Notes to the Group financial statements l Note 9.6

9.6 Interest in subsidiaries
 

The subsidiaries in which MTN Group Limited has direct and indirect interests are set out in note 9.1. A summary of the Group’s subsidiaries with material non-controlling interests is presented below:

    Non-controlling interests  
  Principal place of business 2015
Rm		   2014
Rm		  
Subsidiary          
MTN Nigeria Communications Limited Nigeria 2 365   2 306  
MTN Côte d’Ivoire S.A. Côte d’Ivoire 1 284   971  
Spacetel Benin SA Benin 392   346  
Mobile Telephone Networks Cameroon Limited Cameroon 469   450  
Other   959   852  
    5 469   4 925  

Set out below is the summarised financial information for each subsidiary that has non-controlling interests that are material to the Group. Unless otherwise stated, the Group’s subsidiaries’ countries of incorporation are also their principal place of operation.The summarised financial information presented is before intercompany eliminations.

  MTN Nigeria
Communications Limited		   MTN
Côte d’Ivoire S.A.		  
  2015   2014   2015   2014  
% ownership interest held by non-controlling interests 21,17   21,17   33,172   33,172  
  Rm   Rm   Rm   Rm  
Summarised statement of financial position                
Non-current assets1 47 026   35 423   8 420   4 818  
Current assets 30 011   25 267   2 126   1 676  
Total assets 77 037   60 690   10 546   6 494  
Non-current liabilities 31 871   27 541   871   302  
Current liabilities 33 993   22 256   5 804   3 264  
Total liabilities 65 864   49 797   6 675   3 566  
Summarised income statement                
Revenue 51 942   53 995   6 424   6 418  
EBITDA 18 180   31 620   2 195   2 475  
Profit before tax 7 221   19 184   1 283   1 704  
Income tax expense (4 264)   (5 360)   (313)   (587)  
Profit after tax 2 957   13 824   970   1 117  
Profit attributable to non-controlling interests 626   2 927   322   371  
Dividends paid to non-controlling interests 1 328   3 366   373   341  
Summarised statement of cash flows                
Net cash generated from operating activities 13 065   11 226   486   1 195  
Net cash used in investing activities (8 929)   (7 078)   (2 247)   (1 158)  
Net cash (used in)/from financing activities (4 188)   (49)   1 865   (286)  
Net (decrease)/increase in cash and cash equivalents (52)   4 099   104   (249)  
Net cash and cash equivalents at beginning of the year 13 032   9 513   437   707  
Exchange gains/(loss) on cash and cash equivalents 2 597   (580)   (111)   (21)  
Net cash and cash equivalents at end of the year 15 577   13 032   430   437  
1 Excludes goodwill on consolidation of subsidiaries.
2 The non-controlling interests hold 41,17% of the issued ordinary share capital of MTN Côte d’Ivoire S.A. However, the effective ownership for accounting purposes is 33,17% due to outstanding funding provided by the Group to the non-controlling interests to acquire ordinary share capital in MTN Côte d’Ivoire (see note 9.3.1.1).

  Spacetel Benin SA   Mobile Telephone
Networks Cameroon
Limited		  
  2015   2014   2015   2014  
% ownership interest held by non-controlling interests 25   25   201   201  
  Rm   Rm   Rm   Rm  
Summarised statement of financial position                
Non-current assets2 2 470   2 204   6 228   2 629  
Current assets 2 388   1 424   1 782   4 058  
Total assets 4 858   3 628   8 010   6 687  
Non-current liabilities 1 039   683   983   200  
Current liabilities 2 250   1 562   4 682   4 235  
Total liabilities 3 289   2 245   5 665   4 435  
Summarised income statement                
Revenue 3 633   3 316   5 806   6 194  
EBITDA 1 280   1 380   2 101   2 651  
Profit before tax 791   878   1 212   1 905  
Income tax expense 1   1   (635)   (852)  
Profit after tax 792   879   577   1 053  
Profit attributable to non-controlling interests 198   220   115   211  
Dividends paid to non-controlling interests 263   173   175   365  
Summarised statement of cash flows                
Net cash generated from operating activities 21   961   276   1 105  
Net cash used in investing activities (121)   (264)   (3 165)   (608)  
Net cash (used in)/from financing activities (30)   (204)   537   (272)  
Net (decrease)/increase in cash and cash equivalents (130)   493   (2 352)   225  
Net cash and cash equivalents at beginning of the year 927   467   2 971   2 857  
Exchange gains/(losses) on cash and cash equivalents 173   (33)   25   (111)  
Net cash and cash equivalents at end of the year 970   927   644   2 971  
1 The non-controlling interests hold 30% of the issued ordinary share capital of Mobile Telephone Networks Cameroon. However, the effective ownership for accounting purposes is 20% due to outstanding funding provided by the Group to the non-controlling interests to acquire ordinary share capital in Mobile Telephone Networks Cameroon.
2 Excludes goodwill on consolidation of subsidiaries.