MTN Financials

2008 2007 2006

31-Dec-08 31-Dec-07 31-Dec-06
ZAR ZAR ZAR
USD'000 USD'000 USD'000
INCOME STATEMENT
Net Sales 102 526 00073 145 000 51 595 000
EBITDA 76 733 000 32 065 000 22 465 000
EBIT 63 749 000 22 880 000 16 146 000
Earnings before Tax 28 490 000 19 707 000 14 690 000
Income Tax -11 355 000 -7 791 000 -2 591 000
Earnings after Tax 17 135 000 11 916 000 12 099 000
Other, Minority Interests, Exceptionals -1 820 000 -1 308 000 -1 489 000
Net Profit 15 315 000 10 608 000 10 610 000
Ordinary Dividends -4 525 000 -1 678 318 -1 674 241

BALANCE SHEET - Assets

Cash & Short Term Investments 26 968 000 16 868 000 9 961 000
Accounts Receivable 11 794 000 9 036 000 6 619 000
Inventories 2 372 000 1 167 000 1 043 000
Total Current Assets 54 787 000 33 501 000 20 635 000
Net Property Plant & Equipment 64 193 000 39 463 000 30 647 000
Goodwill & Intangibles 45 786 000 38 797 000 40 105 000
Other Long Term Assets 657 000 1 332 000 2 605 000
Total Assets 170 106 000115 586 00096 917 000
BALANCE SHEET - Liabilities
Total Current Liabilities 5 786 646 5 175 560 2 871 844
Total Long Term Interest-Bearing Debt 3 084 600 3 405 036 4 107 952
Total Financial Debt 4 408 540 4 981 236 4 739 082
Minorities 440 536 619 676 579 542
Provisions 0 0 0
Total Liabilities & Debt 9 934 320 10 104 108 8 366 358
Book Value - Total Shareholders' Equity 8 096 916 7 002 620 5 560 615
Total Liabilities & Equity 18 031 236 17 106 728 13 926 973

CASH FLOW
Net Profit (starting line) 3 019 940 2 916 636 2 110 953
Cash From Operating Activities 3 629 016 3 825 800 2 532 281
Cash From Investing Activities -2 880 762 -2 538 496 -5 547 682
Cash From Financing Activities 30 952 -315 980 2 729 294
Net Change Cash 1 065 300 967 624 -151 029

Capital Expenditure -3 007 538 -2 417 136 -1 407 685

Free Cash Flow 621 478 1 408 664 1 124 596
METRICS
Net Debt 1 549 932 2 484 772 3 307 687
Number of Employees 16 452 14 878 14 067
 2004 2003
31-Mar-05 31-Mar-04
ZAR ZAR
USD'000 USD'000

28 994 000 23 871 000

12 343 000 9 249 000
9 391 000 6 194 000
8 816 000 5 413 000
-1 502 000 -1 101 000
7 314 000 4 312 000
-907 000 -612 000
6 407 000 3 700 000
-680 000 0

6 429 000 5 336 000

2 715 000 2 058 000
649 000 515 000
10 637 000 8 643 000
15 623 000 11 042 000
1 719 000 11 399 000
1 081 000 658 000
29 364 000 32 000 000

1 194 496 1 005 836

480 254 586 922
514 866 656 372
370 678 224 328
0 0
2 142 244 1 922 446
2 541 314 3 139 954
4 683 558 5 062 400

1 406 152 856 337

1 515 410 1 360 045
-1 204 384 -774 864
-137 010 36 861
183 106 522 060

-1 208 372 -798 594

307 038 561 452
-510 560 -187 783
6 258 5 390
Firm Fiscal Period End DaReturn on Return on Return on EBITDA mar
(%) (%) (%) (%)
MTN Group 31 Dec 08 10.72 29.55 24.76 42.53
Peer Median 31 Dec 08 7.06 13.89 15.16 32.47
Bharti Airtel Ltd. 31 Mar 09 14.31 19.78 30.91 51.58
EBIT margiPretax inc After tax Net MarginSales to ac Sales to in Sales to woQuick ratioCash ratio Current rat
(%) (%) (%) (%) (x) (x) (x) (%) (%) (%)
29.66 27.79 16.71 14.94 9.84 57.94 -161.08 72.4 50.79 110.36
17.77 11.29 7.51 11.6 10.2 50.21 -2.91 34.3 16.56 70.63
38.29 23 21.54 21.04 22.64 354.89 -5.01 30.52 14.9 64.47
Financial l Total finanNet Debt / Total assets
(%) (%) (%)
54.61 24.52 8.22
47.09 25.3 19.46
46.41 21.65 17.22
 Enterprise Value EV/Net Sales
Current (USDm) Last USD-M 2009(e) 2010(e) 2011(e)
MTN Group 30071 2 1.84 1.64
Peer Median 16 206 1.91 1.89 1.87
Bharti Airtel Ltd. 30324 3.61 3.35 3.01
 EV/EBITDA EV/EBIT Market Cap P/Earnings (PE)
2009(e) 2010(e) 2011(e) 2009(e) 2010(e) 2011(e) Current(USD-M 2009(e) 2010(e)
4.71 4.37 3.85 6.82 6.42 5.73 27652 12.44 10.58
5.5 5.98 6.08 8.58 10.21 10.28 10.09 10 531 11.32
8.77 871 8.01 13.73 14.23 12.95 27765 1471 14.88
/Earnings (PE)
2011(e)
9
11.14
13.28