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

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DIRECTORS’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2003 MTN STAFF INCENTIVE SCHEME (MTN Debenture Scheme) MTN Group shares awarded during Debentures Quantity Vesting the year as Balance of Balance allocated vesting dates a result of debentures Future Director’s as at Issue Date of during during during debenture as at debenture Issue Date of name 01.04.2002 price allocation the year the year the year vestings 31.03.2003 vestings price vesting MTN Group R S Dabengwa 181 169 R36,43 01.12.1999 — 60 390 01.12.2002 187 576 120 779 60 390 R36,43 01.12.2003 60 389 R36,43 01.12.2004 R D Nisbet 16 604 R9,95 01.09.1997 — 16 604 01.09.2002 51 673 — 429 329 R13,11 03.06.1998 — 214 665 03.06.2002 667 909 214 664 214 664 R13,11 03.06.2003 MTN Subsidiaries Z Bulbulia 2 753 R9,95 01.09.1997 — 2 753 01.09.2002 8 571 — 27 460 R13,11 03.06.1998 — 13 730 03.06.2002 42 711 13 730 13 730 R13,11 03.06.2003 J B McGrath 11 657 R9,95 01.09.1997 — 11 657 01.09.2002 36 275 — 129 284 R13,11 03.06.1998 — 64 642 03.06.2002 201 088 64 642 64 642 R13,11 03.06.2003 P D Norman 12 060 R9,95 01.09.1997 — 12 060 01.09.2002 37 532 — 122 012 R13,11 03.06.1998 — 61 006 03.06.2002 189 777 61 006 61 006 R13,11 03.06.2003 K W Pienaar 15 023 R9,95 01.09.1997 — 15 023 01.09.2002 46 756 — 378 588 R13,11 03.06.1998 — 189 294 03.06.2002 588 856 189 294 189 294 R13,11 03.06.2003 C G Utton 46 665 R36,43 01.12.1999 — 15 555 01.12.2002 48 315 31 110 15 555 R36,43 01.12.2003 15 555 R36,43 01.12.2004 The share trades resulting from the debenture conversions can be viewed under Directors’ Share Dealings on page 65. PAGE 64 MTN BUSINESS REPORT 2003
DIRECTORS’ SHAREHOLDINGS The interests of the Directors and alternate Directors in the ordinary shares of the Company were as follows: Directors’ interest in shares as at 31 March Beneficial Non-beneficial Director 2003 2002 2003 2002 D D B Band 14 023 14 023 — — I Charnley 43 800 10 000 — — J R D Modise 17 484 17 484 — — R D Nisbet* 1 203 157 583 707 — — Z Bulbulia* (subsidiary director) 28 151 4 869 — — J B McGrath* (subsidiary director) — — 215 463 — P D Norman* (subsidiary director) — — 25 000 25 000 K W Pienaar* (subsidiary director) — 2 125 — — *Shares acquired through the MTN Debenture Scheme. Note: P F Nhleko, I Charnley, R D Nisbet, R S Dabengwa and P L Zim hold indirect beneficial interests in MTN Group shares through the management buy-in further detailed on page 68 of this report. In addition, following the unbundling by Johnnic Holdings Limited (Johnnic) of a 31,9% interest in MTN Group with effect from 23 June 2003, Worldwide African Investments Holdings (Proprietary) Limited (WAIH), acquired the voting interest, which was previously attributable to Johnnic shares, in respect of 35,5 million MTN Group shares. Of these shares, approximately 22,8 million shares are subject to several financing arrangements whereby the economic benefit, if any, will accrue to WAIH only once all financing obligations in respect of these shares have been met. As a consequence of his non-executive chairmanship and a 6,31% shareholding in WAIH, Mr Nhleko has an indirect non-beneficial interest in the MTN Group shares held and/or voted by WAIH. DIRECTORS’ SHARE DEALINGS For the period 1 April 2002 to 31 March 2003 Average price Date Director Shares sold obtained last sale MTN Group R S Dabengwa 187 576 R13,63 02.12.2002 R D Nisbet 100 000 R12,55 19.03.2003 MTN Subsidiaries Z Bulbulia 42 678 R9,09 01.10.2002 P D Norman 227 309 R13,51 27.11.2002 K W Pienaar 637 737 R10,41 25.03.2003 C G Utton 48 315 R13,25 18.02.2003 MTN GROUP SHARE TRADES SUBSEQUENT TO YEAR-END: ● Mr R D Nisbet disposed of 260 000 shares at an average price of R16,25 per share with the last trade on 27 June 2003 – 182 000 of these originated from 3 June 2003 vesting. ● Mr P D Norman disposed of 189 814 shares at an average price of R15,65 per share with the last trade on 24 June 2003 – shares originated from 3 June 2003 vesting. ● Mr K W Pienaar disposed of 534 180 shares at an average price of R16,13 per share with the last trade on 15 July 2003 – shares originated from 3 June 2003 vesting. ● Mr J B McGrath disposed of 20 000 shares at an average price of R17,00 per share with the last trade on 15 July 2003 – shares originated from 3 June 2003 vesting. ● Mr Z Bulbulia disposed of 20 000 shares at an average price of R16,25 per share with the last trade on 1 July 2003 – shares originated from 3 June 2003 vesting. MTN BUSINESS REPORT 2003 PAGE 65
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 and 32: gathering and analysing relevant cu
Page 33 and 34: (2002: R450 million). EBITDA was R2
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: EQUITY COMPENSATION BENEFITS FOR EX
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
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(formely M-Cell Limited) - Business Report 2003 - MTN Group

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