DOCSLIB.ORG

LONG-SERVING MURADZIKWA LEAVES NICOZ: Page 4 $4

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
LONG-SERVING MURADZIKWA LEAVES NICOZ: Page 4 $4 LONG-SERVING MURADZIKWA LEAVES NICOZ: Page 4 $4 News Worth Knowing Munyeza eyes energy sector: Page 7 February 21-27 2019 ESTABLISHED 1969 @ FingazLive www.fingaz.co.zw Facebook: The Financial Gazette ZSE Report THE All Share index recov- ered 1,60 percent yesterday Business to close at 152,90 points. SeedCo International led the movers with a $0,25 gain to settle at $2. Cassava Smartech put on $0,1 to close at $1,46, while PPC traded $0,08 high- er at $1,88. The Industrial in- dex was up by 1,62 percent to close at 510,02 points, and the toasts to Top 10 index gained 2,03 per- cent to close at 151,59 points. The Minings index was flat at 217,92 points. Currencies (Bloomberg) % change ◀ USD:ZAR 14,8338 1,63 EUR:USD 1,1316 0,26 ◀ ◀ GBP:USD 1,2764 0,46 ◀ Mangudya USD: JPY 113,2900 0,14 Stock Markets ZSE (All Share) 166,82 1,49 ◀ ◀ ZSE (Mining) 217,34 0,36 ◀ JSE 16 366,00 0,16 ◀ FTSE 100 7 142,33 1,52 ◀ 1,48 Dow 25 243,54 Commodities (Bloomberg) 0,82 statement Gold 1 212,90 ◀ Platinum 836,31 0,02 Ndakaziva Majaka and Omega Ukama notes and coins in circulation would now be de- ◀ 0,42 Staff Reporters nominated as RTGS dollars “in order to establish Brent Oil 75,59 ◀ an exchange rate between the current monetary IMBABWEAN businesses and analysts balances and foreign currency”. Grains (Grain SA) White Maize ZAR 2 101,36 1,0 yesterday welcomed Reserve Bank of Zim- This means that RTGS dollars have now for- ◀ Soya ZAR 4 483,09 2,7 babwe (RBZ) governor John Mangudya’s mally become part of the country’s multi-currency ◀ Wheat ZAR 2 687,49 1,8 Z ◀ monetary policy statement (MPS), which has seen system — with the legal instrument to give effect a substantial liberalisation of the country’s foreign to this having already been prepared. currency market — in a major policy shift that is “The RTGS dollars shall be used by all entities Gold Leaf attacks expected to stabilise both exchange rates, and the (including government) and individuals in Zimba- prices of goods. bwe for the purposes of pricing of goods, services, SA interest group This was after the central bank boss announced debts, accounting and settlement of domestic CIGARETTE manufacturer that President Emmerson Mnangagwa’s govern- transactions,” he said. Gold Leaf Tobacco has taken a ment had put in place adequate measures to main- “The use of RTGS dollars for domestic transac- tough stance against South Af- tain order and sanity through the establishment of tions will eliminate the existence of the multi-pric- rican lobby TakeBackTheTax, an inter-bank facility or mechanism with immedi- ing system and charging of goods and services in which has been claiming its ate effect. foreign currency within the domestic economy,” products were basically ille- As such, this would formalise the trading of Mangudya added. gal non-tax compliant because real time gross settlement (RTGS) balances and “In this regard, prices should remain at their “they were so cheap”. bond notes with hard currencies such as the Amer- current levels and or start to decline in sympa- And in its fight-back plan, ican dollar on a willing-buyer willing-seller basis thy with the stability in the exchange rate given the African operator has not through banks, and bureaux de change. that the current monetary balances have not been “This is essential in order to bring sanity to the changed,” he said. only petitioned Yusuf Abram- MOONLIGHT Holdings chief executive Chomi Makina after a jee’s organisation to stop the foreign currency market, while at the same time “In this respect, the RBZ will commit all its ef- tour of the group's new headquarters in Harare last week. The promoting exports, diaspora remittances and in- forts to use the instruments at its disposal to main- smear campaigns, but feels the company's subsidiary, Moonlight Provident Associates, has 46 so-called social and anti-smug- vestments for the good of our national economy,” tain stability of the exchange rate.” branches and is the first funeral assurer to introduce a cash- Mangudya said. Mangudya also revealed that the main bank gling movement was “a front back plan locally. — Picture by Freedom Mashava Additionally, existing RTGS balances, bond To Page 2 for malicious multinational ri- vals”. Page 2 | February 21-27 2019 The Financial Gazette National News From Page 1 “However, all will depend on the mon- had arranged sufficient lines of credit to en- ey supply growth ... how Treasury is going able it to maintain adequate foreign curren- to complement the monetary authority,” cy to underpin the exchange market. Business toasts to MPS Gwanyanya said. This was essential to restore the pur- “If we manage money supply growth chasing