MTN Group Limited · Results presentation for the year ended 31 December 2018 ... Irancell, MTN Sudan, MTN South Sudan and MTN Syria, the constant currency information has been prepared

MTN Group LimitedResults presentation for the year ended

31 December 2018

* Constant currency information after accounting for the impact of the pro forma adjustments as defined** Reported^ EBITDA excludes impairment of goodwill, net monetary gains and share of results of associates and joint ventures after tax

Any forward looking financial information disclosed in this results announcement has not been reviewed or audited or otherwise reported on by our external joint auditorsService revenue excludes device and SIM card revenueData revenue is mobile access dataFintech includes Mobile Money (MoMo), insurance, airtime lending and e-commerceAll financial numbers are year-on-year (YoY) unless otherwise statedAll subscriber numbers are compared to end-December 2017 unless otherwise stated2017 comparatives are restated for the adoption of IFRS 15 and change in the presentation of cash flows

Certain information presented in these results constitutes pro forma financial information. This is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present MTN’s financial position, changes in equity, and results of operations or cash flows. The pro forma constant currency financial information contained in this announcement has been reviewed by the group’s external auditors and their unmodified limited assurance report prepared in terms of ISAE 3420 is available for inspection at the company’s registered office on weekdays from 09:00 to 16:00.1. The financial information presented in these consolidated financial results has been prepared excluding the impact of hyperinflation

and the goodwill and asset impairments, tower profits, the Nigerian regulatory fine (consisting of the re-measurement impact when the settlement was entered into and the finance costs recognised as a result of the unwind of the initial discounting of the liability), the profit from the sale of Cyprus, the CBN resolution and in addition to the above, profit on the exercise of IHS exchange right, Loss on the de-recognition of IHS Loan receivable and MTN Zakhele Futhi Share base payments, which relate to the 2017 year of assessment (‘the pro forma adjustments’) and constitutes pro forma financial information to the extent that it is not extracted from the segment disclosure included in the audited summary group financial statements for the year ended 31 December 2018. This pro forma financial information has been presented to eliminate the impact of the pro forma adjustments from the consolidated financial results to achieve a comparable year-on-year analysis. The pro forma adjustments have been calculated in terms of the group accounting policies disclosed in the consolidated financial statements for the year ended 31 December 2017, except for the changes in accounting policies as a result of the adoption of the accounting pronouncements effective 1 January 2018, and the change in the presentation of cash flows.

2. Constant currency information has been presented to illustrate the impact of changes in currency rates on the group’s results. In determining the change in constant currency terms, the current financial reporting period’s results have been adjusted to the prior period average exchange rates determined as the average of the monthly exchange rates. The measurement has been performed for each of the group’s currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated based on the current year constant currency results compared to the prior year results. In addition, in respect of MTN Irancell, MTN Sudan, MTN South Sudan and MTN Syria, the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Syria were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied.

The joint independent auditors’ audit report by PricewaterhouseCoopers Inc. and SizweNtsalubaGobodo Grant Thornton Inc. does not report on all of the information contained in this announcement/financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the joint independent auditors’ engagement they should obtain a copy of the joint independent auditors’ audit report together with the accompanying financial information from MTN’s registered office. The directors of MTN take full responsibility for the preparation of this abridged report and the financial information has been correctly extracted from the underlying audited financial statements.The group’s results are presented in line with the group’s operational structure. This is South Africa, Nigeria, the Southern and East Africa and Ghana (SEAGHA) region, the West and Central Africa (WECA) region and the Middle East and North Africa (MENA) region and their respective underlying operations.The SEAGHA region includes Ghana, Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture-equity accounted), eSwatini (joint venture-equity accounted) and Business Group. The WECA region includes Cameroon, Ivory Coast, Benin, Congo Brazzaville, Liberia, Guinea Conakry and Guinea Bissau. The MENA region includes Iran (joint venture-equity accounted), Syria, Sudan, Yemen, and Afghanistan. Cyprus was disposed of and is no longer included in the results effective 4 September 2018. Although Iran, Botswana and eSwatini form part of their respective regions geographically and operationally, they are excluded from their respective regional results because they are equity accounted for by the group.

Contents

Results presentationfor the year ended 31 December 2018 Appendices

MTN Group Limited Financial results for the year ended 31 December 2018 53

Data sheets

Data sheets

01 Results presentaton

43 Appendices

53 Data sheets

Results presentationfor the year ended 31 December 2018

MTN Group Limited Financial results for the year ended 31 December 201802










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Appendices










MTN Group Limited Results for the year ended 31 December 2018 53

Data sheets

Data sheets

MTN Group Limited Results for the year ended 31 December 201854

MTN Group LimitedResults for the year ended 31 December 2018

ARPU(US dollar)

Modernised Modernised Modernised Modernised Modernised

Country 1Q17(1) 2Q17(1) 3Q17(1) 4Q17 1Q18 2Q18 3Q18 4Q18

South Africa 6,34 6,51 6,69 7,12 8,06 7,45 7,06 7,08

Nigeria 3,60 3,61 4,31 4,24 4,14 4,13 4,12 4,22

SEAGHAGhana 2,87 3,67 3,73 4,05 4,50 4,60 4,02 4,70 Uganda 2,11 2,06 2,14 2,32 2,17 2,12 2,25 2,36 Rwanda 1,74 2,03 2,45 2,46 2,32 2,13 2,35 2,54 Zambia 2,27 2,68 3,05 3,14 2,82 2,87 2,90 2,63 South Sudan 1,84 2,19 2,27 3,14 3,60 4,93 4,67 4,70 Botswana (joint venture) 6,17 6,70 6,50 7,60 7,60 7,60 7,24 7,10 eSwatini (joint venture) 7,75 7,72 7,28 7,98 7,78 7,12 7,17 8,02

WECACameroon 2,98 3,17 3,40 4,32 4,66 4,60 4,28 3,79 Ivory Coast 4,33 4,35 3,99 4,17 4,19 4,10 3,65 4,01 Benin 5,30 5,09 4,99 4,68 5,45 4,88 4,88 4,88 Guinea-Conakry 2,16 2,24 2,21 2,12 2,05 1,93 1,89 1,93 Congo-Brazzaville 6,51 7,43 6,78 5,72 5,94 5,99 6,69 6,38 Liberia 2,44 2,59 2,44 3,88 3,47 3,14 2,67 3,17 Guinea-Bissau 3,48 4,62 3,90 3,78 3,99 4,21 3,52 2,59

MENAIran (joint venture) 3,86 3,84 4,35 4,87 4,32 4,05 2,52 1,98 Syria 1,96 1,98 2,15 2,29 2,37 2,58 2,84 2,54 Sudan 3,59 3,76 3,92 2,79 1,45 1,37 1,45 1,12 Yemen 3,17 3,29 3,11 2,34 2,38 2,58 2,68 2,72 Afghanistan 1,52 1,72 1,84 1,73 1,69 1,90 1,90 1,70 (1) ARPU has not been restated for the impact of IFRS 15.

1Q17, 2Q17, 3Q17 not based on modernised subscribers.


Data sheets

ARPU(US dollar)



South Africa 6,34 6,51 6,69 7,12 8,06 7,45 7,06 7,08

Nigeria 3,60 3,61 4,31 4,24 4,14 4,13 4,12 4,22

SEAGHAGhana 2,87 3,67 3,73 4,05 4,50 4,60 4,02 4,70 Uganda 2,11 2,06 2,14 2,32 2,17 2,12 2,25 2,36 Rwanda 1,74 2,03 2,45 2,46 2,32 2,13 2,35 2,54 Zambia 2,27 2,68 3,05 3,14 2,82 2,87 2,90 2,63 South Sudan 1,84 2,19 2,27 3,14 3,60 4,93 4,67 4,70 Botswana (joint venture) 6,17 6,70 6,50 7,60 7,60 7,60 7,24 7,10 eSwatini (joint venture) 7,75 7,72 7,28 7,98 7,78 7,12 7,17 8,02

WECACameroon 2,98 3,17 3,40 4,32 4,66 4,60 4,28 3,79 Ivory Coast 4,33 4,35 3,99 4,17 4,19 4,10 3,65 4,01 Benin 5,30 5,09 4,99 4,68 5,45 4,88 4,88 4,88 Guinea-Conakry 2,16 2,24 2,21 2,12 2,05 1,93 1,89 1,93 Congo-Brazzaville 6,51 7,43 6,78 5,72 5,94 5,99 6,69 6,38 Liberia 2,44 2,59 2,44 3,88 3,47 3,14 2,67 3,17 Guinea-Bissau 3,48 4,62 3,90 3,78 3,99 4,21 3,52 2,59

MENAIran (joint venture) 3,86 3,84 4,35 4,87 4,32 4,05 2,52 1,98 Syria 1,96 1,98 2,15 2,29 2,37 2,58 2,84 2,54 Sudan 3,59 3,76 3,92 2,79 1,45 1,37 1,45 1,12 Yemen 3,17 3,29 3,11 2,34 2,38 2,58 2,68 2,72 Afghanistan 1,52 1,72 1,84 1,73 1,69 1,90 1,90 1,70 (1) ARPU has not been restated for the impact of IFRS 15.



MTN Group Limited continued

Results for the year ended 31 December 2018

ARPU(Local currency)



South Africa 84,79 85,24 88,12 96,80 96,14 94,23 98,33 101,32 Postpaid 147,05 148,97 149,70 160,42 141,80 140,23 142,78 146,60 Postpaid (excl telemetry) 264,52 268,57 272,40 296,90 262,43 256,26 271,14 281,10 Prepaid 72,06 72,32 75,87 82,84 77,19 74,64 77,52 80,50

Nigeria 1 131,00 1 171,00 1 407,73 1 483,52 1 493,09 1 491,28 1 492,25 1 534,73

SEAGHAGhana 12,90 15,92 16,45 18,15 20,13 21,08 19,38 23,00 Uganda 7 635,00 7 399,00 7 699,00 8 455,00 7 914,00 8 010,00 8 463,00 8 775,00 Rwanda 1 413,31 1 696,89 2 061,66 2 085,71 1 960,18 1 971,52 2 031,64 1 914,06 Zambia 21,80 24,54 27,82 31,45 27,57 28,66 30,05 30,23 South Sudan 198,44 257,39 267,73 393,34 477,84 678,47 678,63 710,00 Botswana (joint venture) 64,65 69,00 69,00 76,26 76,26 76,26 75,21 73,00 eSwatini (joint venture) 102,69 101,16 95,89 108,46 92,83 90,01 99,85 113,74

WECACameroon 1 844,00 1 850,00 1 884,00 2 440,00 2 518,35 2 534,53 2 408,00 2 178,00 Ivory Coast 2 683,85 2 530,85 2 236,02 2 355,54 2 261,27 2 260,85 2 053,72 2 307,00 Benin 3 283,25 2 962,55 2 793,69 2 643,54 2 941,08 2 690,45 2 745,06 2 809,19 Guinea-Conakry 19 926,34 20 093,59 19 890,34 19 091,33 18 426,75 17 371,94 16 995,08 17 524,00 Congo-Brazzaville 4 031,72 4 328,90 3 788,47 3 211,45 3 263,37 3 356,65 3 789,47 3 673,47 Liberia 2,44 2,59 2,44 3,88 3,47 3,14 2,67 3,17 Guinea-Bissau 2 157,54 2 691,26 2 182,31 2 133,76 2 153,93 2 316,82 1 979,81 1 489,93

MENAIran (joint venture) 128 907,00 134 721,00 143 178,00 169 151,00 159 303,00 167 793,00 175 049,22 181 284,00 Syria 1 013,91 1 024,15 1 111,89 1 083,76 1 032,71 1 129,02 1 244,15 1 114,48 Sudan 24,00 25,13 26,18 29,91 35,25 39,88 42,35 49,79 Yemen 793,79 824,79 843,85 912,72 921,59 982,79 1 020,19 1 034,72 Afghanistan 102,76 117,50 126,09 118,75 116,92 134,77 139,39 128,45 (1) ARPU has not been restated for the impact of IFRS 15.



