Emtel Limited - Abridged Unaudited Financial Statements for the nine months ended 30 September 2024

Condensed Statements of Profit and Loss Condensed Statements of Changes in Equity

The Group The Group
Restated Restated Owners of Common control Non-controlling

“Accelerated Growth Driving Improved Results”

Unaudited Unaudited Unaudited Unaudited the parent reserves10 interest Total Equity
Nine months ended Quarter ended Rs 000 Rs 000 Rs 000 Rs 000
30-Sep-24 30-Sep-23 30-Sep-24 30-Sep-23 Unaudited
Rs 000 Rs 000 Rs 000 Rs 000 At 1 January 2023 1,286,763 (1,030,768) 48,205 304,200
Continuing operations Profit for the period 251,332 - (35,605) 215,727
Service revenue1 2,532,769 2,255,630 879,298 782,448 Total comprehensive income 251,332 - (35,605) 215,727
Non service revenue1 186,531 235,812 65,327 67,386 Dividends (411,960) - - (411,960)
Revenue1 2,719,300 2,491,442 944,625 849,834 At 30 September 2023 1,126,135 (1,030,768) 12,600 107,967
Performance Highlights Net revenue3 2,458,646 2,245,169 854,483 779,031
Audited
At 1 January 2023 1,286,763 (1,030,768) 48,205 304,200
Profit for the year 361,401 - (46,900) 314,501
EBITDA2 1,265,883 1,093,353 449,424 393,291
Other comprehensive income 44,838 - (1,542) 43,296
Depreciation and amortisation (653,473) (593,389) (221,729) (205,127)
Total comprehensive income 406,239 - (48,442) 357,797
Underlying operating profit 4 612,410 499,964 227,695 188,164
Dividends (546,060) - - (546,060)
Solidarity levy on revenue (28,575) (38,700) (10,140) (13,241)
At 31 December 2023 1,146,942 (1,030,768) (237) 115,937
Other gains and losses6 122,918 74,436 73,502 31,248
Other one off transactions7 (104,832) - - - Unaudited
Service EBITDA2 Underlying Underlying Operating profit 601,921 535,700 291,057 206,171 At 1 January 2024 1,146,942 (1,030,768) (237) 115,937
Profit for the period 204,521 - (49,839) 154,682
Revenue1 Operating Profit4 Profit Before Tax5 Net finance costs8 (191,413) (149,271) (68,325) (60,563)
Other comprehensive income 257 - - 257
Profit before tax 410,508 386,429 222,732 145,608
Tax expense13 (125,565) (111,779) (57,232) (40,906) Total comprehensive income 204,778 - (49,839) 154,939
Reporting period - 9 months ended 30 Sep 24 Dividends (130,000) - - (130,000)
Corporate climate responsibility levy (44,118) - (44,118) -
Profit for the period from continuing operations 240,825 274,650 121,382 104,702 At 30 September 2024 1,221,720 (1,030,768) (50,076) 140,876
Rs 2,533 Million Rs 1,266 Million Rs 612 Million Rs 421 Million Basis of Preparation
Discontinued operations
The Board of Emtel Limited hereby presents the Group’s unaudited abridged financial statements for the 9 months ended 30 September 2024. The
12.3% 15.8% 22.4% 20.0% Loss for the period from discontinued operations
Profit for the period
(86,143)
154,682
(58,923)
215,727
(25,004)
96,378
(17,292)
87,410
abridged financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and on the same basis as the
accounting policies set out in the audited statutory financial statements for the year ended 31 December 2023. In accordance with IFRS 5, the Group
Rs 2,256 Million - 30 Sep 23 Rs 1,093 Million - 30 Sep 23 Rs 500 Million - 30 Sep 23 Rs 351 Million - 30 Sep 23 Other comprehensive income for the period 257 - 216 - has presented its current period results and restated its comparatives for discontinued activities.
Total comprehensive income for the period 154,939 215,727 96,594 87,410 Group Financial Performance Review
Revenue: + 9.1% growth Underlying profit before tax5: +20.0% growth
Reporting quarter - 3 months ended 30 Sep 24 Total comprehensive income attributable to :- The Group reported a 9.1% increase in revenue from continuing Profit before tax stood at Rs 411 million for the reporting period compared
Owners of the parent 204,778 251,332 111,376 98,856 operations for the nine months ended 30 September 2024 (“reporting to Rs 386 million last year and the underlying profit before tax5 stood at Rs
Rs 879 Million Rs 449 Million Rs 228 Million Rs 158 Million Non-controlling interest (49,839)
154,939
(35,605)
215,727
(14,782)
96,594
(11,446)
87,410
period”), rising from Rs 2.49 billion to Rs 2.72 billion and reported a 11.2%
increase for the quarter ended 30 September 2024 (“reporting quarter”),
421 million for the reporting period compared to Rs 351 million last year.
The profit before tax stood at Rs 223 million for the reporting quarter
rising from Rs 850 million to Rs 945 million compared to last year.
compared to Rs 146 million last year and the underlying profit before
12.4% 14.2% 21.3% 24.4% Condensed Statements of Financial Position Service Revenue1: + 12.3% growth tax5 stood at Rs 159 million for the reporting quarter compared to Rs 128
