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MTN Group Limited - Interim Results for the six-month period ended 30 September
2004
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
Share code: MTN
ISIN ZAE000042164
Interim Results for the six-month period ended 30 September 2004
Financial highlights
- Subscribers1 increased to 11 million up 40%
- Revenue increased to R13,7 billion up 22%
- EBITDA increased to R5,6 billion up 29%
- Adjusted headline earnings per share increased to 165,8
cents up 34%
- EBITDA margin increased from 38,4% to 40,9%
- SA EBITDA margin increased from 28,5% to 32,8%
REVIEW OF RESULTS
Overview
MTN Group Limited ("the Group" or "MTN") continued its strong growth performance
in the first half of the 2005 financial year, as reflected by an increase of 34%
in adjusted headline earnings per share ("Adjusted Headline EPS") to 165,8
cents, notwithstanding a muted start to the year by the Nigerian operations.
MTN"s consolidated revenue increased by 22% to R13,7 billion, compared to the
same period in the previous year. Earnings before Interest, Tax, Depreciation
and Amortisation ("EBITDA") increased by 29% to R5,6 billion, resulting in
Profit after Tax ("PAT") of R3,3 billion.
The Group"s interim Adjusted Headline EPS exclude the beneficial financial
impact of the deferred tax asset recognised by MTN Nigeria Communications
Limited ("MTN Nigeria"). Basic (unadjusted) headline earnings per share is 174,2
cents, compared to 127,2 cents for the corresponding period last year.
It should be noted that profit before and after tax is not fully comparable with
the prior period, owing to changes in accounting standards relating to the
treatment of goodwill (AC131). Goodwill of R9,8 billion which was previously
amortised, is now no longer amortised, but tested annually for impairment. As a
result of such testing, the Board is of the view that no impairment is required
and consequently no impairment charge has been brought to book for the period to
30 September 2004. In the comparable period for the prior year, however,
amortisation of R299 million was recognised.
The contribution by our international operations to overall group results
continues to increase, being 40% of revenue, 52% of EBITDA and 48% of adjusted
headline earnings for the period under review. As a significant and increasing
proportion of revenue is generated outside South Africa, our results continue to
be directly impacted by the fluctuation of the Rand against the functional
currencies of our international operations. During the six month period under
review, the average rand exchange rate appreciated by between 5% and 26% against
the functional currencies of the Group"s international operations. Of key
importance is the average Nigerian Naira/Rand exchange rate, against which the
Rand strengthened by 19% against the Naira compared with the same period last
year. Consequently on translation into Rand, this had the effect of reducing the
earnings, assets and liabilities of our international operations as reflected in
the consolidated results.
Income statement analysis
Group revenue increased by 22% to R13,7 billion. South African mobile operations
produced an increase of 15% to R8,2 billion, while MTN Nigeria experienced
growth of 38% to R4,6 billion, despite the Rand strengthening against the Naira
during the period under review.
EBITDA increased by 29% to R5,6 billion and the Group"s EBITDA margin increased
from 38,4% to 40,9%. MTN South Africa recorded a pleasing improvement in EBITDA
margin to 32,8%, compared to a full year margin of 30% for the 12 months ended
31 March 2004. This positive trend has been driven mainly by tighter control of
distribution costs. However, the competitive environment is continually
intensifying, with a resulting increase in postpaid subscriber acquisition
costs. This will exert pressure on the EBITDA margin going forward. All our
international operations maintained EBITDA margins in the 43% to 54% range.
A 40% increase in depreciation charge from R1 billion to R1,4 billion was the
result of the accelerated network roll-out in Nigeria and decrease in the
estimated useful life of certain fixed assets.
Despite increased borrowings by MTN Nigeria which has now fully drawn down on
its accessible US$345 million medium- term loan facilities, net finance costs
declined by 53% to R127 million. This decrease is primarily as a result of the
substantial cash balance in MTN South Africa. If foreign exchange gains of R4
million to September 2004 and foreign exchange losses of R91 million to
September 2003 were excluded, the decrease would have been 27%.
Taxation increased by 28% to R720 million. This includes R84 million of STC
payable on the Group"s dividend payments made in July 2004. The Group"s
effective tax rate reduced to 17,8%, mainly because MTN Nigeria is tax exempt
due to its pioneer status, coupled with the increase in the deferred tax asset
of R187 million on capital allowances.
