|
Cayman Islands
(State or other Jurisdiction of Incorporation or Organization) |
| |
3669
(Primary Standard Industrial Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer Identification Number) |
|
|
Copies of all communications, including communications sent to agent for service, should be sent to:
|
| |||
|
Marc D. Jaffe, Esq.
Ian D. Schuman, Esq. Benjamin J. Cohen, Esq. Latham & Watkins LLP 1271 Avenue of the Americas New York, NY 10020 (212) 906-1200 |
| |
Roxane F. Reardon, Esq.
Jonathan R. Ozner, Esq. Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY 10017 (212) 455-2000 |
|
| | | | | iii | | | |
| | | | | v | | | |
| | | | | vi | | | |
| | | | | 1 | | | |
| | | | | 24 | | | |
| | | | | 76 | | | |
| | | | | 78 | | | |
| | | | | 79 | | | |
| | | | | 80 | | | |
| | | | | 82 | | | |
| | | | | 84 | | | |
| | | | | 89 | | | |
| | | | | 138 | | | |
| | | | | 166 | | | |
| | | | | 195 | | | |
| | | | | 205 | | | |
| | | | | 210 | | | |
| | | | | 215 | | | |
| | | | | 224 | | | |
| | | | | 226 | | | |
| | | | | 233 | | | |
| | | | | 243 | | | |
| | | | | 244 | | | |
| | | | | 245 | | | |
| | | | | 246 | | | |
| | | | | 247 | | | |
| | | | | F-1 | | |
| | | | | | | | | | | | | | |
Market Share (December 31, 2020)
|
| ||||||||||||||||||
Country
|
| |
2020
Population (millions) |
| |
# of IHS
Towers June 30, 2021 |
| |
# of IHS
Towers December 31, 2020 |
| |
Estimated
Outsourced Towers December 31, 2020 |
| |
Estimated
Total Towers December 31, 2020 |
| |
IHS Towers
Market Position |
| |||||||||||||||
Nigeria
|
| | | | 209 | | | | | | 16,522 | | | | | | 16,537 | | | | | | 25,535 | | | |
37,625
|
| | | | #1 | | |
Côte d’Ivoire
|
| | | | 27 | | | | | | 2,701 | | | | | | 2,702 | | | | | | 2,702 | | | |
4,079
|
| | | | #1 | | |
Cameroon
|
| | | | 27 | | | | | | 2,215 | | | | | | 2,214 | | | | | | 2,214 | | | |
5,208
|
| | | | #1 | | |
Zambia
|
| | | | 19 | | | | | | 1,751 | | | | | | 1,753 | | | | | | 1,753 | | | |
3,491
|
| | | | #1 | | |
Rwanda
|
| | | | 13 | | | | | | 1,160 | | | | | | 958 | | | | | | 958 | | | |
1,605
|
| | | | #1 | | |
Kuwait
|
| | | | 4 | | | | | | 1,229 | | | | | | 1,162 | | | | | | 1,162 | | | |
5,858
|
| | | | #1 | | |
Brazil
|
| | | | 213 | | | | | | 4,350 | | | | | | 2,419 | | | | | | 46,842 | | | |
64,075
|
| | | | #5* | | |
Peru
|
| | | | 33 | | | | | | 51 | | | | | | 51 | | | | | | 6,731 | | | |
17,903
|
| | | | n.m. | | |
Colombia
|
| | | | 51 | | | | | | 228 | | | | | | 11 | | | | | | 8,647 | | | |
17,474
|
| | | | n.m. | | |
| | |
Nigeria
|
| |
Zambia
|
| |
Rwanda
|
| |
Côte
d’Ivoire |
| |
Cameroon
|
| |
Kuwait
|
| |
Brazil
|
| |
Peru
|
| |
Colombia
|
| |
Total/Average
|
|
2020 / 2025 Mobile SIMs (millions)
|
| |
200 / 239
|
| |
19 / 24
|
| |
11 / 13
|
| |
38 /44
|
| |
25 / 30
|
| |
7 / 7
|
| |
206 / 224
|
| |
36 / 37
|
| |
62 / 65
|
| |
604 / 684
|
|
Growth (2020-2025 CAGR)
|
| |
3.6%
|
| |
5.0%
|
| |
4.9%
|
| |
3.2%
|
| |
3.8%
|
| |
(0.3)%
|
| |
1.7%
|
| |
0.4%
|
| |
0.8%
|
| |
3.3%
|
|
2020 / 2025 Mobile Penetration
|
| |
96% / 101%
|
| |
102% / 113%
|
| |
81% / 91%
|
| |
141% / 146%
|
| |
91% / 98%
|
| |
161% / 158%
|
| |
97% / 102%
|
| |
110% / 107%
|
| |
122% / 124%
|
| |
102% / 108%
|
|
2020 / 2025 2G SIM Penetration
|
| |
30% / 14%
|
| |
41% / 14%
|
| |
78% / 60%
|
| |
28% / 11%
|
| |
61% / 26%
|
| |
2% / 0%
|
| |
7% / 4%
|
| |
15% / 7%
|
| |
15% / 4%
|
| |
30% / 14%
|
|
2020 / 2025 3G SIM Penetration
|
| |
62% / 43%
|
| |
44% / 27%
|
| |
16% / 9%
|
| |
58% / 48%
|
| |
29% / 35%
|
| |
39% / 9%
|
| |
11% / 2%
|
| |
32% / 14%
|
| |
43% / 19%
|
| |
48% / 33%
|
|
2020 / 2025 4G SIM Penetration
|
| |
8% / 40%
|
| |
15% / 60%
|
| |
6% / 28%
|
| |
14% / 40%
|
| |
10% / 38%
|
| |
58% / 40%
|
| |
81% / 85%
|
| |
52% / 72%
|
| |
42% / 70%
|
| |
22% / 47%
|
|
2020 / 2025 5G SIM Penetration
|
| |
0% / 3%
|
| |
0% / 0%
|
| |
0% / 3%
|
| |
0% / 1%
|
| |
0% / 1%
|
| |
1% / 50%
|
| |
0% / 10%
|
| |
0% / 8%
|
| |
0% / 6%
|
| |
0% / 5%
|
|
2020 / 2025 Smartphone Adoption
|
| |
41% / 64%
|
| |
47% / 72%
|
| |
21% / 32%
|
| |
41% / 59%
|
| |
51% / 66%
|
| |
83% / 88%
|
| |
86% / 93%
|
| |
73% / 88%
|
| |
56% / 62%
|
| |
50% / 68%
|
|
2020 / 2025 Average Data Usage (GB / SIM / month)
|
| |
0.8 / 3.8
|
| |
0.7 / 2.4
|
| |
0.5 / 1.7
|
| |
1.0 / 3.5
|
| |
0.7 / 2.5
|
| |
39.6 / 60.1
|
| |
2.5 / 13.0
|
| |
5.1 / 17.8
|
| |
1.4 / 9.5
|
| |
2.7 / 7.2
|
|
2020 Voice Usage (Min / handset / month)
|
| |
120
|
| |
102
|
| |
199
|
| |
129
|
| |
93
|
| |
100
|
| |
140
|
| |
255
|
| |
211
|
| |
124
|
|
2020 Total towers (thousands)
|
| |
37.6
|
| |
3.5
|
| |
1.6
|
| |
4.1
|
| |
5.2
|
| |
5.9
|
| |
64.1
|
| |
17.9
|
| |
17.5
|
| |
157.3
|
|
2020 SIMs per tower (thousands)
|
| |
5.3
|
| |
5.4
|
| |
6.6
|
| |
9.3
|
| |
4.7
|
| |
1.2
|
| |
3.2
|
| |
2.0
|
| |
3.6
|
| |
5.2
|
|
2020 Market colocation rate(1)
|
| |
1.17x
|
| |
1.35x
|
| |
1.61x
|
| |
1.51x
|
| |
1.26x
|
| |
1.01x
|
| |
1.51x
|
| |
1.48x
|
| |
1.20x
|
| |
1.28x
|
|
| | |
Year ended December 31,
|
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2020
|
| |
2021
|
| |||||||||||||||
| | |
($ in thousands, except share and per share data)
|
| |||||||||||||||||||||||||||
IHS Holding Limited Statements
of Income and Comprehensive Income Data: |
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Revenue
|
| | | | 1,168,087 | | | | | | 1,231,056 | | | | | | 1,403,149 | | | | | | 664,097 | | | | | | 763,569 | | |
Cost of sales
|
| | | | (766,732) | | | | | | (810,967) | | | | | | (838,423) | | | | | | (435,849) | | | | | | (400,040) | | |
Administrative expenses
|
| | | | (148,773) | | | | | | (556,285) | | | | | | (236,112) | | | | | | (122,385) | | | | | | (153,247) | | |
(Loss allowance)/reversal of loss allowance on trade
receivables |
| | | | (50,611) | | | | | | (27,944) | | | | | | (13,081) | | | | | | (1,341) | | | | | | 36,620 | | |
Other income
|
| | | | 3,961 | | | | | | 7,036 | | | | | | 16,412 | | | | | | 3,358 | | | | | | 7,056 | | |
Operating profit/(loss)
|
| | | | 205,932 | | | | | | (157,104) | | | | | | 331,945 | | | | | | 107,880 | | | | | | 253,958 | | |
Finance income
|
| | | | 23,988 | | | | | | 36,045 | | | | | | 148,968 | | | | | | 13,143 | | | | | | 17,282 | | |
Finance costs
|
| | | | (315,942) | | | | | | (288,915) | | | | | | (633,766) | | | | | | (377,217) | | | | | | (154,621) | | |
(Loss)/profit before income tax
|
| | | | (86,022) | | | | | | (409,974) | | | | | | (152,853) | | | | | | (256,194) | | | | | | 116,619 | | |
Income tax expense
|
| | | | (46,748) | | | | | | (13,518) | | | | | | (169,829) | | | | | | (96,696) | | | | | | (40,013) | | |
(Loss)/profit
|
| | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | | | | | (352,890) | | | | | | 76,606 | | |
(Loss)/profit attributable to Owners of the Group
|
| | | | (132,770) | | | | | | (423,492) | | | | | | (321,994) | | | | | | (352,497) | | | | | | 77,323 | | |
Non-controlling interests(2)
|
| | | | — | | | | | | — | | | | | | (688) | | | | | | (393) | | | | | | (717) | | |
(Loss)/profit per share – basic
|
| | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | 0.00 | | |
(Loss)/profit per share – diluted
|
| | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | 0.00 | | |
Weighted average number of shares outstanding – basic (thousands)
|
| | | | 146,706,094 | | | | | | 146,784,812 | | | | | | 147,051,494 | | | | | | 147,051,494 | | | | | | 147,051,494 | | |
| | |
Year ended December 31,
|
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2020
|
| |
2021
|
| |||||||||||||||
| | |
($ in thousands, except share and per share data)
|
| |||||||||||||||||||||||||||
Weighted average number of shares outstanding – diluted (thousands)
|
| | | | 149,150,687 | | | | | | 158,240,303 | | | | | | 158,674,348 | | | | | | 158,660,580 | | | | | | 158,770,567 | | |
Pro forma as adjusted (loss)/profit
per share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– basic(3)
|
| | | | (0.45) | | | | | | (1.44) | | | | | | (1.09) | | | | | | (1.20) | | | | | | 0.26 | | |
– diluted(3)
|
| | | | (0.45) | | | | | | (1.44) | | | | | | (1.09) | | | | | | (1.20) | | | | | | 0.24 | | |
Pro forma as adjusted weighted average number of shares outstanding
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |||||
– basic (thousands)(3)
|
| | | | 293,412 | | | | | | 293,570 | | | | | | 294,103 | | | | | | 294,103 | | | | | | 294,103 | | |
– diluted (thousands)(3)
|
| | | | 298,301 | | | | | | 316,481 | | | | | | 317,349 | | | | | | 317,321 | | | | | | 317,541 | | |
Pro forma as adjusted (loss)/profit
per share as further adjusted for this offering |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– basic(4)
|
| |
|
| |
|
| | | | (1.02) | | | |
|
| | | | 0.21 | | | |||||||||
– diluted(4)
|
| |
|
| |
|
| | | | (1.02) | | | |
|
| | | | 0.20 | | | |||||||||
Pro forma as adjusted weighted average number of shares outstanding as further adjusted for this offering
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– basic (thousands)(4)
|
| |
|
| |
|
| | | | 328,072 | | | |
|
| | | | 328,072 | | | |||||||||
– diluted (thousands)(4)
|
| |
|
| |
|
| | | | 336,012 | | | |
|
| | | | 336,012 | | |
| | |
As of June 30, 2021
|
| |||||||||
| | |
IHS Holding
Limited Actual |
| |
Pro Forma
As Adjusted And As Further Adjusted For This Offering(4) |
| ||||||
| | |
($ in thousands)
|
| |||||||||
IHS Holding Limited Consolidated Statement of Financial Position Data:
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 541,644 | | | | | | 920,449 | | |
Total assets
|
| | | | 4,683,611 | | | | | | 5,062,416 | | |
Non-current borrowings
|
| | | | 1,976,840 | | | | | | 1,976,840 | | |
Total borrowings
|
| | | | 2,221,003 | | | | | | 2,221,003 | | |
Stated capital
|
| | | | 4,530,870 | | | | | | — | | |
Share capital
|
| | | | — | | | | | | 98,416 | | |
Share premium
|
| | | | — | | | | | | 4,811,259 | | |
Total equity
|
| | | | 1,322,041 | | | | | | 1,700,846 | | |
| | |
Year ended
December 31, |
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2020
|
| |
2021
|
| |||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||
IHS Holding Limited Consolidated Statement of
Cash Flows: |
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Net cash generated from operating activities
|
| | | | 462,307 | | | | | | 641,940 | | | | | | 635,256 | | | | | | 301,391 | | | | | | 369,395 | | |
Net cash used in investing activities
|
| | | | (264,596) | | | | | | (235,806) | | | | | | (758,512) | | | | | | (626,628) | | | | | | (331,634) | | |
Net cash used in financing activities
|
| | | | (202,780) | | | | | | (138,319) | | | | | | (128,136) | | | | | | (191,262) | | | | | | (46,268) | | |
| | |
Year ended
December 31, |
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2020
|
| |
2021
|
| |||||||||||||||
| | |
($ in thousands, except ratio and operating data)
|
| |||||||||||||||||||||||||||
IHS Holding Limited Other Financial and Operating Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Loss)/profit | | | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | | | | | (352,890) | | | | | | 76,606 | | |
(Loss)/profit margin
|
| | | | (11.4%) | | | | | | (34.4%) | | | | | | (23.0%) | | | | | | (53.1%) | | | | | | 10.0% | | |
Adjusted EBITDA(5)
|
| | | | 550,722 | | | | | | 668,614 | | | | | | 819,014 | | | | | | 374,925 | | | | | | 490,029 | | |
Adjusted EBITDA Margin(6)
|
| | | | 47.1% | | | | | | 54.3% | | | | | | 58.4% | | | | | | 56.5% | | | | | | 64.2% | | |
Towers (at period end)
|
| | | | 23,863 | | | | | | 24,076 | | | | | | 27,807 | | | | | | 27,473 | | | | | | 30,207 | | |
Tenants (at period end)
|
| | | | 36,301 | | | | | | 37,652 | | | | | | 42,864 | | | | | | 42,253 | | | | | | 45,487 | | |
Colocation Rate (at period end)
|
| | | | 1.52x | | | | | | 1.56x | | | | | | 1.54x | | | | | | 1.54x | | | | | | 1.51x | | |
Lease Amendments (at period end)
|
| | | | 9,983 | | | | | | 13,604 | | | | | | 17,983 | | | | | | 15,861 | | | | | | 21,478 | | |
| | |
Year ended December 31,
|
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
(Loss)/profit
|
| | | | (940,749) | | | | | | (421,538) | | | | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | | | | | (352,890) | | | | | | 76,606 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Income tax (benefit)/expense
|
| | | | (176,278) | | | | | | 25,130 | | | | | | 46,748 | | | | | | 13,518 | | | | | | 169,829 | | | | | | 96,696 | | | | | | 40,013 | | |
Finance costs(a)
|
| | | | 1,202,718 | | | | | | 645,652 | | | | | | 315,942 | | | | | | 288,915 | | | | | | 633,766 | | | | | | 377,217 | | | | | | 154,621 | | |
Finance income(a)
|
| | | | (78,048) | | | | | | (135,527) | | | | | | (23,988) | | | | | | (36,045) | | | | | | (148,968) | | | | | | (13,143) | | | | | | (17,282) | | |
Depreciation and amortization
|
| | | | 271,570 | | | | | | 326,701 | | | | | | 317,304 | | | | | | 384,507 | | | | | | 408,662 | | | | | | 221,024 | | | | | | 183,925 | | |
Impairment of withholding tax
receivables(b) |
| | | | 21,760 | | | | | | 52,292 | | | | | | 12,063 | | | | | | 44,586 | | | | | | 31,533 | | | | | | 14,657 | | | | | | 32,684 | | |
Business combination transaction costs
|
| | | | 20,909 | | | | | | 1,509 | | | | | | 3,448 | | | | | | 3,745 | | | | | | 13,727 | | | | | | 11,010 | | | | | | 5,948 | | |
Impairment of property, plant and equipment and related prepaid land rent(c)
|
| | | | — | | | | | | 28,343 | | | | | | 6,119 | | | | | | 21,604 | | | | | | 27,594 | | | | | | 13,207 | | | | | | 2,813 | | |
Decommissioning cost
|
| | | | 3,475 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss/(gain) on sale of assets
|
| | | | 4,518 | | | | | | 3,043 | | | | | | 2,557 | | | | | | 5,819 | | | | | | (764) | | | | | | (538) | | | | | | (1,538) | | |
Share-based payment expense/(credit)(d)
|
| | | | 88,364 | | | | | | (27,436) | | | | | | (5,065) | | | | | | 351,054 | | | | | | 8,342 | | | | | | 6,791 | | | | | | 4,682 | | |
Insurance claims(e)
|
| | | | (2,055) | | | | | | (1,537) | | | | | | (1,847) | | | | | | (3,607) | | | | | | (14,987) | | | | | | (2,584) | | | | | | (5,402) | | |
Listing costs
|
| | | | 3,357 | | | | | | 8,295 | | | | | | 5,221 | | | | | | 1,078 | | | | | | 12,652 | | | | | | 3,171 | | | | | | 4,035 | | |
Customer contract exit fee income(f)
|
| | | | (50,958) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other costs(g)
|
| | | | 14,377 | | | | | | 22,092 | | | | | | 4,990 | | | | | | 16,932 | | | | | | 310 | | | | | | 307 | | | | | | 10,193 | | |
Other income(h)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,269) | | |
Adjusted EBITDA
|
| | | | 382,960 | | | | | | 527,019 | | | | | | 550,722 | | | | | | 668,614 | | | | | | 819,014 | | | | | | 374,925 | | | | | | 490,029 | | |
| | | |
As of June 30, 2021
|
| |||||||||||||||
| | | |
IHS Holding Limited
Actual |
| |
IHS Holding Limited
Pro Forma As Adjusted For The Migration |
| |
IHS Holding Limited
Pro Forma As Adjusted And As Further Adjusted For This Offering(1) |
| |||||||||
| | | |
($ in thousands)
|
| |||||||||||||||
|
Cash and cash equivalents(2)
|
| | | | 541,644 | | | | | | 541,644 | | | | | | 920,449 | | |
| Debt: | | | | | | | | | | | | | | | |||||
|
Senior Notes
|
| | | | 1,461,883 | | | | | | 1,461,883 | | | | | | 1,461,883 | | |
|
Bank borrowings(2)
|
| | | | 759,120 | | | | | | 759,120 | | | | | | 759,120 | | |
|
Lease liabilities
|
| | | | 381,569 | | | | | | 381,569 | | | | | | 381,569 | | |
|
Total debt, including current and non-current portion of lease liabilities(2)
|
| | | | 2,602,572 | | | | | | 2,602,572 | | | | | | 2,602,572 | | |
| Equity: | | | | | | | | | | | | | | | |||||
|
Share capital
|
| | | | — | | | | | | 93,016 | | | | | | 98,416 | | |
|
Share premium
|
| | | | — | | | | | | 4,437,854 | | | | | | 4,811,259 | | |
|
Stated capital
|
| | | | 4,530,870 | | | | | | — | | | | | | — | | |
|
Accumulated losses
|
| | | | (2,758,067) | | | | | | (2,766,580) | | | | | | (2,766,580) | | |
|
Other reserves
|
| | | | (465,042) | | | | | | (456,529) | | | | | | (456,529) | | |
|
Total equity attributable to owners of the
Company |
| | | | 1,307,761 | | | | | | 1,307,761 | | | | | | 1,686,566 | | |
|
Total capitalization
|
| | | | 3,910,333 | | | | | | 3,910,333 | | | | | | 4,289,138 | | |
|
Assumed initial public offering price
|
| | | | | | | | | $ | 22.50 | | |
|
Pro forma net tangible book value per share
|
| | | | (0.67) | | | | | | | | |
|
Increase in net tangible book value per share attributable to this offering
|
| | | | 1.20 | | | | | | | | |
|
Pro forma as adjusted for this offering net tangible book value per share
|
| | | | | | | | | | 0.53 | | |
|
Dilution per share to new investors in this offering
|
| | | | | | | | | $ | 21.97 | | |
| | |
Shares
Purchased |
| |
Total
Consideration |
| |
Average
Price |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Per Share
|
| |||||||||||||||
Existing shareholders
|
| | | | — | | | | | | 0% | | | | | | — | | | | | | 0% | | | | | $ | 0 | | |
New investors
|
| | | | 18,000,000 | | | | | | 100% | | | | | $ | 405,000,000 | | | | | | 100% | | | | | $ | 22.50 | | |
Total
|
| | | | 18,000,000 | | | | | | 100% | | | | | $ | 405,000,000 | | | | | | 100% | | | | | $ | 22.50 | | |
| | |
Year ended December 31,
|
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||
| | |
($ in thousands, except share and per share data)
|
| |||||||||||||||||||||||||||||||||||||||
IHS Holding Limited
Consolidated Statements of Income and Comprehensive Income Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Revenue
|
| | | | 905,605 | | | | | | 1,106,955 | | | | | | 1,168,087 | | | | | | 1,231,056 | | | | | | 1,403,149 | | | | | | 664,097 | | | | | | 763,569 | | |
Cost of sales
|
| | | | (685,920) | | | | | | (788,228) | | | | | | (766,732) | | | | | | (810,967) | | | | | | (838,423) | | | | | | (435,849) | | | | | | (400,040) | | |
Administrative expenses
|
| | | | (258,548) | | | | | | (150,829) | | | | | | (148,773) | | | | | | (556,285) | | | | | | (236,112) | | | | | | (122,385) | | | | | | (153,247) | | |
(Loss allowance)/reversal of loss
allowance on trade receivables |
| | | | (8,711) | | | | | | (55,927) | | | | | | (50,611) | | | | | | (27,944) | | | | | | (13,081) | | | | | | (1,341) | | | | | | 36,620 | | |
Other income
|
| | | | 55,217 | | | | | | 1,746 | | | | | | 3,961 | | | | | | 7,036 | | | | | | 16,412 | | | | | | 3,358 | | | | | | 7,056 | | |
Operating profit/(loss)
|
| | | | 7,643 | | | | | | 113,717 | | | | | | 205,932 | | | | | | (157,104) | | | | | | 331,945 | | | | | | 107,880 | | | | | | 253,958 | | |
Finance income
|
| | | | 78,048 | | | | | | 135,527 | | | | | | 23,988 | | | | | | 36,045 | | | | | | 148,968 | | | | | | 13,143 | | | | | | 17,282 | | |
Finance costs
|
| | | | (1,202,718) | | | | | | (645,652) | | | | | | (315,942) | | | | | | (288,915) | | | | | | (633,766) | | | | | | (377,217) | | | | | | (154,621) | | |
(Loss)/profit before income tax
|
| | | | (1,117,027) | | | | | | (396,408) | | | | | | (86,022) | | | | | | (409,974) | | | | | | (152,853) | | | | | | (256,194) | | | | | | 116,619 | | |
Income tax benefit/(expense)
|
| | | | 176,278 | | | | | | (25,130) | | | | | | (46,748) | | | | | | (13,518) | | | | | | (169,829) | | | | | | (96,696) | | | | | | (40,013) | | |
(Loss)/profit
|
| | | | (940,749) | | | | | | (421,538) | | | | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | | | | | (352,890) | | | | | | 76,606 | | |
(Loss)/profit attributable to Owners of the Group
|
| | | | (826,392) | | | | | | (425,448) | | | | | | (132,770) | | | | | | (423,492) | | | | | | (321,994) | | | | | | (352,497) | | | | | | 77,323 | | |
Non-controlling interests(2)
|
| | | | (114,357) | | | | | | 3,910 | | | | | | — | | | | | | — | | | | | | (688) | | | | | | (393) | | | | | | (717) | | |
Loss per share — basic
|
| | | | (0.01) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | 0.00 | | |
Loss per share — diluted
|
| | | | (0.01) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | | | | | 0.00 | | |
| | |
Year ended December 31,
|
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||
| | |
($ in thousands, except share and per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding — basic (thousands)
|
| | | | 119,700,839 | | | | | | 143,281,846 | | | | | | 146,706,094 | | | | | | 146,784,812 | | | | | | 147,051,494 | | | | | | 147,051,494 | | | | | | 147,051,494 | | |
Weighted average number of shares outstanding — diluted (thousands)
|
| | | | 145,051,339 | | | | | | 145,579,185 | | | | | | 149,150,687 | | | | | | 158,240,303 | | | | | | 158,674,348 | | | | | | 158,660,580 | | | | | | 158,770,567 | | |
Pro forma as adjusted (loss)/profit
per share |
| | | | | | | | |||||||||||||||||||||||||||||||||||
— basic(3)
|
| | | | (3.45) | | | | | | (1.48) | | | | | | (0.45) | | | | | | (1.44) | | | | | | (1.09) | | | | | | (1.20) | | | | | | 0.26 | | |
— diluted(3)
|
| | | | (3.45) | | | | | | (1.48) | | | | | | (0.45) | | | | | | (1.44) | | | | | | (1.09) | | | | | | (1.20) | | | | | | 0.24 | | |
Pro forma as adjusted weighted average number of shares outstanding
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
— basic (thousands)(3)
|
| | | | 239,402 | | | | | | 286,564 | | | | | | 293,412 | | | | | | 293,570 | | | | | | 294,103 | | | | | | 294,103 | | | | | | 294,103 | | |
— diluted (thousands)(3)
|
| | | | 290,103 | | | | | | 291,158 | | | | | | 298,301 | | | | | | 316,481 | | | | | | 317,349 | | | | | | 317,321 | | | | | | 317,541 | | |
Pro forma as adjusted (loss)/profit
per share as further adjusted for this offering |
| | | | | | | | |||||||||||||||||||||||||||||||||||
— basic(4)
|
| |
|
| |
|
| |
|
| |
|
| | | | (1.02) | | | |
|
| | | | 0.21 | | | |||||||||||||||
— diluted(4)
|
| |
|
| |
|
| |
|
| |
|
| | | | (1.02) | | | |
|
| | | | 0.20 | | | |||||||||||||||
Pro forma as adjusted weighted
average number of shares outstanding as further adjusted for this offering |
| | | | | | | | |||||||||||||||||||||||||||||||||||
— basic (thousands)(4)
|
| |
|
| |
|
| |
|
| |
|
| | | | 328,072 | | | |
|
| | | | 328,072 | | | |||||||||||||||
— diluted (thousands)(4)
|
| |
|
| |
|
| |
|
| |
|
| | | | 336,012 | | | |
|
| | | | 336,012 | | |
| | |
As of December 31,
|
| |
As of
June 30, |
| ||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2021
|
| ||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||
IHS Holding Limited
Consolidated Statement of Financial Position Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Cash and cash equivalents
|
| | | | 476,078 | | | | | | 646,196 | | | | | | 633,450 | | | | | | 898,802 | | | | | | 585,416 | | | | | | 541,644 | | |
Total assets
|
| | | | 4,052,415 | | | | | | 3,996,239 | | | | | | 3,824,876 | | | | | | 4,164,708 | | | | | | 4,447,643 | | | | | | 4,683,611 | | |
Non-current borrowings
|
| | | | 1,904,792 | | | | | | 1,867,277 | | | | | | 1,710,336 | | | | | | 1,950,711 | | | | | | 2,017,090 | | | | | | 1,976,840 | | |
Total borrowings
|
| | | | 2,003,787 | | | | | | 1,980,891 | | | | | | 1,897,774 | | | | | | 2,055,878 | | | | | | 2,203,209 | | | | | | 2,221,003 | | |
Stated capital
|
| | | | 3,487,965 | | | | | | 4,518,502 | | | | | | 4,518,502 | | | | | | 4,530,870 | | | | | | 4,530,870 | | | | | | 4,530,870 | | |
Total equity
|
| | | | 1,497,142 | | | | | | 1,472,319 | | | | | | 1,332,075 | | | | | | 1,430,319 | | | | | | 1,224,191 | | | | | | 1,322,041 | | |
| | |
Year ended December 31,
|
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019(1)
|
| |
2020(1)
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||
| | |
($ in thousands)
|
| | ||||||||||||||||||||||||||||||||||||||
IHS Holding Limited
Consolidated Statement of Cash Flows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net cash generated from operating activities
|
| | | | 415,513 | | | | | | 456,105 | | | | | | 462,307 | | | | | | 641,940 | | | | | | 635,256 | | | | | | 301,391 | | | | | | 369,395 | | |
Net cash used in investing activities
|
| | | | (805,882) | | | | | | (344,312) | | | | | | (264,596) | | | | | | (235,806) | | | | | | (758,512) | | | | | | (626,628) | | | | | | (331,634) | | |
Net cash generated from/(used
in) financing activities |
| | | | 349,527 | | | | | | 113,167 | | | | | | (202,780) | | | | | | (138,319) | | | | | | (128,136) | | | | | | (191,262) | | | | | | (46,268) | | |
IHS Holding Limited Other Financial and Operating Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Adjusted EBITDA(5)
|
| | | | 382,960 | | | | | | 527,019 | | | | | | 550,722 | | | | | | 668,614 | | | | | | 819,014 | | | | | | 374,925 | | | | | | 490,029 | | |
| | |
Year ended December 31,
|
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
(Loss)/profit
|
| | | | (940,749) | | | | | | (421,538) | | | | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | | | | | (352,890) | | | | | | 76,606 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Income tax (benefit)/expense
|
| | | | (176,278) | | | | | | 25,130 | | | | | | 46,748 | | | | | | 13,518 | | | | | | 169,829 | | | | | | 96,696 | | | | | | 40,013 | | |
Finance costs(a)
|
| | | | 1,202,718 | | | | | | 645,652 | | | | | | 315,942 | | | | | | 288,915 | | | | | | 633,766 | | | | | | 377,217 | | | | | | 154,621 | | |
Finance income(a)
|
| | | | (78,048) | | | | | | (135,527) | | | | | | (23,988) | | | | | | (36,045) | | | | | | (148,968) | | | | | | (13,143) | | | | | | (17,282) | | |
Depreciation and amortization
|
| | | | 271,570 | | | | | | 326,701 | | | | | | 317,304 | | | | | | 384,507 | | | | | | 408,662 | | | | | | 221,024 | | | | | | 183,925 | | |
Impairment of withholding tax
receivables(b) |
| | | | 21,760 | | | | | | 52,292 | | | | | | 12,063 | | | | | | 44,586 | | | | | | 31,533 | | | | | | 14,657 | | | | | | 32,684 | | |
Business combination transaction costs
|
| | | | 20,909 | | | | | | 1,509 | | | | | | 3,448 | | | | | | 3,745 | | | | | | 13,727 | | | | | | 11,010 | | | | | | 5,948 | | |
Impairment of property, plant and equipment and related prepaid land rent(c)
|
| | | | — | | | | | | 28,343 | | | | | | 6,119 | | | | | | 21,604 | | | | | | 27,594 | | | | | | 13,207 | | | | | | 2,813 | | |
Decommissioning cost
|
| | | | 3,475 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss/(gain) on sale of assets
|
| | | | 4,518 | | | | | | 3,043 | | | | | | 2,557 | | | | | | 5,819 | | | | | | (764) | | | | | | (538) | | | | | | (1,538) | | |
Share-based payment expense/(credit)(d)
|
| | | | 88,364 | | | | | | (27,436) | | | | | | (5,065) | | | | | | 351,054 | | | | | | 8,342 | | | | | | 6,791 | | | | | | 4,682 | | |
Insurance claims(e)
|
| | | | (2,055) | | | | | | (1,537) | | | | | | (1,847) | | | | | | (3,607) | | | | | | (14,987) | | | | | | (2,584) | | | | | | (5,402) | | |
Listing costs
|
| | | | 3,357 | | | | | | 8,295 | | | | | | 5,221 | | | | | | 1,078 | | | | | | 12,652 | | | | | | 3,171 | | | | | | 4,035 | | |
Customer contract exit fee income(f)
|
| | | | (50,958) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other costs(g)
|
| | | | 14,377 | | | | | | 22,092 | | | | | | 4,990 | | | | | | 16,932 | | | | | | 310 | | | | | | 307 | | | | | | 10,193 | | |
Other income(h)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,269) | | |
Adjusted EBITDA
|
| | | | 382,960 | | | | | | 527,019 | | | | | | 550,722 | | | | | | 668,614 | | | | | | 819,014 | | | | | | 374,925 | | | | | | 490,029 | | |
| | |
For the year ended
December 31, |
| |
For the
six months ended June 30, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| |||||||||||||||
| | |
($ in thousands, except percentage data)
|
| |||||||||||||||||||||||||||
(Loss)/profit | | | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | | | | | (352,890) | | | | | | 76,606 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Income tax expense
|
| | | | 46,748 | | | | | | 13,518 | | | | | | 169,829 | | | | | | 96,696 | | | | | | 40,013 | | |
Finance costs(a)
|
| | | | 315,942 | | | | | | 288,915 | | | | | | 633,766 | | | | | | 377,217 | | | | | | 154,621 | | |
Finance income(a)
|
| | | | (23,988) | | | | | | (36,045) | | | | | | (148,968) | | | | | | (13,143) | | | | | | (17,282) | | |
Depreciation and amortization
|
| | | | 317,304 | | | | | | 384,507 | | | | | | 408,662 | | | | | | 221,024 | | | | | | 183,925 | | |
Impairment of withholding tax receivables(b)
|
| | | | 12,063 | | | | | | 44,586 | | | | | | 31,533 | | | | | | 14,657 | | | | | | 32,684 | | |
Business combination transaction costs
|
| | | | 3,448 | | | | | | 3,745 | | | | | | 13,727 | | | | | | 11,010 | | | | | | 5,948 | | |
Impairment of property, plant and equipment and related prepaid land rent(c)
|
| | | | 6,119 | | | | | | 21,604 | | | | | | 27,594 | | | | | | 13,207 | | | | | | 2,813 | | |
Net loss/(profit) on sale of assets
|
| | | | 2,557 | | | | | | 5,819 | | | | | | (764) | | | | | | (538) | | | | | | (1,538) | | |
Share-based payment (credit)/expense(d)
|
| | | | (5,065) | | | | | | 351,054 | | | | | | 8,342 | | | | | | 6,791 | | | | | | 4,682 | | |
Insurance claims(e)
|
| | | | (1,847) | | | | | | (3,607) | | | | | | (14,987) | | | | | | (2,584) | | | | | | (5,402) | | |
Listing costs
|
| | | | 5,221 | | | | | | 1,078 | | | | | | 12,652 | | | | | | 3,171 | | | | | | 4,035 | | |
Other costs(f)
|
| | | | 4,990 | | | | | | 16,932 | | | | | | 310 | | | | | | 307 | | | | | | 10,193 | | |
Other Income(g)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,269) | | |
Adjusted EBITDA
|
| | | | 550,722 | | | | | | 668,614 | | | | | | 819,014 | | | | | | 374,925 | | | | | | 490,029 | | |
Lease payments made
|
| | | | (76,565) | | | | | | (74,541) | | | | | | (65,230) | | | | | | (28,287) | | | | | | (45,175) | | |
Amortization of prepaid site rent .
