Airtel Africa (AAF.L) 2024年年度報告「LSE」.pdf

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1、Airtel Africa plc Annual Report and Accounts 2024 Transforming livesAirtel Africa is transforming lives across Africa.Airtel Africa plcAirtel Africa is a leading provider of telecommunications and mobile money services,with operations in 14 countries in sub-Saharan Africa.We provide an integrated of

2、fer to our subscribers,including mobile voice and data services as well as mobile money services both nationally and internationally.Our purpose of transforming lives is at the heart of everything we do.Governance report 84 Chairs introduction 86 Our leadership 86 Board at a glance 88 Our Board of d

3、irectors 92 Our Executive Committee(ExCo)94 Corporate governance108 Our compliance with the UK Corporate Governance Code 114 Engaging with our stakeholders126 Audit and Risk Committee report138 Nominations Committee report146 Directors remuneration report 166 Directors report171 Directors responsibi

4、lities statementFinancial statements174 Independent auditors report183 Consolidated statement of comprehensive income184 Consolidated statement of financialposition 185 Consolidated statement of changes in equity186 Consolidated statement of cash flows187 Notes to consolidated financialstatements239

5、 Company statement of financial position240 Company statements of changes in equity241 Notes to company only financial statementsOther information249 Forward-looking statements250 Glossary254 General shareholders informationIBC Auditors ESEF assurance statementStrategic report 2 At a glance 4 Transf

6、orming lives10 Chairs statement12 CEO Q&A14 Our investment proposition15 Our key performance indicators18 Our market environment20 Legal and regulatory framework22 Our business model24 Our strategy34 Business review34 Markets and performance36 Mobile services38 Nigeria mobile services40 East Africa

7、mobile services42 Francophone Africa mobile services44 Mobile money46 Airtel Business,including data centres47 Digital Labs48 CFOs introduction tothe financial review51 Financial review56 Our sustainability strategy59 Non-financial and sustainability information statement(NFSI)63 TCFD disclosures71

8、Statement on Section 172 oftheCompanies Act 200672 Managing our risk75 Principal risks and mitigation80 Our long-term viability statement View our online annual report summaryWere connecting the unconnected,reaching the financially excluded,and bridging the digital divide.Unlocking the extraordinary

9、 potential for people,businesses and economies to grow.01Airtel Africa plc Annual Report and Accounts 2024STRATEGIC REPORT02Airtel Africa plc Annual Report and Accounts 2024At a glanceNigerPop:27mChadPop:18mNigeriaPop:224mUgandaPop:49mGabonPop:2mDemocratic Republic of theCongoPop:102mRepublic of the

10、 CongoPop:6mRwandaPop:14mKenyaPop:55mThe SeychellesPop:0.1mMalawiPop:21mZambiaPop:21mTanzaniaPop:67mMadagascarPop:30m Nigeria East Africa Francophone AfricaWe operate in 14 dynamic,underpenetrated markets where strong demand provides a compelling runway for growth.An underpenetrated telecoms market,

11、ayoung population and rising smartphone affordability,along with low data penetration,give us growth opportunities in both voice and data services.The telecoms market in sub-Saharan Africa is projected togrow by 4.4%CAGR over the next five years*.At the same time,low penetration oftraditional bankin

12、g services provides us with the opportunity to meet the needs of unbanked customers through our dedicated mobile money platform,Airtel Money.*CAGR source:GSMA sub-Saharan report 2023*Published results from other market participants and regulatory reports 14markets in our diversified portfolio 1st or

13、 2ndlargest operator by customer market share*in all 14 markets2.6%projected compound annual population growth in our region by 202820.9%revenue growth in constant currency,(5.3%)in reported currency in 2023/24Revenue contribution by segmentYear ended March 2024$mYear ended March 2023$mReported curr

14、ency change%Constant currency change%Nigeria mobile services 1,503 2,128(29.4%)25.8%East Africa mobile services 1,622 1,5087.5%21.5%Francophone Africa mobile services 1,213 1,09011.3%9.2%Mobile money services 837 69221.1%32.8%Total*4,979 5,255(5.3%)20.9%*Breakdown of revenue as stated in above table

15、 will not add up to total revenue,since it also includes inter-segment revenue which eliminates on consolidation of$196m(2023:$163m).All segmental revenue information presented throughout the Annual Report is as per note 6.1 of our financial statements and includes the inter-segment revenue noted ab

16、ove.All financial numbers are in reported currency.Revenue$4,979mConstant currency+20.9%Reported currency(5.3%)EBITDA1$2,428mConstant currency+21.3%Reported currency(5.7%)Operating profit$1,640mConstant currency+20.3%Reported currency(6.7%)Capex$737m$748m in 2022/23Basic earnings per share(4.4)cents

17、17.7 cents in 2022/23 1 EBITDA is an alternative performance measure(APM)as described on pages 52-55STRATEGIC REPORT03Airtel Africa plc Annual Report and Accounts 2024We reached more people than ever this year with our voice,data and mobile money services increasing financial and digital inclusion,a

18、nd transforming lives.By extending our distribution network in both rural and semi-urban areas and providing resilient,far-reaching coverage,weve enabled millions of people to access telecoms and banking services.By leading the way in the rollout of 4G networks,pioneering 5G services,and expanding d

19、ata centres and fibre access,were helping drive digitalisation.Weve expanded our footprint of retailers,agents and exclusive franchises,so we can deliver even more services across our markets.And were helping build a new financial ecosystem thats full of opportunity.Our focus on increasing the numbe

20、r of mobile money usecases through international partnerships and product innovation has helped drive the take up of our mobile money services,boosting financial inclusion.Revenue contribution by serviceYear ended March 2024$mYear ended March 2023$mReported currency change%Constant currency change%V

21、oice 2,179 2,491(12.5%)11.9%Data 1,734 1,787(3.0%)29.2%Airtel Money 837 69221.1%32.8%Other 417 437(4.6%)23.4%Total*4,979 5,255(5.3%)20.9%Other revenue includes messaging,value added services,tower sharing and Airtel Business.*Breakdown of revenue as stated in above table will not add up to total rev

22、enue,since it also includes inter-segment revenue which eliminates on consolidation of$188m(2023:$152m).All segmental revenue information presented throughout the Annual Report is as per Note 6.1 to our financial statements and includes the inter-segment revenue noted above.34,500+infrastructure sit

23、es 3.3+millionretail touchpoints(agents and distributors)in our network75,400+kmof connecting fibre 95%sites providing 4G coverage 4Gservices available in all 14 markets 5Gservices available in five marketsVoiceWe offer pre-and post-paid wireless voice services,international roaming and fixed-line t

24、elephony services.DataWe offer a suite of data services,including 4G,5G,home broadband and data centres.We provide 4G services in all 14 of our markets and 5G in five markets.Airtel MoneyWe offer mobile money services,including digital wallet payments systems,microloans,savings and international mon

25、ey transfers.152.7 milliontotal customers(+9.0%)64.4 milliondata customers(+17.8%)38 millionAirtel Money customers(+20.7%)Total*$4,979m$2,179m$1,734m$417m$837mPeople across Africa have a huge appetite for data.Our 4G,5G and fibre networks provide our 64.4 million data customers with 15GB of data cap

26、acity every month.Transforming lives 0404Airtel Africa plc Annual Report and Accounts 2024STRATEGIC REPORTBuilding a digital economyCountry ZambiaPopulation 21mUnique mobile penetration*57%Every one of our customers in Zambia receives 4G coverage or higher and by offering high-speed,reasonably-price

27、d and reliable data,customer data usage grew by 48.5%in 2023/24.Our Airtel Money customer base in Zambia also grew by 21.1%.and were proud that 49.5%of mobile money customers are women.For more information about our Win with strategy,see pages 24-33For more information about our progress in East Afr

28、ica,see pages 40-41*Source:World Cellular Information Series(WCIS)Were helping create the digital economy of the future.Airtel Africa plc Annual Report and Accounts 2024Data ili na lubilo na mutengo wa pansi itandiza malonda yanga.Fast and affordable data helps me run my business.05One in two people

29、 has no access to formal banking in Africa.*Airtel Money has included 38 million customers in the financial ecosystem.06Airtel Africa plc Annual Report and Accounts 2024STRATEGIC REPORTTransforming lives Including the unbankedCountry DRCPopulation 102mUnique mobile penetration*45%The Democratic Repu

30、blic of the Congo(DRC)is an underpenetrated market where we can accelerate financial inclusion and grow our Airtel Money business by ensuring customers can easily access our services in more places than ever.This year our Airtel Money customer base in the DRC has expanded to beyond 3.6 million from

31、2.6 million in 2022/23,and Airtel Money revenues in the DRC grew by 31%year on year in 2023/24.For more information about our Win with strategy,see pages 24-33For more information about our progress in Francophone Africa,see pages 42-43*World Banks Global Findex Report 2021*Source:World Cellular Inf

32、ormation Series(WCIS)Were bringing financial inclusion to hard-to-reach communities.07Airtel Africa plc Annual Report and Accounts 2024Japprcie la commodit et lefficacit dAirtel Money.I appeciate the convenience and efficiency of Airtel Money.Our programmes provide schools with internet connection,f

33、ree data and educational resources.Transforming lives No child should be denied education.Providing children across sub-Saharan Africa with access to quality education 08Airtel Africa plc Annual Report and Accounts 2024STRATEGIC REPORTCountry NigeriaPopulation 224mSchools connected 960Education has

34、the power to transform lives and futures.This is why the work were doing to increase access to quality education through digital learning is such an important element of our sustainability strategy and helps to deliver our corporate purpose of transforming lives.For more information about our partne

35、rship with UNICEF and our work to improve digital learning in 13 markets,see page 58For more information about our progress in Nigeria,see pages 38-39By focusing on education,were helping to unlock the potential of the next generation.Airtel Africa plc Annual Report and Accounts 202409Imo ero je oka

36、n pataki ninu eto eko wa loni.Technology is a big part of our learning now.STRATEGIC REPORTNavigating volatile times through strong execution and customer service Customers in our markets have experienced challenging times this year,with commodity prices continuing to rise and,in several countries,c

37、urrency devaluations causing volatility in peoples daily lives,as well as in the wider business environment.I am proud that everyone at Airtel Africa has stayed close to our customers throughout,providing reliable,affordable telecoms services that help them navigate the cost-of-living pressures,and

38、unlocking opportunities for digital inclusion,financial empowerment and wider economic growth in the future.Growth in demand for voice,data and mobile money,despite headwindsOur key operating performance measures show how customers continue to value our services.In 2023/24 our customer base has grow

39、n by 9.0%,while voice usage and data usage have also continued to grow strongly.Airtel Money in particular has gone from strength to strength,growing its customer base by 20.7%,and seeing transaction values grow by 38.2%it is remarkable to think that in 2023/24,Airtel Money customers transacted more

40、 than$116bn in constant currency terms,up from$60bn just two years ago.This performance reflects the investment and hard work we have put into our markets over recent years,and reinforces our confidence in the growth opportunity in sub-Saharan Africa.Nonetheless,despite our robust risk management an

