47 / 108
Our focus in 2018
Roll out smart capex
across the group
Successful IPOs of MTN
Nigeria and MTN Ghana
0
10
20
30
40
50
Cash ratio
240,4
million
Subscribers
+3,3%
●
SEA
●
WECA
●
MENA
50
40
30
20
10
0
(%)
December
2015
December
2016
December
2017
20,0
%
20,9
%**
23,8
%**
23,7%**
10,3%
40,9
%*
11,6
%
35,4
%*
34,0%*
■
EBITDA margin
■
Capex intensity
■
Cash ratio
Cash ratio
Medium-term targets
South Africa
mid single-
digit growth
Nigeria
double-digit
growth
Group upper single-digit growth
Service revenue growth*
Improving
EBITDA margins
Adjusted holdco leverage
Δ
2,0 to 2,5x
Dividend of
500
cents in 2018,
growing 10% to
20% per year
Capex intensity between
20% and 15%
Δ
Holdco net debt/SA EBITDA and cash upstreaming.
MTN Group Limited
Integrated Report 2017
45
BRIGHT performance
and plans