intralot maroc s.a. · intralot maroc s.a. casablanca statutory’s auditor report for the...

INTRALOT MAROC S.A.

STATUTORY AUDITOR'S REPORT

FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2019

I.F. : 1021006

R.C. :51 451 CNSS : 2749797 TP : 37993157

ICE: 000084172000066

Deloitte Audit

Bd Sidi Mohamed BEN ABDELLAH

Tour Ivoire 3, Etage 3,

Casablanca Marina, 20000,

Morocco

Phone: + 212 5 22 22 40 25

+ 212 5 22 22 47 34

Fax: + 212 5 22 22 40 78 + 212 5 22 22 47 59

To the Shareholders

INTRALOT MAROC S.A.

Casablanca

STATUTORY’S AUDITOR REPORT FOR THE

FINANCIAL YEAR JANUARY 1, 2009TO DECEMBER 31,

2019

In accordance with our appointment as statutory auditors by your Annual General Meeting,

we have audited the attached primary financial statements of INTRALOT MAROC S.A.,

comprising the statement of financial position, income and expense account, cash flow

statement, and the statement of supplementary information (ETIC) for the financial year

ended December 31, 2019. These primary financial statements show a negative and

similar amount of shareholders' equity of MAD 160,559,228.02, including a net loss of

MAD 109,780,274.44. These statements were approved by the Board of Directors on May

16, 2020 within the evolving context of the health crisis of the COVID-19 epidemic, based

on the information available at that date.

Management's Responsibility

Management is responsible for the preparation and fair presentation of these primary

financial statements in accordance with the accounting standards accepted in Morocco.

This responsibility includes designing, implementing and maintaining internal oversight

relevant to the preparation and presentation of primary financial statements that are free

from material misstatement, as well as making accounting estimates that are reasonable

in the circumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on these primary financial statements based on

our audit. We conducted our audit in accordance with the Standards of the Profession in

Morocco. Those standards require that we comply with ethical rules and plan and perform

the audit to obtain reasonable assurance about whether the financial statements are free

of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the primary financial statements. The procedures selected depend on the

auditor's judgment, including assessing the risk of material misstatement of the primary

financial statements. In making those risk assessments, the auditor considers the entity's

internal oversight relevant to the entity's preparation and presentation of the primary

financial statements to design audit procedures that are appropriate in the circumstances,

but not for the purpose of expressing an opinion on the effectiveness of the entity's

internal oversight. An audit also includes evaluating the appropriateness of accounting

policies used and the reasonableness of accounting estimates made by management, as

well as evaluating the overall presentation of the primary financial statements.

In our opinion, the evidence gathered is sufficient and appropriate to provide a basis for

our opinion.

of 4

Opinion on the primary financial statements

1. During FY 2018, Intralot Maroc S.A. was subject to a tax audit covering corporate

income tax (CIT), value added tax (VAT), income tax (IT) and withholding tax on

income from shares (RAS) for FY 2016 and FY 2017.

At the close of FY 2018, the corporation had not received any notification in respect

of the financial years audited, and recognized a lump-sum provision of

MAD 5 million.

During FY 2019, this oversight was resolved by the conclusion of a memorandum of

understanding with the tax authorities providing for the payment of a sum of

MAD 13.9 million.

As a result, the corporation’s earnings and shareholders' equity were understated by

MAD 8.9 million at December 31, 2019.

2. The operating income at the close of FY 2019 became negative. In addition, the

COVID-19 health crisis has negative impacts on the activity of Intralot Maroc S.A.

in 2020.

It should also be noted that the corporation's net position is negative as at

December 31, 2019 for an amount of MAD 161 million due to accumulated losses.

In light of the foregoing, we are not in a position to express an opinion on the

corporation's ability to continue as a going concern in the current environment.

3. At the end of the contract between Intralot Maroc S.A. and one of its partners, the

latter wished to activate the contractual option to purchase the equipment of the

central system. However, Intralot Maroc S.A. has not transferred this equipment

since its contract with another partner has been renewed.

As a result, the first partner commenced a lawsuit against Intralot Maroc S.A.

claiming damages. At this stage, the dispute is ongoing and no provision covering

this risk has been recorded in the financial statements for the financial year ended

December 31, 2019.

We are therefore not in a position to express an opinion on the outcome of this

dispute and its impact on the primary financial statements of Intralot Maroc S.A. as

at December 31, 2019.

4. The initial contract with one partner has not been renewed and no transactions

have been completed since the end of December 2018. The corporation still has a

net receivable of MAD 10.5 million not yet collected at the close of FY 2019, and no

provision for impairment of accounts receivable has been recorded.

At this stage, we are not in a position to express an opinion on the recoverability of

this receivable as at December 31, 2019.

Subject to the impact of the situations described in paragraphs 1 to 4, we certify that the

primary financial statements referred to in the first paragraph above are true and fair and

give, in all material respects, a true and fair view of the operating income for the financial

year ended December 31, 2019 and of the financial position and assets and liabilities of

INTRALOT MAROC S.A. as at December 31, 2019 in accordance with the accounting

standards accepted in Morocco.

of 4

Specific checks and disclosure

We have also performed the specific checks required by law and, except for the impact of

the facts set out above, we have ensured in particular that the information given in the

management report of the Board of Directors, dated May 16, 2020, intended for

shareholders is consistent with the corporation's financial statements.

In addition, and following other specific checks required by law, we bring to your attention

that regulated agreements, as described in our special report, have not been submitted to

your Board of Directors for prior approval.

Management has informed us that the events and information known subsequent to the

closing date of the financial statements relating to the effects of the Covid-19 crisis will be

reported at the Ordinary Shareholders' Meeting called to approve the financial statements.

Casablanca, June 15, 2020

The Statutory Auditor

Deloitte Audit

Adnane Faouzi

Partner

of 4

Corporate name: INTRALOT MAROC S.A.

PRIMARY FINANCIAL STATEMENTS AS AT DECEMBER 31, 2019

1. Statement of financial position:

- Assets.......................................................................................................................

- Liabilities.................................................................................................................. ..

2. Income and expense account.............................................................................

3. Statement of operating balances......................................................................................

4. Cash flow statement............................................................................................

5. Statement of supplementary information...........................................................

A. Accounting principles and methods

A.1 Main valuation methods specific to the company...................................

A.2 Statement of exemptions..................................................................................................

A.3 Statement of changes in methods.......................................................................

B. Additional information on the statement of financial position and the income and expense report...........

B.1 Detail of non-values............................................................................................

B.2 Schedule of capital assets............................................................................................

