Celtel revenues jump 42% to $446 million

Celtel International, the leading pan-African mobile communications group with over 2.5 million users in 12 countries, publishes results* for the year to 31 December 2003. Celtel was previously called MSI Cellular.

• Revenues jumped by 42% to $446 million (2002: $314 million)
• Total managed customers increased by 79% to 2.5 million
• Proportionate mobile customers numbers grew 70% to 1.7 million
• EBITDA increased 88% to $151 million (2002: $80 million)
• Net Profit after tax was $74 million compared to a $24 million loss in 2002
• Average revenue per user was $300 for the year
• Capex for the year totalled $105 million compared to $73 million in 2002
• New equity financing raised during the year totalled $62 million, following the recently announced round led by Capital International
• Celtel was successfully refinanced and raised additional funds for the holding company totalling $117 million
• The Celtel brand was successfully relaunched in early 2004

*All financials are proportionate (aggregated on the basis of proportionate equity ownership and excluding passive associate investments). Total managed customer figures include 100% of all operations where Celtel International has management control.

Marten Pieters, Celtel International's Chief Executive Officer, commented:

"2003 was a notably successful and active year for Celtel. The number of new mobile customers jumped 70% over the year driving improved profitability and cash generation. Our biggest achievement for 2003 was the substantial extension of our network to reach hundreds of thousands of new customers, some in remote locations without access to any telecommunications infrastructure before."

Mohamed Ibrahim, Celtel International's Chairman, said:

"During the year we extended our investor base and raised $179 million further equity and debt from a number of high quality international investors and lenders. The excellent backing we have received from our existing and new shareholders, plus our newly relaunched Celtel brand, puts us in a strong position to fulfil both our commitment to Africa as a long term investor and also our brand promise: 'Making life better'."

For more details, please contact: Martin de Koning, Celtel Corporate Communications Director, +31 23 554 2671 or +31 6558 22409, deKoning.M@celtel.com