29, 2008, the Supervisory Board examined the 2008 first half consolidated results, established under IFRS standards and reviewed by the statutory auditors.
Earnings from operations (EFO)
With consolidated(1) revenues of MAD14.3 billion, up 10.0% (+8.2% on a comparable basis(2)), realized on growing Mobile activities, thanks to the control of its costs, and despite of the competing pressures, Maroc Telecom group achieved a consolidated(1) EFO of MAD6,666 million (+11.1% and +12.4% on a comparable basis(2)). The operating margin is then improved by 1.8 point (on a comparable basis(2)) to 46.6%.
- In Morocco: During the first half of 2008, the EFO of all business activities in Morocco amounted to MAD6,649 million, up 15.5%, versus a net(3) revenues growth of 9.8%, leading to a significant enhancement of both Mobile and Fixed-line margins
The Mobile activity EFO amounted to MAD4.982 million, up 14.8% compared to 2007 first half, thanks to the activity growth (+12.9%) and the control of costs. During the first half of 2008, Mobile gross(4) revenues in Morocco increased by 12.9% to MAD8,923 million, with the combined effect of the customer base significant growth (14.2 million at the end of June 2008, up 21.3%) and the limited decrease of ARPU, in spite of a highly competitive context.
The Fixed-line and Internet EFO amounted to MAD1,667 million, up 17.6% compared with 2007. This performance is explained by the decrease of interconnection charges of national incoming traffic, due to the combined effect of tariff and consumption decrease. As a reminder, Fixed-line and Internet activities in Morocco achieved in the first half of 2008 gross(4) revenues of MAD 4,750 million, slightly up by 0.5%, and the customer base reached 1,329 million lines, slightly increasing by 0.3% compared to June 2007.
- In Mauritania: For the first half of 2008, the EFO of Mauritel group amounted to AD201 million, down 4.5% on a comparable basis(2). This evolution is the result of the combined effect of a weak Mobile revenues growth, despite a good control of operating and sales costs, and the growth of amortization with the speedup of capital expenditure.
- In Burkina Faso: In the first half of 2008, the EFO of Onatel group amounted to MAD80 million, down 47.5% on a comparable basis(2) compared to 2007 first half, due to the increase of costs of sales and amortizations of Mobile capital expenditures. The growth of amortization is due to the speedup of the network deployment, with a number of GSM base stations increasing by more than 100% in one year.
- In Gabon: In the first half of 2008, the EFO of Gabon Télécom group amounted to MAD(78) million, compared with a loss of MAD(86) million in the first half of 2007 on a comparable basis, i.e. a slight increase. This result is incorporating a provision of MAD7 million, further to the decision of the Gabonese Government to institute a new tax of 10% on Mobile operators revenues.
- In France and in Belgium: The total EFO of Mobisud amounted to MAD(187) million, and takes into account restructuring costs in France, where the staff has been strongly reduced.
Net income group share: For 2008 first half, net income group share amounted to MAD4,526 million, up 17.6% compared with 2007 same period.
Cash and cash equivalent : The cash flow generated by the activity amounted to MAD4,774 million at end of June 2008, down 12.3% compared with June 2007, due to the fact that the corporate tax rate reduction has no repercussion on the interim payment made during the first half of 2008. Excluding this element, the cash flow generated by the activity achieved a slight increase compared with 2007 first half.
With a payment of MAD8.2 billion 2007 dividend to shareholders and network capital expenditures of more than MAD1.9 billion, the consolidated net(5) cash position of Maroc Telecom group is negative at end of June 2008 and amounted to MAD(4.1) billion, vs. MAD(2.8) billion at the end of June 2007.
2008 outlook : Based on the current market conditions, and assuming no major exceptional disrupt, known to date, of the group's business, forecasts made at the beginning of the year are upgraded: the consolidated revenues growth will exceed 8% and the EFO growth will exceed 11%.
(1) For the first half of 2008, Maroc Telecom establishes its revenues by consolidating in its accounts Mauritel, Onatel and Gabon Télécom Groups and its subsidiaries Mobisud France and Mobisud Belgium. Gabon Télécom group, acquired on February 9, 2007 has been consolidated using the Global Integration method since March 1, 2007 (for the second quarters of 2006 and 2007, revenues of Maroc Telecom Group therefore integrate 4 months of Gabon Télécom Group activities, since these revenues could not be consolidated as per end of March, 2007 by lack of financial information).
(2) Comparable basis illustrates the full consolidation of Gabon Télécom as if this transaction has occurred at the beginning of 2007 and the constant currency rate MAD/Mauritanian Ouguiya/CFA Franc/Euro
(3) Theses revenues are excluding revenues generated between Fixed and Mobile activities of each subsidiary, but are including revenues generated between subsidiaries (o/w management services' agreement) which are cancelled in consolidated revenues
(4) Fixed line and Internet revenues and Mobile revenues include intragroup transactions (including interconnection costs and leased lines) between fixed and mobile activities.
(5) Cash and cash equivalent minus current and non current borrowings and other financial liabilities, excluding blocked cash at June 30, 2008 (MAD96 million).
Maroc Telecom is the first Morocco's global telecommunications operator and the country's market leader in all its business activities. Since December 2004, Maroc Telecom is listed on the Casablanca and Paris stock exchanges and its main shareholders are Vivendi (53%) and the Kingdom of Morocco (30%).
Contacts
Investor relations: Badr Benyoussef +212 (0)37 71 90 39 - relations.investisseurs@iam.ma
Press relations: Faouzi Diouri +212 (0)37 71 45 23 - f.diouri@iam.ma / Ali Jouahri +212 (0)37 71 90 12 - ajouahri@iam.ma
Copyright Hugin
The appendixes relating to the press release are available on:
http://www.hugingroup.com/documents_ir/PJ/CO/2008/140915_88_8061_MarocTelecom-Results-H1-08-ENG.pdf
Information réglementée :
Type : Nouvelle information
Thème(s):
Communiqués au titre de l'obligation d'information permanente - Communiqué sur comptes, résultats, chiffres d'affaires
[CN#140915]
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Bron : MAROC TELECOM
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Provider : Hugin
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