mtn group limited...2009/03/31 · *mtn group 2007 2008 100 100 8 52 36 11 59 30 43.5 42.1 23.5...

MTN Group Limited

Review of results and funding outlookPresented May 2009

© 2008 Mobile Telephone Networks. All rights reserved.2

Agenda

Financial reviewRob Nisbet

Group Finance Director

Funding outlookDebbie Millar

GM: Treasury, Funding and Investor Relations

Looking aheadRob Nisbet

Group Finance Director

© 2008 Mobile Telephone Networks. All rights reserved.

Strategy and rationale for meeting

•Update on financial and operational performance

•Update of treasury activities

•Credit considerations

3

Financial and operational review

Rob Nisbet, Group Finance Director


• Strong balance sheet and cash flow

• “Cash is King” – 99% prepaid

• Well positioned

• Market share

• 2008 rollout

• Varied impact on telco spend to date

• Governance

• Management depth, quality and stability

MTN in context

5

Global backdrop MTN

• Global recession

• Banking crisis and access to funding

• Increased risk aversion

• Economic slowdown in Africa and ME

• Slowing GDP growth

• Impact of oil and commodity prices


MTN vision

6

To be the leader in telecommunications in emerging markets

Increased competitiveness

Execution excellence

Consolidation & diversification

Leverage existing footprint &

intellectual capacity

Convergence & operational evolution

Best practiceProcurement

synergiesValue

propositionHub and cluster Diversification

Skills optimisation

Brand

© 2008 Mobile Telephone Networks. All rights reserved.100 million subscriber milestone reached

Key indicators

Subscribers

(’000)

31- Mar- 09

% change

Dec-08

ARPU

(ZAR/US$)

31-Mar-09

ARPU

(ZAR/US$)

31-Dec-08

% Change

local

currency

South and East Africa 25,089 +4

South Africa 17,428 +2 R139 R148 -6

Uganda 3,987 +13 $7 $8 -7

Botswana 1,019 +5 $10 $13 -14

Rwanda 1,330 +15 $7 $11 -30

Zambia 778 +12 $6 $11 -5

Swaziland 547 +5 $11 $14 -17

West and Central Africa 44,275 +10

Nigeria 25,908 +12 $13 $16 -6

Ghana 6,777 +5 $8 $12 -15

Cameroon 3,824 +7 $9 $11 -10

Côte d’Ivoire 3,810 +7 $9 $10 -3

Benin 1,111 +10 $13 $15 -6

Guinea Conakry 1,003 +3 $8 $10 -27

Congo Brazzaville 942 +14 $12 $18 -6

Liberia 534 +10 $12 $14 -17

Guinea Bissau 366 +7 $10 $11 -6

Middle East and North Africa 28,838 +9

Iran 18,252 +14 $8 $9 -16

Syria 3,428 -3 $17 $19 -6

Sudan 2,658 0 $5 $7 -8

Afghanistan 2,358 +12 $5 $6 -14

Yemen 1,972 +6 $7 $8 -11

Cyprus 170 +8 $36 $44 -7

Total MTN 98,202 +8

7

© 2008 Mobile Telephone Networks. All rights reserved.Increased diversification

* Based on % ownership

Subscriber contribution by region

0

100

200

300

400

500

600

700

Dec-06 Dec-07 Dec-08 Mar-09

SEA WECA MENA

8

MTN Group

Total

(subscriber million)

Proportionate*

(subscriber million)

0

100

200

300

400

500

600

700

800

900

Dec-06 Dec-07 Dec-08 Mar-09

40.1

61.4

90.7

29%

23%

12% 44%46%

49%

27%31%39%

11%45%

45%

46%

32%36%43%

34.7

50.4

70.4

26%

45%

98.2

29%

31%

76.0

23%23%

19%

11%46%


Key developments…

9

• “Varied” impact on consumer spending to date

• Economic volatility (oil and inflationary pressures)

• Currency impact on ZAR reported Dec 08 results of approx 15%

• Strong delivery on capital expenditure, rollout of ZAR28.3 billion in 08, up 84%

• Well positioned in an increasingly competitive environment

• Acquired ISP‟s

• Innovative products, MTN Zone

• Backbone rollout including Nigeria, Ghana, South Africa

• 3G investment – mobile broadband

• Access to meaningful cable capacity

• US$25 invested in submarine network cables

• Centralised procurement tightened including standardisation of network equipment and rationalisation of network suppliers

