Crystal Telecom

Ticker code CTL Industry Investment Services KN 3 Av.2, Grand Pension Plaza
14th Floor
P.O. Box 1287
Kigali, Rwanda
ISIN RW000A14UYP4 Sector Financial
Initial Listing 16 July 2015 Financial Year End 31 December
Website www.crystaltelecom.co.rw Results Released Half-yearly
31-Dec-12 31-Dec-13 31-Dec-14
RWF '000s RWF '000s RWF '000s
Proforma statement of comprehensive income for Crystal Telecom*
Revenue - - -
Share of profit of associate 2,429,508 718,053 1,217,927
Administrative expenses -61,239 -62,763 -66,219
Profit before income tax 2,368,269 655,290 1,151,708
Income tax expense - - -
Profit for the year 2,368,269 655,290 1,151,708
Other comprehensive income - - -
Total comprehensive income for the year  2,368,269 655,290 1,151,708
Proforma statement of financial position for Crystal Telecom**
       
Assets      
Non-current assets
Investment in associates 14,530,262 15,248,315 13,616,242
Total non-current assets 14,530,262 15,248,315 13,616,242
Current assets 
Cash and bank balances 188,112 126,873 114,110
Total current assets 188,112 126,873 114,110
       
Total assets 14,718,374 15,375,188 13,730,352
       
Equity and liabilities       
Equity attributable to owners
Share capital 278,750 278,750 278,750
Share premium 13,230,116 13,230,116 13,230,116
Retained earnings 1,148,269 1,803,559 155,267
Total equity  14,657,135 15,312,425 13,664,133
Liabilities 
Current liabilities
Other payables 61,239 62,763 66,219
Total current liabilities  61,239 62,763 66,219
Total liabilities  61,239 62,763 66,219
Total equity and liabilities  14,718,374 15,375,188 13,730,352
*The proforma statement of comprehensive income is a hypothetical illustration of what the financial performance of the company could have been had it been in existence from 1 January 2012 and had it held the 20% equity investment in MTN Rwandacell Limited that was held by Crystal Ventures Limited, its parent company, during that period. 
 
**The proforma statement of financial position is a hypothetical illustration of what the financial position of the company could have been had it been in existence at 31 December 2012, 2013 and 2014 and had it held the 20% equity investment in MTN Rwandacell Limited that was held by Crystal Ventures Limited, its parent company, during those dates. 

Period ended: 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited
View original statement: Crystal Telecom IPO Prospectus
Proforma statement of comprehensive income for Crystal Telecom*
Revenue - - -
Share of profit of associate 2,429,508 718,053 1,217,927
Administrative expenses -61,239 -62,763 -66,219
Profit before income tax 2,368,269 655,290 1,151,708
Income tax expense - - -
Profit for the year 2,368,269 655,290 1,151,708
Other comprehensive income - - -
Total comprehensive income for the year  2,368,269 655,290 1,151,708
* Note: The proforma statement of comprehensive income is a hypothetical illustration of what the financial performance of the company could have been had it been in existence from 1 January 2012 and had it held the 20% equity investment in MTN Rwandacell Limited that was held by Crystal Ventures Limited, its parent company, during that period. 
Period ended: 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited
View original statement: Crystal Telecom IPO Prospectus
Statement of Comprehensive Income for MTN Rwandacell Limited
Revenue 90,019,039 82,671,359 81,518,124
Other income - 41,012 222,109
Direct network operating costs -13,768,160 -13,696,980 -15,650,523
Cost of handsets and other accessories -3,642,139 -3,085,399 -4,049,769
Interconnection and roaming fees -7,639,711 -10,420,958 -8,569,878
Employee benefits expense -7,386,482 -8,662,606 -7,667,656
Sales, distribution and marketing costs -10,021,687 -9,129,010 -8,990,914
Other operating expenses -11,017,804 -14,013,835 -13,358,468
Earnings before interest, taxes, depreciation and amortization (EBITDA) 36,543,056 23,703,583 23,453,025
Depreciation -16,234,531 -17,987,202 -13,962,026
Amortization -271,039 -412,365 -189,577
Operating profit 20,037,486 5,304,016 9,301,422
Finance income 515,791 846,253 1,286,770
Finance costs -2,381,776 -2,437,643 -828,345
Profit before tax 18,171,501 3,712,626 9,759,847
Income tax expense -6,023,959 -122,361 -3,670,213
Profit for the year 12,147,542 3,590,265 6,089,634
Other comprehensive income - - -
Total comprehensive income for the year  12,147,542 3,590,265 6,089,634

Period ended: 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited
View original statement: Crystal Telecom IPO Prospectus
Proforma statement of financial position for Crystal Telecom*
       
Assets      
Non-current assets
Investment in associates 14,530,262 15,248,315 13,616,242
Total non-current assets 14,530,262 15,248,315 13,616,242
       
Current assets 
Cash and bank balances 188,112 126,873 114,110
Total current assets 188,112 126,873 114,110
       
Total assets 14,718,374 15,375,188 13,730,352
       
Equity and liabilities       
Equity attributable to owners
Share capital 278,750 278,750 278,750
Share premium 13,230,116 13,230,116 13,230,116
Retained earnings 1,148,269 1,803,559 155,267
Total equity  14,657,135 15,312,425 13,664,133
       
