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

CONTENTS
1 FINANCIAL HIGHLIGHTS 2003 AND MTN GROUP STRUCTURE
2 MTN GROUP PROFILE
3 MTN FOOTPRINT
4 Directorate
6 CHAIRMAN’S REPORT
9 MTN GROUP VALUES
10 REVIEW OF OPERATIONS
12 Group CHIEF EXECUTIVE OFFICER’S REPORT
16 GROUP FINANCE DIRECTOR’S REPORT
24 MTN SOUTH AFRICA
28 MTN INTERNATIONAL
34 STRATEGIC INVESTMENTS
36 FIVE YEAR REVIEW
38 GROUP CASH VALUE ADDED STATEMENT
39 SHAREHOLDER INFORMATION
40 CORPORATE GOVERNANCE AND RISK MANAGEMENT
42 CORPORATE GOVERNANCE
50 RISK MANAGEMENT REPORT
53 GLOSSARY OF TERMS AND ACRONYMS
54 ANNUAL FINANCIAL STATEMENTS
112 NOTICE TO MEMBERS
114 NOTICE OF ANNUAL GENERAL MEETING
120 EXPLANATORY NOTES TO THE
NOTICE OF ANNUAL GENERAL MEETING
123 APPENDIX TO THE
NOTICE OF ANNUAL GENERAL MEETING
124 ADMINISTRATION
124 SHAREHOLDERS’ DIARY
This report contains certain forward-looking statements (which are neither reported financial results nor
historical information), and relate to matters such as future earnings, savings, synergies, events, trends,
plans or objectives.
Undue reliance should not be placed on such forward-looking statements as they are inherently subject to
known and unknown risks and uncertainties and can be affected by other factors that could cause actual
results and Company plans and objectives to differ materially from those expressed or implied in the
forward-looking statements (or from past results).
Unfortunately the Company cannot undertake to publicly update or revise any of these forward-looking
statements, whether to reflect new information, future events or circumstances or otherwise.
Whilst all reasonable care has been taken to ensure that all the information and statistics contained in this
report are accurate, no responsibility can be accepted for any mistakes, errors or omissions or for any actions
taken in reliance thereon. Opinions expressed herein represent those of MTN Group at the time of publication.