Wrap Text
MTN Ghana unaudited financial statements for the nine months ended 30 September 2018
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration Number 1994/009584/06
Share code: MTN
ISIN: ZAE000042164
("MTN Group" or "the group")
MTN Ghana unaudited financial statements for the nine months ended 30 September 2018
Commentary and forward statement
During the quarter, MTN Ghana delivered a strong performance, driven by solid service revenue
growth of 22,9%. Data revenue increased by 30,9% YoY while digital revenue expanded by more than
28%, driven by MoMo, which increased its contribution to revenue to 16%.
MTN Ghana reported an EBITDA margin of 37,6% in the first nine months of the year. This is
1,3 percentage points lower than the margin in the first nine months of 2017. Excluding the
impact of the reintroduction of management fees in May 2018, the EBITDA margin would have
been 40,4%.
Subscriber performance was as follows:
- Subscribers were 19,4 million (17,1 million*)
- Data subscribers were 14,3 million (5,8 million#)
- Mobile money subscribers were 9,4 million (7,9 million*)
MTN Ghana in Q4 will continue to pursue our BRIGHT strategy for 2018 to drive good performance
and strive towards our vision to lead the delivery of a bold new digital world to customers and to
make their lives a whole lot brighter.
* Aligned with the MTN Group definition, subscribers are SIMs which generate or participate in
an event that generates revenue for the company. Out of bracket numbers conform to the respective
regulator subscriber definition.
# Active data subscribers as per MTN Group definition.
Declaration of interim ordinary dividend
Notice is hereby given that a gross interim dividend of GHS0.02 per share for the period
to 30 September 2018 has been declared. This is subject to deduction of appropriate taxes.
The number of ordinary shares in issue at the date of this declaration is 12 290 474 360.
Scancom Plc.'s (MTN Ghana) tax reference number is C0003632776. In compliance with the
requirements of GSE rules, the salient dates relating to the payment of the dividend are
as follows:
Declaration date Thursday, 18 October 2018
Ex dividend date Wednesday, 7 November 2018
Qualifying date Friday, 9 November 2018
Closure of register Monday, 12 November 2018 - Thursday, 15 November 2018
Dividend payment date Wednesday, 21 November 2018
All shareholders registered in the books of MTN Ghana (MTNGH) at the close of business on
Friday, 9 November 2018 will qualify for the interim dividend.
In view of this the register of shareholders will be closed from Monday, 12 November 2018 to
Thursday, 15 November 2018 (both dates inclusive).
In view of the foregoing, the ex dividend date has been set as Wednesday, 7 November 2018.
Consequently, an investor purchasing MTNGH shares before this date will be entitled to the interim
dividend. However, an investor buying MTNGH shares on or after Wednesday, 7 November 2018 will not
be entitled to the interim dividend.
On Wednesday, 21 November 2018 the dividend will be transferred electronically to the bank accounts
or Mobile Money wallets of certificated shareholders who make use of these facilities.
For and behalf of the board
S Adadevoh M Kadri
CEO CFO
18 October 2018
Unaudited statement of comprehensive income
for the period ended 30 September
Nine Nine
months months
ended ended
30 Sep 30 Sep
2018 2017
GHS000 GHS000
Revenue 3 054 687 2 488 294
Cost of sales (425 000) (366 604)
Operational cost (935 444) (717 818)
Selling, distribution and marketing expenses (544 377) (435 323)
EBITDA 1 149 866 968 549
Depreciation of property, plant and equipment (259 375) (202 233)
Amortisation of intangible assets (51 770) (45 508)
Operating profit 838 721 720 808
Net finance income/(costs) 9 001 (22 976)
Profit before tax 847 722 697 832
Income tax expense (247 839) (202 327)
Profit after tax 599 883 495 505
Attributable to:
Equity holders of the company 599 883 495 505
Basic earnings per share 0,0551 0,0461
Unaudited statement of changes in equity
for the period ended 30 September
Nine Nine
months months
ended ended
30 Sep 30 Sep
2018 2017
GHS000 GHS000
Opening balance at 1 January 1 887 051 1 623 869
Total comprehensive income 599 883 495 505
Profit after tax 599 883 495 505
Transactions with owners of the company
New shares issued 1 066 996
Dividend declared (1 066 996) (395 000)
Attributable to equity holders of the company 2 486 934 1 724 374
Closing balance at 30 September 2 486 934 1 724 374
Special pre-IPO dividend declaration
Following the successful completion of the IPO, a gross dividend of GHS1 067 million was declared
on 31 August 2018 payable to pre-IPO shareholders. As at 30 September 2018, the company was awaiting
the Bank of Ghana's approval to pay shareholders. On 12 October 2018, the Bank of Ghana granted
approval for the payment of the aforementioned dividend which subsequently occurred.
Unaudited statement of financial position
as at 30 September
Nine Nine
months months
ended ended
30 Sep 30 Sep
2018 2017
GHS000 GHS000
Non-current assets 3 019 325 2 456 480
Property, plant and equipment 2 606 086 2 071 164
Intangible assets 335 237 331 201
Other non-current assets 78 002 54 115
Current assets 4 029 707 565 346
Other current assets 28 698 51 814
Trade and other receivables 562 298 451 518
Cash and cash equivalents 3 438 711 62 014
Total assets 7 049 032 3 021 826
Total equity 2 486 934 1 724 374
Attributable to equity holders of the company 2 486 934 1 724 374
Non-current liabilities 618 518 249 988
Interest-bearing liabilities 338 440 -
Deferred tax and other non-current liabilities 280 078 249 988
Current liabilities 3 943 580 1 047 464
Bank overdraft - 109 124
Trade and other payables 2 876 584 543 340
Dividend payable 1 066 996 395 000
Total equity and liabilities 7 049 032 3 021 826
Included in cash and cash equivalents and trade payable as at 30 September 2018 are mobile money
float accounts GHS2 075 million held in trust for the mobile money subscribers (e-wallet).
Unaudited statement of cash flows
for the period ended 30 September
Nine Nine
months months
ended ended
30 Sep 30 Sep
2018 2017
GHS000 GHS000
Net cash generated from operating activities 2 830 523 672 556
Cash generated from operations 3 049 916 916 641
Finance income received 15 234 5 576
Finance cost paid (23 214) (15 045)
Income tax paid (211 413) (234 616)
Net cash used in investing activities (541 440) (432 035)
Acquisition of property, plant and equipment (492 158) (373 203)
Acquisition of intangible assets (40 144) (57 855)
Increase in non-current investments 50 -
Movement in other investing activities (9 188) (977)
Net cash generated from/(used in) financing activities 952 898 (419 918)
Proceeds from borrowings - 125 483
Repayment of borrowings - (285 064)
Dividends paid to equity holders of the company (92 538) (275 000)
Proceeds from IPO 1 066 996 -
Other financing activities (21 560) 14 663
Net increase/(decrease) in cash and cash equivalents 3 241 981 (179 397)
Net cash and cash equivalents at the beginning of the year 196 730 151 671
Exchange gains/(losses) on cash and cash equivalents - (19 384)
Net cash and cash equivalents at the end of the year 3 438 711 (47 110)
Fairland
19 October 2018
Sponsor
Deutsche Securities (SA) Proprietary Limited
Date: 19/10/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.