Wrap Text
Annual results for the year ended 31 March 2015
Vodacom Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1993/005461/06
(ISIN: ZAE000132577 Share Code: VOD)
(ISIN: ZAG000106063 JSE Code: VOD008)
(ISIN: US92858D2009 ADR code: VDMCY)
('Vodacom')
Preliminary results
for the year ended 31 March 2015
Power to you
Shameel Aziz Joosub Vodacom Group CEO commented:
"The key highlights of our story for the year were network investment, data growth, and pricing transformation. This played out against a tough backdrop. In South Africa we faced
major cuts in mobile termination rates ('MTRs'), a weak economic environment, exchange rate volatility and increased price competition. In Tanzania and the DRC, pricing pressure
impacted our performance. Despite these challenging conditions, we increased the Group customer base by 7.2% to 61.6 million and grew revenue by 2.1% (1.1%*) to R77.3 billion.
Headline earnings per share reduced 4.0% to 860 cents.
In South Africa we've attracted the majority of contract customers to integrated packages and established the value bundle approach within the prepaid segment, which has in
effect rebased our pricing. This resulted in a 17.7% reduction in the blended average effective price per minute for calls, and a 24.1% reduction in the average effective price per MB
of data. A second significant change was the 50% reduction in MTRs which was a major contributor to the 2.7% decline in service revenue in South Africa. Excluding the MTR cuts,
service revenue in South Africa grew 1.5%. With these adverse factors behind us, we can now realise the full benefit of continued investment in network reach and capacity, as well
as from our ongoing focus on enabling access to low-cost smartphones and tablets. This is reflected in a recovery in the fourth-quarter, resulting in a better performance in the
second-half.
The delay in receiving regulatory approval for the acquisition of Neotel is disappointing. This transaction has been with the authorities for approval for almost a year now.
In our International operations, service revenue was up 10.0% (4.5%*). Lesotho and Mozambique performed well, while Tanzania and the DRC faced stiff pricing competition.
The smart device revolution continues, and we now have 26.5 million active data customers and 1.8 million machine to machine ('M2M') customers across the Group. Overall data
revenue grew 25.0%. In South Africa, the number of smart data devices (smartphones, tablets and modems) active on the network grew by 29.7% to 11.6 million, boosted by the
launch of Smart Kicka and Smart Tab, Vodacom's low-cost branded devices.
Our focus on network investment is the key enabler behind the increasing contribution that data is making to service revenue. We lifted Group capital expenditure 23.4% to R13.3
billion, adding another 2 576 3G sites across the Group and more than doubling our LTE/4G sites to 2 610. In South Africa, 3G coverage was extended to 95.6% of the population.
Looking forward, the improvement in fourth-quarter performance gives us cause for cautious optimism. The indications are that we've pulled through a transformative period and
conditions over the medium term look more favourable."
Salient features
Group active customers increased 7.2% to 61.6 million
Group revenue up 2.1% (1.1%*) and service revenue up 0.2% (-1.0%*)
Excluding the impact of a 50% cut in MTRs in South Africa, Group revenue increased 4.8% (3.7%**) and Group service revenue increased 3.4% (2.2%**)
Strong growth in Group data revenue of 25.0%; active data customers up 15.9% to 26.5 million and M2M customers up 18.5% to 1.8 million
Group EBITDA declined 1.5% (-1.1%*) with an EBITDA margin of 34.8%; strong recovery in SA EBITDA in H2
Capital expenditure increased 23.4% to R13 305 million (17.2% of Group revenue in line with medium-term guidance)
South Africa service revenue declined 2.7%; excluding the impact of MTR cuts, service revenue grew 1.5%
International service revenue grew 10.0% (4.5%*), representing 24.6% of Group service revenue
HEPS decreased 4.0% to 860 cents
Final dividend of 400 cents, taking the total dividend to 775 cents in line with our dividend policy
Solid performance in Q4, ending the year with promising growth
Year ended 31 March Year on year % change
Rm 2015 2014 Reported Normalised*
Revenue 77 333 75 711 2.1 1.1
Service revenue 62 167 62 047 0.2 (1.0)
EBITDA 26 905 27 314 (1.5) (1.1)
Capital expenditure 13 305 10 779 23.4
Operating free cash flow 14 003 19 410 (27.9)
Free cash flow 7 763 13 185 (41.1)
Headline earnings per share (cents) 860 896 (4.0)
Notes:
* Normalised growth adjusted for trading foreign exchange and at a constant currency (using current year as base) (collectively 'foreign exchange').
** Growth adjusted for foreign exchange, and the MTR impact in South Africa.
*** Growth adjusted for foreign exchange, the MTR impact in South Africa, the release of un-recharged vouchers due to a change in accounting estimate and the consolidation of
XLink effective 1 April 2014 (South Africa only) and the write-off of current assets (International only).
Refer below for a reconciliation of adjustments.
All growth rates quoted are year-on-year growth rates unless stated otherwise.
Operating review
South Africa
Revenue grew 0.4% to R62 037 million, with a notable improvement in Q4 growth of 4.7% compared to the same quarter last year. Strong data and equipment revenue growth,
especially in Q4, were the main contributors. Equipment revenue represented 22.7% (2014: 20.3%) of total revenue, up 12.2% for the year. We sold ten million devices in the year,
supported by device financing and more affordable device price points, as part of our strategy to put data capable devices into the hands of more customers. More than three
million low-cost smart devices were sold, including Vodacom branded Smart Kicka and Smart Tab, which sold over one million since launch in Q3.
Service revenue declined 2.7% to R47 032 million impacted by a 50% cut in MTRs in April 2014. Excluding the MTR impact of R2.0 billion, service revenue grew 1.5% and returned
to growth in Q4. Growth in data and in our enterprise business were the main drivers of service revenue. Service revenue benefitted from a one-off adjustment of R325 million
relating to a change in the accounting estimate of un-recharged vouchers reported in the first half of the year and R164 million due to the consolidation of XLink in the second half
(collectively 'SA One-Off').
Customer service revenue was flat at R41 316 million, despite a 17.7% reduction in the blended average effective price per minute as a result of our pricing transformation
programme. This was offset by growth in outgoing voice traffic of 12.5% and growth in data traffic of 63.1%. Our strategy of offering best value to customers was executed through
targeting a clear segmented approach, offering bundles at affordable and competitive prices, together with delivering worry free integrated plans to customers.