• Actively seeking infrastructure, transmission and site sharing opportunities across operations

Economic

Rollout

Operational evolution


Key developments…

10

• Unwind of 13.1% BEE structure

• Dividend in specie of 34.1 million shares paid to beneficiaries in Feb 09

• Shareholder approval obtained to implement unwind

• Board decision to postpone new BEE transaction until more conducive trading environment

• Scarcity - expectation gap due to falling prices

• Value enhancing opportunities explored

• Leveraging diversity within common culture & value framework

• Skills investment and talent management

• Knowledge share and collaboration

BEE

Expansion opportunities

People

EBITDA analysis

11

EBITDA Contribution % EBITDA Margin %

* Difference in HQ companies

EBITDA Contribution % EBITDA Margin %

SEA

2007

2008

WECA

2007

2008

MENA

2007

2008

*MTN Group

2007

2008

100

100

8

52

36

11

59

30

43.5

42.1

23.5

53.8

36

27

53.1

34.4

385.7

517.6

77.0

(75.9)

Earnings per share

12

2008 2007

329.2

410.6

22.2

(80.1)

Cents Year ended Dec 08

Year ended Dec 07

% change

Basic headline earnings per share 836.5 584.8 43.0

Reversal of put option in respect of subsidiary 44.3 19.7 124.9

Reversal of the subsequent utilisation of deferred tax asset

23.6 89.4 (73.6)

Reversal of deferred tax asset - (12.0) -

Adjusted headline earnings per share 904.4 681.9 32.6

South & East Africa

West & Central Africa

Middle East & North Africa

Head Office Companies

13

Group highlights to Dec 2008

Group subscribersUp 48% to

90.7 million

RevenueUp 40% to

ZAR 102,5 billion

EBITDAUp 36% to

ZAR 43,2 billion

PATUp 44% to

17,1 billion

Adjusted headline EPSUp by 33% to

904.4 cents

Capex executionUp by 84% to

ZAR 28,3 billion

All comparatives to Dec 07

Strong balance sheet

Net debt / EBITDA

0.3X

Dividends declared

of 181 cents

Exchange rates – closing rates

14

Naira

Rand

Cedis

Naira

Cedis

USD: Local currency

ZAR: Local currency

Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09

Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09

118.40

6.78

0.98

17.46

0.14

117.22

8.10

0.99

14.46

0.12

117.85

7.81

1.03

15.08

0.13

117.78

8.30

1.15

14.18

0.14

141.00

9.35

1.22

15.07

0.13

147.35

9.49

1.38

15.52

0.15

Income statement

15

ZAR million Year ended

Dec 08

Year ended

Dec 07

%change

Revenue 102 526 73 145 40.2

EBITDA 43 166 31 845 35.6

EBITDA MARGIN 42.1% 43.5%

Depreciation (9 939) (6 774) 46.7

Amortisation (2 820) (2 199) 28.2

Profit from operations 30 407 22 872 32.9

Net finance costs (1 917) (3 173) (39.6)

Share of profits from associates - 8 -

Profit before taxation 28 490 19 707 44.6

Income tax expense (11 355) (7 791) 45.7

Profit after taxation 17 135 11 916 43.8

Minority interests (1 820) (1 308) 39.1

Attributable profit 15 315 10 608 44.4

Revenue analysis

16

ZAR million Year ended

Dec 08

Year ended

Dec 07

%change

ZAR

%change

LC‟s

South & East Africa 37 483 31 453 19.2

South Africa 32 456 28 220 15.0

Other operations 5 027 3 233 55.5

West & Central Africa 47 682 30 843 54.6 31.1

Nigeria 31 558 20 250 55.8 25.5

Ghana 6 047 4 048 49.4 46.9


Middle East & North Africa 17 215 10 779 59.7

Iran 4 935 1 341 268.0 216.1

Syria 6 508 4 530 43.7 14.2

Sudan 1 629 1 656 (1.6) (12.2)


Head Office Companies 146 70 108.6

Total 102 526 73 145 40.2

EBITDA margin analysis

17

ZAR million Dec 08EBITDA

margin %

Dec 07EBITDA

margin %

%pts

change

South & East Africa 34.4 36.0 (2)

South Africa 32.8 34.8 (2)

Other operations 44.2 46.9 (3)

West & Central Africa 53.1 53.8 (1)

Nigeria 57.8 57.3 -

Ghana 46.1 51.2 (5)

Other operations 42.5 44.7 (2)

