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MTN Group Limited - MTN Group Trading Statement

Release Date: 28/10/2004 16:40
Code(s): MTN
Wrap Text

MTN Group Limited - MTN Group Trading Statement MTN Group Limited ("MTN Group") (Incorporated in the Republic of South Africa) (Registration number 1994/009584/06) Share code: MTN ISIN ZAE000042164 MTN GROUP TRADING STATEMENT In terms of Section 3.4 (b) (Trading Statements) of the Listings Requirements of the JSE Securities Exchange South Africa ("the JSE Listings Requirements"), issuers are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the earnings for the period to be reported upon next will differ by at least 20% from those of the previous corresponding period. MTN Group is currently finalizing its financial results for the six month period ended 30 September 2004, expected to be released after close of business on 18 November 2004. In accordance with the JSE Listings Requirements, MTN Group would like to advise that it expects an increase of between 30% and 45% of Basic Headline Earnings per Share as well as an increase of between 30% and 45% of Adjusted(1) Headline Earnings per Share for the six month period ended 30 September 2004 against the previous corresponding period. This trading statement has neither been reviewed nor reported on by MTN Group"s external auditors. The information provided in this announcement does not contain and should not be construed as containing any forward looking statements or projections of any nature whatsoever for periods beyond 30 September 2004. (1)Adjusted Headline Earnings Starting in the year to March 2003 a deferred tax asset was raised and continues to be raised in accordance with South African Statement of Generally Accepted Accounting Practice AC102 as a result of deductible temporary differences arising within MTN Nigeria Communications Limited ("MTN Nigeria") which became profitable during that year. The Board considers that basic headline earnings may not adequately reflect MTN Group"s underlying economic performance, given the inherent uncertainties over the valuation of a deferred tax asset which will only be realized once MTN Nigeria emerges from the 5 year tax holiday granted to it under Pioneer Status Legislation. For this reason the MTN Group focuses on the adjusted headline earnings figure which negates the effect of the raising of the deferred tax asset. Johannesburg 28 October 2004 Sponsor Merrill Lynch South Africa (Proprietary) Limited Date: 28/10/2004 04:40:05 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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