power of RTGS balances through and their agents shall report their activities said. “However, if it is paid for at the going that would need further mitigatory mea- and the interbank system works well, then the safeguarding of the stability of prices on a daily basis as required by the Bank,” rate it will not be so bad,” Jabangwe said. sures. the system will stabilise,” he said. “emanating from the pass-through effects Mangudya said. Zimbabwe National Chamber of “This is what the analysts and the in- Busisa Moyo, an industrialist and ad- of exchange rate movements”. Sifelani Jabangwe, the president of Commerce (ZNCC) chief executive Chris dustry had been lobbying for and for good visor to President Emmerson Mnangagwa, All the foreign currency from the in- the Confederation of Zimbabwe Industries Mugaga also applauded Mangudya for reason. The reason that inflation has been also welcomed the new RBZ move, but ter-bank market would be utilised for bona (CZI), described the central bank’s new getting rid of the “1:1 fiction”. worsening is the impact of the parallel with a rider. fide foreign payment invoices except for measures as “positive”. “I have to say that he tried hard against market on the value of imported goods,” “It’s good, but asset values have been education fees. “As industry, we have been asking for the background of serious worries and un- he said. seriously eroded and have to go through a All foreign liabilities or legacy debts this for a long time. We had long looked for certainty in the country,” he said. “The interbank market should be able correction period. This must be acknowl- due to suppliers and service providers such a way to legally access foreign currency,” “But people need to digest this a bit to arrest the parallel market and the infla- edged,” he said. as the International Air Transport Associa- he said. more as it essentially means that he has tion. This is a positive development that “If someone invested US$10 million tion (IATA) and declared dividends would “It is a good thing ... to have a way of introduced a local currency fully in a third should guide the country through its goals six months ago, they now have $2,5 mil- be treated separately after such transactions gauging what the rate would be and to phase of de-dollarising. This means that the as stipulated in the TSP,” Chakravati said. lion. It will, however, encourage produc- had been registered with authorities “to de- transact in a safe environment,” Jabangwe US dollar is now foreign currency,” Muga- Economist Persistence Gwanyanya tion ... but for asset values it’s a thorough termine the roadmap for orderly expunging said. ga said. said the liberalisation announced by Man- beating,” Moyo said. the legacy debt”. “People in the diaspora will also be “It is probably a move in line with gudya had largely been expected. Former Economic Planning minister All other foreign currency require- able liquidate their funds into the official Minister (Mthuli) Ncube’s meeting with “We all expected the floating. It was Tapiwa Mashakada said Mangudya had ments for government expenditure and system, which is a plus. The interbank mar- (SA) President Ramaphosa recently. Zim- overdue. But the market thought the central introduced a “Zim dollar”. other essential commodities that include ket also promises to allow for movement babwe could be moving towards rand bank was going to come up with a cap,” “My reading … is that Zimbabwe now fuel, cooking oil, electricity, medicines of more foreign currency into the official adoption and as you know, having a local he said. has a virtual local currency called RTGS and water chemicals would continue to be system,” the CZI boss added. currency is possibly the first step towards “My fear was always that there might dollar. This is a Zim dollar by any means,” made available through the existing letters Jabangwe said further that the new that,” he added. be a hard landing. If the market reacts by he said. of credit facilities or the Foreign Exchange policy measures also promised to clear up Mugaga also said he did not expect hiking the exchange rate, this might desta- “The domestic currency has bounced Allocations Committee. many things with investors and Zimba- inflation to shoot up as a result of the new bilise the economy,” Gwanyanya said. back without addressing the key funda- “Banks shall report activities of the bwe’s developmental partners. measures, as the country had “already ab- “However, if the rate goes up in the mentals,” Mashakada said. inter-bank foreign currency market to the “Up to this point, investors were reluc- sorbed its fair share of inflationary growth interbank market, this is going to attract According to Mangudya, his new Bank that shall closely monitor the foreign tant to come because they did not under- or pressures”.
