Notes to the annual financial statements COPY TO FOLLOW MTN Group Limited Results presentation for the year ended 31 December 2017 MTN Group Limited Financial results for the year ended 31 December 2017 1
to brighter lives Contents 1 Results presentation 43 Appendices 53 Data sheets * Constant currency information after taking into account the impact of the pro forma adjustments as defined ** Reported # Based on our new modernised definitions Organic revenue adjusts for prior year acquisitions, disposals and alignment of post-paid carry over rules Service revenue excludes device and sim card revenue Adjusted free cash flow = EBITDA less capex Note: Certain financial information presented in these consolidated annual financial results constitutes pro forma financial information. The pro forma financial information is the responsibility of the group s board of directors and 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 forward looking financial information incorporated in these consolidated financial results; has not been audited or reviewed or otherwise reported on by our external joint auditors. An assurance report has however been prepared and issued by our joint auditors PricewaterhouseCoopers Inc. and SizweNtsalubaGobodo Inc. in respect of the pro forma financial information included in this announcement that is available for inspection at the registered office of the company. 1. The financial information presented in these consolidated financial results has been prepared excluding the impact of hyperinflation and the relating goodwill and asset impairments, tower profits (including the profit realised on the exercise of the IHS exchange right whereby the group s interest in the Nigeria tower company was exchanged for additional shareholding in IHS Holding Limited), the loss on derecognition of the long-term loan receivable from IHS, 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) and IFRS 2 share-based payment expense related to Zakhele Futhi ( 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 consolidated financial statements for the year ended 31 December 2017. This pro forma financial information has been presented to eliminate the impact of the pro forma adjustments from the consolidated financial results in order to achieve a comparable analysis year on year. 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. 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. Hyperinflation accounting was discontinued for MTN Irancell and MTN Sudan on 1 July 2015 and 1 July 2016 respectively. The economy of South Sudan was assessed to be hyperinflationary effective 1 January 2016, and hyperinflation accounting was applied from December 2016 onwards. The group s results are presented in line with the group s operational structure. This is South Africa, Nigeria, Southern and East Africa and Ghana (SEAGHA), West and Central Africa (WECA) and Middle East and North Africa (MENA) and their respective underlying operations. The SEAGHA region includes Ghana, Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture-equity accounted), Swaziland (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, Afghanistan and Cyprus. Although Iran, Botswana and Swaziland 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.
Results presentation Results presentation for the year ended 31 December 2017
Notes 02 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 14 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 16 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 18 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 20 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 22 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 24 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 26 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 28 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 30 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 32 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 34 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 36 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 38 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 40 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 42 MTN Group Limited Financial results for the year ended 31 December 2017
Appendices