Data sheets

ARPU(Local currency)



South Africa 84,79 85,24 88,12 96,80 96,14 94,23 98,33 101,32 Postpaid 147,05 148,97 149,70 160,42 141,80 140,23 142,78 146,60 Postpaid (excl telemetry) 264,52 268,57 272,40 296,90 262,43 256,26 271,14 281,10 Prepaid 72,06 72,32 75,87 82,84 77,19 74,64 77,52 80,50

Nigeria 1 131,00 1 171,00 1 407,73 1 483,52 1 493,09 1 491,28 1 492,25 1 534,73

SEAGHAGhana 12,90 15,92 16,45 18,15 20,13 21,08 19,38 23,00 Uganda 7 635,00 7 399,00 7 699,00 8 455,00 7 914,00 8 010,00 8 463,00 8 775,00 Rwanda 1 413,31 1 696,89 2 061,66 2 085,71 1 960,18 1 971,52 2 031,64 1 914,06 Zambia 21,80 24,54 27,82 31,45 27,57 28,66 30,05 30,23 South Sudan 198,44 257,39 267,73 393,34 477,84 678,47 678,63 710,00 Botswana (joint venture) 64,65 69,00 69,00 76,26 76,26 76,26 75,21 73,00 eSwatini (joint venture) 102,69 101,16 95,89 108,46 92,83 90,01 99,85 113,74

WECACameroon 1 844,00 1 850,00 1 884,00 2 440,00 2 518,35 2 534,53 2 408,00 2 178,00 Ivory Coast 2 683,85 2 530,85 2 236,02 2 355,54 2 261,27 2 260,85 2 053,72 2 307,00 Benin 3 283,25 2 962,55 2 793,69 2 643,54 2 941,08 2 690,45 2 745,06 2 809,19 Guinea-Conakry 19 926,34 20 093,59 19 890,34 19 091,33 18 426,75 17 371,94 16 995,08 17 524,00 Congo-Brazzaville 4 031,72 4 328,90 3 788,47 3 211,45 3 263,37 3 356,65 3 789,47 3 673,47 Liberia 2,44 2,59 2,44 3,88 3,47 3,14 2,67 3,17 Guinea-Bissau 2 157,54 2 691,26 2 182,31 2 133,76 2 153,93 2 316,82 1 979,81 1 489,93

MENAIran (joint venture) 128 907,00 134 721,00 143 178,00 169 151,00 159 303,00 167 793,00 175 049,22 181 284,00 Syria 1 013,91 1 024,15 1 111,89 1 083,76 1 032,71 1 129,02 1 244,15 1 114,48 Sudan 24,00 25,13 26,18 29,91 35,25 39,88 42,35 49,79 Yemen 793,79 824,79 843,85 912,72 921,59 982,79 1 020,19 1 034,72 Afghanistan 102,76 117,50 126,09 118,75 116,92 134,77 139,39 128,45 (1) ARPU has not been restated for the impact of IFRS 15.





MTN GROUPSUBSCRIBERS(’000) Modernised Modernised Modernised Modernised Modernised

Country 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

South Africa 30 231 31 216 30 908 29 516 29 806 30 176 29 471 31 191 Postpaid 5 161 5 194 5 227 5 357 5 489 5 614 5 734 5 794 Prepaid 25 070 26 022 25 681 24 159 24 317 24 562 23 738 25 397

Nigeria 60 523 53 094 50 308 52 273 54 529 55 185 56 035 58 197

SEAGHA 40 837 40 982 41 102 38 660 39 737 40 249 41 767 43 692 Ghana 16 789 17 304 17 590 15 667 16 151 16 525 17 111 17 790 Uganda 10 861 11 158 10 806 10 707 10 856 10 511 10 828 11 270 Rwanda 4 210 3 510 3 575 3 413 3 574 3 805 4 203 4 465 Zambia 5 505 5 575 5 695 5 485 5 638 5 747 6 052 6 459 South Sudan 708 685 691 663 762 927 958 1 016 Botswana (joint venture) 1 784 1 763 1 746 1 746 1 746 1 746 1 664 1 722 eSwatini (joint venture) 981 987 999 979 1 010 988 952 969

WECA 31 354 31 929 32 953 29 134 28 610 29 451 30 152 30 637 Cameroon 9 749 9 541 9 447 7 052 6 596 6 637 6 922 7 684 Ivory Coast 10 399 11 018 11 619 10 922 10 971 11 257 11 208 11 050 Benin 4 162 4 273 4 280 4 358 4 358 4 517 4 826 4 914 Guinea-Conakry 2 493 2 550 2 696 2 648 2 655 2 827 2 923 2 791 Congo-Brazzaville 2 355 2 345 2 481 2 532 2 373 2 345 2 382 2 464 Liberia 1 495 1 412 1 635 881 915 1 078 1 117 983

Guinea-Bissau 700 789 795 742 742 790 774 752

MENA 73 454 74 111 74 509 67 227 68 203 67 855 67 959 68 838 Iran (joint venture)^ 48 118 49 041 49 539 43 257 44 551 44 610 44 439 44 780 Syria 5 915 5 915 5 915 5 617 5 617 5 293 5 435 5 605 Sudan 7 604 7 576 7 450 7 582 7 670 7 677 7 600 7 792 Yemen 5 221 5 110 5 089 4 371 4 193 4 213 4 263 4 405 Afghanistan 6 597 6 469 6 516 6 400 6 172 6 062 6 222 6 257

Total subscribers 236 399 231 332 229 781 216 810 220 885 222 916 225 384 232 554^ includes Wimax.


Data sheets

MTN GROUPSUBSCRIBERS(’000) Modernised Modernised Modernised Modernised Modernised

Country 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

South Africa 30 231 31 216 30 908 29 516 29 806 30 176 29 471 31 191 Postpaid 5 161 5 194 5 227 5 357 5 489 5 614 5 734 5 794 Prepaid 25 070 26 022 25 681 24 159 24 317 24 562 23 738 25 397

Nigeria 60 523 53 094 50 308 52 273 54 529 55 185 56 035 58 197

SEAGHA 40 837 40 982 41 102 38 660 39 737 40 249 41 767 43 692 Ghana 16 789 17 304 17 590 15 667 16 151 16 525 17 111 17 790 Uganda 10 861 11 158 10 806 10 707 10 856 10 511 10 828 11 270 Rwanda 4 210 3 510 3 575 3 413 3 574 3 805 4 203 4 465 Zambia 5 505 5 575 5 695 5 485 5 638 5 747 6 052 6 459 South Sudan 708 685 691 663 762 927 958 1 016 Botswana (joint venture) 1 784 1 763 1 746 1 746 1 746 1 746 1 664 1 722 eSwatini (joint venture) 981 987 999 979 1 010 988 952 969

WECA 31 354 31 929 32 953 29 134 28 610 29 451 30 152 30 637 Cameroon 9 749 9 541 9 447 7 052 6 596 6 637 6 922 7 684 Ivory Coast 10 399 11 018 11 619 10 922 10 971 11 257 11 208 11 050 Benin 4 162 4 273 4 280 4 358 4 358 4 517 4 826 4 914 Guinea-Conakry 2 493 2 550 2 696 2 648 2 655 2 827 2 923 2 791 Congo-Brazzaville 2 355 2 345 2 481 2 532 2 373 2 345 2 382 2 464 Liberia 1 495 1 412 1 635 881 915 1 078 1 117 983

Guinea-Bissau 700 789 795 742 742 790 774 752

MENA 73 454 74 111 74 509 67 227 68 203 67 855 67 959 68 838 Iran (joint venture)^ 48 118 49 041 49 539 43 257 44 551 44 610 44 439 44 780 Syria 5 915 5 915 5 915 5 617 5 617 5 293 5 435 5 605 Sudan 7 604 7 576 7 450 7 582 7 670 7 677 7 600 7 792 Yemen 5 221 5 110 5 089 4 371 4 193 4 213 4 263 4 405 Afghanistan 6 597 6 469 6 516 6 400 6 172 6 062 6 222 6 257

Total subscribers 236 399 231 332 229 781 216 810 220 885 222 916 225 384 232 554^ includes Wimax.




REVENUE(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South Africa 21 163 23 495 44 658 20 511 21 986 42 497 5,1 5,1

Nigeria 17 230 20 741 37 971 18 071 17 996 36 067 5,3 17,1

SEAGHA 10 342 12 271 22 613 9 495 10 692 20 187 12,0 20,5

Ghana 5 546 6 314 11 860 4 880 5 553 10 433 13,7 22,7

Uganda 2 440 2 983 5 423 2 506 2 687 5 193 4,4 8,7

Rwanda 686 902 1 588 661 698 1 359 16,9 21,6

Zambia 1 307 1 566 2 873 1 223 1 493 2 716 5,8 17,6

South Sudan 268 401 669 122 157 279 139,8 194,6

Business Group 95 105 200 103 104 207 (3,4) (3,9)

WECA 9 617 10 606 20 223 10 404 10 524 20 928 (3,4) (5,9)

Cameroon 2 384 2 575 4 959 2 609 2 764 5 373 (7,7) (9,7)

Ivory Coast 3 487 3 671 7 158 3 639 3 773 7 412 (3,4) (6,6)

Guinea-Bissau 239 221 460 246 243 489 (5,9) (9,0)

Guinea-Conakry 434 493 927 458 474 932 (0,5) (0,1)

Congo-Brazzaville 1 100 1 391 2 491 1 367 1 248 2 615 (4,7) (6,8)

Liberia 250 267 517 334 303 637 (18,8) (17,6)

Benin 1 723 1 988 3 711 1 751 1 719 3 470 6,9 3,3

MENA 4 396 4 449 8 845 6 294 6 428 12 722 (30,5) 18,3

Syria 1 025 1 273 2 298 947 1 054 2 001 14,8 0,3

Sudan 829 869 1 698 2 272 2 268 4 540 (62,6) 64,3

Yemen 781 989 1 770 1 343 1 091 2 434 (27,3) (0,9)

Afghanistan 844 966 1 810 910 962 1 872 (3,3) 3,6

Cyprus 917 352 1 269 822 1 053 1 875 (32,3) (34,2)

Joint venturesIran 7 008 4 659 11 667 7 832 8 608 16 440 (29,0) 14,0

Botswana 438 488 926 538 518 1 056 (12,3) (12,4)

eSwatini 175 184 359 189 182 371 (3,2) (3,0)

Equity accounting exclusion (7 621) (5 331) (12 952) (8 559) (9 308) (17 867)

Head office companies and eliminations (36) 112 76 (31) (5) (36)

Total 62 712 71 674 134 386 64 744 67 621 132 365 1,5 10,2

Hyperinflation 65 109 174 71 433 504

Total Including hyperinflation 62 777 71 783 134 560 64 815 68 054 132 869 1,3 7,3 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.


