MTN Group Limited

Five-Year Review for the year ended 31 December 2021

Five-year financial review

Income statement

Revenue

Other income2 Operating expenses3 EBITDA

Depreciation and amortisation Impairment of goodwill Operating profit

Net finance costs Finance income Finance costs

Loss on derecognition of long-term loan receivable

Net monetary gain

Share of profit or (loss) of associates and joint ventures after tax

Profit before tax Income tax expense Profit after tax

Profit after tax attributable to - Equity holders of the Company - Non-controlling interests Headline earnings

  • 8 181 646

  • (27) 1 889

  • 4 (107 377)

    • 13 76 158

    • 10 (34 640)

  • 19 40 935

  • 12 (14 448)

  • (23)1 198

  • 5(15 646)

  • 32 28 816

  • 24 (11 822)

  • 39 16 994

  • 33 13 750

  • 1 Compound annual growth rate.

    CAGR1

    %

    2021

    Rm

    (31)

    (583)

    -

    1 25

    2752 054

    122 53

    3 24417 781

  • 2 Includes the gain on disposal/dilution of investment in joint ventures and associates.

    2020

    Rm

    2019

    Rm

    179 361

    6 228

    (104 278)

    151 460

    1 510

    (88 741)

    81 311

    (35 651)

    (1 065)

    64 229

    (32 458)

    (342)

    • (18 233)

      44 595

      1 493

    • (19 726)

    31 429 (15 184)

    1 873 (17 057)

    • 1 582

      -

    • 1 142

    - 787 705

    29 086 (9 439)

    19 647

    17 022

    2 625

    17 737 (6 908) 10 829

    13 473

    • 9 100

    • 1 729 8 411

    2018

    Rm

    2017

    Rm

    134 560

    (89 500)

    48 246

    (24 358)

    23 576 (8 331) 1 992 (10 323)

    15 008 (5 430)

  • 3 Includes the loss on deconsolidation of subsidiary and impairment loss on remeasurement of non-current assets held for sale.

132 869

3 186

6 591

(92 489)

46 971

(23 767)

(312)

(2 631)

20 573

(9 267)

3 488

(12 755)

-

(2 840)

290 264

(527) 840

9 570 (5 020)

  • 9 578

    • 4 550

  • 8 719 859 6 055

  • 4 416 134 3 279

EBITDA (R million) and EBITDA margin (%)

Headline earnings and dividends per share (cents)

Statement of financial position

Property, plant and equipment Intangible assets and goodwill Right of use asset

Investments and other non-current assets Deferred tax assets

Bank balances, deposits and cash Other current assets Non-current assets held for sale

Total assets

Equity attributable to equity holders of the Company

Non-controlling interests

Total equity Interest-bearing liabilities Lease liabilities Non-interest-bearing liabilities Deferred tax liabilities

Liabilities directly associated with non-current assets held for sale

Total liabilities

  • 2 99 769

  • 3 43 76042 957

  • (7) 38 389

  • 33 85 158

  • (1) 41 2517 291

  • 4 111 047

  • 11 107 932

Total equity and liabilities

1 Compound annual growth rate.

Total assets (R million)

CAGR1 %

2021

Rm

46

2020

Rm

2019

Rm

100 576

39 069

46 156

42 681

7 223

10

6 355

65 886

44 203

4 016

98 312

36 866

44 984

40 797

5 070

39 096

36 348

838

365 798

27 5 -

3 935

114 982

80 902

47 914

5

348 942

302 311

102 873

3 352

83 897

2 203

106 225

96 249

49 481

85 994

9 666

  • 9 909

    4 402

  • 1 084

12 10

250 816365 798

242 717 348 942

2018

Rm

100 581

40 331 -

39 196

3 702

30 210

40 056

2 759

256 835

84 799

3 427

86 100

88 226

94 280

46 327

85 001 -

65 201

74 111

10 403

9 497

-

-

216 211 302 311

168 609 256 835

Equity (R million) and return (%)

2017

Rm

91 786

38 330 -

51 414

1 590

27 398

42 316 -

252 834

93 804

1 532

95 336

79 720 -

69 852

7 926

-

157 498 252 834

CAGR1 %

2021

Statement of cash flows

Statement of cash flows - extracts Cash generated from operations Dividends paid to equity holders of the Company

