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Botswana Telecommunications Corporation Limited Annual Report 2017

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Botswana Telecommunications Corporation Limited Annual Report 2017 Botswana Telecommunications Corporation Limited Annual Report 2017 Section 01 Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS 1 Contents Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS “BTC is the only PTO About Our Licence holder Business operating BTC was established in 1980 as a body corporate by the BTC Act both to provide, develop, operate and manage Botswana’s national and international telecommunications services. Since then, the Company traditional has evolved to become one of the leading providers in Botswana of voice telephony, fixed and mobile, as well as National and International fixed and Internet, data services, virtual private networks and customer equipment mobile to residential, Government and business customers. networks” 2 Section 01 Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS 2016 BTC’s business is managed along its three main lines of business: Fixed, Mobile and Data. Data is In April 2016 BTC was listed on the Botswana offered over both fixed and mobile networks. Stock Exchange following an Initial Public Offering. BTC is permitted under the Public These business revenues are further analysed Telecommunications Operator (PTO) licence into revenue sources: voice call revenues issued by the regulatory authority, BOCRA, to offer services of any kind, using any technology (whether being national or international); access (technology neutral), connected with public network incomes (whether fixed line networks, telecommunications. At present, BTC is the only private circuits or mobile platforms); and data PTO Licence holder operating both traditional and customer premises equipment. This analysis fixed and mobile networks. Because of this is designed to assist management and other unique positioning, the Company is able to offer readers to compare the operating results and services in the conventional fixed, mobile and financial performance in a meaningful way. convergent domains, providing mobile, fixed and convergent products and services. BTC offers its products and services through two operating business units: BTC Wholesale, and Home & Office. 3 Contents Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS FINANCIAL HIGHLIGHTS 6% 4% 5% Cost of Fixed Mobile Sales Sales Sales 21% 7% Data Other Sales Revenue Sales Contribution Sales Growth 16% 9% % 7% 2% 0.4% Fixed 32% Data 29% 2013 2014 2015 2016 2017 Mobile 37% Other 2% 4 Section 01 Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS Total Costs (P’000) Direct Costs (P’000) 1,883,000 817,000 722,000 1,479,000 676,000 1,401,000 1,359,000 567,000 566,000 1,101,000 March - 13 March - 14 March - 15 March - 16 March - 17 March - 13 March - 14 March - 15 March - 16 March - 17 MOBILE SALES BALANCE SHEET Sales continue to grow in line with the growing use of social media platforms Liquidity Ratio 3.97 times Market share - 17% against 15% FY 2016 Cash injection from share issue of P250m Blended ARPU - P98 against P88 FY 2016 Return on Capital Employed at 12% against prior year of -29% Return on Assets at 13% against prior year of -22% OTHER REVENUE Includes directory services and third party collection fees 5 YEAR PERFORMANCE INDICATORS (In summary) Margins FY2017 FY2016 FY2015 FY2014 FY2013 Sales growth 9% 0.4% 2% 7% 16% Gross profit margin 58% 51% 62% 44% 58% Net profit margin 15% -25% 10% 0% 20% EBITDA margin 23% 18% 23% 28% 32% EBIT margin 16% -33% 12% -2% 20% Working capital ratio 3.97 3.67 2.94 2.29 2.33 ROCE 12% -29% 8% -8% 12% Asset Turnover 0.70 0.76 0.62 0.68 0.52 5 Contents Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS OUR PERFORMANCE 8. Chairperson’s Statement 12. Board of Directors 14. Managing Director’s Statement 18. Executive Management 6 Section 01 Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS OUR PERFORMANCE 7 Contents Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS It is with great pleasure that I present to you our 2016/17 Annual Report. The 2016/17 financial reporting period marked the first full year since Botswana Telecommunications Corporation Limited welcomed approximately 50,000 new shareholders and debuted on the Botswana Stock Exchange (“BSE”). Though the year has been quite eventful, I am happy to report that it has been successful on many fronts. Lorato Boakgomo-Ntakhwana BTC Board Chairperson 8 Section 01 Pgs 01 - 19 Pgs 20 - 31 Pgs 32 - 49 Pgs 50 - 79 Pgs 80 - 101 Pgs 102 - 156 OUR PERFORMANCE | OUR STRATEGY | SUSTAINABILITY REPORT | GOVERNANCE | FINANCIAL REVIEW | ANNUAL FINANCIAL STATEMENTS Profit EBITDA Revenue P237 After P369 Increased by P1.6 Increased by million Tax million 40% billion 8% Our Performance Strategy Revamp The regulatory environment remains an The financial results for the year ended 31 I am also pleased to report that the Board area of importance to our business. Though March 2017 showed a significant improvement has approved a 3-year strategy to year 2020 we are pleased, given the solid relationships in the performance of the Company. The for the Company. The Board saw it necessary we enjoy with our Regulators, the Company Company registered an impressive Profit After to revamp BTC strategy post listing, to focus continues to keep an eye on all changes and Tax (“Profit After Tax”) of P237 million, a 164% more on the transformation and growth developments within the regulatory space increase year-on-year. BTC’s main target for agenda in the short to medium term. to ensure compliance, and where possible, to the first-year post listing was to ensure the help influence the environment. As is the case return of value to shareholders by delivering Under the revamped strategy, the Company globally, the Telecommunications regulatory on its financial commitments as outlined in will focus on five strategic themes; Business landscape in Botswana, continues to evolve. the Initial Public Offering (IPO) Prospectus. I growth, Customer Experience, Operational In the year under review, Mr. Maclean am pleased to report that we have honoured Efficiency, Innovation, and High-Performance C. Letshwiti and I joined the Board of BTC that commitment and even greatly surpassed Culture. These five themes will serve as the as Independent non-executive directors. To it. BTC had forecasted a Profit After Tax of Organisations’ road map for the next 3 years. further strengthen and broaden the Board’s P116 million for the year under review and skills, post year end, the Board appointed the reported Profit After Tax of P237 million is Corporate Governance and Risk two additional non-executive directors; Mr. more than double the forecast. The Board invested time reviewing the Andrew Johnson, a Telecommunications Company’s risk management processes and expert and Mr Ranjith Priyalal De Silva, a This solid bottom line growth was a result reporting, to ensure they are in line with best Chartered Accountant whose expertise covers of good performance on many key financial practice and industry standards. Broad based Auditing, Accounting, Tax Planning, Financial indicators; revenue increased by 8% year on risk management is central to company Investigations and Fiscal Management. On year to P1.638 billion, costs decreased by 26% performance and business sustainability, behalf of the Board, I welcome them to the to P1.401 billion from P1.883 billion in the prior hence efforts to embed risk management Board of BTC. year, and EBITDA increased by 40% year-on- into the day to day operations of the business year to P369 million. Overall the Company’s continue. Our Employees profitability margins have improved. In The good performance reported for the year addition, cash balances increased by 32% The Audit and Risk Committee of the Board, is due to the combined efforts of all our year-on-year to P516 million. supported by the Company’s Internal Audit employees. The Board appreciates the role division, has been tasked with ensuring that of employees in delivering the Company’s I am delighted to report that this overall all potential risks are identified, monitored mandate and strategy. To that effect, we improvement in performance is a and managed. have increased our investment in training combination of both better business focus and leadership development, especially of and improved operational efficiencies. Overall our senior talent, to equip them with the the Company performed very well against necessary skills to deliver the revamped the main strategic objectives of growing “We had strategy. We are working on enhancing the mobile market share and revenue, data and Company’s organisational structure to ensure broadband revenue, optimising costs, and forecasted a it is aligned with the new strategy. improving customer satisfaction levels. Profit After Tax During the year, the Board also adopted The results of our annual employee changes to the Company’s dividend policy of P116 million satisfaction survey show an improved to provide guidance and ensure consistency engagement level and alignment, which is key and predictability in the declaration and for the year to the delivery of our strategy going forward.
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