Adjusted Headline EPS increased by 34% to 165,8 cents. South African operations
contributed 85,5 cents or 52% of total Adjusted Headline EPS. This represents a
50% increase compared to the same period last year. Adjusted Headline EPS
derived from the international operations increased by 21% to 80,3 cents.
Balance sheet and cash flow
The Group"s total assets have increased by 6,6% to R34,1 billion since 31 March
2004. Long-term liabilities reduced to R3,4 billion from R3,7 billion, while
short-term borrowings decreased to R184 million since 31 March 2004. The net
decrease in borrowings is due to the repayment of loans in MTN Mauritius and MTN
Cameroon, offset by a further draw-down on the medium-term project funding in
MTN Nigeria as well as, on translation, the impact of the strengthened Rand
against the foreign currency denominated debt.
At 30 September, the Group had cash on hand of R3,3 billion excluding
securitised cash deposits of R599 million against letters of credit in Nigeria.
R2,3 billion of the cash on hand is in South Africa. The Group remains in a net
cash positive position at the period end, being bank balances, deposits and cash
and securitised cash deposits less interest-bearing liabilities. Part of the
decrease from the net R1 187 million at 31 March 2004 to R283 million at 30
September 2004 was attributable to the dividends paid and the accelerated
network roll-out in MTN Nigeria.
Operating cash flow (before dividends) of R3,6 billion was generated, and a
total of R3,9 billion was invested in fixed assets. MTN Nigeria invested R3,1
billion in property, plant and equipment, representing 79% of the Group"s
capital expenditure for the period.
For the full year to 31 March 2005, total capital commitments of R9,5 billion
were budgeted. It should be noted that in the first six months, the board of MTN
Nigeria approved additional capital expenditure of US$200 million for the
financial year to 31 March 2005 and US$150 million for the following financial
year. While it is not expected that all planned commitments will be brought to
book by 31 March 2005, it is currently estimated that between 70 - 80% of
commitments will have had an impact on the balance sheet by the financial year-
end.
In October 2004, the South African government announced a further liberalisation
of exchange controls, abolishing limits on investment allowances relating to
approved off-shore investments. MTN welcomes this further liberalisation as it
will enable the Group to explore more efficient funding alternatives for
potential investments.
OPERATIONAL REVIEW
MTN South Africa
MTN South Africa continues to achieve healthy subscriber growth and recorded a
total of 6,9 million capable subscribers as at 30 September 2004. The prepaid
component of its base increased by 516 000 net connections to 5,6 million
subscribers. The postpaid base increased by 8% to 1,3 million subscribers.
Estimated market share remains steady at 38%.
Blended Average Revenue Per User per month ("ARPU") of R187 was achieved for the
six-month period. Both postpaid and prepaid subscriber ARPU decreased to R587
(March 2004: R597) and R97 (March 2004: R104) respectively. Such decrease in
both prepaid and postpaid ARPU is the result of strong subscriber growth in
lower end segments of the mobile market in South Africa. The decrease in blended
ARPU is driven by changes in subscriber mix, with prepaid subscribers now
constituting 81% of the total base. In August 2003 MTN South Africa launched
MyChoice Top-up, a hybrid prepaid/contract product. Included in total postpaid
subscribers are 170 000 My Choice Top-up subscribers, which generate
significantly lower ARPU and this contributed to the decline in postpaid ARPU.
During the period under review, MTN re-launched its content offerings through
MTN Loaded. As a result of an introductory free trial period, the impact on data
revenues has been limited. For the six month period, data (including sms)
contributed 5,4% towards total revenue, excluding handset revenue.
The national roll-out of W-CDMA (3G) coverage and services has commenced and it
is planned that a full commercial service will be available during the first
half of 2005 pending favourable confirmation of licence terms and conditions.
With the introduction of EDGE technology across our network, over 1,4 million
existing MTN subscribers will be able to operate data applications at up to four
times the current speed of GSM. As such, our broad- band strategy will allow us
to cover more revenue generating customers earlier while optimising our capital
and operational expenditure investments.
MTN International
MTN Nigeria increased its active subscriber base to 2 587 000, a 32% increase
since 31 March 2004. Our significant additional network roll-out coupled with an
intensifying competitive environment resulted in reductions in connection fees.
The 3 million subscriber mark was passed in the first week of November 2004
making our year end target of 3,5 million subscribers by March 2005 attainable.
Blended ARPU (excluding connection fees) in Nigeria remained strong at US$ 48, a
slight decline from US$ 51 as at 31 March 2004. Blended ARPU is expected to
decline further following anticipated strong subscriber growth.