|
| | | | 33,435 | | | | | | 3,355 | | | | | | 4,459 | | | | | | 238 | | | | | | 4,346 | | |
Revenue withholding tax(b)
|
| | | | (36,310) | | | | | | (33,432) | | | | | | (89,573) | | | | | | (46,830) | | | | | | (57,842) | | |
Income taxes paid
|
| | | | (15,723) | | | | | | (13,396) | | | | | | (14,540) | | | | | | (3,876) | | | | | | (19,386) | | |
Maintenance capital expenditures(h)
|
| | | | (100,632) | | | | | | (167,401) | | | | | | (113,987) | | | | | | (64,472) | | | | | | (55,736) | | |
Corporate capital expenditures(i) .
|
| | | | (8,590) | | | | | | (5,286) | | | | | | (2,464) | | | | | | (1,404) | | | | | | (557) | | |
Return Adjusted EBITDA
|
| | | | 346,337 | | | | | | 377,913 | | | | | | 537,679 | | | | | | 230,294 | | | | | | 315,679 | | |
Gross property, plant and
equipment(j) |
| | | | 2,476,815 | | | | | | 2,700,132 | | | | | | 2,820,519 | | | | | | 2,757,172 | | | | | | 2,986,649 | | |
Gross intangibles
|
| | | | 577,798 | | | | | | 576,040 | | | | | | 843,873 | | | | | | 840,242 | | | | | | 933,791 | | |
Gross goodwill
|
| | | | 530,910 | | | | | | 518,392 | | | | | | 656,507 | | | | | | 669,294 | | | | | | 750,750 | | |
| | |
Six months ended
June 30, |
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Revenue | | | | | 664,097 | | | | | | 763,569 | | |
Cost of sales
|
| | | | (435,849) | | | | | | (400,040) | | |
Administrative expenses
|
| | | | (122,385) | | | | | | (153,247) | | |
(Loss allowance)/reversal of loss allowance on trade receivables
|
| | | | (1,341) | | | | | | 36,620 | | |
Other income
|
| | | | 3,358 | | | | | | 7,056 | | |
Operating profit
|
| | | | 107,880 | | | | | | 253,958 | | |
Finance income
|
| | | | 13,143 | | | | | | 17,282 | | |
Finance costs
|
| | | | (377,217) | | | | | | (154,621) | | |
(Loss)/profit before taxation
|
| | | | (256,194) | | | | | | 116,619 | | |
Income tax expense
|
| | | | (96,696) | | | | | | (40,013) | | |
(Loss)/profit for the period
|
| | | | (352,890) | | | | | | 76,606 | | |
| | |
Six months ended
June 30, |
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Tower repairs and maintenance
|
| | | | 38,604 | | | | | | 36,653 | | |
Power generation
|
| | | | 107,098 | | | | | | 114,681 | | |
Short term site rental
|
| | | | 4,011 | | | | | | 3,960 | | |
Short term other rent
|
| | | | 1,056 | | | | | | 2,250 | | |
Vehicle maintenance and repairs
|
| | | | 765 | | | | | | 1,127 | | |
Site regulatory permits
|
| | | | 11,929 | | | | | | 15,650 | | |
Security services
|
| | | | 16,295 | | | | | | 18,419 | | |
Insurance
|
| | | | 2,397 | | | | | | 2,084 | | |
Staff costs
|
| | | | 11,460 | | | | | | 13,452 | | |
Travel costs
|
| | | | 2,823 | | | | | | 3,936 | | |
Professional fees
|
| | | | 1,281 | | | | | | 1,365 | | |
Depreciation
|
| | | | 201,050 | | | | | | 161,590 | | |
Amortisation
|
| | | | 15,872 | | | | | | 16,559 | | |
Impairment of property, plant and equipment and prepaid land rent
|
| | | | 13,207 | | | | | | 2,813 | | |
Other
|
| | | | 8,001 | | | | | | 5,501 | | |
| | | | | 435,849 | | | | | | 400,040 | | |
| | |
Six months ended
June 30, |
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Facilities, short term rental and upkeep
|
| | | | 7,342 | | | | | | 12,261 | | |
Depreciation
|
| | | | 2,664 | | | | | | 4,191 | | |
Amortization
|
| | | | 1,438 | | | | | | 1,585 | | |
Travel cost
|
| | | | 4,457 | | | | | | 3,497 | | |
Staff costs
|
| | | | 42,935 | | | | | | 48,345 | | |
Key management compensation
|
| | | | 3,172 | | | | | | 3,689 | | |
Share based payments expense
|
| | | | 6,791 | | | | | | 4,682 | | |
Professional fees
|
| | | | 18,720 | | | | | | 28,091 | | |
Business combination transaction costs
|
| | | | 11,010 | | | | | | 5,948 | | |
Impairment expense of withholding tax receivables
|
| | | | 14,657 | | | | | | 32,684 | | |
Net (gain) on disposal of property, plant and equipment
|
| | | | (538) | | | | | | (1,538) | | |
Operating taxes
|
| | | | 122 | | | | | | 1,221 | | |
Other
|
| | | | 9,615 | | | | | | 8,591 | | |
| | | | | 122,385 | | | | | | 153,247 | | |
| | |
Six months ended
June 30, |
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Interest income – bank deposits
|
| | | | 3,174 | | | | | | 2,352 | | |
Foreign exchange gains from non-deliverable forward exchange contracts
|
| | | | 9,969 | | | | | | 12,504 | | |
Foreign exchange gain on embedded derivative within revenue contract
|
| | | | — | | | | | | 2,426 | | |
| | | | | 13,143 | | | | | | 17,282 | | |
Interest expenses – third party loans
|
| | | | 91,812 | | | | | | 78,857 | | |
Unwinding of discount on decommissioning liability
|
| | | | 435 | | | | | | 2,024 | | |
Interest and finance charges paid/ payable for lease liabilities
|
| | | | 11,881 | | | | | | 14,370 | | |
Net Foreign exchange losses arising from financing
|
| | | | 243,580 | | | | | | 41,878 | | |
Foreign exchange losses from non-deliverable forwards exchange contracts – unrealized
|
| | | | — | | | | | | 6,200 | | |
Fair value loss on embedded options
|
| | | | 25,353 | | | | | | 7,148 | | |
Bank and loan facility fees
|
| | | | 4,156 | | | | | | 4,144 | | |
| | | | | 377,217 | | | | | | 154,621 | | |
Net finance costs
|
| | | | 364,074 | | | | | | 137,339 | | |
| | |
Six months ended
June 30, |
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Current taxes on income
|
| | | | 48,051 | | | | | | 46,200 | | |
Deferred income taxes
|
| | | | 48,645 | | | | | | (6,187) | | |
Total tax expense
|
| | | | 96,696 | | | | | | 40,013 | | |
| | |
Six months ended
June 30, |
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
($ in thousands)
|
| |
($ in thousands)
|
| |
%
|
| |||||||||||||||
Nigeria
|
| | | | 490,383 | | | | | | 557,863 | | | | | | 67,480 | | | | | | 13.8% | | |
Sub-Saharan Africa
|
| | | | 152,001 | | | | | | 167,110 | | | | | | 15,109 | | | | | | 9.9% | | |
MENA
|
| | | | 9,116 | | | | | | 13,866 | | | | | | 4,750 | | | | | | 52.1% | | |
Latam
|
| | | | 12,597 | | | | | | 24,730 | | | | | | 12,133 | | | | | | 96.3% | | |
| | | | | 664,097 | | | | | | 763,569 | | | | | | 99,472 | | | | | | 15.0% | | |
| | |
Six months ended
June 30, |
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
($ in thousands)
|
| |
($ in thousands)
|
| |
%
|
| |||||||||||||||
Nigeria
|
| | | | 327,854 | | | | | | 420,191 | | | | | | 92,337 | | | | | | 28.2% | | |
Sub-Saharan Africa
|
| | | | 80,541 | | | | | | 94,667 | | | | | | 14,126 | | | | | | 17.5% | | |
MENA
|
| | | | 4,009 | | | | | | 6,152 | | | | | | 2,143 | | | | | | 53.5% | | |
Latam
|
| | | | 9,366 | | | | | | 17,875 | | | | | | 8,509 | | | | | | 90.8% | | |
Other
|
| | | | (46,845) | | | | | | (48,856) | | | | | | (2,011) | | | | | | 4.3% | | |
Total Segment Adjusted EBITDA
|
| | | | 374,925 | | | | | | 490,029 | | | | | | 115,104 | | | | | | 30.7% | | |
| | |
Year ended December 31,
|
| |||||||||||||||
|
2018
|
| |
2019
|
| |
2020
|
| |||||||||||
|
($ in thousands)
|
| |||||||||||||||||
Revenue
|
| | | | 1,168,087 | | | | | | 1,231,056 | | | | | | 1,403,149 | | |
Cost of sales
|
| | | | (766,732) | | | | | | (810,967) | | | | | | (838,423) | | |
Administrative expenses
|
| | | | (148,773) | | | | | | (556,285) | | | | | | (236,112) | | |
Loss allowance on trade receivables
|
| | | | (50,611) | | | | | | (27,944) | | | | | | (13,081) | | |
Other income
|
| | | | 3,961 | | | | | | 7,036 | | | | | | 16,412 | | |
Operating profit/(loss)
|
| | | | 205,932 | | | | | | (157,104) | | | | | | 331,945 | | |
Finance income
|
| | | | 23,988 | | | | | | 36,045 | | | | | | 148,968 | | |
Finance costs
|
| | | | (315,942) | | | | | | (288,915) | | | | | | (633,766) | | |
Loss before income tax
|
| | | | (86,022) | | | | | | (409,974) | | | | | | (152,853) | | |
Income tax expense
|
| | | | (46,748) | | | | | | (13,518) | | | | | | (169,829) | | |
Loss for the period
|
| | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | |
| | |
Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Tower repairs and maintenance
|
| | | | 69,304 | | | | | | 75,931 | | |
Power generation
|
| | | | 237,640 | | | | | | 216,030 | | |
Site rental
|
| | | | 3,547 | | | | | | 7,543 | | |
Other rent
|
| | | | 2,289 | | | | | | 3,085 | | |
Vehicle maintenance and repairs
|
| | | | 2,108 | | | | | | 2,754 | | |
Site regulatory permits
|
| | | | 19,360 | | | | | | 27,313 | | |
Security services
|
| | | | 33,027 | | | | | | 32,719 | | |
Insurance
|
| | | | 5,958 | | | | | | 4,695 | | |
Staff costs
|
| | | | 20,561 | | | | | | 24,588 | | |
Travel costs
|
| | | | 4,719 | | | | | | 4,313 | | |
Professional fees
|
| | | | 2,122 | | | | | | 2,457 | | |
Depreciation
|
| | | | 353,368 | | | | | | 367,007 | | |
Amortization
|
| | | | 24,549 | | | | | | 32,503 | | |
Impairment of property, plant and equipment and prepaid land rent
|
| | | | 21,604 | | | | | | 27,594 | | |
Other
|
| | | | 10,811 | | | | | | 9,891 | | |
| | | | | 810,967 | | | | | | 838,423 | | |
| | |
Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Rent and facilities
|
| | | | 12,881 | | | | | | 12,872 | | |
Depreciation
|
| | | | 2,392 | | | | | | 6,240 | | |
Amortization
|
| | | | 4,198 | | | | | | 2,912 | | |
Travel costs
|
| | | | 13,475 | | | | | | 6,815 | | |
Staff costs
|
| | | | 45,523 | | | | | | 78,376 | | |
Key management compensation
|
| | | | 20,215 | | | | | | 13,776 | | |
Share-based payment expense
|
| | | | 351,054 | | | | | | 8,342 | | |
Professional fees
|
| | | | 15,275 | | | | | | 38,200 | | |
Business combination transaction costs
|
| | | | 3,745 | | | | | | 13,727 | | |
Impairment of withholding tax receivables
|
| | | | 44,586 | | | | | | 31,533 | | |
Net loss/(gain) on disposal of property, plant and equipment
|
| | | | 5,819 | | | | | | (764) | | |
Operating taxes
|
| | | | 505 | | | | | | 2,239 | | |
Other
|
| | | | 36,617 | | | | | | 21,844 | | |
| | | | | 556,285 | | | | | | 236,112 | | |
| | |
Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Interest income — bank deposits
|
| | | | 14,732 | | | | | | 5,101 | | |
Net foreign exchange gain arising from financing — realized
|
| | | | 228 | | | | | | — | | |
Net foreign exchange gain on derivative instruments — unrealized
|
| | | | 53 | | | | | | 29,151 | | |
Net foreign exchange gain from derivative instruments — realized
|
| | | | — | | | | | | 4,061 | | |
Fair value gain on embedded options
|
| | | | 17,245 | | | | | | 110,655 | | |
Fair value gain on warrants
|
| | | | 3,787 | | | | | | — | | |
| | | | | 36,045 | | | | | | 148,968 | | |
Interest expenses — third party loans
|
| | | | (193,829) | | | | | | (182,246) | | |
Unwinding of discount on decommissioning liability
|
| | | | (1,712) | | | | | | (2,644) | | |
Interest and finance charges paid/payable for lease liabilities
|
| | | | (16,024) | | | | | | (27,384) | | |
Net foreign exchange loss arising from financing — unrealized
|
| | | | (47,291) | | | | | | (363,953) | | |
Net foreign exchange loss arising from financing — realized
|
| | | | — | | | | | | (49,564) | | |
Net foreign exchange loss on derivative instruments — realized
|
| | | | (1,594) | | | | | | — | | |
Fair value loss on embedded derivative within revenue contract
|
| | | | — | | | | | | (169) | | |
Costs paid on early loan termination
|
| | | | (22,153) | | | | | | — | | |
Fees on loans and financial derivatives
|
| | | | (6,312) | | | | | | (7,806) | | |
| | | | | (288,915) | | | | | | (633,766) | | |
Net finance costs
|
| | | | (252,870) | | | | | | (484,798) | | |
| | |
Year ended
December 31, |
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Current taxes on income
|
| | | | 3,304 | | | | | | 95,107 | | |
Deferred income taxes
|
| | | | 10,214 | | | | | | 74,722 | | |
Total taxes
|
| | | | 13,518 | | | | | | 169,829 | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||||||||
|
($ in thousands)
|
| |
($ in thousands)
|
| |
%
|
| |||||||||||||||||
Nigeria
|
| | | | 925,704 | | | | | | 1,037,836 | | | | | | 112,132 | | | | | | 12.1% | | |
SSA
|
| | | | 305,352 | | | | | | 313,416 | | | | | | 8,064 | | | | | | 2.6% | | |
Latam
|
| | | | — | | | | | | 30,185 | | | | | | 30,185 | | | | | | n.a | | |
MENA
|
| | | | — | | | | | | 21,712 | | | | | | 21,712 | | | | | | n.a | | |
| | | | | 1,231,056 | | | | | | 1,403,149 | | | | | | 172,093 | | | | | | 14.0% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||||||||
|
($ in thousands)
|
| |
($ in thousands)
|
| |
%
|
| |||||||||||||||||
Nigeria
|
| | | | 559,049 | | | | | | 701,273 | | | | | | 142,224 | | | | | | 25.4% | | |
SSA
|
| | | | 165,626 | | | | | | 170,784 | | | | | | 5,158 | | | | | | 3.1% | | |
Latam
|
| | | | — | | | | | | 22,696 | | | | | | 22,696 | | | | | | n.a | | |
MENA
|
| | | | — | | | | | | 9,937 | | | | | | 9,937 | | | | | | n.a | | |
Other
|
| | | | (56,061) | | | | | | (85,676) | | | | | | (29,615) | | | | | | 52.8% | | |
Total Segment Adjusted EBITDA
|
| | | | 668,614 | | | | | | 819,014 | | | | | | 150,400 | | | | | | 22.5% | | |
| | |
Year ended
December 31, |
| |||||||||
|
2018
|
| |
2019
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Tower repairs and maintenance
|
| | | | 71,465 | | | | | | 69,304 | | |
Power generation
|
| | | | 219,953 | | | | | | 237,640 | | |
Site rental
|
| | | | 45,472 | | | | | | 3,547 | | |
Other rent
|
| | | | 1,482 | | | | | | 2,289 | | |
Vehicle maintenance and repairs
|
| | | | 2,052 | | | | | | 2,108 | | |
Site regulatory permits
|
| | | | 43,333 | | | | | | 19,360 | | |
Security services
|
| | | | 32,426 | | | | | | 33,027 | | |
Insurance
|
| | | | 4,102 | | | | | | 5,958 | | |
Staff costs
|
| | | | 18,430 | | | | | | 20,561 | | |
Travel costs
|
| | | | 1,132 | | | | | | 4,719 | | |
Professional fees
|
| | | | 2,436 | | | | | | 2,122 | | |
Depreciation
|
| | | | 286,774 | | | | | | 353,368 | | |
Amortization
|
| | | | 26,081 | | | | | | 24,549 | | |
Impairment of property, plant and equipment and prepaid land rent
|
| | | | 6,155 | | | | | | 21,604 | | |
Other
|
| | | | 5,439 | | | | | | 10,811 | | |
| | | | | 766,732 | | | | | | 810,967 | | |
| | |
Year ended
December 31, |
| |||||||||
|
2018
|
| |
2019
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Rent and facilities
|
| | | | 10,536 | | | | | | 12,881 | | |
Depreciation
|
| | | | 934 | | | | | | 2,392 | | |
Amortization
|
| | | | 3,515 | | | | | | 4,198 | | |
Travel costs
|
| | | | 11,079 | | | | | | 13,475 | | |
Staff costs
|
| | | | 52,148 | | | | | | 45,523 | | |
Redundancy costs
|
| | | | 2,964 | | | | | | — | | |
Key management compensation
|
| | | | 12,584 | | | | | | 20,215 | | |
Share-based payment (credit)/expense
|
| | | | (5,065) | | | | | | 351,054 | | |
Professional fees
|
| | | | 15,911 | | | | | | 15,275 | | |
Business combination transaction costs
|
| | | | 3,448 | | | | | | 3,745 | | |
Impairment of withholding tax receivables
|
| | | | 12,063 | | | | | | 44,586 | | |
Net loss on disposal of property, plant and equipment
|
| | | | 2,557 | | | | | | 5,819 | | |
Operating taxes
|
| | | | 1,070 | | | | | | 505 | | |
Other
|
| | | | 25,029 | | | | | | 36,617 | | |
| | | | | 148,773 | | | | | | 556,285 | | |
| | |
Year ended
December 31, |
| |||||||||
|
2018
|
| |
2019
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Interest income — bank deposits
|
| | | | 18,701 | | | | | | 14,732 | | |
Net foreign exchange gain arising from financing — realized
|
| | | | 5,100 | | | | | | 228 | | |
Net foreign exchange gain on derivative instruments — unrealized
|
| | | | — | | | | | | 53 | | |
Fair value gain on embedded options
|
| | | | — | | | | | | 17,245 | | |
Fair value gain on warrants
|
| | | | 187 | | | | | | 3,787 | | |
| | | | | 23,988 | | | | | | 36,045 | | |
Interest expenses — third party loans
|
| | | | (186,253) | | | | | | (193,829) | | |
Unwinding of discount on decommissioning liability
|
| | | | (2,112) | | | | | | (1,712) | | |
Interest and finance charges paid/payable for lease liabilities
|
| | | | — | | | | | | (16,024) | | |
Net foreign exchange loss arising from financing — unrealized
|
| | | | (89,698) | | | | | | (47,291) | | |
Net foreign exchange loss on derivative instruments — unrealized
|
| | | | (315) | | | | | | — | | |
Net foreign exchange loss on derivative instruments — realized
|
| | | | (577) | | | | | | (1,594) | | |
Fair value loss on embedded options
|
| | | | (32,110) | | | | | | — | | |
Costs paid on early loan termination
|
| | | | — | | | | | | (22,153) | | |
Bank and loan facility fees
|
| | | | (4,877) | | | | | | (6,312) | | |
| | | | | (315,942) | | | | | | (288,915) | | |
Net finance costs
|
| | | | (291,954) | | | | | | (252,870) | | |
| | |
Year ended
December 31, |
| |||||||||
|
2018
|
| |
2019
|
| ||||||||
|
($ in thousands)
|
| |||||||||||
Current taxes on income
|
| | | | 36,577 | | | | | | 3,304 | | |
Deferred income taxes
|
| | | | 10,171 | | | | | | 10,214 | | |
Total taxes
|
| | | | 46,748 | | | | | | 13,518 | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||||||||
|
($ in thousands)
|
| |
($ in thousands)
|
| |
%
|
| |||||||||||||||||
Nigeria
|
| | | | 852,729 | | | | | | 925,704 | | | | | | 72,975 | | | | | | 8.6 | | |
SSA
|
| | | | 315,358 | | | | | | 305,352 | | | | | | (10,006) | | | | | | (3.2) | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||||||||
|
($ in thousands)
|
| |
($ in thousands)
|
| |
%
|
| |||||||||||||||||
Nigeria
|
| | | | 489,444 | | | | | | 559,049 | | | | | | 69,605 | | | | | | 14.2 | | |
SSA
|
| | | | 150,544 | | | | | | 165,626 | | | | | | 15,082 | | | | | | 10.0 | | |
| | |
Year ended
December 31, |
| |
Six months ended
June 30, |
| ||||||||||||||||||||||||
|
2018
|
| |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| |||||||||||||||||
|
($ in thousands)
|
| |||||||||||||||||||||||||||||
Net cash generated from operating
activities |
| | | | 462,307 | | | | | | 641,940 | | | | | | 635,256 | | | | | | 301,391 | | | | | | 369,395 | | |
Net cash used in investing activities
|
| | | | (264,596) | | | | | | (235,806) | | | | | | (758,512) | | | | | | (626,628) | | | | | | (331,634) | | |
Net cash used in financing activities
|
| | | | (202,780) | | | | | | (138,319) | | | | | | (128,136) | | | | | | (191,262) | | | | | | (46,268) | | |
Net (decrease)/increase in cash and cash equivalents
|
| | | | (5,069) | | | | | | 267,815 | | | | | | (251,392) | | | | | | (516,499) | | | | | | (8,507) | | |
Cash and cash equivalents at beginning of
year |
| | | | 646,196 | | | | | | 633,450 | | | | | | 898,802 | | | | | | 898,802 | | | | | | 585,416 | | |
Effect of movements in exchange rates on cash
|
| | | | (7,677) | | | | | | (2,463) | | | | | | (61,994) | | | | | | (23,223) | | | | | | (35,265) | | |
Cash and cash equivalents at end of year
|
| | | | 633,450 | | | | | | 898,802 | | | | | | 585,416 | | | | | | 359,080 | | | | | | 541,644 | | |
Obligation
|
| |
Less than
1 year |
| |
2 – 3 years
|
| |
4 – 5 years
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
Bank and Senior Notes borrowings(1)
|
| | | | 360,807 | | | | | | 570,810 | | | | | | 909,463 | | | | | | 1,187,959 | | | | | | 3,029,039 | | |
Lease obligations
|
| | | | 57,529 | | | | | | 104,073 | | | | | | 97,306 | | | | | | 454,202 | | | | | | 713,110 | | |
Decommissioning and site restoration obligations
|
| | | | 3,765 | | | | | | — | | | | | | — | | | | | | 63,863 | | | | | | 67,628 | | |
Purchase commitments(2)
|
| | | | 202,916 | | | | | | — | | | | | | — | | | | | | — | | | | | | 202,916 | | |
Total
|
| | | | 625,017 | | | | | | 674,883 | | | | | | 1,006,769 | | | | | | 1,706,024 | | | | | | 4,012,693 | | |
| | |
Nigeria
|
| |
Zambia
|
| |
Rwanda
|
| |
Côte
d’Ivoire |
| |
Cameroon
|
| |
Kuwait
|
| |
Brazil
|
| |
Peru
|
| |
Colombia
|
| |
Total
|
| ||||||||||||||||||||||||||||||
2020 Population (millions)
|
| | | | 209 | | | | | | 19 | | | | | | 13 | | | | | | 27 | | | | | | 27 | | | | | | 4 | | | | | | 213 | | | | | | 33 | | | | | | 51 | | | | | | 596 | | |
Growth (CAGR ‘20−’25)
|
| | | | 2.5% | | | | | | 2.9% | | | | | | 2.4% | | | | | | 2.5% | | | | | | 2.5% | | | | | | 0.1% | | | | | | 0.6% | | | | | | 0.9% | | | | | | 0.4% | | | | | | 2.1% | | |
Median Age (2020)
|
| | | | 18 | | | | | | 18 | | | | | | 20 | | | | | | 19 | | | | | | 19 | | | | | | 35 | | | | | | 33 | | | | | | 31 | | | | | | 31 | | | | | | 21 | | |
Percent urban (2020)
|
| | | | 52% | | | | | | 45% | | | | | | 17% | | | | | | 52% | | | | | | 58% | | | | | | 100% | | | | | | 86% | | | | | | 78% | | | | | | 81% | | | | | | 58% | | |
2020 Nominal GDP ($ billions)
|
| | | | 433 | | | | | | 19 | | | | | | 10 | | | | | | 61 | | | | | | 40 | | | | | | 104 | | | | | | 1,444 | | | | | | 204 | | | | | | 271 | | | | | | 2,586 | | |
Growth (CAGR ‘20-’25)
|
| | | | 5.8% | | | | | | 2.6% | | | | | | 7.5% | | | | | | 9.4% | | | | | | 8.5% | | | | | | 2.8% | | | | | | 7.5% | | | | | | 7.0% | | | | | | 6.4% | | | | | | 6.3% | | |
2020 GDP per capita at PPP ($ thousands)
|
| | | | 5.2 | | | | | | 3.4 | | | | | | 2.3 | | | | | | 5.5 | | | | | | 3.8 | | | | | | 45.5 | | | | | | 14.8 | | | | | | 12.1 | | | | | | 14.3 | | | | | | 8.0 | | |
Credit Rating (S&P / Moody’s)
|
| |
B- / B2
|
| |
SD / Ca
|
| |
B+ / B2
|
| |
NR / Baa3
|
| |
B- / B2
|
| |
AA- / A1
|
| |
BB- / Ba2
|
| |
BBB+ / A3
|
| |
BB+ / Baa2
|
| | | | | | | |||||||||||||||||||||||||||
2020 Total Mobile Service | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue ($ millions)
|
| | | $ | 6,940 | | | | | $ | 319 | | | | | $ | 200 | | | | | $ | 1,544 | | | | | $ | 950 | | | | | $ | 2,530 | | | | | $ | 12,631 | | | | | $ | 2,642 | | | | | $ | 3,182 | | | | | $ | 30,938 | | |
Percentage of GDP
|
| | | | 1.6% | | | | | | 1.7% | | | | | | 1.9% | | | | | | 2.5% | | | | | | 2.4% | | | | | | 2.4% | | | | | | 0.9% | | | | | | 1.3% | | | | | | 1.2% | | | | | | 1.7% | | |
| | |
Nigeria
|
| |
Zambia
|
| |
Rwanda
|
| |
Côte
d’Ivoire |
| |
Cameroon
|
| |
Kuwait
|
| |
Brazil
|
| |
Peru
|
| |
Colombia
|
| |
Total
|
|
2020 / 2025 Mobile SIMs (millions)
|
| |
200 / 239
|
| |
19 / 24
|
| |
11 / 13
|
| |
38 /44
|
| |
25 / 30
|
| |
7 / 7
|
| |
206 / 224
|
| |
36 / 37
|
| |
62 / 65
|
| |
604 / 684
|
|
Growth (2020-2025 CAGR)
|
| |
3.6%
|
| |
5.0%
|
| |
4.9%
|
| |
3.2%
|
| |
3.8%
|
| |
(0.3)%
|
| |
1.7%
|
| |
0.4%
|
| |
0.8%
|
| |
3.3%
|
|
2020 / 2025 Mobile Penetration
|
| |
96% / 101%
|
| |
102% / 113%
|
| |
81% / 91%
|
| |
141% / 146%
|
| |
91% / 98%
|
| |
161% / 158%
|
| |
97% / 102%
|
| |
110% / 107%
|
| |
122% / 124%
|
| |
102% / 108%
|
|
2020 / 2025 2G SIM Penetration
|
| |
30% / 14%
|
| |
41% / 14%
|
| |
78% / 60%
|
| |
28% / 11%
|
| |
61% / 26%
|
| |
2% / 0%
|
| |
7% / 4%
|
| |
15% / 7%
|
| |
15% / 4%
|
| |
30% / 14%
|
|
2020 / 2025 3G SIM Penetration
|
| |
62% / 43%
|
| |
44% / 27%
|
| |
16% / 9%
|
| |
58% / 48%
|
| |
29% / 35%
|
| |
39% / 9%
|
| |
11% / 2%
|
| |
32% / 14%
|
| |
43% / 19%
|
| |
48% / 33%
|
|
2020 / 2025 4G SIM Penetration
|
| |
8% / 40%
|
| |
15% / 60%
|
| |
6% / 28%
|
| |
14% / 40%
|
| |
10% / 38%
|
| |
58% / 40%
|
| |
81% / 85%
|
| |
52% / 72%
|
| |
42% / 70%
|
| |
22% / 47%
|
|
2020 / 2025 5G SIM Penetration
|
| |
0% / 3%
|
| |
0% / 0%
|
| |
0% / 3%
|
| |
0% / 1%
|
| |
0% / 1%
|
| |
1% / 50%
|
| |
0% / 10%
|
| |
0% / 8%
|
| |
0% / 6%
|
| |
0% / 5%
|
|
2020 / 2025 Smartphone Adoption
|
| |
41% / 64%
|
| |
47% / 72%
|
| |
21% / 32%
|
| |
41% / 59%
|
| |
51% / 66%
|
| |
83% / 88%
|
| |
86% / 93%
|
| |
73% / 88%
|
| |
56% / 62%
|
| |
50% / 68%
|
|
2020 / 2025 Average Data Usage (GB / SIM / month)
|
| |
0.8 / 3.8
|
| |
0.7 / 2.4
|
| |
0.5 / 1.7
|
| |
1.0 / 3.5
|
| |
0.7 / 2.5
|
| |
39.6 / 60.1
|
| |
2.5 / 13.0
|
| |
5.1 / 17.8
|
| |
1.4 / 9.5
|
| |
2.7 / 7.2
|
|
2020 Voice Usage (Min / handset / month)
|
| |
120
|
| |
102
|
| |
199
|
| |
129
|
| |
93
|
| |
100
|
| |
140
|
| |
255
|
| |
211
|
| |
124
|
|
2020 Total towers (thousands)
|
| |
37.6
|
| |
3.5
|
| |
1.6
|
| |
4.1
|
| |
5.2
|
| |
5.9
|
| |
64.1
|
| |
17.9
|
| |
17.5
|
| |
157.3
|
|
2020 SIMs per tower (thousands)
|
| |
5.3
|
| |
5.4
|
| |
6.6
|
| |
9.3
|
| |
4.7
|
| |
1.2
|
| |
3.2
|
| |
2.0
|
| |
3.6
|
| |
5.2
|
|
2020 Market colocation rate(1)
|
| |
1.17x
|
| |
1.35x
|
| |
1.61x
|
| |
1.51x
|
| |
1.26x
|
| |
1.01x
|
| |
1.51x
|
| |
1.48x
|
| |
1.20x
|
| |
1.28x
|
|
| | |
MTN Nigeria
|
| |
Glo
|
| |
Airtel Nigeria
|
| |
9mobile
|
|
Service Launch Date | | | | | | | | | | | | | |
2G
|
| |
2001
|
| |
2003
|
| |
2001
|
| |
2008
|
|
3G
|
| |
2008
|
| |
2008
|
| |
2009
|
| |
2011
|
|
4G
|
| |
2016
|
| |
2016
|
| |
2018
|
| |
2016
|
|
Q4 2020 SIMs (millions)
|
| |
77
|
| |
55
|
| |
56
|
| |
13
|
|
Q4 2020 Market Share
|
| |
38%
|
| |
27%
|
| |
28%
|
| |
6%
|
|
| | |
MTN Nigeria
|
| |
Glo
|
| |
Airtel Nigeria
|
| |
9mobile
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BB− / Ba2
|
| |
NR
|
| |
BBB− / Ba1
|
| |
NR
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
3,694
|
| |
1,454
|
| |
1,459
|
| |
320
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
209
|
| |
236
|
| |
266
|
| |
2.5%
|
|
Mobile SIMs (millions)
|
| |
200
|
| |
239
|
| |
280
|
| |
3.4%
|
|
Mobile SIM Penetration
|
| |
96%
|
| |
101%
|
| |
105%
|
| |
9p.p.
|
|
Towers (thousands)
|
| |
37.6
|
| |
55.3
|
| |
62.8
|
| |
25.2
|
|
MNO PoPs (thousands)
|
| |
44.2
|
| |
68.4
|
| |
82.4
|
| |
38.3
|
|
Market colocation rate(1)
|
| |
1.17x
|
| |
1.24x
|
| |
1.31x
|
| |
0.14x
|
|
SIMs per tower (thousands)
|
| |
5.3
|
| |
4.3
|
| |
4.5
|
| |
(0.86)
|
|
| | |
Orange Côte
d’Ivoire |
| |
MTN Côte
d’Ivoire |
| |
Moov
|
|
Service Launch Date | | | | | | | | | | |
2G
|
| |
1996
|
| |
1996
|
| |
1996
|
|
3G
|
| |
2012
|
| |
2012
|
| |
2012
|
|
4G
|
| |
2016
|
| |
2016
|
| |
2016
|
|
Q4 2020 SIMs (millions)
|
| |
14
|
| |
13
|
| |
10
|
|
Q4 2020 Market Share
|
| |
38%
|
| |
35%
|
| |
27%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BBB+ / Baa1
|
| |
BB− / Ba2
|
| |
NR
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
715
|
| |
516
|
| |
313
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
27
|
| |
30
|
| |
34
|
| |
2.5%
|
|
Mobile SIMs (millions)
|
| |
38
|
| |
44
|
| |
51
|
| |
3.1%
|
|
Mobile SIM Penetration
|
| |
141%
|
| |
146%
|
| |
150%
|
| |
9p.p.
|
|
Towers (thousands)
|
| |
4.1
|
| |
5.8
|
| |
7.5
|
| |
3.4
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
MNO PoPs (thousands)
|
| |
6.2
|
| |
8.1
|
| |
10.1
|
| |
3.9
|
|
Market colocation rate (1)
|
| |
1.51x
|
| |
1.39x
|
| |
1.35x
|
| |
(0.16)x
|
|
SIMs per tower
|
| |
9.3
|
| |
7.6
|
| |
6.8
|
| |
(2.40)
|
|
| | |
MTN
Cameroon |
| |
Orange
Cameroon |
| |
Nexttel
|
| |
Camtel
|
|
Service Launch Date | | | | | | | | | | | | | |
2G
|
| |
2000
|
| |
2000
|
| |
2014
|
| |
n/a
|
|
3G
|
| |
2015
|
| |
2015
|
| |
2014
|
| |
2008
|
|
4G
|
| |
2015
|
| |
2015
|
| |
n/a
|
| |
2016
|
|
Q4 2020 SIMs (millions)
|
| |
10
|
| |
9
|
| |
5
|
| |
0
|
|
Q4 2020 Market Share
|
| |
42%
|
| |
38%
|
| |
21%
|
| |
0%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BB− / Ba2
|
| |
BBB+ / Baa1
|
| |
NR
|
| |
NR
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
386
|
| |
365
|
| |
199
|
| |
1
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
27
|
| |
30
|
| |
34
|
| |
2.4%
|
|
Mobile SIMs (millions)
|
| |
25
|
| |
30
|
| |
35
|
| |
3.6%
|
|
Mobile SIM Penetration
|
| |
91%
|
| |
98%
|
| |
103%
|
| |
11p.p.
