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Annexure 2 - Five-year financial review


INCOME STATEMENT 2013
US$m		 CAGR1
%		 2013
Rm		   2012*
Rm		 2011*
Rm		 2010*
Rm		 2009*
Rm		  
Revenue 14 135 7 136 495   121 867 109 834 104 500 103 295  
Other income 143   1 327   894 1 458 – –  
Operating expenses (8 083) 7 (78 034)   (70 124) (61 717) (61 220) (60 373)  
EBITDA 6 195 9 59 788   52 637 49 575 43 280 42 922  
Depreciation and amortisation (1 992) 10 (19 278)   (15 952) (14 032) (14 119) (13 374)  
Impairment of goodwill – – –   – (31) (32) –  
Operating profit 4 203 8 40 510   36 685 35 512 29 129 29 548  
Net finance costs (118) (30) (1 234)   (3 790) (1 512) (3 873) (5 284)  
Share of results of associates and joint ventures after tax 353 33 3 431   3 008 2 821 2 098 1 087  
Profit before tax 4 438 14 42 707   35 903 36 821 27 354 25 351  
Income tax expense (1 283) 11 (12 307)   (11 835) (13 034) (10 527) (8 190)  
Profit after tax 3 155 15 30 400   24 068 23 787 16 827 17 161  
Profit after tax attributable to                  
– Equity holders of the Company 2 730 16 26 289   20 704 20 754 14 300 14 650  
– Non-controlling interests 425 13 4 111   3 364 3 033 2 527 2 511  
Headline earnings 2 632 14 25 398   20 018 19 811 14 011 14 869  
1 Compound annual growth rate.
* 2012 to 2009 amounts restated to exclude the Group’s proportionate share relating to its interests in joint ventures and to include the inter-entity balances and transactions previously eliminated on proportionate consolidation.

EBITDA   Headline earnings and dividends per share (cents)
EBITDA   Headline earnings and dividends per share (cents)

STATEMENT OF FINANCIAL POSITION 2013
US$m		 CAGR
%		 2013
Rm		   2012*
Rm		 2011*
Rm		 2010*
Rm		 2009*
Rm		  
Property, plant and equipment 8 834 11 92 903   73 905 64 914 57 345 61 336  
Goodwill and intangible assets 3 590 3 37 751   32 594 32 672 28 518 33 997  
Investments and loans 1 732 15 18 212   12 409 11 440 9 964 10 292  
Deferred tax assets 194 15 2 044   1 291 1 029 1 225 1 180  
Bank balances, deposits and cash 4 344 19 45 673   34 565 43 458 32 933 22 846  
Other current assets 2 873 11 30 238   21 310 20 560 17 569 19 794  
Total assets 21 567 11 226 821   176 074 174 073 147 554 149 445  
Equity attributable to equity holders of the Company 10 881 13 114 438   89 006 88 897 71 855 70 011  
Non-controlling interests 507 17 5 333   3 881 3 802 2 219 2 855  
Total equity 11 388 13 119 771   92 887 92 699 74 074 72 866  
Interest-bearing liabilities 4 377 6 46 025   32 084 33 208 34 454 36 268  
Non-interest-bearing liabilities 4 597 9 48 349   42 392 40 200 32 043 34 703  
Deferred tax liabilities 1 205 23 12 676   8 711 7 966 6 983 5 608  
Total liabilities 10 179 9 107 050   83 187 81 374 73 480 76 579  
Total equity and liabilities 21 567 11 226 821   176 074 174 073 147 554 149 445  
* 2012 to 2009 amounts restated to exclude the Group’s proportionate share relating to its interests in joint ventures and to include the inter-entity balances and transactions previously eliminated on proportionate consolidation.

Total assets   Equity and return
Total assets   Equity and return

STATEMENT OF CASH FLOWS 2013
US$m		 CAGR
%		 2013
Rm		   2012*
Rm		 2011*
Rm		 2010*
Rm		 2009*
Rm		  
Net cash inflows from operating activities 2 800 (2) 27 025   20 062 23 279 28 722 29 645  
Net cash used in investing activities (2 055) (10) (19 835)   (24 212) (17 492) (13 982) (30 242)  
Net cash from/(used in) financing activities 649 43 6 264   (5 280) (8 867) 368 1 482  
Net increase/(decrease) in cash and cash equivalents 1 394 98 13 454   (9 430) (3 080) 15 108 885  
Cash and cash equivalents at beginning of the year 2 662 (3) 22 539   33 074 32 626 20 763 24 983  
Exchange gains/(losses) on cash and cash equivalents (293)   3 584   (1 105) 3 528 (3 245) (5 105)  
Cash and cash equivalents at end of the year 3 763 18 39 577   22 539 33 074 32 626 20 763  
Statement of cash flows – extracts                  
Cash generated from operations 6 187 7 59 708   51 105 46 626 45 962 45 146  
Dividends paid to equity holders of the Company (1 677) 48 (16 187)   (14 919) (11 722) (6 313) (3 381)  
Acquisition of property, plant and equipment (2 546) (1) (24 568)   (20 741) (13 191) (14 366) (25 481)  
* 2012 to 2009 amounts restated to exclude the Group’s proportionate share relating to its interests in joint ventures and to include the inter-entity cash flows previously eliminated on proportionate consolidation.