Data sheets

REVENUE(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South Africa 21 163 23 495 44 658 20 511 21 986 42 497 5,1 5,1

Nigeria 17 230 20 741 37 971 18 071 17 996 36 067 5,3 17,1

SEAGHA 10 342 12 271 22 613 9 495 10 692 20 187 12,0 20,5

Ghana 5 546 6 314 11 860 4 880 5 553 10 433 13,7 22,7

Uganda 2 440 2 983 5 423 2 506 2 687 5 193 4,4 8,7

Rwanda 686 902 1 588 661 698 1 359 16,9 21,6

Zambia 1 307 1 566 2 873 1 223 1 493 2 716 5,8 17,6

South Sudan 268 401 669 122 157 279 139,8 194,6

Business Group 95 105 200 103 104 207 (3,4) (3,9)

WECA 9 617 10 606 20 223 10 404 10 524 20 928 (3,4) (5,9)

Cameroon 2 384 2 575 4 959 2 609 2 764 5 373 (7,7) (9,7)

Ivory Coast 3 487 3 671 7 158 3 639 3 773 7 412 (3,4) (6,6)

Guinea-Bissau 239 221 460 246 243 489 (5,9) (9,0)

Guinea-Conakry 434 493 927 458 474 932 (0,5) (0,1)

Congo-Brazzaville 1 100 1 391 2 491 1 367 1 248 2 615 (4,7) (6,8)

Liberia 250 267 517 334 303 637 (18,8) (17,6)

Benin 1 723 1 988 3 711 1 751 1 719 3 470 6,9 3,3

MENA 4 396 4 449 8 845 6 294 6 428 12 722 (30,5) 18,3

Syria 1 025 1 273 2 298 947 1 054 2 001 14,8 0,3

Sudan 829 869 1 698 2 272 2 268 4 540 (62,6) 64,3

Yemen 781 989 1 770 1 343 1 091 2 434 (27,3) (0,9)

Afghanistan 844 966 1 810 910 962 1 872 (3,3) 3,6

Cyprus 917 352 1 269 822 1 053 1 875 (32,3) (34,2)


Botswana 438 488 926 538 518 1 056 (12,3) (12,4)

eSwatini 175 184 359 189 182 371 (3,2) (3,0)

Equity accounting exclusion (7 621) (5 331) (12 952) (8 559) (9 308) (17 867)

Head office companies and eliminations (36) 112 76 (31) (5) (36)

Total 62 712 71 674 134 386 64 744 67 621 132 365 1,5 10,2

Hyperinflation 65 109 174 71 433 504

Total Including hyperinflation 62 777 71 783 134 560 64 815 68 054 132 869 1,3 7,3 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.




SERVICE REVENUE(Rm)

Country 1H18 2H18 2018 1H17 2H17 20171

Reported%

Constantcurrency

%

South Africa 17 491 18 778 36 269 16 999 17 807 34 806 4,2 4,2

Nigeria 17 184 20 709 37 893 18 018 17 941 35 959 5,4 17,2

SEAGHA 10 229 12 105 22 334 9 371 10 577 19 948 12,0 20,4

Ghana 5 509 6 280 11 789 4 846 5 504 10 350 13,9 23,0

Uganda 2 420 2 951 5 371 2 473 2 662 5 135 4,6 8,9

Rwanda 672 880 1 552 648 686 1 334 16,3 21,0

Zambia 1 266 1 488 2 754 1 180 1 466 2 646 4,1 15,7

South Sudan 267 401 668 121 156 277 141,2 196,4

Business Group 95 105 200 103 103 206 (2,9) (3,4)

WECA 9 531 10 536 20 067 10 175 10 385 20 560 (2,4) (5,0)

Cameroon 2 348 2 554 4 902 2 505 2 671 5 176 (5,3) (7,3)

Ivory Coast 3 464 3 651 7 115 3 611 3 753 7 364 (3,4) (6,6)

Bissau 232 217 449 236 239 475 (5,5) (8,6)

Conakry 426 484 910 451 470 921 (1,2) (0,8)

Congo B 1 095 1 381 2 476 1 335 1 242 2 577 (3,9) (6,1)

Liberia 248 266 514 309 297 606 (15,2) (13,9)

Benin 1 718 1 983 3 701 1 728 1 713 3 441 7,6 3,9

MENA 4 236 4 379 8 615 6 141 6 159 12 300 (30,0) 20,4

Syria 1 025 1 273 2 298 947 1 054 2 001 14,8 0,3

Sudan 826 866 1 692 2 267 2 250 4 517 (62,5) 64,6

Yemen 781 989 1 770 1 343 1 091 2 434 (27,3) (0,9)

Afghanistan 831 951 1 782 887 940 1 827 (2,5) 4,5

Cyprus 773 300 1 073 697 824 1 521 (29,5) (31,4)


Botswana 438 478 917 538 518 1 056 (13,2) (13,3)

Swaziland 172 179 351 186 178 364 (3,5) (3,5)

Equity accounting exclusion (7 527) (5 241) (12 767) (8 422) (9 180) (17 602) – –

Total head office (38) 115 77 (30) (5) (35) 320,0 (28,6)

Total 58 633 66 622 125 255 60 674 62 864 123 538 1,4 10,7

Hyperinflation 64 111 175 72 431 503 (65,2) (386,5)

Total including hyperinflation 58 697 66 733 125 430 60 746 63 295 124 041 1,1 9,1

(1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.


Data sheets

SERVICE REVENUE(Rm)

Country 1H18 2H18 2018 1H17 2H17 20171

Reported%

Constantcurrency

%

South Africa 17 491 18 778 36 269 16 999 17 807 34 806 4,2 4,2

Nigeria 17 184 20 709 37 893 18 018 17 941 35 959 5,4 17,2

SEAGHA 10 229 12 105 22 334 9 371 10 577 19 948 12,0 20,4

Ghana 5 509 6 280 11 789 4 846 5 504 10 350 13,9 23,0

Uganda 2 420 2 951 5 371 2 473 2 662 5 135 4,6 8,9

Rwanda 672 880 1 552 648 686 1 334 16,3 21,0

Zambia 1 266 1 488 2 754 1 180 1 466 2 646 4,1 15,7

South Sudan 267 401 668 121 156 277 141,2 196,4

Business Group 95 105 200 103 103 206 (2,9) (3,4)

WECA 9 531 10 536 20 067 10 175 10 385 20 560 (2,4) (5,0)

Cameroon 2 348 2 554 4 902 2 505 2 671 5 176 (5,3) (7,3)

Ivory Coast 3 464 3 651 7 115 3 611 3 753 7 364 (3,4) (6,6)

Bissau 232 217 449 236 239 475 (5,5) (8,6)

Conakry 426 484 910 451 470 921 (1,2) (0,8)

Congo B 1 095 1 381 2 476 1 335 1 242 2 577 (3,9) (6,1)

Liberia 248 266 514 309 297 606 (15,2) (13,9)

Benin 1 718 1 983 3 701 1 728 1 713 3 441 7,6 3,9

MENA 4 236 4 379 8 615 6 141 6 159 12 300 (30,0) 20,4

Syria 1 025 1 273 2 298 947 1 054 2 001 14,8 0,3

Sudan 826 866 1 692 2 267 2 250 4 517 (62,5) 64,6

Yemen 781 989 1 770 1 343 1 091 2 434 (27,3) (0,9)

Afghanistan 831 951 1 782 887 940 1 827 (2,5) 4,5

Cyprus 773 300 1 073 697 824 1 521 (29,5) (31,4)


Botswana 438 478 917 538 518 1 056 (13,2) (13,3)

Swaziland 172 179 351 186 178 364 (3,5) (3,5)


Total head office (38) 115 77 (30) (5) (35) 320,0 (28,6)

Total 58 633 66 622 125 255 60 674 62 864 123 538 1,4 10,7

Hyperinflation 64 111 175 72 431 503 (65,2) (386,5)

Total including hyperinflation 58 697 66 733 125 430 60 746 63 295 124 041 1,1 9,1





REVENUE BREAKDOWN(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South AfricaOutgoing voice 6 969 6 746 13 715 7 640 7 203 14 843 (7,6) (7,6)

Incoming voice 912 965 1 877 808 885 1 693 10,9 10,9

Data 6 004 6 898 12 902 5 289 6 160 11 449 12,7 12,7

Digital 831 686 1 517 874 899 1 773 (14,4) (14,4)

Fintech 416 502 918 218 334 552 66,3 66,3

SMS 574 555 1 129 676 711 1 387 (18,6) (18,6)

Devices 3 672 4 717 8 389 3 512 4 179 7 691 9,1 9,1

Wholesale 620 1 327 1 947 424 546 970 100,7 100,7

Other 1 165 1 099 2 264 1 070 1 069 2 139 5,8 5,8

Revenue 21 163 23 495 44 658 20 511 21 986 42 497 5,1 5,1

NigeriaOutgoing voice 11 235 13 695 24 930 11 349 11 456 22 805 9,3 21,5

Incoming voice 1 648 2 051 3 699 2 126 1 886 4 012 (7,8) 2,4

Data 2 545 2 953 5 498 1 904 2 472 4 376 25,6 40,1

Digital 678 230 908 1 544 1 057 2 601 (65,1) (58,3)

Fintech 463 571 1 034 421 455 876 18,0 32,3

SMS 237 286 523 257 257 514 1,8 13,2

Devices 46 32 78 53 55 108 (27,8) (15,7)

Wholesale 211 314 525 178 151 329 59,6 76,0

Other (167) 609 776 239 207 446 74,0 77,1

Revenue 17 230 20 741 37 971 18 071 17 996 36 067 5,3 17,1

GhanaOutgoing voice 2 149 2 344 4 493 1 903 2 244 4 147 8,3 17,2

Incoming voice 455 503 958 526 492 1 018 (5,9) 1,7

Data 1 433 1 669 3 102 1 180 1 389 2 569 20,7 30,2

Digital 419 243 662 432 446 878 (24,6) (17,8)

Fintech 849 1 434 2 283 670 791 1 461 56,3 67,6

SMS 40 53 93 50 36 86 8,1 16,3

Devices 37 34 70 34 49 83 (15,7) (8,4)

Wholesale 23 13 36 25 26 51 (29,4) (21,6)

Other 141 21 163 60 80 140 16,4 27,1

Revenue 5 546 6 314 11 860 4 880 5 553 10 433 13,7 22,7 (1) Not adjusted for postpaid carry-over rules.


Data sheets

REVENUE BREAKDOWN(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South AfricaOutgoing voice 6 969 6 746 13 715 7 640 7 203 14 843 (7,6) (7,6)

Incoming voice 912 965 1 877 808 885 1 693 10,9 10,9

Data 6 004 6 898 12 902 5 289 6 160 11 449 12,7 12,7

Digital 831 686 1 517 874 899 1 773 (14,4) (14,4)

Fintech 416 502 918 218 334 552 66,3 66,3

SMS 574 555 1 129 676 711 1 387 (18,6) (18,6)

Devices 3 672 4 717 8 389 3 512 4 179 7 691 9,1 9,1

Wholesale 620 1 327 1 947 424 546 970 100,7 100,7

Other 1 165 1 099 2 264 1 070 1 069 2 139 5,8 5,8

Revenue 21 163 23 495 44 658 20 511 21 986 42 497 5,1 5,1

NigeriaOutgoing voice 11 235 13 695 24 930 11 349 11 456 22 805 9,3 21,5

Incoming voice 1 648 2 051 3 699 2 126 1 886 4 012 (7,8) 2,4

Data 2 545 2 953 5 498 1 904 2 472 4 376 25,6 40,1

Digital 678 230 908 1 544 1 057 2 601 (65,1) (58,3)

Fintech 463 571 1 034 421 455 876 18,0 32,3

SMS 237 286 523 257 257 514 1,8 13,2

Devices 46 32 78 53 55 108 (27,8) (15,7)

Wholesale 211 314 525 178 151 329 59,6 76,0

Other (167) 609 776 239 207 446 74,0 77,1

Revenue 17 230 20 741 37 971 18 071 17 996 36 067 5,3 17,1

GhanaOutgoing voice 2 149 2 344 4 493 1 903 2 244 4 147 8,3 17,2

Incoming voice 455 503 958 526 492 1 018 (5,9) 1,7

Data 1 433 1 669 3 102 1 180 1 389 2 569 20,7 30,2

Digital 419 243 662 432 446 878 (24,6) (17,8)

Fintech 849 1 434 2 283 670 791 1 461 56,3 67,6

SMS 40 53 93 50 36 86 8,1 16,3

Devices 37 34 70 34 49 83 (15,7) (8,4)

Wholesale 23 13 36 25 26 51 (29,4) (21,6)

Other 141 21 163 60 80 140 16,4 27,1

Revenue 5 546 6 314 11 860 4 880 5 553 10 433 13,7 22,7 (1) Not adjusted for postpaid carry-over rules.