41、d corporate governance frameworks,we are not immune to the volatility that our customers experience in their economies.Devaluations and FX shortages in large markets such as Nigeria and Malawi created strong headwinds this year and had a significant impact on our reported currency revenues,as descri

42、bed on page 50 though constant currency revenues continued to show strong growth.The Board has been closely involved in overseeing the companys strategy to navigate these headwinds and we are confident that the delivery of our growth strategy,strong operational execution and a focus on margin resili

43、ence will enable us to weather the volatility well and create a base for future continued growth.10Airtel Africa plc Annual Report and Accounts 2024Chairs statementTransforming lives STRATEGIC REPORTIn a volatile macroeconomic environment,Airtel Africa continues to remain focused on its purpose of T

44、ransforming lives.We have consistently delivered on the sustainability ambitions that underpin our business strategy,and on our commitment to developing the infrastructure and services that will drive digital and financial inclusion for people across Africa.Sunil Bharti Mittal ChairMaintaining our m

45、omentum on transforming livesDespite the turbulence in the macro-economic environment,Airtel Africa remains focused on its purpose of Transforming lives.We have continued to deliver on the sustainability ambitions that underpin our business strategy,and on our commitment to developing the infrastruc

46、ture and services that will drive digital and financial inclusion for people across Africa,while contributing to six of the United Nations Sustainable Development Goals(UN SDGs).This year,we have published a separate Sustainability Report 2024 to give our stakeholders a comprehensive and transparent

47、 account of our progress.We have highlighted the Boards role in considering and acting on environmental,social and governance matters on pages 95-98 of this Annual Report.There have been some great achievements this year,including through our extensive partnership work,which shows our continued comm

48、itment to collaboration.The expansion of our network coverage,which now extends to 34,500+sites across the region,means that more people than ever have access to data,voice and mobile money services,frequently delivered through partnerships with tower companies which include initiatives to reduce em

49、issions and environmental impacts.Our partnership with the Rwandan government on the ConnectRwanda 2.0 initiative will see more than a million people in the country gain access to affordable smartphones by the end of 2024(see page 58),while Airtel Money continues to reach agreements with global fina

50、ncial services companies to improve our customers access to finance(see pages 44-45).One of our flagship partnerships is with UNICEF,designed to transform the lives of over one million children through education by 2027.Education has long been a focus for Airtel Africa and for me personally,and I am

51、 proud that the programme is now rolled out in 13 countries,reaching thousands of schoolchildren to date.On behalf of the Board,I would like to thank everyone at Airtel Africa for their work in delivering these achievements.11Airtel Africa plc Annual Report and Accounts 2024CEO successionWhile I dis

52、cuss changes to our Board and management in more detail on pages 84-93,I would like to pay tribute here to our outgoing CEO,Olusegun(Segun)Ogunsanya,who is retiring this year.While delivering consistent double-digit growth,Segun oversaw the launch of our Sustainability strategy and our UNICEF partne

53、rship.This has laid a strong foundation for his successor,Sunil Taldar,whom we welcome as CEO on 1 July 2024.Serving our customers to create sustainable valueOur Win with strategy drives a continuous focus on serving customers needs so we can deliver sustainable,profitable growth,while mitigating ou

54、r risks and strengthening our balance sheet.Leverage was at 1.4x in March 2024,broadly in line with the previous year despite strong cost pressures,and alongside continued investment in the infrastructure and spectrum that will fuel our continued success.The Board of directors has recommended a fina

55、l dividend of 3.57 cents per share,making the total dividend for 2023/24 5.95 cents per share,which is in line with our progressive dividend policy.The path forward for the business is clear to continue serving our customers in all our 14 markets and support the sustainable development of the countr

56、ies where we operate.On behalf of the Board,I would like to thank all our stakeholders for their support as Airtel Africa continues on its journey,and transforming lives.Sunil Bharti Mittal Chair8 May 2024The fact that we have also been able to deliver a strong financial performance in this economic

57、 context is testament to the scale of the untapped demand in sub-Saharan Africa,and to the resilience of our business model.Sunil Bharti MittalChair STRATEGIC REPORTChief executive officers review12Airtel Africa plc Annual Report and Accounts 2024Q.What are your most important reflections on 2023/24

58、?A.This has been another year in which many of our customers and communities have faced considerable challenges and another year in which everyone at Airtel Africa can see the difference we make in the economies and societies around us.When times are hard,whether because of economic shocks,political

59、 uncertainty,or extreme weather,our services are more important to people than ever.We help them empower themselves:connecting customers to each other,or enabling businesses to access the digital economy,or bringing people into the financial services ecosystem for the first time.As we continue to gr

60、ow,we also continue to increase the positive impact we can have and fulfil our purpose of transforming lives.Q.What progress have you made on your Win With strategy?A.Weve seen good progress in all six pillars of our strategy:technology,distribution,data,mobile money,people,and cost,all underpinned

61、by our sustainability strategy.Our network grew by around 3,000 sites,with 921 additional sites in rural areas helping to fuel the recruitment and retention of our customers,which is also driven by our distribution teams,who this year increased the number of our customer-activating outlets by 19.6%,

62、bringing the total number to 363,800+outlets across our 14 markets.Airtel Money also continues to grow,with 20.7%more mobile money customers,and transaction value increasing by 38.2%in constant currency.The 45.5%increase in data usage and the 56.6%increase in home broadband revenues show how much ap

63、petite our customers have for digital connections.Im particularly pleased that the expansion of our 5G networks is providing stronger broadband connections for small enterprises as well as individuals continuing to enable economic empowerment.Our people have helped drive our success,supported by our

64、 continued focus on succession planning,diversity and training,by maintaining an absolute determination to serve our customers.And cost has been particularly important this year,as I describe below.Managing risk plays a role here,including foreign exchange risk our focus on localising debt has helpe

65、d keep Group debt stable at 1.4x,even while we maintained capital expenditure broadly level at$737m.Our CEO Olusegun Ogunsanya discusses a year in which the business overcame significant headwinds in several markets to achieve strong constant currency growth while continuing to deliver on our purpos

66、e of transforming lives.Our strategy for growth in action45.5%increase in data usage38.2%increase in transaction value for Airtel Money in constant currency CEO Q&A 13Airtel Africa plc Annual Report and Accounts 2024But those numbers do not tell the full story.The answer to these headwinds is to out

67、grow them and in Nigeria we responded with a clear plan of action,focusing on reducing costs,reducing foreign currency liabilities,and continuing to manage expenses as far as possible,while staying dedicated to serving our customers as they also navigated the volatile economic times.As a result,mobi

68、le services revenues in Nigeria increased by 25.8%in constant currency in 2023/24,driven primarily by strong usage growth across the base.That growth underpins our continuing confidence in the opportunity we have in Nigeria,and our belief in the talent,innovation and resilience of the Nigerian peopl

69、e.The devaluations should lead to a healthier economy in the medium term,while Nigeria exemplifies the demographic runway for growth we see across our markets,with its population of over 220 million people with 52%below 18 years of age,mostly digital natives in a country dedicated to becoming a digi

70、tal powerhouse in Africa.With unique SIM penetration below 50%,there is so much still to do in terms of mobile connectivity,digital empowerment,and financial inclusion and provided we continue to apply our robust risk management and corporate governance frameworks to navigate the economic conditions

71、 we see Nigeria as a key driver of our future growth.For more information about the impact of devaluation in Nigeria,see the financial review,pages 48-55For more about the challenges and opportunities in the Nigerian market,see market environment,pages 18-19Q.What progress have you made on your sust

72、ainability ambitions?A.To be a great company,you have to be a good company which means more than making corporate commitments.For me and for the business,our goal of transforming lives through digital empowerment and financial inclusion is a promise to all our stakeholders,and we are transparent wit

73、h them in what we have achieved,and what we still need to do.We have published our separate Sustainability Report 2024 as a companion to this Annual Report.This year,we have seen real progress in key areas of our sustainability strategy,including the publication of our scope 3 emissions reduction st

74、rategy in November,which builds on our decarbonisation programme,announced in May 2023 in Our journey towards a net zero future.Two areas of our work stand out in particular to me:increasing the financial inclusion of women through Airtel Money,and our work with UNICEF on education.In many of our ma

75、rkets,access to formal financial services is still very limited and disproportionately so for women.We see at first hand the transformational impact that expanding womens financial inclusion is having on them,and on their families.Our partnership with UNICEF,meanwhile,shows exactly what we mean by t

76、ransforming lives,with its aim of providing educational resources,free of charge,to one million children by 2027.Education is a great leveller,one of the most important ways to raise people out of poverty and foster economic growth.Our focus on creating digital opportunities for teachers and student

77、s,reaching thousands of schoolchildren this year alone,also helps build the foundations of a digital economy of the future one where we,and those around us,can thrive.Olusegun OgunsanyaChief executive officer8 May 2024 For more information about our sustainability strategy and climate-related disclo

78、sures,see pages 56-70 For more information about our Journey towards a net zero future,visit www.airtel.africaQ.What were the highlights of your financial performance?A.Weve shown how our strategy and business model have the resilience to weather significant economic headwinds while continuing to de

79、liver constant currency growth.In constant currency,we have grown revenues in data by 29.2%,in voice services by 11.9%and in mobile money by 32.8%.Our customer base grew beyond 150 million in December 2023,reaching 152.7 million in total by the year end.EBITDA grew by 21.3%in constant currency.Overa

80、ll revenue growth in constant currency was 20.9%an even better result than last year.Clearly,devaluation and inflation have had an effect on our reported currency performance,with reported revenues down 5.3%.It was a very volatile year in several markets,and required a keen focus on costs,with fuel

81、prices having a particular impact.Despite this cost pressure,we maintained EBITDA margin of 48.8%,only a small reduction from last year.One of the highlights for me is that we were able to support customers as they faced the cost-of-living crisis in their communities.We have always believed in drivi

82、ng usage,rather than price and our services help customers reduce their other expenses by,for example,reducing the need for travel or increasing the ease with which they can access entertainment,education or financial services.Customers turned to us for more services in 2023/24,with the result that

83、average revenue per user increased by 10.7%in constant currency.Q.Where were the headwinds felt most strongly this year?A.Devaluation and inflation especially fuel inflation have played a part in nearly all our markets.But Nigeria is our largest market,so headwinds there can have a significant impac

84、t on our overall performance.During 2023/24,the Nigerian naira(NGN)devalued from NGN461 per US dollar to NGN1,303 per US dollar.Inflation in Nigeria reached a high of 33.2%in March 2024.The impact of these shocks on Group reported currency revenue and EBITDA for the period ended 31 March 2024 was a

85、reduction of$1,042m and$554m,respectively,as described in detail by our CFO in the financial review on pages 48-50.As we continue to grow,we also continue to increase the positive impact we can have and fulfil our purpose of transforming lives.14Airtel Africa plc Annual Report and Accounts 2024Our i

86、nvestment propositionOur unique position across markets with substantial growth potential,combined with a clear strategy and consistent track record in execution,supports sustainable value creation for all our stakeholders.Compelling and sustainable long-term growthThe countries we operate in have s