MTN Nigeria continued with its accelerated network roll-out by commissioning 344
base stations and eight switches during the six months. Total capital
expenditure for the period amounted to R3,1 billion.
Subsequent to the period end, MTN Nigeria secured an additional US$200 million
finance facility from local and international financial institutions, bringing
the total accessible medium-term finance facility to US$545 million. The
additional funding will be used to accelerate network roll-out.
MTN Cameroon has maintained its market leadership in a highly competitive
market. Subscribers increased to 689 000, representing a 19% increase from 31
March 2004. ARPU remained fairly stable at US$23 for the period ended 30
September 2004 compared to US$24 for the year ended 31 March 2004.
MTN Uganda increased its total GSM subscriber base by 23% since 31 March 2004 to
609 000, fuelled by the continuing strong demand for services, which was further
stimulated by the introduction of new packages providing access to the network
as well as airtime in a single card, instead of the previous system whereby
these services were sold separately. Following strong subscriber growth, MTN
Uganda"s ARPU decreased to US$20 from US$22 for the year to 31 March 2004,
despite a 10% strengthening of the Ugandan Shilling against the US Dollar.
MTN Rwanda experienced a slow down in subscriber growth, increasing its active
subscriber base to 170 000. ARPU of US$20 was recorded, compared to US$22 at 31
March 2004.
MTN Swaziland achieved strong subscriber growth of 36%, driven by the move to
combine access and airtime in a single card. Deeper penetration into the market
resulted in a decrease in ARPU to R212 from R223.
STRATEGIC INVESTMENTS
During the period under review, announcements were made by the South African
Department of Communications ("the Department") relating to the potential
liberalisation of the telecommunications industry. Such liberalisation includes,
among other things, the self-provisioning of transmission bandwidth by mobile
operators as well as the provision of voice by Value Added Network Service
Providers such as MTN Network Solutions. Further clarification is anticipated
following a colloquium held by the Department in October 2004. The Group is
investigating appropriate strategies to position itself in the liberalised
environment.
PROSPECTS
During the period under review, MTN"s vision was updated to align its current
position on the continent with its growth aspirations and strategic objectives.
The Group"s vision is to be the leader in telecommunications in developing
markets.
As in the past, the Group will continue to explore value-enhancing international
expansion opportunities in sub-Saharan and North Africa, as well as the Middle
East, in line with its expanded vision. Such investment opportunities will be
evaluated according to strategic and financial criteria to enhance shareholder
returns and the Group"s growth profile, while further diversifying its
investment portfolio. The currently adopted conservative dividend policy of 6 -
7 times cover of adjusted headline earnings, paid annually, will be reviewed at
the end of the year taking expansion opportunities into consideration.
Assuming that current market conditions prevail, the Board is confident that,
while the competitive environment in South Africa is intensifying, the South
African operation will continue to generate strong free cash flows for the
Group. MTN Nigeria"s continued significant capital investment programme will
drive enhanced subscriber and revenue growth.
MANAGEMENT AND DIRECTORATE
Effective 1 November 2004, Maanda Manyatshe has been appointed as managing
director of MTN South Africa. He joins the Group from the SA Post Office where
he held the position of chief executive officer. With effect from 15 November
2004, Sindi Mabaso, non-executive director since 2002, and Carvel Webb, her
alternate director, resigned from the Board. We thank them for their valuable
and significant contributions during their tenure.
For and on behalf of the Board
MC Ramaphosa PF Nhleko
(Chairman) (Group Chief Executive Officer)
Sandton, 18 November 2004
1 In South Africa, the Group reports on capable subscribers, which are
subscribers who have made or received a revenue generating call within a three-
month period. In respect of the international operations, active subscriber
numbers are reported, representing subscribers who have made or received a
revenue generating call within the last month.
Certain statements in this announcement that are neither reported financial
results nor other historical information are forward-looking statements,
relating to matters such as future earnings, savings, synergies, events, trends,
plans or objectives. Undue reliance should not be placed on such statements
because they are inherently subject to known and unknown risks and uncertainties
and can be affected by other factors, that could cause actual results and Group
plans and objectives to differ materially from those expressed or implied in the
forward-looking statements (or from past results).
The Group cannot, and does not, undertake to publicly update or revise any of
these forward-looking statements, whether to reflect new information of future
events or circumstances or otherwise.
