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Airtel Africa (AAF)

Telecom Operators

121.00p

Trade now with Barclays Stockbrokers

	$ (Millions)	$ (Millions)	$ (Millions)	$ (Millions)	$ (Millions)
	31-Mar-23	31-Mar-22	31-Mar-21	31-Mar-20	31-Mar-19
Continuing Operations
Revenue	5,255.00	4,714.00	3,908.00	3,422.00	3,077.00

EBITDA	2,575.00	2,390.00	1,793.00	971.00	1,376.00
Depreciation & Amortisation	(818.00)	(744.00)	(681.00)	n/a	(573.00)

Operating Profit/(Loss)	1,757.00	1,646.00	1,112.00	971.00	803.00
Interest Payable	(752.00)	(441.00)	(432.00)	(440.00)	(394.00)
Interest Receivable/Investment Income	29.00	19.00	9.00	67.00	32.00

Group Profit after Interest	1,034.00	1,224.00	689.00	598.00	441.00
Share of Assoc Cos/JV Profits	n/a	n/a	1.00	n/a	(24.00)

Profit Before Tax	1,034.00	1,224.00	690.00	598.00	417.00
Tax	(284.00)	(469.00)	(318.00)	(190.00)	(110.00)

Profit After Tax	750.00	755.00	372.00	408.00	307.00

Discontinued Operations
Profit After Tax	n/a	n/a	n/a	n/a	n/a

PROFIT FOR PERIOD	750.00	755.00	372.00	408.00	307.00

Attributable to:
Equity Holders of Parent Company	663.00	631.00	315.00	370.00	278.00
Minority Interests	(87.00)	(124.00)	(57.00)	(38.00)	(29.00)

Equity Dividends	_cn/a	_cn/a	_cn/a	_cn/a	_cn/a
Retained Profit/(Loss) for the Financial Year	_c663.00	_c631.00	_c315.00	_c370.00	_c278.00

Per Share Record - Normalised	31-Mar-23	31-Mar-22	31-Mar-21	31-Mar-20	31-Mar-19
Continuing EPS
Earnings per Share - Basic	17.67¢	16.81¢	8.38¢	10.32¢	13.99¢
Earnings per Share - Diluted	17.65¢	16.78¢	8.38¢	10.32¢	13.99¢
Earnings per Share - Adjusted	17.70¢	16.80¢	9.00¢	10.30¢	19.54¢
Continuing and Discontinued EPS
Earnings per Share - Basic	17.67¢	16.81¢	0.085¢	10.32¢	13.99¢
Earnings per Share - Diluted	17.65¢	16.78¢	0.085¢	10.32¢	13.99¢
Earnings per Share - Adjusted	17.70¢	16.80¢	9.00¢	10.30¢	19.54¢

Dividend per Share	5.46¢	5.00¢	4.00¢	6.00¢	n/a

Key Financals	31-Mar-23	31-Mar-22	31-Mar-21	31-Mar-20	31-Mar-19
Shares in Issue (millions)
Shares in Issue - Year End	3,758.15	3,758.15	3,758.15	3.76	3,081.74
Weighted Average	3,751.67	3,754.18	3,757.55	3,585.63	1,986.36
Diluted	3,756.87	3,760.11	3,759.12	3,585.63	1,986.36

Performance Ratios
Continuing Operations
Operating Margin	33.43%	34.92%	28.45%	28.38%	26.10%
Return on Capital Employed	51.16%	50.58%	0.32%	30.13%	28.03%
Continuing Operations & Discontinued Operations
Return on Equity	17.61%	17.35%	0.09%	10.63%	10.37%

Financial Status
Continuing Operations
Interest Cover - Continuing	2.38	3.78	2.60	2.36	2.06
Revenue per Share	140.07¢	125.57¢	1.05¢	95.44¢	154.91¢
Pre-Tax Profit Per Share - Continuing	27.56¢	32.60¢	0.18¢	16.68¢	20.99¢

Market Data
Continuing Operations
Earnings Per Share Growth - Basic	5%	100%	-19%	-26%	n/a
Earnings Per Share Growth - Diluted	5%	100%	-19%	-26%	n/a
PE Ratio - Company Adjusted	7.7	10.6	12.0	5.1	n/a
PEG - Company Adjusted	1.5	0.1	n/a	n/a	n/a
Dividend Cover	3.24	3.36	2.10	1.72	n/a
Continuing Operations & Discontinued Operations
Earnings per Share - Company Adjusted	5%	19,763%	-99%	-26%	n/a
Earnings per Share - Diluted	5%	19,740%	-99%	-26%	n/a
PE Ratio - Company Adjusted	7.7	10.6	1,193.7	5.1	n/a
PEG - Company Adjusted	1.5	0.0	n/a	n/a	n/a
Dividend Cover	3.24	3.36	0.02	1.72	n/a

Market Capitalisation $ (Millions)	4,002.43	5,242.62	2,980.21	1.55	n/a
Dividend per Share	5.46¢	5.00¢	4.00¢	6.00¢	n/a
Dividend Yield	4.0%	2.8%	4.0%	11.5%	0.0%
Dividend per Share Growth	9.20%	25.00%	(33.33%)	n/a	n/a

* GAAP

a. Includes discontinued activities

b. Includes preference dividends

c. Not disclosed under IFRS

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Forecast figures based on normalised accounts.