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Vodacom Tanzania Annual Report-31 March 2020.Pdf Vodacom Tanzania Public Limited Company Tanzania Vodacom Vodacom Tanzania Public Limited Company Annual report for the year ended 31 March 2020 We connect for a better future Annual report Annual report for the year ended 31 March 2020 ended 31 March the year for The future is exciting. Ready? Vodacom Tanzania’s Contents Annual Report 2020 Overview 1 Who we are 1 This is Vodacom Tanzania’s fourth annual report, and the third The value we impacted 2 following our listing on the Dar es Salaam Stock Exchange on 15 August 2017. Our business 4 This report provides an overview of our business, business model and operating Vodacom Tanzania at a glance 4 environment, and reviews our strategy, operational and governance performance for Our products and services 5 the financial year 1 April 2019 to 31 March 2020. Our reporting process has been guided by the principles and requirements contained in the International Financial Interim chairperson’s review 6 Reporting Standards (IFRS), the Dar es Salaam Stock Exchange PLC Rules 2016 and Managing director’s review 8 the Companies Act, 2002. Ernst & Young (‘EY’) assured our annual financial Our business model 12 statements and has provided an unmodified opinion (pages 66 to 69). The Board has applied its collective mind to the preparation and presentation of the information in this report. The Board believes that this report addresses all material Business environment 16 issues and presents a balanced and fair account of the Group’s performance for the Our operating context 16 reporting period, as well as an accurate reflection of our core strategic commitments. Our key relationships 18 The directors have applied their judgement regarding the disclosure of Vodacom Our principal risks 20 Tanzania’s strategic plans, and have ensured that these disclosures do not place the company at a competitive disadvantage. The Board approved this annual report on 14 July 2020. Our performance 24 Signed on the Board’s behalf. Delivering on our strategy 24 1 Monetise data and digital opportunities 24 2 Accelerate customer growth through Vodacom M-Pesa 27 3 Continued enhancement of our enterprise Margaret Ikongo Hisham Hendi offering 29 Interim Chairperson Managing Director 4 Maintain brand leadership, and retain and increase market share 31 5 Actively managing cost and process efficiency 33 6 People: Best talent, best practice 34 Delivering on our purpose and social contract 36 Our financial performance 39 The Vodacom Tanzania Foundation 44 Delivering societal value through Governance 46 our core purpose Our leadership team 46 Vodacom Tanzania’s core purpose is ‘connecting for a better future’. Corporate governance report 48 The United Nations Sustainable Development Goals (UN SDGs) provide Corporate governance activities 50 the best articulation of what that ‘better future’ looks like, setting a Remuneration report 54 clear long-term agenda to end poverty, protect the planet and ensure prosperity for all by 2030. Vodacom Tanzania is committed to playing Consolidated annual its role, as a private sector company, in the attainment of these goals, financial statements 56 supporting governments, communities, businesses and individuals to Report of the directors 58 build a better future. Through our core business of providing increased access to reliable and accessible data, messaging, voice and mobile Statement of directors’ responsibilities 65 money services, we are making a valuable contribution to meeting Declaration of Head of Finance 65 national and global developmental objectives. Independent auditor's report 66 Consolidated and separate statements of profit or loss and other comprehensive income 70 Consolidated and separate statements of financial position 71 Consolidated and separate statements of changes in equity 73 Consolidated and separate statements of cash flows 74 Notes to the consolidated and separate financial statements 75 Vodacom Tanzania has identified and prioritised Additional information 132 the following eight Sustainable Development Goals, where we believe we can have the most Notice of annual general meeting 132 meaningful impact. Share information 139 Corporate information 139 Definition of terms 140 Disclaimer 142 Who we are Overview Vodacom Tanzania is Tanzania’s leading communications company providing a wide range of services for consumers and enterprise including voice, data, messaging, financial services and Enterprise solutions to over 15.5 million customers. Our business Vodacom Tanzania listed on the Dar es Salaam Stock Exchange on 15 August 2017. Vodacom Tanzania and its subsidiaries (together ‘the Group’) are majority owned by Vodacom Group Limited, a company registered in South Africa, which in turn is majority owned by Business