|
|
Towers (thousands)
|
| |
5.2
|
| |
7.0
|
| |
9.2
|
| |
4.0
|
|
MNO PoPs (thousands)
|
| |
6.6
|
| |
8.6
|
| |
11.3
|
| |
4.7
|
|
Market colocation rate(1)
|
| |
1.26x
|
| |
1.24x
|
| |
1.23x
|
| |
(0.03)x
|
|
SIMs per tower
|
| |
4.7
|
| |
4.3
|
| |
3.8
|
| |
(0.91)
|
|
| | |
MTN
Zambia |
| |
Airtel
Zambia |
| |
Zamtel
|
|
Service Launch Date | | | | | | | | | | |
2G
|
| |
1999
|
| |
1998
|
| |
2003
|
|
3G
|
| |
2010
|
| |
2012
|
| |
2012
|
|
4G
|
| |
2014
|
| |
2017
|
| |
2014
|
|
| | |
MTN
Zambia |
| |
Airtel
Zambia |
| |
Zamtel
|
|
Q4 2020 SIMs (millions)
|
| |
8
|
| |
7
|
| |
4
|
|
Q4 2020 Market Share
|
| |
43%
|
| |
35%
|
| |
22%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BB− / Ba2
|
| |
BBB− / Ba1
|
| |
NR
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
122
|
| |
141
|
| |
56
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
19
|
| |
21
|
| |
25
|
| |
2.8%
|
|
Mobile SIMs (millions)
|
| |
19
|
| |
24
|
| |
30
|
| |
4.5%
|
|
Mobile SIM Penetration
|
| |
102%
|
| |
113%
|
| |
120%
|
| |
18p.p.
|
|
Towers (thousands)
|
| |
3.5
|
| |
4.7
|
| |
5.7
|
| |
2.2
|
|
MNO PoPs (thousands)
|
| |
4.7
|
| |
6.7
|
| |
8.2
|
| |
3.5
|
|
Market colocation rate(1)
|
| |
1.35x
|
| |
1.41x
|
| |
1.45x
|
| |
0.10x
|
|
SIMs per tower
|
| |
5.4
|
| |
5.1
|
| |
5.2
|
| |
(0.24)
|
|
| | |
MTN
Rwanda |
| |
Airtel
Rwanda |
|
Service Launch Date | | | | | | | |
2G
|
| |
1998
|
| |
2009
|
|
3G
|
| |
2009
|
| |
2009
|
|
4G
|
| |
2015
|
| |
2014
|
|
Q4 2020 SIMs (millions)
|
| |
7
|
| |
4
|
|
Q4 2020 Market Share
|
| |
62%
|
| |
38%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BB− / Ba2
|
| |
BBB− / Ba1
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
149
|
| |
51
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
13
|
| |
15
|
| |
16
|
| |
2.3%
|
|
Mobile SIMs (millions)
|
| |
11
|
| |
13
|
| |
16
|
| |
4.3%
|
|
Mobile SIM Penetration
|
| |
81%
|
| |
91%
|
| |
98%
|
| |
17p.p.
|
|
Towers (thousands)
|
| |
1.6
|
| |
2.0
|
| |
2.4
|
| |
0.8
|
|
MNO PoPs (thousands)
|
| |
2.6
|
| |
3.4
|
| |
3.9
|
| |
1.3
|
|
Market colocation rate(1)
|
| |
1.61x
|
| |
1.64x
|
| |
1.65x
|
| |
0.04x
|
|
SIMs per tower
|
| |
6.6
|
| |
6.6
|
| |
6.8
|
| |
0.14
|
|
| | |
Zain
Kuwait |
| |
Ooredoo
|
| |
VIVA
|
|
Service Launch Date | | | | | | | | | | |
2G
|
| |
1994
|
| |
1999
|
| |
2008
|
|
3G
|
| |
2006
|
| |
2006
|
| |
2009
|
|
4G
|
| |
2012
|
| |
2013
|
| |
2013
|
|
5G
|
| |
2019
|
| |
2019
|
| |
2019
|
|
Q4 2020 SIMs (millions)
|
| |
3
|
| |
3
|
| |
2
|
|
Q4 2020 Market Share
|
| |
37%
|
| |
36%
|
| |
27%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
NR
|
| |
A− / A2
|
| |
A− / A1
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
999
|
| |
653
|
| |
879
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
4
|
| |
4
|
| |
5
|
| |
0.5%
|
|
Mobile SIMs (millions)
|
| |
7
|
| |
7
|
| |
7
|
| |
(0.2)%
|
|
Mobile SIM Penetration
|
| |
161%
|
| |
158%
|
| |
150%
|
| |
(12)p.p.
|
|
Towers (thousands)
|
| |
5.9
|
| |
6.5
|
| |
7.1
|
| |
1.2
|
|
MNO PoPs (thousands)
|
| |
5.9
|
| |
7.2
|
| |
8.1
|
| |
2.2
|
|
Market colocation rate(1)
|
| |
1.01x
|
| |
1.10x
|
| |
1.14x
|
| |
0.13x
|
|
SIMs per tower
|
| |
1.2
|
| |
1.1
|
| |
1.0
|
| |
(0.23)
|
|
| | |
Vivo
|
| |
Claro
|
| |
TIM
|
| |
Oi
|
|
Service Launch Date
|
| |
1998
|
| |
1998
|
| |
2001
|
| |
2002
|
|
Q4 2020 SIMs (millions)
|
| |
68
|
| |
54
|
| |
48
|
| |
34
|
|
Q4 2020 Market Share
|
| |
33%
|
| |
26%
|
| |
23%
|
| |
17%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BBB / Baa3
|
| |
BBB+ / A3
|
| |
BB+ / Ba2
|
| |
CC / SD
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
5,033
|
| |
3,194
|
| |
3,028
|
| |
1,293
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
213
|
| |
220
|
| |
224
|
| |
0.5%
|
|
Mobile SIMs (millions)
|
| |
206
|
| |
224
|
| |
241
|
| |
1.6%
|
|
Mobile SIM Penetration
|
| |
97%
|
| |
102%
|
| |
108%
|
| |
11p.p.
|
|
Towers (thousands)
|
| |
64.1
|
| |
69.7
|
| |
88.1
|
| |
24.1
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
MNO PoPs (thousands)
|
| |
96.8
|
| |
113.3
|
| |
146.6
|
| |
49.8
|
|
Market colocation rate(1)
|
| |
1.51x
|
| |
1.62x
|
| |
1.66x
|
| |
0.15x
|
|
SIMs per tower
|
| |
3.2
|
| |
3.2
|
| |
2.7
|
| |
(0.48)x
|
|
| | |
Movistar
|
| |
Claro
|
| |
Entel
|
| |
Bitel
|
|
Service Launch Date
|
| |
1992
|
| |
2001
|
| |
1999
|
| |
2014
|
|
Q4 2020 SIMs (millions)
|
| |
11
|
| |
10
|
| |
8
|
| |
7
|
|
Q4 2020 Market Share
|
| |
30%
|
| |
29%
|
| |
23%
|
| |
19%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BBB / Baa3
|
| |
BBB+ / A3
|
| |
BBB− / Baa3
|
| |
NR
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
647
|
| |
840
|
| |
787
|
| |
369
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
33
|
| |
35
|
| |
36
|
| |
0.9%
|
|
Mobile SIMs (millions)
|
| |
36
|
| |
37
|
| |
40
|
| |
0.9%
|
|
Mobile SIM Penetration
|
| |
110%
|
| |
107%
|
| |
110%
|
| |
0p.p.
|
|
Towers (thousands)
|
| |
17.9
|
| |
23.6
|
| |
27.6
|
| |
9.7
|
|
MNO PoPs (thousands)
|
| |
26.5
|
| |
38.5
|
| |
44.4
|
| |
18.0
|
|
Market colocation rate(1)
|
| |
1.48x
|
| |
1.63x
|
| |
1.61x
|
| |
0.13x
|
|
SIMs per tower
|
| |
2.0
|
| |
1.6
|
| |
1.4
|
| |
(0.59)
|
|
| | |
Claro
|
| |
Movistar
|
| |
Tigo
|
|
Service Launch Date | | |
1999
|
| |
2004
|
| |
2003
|
|
Q4 2020 SIMs (millions)
|
| |
31
|
| |
18
|
| |
11
|
|
Q4 2020 Market Share
|
| |
50%
|
| |
30%
|
| |
18%
|
|
Credit Rating (S&P / Moody’s)(1)
|
| |
BBB+ / A3
|
| |
BBB- / Baa3
|
| |
NR / Ba1
|
|
2020 mobile service revenue ($ millions)(2)
|
| |
1,761
|
| |
762
|
| |
565
|
|
| | |
2020A
|
| |
2025E
|
| |
2030E
|
| |
10 Year
CAGR / Change |
|
Population (millions)
|
| |
51
|
| |
52
|
| |
53
|
| |
0.5%
|
|
Mobile SIMs (millions)
|
| |
62
|
| |
65
|
| |
67
|
| |
0.7%
|
|
Mobile SIM Penetration
|
| |
122%
|
| |
124%
|
| |
125%
|
| |
3p.p.
|
|
Towers (thousands)
|
| |
17.5
|
| |
25.1
|
| |
29.0
|
| |
11.6
|
|
MNO PoPs (thousands)
|
| |
21.0
|
| |
34.8
|
| |
42.9
|
| |
21.9
|
|
Market colocation rate(1)
|
| |
1.20x
|
| |
1.38x
|
| |
1.48x
|
| |
0.27x
|
|
SIMs per tower
|
| |
3.6
|
| |
2.6
|
| |
2.3
|
| |
(1.27)
|
|
| | | | | | | | | | | | | | |
Market Share (December 31, 2020)
|
| ||||||||||||||||||
Country
|
| |
2020
Population (millions) |
| |
# of IHS
Towers June 30, 2021 |
| |
# of IHS
Towers December 31, 2020 |
| |
Estimated
Outsourced Towers December 31, 2020 |
| |
Estimated
Total Towers December 31, 2020 |
| |
IHS Towers
Market Position |
| |||||||||||||||
Nigeria
|
| | | | 209 | | | | | | 16,522 | | | | | | 16,537 | | | | | | 25,535 | | | |
37,625
|
| | | | #1 | | |
Côte d’Ivoire
|
| | | | 27 | | | | | | 2,701 | | | | | | 2,702 | | | | | | 2,702 | | | |
4,079
|
| | | | #1 | | |
Cameroon
|
| | | | 27 | | | | | | 2,215 | | | | | | 2,214 | | | | | | 2,214 | | | |
5,208
|
| | | | #1 | | |
Zambia
|
| | | | 19 | | | | | | 1,751 | | | | | | 1,753 | | | | | | 1,753 | | | |
3,491
|
| | | | #1 | | |
Rwanda
|
| | | | 13 | | | | | | 1,160 | | | | | | 958 | | | | | | 958 | | | |
1,605
|
| | | | #1 | | |
Kuwait
|
| | | | 4 | | | | | | 1,229 | | | | | | 1,162 | | | | | | 1,162 | | | |
5,858
|
| | | | #1 | | |
Brazil
|
| | | | 213 | | | | | | 4,350 | | | | | | 2,419 | | | | | | 46,842 | | | |
64,075
|
| | | | #5(1) | | |
Peru
|
| | | | 33 | | | | | | 51 | | | | | | 51 | | | | | | 6,731 | | | |
17,903
|
| | | | n.m. | | |
Colombia
|
| | | | 51 | | | | | | 228 | | | | | | 11 | | | | | | 8,647 | | | |
17,474
|
| | | | n.m. | | |
| | |
As of
December 31, |
| |
As of
June 30, 2021 |
| ||||||||||||||||||||||||||||||||||||
| | |
2015
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||||||||||||||
Towers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total (Owned & Operated)
|
| | | | 21,132 | | | | | | 22,425 | | | | | | 22,861 | | | | | | 23,863 | | | | | | 24,076 | | | | | | 27,807 | | | | | | 30,207 | | |
Acquired in period
|
| | | | 5,845 | | | | | | 925 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,474 | | | | | | 2,053 | | |
Built in period
|
| | | | 796 | | | | | | 743 | | | | | | 670 | | | | | | 1,172 | | | | | | 305 | | | | | | 362 | | | | | | 589 | | |
| | |
As of
December 31, |
| |
As of
June 30, 2021 |
| ||||||||||||||||||||||||||||||||||||
| | |
2015
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||||||||||||||
Tenants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Key Customers
|
| | | | 26,379 | | | | | | 29,603 | | | | | | 30,734 | | | | | | 32,690 | | | | | | 34,092 | | | | | | 38,739 | | | | | | 41,625 | | |
Other Customers
|
| | | | 2,393 | | | | | | 4,449 | | | | | | 3,525 | | | | | | 3,611 | | | | | | 3,560 | | | | | | 4,125 | | | | | | 3,862 | | |
Total
|
| | | | 28,772 | | | | | | 34,052 | | | | | | 34,259 | | | | | | 36,301 | | | | | | 37,652 | | | | | | 42,864 | | | | | | 45,487 | | |
Colocation Rate
|
| | | | 1.36x | | | | | | 1.52x | | | | | | 1.50x | | | | | | 1.52x | | | | | | 1.56x | | | | | | 1.54x | | | | | | 1.51x | | |
Period
|
| |
Number of Sites
Acquired / Built |
| |
Colocation Rate
As of June 30, 2021 |
| ||||||
Up to 2010
|
| | | | 620 | | | | | | 2.21x | | |
2011 — 2012
|
| | | | 865 | | | | | | 1.87x | | |
2013 — 2014
|
| | | | 12,974 | | | | | | 1.65x | | |
2015 — 2016
|
| | | | 9,878 | | | | | | 1.44x | | |
2017 — 2019
|
| | | | 3,480 | | | | | | 1.26x | | |
2020
|
| | | | 2,390 | | | | | | 1.07x | | |
Total
|
| | | | 30,207 | | | | | | 1.51x | | |
| | |
As of
December 31, |
| |
As of
June 30, 2021 |
| ||||||||||||||||||||||||||||||||||||||||||
Lease Amendments
|
| |
2014
|
| |
2015
|
| |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||||||||||||||||||||
Total
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,762 | | | | | | 9,983 | | | | | | 13,604 | | | | | | 17,983 | | | | | | 21,478 | | |
Country
|
| |
Duration of MLA
|
| |
Remaining
Duration of Current Term |
| |
Extension
Option |
|
Nigeria
|
| | 5 – 15 years | | |
7.1 years
|
| | 5 years extendable terms | |
Côte d’Ivoire
|
| | 10 – 15 years | | |
4.2 years
|
| | 5 years extendable terms | |
Cameroon
|
| | 10 – 15 years | | |
4.2 years
|
| | 5 years extendable terms | |
Zambia
|
| | 10 years | | |
3.4 years
|
| | 3 – 5 years extendable terms | |
Rwanda
|
| | 10 years | | |
4.7 years
|
| | 3 – 5 years extendable terms | |
Kuwait
|
| | 10 years | | |
8.6 years
|
| | 5 years extendable term | |
Brazil, Peru and Colombia
|
| | 5 – 20 years | | |
6.9 years
|
| |
5 – 20 years on a site by site basis
|
|
| | |
Number of
leases |
| |
Average
remaining duration |
| ||||||
Nigeria
|
| | | | 14,382 | | | | | | 8.5 | | |
Côte d’Ivoire
|
| | | | 2,645 | | | | | | 2.5 | | |
Cameroon
|
| | | | 1,616 | | | | | | 3.8 | | |
Zambia
|
| | | | 1,505 | | | | | | 5.8 | | |
Rwanda
|
| | | | 939 | | | | | | 6.1 | | |
Kuwait
|
| | | | 1,061 | | | | | | 2.3 | | |
Brazil, Peru and Colombia
|
| | | | 4,570 | | | | | | 13.0 | | |
Total
|
| | | | 26,718 | | | | | | 7.9 | | |
| | |
As of June 30, 2021
|
| |||||||||||||||
|
Number of Key
Customer Tenants |
| |
Number of
Total Tenants |
| |
Key Customers
Percentage of Total |
| |||||||||||
Nigeria
|
| | | | 23,692 | | | | | | 24,602 | | | | | | 96% | | |
Côte d’Ivoire
|
| | | | 4,258 | | | | | | 4,769 | | | | | | 89% | | |
Cameroon
|
| | | | 3,302 | | | | | | 3,648 | | | | | | 91% | | |
Zambia
|
| | | | 2,414 | | | | | | 3,240 | | | | | | 75% | | |
Rwanda
|
| | | | 1,733 | | | | | | 2,383 | | | | | | 73% | | |
Kuwait
|
| | | | 1,229 | | | | | | 1,229 | | | | | | 100% | | |
Brazil, Peru and Colombia
|
| | | | 4,997 | | | | | | 5,616 | | | | | | 89% | | |
Total
|
| | | | 41,625 | | | | | | 45,487 | | | | | | 92% | | |
Geography
|
| |
As of
June 30, 2021 |
| |||
Nigeria
|
| | | | 1,308 | | |
Côte d’Ivoire
|
| | | | 147 | | |
Cameroon
|
| | | | 122 | | |
Zambia
|
| | | | 111 | | |
Rwanda
|
| | | | 80 | | |
Kuwait
|
| | | | 34 | | |
Latin America
|
| | | | 121 | | |
Other
|
| | | | 190 | | |
Total
|
| | | | 2,113 | | |
Department
|
| |
As of
June 30, 2021 |
| |||
Finance
|
| | | | 250 | | |
Technical
|
| | | | 1,152 | | |
Information Technology
|
| | | | 126 | | |
Commercial
|
| | | | 52 | | |
Legal
|
| | | | 83 | | |
Human resources
|
| | | | 100 | | |
Executive
|
| | | | 29 | | |
Other
|
| | | | 321 | | |
Total
|
| | | | 2,113 | | |
Name
|
| |
Age
|
| |
Position
|
|
Sam Darwish | | |
50
|
| |
Chairman, Group Chief Executive Officer and Director
|
|
Mohamad Darwish | | |
42
|
| |
Senior Vice President, IHS Nigeria Chief Executive Officer
|
|
William Saad | | |
50
|
| |
Executive Vice President, Group Chief Operating Officer
|
|
Mustafa Tharoo | | |
48
|
| |
Executive Vice President, Group General Counsel
|
|
Adam Walker | | |
54
|
| |
Executive Vice President and Chief Financial Officer
|
|
Steve Howden | | |
38
|
| |
Senior Vice President, Deputy Chief Financial Officer
|
|
David Ordman | | |
52
|
| |
Senior Vice President, Deputy Chief Financial Officer
|
|
Ayotade Oyinlola | | |
47
|
| |
Senior Vice President, Chief Human Resources Officer
|
|
John Ellis Bush | | |
68
|
| |
Director
|
|
Ursula Burns | | |
63
|
| |
Director
|
|
Bashir El Rufai | | |
68
|
| |
Director
|
|
Nicholas Land | | |
73
|
| |
Director
|
|
Bryce Fort | | |
42
|
| |
Director
|
|
Frank Dangeard | | |
63
|
| |
Director
|
|
Andrew Dench(1) | | |
52
|
| |
Director
|
|
Paul Maasdorp(1) | | |
40
|
| |
Director
|
|
Jérôme Michiels(1) | | |
47
|
| |
Director
|
|
Christian Li Kwet Liit(1) | | |
57
|
| |
Director
|
|
Kathleen Lai(1) | | |
51
|
| |
Director
|
|
Maria Carolina Lacerda(2) | | |
49
|
| |
Director Nominee
|
|
Aniko Szigetvari(2) | | |
51
|
| |
Director Nominee
|
|
Phuthuma Nhleko(2) | | |
61
|
| |
Director Nominee
|
|
| | | | | | | | | | | |
Shares beneficially owned
after the offering |
| ||||||||||||||||||||||||||||||
|
Shares
beneficially owned before the offering(1) |
| |
Shares
being offered |
| |
No exercise of
option to purchase additional shares, directors and director nominees |
| |
Full exercise of
option to purchase additional shares |
| ||||||||||||||||||||||||||||||||
Name of beneficial owner
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |||||||||||||||||||||
5% Shareholders and Selling Shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mobile Telephone
Networks (Netherlands) B.V.(2) |
| | | | 85,176,719 | | | | | | 27.5% | | | | | | 1,236,221 | | | | | | 83,940,498 | | | | | | 25.6% | | | | | | 83,755,065 | | | | | | 25.3% | | |
Entities affiliated with Wendel(3)
|
| | | | 75,350,053 | | | | | | 24.3% | | | | | | — | | | | | | 75,350,053 | | | | | | 23.0% | | | | | | 75,350,053 | | | | | | 22.8% | | |
Entities affiliated with ECP(4)
|
| | | | 45,507,765 | | | | | | 14.7% | | | | | | 1,691,861 | | | | | | 43,815,904 | | | | | | 13.4% | | | | | | 43,562,124 | | | | | | 13.2% | | |
| | | | | | | | | | | |
Shares beneficially owned
after the offering |
| ||||||||||||||||||||||||||||||
|
Shares
beneficially owned before the offering(1) |
| |
Shares
being offered |
| |
No exercise of
option to purchase additional shares, directors and director nominees |
| |
Full exercise of
option to purchase additional shares |
| ||||||||||||||||||||||||||||||||
Name of beneficial owner
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |||||||||||||||||||||
Korea Investment Corporation(5)
|
| | | | 21,666,802 | | | | | | 7.0% | | | | | | — | | | | | | 21,666,802 | | | | | | 6.6% | | | | | | 21,666,802 | | | | | | 6.6% | | |
Warrington Investment Pte
Ltd(6) |
| | | | 18,055,054 | | | | | | 5.8% | | | | | | — | | | | | | 18,055,054 | | | | | | 5.5% | | | | | | 18,055,054 | | | | | | 5.5% | | |
AIIF2 Towers Mauritius(7)
|
| | | | 8,289,641 | | | | | | 2.7% | | | | | | 120,312 | | | | | | 8,169,329 | | | | | | 2.5% | | | | | | 8,151,282 | | | | | | 2.5% | | |
Nederlandse Financierings-
Maatschappij voor Ontwikkelingslanden N.V.(8) |
| | | | 4,673,100 | | | | | | 1.5% | | | | | | 509,558 | | | | | | 4,163,542 | | | | | | 1.3% | | | | | | 4,087,109 | | | | | | 1.2% | | |
ELQ Investors VIII
Ltd(9) |
| | | | 5,589,040 | | | | | | 1.8% | | | | | | 609,433 | | | | | | 4,979,607 | | | | | | 1.5% | | | | | | 4,888,192 | | | | | | 1.5% | | |
Entities affiliated with Ninety One(10)
|
| | | | 5,132,435 | | | | | | 1.7% | | | | | | 332,615 | | | | | | 4,799,820 | | | | | | 1.5% | | | | | | 4,749,928 | | | | | | 1.4% | | |
Executive Officers, directors and director nominees:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sam Darwish
|
| | | | 9,269,229 | | | | | | 3.0% | | | | | | — | | | | | | 9,269,229 | | | | | | 2.8% | | | | | | 9,269,229 | | | | | | 2.8% | | |
Mohamad Darwish
|
| | | | 1,277,208 | | | | | | * | | | | | | — | | | | | | 1,277,208 | | | | | | * | | | | | | 1,277,208 | | | | | | * | | |
William Saad
|
| | | | 2,520,644 | | | | | | * | | | | | | — | | | | | | 2,520,644 | | | | | | * | | | | | | 2,520,644 | | | | | | * | | |
Mustafa Tharoo
|
| | | | 333,039 | | | | | | * | | | | | | — | | | | | | 333,039 | | | | | | * | | | | | | 333,039 | | | | | | * | | |
Adam Walker
|
| | | | 111,973 | | | | | | * | | | | | | — | | | | | | 111,973 | | | | | | * | | | | | | 111,973 | | | | | | * | | |
Steve Howden
|
| | | | 201,161 | | | | | | * | | | | | | — | | | | | | 201,161 | | | | | | * | | | | | | 201,161 | | | | | | * | | |
David Ordman
|
| | | | 333,039 | | | | | | * | | | | | | — | | | | | | 333,039 | | | | | | * | | | | | | 333,039 | | | | | | * | | |
Ayotade Oyinlola
|
| | | | 183,409 | | | | | | * | | | | | | — | | | | | | 183,409 | | | | | | * | | | | | | 183,409 | | | | | | * | | |
John Ellis Bush
|
| | | | 18,556 | | | | | | * | | | | | | — | | | | | | 18,556 | | | | | | * | | | | | | 18,556 | | | | | | * | | |
Ursula Burns
|
| | | | 18,556 | | | | | | * | | | | | | — | | | | | | 18,556 | | | | | | * | | | | | | 18,556 | | | | | | * | | |
Bashir El Rufai(11)
|
| | | | 1,056,682 | | | | | | * | | | | | | — | | | | | | 1,056,682 | | | | | | * | | | | | | 1,056,682 | | | | | | * | | |
Nicholas Land
|
| | | | 18,556 | | | | | | * | | | | | | — | | | | | | 18,556 | | | | | | * | | | | | | 18,556 | | | | | | * | | |
Bryce Fort(12)
|
| | | | 360,457 | | | | | | * | | | | | | — | | | | | | 360,457 | | | | | | * | | | | | | 360,457 | | | | | | * | | |
Frank Dangeard
|
| | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Andrew Dench
|
| | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Paul Maasdorp(12)
|
| | | | 360,457 | | | | | | * | | | | | | — | | | | | | 360,457 | | | | | | * | | | | | | 360,457 | | | | | | * | | |
Jérôme Michiels
|
| | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Christian Li Kwet Liit
|
| | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Kathleen Lai
|
| | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Maria Carolina Lacerda
|
| | | | 9,278 | | | | | | * | | | | | | — | | | | | | 9,278 | | | | | | * | | | | | | 9,278 | | | | | | * | | |
Aniko Szigetvari
|
| | | | 9,278 | | | | | | * | | | | | | — | | | | | | 9,278 | | | | | | * | | | | | | 9,278 | | | | | | * | | |
Phuthuma Nhleko
|
| | | | 9,278 | | | | | | * | | | | | | — | | | | | | 9,278 | | | | | | * | | | | | | 9,278 | | | | | | * | | |
All executive officers, directors and director nominees as a group (22 persons)
|
| | | | 16,090,800 | | | | | | 5.2% | | | | | | — | | | | | | 16,090,800 | | | | | | 4.9% | | | | | | 16,090,800 | | | | | | 4.9% | | |
Earliest Date Available
for Sale in the Public Market |
| |
Number of Ordinary Shares
|
|
Six months following the date of this prospectus | | | Up to 62,502,019 ordinary shares. | |
Twelve months following the date of this prospectus | | | Up to 60,762,963 ordinary shares. | |
Eighteen months following the date of this prospectus | | | Up to 60,762,963 ordinary shares. | |
Twenty four months following the date of this prospectus | | | Up to 60,762,963 ordinary shares. | |
Thirty months following the date of this prospectus | | | All remaining shares held by our shareholders not previously eligible for sale, subject to volume limitations applicable to “affiliates” under Rule 144 as described below. | |
Underwriters
|
| |
Number of
Shares |
| |||
Goldman Sachs & Co. LLC
|
| | | | | | |
J.P. Morgan Securities LLC
|
| | | | | | |
Citigroup Global Markets Inc.
|
| | | | | | |
RBC Capital Markets, LLC
|
| | | | | | |
Barclays Capital Inc.
|
| | | | | | |
Absa Bank Limited
|
| | | | | | |
Cowen and Company, LLC
|
| | | | | | |
Investec Bank plc
|
| | | | | | |
Renaissance Securities (Cyprus) Limited
|
| | | | | | |
FirstRand Bank Limited (London Branch), acting through its Rand Merchant Bank division.
|
| | | | | | |
Academy Securities, Inc.
|
| | | | | | |
Loop Capital Markets LLC
|
| | | | | | |
Samuel A. Ramirez & Company, Inc.
