2008 First half financial report

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1 2008 First half financial report Preliminary remarks: This selection report and the unaudited condensed financial statements for the half year ended June 30, 2008 were approved by the Management Board on July 23, On July 29, 2008, they were reviewed by the Supervisory Board, after their review by the Audit Committee on July 28, This report should be read in conjunction with the Management Board s report for the year ended December 31, 2007 as published in Registration Document filed with the Securities Regulator (AMF) on April 28, 2008 ( the 2007 Registration Document ).

2 TABLE OF CONTENTS

3 1 HIGHLIGHTS & KEY FIGURES 4 2 CERTIFICATIONS PERSON RESPONSIBLE FOR THE FIRST HALF REPORT CERTIFICATION OF THE FIRST HALF REPORT PERSONS RESPONSIBLE FOR THE AUDIT OF THE FINANCIAL STATEMENTS INFORMATION POLICY 11 3 GENERAL INFORMATION RELATING THE COMPANY AND ITS SHARE CAPITAL GENERAL INFORMATION REGARDING THE COMPANY S SHARE CAPITAL TRADING OF THE COMPANY S SHARE 14 4 INFORMATION CONCERNING COMPANY BUSI- NESS ACTIVITIES DESCRIPTION OF ACTIVITIES REGULATORY ENVIRONMENT HUMAN RESOURCES REAL PROPERTY LEGAL AND ARBITRATION PROCEEDINGS 27 5 FINANCIAL REPORT CONSOLIDATED FINANCIAL DATA INCOME STATEMENT CONSOLIDATED FINANCIAL STATEMENTS 36 6 CORPORATE GOVERNANCE MANAGEMENT AND SUPERVISORY BOARD CORPORATE GOVERNANCE RELATED PARTY TRANSACTIONS 52 7 RECENT DEVELOPMENT AND MARKET OUTLOOK RECENT DEVELOPMENT MARKET OUTLOOK 55

4 HIGHLIGHTS & KEY FIGURES First half report - Maroc Telecom

5 1. HIGHLIGHTS & KEY FIGURES 1. HIGHLIGHTS & KEY FIGURES January Maroc Telecom launched video-telephony in the main cities of the Kingdom for both postpaid and prepaid customers and Optimis, a new tariff plan for business customers. The monthly telephone subscription for residential customers and telestores was reviewed. The management committee of Universal Service of the ANRT approved the Pacte program for an amount of MAD1.2 billion, and gives to Maroc Telecom the coverage of almost 80% of the 9,263 concerned localities. Completion of the merger between Mauritel SA and Mauritel Mobiles and significant price cuts have been made on Mobile tariffs. February Launch of unlimited numbers for international calls and Phony International, a new unlimited rate plan for calls to international Fixed-line numbers and price reductions for calls from Fixed-line to other international Fixed-line and Mobile numbers. Mauritel launched the service AMI Mobile (news by SMS) and reduced price for ADSL clients. A tariff rebalancing has been made by Onatel, with price cuts going up to 78% for international calls, and reinforcement of its distribution network by the opening of 75 kiosks, particularly in rural area. March Maroc Telecom launched two new unlimited Mobile broadband Internet offers Internet Mobile 1.8 and Internet Mobile 512, and adds new contents (Disney) to Mobile Zone portal. For prepaid customers, launch of the Call return service. Mauritel cut its prices for CDMA Internet access, CDMA subscriptions tariffs and raised its Mobile subscription tariffs. Onatel put in operation its new IN (Mobile and Fixed-line) and launched new low value Fixed prepaid cards (Phone Cash) for low income customers. April As part of the universal service, Maroc Telecom launched «Internet CDMA 1MB/s», a new unlimited bandwidth Internet, for rural areas covered by the CDMA network. A new Ministerial decree set up new rules for telecommunication services promotion in Morocco and Maroc Telecom will have to notify ANRT of promotional offers that it intends to set up. The ANRT approved the technical and pricing offers for the interconnection by capacity to Maroc Telecom Fixed-line network, and set Wana Mobile termination tariffs for 2008 and 2009, which is different from that of Maroc Telecom and Meditel. Signature of a convention between Maroc Telecom and ANRT related to Pacte program for 2008: Maroc Telecom have to equip 1,500 localities for an estimated amount of MAD762 million. Mauritel rebalanced its tariffs Mobile on-net calls First half report - Maroc Telecom 5