REVENUE BREAKDOWN continued(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

UgandaOutgoing voice 1 268 1 600 2 868 1 362 1 427 2 789 2,8 7,1

Incoming voice 163 173 336 170 183 353 (4,8) (0,3)

Data 226 384 610 213 283 496 23,0 26,0

Digital 19 (9) 10 64 50 114 (91,2) (87,7)

Fintech 654 669 1 323 566 634 1 200 10,3 15,3

SMS 18 77 95 20 18 38 150,0 152,6

Devices 20 32 52 33 25 58 (10,3) (8,6)

Wholesale 24 28 52 31 22 53 (1,9) 1,9

Other 48 29 77 47 45 92 (16,3) (13,0)

Revenue 2 440 2 983 5 423 2 506 2 687 5 193 4,4 8,7

Ivory CoastOutgoing voice 1 793 1 753 3 546 2 287 2 211 4 498 (21,2) (23,7)

Incoming voice 500 649 1 149 410 493 903 27,2 22,8

Data 401 490 891 338 378 716 24,4 20,3

Digital 218 135 353 177 202 378 (6,6) (10,3)

Fintech 333 377 710 221 279 500 42,0 37,4

SMS 61 52 113 43 48 91 24,2 20,9

Devices 23 20 43 28 20 48 (10,4) (12,5)

Wholesale 185 200 385 131 138 269 43,1 37,9

Other (27) (5) (32) 4 4 9 (500,0) (487,5)

Revenue 3 487 3 671 7 158 3 639 3 773 7 412 (3,4) (6,6)

CameroonOutgoing voice 1 330 1 448 2 778 1 524 1 502 3 026 (8,2) (10,1)

Incoming voice 255 260 515 338 325 663 (22,3) (24,0)

Data 402 478 880 347 451 798 10,3 7,9

Digital 79 (19) 60 76 106 182 (67,0) (67,6)

Fintech 106 210 316 32 80 112 182,1 175,9

SMS 67 70 137 75 78 153 (10,5) (12,4)

Devices 36 21 57 104 93 197 (71,1) (71,6)

Wholesale – – – – – – – –

Other 109 107 216 113 129 242 (10,7) (12,4)

Revenue 2 384 2 575 4 959 2 609 2 764 5 373 (7,7) (9,7)(1) Not adjusted for postpaid carry-over rules.


Data sheets


Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

UgandaOutgoing voice 1 268 1 600 2 868 1 362 1 427 2 789 2,8 7,1

Incoming voice 163 173 336 170 183 353 (4,8) (0,3)

Data 226 384 610 213 283 496 23,0 26,0

Digital 19 (9) 10 64 50 114 (91,2) (87,7)

Fintech 654 669 1 323 566 634 1 200 10,3 15,3

SMS 18 77 95 20 18 38 150,0 152,6

Devices 20 32 52 33 25 58 (10,3) (8,6)

Wholesale 24 28 52 31 22 53 (1,9) 1,9

Other 48 29 77 47 45 92 (16,3) (13,0)

Revenue 2 440 2 983 5 423 2 506 2 687 5 193 4,4 8,7

Ivory CoastOutgoing voice 1 793 1 753 3 546 2 287 2 211 4 498 (21,2) (23,7)

Incoming voice 500 649 1 149 410 493 903 27,2 22,8

Data 401 490 891 338 378 716 24,4 20,3

Digital 218 135 353 177 202 378 (6,6) (10,3)

Fintech 333 377 710 221 279 500 42,0 37,4

SMS 61 52 113 43 48 91 24,2 20,9

Devices 23 20 43 28 20 48 (10,4) (12,5)

Wholesale 185 200 385 131 138 269 43,1 37,9

Other (27) (5) (32) 4 4 9 (500,0) (487,5)

Revenue 3 487 3 671 7 158 3 639 3 773 7 412 (3,4) (6,6)

CameroonOutgoing voice 1 330 1 448 2 778 1 524 1 502 3 026 (8,2) (10,1)

Incoming voice 255 260 515 338 325 663 (22,3) (24,0)

Data 402 478 880 347 451 798 10,3 7,9

Digital 79 (19) 60 76 106 182 (67,0) (67,6)

Fintech 106 210 316 32 80 112 182,1 175,9

SMS 67 70 137 75 78 153 (10,5) (12,4)

Devices 36 21 57 104 93 197 (71,1) (71,6)

Wholesale – – – – – – – –

Other 109 107 216 113 129 242 (10,7) (12,4)

Revenue 2 384 2 575 4 959 2 609 2 764 5 373 (7,7) (9,7)(1) Not adjusted for postpaid carry-over rules.





Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

SyriaOutgoing voice 624 755 1 379 583 646 1 229 12,2 (2,0)Incoming voice 20 25 45 26 28 54 (16,7) (27,8)Data 289 393 682 257 290 547 24,7 9,0 Digital 20 20 40 19 13 32 25,0 9,4Fintech 18 27 45 22 29 51 (11,8) (21,6)SMS 42 42 84 38 45 83 1,2 (10,8)Devices – – – – – – – – Wholesale – – – – – – – – Other 12 11 23 2 3 5 360,0 300,0

Revenue 1 025 1 273 2 298 947 1 054 2 001 14,8 0,3

Hyperinflation – 9 9 40 344 384

Revenue including hyperinflation 1 025 1 282 2 307 987 1 398 2 385 (3,3) 140,7

SudanOutgoing voice 328 318 646 1 098 1 055 2 153 (70,0) 31,3 Incoming voice 226 231 457 349 338 687 (33,5) 194,3 Data 208 251 459 620 669 1 289 (64,4) 56,9 Digital 42 47 89 132 130 262 (66,0) 47,7Fintech – – – – – – – –SMS 10 10 20 35 30 65 (69,2) 36,9 Devices 3 3 6 5 18 23 (73,9) 4,3 Wholesale – – – – – – – – Other 12 9 21 33 28 61 (65,6) 45,9

Revenue 829 869 1 698 2 272 2 268 4 540 (62,6) 64,3

Hyperinflation – (109) (109) – – –

Revenue including hyperinflation 829 760 1 589 2 272 2 268 4 540 (65,0) (31,9)

Iran (49%)Outgoing voice 1 755 1 258 3 013 2 492 2 333 4 825 (37,6) 1,4 Incoming voice 514 365 879 764 744 1 508 (41,7) (5,9)Data 3 484 2 308 5 792 3 039 3 868 6 907 (16,1) 34,6 Digital 674 443 1 118 926 1 066 1 968 (43,2) (13,9)Fintech 3 8 11 12 (6) 6 91,7 208,3SMS 269 177 446 430 349 779 (42,7) (8,3)Devices 92 76 168 133 124 257 (34,5) 10,1 Wholesale – – – – – – – – Other 217 25 240 36 130 190 26,8 117,4

Revenue 7 008 4 659 11 667 7 832 8 608 16 440 (29,0) 14,0 (1) Not adjusted for postpaid carry-over rules.


Data sheets


Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

SyriaOutgoing voice 624 755 1 379 583 646 1 229 12,2 (2,0)Incoming voice 20 25 45 26 28 54 (16,7) (27,8)Data 289 393 682 257 290 547 24,7 9,0 Digital 20 20 40 19 13 32 25,0 9,4Fintech 18 27 45 22 29 51 (11,8) (21,6)SMS 42 42 84 38 45 83 1,2 (10,8)Devices – – – – – – – – Wholesale – – – – – – – – Other 12 11 23 2 3 5 360,0 300,0

Revenue 1 025 1 273 2 298 947 1 054 2 001 14,8 0,3

Hyperinflation – 9 9 40 344 384

Revenue including hyperinflation 1 025 1 282 2 307 987 1 398 2 385 (3,3) 140,7

SudanOutgoing voice 328 318 646 1 098 1 055 2 153 (70,0) 31,3 Incoming voice 226 231 457 349 338 687 (33,5) 194,3 Data 208 251 459 620 669 1 289 (64,4) 56,9 Digital 42 47 89 132 130 262 (66,0) 47,7Fintech – – – – – – – –SMS 10 10 20 35 30 65 (69,2) 36,9 Devices 3 3 6 5 18 23 (73,9) 4,3 Wholesale – – – – – – – – Other 12 9 21 33 28 61 (65,6) 45,9

Revenue 829 869 1 698 2 272 2 268 4 540 (62,6) 64,3

Hyperinflation – (109) (109) – – –

Revenue including hyperinflation 829 760 1 589 2 272 2 268 4 540 (65,0) (31,9)

Iran (49%)Outgoing voice 1 755 1 258 3 013 2 492 2 333 4 825 (37,6) 1,4 Incoming voice 514 365 879 764 744 1 508 (41,7) (5,9)Data 3 484 2 308 5 792 3 039 3 868 6 907 (16,1) 34,6 Digital 674 443 1 118 926 1 066 1 968 (43,2) (13,9)Fintech 3 8 11 12 (6) 6 91,7 208,3SMS 269 177 446 430 349 779 (42,7) (8,3)Devices 92 76 168 133 124 257 (34,5) 10,1 Wholesale – – – – – – – – Other 217 25 240 36 130 190 26,8 117,4

Revenue 7 008 4 659 11 667 7 832 8 608 16 440 (29,0) 14,0 (1) Not adjusted for postpaid carry-over rules.




EBITDA EXCLUDING HYPERINFLATION, TOWER PROFITS, PROFIT ON SALE OF CYPRUS AND CBN RESOLUTIONS(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South Africa 7 450 8 210 15 660 7 047 7 588 14 635 7,0 7,0

Nigeria 7 426 9 148 16 574 6 915 7 155 14 070 17,8 30,7

SEAGHA 3 610 4 255 7 865 3 016 3 892 6 908 13,9 22,1 Ghana 2 166 2 286 4 452 1 815 2 374 4 189 6,3 15,2 Uganda 854 1 126 1 980 830 964 1 794 10,4 14,4 Rwanda 180 287 467 56 69 125 273,6 285,6 Zambia 411 481 892 346 532 878 1,6 13,0 South Sudan 6 82 88 (28) (36) (64) – –Business Group (7) (7) (14) (3) (11) (14) – –

WECA 2 314 1 819 4 133 3 156 2 179 5 335 (22,5) (24,5)Cameroon 457 (2) 455 810 495 1 305 (65,1) (65,3)Ivory Coast 934 659 1 593 1 285 1 074 2 359 (32,5) (34,4)Guinea-Bissau 82 57 139 86 75 161 (13,7) (16,1)Guinea-Conakry 22 48 70 (6) 45 39 79,5 74,4 Congo-Brazzaville 371 659 1 030 550 326 876 17,6 14,5 Liberia 11 (66) (55) (55) (5) (60) – –Benin 437 464 901 486 169 655 37,6 32,8

MENA 1 246 1 263 2 510 1 843 1 967 3 810 (34,1) 20,0 Syria 351 558 909 245 352 597 52,3 32,8 Sudan 255 335 590 750 842 1 592 (62,9) 61,9 Yemen 213 149 362 454 326 780 (53,6) (29,6)Afghanistan 125 106 232 125 105 230 0,4 7,8 Cyprus 302 115 417 269 342 611 (31,8) (33,7)

Joint venturesIran 2 554 1 677 4 231 2 832 3 049 5 881 (28,1) 15,7 Botswana 238 251 489 232 304 536 (8,8) (8,8)eSwatini 78 76 154 98 83 181 (15,2) 15,2Equity accounting exclusion (2 870) (2 004) (4 874) (3 162) (3 436) (6 598) – –

Head office companies and eliminations (30) (127) (158) (416) (33) (449) – –

Total 22 016 24 568 46 584 21 561 22 748 44 309 5.1 15,9

Zakhele Futhi share-based payment – – – – – (434) – – Hyperinflation 307 (36) 271 (2 810) (572) (2 948) – – CBN resolution (744) (744) Tower profit 12 11 23 6 030 14 6 044 – –

Cyprus sale 2 112 2 112

Total including tower profit, hyperinflation, regulatory fine and MTN Zakhele Futhi 22 335 25 911 48 246 24 781 22 190 46 971 2,7 10,0 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.


