Page 191 - 2012 Annual Report

191
VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
4
I - 2012 FINANCIAL REPORT
SECTION 4 BUSINESS SEGMENT PERFORMANCE ANALYSIS
REVENUES AND EBITA
Maroc Telecom Group’s revenues were €2,689 million, a 1.8% decrease
compared to 2011 (-3.0% at constant currency). The group’s overall
customer base maintained positive momentum in 2012 with a 13.5%
increase and reached nearly 33 million customers, primarily due to a
30.4% increase in the international market year-on-year.
Operations in Morocco generated revenues of €2,088 million, a 6.1%
decrease compared to 2011 (-7.4% at constant currency). This change
reflected the successive cuts in mobile termination rates carried out in
January and July 2012, the additional price cuts in the mobile segment
(-34.6%), and the decrease in fixed-line revenues under competitive
pressure from the mobile segment. The economic slowdown and
competitive environment continued to be very intense.
The group’s international activities generated revenues of €638 million,
a strong 18.4% growth compared to 2011 (+17.7% at constant currency).
This performance resulted from very strong growth among mobile
customers (+31.8%), enhanced product offers and higher customer
usage in a stable competitive environment. Despite the conflict in Mali,
the growth in revenues continued at a very sustained place (+15.7% at
constant currency).
The group’s EBITDA amounted to €1,505 million, a 0.3% increase
compared to 2011 (-0.9% at constant currency). This performance reflected
a strong 43.5% growth (+42.6% at constant currency) in international
EBITDA, which offset the 6.6% decline in EBITDA in Morocco. EBITDA
margin increased by 1.2 percentage point year-on-year, reaching the high
level of 56.0%.
The group’s EBITA amounted to €987 million, a 9.4% decline compared
to 2011 (-10.5% at constant currency). Excluding restructuring charges
of €79 million, EBITA amounted to €1,066 million, a 2.1% decrease,
representing a 39.6% margin, a modest 0.2 percentage point decrease.
CASH FLOW FROM OPERATIONS (CFFO)
Maroc Telecom Group’s cash flow from operations amounted to
€1,066 million, a €31 million increase compared to 2011 (+3.0%),
primarily due to the increase in EBITDA after changes in net working
capital (+€94 million) and to the reduction in capital expenditures, net
(+€9 million), which was partially offset by the restructuring charges paid
(-€72 million).