Contract active customers, excluding M2M, increased 2.5% to 4.9 million. Higher gross connections and a 2.6 ppt reduction in churn to 9.2%, supported by a proactive retention
campaign, were the main drivers of this growth. Contract pricing transformation is nearing completion, with 77.9% of contract customers migrated from voice centric plans to
integrated plans. Contract in-bundle spend increased to 69.3% (2014: 64.6%), reducing exposure to out-of-bundle prices and protecting us from competing services. Hybrid
contract transformation is gaining traction, with 54.8% of hybrid customers switching to uChoose packages which give customers access to integrated plans with an option to
access prepaid promotions on an ad hoc basis. ARPUs declined 2.3% yoy to R380; excluding the impact of interconnect revenue, ARPUs were flat yoy.
Prepaid active customers increased 1.8% to 27.2 million customers. This was largely due to shifting customers to value based offers, resulting in a higher proportion of prepaid
voice revenues generated from voice bundle offers. Pricing transformation has made us more competitive, with 6.3 million customers now engaged in bundles. In Q4, we sold an
average of 53 million voice bundles a month. Our customer value management system, which helps us understand customers' needs, was used effectively to target customers with
affordable offers below the line, move customers from legacy plans to new prepaid price plans, and engage customers before they become inactive.
Data revenue grew 23.4% to R13 538 million (21.9% excluding the XLink adjustment), supported by more affordable devices, increased bundles sold and greater coverage. Data
monetisation and efficiency improved in Q4, with data revenue growth of 31.0% (of which 5.6 ppts related to the XLink adjustment) and data traffic growth of 47.5%, compared to
the same quarter last year. Data now makes up 28.8% of service revenue (2014: 22.7%), with active data customers up 9.4% to 16.6 million customers and M2M customers up
15.9% to 1.7 million. The number of active smart data devices on the network increased 29.7% to 11.6 million (of which 9.3 million are smartphones, 1.1 million are tablets and 1.2
million are modems), fuelled by more affordable devices. The average amount of data used per month increased 37.9% to 342 MB on smartphones and 12.3% to 829 MB on
tablets. The launch of affordable daily and hourly "bite size" data bundles (e.g. R3 for 50MB and R10 for 100MB) drove data adoption and supported the shift of prepaid customers
to bundle usage, with prepaid data bundle sales up 139.2%.
New services, which include m-pesa, financial services, M2M and content have been identified as a new growth pillar. m-pesa is slowly gaining traction in South Africa, with one
million registered m-pesa customers signing up since launch and 76 000# actively using the service. Revenue from our insurance business grew 36.0%, boosted by an increase in
device insurance. To build scale in M2M, we leveraged off the Vodafone global M2M platform to launch additional applications in target industries.
EBITDA declined 1.1% to R22 837 million, with a slight contraction in EBITDA margin of 0.6 ppts to 36.8%. Excluding the impact of MTRs, EBITDA grew 4.2%. EBITDA benefitted from
the SA One-Off of R387 million. Higher network operating costs due to our accelerated capex programme, a trading foreign exchange loss and an exchange rate driven increase in
other operating costs not denominated in South African rand offset tight cost management, with savings in publicity, commissions and transmission lease costs. Solid operational
execution in the second half of the year delivered H2 EBITDA growth of 2.8% (compared to the same period last year) with a margin of 37.6%.
Capital expenditure grew 26.1% to R8 646 million. This was as a result of our accelerated capex programme which focused on coverage, capacity and network quality. To support
data growth and give customers the best data experience, we increased the number of 3G sites by 21.4% to 8 802 sites, covering 95.6% of the South African population. The
number of LTE/4G sites more than doubled to 2 600 sites, covering 34.8% of the population. A six-year project to upgrade the radio access network ('RAN') with 4G ready
equipment was completed during the year with self-provided high speed transmission extended to 81.3% of sites. Fibre to the Business and Fibre to the Home services were
soft-launched during the year.
International
Service revenue grew 10.0% (4.5%*) to R15 291 million, underpinned by strong customer growth of 13.7% to 29.5 million customers. Challenges were encountered in Tanzania and
the DRC due to aggressive pricing pressures. In Tanzania, corrective action was taken to repair pricing, resulting in better revenue growth in Q4. The suspension of data and SMS
services in the DRC as a result of unrest, negatively affected performance in Q4. However, voice pricing stabilised, with all operators adhering to the new price floor, which became
effective on 1 March 2015. Mozambique and Lesotho delivered solid performances for the year.
Data revenue grew 32.9% with data contributing 19.9% of service revenue (2014: 16.5%) supported by a 28.7% increase in active data customers to 9.9 million, representing 33.4%
of the customer base.
m-pesa continues to gain momentum in all of our markets, with active customers of 8.0 million#, up 34.2% and revenue growth of 27.5%. In Tanzania we launched m-pawa in
partnership with the Commercial Bank of Africa, a savings and loans product based on a mobile platform. We also launched International Money Transfer services. 1.8 million
customers are actively using m-pawa.
EBITDA declined 3.6% (-7.6%*) to R4 104 million and EBITDA margin contracted by 3.5 ppts to 26.1% (2014: 29.6%). A one-off adjustment of R405 million relating to the write off of
current assets in the DRC ('International One-Off') was the main contributor to the decline. Excluding the International One-Off impact, EBITDA grew 5.9% at an EBITDA margin of
28.6%. The International operations contributed 15.3% to Group EBITDA.
Capex grew 18.8% to R4 654 million as we continued to invest significantly in all our markets to differentiate our offering in terms of network coverage and performance. To
support wider voice coverage and significant data growth, 2G and 3G sites were increased by 29.4% and 50.5% respectively. Vodacom was the first operator to launch LTE services in
Lesotho.
During the year the Group acquired an additional 17.2% stake in Tanzania for R2.6 billion which was funded through debt.
# Number of unique customers who have generated revenue related to any m-pesa activities in relation to m-pesa revenue in the past 90 days, of these 5.6 million have been
active in the past 30 days in International and 42 000 in South Africa.
