MTN Group Limited Results presentation for the year ended 31 December 2018
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- Sybil Dickerson
- 5 years ago
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1 MTN Group Limited Results presentation for the year ended 31 December 2018
2 for the year ended 31 December 2018 MTN Group Limited Financial results for the year ended 31 December Data sheets Contents Results presentation Appendices Data sheets 01 Results presentaton 43 Appendices 53 Data sheets * Constant currency information after accounting for the impact of the pro forma adjustments as defined ** Reported ^ EBITDA excludes impairment of goodwill, net monetary gains and share of results of associates and joint ventures after tax Any forward looking financial information disclosed in this results announcement has not been reviewed or audited or otherwise reported on by our external joint auditors Service revenue excludes device and SIM card revenue Data revenue is mobile access data Fintech includes Mobile Money (MoMo), insurance, airtime lending and e-commerce All financial numbers are year-on-year (YoY) unless otherwise stated All subscriber numbers are compared to end-december 2017 unless otherwise stated 2017 comparatives are restated for the adoption of IFRS 15 and change in the presentation of cash flows Certain information presented in these results constitutes pro forma financial information. This is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present MTN s financial position, changes in equity, and results of operations or cash flows. The pro forma constant currency financial information contained in this announcement has been reviewed by the group s external auditors and their unmodified limited assurance report prepared in terms of ISAE 3420 is available for inspection at the company s registered office on weekdays from 09:00 to 16: The financial information presented in these consolidated financial results has been prepared excluding the impact of hyperinflation and the goodwill and asset impairments, tower profits, the Nigerian regulatory fine (consisting of the re-measurement impact when the settlement was entered into and the finance costs recognised as a result of the unwind of the initial discounting of the liability), the profit from the sale of Cyprus, the CBN resolution and in addition to the above, profit on the exercise of IHS exchange right, Loss on the de-recognition of IHS Loan receivable and MTN Zakhele Futhi Share base payments, which relate to the 2017 year of assessment ( the pro forma adjustments ) and constitutes pro forma financial information to the extent that it is not extracted from the segment disclosure included in the audited summary group financial statements for the year ended 31 December This pro forma financial information has been presented to eliminate the impact of the pro forma adjustments from the consolidated financial results to achieve a comparable year-on-year analysis. The pro forma adjustments have been calculated in terms of the group accounting policies disclosed in the consolidated financial statements for the year ended 31 December 2017, except for the changes in accounting policies as a result of the adoption of the accounting pronouncements effective 1 January 2018, and the change in the presentation of cash flows. 2. Constant currency information has been presented to illustrate the impact of changes in currency rates on the group s results. In determining the change in constant currency terms, the current financial reporting period s results have been adjusted to the prior period average exchange rates determined as the average of the monthly exchange rates. The measurement has been performed for each of the group s currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated based on the current year constant currency results compared to the prior year results. In addition, in respect of MTN Irancell, MTN Sudan, MTN South Sudan and MTN Syria, the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Syria were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied. The joint independent auditors audit report by PricewaterhouseCoopers Inc. and SizweNtsalubaGobodo Grant Thornton Inc. does not report on all of the information contained in this announcement/financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the joint independent auditors engagement they should obtain a copy of the joint independent auditors audit report together with the accompanying financial information from MTN s registered office. The directors of MTN take full responsibility for the preparation of this abridged report and the financial information has been correctly extracted from the underlying audited financial statements. The group s results are presented in line with the group s operational structure. This is South Africa, Nigeria, the Southern and East Africa and Ghana (SEAGHA) region, the West and Central Africa (WECA) region and the Middle East and North Africa (MENA) region and their respective underlying operations. The SEAGHA region includes Ghana, Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture-equity accounted), eswatini (joint venture-equity accounted) and Business Group. The WECA region includes Cameroon, Ivory Coast, Benin, Congo Brazzaville, Liberia, Guinea Conakry and Guinea Bissau. The MENA region includes Iran (joint venture-equity accounted), Syria, Sudan, Yemen, and Afghanistan. Cyprus was disposed of and is no longer included in the results effective 4 September Although Iran, Botswana and eswatini form part of their respective regions geographically and operationally, they are excluded from their respective regional results because they are equity accounted for by the group.