B.2bis Depreciation and amortization schedule................................................................................

B.3 Schedule of capital gains or losses on disposals of fixed assets.............................

B.4 Schedule of equity securities....................................................................

B.5 Schedule of provisions................................................................................

B.6 Schedule of accounts receivable............................................................................ ....

B.7 Schedule of debts................................................................................

B.8 Schedule of security interests given or received.....................................................

B.9 Financial commitments received or given, excluding finance leases....................

B.10 Schedule of leased assets.............................................................................

B.11 Details of Income and Expense Accounts....................................................................................... ...

B.12 Reconciliation of accounting net income to net income for tax purposes.........................................

B.13 Calculation of current earnings after tax..................................................

B.14 Details of Value Added Tax...........................................................

B.15 Contingent liabilities......................................................................................

C. Other additional information........................................................

Statement of share capital distribution..............................................................

Allocation of earnings during the financial year..........................

Earnings over the last three years..................................................

Schedule of foreign currency transactions recorded during the financial year........................

Dating of Subsequent Events..............................................................

Corporate name: INTRALOT MAROC

STATEMENT OF FINANCIAL POSITION - ASSETS

Financial Year from 01/01/2019 to 12/31/2019

A S S E T S

FINANCIAL YEAR

FINANCIAL

YEAR

PREVIOUS Gross

Depreciation and

Amortization Net

Net

C

A

P

I

T

A

L

A

S

S

E

T

S

Capital assets not valued [A] 2,739,937.10 1,362,369.52 1,377,567.58 99,339.05

Preliminary fees - - - -

Deferred charges over several financial years 2,739,937.10 1,362,369.52 1,377,567.58 99,339.05

Bond redemption premiums - - - -

Intangible assets [B] 6,052,342.21 6,052,342.21 - 212,287.90

Research and Development Capital Assets - - - -

Patents, trademarks, rights and similar values 6,052,342.21 6,052,342.21 - 212,287.90

Goodwill - - - -

Other intangible assets - - - -

Property, plant and equipment [C] 361,848,244.66 309,743,837.20 52,104,407.46 6,448,762.45

Lands - - -

Buildings - - - -

Technical facilities, equipment and tools 35,519,550.99 31,274,004.42 4,245,546.57 568,346.49

Transport equipment 202,055.00 202,055.01 -0.01 -

Furniture, Office equipment, Miscellaneous fittings 276,139,897.76 276,065,897.77 73,999.99 5,305,415.96

Other property, plant and equipment 2,201,880.00 2,201,880.00 - -

Property, plant and equipment under construction 47,784,860.91 - 47,784,860.91 575,000.00

Financial fixed assets [D] 2,173,655.10 - 2,173,655.10 2,205,655.10

Capitalized loans - - - -

Other financial receivables 2,173,655.10 - 2,173,655.10 2,205,655.10

Equity securities - - - -

Other fixed securities - - - -

Foreign currency translation assets [E] - - - -

Decrease in fixed receivables - - - -

Increases in financial debts - - - -

TOTAL (A+B+C+D+E) 372,814,179.07 317,158,548.93 55,655,630.14 8,966,044.50

C

U

R

R

E

N

T

A

S

S

E

T

S

Inventories [F] 4,864,113.00 3,611,413.54 1,252,699.46 1,941,594.00

Goods - - - -

Consumable materials and supplies 4,864,113.00 3,611,413.54 1,252,699.46 1,941,594.00

Products in progress - - - -

Intermediate and residual products - - - -

Finished Products - - - -

Receivables from current assets [G] 182,471,402.11 - 182,471,402.11 184,689,518.34

Accounts receivable, advance payments and

installments

6,842,335.28 - 6,842,335.28 917,187.37

Accounts receivable 118,366,078.13 - 118,366,078.13 153,257,855.90

Staff 1,090,057.12 - 1,090,057.12 1,001,706.18

Statement 55,760,245.47 - 55,760,245.47 29,326,455.79

Partner Accounts - - - -

Other receivables - - - -

Accruals - assets 412,686.11 - 412,686.11 186,313.10

Securities investment securities [H] - - - -

Currency translation differences assets [I]

Circulating elements 682,447.33 - 682,447.33 435,706.16

TOTAL II (F+G+H+I) 188,017,962.44 3,611,413.54 184,406,548.90 187,066,818.50

C

A

S

H

Cash and cash equivalents-Assets 67,935,571.50 - 67,935,571.50 85,204,493.90

Checks and securities to be cashed 18,378.57 - 18,378.57 -

Banks, T.G. and C.C.P 67,869,909.59 - 67,869,909.59 85,198,843.90

Cash, Imprest Accounts and Letters of Credit 47,283.34 - 47,283.34 5,650.00

TOTAL III 67,935,571.50 - 67,935,571.50 85,204,493.90

GRAND TOTAL I+II+III 628,767,713.01 320,769,962.47 307,997,750.54 281,237,356.90


BALANCE SHEET - LIABILITIES


LIABILITIES

FINANCIAL YEAR

PREVIOUS FINANCIAL

YEAR

P

E

R

M

A

N

E

N

T

F

I

N

A

N

C

I

N

G

SHAREHOLDERS’ EQUITY - 160,559,228.02 - 50,778,953.58

Share or personal capital (1) 300,000.00 300,000.00

Less: shareholders, uncalled subscribed capital - -

Called-up capital - -

Including paid - -

Issue, merger and contribution premiums - -

Revaluation differences - -

Legal reserve 30,000.00 30,000.00

Other reserves - -

Carry forward (2) - 51,108,953.58 21,937.03

Income pending allocation - 43,148,057.28

Net income for the financial year (2) - 109,780,274.44 - 7,982,833.33

Total shareholders' equity (A) - 160,559,228.02 - 50,778,953.58

Related shareholders' equity (B) - -

Investment grant - -

Tax-based provisions - -

Financing debts (C) - -

Bond issues - -

Other financing debts - -

Long-term provisions for liabilities and charges (D) - -

Provisions for liabilities - -

Provisions for charges - -

Unrealized currency translation differences (E) - -

Increased in fixed receivables - -

Decrease in financing debt - -

TOTAL I (A+B+C+D+E) - 160,559,228.02 - 50,778,953.58

Current liabilities (F) 418,711,088.61 219,650,800.36

LIABILITIE

S

A

S

S

E

T

S

Accounts receivable 328,788,275.37 166,146,020.68

Accounts payable, advance payments and installments 1,009,638.15 12,642,290.25

Staff 3,217,965.32 1,689,492.83

Welfare bodies 1,433,768.45 1,114,739.00

Statement 62,161,685.82 33,341,992.32

Partner Accounts 37,931.06 37,975.51

Other creditors 20,016,215.81 2,618,432.88

Accruals - liabilites 2,045,608.63 2,059,856.89

Other provisions for liabilities and charges (G) 47,753,720.12 111,436,788.41

Currency translation differences - liabilities (Current items) (H) 2,091,244.22 928,721.71