Consolidated income statement
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
Reviewed Reviewed* % Audited
Rm Rm change Rm
Revenue 13 722 11 272 22 23 871
Cost of sales (5 115) (4 730) (9 659)
Gross profit 8 607 6 542 32 14 212
Operating expenses (4 437) (3 576) (8 204)
- net of other
operating income
Profit from 4 170 2 966 41 6 008
operations
Finance income 151 97 144
Finance costs (278) (368) (748)
Share of profits of 11 2 9
associates
Profit before 4 054 2 697 50 5 413
taxation
Income tax expense (720) (564) (1 101)
Profit after 3 334 2 133 56 4 312
taxation (PAT)
Minority interest (438) (320) (612)
Net profit 2 896 1 813 60 3 700
Calculation of
headline earnings
Net profit 2 896 1 813 60 3 700
Loss on disposal of - - 72
4,5% stake in MTN
Nigeria
Goodwill - 299 599
amortisation (see
note 3)
Impairment reversed
against loan
arising on disposal
of
MTN Cameroon to - (10) (9)
reflect net asset
value
Other (7) - -
Basic headline 2 889 2 102 37 4 362
earnings
Adjustment:
Reversal of (140) (63) (174)
deferred tax asset
(see note 13)
Adjusted headline 2 749 2 039 35 4 188
earnings
Reconciliation of
headline earnings
per ordinary share
(cents)
Attributable 174,7 109,7 59 223,6
earnings per share
(cents)
Effect of goodwill - 18,1 36,2
amortisation (see
note 3)
Effect of disposal - (0,6) (0,5)
of stake in MTN
Cameroon
Effect of loss on
disposal of
4,5% stake in - - 4,4
Nigeria
Other (0,5) - -
Basic headline 174,2 127,2 37 263,7
earnings per share
(cents)
Effect of reversal (8,4) (3,8) (10,6)
of deferred tax
asset (see note 13)
Adjusted headline 165,8 123,4 34 253,1
earnings per share
(cents)
Contribution to
adjusted headline
earnings per
ordinary share
(cents)
South Africa 85,5 56,9 50 135,8
Rest of Africa 80,3 66,5 21 117,3
Adjusted headline 165,8 123,4 34 253,1
earnings per share
(cents)
Number of ordinary
shares in issue:
- Weighted average 1 657 996 1 652 376 1 654 380
(000)
- At period end 1 659 886 1 654 567 1 657 724
(000)
Summarised consolidated balance sheet
At At At
30 Sept 30 Sept 31 March
2004 2003 2004
Reviewed Reviewed* Audited
Rm Rm Rm
ASSETS
Non-current assets 26 329 22 164 23 357
Property, plant and 13 772 9 331 11 042
equipment
Goodwill 9 754 10 033 9 753
Intangible assets 1 625 1 941 1 646
Investments and loans 616 630 560
Deferred tax assets 562 229 356
Current assets 7 794 6 769 8 643
Cash at bank and on hand 3 302 2 769 3 648
Securitised cash deposits 599 776 1 688
**
Other current assets 3 893 3 224 3 307
Total assets 34 123 28 933 32 000
EQUITY AND LIABILITIES
Shareholders" equity
Share capital and reserves 22 256 18 474 19 848
Minority interests 1 903 1 086 1 418
24 159 19 560 21 266
Non-current liabilities 4 101 3 417 4 376
Borrowings 3 434 2 621 3 710
Deferred tax liabilities 667 796 666
Current liabilities 5 863 5 956 6 358
Non-interest-bearing 5 679 4 307 5 919
liabilities
Interest-bearing 184 1 649 439
liabilities
Total equity and 34 123 28 933 32 000
liabilities
Net asset value per
ordinary share (rand)
- Book value 13,41 11,17 11,97
Net cash (debt)/equity (%) 1 (4) 6
Net cash (debt)/equity 2 (8) 10
(excluding goodwill) (%)
* Restated for the consolidation of share trusts, effect not material.
** These monies are placed on deposit with banks in Nigeria to secure letters of
credit.
