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

GROUP
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2003
2003 2002*
Notes Rm Rm
OPERATING ACTIVITIES
Cash receipts from customers 18 668 12 105
Cash paid to suppliers and employees (11 933) (7 746)
Net cash generated by operations 26 6 735 4 359
Interest received 27 111 114
Interest paid 27 (832) (447)
Taxation paid 28 (684) (917)
NET CASH FROM OPERATING ACTIVITIES 5 330 3 109
INVESTING ACTIVITIES
Interest received 27 13 17
Proceeds on disposal of investments — 4
Proceeds on disposal of property, plant and equipment 9 15 7
Acquisition of investment 13 (480) —
Acquisition of property, plant and equipment** 9 (3 919) (3 356)
– to maintain operations (110) (227)
– to expand operations (3 809) (3 129)
Acquisitions of other intangible assets 11 (20) (93)
Net assets of joint venture acquired — (12)
Acquisitions of interests in associated companies — (20)
Repayments from employee share incentive schemes 14 58 41
Net increase in long-term receivables — (71)
Net assets of subsidiaries disposed of — 4
Variation of interest in joint ventures — (23)
NET CASH USED IN INVESTING ACTIVITIES (4 333) (3 502)
FINANCING ACTIVITIES
(Decrease) increase in long-term borrowings** (1 912) 499
Increase (decrease) in short-term borrowings** 2 099 (359)
Shareholder funding net of share issue expenses — 562
NET CASH FROM FINANCING ACTIVITIES 187 702
NET INCREASE IN CASH AND CASH EQUIVALENTS 1 184 309
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1 230 804
Foreign entities translation adjustment (492) 117
CASH AND CASH EQUIVALENTS AT END OF YEAR 29 1 922 1 230
* 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.
** Excluded from acquisition of property, plant and equipment and cash flows from borrowings, are the effect of the finance lease
separately disclosed in notes 9 and 20 respectively.
PAGE 78
MTN BUSINESS REPORT 2003