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MTN Group Limited. Final audited results for the year ended 31 December 2006. Agenda. Strategic & operational overview Phuthuma Nhleko Group President and CEO Financial overview Rob Nisbet Group Finance Director Looking ahead … Phuthuma Nhleko.

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mtn group limited

MTN Group Limited

Final audited results for the year ended

31 December 2006

agenda
Agenda

Strategic & operational overview

Phuthuma Nhleko

Group President and CEO

Financial overview

Rob Nisbet

Group Finance Director

Looking ahead…

Phuthuma Nhleko

mtn vision

MTN Vision

To be the leader in telecommunications in emerging markets

key considerations for the period
Key considerations for the period…
  • Investcom acquisition
    • Integration almost complete
    • Synergy benefits included in 2007 budgets, including rebranding
    • Asset base increased
  • Significant interest in emerging markets, operations more competitive
  • Increased regulatory intervention
  • Margin management key
  • Changes in ownership levels
    • Increased shareholding in Côte d’Ivoire, Uganda, Botswana and Nigeria

Significantly different Group going forward

mtn an emerging market leader
MTN an emerging market leader…

National Player

African Player

Emerging Market Player

1993 - 1997

1998 - 2005

2006

Operations 1 11 21

Population 41m 274m 501m

2006

Revenue

Subscriber #’s

1998 - 2005

1993 - 1997

Successfully delivering on our vision

group highlights for the 12 months ending 31 december 2006
Group highlightsfor the 12 months ending 31 December 2006

Group subscribers up 73%

to 40.1 million

Revenue 49% higherto ZAR 51,6 billion

against 12 months

to 31 December 2005*

EBITDA up 53% toZAR 22,4 billionagainst 12 months

to 31 December 2005*

PAT increased to

ZAR 12,1 billionfrom

ZAR 6,7 billion against

9 months to

31 December 2005

Adjusted headline

EPS increased by 73% to 584.7 cents

against 9 months

to 31 December 2005

EBITDA margin

increased to 43.4% from 42.4% against

12 months

to 31 December 2005*

Dividend of 90 cents per share declared

* Unaudited

subscriber growth
Subscriber growth...

MTN Group

Split of subscribers by region

Comparative annual growth

40.1

No. of operations: 21 +110%

Population (m): 501 +83%

Subscribers (m): 40.1 +73%

12%

23.2

49%

27%

73%

39%

Subscriber growth increasingly diversified

relative arpu performance usd per month
Relative ARPU performanceUSD per month

South African ARPU: ZAR164 (Dec 05 – ZAR167)

relative ebitda margins
Relative EBITDA margins

Group

Region

Key operations

New Operations: Iran – 21 October * 12-month comparison

Group EBITDA margin expansion

risk management
Risk management

Governance structures

  • Comprehensive risk management structures aligned to King II and best practice
  • Ultimate board responsibility with dedicated group executive risk officer

Political / regulatory regimes

  • Senior executive and board involvement on the ground
  • Not politically aligned
  • Commitment to local and regional regulatory forums
  • Constructive engagement
  • Extensive pre-investment research – deep understanding
  • Strong corporate responsibility –social investment, governance, tax etc
  • Positive contribution through broadbased infrastructure roll-out

Committed and involved

risk management cont
Risk management (cont.)

Emerging market risk

  • Expanded regions/ markets limit concentration exposure to any single region
  • Co-investment with local partners
  • Experienced and committed local management teams limit execution risks
  • Detailed market analysis and robust business plan preparation contributes to informed risk decisions

FX risk

  • Local currency funding maximised to limit revenue / liability mismatch
  • Operations hedge foreign currency obligations where possible
  • Translation risk not hedged - income statement impact
  • Diversification of assets and earnings reduces risk profile
south east africa sea region
South & East Africa (SEA) region

Deeper mobile penetration over last 12 months

26% increase in subscribers

sea region overview botswana south africa swaziland zambia uganda rwanda
SEA region – OverviewBotswana, South Africa, Swaziland, Zambia, Uganda, Rwanda
  • No contribution from Investcom, inclusion of Uganda and Rwanda, previously in MENA
  • Appointment of key roles in progress
  • South Africa key driver of growth and profitability
  • Strong performance from Uganda, subscribers up 63%
  • Zambia negatively affected by slow start to roll-out