6 1 May Maroc Telecom decreased its international postpaid mobiles prices (Area 1), as well as Internet leased lines tariffs. Signature of an agreement between Mohammed VI foundation (constitute by teachers), and various partners of which Maroc Telecom, allowing its members to have access to Internet with subsidized tariffs Gabon Telecom launched a social plan relating to 752 persons, in agreement with the Gabonese government and signature with a local bank (BGFI) of a mandate to arrange a financing of FCFA47 billion. Onatel launched the Internet via CDMA (postpaid and prepaid) and the fixed-line and mobile electronic recharging, and extend its distribution network with the signature of a convention with Sonapost, allowing the distribution of fixed-line and mobile products in nearly 70 sales outlets. June The Mobile Zone portal added new Vivendi Games contents. Onatel launched unlimited Mobile offers, with a free of charge communication, preferential tariffs in intra, and new offer for young people (preferential tariffs and SMS rate plan at off-peak time). In order to finance its development, Onatel takes a 7.5 million loan from SFI. Gabon Telecom rebalanced its subscription and communication tariffs. July Maroc Telecom launched new unlimited options for business customers: Mobile Business Control and Mobile Business Class rate plan. Maroc Telecom launched summer operations with promotions on the Fixed-line packs tariffs, TV/ADSL, Internet ADSL, as well as ADSL clients, and set a new tariff for the «Canal+ Essentiel» option First half report - Maroc Telecom

7 1. HIGHLIGHTS & KEY FIGURES June 30, 2007 December 31, 2007 June 30, 2008 Change yoy in thousands Number of Mobile customer 13,171 15,342 16,561 26% Maroc Telecom 11,713 13,327 14,211 21% Mauritel ,015 32% Onatel % Gabon Telecom % Mobisud ns Number of Fixed-line 1,490 1,518 1,536 3% Maroc Telecom* 1,325 1,336 1,329 0% Mauritel % Onatel % Gabon Telecom % Number of Internet customer % Maroc Telecom** % Mauritel % Onatel % Gabon Telecom % * equivalent base for whatever type of access ** including Internet 3G+ In IFRS (in millions of Moroccan dirhams) H H Change Published Comparable basis Consolidated revenues 13,007 14, % 8.2% Mobile (gross) 8,889 10, % 13.0% Fixed-line and Internet (gross) 5,532 5, % (2.0%) Consolidated earnings from operations before amortization 7,548 8, % 12.7% Mobile 5,399 6, % 13.9% Fixed-line and Internet 2,149 2, % 9.9% Consolidated earnings from operations 5,999 6, % 12.4% Mobile 4,588 5, % 12.2% Fixed-line and Internet 1,411 1, % 13.1% Earnings (group share) 3,850 4, % Capital expenditure 2,143 1,964 (8.4%) Mobile 1,184 1,028 (13.2%) Fixed-line and Internet (5.9%) 2008 First half report - Maroc Telecom 7

