(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 19. MINORITY INTERESTS Balance at 1 April 820 205 Increase in minorities due to sale of stake in MTN Cameroon 130 — Increase in minorities due to change in shareholding in MTN Nigeria 6 702 Share of net profit (loss) of subsidiaries 289 (44) Foreign exchange movements (363) (43) Balance at 31 March 882 820 20. BORROWINGS UNSECURED South Africa MTN Group Overdraft Facility bearing interest at a variable rate between 11% and 15% per annum. 7 — MTN Holdings Debenture liability 1 639 042 (2002: – 5 874 451) unsecured variable rate compulsorily convertible debentures of R9,95 (in 2002 only), R13,11, R36,43 and R84,41 each, bearing interest at a rate not less than the “official rate of interest” according to South African Revenue Service. In terms of the MTN Staff Incentive Scheme (the Debenture Scheme), these debentures will either be redeemed by MTN Holdings at a premium or converted into MTN Holdings shares on a one for one basis, which would be exchanged for MTN Group shares on a formula to be agreed by the Boards of the respective companies. 36 97 MTN Service Provider Various composite short-term facilities, bearing interest at rates determined by the nature of each specific drawdown instrument, but essentially linked to the BA rate. Interest rates varied between 11% and 15% per annum. 191 — MTN Holdings and MTN Network Operator Various composite facilities, bearing interest at rates determined by the nature of each specific drawdown instrument, but essentially linked to the BA rate. Interest rates varied between 11% and 15% per annum during the year. Facilities mature in 366 days on notice. 396 1 246 Orbicom Loan repayable in 12 equal instalments commencing 1 June 2003, bearing no interest. 2 6 Overdraft bearing interest at prime (effective rate of 17% per annum). 5 5 South Africa and International MTN Network Operator and MTN Mauritius Syndicated facility arranged by Standard Bank London Limited and Sumitomo Mitsui Banking Corporation Limited of US$450 million bearing interest at LIBOR plus a margin ranging from 1,5% to 2,5% per annum repayable before 12 July 2003. — 3 278 PAGE 92 MTN BUSINESS REPORT 2003
2003 2002 Rm Rm 20. BORROWINGS (continued) UNSECURED (continued) International MTN Mauritius Syndicated revolving loan facility arranged by Standard Bank London Limited and Sumitomo Mitsui Banking Corporation Europe Limited of US$250 million, bearing interest at LIBOR plus 1,75% per annum (effective rate of 3,1% per annum). This loan is repayable in five instalments of US$40 million every six months, starting in September 2004 with a final instalment of US$50 million in March 2007. MTN Holdings and other subsidiaries in the Group provided cross guarantees for this loan facility, which can be accessed by MTN Holdings, MTN, MTN Service Provider, MTN Mauritius and MTN International. 1 928 — MTN Nigeria Overdraft facility, trade finance and commercial paper bearing interest at an average of 25% per annum and repayable on demand. — 143 Trade finance overdraft facility bearing interest at rates linked to prime overdraft rates in Nigeria. — 178 MTN Swaziland Standard Bank Swaziland Limited Loan bearing interest at prime less 0,25% per annum (effective rate of 16,25% per annum) and repayable by April 2006. 9 — Overdraft bearing interest at rates linked to prime and repayable on demand. — 6 MTN Uganda Stanbic Bank Uganda Short-term facility of US$1,5 million bearing interest at LIBOR plus 2% per annum (effective rate of 3,3% per annum) and repayable on demand. 6 9 Citibank facility Trade facility of US$2 million bearing interest at Citibank’s base rate less 0,5% per annum and repayable on demand. — 3 SIDA Bond Commercial paper issue of Uganda shilling (UGS) 6,5 billion (2002: UGS 8,9 billion) guaranteed by SIDA, bearing interest at the 182-day Ugandan treasury bill rate plus 1% per annum (effective rate of 15,9% per annum). The loan is repayable in eight six-monthly instalments after issue of commercial paper. 13 30 European Investment Bank Facility of EURO 3,5 million bearing interest at a composite rate of 8,48% per annum and repayable in annual instalments commencing in January 2004 until January 2009. 15 18 MTN Rwanda Bank of Commerce Development and Industry Facility of Rwanda franc (RWF) 800 million bearing interest at 16% per annum repayable over five years commencing 1 October 2001. MTN Rwanda has committed to concluding a security bond over the facility which, at the balance sheet date, has not been finalised. — 5 MTN BUSINESS REPORT 2003 PAGE 93
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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
Page 29 and 30:
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
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MTN RWANDA MTN Rwanda recorded plea
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MTN UGANDA MTN Uganda continues to
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products across the Group. Airborn
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GROUP BALANCE SHEET AS AT 28 FEBRUA
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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 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: 16. TRADE AND OTHER RECEIVABLES Bal
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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