  CAGR
%		 2013   2012* 2011* 2010* 2009*  
Performance per ordinary share                
Basic earnings (cents) 16 1 434   1 126 1 119 776 791  
Diluted earnings (cents) 16 1 427   1 120 1 111 765 782  
Headline earnings (cents) 15 1 386   1 089 1 069 761 803  
Dividends (cents) 52 1 035,0   824,0 749,0 500,0 192,0  
Net asset value – book value (rand)1 12 61,1   47,3 47,2 38,1 38,2  
Returns and profitability ratios                
Return on assets (%)2   20,1   21,0 22,1 19,6 18,8  
Return on average shareholders’ funds (%)3   25,0   22,5 24,6 19,8 20,3  
EBITDA margin (%)   43,8   43,2 45,1 41,4 41,6  
Adjusted free cash flow (Rm)   29 624   23 810 33 170 25 653 15 211  
EBITDA multiple (times)4   6,8   6,4 5,7 5,8 4,7  
Effective taxation rate (%)   28,8   33,0 35,4 38,5 32,3  
Solvency and liquidity ratios                
Gearing (%)5   (0,3)   (2,7) (11,1) 2,1 18,4  
Interest cover (times)6   3,2   4,3 5,7 4,8 2,5  
Dividends cover (times)7   1,3   1,3 1,4 1,5 4,2  
Net (cash)/debt to EBITDA8   –   – (0,2) – 0,3  
Operating cash flow/revenue (%)   43,7   41,9 42,5 44,0 43,7  
* 2012 to 2009 amounts restated to exclude the Group’s proportionate share relating to its interests in joint ventures and to include the inter-entity balances and transactions previously eliminated on proportionate consolidation.
1 Ordinary shareholders’ interest divided by the number of ordinary shares in issue at year end.
2 Operating profit 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 (cash)/debt (interest-bearing liabilities less bank balances, deposits and cash) divided by EBITDA.
5 Net (cash)/debt as a percentage of total equity.
6 Operating profit divided by finance costs.
7 Headline earnings divided by total dividend.
8 Interest-bearing liabilities less cash, divided by EBITDA.

  CAGR
%		 2013   2012*
 2011*
 2010*
 2009*  
Share statistics                
Number of ordinary shares in issue (million)                
– at year end – 1 873   1 883 1 885 1 885 1 841  
– weighted average during the year – 1 833   1 838 1 854 1 842 1 851  
Closing price (cents per share) 16 21 702   17 760 14 373 13 442 11 790  
Market capitalisation (Rm) 17 406 539   334 507 270 904 253 318 216 999  
US dollar to rand exchange rates                
Average 4 9,65   8,16 7,17 7,34 8,32  
Closing 9 10,52   8,47 8,07 6,61 7,39  
* 2012 to 2009 amounts restated to exclude the Group’s proportionate share relating to its interests in joint ventures and to include the inter-entity cash flows previously eliminated on proportionate consolidation.

Market capitalisation (R million)   Closing share price (R)
Market capitalisation (R million)   Closing share price (R)