Load more

Recommended publications
  • A Robust Business Model Driven by Our Pioneering and Innovative Spirit
    ECONET WIRELESS ZIMBABWE LIMITED A robust business model driven by our pioneering and innovative spirit Integrated Annual Report 2017 “Religion that God our Father accepts as pure and faultless is this: to look after orphans and widows in their distress and to keep oneself from being polluted by the world.” James 1:27 New International Version (NIV) About This Report This integrated report gives performance and commentary on the Group’s operations for the financial year ended 28 February 2017. It explains who we are, how we create value and interact with our stakeholders and provides information on both financial and non-financial performance. Reporting principles and responsibilities The Group applies International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and interpretations as issued by the IFRS Interpretations Committee. We also comply with the Zimbabwe Stock Exchange Listing requirements and the Companies Act (Chapter 24:03). The audit committee recommends to the board of directors, the Annual Financial Statements (AFS) for approval. The AFS are audited by independent external auditors, Deloitte & Touche. The audit committee ensures the integrity of the report and has applied its collective mind to its preparation and presentation. The directors are responsible for the integrated report as a whole. DISCLAIMER - FORWARD-LOOKING STATEMENTS An integrated report includes certain ’forward-looking statements’. These forward-looking statements are necessarily about the future and therefore incorporate degrees of uncertainty. Consequently, future actual results and performance may differ from these statements. The forward-looking statements are current as of the date of publication of the integrated report.
    [Show full text]
  • Notice of an Extraordinary General Meeting
    This Document is not and, does not purport to be a Prospectus or an offer to sell, or the solicitation of an offer to buy shares in Zimbabwe or in any country other than Zimbabwe. The distribution of this Document outside Zimbabwe may constitute a violation of the laws of other countries. This Document contains an offer to the existing shareholders of Econet Wireless Zimbabwe Limited to purchase additional shares in Econet Wireless Zimbabwe Limited that shall in all respects rank pari passu with, and be uniform to shares already in issue. The terms and conditions of the proposed Rights Offer and the Debentures are set out herein. No person has been authorised to give any information, or make any representations in connection with the Rights Offer, or the Company other than as contained in this Document and, if given or made, such information or representation must not be relied upon as having been authorised by the Company, its Directors, or its advisors. The Advisors are acting as advisors to the Company only, in connection with the Rights Offer, and will not be responsible to any other person for providing the protection offered to their clients. If you are in any doubt as to the action you should take, you should immediately seek advice from your stockbroker, bank manager, legal practitioner, accountant or other professional advisor. If you no longer hold any shares in Econet Wireless Zimbabwe Limited, you should send this Document and the accompanying proxy form as soon as possible to the stockbroker or other agent through whom the sale or disposal of your shares was effected for onward transmission to the purchaser or transferee.