3 Results presentation for the year ended 31 December 2018
4 02 MTN Group Limited Financial results for the year ended 31 December 2018
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33 MTN Group Limited Financial results for the year ended 31 December Best customer experience Returns and efficiency focus Ignite commercial performance Growth through data and digital Hearts and minds Technology excellence
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45 Appendices
46 44 MTN Group Limited Financial results for the year ended 31 December 2018
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54 52 MTN Group Limited Financial results for the year ended 31 December 2018
55 MTN Group Limited Results for the year ended 31 December 2018 Data sheets Data sheets 53
56 54 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited Results for the year ended 31 December 2018 ARPU (US dollar) Modernised Country 1Q17 (1) 2Q17 (1) 3Q17 (1) 4Q17 South Africa 6,34 6,51 6,69 7,12 Nigeria 3,60 3,61 4,31 4,24 SEAGHA Ghana 2,87 3,67 3,73 4,05 Uganda 2,11 2,06 2,14 2,32 Rwanda 1,74 2,03 2,45 2,46 Zambia 2,27 2,68 3,05 3,14 South Sudan 1,84 2,19 2,27 3,14 Botswana (joint venture) 6,17 6,70 6,50 7,60 eswatini (joint venture) 7,75 7,72 7,28 7,98 WECA Cameroon 2,98 3,17 3,40 4,32 Ivory Coast 4,33 4,35 3,99 4,17 Benin 5,30 5,09 4,99 4,68 Guinea-Conakry 2,16 2,24 2,21 2,12 Congo-Brazzaville 6,51 7,43 6,78 5,72 Liberia 2,44 2,59 2,44 3,88 Guinea-Bissau 3,48 4,62 3,90 3,78 MENA Iran (joint venture) 3,86 3,84 4,35 4,87 Syria 1,96 1,98 2,15 2,29 Sudan 3,59 3,76 3,92 2,79 Yemen 3,17 3,29 3,11 2,34 Afghanistan 1,52 1,72 1,84 1,73 (1) ARPU has not been restated for the impact of IFRS 15. 1Q17, 2Q17, 3Q17 not based on modernised subscribers.
57 MTN Group Limited Results for the year ended 31 December Data sheets Modernised Modernised Modernised Modernised 1Q18 2Q18 3Q18 4Q18 8,06 7,45 7,06 7,08 4,14 4,13 4,12 4,22 4,50 4,60 4,02 4,70 2,17 2,12 2,25 2,36 2,32 2,13 2,35 2,54 2,82 2,87 2,90 2,63 3,60 4,93 4,67 4,70 7,60 7,60 7,24 7,10 7,78 7,12 7,17 8,02 4,66 4,60 4,28 3,79 4,19 4,10 3,65 4,01 5,45 4,88 4,88 4,88 2,05 1,93 1,89 1,93 5,94 5,99 6,69 6,38 3,47 3,14 2,67 3,17 3,99 4,21 3,52 2,59 4,32 4,05 2,52 1,98 2,37 2,58 2,84 2,54 1,45 1,37 1,45 1,12 2,38 2,58 2,68 2,72 1,69 1,90 1,90 1,70
58 56 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 ARPU (Local currency) Modernised Country 1Q17 (1) 2Q17 (1) 3Q17 (1) 4Q17 South Africa 84,79 85,24 88,12 96,80 Postpaid 147,05 148,97 149,70 160,42 Postpaid (excl telemetry) 264,52 268,57 272,40 296,90 Prepaid 72,06 72,32 75,87 82,84 Nigeria 1 131, , , ,52 SEAGHA Ghana 12,90 15,92 16,45 18,15 Uganda 7 635, , , ,00 Rwanda 1 413, , , ,71 Zambia 21,80 24,54 27,82 31,45 South Sudan 198,44 257,39 267,73 393,34 Botswana (joint venture) 64,65 69,00 69,00 76,26 eswatini (joint venture) 102,69 101,16 95,89 108,46 WECA Cameroon 1 844, , , ,00 Ivory Coast 2 683, , , ,54 Benin 3 283, , , ,54 Guinea-Conakry , , , ,33 Congo-Brazzaville 4 031, , , ,45 Liberia 2,44 2,59 2,44 3,88 Guinea-Bissau 2 157, , , ,76 MENA Iran (joint venture) , , , ,00 Syria 1 013, , , ,76 Sudan 24,00 25,13 26,18 29,91 Yemen 793,79 824,79 843,85 912,72 Afghanistan 102,76 117,50 126,09 118,75 (1) ARPU has not been restated for the impact of IFRS 15. 1Q17, 2Q17, 3Q17 not based on modernised subscribers.