Service revenue1 increased by 12.3% for the reporting period compared million last year.
Rs 782 Million - 30 Sep 23 Rs 393 Million - 30 Sep 23 Rs 188 Million - 30 Sep 23 Rs 127 Million - 30 Sep 23 The Group to last year and by 12.4% for the reporting quarter. Service revenue1
Unaudited Unaudited Audited growth is led by the good performance in the data segment, including During the reporting quarter, the Group has recognized the impact of the
mobile data, home internet and enterprise services. The space economy Corporate Climate Responsibility Levy (“CCR Levy”) enacted under the
30-Sep-24 30-Sep-23 31-Dec-23 Finance Act 2024 on 27 July 2024. The impact of the CCR Levy is Rs 44
Rs 000 Rs 000 Rs 000 business was launched in August 2023 and contributed to a revenue of Rs
Key Ratios Assets
40 million for the period as compared to Rs 8 million for two months of
operation last year.
million comprising of Rs 36 million of its effects on deferred tax liability
and Rs 8 million of its levy payable for the reporting period. Had the CCR
Property, plant and equipment 4,872,434 4,926,050 5,142,928 Levy not been introduced, the profit after tax would have been Rs 285
EBITDA2: +15.8% growth million for the reporting period compared to Rs 275 million for last year
Reporting period - 9 months ended 30 Sep 24 As at 30 Sep 24 Right-of-use assets 756,007 856,514 876,076
EBITDA2 grew by 15.8% to Rs 1.27 billion in the reporting period compared and Rs 166 million for the reporting quarter compared to Rs 105 million
Intangible assets 192,759 258,772 218,132 to last year and by 14.2% to Rs 449 million in the reporting quarter for last year.
EBITDA Margin EBITDA Margin Underlying Operating Capital Expenditure Net Debt to Post employment benefit assets - 1,728 - compared to last year. This improvement is mainly attributed to revenue
growth and cost optimisation, which translated into a 280 basis point
Considering the CCR Levy, our profit after tax for the reporting period
Financial assets at fair value through OCI9 1,485 1,207 1,229
on Revenue1 on Net Revenue3 Profit⁴ Margin to Revenue Ratio11 EBITDA12 Total non current assets 5,822,685 6,044,271 6,238,365
increase in our EBITDA Margin on Net Revenue3, from 48.7% to 51.5%.
stood at Rs 241 million compared to Rs 275 million for last year and Rs
121 million for the reporting quarter compared to Rs 105 million last year.
Underlying operating profit : +22.4% growth
4
Current assets 777,100 900,440 965,669 Borrowings
Operating profit of Rs 602 million for the reporting period includes other
46.6% 51.5% 22.5% 20.9% 2.3x Assets held for sale
Total Assets
440,387
7,040,172
-
6,944,711
-
7,204,034
one-off transaction costs of Rs 105 million and other gains and losses In June 2024, the Group has secured long-term loans facilities to refinance
amounting to Rs 123 million. The other one-off transactions relate to its short term bridging loans and to cater for capital expenditure. At end
costs associated with the initial public offering, a 35th anniversary bonus of September 2024, the net debt amounted to Rs 3.83 billion with an
43.9% - 30 Sep 23 48.7% - 30 Sep 23 20.1% - 30 Sep 23 63.3% - 30 Sep 23 2.4x - 30 Sep 23 paid to staff and legal costs incurred for the case heard in January 2024 at average maturity period of 3.65 years. Finance costs have increased in
Equity and Liabilities
the Privy Council where a judgement was obtained in favour of Emtel. The the reporting period compared to last year due to additional borrowings
Stated capital 151,800 151,800 151,800 other gains and losses relate to the gains realised on the swap of telecom contracted and the increase in borrowings interest rates. Following the
Retained earnings 996,775 952,773 922,252 equipment. Notwithstanding the other one off transaction costs, one-off drop in the key rate on 20 September 2024 by 50 basis points, the average
Key Segment Metrics Common control reserves10 (1,030,768) (1,030,768) (1,030,768) gain on swapping of assets and solidarity levy on revenue, the operating cost of debt shall be 4.42% compared to 4.93% last year.
Other reserves 73,145 21,562 72,890 profit shown as underlying operating profits4 on the face of the abridged Equity
profit and loss, would have been Rs 612 million for the reporting period The Group total equity as at 30 September 2024 is Rs 141 million.
Non controlling interest (50,076) 12,600 (237) representing a growth of Rs 112 million and 22.4% over last year. Excluding the common control reserves10 of Rs 1.03 billion, the adjusted
Total equity 140,876 107,967 115,937
Telecommunication FinTech Space economy Consolidation Over the reporting quarter, operating profit is up by 41.2% amounting group total equity is Rs 1.17 billion. The common control reserves
10

