MTN GROUP LIMITED - Summary of MTN Ghana unaudited condensed consolidated financial statements for the three months ended 31 March 2019

Summary of MTN Ghana unaudited condensed consolidated financial statements for the three months ended 31 March 2019

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 unaudited condensed consolidated financial
statements for the three months ended 31 March 2019
MTN Ghana delivered a solid performance for the quarter. Service
revenue increased by 21,9% year-on-year (YoY) benefiting from good
growth in voice revenue (up 20,3%), data revenue (up 22,3%) and MFS
revenue (up 51,0%). MTN Ghana reported earnings before interest, tax,
depreciation and amortization (EBITDA) growth of 38,6% and an EBITDA
margin expansion of 5,9 percentage points to 47,9%.
The unaudited condensed consolidated financial statements were
prepared on an IFRS 16 basis adopted on 1 January 2019. On a normalised
IAS 17 basis, EBITDA margin would have remained flat at approximately
42%.
Subscriber performance was as follows:

   •   Subscribers were 20,8 million (18,6 million**)
   •   Active data subscribers were 14,3 million (6,7 million#)
   •   Active mobile money subscribers were 9,9 million (8,4
       million**).
MTN Ghana will continue to pursue its BRIGHT strategy in Q2. As 2019 has
been declared as the year of the customer with prime focus on customer
experience as a tool to create value for shareholders.



** 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. Out of bracket numbers conform to the
respective regulator subscriber definition.

Please visit https://www.mtn.com.gh/investors/annual-and-quarterly-
financials for the unaudited condensed consolidated financial
statements for the three months ended 31 March 2019.

Fairland
29 April 2019

Lead sponsor
J.P. Morgan Equities South Africa Proprietary Limited

Joint sponsor
Tamela Holdings Proprietary Limited

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