Financial review
Summary financial information
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
Service revenue 62 167 62 047 59 261 0.2 4.7
Revenue 77 333 75 711 69 917 2.1 8.3
EBITDA 26 905 27 314 25 253 (1.5) 8.2
Operating profit 19 235 20 394 18 897 (5.7) 7.9
Net profit 12 510 13 667 13 224 (8.5) 3.3
Operating free cash flow 14 003 19 410 18 158 (27.9) 6.9
Free cash flow 7 763 13 185 12 136 (41.1) 8.6
Capital expenditure 13 305 10 779 9 456 23.4 14.0
Net debt 16 760 8 052 8 007 108.1 0.6
Basic earnings per share (cents) 864 903 887 (4.3) 1.8
Headline earnings per share (cents) 860 896 872 (4.0) 2.8
Contribution margin (%) 56.8 56.6 56.5
EBITDA margin (%) 34.8 36.1 36.1
Operating profit margin (%) 24.9 26.9 27.0
Effective tax rate (%) 29.9 30.2 28.3
Net profit margin (%) 16.2 18.1 18.9
Net debt/EBITDA (times) 0.6 0.3 0.3
Capital intensity (%) 17.2 14.2 13.5
Service revenue
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
South Africa 47 032 48 316 48 159 (2.7) 0.3
International 15 291 13 895 11 258 10.0 23.4
Corporate and eliminations (156) (164) (156) 4.9 (5.1)
Service revenue 62 167 62 047 59 261 0.2 4.7
Group revenue increased by 2.1% (1.1%*) to R77 333 million and service revenue by 0.2% (-1.0%*) to R62 167 million. Group revenue benefited from encouraging growth of 12.7%
in equipment revenue for the year, which was boosted by device financing and increased low-cost device sales. Sales in Vodacom branded low-cost devices, Smart Kicka and Smart
Tab added to the positive momentum, exiting Q4 with 33.6% equipment revenue growth, compared to the same quarter last year. Equipment revenue now contributes 18.5% of
Group revenue compared to 16.7% a year ago.
In South Africa, service revenue declined 2.7% due to a 50% cut in MTRs. Excluding the impact of MTRs, service revenue grew 1.5%, due to a 23.4% rise in data revenue growth, an
increase in other service revenue of 10.8% and the positive impact of the SA One-Off.
In our International operations service revenue grew 10.0% (4.5%*) as a result of a 32.9% increase in data revenue and an increase in voice revenue of 8.0%. These operations now
contribute 24.6% of service revenue, up from 22.4% a year ago.
Total expenses1
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
South Africa 39 224 38 566 36 182 1.7 6.6
International 11 569 10 146 8 837 14.0 14.8
Corporate and eliminations (409) (409) (377) - (8.5)
Total expenses1 50 384 48 303 44 642 4.3 8.2
Notwithstanding expenses increasing ahead of revenue growth, we tightly managed Group expenses in a challenging environment fuelled by rising wages, fuel and electricity costs
as well as our accelerated capex programme.
In South Africa the 1.7% increase in total expenses was driven by higher network operating costs as a result of our accelerated capital expenditure programme, an exchange rate
driven increase in operating costs not denominated in South African rand and a trading foreign exchange loss of R114 million. Excluding the impact of foreign exchange, total
expenses increased by only 1.0%* due to tight cost control which achieved savings in publicity, commissions and transmission lease costs.
Expenses in the International operations increased by 14.0% (7.9%*) as a result of increases in direct costs, network costs and bad debts. Excluding the International One-Off
impact, total expenses increased 4.1%***, below service revenue growth of 4.5%***.
EBITDA
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
South Africa 22 837 23 087 22 408 (1.1) 3.0
International 4 104 4 256 2 739 (3.6) 55.4
Corporate and eliminations (36) (29) 106 (24.1) (127.4)
EBITDA 26 905 27 314 25 253 (1.5) 8.2
Group EBITDA declined 1.5% (1.1%*) with the Group EBITDA margin contracting 1.3 ppts to 34.8%. Excluding the impact of MTRs, SA One-Off, International One-Off and foreign
exchange, adjusted EBITDA growth was 3.4%*** with an EBITDA margin of 35.9%***.
South Africa's EBITDA declined 1.1%, negatively impacted by MTRs, with EBITDA margin contracting slightly to 36.8% (2014: 37.4%). Adjusted growth in EBITDA for the year,
excluding the impact of MTRs, SA One-Off and trading foreign exchange, expanded 3.8%*** with an EBITDA margin of 37.4%***.
In our International operations, EBITDA declined 3.6% (-7.6%*), with an EBITDA margin of 26.1%. Excluding the International One-Off impact and foreign exchange, EBITDA grew
1.4%*** with an EBITDA margin of 29.0%***.
1. Excluding depreciation, amortisation, impairment losses and BBBEE income/charge.
Operating profit
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
South Africa 17 699 18 246 17 640 (3.0) 3.4
International 1 569 2 171 1 177 (27.7) 84.5
Corporate and eliminations (33) (23) 80 (43.5) (128.8)
Operating profit 19 235 20 394 18 897 (5.7) 7.9
Group operating profit decreased 5.7% to R19 235 million mainly due to lower EBITDA, an 11.7% increase in depreciation and amortisation as a result of our accelerated capex
programme, as well as a loss of R180 million recognised from associates.
Operating profit in South Africa decreased 3.0% to R17 699 million due to lower EBITDA and an increase in depreciation and amortisation as a result of a 26.1% increase in capital
expenditure.
International operations' operating profit decreased 27.7% to R1 569 million due to lower EBITDA, an increase in depreciation and amortisation as a result of an 18.8% increase in
capital expenditure and a R180 million loss recognised from associates.
Net finance charges
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
Finance income 346 333 117 3.9 184.6
Finance costs (1 737) (1 051) (927) 65.3 13.4
Net gain/(loss) on remeasurement and disposal of financial instruments 7 (91) 123 107.7 (174.0)
Net finance charges (1 384) (809) (687) 71.1 17.8
During the year, average debt increased as a result of debt financing capital expenditure, working capital requirements, refinancing existing short-term borrowings and funding the
acquisition of an additional 17.2% interest in Tanzania. Average cost of debt also increased by 0.4 ppts to 7.1%. These resulted in finance costs increasing 65.3% to R1 737 million,
partially offset by gains on derivatives as a result of the weakening of the rand exchange rate to other currencies.
