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Annual Report : Five-year review   Next : COO's report
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MTN today - Contents

Five-year review

 

December

March

March

March

March

    Financial information

2005*

2005*

2004*

2003

2002

 

 

 

 

 

Income statement – extracts (Rm)  

Revenue

27 212

28 994

23 871

19 405

12 432

EBITDA

11 231

12 000

9 055

6 126

3 626

Profit from operations

8 478

8 998

6 679

4 242

2 370

Net finance costs

(373)

(270)

(604)

(833)

(316)

Income tax expense

(1 411)

(1 494)

(1 101)

(687)

(908)

Minority interests

(838)

(895)

(612)

(289)

45

Attributable earnings

5 866

6 357

4 371

2 434

1 184

Basic headline earnings

5 984

6 339

4 370

2 483

1 184




Balance sheet – extracts (Rm)

 

 

 

 

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Property, plant and equipment

20 676

15 787

10 904

9 374

8 322

Goodwill

2 650

33

33

19

19

Intangible assets

4 057

1 846

1 784

2 263

3 685

Investments and loans

2 367

667

560

734

347

Deferred taxation

1 386

818

356

173

42

Bank balances, deposits and cash

7 560

6 429

5 336

2 128

1 568

Other current assets

6 116

4 150

3 307

3 186

2 646

Total assets

44 812

29 730

22 280

17 877

16 629

Ordinary shareholders’ interest

19 716

16 083

10 128

6 784

5 132

Minority interests

3 380

2 333

1 418

882

820

Interest-bearing liabilities

8 605

3 240

4 149

4 835

5 776

Non-interest-bearing liabilities

12 258

7 378

5 919

4 569

3 997

Deferred taxation

853

696

666

807

904

Total liabilities

21 716

11 314

10 734

10 211

10 677

Total equity and liabilities

44 812

29 730

22 280

17 877

16 629




       
Cash flow statement – extracts (Rm)
11 367
12 303
10 027
6 813
4 359
Net cash flow from operations
9 159
9 501
8 597
5 393
3 109
Cash inflows from operating activities
(12 920)
(7 551)
(4 898)
(4 391)
(3 502)
Cash outflows from investing activities
5 357
222
233
187
702
Cash inflows from financing activities
7 164
5 772
5 231
1 931
1 230
Cash and cash equivalents
(1 081)
(680)

Dividends paid Capital expenditure

6 732

7 576

5 048

3 918

3 356




       

Performance per ordinary share

 

 

 

 

 

Basic headline earnings (cents)

359,8

382,0

263,7

150,6

72,5

Adjusted headline earnings (cents)

338,2

366,0

253,1

143,3

72,5

Attributable earnings (cents)

352,7

383,0

253,1

147,6

72,5

Dividends (cents) Net asset value – book value (rand)(1)

65 11,84

41 9,67

— 6,11

— 4,11

— 3,13




       
Returns and profitability ratios
 
Return on assets (%)(2)***
30,33
34,6
33,3
24,6
17,2

Return on average shareholders’ funds (%)(3)***

44,57

48,4

51,7

41,7

27,4

EBITDA margin (%)
41,3
41,4
37,9
31,6
29,2

Enterprise value/EBITDA multiple (times)(4)***

7,2

6,0

6,1

3,8

7,4

Effective taxation rate (%)

17,4

17,1

18,1

20,1

44,3




       
Solvency and liquidity ratios
 
Gearing (%)(5)
4,5
(17,3)
(10,3)
35,4
70,9
Interest cover (times)(6)
10,7
15,3
8,9
4,4
5,3
Dividend cover (times)(7)
5,2
5,6
6,2
n/a
n/a
Net debt to EBITDA(8)***
0,1
(0,3)
(0,1)
0,4
1,2

Operating cash flow/revenue (%)

41,8

42,4

42,0

35,1

35,1




Share performance
 
Number of ordinary shares in issue (million)
 
– at year-end
1 665,3
1 662,5
1 658,8
1 652,1
1 640,4
– weighted average during the year
1 663,2
1 659,7
1 654,4
1 646,9
1 632,9
Closing price (cents per share)
6 215
4 400
3 296
1 198
1 330

Market capitalisation (Rm)

103 498

73 150

54 674

19 792

21 817

   
       
 

December

March

March
March
March

    Operational information

2005

2005

2004
2003
2002
South Africa  

Average revenue per user (R)

169

184

203
206
208

Number of subscribers (million)

10

8

6
5
4

Mobile penetration of South African population (%)

62

44

36
29
21

Capital expenditure to revenue (%)

15

10

7
8
10



       
Nigeria  
Average revenue per user (USD)(10)
22
40
51
57
60
Number of subscribers (thousand)(9)
8 370
5 574
1 966
1037
327

Capital expenditure to revenue (%)

43
59
49
48
149



       
Cameroon  
Average revenue per user (USD)(10)
16
23
24
21
24
Number of subscribers (thousand)(9)
1 248
919
581
431
224

Capital expenditure to revenue (%)

19
16
38
50
34



       
Côte d’Ivoire**  
Average revenue per user (USD)
20
Number of subscribers (thousand)
1 080

Capital expenditure to revenue (%)

23



       
Uganda  
Average revenue per user (USD)(10)
15
19
22
28
37
Number of subscribers (thousand)(9)
982
782
495
363
222

Capital expenditure to revenue (%)

27
17
27
28
43



       
Botswana**  
Average revenue per user (USD)
21
Number of subscribers (thousand)
479

Capital expenditure to revenue (%)

83



       
Rwanda  
Average revenue per user (USD)(10)
17
19
22
27
38
Number of subscribers (thousand)(9)
275
209
146
105
69

Capital expenditure to revenue (%)

34
11
27
30
32



       
Swaziland  
Average revenue per user (USD)(10)
23
29
31
21
28
Number of subscribers (thousand)(9)
213
156
85
68
55

Capital expenditure to revenue (%)

16
22
16
21
26



       
Congo Brazzaville**  
Average revenue per user (USD)
21
Number of subscribers (thousand)
210

Capital expenditure to revenue (%)

3



       
Zambia**  
Average revenue per user (USD)
20
Number of subscribers (thousand)
97

Capital expenditure to revenue (%)

5
   



Definitions
    (1) Ordinary shareholders’ interest divided by the number of ordinary shares in issue at year-end
    (2) Profit after taxation as a percentage of the average of the opening and closing balances of total assets
    (3) Headline earnings as a percentage of the average of the opening and closing balances of ordinary shareholders’ interest
    (4) Market capitalisation less net debt (interest-bearing liabilities less bank balances, deposits and cash) divided by EBITDA
    (5) Net debt as a percentage of total equity
    (6) Profit from operations divided by finance costs
    (7) Headline earnings divided by total dividend
    (8) Interest-bearing liabilities less cash divided by EBITDA
    (9) Subscribers based on 90-day activity from March 2005 onwards
    (10) ARPU based on 90-day activity for December 2005
    * restated to comply with IFRS
    ** included from date of acquisition
    *** annualised
    

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