87、ome of the youngest and fastest-growing populations in the world.Combined with low penetration of services,low consumption of voice and data and limited traditional banking services,this creates a huge opportunity for the continued,sustainable growth of our business.This will enable us to fulfil our

88、 corporate purpose of transforming lives across Africa.Clear and consistent strategyThe focused execution of our six-pillar Win with strategy for growth supported by our strong country-level management teams is the backbone of our ability to deliver sustainable,profitable and market-leading growth.T

89、he strength of our brand,the reach of our distribution infrastructure and our significant network capacity differentiate our service offerings and underpin Airtel Africas ambitions across the continent.Strong track record in executionOur historic track record speaks for itself.Over the past five yea

90、rs,we have delivered 18%CAGR constant currency revenue growth and industry-leading EBITDA margins,enabling continued investment in our network to support our ambition for future growth.Over the past year however,this strong performance has been materially impacted by currency headwinds and inflation

91、ary pressures particularly,in our largest market,Nigeria which has affected our reported currency performance.We continue to take specific initiatives to limit this impact going forward by reducing our foreign currency cost base,upstreaming cash to the holding company(HoldCo)and reducing US dollar e

92、xposure on our balance sheet.However,our primary objective is to capitalise on the exceptional growth opportunity available across our markets to unlock higher revenue growth which will limit the further impact of currency headwinds.Sustainable capital structureOne of the priorities of our capital a

93、llocation policy has been to create a robust capital structure to future-proof our growth ambitions and support shareholder returns.Our conservative capital structure is fundamental to navigating challenging macroeconomic environments.Because of our strong financial performance and continued cash up

94、streaming,we expect to fully repay our remaining HoldCo debt in May 2024 and continue to move debt into local currency.Currently,over 80%of our debt is in local currency,providing a stable and sustainable capital structure.Attractive shareholders return policyAs a result of our consistent ability to

95、 generate cash flow and strengthen our capital structure,the Board of directors has reiterated our existing dividend policy of a mid-to high-single-digit annual growth in the dividend.In January 2024,the Board of directors approved the launch of a share buy-back programme amounting to$100m over the

96、next 12 months,beginning in March 2024.Were uniquely positioned to deliver affordable and reliable services to a young and growing population across 14 markets in Africa.The diversity of our offerings across voice,data and mobile money,combined with our transparent capital allocation policy,provides

97、 the foundation to ensure we capitalise on this growth opportunity.This positive outlook,combined with our strong financial position and attractive shareholder return profile,provides a persuasive investment case for current and prospective shareholders.For more information about our market environm

98、ent,see pages 18-19STRATEGIC REPORT15Airtel Africa plc Annual Report and Accounts 2024Our key performance indicators*Growth percentage and EBITDA margin are in reported currency.RevenueLeverageOperating profit*Net cash generated from operating activities*EBITDA and marginReturn on capital employedOp

99、erating free cash flow*Basic earnings per shareProfit after tax*FY24FY24GAAP KPIsAPM KPIsFY23FY23$4,979m1.4x$1,640m$2,259m$2,428m23.0%$1,691m$(89)m$5,255m1.4x$1,757m$2,229m$2,575m23.3%$1,827m$750mConstant currency 20.9%Reported currency(5.3%)(6.7%)Constant currency 21.3%Reported currency(5.7%)Margin

100、 48.8%*(7.4%)(111.9%)1.4%Constant currency +17.6%+14.5.%Constant currency +17.3%Margin 49.0%+10.4%(0.6%)+10.9%(4.4)cents17.7 cents(124.9%)+5.2%Our KPIs give our Board and management a clear sense of where we are and where we need to improve.Financial KPIsMeasuring the success of our strategyWe monit

101、or the success of our strategy through operational,financial and non-financial key performance indicators(KPIs).These KPIs give us a crucial insight into our business performance and the progress being made towards our strategic intent.Our selected KPIs help us to communicate the Groups strategy acr

102、oss all levels of the organisation,and form part of our governance and performance management process.Ensuring our KPIs are meaningful and responsiveWe monitor our strategic progress through primary operational KPIs which include sites,data capacity,customer base,net additions,average revenue per us

103、er(ARPU),usage per customer and Airtel Money transactions.This year we added a new operational KPI to measure progress of our mobile money services as expansion of mobile money agents and exclusive infrastructure is instrumental in driving our Airtel Money business.Our key financial KPIs are revenue

104、,EBITDA,operating profit,profit after tax,operating free cash flow,net cash generated from operating activities,leverage,basic earnings per share and return on capital employed.Further,our non-financial performance KPIs linked to our sustainability strategy are scope 1,2 and 3 GHG emissions,energy c

105、onsumption,population covered and gender balance.We review our operational,financial and non-financial KPIs regularly to ensure that they are aligned with our strategy and organisational goals.For more information about our sustainability KPIs,see page 56 See definition and reconciliation of our alt

106、ernative performance measures on pages 52-55Linkage with remunerationWe review our remuneration-linked KPIs every year to ensure these are relevant to our business strategy.Our remuneration targets are linked with selected financial and operational KPIs.As part of our long-term incentive scheme,we a

107、lso benchmark our total shareholder return performance with a peer group of companies.See our directors remuneration report(DRR)on pages 146-16516Airtel Africa plc Annual Report and Accounts 2024Our key performance indicators continuedOperational KPIs mobile servicesPerformance During the reporting

108、year,we deployed around 3,000 sites,reaching 34,500+sites in total as of 31 March 2024.We added 4,300+sites on 4G and now 95%of our total sites are on 4G.5G is operational across six countries,with over 1,000 sites deployed.We also added around 5,000 km of fibre(reaching 75,400+km of fibre as of 31

109、March 2024).Network data capacity increased by 32.7%to 31,700+terabytes(TB)per day,with peak hour data utilisation at 53.0%.Performance Our overall customer base grew by 9%to 152.7 million as of 31 March 2024.We continue investing in networks to expand our reach along with the expansion of distribut

110、ion infrastructure to drive customer base growth in both urban and rural markets.Our enhanced distribution channel ensures availability of SIM cards and recharge across our footprint.Our customer base grew across all three regions:Nigeria by 5.3%,East Africa by 10.7%and Francophone Africa by 11.8%,r

111、espectively.Performance In reported currency,data revenue declined by 3.0%to$1,734m with data ARPU declining from$3.0 to$2.4 in the current period due to currency devaluation.In constant currency,data revenue grew by 29.2%,led by both customer base growth of 17.8%and data ARPU growth of 7.3%.The dat

112、a ARPU growth was driven by an increase in data usage per customer per month mainly due to our higher 4G customer base and expansion of our 4G network.Performance Our data customer base increased by 17.8%to 64.4 million as of 31 March 2024 and now comprises 42.1%of our total customer base.Data custo

113、mer base growth was driven by expansion of our data network,increase in network data capacity and smartphones on our network.The 4G customer base reached 37.7 million,a growth of 42.3%,and contributes 58.6%of our total data customer base.Smartphone penetration increased to 40.5%(from 36.3%),of which

114、 75.1%are 4G enabled smartphones(compared with 65.4%in the prior period).28,79731,54634,53416,94923,93131,747FY24FY23FY22128.4140.0152.710.211.612.7Customer base mFY24FY23FY221,5251,7871,7342.92.23.02.32.52.434.6%23.8%29.2%FY24FY23FY2226.828.126.736.4%46.719.939.0%54.626.542.1%64.437.7FY24FY23FY22To

115、tal sites and data capacityCustomer base and customer net additionsData revenue and data ARPUData customers,4G data customers and penetrationTotal sites numberTotal data capacity TB/dayCustomer base mCustomer net additions mData revenue$mData ARPU(RC)$Data ARPU(CC)$Revenue growth%2G and 3G data cust

116、omers m4G data customers mData customers penetration%Performance Our voice traffic grew by 14.9%to 504 billion minutes during the year,driven by customer base growth of 9.0%and an increase in voice usage per customer by 5.2%to 286 minutes per customer per month.Our continued investment in sales and

117、distribution infrastructure and network coverage helped us to grow voice traffic.The growth of voice usage per customer was mainly contributed by Nigeria and East Africa regions.Performance In reported currency,voice revenue declined by 12.5%to$2,179m with voice ARPU declining from$1.5 to$1.2 in the

118、 current period due to currency devaluation(primarily the Nigerian naira devaluation).In constant currency,voice revenue grew by 11.9%,contributed by both customer base growth of 9.0%and voice ARPU growth of 2.4%.The voice ARPU growth was led by an increase in voice usage per customer by 5.2%(Increa

119、sed to 286 minutes per customer per month).FY24FY23FY223794395042572722862,3582,4912,1791.61.51.21.31.21.2Voice revenue$m15.4%11.8%11.9%FY24FY23FY22Voice traffic and usage per customerVoice revenue and voice ARPUVoice traffic bn minsUsage per customer minsVoice revenue$mVoice ARPU(RC)$Voice ARPU(CC)

120、$Revenue growth%Performance Total data usage increased by 45.5%to 3,934 billion MBs led by both customer base growth of 17.8%and an increase in data usage per customer of 20.8%.During the period,4G data usage contributed to 80.8%of total data usage.Data usage per customer increased to 5.4 GB per mon

121、th(up from 4.4 GB per customer per month)while 4G data usage per customer increased to 8.5 GB per month(from 7.3 GB per month).The increase in data usage per customer was led by an increase in smartphone penetration,the increased density of our 4G network and higher adoption of data bundles(up by 1.

