UNIVERSAL
REGISTRATION
DOCUMENT
including the Annual Financial Report
2022
UN MONDE
NOUVEAU VOUS APPELLE
1
2
3
4
5
6
7
C O N T E N T
MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD | 4 | |
CORPORATE GOVERNANCE | 5 | |
MAROC TELECOM IN BRIEF | 6 | |
GROUP OVERVIEW | 9 | |
1.1 | Highlights of 2022 | 10 |
1.2 | Key figures for 2022 | 14 |
1.3 | Group guidelines and strategy | 16 |
RISK FACTORS AND MANAGEMENT FRAMEWORK FOR OPERATIONS | 19 | |
2.1 | Risk factors | 20 |
2.2 | Risk management framework | 27 |
INFORMATION ABOUT THE COMPANY | 33 | |
3.1 | Person responsible for the Universal Registration Document | 34 |
and for the audit of the financial statements | ||
3.2 | Information about the Company and corporate governance | 36 |
DESCRIPTION OF THE GROUP, ITS ACTIVITIES, | ||
LEGAL AND ARBITRATION PROCEEDINGS | 79 | |
4.1 | Description of the Group | 80 |
4.2 | Description of activities | 92 |
4.3 | Legal and arbitration proceedings | 135 |
FINANCIAL REPORT | 137 | |
5.1 | Consolidated results of the past three years | 138 |
5.2 | Overview | 140 |
5.3 | Consolidated financial statements at December 31 2020, 2021 and 2022 | 151 |
5.4 | Statutory financial statements | 198 |
5.5 | Special report of the statutory auditors | 223 |
RECENT CHANGES | 231 | |
Ordinary General Meeting of March 31, 2023 | 232 | |
Macroeconomic environment | 233 | |
REMACOTEM dispute | 233 | |
APPENDICES | 235 | |
Cross-reference table | 236 | |
Cross-reference table for the annual financial report | 238 | |
Annual information 2022 | 238 | |
Fees paid to the Statutory auditors | 239 | |
Ordinary General Meeting of March 31, 2023 | 241 | |
Glossary | 244 |
UNIVERSAL
REGISTRATION
DOCUMENT
including the Annual Financial Report
2022
This Universal Registration Document was submitted on March 29, 2023, to the AMF in its capacity as the French financial regulator under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of said regulation.
The Universal Registration Document may be used when stocks and shares are sold to the public or listed on a regulated market if it is accompanied by a securities Note and, where applicable, a summary as well as any supplements to the Universal Registration Document. Once approved by the AMF under Regulation (EU) 2017/1129, these documents constitute a prospectus.
This is a translation into English of the Universal Registration Document of the Company issued in French and it is available on the website of the Company.
MAROC TELECOM 2022 UNIVERSAL REGISTRATION DOCUMENT 3
MESSAGE FROM
THE CHAIRMAN OF
THE MANAGEMENT BOARD
ABDESLAM AHIZOUNE
In 2022, global economic activity suffered a sharp slowdown in its growth, with widespread and persistent inflation. In this difficult macroeconomic environment, in addition to the regulatory environment and intense competition, Maroc Telecom has shown resilience and is generating results in line with its operational and financial objectives. This performance confirms that its strategy is relevant for the coming years.
The Group will continue to capitalize on its infrastructure, one of its fundamental assets, and will continue to extend and increase the density of the Fixed-Line and Mobile networks in the various countries where it operates in order to make
Broadband Internet more available and thus support the continent's economic and social development.
The African subsidiaries are a major growth driver and generated 47% of the Group's consolidated revenues in 2022. Their contribution to revenues as well as their profitability are set to strengthen further in the coming years, prompting the Group to continue its efforts to consolidate its achievements and support growth. In addition, the Group continues to seek external growth opportunities that may arise in the African market to accelerate its expansion and create value.
The Customer remains at the heart of the Group's concerns: the Group continues to enhance the customer experience and offer a catalog of innovative, affordable and adaptable products and services, all with a quality of service at the level of the highest international standards.
In the current context where digital transformation has become essential, the Group intends to accelerate its digitization process to gain agility in an increasingly demanding environment, but also to offer digital solutions to companies and individuals wishing to improve their connectivity and their effectiveness. It thus continues its active contribution to the promotion of new technologies and digital inclusion on the continent.
In a process of continuous improvement, Maroc Telecom will remain alert to changes in market conditions and the needs of its users in order to adapt proactively, by constantly reinventing itself to satisfy and retain its customers and solidly consolidate and sustain its leadership.
4 MAROC TELECOM 2022 UNIVERSAL REGISTRATION DOCUMENT
CORPORATE GOVERNANCE
MANAGEMENT BOARD
François | Hassan | Abdeslam | Brahim | Abdelkader |
VITTE | RACHAD | AHIZOUNE | BOUDAOUD | MAAMAR |
Managing Director | Managing Director | Chairman | Managing Director | Managing Director |
Administration | Networks | of the Management | Legal and Regulatory | Services |
& Finance (CFO) | and Systems | Board | Affairs |
Maroc Telecom also has
8 regional offices
which report to the Chairman of the Management Board.
SUPERVISORY BOARD
CHAIRMAN | MEMBERS | ||
Nadia FETTAH ALAOUI, | Abdelouafi LAFTIT, | Luis ENRIQUEZ, | |
Minister of the Economy | Minister of the Interior | Partner, Grafine Capital Partners | |
and Finance | Abdellatif ZAGHNOUN, | Kamal SHEHADI, | |
General Manager of the National | Strategy Director | ||
VICE-CHAIRMAN | Agency for Strategic Management | of Etisalat International | |
of State Holdings and Monitoring | Hesham Abdulla AL QASSIM, | ||
of the Performance of Public | |||
Jassem Mohammed Bu | Chief Executive Officer of Wasl | ||
Establishments and Entreprises | |||
Ataba AL ZAABI, | Asset Management Group | ||
Hatem DOWIDAR, | Mohammed Karim BENNIS, | ||
Chairman of Abu Dhabi | |||
Department of Finance, | Chief Executive Officer | Chief Financial Officer | |
Chairman of Etisalat Group | of Etisalat Group | of Etisalat Group | |
MAROC TELECOM 2022 UNIVERSAL REGISTRATION DOCUMENT 5
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Disclaimer
Maroc Telecom - Itissalat Al-Maghrib published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2023 15:26:32 UTC.