8 First half report - Maroc Telecom CERTIFICATIONS

9 2. CERTIFICATIONS In this Report, "Maroc Telecom" or the Company refers to the company Itissalat Al-Maghrib, and the group refers to the group constituted by the Company and all direct and indirect subsidiaries. 2.1 PERSON RESPONSIBLE FOR THE FIRST HALF REPORT Mr. Abdeslam Ahizoune. Chairman of the Management Board 2.2 CERTIFICATION OF THE FIRST HALF REPORT I attest, to my knowledge, that the condensed accounts for the past half year are established in accordance with the applicable accounting standards and give a faithful image of the financial statement and results of the company and all of the consolidated companies, and the joined half year management report gives a faithful presentation of the evolution of the businesses during the first half of 2008, and their incidence on the accounts, the main related party transactions as well as a description of the principal risks and uncertainties for the remaining months of the year. Mr. Abdeslam Ahizoune Chairman of the Management Board 2.3 PERSONS RESPONSIBLE FOR THE AUDIT OF THE FINANCIAL STATEMENTS Statutory Auditors KPMG Maroc, represented by Mr. Fouad Lahgazi 11, avenue Bir Kacem, Souissi Rabat, Maroc First appointed in April 12, 2007 for a three year term by the general Shareholders Meeting. This mandate will expire at the end of the general shareholders meeting to approve the financial statements for the fiscal year ended December 31, Mr. Abdelaziz Almechatt 83 avenue Hassan II Casablanca, Maroc First appointed in 1998 by the bylaws, renewed in 2005, the current mandate, of a three year term, was renewed by the shareholders meeting held April 17, 2008 and will expire at the end of the shareholders meeting held to approve the financial statements for the fiscal year ended December 31, First half report - Maroc Telecom 9

10 Report of the statutory auditors on the consolidated financial statements for 2008 first half From January 1, to June 30, 2008 As Statutory Auditors of the company, and pursuant to the assignment which was trusted to us by the Supervisory Board we proceeded to: Limited examination of the accompanying summarized half year consolidated financial statements of Maroc Telecom, for the period from January 1, to June 30, Checking the information given in the half year report. The summarized consolidated financial statements have been approved by the Management Board. It is our responsibility, based on our audit, to express an opinion on these financial statements. We conducted our limited examination in accordance with international auditing standards. A limited examination primarily consists in discussing with the members of direction in charge of the countable and financial aspects, and implementing analytical procedures. This work less extended than those necessary for an audit prepared according the international auditing standards. Consequently, the insurance that the all accounts, do not comprise any significant anomalies, obtained within the framework of a limited examination is a moderated insurance, less high than that obtained within the framework of audit. On the basis of our limited examination, we didn t found any significant anomalies which could prejudice the conformity, in all their significant aspects, of the summarized consolidated accounts with IAS 34 - standard of IFRS referential such as adopted by the European Union relating to the intermediate financial information. Without prejudice to the opinion above, we draw your attention to the estimated character of segment data (expressed in the joined note and which refers to notes to consolidated financial statements as closed at December 31, 2007, and such exposed in Notes 1 ( 2.5) and 28 from the note relating to 2007 consolidated financial statements. In compliance with the international auditing standards, we also, performed the verifications of information contained in the half year report commenting the summarized half year consolidated financial statements subject of our limited examination. We ensured that it was consistent with the Company s half year summarized financial statements. July 29, 2008 Statutory Auditors KPMG Fouad LAHGAZI Partner Abdelaziz ALMECHATT Abdelaziz ALMECHATT Partner First half report - Maroc Telecom

11 2. CERTIFICATIONS Information policy 2.4 INFORMATION POLICY Person responsible for information Mr. Arnaud Castille Chief Financial Officer Maroc Telecom Avenue Annakhil - Hay Riad Rabat, Maroc Telephone : (0) Shareholders information The social accounting and legal documents, whose communication is governed by the Moroccan and French laws and the bylaws in favor of the shareholders and third parties can be consulted at the Head Office of the Company. Registration Documents, updates of Registration Documents filed with the French Securities Regulator (AMF), presentations for investors and financial analysis made by the Company, as well as the various press releases are available on Maroc Telecom s website: In accordance with the provisions of the Transparency Directive, which has been applicable since January 20, 2007, all regulated information is available on Maroc Telecom s website: First half report - Maroc Telecom 11