|
| | | | | | |
Siebert Williams Shank & Co., LLC
|
| | | | | | |
Tigress Financial Partners LLC
|
| | | | | | |
Total
|
| | | | 22,500,000 | | |
Paid by the Company
|
| |
No
Exercise |
| |
Full
Exercise |
| ||||||
Per Share
|
| | | $ | | | | | | $ | | | |
Total
|
| | | $ | | | | | | $ | | | |
Paid by the Selling Shareholders
|
| |
No
Exercise |
| |
Full
Exercise |
| ||||||
Per Share
|
| | | $ | | | | | | $ | | | |
Total
|
| | | $ | | | | | | $ | | | |
Expenses
|
| |
Amount
|
| |||
U.S. Securities and Exchange Commission registration fee
|
| | | $ | 57,567 | | |
FINRA filing fee
|
| | | | 93,650 | | |
Stock exchange listing fee
|
| | | | 179,000 | | |
Printing and engraving expenses
|
| | | | 125,000 | | |
Legal fees and expenses
|
| | | | 3,964,000 | | |
Accounting fees and expenses
|
| | | | 1,200,000 | | |
Professional advisory fees
|
| | | | 246,000 | | |
Miscellaneous costs
|
| | | | 80,000 | | |
Total | | | | $ | 5,945,217 | | |
| | | | | F-2 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | | |
| | | | | F-9 | | | |
| | | | | F-84 | | | |
| | | | | F-85 | | | |
| | | | | F-86 | | | |
| | | | | F-87 | | | |
| | | | | F-88 | | |
| | |
Note
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Revenue
|
| | | | 6 | | | | |
|
1,168,087
|
| | | |
|
1,231,056
|
| | | |
|
1,403,149
|
| |
Cost of sales
|
| | | | 7 | | | | | | (766,732) | | | | | | (810,967) | | | | | | (838,423) | | |
Administrative expenses
|
| | | | 8 | | | | | | (148,773) | | | | | | (556,285) | | | | | | (236,112) | | |
Loss allowance on trade receivables
|
| | | | 8 | | | | | | (50,611) | | | | | | (27,944) | | | | | | (13,081) | | |
Other income
|
| | | | 9 | | | | | | 3,961 | | | | | | 7,036 | | | | | | 16,412 | | |
Operating profit/(loss)
|
| | | | | | | | | | 205,932 | | | | | | (157,104) | | | | | | 331,945 | | |
Finance income
|
| | | | 10 | | | | | | 23,988 | | | | | | 36,045 | | | | | | 148,968 | | |
Finance costs
|
| | | | 11 | | | | | | (315,942) | | | | | | (288,915) | | | | | | (633,766) | | |
Loss before income tax
|
| | | | | | | | | | (86,022) | | | | | | (409,974) | | | | | | (152,853) | | |
Income tax expense
|
| | | | 12 | | | | | | (46,748) | | | | | | (13,518) | | | | | | (169,829) | | |
Loss for the year
|
| | | | | | | | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | |
Loss attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | | | | | | | | | (132,770) | | | | | | (423,492) | | | | | | (321,994) | | |
Non-controlling interests
|
| | | | 27 | | | | | | — | | | | | | — | | | | | | (688) | | |
Loss for the year
|
| | | | | | | | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | |
Loss per share — basic $
|
| | | | 13 | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | |
Loss per share — diluted $
|
| | | | 13 | | | | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | |
Other comprehensive income
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Items that may be reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value (loss)/gain through other comprehensive income
|
| | | | | | | | | | (2) | | | | | | 1 | | | | | | — | | |
Exchange differences on translation of foreign operations
|
| | | | | | | | |
|
6,417
|
| | | |
|
5,036
|
| | | |
|
94,411
|
| |
Other comprehensive income for the year, net of taxes
|
| | | | | | | | | | 6,415 | | | | | | 5,037 | | | | | | 94,411 | | |
Total comprehensive loss for the year
|
| | | | | | | | | | (126,355) | | | | | | (418,455) | | | | | | (228,271) | | |
Total comprehensive loss for the year attributable to:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | | | | | | | | | (126,355) | | | | | | (418,455) | | | | | | (227,560) | | |
Non-controlling interests
|
| | | | 27 | | | | | | — | | | | | | — | | | | | | (711) | | |
Total comprehensive loss for the year
|
| | | | | | | | | | (126,355) | | | | | | (418,455) | | | | | | (228,271) | | |
| | |
Note
|
| |
2019
|
| |
2020
|
| |||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| ||||||
Non-current assets | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | 14 | | | | | | 1,537,155 | | | | | | 1,438,040 | | |
Right of use assets
|
| | | | 14 | | | | | | 369,862 | | | | | | 468,130 | | |
Goodwill
|
| | | | 15 | | | | | | 518,141 | | | | | | 656,256 | | |
Other intangible assets
|
| | | | 15 | | | | | | 449,632 | | | | | | 690,841 | | |
Fair value through other comprehensive income financial assets
|
| | | | | | | | | | 11 | | | | | | 8 | | |
Deferred income tax assets
|
| | | | 16 | | | | | | 4,820 | | | | | | 13,443 | | |
Derivative financial instrument assets
|
| | | | 18 | | | | | | 42,604 | | | | | | 155,196 | | |
Trade and other receivables
|
| | | | 19 | | | | | | 18,777 | | | | | | 36,409 | | |
| | | | | | | | | | | 2,941,002 | | | | | | 3,458,323 | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Inventories
|
| | | | 17 | | | | | | 48,711 | | | | | | 49,222 | | |
Income tax receivable
|
| | | | 12 | | | | | | 233 | | | | | | — | | |
Derivative financial instrument assets
|
| | | | 18 | | | | | | 53 | | | | | | 27,495 | | |
Trade and other receivables
|
| | | | 19 | | | | | | 275,907 | | | | | | 327,187 | | |
Cash and cash equivalents
|
| | | | 20 | | | | | | 898,802 | | | | | | 585,416 | | |
| | | | | | | | | | | 1,223,706 | | | | | | 989,320 | | |
TOTAL ASSETS
|
| | | | | | | | | | 4,164,708 | | | | | | 4,447,643 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 21 | | | | | | 410,319 | | | | | | 409,493 | | |
Provisions for other liabilities and charges
|
| | | | 24 | | | | | | 3,767 | | | | | | 3,797 | | |
Derivative financial instrument liabilities
|
| | | | 18 | | | | | | — | | | | | | 7,285 | | |
Income tax payable
|
| | | | 12 | | | | | | 30,373 | | | | | | 48,703 | | |
Borrowings
|
| | | | 22 | | | | | | 105,167 | | | | | | 186,119 | | |
Lease liabilities
|
| | | | 23 | | | | | | 16,834 | | | | | | 28,246 | | |
| | | | | | | | | | | 566,460 | | | | | | 683,643 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 21 | | | | | | — | | | | | | 9,565 | | |
Borrowings
|
| | | | 22 | | | | | | 1,950,711 | | | | | | 2,017,090 | | |
Lease liabilities
|
| | | | 23 | | | | | | 167,660 | | | | | | 286,501 | | |
Provisions for other liabilities and charges
|
| | | | 24 | | | | | | 29,801 | | | | | | 49,469 | | |
Deferred income tax liabilities
|
| | | | 16 | | | | | | 19,757 | | | | | | 177,184 | | |
| | | | | | | | | | | 2,167,929 | | | | | | 2,539,809 | | |
TOTAL LIABILITIES
|
| | | | | | | | | | 2,734,389 | | | | | | 3,223,452 | | |
Stated capital
|
| | | | 25 | | | | | | 4,530,870 | | | | | | 4,530,870 | | |
Accumulated losses
|
| | | | | | | | | | (2,513,396) | | | | | | (2,835,390) | | |
Other reserves
|
| | | | 26 | | | | | | (587,155) | | | | | | (485,505) | | |
Equity attributable to owners of the Company
|
| | | | | | | | | | 1,430,319 | | | | | | 1,209,975 | | |
Non-controlling interest
|
| | | | 27 | | | | | | — | | | | | | 14,216 | | |
Total equity
|
| | | | | | | | | | 1,430,319 | | | | | | 1,224,191 | | |
TOTAL EQUITY AND LIABILITIES
|
| | | | | | | | | | 4,164,708 | | | | | | 4,447,643 | | |
| | | | | | | | |
Attributable to the owners of the Company
|
| | | |||||||||||||||||||||||||||||||
| | |
Note
|
| |
Stated
capital |
| |
Accumulated
losses |
| |
Other
reserves |
| |
Total
|
| |
Non-controlling
interest |
| |
Total
Equity |
| |||||||||||||||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
Balance at Jan 1, 2018
|
| | | | | | | | | | 4,518,502 | | | | | | (1,957,134) | | | | | | (1,089,049) | | | | | | 1,472,319 | | | | | | — | | | | | | 1,472,319 | | |
Transactions with owners
of the Company |
| | | | 26 | | | | | | — | | | | | | — | | | | | | (13,889) | | | | | | (13,889) | | | | | | — | | | | | | (13,889) | | |
Total transactions with owners of the Company
|
| | | | | | | | | | — | | | | | | — | | | | | | (13,889) | | | | | | (13,889) | | | | | | — | | | | | | (13,889) | | |
Loss for the year
|
| | | | | | | | | | — | | | | | | (132,770) | | | | | | — | | | | | | (132,770) | | | | | | — | | | | | | (132,770) | | |
Other comprehensive income
|
| | | | | | | | | | — | | | | | | — | | | | | | 6,415 | | | | | | 6,415 | | | | | | — | | | | | | 6,415 | | |
Total comprehensive (loss)/income
|
| | | | | | | | | | — | | | | | | (132,770) | | | | | | 6,415 | | | | | | (126,355) | | | | | | — | | | | | | (126,355) | | |
Balance at Dec 31, 2018
|
| | | | | | | | | | 4,518,502 | | | | | | (2,089,904) | | | | | | (1,096,523) | | | | | | 1,332,075 | | | | | | — | | | | | | 1,332,075 | | |
Balance at Jan 1, 2019
|
| | | | | | | | | | 4,518,502 | | | | | | (2,089,904) | | | | | | (1,096,523) | | | | | | 1,332,075 | | | | | | — | | | | | | 1,332,075 | | |
Issue of shares
|
| | | | 25 | | | | | | 12,368 | | | | | | — | | | | | | — | | | | | | 12,368 | | | | | | — | | | | | | 12,368 | | |
Share-based payment expense
|
| | | | 26 | | | | | | — | | | | | | — | | | | | | 504,331 | | | | | | 504,331 | | | | | | — | | | | | | 504,331 | | |
Total transactions with
owners of the Company |
| | | | | | | | | | 12,368 | | | | | | — | | | | | | 504,331 | | | | | | 516,699 | | | | | | — | | | | | | 516,699 | | |
Loss for the year
|
| | | | | | | | | | — | | | | | | (423,492) | | | | | | — | | | | | | (423,492) | | | | | | — | | | | | | (423,492) | | |
Other comprehensive income
|
| | | | | | | | | | — | | | | | | — | | | | | | 5,037 | | | | | | 5,037 | | | | | | — | | | | | | 5,037 | | |
Total comprehensive (loss)/income
|
| | | | | | | | | | — | | | | | | (423,492) | | | | | | 5,037 | | | | | | (418,455) | | | | | | — | | | | | | (418,455) | | |
Balance at Dec 31, 2019
|
| | | | | | | | | | 4,530,870 | | | | | | (2,513,396) | | | | | | (587,155) | | | | | | 1,430,319 | | | | | | — | | | | | | 1,430,319 | | |
Balance at Jan 1, 2020
|
| | | | | | | | | | 4,530,870 | | | | | | (2,513,396) | | | | | | (587,155) | | | | | | 1,430,319 | | | | | | — | | | | | | 1,430,319 | | |
NCI arising on business combination
|
| | | | 32 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,927 | | | | | | 14,927 | | |
Share-based payment expense
|
| | | | 26 | | | | | | — | | | | | | — | | | | | | 7,216 | | | | | | 7,216 | | | | | | — | | | | | | 7,216 | | |
Total transactions with
owners of the Company |
| | | | | | | | | | — | | | | | | — | | | | | | 7,216 | | | | | | 7,216 | | | | | | 14,927 | | | | | | 22,143 | | |
Loss for the year
|
| | | | | | | | | | — | | | | | | (321,994) | | | | | | — | | | | | | (321,994) | | | | | | (688) | | | | | | (322,682) | | |
Other comprehensive income/(loss)
|
| | | | | | | | | | — | | | | | | — | | | | | | 94,434 | | | | | | 94,434 | | | | | | (23) | | | | | | 94,411 | | |
Total comprehensive (loss)/income
|
| | | | | | | | | | — | | | | | | (321,994) | | | | | | 94,434 | | | | | | (227,560) | | | | | | (711) | | | | | | (228,271) | | |
Balance at Dec 31, 2020
|
| | | | | | | | | | 4,530,870 | | | | | | (2,835,390) | | | | | | (485,505) | | | | | | 1,209,975 | | | | | | 14,216 | | | | | | 1,224,191 | | |
| | |
Note
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash from operations
|
| | | | 30 | | | | | | 554,940 | | | | | | 660,025 | | | | | | 656,699 | | |
Employee long term retirement benefits
|
| | | | | | | | | | — | | | | | | (112) | | | | | | — | | |
Share-based payment
|
| | | | 28 | | | | | | (113) | | | | | | — | | | | | | — | | |
Income taxes paid
|
| | | | 12 | | | | | | (15,723) | | | | | | (13,396) | | | | | | (14,540) | | |
Payment for rent
|
| | | | | | | | | | (76,565) | | | | | | (4,577) | | | | | | (6,838) | | |
Payment for tower and tower equipment decommissioning
|
| | | | 24 | | | | | | (232) | | | | | | — | | | | | | (65) | | |
Net cash generated from operating activities
|
| | | | | | | | | | 462,307 | | | | | | 641,940 | | | | | | 635,256 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment — capital work in progress
|
| | | | 14(ii) | | | | | | (110,468) | | | | | | (91,004) | | | | | | (87,014) | | |
Purchase of property, plant and equipment — others
|
| | | | 14(ii) | | | | | | (25,741) | | | | | | (21,648) | | | | | | (7,786) | | |
Payment in advance for property, plant and equipment
|
| | | | | | | | | | (233,226) | | | | | | (140,340) | | | | | | (131,935) | | |
Purchase of software and licenses
|
| | | | 15 | | | | | | (8,590) | | | | | | (5,286) | | | | | | (2,464) | | |
Consideration paid on business combinations, net of cash acquired
|
| | | | 32 | | | | | | — | | | | | | — | | | | | | (542,905) | | |
Proceeds from disposal of property, plant and equipment
|
| | | | | | | | | | 1,860 | | | | | | 2,403 | | | | | | 2,227 | | |
Waiver of minority option
|
| | | | 26 | | | | | | (13,889) | | | | | | — | | | | | | — | | |
Insurance claims received
|
| | | | | | | | | | 1,847 | | | | | | 3,607 | | | | | | 6,264 | | |
Interest income received
|
| | | | 10 | | | | | | 18,701 | | | | | | 14,732 | | | | | | 5,101 | | |
Restricted cash transferred from other receivables
|
| | | | 19 | | | | | | 104,910 | | | | | | 1,730 | | | | | | — | | |
Net cash used in investing activities
|
| | | | | | | | | | (264,596) | | | | | | (235,806) | | | | | | (758,512) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital raised
|
| | | | 25 | | | | | | — | | | | | | 12,368 | | | | | | — | | |
Bank loans and bond proceeds received
|
| | | | 22 | | | | | | 9,563 | | | | | | 1,800,000 | | | | | | 232,219 | | |
Bank loans and bonds repaid
|
| | | | 22 | | | | | | (89,143) | | | | | | (1,622,317) | | | | | | (99,903) | | |
Fees on loans and derivative instruments
|
| | | | | | | | | | (4,142) | | | | | | (61,398) | | | | | | (9,403) | | |
Interest paid
|
| | | | 22 | | | | | | (176,876) | | | | | | (171,883) | | | | | | (167,938) | | |
Costs paid on early loan settlement
|
| | | | 11 | | | | | | — | | | | | | (22,153) | | | | | | — | | |
Payment for the principal of lease liabilities
|
| | | | 23 | | | | | | — | | | | | | (58,330) | | | | | | (39,153) | | |
Interest paid for lease liabilities
|
| | | | 23 | | | | | | — | | | | | | (11,634) | | | | | | (19,239) | | |
Initial margin received/(deposited) on non-deliverable forwards
|
| | | | | | | | | | 14,614 | | | | | | (49) | | | | | | (28,780) | | |
Profits received/(losses settled) on non-deliverable forwards
|
| | | | | | | | | | 43,204 | | | | | | (2,923) | | | | | | 4,061 | | |
Net cash generated used in financing activities
|
| | | | | | | | | | (202,780) | | | | | | (138,319) | | | | | | (128,136) | | |
Net (decrease)/increase in cash and cash equivalents
|
| | | | | | | | | | (5,069) | | | | | | 267,815 | | | | | | (251,392) | | |
Cash and cash equivalents at beginning of year
|
| | | | | | | | | | 646,196 | | | | | | 633,450 | | | | | | 898,802 | | |
Effect of movements in exchange rates on cash
|
| | | | | | | | | | (7,677) | | | | | | (2,463) | | | | | | (61,994) | | |
Cash and cash equivalents at end of year
|
| | |
|
20
|
| | | | | 633,450 | | | | | | 898,802 | | | | | | 585,416 | | |
| | |
Note
|
| |
As
reported December 31, 2018 |
| |
Impact of
IFRS 16 |
| |
At
adoption January 1, 2019 |
| |||||||||
| | | | | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Right of use assets
|
| |
(i)
|
| | | | — | | | | | | 372,000 | | | | | | 372,000 | | |
Prepaid land rent
|
| |
(ii)
|
| | | | 140,624 | | | | | | (140,624) | | | | | | — | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Prepaid land rent
|
| |
(ii)
|
| | | | 28,035 | | | | | | (27,311) | | | | | | 724 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| |
(iii)
|
| | | | — | | | | | | (34,890) | | | | | | (34,890) | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| |
(iii)
|
| | | | — | | | | | | (169,175) | | | | | | (169,175) | | |
| | |
2019
|
| |||
| | |
$’000
|
| |||
Operating lease commitments as December 31, 2018 as disclosed under IAS 17
|
| | | | 101,167 | | |
Additional payment cycles*
|
| | | | 272,036 | | |
Short term leases not under IFRS 16
|
| | | | (491) | | |
Impact of discounting
|
| | | | (168,851) | | |
Other differences
|
| | | | 204 | | |
Lease liabilities as at January 1, 2019
|
| | | | 204,065 | | |
| Towers and tower equipment | | | | |
|
Base station towers (including civil costs and overheads)
|
| |
10 – 20 years
|
|
|
Base station equipment (other equipment)
|
| |
15 years
|
|
|
Base station equipment (rectifier and solar power)
|
| |
10 years
|
|
|
Base station equipment (alarm and battery)
|
| |
3 – 5 years
|
|
|
Base station equipment (generator)
|
| |
3 years
|
|
|
Land and buildings, furniture and office equipment, and motor vehicles
|
| | | |
|
Office complex
|
| |
40 years
|
|
|
Furniture and fittings and office equipment
|
| |
3 years
|
|
|
Motor vehicles
|
| |
4 years
|
|
| | |
Assessment
|
| |
Risk discussion and response
|
|
Revenue and profitability | | |
•
Limited impact on revenue collections thus far.
•
Customers continue to perform, and we have not experienced significant deterioration in payments.
|
| |
•
The Group has long-term revenue contracts with its customers amounting to $9.2 billion in contracted revenue.
•
Our ability to collect revenue from our customers is impacted by our customers’ ability to generate and collect revenues from their operations. Our customers have, in the main, seen an increased demand for their services.
•
The impact on collections has thus far been limited and the Group remains in constant conversation with customers regarding their liquidity and ability to meet their obligations.
•
The Group regularly reviews measures for cost savings whilst maintaining its ability to operate effectively and towards strategic goals.
•
The Group has continued to invest in capital expenditure which supports revenue growth, albeit at lower levels than initially planned for the year ended December 31, 2020. The Group will continue to invest in capital expenditure relating to revenue growth during 2021.
|
|
Liquidity | | |
•
Sufficient liquidity is available.
•
No current impact on going concern.
|
| |
•
The Group has cash and cash equivalents of $585 million as at December 31, 2020.
•
Management has assessed current cash reserves and the availability of undrawn facilities and continues to monitor available liquidity in the context of ongoing operational requirements and planned capital expenditure.
•
In the context of current commitments and available liquidity, management believes that the going concern assumption remains appropriate.
•
All of the Group’s operations are cash generative.
|
|
Access to USD
|
| |
•
Moderate risk due to decreased availability.
|
| |
•
While there has been a reduction in U.S. Dollar liquidity in the Nigerian market, we were still able to source U.S. Dollars locally to fund our semi-annual coupons during the year, and management remain confident that we will be able to do so for the foreseeable future.
|
|
Workforce and internal controls | | |
•
Minimal impact to date.
|
| |
•
Employees are working remotely wherever possible or where required by local regulations. This has had a limited impact on the operation of and management oversight over internal controls which continue to operate effectively.
•
Operational employees continue to operate in the field while observing strict safety guidelines.
•
Our IT team monitors the increased risk of fraud, data or security breaches, loss of data and the potential for other cyber-related attacks and utilises security
|
|
| | |
Assessment
|
| |
Risk discussion and response
|
|
| | | | | |
measures to mitigate such risks.
|
|
Supply chain | | |
•
Minimal impact to date.
|
| |
•
The Group works closely with suppliers and contractors to ensure availability of supplies on site, especially diesel supplies which are critical to many of our operations.
•
Regular maintenance of our towers continues while observing strict safety guidelines for our employees and our suppliers and contractors.
|
|
| | |
Effect on
Euro |
| |
Effect on
Rwandan Franc |
| |
Effect on
Nigerian Naira |
| |
Effect on
Zambian Kwacha |
| |
Effect on
Brazilian Real |
| |
Effect on
Kuwaiti Dinar |
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| | | | | | | | | | | | | ||||||||||||
2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rate of change
|
| | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | n.a | | | | | | n.a | | |
Effect of U.S. Dollar weakening on
loss |
| | | | (14,369) | | | | | | (3,643) | | | | | | (114,280) | | | | | | (10,185) | | | | | | n.a | | | | | | n.a | | |
Effect of U.S. Dollar strengthening on loss..
|
| | | | 14,369 | | | | | | 3,643 | | | | | | 114,280 | | | | | | 10,185 | | | | | | n.a | | | | | | n.a | | |
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rate of change
|
| | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | n.a | | | | | | n.a | | |
Effect of U.S. Dollar weakening on
loss |
| | | | (11,740) | | | | | | (6,308) | | | | | | (104,540) | | | | | | (9,807) | | | | | | n.a | | | | | | n.a | | |
Effect of U.S. Dollar strengthening on loss..
|
| | | | 11,740 | | | | | | 6,308 | | | | | | 104,540 | | | | | | 9,807 | | | | | | n.a | | | | | | n.a | | |
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rate of change
|
| | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | |
Effect of U.S. Dollar weakening on
loss |
| | | | (18,652) | | | | | | (3,522) | | | | | | (114,799) | | | | | | (10,808) | | | | | | (14,302) | | | | | | (250) | | |
Effect of U.S. Dollar strengthening on loss
|
| | | | 18,652 | | | | | | 3,522 | | | | | | 114,799 | | | | | | 10,808 | | | | | | 14,302 | | | | | | 250 | | |
| | |
Nigerian
Naira |
| |
Rwandan
Franc |
| |
Zambian
Kwacha |
| |
Brazilian
Real |
| |
Kuwaiti
Dinar |
| |
U.S. Dollar
|
| ||||||||||||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||||
2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Dollar loan
|
| | | | 1,867,343 | | | | | | 49,456 | | | | | | 98,468 | | | | | | n.a | | | | | | n.a | | | | | | — | | |
Euro loan
|
| | | | — | | | | | | — | | | | | | — | | | | | | n.a | | | | | | n.a | | | | | | 200,694 | | |
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Dollar loan
|
| | | | 2,006,008 | | | | | | 52,837 | | | | | | 105,749 | | | | | | n.a | | | | | | n.a | | | | | | — | | |
Euro loan
|
| | | | — | | | | | | — | | | | | | — | | | | | | n.a | | | | | | n.a | | | | | | 182,460 | | |
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Dollar loan
|
| | | | 2,189,385 | | | | | | 56,449 | | | | | | 119,245 | | | | | | 286,032 | | | | | | 5,007 | | | | | | — | | |
Euro loan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 331,668 | | |
| | |
2019
|
| |
2020
|
| ||||||
|
$’000
|
| |
$’000
|
| ||||||||
Trade receivables
|
| | | | 11,302 | | | | | | 18,596 | | |
Cash and cash equivalents
|
| | | | 37,988 | | | | | | 52,569 | | |
Trade payables
|
| | | | (9,526) | | | | | | (34,351) | | |
Borrowings
|
| | | | (291,988) | | | | | | (258,859) | | |
Net exposure
|
| | | | (252,224) | | | | | | (222,045) | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Effect of 1% increase on post tax loss
|
| | | | 9,422 | | | | | | 3,041 | | | | | | 5,850 | | |
Effect of 1% decrease on post tax loss
|
| | | | (9,105) | | | | | | (2,681) | | | | | | (6,035) | | |
| | |
2019
|
| |
2020
|
| ||||||
|
$’000
|
| |
$’000
|
| ||||||||
Other receivables (note 19)
|
| | | | 75,443 | | | | | | 85,011 | | |
Derivative financial instrument assets (note 18)
|
| | | | 42,657 | | | | | | 182,691 | | |
Trade receivables (net) (note 19)
|
| | | | 175,746 | | | | | | 200,652 | | |
Cash and cash equivalents (note 20)
|
| | | | 898,802 | | | | | | 585,416 | | |
| | | | | 1,192,648 | | | | | | 1,053,770 | | |
| | |
2019
|
| |
2020
|
| ||||||
|
$’000
|
| |
$’000
|
| ||||||||
AA+
|
| | | | — | | | | | | 4,650 | | |
AAA
|
| | | | 165 | | | | | | — | | |
B+
|
| | | | 2,512 | | | | | | — | | |
B
|
| | | | 2,526 | | | | | | 4,881 | | |
B-
|
| | | | — | | | | | | 14,273 | | |
BB-
|
| | | | — | | | | | | 7,045 | | |
Not rated
|
| | | | 70,240 | | | | | | 54,162 | | |
| | | | | 75,443 | | | | | | 85,011 | | |
| | |
Internal Credit rating
|
| |||||||||||||||
2019
|
| |
First tier
|
| |
Second tier
|
| |
Total
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Accrued Revenue
|
| | | | 28,936 | | | | | | 2,681 | | | | | | 31,617 | | |
Not due
|
| | | | 30,744 | | | | | | 2,209 | | | | | | 32,953 | | |
0-30 days
|
| | | | 25,737 | | | | | | 942 | | | | | | 26,679 | | |
31-60 days
|
| | | | 14,427 | | | | | | 2,459 | | | | | | 16,886 | | |
61-90 days
|
| | | | 41,895 | | | | | | 7,832 | | | | | | 49,727 | | |
Over 90 days
|
| | | | 113,755 | | | | | | 38,018 | | | | | | 151,773 | | |
Gross trade receivables
|
| | | | 255,494 | | | | | | 54,141 | | | | | | 309,635 | | |
Impairment allowance
|
| | | | (94,874) | | | | | | (39,015) | | | | | | (133,889) | | |
Net trade receivables
|
| | | | 160,620 | | | | | | 15,126 | | | | | | 175,746 | | |
| | |
Internal Credit rating
|
| |||||||||||||||
2020
|
| |
First tier
|
| |
Second tier
|
| |
Total
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Accrued Revenue
|
| | | | 89,138 | | | | | | 822 | | | | | | 89,960 | | |
Not due
|
| | | | 18,772 | | | | | | 181 | | | | | | 18,953 | | |
0 – 30 days
|
| | | | 3,616 | | | | | | 204 | | | | | | 3,820 | | |
31 – 60 days
|
| | | | 26,393 | | | | | | 883 | | | | | | 27,276 | | |
61 – 90 days
|
| | | | 2,588 | | | | | | 2,254 | | | | | | 4,842 | | |
Over 90 days
|
| | | | 129,056 | | | | | | 60,545 | | | | | | 189,601 | | |
Gross trade receivables
|
| | | | 269,563 | | | | | | 64,889 | | | | | | 334,452 | | |
Impairment allowance
|
| | | | (84,219) | | | | | | (49,581) | | | | | | (133,800) | | |
Net trade receivables
|
| | | | 185,344 | | | | | | 15,308 | | | | | | 200,652 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Opening balance
|
| | | | 60,923 | | | | | | 110,615 | | | | | | 133,889 | | |
Increase in impairment provision
|
| | | | 50,611 | | | | | | 27,944 | | | | | | 13,081 | | |
Written — off during the year
|
| | | | (1,542) | | | | | | (5,591) | | | | | | (2,106) | | |
Foreign exchange
|
| | | | 623 | | | | | | 921 | | | | | | (11,064) | | |
| | | | | 110,615 | | | | | | 133,889 | | | | | | 133,800 | | |
| | |
Within 1 year
|
| |
2 – 3 years
|
| |
4 – 5 years
|
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||||||||
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables (note 21)
|
| | | | 338,402 | | | | | | — | | | | | | — | | | | | | — | | | | | | 338,402 | | |
Other payables (note 21)
|
| | | | 46,933 | | | | | | — | | | | | | — | | | | | | — | | | | | | 46,933 | | |
Payroll and other related statutory liabilities (note 21)
|
| | | | 18,870 | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,870 | | |
Lease liabilities (note 23)
|
| | | | 28,158 | | | | | | 44,710 | | | | | | 47,504 | | | | | | 222,208 | | | | | | 342,580 | | |
Bank and bond borrowings (note 22)
|
| | | | 244,957 | | | | | | 666,072 | | | | | | 597,585 | | | | | | 1,509,813 | | | | | | 3,018,427 | | |
| | | | | 677,320 | | | | | | 710,782 | | | | | | 645,089 | | | | | | 1,732,021 | | | | | | 3,765,212 | | |
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables (note 21)
|
| | | | 301,813 | | | | | | — | | | | | | — | | | | | | — | | | | | | 301,813 | | |
Other payables (note 21)
|
| | | | 72,286 | | | | | | 9,565 | | | | | | — | | | | | | — | | | | | | 81,851 | | |
Payroll and other related statutory liabilities (note 21)
|
| | | | 27,476 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,476 | | |
Lease liabilities (note 23)
|
| | | | 39,677 | | | | | | 152,386 | | | | | | 44,294 | | | | | | 217,233 | | | | | | 453,590 | | |
Bank and bond borrowings (note 22)
|
| | | | 292,945 | | | | | | 601,981 | | | | | | 949,481 | | | | | | 1,116,712 | | | | | | 2,961,119 | | |
| | | | | 734,197 | | | | | | 763,932 | | | | | | 993,775 | | | | | | 1,333,945 | | | | | | 3,825,849 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Bank and bond borrowings (note 22)
|
| | | | 1,897,774 | | | | | | 2,055,878 | | | | | | 2,203,209 | | |
Lease liabilities (note 23)
|
| | | | — | | | | | | 184,494 | | | | | | 314,747 | | |
Less: Cash and cash equivalents (note 20)
|
| | | | (633,450) | | | | | | (898,802) | | | | | | (585,416) | | |
Net debt
|
| | | | 1,264,324 | | | | | | 1,341,570 | | | | | | 1,932,540 | | |
Segment Adjusted EBITDA (note 5)
|
| | | | 580,722 | | | | | | 668,614 | | | | | | 819,014 | | |
Management net leverage ratio
|
| | | | 2.2x | | | | | | 2.0x | | | | | | 2.4x | | |
2019
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Fair value through other comprehensive income financial assets
|
| | | | 11 | | | | | | | | | | | | — | | | | | | 11 | | |
Embedded options (note 18)
|
| | | | — | | | | | | 42,604 | | | | | | — | | | | | | 42,604 | | |
Non-deliverable forwards (NDF) (note 18)
|
| | | | — | | | | | | 53 | | | | | | — | | | | | | 53 | | |
| | | | | 11 | | | | | | 42,657 | | | | | | — | | | | | | 42,668 | | |
2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Fair value through other comprehensive income financial assets
|
| | | | 8 | | | | | | | | | | | | — | | | | | | 8 | | |
Embedded options within listed bonds (note 18)
|
| | | | — | | | | | | 155,196 | | | | | | — | | | | | | 155,196 | | |
Non-deliverable forwards (NDF) (note 18)
|
| | | | — | | | | | | 27,495 | | | | | | — | | | | | | 27,495 | | |
Embedded derivatives within revenue contracts (note 18)
|
| | | | — | | | | | | — | | | | | | (7,285) | | | | | | (7,285) | | |
| | | | | 8 | | | | | | 182,691 | | | | | | (7,285) | | | | | | 175,414 | | |
| | |
Total
$’000 |
| |||
Opening balance at January 1, 2020
|
| | | | — | | |
Recognition of embedded derivatives within revenue contracts
|
| | | | 7,575 | | |
Change in fair value
|
| | | | (169) | | |
Foreign exchange translation impact
|
| | | | (121) | | |
Closing balance at December 31, 2020
|
| | | | 7,285 | | |
Type
|
| |
Significant unobservable
inputs |
| |
Valuation technique
|
| |
Weighted
average rates and probabilities |
| |
Sensitivity of the
input to fair value |
|
Bifurcated embedded derivative within revenue host contracts | | |
•
Forward looking CBN USD/NGN rate from the valuation date to the date the reference rate is no longer applicable.
•
Forward looking NAFEX USD/NGN rate from the valuation date to the date the reference rate is no longer applicable.
|
| | The fair value was determined as the difference between the discounted future revenue cash flows at forecast liquid market rates (NAFEX) versus at non-liquid market rate (CBN) | | |
•
Illiquid rate: NGN382.00/$1
•
Liquid rate: NGN409.4/$1
•
Probability of discount: 100%. The discount is binary.
|
| |
The sensitivity is performed on the basis of an increase or decrease of 5% in the difference between the liquid and illiquid market rates.
•
5% increase: Increase of $5.5 million in the derivative liability.
•
5% decrease: Decrease of
|
|
Type
|
| |
Significant unobservable
inputs |
| |
Valuation technique
|
| |
Weighted
average rates and probabilities |
| |
Sensitivity of the
input to fair value |
|
| | |
•
Probability that the potential discounts available to the customer will be realized at a future date
|
| | | | | | | |
$5.5 million in the derivative liability.
