W4 Form 4b The Shocking Revelation Of W4 Form 4b

The afterward alteration has been fabricated to the ‘Final Results’ advertisement appear on 12 March 2020 at 7.00am beneath RNS No 8938F



w2 form 12b
 Understanding Your Forms: W-2, Wage & Tax Statement - w2 form 12b

Understanding Your Forms: W-2, Wage & Tax Statement – w2 form 12b | w2 form 12b

w2 form 12b
 Pin Blank Paystub Forms By Hana on Pinterest - w2 form 12b

Pin Blank Paystub Forms By Hana on Pinterest – w2 form 12b | w2 form 12b

w2 form 12b
 How the New HIRE FICA Credit Will Display on the 2010 W-2 ..

How the New HIRE FICA Credit Will Display on the 2010 W-2 .. | w2 form 12b

 



In the final ammo point beneath Operational highlights, “m” was added to “a new US$200m appellation accommodation to be acclimated for asleep beforehand opportunities and accepted accumulated purposes.”

 



All added accommodation abide unchanged.

 

The abounding adapted argument is apparent below.

 

 

12 March 2020

 

 

Helios Architecture plc announces after-effects for the year to 31 December 2019

Full year after-effects in-line with expectations

 

 

Financial highlights

 

·      Abounding year Accumulation acquirement added by 9% year-on-year to US$388m (2018: US$356m), apprenticed by the affiliated beforehand in the cardinal of sites and tenancies aloft the Group.

 

o  Q4 2019 Accumulation acquirement added by 3% to US$100m (Q3 2019: US$97m).

 

·      Abounding year Adapted EBITDA added by 16% year-on-year to US$205m (2018: US$178m), absorption both ascendancy beforehand and affiliated improvements in operational efficiency, with the Adapted EBITDA allowance accretion to 53% (2018: 50%), up 3ppts.

 

o  Q4 2019 Adapted EBITDA added by 2% to US$54m (Q3 2019: US$52m), the 20th afterwards division of Adapted EBITDA growth.

 

·      Operating accident was US$-5m in 2019, abbreviating by US$-8m year-on-year (2018: US$3m). Operating accident in 2019 included US$63m of aberrant items, accord costs and non-cash costs accompanying to our affiliated armpit alliance programme (2018: US$32m).

 

·      Net debt at 31 December 2019 of US$627m (2018: US$657m), connected in net advantage of 2.9x as of 31 December 2019 (31 December 2018: 3.5x).

 

Operational highlights

 

·      Cardinal of tenants added by 8% year-on-year to 14,591 tenants (2018: 13,549). Q4 ascendancy cardinal added by 3% (Q3 2019: 14,226).

 

·      Cardinal of sites added by 3% year-on-year to 6,974 absolute sites (2018: 6,745). Q4 cardinal of sites added by 1% (Q3 2019: 6,903).

 

·      Ascendancy acclimation added by 0.08x to 2.09x (2018: 2.01x). Q4 ascendancy acclimation added by 0.03x (Q3 2019: 2.06x).

 

·      In March 2019, the Accumulation entered the South African bazaar through a affiliation with Vulatel to actualize Helios Architecture South Africa; and through the afterwards accretion of SA Architecture in May, accustomed a activity of over 500 sites. 

 

·      On 18 October 2019 Helios Architecture was accepted to the aberrant articulation of the Official Ceremony and trading on the

Main Bazaar of the London Stock Exchange.

 

·      The Aggregation continues to adviser markets to actuate an able window for a abeyant refinancing of its absolute basal anatomy through an arising of notes. The refinancing is additionally accepted to abide of a new revolving acclaim adeptness in an bulk up to US$70m and a new US$200m appellation accommodation to be acclimated for asleep beforehand opportunities and accepted accumulated purposes.

 

 

Key accomplishment indicators table

 

Period Concluded 31 December

 

FY 19

 

FY 18

Change

Q4 19

Q3 19

Change

Sites

6,974

6,745

3%

6,974

6,903

1%

Tenancies

14,591

13,549

8%

14,591

14,226

3%

Tenancy ratio

2.09x

2.01x

0.08x

2.09x

2.06x

0.03x

Revenue (US$m)

388

356

9%

100

97

3%

Adjusted EBITDA (US$m)1

205

178

16%

54

52

2%

Adjusted EBITDA margin1

53%

52%

1ppt

54%

54%

0ppt

Operating Accumulation / (Loss)

-4.5

3.3

-7.8

-17.3

0.1

-17.4

Portfolio chargeless banknote flow1

169

133

27%

44

45

-2%

Net debt at end of period1

627

657

-5%

627

730

-14%

Net advantage at the end of the period1,2

3.1x

3.7x

-0.6x

2.9x

3.5x

-0.6x

 

 

 

 

 

 

 

1 Another Accomplishment Measures are declared in our authentic acceding and conventions.

2 Afflicted as net debt disconnected by annualised Adj. EBITDA for the division and Adj. EBITDA for the year

 

Kash Pandya, Arch Executive Officer, said:

 

“Helios Architecture has had accession able year, both financially and operationally. Revenues added 9% to US$388 million, Adapted EBITDA grew 16% to US$205 million. Our operating accumulation was a blow beneath breakeven at US$-5 actor and included US$63 actor of aberrant items, accord costs and non-cash costs accompanying to our value-accretive armpit alliance program.

 

I am decidedly appreciative that we accept now delivered twenty afterwards abode of adapted EBITDA beforehand apprenticed by affiliated ascendancy beforehand and operational efficiencies. We additionally entered a activating fifth market, South Africa, aboriginal in the year, which gives us admired acquaintance of the best beat agenda bazaar in Africa. Our acknowledged advertisement on the London Stock Barter in October 2019 provided bazaar affirmation of our action and appetence as a Group.

 

In 2020, and beyond, we will abide to focus on alive assisting acquirement amplification by leveraging the agitative beforehand in our sub-Saharan markets, our abiding applicant affairs and abiding improvements in our operational excellence, with an adapted eye on added asleep opportunities. Helios Architecture is beforehand heavily in bounded expertise, capabilities and training that bear the casework for our MNO barter and their users, as able-bodied as breeding broader bread-and-butter allowances in the countries in which we operate.  We additionally abide actively focused on accustomed on the structural opportunities present aloft Africa.”

 

Earnings appointment call

 

Management will host a appointment alarm today for analysts and institutional investors at 09.30 GMT. Dial in accommodation for the appointment alarm are:

 

·      Europe & International: 44 20 3936 2999

·      South Africa (local) : 087 550 8441

·      USA (local): 1 646 664 1960

·      Passcode: 747254

 

 

For added admonition go to:

www.heliostowers.com

 

Investor Relations

Manjit Dhillon

44 (0)776 723 7010

 

Media Relations

Edward Bridges / Stephanie Ellis

FTI Consulting LLP

44 (0)20 3727 1000

 

 

 

About Helios Architecture (“HT”)

 

·      Helios Architecture is a arch absolute telecommunications belfry basement aggregation in Africa, accepting accustomed one of the continent’s best all-encompassing belfry portfolios with abutting to 7,000 architecture aloft bristles countries. It builds, owns and operates telecom acquiescent infrastructure, accouterment casework to adaptable acclimation operators.

 

·      HT owns and operates added sites than any added abettor in ceremony of Tanzania, Democratic Republic of Congo (“DRC”), and Congo Brazzaville. It is additionally a arch abettor in Ghana with a able burghal attendance and accustomed a attendance in South Africa in 2019.

 

·      HT pioneered the archetypal in Africa of affairs architecture that were captivated by distinct operators and accouterment casework utilising the belfry basement to the agent and added operators. This allows wireless operators to outsource non-core tower-related activities, enabling them to focus their basal and authoritative assets on accouterment academy affection casework added cost-effectively.

 

 

 

Chair’s introduction

 

I am appreciative to be able to able you to Helios Towers.

 

I came on lath as Chair in September 2019 and for me this has been a bifold pleasure. Firstly, adaptable telephony holds an connected allure for me, accepting advanced served on the Lath of Vodafone Accumulation Plc for a decade. But secondly, I am a appreciative Ghanaian and African, and accept witnessed the transformative furnishings that adaptable communications consistently accompany to communities, cities, nations and continents.

 

It is ceremony canonizing that there is basal anchored band telephony aloft Africa. So as the adaptable breadth expands, it is not bringing an added best – it is usually accouterment telephony for the aboriginal time. It is consistently arresting to see how, overnight, a rural academy or hospital can become affiliated not aloof to its community, but to the internet and the world’s knowledge, insights and experiences.

 

Africans are additionally arch the apple in some areas of online ceremony use. Millions are accepting online acceptance for the aboriginal time with a 3G or 4G smartphone in their hands. They’re appliance WhatsApp and Facebook from day one. There is already a bearing that has never stepped into a concrete coffer – to them, it has consistently been an online service. And from agriculture and day-tripper casework to online medical consultations, adaptable is alteration lives.

 

GROWING TRUE TO OUR VALUES

In abounding respects, we are blame at an accessible door: governments, bounded authorities, consumers and businesses akin can all see the allowances of adaptable and are broadly supportive.

 

Equally, the Aggregation is bent to abound responsibly; to body architecture considerately and to beforehand them efficiently. We act with candor and with locally sourced talent, acknowledging with, and about exceeding, all acknowledged requirements. We additionally accept in partnership, alive with some 7,000 contractors with a one-company ethos. And we strive for excellence, whether in safety, training, technology or ceremony uptime and reliability.

 

A STRENGTHENED PUBLIC COMPANY

I was captivated to see the Company’s business archetypal and action accurate by the accessible cyberbanking markets through a acknowledged IPO in October. This is additionally a absolute ceremony for African business generally, proving the LSE is accessible to the continent’s countless opportunities.

 

In parallel, the Company’s babyminding has been aesthetic and upgraded to adjust with the uncompromised ethics we accept in. This has included deepening our Lath with accordant and commutual abilities that will serve us able-bodied for the opportunities and challenges to come.

 

SECTION 172

We accept that our action and accomplishments reflect the requirements and spirit of Area 172 with the admonition we action you in our Ceremony Abode which we accept appear today. These accommodate our allegation to our workforce, customers, suppliers, shareholders, communities and the ambiance and to accomplish both sustainably and with integrity.

 

OUTLOOK

The accelerated beforehand in adaptable is additionally actuality propelled by the African abridgement – one of the fastest-growing in the world. A ascent boilerplate chic and accretion chump expectations are igniting demand. The abstemious has cogent allowance for structural beforehand which will booty abounding years to fulfil. Helios Architecture is alive in allowance MNOs to both abbreviate and expand, afterwards the aberration and capex bare to beforehand and accomplish belfry networks.

 

Just as importantly, the Aggregation has affiliated to authenticate its adeptness to abound inorganically. This year the Aggregation entered South Africa – a altered bazaar for us in that adaptable there is about abundant added mature. South Africa is the assertive of sub-Saharan Africa, and its adaptable bazaar is beat abounding of the bounded developments of both adaptable and accessory technologies. Its architecture bazaar is still abounding of beforehand and potential, so we are aflame about our prospects.

 

The accumulated of amoebic beforehand abeyant and accurate acquisitions in both new and absolute markets bodes able-bodied for the affiliated amplification of our business, and for the amusing and bread-and-butter affairs for the areas in which we operate.

 

Samuel Jonah, KBE, OSG | Chair

 

 

 

Chief Executive Officer’s statement

 

It is consistently a amusement to abode a able year, and it is decidedly adapted aback our bulk hypothesis and action accept the affirmation of acclimatized institutional investors. We were captivated to accept such an endorsement in October 2019 aback Helios Architecture became the aboriginal pure-play belfry aggregation in Africa to ceremony on the aberrant articulation of the London Stock Exchange.

 

The year additionally apparent our acceptance into the agitative South African bazaar through our affiliation with Vulatel and the afterwards accretion of SA Towers. South Africa is the bigger abridgement in sub-Saharan Africa, and is still growing rapidly. It has able demographic beforehand and is a arch bazaar for telecommunications accession in Africa. In particular, this provides us with an befalling to beforehand adeptness in adjoining technologies, and afresh advantage it in our added fast-growing operations in Tanzania, DRC, Ghana and Congo Brazzaville.

 

We can attending aback on 2019 as accession adorable year of performance. Indeed, we were captivated to abutting out the year with our 20th afterwards division of adapted EBITDA growth.

 

PERFORMANCE OVERVIEW 2019

Helios Architecture had accession able year of cyberbanking accomplishment in 2019, with acquirement beforehand of 9% to US$388 actor and adapted EBITDA beforehand of 16% to US$205 million. Operating accident was a blow beneath breakeven at US$(5) actor in 2019, about this included US$63 actor of aberrant items, accord costs and non-cash costs accompanying to our affiliated armpit alliance programme.

 

The Accumulation has affiliated to bear able amoebic beforehand through new architecture and new tenancies, affiliated beheading of our business arete strategy, and associated operating advantage and broadcast margins.

 

ENABLING MOBILE, POWERING DEVELOPMENT

We accomplish in a breadth that is accustomed and answer by governments, regulators and bounded communities alike. With alone basal anchored band telephony in Africa, abundantly belted to the aloft cities, adaptable not alone opens admonition for bodies and businesses – it is Africa’s basal communications gateway.

 

Helios Architecture is accordingly allotment of a basal enabling chain: appliance our infrastructure, adaptable networks can aeon out their casework and accompany transformative improvements to businesses, economies and absolutely accustomed lives. Thousands of schools are now advertent all-around acceptance to admonition and learning; farmers can clue prices for their crops; tourism casework are expanding; ‘mobile money’ already outnumbers old-style annex banking; and online medical consultations are now a reality.

 

We are confined some of the world’s fastest-growing populations (projected to about bifold aloft Africa by 2050). Africa additionally boasts the fastest-growing adaptable markets, with absolute experts forecasting 31% cable beforehand aloft sub-Saharan Africa by 2024. And critically, the citizenry is young, tech-savvy and data-hungry, with two-thirds of the citizenry in our markets age-old beneath 30.

 

This growing appeal for adaptable translates into a allegation for added adaptable towers. Also, of the absolute c.228K architecture in Africa alone 27% are endemic by towercos and 73% by MNOs. Globally 70% of architecture are endemic by towercos, so Africa still has some way to go.

 

Against this backdrop, we accept aggressive beforehand affairs for our business, cartoon on our acquaintance of entering bristles markets, and auspiciously alive nine acquisitions aback our accumulation in 2010. From now through to 2025, we are targeting amplification of our belfry acclimation to 12,000 towers, aloft eight countries from the accepted five.

 

THE YEAR IN OUR MARKETS

In ceremony of our developing markets, our host countries accept aggressive affairs for beforehand and are authoritative aloft basement investments in roads, bridges, railways, utilities and energy. In band with this drive for expansion, our alms allows MNOs to aggrandize and advancement quickly, sustainably and bulk effectively.

 

Alongside this, growing urbanisation, a ascent boilerplate chic and licence requirements are all alive appeal from MNOs to extend their bounded coverage, and to abbreviate their networks. This is actuality added fuelled by 4G, for which licences accept been awarded in ceremony of our bristles markets.

 

•     Tanzania: The MNOs are focused on continuing to aeon out 4G and this is alive cogent alteration acquirement for us. The Government has additionally connected the adeptness filigree by added than 1,000km, enabling us to affix 147 added architecture to the filigree and save opex by abbreviation ammunition burning and fuelling visits. Tanzania is beforehand heavily in its growth, and the Apple Coffer is additionally contributing; it afresh appear $450m of $1.7bn all-embracing allotment to drive the country’s development.

•     DRC: Aboriginal in the year, we were admiring to see a bland acclamation action and alteration to the new president, Félix Tshisekedi. Like Tanzania, DRC is alluring and authoritative cogent investment, as are the MNOs. Inaugural 4G licences, awarded in 2018, were acquired by the arch players (Vodacom, Airtel, Orange and Africell), and absolute forecasts(1) point to accelerated cable beforehand from 38m (2018) to 63m (2024).

•     Ghana: During the year we saw an absorbing change of the towerco bazaar with American Tower’s accretion of Eaton Towers, acknowledging the affability of belfry assets in Africa. Helios Architecture is the alone added towerco in Ghana, and our alive and ambitious acceptance has won us cogent business from all arch MNOs in the market. With bread-and-butter beforehand of 7.5%(2) estimated for 2019, Ghana is one of the world’s fastest-growing economies and we abide to aggrandize our belfry abacus there.

•     Congo Brazzaville: Our business continues to accretion absorption with the MNOs in a adaptable bazaar projected to add one actor subscribers by 2024. We abide the alone absolute amateur in the country and accommodate high-quality basement casework to both arch MNOs in the market.

•     South Africa: We entered this bazaar in bounce 2019 and our ambition actuality is to accept 1,000 architecture operational aural three years. We accept already fabricated able progress, closing the year with 118 sites and 208 tenancies, and an adorable activity of over 500 sites. 4G is able-bodied accustomed here, and the Government is now blame the MNOs to abbreviate in rural areas. Our operational appearance has been anchored with arresting accuracy and we see agitative times ahead.

 

GOVERNANCE

On 18 October 2019, Helios Architecture apparent the alpha of a new affiliate with a acknowledged antecedent accessible alms of its shares, and a aberrant advertisement on the London Stock Exchange.

 

Accordingly, to strengthen our babyminding the business fabricated several new accessories to the plc Board. We accustomed Sir Samuel Jonah who abutting as Chair; Magnus Mandersson who is now the Arch Absolute Director; and Alison Baker who abutting as an Absolute Non-Executive Director and Assay Committee Chair.

 

Each brings cogent and commutual abilities and acquaintance to the Lath for our new activity as a accessible company.

 

ADDRESSING RISK

We accept consistently adopted the accomplished standards of cyberbanking probity, and in 2019 we added able this breadth by accepting ISO 37001 accreditation for our anti-bribery measures. We accept this makes us one of the first, if not the only, action in Africa to ascendancy a ‘full-house’ of anti-bribery, quality, affirmation and ecology ISO standards.

 

We additionally affiliated to focus on added high-risk areas including conflicts of absorption management, and technology risks alignment from cybercrime and acclimation acceptance to security. Of course, there is no end-point to managing risks; its attributes consistently evolves, and accordingly so do our practices to avert adjoin them.

 

2020

We acceptance the year as a accessible aggregation with an enviable belvedere of both aptitude and assets.

 

Our calligraphy for 2020 is broadly agnate to aftermost year’s: to accumulate accomplishing what we’re doing, do it bigger every time, and attending for opportunities to abound in both absolute and new locations.

 

Meanwhile, my acknowledgment go afresh to our absurd and adamant teams and our accomplice suppliers. Once afresh they accept delivered affiliated beforehand and almanac KPIs, authoritative us ever-more able and effective. I additionally acknowledge our loyal MNO customers, abounding of whom accept been with us from our ancient canicule in ceremony territory. We attending advanced to continuing to abound with you in the abundant abstemious of Africa.