TOTAL II (F+G+H) 468,556,052.95 332,016,310.48

CASH LIABILITIES 925.61 -

C

A

S

H

Discount credits - -

Cash credits - -

Regulating banks 925.61 -

TOTAL III 925.61 -

GRAND TOTAL I+II+III 307,997,750.54 281,237,356.90


INCOME AND EXPENSE ACCOUNT (excluding taxes)


DESCRIPTION

TOTAL

TRANSACTI

ONS FOR

THE

FINANCIAL

YEAR

TOTAL

TRANSACTI

ONS FOR

THE

PREVIOUS

FINANCIAL

YEAR

For the financial year

Concerning previous

financial years

1 2 3 = 2 + 1 4

O

P

E

R

A

T

I

O

N

I

OPERATING INCOME 335,058,763.96 - 335,058,763.96 348,498,278.27

Sales of Goods (as is) - - - -

Sales of goods and services produced 261,835,572.68 - 261,835,572.68 303,566,678.27

Revenue 261,835,572.68 - 261,835,572.68 303,566,678.27

Change in inventories of products (1) - - - -

Fixed assets produced by the company for itself - - - -

Operating subsidies - - - -

Other operating income - - - -

Operating write-backs: expense transfers 73,223,191.28 - 73,223,191.28 44,931,600.00

Total I 335,058,763.96 - 335,058,763.96 348,498,278.27

II.

OPERATING CHARGES 338,681,021.40 144,982.00 338,826,003.40 343,413,447.79

Resale purchases (2) of goods - - - -

Consumed purchases (2) of materials and supplies 70,407,001.09 - 70,407,001.09 79,868,615.55

Other external expenses 105,294,659.75 - 105,294,659.75 131,813,463.81

Taxes and duties 350,734.03 144,982.00 495,716.03 663,768.21

Personnel expenses 30,234,072.18 - 30,234,072.18 21,482,921.35

Other operating expenses - - - -

Operating allocations 132,394,554.35 - 132,394,554.35 109,584,678.87

Total II 338,681,021.40 144,982.00 338,826,003.40 343,413,447.79

III OPERATING INCOME (I-II) - - - 3,767,239.44 5,084,830.48

P

E

R

M

A

N

E

N

T

IV

FINANCIAL INCOME 1,280,507.26 - 1,280,507.26 2,550,409.55

Proceeds from equity securities Other fixed securities - - - -

Foreign exchange gains 844,801.10 - 844,801.10 1,506,467.42

Interest and other financial income - - - -

Financial write-backs: expense transfers 435,706.16 - 435,706.16 1,043,942.13

Total IV 1,280,507.26 - 1,280,507.26 2,550,409.55

V

FINANCIAL EXPENSES 7,994,124.22 - 7,994,124.22 6,175,849.80

Interest expenses 7,254,893.81 - 7,254,893.81 5,266,787.38

Foreign exchange losses 56,783.08 - 56,783.08 473,356.26

Other financial expenses - - - -

Financial allocations 682,447.33 - 682,447.33 435,706.16

Total V 7,994,124.22 - 7,994,124.22 6,175,849.80

FINANCIAL INCOME (IV-V) - - - 6,713,616.96 - 3,625,440.25

CURRENT INCOME (III+VI) - - - 10,480,856.40 1,459,390.23


INCOME AND EXPENSE ACCOUNT (excluding taxes)


DESCRIPTION

TOTAL

TRANSACTI

ONS FOR

THE

FINANCIAL

YEAR

TOTAL

TRANSACTI

ONS FOR

THE

PREVIOUS

FINANCIAL

YEAR

For the financial year

Concerning previous

financial years

1 2 3 = 2 + 1 4

N

O

N

C

U

R

R

E

N

T

VII CURRENT INCOME (III+VI) - - - 10,480,856.40 1,459,390.23

VII

NON-CURRENT INCOME 5,077,167.05 - 5,077,167.05 1,488,152.05

Proceeds from disposals of capital assets - - - -

Balancing grants - - - -

Write-backs on investment grants - - - -

Other non-current income 11,996.09 - 11,996.09 152.05

Non-current write-backs; expense transfers 5,065,170.96 - 5,065,170.96 1,488,000.00

Total VIII 5,077,167.05 - 5,077,167.05 1,488,152.05

IX

NON-CURRENT EXPENSES 96,434,011.39 - 96,434,011.39 9,405,008.61

Net depreciation value of assets sold - - - -

Grants awarded - - - -

Other non-current expenses 96,434,011.39 - 96,434,011.39 4,405,008.61

Non-current depreciation, amortization and provisions - - - 5,000,000.00

Total IX 96,434,011.39 - 96,434,011.39 9,405,008.61

X NON-CURRENT INCoME (VIII-IX) - - - 91,356,844.34 - 7,916,856.56

XI PRE-TAX INCOME (VII+X) - - - 101,837,700.74 - 6,457,466.33

XII INCOME TAX ON PROFIT - - 7,942,573.70 1,525,367.00

XII NET INCOME (XI-XII) - - - 109,780,274.44 - 7,982,833.33

XIV TOTAL REVENUES (I+IV+VII) - - 341,416,438.27 352,536,839.87

XV TOTAL EXPENSES (II+V+IX+XIII) - - 451,196,712.71 360,519,673.20

XVI NET INCOME

(total income-total expenses) - - -109,780,274.44 -7,982,833.33


STATEMENT OF INTERMEDIATE MANAGEMENT BALANCES

(SMB)


DESCRIPTION

FINANCIAL

YEAR

PREVIOUS

FINANCIAL

YEAR

1 Sales of Goods (as is) - -

2 (-) Resale purchases of goods - -

I (=) GROSS MARGIN SALES AS REPORTED - -

II.