Liabilities 
Current liabilities
Other payables 61,239 62,763 66,219
Total current liabilities  61,239 62,763 66,219
       
Total liabilities  61,239 62,763 66,219
Total equity and liabilities  14,718,374 15,375,188 13,730,352
* Note: The proforma statement of financial position is a hypothetical illustration of what the financial position of the company could have been had it been in existence at 31 December 2012, 2013 and 2014 and had it held the 20% equity investment in MTN Rwandacell Limited that was held by Crystal Ventures Limited, its parent company, during those dates. 
Period ended: 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited
View original statement: Crystal Telecom IPO Prospectus
Statement of financial position for MTN Rwandacell Limited
Assets      
Non-current assets
Property, plant and equipment 91,745,316 58,804,305 56,594,295
Intangible assets 900,074 656,834 467,257
Non-current prepayments 2,990,866 3,661,105 3,594,357
Total non-current assets 95,636,256 63,122,244 60,655,909
       
Current assets
Inventories 1,246,413 1,116,423 1,360,829
Current income tax - 5,721,517 -
Current portion of prepayments 284,669 434,933 458,650
Trade and other receivables 14,743,577 7,998,380 10,437,275
Deposits with financial institutions - - 10,341,762
Cash and bank balances 18,901,535 14,094,811 25,769,745
Total current assets 35,176,194 29,366,064 48,368,261
Non-current assets held for sale - 32,079,306 -
Total assets 130,812,450 124,567,614 109,024,170
Equity and liabilities      
Equity
Ordinary share capital 15,000 15,000 15,000
Retained earnings 68,974,812 72,565,077 64,404,711
Shareholders loans 3,660,000 3,660,000 3,660,000
Other reserves 1,500 1,500 1,500
Total equity 72,651,312 76,241,577 68,081,211
       
Liabilities
Non-current liabilities
Deferred income tax 21,503,629 20,970,234 13,863,694
Finance lease obligation 634,351 599,095 414,395
Borrowings 5,100,550 - -
Provisions for liabilities and other charges 40,931 - -
Total non-current liabilities 27,279,461 21,569,329 14,278,089
       
Current liabilities
Trade and other payables 18,775,087 17,721,857 21,386,041
Current income tax 1,020,240 - 1,320,318
Provisions for liabilities and other charges 464,104 549,431 1,444,371
Borrowings 5,414,107 5,357,069 -
Finance lease obligations 332,172 450,996 394,889
Dividends payable 2,647,857 - -
Deferred revenue 2,228,110 2,677,355 2,120,251
Total current liabilities  30,881,677 26,756,708 26,665,870
       
Total liabilities  58,161,138 48,326,037 40,943,959
Total equity and liabilities  130,812,450 124,567,614 109,025,170

Period ended: 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited
View original statement: Crystal Telecom IPO Prospectus
Proforma statement of cash flows for Crystal Telecom*
       
Cash flows from operating activities
Profit before income tax 2,368,269 655,290 1,151,708
Adjustments for:
Share of profit of associate -2,429,508 -718,053 -1,217,927
Changes in:
Other payables 61,239 1,524 3,455
Dividends received 1,229,362 - 2,850,000
Cash generated from operating activities  1,229,362 -61,239 2,787,236
       
Cash flows from financing activities 
Dividends paid -1,220,000 - -2,800,000
Net change in cash and cash equivalents 9,362 -61,239 -12,764
Cash and bank balances at start of year 178,750 188,112 126,873
Cash and bank balances at end of year  188,112 126,873 114,120
* Note: The proforma statement of cash flows is a hypothetical illustration of what the cash flows of the company could have been had it been in existence from 1 January 2012 and had it held the 20% equity investment in MTN Rwandacell Limited that was held by Crystal Ventures Limited, its parent company, during those dates. 
Period ended: 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited
View original statement: Crystal Telecom IPO Prospectus
Statement of cash flows for MTN Rwandacell Limited
       
Cash flows from operating activities      
Cash generated from operations 35,008,161 28,601,110 20,071,199
Interest received 515,792 529,290 569,441
Interest paid -1,477,679 -693,485 -282,068
Tax paid -117,153 -7,397,513 -3,734,919
Dividends paid -3,498,954 -2,647,857 -14,250,000
Net cash generated from operating activities 30,430,167 18,391,545 2,373,653
       
Cash flows from investing activities 
Purchase of property, plant and equipment -13,583,424 -17,002,444 -6,258,906
Purchase of intangible assets -552,710 -169,125 -
Deposit placements with financial institutions - - -10,341,762
Proceeds of assets of a disposal group classified as held for sale - - 30,977,372
Proceeds on disposal of property, plant and equipment and intangibles 110,620 114,894 146,041
Net cash generated from/used in investing activities  -14,025,514 -17,056,675 14,522,745
       
Cash flows from financing activities
Repayment of borrowings -5,852,464 -6,219,573 -5,549,468
Net cash used in financing activities  -5,852,464 -6,219,573 -5,549,468
Net increase/decrease in cash and cash equivalents 10,552,189 -4,884,703 11,346,930
Cash and cash equivalents at start of year 8,283,909 18,901,535 14,094,811
Exchange gains on cash and cash equivalents 65,437 77,979 328,004
Cash and cash equivalents at end of year 18,901,535 14,094,811 25,769,745