Taxation
The tax expense of R5 341 million is 9.7% lower than the prior year (2014: R5 918 million). The Group's effective tax rate decreased slightly from 30.2% to 29.9%. In the prior year
the effective tax rate was higher due to the non-deductible BBBEE expenditure incurred.
Earnings
HEPS decreased 4.0% to 860 cents and EPS decreased by 4.3% to 864 cents. The decline in both HEPS and EPS stems largely from MTR cuts in South Africa, increased depreciation
and finance charges as a result of accelerated capital expenditure funded largely through debt, offset by a lower tax charge and lower minority interest. Minority interest for the year
decreased due to losses in the DRC, lower net profit in Tanzania and the acquisition of an additional 17.2% interest in Tanzania.
Capital expenditure
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
South Africa 8 646 6 858 6 967 26.1 (1.6)
International 4 654 3 919 2 864 18.8 36.8
Corporate and eliminations 5 2 (375) 150.0 100.5
Capital expenditure 13 305 10 779 9 456 23.4 14.0
Capital intensity1 (%) 17.2 14.2 13.5
The Group's capital expenditure increased by 23.4% to R13 305 million or 17.2% of revenue due to the accelerated capex programme. In South Africa capital expenditure was
directed to expanding 3G coverage, adding 1 554 sites in the year, and increasing sites connected to self-provided high speed transmission. In South Africa, we have more than
doubled LTE coverage to 2 600 sites and completed our RAN renewal programme. In the International operations, the focus remained on increasing both coverage and capacity
while also extending our data network to cater for the continued growth in demand.
Statement of financial position
Property, plant and equipment increased by 16.7% to R35 959 million, while intangible assets increased by 41.6% to R7 603 million at 31 March 2015. The combined increase is
comprised of net additions of R13 187 million, depreciation and amortisation of R7 581 million, foreign exchange gain of R486 million and assets acquired through business
combinations of R1 242 million, of which goodwill was R442 million.
Net debt increased by R8 708 million to R16 760 million. The main contributors to the increase in net debt was the acquisition of an additional 17.2% stake in Tanzania, the
acquisition of Vodacom's customer base from Nashua and increased capital expenditure as a result of our accelerated capex programme.
Compared to the same period last year, 92.3% (2014: 93.7%) of debt was denominated in rand. R5 731 million (2014: R4 402 million) of debt matures in the next 12 months and
87.6% (2014: 77.5%) of interest bearing debt (including bank overdrafts) was at floating rates.
Net debt
Year ended 31 March Movement
Rm 2015 2014 2013 14/15 13/14
Bank and cash balances 9 250 6 127 6 528 3 123 (401)
Bank overdrafts (380) (335) (340) (45) 5
Borrowings and net derivative financial instruments (25 630) (13 844) (14 195) (11 786) 351
Net debt (16 760) (8 052) (8 007) (8 708) (45)
Net debt/EBITDA (times) 0.6 0.3 0.3
During the year a loan with a nominal value of R2 576 million was raised from Vodafone Investments Luxembourg s.a.r.l. ('Vodafone') to finance an additional stake of 17.2% in
Tanzania. The loan which is unsecured, matures on 25 April 2019 and bears interest payable quarterly at three-month JIBAR plus 1.2%. An additional loan was raised from Vodafone
with a nominal value of R8 000 million, to finance capital expenditure, working capital requirements and refinance existing short-term borrowings, extending our debt maturity
profile. The loan is repayable on 26 November 2019 and bears interest quarterly at three-month JIBAR plus 1.5%. The DRC raised external loans totalling US$75 million to fund
capital expenditure, working capital requirements and to repay short-term borrowings. The loans are repayable between 2 October 2019 and 12 December 2019 and bear interest
quarterly at three-month LIBOR plus 2.45% to approximately 3.10%.
1. Capital expenditure as a percentage of revenue.
Cash flow
Free cash flow
Year ended 31 March % change
Rm 2015 2014 2013 14/15 13/14
Cash generated from operations 26 198 28 901 25 320 (9.4) 14.1
Cash capital expenditure1 (12 195) (9 491) (7 162) 28.5 32.5
Operating free cash flow 14 003 19 410 18 158 (27.9) 6.9
Tax paid (4 979) (5 298) (5 323) (6.0) (0.5)
Net finance costs paid (1 152) (892) (667) 29.1 33.7
Net dividends paid to minority shareholders (109) (35) (32) >200.0 9.4
Free cash flow 7 763 13 185 12 136 (41.1) 8.6
Operating free cash flow declined by 27.9% to R14 003 million. Operating free cash flow was impacted by lower EBITDA, increased capital expenditure, and timing differences
associated with accounts payable in South Africa. Free cash flow decreased by 41.1% as a result of the decline in operating free cash flow, as well as increased net finance costs due
to an increase in average net debt for the year.
Declaration of final dividend No. 12 - payable from income reserves
Notice is hereby given that a gross final dividend number 12 of 400 cents per ordinary share in respect of financial year end 31 March 2015 has been declared payable on Monday
29 June 2015 to shareholders recorded in the register at the close of business on Friday 26 June 2015. The number of ordinary shares in issue at the date of this declaration is 1
487 954 000. The dividend will be subject to a local dividend withholding tax rate of 15% which will result in a net final dividend to those shareholders not exempt from paying
dividend withholding tax of 340.00000 cents per ordinary share.
Last day to trade shares cum dividend Friday 19 June 2015
Shares commence trading ex-dividend Monday 22 June 2015
Record date Friday 26 June 2015
Payment date Monday 29 June 2015
Share certificates may not be dematerialised or rematerialised between Monday 22 June 2015 and Friday 26 June 2015, both days inclusive.
On Monday 29 June 2015, the final dividend will be electronically transferred into the bank accounts of all certificated shareholders where this facility is available. Shareholders
who hold dematerialised shares will have their accounts at their CSDP or broker credited on Monday 29 June 2015.
Vodacom Group Limited tax reference number is 9316/041/71/5.
1. Cash capital expenditure comprises the purchase of property, plant and equipment and intangible assets, other than license and spectrum payments, net of cash from disposals.
