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

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
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