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MTN Group Limited Integrated Business Report for the Year Ended 31 December 2009

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MTN Group Limited Integrated Business Report for the Year Ended 31 December 2009 MTN Group Limited Integrated Business Report for the year ended 31 December 2009 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Annual financial statements Book 1 – MTN Group Overview WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Afghanistan Côte d’Ivoire Cameroon Benin Iran Cyprus Congo-Brazzaville Botswana Guinea-Bissau MTN Integrated Business Report ⁄ 31 December 2009 Liberia Guinea Conakry Ghana ⁄ Annual financial statements Nigeria WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Rwanda South Africa Sudan Swaziland Syria Uganda Yemen Zambia MTN Group Overview Book 1 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Annual financial statements WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Annual financial statements WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Contents 2 Group profile 3 Geographic footprint 4 Group structure Subscribers Revenue (Rm) Group overview Group Group overview 116,0 111,9 102,5 90,7 73,1 61,4 6 Chairman’s statement 56,6 12 Group directorate 40,1 16 Group executive committee 20 Group president and CEO’s report Business review Dec Dec Dec Dec Dec Dec Dec Dec 2006 2007 2008 2009 2006 2007 2008 2009 Adjusted HEPS EBITDA 26 Group chief operating officer’s report 32 South and East Africa region 46,1 42 West and Central Africa region 904,4 43,2 58 Middle East and North Africa region Operational review Operational 754,3 681,9 31,8 584,7 22,4 70 Abridged sustainability report 91 Corporate governance report 108 Risk management and internal control Dec Dec Dec Dec Dec Dec Dec Dec 2006 2007 2008 2009 2006 2007 2008 2009 114 Glossary ld ld Sustainability review 1 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Group overview WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Profile Launched in 1994, the MTN Group Limited (MTN Group) is a multinational telecommunications group offering cellular network access and business solutions. It has mobile licences across 21 countries in Africa and the Middle East and as at the end of December 2009, recorded more than 116 million subscribers. The MTN Group is listed on the JSE Limited under the share code: “MTN”. MTN Group operates in three regions: South and East Africa (SEA): MTN South Africa, MTN Swaziland, MTN Zambia, MTN Uganda, MTN Rwanda and Mascom Botswana. West and Central Africa (WECA): MTN Nigeria, MTN Cameroon, MTN Congo-Brazzaville, MTN Côte d’Ivoire, MTN Benin, MTN Ghana, MTN Guinea-Bissau, MTN Guinea Conakry and Lonestar Liberia. Middle East and North Africa (MENA): MTN Irancell, MTN Afghanistan, MTN Cyprus, MTN Sudan, MTN Syria and MTN Yemen. 2 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Group overview WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Geographic footprint Group overview Business review Operational review Operational Sustainability review 3 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Group overview WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Group structure MTN South Africa MTN Holdings 100% 100% MTN International 100% MTN Mauritius 100% + 100% 30% 70%* Service Providers MTN Swaziland MTN Cameroon 100% 96% 100% Network Operations MTN Uganda MTN Congo-Brazzaville 100% 53% 76%* Business Solutions Mascom Botswana MTN Nigeria 55% 65% MTN Rwanda MTN Côte d’Ivoire 98% 49% MTN Zambia MTN Irancell *Legal ownership 4 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Group overview WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Group overview Business review MTN Dubai 100% 75% 75% MTN Guinea Conakry MTN Benin 98% 100% MTN Ghana MTN Guinea-Bissau review Operational 60% 75% Lonestar Liberia MTN Syria 83% 51% MTN Yemen MTN Cyprus 85% 100% MTN Sudan MTN Afghanistan Sustainability review 20% Belgacom International Carrier Services 5 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Group overview WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Chairman’s statement The intensive capital investment programme of recent years is designed to stand the Group in good stead in the years to come as competition intensifies. Cyril Ramaphosa Chairman Innovating and delivering In its 15th year of operation, the MTN Group passed the 100 million subscriber mark with a robust and resilient operational performance in the majority of the countries in which it operates. This was made possible by a firm adherence to our strategy, including investing heavily to extend the quality, coverage and capacity of the communications network across the 21 markets in which we operate. 