Revenue

EBITDA

Subscribers

South & East Africa EBITDA margin 35.2%

sea region south africa financial and operational highlights
SEA region South Africa – Financial and operational highlights
  • Market share improvements ~ 36% up 1%
  • Highly competitive market
  • Expanded distribution channels
  • Customer centricity through improved service initiatives
  • Impact of regulatory changes still unclear
  • Margins still healthy due to effective cost management
  • Continued focus on data revenue growth

*Unaudited 12-month period

Subscribers/ARPUmillion

12,483

MTN well positioned for change

sea region south africa financial and operational highlights cont
SEA region South Africa – Financial and operational highlights (cont.)

ARPU

ZAR per month

  • Increased prepaid ARPU’s due to lower denomination vouchers
  • Prepaid pricing segmentation
  • Lower end packages boost postpaid subscribers but negatively affect ARPU
    • MyChoice TopUp: 582k from 281k
    • MyCall 100: 806k from 761k
  • MOU decline slowing due to larger subscriber base

Mar-04

Mar-05

Dec-05

Dec-06

Avg. MOU per sub

155

140

129

124

ARPU pressure

slide17

SEA region South Africa – Data highlights

Data revenueZARmillion

  • SMS approx 79% of total data revenue
  • 3G roll-out on track
    • Expanded to 793 from 431 at June 2006
    • Approx 20% subscribers under coverage
    • Approx 280k users at December 2006
    • Good HSDPA uptake
  • Mobile money transfer system showing good over past six month – 203% increase in registered users
  • Data tariffs reduced to improve competitive position and stimulate traffic

1,938

1 082

905

670

As % of MTN SA revenue*

5,9%

5,0%

8,2%

8.0%

* Includes data revenue from subscriptions from Dec 05

Competitive tariffs

sea region south africa regulatory changes
SEA regionSouth Africa – Regulatory changes
  • Electronic Communications Act (ECA) Promulgated on 19 July 2006
    • Licence conversion process still pending
    • Existing rights and obligations “protected” - new terms still unclear
  • Interconnect Ongoing dialogue
    • COA/CAM submitted to ICASA in March 2007, awaiting approval
    • Market definitions as prescribed in ECA now proposed
  • Re alignment of ICT BEE charter in process New DTI codes announced in December 2006
  • Other
    • Court rules Cell C CST roll-out irregular – interconnect settlement pending
    • MNP operational from 10 Nov 2006 – limited impact, 40k subscribers to end Feb 2007
    • RICA, MTN ready but final implementation still outstanding

Constructive engagement

west central africa weca region
West & Central Africa (WECA) region

Footprint opportunities significantly increased

G. Conakry: Launch 18 April * Acquired as part of Investcom LLC acquisition

80% increase in subscribers

weca region overview nigeria ghana cameroon c te d ivoire benin congo b g conakry liberia g bissau
WECA region - OverviewNigeria, Ghana, Cameroon, Côte d’Ivoire, Benin, Congo B, G. Conakry, Liberia, G.Bissau
  • Low regional penetration at 19% offers opportunity for growth
  • Investcom merger contributing ~ 42% of net movement in subscribers
  • Increasingly competition and regulatory activities
  • Strong performance from Cameroon, subscribers up 43%
  • Integration of Investcom operations well advanced with focus on branding and products

Revenue

EBITDA

Subscribers

Strong contribution to the Group, region dominated by Nigeria

weca region nigeria financial operational highlights
WECA regionNigeria - Financial & Operational Highlights
  • Market share up from 45% to 46%
  • Strong EBITDA margin through cost savings
  • Regulator activities:
    • Expanding GSM license with unified licence and 3G license (awarded in last week of March 2007 for $150m)
    • Award of 5th GSM operator
    • New interconnect rates effective from 22 September 2006
  • Broadening shareholder base still a priority
  • Tax holiday ending 1 April 2007
  • Uncertain outcome of 2007 elections

*Unaudited 12-month period

Subscribers/ARPU

12,281

Pre Dec 05, subscribers and ARPU based on 30 day activity window

Increasingly competitive

weca region nigeria new product offering
WECA regionNigeria – New product offering