Data sheets

EBITDA EXCLUDING HYPERINFLATION, TOWER PROFITS, PROFIT ON SALE OF CYPRUS AND CBN RESOLUTIONS(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South Africa 7 450 8 210 15 660 7 047 7 588 14 635 7,0 7,0

Nigeria 7 426 9 148 16 574 6 915 7 155 14 070 17,8 30,7

SEAGHA 3 610 4 255 7 865 3 016 3 892 6 908 13,9 22,1 Ghana 2 166 2 286 4 452 1 815 2 374 4 189 6,3 15,2 Uganda 854 1 126 1 980 830 964 1 794 10,4 14,4 Rwanda 180 287 467 56 69 125 273,6 285,6 Zambia 411 481 892 346 532 878 1,6 13,0 South Sudan 6 82 88 (28) (36) (64) – –Business Group (7) (7) (14) (3) (11) (14) – –

WECA 2 314 1 819 4 133 3 156 2 179 5 335 (22,5) (24,5)Cameroon 457 (2) 455 810 495 1 305 (65,1) (65,3)Ivory Coast 934 659 1 593 1 285 1 074 2 359 (32,5) (34,4)Guinea-Bissau 82 57 139 86 75 161 (13,7) (16,1)Guinea-Conakry 22 48 70 (6) 45 39 79,5 74,4 Congo-Brazzaville 371 659 1 030 550 326 876 17,6 14,5 Liberia 11 (66) (55) (55) (5) (60) – –Benin 437 464 901 486 169 655 37,6 32,8

MENA 1 246 1 263 2 510 1 843 1 967 3 810 (34,1) 20,0 Syria 351 558 909 245 352 597 52,3 32,8 Sudan 255 335 590 750 842 1 592 (62,9) 61,9 Yemen 213 149 362 454 326 780 (53,6) (29,6)Afghanistan 125 106 232 125 105 230 0,4 7,8 Cyprus 302 115 417 269 342 611 (31,8) (33,7)

Joint venturesIran 2 554 1 677 4 231 2 832 3 049 5 881 (28,1) 15,7 Botswana 238 251 489 232 304 536 (8,8) (8,8)eSwatini 78 76 154 98 83 181 (15,2) 15,2Equity accounting exclusion (2 870) (2 004) (4 874) (3 162) (3 436) (6 598) – –

Head office companies and eliminations (30) (127) (158) (416) (33) (449) – –

Total 22 016 24 568 46 584 21 561 22 748 44 309 5.1 15,9

Zakhele Futhi share-based payment – – – – – (434) – – Hyperinflation 307 (36) 271 (2 810) (572) (2 948) – – CBN resolution (744) (744) Tower profit 12 11 23 6 030 14 6 044 – –

Cyprus sale 2 112 2 112

Total including tower profit, hyperinflation, regulatory fine and MTN Zakhele Futhi 22 335 25 911 48 246 24 781 22 190 46 971 2,7 10,0 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.




REVENUE AND EBITDA *EXCLUDING TOWER PROFITS AND HYPERINFLATIONLocal currency (m)

Revenue EBITDA*

Country 2018 20171

Change% 2018 2017(1)

Change%

South Africa 44 658 42 497 5,1 15 660 14 635 7,0

Nigeria 1 039 118 887 180 17,1 433 894 346 395 30,8

SEAGHAGhana 4 219 3 438 22,7 1 588 1 377 15,3

Uganda 1 527 000 1 404 043 8,8 555 926 484 750 14,7

Rwanda 102 815 84 576 21,6 30 055 7 701 290,3

Zambia 2 283 1 958 16,6 707 644 9,8

South Sudan 7 158 2 425 195,2 930 (579) (260,6)

Business Group 200 206 (2,9) (14) (14) 0,0

WECACameroon 212 027 234 651 (9,6) 20 490 57 502 (64,4)

Ivory Coast 303 022 324 671 (6,7) 68 082 103 628 (34,3)

Guinea-Bissau 19 547 21 450 (8,9) 5 957 7 059 (15,6)

Guinea-Conakry 634 226 634 327 0,0 46 797 26 248 78,3

Congo-Brazzaville 105 966 114 502 (7,5) 43 444 38 619 12,5

Liberia 39 48 (18,8) (4) (5) (20,0)

Benin 156 885 152 315 3,0 38 096 29 435 29,4

MENASyria 76 048 75 877 0,2 29 824 22 551 32,3

Sudan 4 001 2 441 63,9 1 415 843 67,9

Yemen 51 026 51 269 (0,5) 10 694 15 994 (33,1)

Afghanistan 9 912 9 562 3,7 1 269 1 191 6,5

Cyprus 84 124 (32,3) 28 40 (30,0)

Joint venturesIran (49%) 46 758 377 41 175 212 13,6 17 008 593 14 661 558 16,0

Botswana (53.1%) 718 821 (12,5) 380 476 (20,3)

eSwatini (30%) 359 371 (3,2) 154 181 15,2(1) Restated to reflect the segments reallocated and restated for impact of IFRS 15. * EBITDA excludes hyperinflation, tower profits, CBN resolution and Zakhele Futhi.


Data sheets

REVENUE AND EBITDA *EXCLUDING TOWER PROFITS AND HYPERINFLATIONLocal currency (m)

Revenue EBITDA*

Country 2018 20171

Change% 2018 2017(1)

Change%

South Africa 44 658 42 497 5,1 15 660 14 635 7,0

Nigeria 1 039 118 887 180 17,1 433 894 346 395 30,8

SEAGHAGhana 4 219 3 438 22,7 1 588 1 377 15,3

Uganda 1 527 000 1 404 043 8,8 555 926 484 750 14,7

Rwanda 102 815 84 576 21,6 30 055 7 701 290,3

Zambia 2 283 1 958 16,6 707 644 9,8

South Sudan 7 158 2 425 195,2 930 (579) (260,6)

Business Group 200 206 (2,9) (14) (14) 0,0

WECACameroon 212 027 234 651 (9,6) 20 490 57 502 (64,4)

Ivory Coast 303 022 324 671 (6,7) 68 082 103 628 (34,3)

Guinea-Bissau 19 547 21 450 (8,9) 5 957 7 059 (15,6)

Guinea-Conakry 634 226 634 327 0,0 46 797 26 248 78,3

Congo-Brazzaville 105 966 114 502 (7,5) 43 444 38 619 12,5

Liberia 39 48 (18,8) (4) (5) (20,0)

Benin 156 885 152 315 3,0 38 096 29 435 29,4

MENASyria 76 048 75 877 0,2 29 824 22 551 32,3

Sudan 4 001 2 441 63,9 1 415 843 67,9

Yemen 51 026 51 269 (0,5) 10 694 15 994 (33,1)

Afghanistan 9 912 9 562 3,7 1 269 1 191 6,5

Cyprus 84 124 (32,3) 28 40 (30,0)

Joint venturesIran (49%) 46 758 377 41 175 212 13,6 17 008 593 14 661 558 16,0

Botswana (53.1%) 718 821 (12,5) 380 476 (20,3)

eSwatini (30%) 359 371 (3,2) 154 181 15,2(1) Restated to reflect the segments reallocated and restated for impact of IFRS 15. * EBITDA excludes hyperinflation, tower profits, CBN resolution and Zakhele Futhi.




COST (Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constant currency

%

South Africa 13 713 15 352 29 065 13 464 14 398 27 862 4,3 4,3

Nigeria 9 806 11 678 21 484 11 159 10 843 22 002 (2,4) 8,8

SEAGHA 6 743 8 056 14 799 6 496 6 884 13 380 10,6 19,1

Ghana 3 379 4 029 7 408 3 066 3 236 6 302 17,5 26,7

Uganda 1 586 1 857 3 443 1 677 1 722 3 399 1,3 5,6

Rwanda 506 615 1 121 605 629 1 234 (9,2) (5,3)

Zambia 907 1 096 2 003 891 990 1 881 6,5 18,4

South Sudan 263 347 610 151 193 344 77,3 119,2

Business Group 102 112 214 106 114 220 (2,7) (3,2)

WECA 7 338 8 939 16 277 7 282 8 406 15 688 3,8 1,0

Cameroon 1 949 2 604 4 553 1 822 2 294 4 116 10,6 8,1

Ivory Coast 2 565 3 022 5 587 2 364 2 724 5 088 9,8 6,0

Guinea-Bissau 157 164 321 160 169 329 (2,4) (5,8)

Guinea-Conakry 412 482 894 464 428 892 0,2 0,4

Congo-Brazzaville 729 810 1 539 817 923 1 740 (11,6) (13,4)

Liberia 240 333 573 389 319 708 (19,1) (18,8)

Benin 1 286 1 524 2 810 1 266 1 549 2 815 (0,2) (3,6)

MENA 3 171 3 237 6 408 4 458 4 474 8 932 (28,3) 19,4

Syria 674 734 1 408 702 702 1 404 0,3 (12,4)

Sudan 575 562 1 137 1 528 1 435 2 963 (61,6) 69,6

Yemen 568 839 1 407 888 766 1 654 (14,9) 12,6

Afghanistan 740 864 1 604 788 859 1 647 (2,6) 4,4

Cyprus 614 238 852 552 712 1 264 (32,6) (34,4)


Botswana 205 232 437 312 214 526 (16,9) (17,1)

eSwatini 97 109 206 90 99 189 9,0 8,5


Head office companies and eliminations 319 (65) 823 383 357 740 – –

Total 41 090 47 197 88 856 43 242 45 362 88 604 0,3 8,3

Regulatory fine – – – – – – – –

Zakhele Futhi share-based payment – – – – – 434 – –

CBN resolution 744 744 – – – – –

Hyperinflation (242) 141 (101) 2 881 1 004 3 451 – –

Total reported 40 848 48 082 89 499 46 123 46 366 92 489 3,2 1,6



Data sheets

COST (Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constant currency

%

South Africa 13 713 15 352 29 065 13 464 14 398 27 862 4,3 4,3

Nigeria 9 806 11 678 21 484 11 159 10 843 22 002 (2,4) 8,8

SEAGHA 6 743 8 056 14 799 6 496 6 884 13 380 10,6 19,1

Ghana 3 379 4 029 7 408 3 066 3 236 6 302 17,5 26,7

Uganda 1 586 1 857 3 443 1 677 1 722 3 399 1,3 5,6

Rwanda 506 615 1 121 605 629 1 234 (9,2) (5,3)

Zambia 907 1 096 2 003 891 990 1 881 6,5 18,4

South Sudan 263 347 610 151 193 344 77,3 119,2

Business Group 102 112 214 106 114 220 (2,7) (3,2)

WECA 7 338 8 939 16 277 7 282 8 406 15 688 3,8 1,0

Cameroon 1 949 2 604 4 553 1 822 2 294 4 116 10,6 8,1

Ivory Coast 2 565 3 022 5 587 2 364 2 724 5 088 9,8 6,0

Guinea-Bissau 157 164 321 160 169 329 (2,4) (5,8)

Guinea-Conakry 412 482 894 464 428 892 0,2 0,4

Congo-Brazzaville 729 810 1 539 817 923 1 740 (11,6) (13,4)

Liberia 240 333 573 389 319 708 (19,1) (18,8)

Benin 1 286 1 524 2 810 1 266 1 549 2 815 (0,2) (3,6)