Notes 44 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 46 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 48 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 50 MTN Group Limited Financial results for the year ended 31 December 2017
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Notes 52 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets Data sheets
MTN Group Limited Results for the year ended 31 December 2017 ARPU (US dollar) Country 1Q16 2Q16 3Q16 4Q16 South Africa 5,29 5,47 6,31 6,69 Nigeria 5,40 5,09 3,38 3,52 SEAGHA Ghana 3,13 3,19 3,23 3,27 Uganda 2,49 2,25 2,23 2,30 Rwanda 2,01 1,93 1,95 1,87 Zambia 2,45 2,63 2,82 2,60 South Sudan 2,06 1,50 1,24 1,95 Botswana (joint venture) 5,45 5,67 6,33 6,74 Swaziland (joint venture) 5,60 6,11 7,41 7,77 WECA Cameroon 3,37 3,29 3,36 3,38 Ivory Coast 4,55 4,63 4,76 4,51 Benin 5,94 5,95 5,87 5,92 Conakry 1,70 1,83 2,06 2,02 Congo B 8,22 8,66 8,01 7,35 Liberia 3,73 3,51 3,34 3,45 Bissau 3,24 4,11 3,94 3,52 MENA Iran (joint venture) 3,73 3,99 4,02 3,94 Syria 2,09 1,80 2,16 2,02 Sudan 2,83 2,90 3,12 3,41 Yemen 4,10 3,71 3,69 3,24 Afghanistan 1,92 1,84 2,01 1,92 Cyprus 18,51 19,33 19,68 17,53 54 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets Modernised 1Q17 2Q17 3Q17 4Q17 6,34 6,51 6,69 7,12 3,60 3,61 4,31 4,24 2,87 3,67 3,73 4,05 2,11 2,06 2,14 2,32 1,74 2,03 2,45 2,46 2,27 2,68 3,05 3,14 1,84 2,19 2,27 3,14 6,17 6,70 6,50 7,60 7,75 7,72 7,28 7,98 2,98 3,17 3,40 4,32 4,33 4,35 3,99 4,17 5,30 5,09 4,99 4,68 2,16 2,24 2,21 2,12 6,51 7,43 6,78 5,72 2,44 2,59 2,44 3,88 3,48 4,62 3,90 3,78 3,86 3,84 4,35 4,87 1,96 1,98 2,15 2,29 3,59 3,76 3,92 2,79 3,17 3,29 3,11 2,34 1,52 1,72 1,84 1,73 17,10 20,07 18,62 19,53 MTN Group Limited Financial results for the year ended 31 December 2017 55
MTN Group Limited continued Results for the year ended 31 December 2017 ARPU (Local currency) Country 1Q16 2Q16 3Q16 4Q16 South Africa 82,59 81,42 89,95 92,11 Postpaid 152,19 149,73 175,23 162,14 Postpaid (excluding telemetry) 265,57 263,97 312,01 290,88 Prepaid 68,30 67,15 72,00 77,54 Nigeria 1 078,00 1 086,00 1 047,63 1 100,02 SEAGHA Ghana 12,17 12,28 12,73 13,66 Uganda 8 462,00 7 528,18 7 526,96 8 114,82 Rwanda 1 487,72 1 486,82 1 544,73 1 507,62 Zambia 27,47 26,89 28,09 25,38 South Sudan 55,11 55,05 70,22 145,63 Botswana (joint venture) 61,00 63,00 67,00 71,31 Swaziland (joint venture) 88,00 91,00 105,54 106,95 WECA Cameroon 2 052,45 1 952,75 1 981,00 2 046,88 Ivory Coast 2 771,75 2 705,14 2 802,82 2 738,18 Benin 3 616,00 3 506,59 3 458,95 3 595,94 Conakry 14 791,78 16 409,98 18 657,08 18 393,40 Congo B 4 926,03 5 054,11 4 714,69 4 455,24 Liberia 3,73 3,51 3,34 3,45 Bissau 1 978,20 2 403,63 2 321,77 2 136,85 MENA Iran (joint venture) 112 513,01 121 147,23 126 364,00 125 604,00 Syria 767,08 865,87 1 083,20 1 045,44 Sudan 17,23 17,69 19,05 22,04 Yemen 880,20 904,79 921,50 810,82 Afghanistan 131,93 126,34 135,98 128,59 Cyprus 16,93 17,15 17,41 16,20 56 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets Modernised 1Q17 2Q17 3Q17 4Q17 84,79 85,24 88,12 96,80 147,05 148,97 149,70 160,42 264,52 268,57 272,40 296,90 72,06 72,32 75,87 82,84 1 131,00 1 171,00 1 407,73 1 483,52 12,90 15,92 16,45 18,15 7 635,00 7 399,00 7 699,00 8 455,00 1 413,31 1 696,89 2 061,66 2 085,71 21,80 24,54 27,82 31,45 198,44 257,39 267,73 393,34 64,65 69,00 69,00 76,26 102,69 101,16 95,89 108,46 1 844,00 1 850,00 1 884,00 2 440,00 2 683,85 2 530,85 2 236,02 2,355,54 3 283,25 2 962,55 2 793,69 2 643,54 19 926,34 20 093,59 19 890,34 19 091,33 4 031,72 4 328,90 3 788,47 3 211,45 2,44 2,59 2,44 3,88 2 157,54 2 691,26 2 182,31 2 133,76 128 907,00 134 721,00 143 178,00 169 151,00 1 013,91 1 024,15 1 111,89 1 083,76 24,00 25,13 26,18 29,91 793,79 824,79 843,85 912,72 102,76 117,50 126,09 118,75 16,08 16,03 15,83 16,53 MTN Group Limited Financial results for the year ended 31 December 2017 57