Middle East & North Africa 27.0 23.5 4

Iran 30.2 (13.4) -

Syria 28.1 30.5 (3)

Sudan 15.3 34.8 (19)

Other operations 26.1 23.2 3

Total 42.1 43.5 (1)

17.6

39.5 39.9

Dec-06 Dec-07 Dec-08

18

Tax considerations - Group

Material reconciling items

• Effective tax rate reconciliation to 28.0%

• Nigerian commencement provisions 4.3%

• STC and withholding taxes 1.9%

• Withholding taxes on post Pioneerprofit dividends from MTN Nigeria 1.5%

• Nigeria Put option effect 1.2%

• Other 1.8%

Looking forward Dec 09

• Group effective rate expected in lower to mid 30‟s based on

• Effect of Nigeria Put option?

• STC and withholding taxes

Effective tax rates %

Cash flow statement

19

ZAR million Yearended

Dec 08

Yearended

Dec 07

Net cash generated by operations 44 836 34 334

Net interest paid (1 283) (2 576)

Taxation paid (6 781) (4 233)

Dividends paid (2 536) (1 675)

Cash inflows from operating activities 34 236 25 850

Acquisitions of PPE (excluding software) (26 896) (14 458)

Other investing activities (281) (2 694)

Cash outflows from investing activities (27 177) (17 152)

Cash in/(out)flows from financing activities 292 (2 135)

Net movement in cash and cash equivalents 7 351 6 563

Cash and cash equivalents at the beg. of the year 15 546 9 008

Realised gains/(losses) on bank accounts 2 699 (25)

Cash and cash equivalents at the end of the year 25 596 15 546

Capital expendituresZAR (incl. software)

20

ZAR million Actual 2008

Authorised2009

Actual2007

South & East Africa 7 350 11 517 3 707

South Africa 4 868 8 150 2 843

Other operations 2 482 3 367 864

West & Central Africa 15 024 19 433 7 915

Nigeria 9 610 11 969 4 789

Ghana 1 854 3 647 1 239

Other operations 3 560 3 817 1 887

Middle East & North Africa 5 772 6 717 3 676

Iran 2 743 3 982 1 559

Sudan 943 606 964

Syria 1 039 742 418


Head Office Companies 117 - 50

Total 28 263 37 667 15 348


South Africa– operational highlights

21

• Continued success of MTN Zone (46% of prepaid base)

• Introduced off-net

• Postpaid segment still robust

• MTN Anytime (approx 259k subs)

• Improved distribution

• Acquisition of the remaining 51% of I-Talk (12 Jan 09)

• Acquisition of remaining 49% Cell Place acquired (1 Aug 08)

• Ownership in branded channel now 49%

• Regulatory

• Licences (ECS and ECNS) issued by ICASA on 15 Jan 09, although still engaging on corrections and omissions

• Competition Commission (CST‟s), hearing may commence in H209

• RICA amendment act published on 9 Jan 09

1,784 2,288 2,493 2,754

8,59610,368

12,30614,415

Dec-05 Dec-06 Dec-07 Dec-08

Prepaid

Postpaid

Net additions(‟000)

Subscribers(‟000)

10 380

12,655

14,799

17,169

Launched Jun 1994 Market share 36% Population 49m Market sizing 64m (2013) Penetration 97% Shareholding 100%

213

946791

2,379 2,062

1,198 1,579

Dec-05* Dec-06 Dec-07 Dec-08

H2

H1

* 9 months

2,3792,275

2,1442,370


South Africa– operational highlights

22

• Increase in prepaid ARPU

• MTN Zone stimulated revenue (55% of prepaid revenue)

• Lower denomination still key

• Increase in postpaid ARPU

• On-biller affecting comparatives

• Blended ARPU affected by mix

• Improved outgoing MOU in H208

• Outgoing MOU Jun08 -63

• Attributable to MTN Zone

• Acquisition of Verizon Business (28 Feb 09)

• Well positioned in data (23% market share)

• To be fully integrated into MTN SA (MTN business)

• Access to corporate segment

488441

396 403

163 159 149 148

92 95 9297


Postpaid

Blended

Prepaid

ARPUZAR

Avg. total MOU comprises both incoming andoutgoing minutes

129 124 106 102

Outgoing MOU 78 79 65 64

* 9 months


8,370

12,281

16,511

23,077


MTN

Subscribers

('000)

ARPU (USD)

• Significant investment results in improved network quality and capacity

• Strong subscriber growth

• Well received value proposition (Happy hour XtraCool)

