Projet de publication_ resultats 2015 version anglaise

2015 results
summary
1. highlights 2015
2.
operational results 2015
.
3. financial results 2015
4. prospects 2016
5. appendix
2
1.key messages
§ increase in mob ile data usage,
Orange Money and value added
services with a good dynamic
animation
§ growing operational and financial
results despite exogenous and
disadvantageous factors
§ maintaining our profitab ility target
through continued efforts, cost
control, investments, quality of
service and loyalty programs
§ significant increase in the tax pressure
consecutive to the emergence of new
taxes (Tartel and TCT in Guinea), the
extension measure of the tax (PST in
Senegal Tartop in Mali) and regulatory
(free hotlines, lower MTR in Senegal)
regulation
tax
pressure
§ maintaining
leadership
and
strong market positions in all
countries through the dynamics
of
conquest
and
despite
regulatory constraints on the
identification of subscribers
Orange
Money
§ strong
commercial
dynamic
around Orange Money with the
establishment
of
a
new
organization with a perspective
the start of activities of electronic
money issuer institutions
market
position
profitabilit
y
§ tougher competitive environment with an
increase in promotional offers (mobile
voice and data) and the development of
OTT phenomena
data/
4G
§ slowdown in the growth of mobile
subscribers in all countries under the
effect of compliance with the new
regulatory
constraints
customer
identification
§ acquisition of the 3G/4G license in
Bissau & discussion on the modalities of
attribution of 4G in other countries
3
1.highlights
Senegal
– maintained leadership in volume (57.4% or +1.1 point) and mobile data (67.1% on December 2015 (+2 points) despite the sharp
aggressiveness of the competition for 3G
– revenue growth despite lower international incoming traffic volumes and the implementation the capping of state bill thanks to
volumes received from local third party operators and mobile activity
– strong growth in mobile data usage (35% of users charged) and value-added services (more than 1 million subscribers to the
service "Dalal Tones")
– lower international incoming traffic volumes as a result of the development of alternative ways amplified by the OTT phenomena
– significant impacts on charges of the increases made by the operators of the sub region on the rates of international repayments
– profitability impacted by the extension of fiscal effects and regulatory measures (PST *, free hotlines)
Mali
– improved volume market share of 4.1 point despite the negative e ffects of regulatory constraints on the i dentification of
subscribers (decrease of 7.2% of the mobile subscribers)
– growth in revenue sustained, but in slight decline explained by increased promotional offers on the market (reload bonus) and
exceptional items in 2014
– lower international incoming traffic impacted by OTT and simbox fraud
– strong growth in usage and revenue Orange Money resulting with the result of reaching the million active subscribers and a
doubling of sales for the year 2014
*PST : Special state levy on the telecommunication sector
4
1.highlights
– crossed the threshold of 5 million subscribers
Guinée
– strong growth in mobile data (+ 38.5% of active users)
– growth still strong in operational and financial results despite the heavy new taxation measure (tartel * TCT **)
– consolidation of leadership
– improved profitability (Ebitda margin of 52%) despite the introduction of new taxes (10.7 Xof billion of TCT and re duction of sales
in the second half 2015)
Guinée Bissau
– constraints related to the identification of subscribers and the struggle against simbox fraud slowing the recruitment of new
subscribers
– market share value preserved despite the pace of recruitment impacted by re gulatory constraints on the identification of
subscribers
– official launch of 3G (June 2015) and 4G (December 2015)
– retention and loyalty strategy limiting subscribers lost
– market share volume moved up by one point
*Tartel : Tax acces to telecom network // **TCT : telephone consumption tax
5
1.commercial approach : loyalty, innovation & development of mobile data and
value added services
sponsoring
Orange Money
internet mobile
jeux et services
à valeur ajoutée
marketing & promotions
national championships
games and support
sponsoring
news Online
new apps
banking partnerships
kiosks nearby
flybox
promotions
last generation
smartphones
games & winners
6
1.contribution to economy
major contributor and an motor of growth in the economies of the countries of presence
States budget
revenues
Ø more than 425 billion XoF paid for taxes, fees, royalties, payroll taxes,
customs fees and dividends of which more than 214 billion in
Senegal, more than 122 billion in Mali, 83 billion in Guinea and 7 in
Bissau
Ø more than 178
companies
Private sector
contribution
billion XoF in turnover generated for the benefit of local
Ø more than 108 billion XoF in Senegal, 35 billion in Mali, 31 billion in Guinea
and 4 billion in Bissau
Ø more than 1 835 Xof billions traded via Orange Money with 218.5 billion in
Senegal, 1555 billion in Mali and 61.5 billion in Guinea
job
creation
exports
Ø more than 100,000 indirect jobs thanks to a wide commercial
distribution network and dynamic partners,
Ø more than 3,000 direct jobs
Ø nearly 183 billion XoF were generated in contribution to the State balances
of payments trough our international activities with foreign operators of
telecommunications
Ø net exports o f more than 94 billion XoF from Senegal, 74 billion from Mali,
24 billion from Guinea et 6 billion from Bissau
7
sommaire
1. highlights 2015
2.