Purchases of customer bases are excluded from cash capex.
Outlook
With the significant impact of lower mobile termination rates in South Africa behind us (interconnect revenue now contributes less than 5% of service revenue), the impact going
forward of further reductions in MTRs will be significantly less.
In the year ahead, our focus will be on continuing to deliver on our strategy. We have set clear three-year goals in each of our strategic priorities in respect of customer, growth,
operations, people and reputation. Achieving these goals will support our commitment to create long-term shareholder value.
Our accelerated capital investment programme will continue to support our growth areas. These include enhancing the reach and quality of our data and voice networks across the
Group, growing our enterprise business, expanding our fixed line business services, and developing our new services offerings. We will continue to tightly manage costs together
with implementing multi-year sustainable cost savings programmes.
With these factors in mind, we maintain our medium-term (three-year) guidance of low single digit service revenue growth, mid-single digit EBITDA growth and capital expenditure
of between 14% and 17% of Group revenue. This guidance excludes the impact of acquisitions.
The Board maintains its dividend policy to pay at least 90% of headline earnings.
For and on behalf of the Board
Peter Moyo
Chairman
Shameel Aziz Joosub
Chief Executive Officer
Ivan Dittrich
Chief Financial Officer
15 May 2015
Midrand
Condensed consolidated income statement for the year ended 31 March
Reviewed Audited
Rm Notes 2015 2014 2013
Revenue 3 77 333 75 711 69 917
Direct expenses (33 422) (32 866) (30 385)
Staff expenses (4 836) (4 563) (4 349)
Publicity expenses (2 008) (2 095) (1 960)
Other operating expenses (10 118) (8 779) (7 948)
Broad-based black economic empowerment income/(charge) 47 (232) -
Depreciation and amortisation (7 581) (6 785) (6 364)
Impairment losses - - (14)
(Loss)/profit from associate and joint venture (180) 3 -
Operating profit 19 235 20 394 18 897
Profit on sale of subsidiary - - 224
Finance income 346 333 117
Finance costs (1 737) (1 051) (927)
Net gain/(loss) on remeasurement and disposal of financial instruments 7 (91) 123
Profit before tax 17 851 19 585 18 434
Taxation (5 341) (5 918) (5 210)
Net profit 12 510 13 667 13 224
Attributable to:
Equity shareholders 12 672 13 243 12 991
Non-controlling interests (162) 424 233
12 510 13 667 13 224
Year ended 31 March
Reviewed Audited
Cents 2015 2014 2013
Basic earnings per share 4 864 903 887
Diluted earnings per share 4 845 902 885
Condensed consolidated statement of comprehensive income for the year ended 31 March
Reviewed Audited
Rm 2015 2014 2013
Net profit 12 510 13 667 13 224
Other comprehensive income1 278 820 815
Foreign currency translation differences, net of tax 279 794 823
(Loss)/Gain on hedging instruments in cash flow hedges, net of tax (1) 26 (8)
Total comprehensive income 12 788 14 487 14 039
Attributable to:
Equity shareholders 13 259 14 165 13 982
Non-controlling interests (471) 322 57
12 788 14 487 14 039
1. Other comprehensive income can subsequently be recognised in profit or loss on the disposal of foreign operations and/or when the hedged item is recognised in profit or loss.
Condensed consolidated statement of financial position as at 31 March
Reviewed Audited
Rm Note 2015 2014 2013
Assets
Non-current assets 45 954 37 954 34 434
Property, plant and equipment 35 959 30 802 27 741
Intangible assets 7 603 5 369 5 332
Financial assets 605 141 198
Investment in associate 306 367 -
Investment in joint venture 4 3 -
Trade and other receivables 763 659 196
Finance lease receivables 696 591 726
Deferred tax 18 22 241
Current assets 25 353 22 787 21 157
Financial assets 2 016 1 822 1 170
Inventory 1 189 1 069 861
Trade and other receivables 11 559 11 557 10 971
Non-current assets held for sale 94 569 -
Finance lease receivables 1 122 1 284 1 437
Tax receivable 123 359 190
Cash and cash equivalents 9 250 6 127 6 528
Total assets 71 307 60 741 55 591
Equity and liabilities
Fully paid share capital * * *
Treasury shares (1 606) (1 589) (1 389)
Retained earnings 23 378 22 506 21 342
Other reserves 290 2 140 847
Equity attributable to owners of the parent 22 062 23 057 20 800
Non-controlling interests (419) 686 416
Total equity 21 643 23 743 21 216
Non-current liabilities 23 050 12 010 9 620
Borrowings 8 20 308 9 683 7 881
Trade and other payables 759 472 222
Provisions 225 263 536
Deferred tax 1 758 1 592 981
Current liabilities 26 614 24 988 24 755
Borrowings 8 5 351 4 067 6 290
Trade and other payables 20 589 20 357 17 780
Provisions 91 169 283
Tax payable 182 38 46
Dividends payable 21 22 16
Bank overdrafts 380 335 340
Total equity and liabilities 71 307 60 741 55 591
* Fully paid share capital of R100.