• New competitor launched in Q408

• Aggressive competition from PTO‟s

• Increase in MOU (improved quality)

• Relatively stable APRU (LC ARPU decreased by 6%)

• Seamless roaming launched in Oct 08

• Promotional campaigns ban lifted in Q308

• Naira devaluation

Nigeria– operational highlights

Launched Aug 2001 Market share 44% Population 143m Market sizing 107m (2013) Penetration 36% Shareholding 76%**

Subscribers („000)/ARPU ($)

Outgoing MOU 74 53 52 55

22 18 17 16

Net additions(„000)

1,2661,755 2,054

3,978

2,6452,475

4,512


H2

H1

3,978 3,9114,230

6,566

**Legal * 9 months


154

6,006

16,039

9 10 9


MTN

Subscribers

('000)

ARPU (USD)

• Strong subscriber growth

• Attractive tariff plans

• Increase in market share from 23% (Dec07) to 37%

• Strong brand image

• Relatively stable ARPU (10% decrease in LC ARPU)

• Reducing churn and dormancy remains a priority

• Reward based promos

• Declining MOU

• Due to removal of promo MOU

• 3rd mobile licence (preferred bidder named)

Iran– operational highlights

Launched Dec 2006 Market share 37% Population 71,9m Market sizing 53m (2013) Penetration 61% Shareholding 49%

Outgoing MOU 85 92 64

Net additions(„000)

1,829

5,587

154

4,023

4,446


H2

H1

5,852

10,033

Subscribers („000)/ARPU ($)

Balance sheet

25

ZAR million As atDec 08

As atDec 07

Non-current assets 115 319 82 085

Property. plant and equipment 64 193 39 463

Goodwill and other intangible assets 45 786 38 797

Other non-current assets 5 340 3 825

Current assets 54 787 33 501

Bank balances 26 961 16 868

Restricted cash 1 778 739

Other current assets 26 048 15 894

Total assets 170 106 115 586

Capital and reserves 80 542 51 502

Non-current liabilities 34 973 29 114

Long term liabilities 29 100 23 007

Deferred taxation and other non-current liabilities 5 873 3 551

Put option - 2 556

Current liabilities 54 591 34 970

Put option 3 341 -

Non–interest bearing liabilities 38 760 24 320

Interest bearing liabilities 12 490 10 650

Total equity and liabilities 170 106 115 586Net debt 12 851 16 050

Net debt / EBITDA .30 .50

Funding outlook

Debbie Millar,GM: Treasury, Funding and Investor Relations

Key stats

27

• R206 billion (US$24bn)

• R170 billion

Fitch • AA- (zaf) • Outlook remains stable

Moodys• A2.za

• Baa3• Positive outlook

Market cap

Total assets

Credit rating

Rationale for debt structure…

•Non recourse debt is still key

• Improves currency match to revenue stream

•Unlocks local debt capacity and builds local market capacity

• Improves efficiency of balance sheet for local partners

•Central banks often prefer

• Improved risk sharing

•Holding company debt – cross guarantee structure

•Limited use, only for operations that do not suit project finance

•Usually for expansion (acquisition) or bridging purposes

•Tax inefficient

•Recourse debt in operations

•Limited use, usually vendor based

•Best use of assets

28

Cash flow to holding companies

2008

Management fees and dividends received:

• MTN South Africa

ZAR5,4bn

• Mauritius & Dubai

ZAR13,5bn

29All amounts are utilised facilities

MTN South Africa

MTN International

MTN Mauritius

Mednet

100%

Zambia

100%

Cameroon

70%

Syria

75%

Liberia

60%

Botswana

53%

Rwanda

55%

Ghana

98%

Guinea Bissau

100%

Congo-B

100%

Uganda

95%

Yemen

83%

Cyprus

50%

MTN Swaziland

30%

MTN Dubai

100%

100%

100%

Iran

49%

Sudan

85%

Afghanistan

100%

Côte d’Ivoire

65%

Nigeria

78%

Guinea Conakry

75%

Benin

75%

100%

Service Providers

100%

Network Solutions

100%

Network Operations

100%

MTN Holdings

MTN Group

Group treasury Dubai treasury

Structure and team

30

GM: Treasury, Funding &

Investor Relations

Debbie Millar

Senior managerGroup treasury Lucky Ncobela

Project financeconsultant

Heloise Smith

AdministratorSizakele Madalane

Front office/dealer Charity Logabane

Treasury consultantKate Gush

Senior manager Structured and project

finance Deepen Jhina

Senior manager Structured and project

finance Resimate Baloyi

Structured and project finance

IR

Treasury administratorMelita Fourie

Senior managerDubai treasury

Samer Jano

Treasuryadministrator

[vacant]