12 GENERAL INFORMATION REGARDING THE COMPANY AND ITS SHARE CAPITAL First half report - Maroc Telecom

13 3. GENERAL INFORMATION REGARDING THE COMPANY AND ITS SHARE CAPITAL General information relating to the company s share capital 3.1 GENERAL INFORMATION RELATING TO THE COMPANY S SHARE CAPITAL Share capital The share capital of Itissalat Al-Maghrib is MAD5,274,572,040 divided into 879,095,340 shares with a par value of MAD6 each, in a single class and fully paid in Ownership of share capital and voting rights in the Company As at June 30, 2008, the share capital and voting rights of the Company were held as follows: Shareholders Number of shares % of capital / Voting rights Vivendi group * 465,920, % Kingdom of Morocco 263,728, % Members of Supervisory and Management Board 155, % Employees 1,258, % Public 147,853, % Maroc Telecom** 178, % Total 879,095, % *: Through its 100% subsidiary (Société de Participation dans les Télécommunications) **: Share detained directly or indirectly by the company On July 2, 2007, the Moroccan State sold 4% of Maroc Telecom s share capital on the Casablanca Stock Exchange at MAD130/share. This sale of shares was reserved to Moroccan and international institutional investors via a book order between June 26 and June 28, During the first half of 2008, under the terms of an agreement between Vivendi and the group CDG, Vivendi acquired 2% of the capital of Morocco Telecom, thus increasing its stake from 51% to 53%. At the end of this transaction, the Moroccan State held 30% of share capital and voting rights of the company. The free float was increased to 17% of the share capital. In addition, CDG group acquired 0.6% of Vivendi s share capital The share buyback program The share buyback program with a view to stabilizing the share price, into force currently was approved by the General meeting of May 28, 2008, after the Company obtained the visa of the CDVM on May 9, 2008 under reference VI/EM/017/2008 for the Note of relative information to that program. The main features of this program are as follows: Duration: until November 29, 2009 Price range for share purchase or sale: MAD [ ]; Maximum share capital to be held: 1.82% (equivalent to 16 million shares) From October 16, 2007, for a period of one year, tacitly renewable, Maroc Telecom has contracted with Rothschild & Cie Banque to implement: in Casablanca a share stabilization contract for an amount of MAD55 million. in Paris, a liquidity contract in compliance with the Ethical Charter drafted by the French Association of Investment Companies and approved by the AMF in a decision dated March 22, 2005, published in the Bulletin of Mandatory Legal Notices (BALO) dated April 1, For the purposes of this contract 5 million was allocated to a liquidity account First half report - Maroc Telecom 13

14 3 Appraisal of the share buyback program at June 30, 2008: Casablanca Paris Total Number of shares acquired 58, , ,798 Number of shares sold 1,467 78,181 79,967 Shares held at June 30, , , , TRADING OF THE COMPANY S SHARES Stock exchange listings Since December 13, 2004, Maroc Telecom has been listed on both the Casablanca Stock Exchange and Euronext Maroc Telecom share price Casablanca Stock Exchange Main market, Code Average price* High Low Transactions** (in MAD) number of shares (in thousands) trade value (in millions MAD) January , ,061.5 February , ,301.1 March , ,022.3 April , ,556.7 May , ,012.0 June , * The average price is calculated by dividing trade value by number of shares ** Not including block market transactions Changes in Maroc Telecom s share price on the Casablanca stock exchange since December 2004 In May 2008, 89% of free float was traded on the Casablanca Stock Exchange. IAM-Casablanca (dirham) VS MASI MASI IAM déc/04 mars/05 juin/05 sept/05 déc/05 mars/06 juin/06 sept/06 déc/06 mars/07 juin/07 sept/07 déc/07 mars/08 juin/ First half report - Maroc Telecom

15 3. GENERAL INFORMATION REGARDING THE COMPANY AND ITS SHARE CAPITAL Trading of the company s shares Euronext Paris Eurolist-Foreign securities, Code MA , Eligible for SRD Average price* High Low Transactions** (in euro) number of shares (in thousands) trade value (in millions euro) January , February , March , April , May , June , * The average price is calculated by dividing trade value by number of shares ** Not including off-system transactions Source : Euronext Paris Changes in Maroc Telecom s share price on Euronext Paris since December 2004 In May 2008, 11% of free float was traded on Euronext Paris. 18,0 17,0 16,0 15,0 14,0 13,0 12,0 11,0 10,0 9,0 8,0 IAM-Paris (euro) VS Euronext 100 IAM Euronext 100 7,0 déc/04 mars/05 juin/05 sept/05 déc/05 mars/06 juin/06 sept/06 déc/06 mars/07 juin/07 sept/07 déc/ First half report - Maroc Telecom 15

