|
 |
| Currently viewing: Five-year review | Next: COO's report |
| |
Five-year review
|
|
|
|
|
|
| Income statement – extracts (Rm) |
|
|
|
|
|
Revenue |
27 212 |
28 994 |
23 871 |
19 405 |
12 432 |
EBITDA |
11 231 |
12 000 |
9 055 |
6 126 |
3 626 |
Profit from operations |
8 478 |
8 998 |
6 679 |
4 242 |
2 370 |
Net finance costs |
(373) |
(270) |
(604) |
(833) |
(316) |
Income tax expense |
(1 411) |
(1 494) |
(1 101) |
(687) |
(908) |
Minority interests |
(838) |
(895) |
(612) |
(289) |
45 |
Attributable earnings |
5 866 |
6 357 |
4 371 |
2 434 |
1 184 |
Basic headline earnings |
5 984 |
6 339 |
4 370 |
2 483 |
1 184 |
|
|
|
Balance sheet – extracts (Rm) |
|
|
|
|
|
Property, plant and equipment |
20 676 |
15 787 |
10 904 |
9 374 |
8 322 |
Goodwill |
2 650 |
33 |
33 |
19 |
19 |
Intangible assets |
4 057 |
1 846 |
1 784 |
2 263 |
3 685 |
Investments and loans |
2 367 |
667 |
560 |
734 |
347 |
Deferred taxation |
1 386 |
818 |
356 |
173 |
42 |
Bank balances, deposits and cash |
7 560 |
6 429 |
5 336 |
2 128 |
1 568 |
Other current assets |
6 116 |
4 150 |
3 307 |
3 186 |
2 646 |
Total assets |
44 812 |
29 730 |
22 280 |
17 877 |
16 629 |
Ordinary shareholders’ interest |
19 716 |
16 083 |
10 128 |
6 784 |
5 132 |
Minority interests |
3 380 |
2 333 |
1 418 |
882 |
820 |
Interest-bearing liabilities |
8 605 |
3 240 |
4 149 |
4 835 |
5 776 |
Non-interest-bearing liabilities |
12 258 |
7 378 |
5 919 |
4 569 |
3 997 |
Deferred taxation |
853 |
696 |
666 |
807 |
904 |
Total liabilities |
21 716 |
11 314 |
10 734 |
10 211 |
10 677 |
Total equity and liabilities |
44 812 |
29 730 |
22 280 |
17 877 |
16 629 |
|
|
|
|
|
|
|
|
|
| Cash flow statement – extracts (Rm) |
11 367 |
12 303 |
10 027 |
6 813 |
4 359 |
| Net cash flow from operations |
9 159 |
9 501 |
8 597 |
5 393 |
3 109 |
| Cash inflows from operating activities |
(12 920) |
(7 551) |
(4 898) |
(4 391) |
(3 502) |
| Cash outflows from investing activities |
5 357 |
222 |
233 |
187 |
702 |
| Cash inflows from financing activities |
7 164 |
5 772 |
5 231 |
1 931 |
1 230 |
| Cash and cash equivalents |
(1 081) |
(680) |
— |
— |
— |
Dividends paid Capital expenditure |
6 732 |
7 576 |
5 048 |
3 918 |
3 356 |
|
|
|
|
|
|
|
|
|
Performance per ordinary share |
|
|
|
|
|
Basic headline earnings (cents) |
359,8 |
382,0 |
263,7 |
150,6 |
72,5 |
Adjusted headline earnings (cents) |
338,2 |
366,0 |
253,1 |
143,3 |
72,5 |
Attributable earnings (cents) |
352,7 |
383,0 |
253,1 |
147,6 |
72,5 |
Dividends (cents) Net asset value – book value (rand)(1) |
65 11,84 |
41 9,67 |
— 6,11 |
— 4,11 |
— 3,13 |
|
|
|
|
|
|
|
|
|
| Returns and profitability ratios |
|
|
|
|
|
| Return on assets (%)(2)*** |
30,33 |
34,6 |
33,3 |
24,6 |
17,2 |
Return on average shareholders’ funds (%)(3)*** |
44,57 |
48,4 |
51,7 |
41,7 |
27,4 |
| EBITDA margin (%) |
41,3 |
41,4 |
37,9 |
31,6 |
29,2 |
Enterprise value/EBITDA multiple (times)(4)*** |
7,2 |
6,0 |
6,1 |
3,8 |
7,4 |
Effective taxation rate (%) |
17,4 |
17,1 |
18,1 |
20,1 |
44,3 |
|
|
|
|
|
|
|
|
|
| Solvency and liquidity ratios |
|
|
|
|
|
| Gearing (%)(5) |
4,5 |
(17,3) |
(10,3) |
35,4 |
70,9 |
| Interest cover (times)(6) |
10,7 |
15,3 |
8,9 |
4,4 |
5,3 |
| Dividend cover (times)(7) |
5,2 |
5,6 |
6,2 |
n/a |
n/a |
| Net debt to EBITDA(8)*** |
0,1 |
(0,3) |
(0,1) |
0,4 |
1,2 |
Operating cash flow/revenue (%) |
41,8 |
42,4 |
42,0 |
35,1 |
35,1 |
|
|
|
| Share performance |
|
|
|
|
|
| Number of ordinary shares in issue (million) |
|
|
|
|
|
| – at year-end |
1 665,3 |
1 662,5 |
1 658,8 |