MTN Group Limited continued Results for the year ended 31 December 2017 MTN GROUP SUBSCRIBERS INCLUDING WIMAX ( 000) Country 1Q16 2Q16 3Q16 4Q16 South Africa 30 077 29 805 29 668 30 764 Postpaid 5 198 5 132 5 166 5 185 Prepaid 24 879 24 673 24 502 25 579 Nigeria 57 045 58 978 60 462 61 970 SEAGHA 39 723 40 647 41 357 43 271 Ghana 17 004 17 579 18 050 19 296 Uganda 9 624 9 891 10 180 10 549 Rwanda 4 015 3 989 4 094 4 062 Zambia 5 197 5 417 5 392 5 802 South Sudan 1 126 1 055 892 771 Botswana 1 826 1 798 1 805 1 821 Swaziland 931 919 945 970 WECA 28 903 29 003 29 598 30 636 Cameroon 9 477 9 648 9 521 9 870 Ivory Coast 8 140 8 236 8 542 9 484 Benin 3 923 3 962 3 988 4 053 Conakry 3 075 2 748 2 941 2 563 Congo B 2 175 2 270 2 333 2 404 Liberia 1 409 1 443 1 574 1 577 Bissau 704 696 699 685 MENA 73 855 74 145 73 613 73 738 Iran (joint venture) 46 852 47 316 47 837 47 625 Syria 5 802 5 837 5 899 6 067 Sudan 8 800 8 814 7 668 7 490 Yemen 5 335 5 310 5 322 5 252 Afghanistan 6 702 6 482 6 480 6 895 Cyprus 363 386 407 409 Total subscribers 229 603 232 577 234 698 240 378 58 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets Modernised 1Q17 2Q17 3Q17 4Q17 30 231 31 216 30 908 29 516 5 161 5 194 5 227 5 357 25 070 26 022 25 681 24 159 60 523 53 094 50 308 52 273 40 837 40 982 41 102 38 660 16 789 17 304 17 590 15 667 10 861 11 158 10 806 10 707 4 210 3 510 3 575 3 413 5 505 5 575 5 695 5 485 708 685 691 663 1 784 1 763 1 746 1 746 981 987 999 979 31 354 31 929 32 953 29 134 9 749 9 541 9 447 7 052 10 399 11 018 11 619 10 922 4 162 4 273 4 280 4 358 2 493 2 550 2 696 2 648 2 355 2 345 2 481 2 532 1 495 1 412 1 635 881 700 789 795 742 73 868 74 547 74 957 67 648 48 118 49 041 49 539 43 257 5 915 5 915 5 915 5 617 7 604 7 576 7 450 7 582 5 221 5 110 5 089 4 371 6 597 6 469 6 516 6 400 414 436 447 421 236 813 231 768 230 228 217 231 MTN Group Limited Financial results for the year ended 31 December 2017 59
MTN Group Limited continued Results for the year ended 31 December 2017 REVENUE (Rm) Country 1H17 2H17 2017 South Africa (opco) 20 129 22 413 42 542 Nigeria 18 037 17 968 36 005 SEAGHA 9 475 10 658 20 133 Ghana 4 864 5 518 10 382 Uganda 2 506 2 687 5 193 Rwanda 661 698 1 359 Zambia 1 219 1 495 2 714 South Sudan 122 157 279 Business Group 103 103 206 WECA 10 407 10 544 20 951 Cameroon 2 609 2 764 5 373 Ivory Coast 3 639 3 782 7 421 Bissau 246 243 489 Conakry 458 474 932 Congo B 1 370 1 259 2 629 Liberia 334 303 637 Benin 1 751 1 719 3 470 MENA 6 299 6 417 12 716 Syria 952 1 055 2 007 Sudan 2 272 2 268 4 540 Yemen 1 343 1 091 2 434 Afghanistan 910 962 1 872 Cyprus 822 1 041 1 863 Joint ventures Iran 7 869 8 634 16 503 Botswana 538 518 1 056 Swaziland 189 182 371 Equity accounting exclusion (8 596) (9 334) (17 930) Head office companies and eliminations (32) (4) (36) Total 64 315 67 996 132 311 Hyperinflation 71 433 504 Total Including hyperinflation 64 386 68 429 132 815 Note: Realigned to reflect the segments reallocated. 60 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 19 588 21 715 41 303 3,0 3,0 28 941 18 181 47 122 (23,6) 11,4 10 480 10 031 20 511 (1,8) 17,3 5 165 5 126 10 291 0,9 23,3 2 804 2 661 5 465 (5,0) 10,0 775 689 1 464 (7,2) 8,7 1 408 1 300 2 708 0,2 1,9 210 139 349 (20,1) 127,2 118 116 234 (12,0) (6,8) 12 241 11 001 23 242 (9,9) (2,8) 3 202 2 987 6 189 (13,2) (6,6) 3 751 3 425 7 176 3,4 11,0 246 230 476 2,7 10,5 527 505 1 032 (9,7) 0,6 1 815 1 567 3 382 (22,3) (15,7) 524 451 975 (34,7) (28,1) 2 176 1 836 4 012 (13,5) (6,9) 7 402 6 886 14 288 (11,0) 7,5 1 068 1 055 2 123 (5,5) 14,8 2 345 2 240 4 585 (1,0) 25,2 1 905 1 554 3 459 (29,6) (9,2) 1 204 1 108 2 312 (19,0) (11,0) 880 929 1 809 3,0 9,6 8 324 8 212 16 536 (0,2) 17,8 518 486 1 004 5,2 9,8 174 187 361 2,5 2,5 (9 016) (8 885) (17 901) 226 202 428 78 878 68 016 146 894 (9,9) 6,8 237 789 1 026 79 115 68 805 147 920 (10,2) 5,9 MTN Group Limited Financial results for the year ended 31 December 2017 61
MTN Group Limited continued Results for the year ended 31 December 2017 REVENUE BREAKDOWN (Rm) Country 1H17 2H17 2017 South Africa (opco) Outgoing voice (1) 7 134 7 192 14 326 Incoming voice (2) 808 885 1 693 Data (3) 6 619 7 545 14 164 Digital 1 259 1 445 2 704 SMS 553 502 1 055 Devices 3 151 4 132 7 283 Wholesale (4) 386 511 897 Other 219 201 420 Revenue 20 129 22 413 42 542 Nigeria Outgoing voice (1) 11 315 11 429 22 744 Incoming voice (2) 2 126 1 886 4 012 Data (3) 1 904 2 472 4 376 Digital 2 181 1 692 3 873 SMS 257 257 514 Devices 53 55 108 Wholesale (4) 178 151 329 Other 23 26 49 Revenue 18 037 17 968 36 005 Ghana Outgoing voice (1) 1 886 2 209 4 095 Incoming voice (2) 526 492 1 018 Data (3) 1 180 1 389 2 569 Digital 1 110 1 245 2 355 SMS 50 36 86 Devices 34 49 83 Wholesale (4) 25 26 51 Other 53 72 125 Revenue 4 864 5 518 10 382 Not adjusted for postpaid carry-over rules. (1) Definition refined to exclude international roaming. (2) Definition refined to include international roaming and exclude wholesale. (3) Data includes access data, ISP and EBU access data. (4) Includes wholesale voice, data, SMS, leased lines and BTS rentals. 