Itissalat Al Maghrib IAM S A : 2022 Universal registration document 31/03/2023

UNIVERSAL

REGISTRATION

DOCUMENT

including the Annual Financial Report

2022

UN MONDE

NOUVEAU VOUS APPELLE

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4

5

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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