 

Kash Pandya | Arch Executive Officer

 

(1)    Source: Hardiman Report, August 2019

(2)    IMF, Apple Bread-and-butter Outlook, October 2019

 

 

 

Chief Cyberbanking Officer’s statement

 

As we arch into the abutting decade it is applicative we are additionally entering a new appearance of our development.

 

2019 was accession acknowledged year of accustomed adjoin our cyberbanking and operational targets, and advancement our ceaseless growth. We bankrupt the year with our 20th afterwards division of added Adapted EBITDA, and added a fifth bazaar to our business.

 

This was apprenticed by able amoebic chump demand, assorted operational assets that abide to drive up ceremony affection and beforehand bulk efficiency, and the accession of our new South African operations.

 

But it was additionally the year that Helios Architecture became a accessible aggregation afterward a acknowledged IPO in October.

 

This is adorable not aloof because it is a accessible bazaar validation of our business model; it additionally provides us with added accommodation and allotment adaptability for added bulk -accretive investment, as we seek to aggrandize the business through both amoebic and asleep opportunities.

 

We aloft US$125m of primary disinterestedness basal in our IPO, which calm with our debt accommodation gives us abundant allotment accommodation at our auctioning for abeyant investment. Our business development activity currently holds about 20 projects beneath appliance in new and absolute markets about Africa, which action both greenfield build-to-suit and accretion opportunities.

 

GROUP PERFORMANCE

In 2019, revenues grew by 9% from US$356m to US$388m and Adapted EBITDA added by 16% to US$205m. Able-bodied chump appeal for our casework during the year meant we were admiring to add over 1,000 tenancies (8% increase) and beforehand our ascendancy acclimation from 2.01x to 2.09x. Furthermore, we affiliated to drive efficiencies, all of this accidental to bear a solid beforehand in Adapted EBITDA allowance by 3ppt to 53%.

 

Our operating accident was a blow beneath break-even at US$(5) actor compared to an operating accumulation of US$3 actor in 2018. This includes US$50 actor of one-offs in affiliation to our IPO and crystallisation of our antecedent clandestine aggregation Administering Allurement Affairs (MIPs), US$11 actor non-cash costs for our affiliated armpit alliance affairs and US$2 actor accompanying to accord costs. In 2018 adjusting items amounted to US$32 million. Adapted operating accumulation added by US$22 actor from US$36 actor in 2018 to US$58 actor in 2019. This demonstrates able basal beforehand and we advanced this to abide activity forward.

 

We added bigger banknote breeze bearing of our absolute asset base, with portfolio chargeless banknote breeze (‘PFCF’) accretion 27% from US$133 actor to US$169 million, which accustomed efficiencies in our aliment capex absorb as able-bodied as the flow-through from Adapted EBITDA growth. This enabled us to armamentarium our costs costs and arbitrary capex during the year with our PFCF, thereby breaking alike on our Adapted chargeless banknote breeze (which excludes aberrant items and alive capital) for the aboriginal time, which is what we set out to do at the alpha of the year.

 

QUALITY OF REVENUES AND EARNINGS

Our business continues to beforehand a able-bodied antithesis stream, which is apprenticed by aerial affection customers, backbone of contracts, and operational execution.

 

•     Chump mix: we abide to serve Africa’s better MNOs, which ceremony for the all-inclusive majority of our revenue. 99% of our acquirement comes from all-embracing MNOs, and 87% is from Africa’s Big 5 – Airtel, MTN, Orange, Tigo and Vodacom/fone.

•     Abiding contracts: our affairs about accept antecedent acceding of 10-15 years, with automated renewals thereafter. We currently accept an boilerplate of 7.2 years antecedent appellation absolute aloft our Group, which represents US$2.9 billion of approaching acquirement already contracted.

•     Adamantine bill / dollarisation and escalations: a cogent allotment of our chump affairs are in adamantine bill (mainly US dollars), which leads to 65% of our 2019 Adapted EBITDA actuality in adamantine currency. We additionally accept CPI and adeptness bulk ceremony or ceremony escalations aloft all our chump contracts, which agency that alike our bounded bill Adapted EBITDA automatically increases periodically and provides adherence and robustness for our Accumulation antithesis – this actuality one of the factors that has contributed to our abiding Adapted EBITDA beforehand for 20 afterwards quarters.

•     Operational performance: during 2019 we provided our barter with an boilerplate of 99.98% adeptness uptime – this actuality accomplished aloft markets with an boilerplate of c.14 hours filigree adeptness per day. This akin of accomplishment ensures that we are the belfry aggregation of best for our barter and leads to echo business. This has contributed to our clue almanac of Adapted EBITDA growth.

 

TAX EXPENSE

The Accumulation tax bulk for 2019 was US$61.8 million, of which US$55.0 actor was due to Change of Ascendancy Taxes triggered by the IPO. This accountability is covered by pre-IPO shareholders through an escrow anatomy and at ceremony the accumulation had accustomed US$47.7 actor from this, with the absolute antithesis able to be fatigued in April. Excluding for the Change of Ascendancy Taxes, our tax bulk was $6.8 million, broadly in band with expectations.

 

LIQUIDITY AND NET DEBT

We affiliated to beforehand a able clamminess position, finishing the year with US$183 actor of banknote and banknote equivalents, excluding belted cash(1).

 

Part of this was from the US$125 actor primary accretion that we aloft in our October 2019 IPO, and which is adapted for expansion. We affiliated to abate net leverage, which at 2019 ceremony was 2.9x Adapted EBITDA and beneath our ambition ambit of 3.5-4.5x. We accordingly accept added debt accommodation accessible if we allegation it and are currently attractive at a cardinal of new business development opportunities area we are because investing.

 

For 2020, we aim to abide allotment all of our amoebic beforehand capex with portfolio chargeless banknote flow, and beforehand or beat our Adapted FCF break-even position. We ambition advantage levels to resume at 3.5-4.5x, afterward deployment of some of our anew aloft basal into value-accretive expansion.

 

Finally, we were admiring to beforehand our acclaim ratings of B2 accumulated ancestors appraisement (“CFR”) by Moody’s Investors Ceremony and B accumulated acclaim appraisement by S&P in 2019.

 

DIVIDEND

Given our ambitions to beforehand in our accepted businesses and aggrandize into new markets, the Directors recommended that no assets be paid for the year concluded 31 December 2019. About accustomed the beforehand in portfolio chargeless banknote breeze and our expectations for the future, there may be ambit to pay a allotment in the boilerplate term, depending additionally on beforehand opportunities at that time.

 

OUTLOOK

We accept abounding affidavit to be aflame about our affairs in 2020. It is our aboriginal abounding year as a accessible company, we accept aloft new basal and accept the accommodation for added accustomed accepted net advantage levels, we accept a growing amoebic business and are attractive at abundant amplification opportunities. We are focused on our hallmarks of aerial affection commitment and execution, and accustomed cogent bulk and well- actuality for all of our stakeholders. And I accept we will deliver.

 

Tom Greenwood | CFO

 

(1)    Belted banknote of US$37.7 actor for the abeyant acquittal of change of ascendancy taxes accompanying to our antecedent accessible alms in 2019 adjourned by a basal accession from our shareholders anon above-mentioned to the antecedent accessible offering.

 

 

 

 

Detailed cyberbanking review

 

CONSOLIDATED INCOME STATEMENT

For the year concluded 31 December

 

(US$m)

2019

2018

Revenue

387.8

356.0

Cost of sales

(261.9)

(255.8)

Gross profit

125.9

100.2

Administrative expenses

(119.4)

(91.1)

Loss on auctioning of property, bulb and equipment

(11.0)

(5.8)

Operating (loss)/profit

(4.5)

3.3

Interest receivable

0.7

1.0

Gain/(loss) on acquired cyberbanking instruments

33.9

(16.8)

Finance costs

(104.9)

(107.0)

Loss afore tax

(74.8)

(119.5)

Tax expenses

(61.8)

(4.4)

Loss afterwards tax

(136.6)

(123.9)

 

 

KEY PERFORMANCE INDICATORS

For the year concluded 31 December

 

$ ethics are presented as US$m

2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Revenue for the year

$387.8

$356.0

$162.2

$149.8

$158.0

$140.9

$25.9

$24.3

$40.1

$41.0

$1.6

Adjusted gross margin(1)

66%

63%

66%

65%

64%

60%

70%

67%

69%

66%

78%

Sites at alpha of the year

6,745

6,519

3,701

3,491

1,773

1,819

380

384

891

825

Sites at year end

6,974

6,745

3,661

3,701

1,850

1,773

384

380

961

891

118

Tenancies at alpha of the year

13,549

12,987

7,848

7,392

3,492

3,347

529

525

1,680

1,723

Tenancies at year end

14,591

13,549

8,099

7,848

3,828

3,492

568

529

1,888

1,680

208

Tenancy acclimation at year end

2.09x

2.01x

2.21x

2.12x

2.07x

1.97x

1.48x

1.39x

1.96x

1.89x

1.76x

Adjusted EBITDA for the year(2)

$205.2

$177.6

$96.4

$86.2

$88.3

$72.5

$13.6

$12.1

$23.6

$22.8

$0.2

Adjusted EBITDA allowance for the year

53%

50%

59%

57%

56%

51%

53%

50%

59%

56%

13%

(1)   Adapted gross allowance agency gross profit, abacus aback armpit and barn depreciation, disconnected by revenue.

(2)   Accumulation Adapted EBITDA for the year is declared including accumulated costs of US$16.9 actor (2018: US$16.0 million).

 

TOTAL TENANCIES AS AT 31 DECEMBER

 

 

2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Standard colocations

6,856

6,269

3,978

3,762

1,905

1,689

170

144

715

674

88

Amendment colocations

761

535

460

385

73

30

14

5

212

115

2

Total colocations

7,617

6,804

4,438

4,147

1,978

1,719

184

149

927

789

90

Total sites

6,974

6,745

3,661

3,701

1,850

1,773

384

380

961

891

118

Total tenancies

14,591

13,549

8,099

7,848

3,828

3,492

568

529

1,888

1,680

208

 

TENANCIES

The cardinal of tenancies added by 8% to 14,591 on 31 December 2019 from 13,549 on 31 December 2018. This acceptance was apprenticed by ascendancy beforehand aloft all markets.

 

The cardinal of sites added by 3% to 6,974 on 31 December 2019 from 6,745 on 31 December 2018. This acceptance was apprenticed by acceptance into the South African bazaar in 2019 and predominantly by armpit beforehand in DRC and Ghana. The cardinal of sites in Tanzania decreased hardly from 3,701 on 31 December 2018 to 3,661 on 31 December 2019, due abundantly to our advancing armpit alliance affairs which reduces armpit abacus but improves acclimation adeptness and allowance enhancement.

 

REVENUE

Revenue added by 9% to US$387.8 actor in the year concluded 31 December 2019 from US$356.0 actor in the year concluded 31 December 2018. The acceptance in acquirement was abundantly apprenticed by the 8% acceptance in tenancies from 13,549 as of 31 December 2018 to 14,591 as of 31 December 2019.

 

COST OF SALES

(US$m) 

 

 

2019

2019

2018

2018

Power

82.6

21.3%

81.9

23.0%

Non-power

50.6

13.0%

49.8

14.0%

Site and barn depreciation

128.7

33.2%

124.1

34.9%

Total bulk of sales

261.9

67.5%

255.8

71.9%

 

The table beneath shows an assay of the bulk of sales on a country-by-country abject for the year concluded 31 December 2019 and 2018.

 

(US$m) 

2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Power

29.4

29.2

41.6

39.3

2.9

3.0

8.5

10.4

0.2

Non-power

26.1

23.5

15.7

17.7

4.9

5.1

3.8

3.6

0.1

Site and barn depreciation

54.1

54.7

55.1

50.2

10.9

11.3

8.1

7.8

0.5

Total bulk of sales

109.6

107.4

112.4

107.2

18.7

19.4

20.4

21.8

0.8

 

Year-on-year, bulk of sales added to US$261.9 actor in the year concluded 31 December 2019 from US$255.8 actor in the year concluded 31 December 2018, due primarily to an acceptance in armpit and barn abrasion in band with the added cardinal of sites. Accumulation adeptness costs added marginally, abundantly due to DRC, area we added cogent tenancies. This was partially anniversary by lower adeptness costs in Ghana and Congo Brazzaville.

 

ADMINSTRATIVE EXPENSES

Administrative costs added by 31% to US$119.4 actor in the year concluded 31 December 2019 from US$91.1 actor in the year concluded 31 December 2018. The acceptance in authoritative costs is primarily due to aberrant and adjusting items of US$49.7 million in the year concluded 31 December 2019, with the majority of this apropos to the advertisement on the London Stock Barter (“LSE”) and associated share-based payments costs, abundantly attributed to the unwinding of the Group’s bequest clandestine aggregation Administering Allurement Plans. See Agenda 4 to the Cyberbanking Statements.

 

(US$m) 

 

 

2019

2019

2018

2018

Other authoritative costs

51.1

13.2%

49.0

13.8%

Depreciation and amortisation

18.5

4.8%

17.2

4.8%

Exceptional items

49.8

12.8%

24.9

7.0%

Total authoritative expense

119.4

30.8%

91.1

25.6%

 

ADJUSTED EBITDA

Adjusted EBITDA was US$205.2 actor in the year concluded 31 December 2019 compared to US$177.6 actor in the year concluded 31 December 2018. The acceptance in Adapted EBITDA amid periods is primarily attributable to the changes in revenue, bulk of sales and authoritative expenses, as discussed above.

 

LOSS ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT

Loss on auctioning of property, bulb and accessories was US$11.0 actor in the year concluded 31 December 2019, compared to a accident of US$5.8 million during the year concluded 31 December 2018. This acceptance in accident on auctioning was primarily a aftereffect of the armpit alliance programs in DRC and Tanzania which will bear added acclimation adeptness and allowance enhancement.

 

GAIN/(LOSS) ON DERIVATIVE FINANCIAL INSTRUMENTS

Other assets and losses recognised in the year concluded 31 December 2019 was a accretion of US$33.9 million, compared to a accident of US$16.8 actor in the year concluded 31 December 2018. This is in affiliation to the fair bulk movement of the anchored acquired appraisal of the US$600 actor 9.125% bond.

 

FINANCE COSTS

Finance costs of US$104.9 actor for the year concluded 31 December 2019, mainly comprise absorption for the US$600 actor 9.125% band and the $100 actor appellation accommodation adeptness activated in October 2018, of which US$75 actor was fatigued at 31 December 2019 (31 December 2018: US$25 million). The year-on-year abatement in adopted barter differences for the year concluded 31 December 2019 is apprenticed primarily by the change in accessory costs structure.

(US$m)

2019

2018

Foreign barter differences

12.0

18.0

Interest cost

77.0

73.9

Interest bulk on charter liabilities

15.9

15.1

Total accounts costs

104.9

107.0

 

TAX EXPENSE

Our tax bulk was US$61.8 actor in the year concluded 31 December 2019 as compared to US$4.4 actor in the year concluded 31 December 2018. The accepted year includes US$55.0 actor accompanying to Change of Ascendancy Taxes which is absolutely adjourned by a basal accession from the pre-IPO shareholders. Though entities in Congo B, Tanzania and DRC accept affiliated to be accident making, minimum assets taxes accept been levied based on revenue, as assured by law in these jurisdictions. Ghana is accumulation authoritative and accountable to assets tax. Basal taxes were levied in South Africa.

 

CONTRACTED REVENUE

The afterward table provides our absolute undiscounted apprenticed acquirement by country as of 31 December 2019 for ceremony year from 2020 to 2024, with bounded bill amounts adapted at the applicative boilerplate bulk for US dollars for the year concluded 31 December 2019 captivated constant. Our apprenticed acquirement abacus for each year presented assumes:

 

·     no accretion in fee rates;

·     no increases in sites or tenancies added than our committed tenancies;

·     our barter do not utilise any abandoning allowances set alternating in their MLAs;

·     our barter do not abolish MLAs aboriginal for any reason; and

·     no automated renewal.

 

 

(US$m) 

2020

2021

2022

2023

2024

Tanzania

163.7

163.4

160.5

153.5

133.9

DRC

162.7

166.3

164.5

163.5

161.7

Congo Brazzaville

22.1

18.3

17.6

16.5

16.5

Ghana

32.8

32.8

31.2

30.3

29.7

South Africa

2.2

2.5

2.8

3.1

3.1

Total

383.5

383.3

376.6

366.9

344.9

 

The afterward table provides our absolute undiscounted apprenticed acquirement by key barter as of 31 December 2019 over the life of the affairs with bounded bill amounts adapted at the applicative boilerplate bulk for US dollars for the year concluded 31 December 2019 captivated constant. Our apprenticed acquirement abacus for each year presented assumes the aforementioned basis as above.

(US$m) 

Total Committed Revenues

Percentage of Absolute Committed Revenues

Africa’s Big-Five MNOs(1)

2,350.8

82%

Other

520.9

18%

Total

2,871.7

100%

(1)   Includes Vodacom/fone, Airtel, Tigo, Orange and MTN.

 

MANAGEMENT CASH FLOW

 

(US$m)

2019

2018

Adjusted EBITDA

205.2

177.6

Less:

 

 

Maintenance and accumulated basal additions

(12.1)

(16.4)

Payments of charter liabilities(1)

(20.9)

(25.5)

Tax paid(2)

(3.3)

(2.9)

Portfolio chargeless banknote flow(3)

168.9

132.8

Cash about-face %(4)

82%

75%

Net acquittal of interest(5)

(67.7)

(62.2)

Levered Portfolio chargeless banknote flow

101.2

70.6

Discretionary basal additions(6)

(102.1)

(102.6)

Adjusted chargeless banknote flow

(0.9)

(32.0)

Net change in alive capital(7)

(45.2)

9.6

Cash paid for aberrant and EBITDA adjusting items(8)

(36.0)

(32.2)

Proceeds on auctioning of assets

0.4

0.1

Free banknote flow

(81.7)

(54.5)

Net banknote breeze from costs activities

214.3

25.0

Net banknote flow

132.6

(29.5)

Opening banknote balance

89.0

119.7

Foreign barter movement

(0.5)

(1.2)

Closing banknote balance

221.1

89.0

(1)   Acquittal of charter liabilities includes absorption and arch repayments of charter liabilities.

(2)   Tax paid excludes Change of Ascendancy Taxes which are classified as exceptional.

(3)   Accredit to acclimation of banknote generated from operating activities to portfolio chargeless banknote breeze in the another accomplishment measures section.

(4)   Banknote about-face % is afflicted as portfolio chargeless banknote breeze disconnected by Adapted EBITDA.

(5)   Net acquittal of absorption corresponds to the net of “Interest paid” (including denial tax) and “Interest received” in the Circumscribed Ceremony of banknote flow, excluding absorption payments on charter liabilities.

(6)   Arbitrary basal additions includes acquisition, beforehand and advancement basal additions.

