|
Five-year review
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December |
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December |
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December |
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December |
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March |
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Financial information |
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2008 |
|
2007 |
|
2006 |
|
2005** |
|
2004** |
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| |
Income statement – extracts (Rm) |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenue |
|
102 526 |
|
73 145 |
|
51 595 |
|
27 212 |
|
23 871 |
|
| |
EBITDA |
|
43 166 |
|
31 845 |
|
22 413 |
|
11 231 |
|
9 055 |
|
| |
Profit from operations |
|
30 407 |
|
22 872 |
|
16 094 |
|
8 478 |
|
6 679 |
|
| |
Net finance costs |
|
(1 917) |
|
(3 173) |
|
(1 427) |
|
(373) |
|
(604) |
|
| |
Income tax expense |
|
(11 355) |
|
(7 791) |
|
(2 591) |
|
(1 411) |
|
(1 101) |
|
| |
Minority interests |
|
(1 820) |
|
(1 308) |
|
(1 489) |
|
(838) |
|
(612) |
|
| |
Attributable earnings |
|
15 315 |
|
10 608 |
|
10 610 |
|
5 866 |
|
4 371 |
|
| |
Basic headline earnings |
|
15 603 |
|
10 886 |
|
10 628 |
|
5 984 |
|
4 370 |
|
| |
Balance sheet – extracts (Rm) |
|
|
|
|
|
|
|
|
|
|
|
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Property, plant and equipment |
|
64 193 |
|
39 463 |
|
30 647 |
|
20 676 |
|
10 904 |
|
| |
Goodwill |
|
31 914 |
|
25 744 |
|
27 017 |
|
2 650 |
|
33 |
|
| |
Intangible assets |
|
13 872 |
|
13 053 |
|
13 088 |
|
4 057 |
|
1 784 |
|
| |
Investments and loans |
|
4 683 |
|
2 493 |
|
2 925 |
|
2 367 |
|
560 |
|
| |
Deferred taxation |
|
657 |
|
1 332 |
|
2 605 |
|
1 386 |
|
356 |
|
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Bank balances, deposits and cash |
|
28 738 |
|
17 607 |
|
10 091 |
|
7 560 |
|
5 336 |
|
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Other current assets |
|
26 049 |
|
15 894 |
|
10 544 |
|
6 116 |
|
3 307 |
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Total assets |
|
170 106 |
|
115 586 |
|
96 917 |
|
44 812 |
|
22 280 |
|
| |
Ordinary shareholders’ interest |
|
76 386 |
|
47 315 |
|
38 696 |
|
19 716 |
|
10 128 |
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| |
Minority interest |
|
4 156 |
|
4 187 |
|
4 033 |
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3 380 |
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1 418 |
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Interest-bearing liabilities |
|
41 590 |
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33 657 |
|
32 979 |
|
8 605 |
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4 149 |
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Non-interest-bearing liabilities |
|
42 985 |
|
27 751 |
|
18 431 |
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12 258 |
|
5 919 |
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Deferred taxation |
|
4 989 |
|
2 676 |
|
2 778 |
|
853 |
|
666 |
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Total liabilities |
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89 564 |
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64 084 |
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54 188 |
|
21 716 |
|
10 734 |
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| |
Total equity and liabilities |
|
170 106 |
|
115 586 |
|
96 917 |
|
44 812 |
|
22 280 |
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Cash flow statement – extract (Rm) |
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|
|
|
|
|
|
|
|
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Net cash ow from operations |
|
44 836 |
|
34 334 |
|
22 934 |
|
11 367 |
|
10 027 |
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| |
Cash inflows from operating activities |
|
34 236 |
|
25 850 |
|
17 622 |
|
9 159 |
|
8 597 |
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Cash outflows from investing activities |
|
(27 177) |
|
(17 152) |
|
(35 711) |
|
(12 920) |
|
(4 898) |
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Cash outflows from financing activities |
|
292 |
|
(2 135) |
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18 993 |
|
5 357 |
|
233 |
|
| |
Cash and cash equivalents |
|
25 596 |
|
15 546 |
|
9 008 |
|
7 164 |
|
5 231 |
|
| |
Dividends paid |
|
(2 536) |
|
(1 675) |
|
(1 083) |
|
(1 081) |
|
— |
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Capital expenditure |
|
(26 896) |
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(15 348) |
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(9 796) |
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(6 732) |
|
(5 048) |
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Performance per ordinary share |
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|
|
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|
|
|
|
|
|
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Basic headline earnings (cents) |
|
836,5 |
|
584,8 |
|
606,5 |
|
359,8 |
|
263,7 |
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Adjusted headline earnings (cents) |
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904,4 |
|
681,9 |
|
584,7 |
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338,2 |
|
253,1 |
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| |
Attributable earnings (cents) |
|
821,0 |
|
569,9 |
|
605,4 |
|
352,7 |
|
253,1 |
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| |
Dividends (cents) |
|
136,0 |
|
90,0 |
|
65,0 |
|
65,0 |
|
— |
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Net asset value – book value (rand)(1) |
|
41,0 |
|
25,4 |
|
20,8 |
|
11,8 |
|
6,1 |
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Returns and protability ratios |
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|
|
|
|
|
|