59 MTN Group Limited Results for the year ended 31 December Data sheets Modernised Modernised Modernised Modernised 1Q18 2Q18 3Q18 4Q18 96,14 94,23 98,33 101,32 141,80 140,23 142,78 146,60 262,43 256,26 271,14 281,10 77,19 74,64 77,52 80, , , , ,73 20,13 21,08 19,38 23, , , , , , , , ,06 27,57 28,66 30,05 30,23 477,84 678,47 678,63 710,00 76,26 76,26 75,21 73,00 92,83 90,01 99,85 113, , , , , , , , , , , , , , , , , , , , ,47 3,47 3,14 2,67 3, , , , , , , , , , , , ,48 35,25 39,88 42,35 49,79 921,59 982, , ,72 116,92 134,77 139,39 128,45
60 58 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 MTN GROUP SUBSCRIBERS ( 000) Modernised Country 1Q17 2Q17 3Q17 4Q17 South Africa Postpaid Prepaid Nigeria SEAGHA Ghana Uganda Rwanda Zambia South Sudan Botswana (joint venture) eswatini (joint venture) WECA Cameroon Ivory Coast Benin Guinea-Conakry Congo-Brazzaville Liberia Guinea-Bissau MENA Iran (joint venture)^ Syria Sudan Yemen Afghanistan Total subscribers ^ includes Wimax.
61 MTN Group Limited Results for the year ended 31 December Data sheets Modernised Modernised Modernised Modernised 1Q18 2Q18 3Q18 4Q
62 60 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE (Rm) Country 1H18 2H South Africa Nigeria SEAGHA Ghana Uganda Rwanda Zambia South Sudan Business Group WECA Cameroon Ivory Coast Guinea-Bissau Guinea-Conakry Congo-Brazzaville Liberia Benin MENA Syria Sudan Yemen Afghanistan Cyprus Joint ventures Iran Botswana eswatini Equity accounting exclusion (7 621) (5 331) (12 952) Head office companies and eliminations (36) Total Hyperinflation Total Including hyperinflation (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
63 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % ,1 5, ,3 17, ,0 20, ,7 22, ,4 8, ,9 21, ,8 17, ,8 194, (3,4) (3,9) (3,4) (5,9) (7,7) (9,7) (3,4) (6,6) (5,9) (9,0) (0,5) (0,1) (4,7) (6,8) (18,8) (17,6) ,9 3, (30,5) 18, ,8 0, (62,6) 64, (27,3) (0,9) (3,3) 3, (32,3) (34,2) (29,0) 14, (12,3) (12,4) (3,2) (3,0) (8 559) (9 308) (17 867) (31) (5) (36) ,5 10, ,3 7,3
64 62 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 SERVICE REVENUE (Rm) Country 1H18 2H South Africa Nigeria SEAGHA Ghana Uganda Rwanda Zambia South Sudan Business Group WECA Cameroon Ivory Coast Bissau Conakry Congo B Liberia Benin MENA Syria Sudan Yemen Afghanistan Cyprus Joint ventures Iran Botswana Swaziland Equity accounting exclusion (7 527) (5 241) (12 767) Total head office (38) Total Hyperinflation Total including hyperinflation (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
65 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H % Reported Constant currency % ,2 4, ,4 17, ,0 20, ,9 23, ,6 8, ,3 21, ,1 15, ,2 196, (2,9) (3,4) (2,4) (5,0) (5,3) (7,3) (3,4) (6,6) (5,5) (8,6) (1,2) (0,8) (3,9) (6,1) (15,2) (13,9) ,6 3, (30,0) 20, ,8 0, (62,5) 64, (27,3) (0,9) (2,5) 4, (29,5) (31,4) (28,9) 14, (13,2) (13,3) (3,5) (3,5) (8 422) (9 180) (17 602) (30) (5) (35) 320,0 (28,6) ,4 10, (65,2) (386,5) ,1 9,1
66 64 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE BREAKDOWN (Rm) Country 1H18 2H South Africa Outgoing voice Incoming voice Data Digital Fintech SMS Devices Wholesale Other Revenue Nigeria Outgoing voice Incoming voice Data Digital Fintech SMS Devices Wholesale Other (167) Revenue Ghana Outgoing voice Incoming voice Data Digital Fintech SMS Devices Wholesale Other Revenue (1) Not adjusted for postpaid carry-over rules.