Summarised consolidated cash flow statement
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
Reviewed Reviewed* Audited
Rm Rm Rm
Net cash generated by 4 958 4 068 10 027
operations
Net interest paid (145) (232) (509)
Taxation paid (1 173) (558) (921)
Dividends paid (680) - -
Cash inflows from 2 960 3 278 8 597
operating activities
Cash outflows from (3 838) (1 435) (4 898)
investing activities
Cash (out)/inflows from (567) (177) 233
financing activities
Net movement in cash and (1 445) 1 666 3 932
cash equivalents
Cash and cash equivalents 5 231 1 931 1 931
at beginning of period
Foreign entities 103 (293) (632)
translation adjustment
Cash and cash equivalents 3 889 3 304 5 231
at end of period
Summarised group statement of changes in shareholders" equity
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
Reviewed Reviewed* Audited
Rm Rm Rm
Opening balance at 1 April 19 848 17 056 17 056
Effect of adoption of AC133 - (15) (15)
Restated opening balance at 19 848 17 041 17 041
1 April
Net profit 2 896 1 813 3 700
Dividends paid (680) - -
Issue of share capital 11 56 95
Treasury shares sold 6 - -
Currency translation 175 (436) (988)
differences
22 256 18 474 19 848
Summarised segmental analysis
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
Reviewed Reviewed* Audited
Rm Rm Rm
REVENUE
South Africa ** 8 244 7 155 15 184
Rest of Africa 5 478 4 117 8 687
13 722 11 272 23 871
EBITDA
South Africa ** 2 696 2 026 4 522
Rest of Africa 2 915 2 308 4 461
5 611 4 334 8 983
PAT
South Africa 1 425 938 2 244
Rest of Africa 1 909 1 492 2 664
Corporate head office - (297) (596)
(goodwill)
3 334 2 133 4 312
* Restated for the consolidation of share trusts, effect not material.
** Included in South Africa is revenue of R42 million and EBITDA of R8 million
relating to satellite operations.
Operational data
6 months 6 months Year
ended ended % ended
30 Sept 30 Sept change 31 March
2004 2003 2004
South Africa
Subscribers 6 878 000 5 360 000 28 6 270 000
ARPU (Rand) 187 207 (10) 203
Nigeria
Subscribers 2 587 000 1 381 000 87 1 966 000
ARPU (USD) 48 55 (13) 51
Cameroon
Subscribers 689 000 526 000 31 581 000
ARPU (USD) 23 22 5 24
Uganda
Subscribers 609 000 416 000 46 495 000
ARPU (USD) 20 23 (13) 22
Rwanda
Subscribers 170 000 132 000 29 146 000
ARPU (USD) 20 23 (13) 22
Swaziland
Subscribers 116 000 78 000 49 85 000
ARPU (Rand) 212 209 1 223
Notes
1. Basis of accounting
These condensed consolidated interim results have been prepared in accordance
with the South African Statement of Generally Accepted Accounting Practice
(GAAP) on interim financial reporting (AC127) and Schedule 4 of the South
African Companies Act (Act No 61 of 1973). The accounting policies are
consistent with those used in the annual financial statements for the year ended
31 March 2004, except for the adoption of the following revised South African
Statements of GAAP: AC128 - Impairment of Assets, AC129 - Intangible Assets and
AC131 - Business Combinations.
2. Comparatives
The 2003 interim results have been restated to include the effects of
consolidating the share trusts which are considered to be immaterial.
3. Adoption of the revised South African Statements of GAAP
In accordance with the transitional provisions of the revised AC131 - Business
Combinations, the Group has with effect from 1 April 2004 discontinued the
amortisation of previously recognised goodwill. The carrying amount of this
goodwill is now tested for impairment in accordance with the requirements of
AC128 - Impairment of Assets. The directors have tested the carrying amount of
the goodwill for impairment as at 30 September 2004. As the carrying amount of
the cash generating unit to which the goodwill relates exceeds its recoverable
amount, no impairment costs is required to be recognised.
4. Headline earnings per ordinary share
The calculations of basic and adjusted headline earnings per ordinary share are
based on basic headline earnings of R2 889 million (2003: R2 102 million) and
adjusted headline earnings of R2 749 million (2003: R2 039 million)
respectively, and a weighted average of 1 657 996 142 (2003: 1 652 375 600)
ordinary shares in issue. No fully diluted earnings per ordinary share, in
respect of debentures and options convertible into ordinary shares, have been
disclosed as the potential dilution is not considered to be material.
5. Independent review by the auditors
These condensed consolidated interim results have been reviewed by our joint
auditors PricewaterhouseCoopers Inc. and SizweNtsaluba VSP Inc., who have
performed their review in accordance with the Statement of South African
Auditing Standards applicable to review engagements.
A copy of their unqualified review report is available for inspection at the
registered office of the Company.