    [Show full text]
  • ECO.Zw Financial Statement and Audit
    ECONET WIRELESS ZIMBABWE LIMITED (Incorporated in Zimbabwe on 4 August 1998 under Company registration number 7548/98) ZSE alpha code: ECO ISIN: ZW 000 901 212 2 ECONET WIRELESS - 1940/PAGE 1 WIRELESS - 1940/PAGE ECONET Audited Abridged Consolidated Financial Results for the year ended 29 February 2020 FINANCIAL HIGHLIGHTS Subscribers Market share (voice traffic) Market share (data traffic) Revenue (Inflation adjusted) Increased by 7% points Increased by 4% points Increased by 31% 79% from ZW$5.2 billion to 73% 72% 69% ZW$6.8 billion EBITDA (Inflation adjusted) Increased by 10% from 11.4 million to Decreased by 4% 12.6 million from ZW$2.8 billion to ZW$2.7 billion 2019 2020 2019 2020 WASH HANDS SOCIAL DISTANCING WE CAN ALL FIGHT Wash your hands with soap or a Keep a distance of around 2 TOGETHER TO STOP THE hand sanitiser. meters away from others in public. SPREAD OF COVID-19 COVER A COUGH STAY AT HOME Let’s unite against OR SNEEZE Always stay home unless you Cover your cough or sneeze with have an important reason to leave the virus now! your sleeves or tissue. Dispose the the house. tissue and wash hands afterwards. Inspired to change your world Directors: Dr. J. Myers (Chairman)*, Mr. S.T. Masiyiwa, Mr. R. Chimanikire, Dr. J. Chimhanzi*, Mr. M. Edge*, Mr. M. Gasela*, Mr. G. Gomwe*, Dr. D. Mboweni, Ms. B. Mtetwa*, Ms T. Moyo*, Mr. H. Pemhiwa*. *Non Executive Group Company Secretary: Mr. C.A. Banda | Econet Wireless Zimbabwe Limited: Incorporated in the Republic of Zimbabwe.
    [Show full text]
  • 29 July 2020 ECONET SHAREHOLDERS REIGN in YOUR
    29 July 2020 ECONET SHAREHOLDERS REIGN IN YOUR MAFIA ENTERPRIZE. To: • Old Mutual Investment Group (Pty) Ltd • Rudnick Family • Austin Eco Holdings Ltd. • Northunberland Investments (Pty) Ltd. • Douglas Mboweni • BlackRock Fund Advisors • Sanlam Investment Management (Pty) Ltd. Two weeks ago the Zimbabwean government issued a long overdue search and seizure warrant for Econet Wireless (Pty) Limited (hereafter referred to interchangeably as EWL or Econet) documents to investigate allegations of money laundering, illegal foreign currency trading and externalization by the company. As a civil society organization, we believe that the time has come for us as concerned Zimbabweans to inform you, the shareholders of Econet, Cassava and appendages like Liquid Telecom, on the genesis of what can only be described as Econet organized crime and how this malfeasance has been entrenched in the Econet ecosystem by its founder Mr. Strive Masiyiwa, who has been at the epicenter of this corrupt mob. Introduction. It is common cause that Econet Wireless (Pty) Limited was listed on the Zimbabwe Stock Exchange in 1998. The facts are clear that EWL’s controlling shareholder, TS Masiyiwa Holdings Limited (TSM), was a Zimbabwean registered company in which Mr. Masiyiwa and his wife fraudulently allotted to themselves 67.5% of the company’s issued share capital. It is not in dispute that TSM was issued 60% of the capital in Econet [EWL] pursuant to the capitalization of foreign imported equipment that at all material times did not belong to TSM. You may not be in possession of a report in relation to the investigations into the affairs of First Mutual Life, a Zimbabwean insurance company that fraudulently invested Z$180 million in EWL in the Initial Public Offering (IPO) of the company’s shares and debentures.