(+) PRODUCTION FOR THE FINANCIAL YEAR (3+4+5) 261,835,572.68 303,566,678.27

3 Sales of goods and services produced 261,835,572.68 303,566,678.27

4 Change in inventories of products - -

5 Fixed assets produced by the company for itself - -

III

(-) CONSUMPTION FOR THE FINANCIAL YEAR (6+7) 175,701,660.84 211,682,079.36

6 Consumed purchases of materials and supplies 70,407,001.09 79,868,615.15

7 Other external expenses 105,294,659.75 131,813,463.81

IV

(=) VALUE ADDED (I+II+III) 86,133,911.84 91,884,598.91

8 (+) Operating subsidies - -

9 (-) Taxes and duties 495,716.03 663,768.21

10 (-) Personnel expenses 30,234,072.18 21,482,921.35

V

(=)

GROSS OPERATING SURPLUS (GOS)

OR GROSS OPERATING DEFICIENCY(GOD) 55,404,123.63 69,737,909.35

11 (+) Other operating income - -

12 (-) Other operating expenses - -

13 (+) Operating write-backs, expense transfers 73,223,191.28 44,931,600.00

14 (-) Operating allocations 132,394,554.35 109,584,678.87

VI (=) OPERATING INCOME (+or-) - 3,767,239.44 5,084,830.48

VII (+) FINANCIAL INCOME - 6,713,616.96 - 3,625,440.25

VII (=) CURRENT INCOME (+or-) - 10,480,856.40 1,459,390.23

IX (+) NON-CURRENT INCOME - 91,356,844.34 - 7,916,856.56

15 (-) Income tax on earnings 7,942,573.70 - 1,525,367.00

X (=) NET INCOME FOR THE FINANCIAL YEAR - 109,780,274.44 - 7,982,833.33

1

Net income for the financial year - 109,780,274.44 - 7,982,833.33

Profit + -

Loss - - 109,780,274.44 - 7,982,833.33

2 (+) Operating allocations (1) 12,624,721.99 26,216,061.58

3 (+) Financial allocations (1) - -

4 (+) Non-current allocations (1) - -

5 (-) Operating reversals (2) - -

6 (-) Financial reversals (2) - -

7 (-) Non-current reversals (2) - -

8 (-) Proceeds from disposals of fixed assets - -

9 (+) Net depreciation values Real estate Assigned - -

XI CASH FLOW FROM OPERATIONS (C.I.F.) - 97,155,552.45 18,233,228.25

10 (-) Distribution of profits - -

XI SELF-FINANCING - 97,155,552.45 18,233,228.25


CASH FLOW STATEMENT


I. SUMMARY OF CONDENSED BALANCE SHEET CONDENSED BALANCE SHEET FY N FY N-1 VARIATION A-B

1. Permanent funding

2. Less fixed assets

3. FUNCTIONAL WORKING CAPITAL (A) (1-2)

4. Current assets

5. Less current liabilities

6. = OVERALL FINANCING REQUIREMENTS (A) (4-5)

7. NET CASH (ASSETS - LIABILITIES)

Jobs C Resources D

- 160,559,228.02 - 50,778,953.58 109,780,274.44

55,655,630.14 8,966,044.50 46,689,585.64

- 216,214,858.16 - 59,744,998.08 156,469,860.08

184,406,548.90 187,066,818.50 2,660,269.60

468,556,052.95 332,016,310.48 136,539,742.47

- 284,149,504.05 - 144,949,491.98 139,200,012.07

67,934,645.89 85,204,493.90 17,269,848.01

II. JOBS AND RESOURCES

FINANCIAL

YEAR

FY N-1

I. STABLE RESOURCES FOR THE FINANCIAL YEAR (FLOWS)

* SELF-FINANCING (A)

- Cash flow from operations

- Distribution of profits

* DISPOSALS AND REDUCTIONS IN FIXED ASSETS. (B)

* disposals of intangible assets

* disposals of property, plant and equipment

* disposals of financial assets

* Recoveries from fixed receivables

* INCREASES IN SHAREHOLDERS'

EQUITY AND EQUIVALENTS ( C )

* Capital increases, contributions

* Investment grant

* INCREASE IN FINANCIAL DEBT (D)

(net of redemption premiums) TOTAL I.

STABLE RESOURCES

II. JOB SECURITY FOR THE FINANCIAL YEAR

ACQUISITIONS AND PROPERTY INCREASES. (E)

* Acquisitions of intangible assets

* Acquisitions of property, plant and equipment

* Acquisition of financial fixed assets

* - Increase in receivables

* DECREASE IN

SHAREHOLDERS' EQUITY (F)

* REPAYMENT OF FINANCIAL DEBT

(D)

* JOBS NOT VALUED (H)

TOTAL II. STABLE JOBS ( E+F+G+H )

III. CHANGE IN OVERALL

FINANCING REQUIREMENT

(G.F.B.)

IV. CHANGE IN CASH AND CASH EQUIVALENTS

JOBS RESOURCES JOBS RESOURCES

97,155,552.45 18,233,228.25

97,155,552.45 18,233,228.25

64,000.00

64,000.00

97,155,552.45 64,000.00 - 18,233,228.25

59,378,307.63 8,650,051.21

743,280.33 283,050.54

56,803,387.33 8,126,022.51

32,000.00 42,300.00

1,799,639.97 198,678.16

59,378,307.63 8,650,051.21 -

139,200,012.07 8,295,149.63

- 17,269,848.01 17,878,326.67

GRAND TOTAL 156,533,860.08 156,533,860.08 26,528,377.88 26,528,377.88


STATEME

NT A1

MAIN VALUATION METHODS SPECIFIC TO THE COMPANY


1.1- Capital assets

Evaluation in accordance with the CGNC

1.2. Amortization of capital assets

Depreciation is calculated over the estimated useful life of the assets using the straight-line method.

Incorporation and Preliminary Fees N/A

Patents and Trademarks 100% 50% 33.33% 25% 20% 16.67%

TECHNICAL FACILITY 100% 50% 33.33% 25% 20% 14.29%

Transport equipment 33.33%

Office furniture 50% 33.33% 25% 20% 16.67%

Office equipment 100% 50% 33.33% 25% 20% 14.29%

Material and tools 50% 33.33% 20% 14.29% 16.67%

Other office furniture N/A

Handling equipment 20%

Computer hardware 50% 33.33% 25% 20% 16.67% 14.29%

Computer hardware (software) N/A

Fittings and installations 20% 25% 33.33% 50% 16.67%

Other minor works and miscellaneous improvements 20% 33.33% 14.29% 50% 16.67%

Other tangible fixed assets 14.29% 16.67% 20% 25% 16.67%

Tangible fixed assets in course of construction 50%

Other facilities N/A

Small fixtures N/A

CAPITAL ASSET ACQUISITION COSTS 100% 50%

1.3- Stocks

Stock valuation is based on the CMUP

1.4- Clients


Trade receivables in foreign currencies are discounted at the end of the

financial year

1.5 Miscellaneous debtors


1.6 Cash and cash equivalents


1.7 Suppliers

Suppliers whose invoices are denominated in foreign currencies are discounted at the exchange rates

in effect at the end of the financial year

1.8 Other liability accounts

No specificity of evaluation with respect to the NGC


STATEME

NT A1

MAIN VALUATION METHODS SPECIFIC TO THE COMPANY(Continued)


INDICATION OF THE VALUATION METHODS APPLIED BY THE COMPANY

II . CURRENT ASSETS (Non-cash)

1. Stocks


2. Evaluation of provisions for depreciation STOCK


3. Receivables in foreign currencies

Invoices are posted at the exchange rate of the day of the invoice date. Receivables in foreign currencies due at the reporting

date are discounted at the rate prevailing at the reporting date.