operational results 2015
.
3. financial results 2015
4. prospects 2016
5. appendix
8
GDP growth
inflation
penetration (sim)
position
market share
5.1%
0.6%
107%
1er/3
57.4% (+1.1)
Mali
Sénégal
2. market positions: strengthening leadership in all our markets
network
GDP growth
5%
inflation
2.4%
penetration (sim) 142%
position
1er/3
market share
57.9%
(+4.1)
network
Orange
GDP growth
inflation
penetration (sim)
position
market share
network
0.0%
9.0%
96%
er
1 /6
54.5% (+3.9)
Bissau
Guinée
Sonatel
GDP growth
inflation
penetration (sim)
position
market share
4.7%
1.3%
73%
1er/3
51.4% (+3.6)
network
fixed line – mobile – internet – leased lines– TV adsl – Orange Money
* par rapport à décembre 2013
9
2.subscribers:
evolution impacted by regulatory constraints on the identification
2013
2014
2015
∆ 14/13
∆ 15/14
fixed line
293 063
284 306
283 140
-3.0%
-0.4%
mobile
22 000 003
25 942 396
26 145 620
+17.9%
+0.8%
internet
126 310
120 247
122 521
-4.8%
+1.9%
total
22 419 376
26 346 949
26 551 613
+18.0%
+0.8%
2013
2014
2015
∆ 14/13
∆ 15/14
subscribers by countriy
% mobile
data
users
% Orange
Money
users
Senegal
7 462 438
8 097 673
8 413 127
8..5%
3.9%
18.2%
7.5%
Mali
10 821 677
12 825 680
11 898 450
18.5%
-7.2%
14.2%
10.1%
Guinea
3 239 141
4 506 012
5 275 668
39.1%
17.1%
17.0%
2.6%
Bissau
476 747
513 031
558 375
7.6%
8.8%
4.8%
-
22 000 003
25 942 396
26 145 620
+17.9%
+0.8%
15.8%
7.5%
total
2%
20%
Bissau
Guinea
- Senegal: recruitment dynamics (Ganalé campaigns and acquisition Kirène with Orange) and reducing the inactivity and churn rate with Sargal offer in Mali
(retention):
- Mali: cleaning of subscribers operated under obligation to identify subscribers and restrictions on sales of activated sim
- Guinea: subscriber identification and preventive actions against fraud simbox
- Bissau: subscriber Identification constraints; launch of 3G and improving service quality, acceleration levers of recruitment pace
10
2.arpu: a slower decrease due to mobile data and Orange Money
decrease relatively low:
average arpu
(Xof)
Senegal
fixe
mobile
prepaid
Mali mobile
2013
2014
2015
∆ 14/13
∆ 15/14
subcribers growth
100 549
102 245
100 672
+1.7%
-1.5%
-0.4%
3 069
2 784
2 653
-9.3%
-4.7%
3.9%
1 844
1 778
1 667
-3.6%
-6.2%
-7.2%
Guinea
mobile
prepaid
3 142
2 724
2 365
-13.3%
-13.2%
17.1%
Bissau mobile
3 162
3 024
2 881
-4.4%
-4.7%
8.8%
prepaid
prepaid
• lower dec line in ARPU in
Mali due to the application
of the identification of
subscribers measures
• compensatory
revenue
effects
generated
by
services positioned as
growth relay (mobile data
& Orange Money)
3,162
3,300
3,024
3,100
2,900
prolongation
of
induced
effects of the increase in
subscribers greater than the
increase in income recorded
over the period
2,881
3,069
3,142
2,700
2,784
2,500
2,300
2,100
1,842
2,653
2,724
2,365
1,775
1,900
1,667
1,700