6 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Business review WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 The intensive capital investment programme of recent years is As a result, MTN Group reported its first drop in headline earnings designed to stand the Group in good stead in the years to come as per share since inception, to 803,2 cents from 836,5 cents in 2008. Group overview Group competition intensifies and the world fully recovers, in the longer But, thanks to continued strong cash generation and the expectation term, from the economic malaise of 2008 and 2009. that capital expenditure has now peaked, the Group increased its dividend to shareholders. This effective relaxation of MTN’s dividend Across the globe, millions of jobs were lost in 2009 as the world cover resulted in a payout to shareholders for 2009 of 192 cents a economy contracted by an estimated 1,7%. Credit markets share, from 181 cents for 2008. tightened, limiting lending which would otherwise have supported investment and growth. Operating sustainability Sustaining the performance of the MTN network and the mobile With its continued commitment to its markets, a strong brand and market it serves is essential. This requires a reasonable and established value proposition, MTN was able to weather the storm. predictable regulatory regime, to allow cash-generating mobile Business review But, understandably, it is not immune to a challenging economic companies to continue to invest in bridging the digital divide and cycle, or to moves in commodity prices which remain key to the so stimulating economic growth. health of many of the countries in which the Group operates. Maintaining transparent and constructive relationships with those Hard times encourage innovative thinking and MTN showed this it interacts with is an important MTN Group value. During 2009, with its novel products and services in the midst of mounting the Group stepped up its co-operation with regulators across pressure on consumers’ disposable incomes, aggressive the footprint, as various new regulatory requirements (such as competition and increased regulatory requirements. The Group’s SIM-card registration and managing mobile termination rates) adoption in the year of a segmented approach to the market, began to gain momentum in many markets. The Group also Operational review Operational offering customers sector-specific products and services, proved worked to enhance its engagement with customers, employees successful and was well received by subscribers. Along with and the communities in which it operates. MTN Zone dynamic tariffing and MTN MobileMoney, as well as other customised offerings, these assisted the Group The expansion of mobile telephony across the Middle East and in maintaining or growing market share in almost all of its Africa has already had a significantly positive impact on the lives jurisdictions. They also helped MTN Group win the “most of our customers, but it has the potential to have an even bigger innovative brand in the telecoms sector” award in the Ask Afrika effect as better, more reliable communication encourages trade Trust Barometer in September 2009. and development. Mobile telephony’s applications in assisting socioeconomic development are many – from facilitating internet- For an organisation that generates most of its revenue in based education and health, to helping disseminate various Sustainability review currencies other than its reporting currency, the strength of essential services and information. the South African rand also proved a considerable hurdle. 7 MTN Integrated Business Report ⁄ 31 December 2009 ⁄ Business review WorldReginfo - 829bdcc2-9825-4463-9793-a9bc4d1a5c19 Chairman’s statement continued For MTN, sustainability is about ensuring sound practices are part year running in 2009, employees of MTN Yemen won the Group’s of its core business. In 2009, through the efforts of an improved first prize for this initiative. Well done to you all. Group sustainability function, the focus on the environmental, social and ethical issues that could pose an economic risk or In 2009, MTN launched a campaign to reduce deaths in Africa opportunity to MTN was heightened. Through ongoing board and from malaria, which is the number one killer of children under executive support and Group-led strategic planning, the Company the age of five on the continent. For maximum impact, the is in a better position to adapt to global imperatives and enhance Group teamed up with the Malaria Community – a coalition of stakeholder value. leading technical and advocacy groups. The aim is to help ensure 100% coverage and use of mosquito bed nets in malaria areas, In 2009, MTN Uganda won the best solution for rural services achievement of which stands to save more than four million lives award at the AfricaCom Awards in Cape Town. This was for its by 2015. This initiative is being rolled out in countries affected by MTN Google SMS offering, developed in partnership with Google the mosquito-borne disease,
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