Condensed consolidated statement of changes in equity for the year ended 31 March
Equity
attributable Non-
to owners of controlling Total
Rm the parent interests equity
1 April 2012 18 530 400 18 930
Total comprehensive income 13 982 57 14 039
Dividends declared (11 770) (41) (11 811)
Repurchase, vesting and sale of shares (88) - (88)
Share-based payments 146 - 146
31 March 2013 - Audited 20 800 416 21 216
Total comprehensive income 14 165 322 14 487
Dividends declared (12 098) (48) (12 146)
Repurchase, vesting and sale of shares (338) - (338)
Share-based payments 544 - 544
Acquisition of additional interest in subsidiary (16) (4) (20)
31 March 2014 - Audited 23 057 686 23 743
Total comprehensive income 13 259 (471) 12 788
Dividends declared (11 800) (109) (11 909)
Repurchase, vesting and sale of shares (168) - (168)
Share-based payments 99 - 99
Reclassification of BBBEE reserve to liability (322) - (322)
Changes in subsidiary holdings (2 063) (525) (2 588)
31 March 2015 - Reviewed 22 062 (419) 21 643
Condensed consolidated statement of cash flows for the year ended 31 March
Reviewed Audited
Rm Note 2015 2014 2013
Cash flows from operating activities
Cash generated from operations 26 198 28 901 25 320
Tax paid (4 979) (5 298) (5 323)
Net cash flows from operating activities 21 219 23 603 19 997
Cash flows from investing activities
Net additions to property, plant and equipment and intangible assets (12 282) (9 535) (7 286)
Business combinations and disposal of subsidiaries (1 018) - 357
Other investing activities 169 160 (225)
Net cash flows utilised in investing activities (13 131) (9 375) (7 154)
Cash flows from financing activities
Movement in borrowings, including finance costs paid 9 610 (2 235) 1 809
Dividends paid (11 909) (12 142) (11 817)
Repurchase and sale of shares (168) (342) (88)
Acquisition of additional interest in subsidiary 9 (2 576) - -
Net cash flows utilised in financing activities (5 043) (14 719) (10 096)
Net increase/(decrease) in cash and cash equivalents 3 045 (491) 2 747
Cash and cash equivalents at the beginning of the year 5 792 6 188 3 372
Effect of foreign exchange rate changes 33 95 69
Cash and cash equivalents at the end of the year 8 870 5 792 6 188
Notes to the preliminary condensed consolidated financial statements for the year ended 31 March
1. Basis of preparation
These preliminary condensed consolidated financial statements have been prepared in accordance with the framework concepts, the recognition and measurement criteria of
International Financial Reporting Standards ('IFRS') and in accordance with and containing the information required by International Accounting Standards 34: Interim Financial
Reporting ('IAS 34') as issued by the International Accounting Standards Board ('IASB'), the Financial Reporting Guides as issued by the South African Institute of Chartered
Accountants ('SAICA') Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council, the Johannesburg Stock Exchange
Limited ('JSE') Listings Requirements and the requirements of the Companies Act of 2008, as amended. They have been prepared on the historical cost basis, except for certain
financial instruments which are measured at fair value or at amortised cost, and are presented in South African rand, which is the parent Company's functional and presentation
currency.
The significant accounting policies and methods of computation are consistent in all material respects with those applied in the previous year, except as disclosed in Note 2. The
significant accounting policies are available for inspection at the Group's registered office.
There have been no material changes in judgements or estimates of amounts reported in prior reporting periods.
The preparation of these preliminary condensed consolidated financial statements was supervised by the Chief Financial Officer, IP Dittrich CA (SA).
These preliminary condensed consolidated financial statements for the year ended 31 March 2015 have been reviewed by PricewaterhouseCoopers Inc., who expressed an
unmodified review conclusion. A copy of the auditor's review report is available for inspection at the Group's registered office together with the financial statements identified in
the auditor's report.
2. Changes in accounting policies and estimates
The Group adopted the new, revised or amended accounting pronouncements as issued by the IASB, which were effective and applicable to the Group from 1 April 2014, none of
which had any material impact on the Group's financial results for the year.
Full details on changes in accounting policies will be disclosed in the Group's consolidated annual financial statements for the year ended 31 March 2015, which will be available
online by 12 June 2015.
The Group changed its estimate regarding revenue recognition of un-recharged vouchers in South Africa from a fixed period after the vouchers were sold, to a period that based on
evidence, more reasonably and objectively reflects the performance period of the Group. The once-off impact of the change amounted to an adjustment of R325 million to
revenue for the year.
Reviewed Audited
Rm 2015 2014 2013
3. Segment analysis
External customers segment revenue 77 333 75 711 69 917
South Africa 61 710 61 484 58 464
International 15 623 14 227 11 423
Corporate - - 30
EBITDA 26 905 27 314 25 253
South Africa 22 837 23 087 22 408
International 4 104 4 256 2 739
Corporate and eliminations (36) (29) 106
Reconciliation of segment results
EBITDA 26 905 27 314 25 253
Depreciation, amortisation and impairment losses (7 581) (6 785) (6 378)
Broad-based black economic empowerment income/(charge) 47 (232) -
(Loss)/profit from associate and joint venture (180) 3 -
Other 44 94 22
Operating profit 19 235 20 394 18 897
Profit on sale of subsidiary - - 224
Net finance charges (1 384) (809) (687)
Finance income 346 333 117
Finance costs (1 737) (1 051) (927)
Net profit/(loss) on remeasurement and disposal of financial instruments 7 (91) 123
Profit before tax 17 851 19 585 18 434
Taxation (5 341) (5 918) (5 210)
Net profit 12 510 13 667 13 224
Total assets 71 307 60 741 55 591
South Africa 46 354 37 930 35 360
International 21 861 18 786 15 035
Corporate and eliminations 3 092 4 025 5 196
Total liabilities (49 664) (36 998) (34 375)
South Africa (39 112) (32 547) (30 126)
International (14 438) (12 305) (11 049)
Corporate and eliminations 3 886 7 854 6 800
Reviewed Audited
Cents 2015 2014 2013
4.Per share calculations
4.1 Earnings and dividends per share
Basic earnings per share 864 903 887
Diluted earnings per share 845 902 885
Headline earnings per share 860 896 872
Diluted headline earnings per share 840 894 870
Dividends per share 805 825 805
Reviewed Audited
Million 2015 2014 2013
4.2 Weighted average number of ordinary shares outstanding for the purpose of calculating:
Basic and headline earnings per share 1 466 1 466 1 464
Diluted earnings and diluted headline earnings per share 1 468 1 468 1 468
4.3 Ordinary shares for the purpose of calculating:
Dividends per share 1 488 1 488 1 488
Vodacom Group Limited acquired 1 578 018 shares in the market during the year at an average price of R131.30 per share. Share repurchases did not exceed 1% of Vodacom
Group Limited's issued share capital. Dividend per share calculations are based on a dividend declared of R11 978 million (2014: R12 275 million; 2013: R11 978 million) of which
R50 million (2014: R46 million; 2013: R78 million) was offset against the forfeitable share plan reserve, R5 million (2014: R4 million; 2013: R6 million) expensed as staff expenses
and R124 million (2014: R127 million; 2013: R124 million) paid to Wheatfields Investments 276 (Pty) Limited, a wholly-owned subsidiary holding treasury shares on behalf of the
Group.