1,500
2013
2014
Sénégal
Senegal
as of 02/02/2016 1Xof = 12.71965 Gnf
Mali
Guinée
Guineaxof
2015
Bissau
11
2.Orange Money in the group (1/2)
registred
subscribers
turnover
% active
subscriber
s
turnover growth
volume of
contribution to the
transactions
turnover growth
value of
weight of transactions
on the GDP*
transactions
contribution in
the turnover
*source : GDP forecast IMF 2015
12
2.mobile data: strong growth in usage and subscribers
Senegal
turnover growth
2013
2014
2015
-
19.9%
63.5%
3%
18.8%
contribution to growth
Sonatel group
mobile data subscribers:
% mobile subscribers:
turnover:
4.14 millions
51 billion
65%
% turnover:
6%
smartphones penetration rate: 15%
0.62
1.13
1.53
turnover (million Xof)
11 691
14 018
22 918
2013
2014
2015
-
77%
64.7%
5.6%
13.8%
16%
∆ turnover (2015/2014):
contribution to growth:
subscribers (million)
42%
or +27pts
Mali
turnover growth
contribution to growth
subscribers (million)
1.0
1.39
1.69
turnover (million Xof)
5 689
10 070
16 590
Guinea
2013
2014
2015
turnover growth
-
279.6%
67.8%
contribution to growth
-
6.3%
9.6%
subscribers (million)
0.37
0.65
0.90
turnover (million Xof)
1 761
6 684
11 212
13
sommaire
1. highlights 2015
2.
operational results 2015
.
3. financial results 2015
4. prospects 2016
5. appendix
14
3.maintaining a high level of profitability and an improvement of
restated margin (+1.5 pts)
(Xof billion)
2014
2015
2015
(restated)
∆2015
/2014
∆ 2015 (restated)
/2014
tunover
816
863
876
+5.8%
+7.4%
Ebitda
428
448
473
+4.9%
+10.8%
Ebitda margin
52.4%
51.9%
53.8%
-0.5
+1.5
operating income
316
328
352
+3.7%
+11.4%
operating margin
38.7%
38.0%
40.2%
-0.7
+1.5
net income
218
221
237
+1.4%
+8.7%
net margin
26.7%
25.6%
27.1%
-1.1
+0.4
capex
135
158
158
+16.3%
+16.3%
capex rate
16.6%
18.2%
18.2%
+1.6
+1.6
free cash flow
292
291
314
-0.7%
+7.5%
turnover
Ebitda
+52.4%
+10.5%
-4.7
+5.8%
2014
2015
+7.4%
2015 restated.
2014
• turnover: Xof 47.3 billion driven
mainly by Mali (+22.7), Guinea
(+17.6)
• increase in Ebitda of Xof 20
billion francs thanks to growth in
revenues (54) stronger than the
increase in operating expenses
(34)
• Free Cash Flow: decrease of Xof
2 billion consecutive to a
significant
increase
in
investments
investments
-0.5
53.8%
+51.9%
2015
2015
restated
+1.8
+18.4%
+16.6%
2014
2015
15
3. tax and regulatory impacts
the tax and regulatory measures (especially the second half) had a negative impact of 2 points on group Ebitda ratio (51.9%
against 53.9%), representing 4.7% growth against 10.5%
Xof Billion
+7.4%
+5.8%
2.2
• turnover impacted negatively (1.6%) with the new TCT tax in
Guinea (Gnf 140.8 billion from July
to December or10.7 Xof billion)
876
10.7
turnover
863
816
MTR
Sénégal
TCT
Guinée
2015
2014
2015 restated
• Ebitda 2015 impacted by :
– adverse tax measures Xof 21.2
billion of which 14.9 en Guinea
and 6.2 in Mali.