    [Show full text]
  • Mobile Network Codes (MNC) for the International Identification Plan for Public Networks and Subscriptions (According to Recommendation ITU-T E.212 (09/2016))
    Annex to ITU Operational Bulletin No. 1162 – 15.XII.2018 INTERNATIONAL TELECOMMUNICATION UNION TSB TELECOMMUNICATION STANDARDIZATION BUREAU OF ITU __________________________________________________________________ Mobile Network Codes (MNC) for the international identification plan for public networks and subscriptions (According to Recommendation ITU-T E.212 (09/2016)) (POSITION ON 15 DECEMBER 2018) __________________________________________________________________ Geneva, 2018 Mobile Network Codes (MNC) for the international identification plan for public networks and subscriptions Note from TSB 1. A centralized List of Mobile Network Codes (MNC) for the international identification plan for public networks and subscriptions has been created within TSB. 2. This List of Mobile Network Codes (MNC) is published as an annex to ITU Operational Bulletin No. 1162 of 15.XII.2018. Administrations are requested to verify the information in this List and to inform ITU on any modifications that they wish to make. The notification form can be found on the ITU website at http://www.itu.int/en/ITU-T/inr/forms/Pages/mnc.aspx . 3. This List will be updated by numbered series of amendments published in the ITU Operational Bulletin. Furthermore, the information contained in this Annex is also available on the ITU website. 4. Please address any comments or suggestions concerning this List to the Director of TSB: International Telecommunication Union (ITU) Director of TSB Tel: +41 22 730 5211 Fax: +41 22 730 5853 E-mail: [email protected] 5. The designations employed and the presentation of material in this List do not imply the expression of any opinion whatsoever on the part of ITU concerning the legal status of any country or geographical area, or of its authorities.
    [Show full text]
  • Southern African Volume 21 Number 5
    JANUARY/FEBRUARY 2017 southern african Volume 21 Number 5 Forwireless communications professionals in southern Africa COMMUNICATIONS ● How to get the best out of the latest satellites ● Connecting the education sector ● Network sharing: boosting performance for MNOs Designed by Experts: You When we were developing the new FG Wilson 6.8 – 25 kVA range, we worked with the experts: the people who own and use generator sets every day. From top to bottom, the range is designed to make life easier for you. It comes with 600, 1,000 & 2,000 litre fuel tanks so you need to refuel less often. 1,000 hour service intervals mean you need to make fewer visits to site. New LCD control panels with optional remote communications make day to day operations simpler. Three enclosure design options mean you only fit the enclosure you really need. And our extensive dealer network will ensure your generator set is always in great shape to do the job it was designed to do. To find out more, visit www.fgwilson.com Wirelsss Asia ad Sept ToPrint.indd 1 26/09/2016 15:48 wirelesssouthern african CONTENTS COMMUNICATIONS JANUARY/FEBRUARY 2017 southern african Volume 21 5 News review Number 5 JANUARY/ Forwireless communications professionals in southern Africa COMMUNICATIONS FEBRUARY 2017 > Eutelsat’s African broadband back on track ● How to get the best out of the latest satellites > LTE not secure enough for critical comms ● Connecting the education sector ● Network sharing: boosting performance for MNOs Volume 21 > Microsoft to use Nominet’s TVWS tech Number 5 > Vodafone helps fight HIV in Lesotho > MTN trials unique PtMP platform in SA 9 News > First demo of Gigabit class LTE in Africa > Tablet brings internet to remote communities 16 Wireless solutions > Indian Ocean Xchange will offer open access > Angola aims to become regional hub About Otto Wireless: 13 Wireless business Otto Wireless Solutions is a supplier > Liquid wins approval for Neotel takeover of wireless connectivity hardware, specializing in Industrial GSM, 3G, 16 Wireless solutions HSPA and LTE equipment.
    [Show full text]
  • WIDER Working Paper 2020/83-Competitive Dynamics of Telecommunications Markets in South Africa, Tanzania, Zambia, and Zimbabwe
    WIDER Working Paper 2020/83 Competitive dynamics of telecommunications markets in South Africa, Tanzania, Zambia, and Zimbabwe Genna Robb and Anthea Paelo* June 2020 Abstract: Low levels of broadband penetration combined with poor quality of services present a challenge to growth and development in the Southern African Development Community (SADC). This paper performs a comparative analysis of the competitive dynamics of telecommunications markets in four SADC countries and relates this to outcomes for consumers. From a mobile perspective, a common theme is that while entrants have attracted subscribers, they have struggled to grow revenues and compete effectively due to tariff-mediated network effects and the high cost of building a network. Fixed markets are underdeveloped and highly concentrated. Access to fixed and mobile infrastructure is a challenge, in spite of regulations mandating access in most countries. Where mobile money has taken off, this has sometimes exacerbated network effects and enhanced the market power of incumbents, although the development of interoperability in some countries has had a positive impact. The findings suggest that regulation has often been ineffective in facilitating competition in telecommunications markets in SADC. Key words: competition, fixed and mobile infrastructure, interoperability, Southern African Development Community, telecommunications JEL classification: L1, L51, L96 Acknowledgements: The paper was presented at a seminar titled ‘The potential for cheap, high quality telecommunications services in Africa panel session’ at the Centre for Competition, Regulation and Economic Development at the University of Johannesburg, South Africa, on 13 February 2020. * Both authors: Centre for Competition, Regulation and Economic Development, University of Johannesburg, South Africa; corresponding author: [email protected] This study has been prepared within the UNU-WIDER project Southern Africa – Towards Inclusive Economic Development (SA-TIED).