122、1%to 95.8%).6166897553,5201,8481,2324,5462,7042,0155,4923,9343,179FY24FY23FY22Data usage,4G data usage and data usage per customer2G and 3G data usage bn MB4G data usage bn MBData usager per customer MBNote:growth percentages in KPIs are in constant currency unless specified.ARPU(CC)is on 2023/24 co

123、nstant currency for all reported periods.STRATEGIC REPORT17Airtel Africa plc Annual Report and Accounts 2024Operational KPIs mobile services continuedOperational KPIs mobile moneyNote:growth percentages in KPIs are in constant currency unless specified.ARPU(CC)is on 2023/24 constant currency for all

124、 reported periods.Performance Our mobile money customer base grew by 20.7%to 38.0 million as of 31 March 2024,representing 24.9%of our total customer base.This growth was largely driven by expansion of our mobile money agents and merchant ecosystems and continued investment into our exclusive franch

125、ise channel of kiosks and branches.Our enhanced distribution channel ensures availability of mobile money float across our footprint.In Nigeria,the company remained focused on customer acquisition through the year,with 1.5 million active customers registered for mobile money services in Nigeria at t

126、he end of March 2024.Performance We increased our active agent network by 477,000 to 1.4 million.In addition,our exclusive infrastructure network increased by 29,400 to over 109,000 as of 31 March 2024.*Exclusive infrastructure includes Airtel Money branches,kiosks andmini shops.Performance Our mobi

127、le money transaction value grew by 38.2%to over$112bn in reported currency.The transaction value per customer reached$262 per month,an increase of 13.1%in constant currency.The increase in transaction value was supported by higher cash transactions,merchant payments andmobile services recharges thro

128、ugh Airtel Money.26.231.538.020.4%22.5%24.9%FY24FY23FY226248991,37769.179.7109.1FY24FY23FY222232522626489112FY24FY23FY22Mobile money customer base and penetrationMobile money agents and exclusive Infrastructure*Mobile money transaction value and transaction value per customerCustomer base mCustomer

129、penetration%Active agents 000sExclusive infrastructure 000sTransaction value per customer$Transaction value$bnPerformance In reported currency,mobile services revenue declined by 8.1%to$4,338m and mobile services ARPU declined from$2.9 to$2.5 due to currency devaluation(primarily the Nigerian naira

130、devaluation).In constant currency,mobile services revenue grew by 19.4%,with growth being recorded across all regions and services:Nigeria up by 25.8%,East Africa by 21.5%and Francophone Africa by 9.2%.Mobile services revenue growth was driven by both voice and data services:voice revenue growth of

131、11.9%and data revenue growth of 29.2%.Mobile services ARPU was$2.5 per customer per month up by 9.3%in constant currency.Performance Mobile money revenue was$837m,an increase of 32.8%in constant currency(21.1%in reported currency)driven by 36.0%growth in East Africa and 22.3%in Francophone Africa,re

132、spectively.The transaction value per customer grew by 13.1%resulting in mobile money ARPU growth of 8.6%.Mobile money revenue now accounts for 18.4%of total Group revenue in Q424.4,2944,7214,3382.92.22.92.32.5FY24FY23FY2222.0%16.2%19.4%5536928371.91.82.01.92.034.9%29.6%32.8%FY24FY23FY22Mobile servic

133、es revenue and ARPUMobile money revenue and ARPUMobile services revenue$mMobile services ARPU(RC)$Mobile services ARPU(CC)$Revenue growth%Revenue$mARPU(RC)$ARPU(CC)$Revenue growth%Operational KPIs(consolidated)mobile services and mobile moneyPerformance In reported currency,total revenue declined by

134、 5.3%to$4,979m and ARPU declined from$3.3 to$2.8 due to currency devaluation(primarily the Nigerian naira devaluation).In constant currency,total revenues increased by 20.9%,driven by both customer base growth of 9.0%and ARPU growth of 10.7%.There was growth across all reporting segments:mobile serv

135、ices revenue in Nigeria grew by 25.8%,in East Africa by 21.5%and in Francophone Africa by 9.2%(and voice revenue growth of 11.9%and data revenue up 29.2%).Mobile money revenue grew by 32.8%,driven by 36.0%growth in East Africa and 22.3%in Francophone Africa.ARPU growth of 10.7%was driven by all our

136、key services:with data contributing 6.0%,voice contributing 1.1%,mobile money contributing 3.3%,respectively.4,7145,2554,9793.22.53.32.92.62.823.3%17.6%20.9%FY24FY23FY22Total Group revenue and ARPUGroup revenue$mGroup ARPU(RC)$Group ARPU(CC)$Revenue growth%18Airtel Africa plc Annual Report and Accou

137、nts 2024Our market environmentFor the vast majority of the 1.2 billion people in sub-Saharan Africa,mobile services are the first and often only way they have to access telecoms,internet and banking services.Demand from individuals and businesses continues to rise across the region and there is a cl

138、ear opportunity to increase the reach and penetration of affordable voice,data and mobile money services,include more people in the digital economy,and help support sustainable development on the continent.While the region has continued to experience economic and political turbulence this year with

139、conflicts,currency fluctuations and inflationary shocks disrupting several markets and influencing consumers spending growth in telecoms remains robust.The GSMA forecasts that there will be more than 200 million additional unique mobile subscribers in sub-Saharan Africa by 2030,and that mobile data

140、traffic will quadruple by 20281.Mobile services:connecting individuals,societies and economiesLandline infrastructure,traditional banking services and broadband penetration levels are far lower in sub-Saharan Africa than in much of the world.This means that mobile networks serve as critical communic

141、ations infrastructure for a region which will see the worlds fastest growth in working age population over the next three decades.Connectivity and penetration are still relatively low mobile penetration is forecast to reach 50%by 2030,compared to a global average of 73%so our focus on expanding our

142、networks and extending rural coverage plays a vital role in including people in the mobile and digital economies.In 2023/24,we invested$693m in capital expenditure,predominantly in our networks,and added around 3,000 sites to our network while growing our customer base by 9%.Data and digitalisation:

143、at the heart of economic growthBusinesses and service providers rely on secure,competitively-priced data in order to prosper and generate economic value a fact reflected in the digitalisation ambitions of governments across the region.Smartphone adoption in our markets continued to grow steadily in

144、2023/24 despite strong economic headwinds for customers in some markets,having passed 51%in 2022,according to GSMA.4G coverage is expanding our 4G network now reaches 70.7%of the people in our markets,up 4.9%since 2022/23 and 5G is an emerging opportunity in urban areas.We aim to be at the leading e

145、dge of this digital opportunity through our strategic focus on winning with data and our expanding digital products and content,and Airtel Business.For more information about Airtel Business,see page 46Mobile money:continuing appetite for financial inclusionAfrica leads the world in mobile money ser

146、vices,and the continuing growth in mobile money in our markets has hugely expanded access to financial services for consumers and businesses,many of whom previously lacked access to traditional banks.This growth in financial inclusion is a key element in wider economic development and opportunity:fi

147、nancial inclusion is an enabler for seven of the 17 UN Sustainable Development Goals.And despite more than two decades of growth,the appetite for mobile money in sub-Saharan Africa remains strong the region outperformed the global averages for new accounts and transaction volume growth in GSMAs 2022

148、 survey.We continue to build the mobile money ecosystems that help customers join the digital economy,and to win new customers through services including inter-operability,payments,microloans and international money transfers.For more information about our mobile money business,see pages 44-45Afford

149、ability is key,especially during economic disruptionLocal and global economic turbulence have been keenly felt by consumers in some of our markets,accentuated by currency shortages or devaluations,supply chain disruption and political volatility including changes of governments in several markets.Wh

150、ile demand continues to increase,the rate of growth across the sector slowed in 2023/24,heightening competition.Affordability remains very important to consumers,in a competitive landscape that continues to be dominated by a few large competitors,with some smaller regional companies in some markets.

151、We offer transparent pricing plans based on the principle of more for more meaning that the cost of connecting continues to fall in real terms.We also compete through our range of services,our advertising and brand image,the quality and reliability of our service,and our wide network coverage.Our fo

152、cus on distribution is designed to give us competitive advantage in recruiting and winning new customers.We reached 152.7 million customers in 2023/24 and were increasing our focus on customer retention as well as recruitment,with a particular emphasis on 4G customers.For more information about our

153、Win with strategy,see pages 24-33A clear runway for growth.Across sub-Saharan Africa,demand for data,mobile voice and mobile money services continues to grow,driven by a young and growing population seeking better connections with each other,and with economic opportunity.1 https:/ https:/www.worldba

154、nk.org/en/region/afr/overviewSTRATEGIC REPORT19Airtel Africa plc Annual Report and Accounts 2024Population67m65mGDP$79bn$77bnMobile customers70m60mUnique mobile penetration54%54%Mobile money customers53m41mTanzania20232024Population49m47mGDP$52bn$49bnMobile customers37m33mUnique mobile penetration45

155、%45%Mobile money customers22m20mUganda20232024Population21m20mGDP$28bn$29bnMobile customers21m20mUnique mobile penetration57%57%Mobile money customers13m11mZambia20232024Kenya20232024Population55m54mGDP$109bn$116bnMobile customers67m66mUnique mobile penetration67%64%Mobile money customers38m39mNiger

156、ia20232024Population224m219mGDP$375bn$477bnMobile customers224m222mUnique mobile penetration49%48%DRC20232024Population 102m 99m GDP$67bn$63bn Mobile customers56m50mUnique mobile penetration45%44%Mobile money customers22m14mFocusing on the opportunity in our largest market,NigeriaNigeria encapsulate

157、s the opportunity we see across our markets,with its digital-first,very young,220 million+population,and a powerful appetite for data that reflects the countrys ambition to be a digital powerhouse.Nigeria is widely expected to be the third most populous nation in the world by 2050,reflecting the ver

158、y compelling runway for growth.However,the effects of currency devaluation and inflation in 2023/24 have had a significant impact on the telecoms sector as a whole,and on the wider economy.In June 2023,the Central Bank of Nigeria(CBN)announced structural changes to the operations in the Nigerian For

159、eign Exchange(FX)market which contributed to a substantial devaluation of the Nigerian naira.Combined with subsequent devaluations,this led to the Nigerian naira devaluing during the reporting year.Inflation in Nigeria peaked at 33.2%in March 2024.The structural changes in the Nigerian economy,inclu

160、ding steps taken by the government to curtail inflation and provide a more stable foreign exchange environment,have the potential to strengthen the countrys economy in the medium to long term.Since the start of 2024/25,the availability of US dollars in Nigeria has improved.However,as Nigeria is our

161、largest market,where we serve more than 50 million customers,these currency headwinds had a material impact on our financial performance in reported currency terms in 2023/24,as described in our financial review on page 50.In constant currency,however,our continued investment into maintaining and mo

162、dernising our 4G network,whilst also expanding our distribution network,has enabled year-on-year revenue growth of 25.9%in 2023/24 reinforcing our commitment to capitalise on this significant opportunity,grow our services in Nigeria,and continue to enable its digital transformation.For more informat

163、ion,see our financial review on pages 48-55Managing risk To capitalise on the growth potential in our markets,our risk management processes need to be very robust.Our risk management framework,wide geographical spread,deep knowledge of the African continent and governance policies ensure were able t

164、o effectively mitigate risks while pursuing growth opportunities.Furthermore,we continue to be a partner in development with our various stakeholders on the continent through the implementation of our sustainability strategy,with significant commitments to achieving digital and financial inclusion a

165、nd ensuring effective environmental stewardship through our net zero ambition.For more information about how we manage our risk,see pages 72-79 For information about our sustainability strategy,see pages 56-70Working with governments and regulatorsThe telecoms sector operates within the frameworks c

166、reated by governments and regulatory authorities,which include telecoms regulations,banking regulations and licences,all of which evolve rapidly.As well as strict compliance with regulations,we aim to work collaboratively with governments to make sure we integrate our services into their key initiat

167、ives for communications and sustainable development and play our part in strengthening economies and transforming lives.Know Your Customer(KYC)regulations apply in most markets,requiring customers to register their identity to access mobile services.Providing easy access to a fast and compliant regi

168、stration process is a key part of our Win with distribution approach.Data security is another concern for regulators and consumers and as part of our sustainability strategy,we operate under the Information Security Management System(ISO 27001)certification and the Business Continuity Management Sys

169、tem(ISO 22301)certification,which cover all mobile communication and mobile money operations.For more information,see our legal and regulatory framework on pages 20-21Our key marketsData sources:Population and GDP from the International Monetary Fund(IMF)Mobile customers and mobile money customers f