6. Listings requirements
This interim announcement has been prepared in compliance with the Listings
Requirements of the JSE Securities Exchange South Africa.
6 months 6 months Year
ended ended ended
30 Sept 30 Sept 31 March
2004 2003 2004
Reviewed Reviewed* Audited
Rm Rm Rm
7. Capital expenditure 3 858 1 466 5 048
incurred
8. Contingent liabilities
and commitments
Contingent liabilities 1 079 496 788
Operating leases 634 554 610
Finance leases 312 316 314
9. Commitments for
capital expenditure
- Contracted for 2 702 2 351 3 516
- Authorised but not 5 424 2 660 5 986
contracted for
10. Cash and cash
equivalents
Bank balances, 3 302 2 769 3 648
deposits and cash
Securitised cash 599 776 1 688
deposits
Call borrowings (12) (241) (105)
(included in current
interest-bearing
liabilities)
3 889 3 304 5 231
11. Interest-bearing
liabilities
Call borrowings 12 241 105
Short-term borrowings 172 1 408 334
Current liabilities 184 1 649 439
Long-term liabilities 3 434 2 621 3 710
3 618 4 270 4 149
12. Depreciation and
amortisation
Depreciation 1 362 977 2 204
Amortisation 79 92 172
13. Recognition of deferred tax asset
The Group"s subsidiary in Nigeria has been granted a five-year tax holiday under
"pioneer status" legislation. Capital allowances arising during this period may
be carried forward and claimed as deductions against taxable income from the
sixth year of operations onwards. A deferred tax credit relating to these
deductible temporary differences has been recognised in the results to 30
September 2004 in terms of the requirements of South African Statement of GAAP
AC102 - Income Taxes, which requires a deferred tax asset to be recognised for
all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary
differences can be utilised.
As previously disclosed, although the Group has complied with the requirements
of AC102 in this regard, the Board of Directors has reservations about the
appropriateness of this treatment in view of the fact that no cognisance may be
taken in determining the value of such deferred tax assets for uncertainties
arising out of the effects of the time value of money or future foreign exchange
movements. The Board therefore resolved to report adjusted headline earnings
(negating the effect of the deferred tax credit of R140 million for the period
to 30 September 2004) in addition to basic headline earnings, to more fully
reflect the Group"s results for the period.
14. Post-balance sheet events
On 22 October 2004, MTN entered into an agreement to extend the guarantee in
favour of Rand Merchant Bank for bridging finance in respect of phase 2 of the
Group corporate head office by R39 million bringing the total guarantee to R190
million. It is anticipated that this will be the final extension of the
guarantee.
MTN Nigeria Communications Limited has secured a further US$200 million on its
existing accessible US$345 million medium-term limited recourse financing
facility to fund its operations and network roll-out. This further funding
consists of a Naira denominated commercial paper facility equivalent to US$120
million and US$80 million which has been provided by several international
institutions.
Registration: 1994/009584/06 ISIN code: ZAE 000042164 Share code: MTN
MTN Directorate: MC Ramaphosa (Chairman), PF Nhleko* (CEO), DDB Band, SL Botha*,
I Charnley*, ZNA Cindi,
RS Dabengwa*, PL Heinamann, MA Moses (Appointed 18 November 2004), RD Nisbet*,
JHN Strydom, AF van Biljon
* Executive
Acting company secretary: LC Jooste 3 Alice Lane, Sandown Extension 38, Sandton,
2196
Private Bag 9955, Sandton, 2146
Registered office: 3 Alice Lane, Sandown Extension 38, Sandton, 2196
American Depository Receipt (ADR) programme: Cusip No. 55271U109 ADR to ordinary
share 1:1
Depository: The Bank of New York, 101 Barclay Street New York NY 10286, US
Office of the South African Registrars: Computershare Investor Services 2004
(Pty) Limited
(Registration number: 2004/003647/07) 70 Marshall Street, Johannesburg, 2001 PO
Box 61051, Marshalltown, 2107
Joint auditors: PricewaterhouseCoopers Inc, 2 Eglin Road, Sunninghill, 2157
Private Bag X36, Sunninghill, 2157 and SizweNtsaluba vsp Inc, 1 Woodmead Drive,
Woodmead,
PO Box 2939, Saxonwold, 2132
E-mail: investor_relations@mtn.co.za
These results can be viewed on the Group"s website at http://www.mtngroup.com
www.mtn.co.za
Date: 18/11/2004 05:15:22 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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