MENA 3 171 3 237 6 408 4 458 4 474 8 932 (28,3) 19,4

Syria 674 734 1 408 702 702 1 404 0,3 (12,4)

Sudan 575 562 1 137 1 528 1 435 2 963 (61,6) 69,6

Yemen 568 839 1 407 888 766 1 654 (14,9) 12,6

Afghanistan 740 864 1 604 788 859 1 647 (2,6) 4,4

Cyprus 614 238 852 552 712 1 264 (32,6) (34,4)


Botswana 205 232 437 312 214 526 (16,9) (17,1)

eSwatini 97 109 206 90 99 189 9,0 8,5


Head office companies and eliminations 319 (65) 823 383 357 740 – –

Total 41 090 47 197 88 856 43 242 45 362 88 604 0,3 8,3

Regulatory fine – – – – – – – –

Zakhele Futhi share-based payment – – – – – 434 – –

CBN resolution 744 744 – – – – –

Hyperinflation (242) 141 (101) 2 881 1 004 3 451 – –

Total reported 40 848 48 082 89 499 46 123 46 366 92 489 3,2 1,6





COST BREAKDOWN(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South AfricaHandsets and other accessories 4 353 5 774 10 127 4 137 4 611 8 748 15,8 15,8

Interconnect 1 028 1 058 2 086 1 232 1 219 2 451 (14,9) (14,9)

Roaming 151 95 246 160 119 279 (11,8) (11,8)

Commissions 1 223 1 142 2 365 1 111 1 263 2 374 (0,4) (0,4)

Government and regulatory costs 113 111 224 74 121 195 14,9 14,9

VAS/Digital revenue share 325 278 603 339 249 588 2,6 2,6

Service provider discount 813 734 1 547 854 925 1 779 (13,0) (13,0)

Network 2 166 2 242 4 408 2 107 2 144 4 251 3,7 3,7

Marketing 567 784 1 351 506 599 1 105 22,3 22,3

Staff costs 1 235 1 267 2 502 1 004 1 176 2 180 14,8 14,8

Other opex 1 739 1 867 3 606 1 940 1 972 3 912 (7,8) 7,8

Cost 13 713 15 352 29 065 13 464 14 398 27 862 4,3 4,3

NigeriaHandsets and other accessories 150 142 292 167 13 180 62,2 76,1

Interconnect 1 593 1 900 3 493 1 749 1 676 3 425 2,0 13,5

Roaming 86 63 149 58 52 110 35,5 55,5

Commissions 811 974 1 785 914 946 1 860 (4,0) 6,8

Government and regulatory costs 446 591 1 037 473 474 947 9,5 15,3

VAS/Digital revenue share 353 342 695 667 498 1 165 (40,3) (31,8)

Service provider disc – – – – – – –

Network 4 900 5 809 10 709 5 412 5 155 10 567 1,3 12,9

Marketing 272 311 583 298 321 619 (5,8) 4,8

Staff costs 489 645 1 134 543 546 1 089 4,1 15,3

Other opex 706 1 645 1 607 878 1 162 2 040 (21,2) (10,1)

Cost 9 806 12 422 21 484 11 159 10 843 22 002 1,0 11,9 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.


Data sheets

COST BREAKDOWN(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

South AfricaHandsets and other accessories 4 353 5 774 10 127 4 137 4 611 8 748 15,8 15,8

Interconnect 1 028 1 058 2 086 1 232 1 219 2 451 (14,9) (14,9)

Roaming 151 95 246 160 119 279 (11,8) (11,8)

Commissions 1 223 1 142 2 365 1 111 1 263 2 374 (0,4) (0,4)



Service provider discount 813 734 1 547 854 925 1 779 (13,0) (13,0)

Network 2 166 2 242 4 408 2 107 2 144 4 251 3,7 3,7

Marketing 567 784 1 351 506 599 1 105 22,3 22,3

Staff costs 1 235 1 267 2 502 1 004 1 176 2 180 14,8 14,8

Other opex 1 739 1 867 3 606 1 940 1 972 3 912 (7,8) 7,8

Cost 13 713 15 352 29 065 13 464 14 398 27 862 4,3 4,3

NigeriaHandsets and other accessories 150 142 292 167 13 180 62,2 76,1

Interconnect 1 593 1 900 3 493 1 749 1 676 3 425 2,0 13,5

Roaming 86 63 149 58 52 110 35,5 55,5

Commissions 811 974 1 785 914 946 1 860 (4,0) 6,8

Government and regulatory costs 446 591 1 037 473 474 947 9,5 15,3

VAS/Digital revenue share 353 342 695 667 498 1 165 (40,3) (31,8)

Service provider disc – – – – – – –

Network 4 900 5 809 10 709 5 412 5 155 10 567 1,3 12,9

Marketing 272 311 583 298 321 619 (5,8) 4,8

Staff costs 489 645 1 134 543 546 1 089 4,1 15,3

Other opex 706 1 645 1 607 878 1 162 2 040 (21,2) (10,1)

Cost 9 806 12 422 21 484 11 159 10 843 22 002 1,0 11,9 (1) Restated to reflect the segments reallocated and restated for impact of IFRS 15.




COST BREAKDOWN continued(Rm)

Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

GhanaHandsets and other accessories 121 124 245 111 181 292 (16,1) (6,4)

Interconnect 470 530 1 000 469 482 951 5,2 13,6

Roaming 53 18 71 28 36 64 10,9 21,9

Commissions 657 795 1 452 563 642 1 205 20,5 30,2

Government and regulatory costs 126 153 279 125 161 286 (2,4) 5,2


Service provider discount – – – – – – – –

Network 1 098 1 118 2 216 1 036 971 2 007 10,4 19,6

Marketing 142 192 334 93 135 228 46,5 54,4

Staff costs 273 258 531 240 246 486 9,3 17,9

Other opex 274 542 816 196 197 393 107,6 121,9

Cost 3 379 4 029 7 408 3 066 3 236 6 302 17,5 26,7

Uganda

Handsets and other accessories 44 40 84 85 36 121 (30,6) (27,3)

Interconnect 115 111 226 142 140 282 (19,9) (16,0)

Roaming 22 18 40 15 7 22 81,8 90,9

Commissions 439 462 901 457 482 939 (4,0) 0,7

Government and regulatory costs 34 43 77 – 72 72 6,9 8,1

VAS/Digital revenue share 17 25 42 24 23 47 (10,6) (6,4)


Network 519 615 1 134 495 531 1 026 10,5 15,4

Marketing 68 62 130 34 81 115 13,0 18,3

Staff costs 130 180 310 139 153 292 6,2 10,6

Other opex 198 301 499 286 197 483 3,3 6,2

Cost 1 586 1 857 3 443 1 677 1 722 3 399 1,3 5,6



Data sheets


Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

GhanaHandsets and other accessories 121 124 245 111 181 292 (16,1) (6,4)

Interconnect 470 530 1 000 469 482 951 5,2 13,6

Roaming 53 18 71 28 36 64 10,9 21,9

Commissions 657 795 1 452 563 642 1 205 20,5 30,2

Government and regulatory costs 126 153 279 125 161 286 (2,4) 5,2



Network 1 098 1 118 2 216 1 036 971 2 007 10,4 19,6

Marketing 142 192 334 93 135 228 46,5 54,4

Staff costs 273 258 531 240 246 486 9,3 17,9

Other opex 274 542 816 196 197 393 107,6 121,9

Cost 3 379 4 029 7 408 3 066 3 236 6 302 17,5 26,7

Uganda

Handsets and other accessories 44 40 84 85 36 121 (30,6) (27,3)

Interconnect 115 111 226 142 140 282 (19,9) (16,0)

Roaming 22 18 40 15 7 22 81,8 90,9

Commissions 439 462 901 457 482 939 (4,0) 0,7

Government and regulatory costs 34 43 77 – 72 72 6,9 8,1



Network 519 615 1 134 495 531 1 026 10,5 15,4

Marketing 68 62 130 34 81 115 13,0 18,3

Staff costs 130 180 310 139 153 292 6,2 10,6

Other opex 198 301 499 286 197 483 3,3 6,2

Cost 1 586 1 857 3 443 1 677 1 722 3 399 1,3 5,6






Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

Ivory CoastHandsets and other accessories 106 57 163 67 107 174 6,3 (8,6)

Interconnect 511 610 1 121 366 495 861 30,2 25,8

Roaming 21 16 37 17 22 39 (5,1) (7,7)

Commissions 294 338 632 308 293 601 5,2 1,3




Network 535 442 977 499 498 997 (2,0) (5,1)

Marketing 108 96 204 102 139 241 (15,4) (17,8)

Staff costs 268 302 570 270 362 632 (9,8) (12,7)

Other opex 295 507 802 303 370 673 19,2 13,8

Cost 2 565 3 022 5 587 2 364 2 724 5 088 9,8 6,0

CameroonHandsets and other accessories 87 33 120 172 190 362 (64,1) (67,4)

Interconnect 269 194 463 226 252 478 (3,1) (5,0)

Roaming 11 15 26 9 10 19 36,8 36,8

Commissions 208 245 453 175 211 386 17,4 14,8


VAS/Digital revenue share 31 48 79 31 41 72 (21,0) 6,9

Service provider discount – 26 26 1 4 5 420,0 400,0

Network 582 711 1 293 540 607 1 147 12,7 10,3

Marketing 57 94 151 66 116 182 (17,0) (19,2)

Staff costs 258 380 638 237 334 571 11,7 9,3

Other opex 291 493 784 197 322 519 51,1 46,8

Cost 1 949 2 604 4 553 1 822 2 294 4 116 10,6 8,1



Data sheets


Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

Ivory CoastHandsets and other accessories 106 57 163 67 107 174 6,3 (8,6)

Interconnect 511 610 1 121 366 495 861 30,2 25,8

Roaming 21 16 37 17 22 39 (5,1) (7,7)

Commissions 294 338 632 308 293 601 5,2 1,3




Network 535 442 977 499 498 997 (2,0) (5,1)

Marketing 108 96 204 102 139 241 (15,4) (17,8)

Staff costs 268 302 570 270 362 632 (9,8) (12,7)

Other opex 295 507 802 303 370 673 19,2 13,8

Cost 2 565 3 022 5 587 2 364 2 724 5 088 9,8 6,0

CameroonHandsets and other accessories 87 33 120 172 190 362 (64,1) (67,4)

Interconnect 269 194 463 226 252 478 (3,1) (5,0)

Roaming 11 15 26 9 10 19 36,8 36,8

Commissions 208 245 453 175 211 386 17,4 14,8


VAS/Digital revenue share 31 48 79 31 41 72 (21,0) 6,9

Service provider discount – 26 26 1 4 5 420,0 400,0

Network 582 711 1 293 540 607 1 147 12,7 10,3

Marketing 57 94 151 66 116 182 (17,0) (19,2)

Staff costs 258 380 638 237 334 571 11,7 9,3

Other opex 291 493 784 197 322 519 51,1 46,8

Cost 1 949 2 604 4 553 1 822 2 294 4 116 10,6 8,1






Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

Iran (49%)Handsets and other accessories 148 94 242 161 243 404 (40,2) (1,6)

Interconnect 413 277 690 569 554 1 123 (38,5) (1,3)

Roaming 16 32 48 24 34 58 (16,9) 59,3

Commissions 37 22 59 21 32 53 12 78,7

Government and regulatory costs 2 006 1 328 3 334 2 239 2 419 4 658 (28,4) 14,9


Service provider discount 208 135 343 235 256 491 (30,1) 11,1

Network 1 109 734 1 843 1 114 1 287 2 401 (23,2) 22,8

Marketing 144 84 228 140 181 321 (29,0) 11,7

Staff costs 185 130 315 202 231 433 (27,2) 17,9

Other opex 174 77 252 99 111 210 19,6 73,8

Cost 4 588 2 982 7 571 5 000 5 561 10 561 (28,3) 14,6

Hyperinflation – – – (68) (2) (70)