Quarterly analysis of total MOU and net connections

  • Launch of segmented value proposition products on 22 September 2006
    • On net calling preference
    • Growth from returning inactive MTN subscriber
    • Incremental minute of use from both existing and returning inactives
  • Brand preference at 54% from 49%
  • Customer satisfaction at 80% from 69%
  • Churn at 30% from 35% last year
  • Pressure on network quality currently being addressed

MTN successfully repositioned

weca region nigeria network infrastructure enhancements
WECA regionNigeria – Network infrastructure & enhancements

Geographic and population coverage

  • Network infrastructure
    • 2 518 base stations
    • Continuing expansion of transmission backbone (~3600km)
  • Acquisition of unified licence & VGC (fixed wireless PTO) aimed at corporate market
  • Capacity of ~13.5m subscribers in core network
  • Pressure on network: focus shifted to radio expansion to accommodate higher subscriber numbers and expansion into new areas

Most competitive coverage and backbone

weca region ghana financial operational highlights
WECA regionGhana – Financial & operational highlights
  • Market share loss stabilised in early 2007
  • Increasing competition
    • Market penetration at 22% from 12.76%, fuelled by decrease in entry barriers (handset / SIM)
    • Privatisation of 2 licenses
  • Aggressive roll-out to improve network quality well underway by December 2006
    • Approx 100 BTS’s/month (Sep-Dec)

**Unaudited 12-month period

Subscribers/ARPU

Dec 06: 6 month ARPU figure

*

*

*

*

* Investcom LLC 12 month disclosure

Successfully integrated

middle east north africa mena
Middle East & North Africa (MENA)

Footprint opportunities significantly increased with greenfield areas

* Acquired as part of Investcom LLC acquisition New – Launched in 2006

New subscribers acquired over period

mena region overview afghanistan cyprus iran sudan syria yemen
MENA region – OverviewAfghanistan, Cyprus, Iran, Sudan, Syria, Yemen

Revenue

EBITDA

Subscribers

  • Under-penetrated region with high growth potential
  • Aggressive roll-out in Sudan, Iran and Afghanistan contributing to low EBITDA
  • High revenue share in Syria and Iran
  • Strong growth in Syrian subscribers to 2.2m from 1.5m

Regional consolidation concluded

mena region iran highlights
MENA region Iran – Highlights
  • MTN’s market sizing increased to 46m (2011) from 31m (2015) estimated in 2005
  • Pioneer in privatisation
  • Low year end subscriber numbers due to
    • Late launch
    • Slow regulatory approval processes
    • Limited coverage
    • Competitive pressure
  • Current daily run rate now > 15 000
  • Efficient subscriber centric activation process - registration within 15 minute
  • Strong brand awareness within 3 months
  • Costs well contained

Subscribers/ARPU

Slow start challenges identified and rectified

mena region iran infrastructure
MENA regionIran – Infrastructure
  • Significant vendor finance secured
  • Roll-out behind schedule due to challenges
    • Local ownership requirements
    • High land costs
    • Environmental procedures
    • Access to intercity transmission
  • Roll-out progressing well
    • 4 switches deployed with a core capacity in excess of 1m subscribers
  • Risk of sanctions mitigated by:
    • Diverse suppliers and contractual commitments
    • Outsourcing (network and IT)
    • Front end supply

Coverage statistics

Cities & BTS’s roll-out

mena region iran license obligations and regulatory
MENA region Iran – License obligations and regulatory
  • Year 1 roll-out most onerous
  • Higher connection fee retained on postpaid
  • Competitive pressure reduced on prepaid
  • Lower connection fee negatively impacts business targets
    • Peak funding of $1.9m in 2009 whereas previously targeted at $1.5m in 2007/8
  • Low tariffs not offset by higher usage
  • Interconnect terms contained in Irancell licence, agreements to be finalised in 2007
mena region sudan
MENA region Sudan
  • First full year of operation
  • Market share growth to 25%
  • Regulatory & logistical challenges
  • Despite roll-out challenges
    • 36% of population covered
    • 3G and GPRS launched
    • 662 BTS’s and 3 MSC’s
  • Introduction of aggressive CDMA competitor
  • ARPU dilution limited, low tariffs
  • Dinar appreciation of 15% vs USD in 2006, positive contribution to margin