Reviewed Audited
Rm 2015 2014 2013
4.4 Headline earnings reconciliation
Earnings attributable to equity shareholders for basic earnings per share 12 672 13 243 12 991
Adjusted for:
Profit on sale of subsidiary - - (224)
Net loss on disposal of property, plant and equipment and intangible assets (110) (147) (22)
Impairment losses - - 14
12 562 13 096 12 759
Tax impact of adjustments 32 41 7
Non-controlling interests in adjustments 10 (4) 4
Headline earnings for headline earnings per share 12 604 13 133 12 770
Adjusted for:
Dilutive effect of potential ordinary shares in subsidiary (268) - -
Headline earnings for diluted headline earnings per share 12 336 13 133 12 770
5. Related parties
The amounts disclosed in Notes 5.1 and 5.2 include significant balances and transactions with the Group's joint venture, associate and parent, including entities in its group.
Year ended 31 March
Reviewed Audited
Rm 2015 2014 2013
5.1 Balances with related parties
Borrowings 21 201 10 532 6 024
5.2 Transactions with related parties
Dividends declared (7 786) (7 979) (7 786)
Finance costs (1 103) (536) (207)
5.3 Directors' and key management personnel remuneration
Compensation paid to the Group's Board, prescribed officers and key management personnel will be disclosed in the Group's consolidated annual financial statements for the year
ended 31 March 2015, which will be available online by 12 June 2015. Ms YZ Cuba resigned as an independent non-executive director on 31 October 2014, and Ms BP Mabelane
was appointed as an independent non-executive director on 1 December 2014.
Reviewed Audited
Rm 2015 2014 2013
6. Capital commitments
Capital expenditure contracted for but not yet incurred 2 205 2 390 3 254
7. Capital expenditure incurred
Capital expenditure additions including software 13 305 10 779 9 456
8. Borrowings
8.1 Vodafone Investments Luxembourg s.a.r.l.
During the year loans with nominal values of R2 576 million and R8 000 million were raised to finance capital expenditure, the additional 17.2% interest in Vodacom Tanzania
Limited and working capital requirements and refinance existing short-term borrowings. The loans bear interest payable quarterly at three-month JIBAR plus 1.20% and 1.50%
respectively. They are both unsecured. The loans have a five year term and are ultimately repayable on 25 April 2019 and 26 November 2019 respectively. A loan with a nominal
value of R3 000 million matured during the year and was refinanced. The repayment term was extended from the original repayment date of 23 November 2014 to 24 November
2017 and the new interest rate is three-month JIBAR plus 1.15%.
8.2 Standard Bank of South Africa Limited
During the year loans with nominal values of US$35 million and US$40 million were raised in favour of Vodacom Congo (RDC) SA to finance capital expenditure and working capital
requirements and to repay short-term borrowings. The loans bear interest payable quarterly at three-month LIBOR plus 2.45% and LIBOR plus approximately 3.10% respectively.
Both are unsecured, have a five year term and are ultimately repayable on 2 October 2019 and 12 December 2019 respectively. The Group has issued guarantees for these
borrowings (refer note 10.1).
9. Business combinations and acquisition of additional interest in subsidiary
9.1 Nashua Mobile (Pty) Limited
Effective 11 November 2014, the Group acquired Vodacom's customer base from Nashua Mobile (Pty) Limited for R1 018 million. The fair value of the net identifiable asset
acquired was R576 million, resulting in goodwill of R442 million.
9.2 Acquisition of a further 17.2% interest in Vodacom Tanzania Limited ('VTL')
The Group entered into an agreement in terms of which it has acquired an additional 17.2% interest in VTL for R2 576 million, resulting in the Group increasing its total interest in
VTL from 65% to 82.2%. The effective date of the transaction was 29 April 2014. The Group reclassified the cash outflow disclosed as investing activities for the period ended 30
September 2014, to financing activities for the year ended 31 March 2015.
10. Contingent liabilities
10.1 Guarantees
The Group issued various guarantees, relating to external financial obligations of its subsidiaries, which amounted to R113 million (2014: R93 million; 2013: R65 million).
Foreign denominated guarantees amounting to R911 million (2014: RNil; 2013: RNil) were issued in support of Vodacom Congo (RDC) SA relating to liabilities included in the
consolidated statement of financial position.
10.2 Tax matters
The Group is regularly subject to an evaluation by tax authorities of its direct and indirect tax filings. The consequence of such reviews is that disputes can arise with tax authorities
over the interpretation or application of certain tax rules applicable to the Group's business. These disputes may not necessarily be resolved in a manner that is favourable to the
Group. Additionally, the resolution of the disputes could result in an obligation to the Group.
10.3 Legal contingencies
The Group is currently involved in various legal proceedings and has, in consultation with its legal counsel, assessed the outcome of these proceedings. Following this assessment,
the Group's management has determined, after assessing recoverability, that no provision is required in respect of these legal proceedings as at 31 March 2015. Litigations, current
or pending, are not likely to have a material adverse effect on the Group.
11. Other significant matters
11.1 Vodacom Congo (RDC) SA ('Vodacom Congo')
The Group obtained a favourable outcome in the final hearing with regards to the International Chamber of Commerce ('ICC') arbitration with Congolese Wireless Network s.p.r.l
('CWN') on 6 September 2013. The Group is appealing against the order of court obtained by CWN in the Kinshasa/Matete Commercial Court, denying the Group the ability to
enforce the ICC arbitral award in the DRC. The Group is in ongoing discussions with the shareholders of CWN with a view to settling this matter.
11.2 Mobile termination rates ('MTR')
The Independent Communications Authority of South Africa ('Icasa') promulgated final MTR regulations on 29 September 2014. The MTRs are 20 cents per minute for the periods
1 October 2014 to 30 September 2015, 16 cents per minute for the periods 1 October 2015 to 30 September 2016 and 13 cents per minute for the periods 1 October 2016 to 30
September 2017, for Vodacom and MTN, with asymmetrical rates for smaller mobile service providers at 31 cents, 24 cents and 19 cents per minute, for the aforementioned
periods.
On 15 December 2014 Cell C (Pty) Limited ('Cell C') filed an application with the High Court of South Africa to review the call termination rates. The Group subsequently opposed
Cell C's application. The matter is still to be heard.