4. Evaluation of provisions for depreciation CLIENT

Receivables and payables are valued at their nominal value. A provision for depreciation is recorded when the inventory

value is lower than the book value.

5. Methods used to determine translation differences - Assets The

increase or decrease in the current receivable or debt, particularly for

foreign customers or suppliers, constitutes an addition to or reduction in

the receivable modifying the entry value according to the fluctuation in

the exchange rate at the reporting date.

III . CURRENT LIABILITIES (Non-cash)

1. Foreign currency receivables

Invoices are posted at the exchange rate of the day of the invoice date. Foreign currency receivables due at the reporting date

are discounted at the rate prevailing at the reporting date.

2. Valuation of other provisions for liabilities and charges

Unrealized losses resulting from exchange rate differences and recognized as an active translation adjustment are subject to a

provision for exchange rate risk. When the future settlement of a receivable appears uncertain, in particular

following a dispute with the debtor, or because of its financial situation, a provision for liabilities and charges must be set up

calculated on the basis of

of the probable loss


STATEME

NT A2

STATEMENT OF EXEMPTIONS


Indication of exemptions

Justification of

exemptions

Influence of exemptions on the

assets and liabilities the financial

situation and

the earnings

I. Exemptions from fundamental accounting principles

No exemption

II. Exemptions to valuation methods

No exemption

III. Exceptions to the rules for presenting primary financial

statements

No exemption

NOTHING TO

REPORT

NOTHING TO

REPORT

NOTHING TO

REPORT

Corporate name: INTRALOT MAROC STATEMENT A3

STATEMENT OF CHANGES IN METHODS


Nature of changes

Rationale for

changes

Influence of exemptions on the

assets and liabilities financial

position and earnings

I. Evaluation methods

NOTHING TO REPORT

II Changes in presentation rules NOTHING TO REPORT


STATEME

NT B1

DETAILS OF NON-VALUES


PRINCIPAL

ACCOUNT

TITLED

AMOUNT

Preliminary fees:

2111 Incorporation expenses

2112 Pre-start up costs

2113 Capital increase costs

2114 Merger, spin-off and transformation costs

2116 Prospecting fees

2117 Advertising expenses

2118 Other preliminary expenses

Deferred charges over several financial years:

2121 Capital asset acquisition costs 2,739,937.10

2125 Debt issuance costs

2128 Other deferred charges

Bond redemption premiums:

2130 Bond redemption premiums:

TOTAL 2,739,937.10

Corporate name: INTRALOT MAROC STATEMENT

B2

SChEDULE OF NON-FINANCIAL FIXED ASSETS


N A T U R E

GROSS AMOUNT

BEGINNING OF

FINANCIAL

YEAR

INCREASE DECREASE GROSS AMOUNT

END OF

FINANCIAL

YEAR

Acquisition

Production by

the company for

itself

Transfer

Assignment

Withdrawa

l

Transfer

CAPITAL ASSET WRITE-DOWNS 940,297.13 1,799,639.97 - - - - - 2,739,937.10

Preliminary fees - - -

Deferred charges over several financial years 940,297.13 1,799,639.97 2,739,937.10

Bond redemption premiums - - -

INTANGIBLE ASSETS [B] 5,309,061.88 743,280.33 - - - - - 6,052,342.21

Fixed assets In research and development - - -

Patents, trademarks, rights and similar values 5,309,061.88 743,280.33 6,052,342.21

Goodwill - - -

Other tangible fixed assets - - -

PROPERTY, PLANT AND EQUIPMENT [B] 305,044,857.34 56,803,387.33 - - - - - 361,848,244.67

Lands - - -

Buildings - - -

Technical facilities, equipment and tools 30,432,792.66 5,086,758.33 35,519,550.99

Transport equipment 202,055.00 - 202,055.00

Furniture, office equipment and fittings 271,633,129.68 4,506,768.09 276,139,897.77

Miscellaneous property, plant and equipment 2,201,880.00 - 2,201,880.00

Property, plant and equipment in course of construction 575,000.00 47,209,860.91 47,784,860.91

GRAND TOTAL 311,294,216.35 59,346,307.63 - - - - - 370,640,523.98

Corporate name: INTRALOT MAROC STATEMENT B2.BIS

SCHEDULE OF AMORTIZATIONS


N

A

T

U

R

E

Accumulated,

beginning of

financial

year 1

Allowances for

financial

year 2

Amortization on retired

capital assets

3

Accumulated

amortization at year-

end

4 = 1 + 2 - 3

CAPITAL ASSET WRITE-DOWNS 840,958.05 521,411.47 - 1,362,369.52

Preliminary fees - - -

Deferred charges over several financial years 840,958.05 521,411.47 1,362,369.52

Bond redemption premiums - - -

INTANGIBLE ASSETS [B] 5,096,773.97 955,568.24 - 6,052,342.21

Fixed assets In research and development - - -

Patents, trademarks, rights and similar values 5,096,773.97 955,568.24 6,052,342.21

Goodwill - - -

Other intangible fixed assets - - -

PROPERTY, PLANT AND EQUIPMENT [B]

299,066,353.18 10,677,484.03 - 309,743,837.21

Lands - - -

Buildings - - -

Technical facilities, equipment and tools 29,917,881.09 1,356,123.33 31,274,004.42

Transport equipment 202,055.01 - 202,055.01

Furniture, office equipment and fittings 266,744,537.08 9,321,360.70 276,065,897.78

