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Summary of MTN Ghana consolidated financial statements for the year ended 31 December 2018
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number 1994/009584/06
Share code: MTN
ISIN: ZAE000042164
("MTN" or "the group")
Summary of MTN Ghana consolidated financial statements for the year ended 31 December 2018
Salient features
Subscribers*
- Subscribers were 20,1 million (17,8 million*)
- Active data subscribers were 13,5 million (6,4 million#)
- Mobile money subscribers were 13,6 million (8,4 million*)
Market share
- Market share as at end of year was 59,9%
EBITDA
- Up by 16,5% to Ghanaian cedi 1 588 million
EBITDA margin
- Down by 2,2 percentage points to 37,6%
CAPEX
- Capex spend for the period was Ghanaian cedi 825 million (Ghanaian cedi 723 million, excluding network licences)
Service revenue
- Up by 23,5%
- 99,4% of total revenue
Data revenue
- Up by 30,2%
- 26,1% of total revenue
Digital (including MoMo) revenue
- Up by 34,6%
- 24,8% of total revenue
Final dividends
- Ghanaian cedi 0,03 per share
# Active data subscribers as per MTN Group definition.
* 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.
Commentary and forward statement
MTN Ghana reported a strong performance for the year. Service revenue increased by 23,5%, driven by the strong
growth in voice, data and digital revenue. Data revenue increased by 30,2% year on year (YoY) while digital
revenue grew by 34,6%. This was driven by a 92,0% increase in data traffic to 137 850TB. MTN Mobile Money
supported digital revenue growth and increased its contribution to total revenue to 17,7%. Voice revenue
increased by 15,1% YoY and contributed 46,0% to total revenue.
The reported earnings before interest, tax, depreciation and amortisation (EBITDA) margin declined YoY by
2,2 percentage points to 37,6%, following the introduction of the management fee agreement effective
1 May 2018.
Adjusting for management fees, the EBITDA margin would have been higher by 3,1 percentage points to 40,7%.
The business executed well on its capex plans in the year, supporting the improvement in coverage expansion,
customer experience and QoS significantly, leading to subscriber growth. During the period, 600 2G sites,
1 100 3G sites and 250 4G sites were rolled out.
The improved network coupled with aggressive sales and product offers drove the improved subscriber growth.
Subscribers increased by 12,7% YoY to 20,1 million (13,6% YoY to 17,8 million*). The number of active data
subscribers in the same period was 6,4 million#.
MTN Mobile Money (MoMo) continued its positive momentum, adding 17,8% more active MoMo subscribers from
December 2017 to 8,4 million*, supported by consistent service delivery across all channels.
MTN Ghana listed on the Ghana Stock Exchange (GSE) on 5 September 2018 with the largest number of Ghanaian
shareholding at 127 826. At the end of December 2018, MTN Ghana's market capitalisation was Ghanaian cedi 9,7 billion,
making it the third largest primary listed company on the GSE.
2019 is the year of the customer: MTN Ghana has declared 2019 as the year of the customer in line with the
BRIGHT strategy; with prime focus on customer experience as a tool to create value for shareholders.
# Active data subscribers as per MTN Group definition.
* 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.
Final dividend recommendation
Notice is hereby given that the company's directors will be recommending to the shareholders at the
upcoming annual general meeting, the payment of a final dividend of Ghanaian cedi 0.03 per share for the 2018
financial year. The number of ordinary shares in issue at the date of this declaration is
12 290 474 360.
Scancom Plc (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:
Ex-dividend date Friday, 26 April 2019
Qualifying date Tuesday, 30 April 2019
Closure of register Thursday, 2 May 2019 to Monday, 6 May 2019
Dividend payment date Wednesday, 15 May 2019
All shareholders registered in the books of MTNGH at the close of business on Tuesday,
30 April, 2019 will qualify for the final dividend.
In view of this the register of shareholders will be closed from Thursday, 2 May, 2019 to
Monday, 6 May, 2019 (both dates inclusive).
In view of the foregoing, the ex-dividend date has been set as Friday, 26 April, 2019. Consequently,
an investor purchasing MTNGH shares before this date will be entitled to the final dividend. However,
an investor buying MTNGH shares on or after Friday, 26 April, 2019 will not be entitled to the final
dividend.
On Wednesday, 15 May 2019 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
The financial statements were approved by the board of directors on 26 February 2019 and signed on
their behalf by:
Ishmael Yamson Selorm Adadevoh
Chairman Chief executive officer
28 February 2019
Please visit https://www.mtn.com.gh/investors/annual-and-quarterly-financials for the full set of
financial statements with notes, auditor's report and directors' report.
Fairland
1 March 2019
Lead sponsor
J.P. Morgan Equities South Africa Proprietary Limited
Joint sponsor
Tamela Holdings Proprietary Limited
Date: 01/03/2019 10:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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