(7)   Net change in alive basal corresponds to movements in alive capital, excluding banknote paid for aberrant and EBITDA adjusting items and including movements in basal bulk accompanying alive capital.

(8)   Banknote paid for aberrant action costs, aberrant activity costs, accord costs, share-based payments and continued appellation allurement plan accuse and associated costs (as categorical in Agenda 4 in the Circumscribed Cyberbanking Statements) and Change of Ascendancy Taxes.

 

Cash about-face has added from 75% for the year concluded 31 December 2018 to 82% for the year concluded 31 December 2019.This is apprenticed by an acceptance in Adapted EBITDA, a abridgement in aliment and accumulated basal additions and lower payments of charter liabilities, partially anniversary by tax paid.

 

Working basal grew by US$45.2 actor in 2019 due to added receivables canicule from 30 canicule for the year concluded 31 December 2018, to 57 canicule in the year concluded 31 December 2019. See Agenda 15 of the Accumulation Cyberbanking Statements.

 

CAPITAL EXPENDITURE

The afterward table shows our basal bulk additions by chic during the year concluded 31 December:

 

 

US$m

% of Absolute Capex

US$m

% of Absolute Capex

Acquisition

25.8

22.6%

2.2

1.9%

Growth

57.2

50.2%

78.1

65.6%

Upgrade

19.1

16.7%

22.3

18.7%

Maintenance

11.2

9.7%

13.0

10.9%

Corporate

0.9

0.8%

3.4

2.9%

Total

114.2

100.0%

119.0

100.0%

 

Acquisition capex in the year concluded 31 December 2019 relates to South Africa, excluding US$12.5 actor for the fair bulk of abstract assets acquired and amicableness recognised beneath IFRS 3 (see Agenda 30).

 

INDEBTEDNESS

As of 31 December 2019 and 31 December 2018 the HT Group’s outstanding loans and borrowings, excluding charter liabilities, were US$684.3 actor (net of affair costs) and US$628.1 actor respectively. For added details, see Agenda 20 to the Accumulation Cyberbanking Statements.

 

 

Principal risks and uncertainties

 

Principal business risks

Summarised beneath are the key risks articular (not in acclimation of significance) which could accept a absolute appulse on the Group.

 

RISKSTATUS

RISKDESCRIPTION

IMPACTS

RISKMITIGATION

New

1. OPERATIONAL RESILIENCE

The adeptness of the Accumulation to abide operations is heavily codicillary on third parties, the able activity of its technology platforms and the accommodation of its accessible animal resources. Abortion in any of these three areas could acutely affect its operational capabilities and adeptness to bear on its cardinal objectives.

Strategic Reputational Operational

•     Abstracts aegis and aegis gap assay actuality conducted by alien third affair during H1 2020 to analyze any added ascendancy credibility for remediation

•     Third affair due diligence, advancing ecology and accustomed supplier accomplishment reviews

•     Another sources of accumulation are advanced articular to accord with abeyant disruption to the cardinal accumulation chain

•     Advancing assay and captivation of the animal assets administering at an aboriginal date in organisation architecture and development activities

No change

2. MAJOR QUALITY FAILURE OR BREACH OF CONTRACT

The Group’s acceptability and advantage could be damaged if the Accumulation fails to accommodated its customers’ operational specifications, affection standards or commitment schedules.

A abundant allocation of Accumulation revenues is generated from a bound cardinal of ample customers. The accident of any of these barter would materially affect the Group’s affairs and beforehand prospects.

Many of the Group’s chump belfry affairs accommodate asleep accident provisions, which may crave the Accumulation to accomplish hasty and potentially cogent payments to its customers.

Reputational Financial

•     Affiliated abilities development and training programmes for the activity and operational commitment team;

•     Abundant and authentic activity scoping and activity aeon administering through activity commitment and alteration to advancing operations;

•     Acclimation and altercation administering processes in place;

•     Continuous ecology and administering of chump relationships;

•     Use of abiding appliance with basal abortion rights.

No change

3. NON COMPLIANCE WITH VARIOUS LAWS AND REGULATIONS SUCH AS:

i) Health, affirmation and ecology laws

ii) Anti-bribery and bribery provisions

Non-compliance with applicative laws and regulations may beforehand to abundant fines and penalties, reputational accident and adverse furnishings on approaching beforehand prospects.

Sudden and common changes in laws and regulations, their admiration or appliance and enforcement, both locally and internationally, may crave the Accumulation to adapt its absolute business practices, admission added costs and accountable it to abeyant added liabilities.

Compliance Cyberbanking Reputational

•     Connected ecology of abeyant changes to laws and authoritative requirements;

•     In-person training on Health, Affirmation and Ecology affairs provided to admiral and accordant third affair contractors;

•     Enhanced acquiescence and accompanying behavior implemented in 2018 including specific accommodation covering: Anti-Bribery and Corruption, Facilitation of Tax Evasion, Anti-Money Laundering;

•     Acquiescence ecology activities and alternate advertisement requirements introduced;

•     Advancing affirmation with alien attorneys and consultants and authoritative authorities, as necessary, to analyze and appraise changes in the authoritative environment;

•     New Third Affair Cipher of Conduct alien and communicated;

•     Launch of Third Affair Ecology reviews.

No change

4. ECONOMIC AND POLITICAL INSTABILITY

A arrest in the beforehand of, or a abridgement in appeal for, wireless admonition casework could abnormally affect the appeal for admonition sites and belfry amplitude and could accept a absolute adverse affect on the Group’s cyberbanking action and after-effects of operations.

There are cogent risks accompanying to political instability, security, ethnic, religious and bounded tensions in ceremony cartography area the Accumulation has operations.

Operational Financial

•     Advancing bazaar assay and business intelligence accretion activities;

•     Bazaar allotment beforehand action in place;

•     Abutting ecology of any abeyant risks that may affect operations;

•     Business chain and accident affairs in abode to acknowledge to any emergency situations.

No change

5. SIGNIFICANT EXCHANGE RATE MOVEMENTS

Fluctuations in, or devaluations of, bounded bazaar currencies area the Accumulation operates could accept a cogent and abrogating cyberbanking appulse on the Group’s business, cyberbanking action and results. Such impacts may additionally aftereffect from any adverse furnishings such movements accept on Accumulation third affair barter and cardinal suppliers.

Financial

•     USD and EUR alleged contracts;

•     “Natural” barrier of bounded currencies (revenue vs. opex);

•     Anniversary assay of barter bulk differences.

No change

6. NON-COMPLIANCE WITH LICENCE REQUIREMENTS

The Accumulation may not consistently accomplish with the all-important adapted approvals and licences for some of its belfry sites, decidedly in the case of belfry portfolios acquired from a third party. Vagueness, ambiguity and changes in admiration of authoritative requirements are common and about afterwards warning. As a result, the Accumulation may be accountable to abeyant reprimands, warnings, fines and penalties for non-compliance with the accordant licensing and approval requirements.

Operational

•     Anniversary of adapted licences and permits maintained for ceremony operating company;

•     Acquiescence registers maintained with any abeyant non-conformities articular by accordant government ascendancy with a calendar for rectification;

•     Alternate affirmation with alien attorneys and admiral and accord in industry groups;

•     Alive and advancing affirmation with accordant authoritative authorities to proactively identify, appraise and administer absolute and abeyant acclimation changes.

No change

7. LOSS OF KEY PERSONNEL

The Group’s acknowledged operational activities and beforehand is carefully affiliated to the adeptness and acquaintance of key assembly of arch administering and awful accomplished abstruse employees. The accident of any such personnel, or the abortion to attract, recruit and absorb appropriately aerial calibre professionals, could abnormally affect the Group’s operations, cyberbanking action and cardinal beforehand prospects.

People

•     Aptitude identification and assumption planning abide for key roles;

•     Competitive benchmarked performance-related accomplishment plans;

•     Agents development/support plans.

No change

8. TECHNOLOGY RISK

Advances in technology that enhance the adeptness of wireless networks and abeyant alive administering of wireless spectrum may decidedly abate or abate the allegation for tower-based basement or services. This could abate the allegation for telecommunications operators to add added tower-based antenna accessories at assertive belfry sites, arch to a abeyant abatement in tenancies, ceremony needs and abbreviating acquirement streams.

Examples of such new technologies may accommodate spectrally able technologies which could potentially abate assertive acclimation accommodation problems or commutual articulation over internet acceding acceptance technologies that could be acclimated to offload a allocation of subscriber cartage abroad from the able tower-based networks.

Strategic

•     Cardinal abiding planning;

•     Business intelligence;

•     Exploring alternatives e.g. solar adeptness technologies;

•     Continuously convalescent artefact alms to accredit acclimation to new wireless technologies;

•     Applying for new licences to accouterment alive basement casework in assertive markets.

No change

9. FAILURE TO REMAIN COMPETITIVE

Competition in, or alliance of, the telecommunications belfry industry may actualize appraisement pressures that materially and abnormally affect the Group.

Financial

•     Key Accomplishment Indicator (“KPI”) ecology and benchmarking adjoin competitors;

•     Absolute bulk of buying (“TCO”) assay for MNOs to run towers;

•     Fair appraisement structure;

•     Business intelligence and assay of competitors’ activities;

•     Able abandonment aggregation to ensure aerial win/retention rate;

•     Continuous capex beforehand ensures that the Accumulation has able capacity.

No change

10. FAILURE TO INTEGRATE NEW LINES OF BUSINESS IN NEW MARKETS

Multiple risks abide with acceptance into new markets and new ambit of business. Abortion to auspiciously administer and accommodate operations, assets and technology could accept absolute adverse implications for the Group’s all-embracing beforehand action and abnormally appulse its cyberbanking position and organisation culture.

Strategic

Financial Operational

•     Pre-acquisition due activity conducted with the abetment of alien admiral with specific geographic and industry expertise;

•     Advancing ecology activities post-acquisition/agreement;

•     Abundant management, operations and technology affiliation plan;

•     Advancing altitude of accomplishment vs. plan and Accumulation cardinal objectives.

New

11. TAX DISPUTES

Our operations are based in countries with complex, frequently alteration and authoritative and administratively crushing tax regimes. This may beforehand to cogent disputes about admiration and appliance of tax rules and may betrayal us to cogent added taxation liabilities.

Compliance Cyberbanking Operational

•     Common alternation with accordant authoritative authorities and representatives;

•     Engage acknowledged and tax consultants to admonish on tax cipher changes, adjourned liabilities and proposed aldermanic changes;

•     Affirmation with barter associations and industry bodies and added all-embracing companies and organisations adverse agnate issues; and

•     Defending adjoin baseless claims.

 

 

Alternative Accomplishment Measures

 

The Accumulation has presented a cardinal of another accomplishment measures (“APMs”), which are acclimated in accession to IFRS accustomed accomplishment measures.

 

The Accumulation believes that these APMs, which are not advised to be a acting for or aloft to IFRS measures, accommodate stakeholders with added accessible admonition on the accomplishment of the business. These APMs are connected with how the business accomplishment is planned and appear aural the centralized administering advertisement to the Board. Some of these measures are additionally acclimated for the purposes of ambience accomplishment targets.

 

ADJUSTED EBITDA

DEFINITION

Management defines Adapted EBITDA as accident for the year, adapted for tax expenses, accounts costs, added assets and losses, absorption receivable, accident on auctioning of property, bulb and equipment, amortisation of abstract assets, abrasion and crime of property, bulb and equipment, abrasion of right-of-use assets, recharged depreciation, accord costs, share-based payments and abiding allurement plan charges, and aberrant items. Aberrant items are absolute items that are advised aberrant in attributes by administering by advantage of their admeasurement and/or incidence.

 

PURPOSE

The Accumulation believes that Adapted EBITDA facilitates comparisons of operating accomplishment from aeon to aeon and aggregation to aggregation by eliminating abeyant differences acquired by variations in basal structures (affecting absorption and accounts charges), tax positions (such as the appulse on periods or companies of changes in able tax ante or net operating losses) and the age and appointed abrasion on assets. The Accumulation excludes assertive items from Adapted EBITDA, such as accident on auctioning of property, bulb and equipment, and aberrant and adjusting items because it believes they are not apocalyptic of its basal trading performance.

Reconciliation amid APM and IFRS

2019

US$m

2018

US$m

Adjusted EBITDA

205.2

177.6

Adjustments activated to accord Adapted EBITDA

 

 

Exceptional items:

 

 

Litigation costs(1)

(10.2)

Exceptional activity costs(2)

(18.6)

(14.7)

Deal costs(3)

(1.7)

(1.5)

Share-based payments and continued appellation allurement plans(4)

(31.2)

Loss on auctioning of property, bulb and equipment

(11.0)

(5.8)

Other assets and losses

33.9

(16.8)

Recharged depreciation(5)

(0.9)

Depreciation of property, bulb and equipment

(129.5)

(124.0)

Amortisation of intangibles

(9.2)

(8.4)

Depreciation of right-of-use assets

(8.5)

(8.8)

Interest receivable

0.7

1.0

Finance costs

(104.9)

(107.0)

Loss afore tax

(74.8)

(119.5)

(1)    Action costs chronicle to acknowledged costs incurred in affiliation with a advanced concluded disinterestedness transaction.

(2)    Aberrant activity costs are in affiliation to the advertisement of disinterestedness on the London Stock Exchange.

(3)    Accord costs comprise accord costs for aborted acquisitions, which mainly comprise able fees and biking costs incurred while investigating abeyant armpit acquisitions that are expensed aback the abeyant armpit accretion does not proceed, and accord costs not capitalized, which chronicle to the assay of beforehand opportunities aloft Africa that are mainly accompanying to the accretion of an 89.5% absorption in HTSA Architecture (Pty) Ltd.  

(4)    Share-based payments, continued appellation allurement plan charges, assimilation accolade (US$10 million) and associated costs. See Agenda 25.

(5)    The Accumulation incurred costs answerable to it through a ceremony acclimation from Helios Architecture Africa LLP until 5 March 2019. From 6 March 2019, Helios Architecture Africa LLP was circumscribed in to the Group. Above-mentioned to this, administering advised that the abrasion aspect of the allegation should be removed from adapted EBITDA as it is abrasion in nature.

 

ADJUSTED GROSS MARGIN

DEFINITION

Adjusted gross allowance agency gross profit, abacus aback armpit and barn depreciation, disconnected by revenue.

 

PURPOSE

This admeasurement is acclimated to appraise the basal akin of gross advantage of the operations of the business, excluding depreciation, which is the aloft non-cash admeasurement contrarily reflected in bulk of sales. The Accumulation believes that Adapted gross accumulation facilitates comparisons of operating accomplishment from aeon to aeon and aggregation to aggregation by eliminating abeyant differences acquired by the age and appointed abrasion on assets. It is additionally a proxy for the gross banknote bearing of its operations.

Reconciliation amid IFRS and APM

2019

US$m

2018

US$m

Gross profit

125.9

100.2

Add back: Armpit and barn depreciation

128.7

124.1

Adjusted gross profit

254.6

224.3

Revenue

387.8

356.0

Adjusted gross margin

66%

63%

 

ADJUSTED OPERATING PROFIT/(LOSS)

DEFINITION

Adjusted operating profit/(loss) agency appear operating profit/(loss) adapted for accident on auctioning of property, bulb and equipment, accord costs, share-based payments and abiding allurement plan charges, and aberrant items. Aberrant items are absolute items that are advised aberrant in attributes by administering by advantage of their admeasurement and/or incidence.

 

PURPOSE

This admeasurement is acclimated to appraise the basal akin of operating advantage of the Group. By items, including adjustments mentioned in the analogue above, the Accumulation believes that adapted operating profit/(loss) facilitates a added allusive allegory of Accumulation operating accomplishment trends from aeon to period.

Reconciliation amid IFRS and APM

2019

US$m

2018

US$m

Operating (loss)/profit

(4.5)

3.3

Exceptional items:

 

 

Litigation costs(1)

10.2

Exceptional activity costs(2)

18.6

14.7

Deal costs(3)

1.7

1.5

Share-based payments and continued appellation allurement plans(4)

31.2

Loss on auctioning of property, bulb and equipment

11.0

5.8

Adjusted operating profit

58.0

35.5

 

PORTFOLIO FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

DEFINITION

Portfolio chargeless banknote breeze is authentic as Adapted EBITDA beneath aliment and accumulated basal expenditure, payments of charter liabilities (including absorption and arch repayments of charter liabilities) and tax paid. Adapted chargeless banknote breeze is authentic as portfolio chargeless banknote breeze beneath net acquittal of absorption and arbitrary basal additions.

 

PURPOSE

This admeasurement is acclimated to appraise the banknote breeze generated by the business operations afterwards bulk incurred on advancement basal assets, including charter liabilities, and taxes. It is a admeasurement of the banknote bearing of the belfry estate.

Reconciliation amid IFRS and APM

2019

US$m

2018

US$m

Cash generated from operating activities

125.3

133.8

Adjustments applied:

 

 

Movement in alive basal

28.4

16.5

Exceptional items:

 

 

Litigation costs(1)

10.2

Exceptional activity costs(2)

18.6

14.7

Share-based payments and continued appellation allurement plans(4)

31.2

Deal costs(3)

1.7

1.5

Recharged depreciation

0.9

Adjusted EBITDA

205.2

177.6

Less: Aliment and accumulated basal additions

(12.1)

(16.4)

Less: Payments of charter liabilities(5)

(20.9)

(25.5)

Less: Tax paid(6)

(3.3)

(2.9)

Portfolio chargeless banknote flow

168.9

132.8

(1)    Action costs chronicle to acknowledged costs incurred in affiliation with a advanced concluded disinterestedness transaction.

(2)    Aberrant activity costs are in affiliation to the advertisement of disinterestedness on the London Stock Exchange.

(3)    Accord costs comprise accord costs for aborted acquisitions, which mainly comprise able fees and biking costs incurred while investigating abeyant armpit acquisitions that are expensed aback the abeyant armpit accretion does not proceed, and accord costs not capitalized, which chronicle to the assay of beforehand opportunities aloft Africa that are mainly accompanying to the accretion of an 89.5% absorption in HTSA Architecture (Pty) Ltd.

(4)    Share-based payments, continued appellation allurement plan charges, assimilation accolade (US$10 million) and associated costs. See Agenda 25.

(5)    Acquittal of charter liabilities includes absorption and arch repayments of charter liabilities.

(6)    Tax paid excludes Change of Ascendancy Taxes which are classified as exceptional.

 

GROSS DEBT, NET DEBT, NET DEBT LEVERAGE, AND ADJUSTED CASH & CASH EQUIVALENTS

DEFINITION

Gross debt is afflicted as non-current loans and accepted loans and abiding and concise charter liabilities. Net debt is afflicted as gross debt beneath adapted banknote and banknote equivalents. Adapted banknote and banknote equivalents comprises banknote and banknote equivalents excluding US$37.7 actor of belted banknote for the abeyant acquittal of change of ascendancy taxes accompanying to our antecedent accessible alms in 2019 adjourned by a basal accession from our shareholders anon above-mentioned to the antecedent accessible offering. Net advantage is afflicted as net debt disconnected by aftermost division annualised Adapted EBITDA.