Other property, plant and equipment 2,201,880.00 - 2,201,880.00

Property, plant and equipment in course of construction - - -

GRAND TOTAL 305,004,085.20 12,154,463.74 - 317,158,548.94


B3

SCHEDULE OF CAPITAL GAINS OR LOSSES ON DISPOSALS OF

CAPITAL ASSETS


N/A

Date of disposal or

withdrawal Princiapl account Gross amount

Cumulated

depreciation

Net depreciation

value Assignment price Capital gains Capital

losses

TOTAL 0.00 0.00 0.00 0.00 0.00 0.00


STATEME

NT B4

SCHEDULE OF EQUITY SECURITIES


Corporate name:

of the issuing

company

Sector

of

activity

1

Share

capita

l 2

shared

holdings

3

Overall purchase price 4

Value

Net accounting

5

xtract from the latest primary financial statements of the issuing company

Revenues recorded

in the Income and

Expense Accounts

for the financial year

9

Reporting date

6

Net situation

7

Net income

8

NA

T

TOTAL 0.00 0.00


STATEME

NT B5

SCHEDULE OF PROVISIONS


N A T U R E STARTING

AMOUNT

FINANCIAL YEAR

ALLOWANCES

REVERSALS

END AMOUNT

FINANCIAL

YEAR Operating Financial Non-current Operating Financial Non-current

1. Provisions for impairment

of capital

assets

-

-

-

-

-

-

-

-

2. Tax-based provisions - - - - - - - -

3. Sustainable contingencies

for

risks and expenses

- - - - - - - -

SUB-TOTAL (A) - - - - - - - -

4. Provisions for

impairment of current assets

(excluding cash and cash

equivalents)

2,134,963.00

3,611,413.54

-

-

2,134,963.00

-

-

3,611,413.54

5. Other Provisions for

risks and expenses 111,436,788.41 12,158,418.82 682,447.33 - 71,088,228.28 435,706.16 5,000,000.00 47,753,720.12

6. Provisions for

depreciation of cash

accounts

-

-

-

-

-

-

-

-

SUB-TOTAL (B) 113,571,751.41 15,769,832.36 682,447.33 - 73,223,191.28 435,706.16 5,000,000.00 51,365,133.66

TOTAL (A+B) 113,571,751.41 15,769,832.36 682,447.33 - 73,223,191.28 435,706.16 5,000,000.00 51,365,133.66


STATEME

NT B6

SCHEDULE OF ACCOUNTS RECEIVABLE


ACCOUNTS

RECEIVAB

LE

TOTAL

MATURITY ANALYSIS

Mor

e

than

one

an

Less

than

one

an

Due and

uncollected

Amount

in

currencies

Amount on

the State and

Public Bodies

Amount on

affiliated

companies

Amounts

represente

d

by bills of

exchange

CAPITAL ASSETS

-Capitalized loans

-Other financial receivables

2,173,655.10

2,163,355.10

10,300.00

2,099,355.10

CURRENT ASSETS

-Accounts receivable, advance

payments and installments

-Accounts receivable

-Staff

-Statement

-Partner Accounts

-other receivables

-Accruals - assets

6,842,335.28

118,366,078.13

1,090,057.12

55,760,245.47

412,686.11

917,187.37

60,986,436.88

960,263.58

18,824,587.19

5,925,147.91

57,379,641.25

129,793.54

36,935,658.28

412,686.11

55,760,245.47

6,842,335.28

118,366,078.13


STATEME

NT B7

SCHEDULE OF DEBTS


DEBTS

TOTAL

MATURITY ANALYSIS FURTHER ANALYSES

Mor

e

than

one

an

Less

than

one

an

Due and

unpaid

Amount

in

currencies

Amount vis-

à-vis the

State

and Public Bodies

Amount vis-à-

vis related

companies

Amounts

represented

by bills of

exchange

CORPORATE FINANCING

-Bond issues

-Other financial debts

CURRENT LIABILITIES

-Accounts 328,788,275.37 166,146,020.68 162,642,254.69 328,788,275.37

payable

-Accounts Payable 1,009,638.15 1,009,638.15 1,009,638.15

-Staff 3,217,965.32 284,874.37 2,933,090.95

-Welfare bodies 1,433,768.45 1,433,768.45 1,174,015.18 259,753.27

-Statement 62,161,685.82 26,235,022.26 35,926,663.56 62,161,685.82

-Partner Accounts 37,931.06 37,975.51

-Other creditors 20,016,215.81 2,833,582.99 17,182,632.82

-Accruals - 2,045,608.63 2,045,608.63

liabilities

Corporate name: INTRALOT MAROC STATEMENT B8

SCHEDULE OF ACTUAL SECURITIES GIVEN OR RECEIVED


THIRD PARTY CREDITORS OR

THIRD PARTY

DEBTORS

Amount covered

by the surety

Nature (1)

Date and

place of

registration

Subject (2)(3)

Net book value of the

surety given

FINANCIAL YEAR

*Sureties given

NA

* Sureties received

NA

(1) Gage: 1-Mortgage:2-Pledge:3- Warrant:4-Other:5-(to be specified)

(2) Specify if the surety is given to companies or third parties (sureties given) (related companies,

partners, staff members)

(3) Specify if the surety received by the company comes from third parties other than the debtor (sureties received)


STATEME

NT B9

FINANCIAL COMMITMENTS GIVEN OR

RECEIVED EXCLUDING FINANCE LEASES


COMMITMENTS GIVEN Amounts Year Amounts Ex.Pr.

Endorsements and guarantees

Pension commitments Other

commitments given

TOTAL

(1) Including commitments to related companies

..............................................................…

2,173,655.10

2,205,655.10

2,173,655.10 2,205,655.10

COMMITMENTS RECEIVED Amounts Year Amounts Ex.Pr.

Endorsements and guarantees

Other commitments received

TOTAL

- -


STATEMEN

T B10

SCHEDULE OF LEASED ASSETS


N/A

0.00 0.00 0.00 0.00 0.00 0.00

HEADINGS1 Date of the first due

date

2

Contract term in

months

3

Estimated value

of the asset at

the date of the

contract

4

Theoretical

depreciation

time

of the asset

5

Cumulative

previous

financial years

of

6

Amount of

the royalty

year

7

Remaining royalties to be paid Residual

purchase

price in

10

Remarks

11

Less than one

year

8

More than one

year 9


B11

DETAILS OF THE INCOME AND EXPENSE ACCOUNTS

ITEMS

Financial Year from 01/01/2019 to

12/31/2019

DESCRIPTION FINANCIAL

YEAR

FINANCIAL

YEAR

PREVIOUS

OPERATING CHARGES

611

Resale purchases of goods - -

Purchases of goods

Change in inventories of goods (±)

