MTN Group Limited
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Healthy top-line result, impacted by conflict in Sudan | Service revenue +14.1%*, ex-MTN Sudan
| (Rm) | 2023 | Restated 2022 |
% change reported |
% change constant currency* |
|
| Revenue | 221 056 | 207 003 | 6.8 | 13.0 | |
| Service revenue | 210 139 | 196 493 | 6.9 | 13.5 | |
| EBITDA before once-off items | 90 350 | 90 814 | (0.5) | 9.8 | |
| Once-off items | (1 570) | (977) | |||
| Depreciation, amortisation and goodwill impairment | (42 268) | (35 241) | 19.9 | ||
| EBIT | 46 512 | 54 596 | (14.8) | 7.4 | |
| Net finance cost | (39 069) | (18 326) | 113.2 | ||
| Hyperinflationary monetary gain | 744 | 1 251 | (40.5) | ||
| Share of results of associates and joint ventures after tax | 3 581 | 3 369 | 6.3 | ||
| Profit before tax (PBT) | 11 768 | 40 890 | (71.2) | ||
| Income tax expense | (7 751) | (17 036) | (54.5) | ||
| Group effective tax rate (GETR) | 65.90% | 41.70% | |||
| Profit after tax | 4 017 | 23 854 | (83.2) | ||
| Non-controlling interests | 75 | (4 817) | - | ||
| Attributable profit | 4 092 | 19 037 | (78.5) | ||
| EPS (cents) | 227 | 1 054 | (78.5) | ||
| HEPS (cents) | 315 | 1 137 | (72.3) | ||
| Adjusted HEPS (cents) | 1 203 | 1 329 | (9.5) |
| * | Constant currency information after accounting for the impact of the pro forma adjustments as defined and included throughout these Annual Financial Results. |
Certain information presented in these key financial tables, including constant currency financial information, constitutes pro forma financial information.
The responsibility for preparing and presenting the pro forma financial information as well as the completeness and accuracy of such information is that of the directors of the company. This is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present MTN's financial position, changes in equity, and results of operations or cash flows. The pro forma financial information and selected constant currency financial information contained in these key financial tables has been reported on by the Group's auditor (Ernst & Young Inc) who has issued auditor's assurance reports thereon and their unmodified auditor's assurance reports prepared in terms of ISAE 3420 are available for inspection upon request to Investor.Relations@mtn.com at the company's registered office.
Constant currency information has been presented to remove the impact of movement in currency rates on the Group's results and has been calculated by translating the prior financial reporting period's results at the current period's average rates.
Increase in total assets influenced by application of hyperinflation accounting in MTN Ghana
| (Rm) | 2023 | 2022 Restated |
% change |
| Property, plant and equipment | 117 197 | 108 776 | 7.7 |
| Intangible assets and goodwill | 74 813 | 50 277 | 48.8 |
| Right-of-use assets | 48 207 | 44 095 | 9.3 |
| Other non-current assets | 49 771 | 44 026 | 12.9 |
| Mobile Money deposits | 49 418 | 38 661 | 27.8 |
| Other current assets | 88 418 | 96 158 | (8.0) |
| Non-current assets held for sale | 6 890 | 3 358 | 105.2 |
| Total assets | 434 714 | 385 351 | 12.8 |
| Total equity | 150 183 | 119 639 | 25.5 |
| Interest-bearing liabilities | 55 925 | 65 781 | (15.0) |
| Lease liabilities | 54 378 | 49 830 | 9.1 |
| Mobile Money payables | 50 173 | 39 273 | 27.8 |
| Other liabilities | 116 063 | 107 727 | 7.7 |
| Liabilities directly associated with non-current assets held for sale | 7 992 | 3 101 | NM |
| Total equity and liabilities | 434 714 | 385 351 | 12.8 |
Lower free cash flow impacted by dividends paid out and spectrum costs
| (Rm) | 2023 | 2022 | % change |
| Cash generated from operations | 93 127 | 94 247 | (1.2) |
| Dividends received from associates and joint ventures | 228 | 371 | (38.5) |
| Net interest (paid)/received | (13 473) | (12 544) | 7.4 |
| Tax paid | (15 824) | (13 953) | 13.4 |
| Cash generated by operating activities | 64 058 | 68 121 | (6.0) |
| Acquisition of property, plant and equipment and intangible assets | (46 798) | (45 812) | 2.2 |
| Movement in investments and other investing activities | (5 457) | 2 376 | (3 297) |
| Cash used in investing activities | (52 255) | (43 436) | 20.3 |
| Dividends paid to equity holders of the company | (5 963) | (5 414) | 10.1 |
| Dividends paid to non-controlling interests | (3 776) | (3 689) | 2.4 |
| Other financing activities | 254 | (8 316) | 103.1 |
| Cash used in financing activities | (9 485) | (17 419) | (45.5) |
| Cash movement | 2 318 | 7 266 | (68.1) |
| Cash and cash equivalents at the beginning of the year | 43 634 | 39 019 | 11.8 |
| Effect of exchange rates and net monetary gain | (8 814) | (2 105) | 318.7 |
| Cash classified as held for sale | (583) | (546) | 6.8 |
| Cash and cash equivalents at the end of the period | 36 555 | 43 634 | (16.2) |