67 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % (7,6) (7,6) ,9 10, ,7 12, (14,4) (14,4) ,3 66, (18,6) (18,6) ,1 9, ,7 100, ,8 5, ,1 5, ,3 21, (7,8) 2, ,6 40, (65,1) (58,3) ,0 32, ,8 13, (27,8) (15,7) ,6 76, ,0 77, ,3 17, ,3 17, (5,9) 1, ,7 30, (24,6) (17,8) ,3 67, ,1 16, (15,7) (8,4) (29,4) (21,6) ,4 27, ,7 22,7
68 66 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE BREAKDOWN continued (Rm) Country 1H18 2H Uganda Outgoing voice Incoming voice Data Digital 19 (9) 10 Fintech SMS Devices Wholesale Other Revenue Ivory Coast Outgoing voice Incoming voice Data Digital Fintech SMS Devices Wholesale Other (27) (5) (32) Revenue Cameroon Outgoing voice Incoming voice Data Digital 79 (19) 60 Fintech SMS Devices Wholesale Other Revenue (1) Not adjusted for postpaid carry-over rules.
69 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % ,8 7, (4,8) (0,3) ,0 26, (91,2) (87,7) ,3 15, ,0 152, (10,3) (8,6) (1,9) 1, (16,3) (13,0) ,4 8, (21,2) (23,7) ,2 22, ,4 20, (6,6) (10,3) ,0 37, ,2 20, (10,4) (12,5) ,1 37, (500,0) (487,5) (3,4) (6,6) (8,2) (10,1) (22,3) (24,0) ,3 7, (67,0) (67,6) ,1 175, (10,5) (12,4) (71,1) (71,6) (10,7) (12,4) (7,7) (9,7)
70 68 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE BREAKDOWN continued (Rm) Country 1H18 2H Syria Outgoing voice Incoming voice Data Digital Fintech SMS Devices Wholesale Other Revenue Hyperinflation 9 9 Revenue including hyperinflation Sudan Outgoing voice Incoming voice Data Digital Fintech SMS Devices Wholesale Other Revenue Hyperinflation (109) (109) Revenue including hyperinflation Iran (49%) Outgoing voice Incoming voice Data Digital Fintech SMS Devices Wholesale Other Revenue (1) Not adjusted for postpaid carry-over rules.