16 INFORMATION CONCERNING COMPANY BUSINESS ACTIVITIES First half report - Maroc Telecom

17 4. INFORMATION CONCERNING COMPANY BUSINESS ACTIVITIES Description of activities 4. INFORMATION CONCERNING COMPANY BUSINESS ACTIVITIES 4.1 Description of activities Activities in Morocco The information provided in this paraghraph, only concerns the business in Morocco. In the first half of 2008, Maroc Telecom consolidated its positions and net revenues of all business activities in Morocco amounted to MAD12,511 million, up 9.8%. For the same period, earnings from operations amounted to MAD6,649 million, up 15,5%, allowing to enhance the operating margin to 52.8%, up 2.3 points compared to the first half of Mobile The table below shows the breakdown of Maroc Telecom Mobile revenues for the first halves of the past two years: in millions of Moroccan dirhams in IFRS As of June Gross revenues 7,900 8,923 Revenues from sale of services 7,520 8,360 Revenues from sale of handsets Earnings from operations before amortization 4,999 5,776 Earnings from operations 4,341 4,982 During the first half of 2008, Mobile gross revenues in Morocco increased by 12.9% to MAD8,923 million, with the combined effect of the customer base significant growth and the limited decrease of ARPU, in spite of a highly competitive context. The first half of 2008 was marked by the launch by Maroc Telecom of 3G+ Voice and Internet offers. Despite of the competing pressures, the Mobile activity EFO amounted to MAD4,982 million, up 14.8% compared to 2007 first half, thanks to the activity growth and the control of costs, enabling to improve the operating margin by 0.9 points to 55.8% First half report - Maroc Telecom 17

18 4 The following table shows the main data relating to prepaid and postpaid services H H Number of Mobile customers * (in thousands) 11,713 13,327 14,211 Prepaid 11,250 12,822 13,658 Postpaid** Churn rate («churn») (%) Prepaid 24.2% 25.7% 28.0% Postpaid ** 16.0% 17.9% 17.2% Average churn rate 23.9% 25.4% 27.6% ARPU (in MAD/customer /month) Prepaid Postpaid** Blended ARPU Incoming usage (minutes/customer/month) Prepaid Postpaid** Average incoming usage Average outgoing usage (minutes/customer/month) Prepaid Postpaid** Average outgoing usage *: Postpaid subscribers and prepaid cards **: Including 'no commitment rate plans The customer base maintained a steady growth and reached 14.2 million at the end of June 2008, up 21.3% compared to end of June 2007, which corresponds to a net increase of nearly 0.9 million since the beginning of the year. Due to the strong increase of the customer base and the low level of access fees, the churn rate reached 27.6%, up 3.7 points compared to the first half of In improvement compared to the previous quarter, the first half blended ARPU amounted to MAD98.6, down by 8.2% compared to the first half of 2007, due mainly to the customer base strong increase. The average outgoing usage was maintained at the same level as 2007 with the similar level of promotional offers. Consequently, the average price by minute is slightly down by 1.6% at approximately MAD1.3 excluding tax. Among the main events of the first half of 2008, the lauch of the 3G+ service based on HSDPA (High Speed Downlink Packet Access) technology, which the capacity may culminate to 3,6Mbit/sec, allowing Maroc Telecom postpaid and prepaid customers to access to the Video-telephony and the broadband Internet. In addition, and following the signature of convention with the ANRT (Pacte), Maroc Telecom startes the deployment of its mobile network in the white areas, and continues to reinforce the coverage and the network capacity in the other areas First half report - Maroc Telecom