**Unaudited 12-month period

Subscribers/ARPU

Dec 06: 6 month ARPU figure

*

19

*

16

*

* Investcom LLC 12 month disclosure

High growth market, 800k net adds for the year

financial overview rob nisbet

Financial overviewRob Nisbet

Group Finance Director

financial trends
Financial trends

Group revenueZAR billion

Group EBITDAZAR billion

Adjusted HEPS*cents

CAGR 03FY – 06FY

38%

CAGR 03FY – 06FY 28%

CAGR 03FY – 06FY

42%

* Basic headline earnings Dec 2006 – 606.5 cents (December 2005 – 359.8 cents)

Adjustment made to eliminate deferred tax asset raised by MTN Nigeria and put option impact

key accounting issues
Key accounting issues
  • Investcom
    • Consolidated from 1 July 2006
    • Cash-flow hedging of purchase price resulted in gain of ZAR 2.5bn
      • Set off against investment
      • No tax provided on gain (ZAR 680m)
    • PPA amortisation – ZAR 587m (an additional ZAR 72m relates to Uganda)
  • Increased ownership
    • Nigeria: 6.9%, ZAR 2,7bn from 75% to 82% (77% to 84% incl. put option impact)
    • Cote d’Ivoire: 17.34%, ZAR 363m from 51% to 68.34%
    • Botswana: 7%, ZAR 146m from 44% to 51% (remained as a JV)
    • Uganda: 45%, ZAR1,577m from 52% to 97% (fully consolidated from 1 July)
  • MTNI (Mauritius)
    • Forex gain (ZAR 452m) in MTNI Mauritius (ZAR functional currency), after transfer to reserves below
    • Early adoption of IAS21 – ZAR 242m gain taken to reserves instead of Income statement (Dec 05 – loss of ZAR 79m – restated numbers)
    • Deferred tax credit (ZAR 145m) on timing differences
earnings per share
Earnings per share

HEPS (584,7 cents)

  • Adjusted headline earnings items:
    • Deferred tax credit ZAR 825m (MTN share ZAR 650m)
    • Impact of put option (MTN share ZAR 268m) (Finance costs – ZAR 212m, Fair value adj. – ZAR 120m, Forex loss – ZAR 89m, Minority share profits – ZAR 153m)
income statement
Income statement

Net profit excluding Investcom 11 241

exchange rates analysis
Exchange rates analysis

If Dec 2005 rates are applied to Dec 2006 PAT there is an impact of -11%

revenue analysis
Revenue analysis

% change

* Including MTN Network Solutions

revenue analysis of revenue

Interconnect Revenue

Net Interconnect

Net Interconnect %

Revenue analysis (% of Revenue)

Nigeria Interconnect

ZAR million

Dec 2006100% = ZAR 51 595m

South Africa Interconnect

ZAR million

  • Strong South Africa interconnect revenue growth offset by higher interconnect cost growth due to “All net” proposition
  • Regulatory focus on interconnect rates
  • New Nigerian interconnect tariffs effective 22nd Sep reducing mobile to mobile tariffs significantly and increasing mobile to fixed and fixed to fixed. Negative impact offset over last quarter by value proposition
  • Equipment sales contribute less due to SA impact being diluted
  • Interconnect revenue unchanged from 2005 at 20%

* 9 months

ebitda analysis
EBITDA analysis

* Including MTN Network Solutions

ebitda trends
EBITDA trends

EBITDA (R22 413m)

  • Strong contribution from WECA
  • Nigeria margins up to 57% from 52% on strong cost control initiatives, especially staffing and fuel
  • RSA margins lower compared to prior twelve months on higher interconnect costs
  • Accretive EBITDA contribution from full consolidation of Uganda
  • Impact of lower margins from start – up operations i.e Iran and Sudan
  • Dilution impact of revenue share arrangements in Iran and Syria

*

* 9 months

profit after tax excluding nigeria deferred tax asset
Profit after tax(excluding Nigeria deferred tax asset)

