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

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GROUP INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2003 2003 2002* Notes Rm Rm Revenue 2 19 405 12 432 Cost of sales 2 (8 321) (5 081) Gross profit 2 11 084 7 351 Operating expenses – net of sundry income 3 (4 867) (3 725) Earnings before interest, taxation, depreciation and amortisation (EBITDA) 6 217 3 626 Depreciation 9 (1 651) (1 082) Amortisation 11 (233) (175) Profit from operations before goodwill amortisation 4 333 2 369 Goodwill amortisation 10 (596) (592) Profit from operations 3 737 1 777 Finance income 4 124 131 Finance costs 5 (957) (447) Share of profits (losses) of associated companies 1 (5) Profit before taxation 2 905 1 456 Taxation 6 (687) (908) Profit after taxation 2 218 548 Minority interests 19 (289) 44 Attributable earnings 1 929 592 Earnings per ordinary share (cents) 7 – adjusted headline 142,8 72,5 – basic headline 150,6 72,5 – attributable 117,0 36,2 Dividends per ordinary share (cents) — — *Restated for change in accounting policy for connection incentives (note 8). PAGE 76 MTN BUSINESS REPORT 2003
GROUP BALANCE SHEET AS AT 31 MARCH 2003 2003 2002* Notes Rm Rm ASSETS Non-current assets 22 842 23 243 Property, plant and equipment 9 9 374 8 322 Goodwill 10 10 298 10 803 Intangible assets 11 2 263 3 685 Interests in associated companies 12 40 39 Investment 13 375 — Deferred taxation 21 173 42 Loans 14 319 308 Non-current prepaid secondary tax on companies — 44 Current assets 5 314 4 170 Inventories 15 435 533 Trade and other receivables 16 2 748 2 068 Taxation prepaid 3 1 Bank balances, deposits, cash and amounts receivable on demand 29 1 542 1 214 Securitised cash deposits** 29 586 354 Total assets 28 156 27 413 EQUITY AND LIABILITIES Capital and reserves Share capital and premium 17 14 090 13 942 Accumulated profits 3 493 1 568 Other reserves 18 (520) 406 Ordinary shareholders’ interest 17 063 15 916 Minority interests 19 882 820 17 945 16 736 Non-current liabilities 4 042 6 202 Long-term borrowings 20 3 235 5 298 Deferred taxation 21 807 904 Current liabilities 6 169 4 475 Trade and other payables 22 3 968 3 557 Provisions 23 191 110 Tax liabilities 410 330 Short-term borrowings 20 1 394 140 Bank overdrafts 20, 29 206 338 Total equity and liabilities 28 156 27 413 * Restated for change in accounting policy for connection incentives (note 8) and reclassification of Letters of Credit in MTN Nigeria from trade and other receivables. ** These monies are placed on deposit with banks in Nigeria to secure Letters of Credit. MTN BUSINESS REPORT 2003 PAGE 77
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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
Page 19 and 20:
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
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 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: ● income and expenditure and cash
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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