71 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % ,2 (2,0) (16,7) (27,8) ,7 9, ,0 9, (11,8) (21,6) ,2 (10,8) ,0 300, ,8 0, (3,3) 140, (70,0) 31, (33,5) 194, (64,4) 56, (66,0) 47, (69,2) 36, (73,9) 4, (65,6) 45, (62,6) 64, (65,0) (31,9) (37,6) 1, (41,7) (5,9) (16,1) 34, (43,2) (13,9) 12 (6) 6 91,7 208, (42,7) (8,3) (34,5) 10, ,8 117, (29,0) 14,0
72 70 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 EBITDA EXCLUDING HYPERINFLATION, TOWER PROFITS, PROFIT ON SALE OF CYPRUS AND CBN RESOLUTIONS (Rm) Country 1H18 2H South Africa Nigeria SEAGHA Ghana Uganda Rwanda Zambia South Sudan Business Group (7) (7) (14) WECA Cameroon 457 (2) 455 Ivory Coast Guinea-Bissau Guinea-Conakry Congo-Brazzaville Liberia 11 (66) (55) Benin MENA Syria Sudan Yemen Afghanistan Cyprus Joint ventures Iran Botswana eswatini Equity accounting exclusion (2 870) (2 004) (4 874) Head office companies and eliminations (30) (127) (158) Total Zakhele Futhi share-based payment Hyperinflation 307 (36) 271 CBN resolution (744) (744) Tower profit Cyprus sale Total including tower profit, hyperinflation, regulatory fine and MTN Zakhele Futhi (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
73 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % ,0 7, ,8 30, ,9 22, ,3 15, ,4 14, ,6 285, ,6 13,0 (28) (36) (64) (3) (11) (14) (22,5) (24,5) (65,1) (65,3) (32,5) (34,4) (13,7) (16,1) (6) ,5 74, ,6 14,5 (55) (5) (60) ,6 32, (34,1) 20, ,3 32, (62,9) 61, (53,6) (29,6) ,4 7, (31,8) (33,7) (28,1) 15, (8,8) (8,8) (15,2) 15,2 (3 162) (3 436) (6 598) (416) (33) (449) ,9 (434) (2 810) (572) (2 948) ,7 10,0
74 72 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 REVENUE AND EBITDA *EXCLUDING TOWER PROFITS AND HYPERINFLATION Local currency (m) Revenue Country % Change South Africa ,1 Nigeria ,1 SEAGHA Ghana ,7 Uganda ,8 Rwanda ,6 Zambia ,6 South Sudan ,2 Business Group (2,9) WECA Cameroon (9,6) Ivory Coast (6,7) Guinea-Bissau (8,9) Guinea-Conakry ,0 Congo-Brazzaville (7,5) Liberia (18,8) Benin ,0 MENA Syria ,2 Sudan ,9 Yemen (0,5) Afghanistan ,7 Cyprus (32,3) Joint ventures Iran (49%) ,6 Botswana (53.1%) (12,5) eswatini (30%) (3,2) (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15. * EBITDA excludes hyperinflation, tower profits, CBN resolution and Zakhele Futhi.
75 MTN Group Limited Results for the year ended 31 December Data sheets EBITDA* (1) % Change , , , , , ,8 930 (579) (260,6) (14) (14) 0, (64,4) (34,3) (15,6) , ,5 (4) (5) (20,0) , , , (33,1) , (30,0) , (20,3) ,2
76 74 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST (Rm) Country 1H18 2H South Africa Nigeria SEAGHA Ghana Uganda Rwanda Zambia South Sudan Business Group WECA Cameroon Ivory Coast Guinea-Bissau Guinea-Conakry Congo-Brazzaville Liberia Benin MENA Syria Sudan Yemen Afghanistan Cyprus Joint ventures Iran Botswana eswatini Equity accounting exclusion (4 890) (3 324) (8 214) Head office companies and eliminations 319 (65) 823 Total Regulatory fine Zakhele Futhi share-based payment CBN resolution Hyperinflation (242) 141 (101) Total reported (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
77 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % ,3 4, (2,4) 8, ,6 19, ,5 26, ,3 5, (9,2) (5,3) ,5 18, ,3 119, (2,7) (3,2) ,8 1, ,6 8, ,8 6, (2,4) (5,8) ,2 0, (11,6) (13,4) (19,1) (18,8) (0,2) (3,6) (28,3) 19, ,3 (12,4) (61,6) 69, (14,9) 12, (2,6) 4, (32,6) (34,4) (28,3) 14, (16,9) (17,1) ,0 8,5 (5 402) (5 874) (11 276) ,3 8, ,2 1,6
78 76 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN (Rm) Country 1H18 2H South Africa Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider discount Network Marketing Staff costs Other opex Cost Nigeria Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider disc Network Marketing Staff costs Other opex Cost (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
