Setting the
scene

What drives and
influences our strategy

Determining our
strategic path

Our leadership, governance,
reward and recognition

Strategic analysis
and outlook

Summarised consolidated
financial results

Shareholder
information

Our investment proposition and key statistics

MTN’s strong and established brand, extensive infrastructure and innovative products and services provide the platform for a compelling investment proposition. Our ambitious strategy, driven by experienced and visionary leaders, and attractive shareholder returns further bolster the investment case.

As we show throughout this report, the performance of our many operating businesses is solid; our strategy for sustainable growth through voice, data and ICT is sound, and our returns to shareholders over the last 20 years are strong. We are committed to a dividend policy of absolute growth. In the period to the end of 2015, we aim to grow dividends at between 5% and 15% annually. In the past four years, we have returned R61 billion to shareholders through dividends and share buy-backs.

MTN’s operations generate strong cash flows that provide reliable streams of income to invest in improving our network quality and capacity as well as enhance our services. This allows for sustainable value creation. In 15 of our 22 operations, MTN has clear market leadership. Our focus on emerging markets means that in many of our operations, internet penetration rates remain relatively low, offering good potential for growth. The opportunities to broaden our customer offerings are numerous.

^†Total shareholder returns over five years (2009 to 2013)
		100,0% share price return
143,7%		43,7% dividend return
^†Total shareholder returns over three years (2011 to 2013)
		61,4% share price return
87,7%		26,3% dividend return

^† Assumes dividends are reinvested

KEY STATISTICS	2013	2012	% change
*Financial*
Revenue (Rm)	136 495	121 867	12
Operating expenses (Rm)	77 675	69 817	11
EBITDA** (Rm)	58 820	52 050	13
EBITDA margin** (%)	43,1	42,7	0,4(pp)
Headline earnings per share (cents)	1 386	1 089	27
Dividend per share (cents)	1 035	824	26
Capex (Rm)	30 164	28 827	5
Share price (cents) (31 Dec)	21 702	17 760	22
Market capitalisation (31 Dec) (Rbn)	407	335	21

Note: Excludes joint ventures in line with IFRS. See summarised financials on page 79 and .
**Excluding tower profit.
Percentage points are abbreviated to pp.

	2013	2012	% change
*People*
Number of employees	25 424	26 716	(4,8)
Investment in employee development (Rm)	293	383	(23,5)
Employee turnover (%)	7	5	40,0
Gender diversity (% women to total employees)	36	36	–
Employee culture survey (%)	68	69	(1,4)
MTN CSI (Rm)	314	235	33,6

Notes: Employee numbers were restated in the year to exclude managed services staff.
For an explanation of the restatement of the 2012 CSI data, see .

	2013	2012	% change
*Governance*
Operations with fraud management framework (%)	86	81	6,2
Number of whistleblower tip-offs	687	886	(22,5)
Hours spent on internal audit activities	180 421	168 035	7,4

For further information, see .

	2013	2012	% change
*Environment*
GHG emissions avoided/reduced (tonnes CO₂e)	54 587	15 284	257
CO2 emissions from energy use (tonnes CO₂e)	1 525 542	1 040 723	46,5
Scope 1	769 471	652 790	17,9
Scope 2	640 831	384 725	66,6
Scope 3	115 240	3 208	3 492
MTN Nigeria
– electricity use (kWh)	106 502 142	–	–
– diesel use (kL)	166 116	–	–
– energy spend (Rm)	1 980	–	–
– Scope 1 (t CO₂e)	492 271	–	–
– Scope 2 (t CO₂e)	46 115	–	–

Note: For definitions of Scope 1, 2 and 3 and an explanation of the changes in these see .

Network quality

Ensuring the quality of our networks is central to achieving our strategic theme of creating a distinct customer experience. It is also critical to fulfilling our regulatory requirements in the 22 markets in which we operate.

While we measure network quality in all our markets, we now provide independent assurance on key network quality statistics in three important markets – Nigeria, South Africa and Ghana. The statistics we provide are the call setup success rate, the dropped call rate and network availability in each of these markets. For details on our performance in 2013, please see .

Indicates data has been subject to limited assurance. See page 72 for assurance statement.
For more information see the five-year review.