Total - -

612

Consumed purchases of materials and supplies 70,407,001.09 79,868,615.55

Purchase of raw materials - -

Change in inventories of raw materials (+) - -

Purchases of consumable materials and supplies and packaging 17,420,565.94 15,926,827.65

Change in inventories of materials, supplies and packaaging (±) -2,922,519.00 -1,068,117.00

Non-stock purchases of materials and supplies 934,048.48 901,295.44

Purchase of works, studies and services 54,974,905.67 64,108,609.46

Rest of the item - -

Total 70,407,001.09 79,859,805.75

613-614

Other external expenses 105,294,659.75 131,813,463.81

Rentals and rental charges 4,616,840.10 4,462,930.86

Finance lease payments

Maintenance and repairs 8,517,107.29 8,458,040.20

Insurance Premiums 321,971.12 306,138.77

Remuneration of external staff 126,329.76 122,793.60

Remuneration of intermediaries and fees 16,593,007.78 7,459,498.17

Royalties for patents, trademarks, rights, etc.

Transport 2,424,077.54 4,631,850.25

Travel, assignments and acceptances 3,057,206.62 46,294,879.03

Remainder of the item of other external expenses 69,638,119.54 60,077,332.93

Total 105,294,659.75 131,813,463.81

617

Personnel expenses 30,234,072.18 21,482,921.35

Staff remuneration 20,743,465.30 16,683,978.37

Social security charges 6,342,328.50 4,603,128.65

Remainder of the item of personnel expenses 3,148,278.38 195,814.33

Total 30,234,072.18 21,482,921.35

618

Other operating expenses - -

Attendance fees

Bad debt losses

Remainder of the item of other operating expenses

Total - -

638

FINANCIAL EXPENSES - -

Other financial expenses

Net expenses on disposals of securities and investment securities

Remainder of the item of other financial expenses

Total - -

658

NON-CURRENT EXPENSES 96,434,011.39 4,405,008.61

Other non-current expenses

Penalties on contracts and penalties 84,281,885.90

Income tax recalls (other than income taxes) 4,316,259.00

Tax penalties and fines 3,268,172.66 1,492,786.35

Receivables that have become irrecoverable 222.26

Remainder of the item of other non-current expenses 4,567,693.83 2,912,000.00

Total 96,434,011.39 4,405,008.61


B11

DETAILS OF THE INCOME AND EXPENSE ACCOUNTS

ITEMS (Continued)


12/31/2019

DESCRIPTION FINANCIAL

YEAR

FINANCIAL

YEAR

PREVIOUS

OPERATING INCOME

711

Sales of goods - -

Sales of goods in Morocco

Sales of goods abroad

Remainder of the item of the sales of goods

712

Total - -

Sales of goods and services produced 261,835,572.68 303,566,678.27

Sales of goods produced in Morocco

Sales of goods abroad

Sales of services in Morocco 261,408,000.68 303,566,678.27

Sales of services abroad

Royalties for patents, trademarks, rights, etc.

Remainder of the item of the sales of goods 427,572.00

Total 261,835,572.68 303,566,678.27

713

Change in inventories of products

Change in inventories of goods produced (+/-)

Change in inventories of services produced (+/-)

Change in inventories of products being made (+/-)

Total

718

Other operating income

Attendance fees received

Remainder of the miscellaneous income item

Total

719

Operating write-backs expense transfers 73,223,191.28 44,931,600.00

Reversals 73,223,191.28 44,931,600.00

Exepnse transfers

Total 73,223,191.28 44,931,600.00

738

FINANCIAL INCOME

Interest and other financial income

Interest and similar income

Income from loans to subsidiaries and affiliates

Net procees on disposals of securities and investment securities

Remainder of the interest item and other financial expenses

Total

Corporate name: INTRALOT MAROC STATEMENT B12

Reconciliation of accounting net income to net income for tax purposes


T I T L E D

AMOUNT (+)

AMOUNT (-)

I. NET ACCOUNTING INCOME

Net earnings

Net loss -109,780,274.44

II. CURRENT TAX REASSESSMENTS 10,715,154.08

EXCESS ON CAR RENTAL CHARGES 303,820.64

UNREALIZED CURRENCY TRANSLATION DIFFERENCE 2,091,244.22

CUSTOMER GIFTS 171,000.00

LATE INTEREST 6,712,633.92

PRIOR FINANCIAL YEAR'S EXPENSE 122,667.60

MINIMAL CONTRIBUTION 1,313,787.70

NON-CURRENT TAX REASSESSMENTS 14,358,199.66

TAX PENALTIES AND FINES 14,358,199.66

III. CURRENT TAX REASSESSMENTS 928,721.71

CURRENCY TRANSLATION DIFFERENCE REVERSAL 928,721.71

NON-CURRENT TAX REASSESSMENTS 5,000,000.00

REVERSAL OF RISK PROVISION: TAX AUDIT 5,000,000.00

Total 25,073,353.74 -103,851,552.73

IV. GROSS EARNINGS FOR TAX PURPOSES

Gross earnings if T1> T2 (A)

Gross tax deficit if T2> T1 (B) 78,778,198.99

V. LOSS CARRY-FORWARDS CHARGED (C) (1)

FY n-4

FY n-3

FY n-2

FY n-1

VI - NET TAXABLE INCOME

. Net taxable profits ( A - C) (OR)

. Net tax loss (B) 78,778,198.99 VII. ACCUMULATED TAX-DEFERRED DEPRECIATION VIII. ACCUMULATED TAX LOSSES TO BE CARRIED FORWARD

FY n-4

FY n-3

FY n-2

FY n-1

FY N

(1) Within the limit of the amount of the gross profits for tax purposes


STATEME

NT B13

CALCULATION OF CURRENT EARnINGS AFTER TAX


I. CALCULATION OF EARNINGS AMOUNT

- Current result according to Income and Expense Accounts

(+/-) - 10,480,856.40

- Tax reinstatements on current operations ( + ) 10,715,154.08

- Tax deductions on current operations ( - ) 928,721.71

- Current income theoretically taxable ( = ) - 694,424.03

- Theoretical tax on current income ( - )

- Current income after taxes ( = ) - 10,480,856.40

II. INDICATION OF THE TAX REGIME AND THE ADVANTAGES GRANTED

BY INVESTMENT CODES OR BY SPECIFIC LEGAL PROVISIONS


STATEME

NT B14

DETAILS OF VALUE ADDED TAX


N A T U R E

Balance, beginning of

financial year

(1)

Accounting

transactions for the

financial year

(2)

VAT returns for the

financial year

(3)

Balance, end of

financial year

(1+2-3=4)

A. VAT Billed 34,009,509.13 90,268,907.52 68,720,150.13 55,558,266.52

B. VAT Collectible 24,358,024.33 119,476,093.28 85,169,021.45 58,665,096.16

on expenses 13,835,375.79 109,086,033.59 75,666,258.86 47,255,150.52

on capital assets 10,522,648.54 10,390,059.69 9,502,762.59 11,409,945.64

C. VAT due or VAT credit = (A - B ) 9,651,484.80 -29,207,185.76 -16,448,871.32 -3,106,829.64

In accordance with current regulations, FY 2018 and FY 2019 are still not statute-barred.