62 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 7 670 8 697 16 367 (12,5) (12,5) 767 852 1 619 4,6 4,6 5 599 5 736 11 335 25,0 25,0 915 1 296 2 211 22,3 22,3 675 637 1 312 (19,6) (19,6) 3 406 3 757 7 163 1,7 1,7 385 406 791 13,4 13,4 171 334 505 (16,8) (16,8) 19 588 21 715 41 303 3,0 3,0 19 569 11 233 30 802 (26,2) 7,5 3 352 2 276 5 628 (28,7) 5,4 1 774 1 535 3 309 32,2 86,6 3 409 2 611 6 020 (35,7) (3,5) 377 269 646 (20,4) 15,9 37 47 84 28,6 89,3 366 189 555 (40,7) (11,9) 57 21 78 (37,2) (10,3) 28 941 18 181 47 122 (23,6) 11,4 2 364 2 120 4 484 (8,7) 11,4 713 597 1 310 (22,3) (4,4) 916 1 168 2 084 23,3 50,6 1 006 1 085 2 091 12,6 37,7 49 37 86 25,6 42 34 76 9,2 32,9 48 39 87 (41,4) (27,6) 27 46 73 71,2 106,8 5 165 5 126 10 291 0,9 23,3 MTN Group Limited Financial results for the year ended 31 December 2017 63
MTN Group Limited continued Results for the year ended 31 December 2017 REVENUE BREAKDOWN (Rm) Country 1H17 2H17 2017 Uganda Outgoing voice (1) 1 362 1 427 2 789 Incoming voice (2) 170 183 353 Data (3) 213 283 496 Digital 635 687 1 322 SMS 20 18 38 Devices 32 26 58 Wholesale (4) 32 21 53 Other 42 42 84 Revenue 2 506 2 687 5 193 Cameroon Outgoing voice (1) 1 524 1 502 3 026 Incoming voice (2) 338 325 663 Data (3) 347 451 798 Digital 111 195 306 SMS 75 78 153 Devices 104 93 197 Wholesale (4) Other 110 120 230 Revenue 2 609 2 764 5 373 Ivory Coast Outgoing voice (1) 2 287 2 211 4 498 Incoming voice (2) 410 493 903 Data (3) 338 378 716 Digital 398 481 879 SMS 43 48 91 Devices 28 19 47 Wholesale (4) 130 134 264 Other 5 18 23 Revenue 3 639 3 782 7 421 (1) Definition refined to exclude international roaming. (2) Definition refined to include international roaming and exclude wholesale. (3) Data includes access data, ISP and EBU access data. (4) Includes wholesale voice, data, SMS, leased lines and BTS rentals. 64 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 1 526 1 451 2 977 (6,3) 8,5 256 207 463 (23,8) (11,7) 195 208 403 23,1 41,4 649 670 1 319 0,2 16,1 29 26 55 (30,9) (20,0) 71 34 105 (44,8) (34,3) 34 25 59 (10,2) 5,1 44 40 84 14,3 2 804 2 661 5 465 (5,0) 10,0 2 027 1 811 3 838 (21,2) (14,9) 390 402 792 (16,3) (9,5) 347 355 702 13,7 21,1 135 117 252 21,4 27,4 90 78 168 (8,9) (1,8) 91 100 191 3,1 11,5 122 124 246 (6,5) 0,4 3 202 2 987 6 189 (13,2) (6,6) 2 417 2 176 4 593 (2,1) 5,5 585 452 1 037 (12,9) (7,1) 187 222 409 75,1 87,5 327 378 705 24,7 32,6 52 40 92 (1,1) 5,4 40 59 99 (52,5) (48,5) 127 98 225 17,3 26,2 16 16 43,8 56,3 3 751 3 425 7 176 3,4 11,0 MTN Group Limited Financial results for the year ended 31 December 2017 65
MTN Group Limited continued Results for the year ended 31 December 2017 REVENUE BREAKDOWN (Rm) Country 1H17 2H17 2017 Syria Outgoing voice (1) 584 646 1 230 Incoming voice (2) 25 29 54 Data (3) 260 291 551 Digital 41 42 83 SMS 39 45 84 Devices Wholesale (4) Other 3 2 5 Revenue 952 1 055 2 007 Hyperinflation 40 343 383 Revenue including hyperinflation 992 1 398 2 390 Sudan Outgoing voice (1) 1 098 1 055 2 153 Incoming voice (2) 349 338 687 Data (3) 620 669 1 289 Digital 132 130 262 SMS 35 30 65 Devices 5 18 23 Wholesale (4) Other 33 28 61 Revenue 2 272 2 268 4 540 Hyperinflation Revenue including hyperinflation 2 272 2 268 4 540 Iran (49%) Outgoing voice (1) 2 492 2 333 4 825 Incoming voice (2) 806 785 1 591 Data (3) 3 039 3 868 6 907 Digital 938 1 060 1 998 SMS 430 349 779 Devices 133 124 257 Wholesale (4) Other 31 115 146 Revenue 7 869 8 634 16 503 (1) Definition refined to exclude international roaming. (2) Definition refined to include international roaming and exclude wholesale. (3) Data includes access data, ISP and EBU access data. (4) Includes wholesale voice, data, SMS, leased lines and BTS rentals. 66 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 667 665 1 332 (7,7) 12,0 42 34 76 (28,9) (13,2) 284 283 567 (2,8) 18,3 24 28 52 59,6 96,2 48 41 89 (5,6) 14,6 1 1 (100,0) (100,0) 1 1 (100,0) (100,0) 2 3 5 1 068 1 055 2 123 (5,5) 14,8 103 381 484 1 171 1 436 2 607 (8,3) 71,1 1 191 1 088 2 279 (5,5) 18,4 423 394 817 (15,9) 9,8 519 541 1 060 21,6 52,5 126 123 249 5,2 32,5 41 37 78 (16,7) 5,1 4 4 475,0 850,0 45 53 98 (37,8) (21,4) 2 345 2 240 4 585 (1,0) 25,2 134 (12) 122 2 479 2 228 4 707 (3,5) 131,5 3 158 2 863 6 021 (19,9) (5,0) 1 011 957 1 968 (19,2) (4,3) 2 241 2 639 4 880 41,5 66,3 1 121 952 2 073 (3,6) 13,6 679 574 1 253 (37,8) (26,1) 73 119 192 33,9 58,9 41 108 149 (2,0) 15,4 8 324 8 212 16 536 (0,2) 17,8 MTN Group Limited Financial results for the year ended 31 December 2017 67