If the customer did not achieve a discount, this would increase the derivative liability by $0.9 million
|
|
| | |
2019
|
| |
2020
|
| ||||||||||||||||||
Financial liabilities
|
| |
Carrying value
|
| |
Fair value
|
| |
Carrying value
|
| |
Fair value
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Bank and bond borrowings (note 22)
|
| | | | 2,055,878 | | | | | | 2,063,187 | | | | | | 2,203,209 | | | | | | 2,230,846 | | |
| | | | | 2,055,878 | | | | | | 2,063,187 | | | | | | 2,203,209 | | | | | | 2,230,846 | | |
Financial assets
|
| |
Amortized
cost |
| |
Fair value
through other comprehensive income |
| |
Fair value
through profit or loss |
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables (note 19)
|
| | | | 175,746 | | | | | | — | | | | | | — | | | | | | 175,746 | | |
Other receivables (note 19)
|
| | | | 75,443 | | | | | | — | | | | | | — | | | | | | 75,443 | | |
Cash and cash equivalents (note 20)
|
| | | | 898,802 | | | | | | — | | | | | | — | | | | | | 898,802 | | |
Fair value through other comprehensive income financial assets
|
| | | | — | | | | | | 11 | | | | | | — | | | | | | 11 | | |
Derivative financial instruments assets (note 18)
|
| | | | — | | | | | | — | | | | | | 42,657 | | | | | | 42,657 | | |
| | | | | 1,149,991 | | | | | | 11 | | | | | | 42,657 | | | | | | 1,192,659 | | |
Financial assets
|
| |
Amortized
cost |
| |
Fair value
through other comprehensive income |
| |
Fair value
through profit or loss |
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables (note 19)
|
| | | | 200,652 | | | | | | — | | | | | | — | | | | | | 200,652 | | |
Other receivables (note 19)
|
| | | | 85,011 | | | | | | — | | | | | | — | | | | | | 85,011 | | |
Cash and cash equivalents (note 20)
|
| | | | 585,416 | | | | | | — | | | | | | — | | | | | | 585,416 | | |
Fair value through other comprehensive income
financial assets |
| | | | — | | | | | | 8 | | | | | | — | | | | | | 8 | | |
Derivative financial instruments assets (note 18)
|
| | | | — | | | | | | — | | | | | | 182,691 | | | | | | 182,691 | | |
| | | | | 871,079 | | | | | | 8 | | | | | | 182,691 | | | | | | 1,053,778 | | |
Financial liabilities
|
| |
Amortized
cost |
| |
Fair value
through profit or loss |
| |
Total
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
2019 | | | | | | | | | | | | | | | | | | | |
Bank and bond borrowings (note 22)
|
| | | | 2,055,878 | | | | | | — | | | | | | 2,055,878 | | |
Trade payables (note 21)
|
| | | | 338,402 | | | | | | — | | | | | | 338,402 | | |
Other payables (note 21)
|
| | | | 46,933 | | | | | | — | | | | | | 46,933 | | |
Lease liabilities (note 23)
|
| | | | 184,494 | | | | | | — | | | | | | 184,494 | | |
| | | | | 2,625,707 | | | | | | — | | | | | | 2,625,707 | | |
2020 | | | | | | | | | | | | | | | | | | | |
Bank and bond borrowings (note 22)
|
| | | | 2,203,209 | | | | | | — | | | | | | 2,203,209 | | |
Trade payables (note 21)
|
| | | | 301,813 | | | | | | — | | | | | | 301,813 | | |
Other payables (note 21)
|
| | | | 72,286 | | | | | | — | | | | | | 72,286 | | |
Derivative financial instruments liabilities (note 18)
|
| | | | — | | | | | | 7,285 | | | | | | 7,285 | | |
Lease liabilities (note 23)
|
| | | | 314,747 | | | | | | — | | | | | | 314,747 | | |
| | | | | 2,892,055 | | | | | | 7,285 | | | | | | 2,899,340 | | |
2018 (re-presented)
|
| |
Nigeria
|
| |
SSA
|
| |
Other
|
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Revenues from external customers
|
| | | | 852,729 | | | | | | 315,358 | | | | | | — | | | | | | 1,168,087 | | |
Segment Adjusted EBITDA (note 4(e))
|
| | | | 489,444 | | | | | | 150,544 | | | | | | (59,266) | | | | |
|
580,722
|
| |
Depreciation and amortization (note 14 and 15)
|
| | | | (222,488) | | | | | | (91,917) | | | | | | (2,899) | | | | |
|
(317,304)
|
| |
Net loss on disposal of property, plant and equipment (note 8)
|
| | | | (844) | | | | | | (1,713) | | | | | | — | | | | |
|
(2,557)
|
| |
Insurance claims (note 9)
|
| | | | 1,736 | | | | | | 111 | | | | | | — | | | | |
|
1,847
|
| |
Impairment of withholding tax receivables
|
| | | | (12,063) | | | | | | — | | | | | | — | | | | |
|
(12,063)
|
| |
Business combination costs
|
| | | | — | | | | | | — | | | | | | (3,448) | | | | |
|
(3,448)
|
| |
Other non-operating income and expenses
|
| | | | (5,695) | | | | | | (424) | | | | | | — | | | | |
|
(6,119)
|
| |
Provision for bad and doubtful debts(a)
|
| | | | (30,000) | | | | | | — | | | | | | — | | | | |
|
(30,000)
|
| |
Listing costs
|
| | | | — | | | | | | — | | | | | | (5,221) | | | | |
|
(5,221)
|
| |
Other costs(b)
|
| | | | (13,923) | | | | | | 466 | | | | | | 8,467 | | | | |
|
(4,990)
|
| |
Share-based payment credit (note 8)
|
| | | | — | | | | | | — | | | | | | 5,065 | | | | |
|
5,065
|
| |
Finance income (note 10)
|
| | | | 16,841 | | | | | | 2,119 | | | | | | 5,028 | | | | |
|
23,988
|
| |
Finance costs (note 11)
|
| | | | (115,373) | | | | | | (74,469) | | | | | | (126,100) | | | | |
|
(315,942)
|
| |
Profit/(loss) before income tax
|
| | | | 107,635 | | | | | | (15,283) | | | | | | (178,374) | | | | | | (86,022) | | |
Additions of property, plant and equipment and intangible assets
|
| | | | 260,207 | | | | | | 77,332 | | | | | | 6,226 | | | | |
|
343,765
|
| |
Segment assets
|
| | | | 2,438,989 | | | | | | 1,042,799 | | | | | | 343,088 | | | | |
|
3,824,876
|
| |
Segment liabilities
|
| | | | 945,215 | | | | | | 487,653 | | | | | | 1,059,933 | | | | |
|
2,492,801
|
| |
2019
|
| |
Nigeria
|
| |
SSA
|
| |
Other
|
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Revenues from external customers
|
| | | | 925,704 | | | | | | 305,352 | | | | | | — | | | | | | 1,231,056 | | |
Segment Adjusted EBITDA (note 4(e))
|
| | | | 559,049 | | | | | | 165,626 | | | | | | (56,061) | | | | |
|
668,614
|
| |
Depreciation and amortization (note 14 and 15)*
|
| | | | (290,449) | | | | | | (89,596) | | | | | | (4,462) | | | | |
|
(384,507)
|
| |
Net loss on disposal of property, plant and equipment (note 8)
|
| | | | (2,427) | | | | | | (3,392) | | | | | | — | | | | |
|
(5,819)
|
| |
Insurance claims (note 9)
|
| | | | 3,429 | | | | | | 178 | | | | | | — | | | | |
|
3,607
|
| |
Impairment of withholding tax receivables
|
| | | | (44,586) | | | | | | — | | | | | | — | | | | |
|
(44,586)
|
| |
Business combination costs
|
| | | | — | | | | | | — | | | | | | (3,745) | | | | |
|
(3,745)
|
| |
Impairment of property, plant and equipment and prepaid land
|
| | | | (19,844) | | | | | | (1,760) | | | | | | — | | | | |
|
(21,604)
|
| |
Listing costs
|
| | | | — | | | | | | — | | | | | | (1,078) | | | | |
|
(1,078)
|
| |
Other costs(a)
|
| | | | — | | | | | | — | | | | | | (16,932) | | | | |
|
(16,932)
|
| |
Share-based payment expense (note 8)
|
| | | | — | | | | | | — | | | | | | (351,054) | | | | |
|
(351,054)
|
| |
Finance income (note 10)
|
| | | | 5,559 | | | | | | 1,431 | | | | | | 29,055 | | | | |
|
36,045
|
| |
Finance costs (note 11)
|
| | | | (118,756) | | | | | | (75,392) | | | | | | (94,767) | | | | |
|
(288,915)
|
| |
Profit/(loss) before income tax
|
| | | | 91,975 | | | | | | (2,905) | | | | | | (499,044) | | | | | | (409,974) | | |
Additions of property, plant and equipment and intangible assets
|
| | | | 363,501 | | | | | | 49,704 | | | | | | 14,705 | | | | |
|
427,910
|
| |
Segment assets
|
| | | | 2,349,699 | | | | | | 1,056,982 | | | | | | 758,027 | | | | |
|
4,164,708
|
| |
Segment liabilities
|
| | | | 768,206 | | | | | | 552,343 | | | | | | 1,413,840 | | | | |
|
2,734,389
|
| |
2020
|
| |
Nigeria
|
| |
SSA
|
| |
Latam
|
| |
MENA
|
| |
Other
|
| |
Total
|
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
Revenues from external
customers |
| | | | 1,037,836 | | | | | | 313,416 | | | | | | 30,185 | | | | | | 21,712 | | | | | | — | | | | | | 1,403,149 | | |
Segment Adjusted EBITDA
(note 4(e)) |
| | |
|
701,273
|
| | | |
|
170,784
|
| | | |
|
22,696
|
| | | |
|
9,937
|
| | | |
|
(85,676)
|
| | | |
|
819,014
|
| |
Depreciation and amortization (note 7
and 8) |
| | | | (293,235) | | | | | | (82,404) | | | | | | (18,618) | | | | | | (9,333) | | | | | | (5,072) | | | | |
|
(408,662)
|
| |
Net gain/(loss) on disposal of property, plant and equipment
(note 8) |
| | | | 831 | | | | | | (65) | | | | | | — | | | | | | (2) | | | | | | — | | | | |
|
764
|
| |
Insurance claims (note 9)
|
| | | | 6,264 | | | | | | 8,723 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
14,987
|
| |
Impairment of withholding tax receivables
|
| | | | (31,533) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(31,533)
|
| |
Business combination costs
|
| | | | — | | | | | | — | | | | | | (1,793) | | | | | | — | | | | | | (11,934) | | | | |
|
(13,727)
|
| |
Impairment of property, plant and equipment and prepaid rental
|
| | | | (21,343) | | | | | | (6,251) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(27,594)
|
| |
Listing costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,652) | | | | |
|
(12,652)
|
| |
Other costs (a)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (310) | | | | |
|
(310)
|
| |
Share-based payment expense
(note 8) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,342) | | | | |
|
(8,342)
|
| |
Finance income (note 10)
|
| | | | 35,853 | | | | | | 599 | | | | | | 365 | | | | | | 44 | | | | | | 112,107 | | | | |
|
148,968
|
| |
Finance costs (note 11)
|
| | | | (364,438) | | | | | | (117,895) | | | | | | (59,454) | | | | | | (2,915) | | | | | | (89,064) | | | | |
|
(633,766)
|
| |
Profit/(loss) before income tax
|
| | | | 33,672 | | | | | | (26,509) | | | | | | (56,804) | | | | | | (2,269) | | | | | | (100,943) | | | | | | (152,853) | | |
Additions of property, plant and equipment and intangible assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
- through business combinations
|
| | | | — | | | | | | — | | | | | | 760,246 | | | | | | 112,878 | | | | | | — | | | | |
|
873,124
|
| |
- In the normal course of business
|
| | | | 195,692 | | | | | | 61,147 | | | | | | 31,703 | | | | | | 8,465 | | | | | | 3,447 | | | | |
|
300,454
|
| |
Segment assets
|
| | | | 2,040,911 | | | | | | 1,043,669 | | | | | | 682,813 | | | | | | 142,210 | | | | | | 538,040 | | | | |
|
4,447,643
|
| |
Segment liabilities
|
| | | | 747,428 | | | | | | 532,801 | | | | | | 266,596 | | | | | | 92,917 | | | | | | 1,583,710 | | | | |
|
3,223,452
|
| |
| | |
2018
|
| |
2019
|
| |
2020
|
| ||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||
Revenue | | | | | | | | | | | | | | | | |
Nigeria
|
| | | | 852,729 | | | | | | 925,704 | | | |
1,037,836
|
|
Rest of world
|
| | | | 315,358 | | | | | | 305,352 | | | |
365,313
|
|
| | | | | 1,168,087 | | | | | | 1,231,056 | | | |
1,403,149
|
|
Non-current assets* | | | | | | | | | | | | | | | | |
Nigeria
|
| | | | 1,724,353 | | | | | | 1,991,553 | | | |
1,654,318
|
|
Côte d’Ivoire
|
| | | | 272,187 | | | | | | 317,597 | | | |
330,705
|
|
Cameroon
|
| | | | 271,755 | | | | | | 288,773 | | | |
n.a. as less
than 10% |
|
Brazil
|
| | | | — | | | | | | — | | | |
641,253
|
|
Rest of world
|
| | | | 273,186 | | | | | | 276,867 | | | |
626,991
|
|
| | | | | 2,541,481 | | | | | | 2,874,790 | | | |
3,253,267
|
|
| | |
2018
|
| |
2019
|
| |
2020
|
| ||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||
Customer A
|
| | | | 63% | | | | | | 63% | | | |
66%
|
|
Customer B
|
| | | | 13% | | | | | | 13% | | | |
n.a. as less
than 10% |
|
Customer C
|
| | | | 12% | | | | | | 14% | | | |
14%
|
|
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Lease component
|
| | | | 800,739 | | | | | | 889,909 | | | | | | 1,026,103 | | |
Services component
|
| | | | 367,348 | | | | | | 341,147 | | | | | | 377,046 | | |
| | | | | 1,168,087 | | | | | | 1,231,056 | | | | | | 1,403,149 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Within one year
|
| | | | 279,427 | | | | | | 290,645 | | | | | | 343,209 | | |
1 – 2 years
|
| | | | 270,030 | | | | | | 263,298 | | | | | | 331,608 | | |
2 – 3 years
|
| | | | 268,639 | | | | | | 250,167 | | | | | | 291,891 | | |
3 – 4 years
|
| | | | 261,088 | | | | | | 218,380 | | | | | | 258,129 | | |
4 – 5 years
|
| | | | 238,037 | | | | | | 196,753 | | | | | | 214,223 | | |
More than five years
|
| | | | 1,129,582 | | | | | | 894,086 | | | | | | 879,294 | | |
| | | | | 2,446,803 | | | | | | 2,113,329 | | | | | | 2,318,354 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Within one year
|
| | | | 651,279 | | | | | | 791,654 | | | | | | 1,011,501 | | |
1 – 2 years
|
| | | | 632,556 | | | | | | 704,054 | | | | | | 981,778 | | |
2 – 3 years
|
| | | | 624,903 | | | | | | 678,734 | | | | | | 880,316 | | |
3 – 4 years
|
| | | | 596,711 | | | | | | 572,273 | | | | | | 801,452 | | |
4 – 5 years
|
| | | | 511,910 | | | | | | 520,933 | | | | | | 625,352 | | |
More than five years
|
| | | | 1,990,776 | | | | | | 2,108,418 | | | | | | 2,594,074 | | |
| | | | | 5,008,135 | | | | | | 5,376,066 | | | | | | 6,894,473 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Tower repairs and maintenance
|
| | | | 71,465 | | | | | | 69,304 | | | | | | 75,931 | | |
Power generation
|
| | | | 219,953 | | | | | | 237,640 | | | | | | 216,030 | | |
Site rental*
|
| | | | 45,472 | | | | | | 3,547 | | | | | | 7,543 | | |
Other rent
|
| | | | 1,482 | | | | | | 2,289 | | | | | | 3,085 | | |
Vehicle maintenance and repairs
|
| | | | 2,052 | | | | | | 2,108 | | | | | | 2,754 | | |
Site regulatory permits
|
| | | | 43,333 | | | | | | 19,360 | | | | | | 27,313 | | |
Security services
|
| | | | 32,426 | | | | | | 33,027 | | | | | | 32,719 | | |
Insurance
|
| | | | 4,102 | | | | | | 5,958 | | | | | | 4,695 | | |
Staff costs (note 8.3)
|
| | | | 18,430 | | | | | | 20,561 | | | | | | 24,588 | | |
Travel costs
|
| | | | 1,132 | | | | | | 4,719 | | | | | | 4,313 | | |
Professional fees
|
| | | | 2,436 | | | | | | 2,122 | | | | | | 2,457 | | |
Depreciation (note 14)*
|
| | | | 286,774 | | | | | | 353,368 | | | | | | 367,007 | | |
Amortization (note 15)
|
| | | | 26,081 | | | | | | 24,549 | | | | | | 32,503 | | |
Impairment of property, plant and equipment and prepaid land rent (note 30)
|
| | | | 6,155 | | | | | | 21,604 | | | | | | 27,594 | | |
Other
|
| | | | 5,439 | | | | | | 10,811 | | | | | | 9,891 | | |
| | | | | 766,732 | | | | | | 810,967 | | | | | | 838,423 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Facilities, short term rental and upkeep
|
| | | | 10,536 | | | | | | 12,881 | | | | | | 12,872 | | |
Depreciation (note 14)
|
| | | | 934 | | | | | | 2,392 | | | | | | 6,240 | | |
Amortization (note 15)
|
| | | | 3,515 | | | | | | 4,198 | | | | | | 2,912 | | |
Travel costs
|
| | | | 11,079 | | | | | | 13,475 | | | | | | 6,815 | | |
Staff costs (note 8.3)
|
| | | | 52,148 | | | | | | 45,523 | | | | | | 78,376 | | |
Redundancy costs
|
| | | | 2,964 | | | | | | — | | | | | | — | | |
Key management compensation (note 31.2)
|
| | | | 12,584 | | | | | | 20,215 | | | | | | 13,776 | | |
Share-based payment (credit)/expense (note 28)
|
| | | | (5,065) | | | | | | 351,054 | | | | | | 8,342 | | |
Professional fees
|
| | | | 15,911 | | | | | | 15,275 | | | | | | 38,200 | | |
Business combination transaction costs
|
| | | | 3,448 | | | | | | 3,745 | | | | | | 13,727 | | |
Impairment of withholding tax receivables*
|
| | | | 12,063 | | | | | | 44,586 | | | | | | 31,533 | | |
Net loss on disposal of property, plant and equipment
|
| | | | 2,557 | | | | | | 5,819 | | | | | | (764) | | |
Operating taxes
|
| | | | 1,070 | | | | | | 505 | | | | | | 2,239 | | |
Other
|
| | | | 25,029 | | | | | | 36,617 | | | | | | 21,844 | | |
| | | | | 148,773 | | | | | | 556,285 | | | | | | 236,112 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Salaries and wages
|
| | | | 60,553 | | | | | | 54,632 | | | | | | 85,690 | | |
Pension contribution — employer
|
| | | | 2,649 | | | | | | 2,474 | | | | | | 3,780 | | |
Other benefits
|
| | | | 7,376 | | | | | | 8,978 | | | | | | 13,494 | | |
| | | | | 70,578 | | | | | | 66,084 | | | | | | 102,964 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Cost of sales
|
| | | | 18,430 | | | | | | 20,561 | | | | | | 24,588 | | |
Administrative expenses
|
| | | | 52,148 | | | | | | 42,307 | | | | | | 78,376 | | |
| | | | | 70,578 | | | | | | 62,868 | | | | | | 102,964 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Insurance claims*
|
| | | | 1,847 | | | | | | 3,607 | | | | | | 14,987 | | |
Other income
|
| | | | 2,114 | | | | | | 3,429 | | | | | | 1,425 | | |
| | | | | 3,961 | | | | | | 7,036 | | | | | | 16,412 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Interest income — bank deposits
|
| | | | 18,701 | | | | | | 14,732 | | | | | | 5,101 | | |
Net foreign exchange gain arising from financing — realized
|
| | | | 5,100 | | | | | | 228 | | | | | | — | | |
Net foreign exchange gain on derivative instruments — unrealized
|
| | | | — | | | | | | 53 | | | | | | 29,151 | | |
Net foreign exchange gain from derivative instruments — realized
|
| | | | — | | | | | | — | | | | | | 4,061 | | |
Fair value gain on embedded options
|
| | | | — | | | | | | 17,245 | | | | | | 110,655 | | |
Fair value gain on warrants
|
| | | | 187 | | | | | | 3,787 | | | | | | — | | |
| | | | | 23,988 | | | | | | 36,045 | | | | | | 148,968 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Interest expenses — third party loans
|
| | | | 186,253 | | | | | | 193,829 | | | | | | 182,246 | | |
Unwinding of discount on decommissioning liability
|
| | | | 2,112 | | | | | | 1,712 | | | | | | 2,644 | | |
Interest and finance charges paid/payable for lease liabilities
|
| | | | — | | | | | | 16,024 | | | | | | 27,384 | | |
Net foreign exchange loss arising from financing — unrealized
|
| | | | 89,698 | | | | | | 47,291 | | | | | | 363,953 | | |
Net foreign exchange loss arising from financing — realized
|
| | | | — | | | | | | — | | | | | | 49,564 | | |
Net foreign exchange loss on derivative instruments — unrealized
|
| | | | 315 | | | | | | — | | | | | | — | | |
Net foreign exchange loss on derivative instruments — realized
|
| | | | 577 | | | | | | 1,594 | | | | | | — | | |
Fair value loss on embedded options
|
| | | | 32,110 | | | | | | — | | | | | | — | | |
Costs paid on early loan settlement
|
| | | | — | | | | | | 22,153 | | | | | | — | | |
Fees on loans and financial derivatives
|
| | | | 4,877 | | | | | | 6,312 | | | | | | 7,806 | | |
Fair value loss on embedded derivative within revenue contract
|
| | | | — | | | | | | — | | | | | | 169 | | |
| | | | | 315,942 | | | | | | 288,915 | | | | | | 633,766 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Current taxes on income
|
| | | | 36,577 | | | | | | 3,304 | | | | | | 95,107 | | |
Deferred income taxes (note 16)
|
| | | | 10,171 | | | | | | 10,214 | | | | | | 74,722 | | |
Total taxes
|
| | | | 46,748 | | | | | | 13,518 | | | | | | 169,829 | | |
Reconciliation of effective tax charge | | | | | | | | | | | | | | | | | | | |
Loss before income tax
|
| | | | (86,022) | | | | | | (409,974) | | | | | | (152,853) | | |
Tax calculated at domestic tax rates applicable to profits in respective
countries |
| | | | (31,375) | | | | | | (71,224) | | | | | | (66,049) | | |
Tax effects of: | | | | | | | | | | | | | | | | | | | |
Income not subject to tax
|
| | | | (45,419) | | | | | | (39,725) | | | | | | (34,932) | | |
Expenses not deductible for tax purposes
|
| | | | 85,888 | | | | | | 88,792 | | | | | | 82,662 | | |
Tax losses and other deductible temporary difference for which no deferred income tax asset was recognized
|
| | | | 6,797 | | | | | | 109,927 | | | | | | 282,393 | | |
Prior year (over)/under provision
|
| | | | 79,474 | | | | | | (43,280) | | | | | | 478 | | |
Recognition and utilization of previously unrecognized deferred tax assets
|
| | | | (39,521) | | | | | | (89,452) | | | | | | (100,990) | | |
Other profit-related taxes
|
| | | | 2,535 | | | | | | 5,813 | | | | | | 876 | | |
Foreign tax credit
|
| | | | (11,538) | | | | | | (8,406) | | | | | | (3,570) | | |
Non-deductible share-based payment expense
|
| | | | — | | | | | | 52,136 | | | | | | 1,082 | | |
Foreign exchange effects and other differences
|
| | | | (93) | | | | | | 8,937 | | | | | | 7,879 | | |
Total taxes
|
| | | | 46,748 | | | | | | 13,518 | | | | | | 169,829 | | |
Current income tax receivables
|
| | | | 156 | | | | | | 233 | | | | | | — | | |
Current income tax payables
|
| | | | (26,571) | | | | | | (30,373) | | | | | | (48,703) | | |
| | | | | (26,415) | | | | | | (30,140) | | | | | | (48,703) | | |
The movement in the current income tax is as follows:
|
| | | | | | | | | | | | | | | | | | |
At beginning of year
|
| | | | (26,882) | | | | | | (26,415) | | | | | | (30,140) | | |
Additions through business combination (note 32)
|
| | | | — | | | | | | — | | | | | | (1,538) | | |
Charged to profit or loss
|
| | | | (36,577) | | | | | | (3,304) | | | | | | (95,107) | | |
Paid during the year
|
| | | | 15,723 | | | | | | 13,396 | | | | | | 14,540 | | |
Withholding tax netting off
|
| | | | 22,123 | | | | | | — | | | | | | 59,986 | | |
Exchange difference
|
| | | | (802) | | | | | | (13,817) | | | | | | 3,556 | | |
At end of year
|
| | |
|
(26,415)
|
| | | |
|
(30,140)
|
| | | |
|
(48,703)
|
| |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Loss attributable to equity holders ($’000)
|
| | | | (132,770) | | | | | | (423,492) | | | | | | (322,682) | | |
Less: allocation of loss to non-controlling interest ($’000)
|
| | | | — | | | | | | — | | | | | | (688) | | |
Loss attributable to IHS common shareholders ($’000)
|
| | |
|
(132,770)
|
| | | |
|
(423,492)
|
| | | |
|
(321,994)
|
| |
Basic weighted average shares outstanding (‘000)
|
| | | | 146,706,094 | | | | | | 146,784,812 | | | | | | 147,051,494 | | |
Potentially dilutive securities (‘000)
|
| | | | 2,444,593 | | | | | | 11,455,491 | | | | | | 11,622,854 | | |
Potentially dilutive weighted average common shares outstanding (‘000)
|
| | | | 149,150,687 | | | | | | 158,240,303 | | | | | | 158,674,348 | | |
Loss per share: | | | | | | | | | | | | | | | | | | | |
Basic loss per share ($)
|
| | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | |
Diluted loss per share ($)
|
| | | | (0.00) | | | | | | (0.00) | | | | | | (0.00) | | |
| | |
Towers
and tower equipment |
| |
Land and
buildings |
| |
Furniture
and office equipment |
| |
Motor
vehicles |
| |
Capital
work in progress |
| |
Total
(excluding right-of-use asset) |
| |
Right-of-use
assets |
| |||||||||||||||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2018
|
| | | | 2,093,983 | | | | | | 38,370 | | | | | | 10,845 | | | | | | 17,765 | | | | | | 107,851 | | | | | | 2,268,814 | | | | | | — | | |
Additions during the year
|
| | | | 8,008 | | | | | | 1,211 | | | | | | 2,886 | | | | | | 2,712 | | | | | | 110,468 | | | | | | 125,285 | | | | | | — | | |
Reclassification
|
| | | | 78,059 | | | | | | 8,403 | | | | | | 548 | | | | | | — | | | | | | (87,010) | | | | | | — | | | | | | — | | |
Transfer from advance payments
|
| | | | 197,637 | | | | | | 1,658 | | | | | | — | | | | | | — | | | | | | 10,595 | | | | | | 209,890 | | | | | | — | | |
Disposals
|
| | | | (48,532) | | | | | | (252) | | | | | | (442) | | | | | | (1,106) | | | | | | — | | | | | | (50,332) | | | | | | — | | |
Effects of movement in exchange
rates . |
| | | | (71,454) | | | | | | (711) | | | | | | (337) | | | | | | (663) | | | | | | (3,677) | | | | | | (76,842) | | | | | | — | | |
At December 31, 2018
|
| | | | 2,257,701 | | | | | | 48,679 | | | | | | 13,500 | | | | | | 18,708 | | | | | | 138,227 | | | | | | 2,476,815 | | | | | | — | | |
Impact of adoption of IFRS 16 on January 1, 2019 .
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 372,000 | | |
At January 1, 2019
|
| | | | 2,257,701 | | | | | | 48,679 | | | | | | 13,500 | | | | | | 18,708 | | | | | | 138,227 | | | | | | 2,476,815 | | | | | | 372,000 | | |
Additions during the year
|
| | | | 15,135 | | | | | | 859 | | | | | | 2,732 | | | | | | 3,327 | | | | | | 91,004 | | | | | | 113,057 | | | | | | 47,470 | | |
Reclassification
|
| | | | 129,420 | | | | | | 1,825 | | | | | | — | | | | | | — | | | | | | (131,245) | | | | | | — | | | | | | — | | |
Transfer from advance payments
|
| | | | 272,298 | | | | | | 672 | | | | | | — | | | | | | — | | | | | | (10,873) | | | | | | 262,097 | | | | | | — | | |
Disposals
|
| | | | (106,757) | | | | | | — | | | | | | (187) | | | | | | (1,689) | | | | | | — | | | | | | (108,633) | | | | | | (6,307) | | |
Effects of movement in exchange
rates . |
| | | | (40,160) | | | | | | (301) | | | | | | (168) | | | | | | (522) | | | | | | (2,053) | | | | | | (43,204) | | | | | | (6,266) | | |
At December 31, 2019
|
| | | | 2,527,637 | | | | | | 51,734 | | | | | | 15,877 | | | | | | 19,824 | | | | | | 85,060 | | | | | | 2,700,132 | | | | | | 406,897 | | |
At January 1, 2020
|
| | | | 2,527,637 | | | | | | 51,734 | | | | | | 15,877 | | | | | | 19,824 | | | | | | 85,060 | | | | | | 2,700,132 | | | | | | 406,897 | | |
Additions during the year
|
| | | | 10,287 | | | | | | 768 | | | | | | 2,470 | | | | | | 2,576 | | | | | | 87,014 | | | | | | 103,115 | | | | | | 72,888 | | |
| | |
Towers
and tower equipment |
| |
Land and
buildings |
| |
Furniture
and office equipment |
| |
Motor
vehicles |
| |
Capital
work in progress |
| |
Total
(excluding right-of-use asset) |
| |
Right-of-use
assets |
| |||||||||||||||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||||||||||||||
Additions through business combinations (note 32)
|
| | | | 144,388 | | | | | | 566 | | | | | | 305 | | | | | | — | | | | | | 4,970 | | | | | | 150,229 | | | | | | 129,711 | | |
Reclassification
|
| | | | 91,165 | | | | | | 887 | | | | | | 808 | | | | | | 658 | | | | | | (93,518) | | | | | | — | | | | | | — | | |
Transfer from advance payments
|
| | | | 124,272 | | | | | | 620 | | | | | | 91 | | | | | | — | | | | | | (2,997) | | | | | | 121,986 | | | | | | — | | |
Disposals*
|
| | | | (23,591) | | | | | | (1,203) | | | | | | (95) | | | | | | (1,310) | | | | | | — | | | | | | (26,199) | | | | | | (15,721) | | |
Effects of movement in exchange
rates . |
| | | | (214,038) | | | | | | (5,936) | | | | | | (1,287) | | | | | | (1,600) | | | | | | (5,883) | | | | | | (228744) | | | | | | (44,181) | | |
At December 31, 2020
|
| | | | 2,660,120 | | | | | | 47,436 | | | | | | 18,169 | | | | | | 20,148 | | | | | | 74,646 | | | | | | 2,820,519 | | | | | | 549,594 | | |
Accumulated depreciation and impairment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2018
|
| | | | 698,903 | | | | | | 874 | | | | | | 8,839 | | | | | | 13,522 | | | | | | — | | | | | | 722,138 | | | | | | — | | |
Charge for the year
|
| | | | 282,230 | | | | | | 267 | | | | | | 2,503 | | | | | | 2,708 | | | | | | — | | | | | | 287,708 | | | | | | — | | |
Impairment
|
| | | | 5,701 | | | | | | 13 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,714 | | | | | | — | | |
Disposals
|
| | | | (39,331) | | | | | | (252) | | | | | | (221) | | | | | | (1,092) | | | | | | — | | | | | | (40,896) | | | | | | — | | |
Effects of movement in exchange
rates . |
| | | | (28,983) | | | | | | (22) | | | | | | (279) | | | | | | (541) | | | | | | — | | | | | | (29,825) | | | | | | — | | |
At December 31, 2018
|
| | | | 918,520 | | | | | | 880 | | | | | | 10,842 | | | | | | 14,597 | | | | | | — | | | | | | 944,839 | | | | | | — | | |
At January 1, 2019
|
| | | | 918,520 | | | | | | 880 | | | | | | 10,842 | | | | | | 14,597 | | | | | | — | | | | | | 944,839 | | | | | | — | | |
Charge for the year
|
| | | | 313,320 | | | | | | 296 | | | | | | 2,145 | | | | | | 1,869 | | | | | | — | | | | | | 317,630 | | | | | | 38,130 | | |
Impairment
|
| | | | 21,565 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,565 | | | | | | — | | |
Disposals*
|
| | | | (101,100) | | | | | | — | | | | | | (173) | | | | | | (1,457) | | | | | | — | | | | | | (102,730) | | | | | | (735) | | |
Effects of movement in exchange
rates . |
| | | | (17,821) | | | | | | (13) | | | | | | (136) | | | | | | (357) | | | | | | — | | | | | | (18,327) | | | | | | (360) | | |
At December 31, 2019
|
| | | | 1,134,484 | | | | | | 1,163 | | | | | | 12,678 | | | | | | 14,652 | | | | | | — | | | | | | 1,162,977 | | | | | | 37,035 | | |
At January 1, 2020
|
| | | | 1,134,484 | | | | | | 1,163 | | | | | | 12,678 | | | | | | 14,652 | | | | | | — | | | | | | 1,162,977 | | | | | | 37,035 | | |
Charge for the year **
|
| | | | 315,131 | | | | | | 331 | | | | | | 2,547 | | | | | | 1,959 | | | | | | — | | | | | | 319,968 | | | | | | 54,089 | | |
Impairment
|
| | | | 26,824 | | | | | | 421 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,245 | | | | | | — | | |
Disposals*
|
| | | | (21,435) | | | | | | — | | | | | | (41) | | | | | | (1,294) | | | | | | — | | | | | | (22,770) | | | | | | (5,594) | | |
Effects of movement in exchange
rates . |
| | | | (102,812) | | | | | | (187) | | | | | | (893) | | | | | | (1,049) | | | | | | — | | | | | | (104,941) | | | | | | (4,066) | | |
At December 31, 2020
|
| | |
|
1,352,192
|
| | | |
|
1,728
|
| | | |
|
14,291
|
| | | |
|
14,268
|
| | | | | — | | | | |
|
1,382,479
|
| | | |
|
81,464
|
| |
Net book value
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At December 31, 2018
|
| | |
|
1,339,181
|
| | | |
|
47,799
|
| | | |
|
2,658
|
| | | |
|
4,111
|
| | | |
|
138,227
|
| | | |
|
1,531,976
|
| | | | | — | | |
At December 31, 2019
|
| | | | 1,393,153 | | | | | | 50,571 | | | | | | 3,199 | | | | | | 5,172 | | | | | | 85,060 | | | | | | 1,537,155 | | | | | | 369,862 | | |
At December 31, 2020
|
| | | | 1,307,928 | | | | | | 45,708 | | | | | | 3,878 | | | | | | 5,880 | | | | | | 74,646 | | | | | | 1,438,040 | | | | | | 468,130 | | |
|
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Cost of sales (note 7)
|
| | | | 286,774 | | | | | | 353,368 | | | | | | 367,007 | | |
Administrative expense (note 8)
|
| | | | 934 | | | | | | 2,392 | | | | | | 6,240 | | |
| | | | | 287,708 | | | | | | 355,760 | | | | | | 373,247 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Additions through cash — capital work in progress
|
| | | | 110,468 | | | | | | 91,004 | | | | | | 87,014 | | |
(Reductions)/additions through decommissioning estimates
|
| | | | (10,924) | | | | | | 405 | | | | | | 8,315 | | |
Additions through right of use assets
|
| | | | — | | | | | | 47,470 | | | | | | 72,888 | | |
Additions through cash — others
|
| | | | 25,741 | | | | | | 21,648 | | | | | | 7,786 | | |
| | | | | 125,285 | | | | | | 160,527 | | | | | | 176,003 | | |
| | |
Goodwill
|
| |
Customer-
related intangible assets |
| |
Network-
related intangible assets |
| |
Licenses
|
| |
Software
|
| |
Total
|
| ||||||||||||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2018
|
| | | | 552,561 | | | | | | 517,769 | | | | | | 44,589 | | | | | | 14,390 | | | | | | 8,278 | | | | | | 1,137,587 | | |
Additions during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,093 | | | | | | 7,497 | | | | | | 8,590 | | |
Exchange difference
|
| | | | (21,651) | | | | | | (14,327) | | | | | | (748) | | | | | | (607) | | | | | | (136) | | | | | | (37,469) | | |
At December 31, 2018
|
| | | | 530,910 | | | | | | 503,442 | | | | | | 43,841 | | | | | | 14,876 | | | | | | 15,639 | | | | | | 1,108,708 | | |
At January 1, 2019
|
| | | | 530,910 | | | | | | 503,442 | | | | | | 43,841 | | | | | | 14,876 | | | | | | 15,639 | | | | | | 1,108,708 | | |
Additions during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | 19 | | | | | | 5,267 | | | | | | 5,286 | | |
Exchange difference
|
| | | | (12,518) | | | | | | (6,452) | | | | | | (285) | | | | | | (303) | | | | | | (4) | | | | | | (19,562) | | |
At December 31, 2019
|
| | | | 518,392 | | | | | | 496,990 | | | | | | 43,556 | | | | | | 14,592 | | | | | | 20,902 | | | | | | 1,094,432 | | |
At January 1, 2020
|
| | | | 518,392 | | | | | | 496,990 | | | | | | 43,556 | | | | | | 14,592 | | | | | | 20,902 | | | | | | 1,094,432 | | |
Additions during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 2,460 | | | | | | 2,464 | | |
Additions through business combinations (note 32)
|
| | | | 232,030 | | | | | | 324,290 | | | | | | 36,831 | | | | | | — | | | | | | 33 | | | | | | 593,184 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | —(1) | | | | | | (475) | | | | | | (476) | | | | | | | | |
Exchange difference
|
| | | | (93,915) | | | | | | (88,846) | | | | | | (6,835) | | | | | | 1,201 | | | | | | (829) | | | | | | (189,224) | | |
At December 31, 2020
|
| | | | 656,507 | | | | | | 732,434 | | | | | | 73,552 | | | | | | 15,796 | | | | | | 22,091 | | | | | | 1,500,380 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2018
|
| | | | 251 | | | | | | 53,544 | | | | | | 10,270 | | | | | | 3,589 | | | | | | 4,340 | | | | | | 71,994 | | |
Charge for the year
|
| | | | — | | | | | | 19,844 | | | | | | 3,073 | | | | | | 870 | | | | | | 5,809 | | | | | | 29,596 | | |
Exchange difference
|
| | | | — | | | | | | (1,887) | | | | | | (237) | | | | | | (175) | | | | | | (88) | | | | | | (2,387) | | |
At December 31, 2018
|
| | | | 251 | | | | | | 71,501 | | | | | | 13,106 | | | | | | 4,284 | | | | | | 10,061 | | | | | | 99,203 | | |
At January 1, 2019
|
| | | | 251 | | | | | | 71,501 | | | | | | 13,106 | | | | | | 4,284 | | | | | | 10,061 | | | | | | 99,203 | | |
Charge for the year
|
| | | | — | | | | | | 19,468 | | | | | | 2,950 | | | | | | 877 | | | | | | 5,452 | | | | | | 28,747 | | |
Exchange difference
|
| | | | — | | | | | | (1,084) | | | | | | (101) | | | | | | (94) | | | | | | (12) | | | | | | (1,291) | | |
At December 31, 2019
|
| | | | 251 | | | | | | 89,885 | | | | | | 15,955 | | | | | | 5,067 | | | | | | 15,501 | | | | | | 126,659 | | |
At January 1, 2020
|
| | | | 251 | | | | | | 89,885 | | | | | | 15,955 | | | | | | 5,067 | | | | | | 15,501 | | | | | | 126,659 | | |
Charge for the year
|
| | | | — | | | | | | 26,921 | | | | | | 4,070 | | | | | | 871 | | | | | | 3,553 | | | | | | 35,415 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (475) | | | | | | (475) | | |
Exchange difference
|
| | | | — | | | | | | (7,091) | | | | | | (1,003) | | | | | | 518 | | | | | | (740) | | | | | | (8,316) | | |
At December 31, 2020
|
| | | | 251 | | | | | | 109,715 | | | | | | 19,022 | | | | | | 6,456 | | | | | | 17,839 | | | | | | 153,283 | | |
Net book value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At December 31, 2018
|
| | | | 530,659 | | | | | | 431,941 | | | | | | 30,735 | | | | | | 10,592 | | | | | | 5,578 | | | | | | 1,009,505 | | |
At December 31, 2019
|
| | | | 518,141 | | | | | | 407,105 | | | | | | 27,601 | | | | | | 9,525 | | | | | | 5,401 | | | | | | 967,773 | | |
At December 31, 2020
|
| | | | 656,256 | | | | | | 622,719 | | | | | | 54,530 | | | | | | 9,340 | | | | | | 4,252 | | | | | | 1,347,097 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||
Cost of sales (note 7)
|
| | | | 26,081 | | | | | | 24,549 | | | | | | 32,503 | | |
Administrative expenses (note 8)
|
| | | | 3,515 | | | | | | 4,198 | | | | | | 2,912 | | |
| | | | | 29,596 | | | | | | 28,747 | | | | | | 35,415 | | |
| | |
Opening
balance |
| |
Additions
|
| |
Effects of
movements in exchange rates |
| |
Closing
balance |
| ||||||||||||
|
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||
2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
IHS Nigeria Limited
|
| | | | 72,219 | | | | | | — | | | | | | (891) | | | | | | 71,328 | | |
INT Towers Limited
|
| | | | 259,177 | | | | | | — | | | | | | (2,916) | | | | | | 256,261 | | |
IHS Towers NG Limited
|
| | | | 52,127 | | | | | | — | | | | | | (644) | | | | | | 51,483 | | |
IHS Cameroon S.A.
|
| | | | 46,853 | | | | | | — | | | | | | (1,943) | | | | | | 44,910 | | |
IHS Côte d’Ivoire S.A.
|
| | | | 23,236 | | | | | | — | | | | | | (964) | | | | | | 22,272 | | |
IHS Zambia Group
|
| | | | 84,525 | | | | | | — | | | | | | (13,745) | | | | | | 70,780 | | |
IHS Rwanda Group
|
| | | | 14,173 | | | | | | — | | | | | | (548) | | | | | | 13,625 | | |
| | | | | 552,310 | | | | | | — | | | | | | (21,651) | | | | | | 530,659 | | |
2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
IHS Nigeria Limited
|
| | | | 71,328 | | | | | | — | | | | | | (31) | | | | | | 71,297 | | |
INT Towers Limited
|
| | | | 256,261 | | | | | | — | | | | | | (112) | | | | | | 256,149 | | |
IHS Towers NG Limited
|
| | | | 51,483 | | | | | | — | | | | | | (23) | | | | | | 51,460 | | |
IHS Cameroon S.A.
|
| | | | 44,910 | | | | | | — | | | | | | (977) | | | | | | 43,933 | | |
IHS Côte d’Ivoire S.A.
|
| | | | 22,272 | | | | | | — | | | | | | (485) | | | | | | 21,787 | | |
IHS Zambia Group
|
| | | | 70,780 | | | | | | — | | | | | | (10,251) | | | | | | 60,529 | | |
IHS Rwanda Group
|
| | | | 13,625 | | | | | | — | | | | | | (639) | | | | | | 12,986 | | |
| | | | | 530,659 | | | | | | — | | | | | | (12,518) | | | | | | 518,141 | | |
2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
IHS Nigeria Limited
|
| | | | 71,297 | | | | | | — | | | | | | (7,923) | | | | | | 63,374 | | |
INT Towers Limited
|
| | | | 256,149 | | | | | | — | | | | | | (28,434) | | | | | | 227,715 | | |
IHS Towers NG Limited
|
| | | | 51,460 | | | | | | — | | | | | | (5,719) | | | | | | 45,741 | | |
IHS Cameroon S.A.
|
| | | | 43,933 | | | | | | — | | | | | | 4,237 | | | | | | 48,170 | | |
IHS Côte d’Ivoire S.A.
|
| | | | 21,787 | | | | | | — | | | | | | 2,101 | | | | | | 23,888 | | |
IHS Zambia Group
|
| | | | 60,529 | | | | | | — | | | | | | (20,622) | | | | | | 39,907 | | |
IHS Rwanda Group
|
| | | | 12,986 | | | | | | — | | | | | | (667) | | | | | | 12,319 | | |
IHS Kuwait Limited
|
| | | | — | | | | | | 13,143 | | | | | | (1) | | | | | | 13,142 | | |
IHS Latam Group
|
| | | | — | | | | | | 218,887 | | | | | | (36,887) | | | | | | 182,000 | | |
| | | | | 518,141 | | | | | | 232,030 | | | | | | (93,915) | | | | | | 656,256 | | |
| | |
Discount
rate |
| |
Terminal
growth rate |
| |
Tenancy
Ratio |
| |
Gross margins
excluding depreciation & amortization |
| |||||||||
2018 | | | | | | | | | | | | | | | | | | | | | | |
IHS Nigeria Limited
|
| | | | 16.3% | | | | | | 3.2% | | | | | | 2.13x – 3.70x | | | |
68.1% – 77.4%
|
|
INT Towers Limited
|
| | | | 16.6% | | | | | | 3.2% | | | | | | 2.12x – 3.55x | | | |
52.9% – 70.0%
|
|
IHS Towers NG Limited
|
| | | | 16.1% | | | | | | 3.2% | | | | | | 3.06x – 3.47x | | | |
58.1% – 66.2%
|
|
IHS Cameroon S.A.
|
| | | | 12.9% | | | | | | 3.2% | | | | | | 3.07x – 3.58x | | | |
49.8% – 54.2%
|
|
IHS Côte d’Ivoire S.A.
|
| | | | 11.0% | | | | | | 3.2% | | | | | | 2.25x – 2.92x | | | |
50.9% – 54.4%
|
|
IHS Zambia Group
|
| | | | 20.0% | | | | | | 3.2% | | | | | | 2.01x – 2.77x | | | |
64.3% – 72.5%
|
|
IHS Rwanda Group
|
| | | | 17.2% | | | | | | 3.2% | | | | | | 2.05x – 2.37x | | | |
58.9% – 62.5%
|
|
2019 | | | | | | | | | | | | | | | | | | | | | | |
IHS Nigeria Limited
|
| | | | 15.8% | | | | | | 3.2% | | | | | | 2.35x – 3.90x | | | |
69.8% – 77.1%
|
|
INT Towers Limited
|
| | | | 16.5% | | | | | | 3.2% | | | | | | 2.46x – 3.90x | | | |
60.8% – 71.9%
|
|
IHS Towers NG Limited
|
| | | | 16.2% | | | | | | 3.2% | | | | | | 3.29x – 3.80x | | | |
60.9% – 65.4%
|
|
IHS Cameroon S.A.