79 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % ,8 15, (14,9) (14,9) (11,8) (11,8) (0,4) (0,4) ,9 14, ,6 2, (13,0) (13,0) ,7 3, ,3 22, ,8 14, (7,8) 7, ,3 4, ,2 76, ,0 13, ,5 55, (4,0) 6, ,5 15, (40,3) (31,8) ,3 12, (5,8) 4, ,1 15, (21,2) (10,1) ,0 11,9
80 78 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H Ghana Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider discount Network Marketing Staff costs Other opex Cost Uganda Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider discount Network Marketing Staff costs Other opex Cost (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
81 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % (16,1) (6,4) ,2 13, ,9 21, ,5 30, (2,4) 5, ,0 23, ,4 19, ,5 54, ,3 17, ,6 121, ,5 26, (30,6) (27,3) (19,9) (16,0) ,8 90, (4,0) 0, ,9 8, (10,6) (6,4) ,5 15, ,0 18, ,2 10, ,3 6, ,3 5,6
82 80 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H Ivory Coast Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider discount Network Marketing Staff costs Other opex Cost Cameroon Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider discount Network Marketing Staff costs Other opex Cost (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
83 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % ,3 (8,6) ,2 25, (5,1) (7,7) ,2 1, ,8 9, ,7 63, (2,0) (5,1) (15,4) (17,8) (9,8) (12,7) ,2 13, ,8 6, (64,1) (67,4) (3,1) (5,0) ,8 36, ,4 14, ,7 35, (21,0) 6, ,0 400, ,7 10, (17,0) (19,2) ,7 9, ,1 46, ,6 8,1
84 82 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H Iran (49%) Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider discount Network Marketing Staff costs Other opex Cost Hyperinflation Cost including hyperinflation Syria Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share Service provider discount Network Marketing Staff costs Other opex Cost Hyperinflation (4) 7 3 Cost including hyperinflation (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
85 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % (40,2) (1,6) (38,5) (1,3) (16,9) 59, , (28,4) 14, (46,9) (19,4) (30,1) 11, (23,2) 22, (29,0) 11, (27,2) 17, ,6 73, (28,3) 14,6 (68) (2) (70) (27,8) 15, ,4 42, (26,8) (36,6) (15,4) (23,1) (13,5) (23,4) (33,2) ,3 105, ,7 14, ,0 25, ,1 7, (2,3) (14,0) ,3 (12,4) (53,3) (51,8)
86 84 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 COST BREAKDOWN continued (Rm) Country 1H18 2H Sudan Handsets and other accessories Interconnect Roaming Commissions Government and regulatory costs VAS/Digital revenue share 1 1 Service provider disc Network Marketing Staff costs Other opex Cost Hyperinflation (306) (90) (396) Cost including hyperinflation (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.
87 MTN Group Limited Results for the year ended 31 December Data sheets 1H17 2H (1) % Reported Constant currency % (54,7) 99, (55,3) 95, ,2 661, (69,1) 35, (98,8) (96,5) (63,8) 61, (74,4) 8, (68,1) 38, (63,0) 64, (61,6) 69, (84,1) (66,9)
88 86 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 MTN shareholding (%)* Population (m) Market Outgoing share minutes (%) of use Mobile Market penetration No of position/ (%) operators Telemetry ( 000) South Africa , /4 28, Nigeria ,4 60 1/4 50, SEAGHA Ghana 85 29, /9 51, Uganda 96 44,3 54 1/8 53, Rwanda 80 12,3 77 2/2 47, Zambia 86 16,9 81 1/3 47,00 81 South Sudan ,1 13 1/2 60, Botswana (joint venture) 53 2, /3 51, eswatini (joint venture) 30 1,2 95 1/2 87, WECA Cameroon 70 25,1 65 1/4 47,20 97 Ivory Coast 59 25, /3 33,40 76 Benin 75 12,1 76 1/2 53,53 68 Guinea-Conakry 75 12,1 96 2/4 23,97 32 Congo-Brazzaville 100 5,1 89 1/3 54, Liberia 60 4,3 64 1/3 35, Guinea-Bissau 100 1,9 65 1/2 60,65 46 MENA Iran (joint venture) 49 83, /4 42, Syria 75 17,9 87 2/2 36,04 74 Sudan 85 40,2 56 2/3 34, Yemen 85 28,0 42 1/4 37, Afghanistan ,5 41 1/5 44,09 97 For details on our licences, please see annual financial statements. * Shareholding disclosed based on MTN s Group legal shareholding, historic view was based on effective accounting.
