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

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GROUP NOTES TO THE ANNUAL FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2003 2003 2002 Rm Rm 2. REVENUE AND COST OF SALES Revenue by category Wireless telecommunications 17 241 10 801 Airtime and subscription fees 12 183 6 954 Interconnect 4 400 3 289 Connection fees 658 558 Cellular telephones and accessories 1 911 1 288 Other 118 242 Satellite communications 135 101 Revenue 19 405 12 432 Cost of sales by category (8 321) (5 081) Commissions and discounts (1 668) (576) Interconnect (2 364) (1 400) Cellular telephones and accessories (2 375) (1 816) Other (1 914) (1 289) Gross profit 11 084 7 351 3. OPERATING EXPENSES – NET OF SUNDRY INCOME are stated after taking account of the following items: Auditors’ remuneration 26 10 – Audit fees 7 4 – Fees for other services 19 6 – Expenses * * Directors’ emoluments** 37 24 – Services as director 34 15 – Directors’ fees 3 * – Other expenses — 9 Operating lease charges 293 176 – Land and buildings 252 136 – Equipment and vehicles 41 40 Net foreign exchange losses from trading activities 48 18 Fees paid for services 445 31 – Administrative 68 — – Management 54 — – Professional 169 12 – Secretarial — 1 – Technical 154 18 * Amount less than R1 million. ** For details relating to Directors’ emoluments refer to the Directors’ Report. PAGE 82 MTN BUSINESS REPORT 2003
2003 2002 Rm Rm 3. OPERATING EXPENSES – NET OF SUNDRY INCOME (continued) Gain on dilution on consolidation of interest in MTN Nigeria — (25) Impairment charge on property, plant and equipment 15 13 Gain on disposal of 20% shareholding in MTN Cameroon (91) — Provision against loan arising on disposal of 20% of MTN Cameroon to reflect net asset value 49 — Loss (profit) on disposal of property, plant and equipment (note 9) 19 (2) Staff costs: 964 826 – Salaries and wages 874 754 – Pension costs 48 45 – Other 29 — – Termination benefits 13 27 Repairs and maintenance 285 331 Technical fees received — (23) Analysis of operating expenses by function Administration, marketing and network 3 023 2 179 Sales and distribution 880 720 Staff cost 964 826 4 867 3 725 4. FINANCE INCOME Interest on bank deposits 124 127 Foreign exchange gain related to funding of operations — 4 124 131 5. FINANCE COSTS Interest on borrowings 632 425 Foreign exchange loss related to funding of operations 325* 22 *Included in the foreign exchange loss for the year is an unrealised amount of R105 million. 957 447 MTN BUSINESS REPORT 2003 PAGE 83
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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
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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
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Table 5 Capital expenditure Capital
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Table 7 Group facilities Total Util
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In the post-paid market, MTN South
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gathering and analysing relevant cu
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(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 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: 1. BUSINESS AND GEOGRAPHICAL SEGMEN
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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