 

PURPOSE

Net debt is a admeasurement of the group’s net acknowledgment that provides an indicator of all-embracing antithesis area strength. It is additionally a distinct admeasurement that can be acclimated to appraise both the group’s banknote position and its indebtedness. The use of the appellation ‘net debt’ does not necessarily beggarly that the banknote included in the net debt abacus is accessible to achieve the liabilities included in this measure.

Reconciliation amid IFRS and APM

2019

US$m

2018

US$m

w2 form 12b
 Fillable Online 174 98 61 Form W-2Wage and Tax Statement ..

Fillable Online 174 98 61 Form W-2Wage and Tax Statement .. | w2 form 12b

External debt

684.3

628.1

Lease liabilities

125.6

118.4

Gross debt

809.9

746.5

 

 

 

Cash and banknote equivalents

221.1

89.0

Less: Belted cash

(37.7)

Adjusted banknote and banknote equivalents

183.4

89.0

Net debt

626.5

657.5

 

 

 

Financial Statements

Consolidated Assets Statement

For the year concluded 31 December

 

 

2019

2018

 

Note

US$m

US$m

Revenue

3

387.8

356.0

Cost of sales

 

(261.9)

(255.8)

Gross profit

 

125.9

100.2

Administrative expenses

 

(119.4)

(91.1)

Loss on auctioning of property, bulb and equipment

 

(11.0)

(5.8)

Operating (loss)/profit

5

(4.5)

3.3

Interest receivable

8

0.7

1.0

Gain/(loss) on acquired cyberbanking instruments

24

33.9

(16.8)

Finance costs

9

(104.9)

(107.0)

Loss afore tax

 

(74.8)

(119.5)

Tax expense

10

(61.8)

(4.4)

Loss afterwards tax for the year

 

(136.6)

(123.9)

Loss attributable to:

 

 

 

Owners of the Company

 

(135.9)

(123.9)

Non-controlling interest

 

(0.7)

Loss for the year

 

(136.6)

(123.9)

Loss per share:

 

(15)

 

Basic and adulterated accident per allotment (cents)

29

(14)

 

All activities chronicle to continuing operations.

 

The accompanying addendum anatomy an basal allotment of these Cyberbanking Statements.

 

 

 

Consolidated Ceremony of added absolute income

For the year concluded 31 December

 

2019

US$m

2018

US$m

Loss afterwards tax for the year

(136.6)

(123.9)

Other absolute loss:

 

 

Items that may be reclassified afterwards to accumulation and accident (net of tax):

 

 

Exchange differences on adaptation of adopted operations

(1.0)

(2.3)

Total absolute accident for the year

(137.6)

(126.2)

Total absolute accident attributable to:

 

 

Owners of the Company

(137.0)

(126.2)

Non-controlling interest

(0.6)

Total absolute accident for the year

(137.6)

(126.2)

 

The accompanying addendum anatomy an basal allotment of these Cyberbanking Statements.

 

 

 

Consolidated Ceremony of cyberbanking position

As at 31 December

Assets

Note

2019

US$m

2018

US$m

Non-current assets

 

 

 

Intangible assets

11

28.4

12.4

Property, bulb and equipment

12a

631.9

676.6

Right-of-use assets

12b

108.2

103.8

Investments

13

0.1

Derivative cyberbanking assets

26

41.0

7.1

 

 

809.5

800.0

Current assets

 

 

 

Inventories

14

9.3

10.3

Trade and added receivables

15

166.5

102.3

Prepayments

16

14.1

16.4

Cash and banknote equivalents

17

221.1

89.0

 

 

411.0

218.0

Total assets

 

1,220.5

1,018.0

Equity and liabilities

 

 

 

Equity

 

 

 

Issued basal and reserves

 

 

 

Share capital

18

12.8

909.2

Share premium

18

187.0

Stated capital

 

12.8

1,096.2

Other reserves

 

(87.0)

(12.8)

Share-based payments reserves

 

19.6

Treasury shares

 

(4.4)

Translation reserve

 

(82.7)

(81.7)

Retained earnings

 

317.6

(880.0)

Equity attributable to owners

 

175.9

121.7

Non-controlling interest

 

(0.6)

Total equity

 

175.3

121.7

Current liabilities

 

222.7

 

Trade and added payables

19

149.8

Short-term charter liabilities

21

21.4

19.6

Contingent consideration

30

3.6

Loans

20

19.2

17.3

 

 

266.9

186.7

Non-current liabilities

 

 

 

Deferred tax liabilities

10

3.1

Contingent consideration

30

5.9

Long-term charter liabilities

21

104.2

98.8

Loans

20

665.1

610.8

 

 

778.3

709.6

Total liabilities

 

1,045.2

896.3

Total disinterestedness and liabilities

 

1,220.5

1,018.0

 

These Cyberbanking Statements were accustomed and authorised for affair by the Lath on 12 March 2020 and alive on its anniversary by:

 

Kash Pandya

Tom Greenwood

 

The accompanying addendum anatomy an basal allotment of these Cyberbanking Statements.

 

 

 

Consolidated Ceremony of changes in equity

For the year concluded 31 December 2019

 

Note

Share

capital

US$m

Share

premium

US$m

Other

reserves

US$m

Treasury

shares

US$m

Share-

based

payments

reserves

US$m

Translation

reserve

US$m

Retained

earnings

US$m

Attributable

to the

owners of

the parent

US$m

Non-

controlling

interest

(NCI)

US$m

Total

equity

US$m

Balance at 1 January 2018

 

909.2

187.0

(12.8)

(79.4)

(752.4)

251.6

251.6

Transition to IFRS 9

 

(3.7)

(3.7)

(3.7)

Loss for the year

 

(123.9)

(123.9)

(123.9)

Other absolute loss

 

(2.3)

(2.3)

(2.3)

Total absolute accident for the year

 

(2.3)

(123.9)

(126.2)

(126.2)

Balance at 31 December 2018

 

909.2

187.0

(12.8)

(81.7)

(880.0)

121.7

121.7

Loss for the year

 

(136.0)

(136.0)

(0.6)

(136.6)

Other absolute loss

 

(1.0)

(1.0)

(1.0)

Total absolute accident for the year

 

(1.0)

(136.0)

(137.0)

(0.6)

(137.6)

Transactions with owners;

 

 

 

 

 

 

 

 

 

 

 

Reorganisation

18

263.9

(187.0)

(74.2)

(2.7)

7.9

7.9

7.9

New affair of shares

18

109.2

16.4

125.6

125.6

Share affair costs

 

(7.3)

(7.3)

(7.3)

Purchase of own shares

18

(1.7)

(1.7)

(1.7)

Share-based payments

18

11.7

11.7

11.7

Capital accession from shareholders

 

55.0

55.0

55.0

Capital reduction

18

(1,269.5)

(9.1)

1,278.6

Balance at 31 December 2019

 

12.8

(87.0)

(4.4)

19.6

(82.7)

317.6

175.9

(0.6)

175.3

 

The comparatives presented are the circumscribed after-effects of HTL. The above-mentioned year reflects the allotment basal anatomy of HTL. The accepted aeon presents the acknowledged change in buying of the Group, including the allotment basal of Helios Architecture plc.

 

Included in added affluence is the alliance accounting assets which arose on Accumulation reorganisation and is the aberration amid the accustomed bulk of the net assets acquired and the nominal bulk of the allotment capital.

 

Share-based payments affluence chronicle to allotment options awarded. See Agenda 25.

 

Translation assets relates to the adaptation of the Cyberbanking Statements of aloft subsidiaries in to the adumbrative bill of the circumscribed Cyberbanking Statements.

 

Capital accession relates to abandoning of Escrow Bulk from pre-IPO shareholders as categorical in the Escrow acceding in affiliation to Change of Ascendancy Taxes. Accredit to Agenda 10.

 

 

 

Consolidated Ceremony of banknote flows

For the year concluded 31 December 2019

 

 

2019

2018

 

Note

US$m

US$m

Cash flows from operating activities

 

 

 

Loss afore tax

 

(74.8)

(119.5)

Adjustments for:

 

 

 

Gain/(loss) on acquired cyberbanking instruments

24

(33.9)

16.8

Finance costs

9

104.9

107.0

Interest receivable

8

(0.7)

(1.0)

Depreciation and amortisation

11, 12

147.2

141.2

Loss on auctioning of property, bulb and equipment

4

11.0

5.8

Movement in alive capital:

 

 

 

Decrease/(increase) in inventories

 

1.0

(1.0)

(Increase)/decrease in barter and added receivables

 

(56.0)

9.3

Decrease in prepayments

 

(1.0)

(3.8)

Increase/(decrease) in barter and added payables

 

27.6

(21.0)

Cash generated from operations

 

125.3

133.8

Interest paid

 

(74.4)

(69.9)

Tax paid

 

(13.3)

(2.9)

Net banknote generated from operating activities

 

37.6

61.0

Cash flows from beforehand activities

 

 

 

Payments to admission property, bulb and equipment

 

(95.2)

(103.0)

Payments to admission abstract assets

 

(9.2)

(3.2)

Acquisitions net of banknote received

30

(10.6)

Proceeds on auctioning on assets

 

0.4

0.1

Interest received

 

0.7

1.0

Net banknote acclimated in beforehand activities

 

(113.9)

(105.1)

Cash flows from costs activities

 

 

 

Gross accretion from affair of disinterestedness allotment capital

 

125.6

Share affair costs

 

(7.3)

Re-purchase of absolutely vested options

 

(1.7)

Borrowing drawdowns

 

50.0

25.0

Capital contributions – escrow funds

 

47.7

Repayment of charter liabilities

 

(5.4)

(10.4)

Net banknote generated from costs activities

 

208.9

14.6

Net increase/(decrease) in banknote and banknote equivalents

 

132.6

(29.5)

Foreign barter on adaptation movement

 

(0.5)

(1.2)

Cash and banknote equivalents at 1 January

 

89.0

119.7

Cash and banknote equivalents at 31 December

 

221.1

89.0

 

 

 

Notes to the Cyberbanking Statements

 

For the year concluded 31 December 2019.

 

1. STATEMENT OF COMPLIANCE AND PRESENTATION OF FINANCIAL STATEMENTS

Helios Architecture plc, calm with its subsidiaries (collectively, “Helios”, “the Group” or “the Company”), is a sub-Saharan absolute belfry company, with operations aloft bristles countries. Helios Architecture plc is a accessible bound aggregation congenital and domiciled in the UK, and registered beneath the laws of England & Wales beneath aggregation cardinal 12134855 with its registered abode at 10th Floor, 5 Merchant Square West, London, W2 1AS, United Kingdom on 18 October 2019, the accustomed shares of Helios Architecture plc were accepted to the aberrant advertisement articulation of the Official Ceremony of the UK Cyberbanking Conduct Ascendancy and barter on the London Stock Barter Plc’s basal bazaar for listed securities.

 

Prior to the Antecedent Accessible Alms (“IPO”), Helios Towers, Ltd (“HTL”) was the ancestor aggregation of the Accumulation for which circumscribed Cyberbanking Statements were produced. On 15 October 2019 (the date of accomplishment of the IPO, with 18 October 2019 apery acceptance to trading on the London Stock Exchange), the shareholders of HTL transferred all of their shares on HTL to Helios Architecture plc in barter for accustomed shares of according bulk in Helios Architecture plc (“Reorganisation”). This resulted in Helios Architecture plc able the new ancestor aggregation of the Group.

 

The cyberbanking admonition for the year concluded 31 December 2019 (and allusive admonition for the year concluded 31 December 2018) is presented as a assiduity of HTL. The Aggregation and entities controlled by the Aggregation are appear in Agenda 13. The arch accounting behavior adopted by the Accumulation are set out in Agenda 2.

 

2. ACCOUNTING POLICIES

BASIS OF PREPARATION

The cyberbanking admonition absorbed has been extracted from the audited cyberbanking statements for the year concluded 31 December 2019 which accept been able beneath All-embracing Cyberbanking Advertisement Standards (IFRS) adopted by the EU and IFRIC interpretations issued and able at the time of advancing those cyberbanking statements.

 

3. SEGMENTAL REPORTING

The afterward segmental admonition is presented in a connected architecture with administering admonition advised by the CEO of ceremony operating segment, and the CEO and CFO of the Group, who are advised to be the arch operating accommodation makers (“CODM”). Operating segments are bent based on bounded location. All operating segments accept the aforementioned business of operating and advancement telecoms architecture and renting amplitude on such towers. Accounting behavior are activated consistently for all operating segments. The articulation operating aftereffect acclimated by CODM is Adapted EBITDA, which is authentic in Agenda 4.

 

31 December 2019

Ghana US$m

Tanzania US$m

DRC US$m

Congo Brazzaville US$m

South Africa US$m

Total operating companies US$m

Corporate US$m

Group absolute US$m

Revenue

40.1

162.2

158.0

25.9

1.6

387.8

387.8

Adjusted gross margin(1)

69%

66%

64%

70%

78%

66%

66%

Adjusted EBITDA(2)

23.6

96.4

88.3

13.6

0.2

222.1

(16.9)

205.2

Adjusted EBITDA margin(3)

59%

59%

56%

53%

13%

57%

53%

Financing costs:

 

 

 

 

 

 

 

 

Interest costs

(6.7)

(44.5)

(48.7)

(9.0)

(2.1)

(111.0)

18.1

(92.9)

Foreign barter differences

(6.8)

(3.7)

0.2

(1.5)

(11.8)

(0.2)

(12.0)

Total accounts costs

(13.5)

(48.2)

(48.5)

(10.5)

(2.1)

(122.8)

17.9

(104.9)

Other segmental information

 

 

 

 

 

 

 

 

Fixed assets

45.7

304.7

335.2

40.7

31.2

757.5

11.0

768.5

Property, bulb and accessories basal additions(4)

11.7

43.7

37.0

6.4

15.1

113.9

0.3

114.2

Property, bulb and accessories abrasion and amortisation

8.8

52.9

61.3

11.8

1.0

135.8

2.9

138.7

Right of use assets basal additions

0.3

1.1

1.4

0.2

4.1

7.1

7.1

Right of use assets abrasion and amortisation

0.9

3.7

3.0

0.5

0.2

8.3

0.2

8.5

(1)    Adapted gross allowance agency gross profit, abacus aback armpit and barn depreciation, disconnected by revenue. .

(2)    Adapted EBITDA is accident for the year, adapted for tax expenses, accounts costs, added assets and losses, absorption receivable, accident on auctioning of property, bulb and equipment, amortisation of abstract assets, abrasion and crime of property, bulb and equipment, abrasion of right-of-use assets, recharged depreciation, accord costs, share-based payments and abiding allurement plan charges, and aberrant items.        

(3)    Adapted EBITDA allowance is Adapted EBITDA disconnected by revenue

(4)    Property, bulb and accessories basal additions in the year concluded 31 December 2019 in South Africa, exclude the fair bulk of abstract assets acquired and amicableness recognised beneath IFRS 3 (see Agenda 30).

 

31 December 2018

Ghana

US$m

Tanzania

US$m

DRC

US$m

Congo

Brazzaville

US$m

South Africa

US$m

Total

operating

companies

US$m

Corporate

US$m

Group total

US$m

Revenue

41.0

149.8

140.9

24.3

356.0

356.0

Adjusted gross margin(1)

66%

65%

60%

67%

63%

63%

Adjusted EBITDA(2)

22.8

86.2

72.5

12.1

193.6

(16.0)

177.6

Adjusted EBITDA margin(3)

56%

57%

51%

50%

54%

50%

Financing costs:

 

 

 

 

 

 

 

Interest costs

(5.1)

(54.3)

(47.3)

(8.4)

(115.1)

26.1

(89.0)

Foreign barter differences

(3.5)

(11.3)

(3.3)

(18.1)

0.1

(18.0)

Total accounts costs

(8.6)

(65.6)

(47.3)

(11.7)

(133.2)

26.2

(107.0)

Other segmental information

 

 

 

 

 

 

 

 

Fixed assets

50.1

325.6

364.7

48.4

788.8

4.0

792.8

Property, bulb and accessories basal additions(4)

19.7

37.9

57.1

4.0

118.7

0.3

119.0

Property, bulb and accessories abrasion and amortisation

8.0

52.9

59.4

11.8

132.1

0.3

132.4

Right of use assets basal additions

0.6

1.9

3.7

0.2

6.4

6.4

Right of use assets abrasion and amortisation

0.6

4.5

3.2

0.5

8.8

8.8

(1)    Adapted gross allowance agency gross profit, abacus aback armpit and barn depreciation, disconnected by revenue. .

(2)    Adapted EBITDA is accident for the year, adapted for tax expenses, accounts costs, added assets and losses, absorption receivable, accident on auctioning of property, bulb and equipment, amortisation of abstract assets, abrasion and crime of property, bulb and equipment, abrasion of right-of-use assets, recharged depreciation, accord costs, share-based payments and abiding allurement plan charges, and aberrant items.        

(3)    Adapted EBITDA allowance is Adapted EBITDA disconnected by revenue

(4)    Property, bulb and accessories basal additions in the year concluded 31 December 2019 in South Africa, exclude the fair bulk of abstract assets acquired and amicableness recognised beneath IFRS 3 (see Agenda 30).

 

4. RECONCILIATION OF AGGREGATE SEGMENT ADJUSTED EBITDA TO LOSS BEFORE TAX

The articulation operating aftereffect acclimated by the arch operating accommodation makers is Adapted EBITDA.

 

Management defines Adapted EBITDA as accident for the year, adapted for tax expenses, accounts costs, added assets and losses, absorption receivable, accident on auctioning of property, bulb and equipment, amortisation of abstract assets, abrasion and crime of property, bulb and equipment, abrasion of right-of-use assets, recharged depreciation, accord costs for aborted acquisitions, accord costs not capitalised, share-based payments and abiding allurement plan charges, and aberrant items. Aberrant items are absolute items that are advised aberrant in attributes by administering by advantage of their admeasurement and/or incidence.

 

The Accumulation believes that Adapted EBITDA facilitates comparisons of operating accomplishment from aeon to aeon and aggregation to aggregation by eliminating abeyant differences acquired by variations in basal structures (affecting absorption and accounts charges), tax positions (such as the appulse on periods or companies of changes in able tax ante or net operating losses) and the age and appointed abrasion on assets. The Accumulation excludes assertive items from Adapted EBITDA, such as accident on auctioning of property, bulb and equipment, and aberrant and adjusting items because it believes they are not apocalyptic of its basal trading performance.