89 MTN Group Limited Results for the year ended 31 December Data sheets Data users ( 000) Active data users ( 000) Smartphones ( 000) MB/ active user Rolledout Q4 2G Sites Rolledout Q4 3G Sites Rolledout Q4 4G Sites Yearly cumulative 2G Sites Yearly cumulative 3G Sites Yearly cumulative 4G Sites n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
90 88 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December 2018 Financial review Headline earnings reconciliation (Rm) IFRS reported 2018 Impairment PPE and intangible assets 1 Goodwill 2 Profit on exercise of exchange right 3 Gain on dilution of investments 4 Profit on sale of Cyprus 5 Other Revenue Other income (569) (2 112) (3) EBITDA (206) (569) (2 112) (3) Depreciation, amortisation and impairment of goodwill (312) Profit from operations (206) 312 (569) (2 112) (3) Net finance cost Hyperinflationary monetary gain 290 Share of results of associates and joint ventures after tax (527) (134) Profit before tax (206) 312 (703) (2 112) (3) Income tax expense Profit after tax (206) 312 (703) (2 112) 3 Non-controlling interests 859 (42) Attributable profit (164) 312 (703) (2 112) 3 EBITDA margin 35,9% Effective tax rate 36,2% 2017 Revenue Other income (6 017) (28) (42) EBITDA (6 017) (28) (42) Depreciation, amortisation and impairment of goodwill (3 045) (2 631) Profit from operations (6 017) (28) (42) Net finance cost Hyperinflationary monetary gain 264 Share of results of associates and joint ventures after tax 840 Profit before tax (6 017) (28) (42) Income tax expense Profit after tax (6 017) (28) (42) Non-controlling interests Attributable profit (6 017) (28) (42) EBITDA margin 35,4% Effective tax rate 52,5%
91 MTN Group Limited Results for the year ended 31 December Data sheets Nigeria fine interest 7 Hyperinflation (excluding impairments) 8 Forex losses 9 Forex losses Iran 9 MTN Zakhele Futhi 10 Loss on derecognition of loan (IHS) 11 Nigeria CBN resolution 12 Adjusted 2018 % movement ,8 (4) 498 (46,9) ,9 (261) , ,6 (812) (3) (1 945) ,0 (290) 0 0, (44,6) (10,9) (2,9) (14,5) (5,2) (15,7) 34,2% 35,2% (504) (91) (984) (1 047) 3 (4 355) (264)
92 90 MTN Group Limited Results for the year ended 31 December 2018 MTN Group Limited continued Results for the year ended 31 December : Reversal of the hyperinflation-related asset impairment in MTN Sudan (R306 million) and exclusion of the impact of other asset impairments. 2017: Exclusion of the impact of impairments of assets previously written up for the impact of hyperinflation for MTN Syria (R1 348 million) and MTN Sudan (R1 690 million), partly offset by a reversal of assets previously impaired. 2. Represents the exclusion of the impact of goodwill impairment recognised. 2018: In relation to MTN Yemen (R312 million). 2017: In relation to MTN Yemen (R807 million), MTN Afghanistan (R841 million) and MTN Sudan (R983 million). An amount of R192 million of the goodwill impairment on MTN Sudan relates to the carrying value of goodwill previously written up for the impact of hyperinflation. 3. The financial impact relating to R6 017 million profit realised on the exercise of the exchange right where the interest in the Nigeria tower company was exchanged for an increased shareholding in IHS Holdings is excluded. 4. Represents the gain on dilution of the group s investments in International Digital Services Middle East Limited following the entry of a new investor into that business. 5. The profit on sale of Cyprus (R2 112 million) is excluded 6. The sale of tower assets during the financial period. 