Cost including hyperinflation 4 588 2 982 7 571 4 932 5 559 10 491 (27,8) 15,4

SyriaHandsets and other accessories 4 8 12 3 4 7 71,4 42,9

Interconnect 14 16 30 22 19 41 (26,8) (36,6)

Roaming 5 6 11 6 7 13 (15,4) (23,1)

Commissions 18 19 37 17 20 37 – (13,5)

Government and regulatory costs 217 254 471 290 325 615 (23,4) (33,2)



Network 221 217 438 181 154 335 30,7 14,3

Marketing 13 17 30 10 10 20 50,0 25,0

Staff costs 65 63 128 48 56 104 23,1 7,7

Other opex 103 106 209 116 98 214 (2,3) (14,0)

Cost 674 734 1 408 702 702 1 404 0,3 (12,4)

Hyperinflation (4) 7 3 1 150 466 1 616 –

Cost including hyperinflation 670 741 1 411 1 852 1 168 3 020 (53,3) (51,8)



Data sheets


Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

Iran (49%)Handsets and other accessories 148 94 242 161 243 404 (40,2) (1,6)

Interconnect 413 277 690 569 554 1 123 (38,5) (1,3)

Roaming 16 32 48 24 34 58 (16,9) 59,3

Commissions 37 22 59 21 32 53 12 78,7

Government and regulatory costs 2 006 1 328 3 334 2 239 2 419 4 658 (28,4) 14,9


Service provider discount 208 135 343 235 256 491 (30,1) 11,1

Network 1 109 734 1 843 1 114 1 287 2 401 (23,2) 22,8

Marketing 144 84 228 140 181 321 (29,0) 11,7

Staff costs 185 130 315 202 231 433 (27,2) 17,9

Other opex 174 77 252 99 111 210 19,6 73,8

Cost 4 588 2 982 7 571 5 000 5 561 10 561 (28,3) 14,6

Hyperinflation – – – (68) (2) (70)

Cost including hyperinflation 4 588 2 982 7 571 4 932 5 559 10 491 (27,8) 15,4

SyriaHandsets and other accessories 4 8 12 3 4 7 71,4 42,9

Interconnect 14 16 30 22 19 41 (26,8) (36,6)

Roaming 5 6 11 6 7 13 (15,4) (23,1)

Commissions 18 19 37 17 20 37 – (13,5)

Government and regulatory costs 217 254 471 290 325 615 (23,4) (33,2)



Network 221 217 438 181 154 335 30,7 14,3

Marketing 13 17 30 10 10 20 50,0 25,0

Staff costs 65 63 128 48 56 104 23,1 7,7

Other opex 103 106 209 116 98 214 (2,3) (14,0)

Cost 674 734 1 408 702 702 1 404 0,3 (12,4)

Hyperinflation (4) 7 3 1 150 466 1 616 –

Cost including hyperinflation 670 741 1 411 1 852 1 168 3 020 (53,3) (51,8)






Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

SudanHandsets and other accessories 28 39 67 73 75 148 (54,7) 99,3

Interconnect 115 77 192 207 223 430 (55,3) 95,3

Roaming 6 13 19 7 6 13 46,2 661,5

Commissions 59 58 117 183 196 379 (69,1) 35,1

Government and regulatory costs 14 55 69 – – – – –

VAS/Digital revenue share – 1 1 43 42 85 (98,8) (96,5)

Service provider disc – – – – – – – –

Network 178 167 345 513 439 952 (63,8) 61,3

Marketing 13 18 31 65 56 121 (74,4) 8,3

Staff costs 40 40 80 129 122 251 (68,1) 38,2

Other opex 122 94 216 308 276 584 (63,0) 64,6

Cost 575 562 1 137 1 528 1 435 2 963 (61,6) 69,6

Hyperinflation (306) (90) (396) 1 691 – 1 691 – –

Cost including hyperinflation 269 472 741 3 219 1 435 4 654 (84,1) (66,9)



Data sheets


Country 1H18 2H18 2018 1H17 2H17 2017(1)

Reported%

Constantcurrency

%

SudanHandsets and other accessories 28 39 67 73 75 148 (54,7) 99,3

Interconnect 115 77 192 207 223 430 (55,3) 95,3

Roaming 6 13 19 7 6 13 46,2 661,5

Commissions 59 58 117 183 196 379 (69,1) 35,1

Government and regulatory costs 14 55 69 – – – – –

VAS/Digital revenue share – 1 1 43 42 85 (98,8) (96,5)

Service provider disc – – – – – – – –

Network 178 167 345 513 439 952 (63,8) 61,3

Marketing 13 18 31 65 56 121 (74,4) 8,3

Staff costs 40 40 80 129 122 251 (68,1) 38,2

Other opex 122 94 216 308 276 584 (63,0) 64,6

Cost 575 562 1 137 1 528 1 435 2 963 (61,6) 69,6

Hyperinflation (306) (90) (396) 1 691 – 1 691 – –

Cost including hyperinflation 269 472 741 3 219 1 435 4 654 (84,1) (66,9)





MTN share-

holding(%)*

Popu-lation

(m)

Mobile pene-tration

(%)

Market position/

No of operators

Market share

(%)

Outgoing minutes

of use

Tele-metry (’000)

Data users (‘000)

Active data

users (‘000)

Smart-phones

(‘000)

MB/active

user

Rolled-out Q4

2G Sites

Rolled-out Q4

3G Sites

Rolled-out Q4

4G Sites

Yearly cumu-

lative 2G Sites

Yearly cumu-lative

3G Sites

Yearly cumu-lative

4G Sites

South Africa 100 57,7 172 2/4 28,40 70 2 927 19 991 13 571 17 066 1 382 241 236 784 1 054 1 134 2 821Nigeria 79 194,4 60 1/4 50,04 137 43 900 18 672 21 601 1 177 262 608 472 519 2 342 1 338

SEAGHAGhana 85 29,6 117 1/9 51,27 298 13 522 6 435 6 714 1 819 – – – 600 1 100 250Uganda 96 44,3 54 1/8 53,87 136 5 411 2 236 2 166 1 162 40 38 31 164 414 36Rwanda 80 12,3 77 2/2 47,19 178 3 446 947 1 003 1 597 42 97 – 121 325 –Zambia 86 16,9 81 1/3 47,00 81 5 187 1 856 1 761 1 294 56 11 68 91 91 96South Sudan 100 13,1 13 1/2 60,33 159 402 176 178 554 6 1 – 24 16 –Botswana (joint venture) 53 2,3 145 1/3 51,46 112 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a eSwatini (joint venture) 30 1,2 95 1/2 87,64 189 598 502 440 255 15 10 1 60 51 56

WECACameroon 70 25,1 65 1/4 47,20 97 5 802 2 553 2 543 1 065 28 111 10 46 134 22Ivory Coast 59 25,5 130 2/3 33,40 76 8 585 3 294 3 901 1 351 135 175 15 222 312 180Benin 75 12,1 76 1/2 53,53 68 4 036 1 587 1 438 1 825 14 20 49 29 93 54Guinea-Conakry 75 12,1 96 2/4 23,97 32 1 210 503 923 1 074 40 52 – 51 61 –Congo-Brazzaville 100 5,1 89 1/3 54,53 164 1 554 545 909 1 225 12 6 – 30 30 3Liberia 60 4,3 64 1/3 35,14 145 500 208 322 1 927 4 18 70 5 30 70Guinea-Bissau 100 1,9 65 1/2 60,65 46 556 179 189 797 5 5 10 15 20 17

MENAIran (joint venture) 49 83,5 125 2/4 42,97 100 32 226 19 889 33 216 5 709 237 314 236 815 1449 1753Syria 75 17,9 87 2/2 36,04 74 2 779 1 664 4 081 821 257 220 215 228 449 503Sudan 85 40,2 56 2/3 34,64 177 5 156 2 259 2 783 1 839 1 1 6 13 14 8Yemen 85 28,0 42 1/4 37,76 131 984 682 1 903 194 2 – – 9 – –Afghanistan 100 34,5 41 1/5 44,09 97 2 081 991 1 841 2 018 40 107 45 110 230 50For details on our licences, please see annual financial statements.* Shareholding disclosed based on MTN’s Group legal shareholding, historic view was based on effective accounting.


Data sheets

MTN share-

holding(%)

Popu-lation

(m)

Mobile pene-tration

(%)

Market position/

No of operators

Market share

(%)

Outgoing minutes

of use

Tele-metry (’000)

Data users (‘000)

Active data

users (‘000)

Smart-phones

(‘000)

MB/active

user

Rolled-out Q4

2G Sites

Rolled-out Q4

3G Sites

Rolled-out Q4

4G Sites

Yearly cumu-

lative 2G Sites

Yearly cumu-lative

3G Sites

Yearly cumu-lative

4G Sites

South Africa 100 57,7 172 2/4 28,40 70 2 927 19 991 13 571 17 066 1 382 241 236 784 1 054 1 134 2 821Nigeria 79 194,4 60 1/4 50,04 137 43 900 18 672 21 601 1 177 262 608 472 519 2 342 1 338

SEAGHAGhana 85 29,6 117 1/9 51,27 298 13 522 6 435 6 714 1 819 – – – 600 1 100 250Uganda 96 44,3 54 1/8 53,87 136 5 411 2 236 2 166 1 162 40 38 31 164 414 36Rwanda 80 12,3 77 2/2 47,19 178 3 446 947 1 003 1 597 42 97 – 121 325 –Zambia 86 16,9 81 1/3 47,00 81 5 187 1 856 1 761 1 294 56 11 68 91 91 96South Sudan 100 13,1 13 1/2 60,33 159 402 176 178 554 6 1 – 24 16 –Botswana (joint venture) 53 2,3 145 1/3 51,46 112 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a eSwatini (joint venture) 30 1,2 95 1/2 87,64 189 598 502 440 255 15 10 1 60 51 56

WECACameroon 70 25,1 65 1/4 47,20 97 5 802 2 553 2 543 1 065 28 111 10 46 134 22Ivory Coast 59 25,5 130 2/3 33,40 76 8 585 3 294 3 901 1 351 135 175 15 222 312 180Benin 75 12,1 76 1/2 53,53 68 4 036 1 587 1 438 1 825 14 20 49 29 93 54Guinea-Conakry 75 12,1 96 2/4 23,97 32 1 210 503 923 1 074 40 52 – 51 61 –Congo-Brazzaville 100 5,1 89 1/3 54,53 164 1 554 545 909 1 225 12 6 – 30 30 3Liberia 60 4,3 64 1/3 35,14 145 500 208 322 1 927 4 18 70 5 30 70Guinea-Bissau 100 1,9 65 1/2 60,65 46 556 179 189 797 5 5 10 15 20 17

MENAIran (joint venture) 49 83,5 125 2/4 42,97 100 32 226 19 889 33 216 5 709 237 314 236 815 1449 1753Syria 75 17,9 87 2/2 36,04 74 2 779 1 664 4 081 821 257 220 215 228 449 503Sudan 85 40,2 56 2/3 34,64 177 5 156 2 259 2 783 1 839 1 1 6 13 14 8Yemen 85 28,0 42 1/4 37,76 131 984 682 1 903 194 2 – – 9 – –Afghanistan 100 34,5 41 1/5 44,09 97 2 081 991 1 841 2 018 40 107 45 110 230 50For details on our licences, please see annual financial statements.