    [Show full text]
  • WIDER Working Paper 2020/83-Competitive
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Robb, Genna; Paelo, Anthea Working Paper Competitive dynamics of telecommunications markets in South Africa, Tanzania, Zambia, and Zimbabwe WIDER Working Paper, No. 2020/83 Provided in Cooperation with: United Nations University (UNU), World Institute for Development Economics Research (WIDER) Suggested Citation: Robb, Genna; Paelo, Anthea (2020) : Competitive dynamics of telecommunications markets in South Africa, Tanzania, Zambia, and Zimbabwe, WIDER Working Paper, No. 2020/83, ISBN 978-92-9256-840-5, The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki, http://dx.doi.org/10.35188/UNU-WIDER/2020/840-5 This Version is available at: http://hdl.handle.net/10419/229307 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
    [Show full text]
  • Northern African
    For communications professionals in north, west, east & central Africa NORTHERN AFRICAN WIRELESSCOMMUNICATIONS FEBRUARY/MARCH 2020 Volume 19 Number 1 l Key industry players discuss smart cities in Africa l Connecting refugees within the continent l The ATU’s call to arms over Covid-19 Simon Fletcher, RealWireless CTO, offers advice to government and regulators NAWC 2003 p1 (Cover).indd 1 16/04/2020 13:47 NEWS 4 SOUTHERN AFRICAN WIRELESS COMMUNICATIONS January/February 2019 NAWC 2001 p36 (Hughes).indd 4 14/04/2020 17:53 NORTHERN AFRICAN CONTENTS COMMUNICATIONSWIRELESS FEBRUARY/ 5 NEWS u MARCH 2020 Balloons to access Kenya’s airspace u Orange gives extra €3m to help Africa Volume 19 u Moroccan operators offer free internet Number 1 u MTN Benin gets AI managed services u Liquid ready to enter Eritrea, says CEO 5 NEWS u Hormuud Telecom becomes ISO certified u Operator’s plans frustrated by pandemic u OneWeb declares bankruptcy u Safaricom and Vodacom complete deal Real Wireless is the world’s leading independent wireless advisory rm. 14 WIRELESS BUSINESS Our network of experts includes Telecom Egypt boosts internet packages engineers, physicists, economists, 18 ROUNDTABLE security advisors, business strategists 18 ROUNDTABLE and deployment specialists. Our clients Four key industry players give us the latest on Africa’s ‘smart city’ journey bene t from a comprehensive portfolio 26 WIRELESS SOLUTIONS of specialists and custom tools that analyse radio network performance, 26 WIRELESS SOLUTIONS TE Connectivity extends M12 range with right- techno-economic impact and the angle connectors for PCBs and panels business model implications of wireless systems. With this unmatched resource 28 WIRELESS USERS we are able to advise the industry and Avanti is donating solar satellite broadband all user groups, spanning businesses, connectivity and laptops to refugee governments, mobile operators, settlements in east Africa regulators and technology companies on every aspect of wireless technology.