% change

* Including Network Solutions

** Excluded deferred tax asset: 2006 – R825 million (Dec 2005 – R427 million)

tax considerations

Dec-07

Dec-08

Dec-09

Dec-10

Tax considerations

Effective tax rates%

Tax – effective rate

  • Bulk of disallowed expenses relate to unproductive interest on Investcom acquisition debt
  • Prior year adjustment relates predominantly to Cameroon
  • Investcom effective tax rate has limited impact at this stage

Looking forward

  • Pioneer status in Nigeria expires on 31 March 2007
    • Forecast rate for 2007 previously reported at 47%, now reported 52% is due to the deferred tax effect revised depreciation charge in MTN Nigeria
    • Corporate tax rate is 30% plus the impact of a ~2% education levy
  • Group effective rate expected to increase based on
    • Nigerian tax
    • Non deductible interest

Nigeria - expected trends in effective tax rates

Illustrative

Currently deferred tax asset reversed for adjusted headline earnings

analysis of net debt position
Analysis of net debt position

* Including long-term borrowings, short-term borrowings and overdrafts

** Including MTN Network Solutions

# Includes debt from MTNI Mauritius

interest bearing liabilities split as at 31 december 2006
Interest bearing liabilities splitas at 31 December 2006
  • Undrawn facilities of over ZAR 10 billion, mainly at MTN Holdings
  • No FX exposure on SA debt
  • Repayment of more than US$ 850m of Investcom acquisition debt from subsidiary dividends
  • De-leveraging results in Net debt to EBITDA of 1.02
  • Funding of underlying operations continued focus for 2007 to ensure
    • Local balance sheet efficiency
    • Better utilization of cash across the Group

1 879

6 203

24 897

70% of USD hedged

capital expenditures incl software
Capital expenditures (incl. software)

* Including MTN Network Solutions

capital expenditure analysis
Capital expenditure analysis

CAPEX (R9 778m)

  • 60% of capex due to Nigeria and RSA invested in network coverage and capacity
  • RSA focus on 3G coverage (close to 800 sites rolled out to date)
  • Nigeria $100 million investment in fibre network
  • Roll – outs in Iran and Sudan accelerating in last quarter

CAPEX as a % of revenue

looking forward
Looking forward…
  • Drive regional synergies
  • Take advantage of opportunities within the value chain
    • Payment solutions to enable transfer of funds in under-serviced markets;
    • Data opportunities
  • Improve operational efficiency through our least-cost operator strategy
  • Aggressive roll-out and subscriber acquisition strategy for Iran
  • Pursue appropriate expansion opportunities to diversify earnings and consolidate position in emerging markets;
  • De-leverage core debt and gear up operations
slide52

Thank you

Questions?

notice
Notice

The information contained in this document has not been verified independently. No representation or warranty express or implied is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Opinions and forward looking statements expressed represent those of the Company at the time. Undue reliance should not be placed on such statements and opinions because by nature, they are subjective to known and unknown risk and uncertainties and can be affected by other factors that could cause actual results and Company plans and objectives to differ materially from those expressed or implied in the forward looking statements.

Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (based on negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation and do not undertake to publicly update or revise any of its opinions or forward looking statements whether to reflect new information or future events or circumstances otherwise.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

mtn data sheet part 1
MTN – Data Sheet part 1

Group SEA WECA MENA RSA Nigeria Ghana Sudan Iran

Market overview

Population (m) 500.8 98.9 223.8 178.1 47.4 138.9 22.4 36.3 69.5

Mobile penetration 40% 19% 16% 74% 19% 22% 12% 20%

Market position 2 1 1 2 3

No. of operators 61 14 30 17 3 4 4 4 3

Operational Data

Subscribers (000s) 40 051 15 517 19 622 4 912 12 483 12 281 2 585 1 066 154

ARPU (USD) 21 1815 23 18 17 16 9

Market share 36% 46% 52% 25% 1%

Key Financials (Rm)

Revenue 51 595 26 586 21 208 3 756 24 578 14 900 1 704 570 77

EBITDA 22 413 9 346 11 355 1 117 8 340 8 529 890 99 -58

EBITDA margin 43% 35% 54% 30% 34% 57% 52% 17% -75%

PAT* 12 098 5 119 7 384 182 4 797 6 564 243 -3 -144

mtn data sheet part 2 sea
MTN – Data Sheet part 2 (SEA)