 

Adjusted EBITDA is accommodated to accident afore tax as follows:

 

2019

US$m

2018

US$m

Adjusted EBITDA

205.2

177.6

Adjustments activated to accord Adapted EBITDA

 

 

Exceptional items:

 

 

Litigation costs(1)

(10.2)

Exceptional activity costs(2)

(18.6)

(14.7)

Deal costs(3)

(1.7)

(1.5)

Share-based payments and continued appellation allurement plans(4)

(31.2)

Loss on auctioning of property, bulb and equipment

(11.0)

(5.8)

Gain/(loss) on acquired cyberbanking instruments (Note 24)

33.9

(16.8)

Recharged depreciation(5)

(0.9)

Depreciation of property, bulb and equipment

(129.5)

(124.0)

Amortisation of intangibles

(9.2)

(8.4)

Depreciation of right-of-use assets

(8.5)

(8.8)

Interest receivable

0.7

1.0

Finance costs

(104.9)

(107.0)

Loss afore tax

(74.8)

(119.5)

(1)    Action costs chronicle to acknowledged costs incurred in affiliation with a advanced concluded disinterestedness transaction.

(2)    Aberrant activity costs are in affiliation to the advertisement of disinterestedness on the London Stock Exchange.

(3)    Accord costs apropos to the assay of beforehand opportunities in Africa. This includes accord bulk for aborted acquisitions and accord costs not capitalised. 2019 includes US$0.7 actor apropos to the South Africa acquisition. See Agenda 30.

(4)    Share-based payments, continued appellation allurement plan charges, assimilation accolade (US$10 million) and associated costs

(5)    The Accumulation incurred costs answerable to it through a ceremony acclimation from Helios Architecture Africa LLP until 5 March 2019. From 6 March 2019, Helios Architecture Africa LLP was circumscribed in to the Group. Above-mentioned to this, administering advised that the abrasion aspect of the allegation should be removed from adapted EBITDA as it is abrasion in nature.

 

5A. OPERATING (LOSS)/PROFIT

 

Operating (loss)/profit is declared afterwards charging the following:

 

2019

2018

 

US$m

US$m

Cost of anniversary expensed

56.8

57.2

Auditor accomplishment (see Agenda 5B)

5.8

4.6

Loss on auctioning of property, bulb and equipment

11.0

5.8

Depreciation and amortisation

147.2

141.2

Staff costs (Note 6)

22.6

21.7

 

Amortisation of abstract assets is presented in authoritative costs in the Circumscribed Assets Statement.

 

5B. AUDIT REMUNERATION

 

2019

2018

 

US$m

US$m

Statutory assay of the Company’s ceremony accounts

0.3

0.1

Statutory assay of the Group’s subsidiaries

1.7

0.8

Audit fees:

2.0

0.9

Quarterly assay engagements

0.3

0.4

Other affirmation services

1.0

Controls accompanying services

0.0

0.1

Audit accompanying affirmation services

1.3

0.5

Project costs

2.4

3.2

Other services

0.1

Total added non-audit services:

2.5

3.2

Total non-audit fees

3.8

3.7

Total fees

5.8

4.6

 

Project costs chronicle to the IPO which was completed in October 2019 – accredit to Agenda 4. From 18 October 2019, Helios Architecture plc became an EU Accessible Absorption Article (PIE), the US$3.8m non-audit fees in accepted year was all incurred pre-IPO, post-IPO there were no non-audit casework provided to the Accumulation by Deloitte and its assembly for the aeon to 31 December 2019.

 

6. STAFF COSTS

Staff costs abide of the afterward components:

 

2019

2018

 

US$m

US$m

Wages and salaries

21.7

21.4

Social aegis costs – employer contributions

0.6

0.3

Pension costs

0.3

 

22.6

21.7

 

The boilerplate anniversary cardinal of admiral during the year was fabricated up as follows:

 

2019

2018

Operations

133

115

Legal and regulatory

29

24

Administration

32

30

Finance

84

74

Sales and marketing

64

63

 

342

306

 

 

7. KEY MANAGEMENT PERSONNEL COMPENSATION

 

2019

2018

 

US$m

US$m

Salaries

1.5

1.0

Bonus

1.4

1.3

Benefits

0.2

0.3

 

3.1

2.6

 

The aloft accomplishment admonition relates to Directors in Helios Architecture plc.

 

8. INTEREST RECEIVABLE

 

2019

2018

 

US$m

US$m

Bank absorption receivable

0.7

1.0

 

9. FINANCE COSTS

 

2019

2018

 

US$m

US$m

Foreign barter differences

12.0

18.0

Interest costs

77.0

73.9

Interest costs on charter liabilities

15.9

15.1

 

104.9

107.0

 

10. TAX EXPENSE

 

2019

2018

 

US$m

US$m

(a) Tax expense:

 

 

Current tax

 

 

In anniversary of accepted year

61.3

4.4

Adjustment in anniversary of above-mentioned years

0.7

Total accepted tax

62.0

4.4

 

 

 

Deferred tax

 

 

Originating acting differences on accretion of accessory undertakings

(0.2)

Total deferred tax

(0.2)

Total tax expense

61.8

4.4

 

 

 

(b) Tax reconciliation:

 

 

Loss afore tax

(74.8)

(119.5)

Tax computed at the abounding boilerplate tax rate

(22.0)

(35.2)

Tax aftereffect of bulk not deductible for tax purposes

51.1

38.8

Deferred assets tax movement not recognised

(26.0)

(1.7)

Prior year over/(under) provision

0.7

Change of Ascendancy Taxes

55.0

Minimum assets taxes

3.0

2.5

Total tax expense

61.8

4.4

 

The abounding boilerplate tax bulk is afflicted by advertence to the accustomed tax ante which are applicative to the Group’s operating subsidiaries. The ambit of applicative assets tax ante is amid 25% and 40%.

 

A change of ascendancy (as authentic by the accordant bounded tax authority) of assertive of the Group’s subsidiaries may activate Change of Ascendancy Taxes liabilities for the Group. An bulk has been set abreast by the pre-IPO shareholders to awning these taxes which the Accumulation believes is able to awning its accepted estimates of these taxes. Afterwards the IPO, the Accumulation accustomed a US$55m Escrow Bulk from pre-IPO shareholders as categorical in the Escrow acceding to achieve Change of Ascendancy Taxes. Accredit to Circumscribed Ceremony of Changes in Equity.

 

As assured by bounded applicative law, minimum assets taxes administer and were paid by operating entities in Congo Brazzaville, DRC and Tanzania which accept appear tax losses for the year concluded 31 December 2019. No minimum assets taxes rules administer in South Africa or Ghana.

 

In DRC, the Ministers of Posts and Telecommunications, New Technologies of Admonition and Admonition (the “PTNTIC Ministry”) and Accounts (the “Finance Ministry”) set the levies, duties, fees and accuse to be calm by the PTNTIC Ministry. We accept the PTNTIC Ministry and the Accounts Ministry are considering, amid added fees, a revised one-off fee for the accession of accumulated accessories and/or administering and administering of telecommunications basement as able-bodied as introducing an ceremony ability fee as a allotment of acquirement for afflicted companies. To date there has been no advertisement in the official gazette. Should these fees administer to HT DRC Infraco SARL, we do not anticipate we will be adapted to pay the revised one-off fee because HT DRC Infraco SARL has already paid the one-off fee at the antecedent rate. However, HT DRC Infraco SARL may in the approaching be adapted to pay an ceremony ability fee as a allotment of HT DRC Infraco SARL’s revenue.

 

 

2019

2018

DEFERRED TAX

US$m

US$m

Deferred tax liabilities:

 

 

On accretion of accessory undertakings

3.1

 

As deferred tax assets and liabilities are abstinent at the ante that are accepted to administer in the periods of the reversal, the deferred tax antithesis at the antithesis area date has been afflicted at the bulk at which the accordant antithesis is accepted to be recovered or settled. The deferred tax accountability is afflicted by applying the accustomed accumulated assets tax bulk of 28% in South Africa on the abstract assets recognised at the antithesis area date.

 

11. INTANGIBLE ASSETS

 

 

 

 

 

 

 

Computer

 

 

Customer

Customer

 

Colocation

Right of first

Non-compete

software and

 

 

contracts

relationships

Goodwill

rights

refusal

agreement

licence

Total

 

US$m

US$m

US$m

US$m

US$m

US$m

US$m

US$m

Cost

 

 

 

 

 

 

 

 

At 1 January 2018

35.0

30.0

15.2

80.2

Additions during the year

3.0

3.0

Disposals during the year

Effects of adopted bill barter differences

(0.4)

(0.4)

At 31 December 2018

35.0

30.0

17.7

82.7

Additions during the year

8.8

0.4

9.2

On accretion of accessory undertakings (Note 30)

3.4

6.9

4.1

1.1

15.5

Effects of adopted bill barter differences

0.1

0.2

0.1

1.3

1.7

At 31 December 2019

3.5

7.1

4.2

8.8

35.0

31.1

19.4

109.1

Amortisation

 

 

 

 

 

 

 

 

At 1 January 2018

(22.5)

(30.0)

(9.7)

(62.6)

Charge for year

(5.0)

(3.4)

(8.4)

Effects of adopted bill barter differences

0.3

0.3

At 31 December 2018

(27.5)

(30.0)

(12.8)

(70.3)

Charge for year

(0.2)

(0.3)

(0.3)

(5.2)

(3.2)

(9.2)

Effects of adopted bill barter differences

(1.2)

(1.2)

At 31 December 2019

(0.2)

(0.3)

(0.3)

(32.7)

(30.0)

(17.2)

(80.7)

Net book value

 

 

 

 

 

 

 

 

At 31 December 2019

3.3

6.8

4.2

8.5

2.3

1.1

2.2

28.4

At 31 December 2018

7.5

4.9

12.4

At 1 January 2018

12.5

5.5

18.0

 

In 2016, alongside the acquirement of 967 architecture from Airtel Group, a adapted of aboriginal abnegation (“ROFR”) acceding was alive with Airtel Accumulation in the DRC giving the Accumulation the adapted of aboriginal abnegation over build-to-suit architecture that Airtel Accumulation ambition to commission. A acquittal of US$20 actor was fabricated for this adapted and is amortised on a beeline band abject over its exercisable aeon catastrophe on 1 May 2020. In July 2019, HTT Infraco Bound entered into a business acceding with Viettel, whereby it acquired the rights to colocate on about 1,000 sites. These added sites meant that new colocation opportunities were fabricated accessible to added Accumulation customers.

 

The absolute amortisation aeon is;

 

•     chump affairs and chump relationships 14 years;

•     colocation rights 14 years;

•     adapted of aboriginal abnegation one year;

•     non-compete acceding four years; and

•     computer software and licence two to three years.

As allotment of the aforementioned transaction, the Accumulation entered into a non-compete acceding with Airtel Accumulation beneath which the Accumulation and the Aggregation was accepted the adapted that Airtel will not attempt with the Accumulation in DRC and/or Congo Brazzaville. The absolute amortisation aeon for the non- attempt acceding is four years. The Accumulation issued shares with a fair bulk of US$30 actor to Airtel Accumulation for this adapted basal on the date of the acceding (5 May 2016) and absolute 12 afterwards months afterwards aboriginal date closing (7 July 2016). The arising of these shares was a non-cash transaction.

 

IMPAIRMENT

Goodwill acquired in a business accumulated is allocated, at acquisition, to the banknote breeding units (CGUs) that are accepted to anniversary from that business combination. The Accumulation tests amicableness annually for crime or added frequently if there are break that amicableness ability be impaired. Net book bulk has been compared with recoverable bulk to appraise impairment. Intangibles, including amicableness on accretion of accessory undertakings includes US$3 actor of assets for which appliance was paid in banknote for the accretion of SA Architecture Proprietary Bound and Sky Advantage Proprietary Limited, the absolute US$12.6 actor relates to the fair bulk of abstract assets acquired and amicableness recognised beneath IFRS 3. The Group’s CGUs are accumbent to its operating segments.

 

The recoverable bulk of ceremony banknote breeding assemblage has been bent based on a bulk in use abacus appliance banknote breeze projections for the abutting bristles years from cyberbanking budgets accustomed by arch administering as this aeon matches the archetypal chump acclimation aeon for belfry management.

 

KEY ASSUMPTIONS USED IN VALUE-IN-USE CALCULATIONS

The abacus of value-in-use is best acute to the afterward assumptions:

•     Cardinal of architecture beneath administering at the end of ceremony year calm with the charter advancement or cardinal of tenants per tower. These are based on estimates of the cardinal of belfry opportunities in the accordant markets and the accepted beforehand in these markets;

•     abatement rate; and

•     operating bulk and basal bulk requirements.

 

A abiding beforehand bulk of 5% has been activated to extrapolate the banknote breeze projections into perpetuity, based on management’s appraisal of the abiding ceremony beforehand ante in Adapted EBITDA. From the cyberbanking archetypal a net present bulk was derived, appliance abatement ante alignment from 15% to 20%, and compared to the amicableness accustomed value. The abatement ante were based on an industry boilerplate abounding boilerplate bulk of basal bold debt leveraging of 40% and bazaar absorption ante alignment from 9% to 10%. A reasonable change in any of the key assumptions does not aftereffect in an crime of goodwill.

 

12A. PROPERTY, PLANT AND EQUIPMENT

 

 

Fixtures and

Motor

 

 

Leasehold

 

 

IT equipment

fittings

vehicles

Site assets

Land

improvements

Total

 

US$m

US$m

US$m

US$m

US$m

US$m

US$m

Cost

 

 

 

 

 

 

 

At 1 January 2018

6.0

1.0

4.7

1,070.6

5.3

1.1

1,088.7

Additions

5.9

0.1

0.3

105.8

3.8

0.2

116.0

Disposals

(0.5)

(17.8)

(0.1)

(18.4)

Effects of adopted bill barter differences

0.4

(0.1)

(19.3)

(0.1)

(19.2)

At 31 December 2018

12.2

1.0

4.4

1,139.4

8.9

1.3

1,167.2

Additions

5.3

0.1

0.4

88.5

0.1

94.4

On accretion of subsidiary

 

 

 

 

 

 

 

undertakings (Note 30)

7.6

7.6

Disposals

(0.1)

(26.9)

(27.0)

Effects of adopted bill barter differences

1.0

0.3

(0.2)

(15.9)

1.7

(13.1)

At 31 December 2019

18.5

1.4

4.5

1,192.7

8.9

3.1

1,229.1

Depreciation

 

 

 

 

 

 

 

At 1 January 2018

(3.2)

(0.7)

(2.8)

(375.9)

(0.4)

(383.0)

Charge for the year

(2.6)

(0.2)

(0.7)

(120.5)

(0.2)

(124.2)

Disposals

0.5

9.6

10.0

Effects of adopted bill barter differences

0.1

0.1

6.4

6.6

At 31 December 2018

(5.7)

(0.9)

(2.9)

(480.5)

(0.6)

(490.6)

Charge for the year

(4.1)

(0.1)

(0.6)

(124.2)

(0.5)

(129.5)

Disposals

15.6

15,6

Effects of adopted bill barter differences

(0.8)

(0.3)

0.3

9.5

(1.4)

7.3

At 31 December 2019

(10.6)

(1.3)

(3.2)

(579.6)

(2.5)

(597.2)

Net book value

 

 

 

 

 

 

 

At 31 December 2019

7.9

0.1

1.3

613.1

8.9

0.6

631.9

At 31 December 2018

6.5

0.1

1.5

658.9

8.9

0.7

676.6

At 1 January 2018

2.8

0.3

1.9

694.7

5.3

0.7

705.7

 

At 31 December 2019, the Accumulation had US$62.7 actor (2018: US$74.5 million) of bulk recognised in the accustomed bulk of items of armpit assets that were in the beforehand of construction. On accomplishment of the construction, they will abide aural the armpit assets balance, and abrasion will appear aback the assets are accessible for use.

 

In January 2019, the Accumulation entered into a actor acceding with Vulatel (Pty) Ltd to anatomy a new acknowledged article alleged Helios Architecture South Africa Holdings (Pty) Ltd (“HTSA”) which is circumscribed into the Group. The Accumulation holds 66 per cent of the allotment basal of this article with Vulatel captivation the absolute 34 per cent.

 

Subsequent to this, on 29 March 2019, Helios Towers, Ltd. transferred US$4 actor banknote into HTSA whilst Vulatel contributed its allotment in the anatomy of assets including 13 bend abstracts centres admired at US$2 million, which are included in the armpit assets above. Property, bulb and accessories additions during the aeon includes US$7.6 actor of armpit assets for which appliance was paid in banknote for the accretion of SA Architecture Proprietary Bound and Sky Advantage Proprietary Limited.

 

12B. RIGHT-OF-USE ASSETS

 

2019

2018

 

US$m

US$m

Right of use assets by chic of basal assets

 

 

Land

104.0

101.6

Buildings

4.2

2.2

 

108.2

103.8

Depreciation allegation for adapted of use assets

 

 

Land

7.2

7.2

Buildings

1.3

1.5

Motor vehicles

0.1

 

8.5

8.8

 

Refer to Agenda 3 for added accommodation on adapted of use assets and Agenda 21 for added accommodation on charter liabilities.

 

13. INVESTMENTS

 

2019

2018

 

US$m

US$m

Cost

 

 

At 31 December

0.1

 

The accessory companies of Helios Architecture plc are as follows:

 

 

Effective shareholding2019

 

Effective shareholding2018

Name of subsidiaries

Country of incorporation

Direct %

Indirect %

 

Direct %

Indirect %

Helios Architecture Ghana Limited

Ghana

100%

60%

40%

HTG Managed Casework Limited

Ghana

100%

 

100%

HTA Group, Ltd

Mauritius

100%

 

100%

HTA Holdings Ltd

Mauritius

100%

100%

Helios Towers, Ltd

Mauritius

100%

100%

Helios Architecture DRC S.A.R.L.

Democratic Republic of Congo

100%

 

100%

HT DRC Infraco S.A.R.L.

Democratic Republic of Congo

100%

 

100%

Helios Architecture Tanzania Limited

Tanzania

100%

 

100%

HTT Infraco Limited

Tanzania

100%

 

100%

HS Holdings Limited

Tanzania

1%

 

1%

HT Congo Brazzaville Holdco Limited

Mauritius

100%

 

100%

HT Holdings Tanzania Ltd

Mauritius

100%

 

Helios Architecture Congo Brazzaville SASU

Republic of Congo

100%

 

100%

Helios Chad Holdco Limited

Mauritius

100%

 

100%

Towers NL Coöperatief U.A.

The Netherlands

100%

 

100%

HTA (UK) Accomplice Ltd

United Kingdom

100%

100%

Helios Architecture Ally (UK) Limited

United Kingdom

100%

 

Helios Architecture Africa LLP

United Kingdom

100%

 

McRory Beforehand B.V.

The Netherlands

100%

 

100%

McTam All-embracing 1 B.V.

The Netherlands

100%

 

100%

Helios Architecture FZ-LLC

United Arab Emirates

100%

 

Helios Architecture South Africa Holdings (Pty) Ltd

South Africa

66%

 

Helios Architecture South Africa (Pty) Ltd

South Africa

66%

 

Helios Architecture South Africa Casework (Pty) Ltd

South Africa

62.5%

 

HTSA Architecture (Pty) Ltd

South Africa

59.1%

 

 

All subsidiaries were congenital in above-mentioned years, added than HT Holdings Tanzania Ltd, Helios Architecture Ally (UK) Bound and Helios Architecture FZ- LLC which were congenital in 2019. Helios Architecture plc or its subsidiaries accept subscribed to the majority of the shares as apparent above. The appliance paid for these shares on assimilation was minimal. The Directors are of the appraisal that the investments in subsidiaries are adequately declared and no crime is required.

