Five-year review
| Financial information |
|
December
2007 |
December
2006 |
December
2005* # |
March
2005* |
March
2004* |
|
| Income statement – extracts (Rm)Revenue |
|
73 145 |
51 595 |
27 212 |
28 994 |
23 871 |
| EBITDA |
|
31 845 |
22 413 |
11 231 |
12 000 |
9 055 |
| Profit from operations |
|
22 872 |
16 094 |
8 478 |
8 998 |
6 679 |
| Net finance costs |
|
(3 173) |
(1 427) |
(373) |
(270) |
(604) |
| Income tax expense |
|
(7 791) |
(2 591) |
(1 411) |
(1 494) |
(1 101) |
| Minority interests |
|
(1 308) |
(1 489) |
(838) |
(895) |
(612) |
| Attributable earnings |
|
10 608 |
10 610 |
5 866 |
6 357 |
4 371 |
| Basic headline earnings |
|
10 886 |
10 628 |
5 984 |
6 339 |
4 370 |
| Balance sheet – extracts (Rm) |
|
|
|
|
|
|
| Property, plant and equipment |
|
39 463 |
30 647 |
20 676 |
15 787 |
10 904 |
| Goodwill |
|
25 744 |
27 017 |
2 650 |
33 |
33 |
| Intangible assets |
|
13 053 |
13 088 |
4 057 |
1 846 |
1 784 |
| Investments and loans |
|
2 493 |
2 925 |
2 367 |
667 |
560 |
| Deferred taxation |
|
1 332 |
2 605 |
1 386 |
818 |
356 |
| Bank balances, deposits and cash |
|
17 607 |
10 091 |
7 560 |
6 429 |
5 336 |
| Other current assets |
|
15 894 |
10 544 |
6 116 |
4 150 |
3 307 |
| Total assets |
|
115 586 |
96 917 |
44 812 |
29 730 |
22 280 |
| Ordinary shareholders’ interest |
|
47 315 |
38 696 |
19 716 |
16 083 |
10 128 |
| Minority interests |
|
4 187 |
4 033 |
3 380 |
2 333 |
1 418 |
| Interest-bearing liabilities |
|
33 657 |
32 979 |
8 605 |
3 240 |
4 149 |
| Non-interest-bearing liabilities |
|
27 751 |
18 431 |
12 258 |
7 378 |
5 919 |
| Deferred taxation |
|
2 676 |
2 778 |
853 |
696 |
666 |
| Total liabilities |
|
64 084 |
54 188 |
21 716 |
11 314 |
10 734 |
| Total equity and liabilities |
|
115 586 |
96 917 |
44 812 |
29 730 |
22 280 |
| Cash flow statement – extracts (Rm) |
|
|
|
|
|
|
| Net cash flow from operations |
|
34 334 |
22 934 |
11 367 |
12 303 |
10 027 |
| Cash inflows from operating activities |
|
25 850 |
17 622 |
9 159 |
9 501 |
8 597 |
| Cash outflows for investing activities |
|
(17 152) |
(35 711) |
(12 920) |
(7 551) |
(4 898) |
| Cash outflows/inflows from financing |
|
|
|
|
|
|
| activities |
|
(2 135) |
18 993 |
5 357 |
222 |
233 |
| Cash and cash equivalents |
|
15 546 |
9 008 |
7 164 |
5 772 |
5 231 |
| Dividends paid |
|
(1 675) |
(1 083) |
(1 081) |
(680) |
— |
| Capital expenditure |
|
(15 348) |
(9 796) |
(6 732) |
(7 576) |
(5 048) |
| Performance per ordinary share |
|
|
|
|
|
|
| Basic headline earnings (cents) |
|
584,8 |
606,5 |
359,8 |
382,0 |
263,7 |
| Adjusted headline earnings (cents) |
|
681,9 |
584,7 |
338,2 |
366,0 |
253,1 |
| Attributable earnings (cents) |
|
569,9 |
605,4 |
352,7 |
383,0 |
253,1 |
| Dividends (cents) |
|
90,0 |
65 |
65 |
41 |
— |
| Net asset value – book value (rand)(1) |
|
25,4 |
20,80 |
11,84 |
9,67 |
6,11 |
| Returns and profitability ratios |
|
|
|
|
|
|
| Return on assets (%)(2)*** |
|
21,5 |
22,7 |
