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

More documents

Recommendations

Info

MTN International LAZARUS ZIM Managing Director MTN International HIGHLIGHTS ● SUBSCRIBER GROWTH OF 123% TO 2 MILLION ● REVENUE INCREASED BY 197% TO R7 BILLION ● ADJUSTED PROFIT AFTER TAX* INCREASED TO R1,2 BILLION *ADJUSTED FOR DEFERRED TAX ASSET RAISED IN NIGERIA OF R161 MILLION MTN International’s operations continue to perform above expectations. Total revenue for the year grew to R7 billion, a 197% increase from last year’s R2,3 billion and EBITDA grew to R2,8 billion compared with R0,4 billion in 2002. All operations made a positive contribution to consolidated adjusted profit after tax of R1 194 million before minority interests. While producing a strong set of results, the Group’s international operations continue to face challenges on interconnect payments, currency fluctuations and regulatory issues. These issues are constantly monitored and remedial action is taken where necessary with the respective local strategic partners. MTN CAMEROON Under the new management team which took control in June 2002, MTN Cameroon achieved a turnaround to profitability, recording a profit after tax of R102 million compared with a loss of R40 million in 2002 and revenue of R874 million MTN CAMEROON For the year ended 31 March Number of subscribers (’000) MARKET INFORMATION (ESTIMATES) (31 March 2003) ● Population 16,5 million ● Mobile penetration 5,0% OPERATIONAL ● Pre-paid/ post-paid mix 98%: 2% ● ARPU US$21 FINANCIALS 2003 2002 2001 Rm Rm Rm Revenue 874 450 98 EBITDA 297 84 (18) PAT 102 (40) (77) Note: Financials and data reflect 100% of operation. MTN International’s interest was 70% as at 31 March 2003 (2002: 100%). In terms of certain conditions of the disposal agreements to local Cameroonian shareholders effective April 2002, 80% of MTN Cameroon’s economic risk still vests with MTN International and therefore the Group’s results include 80% of the results of MTN Cameroon. PAGE 28 MTN BUSINESS REPORT 2003
(2002: R450 million). EBITDA was R297 million, resulting in an EBITDA margin of 34%. ARPU levels of US$21 were maintained, aided by the strong showing of the euro to which the local currency (the CFA) is linked. MTN Cameroon has built and maintained solid corporate brand recognition in the face of strong competition and has achieved the second highest brand awareness in the country, ahead of its competitor. This recognition extends beyond the wide range of products and services offered by the company and reaches the heart of the Cameroonian community through the company’s HIV/AIDS awareness programmes, close partnership with youth and amateur sport, and other corporate social investment projects. During the year, MTN Cameroon expanded its network coverage to include all ten provinces and all major towns.The company also expanded the distribution network to all parts of the country, through the introduction of the marketleading Connect Stores with close to 10 000 independent points of sale. At year-end MTN Cameroon reported subscriber numbers of 431 000 (2002: 224 000) giving it a leading market share. MTN NIGERIA MTN Nigeria recorded a strong set of results for its first full year of operations. Revenue increased to R5 361 million (2002: R1 316 million), generating EBITDA of R2 088 million compared with an EBITDA loss of R25 million last year. Profit after tax was R1 146 million, without taking into account the impact of the deferred tax asset of R161 million which is more fully dealt with in the notes to the Group financial statements. MTN NIGERIA For the year ended 31 March Number of subscribers (’000) MARKET INFORMATION (ESTIMATES) (31 March 2003) ● Population 126 million ● Mobile penetration 1,4% OPERATIONAL ● Pre-paid/ post-paid mix 98%: 2% ● ARPU US$57 FINANCIALS 2003 2002 Rm Rm Revenue 5 361 1 316 EBITDA 2 088 (25) PAT 1 307 (261) Note: Financials and data reflect 100% of operation. MTN International’s interest was 79,5% as at 31 March 2003 (2002: 77,5%). MTN BUSINESS REPORT 2003 PAGE 29
Page 1 and 2: MTN Group Limited (formerly M-Cell
Page 3 and 4: FINANCIAL HIGHLIGHTS 2003 ● ●
Page 5 and 6: OUR VISION IS TO BE THE LEADING PRO
Page 7 and 8: MTN Footprint AS AT 31 MARCH 2003 E
Page 9 and 10: EXECUTIVE DIRECTORS 1. P F NHLEKO G
Page 11 and 12: Keeping pace with the technological
Page 13 and 14: MTN group values Values To realise
Page 15 and 16: Flashed, superheated air hotter tha
Page 17 and 18: for between 94,9% and 97,9% of the
Page 19 and 20: LOOKING AHEAD The positive results
Page 21 and 22: operations in local currency was su
Page 23 and 24: a deferred tax asset raised which i
Page 25 and 26: Table 5 Capital expenditure Capital
Page 27 and 28: Table 7 Group facilities Total Util
Page 29 and 30: In the post-paid market, MTN South
Page 31: gathering and analysing relevant cu
Page 35 and 36: MTN RWANDA MTN Rwanda recorded plea
Page 37 and 38: MTN UGANDA MTN Uganda continues to
Page 39 and 40: products across the Group. Airborn
Page 41 and 42: GROUP BALANCE SHEET AS AT 28 FEBRUA
Page 43 and 44: SHAREHOLDER INFORMATION SPREAD OF O
Page 45 and 46: In a military-like manoeuvre of pre
Page 47 and 48: Details of attendance by directors
Page 49 and 50: DEALINGS IN SECURITIES All director
Page 51 and 52: of internal, financial and operatio
Page 53 and 54: ● No share options have been repr
Page 55 and 56: 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 and 108:
40. CLASSIFICATION OF MTN MAURITIUS
Page 109 and 110:
COMPANY CASH FLOW STATEMENT FOR THE
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
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?