Net cash inflows from operating activities Net cash used in investing activities

Net cash used in financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Exchange (losses)/gains on cash and cash equivalents

Cash classified as held for sale

Cash and cash equivalents at end of the year

Acquisition of property, plant and equipment

Net cash inflows from operating activities Net cash used in investing activities

Net cash used in financing activities

  • 19 67 286

  • 3 (30 953)

  • 16 (26 179)

58 513 (33 512) (13 705)

36 289 (24 542) (4 340)

32 389 (23 219) (11 123)

33 387 (27 585) (14 612)

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Exchange (losses)/gains on cash and cash equivalents

Cash classified as held for sale

- 3

10 154 30 636

(8) -

(1 895)

124

  • 11 296

  • 21 607

7 407 14 967

(1 953)

(8 810)

(2 143)

(1 382)

(124)

615

15 937 1 598 (615)

27 375

(2 628)

-

Cash and cash equivalents at end of the year

25

39 019

30 636

21 607

14 967

15 937

Statement of cash flows - extracts Cash generated from operations Dividends paid to equity holders of the Company

Acquisition of property, plant and equipment

23

88 670

(100)

-

1

(24 413)

78 580

55 197

40 345

38 484

(6 462)

(9 352)

(11 236)

(12 565)

(23 502)

(23 416)

(24 224)

(23 861)

1 Compound annual growth rate.

Rm

2020

Rm

2019

Rm

2018

Rm

2017

Rm

CAGR1

%

2021

2020

2019

2018

2017

Diluted earnings (cents)

Headline earnings (cents)

Dividends (cents)

Net asset value - book value (rands)

Returns and profitability ratios Return on assets (%)

EBITDA margin (%) Adjusted free cash flow EBITDA multiple (times) Effective taxation rate (%)

Solvency and liquidity ratios Gearing (%)

Interest cover (times) Dividends cover (times) Net debt to EBITDA

Operating cash flow/revenue (%)

Share statistics

Closing price (cents per share)

Market capitalisation (Rm)

Performance per ordinary share

Basic earnings (cents)

Diluted earnings (cents)

Headline earnings (cents)

Dividends (cents)

Net asset value - book value (rands)(2)

33 763

33 744

53 987

(19) 300

4 58.93

946

506

485 246

936

498

478 241

749 -

468

337 182

550

500 700

54.6

44.5

45.0 50.0

Returns and profitability ratios Return on assets (%)(3)

EBITDA margin (%) Adjusted free cash flow EBITDA multiple (times)(4) Effective taxation rate (%)

11.5

41.9

24

36 773

4.7

41.0

13.7

11.2

9.3 8.0

45.3

42.4

35.9 35.4

48 272

31 361

22 228

15 510

2.1

3.5

4.6 6.5

32.5

38.9

36.2 52.5

Solvency and liquidity ratios

Gearing (%)(5)

Interest cover (times)(6)

Dividends cover (times)(7)

Net debt to EBITDA(8)

Operating cash flow/revenue (%)

30.1

2.6

3.1

0.5

48.8

55.0

81.9

62.1 54.9

2.3 N/A

1.8

2.8 2.2

0.8

0.6 0.2

0.7

1.1

1.2 1.1

43.8

36.4

30.0 29.0

Share statistics

Closing price (cents per share)

Market capitalisation (Rm)

  • 6 17 071

  • 6 321 664

6 019 113 414

8 249 155 433

8 900 167 676

13 446 253 359

Definitions

  • 1 Compound annual growth rate

  • 2 Equity attributable to equity holders of the Company divided by the number of ordinary shares in issue at year-end.

  • 3 Operating profit as a percentage of the average of the opening and closing balances of total assets.

  • 4 Market capitalisation plus net debt (interest-bearing liabilities less bank balances, deposits and cash) divided by EBITDA for the year.

  • 5 Net debt as a percentage of total equity at year-end.

  • 6 Operating profit divided by interest expense.

  • 7 Headline earnings for the year divided by the total dividend in respect of the applicable financial year.

  • 8 Net debt at year-end, divided by EBITDA for the year.

Market capitalisation (R million)

Closing share price (cents)

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Disclaimer

MTN Group Ltd. published this content on 14 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 15:18:07 UTC.