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MTN Rwandacell Plc ANNUAL REPORT 2020

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MTN Rwandacell Plc ANNUAL REPORT 2020 MTN Rwandacell Plc ANNUAL REPORT 2020 1 MTN Rwandacell Plc ANNUAL REPORT 2020 2 MTN Rwandacell Plc ANNUAL REPORT 2020 TABLE OF CONTENTS Section 1: 2020 Overview 1.1 Chairperson's Statement 7 1.2 Chief Executive Officer's Statement 8 Section 2: Financial Highlights i) Summary Income Statement 11 ii) Summary Balance Sheet 11 iii) Summary Cashflow Statement 12 Section 3: Non-Finanical Highlights i) Customer Market Share 15 ii) Commercial Performance Indicators 15 Section 4: Strategy Update 19 Section 5: Corporate Social Investment - MTN Foundation 24 Section 6: Corporate Governance 6.1 Board of Directors 28 6.2 Board Committees 28 6.3 Director Fees and Allowances Paid in the year 2020 29 6.4 Current Board Director Profiles and Directorship Disclosure 31 6.5 Executive Management Organizational Structure 35 6.6 Employees 38 Y’ello3 MTN Rwandacell Plc ANNUAL REPORT 2020 Section 7: Audited Financial Statements for Year Ending 2020 7.1 Reports Directors’ Report 41 Statement of Directors’ Responsibilities 43 Report of the Independent Auditor 44 7.2 Financial Statements Statement of Comprehensive Income 48 Statement of Financial Position 49 Statement of Changes in Equity 50 Statement of Cash Flows 51 Notes 52 Section 8: Attachments 8.1 Profiles of New Directors 106 8.2 Annual General Meeting Notice 109 8.3 Proxy Forms 112 4 MTN Rwandacell Plc ANNUAL REPORT 2020 2020 Overview SECTION 1 of MTN Rwanda 5 MTN Rwandacell Plc ANNUAL REPORT 2020 Belief Statement Everbody deserves the benefits of a modern connected life Vision Leading digital solutions for Rwanda's progress 6 MTN Rwandacell Plc ANNUAL REPORT 2020 Chairperson’s statement It is my pleasurepleasure toto presentpresent toto youyou thethe firstfirst AnnualAnnual ReportReport of MTN Rwandacell PLC since it was listedlisted inin MayMay thisthis year.year. This is my 4th year serving as ChairpersonChairperson ofof thethe BoardBoard and I must say I have been privilegedprivileged toto witnesswitness greatgreat achievements in performance and finally the listing byby introduction on thethe RwandaRwanda SecuritiesSecurities Exchange.Exchange. The year 2020 was like no other, withwith thethe onsetonset andand spreadspread of the COVID-19 pandemic, but I am pleasedpleased toto share,share, thatthat the business remained resilient and consistentconsistent inin itsits drivedrive to serve at full capacity andand provideprovide serviceservice toto itsits clients.clients. Financial performance remained strong with Profitability of RWF 20.2 Billion in 2020, a growth ofof closeclose toto 200%200% againstagainst the previous year 2019. This waswas supportedsupported byby anan increaseincrease in revenue ofof 21%21% andand thethe implementationimplementation ofof efficiencyefficiency improvementimprovement measures.measures. WeWe grewgrew ourour market share from 55% to approximately 62% overover thethe pastpast yearyear consolidatingconsolidating ourour positionposition asas the market leader in the industry.industry. Mobile Money remains a great part of thethe business’business’ growth,growth, withwith severalseveral initiativesinitiatives rolledrolled outout to further digital and financial inclusion.inclusion. AsAs aa testimonytestimony toto thethe deliberatedeliberate focusfocus onon growinggrowing thethe Mobile Money business, on 27th April 2021, thethe CentralCentral BankBank ofof RwandaRwanda issuedissued aa PaymentPayment Service Provider license to Mobile Money Rwanda Limited,Limited, thethe recentlyrecently incorporatedincorporated MTNMTN Rwandacell Plc wholly owned subsidiary. We have continued to engage the community andand givegive backback toto society.society. The The CompanyCompany commits commits 1% 1% of Profit After Tax to support the MTNMTN FoundationFoundation activitiesactivities inin Education,Education, Health,Health, EmpowermentEmpowerment and MTN stakeholder priorities. In 2020, MTN RwandacellRwandacell PLCPLC playedplayed anan activeactive role,role, partneringpartnering with the Government of Rwanda in the fightfight againstagainst COVID-19.COVID-19. TheThe companycompany contributedcontributed toto several COVID-19 mitigation initiatives including complementary communication servicesservices toto the COVID-19 task force and provisionprovision ofof PersonalPersonal ProtectiveProtective EquipmentEquipment toto mentionmention butbut aa few.few. As you may have noted from the noticenotice ofof thethe AnnualAnnual GeneralGeneral MeetingMeeting (AGM),(AGM), II willwill bebe retiringretiring atat the AGM and I will notnot bebe offeringoffering myselfmyself forfor re-election.re-election. II havehave enjoyedenjoyed workingworking withwith thethe BoardBoard and management to deliver on the mission andand