170、rom respective telecoms regulatory authorities published data except Uganda.For Uganda,customers are from operator published results Unique mobile penetration report from Omdia market analysts20Airtel Africa plc Annual Report and Accounts 2024Legal and regulatory frameworksKnow Your Customer(KYC)Uga

171、nda The Regulation of Interception of Communications Regulations,2023 was enacted on 12 May 2023,making it a requirement to have all customers submit biometric information to their mobile network operators by 12 November 2023.This requirement has been implemented by the company.ChadIn August 2023,th

172、e Government of Chad issued an Order establishing new rules for identifying subscribers,requiring that operators collect full KYC details in respect of each customer within three months of the Order.The rules also limit the number of SIM-cards to three per customer.Were complying with this requireme

173、nt.NigeriaIn December 2023,the Government of Nigeria issued directives requiring full barring of all MSISDNs(mobile station international subscriber directory numbers)without National Identification Numbers(NIN)as well as verification of all NINs used for SIM registration against the national databa

174、se.Operators were required to comply with these directives in stages at various dates,with the final date for SIM barring set for 31July 2024.Mobile termination regulationRwanda On 14 October 2023,the regulator in Rwanda set the asymmetrical mobile termination rate(MTR)for calls terminating on Airte

175、l Rwandas network at 2 Rwandan francs(RWF),and 1.5 RWF for those terminating on MTN Rwandas network.This related to all calls for the period to July 2023 from 1 January 2023(backdated).The same decision set the MTR rate for the period from August 2023 to August 2024,at 0 RWF for both mobile operator

176、s.The Republic of the CongoIn October 2023,the regulator in the Republic of Congo set an asymmetric MTR in favour of Airtel Congo S.A.The rate was set at an asymmetric MTR of 7 Central African Francs(CFA)to terminate on Airtel Congo S.A.s network,and 5 CFA to terminate on MTNs network.We operate wit

177、hin the laws and regulatory frameworks of governments and regulatory agencies in our markets and we always work to ensure that our operations meet local legal and regulatory requirements.We engage with governments and regulatory authorities to promote a stable business environment that supports gove

178、rnments goals for the sector and the long-term viability of our business,as we provide critical communications infrastructure and enable digital and financial inclusion.The legal and regulatory frameworks we work within fall into three categories:telecoms services,mobile financial services and broad

179、casting services.In some of our markets,there are also competition laws.Frameworks are unique to each country,and they constantly evolve so we keep them under continuous review,and publish significant developments on www.airtel.africa,under Regulatory news.To ensure compliance with the laws and regu

180、latory frameworks,regulators in a number of markets have carried out audits and reviews during the year.These audits largely related to Know Your Customer(KYC)and quality of service compliance.Central banks across our markets have also increased their oversight of issues including governance,anti-mo

181、ney laundering and counter-terrorism financing,with audits being undertaken in some markets.Here we describe the most significant developments in our largest markets this year.STRATEGIC REPORT21Airtel Africa plc Annual Report and Accounts 2024LicencesOur services require a range of licences which ar

182、e periodically issued,renewed or modified.In 2023/24 these included:The Democratic Republic of the CongoOn 7 June 2023,the DRC Government awarded a submarine cable landing licence to Mawezi RDC S.A,a joint-venture(JV)company,with the two partners being Airtel RDC S.A.and Orange RDC S.A.The licence a

183、llows the JV company to land and operate the 2Africa submarine cable in the DRC.KenyaOn 15 June 2023,the Communications Authority of Kenya(CA)awarded Airtel Kenya Telesonic Limited a Network Facility Provider Tier 2 Licence.On 30 August 2023,Airtel Networks Kenya Limited received a Submarine Cable L

184、anding Rights Licence for the 2Africa submarine cable.The licence allows Airtel Africa to land and operate the 2Africa submarine cable in Kenya.MalawiOn 7 February 2024,the Malawi Communications Regulatory Authority(MACRA)approved the renewal of Airtel Malawi plcs Network Services Licence,Applicatio

185、n Service Licence and Network Facilities Service Licence for ten years.RwandaOn 15 April 2023,the Rwanda Utilities and Regulatory Authority(RURA)issued Airtel Rwanda Limited with a modified licence,at no additional cost,following the amendment of the broadband policy that resulted in the liberalisat

186、ion of access to 4G,5G and future technologies for all mobile network operators.UgandaOn 19 July 2023 the Uganda Communications Commission(UCC)awarded Airtel Uganda Telesonic Limited a National Public Infrastructure Provider Licence for 15 years.ZambiaOn 12 July 2023,the Zambia Information and Commu

187、nications Technology Authority(ZICTA)issued Airtel Zambia Telesonic Limited with a network licence and service licence for 15 years.MadagascarIn April 2023,the Government of Madagascar introduced a global licence allowing Airtel Madagascar to offer a suite of telecom services and removing the restri

188、ction of access to certain market segments such as wholesale and national fibre capacity reselling.Spectrum developmentsWe acquire or renew spectrum to expand or maintain our ability to provide services.This year this included:Nigeria On 9 May 2023,Airtel Networks Nigeria Limited renewed its 2100MHz

189、(2x10 MHz)spectrum licence at a price of$127m for a period of 15 years.UgandaOn 1 July 2023,the Uganda Communications Commission(UCC)awarded Airtel Uganda Limited spectrum in the 800MHz(2(2x5)and the 3500MHz(1x1000)bands for the remaining duration of its National Telecommunication Operators Licence,

190、at no upfront cost.Tax and finance developmentsSeveral governments reviewed their tax and levy requirements in 2023/24,including:ChadWith effect from 1 January 2024,the Finance Act 2024 banned the use of airtime as a cash equivalent.The law also modified the regulatory framework to make tax of 0.1%a

191、pplicable on money transfers and withdrawals.KenyaThe Finance Act 2023 introduced tax changes which came into effect on 1 July 2023.They included an increase of VAT on fuel from 8%to 16%,an increase of excise duty on mobile money transfers from 12%to 15%,and a reduction of excise duty on voice and d

192、ata services from 20%to 15%.NigerThe Finance Act 2022 introduced a stamp duty of 2%of the value of the invoice of each contract that mobile operators enter into with suppliers,increasing the cost of doing business in Niger.The Government of Niger repealed this tax provision with effect from 1 Januar

193、y 2024.NigeriaThe Finance Act 2023 was passed on 1 May 2023 to support the Federal Governments budget.The act maintained the 5%excise duty on telecommunication services.However,the implementation of this tax was suspended by the Federal Government.TanzaniaUnder the Finance Act 2023,on 1 July 2023,a

194、mobile money levy of approximately 23%was removed from P2P,bank-to-wallet and wallet-to-bank transactions.However,the mobile money levy was increased by 50%on cash out transactions.The Universal Communication Access Fund Act was amended to increase the levies that all telecommunication operators pay

195、 from 1%of operators annual revenues to 1.25%starting from 1 July 2023,and from 1.25%to 1.5%starting from July 2025.Listing and shareholding developmentsThe Democratic Republic of the CongoBy a Ministerial Order dated 10 October 2023,operators were given ten years to comply with the law that require

196、s that all telecom licensees have a 30%local shareholding.KenyaOn 18 August 2023,the Government of Kenya removed the requirement for 30%local shareholding for licensees operating in the telecoms sector,with immediate effect.MalawiCompanies listed on the main board of the Malawi Stock Exchange(MSE)ar

197、e required to have a minimum public float of 25%.Airtel Malawi plc has currently listed only 20%of its shares on the MSE.On 6 April 2023,the MSE granted Airtel Malawi plc a further period of three years within which to comply with the 25%public float requirement.UgandaOn 7 November 2023,Airtel Ugand

198、a listed 10.89%of its shares on the Uganda Securities Exchange(USE)in compliance with Uganda Communications(Fees and Fines)(Amendment)Regulations 2020,which created an obligation for all national telecom operator licensees to list 20%of their shares on the USE.The USE granted Airtel Uganda an extens

199、ion until 6 November 2026 to offer the shortfall to achieve the 20%listing.22Airtel Africa plc Annual Report and Accounts 2024Our business modelSpectrum assets in every country,with multiple layers of data capacity,including new 5G technology in six marketsA modernised network offering 2G,3G,4G and

200、5G,largely on efficient single RAN technology34,500+infrastructure towers and data capacity of 31,700+terabytes per day75,400+km of fibre across our markets4,132 employeesOther key inputs and enablers:Compliance with regulatory frameworks in all markets Our consistent capital allocation policy enabl

201、es us to deliver against the growth opportunity that our markets offer Mobile network partnerships that outsource the management and operation of our network infrastructure A strong management structure with operating companies in each market that can leverage Group expertise Our sustainability stra

202、tegy which underpins everything we do.It is aligned with the UN SDGs and supported by goals and active policies to respect human rights,drive positive social impacts,protect the natural environment and conserve resources Sound and transparent governance A network of over 2,700 partners and suppliers

203、,including mobile brands,IT companies and telecoms infrastructure providersVoiceDataAirtel MoneyOther services,including fixed-line telephony,home broadband and datacentresA wide network of more than 3.3million retail touchpoints supported by a digitalised approach,including:More than 109,000 exclus

204、ive retail touchpoints,including minishops,kiosks and Airtel Money branchesMore than 363,800 customer-activating outletsStrategic collaborations with regional and international partners to offer financial andmoney transfer servicesOther key inputs and enablers:Efficient Know Your Customer(KYC)proces

205、ses Easier onboarding processes,self-service through our self-care MyAirtel app,available in allmarketsThrough a unique distribution network that is close to our customersAn efficient network and business structure in 14 markets across sub-Saharan Africa,which we continually improve through innovati

206、onDelivering outstanding services and products,always aiming for best-in-classOur purposeTransforming lives across Africa.Our valuesAliveWe act with passion and a can-do attitude.Innovation and an entrepreneurial spirit drive us.InclusiveWe champion diversity.Were at the heart of our communities,and

207、 anticipate,adapt and deliver solutions that enrich the lives of the people we serve.RespectfulWe act with humility and are always open and honest.We deliver on our promises to customers,stakeholders and each other.How we create valueCreating value for our stakeholders Our dynamic business model is

208、underpinned by our sustainability strategy and delivers value to stakeholders while transforming lives through digitalisation and financial inclusion.STRATEGIC REPORT23Airtel Africa plc Annual Report and Accounts 202499.3%of our customers use pre-paid services3.3+million people financially empowered

209、 through direct employment,business partnerships and ourdistribution network5G spectrum acquired in five markets99%of customer requests processed digitallyOur purpose of transforming lives is supported by our sustainability strategy,described on pages 56-70Creating value for:Offering simple,digitali

210、sed customer journeys and competitive pricingTo reach:Simple,convenient and intuitive customer journeysStraightforward pricing plans based on the principle of more for moreA tailored pricing strategy that varies depending on market positionOther key inputs and enablers:Marketing and brand-building t

211、o increase consumer awareness and build customerloyalty152.7 milliontotal customers64.4 milliondata customers38 millionAirtel Money customers Our customersConvenient and competitive services that enable people to connect,liveand workFinancial inclusion and opportunity through connections to local an