19 4. INFORMATION CONCERNING COMPANY BUSINESS ACTIVITIES Description of activities Mobile competition As of March 31, 2008, the number of mobile customers (all operators) rise to MAD million, corresponding to a penetration rate of 66.85% (Source: ANRT), 96% of which is prepaid customers. At the end of the first quarter 2008, Maroc Telecom maintained its leadership in the Moroccan Mobile market, with a market share of 66.4%. Over the same period, the market share of prepaid and postpaid reached respectively 66.6% and 63.4% (Source: ANRT/Maroc Telecom calculation). The remaining of the market is held by Meditel, but it should be noted that since the beginning of June 2008, Wana launched its 3G Mobile. Maroc Telecom market share Fixed-line and Internet June 30, 2007 December 31, 2007 March 31, 2008 Total Mobile market 66.4% 66.5% 66.4% * (Source ANRT) Prepaid 66.6% 66.7% 66.6% Postpaid 61.7% 63.1% 63.4% The table below shows the breakdown of Maroc Telecom Fixed-line and Internet revenues for the specified periods. in millions of Moroccan dirhams - in IFRS as of June Gross revenues 4,727 4,750 Voice* 3,143 3,040 Interconnection Data Internet** Earnings from operations before amortization 1,984 2,284 Earnings from operations 1,417 1,667 * including commitment service contract, except intercompanies ** including revenues generated by TV/ADSL Fixed-line and Internet activities in Morocco achieved in the first half of 2008 gross revenues of- MAD4,750 million, slightly up by 0.5%. Despite the decrease by 3.9% of the average monthly invoice, mainly impacted by the competition on the phone shop segment, the Fixed-line revenues are stable due to the data and Internet performances of which revenues are in net increase. Fixed-line and Internet EFO amounted to MAD1,667 million, up 17.6% compared to This performance is explained by the decrease of interconnection charges of national outgoing traffic, due to the combined effect of tariff and consumption decrease First half report - Maroc Telecom 19

20 4 Telecommunication services The table below describes the development of the number of fixed lines by segment: Numbers of lines in thousands * June 30, 2007 December 31, 2007 June 30, 2008 Residential Public telephony** Corporate Customer base** 1,325 1,336 1,329 *: as from January 1, 2008, the Maroc Telecom Fixed-line customers are communicated by equivalence taking into account the number of lines of each access figures have been adjusted. **: Combines the lines of Maroc Telecom telestores and public booths. The Fixed-line customer base reached million lines, slightly increasing by 0.3% compared to June The moderate fall of the residential customer, of which 2/3 are Phony customer, the unlimited offer, mainly related to the growth of the MAD10 subscription from January 1, 2008, was largely compensated by the growth of 2% and 4% of Public Telephony and Corporate customers. During the first half of 2008, Maroc Telecom endeavoured to consolidate its market shares by launching many promotions for its residential and corporate customers. Fixed-line competition The Fixed-line penetration rate was 8.79% as at March 31, 2008, compared with 6.36% as at June 30, 2007 (source ANRT). This increase is particularly due to the introduction by competitors of prepaid restricted mobility offers. Excluding these offers, the penetration rate is 4.35%. Two fixed-line licenses were awarded in July and September 2005 to Meditel and Wana. These licenses are currently operational. Maroc Telecom market share Competitors June 30, 2007 December 31, 2007 March 31, 2008 Fixed-line Meditel / Wana 100% 99.7% 99.6% Fixed-line, including restricted mobility Meditel / Wana 100% 66.0% 49.3% Fixed-line corporate Meditel 100% 98.7% 98.5% Public telephony Meditel 90.8% 90.3% 91.0% (Source : ANRT) Internet The number of Internet customers reached 487,000 lines, up 9.7% compared to the end of June 2007, the number of ADSL lines totaled 482,000 lines, up 10.1% compared to June 2007, accounting for approximately 43% of the fixed lines (excluding public telephony). Besides this customer base using fixed lines, customers using the broadband Internet via Maroc Telecom 3G Mobile Network and which reached 14,000 subscribers. It should be noted that Maroc Telecom takes part in the offer launched mid-may 2008 enabling teachers to acquire computer material and to subscribe to Internet with tariffs subsidized jointly by the ANRT, the Mohammed VI Foundation and operators, including Maroc Telecom First half report - Maroc Telecom