AdministratorNeo Monhki

Investor relationsYuraisha Moodley

Analysis of net debt position

31

As at 31 Dec 08ZAR million

Net debt/(cash) Interest bearing liabilities*

Cash and cash equivalents

South & East Africa 8 134 10 910 2 776

South Africa 7 225 9 201 1 976

Other operations 909 1 709 800

West & Central Africa 8 402 16 695 8 293

Nigeria 7 440 12 985 5 545

Ghana (1 770) - 1 770


Middle East & North Africa 3 598 9 347 5 749

Iran 4 949 5 492 543

Sudan 2 032 2 365 333

Syria (3 536) 664 4 200

Other operations 153 826 673

Head Office Companies 9 807 21 728 11 921

Intercompany eliminations (17 090) (17 090) -

Total 12 851 41 590 28 739

* Including long, short-term borrowings and overdrafts

32

Interest bearing liabilitiesas at Dec 08

Interest bearing liabilities

Cash and cash equivalents

37%

18%

45%

ZAR

USD/EUR

Local currency

• Intercompany funding from head office co‟s of ZAR17.1bn includes:

• Iran ZAR 4.9bn (49%)

• RSA ZAR 7.3bn

• Sudan ZAR 2.1bn

• Conakry ZAR 0.9bn

• Uganda ZAR 0.6bn

• Unproductive interest reduced further to ZAR2.5bn from ZAR10.9bn (Dec 08)

• Cash accumulation

• Holding Co‟s – July repayment of capital and interest on term loans and Verizon acquisition

• Syria, Ghana, Nigeria

• Net debt to EBITDA of 0.3x (Dec 07:0.5x)

• Impact of FX

55%

20%

25%ZAR

USD/EUR

Local currency

* MTN Group cross guarantee

Holding company facilities

Company Source of facility CurrencyFacility

amount (m)Utilisation

in ZAR

Undrawnfacilities

in ZAR Comments

South Africa General banking facilities*

ZAR 7 607 4 157 3 450Have R3.3 additionaluncommitted facilities

Structured finance ZAR 712 712 – Building lease

Bond* (DMTN) ZAR 10 000 6 300 3 700 Not utilised under DMTN

Bond MTN 01 (matures July 2010)

ZAR 5 000 5 000 –

Bond MTN 02 (matures July 2014)

ZAR 1 300 1 300 –

Syndicatedloan facility*

ZAR 20 675 8 815 11 860

Facility A1 (matures 2011)

USD 468 4 440 – R1 750m p.a.

Facility A2 (matures 2011)

ZAR 4 375 4 375 – $875m p.a.

Facility B (RCF) USD 1 250 – 11 860 To expire

MauritiusBridge facility* USD 150 1 281 142 Rollover from Sep 07

MTN Dubai Banque Audi ZAR 166 166 -

Term USD 17.5 227 – $10m p.a.

Total ZAR 40 583 21 431 19 152

All numbers at 31 March 2009 (R9.488:$1)

33

Funding achievements to date

34

• $40 million fixed interest unsecured syndicated term loan in XAF

• 5 year tenor with 3 months availability and 6 months grace period

• Participants – EcoBank (MLA), Credit du Congo and Banque Commerciale Internationale, Union Gabonaise de Banque, Societe Camerounaise de Banque, BCI and BICEC

• $150 million fixed interest secured syndicated term loan in XOF

• 5 year tenor with 12 months availability period and 6 months grace period

• Participants – Citibank N.A. (MLA), Bank of Africa Côte d‟Ivoire, Banque Internationale pour l‟Afrique de l‟Ouest Côte d‟Ivoire, Ecobank Côte d‟Ivoire, Omnifinance, Societe Generale de Banque de Côte d‟Ivoire and United bank of Côte d‟Ivoire

Congo-Brazzaville

Côte d‟Ivoire

2009 priorities…

35

• $100 million syndicated term loan

Global coordinator has been appointed. A selected number of MLAs will be invited to participate in the syndicate

• $50 million syndicated term loan

A combination of local currency syndicated loan and an ECA backed facility. RFP has been issued for the local currency portion

• R120 million

A bond issue, syndicated loan or a club deal; or any combination of these sources. RFP has been issued