212、d global economiesOur economiesAccelerated sustainable development through financial inclusion and banking the unbankedDirect and indirect contributions of$1.7bn in 2023/24(vs$2.1bn in 2022/23)3.3 million people earning through working with Airtel Africa as entrepreneurs and in our distribution netw

213、orks Our peopleDirect employment in a growing business offering competitive pay and trainingOur communitiesProgrammes to support education,health and wellbeing,anddisasterrelief with the total spend on corporate social responsibility(CSR)programmes of$1.9m in 2023/24Our shareholdersConstant currency

214、 revenue growth of 20.9%in 2023/24EBITDA margin of48.8%Total dividend of 5.95 cents (interim and final as recommended by the Board)What makes us differentThere are many aspects of our strategy and business model that are unique to us.Ifwe had to choose three important ways in which we stand apart fr

215、om the competition,they would be:Rapidly expanding coverage thats reliable and high qualityWe have an extensive,resilient and reliable 4G network thats meeting the growing demand for data,were investing in 5G capability,and our network expansion programmes are connecting the unconnected inrural and

216、urban areas.Simple,transparent pricing and service Our straightforward pricing models,simple more for more offers and intuitive customer journeys are helping us to win and keep customers.A unique distribution network By building exclusive channels and developing effective,digitised onboarding proces

217、ses,weve been able to grow our customer base faster than themarket.Our business model is supported by a robust framework for monitoring and managing risks,described on pages 72-79Our assessment of the risks and opportunities of climate change is described on pages 63-70STRATEGIC REPORT24Airtel Afric

218、a plc Annual Report and Accounts 2024Our strategyOur Win with strategySTRATEGIC REPORTOur Win with strategy aims to deliver long-term value for all our stakeholders.It is accelerated by our drive for digitalisation,and underpinned by the detailed framework of environmental,social and corporate gover

219、nance(ESG)objectives in our sustainability strategy.Were transforming lives across sub-Saharan Africa through products,services and programmes that foster financial inclusion,drive digitalisation and empower our 152.7million customers and their communities.Our business objective is clear:to grow mar

220、ket share profitably and create superior enterprise value while delivering our sustainability strategy,so we can continue to pursue our vision of enriching the lives of our customers.Our Win with strategy has six strategic pillars through which we deliver sustainable,profitable growth.Connecting all

221、 these pillars are two constant themes:digitalisation,and our commitment to contributing to sustainable development through our sustainability strategy.We execute our strategy through a lean,efficient business model,built around a strong balance sheet and conservative capital structure.We aim to act

222、 as a responsible business at all times and to deliver on our promises.That means doing business transparently and with a sound governance structure.It also means being a good partner and an active contributor to society,by creating jobs,paying taxes and respecting the environment.We work in partner

223、ship with the governments and institutions of the countries in which we operate to develop and deliver our strategy which helps them realise their goals for sustainable development while ensuring our strict and continued compliance with local laws and regulations.Our six strategic pillars25Airtel Af

224、rica plc Annual Report and Accounts 2024Accelerated by our commitment to digitalisationUnderpinned by our sustainability strategy Win with data Win with people Win with cost Win with distributionTransforming lives Win with technology Win with mobile moneyWe report our progress against our sustainabi

225、lity strategy in our Sustainability Report 2024 and on pages 56-70Our ambition is to achieve net zero carbon emissions by 2050.We published our Journey towards a net zero future in 2023 for further details,visit www.airtel.africaDisciplined risk management is essential to delivering our strategy.We

226、describe our approach and principal risks on pages 72-79 Our business Our community Our people Our environment 26Our strategy continuedSTRATEGIC REPORTWin with technologyWin with distributionWe aim to create a leading,modernised network that provides the data capacity to meet rapidly growing demand

227、and supports connectivity and digitisation in our markets.That means improving basic network uptime,quality and resilience as well as expanding our network footprint and our 4G capabilities,while developing our 5G capacity.We aim to build on our unique distribution network to increase our ability to

228、 reach and serve customers in all our markets by making our services visible,and accessible.Our distribution network empowers our business by extending our brand and ability to offer interlinked services,as well as through customer recruitment and retention.Our progressOur goal is to be the market l

229、eader everywhere we operate,while continuing to include more people in our network,particularly in underserved rural areas.This year we made significant investments in our network,technology and spectrum.We continue to focus on delivering best-in-class service and 4G networks in our markets,while en

230、suring our network is ready for future 5G demand.This year we added over 4,300 4G sites and added approximately 5,000 km of fibre.Data capacity increased by 32.7%.921 new sites added in rural areas in 2023/24How we measure progressWe measure progress through several KPIs,described on pages 16-17,inc

231、luding:34,534total sites31,747data capacity(TB/day)Our prioritiesExpanding the reach of 4G coverage and building capacity through our 2G3G4G approachInvesting in 5G spectrum to make our network future-ready Focusing on rural coverage expansion through new site rollouts,recognising that access to a r

232、eliable service is the critical first step for reaching previously underserved communitiesFocusing on our network resilience and service continuity,and adding capacity through aggregation Building and modernising our network through optimal end-to-end design,including spectrum additionOur priorities

233、Strengthening our distribution infrastructure to win more quality customers by increasing our depth and width,with a particular focus on rural areasEnhancing the customers experience through simplified digital customer onboarding processes,including the Know Your Customer(KYC)processCross-selling ne

234、w digital services to our existing customer baseBroadening our offer to enhance usage and ARPU,while further improving our approach to distribution so we can focus faster and more responsively on the needs and issues of customers in smaller geographies,increasing our customer reach26Airtel Africa pl

235、c Annual Report and Accounts 2024Win with dataWe aim to expand data usage in our markets,including through increased smartphone use in our customer base and greater access to home broadband,improving our offer to existing customers and bringing new people and businesses into the digital economy.Our

236、progressSuccess in our Win with data pillar is closely linked to our ability to extend and maintain fast,reliable networks and to serve our customers through our distribution organisation.This year we saw the number of data customers rise to over 64 million.Our focus has resulted in an increase in s

237、martphone penetration from 36.3%in 2022/23 to 40.5%in 2023/24,while providing an expanded network of 4G and 5G coverage.Data volumes grew by 45.5%year on year,and 4G handsets now contribute 81%of this data usage,compared to 75%in 2022/23.Data usage per 4G data customer now exceeds 8.5 GB per month.T

238、o keep customers data secure,we hold certification in Information Security Management System(ISO 27001),and Business Continuity Management System(ISO 22301),which cover all mobile communication and mobile money operations in all our markets.Data usage grew by 45.5%as of 31 March 2024How we measure p

239、rogressWe measure data through a number of KPIs,described on pages 16-17,including:64.4 milliondata customers 58.6%4G penetration of data customersOur progressWeve continued to expand our distribution network to get closer to customers and increase our visibility,developing our infrastructure and gr

240、owing our customer base.We expanded our ecosystem of customer activation outlets from over 304,200 to over 363,800 this year,while continuing to enhance our digital distribution capability,and remaining focused on MyAirtel app and other self-serve functionality.Fast,effective digital onboarding is a

241、 continuing priority,bringing new customers to our service in ways that are 100%compliant with local Know Your Customer(KYC)requirements while being as efficient as possible,including by recording biometric information where this is a requirement.Most onboarding processes are achieved in five minute

242、s or less.Our customer base grew by 9.0%to 152.7 million as of 31 March 2024How we measure progressWe measure distribution through a number of KPIs,described on pages 16-17,including:12.7 millioncustomer net additions1.9 millionrecharge selling outlets1.4 millionAirtel Money agentsOur prioritiesIncr

243、easing smartphone penetration to leverage our 4G network to win or maintain market shareEngaging our smartphone users with transparent and affordable offerings that suit all budgets and usage habitsInvesting in 5G network to be ready for future demandsWinning in the wireless home broadband business

244、to address low broadband penetration across AfricaDeveloping innovative products and data solutions for corporate and SME customers through Airtel BusinessContinuing to focus on data security for our customers in line with our sustainability strategy27Airtel Africa plc Annual Report and Accounts 202

245、428Airtel Africa plc Annual Report and Accounts 2024Our strategy continuedWin with mobile moneyWin with costWe aim to accelerate the digital ecosystem by rapidly enabling Airtel Money services in all our markets,harnessing the ability of a profitable mobile money business to enhance financial inclus

246、ion in some of the most unbanked populations in the world.We aim to achieve an efficient operating model,leading to an effective cost structure and improved margins.This year weve increased our focus on adoption of energy efficient methods to achieve dual objectives:improve cost efficiency and elimi

247、nate hazardous waste from our operations by 2040.Our progressDespite facing the challenges of high inflation and currency devaluation,particularly in Malawi,Nigeria and Zambia,weve widened our customer base and driven increased revenue while substantially increasing the reach and depth of our mobile

248、 money offer.Airtel Money is becoming the currency of choice in a number of markets,and our microloan and international money transfer(IMT)products have helped drive revenue,growing by 48%and 29%,respectively.To expand and enhance our IMT business,weve formed partnerships with Ria and Remitly.We con

249、tinue to monitor and adapt to evolving regulatory frameworks,applying strong compliance and data security controls.Weve also maintained our focus on our distribution network and float availability through our Airtel Money branches and kiosks,which in 2023/24 expanded by 1,200 to reach 49,200.Our cus

250、tomer base grew to 38 million.Airtel Money revenue grew by 32.8%to$837m as of 31 March 2024How we measure progressWe measure mobile money progress through a number of KPIs,described on page 17,including:38 million(24.9%)Airtel Money customer base and penetration$112bn($262)Airtel Money transaction v

251、alue and transaction value per customer$2.0Airtel Money ARPUOur prioritiesFurther strengthening our distribution channel of kiosks,mini shops and dedicated Airtel Money branches,so customers can access assured float and cashBuild and scale Airtel Money across all our marketsContinuing to recruit cus

252、tomers from our mobile services base using recharge as an enabler Make Airtel Money the currency of choice by expanding our mobile money portfolio through additional mobile money services,including merchant paymentsEnterprise and digital payments,including commercial payments,benefit transfers,loans

253、 and savingsDeveloping our fintech services as we move towards providing platform services(loans and international money transfers)Focusing on technology as an enabler and competitive advantageOur prioritiesRollout of telecommunication sites which are less dependent on carbon fuel through partnershi

254、ps with towercos and deployment of lithium-ion batteries on our own sitesCollaboration with towercos to adopt renewable energy sources,such as solar and other environmentally friendly solutionsDeployment of multiband radios on our network to optimise the energy requirement on the sites(as opposed to

255、 dedicated radios for each technology/spectrum)Ensuring fail-safe network design with optimal cost structures through multiple fibre routes and high capacity IRUsIncreasing availability of digital recharges and self care servicesSTRATEGIC REPORT29Airtel Africa plc Annual Report and Accounts 2024Win

256、with peopleWe aim to be the employer of choice with a diverse and inclusive work environment that continues to foster a culture of high performance,employee wellbeing,skills enhancement and coaching.We have a long-term commitment to our people and our employer brand.Our progressAs part of our gender