21 4. INFORMATION CONCERNING COMPANY BUSINESS ACTIVITIES Description of subsidiaries activities Number of active customers - in thousands Internet competition Competitors on the market for Internet access services are Meditel and Wana, present on the wireless Internet segment, with a total market share of 16.3% as of March 31, 2008 (Source: ANRT). Maroc Telecom has a very strong position on the ADSL market, which accounts 96% of total access, with a market share of almost 99% (Source: ANRT). Maroc Telecom market share June 30, 2007 June 30, 2007 December 31, 2007 December 31, 2007 June 30, 2008 Narrowband ADSL G Data Total March 31, 2008 Internet 97.8% 93.1% 83.7% ADSL 98.3% 98.5% 98.8% (Source : ANRT) Subsidiaries business Mauritel Mobile As of June 30, 2008, the mobile customer base of Mauritel reached million, up 32.3% compared to the end of June 30, Mauritel operates in a liberalized market alongside the Compagnie Mauritano-Tunisienne de Telecommunications (Mattel) and Chinguitel (since August 2007). In 2006, the ARE granted new licenses, including a 3G license for Mauritel and 2G and 3G licenses for Chinguitel. As of December 31, 2007, according to the available data (ITU and Mauritel), the market share of Mauritel is 70%. Fixed-line, Data and Internet As of June 30, 2008, Mauritel s total number of fixed-lines amounted to almost 46,000, up 27.8% compared to the end of June 2007, thanks to the success of CDMA offers. The Internet customer base reached almost 7,000 accesses at June 30, Mauritel SA operates in a liberalized market since the awarding by the Mauritanian regulator in 2006 of fixed-line licenses in Chinguitel. The Fixed-line and Internet market is shared between 2 operators: Mauritel and Chinguitel (since August 2007). The Internet market share for Mauritel is 90% (source: Mauritel estimates). The following table summarizes Mauritel Group s main operating and financial data: in thousands June 30, 2007 December 31, 2007 June 30, 2008 Mobile customers ,015 Number of Fixed-line Internet customers First half report - Maroc Telecom 21

22 4 H H Change at constant exchange In millions of Moroccan dirhams in IFRS rate Net revenues* (0.9%) Mobile (gross) % Fixed-line (gross) (9.4%) Earnings from operations before amortization % Mobile (0.5%) Fixed-line % Earnings from operations (4.5%) Mobile (7.9%) Fixed-line % * Net revenues of the incomes between the Fixed-line and Mobile activities of each subsidiary company, but including the incomes generated between the subsidiaries companies (of which contracts of service commitments) which are eliminated in the consolidated revenues. Mauritanian activities generated overall net revenues of MAD519 million in the first half of 2008, down 3.7% with the negative effect of exchange rate. On a comparable basis, revenues decrease by 0.9%, due to the competition intensification with the entry of a third operator that induces strong pressures on tariffs and additional efforts on promotions. The Mauritel Mobile business gross revenues amounted to MAD417 million for the first half of 2008, up 2.1% on a comparable basis. The Mauritel Fixed-line and Internet business gross revenues amounted to MAD145 million, down 9.4% on a comparable basis. For the first half of 2008, the EFO of Mauritel group amounted to MAD201 million, down 4.5% at a constant exchange rate. 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. The consolidation method of the Mauritel sub-group, and its contribution to Maroc Telecom s results are summarized in Notes to the consolidated financial statements. The comparable basis illustrates at Mauritel the maintain of a constant exchange rate. Onatel Mobile At end of June, 2008, Telmob's customer base reached more than 756,000 clients, up 95% compared to the end of June, 2007, due mainly to the coverage enlargement. Telmob operates in a liberalized market alongside the companies Celtel Burkina and Telecel Faso. According to the available data (ITU, Zain and Telmob), the market share of Telmob as of December 31, 2007, is 35%. Fixed-line, Data and Internet As of June 30, 2008, the number of fixed-lines amounted to 130,000, up 21.5% and the number of Internet customers reached almost 15,000 compared with 8,000 as of June 30, Even though Onatel lost its fixed-line monopoly (national fixed-line telephone, telex and telegraph) as of December 31, 2005, it was still the only fixed-line operator in Burkina Faso at the end of June However, on the Internet market, other ISPs operate alongside Onatel First half report - Maroc Telecom

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