Total Non-current liabilities 4,707,871 3,208,477 3,261,497 to Rs 291 million compared to Rs 206 million last year. This significant pertain to the acquisition of the media business in the year 2020 which
business business business adjustments Current liabilities 1,676,749 3,628,267 3,826,600 increase is driven by the one-off gain on swapping of assets amounting represent a business combination under common control under IFRS 3
Rs Millions Liabilities held for sale 514,676 - - to Rs 73 million. Underlying operating profit4 for the reporting quarter which will be realised on the sale of the media business planned to be
stood at Rs 228 million compared to Rs 188 million last year, representing concluded by the end of December 2024.
Total Equity and Liabilities 7,040,172 6,944,711 7,204,034
a growth of 21.3%.
Reporting period 30 Sep 24 2,669 15 40 (5) 2,719
Revenue 9 months ended
Condensed Statements of Cash Flows Outlook
30 Sep 23 2,494 4 8 (15) 2,491 The Group Business outlook is looking positive and in line with our projections in the December 2024, March 2025 and December 2025 respectively. The
listing particulars. We anticipate this trend to continue. Group and the Holding Company (Emtel Limited) is expected to derive
Unaudited Unaudited Audited a profit on disposal of Rs 1.45 billion and Rs 286 million respectively.
The operating business is growing as per projections and a strong last
30-Sep-24 30-Sep-23 31-Dec-23 quarter for 2024 is expected notwithstanding any unforeseen Dividends
Reporting period 30 Sep 24 1,285 (41) 30 (8) 1,266 Rs 000 Rs 000 Rs 000 external events. The sale of the media business transaction is The continuing strong operating performance together with the profit
EBITDA 9 months ended Net cash generated from operating activities 942,881 1,209,307 1,528,909 progressing positively and we are moving closer to the closing of on the disposal of the media business and the profit on swap puts the
30 Sep 23 1,140 (44) 5 (8) 1,093 Net cash used in investing activities (909,387) (1,448,603) (1,618,598)
the transaction in December 2024. The transaction is expected to
deliver a cash flow of Rs 1.35 billion payable in three tranches in
Company on track to pay our projected final dividends of Rs 570 Million
representing Rs 1.25 per share in December 2024.
Net cash used in financing activities (10,275) (250,445) (396,773)
By Order of the Board Copies of the abridged unaudited financial statements The above abridged unaudited financial statements
Rs Millions Net increase / (decrease) in cash and cash equivalents 23,219 (489,741) (486,462)
can also be viewed on the website and the statement are issued pursuant to Listing Rule 12.20 and Securities
Net foreign exchange difference (3,044) (7,386) (9,839) of direct and indirect interests of officers of the Act 2005. The Board of Directors of Emtel Limited
Currimjee Secretaries Limited Company are available free of charge, upon request accepts full responsibility for the accuracy of the

Revenue
Reporting quarter 30 Sep 24 921 6 18 - 945 Cash and cash equivalents at 01 January
Cash and cash equivalents at end of the period
275,989
296,164
772,290
275,163
772,290
275,989
Company Secretary
07 November 2024
made to the Company Secretary, Currimjee Secretaries
Limited, 38, Royal Street, Port Louis 11602, Mauritius.
information contained in these abridged unaudited
financial statements.
3 months ended
30 Sep 23 848 2 7 (8) 849
1 Revenue comprise of service revenue and non service revenue. Service 5 Underlying profit before tax is profit before tax adjusted for solidarity 10 Common control reserves represent business combination transaction under
revenue are of a recurring nature and comprise of revenues from usage levy on revenue, other gains and losses and other one off transactions. common control under IFRS 3.
of mobile data, voice, sms, home internet, enterprise services and similar 6 Other gains and losses comprise of profit on disposal of asset 11 Capital Expenditure represents the additions to property, plant, equipment
Reporting quarter 30 Sep 24 455 (15) 12 (3) 449 recurring revenues. Non service revenue comprises of sales of devices and among others. and intangible assets during the period. Capital Expenditure to Revenue Ratio is
EBITDA 3 months ended tower rentals.
7 Other one off transactions are exceptional and not recurring in nature. calculated by dividing the capital expenditure with revenue for the same period.
30 Sep 23 404 (13) 6 (4) 393 2 EBITDA is earnings before interest, tax, depreciation, amortisation, and
8 Net finance costs comprise of interest on bonds, loans, overdraft and 12 Net Debt represents the total debts excluding leases less cash and cash equivalents.
excluding other one off transactions and solidarity levy on revenue.
lease liabilities pertaining to right of use of assets, and foreign Net Debt to EBITDA is calculated by dividing the Net Debt at end of the period by the
3 Net revenue comprise of revenue less directly related costs; interconnect
exchange gains and losses. EBITDA for the last 12 months.
costs and cost of devices.
9 OCI refers to the other comprehensive income where unrealised gains 13 Tax expense comprises of corporate income tax, corporate social responsibility fund
4 Underlying operating profit is operating profit before solidarity levy on
| BRN: C06006174 and losses are recorded. and solidarity levy.
revenue, other gains and losses and other one off transactions.