Xof Billion
+10.5%
473
+4.7%
Ebitda
448
428
52.4%
2014
51.9%
2015
Tax impacts
regulatory impacts
Tartel/TCT – Guinea
15
Tartop – Mali
6.2
impact 21.2
MTR – Senegal : 1.7
Hotline – Senegal : 1.9
53.9%
impact 3.5
– the full-year extension of
regulatory
measures
on
hotlines and lower MTR in
Senegal (Xof 3.5 billion).
– resulting in 5.8 points Ebitda
less growth
2015
restated
3.turnover analysis (+7.4% restated)
• growth driven by the Mali and Guinea and supported by the mobile and international activity
• development of international activities significantly impacted by the Over-the-Top phenomena (viber, whatsapp etc.)
evolution
contribution
30%
25%
20%
domestic
interconnection
3.1%
15%
data & internet
6.2%
2%
Senegal
Sénégal
50%
Mali
33%
Guinea
Guinée
15%
Bissau
876
10%
863
mobile
66%
5%
0%
-5%
fixed line
4.1%
816
international
interconnection
18.9%
(Xof billion)
+7.4%
738
+5.8%
+10.5%
other wholesale
1.5%
-10%
-15%
2013
2014
17
2015
2015
restated
3.strengthening of the contribution of subsidiaries
15%
( in Xof billion)
turnover
Ebitda
net income
capex
ì turnover
growth
group
863
448
221
158
6%
Senegal
Mali
Guinea
2%
Bissau
431
284
133
16
49.9%
32.9%
15.4%
1.8%
200
163
77
8
44.7%
36.4%
17.1%
1.8%
86
92
39
4
39.1%
41.6%
17.6%
1.7%
69
49
33
6
43.8%
31.3%
21.2%
3.8%
1.4%
8.7%
15.3%
7.8%
turnover
50%
33%
2%
17%
contribution
to
profitability
Ebitda
45%
36%
2%
Sénégal
Senegal
18%
39%
Mali
Guinée
Guinea
41%
Bissau
18
net
income
3.sustained investments rising: 18% of turnover
(in Xof billion)
2013
2014
2015
2015-2104
∆ 14/13
∆ 15/14
Senegal
51
50
69
+19
-1%
37%
network
others
36
15
41
9
60
9
+19
-
14%
-38%
45%
0%
Mali
38
44
49
+5
16%
13%
network
others
33
5
40
4
46
3
+6
-1
22%
-24%
17%
-25%
Guinée
23
36
33
-3
54%
-7%
network
others
22
2
34
2
32
1
-2
-1
58%
5%
-6%
-50%
Bissau
4
6
6
-
47%
3%
network
others
3
1
5.2
0.5
5.7
0.2
-
56%
-12%
8%
-60%
total
capex rate
116
16%
135
17%
158
18%
+23
17%
+1
16%
+1
19
3.good cash generation
(in Xof billion)
equity
2012
2013
2014
2015
596
613
655
692
15
3
2013
2014
26
debt
26
15
3
4.4%
2.4%
0.5%
2
2
2012
debt ratio
692
655
613
596
0.3%
capitaux
equity propres
dettes
debt financières
2015
ratio
debtd'endettement
ratio
292
263
290
229
free cash flow
debt
ratio debt/free cash
flow
2012
2013
2014
2015
229
263
292
290
26
15
3
2
9.5%
5.1%
0.9%
0.9%
26
2012
free cash flow
15
2013
3
2014
dettes
debt financières
20
2
2015
ratio
d'endettement
ratio
debt/free cash flow
3.share price: significant increase in the monthly average price, record
level in July 2015 (Xof 28,810)
monthly
average
shareaction
price
cours
moyen
mensuel
publication H1 2015 results
peak of
the du
month
cours
- pic
mois
29,000
28,810
28,000
27,000
28,000
publication 2014 results
coupon detachment
26,000
25,000
25,000
24,000
23,000
22,000
27,000
26,567
23,995
22,800
22,365
23,962
25,000
24,841
26,000
25,261
24,500
24,167
25,304
24,800
23,800
23,490
23,901
22,828
21,000
20,000
21
26,500
26,215
26,340
26,650
25,895
sommaire
1. highlights 2015
2.
operational results 2015
.