|
|
|
|
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Return on assets (%)(2) |
|
21,3 |
|
21,5 |
|
22,7 |
|
30,3 |
|
33,3 |
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| |
Return on average shareholders’ funds (%)(3) |
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25,2 |
|
25,3 |
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36,4 |
|
44,6 |
|
51,7 |
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| |
EBITDA margin (%) |
|
42,1 |
|
43,5 |
|
43,4 |
|
41,3 |
|
37,9 |
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| |
Enterprise value/EBITDA multiple (times)(4) |
|
5,1 |
|
8,1 |
|
8,3 |
|
7,2 |
|
6,1 |
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| |
Effective taxation rate (%) |
|
39,9 |
|
39,5 |
|
17,6 |
|
17,4 |
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18,1 |
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Solvency and liquidity ratios |
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|
|
|
|
|
|
|
|
|
|
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Gearing (%)(5) |
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16,0 |
|
31,2 |
|
53,6 |
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4,5 |
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(10,3) |
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| |
Interest cover (times)(6) |
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3,5 |
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4,6 |
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4,9 |
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10,7 |
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8,9 |
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Dividends cover (times)(7) |
|
4,6 |
|
4,3 |
|
6,3 |
|
5,2 |
|
6,2 |
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| |
Net debt to EBITDA(8) |
|
0,3 |
|
0,5 |
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1,0 |
|
0,1 |
|
(0,1) |
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Operating cash ow/revenue (%) |
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43,7 |
|
46,9 |
|
44,5 |
|
41,8 |
|
42,0 |
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December |
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December |
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December |
|
December |
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March |
|
| |
Operational information |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
| |
Share performance |
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|
|
|
|
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Number of ordinary shares in issue (million) |
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|
|
|
|
|
|
|
|
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– at year-end |
|
1 868,0 |
|
1 864,8 |
|
1 860,3 |
|
1 665,3 |
|
1 658,8 |
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| |
– weighted average during the year |
|
1 865,3 |
|
1 861,5 |
|
1 752,3 |
|
1 663,2 |
|
1 654,4 |
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| |
Closing price (cents per share) |
|
10 850 |
|
12 806 |
|
8 530 |
|
6 215 |
|
3 296 |
|
| |
Market capitalisation (Rm) |
|
202 385 |
|
238 806 |
|
158 684 |
|
103 498 |
|
54 674 |
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South Africa |
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|
|
|
|
|
|
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Mobile penetration (%) |
|
97 |
|
86 |
|
74 |
|
62 |
|
36 |
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| |
Market share (%) |
|
36 |
|
36 |
|
36 |
|
35 |
|
38 |
|
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Subscribers (million) |
|
17 |
|
15 |
|
12 |
|
10 |
|
6 |
|
| |
ARPU (ZAR) |
|
164 |
|
149 |
|
159 |
|
169 |
|
203 |
|
| |
EBITDA margin (%) |
|
33 |
|
35 |
|
34 |
|
32 |
|
30 |
|
| |
Capex/sales (%) |
|
15 |
|
10 |
|
10 |
|
15 |
|
7 |
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Nigeria |
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|
|
|
|
|
|
|
|
|
|
| |
Mobile penetration (%) |
|
36 |
|
28 |
|
19 |
|
13 |
|
3 |
|
| |
Market share (%) |
|
44 |
|
43 |
|
46 |
|
47 |
|
48 |
|
| |
Subscribers (million) |
|
23 |
|
17 |
|
12 |
|
8 |
|
2 |
|
| |
ARPU (USD) |
|
16 |
|
17 |
|
18 |
|
22 |
|
51 |
|
| |
EBITDA margin (%) |
|
58 |
|
57 |
|
57 |
|
52 |
|
51 |
|
| |
Capex/sales (%) |
|
30 |
|
24 |
|
25 |
|
43 |
|
49 |
|
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Ghana*** |
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|
|
|
|
|
|
|
|
|
|
| |
Mobile penetration (%) |
|
50 |
|
33 |
|
22 |
|
|
|
|
|
| |
Market share (%) |
|
55 |
|
52 |
|
52 |
|
|
|
|
|
| |
Subscribers (million) |
|
6 |
|
4 |
|
3 |
|
|
|
|
|
| |
ARPU (USD) |
|
12 |
|
15 |
|
17 |
|
|
|
|
|
| |
EBITDA margin (%) |
|
46 |
|
51 |
|
42 |
|
|
|
|
|
| |
Capex/sales (%) |
|
31 |
|
31 |
|
28 |
|
|
|
|
|
| |
Sudan*** |
|
|
|
|
|
|
|
|
|
|
|
| |
Mobile penetration (%) |
|
23 |
|
21 |
|
12 |
|
|
|
|
|
| |
Market share (%) |
|
28 |
|
28 |
|
25 |
|
|
|
|
|
| |
Subscribers (million) |
|
3 |
|
2 |
|
1 |
|
|
|
|
|
| |
ARPU (USD) |
|
7 |
|
12 |
|
16 |
|
|
|
|
|
| |
EBITDA margin (%) |
|
15 |
|
36 |
|
17 |
|
|
|
|
|
| |
Capex/sales (%) |
|
57 |
|
60 |
|
74 |
|
|
|
|
|
| |
Iran |
|
|
|
|
|
|
|
|
|
|
|
| |
Mobile penetration (%) |
|
61 |
|
37 |
|
20 |
|
|
|
|
|
| |
Market share (%) |
|
37 |
|
23 |
|
1 |
|
|
|
|
|
| |
Subscribers (million) |
|
16 |
|
6 |
|
* |
|
|
|
|
|
| |
ARPU (USD) |
|
9 |
|
10 |
|
9 |
|
|
|
|
|
| |
EBITDA margin (%) |
|
30 |
|
(13) |
|
(75) |
|
|
|
|
|
| |
Capex/sales (%) |
|
56 |
|
116 |
|
1 003 |
|
|
|
|
|
Definitions
| (1) |
Ordinary shareholders’ interest dividend 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 |
*Amounts less than R1 million
**Restated to comply with IFRS
***Included from date of acquisition
#Nine months to 31 December 2005 |
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