Financial reviewHeadline earnings reconciliation

Impairment

(Rm)

IFRSreported

2018

PPE and intangible

assets1 Goodwill2

Profit on exercise

of exchange

right3

Gain ondilution

of invest-ments4

Profit onsale ofCyprus5 Other6

Nigeriafine

interest7

Hyper-inflation

(excludingimpair-ments)8

Forex losses9

Forex losses –

Iran9

MTN Zakhele

Futhi10

Loss onderecog-nition of

loan (IHS)11

NigeriaCBN

reso-lution12

Adjusted2018

%move-

ment

2018Revenue 134 560 – – – – – – – 174 – – – – – 134 734 1,8Other income 3 186 – – – (569) (2 112) (3) – (4) – – – – – 498 (46,9)EBITDA 48 246 (206) – – (569) (2 112) (3) – 35 – – – 744 46 136 11,9Depreciation, amortisation and impairment of goodwill 24 670 (312) – – – – – (261) – – – – – 24 097 22,1Profit from operations 23 576 (206) 312 – (569) (2 112) (3) – 296 – – – – 744 22 039 2,6Net finance cost 8 331 – – – – – – (812) (3) (1 945) – – – 5 571 44,0Hyperinflationary monetary gain 290 – – – – – – – (290) – – – – – 0 0,0Share of results of associates and joint ventures after tax (527) – – – (134) – – – 873 – 1 034 – – – 1 246 (44,6)Profit before tax 15 008 (206) 312 – (703) (2 112) (3) 812 882 1 945 1 034 – – 744 17 713 (10,9)Income tax expense 5 430 – – – – – 6 – 38 503 258 – – – 6 236 (2,9)Profit after tax 9 578 (206) 312 – (703) (2 112) 3 812 844 1 442 775 – – 744 11 489 (14,5)Non-controlling interests 859 (42) – – – – – 172 38 172 0 – – 158 1 356 (5,2)Attributable profit 8 719 (164) 312 – (703) (2 112) 3 640 806 1 270 775 – – 586 10 132 (15,7)EBITDA margin 35,9% 34,2%Effective tax rate 36,2% 35,2%

2017Revenue 132 869 – – – – – – (504) – – – – – 132 365 Other income 6 591 – – (6 017) (28) (42) – – – – 434 – – 938 EBITDA 46 971 – (6 017) (28) – (42) – (91) – – 434 – – 41 227 Depreciation, amortisation and impairment of goodwill 26 398 (3 045) (2 631) – – – – – (984) – – – – – 19 738 Profit from operations 20 573 3 045 2 631 (6 017) (28) – (42) – 893 – – 434 – – 21 489 Net finance cost 9 267 – – – – – – (1 047) 3 (4 355) – – – 3 868 Hyperinflationary monetary gain 264 – – – – – – – (264) – – – – – – Share of results of associates and joint ventures after tax 840 – – – – – – – 1 328 – 80 – – – 2 248 Profit before tax 9 570 3 045 2 631 (6 017) (28) – (42) 1 047 1 954 4 355 80 434 2 840 – 19 869 Income tax expense 5 020 189 – – – – – – 69 1 127 20 – – – 6 425 Profit after tax 4 550 2 856 2 631 (6 017) (28) – (42) 1 047 1 885 3 228 60 434 2 840 – 13 444 Non-controlling interests 134 537 – – – – – 222 153 385 0 – – – 1 430 Attributable profit 4 416 2 319 2 631 (6 017) (28) – (42) 825 1 732 2 843 60 434 2 840 – 12 014 EBITDA margin 35,4%

Effective tax rate 52,5%


Data sheets

Financial reviewHeadline earnings reconciliation

Impairment

(Rm)

IFRSreported

2018

PPE and intangible

assets1 Goodwill2

Profit on exercise

of exchange

right3

Gain ondilution

of invest-ments4

Profit onsale ofCyprus5 Other6

Nigeriafine

interest7

Hyper-inflation

(excludingimpair-ments)8

Forex losses9

Forex losses –

Iran9

MTN Zakhele

Futhi10

Loss onderecog-nition of

loan (IHS)11

NigeriaCBN

reso-lution12

Adjusted2018

%move-

ment

2018Revenue 134 560 – – – – – – – 174 – – – – – 134 734 1,8Other income 3 186 – – – (569) (2 112) (3) – (4) – – – – – 498 (46,9)EBITDA 48 246 (206) – – (569) (2 112) (3) – 35 – – – 744 46 136 11,9Depreciation, amortisation and impairment of goodwill 24 670 (312) – – – – – (261) – – – – – 24 097 22,1Profit from operations 23 576 (206) 312 – (569) (2 112) (3) – 296 – – – – 744 22 039 2,6Net finance cost 8 331 – – – – – – (812) (3) (1 945) – – – 5 571 44,0Hyperinflationary monetary gain 290 – – – – – – – (290) – – – – – 0 0,0Share of results of associates and joint ventures after tax (527) – – – (134) – – – 873 – 1 034 – – – 1 246 (44,6)Profit before tax 15 008 (206) 312 – (703) (2 112) (3) 812 882 1 945 1 034 – – 744 17 713 (10,9)Income tax expense 5 430 – – – – – 6 – 38 503 258 – – – 6 236 (2,9)Profit after tax 9 578 (206) 312 – (703) (2 112) 3 812 844 1 442 775 – – 744 11 489 (14,5)Non-controlling interests 859 (42) – – – – – 172 38 172 0 – – 158 1 356 (5,2)Attributable profit 8 719 (164) 312 – (703) (2 112) 3 640 806 1 270 775 – – 586 10 132 (15,7)EBITDA margin 35,9% 34,2%Effective tax rate 36,2% 35,2%

2017Revenue 132 869 – – – – – – (504) – – – – – 132 365 Other income 6 591 – – (6 017) (28) (42) – – – – 434 – – 938 EBITDA 46 971 – (6 017) (28) – (42) – (91) – – 434 – – 41 227 Depreciation, amortisation and impairment of goodwill 26 398 (3 045) (2 631) – – – – – (984) – – – – – 19 738 Profit from operations 20 573 3 045 2 631 (6 017) (28) – (42) – 893 – – 434 – – 21 489 Net finance cost 9 267 – – – – – – (1 047) 3 (4 355) – – – 3 868 Hyperinflationary monetary gain 264 – – – – – – – (264) – – – – – – Share of results of associates and joint ventures after tax 840 – – – – – – – 1 328 – 80 – – – 2 248 Profit before tax 9 570 3 045 2 631 (6 017) (28) – (42) 1 047 1 954 4 355 80 434 2 840 – 19 869 Income tax expense 5 020 189 – – – – – – 69 1 127 20 – – – 6 425 Profit after tax 4 550 2 856 2 631 (6 017) (28) – (42) 1 047 1 885 3 228 60 434 2 840 – 13 444 Non-controlling interests 134 537 – – – – – 222 153 385 0 – – – 1 430 Attributable profit 4 416 2 319 2 631 (6 017) (28) – (42) 825 1 732 2 843 60 434 2 840 – 12 014 EBITDA margin 35,4%

Effective tax rate 52,5%


1. 2018: Reversal of the hyperinflation-related asset impairment in MTN Sudan (R306 million) and exclusion of the impact of other asset impairments. 2017: Exclusion of the impact of impairments of assets previously written up for the impact of hyperinflation for MTN Syria (R1 348 million) and MTN Sudan (R1 690 million), partly offset by a reversal of assets previously impaired.

2. Represents the exclusion of the impact of goodwill impairment recognised. 2018: In relation to MTN Yemen (R312 million). 2017: In relation to MTN Yemen (R807 million), MTN Afghanistan (R841 million) and MTN Sudan (R983 million). An amount of R192 million of the goodwill impairment on MTN Sudan relates to the carrying value of goodwill previously written up for the impact of hyperinflation.

3. The financial impact relating to R6 017 million profit realised on the exercise of the exchange right where the interest in the Nigeria tower company was exchanged for an increased shareholding in IHS Holdings is excluded.

4. Represents the gain on dilution of the group’s investments in International Digital Services Middle East Limited following the entry of a new investor into that business.

5. The profit on sale of Cyprus (R2 112 million) is excluded6. The sale of tower assets during the financial period. 2018: release of a deferred gain of R23 million

(2017: R27 million) in Ghana and offset by losses incurred on the disposal of items of property, plant and equipment are excluded.

7. Exclusion of finance cost recognised as a result of the unwind of the discounting of the financial liability created on conclusion of the Nigeria regulatory fine.

8. The impact of hyperinflation is excluded for the operations that are currently accounted for on a hyperinflationary basis (MTN Syria, MTN Sudan and MTN South Sudan) as well as those that have previously been accounted for on a hyperinflationary basis. The economy of MTN Sudan was assessed to be hyperinflationary effective 1 July 2018 and hyperinflation accounting was applied for the six months ended 31 December 2018. The economy of Iran was assessed to no longer be hyperinflationary effective 1 July 2015 and hyperinflation accounting was discontinued from this date onwards. For this operation the impact of hyperinflation unwind over time mainly through depreciation, amortisation or subsequent asset impairments.

9. Adjustment for the net forex losses impacting earnings for the respective periods.10. Represents the IFRS 2 Share-based payment impact of MTN Zakhele Futhi. MTN made an offer of

ordinary shares to qualifying BEE investors in 2016. During 2017, the group issued a portion of the shares previously underwritten resulting in the recognition of a IFRS 2 Share-based payment expense of R434 million.

11. Represents the impact of the loss on the derecognition of the long-term loan receivable from IHS amounting to R2 840 million

12. Represents the impact of the Nigeria CBN resolution (R744 million).



Administration

MTN GROUP LIMITEDIncorporated in the Republic of South AfricaRegistration number: 1994/009584/06ISIN: ZAE000042164Share code: MTN

Board of directorsPF Nhleko²RA Shuter¹#

RT Mupita¹PB Hanratty³$

AP Harper³#

MH Jonas³ (appointed 1 June 2018)KP Kalyan³S Kheradpir³††

NP Mageza³MLD Marole³AT Mikati²†

SP Miller³ˆKD Mokhele³ (appointed 1 July 2018)KC Ramon³NL Sowazi³BS Tshabalala³ (appointed 1 June 2018)J van Rooyen³¹ Executive² Non-executive³ Independent non-executive director†† American † Lebanese# British $ Irishˆ Belgian

Group secretarySB MtshaliPrivate Bag X9955, Cresta, 2118

Registered office216 – 14th Avenue, Fairland, 2195

American depository receipt (ADR) programmeCusip No. 62474M108 ADR to ordinary share 1:1

DepositoryThe Bank of New York101 Barclay Street, New York NY. 10286, USA

MTN Group sharecare lineToll free: 0800 202 360 or +27 11 870 8206 if phoning from outside South Africa

Transfer secretariesComputershare Investor Services Proprietary LimitedRegistration number 2004/003647/07Rosebank Towers, 15 Biermann AvenueRosebank, 2196PO Box 61051, Marshalltown, 2107

Joint auditorsPricewaterhouseCoopers Inc.4 Lisbon Lane, Waterfall City, Jukskei View, 2090

SizweNtsalubaGobodo Grant Thornton Inc.20 Morris Street EastWoodmead, 2157PO Box 2939, Saxonwold, 2132

Lead sponsorJP Morgan Equities (SA) Proprietary Limited1 Fricker Road, cnr Hurlingham Road, Illovo, 2196

Joint sponsorTamela Holdings Proprietary LimitedGround Floor, Golden Oak House, Ballyoaks Office Park35 Ballyclare Drive, Bryanston, 2021

AttorneysWebber Wentzel90 Rivonia Road, Sandton, 2196PO Box 61771, Marshalltown, 2107

Contact detailsTelephone: National 083 912 3000

011 912 3000 International +27 83 912 3000

Facsimile: National 011 912 4093 International +27 11 912 4093

E-mail: [email protected]: http://www.mtn.com

Notes to the annual financial statements

4 MTN Group Limited Financial results for the year ended 31 December 2017

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Documents

MTN Group Limited · Results presentation for the year ended 31 December 2018 ... Irancell, MTN Sudan, MTN South Sudan and MTN Syria, the constant currency information has been prepared