    [Show full text]
  • Liquid Telecommunications Holdings Limited Financial Results for the Fourth Quarter and Year Ended 28 February 2019
    LIQUID TELECOMMUNICATIONS HOLDINGS LIMITED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED 28 FEBRUARY 2019 Continued progress despite challenging economic conditions 18 June 2019 Leading pan-African telecoms group Liquid Telecom, a subsidiary of Econet Global, today announces its financial results for the year ended 28 February 2019. Highlights • Full year reported revenues were USD 668.9 million and adjusted EBITDA2 of USD 211.1 million. Cash generated from operation was USD 170.8 million resulting in a year end net debt position of USD 738.6 million. Closing net debt to adjusted EBITDA ratio was 3.5x. • Revenues were impacted by the introduction of a new currency in Zimbabwe which more than offset the monetisation of our network expansion. Profit for the period 1 October 2018 to 22 February has been impacted by the retrospective currency changes in Zimbabwe to the amount of USD 29.6 million. This foreign exchange impact has been added back to arrive at adjusted EBITDA for the year. • Full-year adjusted EBITDA2 growth at 10.3 per cent. • In February, we announced a large-scale 15 year roaming agreement with MTN South Africa amounting to USD 2.1 billion of total contract value. The network is expected to ‘go live’ in June 2019 and we have delivered and billed for the planning activity. We continue to be in discussions with other prospective partners to utilise the 4G network established in South Africa. • We progressed the restructuring of a number of our entities including South Africa as part of our strategy to digitally transform the way we serve customers.
    [Show full text]
  • INTEGRATED ANNUAL REPORT 2016 “So Do Not Fear, for I Am with You; Do Not Be Dismayed, for I Am Your God
    INTEGRATED ANNUAL REPORT 2016 “So do not fear, for I am with you; do not be dismayed, for I am your God. I will strengthen you and help you; I will uphold you with my righteous right hand.” Isaiah 41:10 NIV Bible ABOUT THIS REPORT Our Commitment to Integrated Reporting Our commitment to value creation for our stakeholders, innovation and sustainability leadership made this publication the natural evolution in our communication with stakeholders. This marks our fifth year of integrated reporting covering corporate social investment, environmental issues and ethical reporting. Disclaimer - Forward-looking statements An integrated report includes certain ’forward-looking statements’. These forward-looking statements are necessarily about the future and therefore incorporate degrees of uncertainty. Consequently, future actual results and performance may differ from these statements. The forward-looking statements are current as of the date of publication of the integrated report. The Company makes no representation that the information will be publicly updated after release of this integrated report. Our business strategies are robust. We remain committed to taking the necessary decisions to protect and enhance value for the shareholders and other stakeholders. 1 Econet Wireless Zimbabwe Limited Integrated Annual Report 2016 CONTENTS OVERVIEW 3 Performance Highlights 3 Stakeholder Value Creation 4 New Products and Services 9 CORPORATE AND LEADERSHIP 10 Our Business 10 Corporate Profile 12 Company Profile 13 Chairman’s Statement to Shareholders
    [Show full text]
  • ECO.Zw Annual Report 2017
    ECONET WIRELESS ZIMBABWE LIMITED A robust business model driven by our pioneering and innovative spirit Integrated Annual Report 2017 “Religion that God our Father accepts as pure and faultless is this: to look after orphans and widows in their distress and to keep oneself from being polluted by the world.” James 1:27 New International Version (NIV) About This Report This integrated report gives performance and commentary on the Group’s operations for the financial year ended 28 February 2017. It explains who we are, how we create value and interact with our stakeholders and provides information on both financial and non-financial performance. Reporting principles and responsibilities The Group applies International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and interpretations as issued by the IFRS Interpretations Committee. We also comply with the Zimbabwe Stock Exchange Listing requirements and the Companies Act (Chapter 24:03). The audit committee recommends to the board of directors, the Annual Financial Statements (AFS) for approval. The AFS are audited by independent external auditors, Deloitte & Touche. The audit committee ensures the integrity of the report and has applied its collective mind to its preparation and presentation. The directors are responsible for the integrated report as a whole. DISCLAIMER - FORWARD-LOOKING STATEMENTS An integrated report includes certain ’forward-looking statements’. These forward-looking statements are necessarily about the future and therefore incorporate degrees of uncertainty. Consequently, future actual results and performance may differ from these statements. The forward-looking statements are current as of the date of publication of the integrated report.
    [Show full text]