257、 balance efforts,we increased our female representation to 28.3%from 26%in the previous financial year.The number of nationalities represented increased from 39 to 43.This helped us bring diversity of thought leadership from different backgrounds into our business.Our Airtel Africa mobility and Wome

258、n for technology programmes continued to play a key role in our succession planning and leadership development,helping us identify and nurture our high-potential talent and build a pipeline of capable leaders.We reviewed and refreshed key leadership roles in several markets to ensure we have the rig

259、ht skills,expertise and perspectives to meet evolving business needs.We continue to push work simplification through automation and digitisation to streamline processes and increase the efficiency and productivity of our teams.43nationalities represented at Airtel AfricaHow we measure progressWe mea

260、sure our progress on people through a number of KPIs,including:Gender:28.3%women in our workforce,28.5%women in the Executive Committee(ExCo)at the OpCo levelNationality:employees from 43 nationalitiesSkills development$1.2m total investment into training and development programmes in 2023/24 Volunt

261、ary attrition voluntarily attrition rate was 10%Our progressOur cost model aims to ensure that we can provide substantial additional capacity to serve customers in all our markets at marginal additional cost.We do this through optimising our network design,a constant focus on value in our inputs and

262、 our contracts,and volume optimisation.How we measure progress48.8%EBITDA margin in 2023/24Our prioritiesEnsuring weve the right people in the right jobs,with the right skills,at the right cost and living our cultureAccelerating our diverse pipeline of talent to meet current and future business need

263、sImproving coaching and functional skills through digital and classroom learning and executive leadership coaching,and proprietary programmes such as Women for technology and the Airtel Africa mobility programme to drive leadership role readiness and succession planningAutomating and digitising our

264、people processes to improve the overall employee experience and accelerate work simplificationContinually improving our processes and procedures and evolving our work environment to ensure we remain an attractive employer that recruits and retains the best talentCustomer service is at the heart of o

265、ur success in Zambia.30Airtel Africa plc Annual Report and Accounts 2024STRATEGIC REPORTOur strategy continued31Airtel Africa plc Annual Report and Accounts 2024Our strategy in action Win with data Win with people Win with cost Win with distribution Win with technology Win with mobile moneyService t

266、o customers was at the heart of this performance.Every one of our customers in Zambia receives 4G coverage or higher and by offering high-speed,reasonably-priced and reliable data,customer data usage grew by 48.5%in 2023/24.At the same time,our focus on distribution helped drive the usage of Airtel

267、Money services,which now have an annual transaction value that,at$27bn,is almost equal to Zambias GDP.In 2023/24,our Airtel Money customer base grew by 21.1%.For our customers,availability,accessibility and affordability are key.Were proud that 49.5%of mobile money customers are women,supporting the

268、 Zambian Governments national financial inclusion strategy as well as Airtel Africas own commitment to the financial empowerment of women.And were pleased to see how Airtel Money is enabling entrepreneurs to help foster economic activity across Zambia,with our annual merchant transaction value growi

269、ng by over 90%in 2023/24.Together,our focus on winning with mobile money,technology and distribution saw Airtel Zambia outgrow inflation and deliver 35%revenue growth in 2023/24 with an EBITDA margin of 63.9%.For more information about our mobile money business,see pages 44-4535%sustainable CAGR gro

270、wth over the past five years 70.8%bilateral revenue market share to next competitorStrategy alignment highlighted in redWinning and repaying the trust of our customers is a key driver of performance in our markets.In Zambia,where weve led the market in mobile services and mobile money for several ye

271、ars,we continued to build on our market presence in 2023/24,growing our overall customer base by 12%and delivering strong margins despite the headwinds of devaluation and inflation.Ya lubilo,ya chetekela na mutenga wa pansi.Fast,reliable and affordable.Bukata Mtonga Lusaka,ZambiaSTRATEGIC REPORTOur

272、strategy continuedAccelerated growth through Airtel Money distribution in the DRC.32Airtel Africa plc Annual Report and Accounts 2024Our strategy in action 33Airtel Africa plc Annual Report and Accounts 2024The Democratic Republic of the Congo(DRC)is an underpenetrated market where a young and often

273、 unbanked population shows a strong appetite for mobile money services and where our teams have shown how we can accelerate financial inclusion and grow our Airtel Money business by ensuring customers can easily access our services in more places than ever.In 2023/24,we more than doubled the number

274、of Airtel Money agents in the DRC and transformed the way customers used our recharge services by promoting self-recharge and ensuring our existing recharge selling outlets were also Airtel Money outlets,with SIM cards on sale.We supported the opening of conventional bank branches to increase the av

275、ailability of cash in remote areas,and harnessed the reach of our voice distribution teams to increase the recruitment and service of customers across the country.As a result,this year our Airtel Money customer base has expanded to beyond 3.6 million from 2.6 million in 2022/23,and Airtel Money reve

276、nues in the DRC grew by 31%year on year in 2023/24.At t he same time,our voice and data customer base also benefited from our focus on distribution,with over 1.3 million net customer additions in 2023/24.For more information about our business in Francophone Africa,see pages 42-43Our markets offer t

277、he opportunity for rapid growth provided we retain a sharp focus on delivering our strategy,and a relentless emphasis on customer service.Win with data Win with people Win with cost Win with distribution Win with technology Win with mobile moneyUn moyen rapide et scuris denvoyer de largent en dplace

278、ment en cas de besoin.A fast and secure way to send money on the go when needed.Kemi Ndongo Kinshasa,the Democratic Republic of the Congo31%Airtel Money revenue growth 1.3+millionnet customer additions Strategy alignment highlighted in red34Airtel Africa plc Annual Report and Accounts 2024Business r

279、eviewMarkets and performanceWe report mobile services performance across all our markets and within our three operating regions.We also report mobile money performance as a separate segment.STRATEGIC REPORT35Airtel Africa plc Annual Report and Accounts 2024Regional performance(mobile services and mo

280、bile money combined)Nigeria regional performance Revenue$1,504mConstant currency 25.9%Reported currency(29.3%)EBITDA$805mConstant currency 30.8%Reported currency(26.3%)EBITDA margin53.5%Constant currency 202 bps Reported currency 218 bpsARPU$2.5Constant currency 19.1%Reported currency(33.1%)East Afr

281、ica regional performanceRevenue$2,125mConstant currency 24.6%Reported currency 10.1%EBITDA$1,134mConstant currency 23.8%Reported currency 9.8%EBITDA margin53.3%Constant currency(31)bps Reported currency(13)bpsARPU$2.6Constant currency 12.4%Reported currency(0.6%)Francophone Africa regional performan

282、ce Revenue$1,350mConstant currency 10.3%Reported currency 12.4%EBITDA$620mConstant currency 8.1%Reported currency 10.2%EBITDA margin46.0%Constant currency(97)bps Reported currency(93)bpsARPU$3.7Constant currency(1.4%)Reported currency 0.4%Consolidated Group performance Revenue$4,979mConstant currenc

283、y 20.9%Reported currency(5.3%)EBITDA$2,428mConstant currency 21.3%Reported currency(5.7%)EBITDA margin48.8%Constant currency 14 bps Reported currency(22)bpsARPU$2.8Constant currency 10.7%Reported currency(13.3%)36Airtel Africa plc Annual Report and Accounts 2024Mobile servicesMeeting the demand for

284、connection,through excellent executionSummarised statement of operationsDescriptionUnit of measureYear endedReported currency changeConstant currency changeMar-24Mar-23Revenue1$m 4,338 4,721(8.1%)19.4%Voice revenue$m 2,179 2,491(12.5%)11.9%Data revenue$m 1,734 1,787(3.0%)29.2%Other revenue$m 425 443

285、(4.1%)23.5%EBITDA$m 2,115 2,336(9.5%)18.8%EBITDA margin%48.8%49.5%(73)bps (26)bpsDepreciation and amortisation$m(760)(794)(4.2%)23.4%Operating profit$m 1,219 1,435(15.0%)14.0%Capex$m 693 700(1.0%)(1.0%)Operating free cash flow$m 1,422 1,636(13.1%)30.9%Operating KPIs Mobile voice Customer basemillion

286、 152.7 140.0 9.0%Voice ARPU$1.2 1.5(19.9%)2.4%Mobile data Data customer basemillion 64.4 54.6 17.8%Data ARPU$2.4 3.0(19.4%)7.3%1 Mobile service revenue after inter-segment eliminations was$4,330m in the year ended 31 March 2024 and$4,715m in the prior period.Growth%in constant currencyRevenue voice(

287、$m)FY24FY232,17911.9%11.8%2,491Revenue data($m)FY24FY231,73429.2%23.8%1,787Revenue$4,338mEBITDA$2,115mOperating profit$1,219mVoice ARPU$1.2Data ARPU$2.4Constant currency 19.4%Reported currency (8.1%)Constant currency 7.3%Reported currency (19.4%)Constant currency 18.8%Reported currency (9.5%)Constan

288、t currency 14.0%Reported currency (15.1%)Constant currency 2.4%Reported currency (19.9%)Business review continuedWith data customer penetration of just over 42%in our footprint,we have a huge opportunity to connect the unconnected and supported by our robust business model,were ready for this challe

289、nge.Anthony ShinerChief commercial officerSTRATEGIC REPORT37Airtel Africa plc Annual Report and Accounts 2024OverviewThe mobile services sector in sub-Saharan Africa has grown rapidly in recent years but connectivity and penetration are still relatively low,creating a clear opportunity for our busin

290、ess.Mobile penetration is forecast to reach just 50%by 2030*,compared to a global average of 73%,and while consumers are quickly adopting smartphones,there is still huge unmet demand for voice and data services.We aim to meet this demand for connection by offering customers transparent voice and dat

291、a products that meet their needs,and by growing our physical and digital distribution networks so that more customers can access our services.In 2023/24,we expanded our exclusive distribution infrastructure by 37%to over 109,000 outlets,bringing more customers into the reach of our 4G and 5G network

292、s.We continued to invest strategically in our network this year with 4G now reaching 70.7%of the population,up 4.9%since 2022/23 supporting our mobile voice business line while giving more people than ever access to data.Affordability and good customer service have been key in a year when many consu

293、mers faced cost-of-living pressures so we continued to offer more for more,based on our policy of driving our revenue through increased usage rather than higher prices.Our customer base grew by 9%to 152.7million in 2023/24.*GSMA report:“The mobile economy sub-Saharan Africa 2023”Our performanceOvera

294、ll revenue from mobile services declined by 8.1%in reported currency with growth of 19.4%in constant currency.The constant currency growth was evident across all regions and services.Mobile services revenue grew in Nigeria by 25.8%,in East Africa by 21.5%and in Francophone Africa by 9.2%.Voice reven

295、ue grew by 11.9%in constant currency,supported by both customer base growth of 9%and voice ARPU growth of 2.4%.Customer base growth was driven by the expansion of our network and distribution infrastructure.The voice ARPU growth of 2.4%was supported by an increase in voice usage per customer of 5.2%