3. financial results 2015
4. prospects 2016
5. appendix
22
4.prospects
§ The year 2015 has witnessed again the leadership and solid operating and financial performance of the
group in all countries of presence despite a competitive environment that is much hardened and a
regulatory and tax environment more difficult and affecting.
§ despite this difficult environment, the group managed to maintain its profitability and consolidate its
leadership maintaining strong commercial positions in all countries through the dynamics of conquest,
significant investments and improving the operational excellence and customer relationship.
§ the group intends to continue boosting its actions around the mobile data, value-added services and
Orange Money services; the ongoing repositioning of Orange Money in Senegal and the establishment
of future EMI subsidiaries (electronic money issuer institution) in each country is expected to boost this
activity.
§ the group will continue to strengthen its investments to better support its momentum of conquest and
leadership in all countries of presence; so he intends to pursue its policy of 4G license acquisition in
other countries of presence after the one acquired in Guinea Bissau.
§ the group will pursue its transformation and adaptation plans of its cost structure to continue its
profitable organic growth momentum; It will also continue its external growth projects in the West
African sub-region.
23
sommaire
1. highlights 2015
2.
operational results 2015
.
3. financial results 2015
4. prospects 2016
5. appendix
24
GARECGO
RACINE
MEMBRE DU RESEAU JPA INTERNATIONAL
MEMBRE D'ERNST & YOUNG
3, Place de l’Indépendance
Immeuble SDIH 2ème étage
BP 2763 – Dakar/Sénégal
22, Rue Ramez Bourgi
BP 545
Dakar/Sénégal
Société Nationale des Télécommunications du Sénégal
(SONATEL)
Rapport général des commissaires aux comptes
Etats financiers consolidés - Exercice clos le 31 décembre 2015
GARECGO
RACINE
MEMBRE DU RESEAU JPA INTERNATIONAL
MEMBRE D'ERNST & YOUNG
3, Place de l’Indépendance
Immeuble SDIH 2ème étage
BP 2763 – Dakar/Sénégal
22, Rue Ramez Bourgi
BP 545
Dakar/Sénégal
Société Nationale des Télécommunications du Sénégal
(SONATEL)
Rapport général des commissaires aux comptes
Etats financiers consolidés - Exercice clos le 31 décembre 2015
Messieurs les actionnaires,
En exécution de la mission qui nous a été confiée par votre Assemblée Générale, nous vous présentons notre rapport relatif à
l'exercice clos le 31 décembre 2015 sur le contrôle des états financiers consolidés du Groupe SONATEL (SONATEL, SONATEL
Mobiles, Orange Mali, SONATEL Multimedia, SONATEL Business Solutions, Orange Guinée, Orange Bissau).
Rapport sur les états financiers
Nous avons procédé à l'audit des états financiers consolidés ci-joints de la SONATEL comprenant le bilan, le compte de
résultat, le tableau financier des ressources et emplois, ainsi que les notes annexes aux états financiers consolidés de la
SONATEL pour la période du 1er janvier au 31 décembre 2015.
Responsabilité de la direction relative aux états financiers
financiers
La direction est responsable de l'établissement et de la présentation sincère des états financiers, conformément au système
comptable de l’OHADA, ainsi que du contrôle interne qu’elle estime nécessaire à l’établissement d’états financiers ne
comportant pas d’anomalies significatives, que celles-ci proviennent de fraudes ou résultent d’erreurs.
Responsabilité de l'auditeur
Notre responsabilité est d'exprimer une opinion sur ces états financiers sur la base de notre audit. Notre audit a été effectué
conformément aux normes d’audit applicables au Sénégal. Ces normes requièrent de notre part, de nous conformer aux règles
d’éthique, de planifier et de réaliser l’audit en vue d’obtenir une assurance raisonnable que les états financiers ne comportent
pas d’anomalies significatives.