INTRALOT MAROC S.A.'s tax returns for corporate income tax (CIT), income tax (IT) and value

added tax (VAT) relating to the said financial year may be audited by the tax authorities and remain

subject to checks and possible adjustments.

For the non-prescribed period, taxes issued by way of assessments may also be subject to review.

CNSS social security reporting could be subject to control and possible contribution reminders.


STATEMEN

T B15

CONTINGENT LIABILITIES


12/31/2019


STATEME

NT C1

STATEMENT OF THE BREAKDOWN OF SHARE CAPITAL

Amount of capital: 300,000


Surname, first name or company name of the

main shareholders (1)

Tax ID

C.I.N

. No.

or

Card

Address

NUMBER OF SHARES Nominal value of

each share or

unit

AMONT OF CAPITAL

Financial Year

N - 1 Current financial

year

Subscribed Called Paid up

2 3 4 5 6 7 8

INTRALOT S.A

64, Kifissias Ave. & 3, H. S. Khoury

- Sabbagh. Str., 15125 Athens, Greece

2,996

2,995

100.00

299,500.00

299,500.00

299,500.00

Mr. Nikolaos Nikolakopoulos

AN2334473

8A Pittakou Str., Nea Erythraia, Attiki, Greece

14671

1

1

100.00

100.00

100.00

100.00

Mr. Loannis Katakis

Florinis 67-73 Vrilissia, Greece

1

1

100.00

100.00

100.00

100.00

Ms. Evangelia Bouligaraki

AN3331115

Kadmou 2, 15238, Halandri Greece

1

1

100.00

100.00

100.00

100.00

Mr. Antonios Kerastaris Pefkon 46,Kifissia,Athens, Greece 1 - - - - -

Mrs. Maria Stergiou

AP0038571 37 Makrygiani str Maroussi 151 26Greece - 1 100.00 100.00 100.00 100.00

Mr. Evangelos Apostolakopoulos

AN2876291 27 Agiou Orous Street, 15123 Maroussi, Athens,

Greece - 1 100.00 100.00 100.00 100.00

3,000 3,000 600.00 300,000.00 300,000.00 300,000.00

(1) Where the number of shareholders is less than or equal to 10, the company must report all shareholders. In other

cases, only the top 10 shareholders should be mentioned in descending order of importance.

Corporate name: INTRALOT MAROC STATEMENT C2

SCHEDULE OF ALLOCATION OF EARNING DURING THE FINANCIAL YEAR


A. ORIGIN OF THE EARNINGS TO BE ALLOCATED

AMOUNT B. ALLOCATION OF EARNINGS AMOUNT

Decision of June 29, 2019 Legal reserve

Carry forward - 43,126,120.25 Other reserves

Net income pending allocation Percentages

Net income for the financial year - 7,982,833.33 Dividends

Withdrawals from reserves Other assignments

Other withdrawals Carry forward - 51,108,953.55

TOTAL A - 51,108,953.58 TOTAL B - 51,108,953.58


C3

EARNINGS AND OTHER CHARACTERISTIC ELEMENTS OVER THE LAST THREE

YEARS


Nature of the indications FY 2019 FY 2018 FY 2017

NET COMPANY SITUATION

Shareholders' equity plus shareholders’ equity and similar less capital assets not valued - 161,936,795.60 - 50,878,292.63 -42,862,922.89

OPERATIONS AND EARNINGS FOR THE FINANCIAL YEAR

1. Revenue excluding taxes 261,835,572.68 303,566,678.27 246,437,428.88

2. Pre-tax earnings - 101,837,700.74 - 6,457,466.33 -41,915,288.78

3. Income tax on earnings 7,942,573.70 1,525,367.00 1,232,768.50

4. Distributed profits

5. Retained earnings (in reserves or pending appropriation) - 109,780,274.44 - 50,778,953.58 -42,796,120.25

EARNINGS PER SHARE

Net earnings per share or per unit

Earnings distributed per share or unit

STAFF

Amount of gross salaries for the financial year

20,743,465.30

16,683,978.37 12,051,255.85

Average number of employees employed during the financial year 76 76 81


STATEMEN

T C4

SCHEDULE OF FOREIGN CURRENTY TRANSACTIONS RECORDED DURING THE FINANCIAL

YEAR


12/31/2019

NATURE Input against value in

dirhams Output countervalue in dirhams

Permanent funding

-

-

- -

42,894,431.11 2,930,197.07

- -

Income

Expenses 77,401,407.43 55,409,605.34

Total entries 120,295,838.54 58,339,802.41

Total outputs

Currency balance

TOTAL 120,295,838.54 58,339,802.41

Unfavourable

In Morocco and many other countries, confinement measures have been taken by local authorities

in response to the COVID-19 health crisis that occurred in March 2020. The situation in the current

context is uncertain and evolving and at this stage it is difficult to anticipate the impacts on

business.

The corporation has updated its cash flow forecasts for the next twelve months by integrating this

new context, to the best of the information available to date, based on assumptions relating in

particular to an expected decline in sales and earnings during FY 2020.

On this basis, management believes that the application of the going concern accounting principle

for the year ended December 31, 2019 remains appropriate and that the going concern is not

uncertain.

N/A

Favorable

Indications of events Date


STATEM

ENT C5

DATING AND SUBSEQUENT EVENTS


12/31/2019

II. EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR NOT

RELATED TO THIS FINANCIAL YEAR AND KNOWN BEFORE THE FIRST

DISCLOSURE OF THE PRIMARY FINANCIAL STATEMENTS

I. DATING

Reporting date (1): 12/31/2019

Date of preparation of the primary financial statements (2): 05/16/2020

(1) Justification in case of change of financial year date

(2) Justification if the statutory three-month time limit for the preparation of

primary financial statements is exceeded:

intralot maroc s.a. · intralot maroc s.a. casablanca statutory’s auditor report for the...

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