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

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COMPANY NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2003 1. OPERATING EXPENSES – NET OF SUNDRY INCOME are stated after taking account of the following items: Auditors’ remuneration * * – Audit fees * * – Fees for other services — * – Expenses — — Directors’ emoluments** 2 * Fees paid for services 11 1 – Administrative 2 * – Secretarial — 1 – Technical 9 * Technical fees received (14) (6) Analysis of operating expenses by function Administration and general (2) 1 *Amount less than R1 million. **For details refer to Directors’ Report. 2. FINANCE INCOME Interest received — 1 Dividends received from subsidiaries 7 30 7 31 3. FINANCE COSTS Interest on borrowings 1 — 1 — 4. TAXATION Current taxation SA normal taxation 2 1 Current year 1 1 Prior year underprovision 1 — South African normal taxation is calculated at 30% (2002: 30%) of the estimated taxable income for the year. Tax rate reconciliation % % The charge for the year can be reconciled to the effective rate of taxation as follows: Taxation at the standard rate 30 30 Tax effect of expenses that are not deductible in determining taxable profit 39 — Exempt income (42) (28) Other 12 — 39 2 5. INTEREST IN SUBSIDIARIES Unlisted shares at cost less amounts written off 12 541 12 403 Amount owing by subsidiaries 1 563 1 547 A list of the major subsidiaries’ material to the financial position of the Company is set out in Annexure 1 on page 108. 2003 2002 Rm Rm 14 104 13 950 6. LOANS Loans to employee share incentive schemes*** 7 7 ***These loans bear interest at a variable rate no less than the “official rate of interest” according to the South African Revenue Service, ranging between 11,25% and 13,25% per annum, and have no fixed date of repayment. PAGE 106 MTN BUSINESS REPORT 2003
7. RECEIVABLES Sundry receivables 7 — Intercompany debtors 51 40 58 40 8. SHARE CAPITAL AND PREMIUM Authorised share capital 2 500 000 000 ordinary shares of 0,01 cent each * * Issued and fully paid up share capital 1 652 057 646 (2002: 1 640 437 341) ordinary shares of 0,01 cent each * * Share premium 14 090 13 942 Balance at beginning of year 13 942 13 593 Arising on the issue of shares during the year (net of share issue expenses) 148 349 The unissued shares are under the unrestricted control of the directors until the next annual general meeting. 2003 2002 Rm Rm 14 090 13 942 *Amounts less than R1 million. 9. PAYABLES Sundry creditors 7 — Accrued expenses and other payables 10 4 17 4 10. RECONCILIATION OF PROFIT BEFORE TAXATION TO NET CASH USED IN OPERATIONS Profit before taxation 4 32 Adjustments for: Finance income allocated to: (7) (31) – operating activities — (1) – investing activities (7) (30) Finance costs 1 — Operating cash flows before movements in working capital (2) 1 Movements in working capital (5) (48) Increase in receivables (18) (10) Increase (decrease) in payables 13 (38) Net cash used in operations (7) (47) 11. TAXATION PAID Corporate taxation prepaid at 1 April — 3 Corporate taxation liability at 1 April (1) — Amounts unpaid at 1 April (1) 3 Amounts charged to income statements (2) (1) Corporate taxation liability at 31 March 3 1 — 3 MTN BUSINESS REPORT 2003 PAGE 107
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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
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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 and 108: 40. CLASSIFICATION OF MTN MAURITIUS
Page 109: COMPANY CASH FLOW STATEMENT FOR THE
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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