SubTotal RSA Botswana Zambia Swaziland Uganda Rwanda

Shareholding 100% 51% 100% 30% 97%40%

License Period (years) 15 15 15 10 20 10

Market overview

Population (m) 98.9 47.4 1.8 11.5 1.1 28 9.1

Mobile penetration 40% 74% 60% 9% 24% 9% 4%

Market position 2 1 2 1 1 1

No. of operators 14 3 2 3 1 3 2

Market Size (2011) - million 62.9 48.2 1.6 2.6 0.8 8 1.7

Operational Data

Subscribers (000s) 15 517 12 483* 600 187 268 1 595 384

ARPU (USD) 21 23 20 19 20 12 17

Market share 36% 60% 19% 100% 66% 95%

* 2.1 million postpaid

mtn data sheet part 3 weca
MTN – Data Sheet part 3 (WECA)

SubTotal Nigeria Ghana Cameroon Côte d’Ivoire Congo B Benin G. Bissau G. Conakry Liberia

Shareholding 82% 98% 70% 68% 100% 75% 100% 75% 60%

License Period 15 15 15 20 15 10 10 18 15

Market overview

Population (m) 223.9 138.9 22.4 17.1 20.2 3.4 7.7 1.5 9.5 3.2

Mobile penetration 19% 19% 22% 18% 20% 27% 15% 10% 6% 14%

Market position 1 1 1 2 2 1 1 1 1

No. of operators 30 4 4 3 3 2 4 2 4 4

Market Size (2011) - million 74.4 45.6 9.0 5.8 7.7 1.4 2.0 0.3 1.8 0.8

Operational Data

Subscribers (000s) 19 622 12 281 2 585 1 783 1 625 280 476 98 276 218

ARPU (USD) 18 18 17 15 18 20 21 12 17 18

Market share 46% 52% 58% 41% 31% 40% 66% 48% 51%

mtn data sheet part 4 mena
MTN – Data Sheet part 4 (MENA)

SubTotal Sudan Iran Afghanistan Cyprus Syria Yemen

Shareholding 85% 49% 100% 100% 75% 83%

License Period 22 15 14 20 15 15

Market overview

Population (m) 178.0 36.3 69.5 30.9 0.9 18.8 21.6

Mobile penetration 16% 12% 20% 6% 80% 26% 12%

Market position 2 3 3 2 2 1

No. of operators 17 4 3 3 2 2 3

Market Size (2011) - million 79.8 12.5 46.3 5.0 1.0 8.6 6.4

Operational Data

Subscribers (000s) 4 912 1 066 154 218 76 2 237 1 161

ARPU (USD) 15 16 9 14 35 17 10

Market share 25% 1% 12% 10% 46% 44%

mtn regional growth

19,622

10,908

5,255

2,547

1,468

MTN – Regional Growth

Subscribers / ARPU

SEA

WECA

MENA

15,517

12,281

9,148

6,996

5,259

Pre Dec 05, subscribers and ARPU based on 30 day activity window

Pre Dec 06, subscribers exclude Investcom operations

structure
Structure

MTN Group

100%

MTN Holdings

100%

MTN International

MTN South Africa

100%

MTN Mauritius

100%

Investcom LLC

100%

68%

82%

75%

75%

Network Operations

Côte d’Ivoire

Nigeria

Guinea Republic

Benin

100%

100%

70%

75%

60%

Service Providers

Zambia

Cameroon

Syria

Liberia

100%

51%

40%

98%

100%

Network Solutions

Botswana

Rwanda

Ghana

Guinea Bissau

100%

97%

83%

100%

Congo-B

Uganda

Yemen

Cyprus

49%

85%

100%

Iran

Sudan

Afghanistan

30%

100%

MTN Swaziland

Mednet

All shareholdings rounded

operating expenditure analysis
Operating expenditure analysis

* Including Network Solutions

ebitda analysis1
EBITDA analysis

* Including MTN Network Solutions

depreciation analysis
Depreciation analysis

* Including MTN Network Solutions

amortisation analysis
Amortisation analysis

* Including MTN Network Solutions

finance cost analysis
Finance cost analysis

* Including Network Solutions

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