Un audit implique la mise en œuvre de procédures en vue de recueillir des éléments probants concernant les montants et les
informations fournies dans les états financiers. Le choix des procédures mises en œuvre, y compris l’évaluation des risques que
les états financiers contiennent des anomalies significatives, que celles-ci proviennent de fraudes ou résultent d’erreurs, relève
du jugement de l’auditeur. En procédant à cette évaluation des risques, l’auditeur prend en compte le contrôle interne de
l’entité relatif à l’établissement et à la présentation sincère des états financiers afin de définir des procédures d’audit
appropriées en la circonstance, et non dans le but d’exprimer une opinion sur l’efficacité du contrôle interne de l’entité. Un
audit consiste également à apprécier le caractère approprié des méthodes comptables retenues, le caractère raisonnable des
estimations comptables faites par la direction et la présentation d’ensemble des états financiers.
Nous estimons que les éléments probants recueillis sont suffisants et appropriés pour fonder notre opinion.
Opinion
A notre avis, les états financiers consolidés annexés au présent rapport sont réguliers et sincères et donnent une image fidèle
de la situation financière, du patrimoine ainsi que du résultat de l’ensemble constitué par les entités comprises dans la
consolidation, conformément aux règles et méthodes comptables édictées par le Système Comptable de l’OHADA.
Les Commissaires aux Comptes
GARECGO
RACINE
MEMBRE DU RESEAU JPA INTERNATIONAL
MEMBRE D’ERNST & YOUNG
Mamour FALL
Makha SY
Associé
Associé
Le 19 février 2016
2
Sommaire
Rapport général des commissaires aux comptes
Etats financiers consolidés au 31 décembre 2015
Bilan consolidé
1-2
4-38
4-5
Compte de résultat consolidé
Tableau financier des ressources et emplois consolidé
6
7-10
Annexe 1 : Note sur les comptes consolidés
11-29
Annexe 2 : Règles et méthodes comptables
30-34
Autres tableaux annexes
35-38
3
consolidated financial statement: assets
consolidated financial statement: liabilities
consolidated financial statement: P&L
Consolidated Financial Statement: TAFIRE I
AMOUNT
AMOUNT
(XOFmillion)
(XOFmillion)
GOP
2,812 (TT)Operatingexpensestransfer
5,605
42 (UA)Financialincome
(UE)Financialexpensestransfer
0 (UC)Exchangerateprofit
110,105 (UL)Outsideregularactivitiesproducts
(UN)Outsideregularactivitiesexpensetransfer
455,856
3,246
Total(I)
118564
470349
GCF:Total(II)-Total(I)
351,785
(SA)Financialfees
(SC)Exchangerateloss
(SL)Expensesoutsideordinaryactivities
(SQ)participation
(SR)incometax
5,534
1
5,711
0
0
Total(II)
FINANCINGFROMCASHFLOW(A.F.)
Dividendsdistributedduringthefiscalyear
AF=GCF–Dividendsdistributionduringthefiscalyear
183,386
168,398
WORKINGCAPITALNEEDCHANGES(N.W.C.)
ChangeN.W.C.=Inventorychange+debtchanges+notespayablechangeS
Stockchangen-(n-1)
N-(N-1)
Uses
(increase+)
Resources
(decrease-)
(BC)Goods
0
0
(BD)Rawmaterielandotherstocks
0
703
(BE)In-progress
0
0
(BF)Manufacturedproducts
0
0
(A)Globalnetchangeinstock
0
0
703
703
Consolidated Financial Statement: TAFIRE I – next
CHANGESINRECEIVABLES
Uses
Resources
(increase+)
(decrease-)
Suppliers,paidadvances
Customers
Otherreceivables
Conversionvariance-Asset
TOTAL
(B)Globalnetchangein
receivables
CHANGESINDEBT
0
0
0
297
297
1,329
27,171
45,378
0
0
73582
73,879
Uses
Resources
(increase+)
(decrease-)
Customers,receivedadvances
Operatingsuppliers
Taxliabilities
Socialliabilities
Otherliabilities
Conversionvariance-Liabilities
Contingencyprovisioned
0
28298
0
1678
18555
0
0
179
0
532
0
0
800
429
TOTAL
48,531
1,941
(C)Globalnetchangein
inDebt
46590
,0
0
27,695
CHANGEINNWC=A+B-C
OperatingcashSURPLUS(OCS)
OCS=GOP–NWCCHANGES–Selfconstructedassets
GOP.