|
| | | | 13.2% | | | | | | 3.2% | | | | | | 3.33x – 4.22x | | | |
53.8% – 57.9%
|
|
IHS Côte d’Ivoire S.A.
|
| | | | 10.3% | | | | | | 3.2% | | | | | | 2.39x – 3.49x | | | |
56.1% – 59.9%
|
|
IHS Zambia Group
|
| | | | 21.8% | | | | | | 3.2% | | | | | | 2.05x – 2.58x | | | |
62.6% – 73.0%
|
|
IHS Rwanda Group
|
| | | | 16.3% | | | | | | 3.2% | | | | | | 2.05x – 2.37x | | | |
68.6% – 70.0%
|
|
2020 | | | | | | | | | | | | | | | | | | | | | | |
IHS Nigeria Limited
|
| | | | 22.6% | | | | | | 2.7% | | | | | | 2.59x – 4.55x | | | |
67.8% – 82.1%
|
|
INT Towers Limited
|
| | | | 22.5% | | | | | | 2.7% | | | | | | 2.87x – 5.22x | | | |
73.7% – 79.9%
|
|
IHS Towers NG Limited
|
| | | | 23.2% | | | | | | 2.7% | | | | | | 2.80x – 3.02x | | | |
64.4% – 69.9%
|
|
IHS Cameroon S.A.
|
| | | | 13.8% | | | | | | 3.2% | | | | | | 2.61x – 3.16x | | | |
55.9% – 61.0%
|
|
IHS Côte d’Ivoire S.A.
|
| | | | 10.0% | | | | | | 3.2% | | | | | | 3.44x – 4.56x | | | |
57.5% – 61.6%
|
|
IHS Zambia Group
|
| | | | 32.2% | | | | | | 3.2% | | | | | | 2.21x – 2.93x | | | |
68.4% – 75.8%
|
|
IHS Rwanda Group
|
| | | | 17.0% | | | | | | 3.2% | | | | | | 2.13x – 2.60x | | | |
65.9% – 69.8%
|
|
IHS Kuwait Limited
|
| | | | 5.0% | | | | | | 2.8% | | | | | | 1.00x – 1.46x | | | |
45.3% – 59.2%
|
|
| | |
IHS Nigeria
Limited |
| |
INT Towers
Limited |
| |
IHS Towers
NG Limited |
| |
IHS
Cameroon S.A. |
| |
IHS Côte
d’Ivoire S.A. |
| |
IHS Zambia
Group |
| |
IHS Rwanda
Group |
| |
IHS Kuwait
Limited |
|
% Rise in discount rate | | |
Increase by 26.2 pp
|
| |
Increase by 28.2 pp
|
| |
Increase by 3.4. pp
|
| |
Increase by 1.6 pp
|
| |
Increase by 5.7 pp
|
| |
Increase by 4.0 pp
|
| |
Increase by 8.4 pp
|
| |
Increase by 5.0 pp
|
|
Decrease in tenancy ratio | | |
Decrease by an average of 1.79x over 4 years
|
| |
Decrease by an average of 2.10x over 4 years
|
| |
Decrease by an average of 0.31x over 4 years
|
| |
Decrease by an average of 0.22x over 4 years
|
| |
Decrease by an average of 1.11x over 4 years
|
| |
Decrease by an average of 0.20x over 4 years
|
| |
Decrease by an average of 0.65x over 4 years
|
| |
Decrease by an average of 0.42x over 4 years
|
|
Gross margin (excluding depreciation and amortization) | | |
Decrease by an average of 41.7 pp over 4 years
|
| |
Decrease by an average of 43.0 pp over 4 years
|
| |
Decrease by an average 8.1 pp over 4 years
|
| |
Decrease by an average of 6.3 pp over 4 years
|
| |
Decrease by an average of 22.2 pp over 4 years
|
| |
Decrease by an average of 7.2 pp over 4 years
|
| |
Decrease by an average of 21.7 pp over 4 years
|
| |
Decrease by an average of 35.2 pp over 4 years
|
|
Decrease in terminal growth rate | | |
Decrease to less than 0%
|
| |
Decrease to less than 0%
|
| |
Decrease to less than 0%
|
| |
Decrease to less than 0%
|
| |
Decrease to less than 0%
|
| |
Decrease to less than 0%
|
| |
Decrease to less than 0%
|
| |
Decrease to less than 0%
|
|
Valuation technique
|
| |
Significant unobservable inputs
|
| |
Sensitivity of the input to fair value
(movement in input value which would cause the carrying amount to exceed the recoverable amount resulting in an impairment) |
|
Recent transactions, Tower cash flow market multiples | | |
•
Monthly tower cash flow: $1.6 million
•
•
Multiple: 22.0x
•
Costs of disposal: 1.2% of enterprise value
|
| |
•
Decrease by $16,000
•
Decrease by 0.01x
•
Increase by 0.83% of enterprise value
|
|
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Deferred income tax assets
|
| | | | 4,820 | | | | | | 13,443 | | |
Deferred income tax liabilities
|
| | | | (19,757) | | | | | | (177,184) | | |
Net deferred tax liabilities
|
| | | | (14,937) | | | | | | (163,741) | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Deferred income tax assets | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | 3,334 | | | | | | 2,117 | | |
Intangible assets
|
| | | | (8,116) | | | | | | (8,486) | | |
Provisions
|
| | | | 5,170 | | | | | | 13,665 | | |
Tax losses
|
| | | | 3,505 | | | | | | 3,203 | | |
Other
|
| | | | 927 | | | | | | 2,944 | | |
Total | | | | | 4,820 | | | | | | 13,443 | | |
Deferred income tax assets | | | | | | | | | | | | | |
to be recovered after 12 months
|
| | | | (350) | | | | | | (222) | | |
to be recovered within 12 months
|
| | | | 5,170 | | | | | | 13,665 | | |
| | | | | 4,820 | | | | | | 13,443 | | |
| | |
2019
|
| |
2020
|
| ||||||
|
$’000
|
| |
$’000
|
| ||||||||
Deferred income tax liabilities | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | (109,394) | | | | | | (155,198) | | |
Intangible assets
|
| | | | (113,606) | | | | | | (183,401) | | |
Provisions
|
| | | | 24,110 | | | | | | 52,478 | | |
Unrealized derivative income
|
| | | | (11,697) | | | | | | (58,461) | | |
Timing differences on loans
|
| | | | — | | | | | | 32,407 | | |
Unrealized foreign exchange
|
| | | | 53,634 | | | | | | 25,948 | | |
Tax losses
|
| | | | 83,618 | | | | | | 9,150 | | |
Unutilized capital allowances
|
| | | | 52,973 | | | | | | 97,220 | | |
Other
|
| | | | 605 | | | | | | 2,673 | | |
Total | | | | | (19,757) | | | | | | (177,184) | | |
Deferred income tax liabilities | | | | | | | | | | | | | |
to be realized after 12 months
|
| | | | (32,170) | | | | | | (171,201) | | |
to be realized within 12 months
|
| | | | 12,413 | | | | | | (5,983) | | |
| | | | | (19,757) | | | | | | (177,184) | | |
| | |
Property,
plant and equipment |
| |
Provisions/
share-based payments obligation |
| |
Intangible
assets |
| |
Loans and
derivatives |
| |
Unrealized
exchange differences/tax losses |
| |
Total
|
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
Net deferred income tax
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2018
|
| | | | (136,882) | | | | | | 41,316 | | | | | | (138,463) | | | | | | 61,181 | | | | | | 172,584 | | | | | | (264) | | |
Tax income/(charge)
|
| | | | 24,968 | | | | | | 3,851 | | | | | | 5,957 | | | | | | (63,331) | | | | | | 18,384 | | | | | | (10,171) | | |
Effects of movement in exchange rates
|
| | | | 5,376 | | | | | | (1,778) | | | | | | 2,729 | | | | | | — | | | | | | (3,328) | | | | | | 2,999 | | |
At December 31, 2018
|
| | | | (106,538) | | | | | | 43,389 | | | | | | (129,777) | | | | | | (2,150) | | | | | | 187,640 | | | | | | (7,436) | | |
At January 1, 2019
|
| | | | (106,538) | | | | | | 43,389 | | | | | | (129,777) | | | | | | (2,150) | | | | | | 187,640 | | | | | | (7,436) | | |
Tax (charge)/income
|
| | | | (2,692) | | | | | | (12,375) | | | | | | 5,719 | | | | | | (9,547) | | | | | | 8,681 | | | | | | (10,214) | | |
Effects of movement in exchange rates
|
| | | | 3,170 | | | | | | (1,735) | | | | | | 2,337 | | | | | | — | | | | | | (1,059) | | | | | | 2,713 | | |
At December 31, 2019
|
| | | | (106,060) | | | | | | 29,279 | | | | | | (121,721) | | | | | | (11,697) | | | | | | 195,262 | | | | | | (14,937) | | |
At January 1, 2020
|
| | | | (106,060) | | | | | | 29,279 | | | | | | (121,721) | | | | | | (11,697) | | | | | | 195,262 | | | | | | (14,937) | | |
Additions through business combinations (note 32)
|
| | | | (3,378) | | | | | | 2,182 | | | | | | (103,638) | | | | | | — | | | | | | 6,165 | | | | | | (98,669) | | |
Tax (charge)/income
|
| | | | (46,364) | | | | | | 35,089 | | | | | | 11,030 | | | | | | (16,444) | | | | | | (58,033) | | | | | | (74,722) | | |
Effects of movement in exchange rates
|
| | | | 2,721 | | | | | | (407) | | | | | | 22,442 | | | | | | 2,087 | | | | | | (2,256) | | | | | | 24,587 | | |
At December 31, 2020
|
| | | | (153,081) | | | | | | 66,143 | | | | | | (191,887) | | | | | | (26,054) | | | | | | 141,138 | | | | | | (163,741) | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Stock of materials
|
| | |
|
48,711
|
| | | |
|
49,222
|
| |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Derivative instruments | | | | | | | | | | | | | |
Non-deliverable forwards
|
| | | | 100,795 | | | | | | 652,088 | | |
Embedded options
|
| | | | 1,300,000 | | | | | | 1,450,000 | | |
Embedded derivatives within revenue contracts*
|
| | | | — | | | | | | — | | |
| | | | | 1,400,795 | | | | | | 2,102,088 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Derivative instruments | | | | | | | | | | | | | |
Non-deliverable forwards
|
| | | | 53 | | | | | | 27,495 | | |
Embedded options within listed bonds
|
| | | | 42,604 | | | | | | 155,196 | | |
Embedded options within revenue contracts
|
| | | | — | | | | | | (7,285) | | |
| | | | | 42,657 | | | | | | 175,406 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Derivative instruments | | | | | | | | | | | | | | | | | | | |
Non-deliverable forwards
|
| | | | (310) | | | | | | 53 | | | | | | 29,151 | | |
Embedded options within listed bonds
|
| | | | (32,110) | | | | | | 17,245 | | | | | | 110,655 | | |
Embedded options within revenue contracts
|
| | | | — | | | | | | — | | | | | | (169) | | |
Interest rate hedge caps
|
| | | | (5) | | | | | | — | | | | | | — | | |
| | | | | (32,425) | | | | | | 17,298 | | | | | | 139,637 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Derivative financial instrument assets | | | | | | | | | | | | | |
AA+
|
| | | | — | | | | | | 7,500 | | |
B+
|
| | | | (30) | | | | | | — | | |
B
|
| | | | 83 | | | | | | 3,590 | | |
B-
|
| | | | — | | | | | | 10,938 | | |
BB-
|
| | | | — | | | | | | 5,467 | | |
Not rated
|
| | | | 42,604 | | | | | | 155,196 | | |
| | | | | 42,657 | | | | | | 182,691 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Current | | | | | | | | | | | | | |
Trade receivables
|
| | | | 309,635 | | | | | | 334,452 | | |
Less: impairment provisions
|
| | | | (133,889) | | | | | | (133,800) | | |
Net trade receivables*
|
| | | | 175,746 | | | | | | 200,652 | | |
Other receivables**
|
| | | | 75,443 | | | | | | 85,011 | | |
Prepaid land rent
|
| | | | 6,317 | | | | | | 1,588 | | |
Other prepaid expense
|
| | | | 6,884 | | | | | | 16,538 | | |
Advance payments
|
| | | | 4,615 | | | | | | 18,766 | | |
Withholding tax receivables
|
| | | | 4,648 | | | | | | 800 | | |
VAT receivables
|
| | | | 2,254 | | | | | | 3,832 | | |
| | | | | 275,907 | | | | | | 327,187 | | |
Non-current | | | | | | | | | | | | | |
Accrued income and lease incentive
|
| | | | — | | | | | | 15,481 | | |
Payment in advance for property, plant and equipment
|
| | | | 18,777 | | | | | | 20,928 | | |
| | | | | 18,777 | | | | | | 36,409 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Cash at bank
|
| | | | 898,802 | | | | | | 585,416 | | |
Cash and cash equivalents
|
| | |
|
898,802
|
| | | |
|
585,416
|
| |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Cash and cash equivalents | | | | | | | | | | | | | |
AAA (F1+)
|
| | | | 29,295 | | | | | | 15,413 | | |
AA+
|
| | | | — | | | | | | 9,407 | | |
AA
|
| | | | — | | | | | | 115,810 | | |
A+
|
| | | | 16,450 | | | | | | 30,576 | | |
A (F1)
|
| | | | 696,005 | | | | | | 216,700 | | |
A-
|
| | | | — | | | | | | 25,559 | | |
BBB+
|
| | | | — | | | | | | 6,349 | | |
BBB-
|
| | | | — | | | | | | 25 | | |
BB+
|
| | | | 5,392 | | | | | | — | | |
BB
|
| | | | — | | | | | | 6,663 | | |
BB-
|
| | | | — | | | | | | 18,469 | | |
B+
|
| | | | 29,384 | | | | | | 2,809 | | |
B
|
| | | | 105,621 | | | | | | 46,757 | | |
B-
|
| | | | — | | | | | | 90,564 | | |
Not rated
|
| | | | 16,655 | | | | | | 315 | | |
| | | | | 898,802 | | | | | | 585,416 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Current | | | | | | | | | | | | | |
Trade payables
|
| | | | 338,402 | | | | | | 301,813 | | |
Deferred revenue*
|
| | | | 2,691 | | | | | | 2,224 | | |
Withholding tax payable
|
| | | | 3,423 | | | | | | 5,694 | | |
Payroll and other related statutory liabilities
|
| | | | 18,870 | | | | | | 27,476 | | |
Other payables
|
| | | | 46,933 | | | | | | 72,286 | | |
| | | | | 410,319 | | | | | | 409,493 | | |
Non-current | | | | | | | | | | | | | |
Other payables
|
| | | | — | | | | | | 9,565 | | |
| | | | | — | | | | | | 9,565 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Non-current | | | | | | | | | | | | | |
Senior Notes
|
| | | | 1,273,900 | | | | | | 1,428,398 | | |
Bank borrowings
|
| | | | 676,811 | | | | | | 588,692 | | |
External debt
|
| | | | 1,950,711 | | | | | | 2,017,090 | | |
Current | | | | | | | | | | | | | |
Senior Notes
|
| | | | 28,738 | | | | | | 32,352 | | |
Bank borrowings
|
| | | | 76,429 | | | | | | 153,767 | | |
External debt
|
| | | | 105,167 | | | | | | 186,119 | | |
Total borrowings
|
| | | | 2,055,878 | | | | | | 2,203,209 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Opening balance — January 1
|
| | | | 1,897,774 | | | | | | 2,055,878 | | |
Additions through business combination (note 32)
|
| | | | — | | | | | | 46,356 | | |
Interest expense (note 11)
|
| | | | 193,829 | | | | | | 182,246 | | |
Interest paid
|
| | | | (171,883) | | | | | | (167,938) | | |
Bank loans and bond proceeds received
|
| | | | 1,800,000 | | | | | | 232,219 | | |
Bank loans and bonds repaid
|
| | | | (1,622,317) | | | | | | (99,903) | | |
Transaction costs
|
| | | | (58,044) | | | | | | (5,561) | | |
Foreign exchange
|
| | | | 16,519 | | | | | | (40,088) | | |
Closing balance — December 31
|
| | | | 2,055,878 | | | | | | 2,203,209 | | |
| | |
Currency
|
| |
Maturity date
|
| |
Interest rate
|
| |
2019
$’000 |
| |
2020
$’000 |
| |||||||||
Senior notes | | | | | | | | | | | | | | | | | | | | | | | | | |
IHS Netherlands Holdco B.V.
|
| |
U.S. Dollar
|
| | | | 2027 | | | |
8.00%
|
| | | | 800,830 | | | | | | 946,352 | | |
IHS Netherlands Holdco B.V.
|
| |
U.S. Dollar
|
| | | | 2025 | | | |
7.125%
|
| | | | 501,808 | | | | | | 514,398 | | |
Bank borrowings | | | | | | | | | | | | | | | | | | | | | | | | | |
INT Towers Limited
|
| |
Nigeria Naira
|
| | | | 2024 | | | |
2.5%+ 3M NIBOR
|
| | | | 386,406 | | | | | | 342,995 | | |
INT Towers Limited
|
| |
U.S. Dollar
|
| | | | 2024 | | | |
4.25%+ 3M LIBOR
|
| | | | 102,120 | | | | | | 104,532 | | |
IHS Cameroon S.A.
|
| |
CFA Franc
|
| | | | 2020 | | | |
6.50%
|
| | | | 11,532 | | | | | | — | | |
IHS Cameroon S.A.
|
| |
Euro
|
| | | | 2020 | | | |
3.75%+ 3M EURIBOR
|
| | | | 4,447 | | | | | | — | | |
IHS Côte d’Ivoire S.A.
|
| |
CFA Franc
|
| | | | 2022 | | | |
6%
|
| | | | 63,087 | | | | | | 54,266 | | |
IHS Côte d’Ivoire S.A.
|
| |
Euro
|
| | | | 2022 | | | |
3.75%+ 3M EURIBOR
|
| | | | 47,672 | | | | | | 41,172 | | |
IHS Zambia Limited
|
| |
U.S. Dollar
|
| | | | 2025 | | | |
5-5.5% + 3M LIBOR
|
| | | | 113,170 | | | | | | 96,287 | | |
IHS Rwanda Limited
|
| |
Rwandan Franc
|
| | | | 2021 | | | |
16%
|
| | | | 2,773 | | | | | | 650 | | |
IHS Rwanda Limited
|
| |
U.S. Dollar
|
| | | | 2022 | | | |
6.5% + 3M LIBOR
|
| | | | 22,033 | | | | | | 13,804 | | |
IHS Brasil Cessão de Infraestruturas S.A.
|
| |
Brazil Real
|
| | | | 2021 | | | |
3.85%+CDI
|
| | | | — | | | | | | 38,613 | | |
IHS Kuwait Limited
|
| |
Kuwaiti Dinar
|
| | | | 2029 | | | |
2% + 3M KIBOR
|
| | | | — | | | | | | 50,140 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Current
|
| | | | 16,834 | | | | | | 28,246 | | |
Non current
|
| | | | 167,660 | | | | | | 286,501 | | |
Total Lease liabilities
|
| | |
|
184,494
|
| | | |
|
314,747
|
| |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
At adoption
|
| | | | 204,065 | | | | | | 184,494 | | |
Additions through business combinations (note 32)
|
| | | | — | | | | | | 131,651 | | |
Additions through new leases or remeasurements
|
| | | | 47,469 | | | | | | 65,070 | | |
Interest and finance charges for lease liabilities (note 11)
|
| | | | 16,024 | | | | | | 27,384 | | |
Payments for the principal of lease liabilities
|
| | | | (58,330) | | | | | | (39,153) | | |
Interest paid for lease liabilities
|
| | | | (11,634) | | | | | | (19,239) | | |
Remeasurements or terminations*
|
| | | | (8,018) | | | | | | (15,380) | | |
Foreign exchange
|
| | | | (5,082) | | | | | | (20,080) | | |
Closing balance
|
| | | | 184,494 | | | | | | 314,747 | | |
| | |
2019
|
| |
2020
|
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Interest on lease liabilities (note 11)
|
| | | | 16,024 | | | | | | 27,384 | | |
Expenses relating to short term leases and low value assets (note 7)
|
| | | | 3,547 | | | | | | 7,543 | | |
Depreciation for right of use assets (note 14)
|
| | | | 38,130 | | | | | | 54,089 | | |
Total for the year ended
|
| | |
|
57,701
|
| | | |
|
89,016
|
| |
| | |
Carrying
value |
| |
Total
contractual cash flows |
| |
Within
1 year |
| |
2 — 3 years
|
| |
4 — 5 years
|
| |
Over
5 years |
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | | | 184,494 | | | | | | 342,580 | | | | | | 28,158 | | | | | | 44,710 | | | | | | 47,504 | | | | | | 222,208 | | |
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | | | 314,747 | | | | | | 453,590 | | | | | | 39,677 | | | | | | 152,386 | | | | | | 44,294 | | | | | | 217,233 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
At January 1
|
| | | | 49,292 | | | | | | 33,010 | | | | | | 33,568 | | |
Additions through business combinations (refer to note 32)
|
| | | | — | | | | | | — | | | | | | 15,437 | | |
(Decrease)/increase in provisions
|
| | | | (10,924) | | | | | | 405 | | | | | | 8,315 | | |
Provision utilized in the period
|
| | | | (4,944) | | | | | | — | | | | | | — | | |
Payments for tower and tower equipment decommissioning
|
| | | | (232) | | | | | | — | | | | | | (65) | | |
Unwinding of discount
|
| | | | 2,112 | | | | | | 1,712 | | | | | | 2,644 | | |
Effects of movement in exchange rates
|
| | | | (2,294) | | | | | | (1,559) | | | | | | (6,633) | | |
At December 31
|
| | |
|
33,010
|
| | | |
|
33,568
|
| | | |
|
53,266
|
| |
Analysis of total decommissioning and site restoration provisions:
|
| | | | | | | | | | | | | | | | | | |
Non-current
|
| | | | 28,539 | | | | | | 29,801 | | | | | | 49,469 | | |
Current
|
| | | | 4,471 | | | | | | 3,767 | | | | | | 3,797 | | |
| | | | | 33,010 | | | | | | 33,568 | | | | | | 53,266 | | |
Discount rates
|
| |
Nigerian
entities |
| |
IIHS
Cameroon S.A. |
| |
IHS Côte
d’Ivoire S.A. |
| |
IHS Zambia
Limited |
| |
IHS Rwanda
Limited |
| |
IHS Brasil
Cessão de Infraestruturas S.A. |
| |
IHS Kuwait
Limited |
| |||||||||||||||||||||
| | |
%
|
| |
%
|
| |
%
|
| |
%
|
| |
%
|
| | | | | | | | | | | | | |||||||||||||||
2018
|
| | | | 17.0 | | | | | | 5.5 | | | | | | 8.0 | | | | | | 7.3 | | | | | | 16.0 | | | | | | — | | | | | | — | | |
2019
|
| | | | 17.0 | | | | | | 5.5 | | | | | | 8.0 | | | | | | 7.6 | | | | | | 16.0 | | | | | | — | | | | | | — | | |
2020
|
| | | | 11.2 | | | | | | 5.5 | | | | | | 8.0 | | | | | | 5.5 | | | | | | 16.0 | | | | | | 6.8 | | | | | | 4.8 | | |
| | |
Increase/(decrease) on accumulated losses
|
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Effect of 1% increase in discount rate on post tax loss
|
| | | | (1,321) | | | | | | (448) | | | | | | (767) | | |
Effect of 1% decrease in discount rate on post tax loss
|
| | | | 1,361 | | | | | | 488 | | | | | | 815 | | |
| | |
Class A shares
|
| |
Class B shares
|
| ||||||||||||||||||||||||||||||
| | |
Number of
shares |
| |
Stated
capital |
| |
Stated
capital net of issue costs |
| |
Number of
shares |
| |
Stated
capital |
| |
Stated
capital net of issue costs |
| ||||||||||||||||||
| | |
000’s
|
| |
$’000
|
| |
$’000
|
| |
000’s
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
At January 1, 2018 and December 31, 2018
|
| | | | 130,147,167 | | | | | | 4,220,967 | | | | | | 4,219,488 | | | | | | 16,558,927 | | | | | | 299,405 | | | | | | 299,014 | | |
Issued on exercise of warrants*
|
| | | | 345,400 | | | | | | 12,368 | | | | | | 12,368 | | | | | | — | | | | | | — | | | | | | — | | |
At December 31, 2019
|
| | | | 130,492,567 | | | | | | 4,233,335 | | | | | | 4,231,856 | | | | | | 16,558,927 | | | | | | 299,405 | | | | | | 299,014 | | |
At January 1, 2020
|
| | | | 130,492,567 | | | | | | 4,233,335 | | | | | | 4,231,856 | | | | | | 16,558,927 | | | | | | 299,405 | | | | | | 299,014 | | |
At December 31, 2020
|
| | | | 130,492,567 | | | | | | 4,233,335 | | | | | | 4,231,856 | | | | | | 16,558,927 | | | | | | 299,405 | | | | | | 299,014 | | |
| | |
Fair value
through other comprehensive income reserve |
| |
Restructuring
reserve |
| |
Share-
based payment reserve |
| |
Loss on
transaction between owners |
| |
Foreign
exchange translation reserve |
| |
Total
|
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
At January 1, 2019
|
| | | | (7) | | | | | | 4,019 | | | | | | — | | | | | | (840,359) | | | | | | (260,176) | | | | | | (1,096,523) | | |
Other comprehensive income
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,036 | | | | | | 5,037 | | |
Recognition of share-based payment expense
|
| | | | — | | | | | | — | | | | | | 504,331 | | | | | | — | | | | | | — | | | | | | 504,331 | | |
At December 31, 2019
|
| | | | (6) | | | | | | 4,019 | | | | | | 504,331 | | | | | | (840,359) | | | | | | (255,140) | | | | | | (587,155) | | |
At January 1, 2020
|
| | | | (6) | | | | | | 4,019 | | | | | | 504,331 | | | | | | (840,359) | | | | | | (255,140) | | | | | | (587,155) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 94,434 | | | | | | 94,434 | | |
Recognition of share-based payment expense
|
| | | | — | | | | | | — | | | | | | 7,216 | | | | | | — | | | | | | — | | | | | | 7,216 | | |
At December 31, 2020
|
| | | | (6) | | | | | | 4,019 | | | | | | 511,547 | | | | | | (840,359) | | | | | | (160,706) | | | | | | (485,505) | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
At January 1
|
| | | | — | | | | | | — | | | | | | — | | |
NCI arising on business combination (note 32)
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 14,927 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | (688) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (23) | | |
At December 31
|
| | | | — | | | | | | — | | | | | | 14,216 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
At January 1
|
| | | | 161,934 | | | | | | 156,756 | | | | | | — | | |
Credit to profit or loss under cash-settled classification
|
| | | | (5,065) | | | | | | (25,922) | | | | | | — | | |
Paid during the year
|
| | | | (113) | | | | | | — | | | | | | — | | |
Derecognition of liability on amendment
|
| | | | — | | | | | | (130,834) | | | | | | — | | |
At December 31
|
| | | | 156,756 | | | | | | — | | | | | | — | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Credit under cash settled classification to the date of amendment
|
| | | | (5,065) | | | | | | (25,922) | | | | | | — | | |
Immediate charge on amendment for options vested at date of amendment
|
| | | | — | | | | | | 363,302 | | | | | | — | | |
Expense under equity settled classification from date of amendment
|
| | | | — | | | | | | 13,674 | | | | | | 8,342 | | |
| | | | | (5,065) | | | | | | 351,054 | | | | | | 8,342 | | |
| | |
Incentive plan 1
|
| |
Incentive plan 2
|
| |
Incentive plan 2B
|
| |
Incentive plan 3
|
| ||||||||||||||||||||||||||||||||||||
2018
|
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| ||||||||||||||||||||||||
| | |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| ||||||||||||||||||||||||
Authorized | | | | | | | | | | | 6,825,000 | | | | | | | | | | | | 14,079,163 | | | | | | | | | | | | 4,166,106 | | | | | | | | | | | | 376,316 | | |
Issued | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1
|
| | | | 0.038113 | | | | | | 6,624,130 | | | | | | 0.042742 | | | | | | 14,074,765 | | | | | | 0.043067 | | | | | | 4,088,337 | | | | | | 0.056345 | | | | | | 344,330 | | |
Issued
|
| | | | 0.191343 | | | | | | 9,867 | | | | | | 0.191343 | | | | | | 4,398 | | | | | | 0.042606 | | | | | | 95,269 | | | | | | — | | | | | | — | | |
Leavers
|
| | | | — | | | | | | (36,400) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | 0.036110 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.042606 | | | | | | (7,500) | | | | | | — | | | | | | — | | |
At December 31
|
| | | | 0.038519 | | | | | | 6,597,597 | | | | | | 0.042788 | | | | | | 14,079,163 | | | | | | 0.042606 | | | | | | 4,176,106 | | | | | | 0.056345 | | | | | | 344,330 | | |
| | |
Incentive plan 1
|
| |
Incentive plan 2
|
| |
Incentive plan 2B
|
| |
Incentive plan 3
|
| ||||||||||||||||||||||||||||||||||||
2019
|
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| ||||||||||||||||||||||||
| | |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| ||||||||||||||||||||||||
Authorized | | | | | | | | | | | 1,899,881 | | | | | | | | | | | | 7,680,139 | | | | | | | | | | | | 2,305,751 | | | | | | | | | | | | 27,989 | | |
Issued | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1
|
| | | | 0.038519 | | | | | | 6,597,597 | | | | | | 0.042788 | | | | | | 14,079,163 | | | | | | 0.042606 | | | | | | 4,176,106 | | | | | | 0.056345 | | | | | | 344,330 | | |
Issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Leavers
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | 0.05634 | | | | | | (25,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Reduction on amendment of terms
|
| | | | — | | | | | | (4,742,977) | | | | | | — | | | | | | (6,399,024) | | | | | | — | | | | | | (1,870,355) | | | | | | — | | | | | | (318,719) | | |
At December 31
|
| | | | — | | | | | | 1,829,620 | | | | | | — | | | | | | 7,680,139 | | | | | | — | | | | | | 2,305,751 | | | | | | — | | | | | | 25,611 | | |
| | |
Incentive plan 1
|
| |
Incentive plan 2
|
| |
Incentive plan 2B
|
| |
Incentive plan 3
|
| ||||||||||||||||||||||||||||||||||||
2020
|
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| |
weighted
average exercise price |
| |
number
of share options |
| ||||||||||||||||||||||||
| | |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| |
$
|
| |
thousand
|
| ||||||||||||||||||||||||
Authorized | | | | | | | | | | | 1,899,881 | | | | | | | | | | | | 7,680,139 | | | | | | | | | | | | 2,300,230 | | | | | | | | | | | | 27,990 | | |
Issued | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1
|
| | | | Nil | | | | | | 1,829,620 | | | | | | Nil | | | | | | 7,680,139 | | | | | | Nil | | | | | | 2,305,751 | | | | | | Nil | | | | | | 25,611 | | |
Issued
|
| | | | Nil | | | | | | 74,437 | | | | | | Nil | | | | | | — | | | | | | Nil | | | | | | — | | | | | | Nil | | | | | | 2,379 | | |
Forfeited
|
| | | | Nil | | | | | | (29,758) | | | | | | Nil | | | | | | (5,182) | | | | | | Nil | | | | | | (8,282) | | | | | | Nil | | | | | | — | | |
At December 31
|
| | | | Nil | | | | | | 1,874,299 | | | | | | Nil | | | | | | 7,674,957 | | | | | | Nil | | | | | | 2,297,469 | | | | | | Nil | | | | | | 27,990 | | |
| | |
2018
|
| |||||||||||||||||||||
| | |
Incentive
plan 1 |
| |
Incentive
plan 2 |
| |
Incentive
plan 2B |
| |
Incentive
plan 3 |
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
At January 1
|
| | | | 0.038113 | | | | | | 0.042742 | | | | | | 0.043067 | | | | | | 0.056345 | | |
Issued
|
| | | | 0.191343 | | | | | | 0.191343 | | | | | | 0.042606 | | | | | | — | | |
Forfeited
|
| | | | 0.036110 | | | | | | — | | | | | | 0.042606 | | | | | | — | | |
At December 31
|
| | | | 0.038519 | | | | | | 0.042788 | | | | | | 0.042606 | | | | | | 0.056345 | | |
| | |
2019
|
| |||||||||||||||||||||
| | |
Incentive
plan 1 |
| |
Incentive
plan 2 |
| |
Incentive
plan 2B |
| |
Incentive
plan 3 |
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
At January 1
|
| | | | 0.038519 | | | | | | 0.042788 | | | | | | 0.042606 | | | | | | 0.056345 | | |
Issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | 0.05634 | | | | | | — | | | | | | — | | | | | | — | | |
At December 31
|
| | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | Nil | | |
| | |
2020
|
| |||||||||||||||||||||
| | |
Incentive
plan 1 |
| |
Incentive
plan 2 |
| |
Incentive
plan 2B |
| |
Incentive
plan 3 |
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
At January 1
|
| | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | Nil | | |
Issued
|
| | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | Nil | | |
Forfeited
|
| | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | Nil | | |
At December 31
|
| | | | Nil | | | | | | Nil | | | | | | Nil | | | | | | Nil | | |
| | |
2018
|
|
Weighted average fair value ($)
|
| |
0.006595
|
|
Weighted average of key assumptions: | | | | |
Share price ($)
|
| |
0.04407
|
|
Expected term, in years
|
| |
1.63
|
|
Risk-free interest rates
|
| |
2.7% – 2.78%
|
|
Expected volatility
|
| |
26.3% – 28.9%
|
|
Dividend yield
|
| |
—
|
|
Probability of liquidity event over life of options
|
| |
100%
|
|
| | |
2020
|
| |||||||||
Year of grant
|
| |
Weighted
average remaining contractual life |
| |
Number of
options in force at year end |
| ||||||
2014
|
| | | | 0.49 | | | | | | 1,569,421,769 | | |
2015
|
| | | | 6.18 | | | | | | 7,616,436,422 | | |
2017
|
| | | | 8.12 | | | | | | 2,558,434,629 | | |
2018
|
| | | | 9.20 | | | | | | 53,605,980 | | |
2020
|
| | | | 0.49 | | | | | | 76,816,261 | | |
| | | | | | | | | | | 11,874,715,061 | | |
| | |
2019
|
| ||||||
Year of grant
|
| |
Weighted
average remaining contractual life |
| |
Number of
options in force at year end |
| |||
2014
|
| |
1.42
|
| | | | 1,592,220,346 | | |
2015
|
| |
7.23
|
| | | | 7,616,436,422 | | |
2017
|
| |
9.10
|
| | | | 2,578,858,065 | | |
2018
|
| |
10.46
|
| | | | 53,605,980 | | |
| | | | | | | | 11,841,120,813 | | |
| | |
2018
|
| ||||||||||||||||||||||||||||||
Plan and grant month
|
| |
Year of
grant |
| |
Tranche 1
Exercise price $ |
| |
Tranche 2
Exercise price $ |
| |
Tranche 3
Exercise price $ |
| |
Expiry
date |
| |
Weighted
average remaining contractual life |
| |
Number of
options in force at year end |
| ||||||||||||
LTIP1 — June, August, September
|
| |
2014
|
| | | | 0.026079 | | | | | | 0.036110 | | | | | | 0.046140 | | | |
Jun-21
|
| |
2.42
|
| | | | 5,719,779,999 | | |
LTIP1 — January, February
|
| |
2015
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Jan-27
|
| |
8.09
|
| | | | 99,999,999 | | |
LTIP2 — January February
|
| |
2015
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Jan-27
|
| |
8.09
|
| | | | 9,503,435,304 | | |
LTIP1 — September
|
| |
2015
|
| | | | 0.043398 | | | | | | 0.046573 | | | | | | 0.057016 | | | |
Aug-22
|
| |
3.67
|
| | | | 222,950,001 | | |
LTIP2 — September
|
| |
2015
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Aug-27
|
| |
8.67
|
| | | | 4,294,144,842 | | |
LTIP1 — April
|
| |
2017
|
| | | | 0.049908 | | | | | | 0.053558 | | | | | | 0.065568 | | | |
Mar-24
|
| |
5.25
|
| | | | 504,999,999 | | |
| | | | | | | | 0.043398 | | | | | | 0.046572 | | | | | | 0.057016 | | | | | | | | | | | | | | |
LTIP2 — April
|
| |
2017
|
| | | | 0.049908 | | | | | | 0.053558 | | | | | | 0.065568 | | | |
Mar-24
|
| |
5.25
|
| | | | 207,185,001 | | |
LTIP2B — June
|
| |
2017
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Jun-29
|
| |
10.46
|
| | | | 2,499,663,393 | | |
LTIP3 — June
|
| |
2017
|
| | | | 0.049908 | | | | | | 0.0535584 | | | | | | 0.0655686 | | | |
Jun-29
|
| |
10.46
|
| | | | 225,789,840 | | |
LTIP2 — November
|
| |
2017
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Nov-29
|
| |
10.89
|
| | | | 69,999,999 | | |
LTIP2B — November
|
| |
2017
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Nov-29
|
| |
10.88
|
| | | | 562,424,265 | | |
LTIP3 — November
|
| |
2017
|
| | | | 0.049908 | | | | | | 0.0535584 | | | | | | 0.0655686 | | | |
Nov-29
|
| |
10.88
|
| | | | 50,802,714 | | |
LTIP1 — December
|
| |
2017
|
| | | | 0.043398 | | | | | | 0.046572 | | | | | | 0.057016 | | | |
Nov-24
|
| |
5.92
|
| | | | 39,999,999 | | |
| | | | | | | | 0.043398 | | | | | | 0.046572 | | | | | | 0.057016 | | | | | | | | | | | | | | |
LTIP2B — December
|
| |
2017
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Nov-29
|
| |
10.92
|
| | | | 1,026,249,018 | | |
LTIP3 — December
|
| |
2017
|
| | | | 0.049908 | | | | | | 0.0535584 | | | | | | 0.0655686 | | | |
Nov-29
|
| |
10.92
|
| | | | 67,736,952 | | |
LTIP2B — January
|
| |
2018
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Dec-29
|
| |
11.01
|
| | | | 20,000,001 | | |
LTIP2B — March
|
| |
2018
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Feb-30
|
| |
11.16
|
| | | | 15,000,000 | | |
LTIP1 — September
|
| |
2018
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Aug-30
|
| |
11.67
|
| | | | 9,867,081 | | |
LTIP2 — September
|
| |
2018
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Aug-30
|
| |
11.67
|
| | | | 4,398,261 | | |
LTIP2B — September
|
| |
2018
|
| | | | 0.037738 | | | | | | 0.040500 | | | | | | 0.049579 | | | |
Aug-30
|
| |
11.67
|
| | | | 52,769,325 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,197,195,993 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Reconciliation: | | | | | | | | | | | | | | | | | | | |
Loss before taxation
|
| | | | (86,022) | | | | | | (409,974) | | | | | | (152,853) | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Depreciation of property, plant and equipment* (note 14)
|
| | | | 287,708 | | | | | | 355,760 | | | | | | 373,247 | | |
Amortization of intangible assets (note 15)
|
| | | | 29,596 | | | | | | 28,747 | | | | | | 35,415 | | |
Impairment of property, plant and equipment and prepaid land rent (note 7)
|
| | | | 6,155 | | | | | | 21,604 | | | | | | 27,594 | | |
Net Impairment losses on financial (and contract) assets (note 8)
|
| | | | 50,611 | | | | | | 27,944 | | | | | | 13,081 | | |
Impairment of withholding tax receivable (note 8)
|
| | | | 12,063 | | | | | | 44,586 | | | | | | 31,533 | | |
Amortization of prepaid site rent
|
| | | | 33,435 | | | | | | 3,355 | | | | | | 4,459 | | |
Net loss/(gain) on disposal of plant, property and equipment
(note 8) |
| | | | 2,557 | | | | | | 5,819 | | | | | | (764) | | |
Insurance income (note 9)
|
| | | | (1,847) | | | | | | (3,607) | | | | | | (14,987) | | |
Interest expense (note 11)
|
| | | | 315,942 | | | | | | 288,915 | | | | | | 633,766 | | |
Interest income (note 10)
|
| | | | (23,801) | | | | | | (32,258) | | | | | | (148,968) | | |
Fair value gain on warrants revaluation (note 10)
|
| | | | (187) | | | | | | (3,787) | | | | | | — | | |
Share-based payment (credit)/expense (note 8)
|
| | | | (5,065) | | | | | | 351,054 | | | | | | 8,342 | | |
Impairment of inventory
|
| | | | 862 | | | | | | — | | | | | | 4,599 | | |
Operating profit before working capital changes
|
| | | | 622,007 | | | | | | 678,158 | | | | | | 814,464 | | |
Changes in working capital | | | | | | | | | | | | | | | | | | | |
Decrease/(increase) in inventory
|
| | | | 4,592 | | | | | | (27,069) | | | | | | (8,482) | | |
Increase in trade and other receivables
|
| | | | (164,284) | | | | | | (21,093) | | | | | | (130,265) | | |
Increase/(decrease) in trade and other payables
|
| | | | 92,625 | | | | | | 30,029 | | | | | | (19,018) | | |
Net movement in working capital
|
| | | | (67,067) | | | | | | (18,133) | | | | | | (157,765) | | |
Cash from operations
|
| | | | 554,940 | | | | | | 660,025 | | | | | | 656,699 | | |
Entity name
|
| |
Principal activity
|
| |
Country of
incorporation |
| |
Ownership
interests held by the Group 2020 |
| |
Ownership
interests held by the Group 2019 |
|
IHS Holding Limited (ultimate parent) | | | Holding company | | | Mauritius | | |
—
|
| |
—
|
|
IHS Mauritius Cameroon Limited | | | Holding company | | | Mauritius | | |
100%
|
| |
100%
|
|
IHS Mauritius Côte d’Ivoire Limited | | | Holding company | | | Mauritius | | |
100%
|
| |
100%
|
|
IHS Mauritius Netherlands Limited | | | Holding company | | | Mauritius | | |
100%
|
| |
100%
|
|
IHS Mauritius Zambia Limited | | | Holding company | | | Mauritius | | |
100%
|
| |
100%
|
|
IHS Mauritius Rwanda Limited
|
| | Holding company | | | Mauritius | | |
100%
|
| |
100%
|
|
IHS Africa (UK) Limited | | | Provision of management services | | | United Kingdom | | |
100%
|
| |
100%
|
|
IHS Netherlands (Interco) Cöoperatief U.A. | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands Holdco B.V. | | | Provision of finance | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands NG1 B.V. | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands NG2 B.V. | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Towers Netherlands FinCo NG B.V. | | | Provision of finance | | | Netherlands | | |
**
|
| |
100%
|
|
IHS Nigeria Limited | | | Operating* | | | Nigeria | | |
100%
|
| |
100%
|
|
INT Towers Limited | | | Operating* | | | Nigeria | | |
100%
|
| |
100%
|
|
IHS Towers NG Limited | | | Operating* | | | Nigeria | | |
100%
|
| |
100%
|
|
Tower infrastructure Company Limited | | | Operating* | | | Nigeria | | |
100%
|
| |
100%
|
|
IHS Côte d’Ivoire S.A. | | | Operating* | | |
Côte d’Ivoire
|
| |
100%
|
| |
100%
|
|
IHS Cameroon S.A. | | | Operating* | | | Cameroon | | |
100%
|
| |
100%
|
|
IHS Zambia Limited | | | Operating* | | | Zambia | | |
100%
|
| |
100%
|
|
IHS Rwanda Limited | | | Operating* | | | Rwanda | | |
100%
|
| |
100%
|
|
Rwanda Towers Limited | | | Operating* | | | Rwanda | | |
100%
|
| |
100%
|
|
IHS Kuwait Limited | | | Operating* | | | Kuwait | | |
70%
|
| |
100%
|
|
IHS Brazil Participações Ltda | | | Holding company | | | Brazil | | |
100%
|
| |
—
|
|
IHS Brasil Cessão de Infraestruturas S.A. | | | Operating* | | | Brazil | | |
100%
|
| |
—
|
|
IHS Towers Colombia S.A.S | | | Operating* | | | Colombia | | |
100%
|
| |
—
|
|
Cell Site Solutions Peru S.A.C.