visionvision ofof thethe companycompany andand II amam veryvery proudproud ofof what we have achieved together. Finally, may I take this opportunity to expressexpress mymy heartfeltheartfelt gratitudegratitude toto ourour shareholders,shareholders, otherother stakeholders, my fellow board members and the managementmanagement teamteam forfor theirtheir tirelesstireless support.support. …………………… EvelynEvelyne K. K. Rutagwenda Rutagwenda Chairperson – MTN Rwandacell PLC 7 MTN ANNUAL Rwandacell REPORT Plc 2020 ANNUAL MTN REPORT Rwandac 2020ell Plc Chief Executive Officer’s StatementStatement InIn 2020,2020, MTNMTN RwandacellRwandacell PLCPLC reportedreported anotheranother remarkableremarkable year of overall businessbusiness performance.performance. TodayToday wewe havehave thethe largestlargest customercustomer marketmarket shareshare inin thethe telecommunicationstelecommunications industry,industry, connectingconnecting overover 66 millionmillion customerscustomers inin Rwanda,Rwanda, more than half ofof whomwhom transacttransact onon MobileMobile MoneyMoney everyevery month. At MTN Rwandacell PLC,PLC, wewe believebelieve thatthat everyoneeveryone deservesdeserves thethe benefitsbenefits ofof aa modernmodern connectedconnected lifelife andand havehave thereforetherefore remained resoluteresolute inin executionexecution ofof ourour “Ambition2025”“Ambition2025” strategy. In efforts toto buildbuild thethe largestlargest andand mostmost valuablevaluable platforms, we expanded thethe MobileMobile MoneyMoney ecosystemecosystem toto overover 40,00040,000 agentsagents andand 60,00060,000 merchantmerchant paypay pointspoints across the country, endingending thethe year.year. 20202020 alsoalso sawsaw ourour launchlaunch ofof aa first-in-market,first-in-market, free-to-accessfree-to-access messagingmessaging app,app, Ayoba, that allows 200,000200,000 RwandansRwandans toto sendsend text,text, video,video, and voice messages forfor freefree everyevery day.day. InIn lineline withwith Rwanda’sRwanda’s focusfocus onon deliveringdelivering lastlast milemile connectivityconnectivity toto all,all, ensuringensuring notnot oneone person person is is leftleft behind,behind, MTNMTN RwandacellRwandacell PLCPLC increasedincreased itsits networknetwork populationpopulation coveragecoverage fromfrom 94%94% toto 96%,96%, resulting inin continuedcontinued growthgrowth inin thethe voice,voice, datadata andand thethe mobilemobile moneymoney businessbusiness streams.streams. OurOur service to Enterprise customers,customers, whichwhich includesincludes LargeLarge CorporatesCorporates asas wellwell asas SMEs,SMEs, throughoutthroughout thisthis pandemicpandemic seasonseason hashas beenbeen unwavering,unwavering, andand despitedespite thethe overalloverall economiceconomic challenges,challenges, thisthis business unit also sawsaw toto anan organicorganic growthgrowth ofof 18%18% inin thethe lastlast year.year. The execution of ourour strategystrategy resultedresulted inin anan overalloverall toplinetopline revenuerevenue growthgrowth ofof 21%,21%, yearyear onon year. This commercial momentummomentum coupledcoupled withwith sustainablesustainable costcost efficiencyefficiency programsprograms ranran inin 2020, led to aa healthyhealthy EBITDAEBITDA marginmargin ofof 49%49% andand aa profitprofit afterafter taxtax growthgrowth of of 200%. 200%. Through Through the the period, we maintained healthyhealthy debtdebt toto equityequity ratiosratios andand respectedrespected allall covenants.covenants. InIn thethe mediummedium term,term, wewe looklook forwardforward toto continuedcontinued growthgrowth inin thethe customercustomer basebase atat anan averageaverage ofof 5%,5%, doubledouble digit growth in revenuerevenue (low-(low- toto mid-teens)mid-teens) andand stablestable margins.margins. Creating Shared Value remainsremains keykey forfor us,us, andand ourour effortsefforts spanspan acrossacross thethe socialsocial investmentsinvestments we make through thethe MTNMTN Foundation,Foundation, thethe drivedrive forfor financialfinancial andand digitaldigital inclusion,inclusion, thethe directdirect and indirect jobs wewe createcreate andand nownow ourour participationparticipation onon thethe RwandaRwanda StockStock ExchangeExchange (RSE)(RSE) thatthat MTNMTN RwandacellRwandacell PLCPLC listedlisted on,on, onon 44thth MayMay 2021.2021. We owe the resultsresults wewe havehave achievedachieved thusthus farfar toto anan outstandingoutstanding professional,professional, enthusiastic,enthusiastic, and highly motivated team.team. OurOur staffstaff complementcomplement closedclosed thethe yearyear atat 285285 fullfull timetime employees.employees. Our people development interventionsinterventions havehave aa hugehuge focusfocus onon digitaldigital technologiestechnologies toto ensureensure ourour teamteam isis readyready forfor
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