MTN GROUP LIMITED - MTN Group trading statement for the full year ended 31 December 2023

MTN Group trading statement for the full year ended 31 December 2023

MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(MTN or the Group or MTN Group)

MTN Group trading statement for the full year ended 31 December 2023

MTN is currently in the process of finalising its results for the year ended 31 December 2023 (FY 23).

The Group anticipates reporting a resilient underlying operational performance for FY 23 in a
challenging operating environment. The financial result has, however, been negatively affected by the
sharp devaluation in the naira against the US dollar impacting MTN Nigeria's financials, despite the
operating company's solid underlying operational performance. This mainly drove higher operating
and net finance costs for MTN Nigeria, which are expected to impact the Group FY 23 financial
performance. The foreign exchange losses in MTN Nigeria's financial are estimated to be 593 cents
(2022: 52 cents) in the Group FY 23 results.

In this context, Paragraph 3.4 (b) (i) of the JSE Limited Listings Requirements (JSE Listings
Requirements) requires that issuers must publish a trading statement as soon as they are satisfied
that a reasonable degree of certainty exists that the financial results for the period to be reported
upon next will differ by at least 20% from the financial results for the previous corresponding period.

Accordingly, shareholders are advised that MTN expects to report:

•   A decrease in earnings per share (EPS) of between -90% and -70% (or -964 cents and -750 cents).
    Considering the reported EPS for the corresponding financial year ended 31 December 2022
    (FY 22) of 1 071 cents, this translates to a range of 107 cents to 321 cents for FY 23.

    EPS includes:
        • Impairment losses that mainly relate to Investments, goodwill, property, plant and
            equipment and remeasurement of non-current assets held for sale totaling approximately
            -40 cents (2022: -44 cents);
        • An impairment loss on remeasurement of disposal groups of -50 cents (2022: -70 cents);
        • A net gain on the disposal of SA towers of 3 cents (2022: 22 cents) and;
        • The net loss on disposal of property, plant and equipment and intangible assets of -1 cents
            (2022: 9 cents).

•   A decrease in headline earnings per share (HEPS) of between -80% and -60% (or -923 cents to -
    692 cents). Considering the reported HEPS of 1 154 cents for the corresponding FY 22, this
    translates to a range of 231 cents to 462 cents for FY 23.

    HEPS was negatively impacted by some non-operational items of approximately -889 cents (2022:
    -159 cents) for FY 23. These include:
        • Hyperinflation adjustments of -151 cents (2022: 125 cents);
        • Foreign exchange losses of -715 cents (2022: -181 cents), which includes naira depreciation
            impact of 593 cents (2022: 52 cents);
        • Divestments of nil (2022: -24 cents);
        • Remeasurement of deferred tax asset of nil (2022: -65 cents); and
        • Other non-operational items of -23 cents (2022: -14 cents).

The anticipated changes in EPS and HEPS for FY 23, are illustrated in the table below:

       FY 22 (R'cents)   FY 23 expected range (R'cents)   Expected (decrease) (%)   Expected (decrease) (R'cents)

EPS             1 071                        107 - 321               (90) – (70)%                   (964) – (750)
HEPS            1 154                        231 - 462               (80) – (60)%                   (923) – (692)



The Board of Directors of MTN anticipates declaring a dividend in line with guidance of a minimum
ordinary final dividend of 330cps for FY23.

The financial information on which this trading statement is based has not been reviewed and
reported on by the external auditors of MTN.

The comparative FY 22 figures in this announcement have not been restated to the guidance given in
the "MTN Nigeria results | Restatement of MTN Nigeria | Impact on the Group" announcement
released on the Stock Exchange News Service of the JSE Limited (SENS) this morning (1 March 2024).

The Group's financial results are expected to be announced on SENS on or about Monday, 25 March
2024.



1 March 2024

Fairland

Lead sponsor
Tamela Holdings Proprietary Limited

Joint sponsor
J.P. Morgan Equities (SA) Proprietary Limited

Date: 01-03-2024 07:05:00
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