Share price performance
Share price performance

NON-FINANCIAL INFORMATION CAGR
%		   2013   2012* 2011* 2010* 2009*  
Countries in which MTN has GSM licences (number)     21   21 21 21 21  
Subscriber numbers (million) 16   207,8   189,3 164,5 141,6 116,0  
Group entities (excluding joint ventures) 16   163,9   146,4 127,5 109,7 90,9  
Joint ventures 15   43,9   42,9 37,0 31,9 25,1  
Countries in which MTN has largest market share (number)     15   15 15 15 15  
Total number of employees (1)   25 424   26 716 24 252 26 055 26 361  
Group entities (excluding joint ventures) (4)   22 476   23 871 21 504 23 594 24 553  
Joint ventures     2 948   2 845 2 748 2 461 1 808  
CO2 emissions from energy use (tonnes) 28   1 525 542   1 040 723 950 564 1 127 254 565 861  
Operational information                  
South Africa                  
Mobile penetration (%)     135   131 120 105 103  
Market share (%)     35   38 34 36 32  
Subscribers (million) 13   26   25 22 19 16  
ARPU (ZAR)1 (4)   108   122 134 154 126  
EBITDA margin (%)     34   35 35 34 31  
Capex/revenue (%)     15   16 11 11 18  
Nigeria                  
Mobile penetration (%)     69   62 54 49 42  
Market share (%)     49   48 50 52 50  
Subscribers (million) 16   57   47 42 39 31  
ARPU (US$)1 (10)   7   9 10 11 12  
EBITDA margin (%)     61   58 62 63 59  
Capex/revenue (%)     30   36 18 14 31  
Nigerian naira average foreign exchange rate (2)   16,46   19,50 21,76 20,67 17,83  
Nigerian naira closing foreign exchange rate (7)   15,23   18,47 20,10 23,00 20,29  
Ghana                  
Mobile penetration (%)     99   91 78 67 61  
Market share (%)     50   51 52 53 55  
Subscribers (million) 13   13   12 10 9 8  
ARPU (US$)1 (7)   6   6 7 7 8  
EBITDA margin (%)2     38   37 37 44 45  
Capex/revenue (%)     20   16 14 54 46  
Ghanaian cedi average foreign exchange rate 6   0,21   0,23 0,21 0,20 0,17  
Ghanaian cedi closing foreign exchange rate 3   0,22   0,22 0,20 0,22 0,19  
Iran                  
Mobile penetration (%)     114   113 103 92 80  
Market share (%)     47   47 45 44 40  
Subscribers (million) 16   41   41 35 30 23  
ARPU (US$)1 (16)   4   7 8 8 8  
EBITDA margin (%)     43   44 43 41 35  
Capex/revenue (%)     18   9 11 18 44  
Iranian rial average foreign exchange rate 21   2 554   1 686 1 474 1 401 1 195  
Iranian rial closing foreign exchange rate 15   2 356   2 905 1 378 1 566 1 354  
Syria                  
Mobile penetration (%)     81   59 58 50 46  
Market share (%)     44   45 46 45 45  
Subscribers (million) 11   6   6 6 5 4  
ARPU (US$)1 (27)   5   9 14 16 18  
EBITDA margin (%)     17   23 26 24 20  
Capex/revenue (%)     28   11 7 6 11  
Syrian pound average foreign exchange rate 25   13,57   8,34 6,54 6,39 5,59  
Syrian pound closing foreign exchange rate 22   13,67   10,22 6,71 7,13 6,20  
Cameroon                  
Mobile penetration (%)     69   62 54 40 39  
Market share (%)     59   56 55 60 61  
Subscribers (million) 22   9   7 6 5 4  
ARPU (US$)1 (14)   5   6 7 8 9  
EBITDA margin (%)2     43   46 44 49 51  
Capex/revenue (%)     15   19 10 16 23  
Cameroon Communaute Financière Africaine franc average foreign exchange rate (2)   51,96   62,20 65,67 67,26 56,58  
Cameroon Communaute Financière Africaine franc closing foreign exchange rate (8)   45,23   58,70 62,73 74,20 61,89  
Ivory Coast                  
Mobile penetration (%)     79   77 75 64 51  
Market share (%)     38   36 37 38 38  
Subscribers (million) 15   7   6 6 5 4  
ARPU (US$)1 (6)   7   6 6 7 9  
EBITDA margin (%)2     41   40 42 33 29  
Capex/revenue (%)     15   22 12 24 28  
Côte d’Ivoire Communaute Financière Africaine franc average foreign exchange rate (3)   51,50   62,31 64,81 67,43 57,08  
Côte d’Ivoire Communaute Financière Africaine franc closing foreign exchange rate (8)   45,23   58,70 62,73 76,07 61,89  
Uganda                  
Mobile penetration (%)     44   41 42 34 25  
Market share (%)     54   53 52 56 63  
Subscribers (million) 16   9   8 8 6 5  
ARPU (US$)1 (10)   4   4 4 5 6  
EBITDA margin (%)2     36   36 35 45 44  
Capex/revenue (%)     12   13 26 21 34  
Uganda shilling average foreign exchange rate 2   264,66   303,08 347,60 295,99 242,29  
Uganda shilling closing foreign exchange rate (2)   239,81   312,26 306,73 348,03 256,43  
Sudan                  
Mobile penetration (%)     73   73 53 39 34  
Market share (%)     34   32 27 21 28  
Subscribers (million) 22   9   8 6 3 4  
ARPU (US$)1 (21)   2   3 5 5 5  
EBITDA margin (%)     32   28 22 17 20  
Capex/revenue (%)     43   62 49 41 34  
Sudanese pound average foreign exchange rate 15   0,50   0,43 0,36 0,34 0,29  
Sudanese pound closing foreign exchange rate 14   0,54   0,52 0,33 0,40 0,32  
1 Annual ARPU.
2 Excluding profit on tower sales.
MTN Group Limited Integrated Report for the year ended 31 December 2013 © 2014 Mobile Telephone Networks. All Rights Reserved.