11.3 Proposed acquisition of Neotel (Pty) Limited ('Neotel')
The transaction remains subject to the fulfilment of a number of conditions precedent, including the regulatory approvals by both Icasa and the Competition Tribunal.
11.4 VM, SA option
Options held by non-controlling parties over the shares of VM, SA were exercised on 26 August 2014 by way of a funding arrangement, subject to approval by the Bank of
Mozambique, which is still pending. The transaction will be recognised once the suspensive conditions have been met.
11.5 Competition Commission complaint lodged by Cell C
The Group received a complaint from the Competition Commission in which it is alleged that the Group's South African business has abused their market dominance in
contravention of Section 8 of the Competition Act. The Competition Commission is investigating this complaint.
12. Events after the reporting period
The Board is not aware of any matter or circumstance arising since the end of the reporting period, not otherwise dealt with herein, which significantly affects the financial position
of the Group or the results of its operations or cash flows for the period, other than the following:
12.1 Dividend declared after the reporting date and not recognised as a liability
A final dividend of R5 952 million (400 cents per ordinary share) for the year ended 31 March 2015, was declared on 14 May 2015, payable on 29 June 2015 to shareholders
recorded in the register at the close of business on 26 June 2015. The net dividend after taking into account dividend withholding tax for those shareholders not exempt from
dividend withholding tax is 340 cents per share.
13. Financial instruments' fair value
The Group holds money market investments, foreign forward exchange contracts, interest rate swaps, unlisted investments and unit trusts at fair value, none of which have a
material fair value as at 31 March 2015. Fair value related disclosure will be made in the Group's consolidated annual financial statements for the year ended March 2015. As the
investments in unit trusts are actively traded in an exchange market, they are classified as level one in the fair value hierarchy. Unlisted investments are classified as level three. All
other mentioned financial assets and liabilities are classified as level two.
CORPORATE INFORMATION
Non-IFRS information
The auditor's report does not necessarily cover all of the information contained in this announcement. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditor's work they should obtain a copy of that report together with the accompanying financial information from the registered office of the
company. This announcement contains certain non-IFRS financial information which has not been reviewed or reported on by the Group's auditors. The Group's management
believes these measures provide valuable additional information in understanding the performance of the Group or the Group's businesses because they provide measures used by
the Group to assess performance. However, this additional information presented is not uniformly defined by all companies, including those in the Group's industry. Accordingly, it
may not be comparable with similarly titled measures and disclosures by other companies. Additionally, although these measures are important in the management of the
business, they should not be viewed in isolation or as replacements for or alternatives to, but rather as complementary to, the comparable IFRS measures. Refer above for detail
relating to EBITDA and headline earnings per share.
Trademarks
Vodafone, the Vodafone logo, Vodafone Mobile Broadband, Vodafone WebBox, Vodafone Passport, Vodafone live!, Power to You, Vodacom, Vodacom m-pesa, Vodacom m-pawa,
Vodacom Millionaires, Vodacom4Less and Vodacom Change the World are trademarks of Vodafone Group Plc (or have applications pending). Other product names mentioned
herein may be trademarks of Vodacom (Pty) Limited, Vodafone Group Plc or their respective owners (or have applications pending). The trademarks RIM®, BlackBerry®, are owned
by Research in Motion Limited and are registered in the US and may be pending or registered in other countries. Java® is a registered trademark of Oracle and/or its affiliates.
Microsoft, Windows Mobile and ActiveSync are either registered trademarks or trademarks of Microsoft Corporation in the US and/or other countries. Google, Google Maps and
Android are trademarks of Google Inc. Apple, iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. Other product and company names mentioned
herein may be trademarks of their respective owners.
Forward-looking statements
This announcement which sets out the annual results for Vodacom Group Limited for the year ended 31 March 2015 contains 'forward-looking statements', which have not been
reviewed or reported on by the Group's auditors, with respect to the Group's financial condition, results of operations and businesses and certain of the Group's plans and objectives.
In particular, such forward-looking statements include statements relating to: the Group's future performance; future capital expenditures, acquisitions, divestitures, expenses,
revenues, financial conditions, dividend policy, and future prospects; business and management strategies relating to the expansion and growth of the Group; the effects of
regulation of the Group's businesses by governments in the countries in which it operates; the Group's expectations as to the launch and roll out dates for products, services or
technologies; expectations regarding the operating environment and market conditions; growth in customers and usage; and the rate of dividend growth by the Group.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'will', 'anticipates', 'aims', 'could', 'may', 'should', 'expects',
'believes', 'intends', 'plans' or 'targets'. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future, involve known and unknown risks, uncertainties and other facts or factors which may cause the actual results,
performance or achievements of the Group, or its industry to be materially different from any results, performance or achievement expressed or implied by such forward-looking
statements. Forward-looking statements are not guarantees of future performance and are based on assumptions regarding the Group's present and future business strategies and
the environments in which it operates now and in the future.
All subsequent oral or written forward-looking statements attributable to the Group or any member thereof or any persons acting on their behalf are expressly qualified in their
entirety by the cautionary statements above and below. Vodacom expressly disclaims any liability in respect of the content of any forward looking statement and also expressly
disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein or to reflect any change in their expectations
with regard thereto or any change in events, conditions or circumstances on which any such forward-looking statement is based.
Directors
MP Moyo (Chairman), MS Aziz Joosub (CEO), DH Brown, IP Dittrich, HMG Dowidar1, M Joseph2, BP Mabelane, TM Mokgosi-Mwantembe, PJ Moleketi, JWL Otty3, RAW Schellekens4, S
Timuray5
1. Egyptian 2. American 3. British 4 Dutch 5. Turkish
Company secretary
SF Linford
Registered office
Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand 1685 (Private Bag X9904, Sandton 2146)
Transfer secretary
Computershare Investor Services (Pty) Limited (Registration number: 2004/003647/07) 70 Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Debt sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
ADR depository bank
Deutsche Bank Trust Company Americas
Media relations
Richard Boorman
Investor relations
Monique Nienaber
18 May 2015
Sponsor
UBS South Africa (Pty) Limited
Date: 18/05/2015 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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