|
| | Operating* | | | Peru | | |
100%
|
| |
—
|
|
IHS Fiber Brasil Cessão de Infraestruturas Limitada | | | Non-operating | | | Brazil | | |
100%
|
| |
—
|
|
Entity name
|
| |
Principal activity
|
| |
Country of
incorporation |
| |
Ownership
interests held by the Group 2020 |
| |
Ownership
interests held by the Group 2019 |
|
San Gimignano Imoveis e Adminsitracao Limitada | | |
Provision of land management
|
| | Brazil | | |
100%
|
| |
—
|
|
Nigeria Tower Interco B.V. | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands GCC B.V. | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands KW B.V. | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands KSA B.V. | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS GCC Limited | | | Provision of management services | | | United Arab Emirates | | |
100%
|
| |
100%
|
|
IHS Netherlands Connect B.V.
|
| | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS GCC KW Holding Limited | | | Provision of management services | | | United Arab Emirates | | |
70%
|
| |
100%
|
|
IHS FinCo Management Limited | | | Provision of finance | | | United Arab Emirates | | |
100%
|
| |
100%
|
|
Global Independent Connect Limited | | | Operating* | | | Nigeria | | |
100%
|
| |
100%
|
|
IHS KSA Limited | | | Operating* | | | Kingdom of Saudi Arabia | | |
100%
|
| |
100%
|
|
IHS SSC FZE | | | Provision of management services | | | United Arab Emirates | | |
100%
|
| |
100%
|
|
IHS Netherlands ETH B.V | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands BR B.V | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
IHS Netherlands PHP B.V | | | Holding company | | | Netherlands | | |
100%
|
| |
100%
|
|
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Key management compensation | | | | | | | | | | | | | | | | | | | |
Short-term employee benefits
|
| | | | 12,545 | | | | | | 20,154 | | | | | | 13,671 | | |
Post-employment benefits
|
| | | | 39 | | | | | | 61 | | | | | | 105 | | |
| | | | | 12,584 | | | | | | 20,215 | | | | | | 13,776 | | |
Share-based payments
|
| | | | (5,841) | | | | | | 343,285 | | | | | | 6,029 | | |
| | | | | 6,743 | | | | | | 363,500 | | | | | | 19,805 | | |
| | |
2020
|
| |||
| | |
$’000
|
| |||
Gross consideration
|
| | | | 117,367 | | |
Less: consideration received in exchange for a retained 30% interest (by Zain) in IHS GCC KW
|
| | | | (14,927) | | |
Net consideration for 70% controlling interest in the acquired towers
|
| | | | 102,440 | | |
Less: contingent and deferred consideration (note payable to Zain)*
|
| | | | (25,202) | | |
Net cash consideration for 70% controlling interest
|
| | |
|
77,238
|
| |
Identifiable assets acquired and liabilities assumed: | | | | | | | |
Towers and tower equipment
|
| | | | 33,061 | | |
Right of use assets
|
| | | | 10,372 | | |
Customer-related assets
|
| | | | 41,878 | | |
Network-related assets
|
| | | | 14,424 | | |
Trade and other receivables
|
| | | | 14,318 | | |
Trade and other payables
|
| | | | (1,249) | | |
Lease liabilities
|
| | | | (8,580) | | |
Total identifiable net assets acquired (at 100%)
|
| | | | 104,224 | | |
Goodwill | | | | | 13,143 | | |
Determination of non-controlling interest
|
| | | | | | |
Total identifiable net assets acquired (at 100%)
|
| | | | 104,224 | | |
Shareholder funding provided by the Group and external debt **
|
| | | | (48,730) | | |
Settlement for lease prepayment funded post acquisition
|
| | | | (5,738) | | |
Total identifiable net assets acquired for purposes of non-controlling interest
|
| | | | 49,756 | | |
Non-controlling interest portion of above at 30%
|
| | | | 14,927 | | |
| | |
2020
|
| |||
| | |
$’000
|
| |||
Revenue — post-acquisition
|
| | | | 21,713 | | |
Loss — post-acquisition
|
| | | | (2,466) | | |
| | |
2020
|
| |||
| | |
$’000
|
| |||
Cash consideration
|
| | | | 506,778 | | |
Less: cash in business at the date of acquisition
|
| | | | (41,111) | | |
Net cash consideration
|
| | | | 465,667 | | |
Identifiable assets acquired and liabilities assumed: | | | | | | | |
Towers and tower equipment
|
| | | | 111,327 | | |
Land and buildings
|
| | | | 566 | | |
Furniture and office equipment
|
| | | | 305 | | |
Capital work in progress
|
| | | | 4,970 | | |
Right of use assets
|
| | | | 119,339 | | |
Customer-related assets
|
| | | | 282,412 | | |
Network-related assets
|
| | | | 22,407 | | |
Other intangible assets
|
| | | | 33 | | |
Deferred tax assets
|
| | | | 8,347 | | |
Trade and other receivables
|
| | | | 14,615 | | |
Trade and other payables
|
| | | | (24,123) | | |
Income tax payable
|
| | | | (1,538) | | |
Borrowings
|
| | | | (46,356) | | |
Provisions for other liabilities and charges
|
| | | | (15,437) | | |
Lease liabilities
|
| | | | (123,071) | | |
Deferred tax liabilities
|
| | | | (107,016) | | |
Total identifiable net assets acquired
|
| | | | 246,780 | | |
Goodwill | | | | | 218,887 | | |
Revenue — post-acquisition
|
| | | | 30,185 | | |
Loss — post-acquisition
|
| | | | (296) | | |
| | |
2018
|
| |||
| | |
$’000
|
| |||
Not later than 1 year
|
| | | | 17,237 | | |
Later than 1 year but no later than 5 years
|
| | | | 51,629 | | |
Later than 5 years
|
| | | | 32,301 | | |
Total | | | | | 101,167 | | |
| | |
Note
|
| |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| |||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| ||||||
Revenue | | | | | | | | | | | 664,097 | | | | | | 763,569 | | |
Cost of sales
|
| | | | 6 | | | | | | (435,849) | | | | | | (400,040) | | |
Administrative expenses
|
| | | | 7 | | | | | | (122,385) | | | | | | (153,247) | | |
(Loss allowance)/reversal of loss allowance on trade receivables
|
| | | | 8 | | | | | | (1,341) | | | | | | 36,620 | | |
Other income
|
| | | | 9 | | | | | | 3,358 | | | | | | 7,056 | | |
Operating profit
|
| | | | | | | | | | 107,880 | | | | | | 253,958 | | |
Finance income
|
| | | | 10 | | | | | | 13,143 | | | | | | 17,282 | | |
Finance costs
|
| | | | 11 | | | | | | (377,217) | | | | | | (154,621) | | |
(Loss)/profit before income tax
|
| | | | | | | | | | (256,194) | | | | | | 116,619 | | |
Income tax expense
|
| | | | 12 | | | | | | (96,696) | | | | | | (40,013) | | |
(Loss)/profit for the period
|
| | | | | | | | | | (352,890) | | | | | | 76,606 | | |
(Loss)/profit attributable to: | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | | | | | | | | | (352,497) | | | | | | 77,323 | | |
Non-controlling interests
|
| | | | 24 | | | | | | (393) | | | | | | (717) | | |
(Loss)/profit for the period
|
| | | | | | | | | | (352,890) | | | | | | 76,606 | | |
(Loss)/income per share – basic $
|
| | |
|
13
|
| | | | | (0.00) | | | | |
|
0.00
|
| |
(Loss)/income per share – diluted $
|
| | |
|
13
|
| | | | | (0.00) | | | | |
|
0.00
|
| |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | |
Items that may be reclassified to profit or loss | | | | | | | | | | | | | | | | | | | |
Exchange differences on translation of foreign operations
|
| | | | | | | | | | 11,556 | | | | | | 16,056 | | |
Other comprehensive income for the period, net of taxes
|
| | | | | | | | | | 11,556 | | | | | | 16,056 | | |
Total comprehensive (loss)/income for the period
|
| | | | | | | | | | (341,334) | | | | | | 92,662 | | |
Total comprehensive (loss)/income attributable to: | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | | | | | | | | | (340,802) | | | | | | 93,209 | | |
Non-controlling interests
|
| | | | 24 | | | | | | (532) | | | | | | (547) | | |
Total comprehensive (loss)/income for the period
|
| | | | | | | | | | (341,334) | | | | | | 92,662 | | |
| | |
Note
|
| |
December 31,
2020 |
| |
June 30,
2021 |
| |||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | 14 | | | | | | 1,438,040 | | | | | | 1,493,509 | | |
Right of use assets
|
| | | | 14 | | | | | | 468,130 | | | | | | 528,553 | | |
Goodwill
|
| | | | 15 | | | | | | 656,256 | | | | | | 750,499 | | |
Other intangible assets
|
| | | | 15 | | | | | | 690,841 | | | | | | 763,646 | | |
Fair value through other comprehensive income financial
assets |
| | | | | | | | | | 8 | | | | | | 8 | | |
Deferred income tax assets
|
| | | | | | | | | | 13,443 | | | | | | 17,203 | | |
Derivative financial instrument assets
|
| | | | 16 | | | | | | 155,196 | | | | | | 148,048 | | |
Trade and other receivables
|
| | | | 17 | | | | | | 36,409 | | | | | | 83,287 | | |
| | | | | | | | | | | 3,458,323 | | | | | | 3,784,753 | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Inventories
|
| | | | | | | | | | 49,222 | | | | | | 36,033 | | |
Income tax receivable
|
| | | | | | | | | | — | | | | | | 377 | | |
Derivative financial instrument assets
|
| | | | 16 | | | | | | 27,495 | | | | | | — | | |
Trade and other receivables
|
| | | | 17 | | | | | | 327,187 | | | | | | 320,804 | | |
Cash and cash equivalents
|
| | | | | | | | | | 585,416 | | | | | | 541,644 | | |
| | | | | | | | | | | 989,320 | | | | | | 898,858 | | |
Total assets
|
| | | | | | | | | | 4,447,643 | | | | | | 4,683,611 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 18 | | | | | | 409,493 | | | | | | 423,942 | | |
Provisions for other liabilities and charges
|
| | | | 21 | | | | | | 3,797 | | | | | | 3,765 | | |
Derivative financial instrument liabilities
|
| | | | 16 | | | | | | 7,285 | | | | | | 11,029 | | |
Income tax payable
|
| | | | | | | | | | 48,703 | | | | | | 54,422 | | |
Borrowings
|
| | | | 19 | | | | | | 186,119 | | | | | | 244,163 | | |
Lease liabilities
|
| | | | 20 | | | | | | 28,246 | | | | | | 28,379 | | |
| | | | | | | | | | | 683,643 | | | | | | 765,700 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 18 | | | | | | 9,565 | | | | | | 107 | | |
Borrowings
|
| | | | 19 | | | | | | 2,017,090 | | | | | | 1,976,840 | | |
Lease liabilities
|
| | | | 20 | | | | | | 286,501 | | | | | | 353,190 | | |
Provisions for other liabilities and charges
|
| | | | 21 | | | | | | 49,469 | | | | | | 63,863 | | |
Deferred income tax liabilities
|
| | | | | | | | | | 177,184 | | | | | | 201,870 | | |
| | | | | | | | | | | 2,539,809 | | | | | | 2,595,870 | | |
Total liabilities
|
| | | | | | | | | | 3,223,452 | | | | | | 3,361,570 | | |
EQUITY | | | | | | | | | | | | | | | | | | | |
Stated capital
|
| | | | 22 | | | | | | 4,530,870 | | | | | | 4,530,870 | | |
Accumulated losses
|
| | | | | | | | | | (2,835,390) | | | | | | (2,758,067) | | |
Other reserves
|
| | | | 23 | | | | | | (485,505) | | | | | | (465,042) | | |
Equity attributable to owners of the Company
|
| | | | | | | | | | 1,209,975 | | | | | | 1,307,761 | | |
Non-controlling interest
|
| | | | 24 | | | | | | 14,216 | | | | | | 14,280 | | |
Total equity
|
| | | | | | | | | | 1,224,191 | | | | | | 1,322,041 | | |
Total liabilities and equity
|
| | | | | | | | | | 4,447,643 | | | | | | 4,683,611 | | |
| | | | | | | | |
Attributable to owners of the Company
|
| | | |||||||||||||||||||||||||||||||
| | |
Note
|
| |
Stated
capital |
| |
Accumulated
losses |
| |
Other
reserves |
| |
Total
|
| |
Non-controlling
interest |
| |
Total
Equity |
| |||||||||||||||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
Balance at January 1, 2020
|
| | | | | | | | | | 4,530,870 | | | | | | (2,513,396) | | | | | | (587,155) | | | | | | 1,430,319 | | | | | | — | | | | | | 1,430,319 | | |
NCI arising on business combination
|
| | | | 24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,195 | | | | | | 14,195 | | |
Share-based payment
expense |
| | | | | | | | | | — | | | | | | — | | | | | | 6,791 | | | | | | 6,791 | | | | | | — | | | | | | 6,791 | | |
Total transactions with owners of the company
|
| | | | | | | | | | — | | | | | | — | | | | | | 6,791 | | | | | | 6,791 | | | | | | 14,195 | | | | | | 20,986 | | |
Loss for the period
|
| | | | | | | | | | — | | | | | | (352,497) | | | | | | — | | | | | | (352,497) | | | | | | (393) | | | | | | (352,890) | | |
Other comprehensive income/(loss)
|
| | | | | | | | | | — | | | | | | — | | | | | | 11,556 | | | | | | 11,556 | | | | | | (139) | | | | | | 11,417 | | |
Total comprehensive (loss)/income
|
| | | | | | | | | | — | | | | | | (352,497) | | | | | | 11,556 | | | | | | (340,941) | | | | | | (532) | | | | | | (341,473) | | |
Balance at June 30, 2020
|
| | | | | | | | | | 4,530,870 | | | | | | (2,865,893) | | | | | | (568,808) | | | | | | 1,096,169 | | | | | | 13,663 | | | | | | 1,109,832 | | |
Balance at January 1, 2021
|
| | | | | | | | | | 4,530,870 | | | | | | (2,835,390) | | | | | | (485,505) | | | | | | 1,209,975 | | | | | | 14,216 | | | | | | 1,224,191 | | |
NCI arising on business combination
|
| | | | 24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 611 | | | | | | 611 | | |
Share-based payment
expense |
| | | | | | | | | | — | | | | | | — | | | | | | 4,577 | | | | | | 4,577 | | | | | | — | | | | | | 4,577 | | |
Total transactions with owners of the company
|
| | | | | | | | | | — | | | | | | — | | | | | | 4,577 | | | | | | 4,577 | | | | | | 611 | | | | | | 5,188 | | |
Profit/(loss) for the period
|
| | | | | | | | | | — | | | | | | 77,323 | | | | | | — | | | | | | 77,323 | | | | | | (717) | | | | | | 76,606 | | |
Other comprehensive income
|
| | | | | | | | | | — | | | | | | — | | | | | | 15,886 | | | | | | 15,886 | | | | | | 170 | | | | | | 16,056 | | |
Total comprehensive income/ (loss)
|
| | | | | | | | |
|
—
|
| | | | | 77,323 | | | | | | 15,886 | | | | | | 93,209 | | | | | | (547) | | | | | | 92,662 | | |
Balance at June 30, 2021
|
| | | | | | | | | | 4,530,870 | | | | | | (2,758,067) | | | | | | (465,042) | | | | | | 1,307,761 | | | | | | 14,280 | | | | | | 1,322,041 | | |
| | |
Note
|
| |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| |||||||||
| | | | | | | | |
$’000
|
| |
$’000
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Cash from operations
|
| | | | 26 | | | | | | 306,931 | | | | | | 392,218 | | |
Income taxes paid
|
| | | | | | | | | | (3,876) | | | | | | (19,386) | | |
Payment for rent
|
| | | | | | | | | | (1,659) | | | | | | (3,188) | | |
Payment for tower and tower equipment decommissioning
|
| | | | | | | | | | (5) | | | | | | (249) | | |
Net cash generated from operating activities
|
| | | | | | | | | | 301,391 | | | | | | 369,395 | | |
Cash flow from investing activities | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment – capital work in progress
|
| | | | | | | | | | (39,205) | | | | | | (77,245) | | |
Purchase of property, plant and equipment – others
|
| | | | | | | | | | (3,403) | | | | | | (8,176) | | |
Payment in advance for property, plant and equipment
|
| | | | | | | | | | (58,905) | | | | | | (84,292) | | |
Purchase of software and licenses
|
| | | | | | | | | | (1,404) | | | | | | (557) | | |
Consideration paid on business combinations, net of cash acquired
|
| | | | | | | | | | (530,710) | | | | | | (178,873) | | |
Proceeds from disposal of property, plant and equipment
|
| | | | | | | | | | 1,241 | | | | | | 3,375 | | |
Insurance claims received
|
| | | | | | | | | | 2,584 | | | | | | 11,782 | | |
Interest income received
|
| | | | | | | | | | 3,174 | | | | | | 2,352 | | |
Net cash used in investing activities
|
| | | | | | | | | | (626,628) | | | | | | (331,634) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Bank loans received
|
| | | | | | | | | | 32,832 | | | | | | 78,734 | | |
Bank loans repaid
|
| | | | | | | | | | (73,194) | | | | | | (60,538) | | |
Fees on loans and derivative instruments
|
| | | | | | | | | | (5,053) | | | | | | (8,095) | | |
Interest paid
|
| | | | | | | | | | (88,305) | | | | | | (73,348) | | |
Payment for the principal of lease liabilities
|
| | | | | | | | | | (19,480) | | | | | | (27,270) | | |
Interest paid for lease liabilities
|
| | | | | | | | | | (7,148) | | | | | | (14,717) | | |
Initial margin (deposited)/received on non-deliverable forwards
|
| | | | | | | | | | (31,251) | | | | | | 18,762 | | |
Gains received on non-deliverable forwards
|
| | | | | | | | | | 337 | | | | | | 40,204 | | |
Net cash used in financing
|
| | | | | | | | | | (191,262) | | | | | | (46,268) | | |
Net decrease in cash and cash equivalents
|
| | | | | | | | | | (516,499) | | | | | | (8,507) | | |
Cash and cash equivalents at beginning of period
|
| | | | | | | | | | 898,802 | | | | | | 585,416 | | |
Effect of movements in exchange rates on cash
|
| | | | | | | | | | (23,223) | | | | | | (35,265) | | |
Cash and cash equivalents at end of period
|
| | | | | | | | | | 359,080 | | | | | | 541,644 | | |
| | |
Assessment
|
| |
Risk discussion and response
|
|
Revenue and profitability | | |
•
Limited impact on revenue collections thus far.
•
Customers continue to perform, and we have not experienced significant deterioration in payments.
|
| |
•
The Group has long-term revenue contracts with its customers amounting to $10.0 billion in contracted revenue.
|
|
| | |
Assessment
|
| |
Risk discussion and response
|
|
| | | | | |
•
Our ability to collect revenue from our customers is impacted by our customers’ ability to generate and collect revenues from their operations. However, our customers have, in the main, seen an increased demand for their services.
•
The impact on collections has thus far been limited and the Group remains in constant conversation with customers regarding their liquidity and ability to meet their obligations.
•
The Group regularly reviews measures for cost savings whilst maintaining its ability to operate effectively and towards strategic goals.
•
The Group has continued to invest in capital expenditure which supports revenue growth. The Group will continue to invest in capital expenditure relating to revenue growth during 2021.
|
|
Liquidity | | |
•
Sufficient liquidity is available.
•
No current impact on going concern.
|
| |
•
The Group has cash and cash equivalents of $542 million as at June 30, 2021.
•
Management has assessed current cash reserves and the availability of undrawn facilities and continues to monitor available liquidity in the context of ongoing operational requirements and planned capital expenditure.
•
In the context of current commitments and available liquidity, management believes that the going concern assumption remains appropriate.
•
All of the Group’s operations are cash generative.
|
|
Access to USD | | |
•
Moderate risk due to decreased availability.
|
| |
•
While there has been a reduction in U.S. Dollar liquidity in the Nigerian market, we were still able to source U.S. Dollars locally to fund our semi-annual coupons during the period, and management remain confident that we will be able to do so for the foreseeable future.
|
|
| | |
Assessment
|
| |
Risk discussion and response
|
|
Workforce and internal controls | | |
•
Minimal impact to date.
|
| |
•
Employees are working remotely wherever possible or where required by local regulations. This has had a limited impact on the operation of and management oversight over internal controls which continue to operate effectively.
•
Operational employees continue to operate in the field while observing strict safety guidelines.
•
Our IT team monitors the increased risk of fraud, data or security breaches, loss of data and the potential for other cyber-related attacks and utilises security measures to mitigate such risks.
|
|
Supply chain | | |
•
Minimal impact to date.
|
| |
•
The Group works closely with suppliers and contractors to ensure availability of supplies on site, especially diesel supplies which are critical to many of our operations.
•
Regular maintenance of our towers continues while observing strict safety guidelines for our employees and our suppliers and contractors.
