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Five-year financial review

Financial information	2011	2010	2009	2008	2007
*Income statement – extracts (Rm)*
Revenue	121 884	114 684	111 947	102 526	73 145
EBITDA	54 750	47 537	46 063	43 166	31 845
Operating profit	39 260	32 137	31 588	30 407	22 872
Net nance costs	(1 582)	(4 094)	(5 810)	(1 917)	(3 173)
Income tax expense	(13 853)	(11 268)	(8 612)	(11 355)	(7 791)
Profit after tax attributable to
– Equity holders of the Company	20 754	14 300	14 650	15 315	10 608
– Non-controlling interests	3 033	2 527	2 511	1 820	1 308
Headline earnings	19 811	14 011	14 869	15 603	10 886
*Statement of nancial position – extracts (Rm)*
Property, plant and equipment	71 610	63 361	67 541	64 193	39 463
Goodwill	24 030	20 797	24 756	31 914	25 744
Intangible assets	10 510	9 469	11 308	13 872	13 053
Investments and loans	15 833	4 693	5 291	4 683	2 493
Deferred tax assets	1 284	1 407	1 317	657	1 332
Bank balances, deposits and cash	36 352	36 232	24 741	28 738	17 607
Other current assets	20 969	18 002	21 283	26 049	15 894
Non-current assets held for sale	820	825	—	—	—
*Total assets*	181 408	154 786	156 237	170 106	115 586
Attributable to equity holders of the Company	88 897	71 855	70 011	76 386	47 315
Non-controlling interests	3 802	2 219	2 855	4 156	4 187
*Total equity*	92 699	74 074	72 866	80 542	51 502
Interest-bearing liabilities	34 016	35 328	36 917	41 590	33 657
Non-interest-bearing liabilities	46 657	38 344	40 788	42 985	27 751
Deferred tax liabilities	8 036	7 040	5 666	4 989	2 676
*Total liabilities*	88 709	80 712	83 371	89 564	64 084
Total equity and liabilities	181 408	154 786	156 237	170 106	115 586
Statement of cash flows (Rm)
Cash generated from operations	50 277	50 536	49 632	44 836	34 334
Net cash generated from operating activities	27 874	34 728	36 282	34 236	25 850
Net cash used in investing activities	(20 616)	(15 701)	(33 192)	(27 177)	(17 152)
Net cash used in financing activities	(12 033)	(2 055)	(926)	292	(2 135)
Cash and cash equivalents	35 213	35 907	22 646	25 596	15 546
Dividends paid to equity shareholders	(11 722)	(6 313)	(3 381)	(2 536)	(1 675)
Acquisition of property, plant and equipment	(14 103)	(15 343)	(27 720)	(26 896)	(15 348)
Performance per ordinary share
Basic earnings (cents)	1 119,5	776,2	791,4	821,0	569,9
Headline earnings (cents)	1 068,6	760,6	803,2	836,5	584,8
Adjusted headline earnings (cents)	1 070,0	747,0	754,3	904,4	681,9
Dividends (cents)	622 ⁽⁹⁾	343,0	181,0	136,0	90,0
Net asset value – book value (rands)⁽¹⁾	47,2	38,1	38,2	41,0	25,4
Returns and profitability ratios
Return on assets (%)⁽²⁾	23,3	20,7	19,4	21,3	21,5
Return on average shareholders’ funds (%)⁽³⁾	24,6	19,8	20,3	25,2	25,3
EBITDA margin (%)	44,9	41,5	41,1	42,1	43,5
Enterprise value/EBITDA multiple (times)⁽⁴⁾	5,0	5,4	5,3	5,1	8,1
Effective taxation rate (%)	36,8	40,1	33,4	39,9	39,5
Solvency and liquidity ratios
Gearing (%)⁽⁵⁾	(2,5)	(1,2)	16,7	16,0	31,2
Interest cover (times)⁽⁶⁾	5,9	5,2	2,6	3,5	4,6
Dividend cover (times)⁽⁷⁾	1,7	2,2	4,2	4,6	4,3
Net debt to EBITDA⁽⁸⁾	—	—	0,3	0,3	0,5
Operating cash flow/revenue (%)	41,2	44,1	44,3	43,7	46,9
Share performance
Number of ordinary shares in issue (million)
– at year-end	1 885	1 885	1 841	1 868	1 865
– weighted average during the year	1 854	1 842	1 851	1 865	1 862
Closing price (cents per share)	14 373	13 442	11 790	10 850	12 806
Market capitalisation (Rm)	270 904	253 318	216 999	202 385	238 806

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.
(9)	2010 dividend paid in April 2011.

Operational information	2011	2010	2009	2008	2007
South Africa
Mobile penetration (%)	120	105	103	97	86
Market share (%)	34	36	32	36	36
Subscribers (million)	22	19	16	17	15
ARPU (ZAR)	134	154	126	164	149
EBITDA margin (%)	35	34	31	33	35
Capex/sales (%)	11	11	18	15	10
Nigeria
Mobile penetration (%)	54	49	42	36	28
Market share (%)	50	52	50	44	43
Subscribers (million)	42	39	31	23	17
ARPU (USD)	10	11	12	16	17
EBITDA margin (%)	62	63	59	58	57
Capex/sales (%)	18	14	31	30	24
*Ghana*
Mobile penetration (%)	78	67	61	50	33
Market share (%)	52	53	55	55	52
Subscribers (million)	10	9	8	6	4
ARPU (USD)	7	7	8	12	15
EBITDA margin (%)	50	44	45	46	51
Capex/sales (%)	14	54	46	31	31
*Iran*
Mobile penetration (%)	103	92	80	61	37
Market share (%)	45	44	40	37	23
Subscribers (million)	35	30	23	16	6
ARPU (USD)	8	8	8	9	10
EBITDA margin (%)	43	41	35	30	(13)
Capex/sales (%)	11	18	44	56	116
Syria
Mobile penetration (%)	58	50	46	38	26
Market share (%)	46	45	45	46	46
Subscribers (million)	6	5	4	4	2
ARPU (USD)	14	16	18	19	17
EBITDA margin (%)	26	24	20	28	35
Capex/sales (%)	7	6	11	16	17