MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
Maroc Telecom Sees Quarterly Revenues Up 3.1%
Morocco's Maroc Telecom has reported revenues of EUR 660 million, a 3.1% increase compared to the first quarter of 2009 (up 0.5% at constant currency and constant perimeter). The company's customer base stood at 22.4 million on March 31, 2010, a 14% increase compared to end March 2009, as a result of the continued growth in the mobile businesses both in Morocco and among all the subsidiaries in Africa.
Maroc Telecom Group's EBITDA were of EUR380 million, a 4.0% increase at constant currency and constant perimeter (+0.4% at actual currency and perimeter) and an EBITA of EUR284 million, a 6.3% increase at constant currency and constant perimeter compared to the first quarter of 2009 (-0.7% at actual currency and perimeter).
The Group’s operations in Morocco generated net revenues3 of MAD 6,095 million in the first quarter, down 0.7% year-on-year, and earnings from operations of MAD 2,898 million, down 3.1% year-on-year, chiefly due to the impact of marketing and communications efforts.
In Morocco, gross revenues generated by Mobile services in the first quarter rose by 3.6% to MAD 4,537 million, driven by the positive impact of customer growth and a stabilization in ARPU. The customer base5 grew by 6.5% year-on-year to 15.578 million at March 31, 2010. Thanks notably to the success of the loyalty program for prepaid customers introduced in 2009, the annualized mixed churn rate for first quarter 2010 came to 22.8% down 14.7 points year-on-year. Blended ARPU6 remained unchanged from the prior-year period at MAD 91, essentially due to the
impact of customer growth and an increase of almost 15% in inbound revenues, with a marked upturn in International inbound revenues.
Gross revenues generated in the Fixed-line and Internet segments in Morocco came to MAD 2,193 million at March 31, 2010, down 7.7%, resulting from the decline in Voice revenues, due to encroachment by Mobile. At end-March, the Fixed-line network had 1.232 million lines in service, a level virtually unchanged from the end of 2009. The ADSL customer base totalled 474,000 lines at March 31, 2010, up 1% versus end-2009 and down 2% relative to the prior-year period. The 3G Mobile Internet customer base amounted to 265,000 customers (versus 174,000 customers at end-2009).
The Group’s operations in Mauritania generated net revenues of MAD 282 million, up 3.3% (up 10.4% at constant exchange rates), thanks to a solid performance in the Mobile segment. Mauritel posted MAD 85 million in earnings from operations, down 7% at constant exchange rates2, mainly due to the impact of promotional efforts. At end-March, the number of mobile customers stood at 1.473 million while Mauritel had a further 43,000 fixed-line customers and 7,000 Internet customers.
The Group’s operations in Burkina Faso generated net revenues of MAD 461 million, up 13.2% (up 12% at constant exchange rates) and earnings from operations of close to MAD 168 million, up 92.5% at constant exchange rates2, thanks to a very solid performance across the Mobile, Fixed-line and Internet segments. At end-March, the number of mobile customers stood at 1.812 million while Onatel had a further 153,000 fixed-line customers and 24,000 Internet customers.
The Group’s operations in Gabon generated net revenue3 of MAD 273 million, down 7.9% (down 8.9% at constant exchange rates). Buoyed by rigorous control of fixed and variable costs, earnings from operations amounted to MAD 36 million, up 56.5% at consant exchange rates. Gabon Télécom achieved significant commercial successes in the first quarter of 2010. At end- March, the number of mobile customers stood at 528,000 and it had more than 36,000 fixed-line customers and close to 20,000 Internet customers.
The Group’s operations in Mali generated net revenues of MAD 340 million, up 13.7% on a comparable basis, and earnings from operations amounted to MAD 17 million. Sotelma turned in a strong commercial performance in the first quarter of 2010. At end-March, the number of mobile customers stood at 911,000 and it had 69,000 fixed-line customers and close to 10,000 Internet customers.