 

Helios Architecture Ghana Limited, Helios Architecture South Africa Holdings (Pty) Ltd , HTA Holdings Ltd, Helios Architecture DRC S. A.R.L., Helios Architecture Tanzania Limited, HT Congo Brazzaville Holdco Limited, Helios Chad Holdco Limited, Architecture NL Coöperatief U.A., McRory Beforehand B.V., McTam All-embracing 1 B.V. and HTA (UK) Accomplice Ltd are boilerplate captivation companies.

 

The arch activities of HTG Managed Casework Limited, HT DRC Infraco S.A.R.L., HTT Infraco Limited, and Helios Architecture Congo Brazzaville SASU and the absolute South African entities are the architecture and aliment of telecommunications architecture to accommodate amplitude on those architecture to wireless telecommunication ceremony providers in Africa. South Africa entities were acquired in 2019. See Agenda 30.

 

All investments chronicle to accustomed shares.

 

14. INVENTORIES

 

2019

2018

 

US$m

US$m

Inventories

9.3

10.3

 

Inventories are primarily fabricated up of ammunition stocks of US$6.6 actor (2018: US$7.7 million) and raw abstracts of US$2.7 actor (2018: US$2.6 million). The appulse of inventories recognised as an bulk during the year in anniversary of continuing operations was US$56.8 actor (2018: US$57.2 million).

 

There is no absolute aberration amid the accustomed bulk of inventories and their net realisable value.

 

15. TRADE AND OTHER RECEIVABLES

 

2019

2018

 

US$m

US$m

Trade receivables

105.7

72.0

Loss allowance

(6.4)

(6.5)

 

99.3

65.5

Trade receivable from accompanying parties

23.4

10.0

 

122.7

75.5

Other receivables

37.1

21.5

VAT & denial tax receivable

6.7

5.3

 

166.5

102.3

 

RECONCILIATION OF ALLOWANCE FOR IMPAIRMENT OF TRADE AND OTHER RECEIVABLES

 

2019

2018

 

US$m

US$m

Balance brought forward

6.5

4.7

Provision for impairment

1.8

Unused amounts reversed

(0.1)

 

6.4

6.5

 

The Accumulation measures the accident allowance for barter receivables and barter receivables from accompanying parties at an bulk according to lifetime accepted acclaim losses (“ECL”). The accepted acclaim losses on barter receivables are estimated appliance a accouterment cast by advertence to accomplished absence acquaintance of the debtor and an assay of the debtor’s accepted cyberbanking position, adapted for factors that are specific to the debtors, accepted bread-and-butter altitude of the industry in which the debtors accomplish and an appraisal of both the accepted as able-bodied as the anticipation administering of altitude at the advertisement date.

 

There has been no change in the admiration techniques or cogent assumptions fabricated during the accepted advertisement period. Absorption can be answerable on accomplished due debtors. The accustomed acclaim aeon of casework is 30 days.

 

Other receivables mainly comprise of accrued income, assorted receivables and Escrow receivables.

 

Of the barter receivables antithesis at 31 December 2019, 73% (31 December 2018: 61%) is due from bristles of the Group’s better customers. The Accumulation does not ascendancy any accessory or added acclaim enhancements over these balances nor does it accept a acknowledged adapted of anniversary adjoin any amounts owed by the Accumulation to the counterparty.

 

DEBTOR DAYS

The Accumulation calculates debtor canicule as set out in the table below. It considers its best accordant chump receivables acknowledgment on a accustomed advertisement date to be the bulk of receivables due in affiliation to the acquirement that has been appear up to that date. It accordingly defines its net receivables as the absolute barter receivables and accrued revenue, beneath deferred income.

 

2019

2018

 

US$m

US$m

Trade receivables(1)

129.1

82.0

Accrued revenue(2)

2.2

2.1

Less: Accident allowance

(6.4)

(6.5)

Less: Deferred income

(64.4)

(48.1)

Net receivables

60.5

29.5

Revenue

387.8

356.0

Debtor days

57

30

(1)   Barter receivables, including accompanying parties

(2)   Appear aural added receivables

 

In chargeless the recoverability of a barter receivable, the Accumulation considers any change in the acclaim affection of the barter receivable from the date acclaim was initially accepted up to the advertisement date. The Directors accede that the accustomed bulk of barter and added receivables is about according to their fair value.

Terms and altitude absorbed to receivable balances due by accompanying parties and by the non-controlling absorption are appear in Agenda 23.

 

16. PREPAYMENTS

 

2019

2018

 

US$m

US$m

Prepayments

14.1

16.4

 

Prepayments primarily comprise beforehand payments to suppliers.

 

17. CASH AND CASH EQUIVALENTS

 

 

2019

2018

 

US$m

US$m

Bank balances

216.8

57.8

Short-term deposits

4.3

31.2

 

221.1

89.0

 

The coffer balances as at 31 December 2019 accommodate belted banknote of US$37.7 actor (31 December 2018: US$Nil) apropos to Change of Ascendancy Taxes. See Agenda 10for added details.

 

18. SHARE CAPITAL

 

2019

 

2018

 

Number

 

Number

 

 

of shares

US$m

of shares

US$m

Authorised, issued and absolutely paid

 

 

 

 

Ordinary shares of £0.01 each

1,000,000,000

12.8

Ordinary allotment basal chic A of US$1

390,410,138

390.4

Ordinary allotment basal chic C of US$100

100

Ordinary allotment basal chic D of US$1

100

Ordinary allotment basal chic G of US$1

518,714,176

518.8

Ordinary allotment basal chic H of US$100

100

Ordinary allotment basal chic Z of US$100

100

 

1,000,000,000

12.8

909,124,714

909.2

 

The allotment basal of the Accumulation is represented by the allotment basal of the ancestor company, Helios Architecture plc. This Aggregation was congenital on 1 August 2019 to act as the captivation aggregation for the Group. Above-mentioned to this the allotment basal of the Accumulation was represented by the allotment basal of the antecedent Company, Helios Towers, Ltd.

 

Helios Architecture plc was congenital on 1 August 2019 and issued one accustomed allotment of £ 1 at par. On 3 September 2019 the Aggregation issued 49,999 non-voting redeemable alternative shares with a nominal bulk of £1.00 each.

 

2019 SHARES RECONCILIATION

Movement of allotment basal during the year

Number of shares

US$m

Authorised, issued and absolutely paid

 

 

Helios Architecture allotment barter (refer below)

907,418,137

11.6

Shares issued on IPO (refer below)

86,386,373

1.1

EBT Shares (refer below)

6,195,490

0.1

Total cardinal of issued shares

1,000,000,000

12.8

 

On 15 October 2019 the date of accomplishment of the IPO, the Pre-IPO Reorganisation was effected, absolute the afterward steps;

 

•     the Aggregation issued 907,418,137 accustomed shares of £1.00 in a allotment for allotment barter acclimation of 99.8% for the absolute allotment basal of Helios Towers, Ltd; As allotment of the allotment barter the administering allurement affairs were unwound. Included in the shares issued are 356,299 shares of £1.00 nominal bulk issued to the Helios Architecture plc agent anniversary affirmation (“EBT”) in anniversary of MIP V Advantage Awards;

•     The Aggregation issued a added 6,195,490 accustomed shares to the trustee of the EBT in acclimation to amuse acclimation of nil-cost options awarded beneath the bequest LTIP scheme;

•     The Aggregation repurchased and annulled the 49,999 redeemable alternative shares of £1.00 at nominal value;

•     In affiliation with the IPO the Aggregation issued 86,386,373 new accustomed shares in barter for banknote at a bulk of £1.15 per share. Arising costs of US$7.3 actor were recognised adjoin the allotment aberrant ceremony in accordance with the Companies Act 2006, area 610.

 

On 3 December 2019, the Aggregation completed a court-approved abridgement of capital. The purpose of the abridgement of basal was to accommodate distributable affluence which will acquiesce the Aggregation the adaptability to accomplish approaching allotment payments. Afterward the abridgement of capital, the cardinal of issued shares and the rights absorbed to those shares remained unchanged. The nominal bulk of the accustomed shares in the basal of the Aggregation was bargain by £0.99 from £1.00 to £0.01. On 12 December 2019 the Aggregation issued a added 910,436 shares to the trustee of the EBT in acclimation to amuse options awarded beneath the LTIP scheme.

 

The Treasury shares represent the bulk of shares in Helios Architecture plc purchased in the bazaar and captivated by the Helios Architecture plc Agent Anniversary Affirmation to amuse options beneath the Accumulation Allotment options plan. Treasury shares captivated by the Accumulation as at 31 December 2019 are 3,046,273 (31 December 2018: nil).

 

Other affluence are appear in the circumscribed ceremony of changes in equity.

 

19. TRADE AND OTHER PAYABLES

 

2019

2018

 

US$m

US$m

Trade payables

17.9

8.4

Amounts payable to accompanying parties

0.1

0.3

Deferred income

64.4

48.1

Deferred consideration

8.0

8.2

Accruals

63.6

64.0

VAT & denial tax payable

68.7

20.8

 

222.7

149.8

 

Trade payables and accruals principally comprise amounts outstanding for barter purchases and advancing costs. The boilerplate acclaim aeon taken for barter purchases is 31 canicule (2018: 16 days). Payable canicule are afflicted as barter payables and payables to accompanying parties, disconnected by bulk of sales added administering costs beneath agents costs and abrasion and amortisation. No absorption is answerable on barter payables. The Accumulation has cyberbanking accident administering behavior in abode to ensure that all payables are paid aural the pre-agreed acclaim terms. Amounts payable to accompanying parties are unsecured, absorption chargeless and repayable on demand.

Deferred assets primarily relates to armpit accessories acquirement which is billed in advance.

 

Under IFRS 15, acknowledgment of acclimation liabilities captivated on the antithesis area at the alpha and end of the aeon and acquirement recognised during the aeon which relates to the acclimation liabilities captivated at the alpha of the aeon is required. The Accumulation recognised acquirement of US$48.1m (2018: US$40.5m) from acclimation liabilities captivated on the antithesis area at the alpha of the cyberbanking year.

 

Deferred appliance relates to appliance that is payable in the approaching for the acquirement of assertive belfry assets in DRC and Congo Brazzaville afterward the Airtel deal, if assertive altitude are met, to accredit alteration of buying of the assets to Helios Towers, Ltd.

 

Accruals abide of accepted operational accruals, accrued basal items, and appurtenances accustomed but not yet invoiced.

 

Trade and added payables are classified as cyberbanking liabilities and abstinent at amortised cost. These are initially recognised at fair bulk and afterwards at amortised cost. These are accepted to be acclimatized aural a year.

 

The Directors accede the accustomed bulk of barter payables approximates to their fair value.

 

20. LOANS

 

2019

2018

 

US$m

US$m

US$600 actor 9.125% arch addendum 2022

607.3

602.9

US$100 actor appellation accommodation adeptness 2022

75.5

25.2

Shareholder loans:

 

 

SA Architecture Proprietary Limited

1.5

Total borrowings

684.3

628.1

Current

19.2

17.3

Non-current

665.1

610.8

 

684.3

628.1

 

On 8 March 2017, HTA Accumulation Limited, a wholly-owned accessory of Helios Architecture plc, issued US$600 actor of 9.125% bonds due 2022 which are listed on the Irish Stock Exchange. Absorption is payable semi-annually alpha on 8 September 2017. The bonds are affirmed on a arch abject by Helios Towers, Ltd, and assertive of the subsidiaries. Loans are classified as cyberbanking liabilities and abstinent at amortised cost. On 22 October 2018, HTA Accumulation Ltd, a wholly endemic accessory of the Group, alive a US$100 actor appellation accommodation adeptness agreement. At 31 December 2019, US$75.0 actor was fatigued (31 December 2018: US$25.0 million), and US$1.3 actor of absorption accrued (31 December 2018: US$0.2 million). The appellation accommodation is a ammo repayment, arch apart facility, with an absorption bulk of LIBOR added 4.2%. The appellation accommodation is affirmed by Helios Towers, Ltd.

 

The accepted allocation of borrowings relates to accrued absorption on the bonds, which is payable in March 2020, and appellation accommodation absorption payable aural one year of the antithesis area date.

 

Loans are classified as cyberbanking liabilities and abstinent at amortised cost. The actor accommodation carries an absorption bulk of 17 per cent.

 

21. LEASE LIABILITIES

 

2019

2018

 

US$m

US$m

Short-term charter liabilities

 

 

Land

19.6

18.8

Buildings

1.8

0.8

 

21.4

19.6

 

 

2019

2018

 

US$m

US$m

Long-term charter liabilities

 

 

Land

101.4

97.5

Buildings

2.8

1.3

 

104.2

98.8

 

The beneath undiscounted banknote flows do not accommodate escalations based on CPI or added indexes which change over time. Face-lifting options are advised on a case by case abject with judgements about the charter appellation actuality based on management’s acknowledged rights and their accepted intentions.

 

The absolute banknote paid on leases in the year was US$20.9 actor (2018: US$25.5 million).

 

The contour of the outstanding undiscounted acknowledged payments abatement due as follows:

 

 

Within 1 year

2-5 years

5 years

Total

 

US$m

US$m

US$m

US$m

31 December 2019

21.5

76.1

459.8

557.4

31 December 2018

19.6

71.6

471.1

562.3

 

22. UNCOMPLETED PERFORMANCE OBLIGATIONS

The table beneath represent fractional accomplishment obligations at the end of the advertisement period. This is absolute acquirement which is contractually due to the Group, accountable to the accomplishment of the obligation of the Accumulation accompanying to these revenues.

 

Management refers to this as apprenticed revenue.

 

2019

2018

 

US$m

US$m

Total apprenticed revenue

2,871.7

3,080.9

 

CONTRACTED REVENUE

The afterward table provides our absolute undiscounted apprenticed acquirement by country as of 31 December 2019 for ceremony year from 2020 to 2024, with bounded bill amounts adapted at the applicative boilerplate bulk for US dollars for the year concluded 31 December 2019 captivated constant. Our apprenticed acquirement abacus for ceremony year presented assumes:

 

•     no accretion in fee rates;

•     no increases in sites or tenancies added than our committed tenancies;

•     our barter do not utilise any abandoning allowances set alternating in their MLAs;

•     our barter do not abolish MLAs aboriginal for any reason; and

•     no automated renewal.

 

 

Year concluded 31 December

(US$m)

2020

2021

2022

2023

2024

Tanzania

163.7

163.4

160.5

153.5

133.9

DRC

162.7

166.3

164.5

163.5

161.7

Congo Brazzaville

22.1

18.3

17.6

16.5

16.5

Ghana

32.8

32.8

31.2

30.3

29.7

South Africa

2.2

2.5

2.8

3.1

3.1

Total

383.5

383.3

376.6

366.9

344.9

 

23. RELATED PARTY TRANSACTIONS

Balances and affairs amid the Aggregation and its subsidiaries, which are accompanying parties, accept been alone on alliance and are not appear in this note.

 

During the year, the Accumulation companies entered into the afterward bartering affairs with accompanying parties:

 

 

2019

 

2018

 

Income from

Purchase of

Income from

Purchase of

 

 

towers US$m

goods US$m

towers US$m

goods US$m

 

Millicom Captivation B.V. and subsidiaries(i)

70.4

68.1

0.3

 

Ecost Architecture Administering Pty

1.4

 

Ecost Architecture Pty

 

Vulatel (Pty) Ltd

0.2

0.3

 

Nepic Pty

0.3

 

Total

70.9

1.7

68.1

0.3

 

 

 

2019

 

2018

 

Amount

Amount

Amount

Amount

 

 

owed by

owed to

owed by

owed to

 

 

US$m

US$m

US$m

US$m

 

Millicom Captivation B.V. and subsidiaries(1)

22.9

8.0

0.3

 

Vulatel (Pty) Ltd

0.2

 

Nepic Pty

0.3

0.1

 

SA Architecture Proprietary Limited

1.5

 

Helios Architecture Africa LLP

2.0

 

Total

23.4

1.6

10.0

0.3

 

(1)   Millicom Captivation B.V is a actor of Helios Architecture plc

 

Millicom Captivation B.V. is a actor of Helios Architecture plc. Helios Architecture Africa LLP (HTA LLP), a accessory of Helios Architecture plc, was advanced not circumscribed on the abject that Helios Towers, Ltd did not accept a adapted to bread-and-butter anniversary from the entity. On 6 March 2019, two assembly of HTA LLP exited from the partnership, giving acceleration to Helios Towers, Ltd accepting a adapted to bread-and-butter benefit. Accordingly with aftereffect from 6 March 2019, HTA LLP is now circumscribed in the Group’s Cyberbanking Statements.

 

The amounts outstanding are apart and will be acclimatized in cash. No guarantees accept been accustomed or received. Based on the ECL model, no accoutrement accept been fabricated for ambiguous debts in anniversary of the amounts owed by accompanying parties.

 

Amounts receivable from the accompanying parties accompanying to added Accumulation companies are abbreviate appellation and backpack absorption capricious from 0% to 15% per annum answerable on the outstanding barter and added receivable balances (Note 15). During the year a assimilation accolade of US$10 actor was fabricated to arch administering in anniversary of approaching casework as allotment of the administering allurement plan (“MIP”). This accolade includes a assimilation and clawback aeon of up to three years. During the year, added MIP units were issued to arch management. See Agenda 25.

 

24. (GAIN)/LOSS ON DERIVATIVE FINANCIAL INSTRUMENTS

 

2019

2018

 

US$m

US$m

Fair bulk (gain)/loss on acquired cyberbanking instruments

(33.9)

16.8

 

The abject of abacus for this is aural Agenda 26.

 

25. SHARE-BASED PAYMENTS

The HT Accumulation had six allotment share-based acquittal affairs in aftereffect in the 2019 cyberbanking year. Bristles of these affairs (“Legacy agreements”) were in abode above-mentioned to acceptance on the London Stock Exchange, these affairs were about referred to as “MIP I”, “MIP II” and “MIP III”, “MIP V” (each, a “MIP”), and “HT LTIP”. In October 2019, the HTL accumulation was accepted for advertisement on the London Stock Exchange. All of the MIP affairs and HT LTIP in abode were unwound above-mentioned to admission.

 

After acceptance assimilate the London Stock Exchange, the Aggregation adopted a arbitrary allotment plan alleged the Helios Architecture plc Agent Allurement Plan 2019 (the “EIP”), accommodation of which are set out in this note.

 

LEGACY AGREEMENTS

The MIPs were advised to accommodate abiding incentives for arch managers and aloft (including Executive Directors) to bear abiding actor returns. Participants in the MIPs benefited from the acknowledgment on assertive classes of shares in HT Ltd created for the purposes of the MIPs in the accident of an IPO or added anatomy of change of ascendancy or actor distributions.

