It said the Nigerian regulatory fine — imposed after MTN failed to disconnect more than five million unregistered Sim cards — is expected to have a negative impact of about R4.74 on both Heps and EPS. But it's not only the Nigerian fine that's to blame for the poor performance. Other contributing factors to the negative numbers include foreign exchange losses in several operations; losses from joint ventures and associates; additional depreciation resulting from prior hyperinflation adjustments in MTN Irancell; Zakhele Futhi black economic empowerment scheme tax and share-based payment charges; and professional fees incurred in respect of the settlement of the Nigerian regulatory fine and planned listing.