1 652,1 |
1 640,4 |
| – weighted average during the year |
1 663,2 |
1 659,7 |
1 654,4 |
1 646,9 |
1 632,9 |
| Closing price (cents per share) |
6 215 |
4 400 |
3 296 |
1 198 |
1 330 |
Market capitalisation (Rm) |
103 498 |
73 150 |
54 674 |
19 792 |
21 817 |
| |
|
|
|
|
|
|
|
|
|
|
|
| South Africa |
|
|
|
|
|
Average revenue per user (R) |
169 |
184 |
203 |
206 |
208 |
Number of subscribers (million) |
10 |
8 |
6 |
5 |
4 |
Mobile penetration of South African population (%) |
62 |
44 |
36 |
29 |
21 |
Capital expenditure to revenue (%) |
15 |
10 |
7 |
8 |
10 |
|
|
|
|
|
|
|
|
|
| Nigeria |
|
|
|
|
|
Average revenue per user (USD)(10) |
22 |
40 |
51 |
57 |
60 |
Number of subscribers (thousand)(9) |
8 370 |
5 574 |
1 966 |
1037 |
327 |
Capital expenditure to revenue (%) |
43 |
59 |
49 |
48 |
149 |
|
|
|
|
|
|
|
|
|
| Cameroon |
|
|
|
|
|
Average revenue per user (USD)(10) |
16 |
23 |
24 |
21 |
24 |
Number of subscribers (thousand)(9) |
1 248 |
919 |
581 |
431 |
224 |
Capital expenditure to revenue (%) |
19 |
16 |
38 |
50 |
34 |
|
|
|
|
|
|
|
|
|
| Côte d’Ivoire** |
|
|
|
|
|
Average revenue per user (USD) |
20 |
|
|
|
|
Number of subscribers (thousand) |
1 080 |
|
|
|
|
Capital expenditure to revenue (%) |
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Uganda |
|
|
|
|
|
Average revenue per user (USD)(10) |
15 |
19 |
22 |
28 |
37 |
Number of subscribers (thousand)(9) |
982 |
782 |
495 |
363 |
222 |
Capital expenditure to revenue (%) |
27 |
17 |
27 |
28 |
43 |
|
|
|
|
|
|
|
|
|
| Botswana** |
|
|
|
|
|
Average revenue per user (USD) |
21 |
|
|
|
|
Number of subscribers (thousand) |
479 |
|
|
|
|
Capital expenditure to revenue (%) |
83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rwanda |
|
|
|
|
|
Average revenue per user (USD)(10) |
17 |
19 |
22 |
27 |
38 |
Number of subscribers (thousand)(9) |
275 |
209 |
146 |
105 |
69 |
Capital expenditure to revenue (%) |
34 |
11 |
27 |
30 |
32 |
|
|
|
|
|
|
|
|
|
| Swaziland |
|
|
|
|
|
Average revenue per user (USD)(10) |
23 |
29 |
31 |
21 |
28 |
Number of subscribers (thousand)(9) |
213 |
156 |
85 |
68 |
55 |
Capital expenditure to revenue (%) |
16 |
22 |
16 |
21 |
26 |
|
|
|
|
|
|
|
|
|
| Congo Brazzaville** |
|
|
|
|
|
Average revenue per user (USD) |
21 |
|
|
|
|
Number of subscribers (thousand) |
210 |
|
|
|
|
Capital expenditure to revenue (%) |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Zambia** |
|
|
|
|
|
Average revenue per user (USD) |
20 |
|
|
|
|
Number of subscribers (thousand) |
97 |
|
|
|
|
Capital expenditure to revenue (%) |
5 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Definitions
|
(1) Ordinary shareholders’ interest divided by the number of ordinary shares in issue at year-end |
(2) Profit after taxation as a percentage of the average of the opening and closing balances of total assets |
(3) Headline earnings as a percentage of the average of the opening and closing balances of ordinary shareholders’ interest |
(4) Market capitalisation less net debt (interest-bearing liabilities less bank balances, deposits and cash) divided by EBITDA |
(5) Net debt as a percentage of total equity |
(6) Profit from operations divided by finance costs |
(7) Headline earnings divided by total dividend |
(8) Interest-bearing liabilities less cash divided by EBITDA |
(9) Subscribers based on 90-day activity from March 2005 onwards |
(10) ARPU based on 90-day activity for December 2005 |
* restated to comply with IFRS |
** included from date of acquisition |
*** annualised |
|
|
| |
|
|