MTN Group Limited continued Results for the year ended 31 December 2017 EBITDA EXCLUDING HYPERINFLATION, TOWER PROFITS, NIGERIA REGULATORY FINE AND ZAKHELE FUTHI (Rm) Country 1H17 2H17 2017 South Africa (opco) 6 709 8 019 14 728 Nigeria 6 906 7 135 14 041 SEAGHA 2 984 3 851 6 835 Ghana 1 786 2 330 4 116 Uganda 830 964 1 794 Rwanda 56 69 125 Zambia 343 535 878 South Sudan (28) (36) (64) Business Group (3) (11) (14) WECA 3 148 2 188 5 336 Cameroon 808 496 1 304 Ivory Coast 1 276 1 071 2 347 Bissau 86 75 161 Conakry (6) 45 39 Congo B 553 337 890 Liberia (55) (5) (60) Benin 486 169 655 MENA 1 848 1 954 3 802 Syria 248 353 601 Sudan 750 842 1 592 Yemen 454 326 780 Afghanistan 127 107 234 Cyprus 269 326 595 Joint ventures Iran 2 860 3 021 5 881 Botswana 232 304 536 Swaziland 98 83 181 Equity accounting exclusion (3 190) (3 408) (6 598) Head office companies and eliminations (416) (33) (449) Total 21 179 23 114 44 293 Hyperinflation (2 810) (138) (2 948) Tower profit 6 030 14 6 044 Regulatory fine Zakhele Futhi share-based payment (434) (434) Total including hyperinflation, tower profit, regulatory fine and MTN Zakhele Futhi 24 399 22 556 46 955 Note: Realigned to reflect the segments reallocated. 68 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 5 921 7 530 13 451 9,5 9,5 14 421 7 433 21 854 (35,8) (6,6) 3 238 3 503 6 741 1,4 17,4 2 004 2 180 4 184 (1,6) 19,4 842 778 1 620 10,7 27,8 213 204 417 (70,0) (62,8) 456 420 876 0,2 1,7 (296) (83) (379) (83,1) (52,5) 19 4 23 (160,9) (169,6) 4 149 2 858 7 007 (23,8) (16,4) 1 218 847 2 065 (36,9) (30,1) 1 349 984 2 333 0,6 9,1 70 68 138 16,7 26,1 (77) (92) (169) (123,1) (123,7) 842 603 1 445 (38,4) (31,8) 123 34 157 (138,2) (141,4) 624 414 1 038 (36,9) (29,1) 2 359 2 298 4 657 (18,4) (0,2) 305 384 689 (12,8) 3,9 829 642 1 471 8,2 39,4 675 684 1 359 (42,6) (27,3) 270 326 596 (60,7) (57,0) 280 262 542 9,8 17,5 3 139 3 315 6 454 (8,9) 7,5 287 307 594 (9,8) (6,2) 94 101 195 (7,2) (7,2) (3 520) (3 723) (7 243) (815) (914) (1 729) 29 273 22 708 51 981 (14,8) 2,5 90 156 246 18 13 31 (10 499) (10 499) (1 008) (1 008) 18 882 21 869 40 751 15,2 39,2 MTN Group Limited Financial results for the year ended 31 December 2017 69
MTN Group Limited continued Results for the year ended 31 December 2017 REVENUE (EXCLUDING HYPERINFLATION) AND EBITDA (EXCLUDING HYPERINFLATION, TOWER PROFITS, NIGERIA REGULATORY FINE AND ZAKHELE FUTHI) Local currency (m) Revenue Country 2017 2016 Change % South Africa (opco) 42 542 41 303 3,0 Nigeria 885 440 793 673 11,6 SEAGHA Ghana 3 420 2 773 23,3 Uganda 1 404 043 1 275 476 10,1 Rwanda 84 576 77 581 9,0 Zambia 1 939 1 904 1,8 South Sudan 2 425 1 083 123,9 Business Group 206 234 (12,0) WECA Cameroon 234 651 251 661 (6,8) Ivory Coast 325 078 293 236 10,9 Bissau 21 450 19 466 10,2 Conakry 634 327 631 715 0,4 Congo B 115 125 137 138 (16,1) Liberia 48 67 (28,4) Benin 152 315 163 392 (6,8) MENA Syria 76 072 67 641 12,5 Sudan 2 441 1 945 25,5 Yemen 51 269 56 297 (8,9) Afghanistan 9 562 10 723 (10,8) Cyprus 123 112 9,8 Joint ventures Iran (49%) 41 175 212 34 947 600 17,8 Botswana (53,1%) 821 747 9,9 Swaziland (30%) 371 363 2,2 Note: Realigned to reflect the segments reallocated. 70 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets EBITDA 2017 2016 Change % 14 728 13 451 9,5 345 565 380 682 (9,2) 1 351 1 133 19,2 484 750 376 619 28,7 7 701 22 170 (65,3) 626 615 1,8 (579) (990) (41,5) (14) 24 (158,3) 57 439 83 047 (30,8) 103 088 94 611 9,0 7 059 5 658 24,8 26 248 (105 995) (124,8) 39 241 58 240 (32,6) (5) 10 (150,0) 29 435 41 691 (29,4) 22 692 22 334 1,6 843 626 34,7 15 994 21 979 (27,2) 1 191 2 778 (57,1) 39 33 18,2 14 661 558 13 682 776 7,2 477 467 2,1 181 195 (7,2) MTN Group Limited Financial results for the year ended 31 December 2017 71