|
|
December 31, 2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Fair value through other comprehensive income financial assets
|
| | | | 8 | | | | | | — | | | | | | — | | | | | | 8 | | |
Embedded options within listed bonds (note 16)
|
| | | | — | | | | | | 155,196 | | | | | | — | | | | | | 155,196 | | |
Non-deliverable forwards (NDF) (note 16)
|
| | | | — | | | | | | 27,495 | | | | | | — | | | | | | 27,495 | | |
Embedded derivatives within revenue contracts (note 16)
|
| | | | — | | | | | | — | | | | | | (7,285) | | | | | | (7,285) | | |
| | | | | 8 | | | | | | 182,691 | | | | | | (7,285) | | | | | | 175,414 | | |
June 30, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Fair value through other comprehensive income financial assets
|
| | | | 8 | | | | | | — | | | | | | — | | | | | | 8 | | |
Embedded options within listed bonds (note 16)
|
| | | | — | | | | | | 148,048 | | | | | | — | | | | | | 148,048 | | |
Non-deliverable forwards (NDF) (note 16)
|
| | | | — | | | | | | (6,188) | | | | | | — | | | | | | (6,188) | | |
Embedded derivatives within revenue contracts (note 16)
|
| | | | — | | | | | | — | | | | | | (4,841) | | | | | | (4,841) | | |
| | | | | 8 | | | | | | 141,860 | | | | | | (4,841) | | | | | | 137,027 | | |
| | |
At December 31, 2020
|
| |
At June 30, 2021
|
| ||||||||||||||||||
| | |
Carrying
Value |
| |
Fair
Value |
| |
Carrying
Value |
| |
Fair
Value |
| ||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Bank and bond borrowings (note 19)
|
| | | | 2,203,209 | | | | | | 2,230,846 | | | | | | 2,221,003 | | | | | | 2,397,151 | | |
| | | | | 2,203,209 | | | | | | 2,230,846 | | | | | | 2,221,003 | | | | | | 2,397,151 | | |
2020
|
| |
Nigeria
|
| |
SSA
|
| |
Latam
|
| |
MENA
|
| |
Other
|
| |
Total
|
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
Revenues from external customers
|
| | | | 490,383 | | | | | | 152,001 | | | | | | 12,597 | | | | | | 9,116 | | | | | | — | | | | | | 664,097 | | |
Segment Adjusted EBITDA
|
| | | | 327,854 | | | | | | 80,541 | | | | | | 9,366 | | | | | | 4,009 | | | | | | (46,845) | | | | |
|
374,925
|
| |
Depreciation and amortization (note 6 and 7)
|
| | | | (164,318) | | | | | | (42,537) | | | | | | (7,897) | | | | | | (3,842) | | | | | | (2,430) | | | | |
|
(221,024)
|
| |
Net gain on disposal of property, plant and equipment (note 7)
|
| | | | 536 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
538
|
| |
Insurance claims (note 9)
|
| | | | 2,584 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
2,584
|
| |
Impairment of withholding tax receivables
|
| | | | (14,657) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(14,657)
|
| |
Business combination costs
|
| | | | — | | | | | | — | | | | | | (1,001) | | | | | | — | | | | | | (10,009) | | | | |
|
(11,010)
|
| |
Other costs(a)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (307) | | | | |
|
(307)
|
| |
Impairment of property, plant and equipment and prepaid land
|
| | | | (7,505) | | | | | | (5,702) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(13,207)
|
| |
Listing costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,171) | | | | |
|
(3,171)
|
| |
Share-based payment expense
(note 7) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,791) | | | | |
|
(6,791)
|
| |
Finance income (note 10)
|
| | | | 11,319 | | | | | | 281 | | | | | | 196 | | | | | | 22 | | | | | | 1,325 | | | | |
|
13,143
|
| |
Finance costs (note 11)
|
| | | | (236,597) | | | | | | (71,981) | | | | | | (66,074) | | | | | | (1,644) | | | | | | (921) | | | | |
|
(377,217)
|
| |
Loss before income tax
|
| | | | (80,784) | | | | | | (39,396) | | | | | | (65,410) | | | | | | (1,455) | | | | | | (69,149) | | | | | | (256,194) | | |
Addition of property, plant and equipment and intangible assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
— through business combinations
|
| | | | — | | | | | | — | | | | | | 760,246 | | | | | | 101,852 | | | | | | — | | | | |
|
862,098
|
| |
— in the normal course of business
|
| | | | 60,248 | | | | | | 35,263 | | | | | | 5,582 | | | | | | 2,725 | | | | | | 1,195 | | | | |
|
105,013
|
| |
Segment assets (at June 30, 2020)
|
| | | | 2,180,911 | | | | | | 985,982 | | | | | | 642,022 | | | | | | 128,197 | | | | | | 171,697 | | | | |
|
4,108,809
|
| |
Segment liabilities (at June 30, 2020)
|
| | | | 765,846 | | | | | | 523,438 | | | | | | 239,897 | | | | | | 41,562 | | | | | | 1,428,232 | | | | |
|
2,998,975
|
| |
2021
|
| |
Nigeria
|
| |
SSA
|
| |
Latam
|
| |
MENA
|
| |
Other
|
| |
Total
|
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
Revenues from external customers
|
| | | | 557,863 | | | | | | 167,110 | | | | | | 24,730 | | | | | | 13,866 | | | | | | — | | | | | | 763,569 | | |
Segment Adjusted EBITDA
|
| | | | 420,191 | | | | | | 94,667 | | | | | | 17,875 | | | | | | 6,152 | | | | | | (48,856) | | | | |
|
490,029
|
| |
Depreciation and amortization
(note 6 and 7) |
| | | | (123,336) | | | | | | (37,082) | | | | | | (13,716) | | | | | | (6,493) | | | | | | (3,298) | | | | |
|
(183,925)
|
| |
Net gain/(loss) on disposal of
property, plant and equipment (note 7) |
| | | | 1,153 | | | | | | 380 | | | | | | 3 | | | | | | 2 | | | | | | — | | | | |
|
1,538
|
| |
Insurance claims (note 9)
|
| | | | 5,402 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
5,402
|
| |
Impairment of withholding tax
receivables |
| | | | (32,684) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(32,684)
|
| |
Business combination costs
|
| | | | — | | | | | | — | | | | | | (4,605) | | | | | | — | | | | | | (1,343) | | | | |
|
(5,948)
|
| |
Other costs(a)
|
| | | | — | | | | | | — | | | | | | (210) | | | | | | — | | | | | | (9,983) | | | | |
|
(10,193)
|
| |
Impairment of property, plant
and equipment and prepaid land |
| | | | (612) | | | | | | (642) | | | | | | (1,559) | | | | | | — | | | | | | — | | | | |
|
(2,813)
|
| |
Listing costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,035) | | | | |
|
(4,035)
|
| |
Share-based payment expense (note 7)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,682) | | | | |
|
(4,682)
|
| |
Other income
|
| | | | — | | | | | | — | | | | | | 1,269 | | | | | | — | | | | | | — | | | | |
|
1,269
|
| |
Finance income (note 10)
|
| | | | 16,558 | | | | | | 231 | | | | | | 15,601 | | | | | | 39 | | | | | | (15,147) | | | | |
|
17,282
|
| |
Finance costs (note 11)
|
| | | | (59,656) | | | | | | (28,690) | | | | | | (9,797) | | | | | | (1,868) | | | | | | (54,610) | | | | |
|
(154,621)
|
| |
Profit/(loss) before income tax
|
| | | | 227,016 | | | | | | 28,864 | | | | | | 4,861 | | | | | | (2,168) | | | | | | (141,954) | | | | | | 116,619 | | |
Addition of property, plant and
equipment and intangible assets: |
| | | | | | | ||||||||||||||||||||||||||||||
— through business combinations
|
| | | | — | | | | | | — | | | | | | 257,854 | | | | | | 5,388 | | | | | | — | | | | |
|
263,242
|
| |
— in the normal course of business
|
| | | | 112,875 | | | | | | 22,637 | | | | | | 48,270 | | | | | | 7,470 | | | | | | 3,145 | | | | |
|
194,397
|
| |
Segment assets (at June 30, 2021)
|
| | | | 2,100,992 | | | | | | 987,326 | | | | | | 1,044,422 | | | | | | 152,425 | | | | | | 398,446 | | | | |
|
4,683,611
|
| |
Segment liabilities
(at June 30, 2021) |
| | | | 767,949 | | | | | | 498,596 | | | | | | 425,839 | | | | | | 102,611 | | | | | | 1,566,575 | | | | |
|
3,361,570
|
| |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Revenue | | | | | | | | | | | | | |
Nigeria
|
| | | | 490,383 | | | | | | 557,863 | | |
Rest of world
|
| | | | 173,714 | | | | | | 205,706 | | |
| | | | | 664,097 | | | | | | 763,569 | | |
| | |
December 31,
2020 |
| |
June 30,
2021 |
| |||
| | |
$’000
|
| |
$’000
|
| |||
Non-current assets* | | | | | | | | | | |
Nigeria
|
| | | | 1,654,318 | | | |
1,635,829
|
|
Côte d’Ivoire
|
| | | | 330,705 | | | |
n.a. as less than 10%
|
|
Brazil
|
| | | | 641,253 | | | |
897,867
|
|
Rest of world
|
| | | | 626,991 | | | |
1,002,511
|
|
| | | | | 3,253,267 | | | |
3,536,207
|
|
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
Customer A
|
| | | | 66% | | | | | | 66% | | |
Customer B
|
| | | | 14% | | | | | | 14% | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Tower repairs and maintenance
|
| | | | 38,604 | | | | | | 36,653 | | |
Power generation
|
| | | | 107,098 | | | | | | 114,681 | | |
Short term site rental
|
| | | | 4,011 | | | | | | 3,960 | | |
Short term other rent
|
| | | | 1,056 | | | | | | 2,250 | | |
Vehicle maintenance and repairs
|
| | | | 765 | | | | | | 1,127 | | |
Site regulatory permits
|
| | | | 11,929 | | | | | | 15,650 | | |
Security services
|
| | | | 16,295 | | | | | | 18,419 | | |
Insurance
|
| | | | 2,397 | | | | | | 2,084 | | |
Staff costs
|
| | | | 11,460 | | | | | | 13,452 | | |
Travel costs
|
| | | | 2,823 | | | | | | 3,936 | | |
Professional fees
|
| | | | 1,281 | | | | | | 1,365 | | |
Depreciation (note 14)
|
| | | | 201,050 | | | | | | 161,590 | | |
Amortization (note 15)
|
| | | | 15,872 | | | | | | 16,559 | | |
Impairment of property, plant and equipment and prepaid land
rent |
| | | | 13,207 | | | | | | 2,813 | | |
Other
|
| | | | 8,001 | | | | | | 5,501 | | |
| | | | | 435,849 | | | | | | 400,040 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Facilities, short term rental and upkeep
|
| | | | 7,342 | | | | | | 12,261 | | |
Depreciation (note 14)
|
| | | | 2,664 | | | | | | 4,191 | | |
Amortization (note 15)
|
| | | | 1,438 | | | | | | 1,585 | | |
Travel costs
|
| | | | 4,457 | | | | | | 3,497 | | |
Staff costs
|
| | | | 42,935 | | | | | | 48,345 | | |
Key management compensation
|
| | | | 3,172 | | | | | | 3,689 | | |
Share-based payment expense
|
| | | | 6,791 | | | | | | 4,682 | | |
Professional fees
|
| | | | 18,720 | | | | | | 28,091 | | |
Business combination transaction costs
|
| | | | 11,010 | | | | | | 5,948 | | |
Impairment of withholding tax receivables*
|
| | | | 14,657 | | | | | | 32,684 | | |
Net gain on disposal of property, plant and equipment
|
| | | | (538) | | | | | | (1,538) | | |
Operating taxes
|
| | | | 122 | | | | | | 1,221 | | |
Other
|
| | | | 9,615 | | | | | | 8,591 | | |
| | | | | 122,385 | | | | | | 153,247 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Insurance claims
|
| | | | 2,584 | | | | | | 5,402 | | |
Other income
|
| | | | 774 | | | | | | 1,654 | | |
| | | | | 3,358 | | | | | | 7,056 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Interest income – bank deposits
|
| | | | 3,174 | | | | | | 2,352 | | |
Net foreign exchange gain on derivative instruments – unrealized
|
| | | | 9,631 | | | | | | — | | |
Net foreign exchange gain on derivative instruments – realized
|
| | | | 338 | | | | | | 12,504 | | |
Fair value gain on embedded derivative within revenue contract
|
| | | | — | | | | | | 2,426 | | |
| | | | | 13,143 | | | | | | 17,282 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Interest expenses – third party loans
|
| | | | 91,812 | | | | | | 78,857 | | |
Unwinding of discount on decommissioning liability
|
| | | | 435 | | | | | | 2,024 | | |
Interest and finance charges paid/payable for lease liabilities
|
| | | | 11,881 | | | | | | 14,370 | | |
Net foreign exchange loss arising from financing – unrealized
|
| | | | 234,861 | | | | | | 6,004 | | |
Net foreign exchange loss arising from financing – realized
|
| | | | 8,719 | | | | | | 35,874 | | |
Net foreign exchange loss on derivative instruments –
unrealized |
| | | | — | | | | | | 6,200 | | |
Fair value loss on embedded options
|
| | | | 25,353 | | | | | | 7,148 | | |
Fees on loans and financial derivatives
|
| | | | 4,156 | | | | | | 4,144 | | |
| | | | | 377,217 | | | | | | 154,621 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Current taxes on income
|
| | | | 48,051 | | | | | | 46,200 | | |
Deferred income taxes
|
| | | | 48,645 | | | | | | (6,187) | | |
Total taxes
|
| | | | 96,696 | | | | | | 40,013 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
(Loss)/profit attributable to equity holders ($’000)
|
| | | | (352,890) | | | | | | 76,606 | | |
Less: allocation of loss to non-controlling interest ($’000)
|
| | | | (393) | | | | | | (717) | | |
(Loss)/profit attributable to IHS common shareholders ($’000)
|
| | | | (352,497) | | | | | | 77,323 | | |
Basic weighted average shares outstanding (‘000)
|
| | | | 147,051,494 | | | | | | 147,051,494 | | |
Potentially dilutive securities (‘000)
|
| | | | 11,609,086 | | | | | | 11,719,073 | | |
Potentially dilutive weighted average common shares outstanding
(‘000) |
| | | | 158,660,580 | | | | | | 158,770,567 | | |
(Loss)/profit per share: | | | | | | | | | | | | | |
Basic (loss)/income per share ($)
|
| | | | (0.00) | | | | | | 0.00 | | |
Diluted (loss)/income loss per share ($)
|
| | | | (0.00) | | | | | | 0.00 | | |
| | |
Towers
and tower equipment |
| |
Land and
buildings |
| |
Furniture
and office equipment |
| |
Motor
vehicles |
| |
Capital
work in progress |
| |
Total
(excluding Right of use asset) |
| |
Right of
use assets |
| |||||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2020
|
| | | | 2,527,637 | | | | | | 51,734 | | | | | | 15,877 | | | | | | 19,824 | | | | | | 85,060 | | | | | | 2,700,132 | | | | | | 406,897 | | |
Additions during the year
|
| | | | 10,287 | | | | | | 768 | | | | | | 2,470 | | | | | | 2,576 | | | | | | 87,014 | | | | | | 103,115 | | | | | | 72,888 | | |
Additions through business combinations
|
| | | | 144,388 | | | | | | 566 | | | | | | 305 | | | | | | — | | | | | | 4,970 | | | | | | 150,229 | | | | | | 129,711 | | |
Reclassification
|
| | | | 91,165 | | | | | | 887 | | | | | | 808 | | | | | | 658 | | | | | | (93,518) | | | | | | — | | | | | | — | | |
Transfer from advance payments
|
| | | | 124,272 | | | | | | 620 | | | | | | 91 | | | | | | — | | | | | | (2,997) | | | | | | 121,986 | | | | | | — | | |
Disposals*
|
| | | | (23,591) | | | | | | (1,203) | | | | | | (95) | | | | | | (1,310) | | | | | | — | | | | | | (26,199) | | | | | | (15,721) | | |
Effects of movement in exchange rates
|
| | | | (214,038) | | | | | | (5,936) | | | | | | (1,287) | | | | | | (1,600) | | | | | | (5,883) | | | | | | (228,744) | | | | | | (44,181) | | |
At December 31, 2020
|
| | | | 2,660,120 | | | | | | 47,436 | | | | | | 18,169 | | | | | | 20,148 | | | | | | 74,646 | | | | | | 2,820,519 | | | | | | 549,594 | | |
At January 1, 2021
|
| | | | 2,660,120 | | | | | | 47,436 | | | | | | 18,169 | | | | | | 20,148 | | | | | | 74,646 | | | | | | 2,820,519 | | | | | | 549,594 | | |
Additions during the period
|
| | | | 15,824 | | | | | | 790 | | | | | | 2,877 | | | | | | 3,676 | | | | | | 77,245 | | | | | | 100,412 | | | | | | 53,210 | | |
Additions through business combinations (note 27)
|
| | | | 59,217 | | | | | | 968 | | | | | | 93 | | | | | | — | | | | | | 1,663 | | | | | | 61,941 | | | | | | 41,709 | | |
Reclassification
|
| | | | 46,152 | | | | | | 1,363 | | | | | | — | | | | | | — | | | | | | (47,515) | | | | | | — | | | | | | — | | |
Transfer from advance payments
|
| | | | 30,480 | | | | | | 1,134 | | | | | | — | | | | | | — | | | | | | 6,772 | | | | | | 38,386 | | | | | | — | | |
Disposals*
|
| | | | (12,138) | | | | | | — | | | | | | (46) | | | | | | (1,361) | | | | | | — | | | | | | (13,545) | | | | | | (12,129) | | |
Effects of movement in exchange rates
|
| | | | (19,934) | | | | | | (141) | | | | | | (170) | | | | | | (369) | | | | | | (451) | | | | | | (21,064) | | | | | | 3,766 | | |
At June 30, 2021
|
| | | | 2,779,721 | | | | | | 51,550 | | | | | | 20,923 | | | | | | 22,094 | | | | | | 112,360 | | | | | | 2,986,649 | | | | | | 636,150 | | |
Accumulated depreciation and
impairment |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2020
|
| | | | 1,134,484 | | | | | | 1,163 | | | | | | 12,678 | | | | | | 14,652 | | | | | | — | | | | | | 1,162,977 | | | | | | 37,035 | | |
Charge for the year
|
| | | | 315,131 | | | | | | 331 | | | | | | 2,547 | | | | | | 1,959 | | | | | | — | | | | | | 319,968 | | | | | | 54,089 | | |
Impairment
|
| | | | 26,824 | | | | | | 421 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,245 | | | | | | — | | |
Disposals*
|
| | | | (21,435) | | | | | | — | | | | | | (41) | | | | | | (1,294) | | | | | | — | | | | | | (22,770) | | | | | | (5,594) | | |
Effects of movement in exchange rates
|
| | | | (102,812) | | | | | | (187) | | | | | | (893) | | | | | | (1,049) | | | | | | — | | | | | | (104,941) | | | | | | (4,066) | | |
At December 31, 2020
|
| | | | 1,352,192 | | | | | | 1,728 | | | | | | 14,291 | | | | | | 14,268 | | | | | | — | | | | | | 1,382,479 | | | | | | 81,464 | | |
At January 1, 2021
|
| | | | 1,352,192 | | | | | | 1,728 | | | | | | 14,291 | | | | | | 14,268 | | | | | | — | | | | | | 1,382,479 | | | | | | 81,464 | | |
Charge for the period**
|
| | | | 132,859 | | | | | | 148 | | | | | | 2,008 | | | | | | 1,235 | | | | | | — | | | | | | 136,250 | | | | | | 29,805 | | |
Impairment/(reversal of impairment)
|
| | | | 1,316 | | | | | | (318) | | | | | | — | | | | | | — | | | | | | — | | | | | | 998 | | | | | | 1,632 | | |
Disposals*
|
| | | | (8,809) | | | | | | — | | | | | | (42) | | | | | | (1,352) | | | | | | — | | | | | | (10,203) | | | | | | (5,124) | | |
Effects of movement in exchange rates
|
| | | | (15,996) | | | | | | (9) | | | | | | (160) | | | | | | (220) | | | | | | — | | | | | | (16,385) | | | | | | (180) | | |
At June 30, 2021
|
| | | | 1,461,562 | | | | | | 1,549 | | | | | | 16,097 | | | | | | 13,931 | | | | | | — | | | | | | 1,493,139 | | | | | | 107,597 | | |
Net book value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At December 31, 2020
|
| | | | 1,307,928 | | | | | | 45,708 | | | | | | 3,878 | | | | | | 5,880 | | | | | | 74,646 | | | | | | 1,438,040 | | | | | | 468,130 | | |
At June 30, 2021
|
| | | | 1,318,159 | | | | | | 50,001 | | | | | | 4,826 | | | | | | 8,163 | | | | | | 112,360 | | | | | | 1,493,509 | | | | | | 528,553 | | |
| | |
Goodwill
|
| |
Customer-
related intangible assets |
| |
Network-
related intangible assets |
| |
Licenses
|
| |
Software
|
| |
Total
|
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2020
|
| | | | 518,392 | | | | | | 496,990 | | | | | | 43,556 | | | | | | 14,592 | | | | | | 20,902 | | | | | | 1,094,432 | | |
Additions during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 2,460 | | | | | | 2,464 | | |
Additions through business combinations
|
| | | | 232,030 | | | | | | 324,290 | | | | | | 36,831 | | | | | | — | | | | | | 33 | | | | | | 593,184 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (475) | | | | | | (476) | | |
Effects of movement in exchange rates
|
| | | | (93,915) | | | | | | (88,846) | | | | | | (6,835) | | | | | | 1,201 | | | | | | (829) | | | | | | (189,224) | | |
At December 31, 2020
|
| | | | 656,507 | | | | | | 732,434 | | | | | | 73,552 | | | | | | 15,796 | | | | | | 22,091 | | | | | | 1,500,380 | | |
At January 1, 2021
|
| | | | 656,507 | | | | | | 732,434 | | | | | | 73,552 | | | | | | 15,796 | | | | | | 22,091 | | | | | | 1,500,380 | | |
Additions during the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11 | | | | | | 2,378 | | | | | | 2,389 | | |
Additions through business combinations (note 27)
|
| | | | 84,001 | | | | | | 70,335 | | | | | | 4,760 | | | | | | — | | | | | | 496 | | | | | | 159,592 | | |
Effects of movement in exchange rates
|
| | | | 10,242 | | | | | | 11,288 | | | | | | 1,034 | | | | | | (457) | | | | | | 73 | | | | | | 22,180 | | |
At June 30, 2021
|
| | | | 750,750 | | | | | | 814,057 | | | | | | 79,346 | | | | | | 15,350 | | | | | | 25,038 | | | | | | 1,684,541 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At January 1, 2020
|
| | | | 251 | | | | | | 89,885 | | | | | | 15,955 | | | | | | 5,067 | | | | | | 15,501 | | | | | | 126,659 | | |
Charge for the year
|
| | | | — | | | | | | 26,921 | | | | | | 4,070 | | | | | | 871 | | | | | | 3,553 | | | | | | 35,415 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (475) | | | | | | (475) | | |
Effects of movement in exchange rates
|
| | | | — | | | | | | (7,091) | | | | | | (1,003) | | | | | | 518 | | | | | | (740) | | | | | | (8,316) | | |
At December 31, 2020
|
| | | | 251 | | | | | | 109,715 | | | | | | 19,022 | | | | | | 6,456 | | | | | | 17,839 | | | | | | 153,283 | | |
At January 1, 2021
|
| | | | 251 | | | | | | 109,715 | | | | | | 19,022 | | | | | | 6,456 | | | | | | 17,839 | | | | | | 153,283 | | |
Charge for the period
|
| | | | — | | | | | | 13,779 | | | | | | 2,103 | | | | | | 470 | | | | | | 1,792 | | | | | | 18,144 | | |
Effects of movement in exchange rates
|
| | | | — | | | | | | (442) | | | | | | (106) | | | | | | (199) | | | | | | (284) | | | | | | (1,031) | | |
At June 30, 2021
|
| | | | 251 | | | | | | 123,052 | | | | | | 21,019 | | | | | | 6,727 | | | | | | 19,347 | | | | | | 170,396 | | |
Net book value
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At December 31, 2020
|
| | | | 656,256 | | | | | | 622,719 | | | | | | 54,530 | | | | | | 9,340 | | | | | | 4,252 | | | | | | 1,347,097 | | |
At June 30, 2021
|
| | | | 750,499 | | | | | | 691,005 | | | | | | 58,327 | | | | | | 8,623 | | | | | | 5,691 | | | | | | 1,514,145 | | |
| | |
December 31,
2020 |
| |
June 30,
2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Derivative instruments | | | | | | | | | | | | | |
Non-deliverable forwards
|
| | | | 652,088 | | | | | | 124,298 | | |
Embedded options within listed bonds
|
| | | | 1,450,000 | | | | | | 1,450,000 | | |
Embedded derivatives within revenue contracts
|
| | | | —* | | | | | | —* | | |
| | | | | 2,102,088 | | | | | | 1,574,298 | | |
| | |
December 31,
2020 |
| |
June 30,
2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Derivative instruments | | | | | | | | | | | | | |
Non-deliverable forwards
|
| | | | 27,495 | | | | | | (6,188) | | |
Embedded options within listed bonds
|
| | | | 155,196 | | | | | | 148,048 | | |
Embedded options within revenue contracts
|
| | | | (7,285) | | | | | | (4,841) | | |
| | | | | 175,406 | | | | | | 137,019 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Derivative instruments | | | | | | | | | | | | | |
Non-deliverable forwards
|
| | | | 9,631 | | | | | | (6,200) | | |
Embedded options within listed bonds
|
| | | | (25,353) | | | | | | (7,148) | | |
Embedded options within revenue contracts
|
| | | | — | | | | | | 2,426 | | |
| | | | | (15,722) | | | | | | (10,922) | | |
| | |
December 31,
2020 |
| |
June 30,
2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Current | | | | | | | | | | | | | |
Trade receivables
|
| | | | 334,452 | | | | | | 247,378 | | |
Less: impairment provisions
|
| | | | (133,800) | | | | | | (48,307) | | |
Net trade receivables*
|
| | | | 200,652 | | | | | | 199,071 | | |
Other receivables**
|
| | | | 85,011 | | | | | | 72,548 | | |
Prepaid land rent
|
| | | | 1,588 | | | | | | 2,419 | | |
Other prepaid expenses
|
| | | | 16,538 | | | | | | 19,458 | | |
Advance payments
|
| | | | 18,766 | | | | | | 22,021 | | |
Withholding tax
|
| | | | 800 | | | | | | 893 | | |
VAT receivables
|
| | | | 3,832 | | | | | | 4,394 | | |
| | | | | 327,187 | | | | | | 320,804 | | |
Non-current | | | | | | | | | | | | | |
Accrued income and lease incentive
|
| | | | 15,481 | | | | | | 17,389 | | |
Payment in advance for property, plant and equipment
|
| | | | 20,928 | | | | | | 65,898 | | |
| | | | | 36,409 | | | | | | 83,287 | | |
| | |
December 31,
2020 |
| |
June 30,
2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Current | | | | | | | | | | | | | |
Trade payables
|
| | | | 301,813 | | | | | | 300,988 | | |
Deferred revenue
|
| | | | 2,224 | | | | | | 8,933 | | |
Withholding tax payable
|
| | | | 5,694 | | | | | | 2,086 | | |
Payroll and other related statutory liabilities
|
| | | | 27,476 | | | | | | 29,004 | | |
Other payables
|
| | | | 72,286 | | | | | | 82,931 | | |
| | | | | 409,493 | | | | | | 423,942 | | |
Non-current | | | | | | | | | | | | | |
Other payables
|
| | | | 9,565 | | | | | | 107 | | |
| | | | | 9,565 | | | | | | 107 | | |
| | |
December 31,
2020 |
| |
June 30,
2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Non-current | | | | | | | | | | | | | |
Senior Notes
|
| | | | 1,428,398 | | | | | | 1,430,058 | | |
Bank borrowings
|
| | | | 588,692 | | | | | | 546,782 | | |
External debt
|
| | | | 2,017,090 | | | | | | 1,976,840 | | |
Current | | | | | | | | | | | | | |
Senior Notes
|
| | | | 32,352 | | | | | | 31,825 | | |
Bank borrowings
|
| | | | 153,767 | | | | | | 212,338 | | |
External debt
|
| | | | 186,119 | | | | | | 244,163 | | |
Total borrowings
|
| | | | 2,203,209 | | | | | | 2,221,003 | | |
| | |
Currency
|
| |
Maturity date
|
| |
Interest rate
|
| |
2021
|
| |||
| | | | | | | | | | | |
$’000
|
| |||
Senior notes | | | | | | | | | | | | | | | | |
IHS Netherlands Holdco B.V.
|
| |
U.S. Dollar
|
| |
2027
|
| |
8.00%
|
| | | | 947,190 | | |
IHS Netherlands Holdco B.V.
|
| |
U.S. Dollar
|
| |
2025
|
| |
7.13%
|
| | | | 514,693 | | |
Bank borrowings | | | | | | | | | | | | | | | | |
INT Towers Limited
|
| |
Nigeria Naira
|
| |
2024
|
| |
2.50% + 3M NIBOR
|
| | | | 343,787 | | |
INT Towers Limited
|
| |
U.S. Dollar
|
| |
2024
|
| |
3.75% + 3M LIBOR
|
| | | | 105,478 | | |
IHS Zambia Limited
|
| |
U.S. Dollar
|
| |
2027
|
| |
5.00% + LIBOR
|
| | | | 93,660 | | |
IHS Brasil Participações Ltda
|
| |
Brazilian Real
|
| |
2029
|
| |
3.65%+CDI
|
| | | | 78,324 | | |
IHS Kuwait Limited
|
| |
Kuwait Dinar
|
| |
2029
|
| |
2.00% + 3M KIBOR
|
| | | | 52,884 | | |
IHS Côte d’Ivoire S.A.
|
| |
CFA Franc
|
| |
2022
|
| |
6%
|
| | | | 43,014 | | |
IHS Côte d’Ivoire S.A.
|
| |
Euro
|
| |
2022
|
| |
3.75% + 3M EURIBOR
|
| | | | 32,751 | | |
IHS Rwanda Limited
|
| |
U.S. Dollar
|
| |
2022
|
| |
6.50% + 3M LIBOR
|
| | | | 9,222 | | |
| | | | | | | | | | | | | | 2,221,003 | | |
| | |
December 31,
2020 |
| |
June 30,
2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Current
|
| | | | 28,246 | | | | | | 28,379 | | |
Non-current
|
| | | | 286,501 | | | | | | 353,190 | | |
Total lease liabilities
|
| | |
|
314,747
|
| | | |
|
381,569
|
| |
| | |
Carrying
value |
| |
Total
contractual cash flows |
| |
Within
1 year |
| |
2 – 3
years |
| |
4 – 5
years |
| |
Over 5
years |
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | | | 381,569 | | | | | | 713,110 | | | | | | 57,529 | | | | | | 104,073 | | | | | | 97,306 | | | | | | 454,202 | | |
| | |
Year ended
December 31, 2020 |
| |
Six month
period ended June 30, 2021 |
|
| | |
$’000
|
| |
$’000
|
|
At January 1
|
| |
33,568
|
| |
53,266
|
|
Additions through business combinations (note 27)
|
| |
15,437
|
| |
8,347
|
|
Increase in provisions
|
| |
8,315
|
| |
3,836
|
|
Payments for tower and tower equipment decommissioning
|
| |
(65)
|
| |
(249)
|
|
Unwinding of discount
|
| |
2,644
|
| |
2,024
|
|
Effects of movement in exchange rates
|
| |
(6,633)
|
| |
404
|
|
At end of year/period
|
| |
53,266
|
| |
67,628
|
|
Analysis of total decommissioning and site restoration provisions:
|
| | | | | | |
Non-current
|
| |
49,469
|
| |
63,863
|
|
Current
|
| |
3,797
|
| |
3,765
|
|
| | |
53,266
|
| |
67,628
|
|
| | |
Class A shares
|
| |
Class B shares
|
| ||||||||||||||||||||||||||||||
| | |
Number of
shares |
| |
Stated capital
|
| |
Stated capital
net of issue costs |
| |
Number of
shares |
| |
Stated capital
|
| |
Stated capital
net of issue costs |
| ||||||||||||||||||
| | |
000’s
|
| |
$’000
|
| |
$’000
|
| |
000’s
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
At December 31, 2020
|
| | | | 130,492,567 | | | | | | 4,233,335 | | | | | | 4,231,856 | | | | | | 16,558,927 | | | | | | 299,405 | | | | | | 299,014 | | |
At June 30, 2021
|
| | | | 130,492,567 | | | | | | 4,233,335 | | | | | | 4,231,856 | | | | | | 16,558,927 | | | | | | 299,405 | | | | | | 299,014 | | |
| | |
Fair value
through other comprehensive income reserve |
| |
Restructuring
reserve |
| |
Share-
based payment reserve |
| |
Loss on
transaction between owners |
| |
Foreign
exchange translation reserve |
| |
Total
|
| ||||||||||||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| |
$’000
|
| ||||||||||||||||||
At January 1, 2020
|
| | | | (6) | | | | | | 4,019 | | | | | | 504,331 | | | | | | (840,359) | | | | | | (255,140) | | | | | | (587,155) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 94,434 | | | | | | 94,434 | | |
Recognition of share-based payment expense
|
| | | | — | | | | | | — | | | | | | 7,216 | | | | | | — | | | | | | — | | | | | | 7,216 | | |
At December 31, 2020
|
| | | | (6) | | | | | | 4,019 | | | | | | 511,547 | | | | | | (840,359) | | | | | | (160,706) | | | | | | (485,505) | | |
At January 1, 2021
|
| | | | (6) | | | | | | 4,019 | | | | | | 511,547 | | | | | | (840,359) | | | | | | (160,706) | | | | | | (485,505) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,886 | | | | | | 15,886 | | |
Recognition of share-based payment expense
|
| | | | — | | | | | | — | | | | | | 4,577 | | | | | | — | | | | | | — | | | | | | 4,577 | | |
At June 30, 2021
|
| | | | (6) | | | | | | 4,019 | | | | | | 516,124 | | | | | | (840,359) | | | | | | (144,820) | | | | | | (465,042) | | |
| | |
Six month
period ended June 30, 2020 |
| |
Six month
period ended June 30, 2021 |
| ||||||
| | | | | | | | |
$’000
|
| |||
Balance at January 1
|
| | | | — | | | | | | 14,216 | | |
NCI arising on business combination
|
| | | | 14,195 | | | | | | 611 | | |
Loss for the period
|
| | | | (393) | | | | | | (717) | | |
Other comprehensive loss/(income)
|
| | | | (139) | | | | | | 170 | | |
Balance at June 30
|
| | | | 13,663 | | | | | | 14,280 | | |
| | |
Six months
ended June 30, 2020 |
| |
Six months
ended June 30, 2021 |
| ||||||
| | |
$’000
|
| |
$’000
|
| ||||||
Reconciliation: | | | | | | | | | | | | | |
(Loss)/profit before taxation
|
| | | | (256,194) | | | | | | 116,619 | | |
Adjustments: | | | | | | | | | | | | | |
Depreciation of property, plant and equipment (note 6 and 7)
|
| | | | 203,714 | | | | | | 165,781 | | |
Amortization of intangible assets (note 6 and 7)
|
| | | | 17,310 | | | | | | 18,144 | | |
Impairment of property, plant and equipment and prepaid land rent
(note 6) |
| | | | 13,207 | | | | | | 2,813 | | |
Loss allowance/(reversal of loss allowance) on trade receivables (note 8)
|
| | | | 1,341 | | | | | | (36,620) | | |
Impairment of withholding tax receivables (note 7)
|
| | | | 14,657 | | | | | | 32,684 | | |
Amortization of prepaid site rent
|
| | | | 238 | | | | | | 4,346 | | |
Net gain on disposal of plant, property and equipment (note 7)
|
| | | | (538) | | | | | | (1,538) | | |
Insurance income (note 9)
|
| | | | (2,584) | | | | | | (5,402) | | |
Finance costs (note 11)
|
| | | | 377,217 | | | | | | 154,621 | | |
Finance income (note 10)
|
| | | | (13,143) | | | | | | (17,282) | | |
Impairment of inventory
|
| | | | — | | | | | | (176) | | |
Share-based payment expense (note 7)
|
| | | | 6,791 | | | | | | 4,682 | | |
Operating profit before working capital changes
|
| | | | 362,016 | | | | | | 438,672 | | |
Changes in working capital | | | | | | | | | | | | | |
(Increase)/decrease in inventory
|
| | | | (1,083) | | | | | | 12,136 | | |
Increase in trade and other receivables
|
| | | | (66,952) | | | | | | (32,786) | | |
Increase/(decrease) in trade and other payables
|
| | | | 12,950 | | | | | | (25,804) | | |
Net movement in working capital
|
| | | | (55,085) | | | | | | (46,454) | | |
Cash from operations
|
| | | | 306,931 | | | | | | 392,218 | | |
| | |
2021
|
| |||
| | |
$’000
|
| |||
Gross consideration
|
| | | | 40,611 | | |
Less: non-cash consideration
|
| | | | (4,169) | | |
Less: cash in business at the date of acquisition
|
| | | | (2,775) | | |
Foreign exchange loss incurred
|
| | | | 1,560 | | |
Net cash consideration
|
| | | | 35,227 | | |
Identifiable assets acquired and liabilities assumed: | | | | | | | |
Towers and tower equipment
|
| | | | 11,417 | | |
Land
|
| | | | 15 | | |
Furniture and office equipment
|
| | | | 11 | | |
Capital work in progress
|
| | | | 535 | | |
Customer related intangible asset
|
| | | | 4,703 | | |
Right of use asset
|
| | | | 9,675 | | |
Trade and other receivables
|
| | | | 713 | | |
Trade and other payables
|
| | | | (1,132) | | |
Provisions for other liabilities and charges
|
| | | | (2,548) | | |
Lease liabilities
|
| | | | (10,071) | | |
Deferred tax
|
| | | | (1,600) | | |
Total identifiable net assets acquired
|
| | | | 11,718 | | |
Goodwill | | | | | 26,118 | | |
Revenue – post-acquisition
|
| | | | 1,911 | | |
Loss – post-acquisition
|
| | | | (301) | | |
| | |
Brazil 2021
|
| |
Colombia 2021
|
| |
Total 2021
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Gross consideration
|
| | | | 93,900 | | | | | | 47,051 | | | | | | 140,951 | | |
Less: cash in business at the date of acquisition
|
| | | | (260) | | | | | | (659) | | | | | | (919) | | |
Net cash consideration
|
| | | | 93,640 | | | | | | 46,392 | | | | | | 140,032 | | |
Identifiable assets acquired and liabilities assumed: | | | | | | | | | | | | | | | | | | | |
Towers and tower equipment
|
| | | | 34,702 | | | | | | 11,811 | | | | | | 46,513 | | |
Land
|
| | | | 407 | | | | | | 546 | | | | | | 953 | | |
Furniture and office equipment
|
| | | | 65 | | | | | | 17 | | | | | | 82 | | |
Capital work in progress
|
| | | | 628 | | | | | | 500 | | | | | | 1,128 | | |
Right of use asset
|
| | | | 22,273 | | | | | | 9,761 | | | | | | 32,034 | | |
Customer related intangible asset
|
| | | | 33,605 | | | | | | 29,613 | | | | | | 63,218 | | |
Network related intangible asset
|
| | | | 2,355 | | | | | | 1,573 | | | | | | 3,928 | | |
Software
|
| | | | 495 | | | | | | 1 | | | | | | 496 | | |
Trade and other receivables
|
| | | | 2,363 | | | | | | 3,023 | | | | | | 5,386 | | |
Trade and other payables
|
| | | | (1,471) | | | | | | (3,646) | | | | | | (5,117) | | |
Provisions for other liabilities and charges
|
| | | | (5,272) | | | | | | (527) | | | | | | (5,799) | | |
Lease liabilities
|
| | | | (24,028) | | | | | | (10,458) | | | | | | (34,486) | | |
Tax Payable
|
| | | | (2,809) | | | | | | (625) | | | | | | (3,434) | | |
Deferred tax
|
| | | | (12,231) | | | | | | (9,668) | | | | | | (21,899) | | |
Total identifiable net assets acquired
|
| | | | 51,082 | | | | | | 31,921 | | | | | | 83,003 | | |
Goodwill | | | | | 42,558 | | | | | | 14,471 | | | | | | 57,029 | | |
Revenue – post-acquisition
|
| | | | | | | | | | | | | | | | 3,147 | | |
Profit – post-acquisition
|
| | | | | | | | | | | | | | | | 414 | | |
| | |
2021
|
| |||
| | |
$’000
|
| |||
Gross consideration
|
| | | | 4,252 | | |
Less: consideration received in exchange for a retained 30% interest (by Zain) in IHS
GCC KW |
| | | | (638) | | |
Net cash consideration
|
| | | | 3,614 | | |
Identifiable assets acquired and liabilities assumed: | | | | | | | |
Towers and tower equipment
|
| | | | 1,288 | | |
Customer related assets
|
| | | | 2,415 | | |
Network-related assets
|
| | | | 832 | | |
Trade and other receivables
|
| | | | 436 | | |
Trade and other payables
|
| | | | (1,573) | | |
Total identifiable net assets acquired
|
| | | | 3,398 | | |
Goodwill | | | | | 854 | | |
Revenue – post-acquisition
|
| | | | 267 | | |
Profit – post-acquisition
|
| | | | 57 | | |
| Goldman Sachs & Co. LLC | | |
J.P. Morgan
|
| |
Citigroup
|
|
| RBC Capital Markets | | |
Barclays
|
| |
Absa Bank Limited
|
|
| Cowen | | |
Investec
|
| |
RenCap
|
| |
RMB
|
|
| Academy Securities | | |
Loop Capital Markets
|
| |
Ramirez & Co., Inc.
|
| |
Siebert Williams Shank
|
| |
Tigress
Financial Partners |
|
|
Name
|
| |
Title
|
|
|
/s/ Sam Darwish
Sam Darwish
|
| |
Chairman, Group Chief Executive Officer and Director (principal executive officer)
|
|
|
/s/ Adam Walker
Adam Walker
|
| |
Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer)
|
|
|
*
John Ellis Bush
|
| |
Member of the Board
|
|
|
*
Ursula Burns
|
| |
Member of the Board
|
|
|
*
Bashir El Rufai
|
| |
Member of the Board
|
|
|
*
Nicholas Land
|
| |
Member of the Board
|
|
|
*
Bryce Fort
|
| |
Member of the Board
|
|
|
*
Frank Dangeard
|
| |
Member of the Board
|
|
|
*
Andrew Dench
|
| |
Member of the Board
|
|
|
*
Paul Maasdorp
|
| |
Member of the Board
|
|
|
*
Jérôme Michiels
|
| |
Member of the Board
|
|
|
*
Christian Li
|
| |
Member of the Board
|
|
|
*
Kathleen Lai
|
| |
Member of the Board
|
|