Vodafone Group PLC., a company based in the United Kingdom. environment Why Our purpose To provide affordable access to the internet. Our performance We connect for a better future Governance financial statements Digital Society Inclusion for all Planet annual Consolidated Connecting people and A digital future is Reducing our things to the internet accessible to all environmental impact Additional information Where How Our vision Our way • To be a leading digital company that empowers a • Earn customer loyalty connected society. • Create the future • Connecting for a better future. • Experiment - learn fast • To be the employer of choice (The best place to work) • Get it done together What Monetise data and Brand leadership. Retain 2020 ended 31 March the year Annual report for 1 digital opportunities 4 and increase market share Our Accelerate customer strategy Actively managing cost 2 growth through M-Pesa 5 and process efficiency What we need to do Continued enhancement People. Best talent, 3 of our enterprise offering 6 best practice Vodacom Tanzania Public Limited Company Public Limited Company Tanzania Vodacom 1 The value we impacted Financial performance +9.8% +0.9% +9.8% +7.4% 1.4 TZS1 024.9 TZS180.8 TZS358.2 TZS154.6 million billion billion billion billion Customers Service Mobile data M-Pesa CAPEX revenue revenue revenue 15% of revenue For our shareholders Dividends (TZS billion) TZS54.5 billion 2019 54.5 paid in dividends to equity shareholders, 2018 38.8 making a total of TZS121.8 billion dividends in the past three years 2017 28.5 For our customers Expanded our population coverage Financial inclusion to over 10.1 million 4G 3G 2G M-Pesa customers 33% 59% 90% Provided TZS52.0 billion in of population Songesha overdrafts to our customers Extended our network: adding Facilitated 460 – 4G sites communications to over Rated first 253 – 3G sites in customer Net Promoter Score 15.5 million 201 – 2G sites (‘NPS’) with a 10-point lead customers For our employees TZS57.7 Two health clinics conducted with billion 344 employees spent on employees including undertaking voluntary training on skills development health checks 2 Overview In our community Our business Actively support Over Indirect TZS1.2 Government's TZS327.7 employment trillion rural coverage billion TZS1.1 provided to over (2020: TZS435 billion, program with spent on over 120 Business billion 2 environment up 11.1%) cash local suppliers and on social investment 135 000 contributions 217 partner companies expenditure, with over Tanzanians. to public finances sites in Tanzania in 2020. 13.51 million in taxes, levies, built over eight direct and indirect spectrum and years. beneficiaries across regulatory fees over Tanzania. Our performance the last three years. 1. Includes CSI activities executed directly through our customer base. 2. Includes freelancers and M-Pesa agents. Governance Responding to COVID-19 Delivering on our Social Contract financial statements In alignment with the broader Vodacom Group, Vodacom • W e continued to invest in maintaining the resilience and quality annual Consolidated Tanzania’s Purpose is to “Connect for a better future”. As a of our network to ensure that Governments, businesses and technology company, we use our technology and communications citizens stay connected. services to connect people and enable businesses in an • We have harnessed the strength of our M-Pesa and financial increasingly digital world. Enhanced communication improves services platforms to promote contactless payments. Additional quality of life, promotes efficiency and facilitates greater social • We have supported the Government directly by providing information inclusion by enabling the sharing of information between capacity and support services for critical Government functions, individuals, communities and businesses. including: – Providing free fixed internet connectivity to a special In delivering on this Purpose, Vodacom Tanzania has committed Government task force, free data access to the National itself to a Social Contract, guided by three core principles: Institute of Medical Research, and unlimited data to all healthcare workers in dedicated COVID-19 centres. – Providing routers and data simcards to the Ministry of Health To promote a duty of care to our customers to enable free internet access and accelerate communication through fairly priced and easy to use products and activities. delivered at high quality of service. – Donating in-kind, a total of US$1 million (equivalent of TZS2.3 billion) through the Vodacom Tanzania Foundation to support Government’s efforts in combatting the pandemic. To ensure fairness and promote digital • We have zero-rated official Government websites with COVID-19 inclusivity, through enhanced access to digital information, and
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