MTN Group Limited continued Results for the year ended 31 December 2017 COST (Rm) Country 1H17 2H17 2017 South Africa (opco) 13 420 14 394 27 814 Nigeria 11 131 10 833 21 964 SEAGHA 6 493 6 806 13 299 Ghana 3 078 3 188 6 266 Uganda 1 677 1 722 3 399 Rwanda 605 629 1 234 Zambia 876 960 1 836 South Sudan 151 193 344 Business Group 106 114 220 WECA 7 260 8 357 15 617 Cameroon 1 801 2 268 4 069 Ivory Coast 2 363 2 711 5 074 Bissau 160 169 329 Conakry 464 428 892 Congo B 817 923 1 740 Liberia 389 309 698 Benin 1 266 1 549 2 815 MENA 4 450 4 466 8 916 Syria 704 702 1 406 Sudan 1 522 1 427 2 949 Yemen 888 766 1 654 Afghanistan 783 855 1 638 Cyprus 553 716 1 269 Joint ventures Iran 5 010 5 612 10 622 Botswana 306 214 520 Swaziland 90 100 190 Equity accounting exclusion (5 406) (5 926) (11 332) Head office companies and eliminations 442 514 956 Total 43 196 45 370 88 566 Hyperinflation 2 881 570 3 451 Regulatory Fine Zakhele Futhi share-based payment 434 434 Total reported 46 077 46 374 92 451 Note: Realigned to reflect the segments reallocated. 72 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 13 665 14 187 27 852 (0,1) (0,1) 14 520 10 747 25 267 (13,1) 27,0 7 242 6 526 13 768 (3,4) 17,3 3 161 2 946 6 107 2,6 26,0 1 962 1 883 3 845 (11,6) 2,5 562 484 1 046 18,0 37,3 952 880 1 832 0,2 1,9 506 221 727 (52,7) 33,8 99 112 211 4,3 10,4 8 092 8 143 16 235 (3,8) 3,1 1 984 2 140 4 124 (1,3) 5,2 2 402 2 441 4 843 4,8 11,9 176 162 338 (2,7) 4,1 604 597 1 201 (25,7) (16,9) 973 964 1 937 (10,2) (3,8) 401 417 818 (14,7) (6,2) 1 552 1 422 2 974 (5,3) 0,8 5 043 4 587 9 630 (7,4) 11,2 763 671 1 434 (2,0) 20,1 1 516 1 598 3 114 (5,3) 18,4 1 230 869 2 099 (21,2) 2,5 934 782 1 716 (4,5) 4,9 600 667 1 267 0,2 6,3 5 185 4 896 10 081 5,4 24,3 231 180 411 26,5 32,6 80 88 168 13,1 13,1 (5 496) (5 164) (10 660) 1 391 1 074 2 465 49 953 45 264 95 217 (7,0) 9,5 148 632 780 10 499 10 499 1 008 1 008 60 600 46 904 107 504 (14,0) 0,1 MTN Group Limited Financial results for the year ended 31 December 2017 73
MTN Group Limited continued Results for the year ended 31 December 2017 COST BREAKDOWN (Rm) Country 1H17 2H17 2017 South Africa (opco) Handsets and other accessories 4 149 4 682 8 831 Interconnect 1 232 1 219 2 451 Roaming 160 119 279 Commissions 1 111 1 263 2 374 Government and regulatory costs 74 121 195 VAS/Digital revenue share 369 262 631 Service provider discount 845 878 1 723 Network 2 088 2 163 4 251 Marketing 506 599 1 105 Staff costs 1 005 1 176 2 181 Other OPEX 1 881 1 912 3 793 Cost 13 420 14 394 27 814 Nigeria Handsets and other accessories 112 70 182 Interconnect 1 749 1 676 3 425 Roaming 58 52 110 Commissions 944 882 1 826 Government and regulatory costs 503 497 1 000 VAS/Digital revenue share 667 498 1 165 Service provider disc Network 5 412 5 155 10 567 Marketing 298 321 619 Staff costs 544 545 1 089 Other OPEX 844 1 137 1 981 Cost 11 131 10 833 21 964 Excluding the regulatory fine 74 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 4 794 4 900 9 694 (8,9) (8,9) 1 415 1 356 2 771 (11,5) (11,5) 177 153 330 (15,5) (15,5) 815 1 114 1 929 23,1 23,1 108 34 142 37,3 37,3 234 305 539 17,1 17,1 984 944 1 928 (10,6) (10,6) 1 862 1 860 3 722 14,2 14,2 341 692 1 033 7,0 7,0 1 158 1 119 2 277 (4,2) (4,2) 1 777 1 710 3 487 8,8 8,8 13 665 14 187 27 852 (0,1) (0,1) 272 272 544 (66,5) (48,5) 2 659 1 810 4 469 (23,4) 12,2 82 46 128 (14,1) 26,6 1 507 1 071 2 578 (29,2) 4,0 682 495 1 177 (15,0) 23,6 1 119 880 1 999 (41,7) (12,2) 5 288 4 105 9 393 12,5 64,8 685 375 1 060 (41,6) (15,9) 832 706 1 538 (29,2) 2,9 1 394 987 2 381 (16,8) 16,9 14 520 10 747 25 267 (13,1) 27,0 MTN Group Limited Financial results for the year ended 31 December 2017 75
MTN Group Limited continued Results for the year ended 31 December 2017 COST BREAKDOWN (Rm) Country 1H17 2H17 2017 Ghana Handsets and other accessories 109 174 283 Interconnect 469 482 951 Roaming 28 36 64 Commissions 578 658 1 236 Government and regulatory costs 125 161 286 VAS/Digital revenue share 205 185 390 Service provider discount Network 1 035 972 2 007 Marketing 93 135 228 Staff costs 239 247 486 Other OPEX 197 138 335 Cost 3 078 3 188 6 266 Uganda Handsets and other accessories 85 36 121 Interconnect 142 140 282 Roaming 15 7 22 Commissions 456 483 939 Government and regulatory costs 36 38 74 VAS/Digital revenue share 24 23 47 Service provider discount Network 495 532 1 027 Marketing 34 82 116 Staff