-ChangesinNWC
-Selfconstructedassets
O.C.S
2015
455,856
27,695
2014
426,234
65,706
-3,426
-2,288
480,125
489,652
Consolidated Financial Statement: TAFIRE II
fiscalyear2015
USE
fiscalyear2014
Resources
U-;R+
I-INVESTMENTS
ANDDISINVESTMENTS
Fixedcharges(increaseduringtheperiod
Internalgrowth
Purchases/Transfersofintangibleassets
0
0
10,074
0
-3,991
Purchases/Transfersoftangibleassets
148,341
177
-131,319
Externalgrowth
Purchases/Transfersoffinancialassets
24,628
14,610
-5,868
168,257
0
-141,178
0
27,695
65,706
140,562
0
-75,472
0
4,569
9,535
TOTALINVESTMENTS
II-CHANGESINOPERATIONWORKINGCAPITALNEED
A-EconomicusestobefinancedFF+FG
III-USES/RESOURCES(B.F.;H.A.O.)
IV-RESTRAINEDFINANCIALUSES
3,568
-22,670
Reimbursement(basedonpaymentschedule)ofloansandnancialdebt
B-TOTALUSESTOBEFINANCED
139,561
0
-88,608
183,386
351,785
151,601
0
0
0
0
0
V-INTERNALFINANCING
Dividends(uses)/CAFG(resources)
VI-EQUITYFINANCING
IncreaseinEquitybynewcontribution
InvestmentsfromGrants
Equitywithdrawals
0
Consolidated Financial Statement: TAFIRE II – next
fiscalyear2015
fiscalyear2014
USE
Resources
U-;R+
VII-FINANCINGBYNEWLOANS
Loans
otherfinancialliabilities
0
0
0
2,521
297
6,992
C-NETFINANCINGRESSOURCES
0
170,919
158,890
D-EXCESSORSHORTAGEOFRESOURCESFUNDING(C-B)
0
31,358
70,282
228,160
196,802
0
0
-196,802
-126,519
31,358
0
-70,282
VIII-CASHVARIATION
NetCash
Attheendoftheperiod+orAtthebeginningoftheperiod+orCashchanges
(+use;-resources)
Control(basedonNandN-1balancesheetvolumes)
Workingcapitalchange(WC):WC(N)-WC(N-1)
Use
12/31/2014
Resources
12/31/2013
906
0
0
32,264
Cashchange(T)T(N)-T(N-1)
31,358
0
TOTAL
32,264
32,264
NWCchange:NWC(N)-NWC(N-1)
5.income assignment resolutions draft 2015
DRAFT RESOLUTIONS THAT WILL BE SUBMITTED AT THE ORDINARY GENERAL MEETING WHICH
APPROVES THE FINANCIAL STATEMENTS
FOR SONATEL FISCAL YEAR 2014.
___________________
RESOLUTION DRAFT : FISCAL YEAR 2015 INCOME ASSIGNMENT
The Shareholders Assembly , approving the proposal of the Board of Directors, decides to allocate the entire profit of
the year ended 31 December 2015 to dividends.
Moreover, the Shareholders Assembly decided to take Xof 8,208,042,058 on free reserves to pay out dividends.
Accordingly, the Annual General Meeting sets at one Xof thousand six hundred and sixty seven (1667) the gross
dividend per share.
After deduction of withholding tax of 10% in respect of IRVM, net dividend Xof one thousand five hundred (1500) will be
paid as of May 10th, 2016 in Dakar.
thank
you