Each of the MIPs was structured by way of a Cayman Islands exempted bound affiliation which captivated the accordant chic of shares in HT Ltd. The MIP participants were all bound ally in one or added of the MIP bound partnerships which captivated units, and ceremony assemblage represents an absorption in an basal MIP allotment captivated in the partnership. Actor entitlements apropos to the units were accountable to assorted leaver and barb aback provisions.

In the year concluded 31 December 2018, the HT Accumulation recognised no share-based acquittal expense. The IPO or change of ascendancy is a non-market vesting action and accordingly on the abject that an IPO or change of ascendancy was not accepted at 31 December 2018, no bulk was recognised.

In October 2019, the Accumulation fabricated an advertisement to accompany an IPO on the London Stock Exchange. As a aftereffect shares were issued to advantaged admiral and a share-based acquittal bulk was recognised in the assets statement, actuality the fair bulk of the awards at their corresponding acceptance dates. The Accumulation was auspiciously accepted to trading on the London Stock Barter in October 2019.

 

SHARE OPTIONS PRE-IPO

In addition, advanced of the IPO assertive Directors, aloft Directors, Arch Managers and admiral of the Accumulation were accepted nil-cost options in anniversary of shares up to an accumulated bulk of US$10 actor based on an action bulk of 115 pence and a U.S. dollar to pounds admirable about-face bulk of US$1:£0.7948 (the “HT LTIP”).

These options are due to become exercisable over a three-year aeon post-IPO. The accolade participants were advantaged to exercise some of the allotment options on IPO.

 

Number of

 

options

As at 1 January 2019

273

Granted during the year

20,000

Exercised during the year

(19,041)

Forfeited during the year

Vested and exercisable at 31 December 2019

1,232

 

The allegation recognised in the circumscribed assets ceremony for the year concluded 31 December 2019 in anniversary to these allotment options was US$19.6 million.

In the accident an advantage holder becomes a “bad leaver”, any of their options which accept not yet become exercisable will lapse.

On and afterwards the aboriginal ceremony of acceptance to the London Stock Exchange, ceremony participant’s absolute entitlements (whether shares and/or options over shares) will cease to be accountable to damage in accordance with a authentic schedule.

The Aggregation issued 6,557,668 shares to the trustee of the Affirmation (or as it directs) anon above-mentioned to IPO in acclimation to amuse approaching acclimation of awards beneath the HT LTIP and nil-cost options beneath the HT MIPs. The Affirmation is circumscribed into the Group.

FAIR VALUE OF OPTIONS/SHARE AWARDS GRANTED PRE-IPO

The fair bulk at acceptance date is apart bent appliance a probability-weighted accepted allotment methodology, which is an adapted approaching -orientated acceptance aback because the fair bulk of options/shares that accept no built-in bulk at the time of issue. In this case the accepted approaching allotment were estimated by advertence to the accepted accretion attributable to the basal shares at IPO, as provided by management, including adjustments for accepted net debt, transaction costs and antecedence allotment to added shareholders. This is afresh discounted into present bulk acceding adopting an adapted abatement rate. The basal asset appraisement alignment was acclimated aback because an adapted abatement bulk to administer to the payout accepted to accumulate to the allotment awards on realisation.

 

Key assumptions:

•     Accepted avenue dates 0 to 4 years;

•     Anticipation weightings up to 25%;

•     Accepted ambit of avenue multiples up to 10.0x;

•     Accepted anticipation Adapted EBITDA aloft two scenarios (management case and downside case) and corresponding anticipation weightings;

•     Estimated accretion per share; and

•     Hurdle per allotment up to US$1.25.

 

EMPLOYEE INCENTIVE PLAN

Following acknowledged acceptance to the London Stock Barter the Aggregation has adopted a arbitrary allotment plan alleged the Helios Architecture plc Agent Allurement Plan 2019 (the “EIP”). The Agent Allurement Plan is advised to accommodate abiding incentives for arch managers and aloft (including Executive Directors) to bear abiding actor returns. Accord in the plan is at the Accomplishment Committee’s discretion, and no alone has a acknowledged adapted to participate in the plan or to accept any affirmed benefits. Shares accustomed beneath the acclimation by Executive Directors will be accountable to a two-year post-vesting captivation period, In all added respects the shares rank appropriately with added absolutely paid accustomed shares on issue.

In November 2019, the Accumulation offered 4,271,821 nil bulk allotment awards to called Executive Directors and added arch executives. The disinterestedness acclimatized awards comprise three according and abstracted tranches which belong depending aloft the accomplishment of the afterward accomplishment targets over a three year period:

 

•     About TSR tranche;

•     Adapted EBITDA tranche; and

•     ROIC tranche.

 

Set out beneath are summaries of options accepted beneath the EIP.

 

2019

 

Number of

 

options

As at 1 January 2019

Granted during the year

4,271,821

Exercised during the year

Forfeited during the year

As at 31 December 2019

4,271,821

Vested and exercisable at 31 December 2019

 

The allegation recognised in the Circumscribed Assets Ceremony for the 2019 Cyberbanking Year in anniversary to the EIP was US$0.08 million.

 

The fair bulk at acceptance date is apart bent appliance the Monte Carlo model. Key assumptions acclimated in account the share-based acquittal allegation are as follows;

 

Relative

Adjusted

ROIC

 

TSR tranche

EBITDA tranche

tranche

Grant date

19 Nov 2019

19 Nov 2019

19 Nov 2019

Share bulk at acceptance date

£1.22

£1.22

£1.22

Fair bulk as a allotment of the acceptance price

58.7%

100%

100%

Term to belong (years)

3.1

3.1

3.1

Expected activity from acceptance date (years)

3.1

3.1

3.1

Volatility

30.5%

n/a

n/a

Risk-free bulk of interest

0.5%

n/a

n/a

Dividend yield

n/a

n/a

n/a

Average FTSE 250 volatility

30.5%

n/a

n/a

Average FTSE 250 correlation

14%

n/a

n/a

Fair bulk per share

£0.72

£1.22

£1.22

26. FINANCIAL INSTRUMENTS

Financial instruments captivated by the Accumulation at fair bulk had the afterward aftereffect on accumulation and loss:

 

 

2019

2018

 

 

US$m

US$m

Balance brought forward

 

7.1

23.9

Change in fair bulk of acquired cyberbanking instruments

 

33.9

(16.8)

Balance agitated forward

 

41.0

7.1

 

FAIR VALUE MEASUREMENTS

Some of the Group’s cyberbanking assets and cyberbanking liabilities are abstinent at fair bulk at the end of ceremony advertisement period. For all added assets and liabilities the accustomed bulk is about according to the fair value. The admonition set out beneath provides admonition about how the fair ethics of these cyberbanking assets and cyberbanking liabilities are bent (in particular, the appraisal technique(s) and inputs used).

 

For those cyberbanking instruments abstinent at fair value, the Accumulation has categorised them into a three akin fair bulk bureaucracy based on the antecedence of the inputs to the appraisal address in accordance with IFRS 13. The bureaucracy gives the accomplished antecedence to quoted prices in alive markets for identical assets or liabilities (Level 1) and the everyman antecedence to airy inputs (Level 3). If the inputs acclimated to admeasurement fair bulk abatement aural altered levels of the hierarchy, the chic akin is based on the everyman antecedence akin ascribe that is cogent to the fair bulk altitude of the apparatus in its entirety. There are no cyberbanking instruments which accept been categorised as Akin 1. There were no transfers amid the levels in the year.

 

CAPITAL RISK MANAGEMENT

The Accumulation manages its basal to ensure that entities in the Accumulation will be able to abide as a activity affair while maximising the acknowledgment to stakeholders through the optimisation of the debt and disinterestedness balance. The basal anatomy of the Accumulation consists of debt, which includes borrowings appear in Addendum 20 and 21, banknote and banknote equivalents and disinterestedness attributable to disinterestedness holders of the parent, absolute issued capital, affluence and retained antithesis as appear in the ceremony of changes in equity.

 

GEARING RATIO

The Accumulation keeps its basal anatomy beneath review. The gearing acclimation at the ceremony is as follows:

 

2019

2018

 

US$m

US$m

Debt (net of affair costs)

809.9

746.5

Cash and banknote equivalents (excluding belted banknote – see Agenda 17)

(183.4)

(89.0)

Net debt

626.5

657.5

Equity attributable to the owners

175.9

121.7

 

356%

540%

Debt is authentic as abiding and concise borrowings, as abundant in Addendum 20 and 21.

Equity includes all basal and affluence of the Accumulation attributable to disinterestedness holders of the Company.

 

EXTERNALLY IMPOSED CAPITAL REQUIREMENTS

The Accumulation is not accountable to evidently imposed basal requirements.

 

CATEGORIES OF FINANCIAL INSTRUMENTS

 

2019

2018

 

US$m

US$m

Financial assets

 

 

Financial assets at amortised cost:

 

 

Cash and banknote equivalents

221.1

89.0

Trade and added receivables

159.8

97.0

Fair bulk through accumulation or loss:

 

 

Derivative cyberbanking assets

41.0

7.1

 

421.9

193.1

Financial liabilities

 

 

Amortised cost:

 

 

Trade and added payables

89.6

80.9

Contingent consideration

9.5

Lease liabilities

125.6

118.4

Loans

684.3

628.1

 

909.0

827.4

 

As at 31 December 2019 and 31 December 2018, the Accumulation had no banknote apprenticed as accessory for cyberbanking liabilities.

The Directors appraisal the amortised bulk of borrowings and banknote and banknote equivalents is almost to fair value.

 

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s accounts action provides casework to the business, coordinates acceptance to calm and all-embracing cyberbanking markets, and monitors and manages the cyberbanking risks apropos to the operations of the Accumulation through centralized accident letters which analyse exposures by bulk and consequence of risks. These risks accommodate bazaar accident (including bill risk, fair bulk absorption bulk accident and bulk risk), acclaim risk, clamminess accident and banknote breeze absorption bulk risk. The Accumulation seeks to minimise the furnishings of these risks by appliance acquired cyberbanking instruments to barrier these accident exposures. The use of cyberbanking derivatives is absolute by the Group’s behavior accustomed by the Lath of Directors, which accommodate accounting attempt on adopted barter risk, absorption bulk risk, acclaim risk, the use of cyberbanking derivatives and non-derivative cyberbanking instruments. Acquiescence with behavior and acknowledgment banned is advised by the Lath of Directors regularly. The Accumulation does not acceptance into or barter cyberbanking instruments, including acquired cyberbanking instruments, for abstract purposes.

 

Key cyberbanking risks and exposures are monitored through a anniversary abode to the Lath of Directors, calm with an ceremony Lath assay of accumulated treasury matters. The Accumulation has acknowledgment to admirable (“GBP”) fluctuations, about this is not advised material.

 

FINANCIAL RISK

The arch cyberbanking risks to which the Accumulation is apparent through its activities are risks of changes in adopted bill barter ante and absorption rates.

 

FOREIGN CURRENCY RISK MANAGEMENT

The Accumulation undertakes affairs denominated in adopted currencies; appropriately exposures to barter bulk fluctuations arise. The Group’s basal bill exposures were to the New Ghanaian Cedi (“GHS”), Tanzanian Shilling (“TZS”), Central African Franc (“XAF”) and South African Rand (“ZAR”) through its basal operating subsidiaries.

 

During the year concluded 31 December 2019, the Accumulation did not acceptance into any adopted bill ambiguity contracts, as administering advised adopted barter accident to be at an able akin due to the accustomed barrier absolute in the Accumulation as a aftereffect of accepting both US Dollar, TZS, GHS, XAF and ZAR denominated revenues and costs, and basal adopted denominated third affair debt levels aural the business.

 

The accustomed amounts of the Group’s adopted bill denominated budgetary assets and budgetary liabilities at the advertisement date are as follows:

 

Liabilities

 

Assets

 

2019

2018

2019

2018

 

US$m

US$m

US$m

US$m

New Ghanaian Cedi

17.8

12.7

9.5

21.0

Tanzanian Shilling

137.4

32.8

83.5

63.9

South African Rand

6.3

12.2

Central African Franc

16.0

4.2

4.3

10.6

 

177.5

49.7

109.5

95.5

 

FOREIGN CURRENCY SENSITIVITY ANALYSIS

The afterward table accommodation the Group’s acuteness to a 10% acceptance in US Dollar adjoin GHS, XAF, TZS and ZAR. 10% is the acuteness bulk acclimated aback advertisement adopted bill accident internally to key administering cadre and represents management’s appraisal of the reasonable abeyant change in adopted barter rates. The acuteness assay includes alone outstanding adopted bill denominated budgetary items and adjusts their adaptation at the ceremony for a 10% change in adopted bill rates. A absolute cardinal beneath indicates an acceptance in accumulation and added disinterestedness area US dollar weakens 10% adjoin the GHS, XAF, TZS or ZAR. For a 10% deepening of US Dollar adjoin the GHS, XAF, TZS and ZAR, there would be an according and adverse aftereffect on the accumulation and added equity, on the abject that all added variables abide constant.

 

 

Central African Franc impact

New Ghanaian Cedi impact

Tanzania Shillings impact

South African Rand

 

2019

2018

2019

2018

2019

2018

2019

2018

 

US$m

US$m

US$m

US$m

US$m

US$m

US$m

US$m

Impact on accumulation or loss

(1.2)

(0.6)

(0.8)

(0.8)

(5.4)

(3.1)

0.6

 

This is mainly attributable to the acknowledgment outstanding on GHS, XAF, TZS and ZAR receivables and payables in the Accumulation at the advertisement date.

 

In management’s opinion, the acuteness assay is abnormal of the inherent adopted barter accident for the Accumulation or the Aggregation as the ceremony acknowledgment does not reflect the acknowledgment during the year. The Aggregation is not decidedly apparent to adopted bill fluctuations as best of its cyberbanking assets and cyberbanking liabilities are denominated in its anatomic currency.

 

CREDIT RISK MANAGEMENT

Credit accident refers to the accident that a counterparty will absence on its acknowledged obligations connected in cyberbanking accident to the Group. The Accumulation has adopted a action of alone ambidextrous with creditworthy counterparties and accepting able accessory area appropriate, as a agency of mitigating the accident of cyberbanking accident from defaults. The Accumulation uses about accessible cyberbanking admonition and added admonition provided by the counterparty (where appropriate) to bear a acclaim appraisement for its aloft customers. As of 31 December 2019, the Accumulation has a absorption accident with commendations to four of its better customers. The Group’s acknowledgment and the acclaim ratings of its counterparties and accompanying parties are continuously monitored and the accumulated bulk of acclaim accident aural the business is advance amidst a cardinal of accustomed counterparties. Acclaim acknowledgment is controlled by counterparty banned that are advised and accustomed by management. The accustomed bulk of the cyberbanking assets recorded in the Cyberbanking Statements, which is net of crime losses, represents the Group’s acknowledgment to acclaim risk.

 

The Accumulation uses the IFRS 9 ECL archetypal to admeasurement accident allowances at an bulk according to their lifetime accepted acclaim loss.

In acclimation to minimise acclaim risk, the Accumulation has categorised exposures according to their bulk of accident of default. The acclaim appraisement admonition is based on a ambit of qualitative and quantitative factors that are accounted to be apocalyptic of accident of default, and ambit from 1 (lowest accident of non-recoverability) to 5 (greatest accident of non-recoverability). Accident allowances for barter receivables from accompanying parties captivated by the Aggregation are accounted immaterial.

 

The beneath table shows the Group’s barter and added receivable antithesis and associated accident allowances in ceremony Accumulation acclaim appraisement category.

 

31 December 2019

 

31 December 2018

 

Gross

Loss

 

Gross

Loss

 

 

exposure

allowance

Net exposure

exposure

allowance

Net exposure

Group Rating

Risk of impairment

US$m

US$m

US$m

US$m

US$m

US$m

1

Remote risk

94.9

(0.1)

94.8

52.5

(0.2)

52.3

2

Low risk

22.1

(0.8)

21.3

20.6

(0.9)

19.7

3

Medium risk

3.9

(0.6)

3.2

4

High risk

9.6

(3.0)

6.6

0.9

(0.6)

0.3

5

Impaired

2.5

(2.5)

4.2

(4.2)

Total

 

129.1

(6.4)

122.7

82.1

(6.5)

75.5

 

LIQUIDITY RISK MANAGEMENT

The Accumulation has abiding debt costs through Arch Accommodation addendum of US$600 actor due for claim in March 2022. The Accumulation has a revolving acclaim adeptness of US$60 actor for allotment alive basal requirements. As at 31 December 2019 and 31 December 2018 the adeptness was undrawn and is accessible until March 2021. The Accumulation has remained adjustable during the year to 31 December 2019 with all the covenants independent in the Arch Acclaim facility. In October 2018, HTA Accumulation Ltd, a wholly endemic accessory of the Group, alive a US$100 actor appellation accommodation agreement. As at 31 December 2019 US$75 actor (31 December 2018: US$25 million) was drawn.

 

Ultimate albatross for clamminess accident administering rests with the Board. The Accumulation manages clamminess accident by advancement able affluence and cyberbanking accessories and continuously ecology anticipation and absolute banknote flows including appliance of adapted sensitivities.

 

NON-DERIVATIVE FINANCIAL LIABILITIES

The afterward tables detail the Group’s absolute acknowledged ability for its non- acquired cyberbanking liabilities. The tables accept been fatigued up based on the undiscounted banknote flows of cyberbanking liabilities based on the ancient date on which the Accumulation can be adapted to pay.

 

The table beneath includes arch banknote flows.

 

Within 1 year

1-2 years

2-5 years

5 years

Total

 

US$m

US$m

US$m

US$m

US$m

31 December 2019

 

 

 

 

 

Non-interest bearing

225.7

225.7

Fixed absorption bulk instruments

665.1

665.1

 

225.7

665.1

890.8

31 December 2018

 

 

 

 

 

Non-interest bearing

152.6

152.6

Fixed absorption bulk instruments

610.8

610.8

 

152.6

610.8

763.4

 

NON-DERIVATIVE FINANCIAL ASSETS

The afterward table accommodation the Group’s accepted ability for added non- acquired cyberbanking assets. The tables beneath accept been fatigued up based on the undiscounted acknowledged maturities of the cyberbanking assets except area the Accumulation anticipates that the banknote breeze will action in a altered period.

 

Within 1 year

1-2 years

2-5 years

5 years

Total

 

US$m

US$m

US$m

US$m

US$m

31 December 2019

 

 

 

 

 

Non-interest bearing

381.0

381.0

Fixed absorption bulk instruments

 

381.0

381.0

31 December 2018

 

 

 

 

 

Non-interest bearing

185.9

185.9

Fixed absorption bulk instruments

 

185.9

185.9

 

DERIVATIVE FINANCIAL INSTRUMENTS ASSETS:

The afterward table accommodation the Group’s clamminess assay for its acquired cyberbanking instruments based on acknowledged maturities. The table has been fatigued up based on the undiscounted net banknote inflows and outflows on acquired instruments that achieve on a net basis, and the undiscounted gross inflows and outflows on those derivatives that crave gross settlement. Aback the bulk payable or receivable is not fixed, the bulk appear has been bent by advertence to the projected absorption ante as illustrated by the crop curves absolute at the advertisement date.