costs 140 152 292 Other OPEX 250 229 479 Cost 1 677 1 722 3 399 76 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 140 119 259 9,3 33,2 535 500 1 035 (8,1) 12,7 40 33 73 (12,3) 5,5 346 767 1 113 11,1 35,8 114 103 217 31,8 60,4 448 8 456 (14,5) 5,5 1 000 899 1 899 5,7 30,3 87 128 215 6,0 28,4 246 242 488 (0,4) 21,9 205 147 352 (4,8) 19,6 3 161 2 946 6 107 2,6 26,0 114 71 185 (34,6) (21,1) 197 155 352 (19,9) (6,8) 22 19 41 (46,3) (36,6) 457 522 979 (4,1) 10,9 92 (10) 82 (9,8) 4,9 76 76 (38,2) (28,9) 565 564 1 129 (9,0) 5,9 86 84 170 (31,8) (23,5) 162 133 295 (1,0) 14,2 267 269 536 (10,6) 2,8 1 962 1 883 3 845 (11,6) 2,5 MTN Group Limited Financial results for the year ended 31 December 2017 77
MTN Group Limited continued Results for the year ended 31 December 2017 COST BREAKDOWN (Rm) Country 1H17 2H17 2017 Cameroon Handsets and other accessories 156 178 334 Interconnect 226 252 478 Roaming 9 10 19 Commissions 193 222 415 Government and regulatory costs 168 208 376 VAS/Digital revenue share 31 41 72 Service provider discount 1 4 5 Network 541 607 1 148 Marketing 66 116 182 Staff costs 237 333 570 Other OPEX 173 297 470 Cost 1 801 2 268 4 069 Ivory Coast Handsets and other accessories 67 107 174 Interconnect 366 495 861 Roaming 17 22 39 Commissions 316 306 622 Government and regulatory costs 347 357 704 VAS/Digital revenue share 85 81 166 Service provider discount Network 500 497 997 Marketing 102 139 241 Staff costs 270 362 632 Other OPEX 293 345 638 Cost 2 363 2 711 5 074 78 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 104 257 361 (7,5) (0,8) 215 244 459 4,1 11,8 13 10 23 (17,4) (13,0) 229 162 391 6,1 13,8 167 175 342 9,9 17,3 42 58 100 (28,0) (23,0) 597 549 1 146 0,2 7,4 112 110 222 (18,0) (14,0) 245 246 491 16,1 23,2 260 329 589 (20,2) (16,1) 1 984 2 140 4 124 (1,3) 5,2 85 77 162 7,4 13,0 487 415 902 (4,5) 1,1 13 16 29 34,5 44,8 292 323 615 1,1 8,9 348 321 669 5,2 13,0 75 101 176 (5,7) 2,8 440 450 890 12,0 20,9 95 134 229 5,2 11,4 249 253 502 25,9 32,7 318 351 669 (4,6) 1,5 2 402 2 441 4 843 4,8 11,9 MTN Group Limited Financial results for the year ended 31 December 2017 79
MTN Group Limited continued Results for the year ended 31 December 2017 COST BREAKDOWN (Rm) Country 1H17 2H17 2017 Iran (49%) Handsets and other accessories 161 243 404 Interconnect 569 554 1 123 Roaming 24 34 58 Commissions 30 87 117 Government and regulatory costs 2 239 2 419 4 658 VAS/Digital revenue share 196 213 409 Service provider discount 235 256 491 Network 1 114 1 287 2 401 Marketing 140 181 321 Staff costs 202 231 433 Other OPEX 100 107 207 Cost 5 010 5 612 10 622 Hyperinflation (69) (1) (70) Cost including hyperinflation 4 941 5 611 10 552 Syria Handsets and other accessories 3 4 7 Interconnect 22 19 41 Roaming 6 7 13 Commissions 17 20 37 Government and regulatory costs 292 325 617 VAS/Digital revenue share 9 9 18 Service provider discount Network 182 153 335 Marketing 10 10 20 Staff costs 49 55 104 Other OPEX 114 100 214 Cost 704 702 1 406 Hyperinflation 1 150 466 1 616 Cost including hyperinflation 1 854 1 168 3 022 80 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 99 135 234 72,6 103,0 718 665 1 383 (18,8) (3,8) 41 33 74 (21,6) (9,5) 20 28 48 143,8 183,3 2 346 2 140 4 486 3,8 22,6 213 175 388 5,4 24,2 240 235 475 3,4 22,1 1 063 1 033 2 096 14,6 35,0 170 113 283 13,4 33,9 138 219 357 21,3 42,9 137 120 257 (19,5) (4,7) 5 185 4 896 10 081 5,4 24,3 286 8 294 5 471 4 904 10 375 1,7 20,0 3 4 7 28,6 29 22 51 (19,6) 14 5 19 (31,6) (15,8) 20 17 37 21,6 326 325 651 (5,2) 15,1 5 10 15 20,0 46,7 175 144 319 5,0 30,7 10 8 18 11,1 33,3 51 39 90 15,6 40,0 130 97 227 (5,7) 15,9 763 671 1 434 (2,0) 20,1 62 258 320 825 929 1 754 72,3 54,7 MTN Group Limited Financial results for the year ended 31 December 2017 81
MTN Group Limited continued Results for the year ended 31 December 2017 COST BREAKDOWN (Rm) Country 1H17 2H17 2017 Sudan Handsets and other accessories 73 75 148 Interconnect 207 223 430 Roaming 7 6 13 Commissions 183 196 379 Government and regulatory costs 81 73 154 VAS/Digital revenue share 43 42 85 Service provider disc Network 515 437 952 Marketing 65 56 121 Staff costs 128 123 251 Other OPEX 220 196 416 Cost 1 522 1 427 2 949 Hyperinflation 1 690 3 1 693 Cost including hyperinflation 3 212 1 430 4 642 82 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets 1H16 2H16 2016 Reported % Constant currency % 93 84 177 (16,4) 9,6 253 204 457 (5,9) 22,5 6 6 12 8,3 50,0 171 155 326 16,3 45,1 113 83 196 (21,4) (2,6) 36 35 71 19,7 46,5 470 471 941 1,2 25,2 80 66 146 (17,1) 1,4 110 121 231 8,7 35,9 184 373 557 (25,3) (8,8) 1 516 1 598 3 114 (5,3) 18,4 85 (4) 81 1 601 1 594 3 195 45,3 86,0 MTN Group Limited Financial results for the year ended 31 December 2017 83