30,33 |
34,6 |
33,3 |
| Return on average shareholders’ funds (%)(3)** |
|
25,3 |
36,4 |
44,57 |
48,4 |
51,7 |
| Ebitda margin (%) |
|
43,5 |
43,4 |
41,3 |
41,4 |
37,9 |
| Enterprise value/EBITDA multiple (times)(4)*** |
|
8,1 |
8,3 |
7,2 |
6,0 |
6,1 |
| Effective taxation rate (%) |
|
39,5 |
17,6 |
17,4 |
17,1 |
18,1 |
| Solvency and liquidity ratios |
|
|
|
|
|
|
| Gearing (%)(5) |
|
31,2 |
53,6 |
4,5 |
(17,3) |
(10,3) |
| Interest cover (times)(6) |
|
4,6 |
4,9 |
10,7 |
15,3 |
8,9 |
| Dividend cover (times)(7) |
|
4,3 |
6,3 |
5,2 |
5,6 |
6,2 |
| Net debt to EBITDA(8)*** |
|
0,5 |
1,0 |
0,1 |
(0,3) |
(0,1) |
| Operating cash flow/revenue (%) |
|
46,9 |
44,5 |
41,8 |
42,4 |
42,0 |
| Share performance |
|
|
|
|
|
|
| Number of ordinary shares in issue (million) |
|
|
|
|
|
|
| – at year-end |
|
1 864,8 |
1 860,3 |
1 665,3 |
1 662,5 |
1 658,8 |
| – weighted average during the year |
|
1 861,5 |
1 752,3 |
1 663,2 |
1 659,7 |
1 654,4 |
| Closing price (cents per share) |
|
12 806 |
8 530 |
6 215 |
4 400 |
3 296 |
| Market capitalisation (Rm) |
|
238 806 |
158 684 |
103 498 |
73 150 |
54 674 |
| Operational information |
|
2007
December |
2006
December |
2005
December |
2005
March |
2004
March |
|
| South Africa |
|
|
|
|
|
|
| Mobile penetration (%) |
|
86 |
74 |
62 |
44 |
36 |
| Market share (%) |
|
36 |
36 |
35 |
38 |
38 |
| Subscribers (million) |
|
15 |
12 |
10 |
8 |
6 |
| ARPU (ZAR) |
|
149 |
159 |
169 |
184 |
203 |
| EBITDA margin (%) |
|
35 |
34 |
32 |
34 |
30 |
| Capex/sales (%) |
|
10 |
10 |
15 |
10 |
7 |
| Nigeria |
|
|
|
|
|
|
| Mobile penetration (%) |
|
28 |
19 |
13 |
7 |
3 |
| Market share (%) |
|
43 |
46 |
47 |
47 |
48 |
| Subscribers (million) |
|
17 |
12 |
8 |
6 |
2 |
| ARPU (USD) |
|
17 |
18 |
22 |
40 |
51 |
| EBITDA margin (%) |
|
57 |
57 |
52 |
52 |
51 |
| Capex/sales (%) |
|
24 |
25 |
43 |
59 |
49 |
| Ghana** |
|
|
|
|
|
|
| Mobile penetration (%) |
|
33 |
22 |
|
|
|
| Market share (%) |
|
52 |
52 |
|
|
|
| Subscribers (000) |
|
4016 |
2585 |
|
|
|
| ARPU (USD) |
|
15 |
17 |
|
|
|
| EBITDA margin (%) |
|
51 |
42 |
|
|
|
| Capex/sales (%) |
|
31 |
28 |
|
|
|
| Sudan** |
|
|
|
|
|
|
| Mobile penetration (%) |
|
21 |
12 |
|
|
|
| Market share (%) |
|
28 |
25 |
|
|
|
| Subscribers (000) |
|
2090 |
1066 |
|
|
|
| ARPU (USD) |
|
12 |
16 |
|
|
|
| EBITDA margin (%) |
|
36 |
17 |
|
|
|
| Capex/sales (%) |
|
60 |
74 |
|
|
|
| Iran |
|
|
|
|
|
|
| Mobile penetration (%) |
|
37 |
20 |
|
|
|
| Market share (%) |
|
23 |
1 |
|
|
|
| Subscribers (000) |
|
6006 |
154 |
|
|
|
| ARPU (USD) |
|
10 |
9 |
|
|
|
| EBITDA margin (%) |
|
(13) |
(75) |
|
|
|
| Capex/sales (%) |
|
116 |
1003 |
|
|
|
Definitions
(1) Ordinary shareholders’ interest divided by the number of ordinary shares in issue at year-end
(2) Profit from operations 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
*restated to comply with IFRS
** included from date of acquisition
*** annualised
# nine months to 31 December 2005
|
