(formely M-Cell Limited) - Business Report 2003 - MTN Group

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COMPANY INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2003 2003 2002 Notes Rm Rm Revenue — — Cost of sales — — Gross profit — — Operating expenses – net of sundry income 1 (2) 1 Profit from operations (2) 1 Finance income 2 7 31 Finance costs 3 (1) — Profit before taxation 4 32 Taxation 4 (2) (1) Attributable earnings 2 31 COMPANY BALANCE SHEET AS AT 31 MARCH 2003 2003 2002 Notes Rm Rm ASSETS Non-current assets 14 111 13 957 Interest in subsidiaries 5 14 104 13 950 Loans 6 7 7 Current assets Receivables 7 58 40 Total assets 14 169 13 997 EQUITY AND LIABILITIES Capital and reserves Share capital and premium 8 14 090 13 942 Accumulated profits 52 50 Ordinary shareholders’ interest 14 142 13 992 Current liabilities 27 5 Payables 9 17 4 Tax liabilities 3 1 Bank overdraft 7 * Total equity and liabilities 14 169 13 997 *Amount less than R1 million. PAGE 104 MTN BUSINESS REPORT 2003
COMPANY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2003 2003 2002 Notes Rm Rm OPERATING ACTIVITIES Cash receipts from customers — — Cash paid to suppliers and employees (7) (47) Net cash used in operations 10 (7) (47) Interest received 2 — 1 Interest paid 3 (1) — Taxation paid 11 — 3 NET CASH USED IN OPERATING ACTIVITIES (8) (43) INVESTING ACTIVITIES Cash dividends received from subsidiaries 7 30 Loans to subsidiaries (6) — NET CASH FROM INVESTING ACTIVITIES 1 30 FINANCING ACTIVITIES Net increase in borrowings — 9 NET CASH FROM FINANCING ACTIVITIES — 9 NET DECREASE IN CASH AND CASH EQUIVALENTS (7) (4) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR * 4 CASH AND CASH EQUIVALENTS AT END OF YEAR (7) * COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY AS AT 31 MARCH 2003 Share Share Accumulated Other capital premium profits reserves Total Rm Rm Rm Rm Rm Balance at 31 March 2001 * 13 593 19 114 13 726 Net profit attributable to ordinary shareholders for the year — — 31 — 31 Share capital issued at a premium less share issue expenses * 349 — — 349 Share election reserve — — — (114) (114) Balance at 31 March 2002 * 13 942 50 — 13 992 Net profit attributable to ordinary shareholders for the year — — 2 — 2 Share capital issued at a premium less share issue expenses * 148 — — 148 Balance at 31 March 2003 — 14 090 52 — 14 142 Notes 8 8 * Amounts less than R1 million. MTN BUSINESS REPORT 2003 PAGE 105
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MTN Group Limited (formerly M-Cell
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FINANCIAL HIGHLIGHTS 2003 ● ●
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OUR VISION IS TO BE THE LEADING PRO
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MTN Footprint AS AT 31 MARCH 2003 E
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EXECUTIVE DIRECTORS 1. P F NHLEKO G
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Keeping pace with the technological
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MTN group values Values To realise
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Flashed, superheated air hotter tha
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for between 94,9% and 97,9% of the
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LOOKING AHEAD The positive results
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operations in local currency was su
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a deferred tax asset raised which i
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Table 5 Capital expenditure Capital
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Table 7 Group facilities Total Util
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In the post-paid market, MTN South
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gathering and analysing relevant cu
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(2002: R450 million). EBITDA was R2
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MTN RWANDA MTN Rwanda recorded plea
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MTN UGANDA MTN Uganda continues to
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products across the Group. Airborn
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GROUP BALANCE SHEET AS AT 28 FEBRUA
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SHAREHOLDER INFORMATION SPREAD OF O
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In a military-like manoeuvre of pre
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Details of attendance by directors
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DEALINGS IN SECURITIES All director
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of internal, financial and operatio
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● No share options have been repr
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investment in five countries outsid
Page 57 and 58: Glossary of terms and acronyms Grou
Page 59 and 60: These regular visitors, who shape c
Page 61 and 62: DIRECTORS’ APPROVAL OF THE ANNUAL
Page 63 and 64: DIRECTORS’ REPORT FOR THE YEAR EN
Page 65 and 66: THE MTN GROUP SHARE OPTION AND INCE
Page 67 and 68: EQUITY COMPENSATION BENEFITS FOR EX
Page 69 and 70: DIRECTORS’ SHAREHOLDINGS The inte
Page 71 and 72: DIRECTORS’ EMOLUMENTS AND RELATED
Page 73 and 74: In addition, the Public Investment
Page 75 and 76: The Group’s investment in associa
Page 77 and 78: issue during the period and is base
Page 79 and 80: ● income and expenditure and cash
Page 81 and 82: GROUP BALANCE SHEET AS AT 31 MARCH
Page 83 and 84: GROUP STATEMENT OF CHANGES IN SHARE
Page 85 and 86: 1. BUSINESS AND GEOGRAPHICAL SEGMEN
Page 87 and 88: 2003 2002 Rm Rm 3. OPERATING EXPENS
Page 89 and 90: 2003 2002 Rm Rm 7. EARNINGS PER ORD
Page 91 and 92: Information systems, furniture Netw
Page 93 and 94: Other Connection intangible incenti
Page 95 and 96: 16. TRADE AND OTHER RECEIVABLES Bal
Page 97 and 98: 2003 2002 Rm Rm 20. BORROWINGS (con
Page 99 and 100: 2003 2002 Rm Rm 20. BORROWINGS (con
Page 101 and 102: 22. TRADE AND OTHER PAYABLES Trade
Page 103 and 104: Carrying amount Fair value 2003 200
Page 105 and 106: 2003 2002 Rm Rm 31. CONTINGENT LIAB
Page 107: 40. CLASSIFICATION OF MTN MAURITIUS
Page 111 and 112: 7. RECEIVABLES Sundry receivables 7
Page 113 and 114: INTERESTS IN ASSOCIATED COMPANIES A
Page 115 and 116: R S DABENGWA (44) BSc (Eng), MBA Ex
Page 117 and 118: Symbolizing the power of a leader,
Page 119 and 120: Details of directors offering thems
Page 121 and 122: 4. That the maximum discount at whi
Page 123 and 124: PROXIES A form of proxy which sets
Page 125 and 126: This resolution is required to be p
Page 127 and 128: APPENDIX TO THE NOTICE OF ANNUAL GE
Page 129 and 130: FORM OF PROXY ONLY FOR USE BY REGIS
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(formely M-Cell Limited) - Business Report 2003 - MTN Group

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