MTN Group Limited continued Results for the year ended 31 December 2017 Shareholding (%) Licence period Population (m) Market Outgoing Share MOU (%) (minutes) Mobile Market Penetration No of position/ (%) operators Telemetry (m) South Africa 100 20 57 167 2/4 31,18 82 2 614 Nigeria 79 15 180 72 1/4 42,10 114 SEAGHA Ghana 98 15 29 112 1/9 55,09 206 Uganda 96 20 38 55 1/8 55,92 93 Rwanda 80 15 12 73 1/3 42,94 121 Zambia 98 15 16 77 1/3 47,39 55 South Sudan 100 20 10 19 2/3 36,35 79 Botswana (JV) 53 15 2,2 145 1/3 57,00 104 Swaziland (JV) 30 10 1 98 1/1 88,04 96 WECA Cameroon 80 15 24 68 1/3 53,68 45 Ivory Coast 67 20 25 136 2/3 33,81 63 Benin 75 20 12 74 1/4 49,34 42 Conakry 75 18 11 105 2/4 22,57 44 Congo B 100 15 5 91 1/3 57,56 79 Liberia 60 15 4 80 1/3 49,82 85 Bissau 100 10 2 76 1/3 55,82 51 MENA Iran (JV) 49 15 82 130 2/4 46,11 70 Syria 75 20 18 81 2/2 41,24 47 Sudan 85 20 39 56 2/3 34,85 158 Yemen 83 15 28 42 1/4 42,57 100 Afghanistan 100 15 34 49 1/5 39,85 75 Cyprus 100 20 1 115 2/4 42,21 235 84 MTN Group Limited Financial results for the year ended 31 December 2017
Data sheets Data users ( 000) Active Data users ( 000) Smartphones ( 000) MB/ Active User Rolledout Q4 2G Sites Rolledout Q4 3G Sites Rolledout Q4 LTE Sites Yearly Cumulative 2G Sites Yearly Cumulative 3G Sites Yearly Cumulative LTE Sites 19 638 12 366 12 726 1 080 407 970 901 1 494 2 230 2 759 36 070 14 144 14 205 976 122 603 157 202 1 520 538 12 041 6 497 6 963 1 017 62 23 3 345 473 200 5 895 1 546 1 893 763 57 71 2 123 232 55 2 683 585 413 1 110 4 61 0 7 83 0 3 178 1 381 1 502 732 0 0 0 0 0 50 325 207 111 300 0 0 0 0 0 0 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 665 536 321 187 4 4 34 20 35 35 4 483 3 226 2 672 884 87 291 181 74 286 155 7 984 2 641 3 032 802 41 36 0 87 490 245 2 751 1 298 1 268 1 075 19 19 9 57 112 59 863 453 823 910 7 15 0 17 31 0 1 026 459 897 776 14 14 30 34 34 71 456 190 460 1 106 3 4 1 2 2 1 500 200 232 301 0 0 0 0 0 0 30 213 18 532 31 939 3 281 360 920 1 108 1 002 2 362 3 988 1 954 1 322 3 846 288 5 141 58 52 181 221 4 623 2 183 2 659 1 018 221 105 81 18 125 15 923 599 922 192 5 0 0 11 0 0 1 324 602 1 318 1 633 52 138 15 112 230 15 277 181 305 4 248 1 5 94 6 157 204 MTN Group Limited Financial results for the year ended 31 December 2017 85
Administration Registration number: 1994/009584/06 ISIN: ZAE000042164 Share code: MTN Board of directors PF Nhleko 2 RA Shuter #1 RT Mupita 1 PB Hanratty $3 A Harper #3 KP Kalyan 3 S Kheradpir 3 NP Mageza 3 MLD Marole 3 AT Mikati 2 SP Miller^3 KC Ramon 3 NL Sowazi 3 J van Rooyen 3 American Lebanese # British $ Irish ^ Belgian 1 Executive 2 Non-executive 3 Independent non-executive director Group secretary SB Mtshali Private Bag X9955, Cresta, 2118 Registered office 216 14th Avenue, Fairland, 2195 American depository receipt (ADR) programme Cusip No. 62474M108 ADR to ordinary Share 1:1 Office of the 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 Inc. 20 Morris Street East Woodmead, 2157 PO Box 2939, Saxonwold, 2132 Sponsor Deutsche Securities (SA) Proprietary Limited 3 Exchange Square, 87 Maude Street, Sandton, 2196 Attorneys Webber Wentzel 90 Rivonia Road, Sandton, 2196 PO Box 61771, Marshalltown, 2107 Contact details Telephone: National 083 912 3000 and 083 869 3000 International +27 83 912 3000 Facsimile: National (011) 912 4093 International +27 11 912 4093 E-mail: investor_relations@mtn.co.za Website: http://www.mtn.com Depository The Bank of New York 101 Barclay Street, New York NY. 10286, USA MTN Group sharecare line Toll free: 0800 202 360 or +27 11 870 8206 if phoning from outside South Africa 86 MTN Group Limited Financial results for the year ended 31 December 2017
Notes to the annual financial statements COPY TO FOLLOW www.mtn.com Tel: +27 11 912 3000 Innovation Centre 216 14th Avenue Fairland, 2195 South Africa 4 MTN Group Limited Financial results for the year ended 31 December 2017