296、,reaching 286 minutes per customer per month,with total minutes on the network increasing by 14.9%.Data revenue grew by 29.2%in constant currency,driven by both customer base growth of 17.8%and data ARPU growth of 7.3%.The customer base growth was recorded across all the regions supported by the exp

297、ansion of our 4G network.95%of our total sites are now on 4G,compared with 90.3%in the prior period.5G is operational across six countries,with 1,034 sites deployed.In Q424,data usage per customer increased to 5.7 GB per customer per month(from 4.6 GB in the prior period).In the full year ended 31 M

298、arch 2024,data revenue contributed to 40%of total mobile services revenue,up from 37.8%in the prior period.EBITDA was$2,115m,declined 9.5%in reported currency and up by 18.8%in constant currency.The EBITDA margin declined by 73bps to 48.8%,a decline of 26bps in constant currency.Operating free cash

299、flow was$1,422m,up by 30.9%in constant currency,due to the increased EBITDA.Nigeria mobile servicesGrowing our customer base despite turbulent timesOther market participantsMTNGlobacom9 MobileMAFAB CommunicationBusiness review continuedSummarised statement of operationsDescriptionUnit of measureYear

300、 endedReported currency changeConstant currency changeMar-24Mar-23Revenue$m 1,503 2,128(29.4%)25.8%Voice revenue1$m 711 1,053(32.5%)19.6%Data revenue$m 654 884(25.9%)32.1%Other revenue2$m 138 191(27.9%)30.6%EBITDA$m 811 1,101(26.3%)30.9%EBITDA margin%54.0%51.7%226 bps 209 bpsDepreciation and amortis

301、ation$m(264)(344)(23.3%)38.2%Operating profit$m 509 721(29.4%)25.4%Capex$m 252 293(13.9%)(13.9%)Operating free cash flow$m 559 808(30.8%)68.6%Operating KPIsTotal customer basemillion 50.9 48.4 5.3%Data customer basemillion 27.4 23.8 14.9%Mobile services ARPU$2.5 3.8(33.2%)19.0%1 Voice revenue includ

302、es inter-segment revenue of$1m in the year ended 31 March 2024 and in the prior period.Excluding inter-segment revenue,voice revenue was$710m in year ended 31 March 2024 and$1,052m in the prior period.2 Other revenue includes inter-segment revenue of$2m in the year ended 31 March 2024 and in the pri

303、or period.Excluding inter-segment revenue,other revenue was$136m in year ended 31 March 2024 and$189m in the prior period.Growth%in constant currencyRevenue$1,503mEBITDA$811mOperating profit$509mARPU$2.5Constant currency 25.8%Reported currency(29.4%)Constant currency 30.9%Reported currency(26.3%)Con

304、stant currency 25.4%Reported currency(29.4%)Constant currency 19.0%Reported currency(33.2%)Revenue($m)FY24FY231,50325.8%20.3%2,128EBITDA($m)FY24FY2381154.0%*51.7%*1,101Revenue splitOthers9%Voice47%Data44%*EBITDA margin%Operating in Nigeria is a unique growth opportunity for us and our work to improv

305、e our service and support customers in difficult times has helped us grow our customer base in a highly competitive environment.Carl CruzManaging director and CEO Airtel Nigeria 38Airtel Africa plc Annual Report and Accounts 2024STRATEGIC REPORT39Airtel Africa plc Annual Report and Accounts 2024Over

306、view Nigeria is our largest single country market and one of our most exciting.The population is young with 70%of people under 30,and mobile penetration is still growing as is the appetite for fast,affordable data and reliable mobile services.We see a bright digital future ahead,and were continuing

307、to reach more customers through our reliable 4G network and our 235 operational 5G sites.Our customers,like most people in Nigeria,have experienced a turbulent year economically.We describe the significant impact of devaluation and inflation on our own financial performance below,but we have also wo

308、rked hard to retain and win customers by improving their experience of our services at a time when cost-of-living pressures have been very strong.We improved the reliability of our services through increased radio network availability(RNA)and focused on specific user experience metrics such as bette

309、r buffering for video users.At the same time,we placed a keen focus on refining our distribution network to achieve growth in our customer base in both rural and urban settings our customer base grew by 5.3%,in a year in which the Nigerian market has become even more competitive.For mobile-first cus

310、tomers who need data,affordable smartphones are a necessity so we were pleased with the progress of our partnership with smartphone-maker ITEL which launched its 4G A60 and 5G P55 smartphone models with an Airtel SIM card installed as part of an exclusive deal with Airtel Nigeria.We also made progre

311、ss in implementing government KYC directives:these now require the full barring of all MSISDNs(Mobile Station International Subscriber Directory Numbers)without National Identification Numbers(NIN),as well as verification of all NINs used for SIM registration against the national database.All releva

312、nt directives have been,and will be,complied with and we continue to engage with the relevant authorities to accelerate the verification process to minimise the risk of service disruption to our customers.Over the period,there were several structural changes in the FX market in Nigeria which contrib

313、uted to a significant devaluation of the naira(from NGN461 per US dollar to NGN1,303 on 31 March 2024).This had a material impact on our reported currency revenue,EBITDA and finance costs during the period.For further information about the financial impact of the devaluation,see our financial review

314、 on page 50 For further information about the opportunity in Nigeria,see our market environment section on pages 18-19Our performanceRevenue grew by 25.8%in constant currency,with growth accelerating to 34.1%in Q424,largely driven by strong data demand.In reported currency,revenues declined by 29.4%

315、to$1,503m on account of the 97.1%average devaluation of the Nigerian naira.The constant currency revenue growth was driven by both customer base growth of 5.3%and ARPU growth of 19%.Q424 reported currency revenues declined by 51%reflecting the impact of Nigerian naira devaluation during the period.V

316、oice revenue grew by 19.6%in constant currency,driven by both customer base growth of 5.3%and voice ARPU growth of 13.2%.Data revenue grew by 32.1%in constant currency,as a function of both data customer and data ARPU growth of 14.9%and 14%,respectively.Data usage per customer increased by 25.4%to 6

317、.3 GB per month(from 5 GB in the prior period).Our continued 4G network rollout has resulted in nearly 100%of all our sites delivering 4G services.Furthermore,235 5G sites are now operational.Other revenues grew by 30.6%in constant currency,contributed by growth in messaging and value-added services

318、 coupled with 32.8%growth in leased line revenue.EBITDA was$811m,declined by 26.3%in reported currency,but increased by 30.9%in constant currency.The EBITDA margin increased by 226 bps to 54%.During the period,there was a one-time opex benefit of$7m on account of VAT refunds on tower rentals.Excludi

319、ng this benefit,the FY24 EBITDA margin would have increased by 180 bps.The increase in EBIDTA margin was primarily due to the growth in constant currency revenues,supported by continued cost efficiencies.The Q424 EBITDA margin of 52.2%below the FY24 EBITDA margin of 54%reflects the recent increase i

320、n diesel costs.Diesel prices have increased significantly in Q424,but remain volatile.If current levels persist,the full impact will be reflected in future EBITDA margins.Operating free cash flow was$559m,up by 68.6%in constant currency,largely due to the strong EBITDA growth and lower capex in the

321、current period.Transforming lives spotlightConnecting more underserved communities through network expansionIn an underpenetrated market such as Nigeria,creating reliable,affordable connections is key especially,in under-served rural areas.We rolled out 444 sites to accelerate connectivity in the No

322、rthern Nigeria region,an area that is still relatively under-connected,meaning that 35%of our network of around 15,000 sites across Nigeria are now in the Northern states.Country-wide,we now cover more than 83%of the population,and 28%of our sites are in rural areas bringing digital and financial in

323、clusion to communities where they live,often for the first time.We plan to go further,agreeing an expansion of our coverage through a five-year plan with a tower company partner for more tower tenancies and co-tenancies and additional 5G access.In line with our sustainability strategy and our partne

324、rs carbon reduction roadmap,the expansion plan includes measures to reduce the environmental footprint of our sites.40Airtel Africa plc Annual Report and Accounts 2024East Africa mobile servicesFocusing on connection:for customers,communities and our businessBusiness review continuedRevenue$1,622mEB

325、ITDA$788mOperating profit$452mARPU$2.0Constant currency 21.5%Reported currency 7.5%Constant currency 17.1%Reported currency 4.3%Constant currency 11.9%Reported currency (1.5%)Constant currency 9.7%Reported currency (2.9%)Summarised statement of operations1DescriptionUnit of measureYear endedReported

326、 currency changeConstant currency changeMar-24Mar-23Revenue$m 1,622 1,508 7.5%21.5%Voice revenue2$m 851 836 1.8%14.8%Data revenue$m 621 537 15.5%31.0%Other revenue3$m 150 135 10.6%26.1%EBITDA$m 788 755 4.3%17.1%EBITDA margin%48.6%50.1%(151)bps (182)bpsDepreciation and amortisation$m(287)(260)10.6%23

327、.3%Operating profit$m 452 459(1.5%)11.9%Capex$m 284 256 10.9%10.9%Operating free cash flow$m 504 499 0.9%20.6%Operating KPIsTotal customer basemillion 69.4 62.7 10.7%Data customer basemillion 26.6 21.9 21.5%Mobile services ARPU$2.0 2.1(2.9%)9.7%1 The East Africa business region includes Kenya,Malawi

328、,Rwanda,Tanzania,Uganda and Zambia.2 Voice revenue includes inter-segment revenue of$1m in the year ended 31 March 2024 and in the prior period.Excluding inter-segment revenue,voice revenue was$850m in year ended 31 March 2024 and$835m in the prior period.3 Other revenue includes inter-segment reven

329、ue of$12m in the year ended 31 March 2024 and$11m in the prior period.Excluding inter-segment revenue,other revenue was$138m in year ended 31 March 2024 and$124m in the prior period.Growth%in constant currencyRevenue($m)FY24FY231,62221.5%13.4%1,508EBITDA($m)FY24FY2378848.6%*50.1%*755Revenue splitOth

330、ers9%Voice53%Data38%*EBITDA margin%Connectivity is at the heart of all Airtel Africas activity both social and commercial.Were continually working towards bridging the digital divide by expanding our network,increasing the availability of our services and making it simple and intuitive for our custo

331、mers to use our products.Apoorva MehrotraRegional director East Africa Other market participantsKenya Safaricom and Telkom Malawi TNM Rwanda MTN Tanzania Vodacom,Tigo,Halotel and TTCL Uganda MTN,UTL and Lyca Zambia MTN and Zamtel STRATEGIC REPORT41Airtel Africa plc Annual Report and Accounts 2024Ove

332、rviewSteady GDP growth of over 5%means that our six markets in East Africa are some of the strongest economies in Africa.Notwithstanding some disruption from devaluation and inflation this year,the regions relatively young population of 227 million people retain their appetite for the financial and

333、digital opportunities our services can unlock.We aim to transform lives in our markets by connecting customers,their communities,and our business.One of our values at Airtel Africa is Alive:for us that means constantly seeking reliable connectivity and improved user experience for our customers.This year that has translated into improving our network coverage to 91.0%,rolling out 1,752 new 4G site