2018: release of a deferred gain of R23 million (2017: R27 million) in Ghana and offset by losses incurred on the disposal of items of property, plant and equipment are excluded. 7. Exclusion of finance cost recognised as a result of the unwind of the discounting of the financial liability created on conclusion of the Nigeria regulatory fine. 8. The impact of hyperinflation is excluded for the operations that are currently accounted for on a hyperinflationary basis (MTN Syria, MTN Sudan and MTN South Sudan) as well as those that have previously been accounted for on a hyperinflationary basis. The economy of MTN Sudan was assessed to be hyperinflationary effective 1 July 2018 and hyperinflation accounting was applied for the six months ended 31 December The economy of Iran was assessed to no longer be hyperinflationary effective 1 July 2015 and hyperinflation accounting was discontinued from this date onwards. For this operation the impact of hyperinflation unwind over time mainly through depreciation, amortisation or subsequent asset impairments. 9. Adjustment for the net forex losses impacting earnings for the respective periods. 10. Represents the IFRS 2 Share-based payment impact of MTN Zakhele Futhi. MTN made an offer of ordinary shares to qualifying BEE investors in During 2017, the group issued a portion of the shares previously underwritten resulting in the recognition of a IFRS 2 Share-based payment expense of R434 million. 11. Represents the impact of the loss on the derecognition of the long-term loan receivable from IHS amounting to R2 840 million 12. Represents the impact of the Nigeria CBN resolution (R744 million).
93 Administration MTN GROUP LIMITED Incorporated in the Republic of South Africa Registration number: 1994/009584/06 ISIN: ZAE Share code: MTN Board of directors PF Nhleko² RA Shuter¹ # RT Mupita¹ PB Hanratty³ $ AP Harper³ # MH Jonas³ (appointed 1 June 2018) KP Kalyan³ S Kheradpir³ NP Mageza³ MLD Marole³ AT Mikati² SP Miller³ˆ KD Mokhele³ (appointed 1 July 2018) KC Ramon³ NL Sowazi³ BS Tshabalala³ (appointed 1 June 2018) J van Rooyen³ ¹ Executive ² Non-executive ³ Independent non-executive director American Lebanese # British $ Irish ˆ Belgian Group secretary SB Mtshali Private Bag X9955, Cresta, 2118 Registered office th Avenue, Fairland, 2195 American depository receipt (ADR) programme Cusip No M108 ADR to ordinary share 1:1 Depository The Bank of New York 101 Barclay Street, New York NY , USA MTN Group sharecare line Toll free: or if phoning from outside South Africa Transfer secretaries Computershare Investor Services Proprietary Limited Registration number 2004/003647/07 Rosebank Towers, 15 Biermann Avenue Rosebank, 2196 PO Box 61051, Marshalltown, 2107 Joint auditors PricewaterhouseCoopers Inc. 4 Lisbon Lane, Waterfall City, Jukskei View, 2090 SizweNtsalubaGobodo Grant Thornton Inc. 20 Morris Street East Woodmead, 2157 PO Box 2939, Saxonwold, 2132 Lead sponsor JP Morgan Equities (SA) Proprietary Limited 1 Fricker Road, cnr Hurlingham Road, Illovo, 2196 Joint sponsor Tamela Holdings Proprietary Limited Ground Floor, Golden Oak House, Ballyoaks Office Park 35 Ballyclare Drive, Bryanston, 2021 Attorneys Webber Wentzel 90 Rivonia Road, Sandton, 2196 PO Box 61771, Marshalltown, 2107 Contact details Telephone: National International Facsimile: National International investor.relations@mtn.com Website:
94 Notes to the annual financial statements COPY TO FOLLOW Tel: / Innovation Centre th Avenue Fairland, 2195 South Africa 4 MTN Group Limited Financial results for the year ended 31 December 2017
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