• $130 million

Commitment received for $65m. Still looking for funders for the remaining $65m

• $80 million syndicated loan

A term loan funded by a syndicate of local banks. RFP for MLA to be issued in May 2009

• $20 million local currency syndicated loan

RFP has been issued to the local banks. The company has capacity to borrow an additional $60m offshore should we receive proposals acceptable to MTN

• $20 bilateral facility

A bilateral facility with any bank that has capacity. RFP has been issued to selected regional banks

Uganda

Rwanda

Swaziland

Afghanistan

Benin

Yemen

Liberia

2009 priorities…

36

• Utilise capital markets in South Africa

• Use of commercial paper. Current domestic medium term note programme can accommodate

• Review of existing MTN 01 tenor

• International bond not appropriate unless the cash can be utilised

• Leverage significant CAPEX spend to obtain funding

• Existing RCF of $1.25bn to expire, not refinanced

• Fund raising of between $250 - $400m envisaged

• Utilisation ZAR general banking facilities, explore extending tenor

Holding company funding

Capital markets

ECA funding

Bank funding

Looking forward

Rob Nisbet


Looking forward

38

• Actively seeking value-accretive opportunities in emerging markets

• Potential to act as consolidator in current market environment

• Tightly monitored capital expenditure, to ensure appropriate levels of capacity and quality of service for enlarged market potential

• Optimise cash and operational efficiencies

• Ensuring the Group is well positioned to benefit from a rapidly evolving technology market while maximising infrastructure sharing

• Engage positively with regulatory authorities

• Regulatory certainty will improve investment case

Expansion opportunities

Rollout

Operational evolution

Regulatory


Net additions guidance to Dec 09

South Africa 2 000

Nigeria 6 000

Ghana 1 100

Iran 6 000

Syria 400

Sudan 1 100

Rest 6 000

22 600

Subscriber guidance 2009

39


Other considerations

40

• Current rollout coverage advantage

• Continued monitoring of customer spending patterns

• Capital expenditure to be tightly monitored

• Established track record of extracting cash through dividends andmanagement fees

• Managed with reference to local currency markets

• Co-invest with local partners

• Fully functional local boards, group executive appointment on all local boards

• Group risk function

• Engagement with regulators

• Highly experienced local management teams limit execution risks

• Local currency funding maximised to limit asset / liability mismatch

• Operations hedge foreign currency requirements where possible

Capital expenditure management

Extraction of cash from

foreign operations

Exposure to challenging

markets

FX risk

Key credit strengths

41

Credit strengths Rationale

Strong position in domestic SA market

• #2 operator with 36% market share and a robust track record in subscriber / revenue growth, albeit maturing

• Stable three-player market with strong cash generation

Leading market positions in key

emerging markets with growth potential

• Leading market positions in high-growth and profitable (#1 and #2 operator) African/Middle-Eastern countries.

• Penetration upside

• Economic fundamentals have had varied impact on telcospend

Strong track record of operating in emerging

markets

• Strong performance across the portfolio

• Benefits from best practice across the Group and ability to leverage accumulated know-how

• Achieve economies of scale in group procurement / purchasing power

• Pool of talent across operations

Attractive diversification of

assets

• Footprint covering 21 countries in Africa / Middle East

• Mix of established free cash flow generating operations and high growth start-ups

Cash flow generation

• Positive free cash flow generation still anticipated

• Proven cash up streaming through dividends and management fees

Credit rating• 2 notch headroom in Moodys credit rating to reflect the

possible impact of further acquisitions

MTN benefits from good

fundamentals in its established

markets underpinned by a

strong brand

MTN has a diversified

portfolio of operations at

different stages of growth

Strengthening operations are

expected to generate strong

cash flows going forward

Thank you

Questions


Notice

43

The information contained in this document has not been verified independently. No representation or warranty express or implied is made as to and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Opinions and forward looking statements expressed represent those of the Company at the time. Undue reliance should not be placed on such statements and opinions because by nature, they are subjective to known and unknown risk and uncertainties and can be affected by other factors that could cause actual results and Company plans and objectives to differ materially from those expressed or implied in the forward looking statements.

Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (based on negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation and do not undertake to publicly update or revise any of its opinions or forward looking statements whether to reflect new information or future events or circumstances otherwise.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

mtn group limited...2009/03/31 · *mtn group 2007 2008 100 100 8 52 36 11 59 30 43.5 42.1 23.5...

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