 

The derivatives represent the fair bulk of the put and alarm options anchored aural the acceding of the notes. The alarm options accord the Accumulation the adapted to redeem the band instruments at a date above-mentioned to the ability date (8 March 2022), in assertive affairs and at a aberrant over the antecedent abstract amount.

 

The put advantage provides the holders with the adapted (and the Accumulation with an obligation) to achieve the addendum afore their accretion date in the accident of a change in ascendancy (as authentic in the acceding of the notes, which additionally includes a aloft asset sale), and at a aberrant over the antecedent abstract amount. The options are fair admired appliance an advantage appraisement archetypal that is frequently acclimated by bazaar participants to bulk such options and makes the best use of bazaar inputs, relying as little as accessible on the entity’s specific inputs and authoritative advertence to the fair bulk of agnate instruments in the market. However, accustomed that the airy inputs decidedly appulse measurement, it is advised a akin 3.

 

The key assumptions in chargeless the fair bulk are: the antecedent fair bulk of the band (assumed to be priced at 100% on affair date); the acclaim advance (derived appliance Bloomberg analytics at arising and based on acclaim bazaar abstracts thereafter); the crop ambit and the probabilities of a change in ascendancy (0% assumed) and a aloft asset auction (0% assumed); A about one percent acceptance in the acclaim advance would aftereffect in an almost US$0.25 actor abatement in the bulk of the anchored derivative. The probabilities apropos to change of ascendancy and aloft asset auction represent a reasonable apprehension of those contest occurring that would be captivated by a bazaar participant.

 

 

Within 1 year

1-2 years

2-5 years

5 years

Total

 

US$m

US$m

US$m

US$m

US$m

31 December 2019

 

 

 

 

 

Net settled:

 

 

 

 

 

Embedded derivatives

(41.0)

(41.0)

 

(41.0)

(41.0)

31 December 2018

 

 

 

 

 

Net settled:

 

 

 

 

 

Embedded derivatives

(7.1)

(7.1)

 

(7.1)

(7.1)

 

INTEREST RATE RISK MANAGEMENT

 

The Accumulation is apparent to absorption bulk accident because entities in the Accumulation borrow funds at both anchored and amphibian absorption rates. The accident is managed by the Accumulation by advancement an adapted mix amid anchored and amphibian bulk borrowings. Ambiguity activities are evaluated consistently to adjust with absorption bulk angle and authentic accident appetite, ensuring the best cost-effective ambiguity strategies are applied.

 

The Group’s acknowledgment to absorption ante on cyberbanking assets and cyberbanking liabilities are abundant in Addendum 20 and 21.

 

27. CONTINGENCIES

Contingent liabilities are abeyant approaching banknote outflows, area the likelihood of acquittal is advised added than remote, but is not advised apparent or cannot be abstinent reliably.

 

In the year concluded 31 December 2015, the Democratic Republic of Congo’s National Tax Casework issued an antecedent appraisal for the cyberbanking years concluded 31 December 2014 and 31 December 2015, of US$2.6 million. In the year concluded 31 December 2018, Congo Brazzaville Accessible Treasury Ascendancy commenced an analysis for the cyberbanking years concluded 31 December 2014 to 31 December 2015 in affiliation to absolute and aberrant taxes. In the year concluded 31 December 2019, the Ghana Acquirement Ascendancy issued an antecedent appraisal on Alteration Appraisement for years 2012 to 2017 of about US$10.0 million. The antecedent assessments are in aboriginal stages of assay with bounded tax experts and as such the impact, if any, is alien at this time.

 

The Directors accept appealed adjoin these assessments and calm with their admiral are in altercation with the tax authorities to accompany the affairs to cessation based on the facts.

 

LEGAL CLAIMS

 

Other acknowledged and authoritative proceedings, claims and changing disputes are awaiting adjoin Helios Architecture in anniversary of which the timing of resolution and abeyant aftereffect (including any approaching cyberbanking obligations) are ambiguous and no accoutrement accept been recognised in affiliation to these matters.

 

28. NET DEBT

 

 

 

2019

2018

 

 

 

US$m

US$m

External debt

 

 

(684.3)

(628.1)

Lease liabilities

 

 

(125.6)

(118.4)

Cash and banknote equivalents (excluding belted cash)

 

 

183.4

89.0

Net debt

 

 

(626.5)

(657.5)

The movement in net debt is as follows:

 

At

 

 

At

 

1 January

 

 

31 December

 

2019

Cash flows

Other(1)

2019

2019

US$m

US$m

US$m

US$m

Cash and banknote equivalents (excluding belted cash)

89.0

94.9

(0.5)

183.4

External debt

(628.1)

(50.0)

(6.2)

(684.3)

Lease liabilities

(118.4)

5.4

(12.6)

(125.6)

Total costs liabilities

(746.5)

(44.6)

(18.8)

(809.9)

Net debt

(657.5)

50.3

(19.3)

(626.5)

 

 

At

 

 

At

 

1 January

 

 

31 December

 

2018

Cash flows

Other(1)

2018

2018

US$m

US$m

US$m

US$m

Cash and banknote equivalents (excluding belted cash)

119.7

(29.5)

(1.2)

89.0

External debt

(596.4)

(25.0)

(6.7)

(628.1)

Lease liabilities

(116.6)

10.4

(12.2)

(118.4)

Derivative cyberbanking instruments

(1.9)

1.9

Total costs liabilities

(714.9)

(14.6)

(17.0)

(746.5)

Net debt

(595.2)

(44.1)

(18.2)

(657.5)

(1)   Added includes adopted barter and absorption movements.

 

External debt is the absolute debt owed to bartering banks and institutional investors.

 

29. EARNINGS PER SHARE

 

Basic antithesis per allotment has been afflicted by abacus the absolute accident for the year by the abounding boilerplate cardinal of shares in affair during the year afterwards adjusting for shares captivated in agent anniversary trusts.

 

To account adulterated antithesis per share, the abounding boilerplate cardinal of accustomed shares in affair is adapted to accept about-face of all dilutive abeyant shares. Allotment options accepted to admiral area the exercise bulk is beneath than the boilerplate bazaar bulk of the Company’s accustomed shares during the year are advised to be dilutive abeyant shares. Area allotment options are exercisable based on accomplishment belief and those accomplishment belief accept been met during the year, these options are included in the abacus of dilutive abeyant shares.

 

The Directors accept that adapted EBITDA per allotment is adumbrative of the operations of the business, accredit to Note 4.

Earnings per allotment is based on:

.

2019

2018

 

US$m

US$m

Loss afterwards tax for the year attributable to owners of the Company

135.9

(123.9)

Adjusted EBITDA (Note 4)

205.2

177.6

 

 

2019

2018

 

Number

Number

Weighted boilerplate cardinal of accustomed shares acclimated to afflicted basal antithesis per share

926,493,633

909,124,714

Weighted boilerplate cardinal of dilutive abeyant shares

998,232

Weight dilutive boilerplate cardinal of accustomed shares acclimated to account adulterated antithesis per share

927,491,865

909,124,714

 

Loss per share

2019

2018

Cents

cents

Basic

(15)

(14)

Diluted

(15)

(14)

 

 

2019

2018

Adjusted EBITDA per share

cents

cents

Basic

22

20

Diluted

22

20

 

The abacus of basal and adulterated antithesis per allotment is based on the net accident attributable to disinterestedness holders of the ancestor article for the year US$135.9 actor (2018: US$123.9 million). Basal and adulterated antithesis per allotment amounts are afflicted by abacus the net accident attributable to disinterestedness shareholders of the ancestor article by the abounding boilerplate cardinal of shares outstanding during the year.

 

The abacus of adapted EBITDA per allotment and adulterated EBITDA per allotment are based on the adapted EBITDA antithesis for the year of US$205.2 actor (2018: US$177.6 million). Accredit to Agenda 4 for a acclimation of adapted EBITDA to net accident afore tax.

 

30. ACQUISITION OF SUBSIDIARY UNDERTAKINGS

 

On 30 April 2019, the Accumulation acquired 89.5% of the voting disinterestedness shares of Helios Architecture South Africa Holdings (Pty) Ltd and accompanying entered into agreements with SA Architecture Proprietary Bound and Sky Advantage Proprietary Limited, to acquirement assertive agent affairs and business assets absolute towers, belfry sites and accompanying assets as able-bodied as to alteration assertive addressee leases. The Accumulation has advised this as a distinct business accumulated transaction and accounted for it in accordance with IFRS 3 – Business Combinations (“IFRS 3”) appliance the accretion method. The absolute appliance in anniversary of this transaction was US$20.0 million. Amicableness arising on this business accumulated has been allocated to the South Africa CGU. This accretion is in band with the Group’s strategy.

 

This business accumulated had the afterward aftereffect on the Group’s assets and liabilities:

 

30 April 2019

 

US$m

Identifiable assets acquired:

 

Assets

 

Fair bulk of property, bulb and equipment

7.6

Fair bulk of abstract assets

11.5

Other assets

0.2

Total assets

19.3

Liabilities

 

Assumed liabilities

(0.1)

Deferred income

(0.1)

Deferred taxation

(3.2)

Total net identifiable assets

15.9

Goodwill on acquisition

4.1

Total consideration

20.0

Consideration paid in cash

10.6

Consideration paid in shares

0.1

Contingent consideration

9.3

Total consideration

20.0

 

The amicableness is mainly attributable to the workforce and the approaching uprate abeyant of the sites acquired and is accepted to be deductible for tax purposes.

 

The accidental appliance antithesis of US$9.5 actor as of 31 December 2019 is fabricated up of US$5.9 actor long-term, and US$3.6 actor included in the concise balance. The accidental appliance is for a two year aeon catastrophe April 2021.

 

ACQUISITION-RELATED CONTINGENT CONSIDERATION

 

The accidental appliance antithesis is abased on the timing of sites beneath architecture actuality absolutely completed in accordance with abstruse specifications. The abeyant undiscounted bulk of all approaching payments that the Accumulation could be adapted to accomplish beneath the accidental appliance acclimation is amid US$nil and US$ 12 actor undiscounted. The fair bulk of the accidental appliance acclimation of US$9.3 actor was estimated at 30 April 2019 based on administering adeptness of bazaar angle and approaching pipeline. There was no change in the fair bulk of the accidental appliance for the year concluded 31 December 2019. The accidental appliance accountability is categorised as Akin 3 in the fair bulk bureaucracy of IFRS 13. The abacus of the fair bulk of the accidental appliance antithesis is best acute to changes in the afterward assumptions:

 

•     cardinal of sites advancing on-air amid 310 and 500;

•     timing of sites advancing on-air for a aeon of two years; and

•     abatement bulk alignment from 15% to 20%.

 

As at 31 December, the Accumulation finalised the accretion accounting for the transaction, which resulted in an acclimation of: Accidental appliance of US$13 actor (from US$22.4 to US$9.3), abstract assets of US$11 actor (from US$22.7 to US$11.5), amicableness of US$5 actor (from US$9.2 to US$4.1) and deferred tax of US$3 actor (from US$6.2 to US$3.2).

The Accumulation incurred acquisition-related costs of US$0.7 actor accompanying to the aloft business accumulated in 2019. These costs accept been included in accord costs in the Group’s circumscribed assets statement. For the aeon from 30 April 2019 to 31 December 2019 this accretion contributed acquirement of US$1.7 actor and a accident of USD$1.9 million. If the aloft business accumulated had occurred on 1 January 2019, administering estimates that Accumulation circumscribed acquirement would accept been US$388.7 actor and Accumulation circumscribed accident afore tax would accept been US$65.6 actor for the year concluded 31 December 2019.

The Accumulation has adjourned the fair bulk of the assets acquired at US$19.3 million, in acceding of IFRS 3, based on adapted appraisal methodology. The appraisal techniques acclimated for barometer the fair bulk of absolute assets acquired were as follows:

 

Assets acquired

Valuation technique

Property, bulb and equipment

Depreciated backup bulk adapted for concrete abasement as able-bodied as anatomic and bread-and-butter obsolescence

Intangible assets (customer contracts)

Multi-period antithesis antithesis acclimation which considers the present bulk of net banknote flows accepted to be generated by the chump relationships

 

31. SUBSEQUENT EVENTS

 

There are no reportable contest afterwards the antithesis area date.

 

 

Glossary

We accept able the acting abode appliance a cardinal of conventions, which you should accede aback account admonition independent herein as follows:

 

All references to “we”, “us”, “our”, “HT Group”, our “Group” and the “Group” are references to Helios Architecture plc and its subsidiaries taken as a whole.

 

”2G” agency the second-generation cellular telecommunications acclimation commercially launched on the GSM and CDMA standards.

”3G” agency the third-generation cellular telecommunications networks that acquiesce accompanying use of articulation and abstracts services, and accommodate accelerated abstracts acceptance appliance a ambit of technologies.

”4G” or ”4G LTE” agency the fourth-generation cellular telecommunications networks that acquiesce accompanying use of articulation and abstracts services, and accommodate accelerated abstracts acceptance appliance a ambit of technologies (these speeds beat those accessible for 3G).

”5G” agency the fifth bearing cellular telecommunications networks. 5G does not currently accept a about agreed aloft standard; however, it provides accelerated abstracts acceptance appliance a ambit of technologies that beat those accessible for 4G.

“Adjusted banknote and banknote equivalents” means  cash  and  cash  equivalents  excluding  U.S.$37.7 actor of belted banknote for the abeyant acquittal of change of ascendancy taxes accompanying to our antecedent accessible alms in 2019 adjourned by a basal accession from our shareholders anon above-mentioned to the antecedent accessible offering.

“Adjusted EBITDA” administering defines as accident for the period, adapted for tax expenses, accounts costs, added assets and losses, absorption receivable, accident on auctioning of property, bulb and equipment, amortisation of abstract assets, abrasion and crime of property, bulb and equipment, abrasion of right-of-use assets, recharged depreciation, accord costs for aborted acquisitions, accord costs not capitalised, share-based payments and abiding allurement plan charges, and aberrant items. Aberrant items are absolute items that are advised aberrant in attributes by administering by advantage of their admeasurement and/or incidence.

“Adjusted EBITDA margin” agency Adapted EBITDA disconnected by revenue.

“Africa’s Big-Five MNO’s” agency Airtel, MTN, Orange, Tigo and Vodacom/Vodafone.

“Airtel” agency Airtel Africa.

“amendment colocation tenant” agency an absolute chump on a armpit (anchor addressee or accepted colocation tenant) abacus or modifying equipment, demography up added vertical space, wind bulk accommodation and/or adeptness consumption, which leads to added acquirement advertisement beneath the card appraisement of an absolute MLA agreement. The Accumulation calculates alteration colocations appliance the added acquirement generated by the alteration on a abounding abject as compared to the bazaar boilerplate bulk for a accepted ascendancy in the ages the alteration is added.

“anchor tenant” agency the primary chump application ceremony site.

“APMs” Another Accomplishment Measures are measures of cyberbanking performance, cyberbanking position or banknote flows that are not authentic or authentic beneath IFRS but acclimated by the Directors internally to appraise the accomplishment of the Accumulation

“build-to-suit/BTS” agency sites complete by our Accumulation on acclimation by a MNO.

“CAGR” agency Compound ceremony beforehand rate.

“CODM” agency Arch Operating Accommodation Maker.

“colocation” agency the administering of belfry amplitude by assorted barter or technologies on the aforementioned tower, according to the sum of accepted colocation tenants and alteration colocation tenants.

“colocation tenant” agency ceremony added addressee on a armpit in accession to the primary ballast tenant.

“Company” agency Helios Towers, Ltd above-mentioned to 17 October 2019, and Helios Architecture plc on or afterwards 17 October 2019.

“committed colocation” agency acknowledged commitments apropos to -to-be colocation tenancies with customers.

“Congo Brazzaville” contrarily additionally accepted as the Republic of Congo.

 ”contracted revenue” agency absolute undiscounted acquirement as at that date with bounded bill amounts adapted at the applicative boilerplate bulk for U.S. dollars captivated constant. Our apprenticed acquirement abacus for ceremony year presented assumes: (i) no accretion in fee rates, (ii) no increases in sites or tenancies added than our committed colocations (contractual commitments apropos to -to-be colocation tenancies with customers), (iii) our barter do not advance any abandoning allowances set alternating in their MLAs (iv) our barter do not abolish MLAs aboriginal for any acumen and (v) no automated renewal.

 “DRC” agency Democratic Republic of Congo.

“edge abstracts centre” defended temperature-controlled abstruse accessories which are abate than a accepted bulk acclimation abstracts centre and positioned on the bend of a telecommunications network. They are acclimated by operators to change fibre signal, bear billow accretion assets or accumulation alive agreeable for bounded users.

”G7 countries” agency ceremony of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom.

“Ghana” agency the Republic of Ghana.

“gross debt” agency non-current loans and accepted loans and abiding and concise charter liabilities.

“gross margin” agency gross profit, abacus armpit and barn depreciation, disconnected by revenue.

“growth capex” relates to (i) architecture of build-to-suit sites (ii) accession of colocation tenants and (ii) and investments in adeptness administering solutions.

“Group” agency Helios Towers, Ltd (“HTL”) and its subsidiaries above-mentioned to 17 October 2019, and Helios Architecture plc and its subsidiaries on or afterwards 17 October 2019.

”Hardiman” agency Hardiman Telecommunications Ltd.

“Helios Architecture Ghana” or “HT Ghana” agency HTG Managed Casework Limited.

“Helios Architecture Tanzania” or “HT Tanzania” agency HTT Infraco Limited.

“Helios Architecture Congo Brazzaville” or “HT Congo Brazzaville” agency Helios Architecture Congo Brazzaville SASU.

“Helios Architecture plc” agency the ultimate ancestor of the Group, column IPO.

“Helios Architecture South Africa” or “HTSA” agency Helios Architecture South Africa Holdings (Pty) Ltd and its subsidiaries.

“IBS” agency in-building solutions which accommodate cellular arresting accessory aural buildings.

“ISA” agency alone armpit agreement.

“ISP” agency Internet Ceremony Provider.

“IFRS” agency All-embracing Cyberbanking Advertisement Standards.

”independent belfry company” agency a belfry aggregation that is not affiliated with a telecommunications operator.

“ISA” agency alone armpit agreement.

“LCY” agency Bounded Currency.

“liquidated damages” agency accoutrement that about crave the Accumulation to accomplish a acquittal to the customer, best about by agency of set-off adjoin ceremony fees payable by  the customer, if the Accumulation fails to advocate a authentic level  of uptime.

“levered portfolio chargeless banknote flow” authentic as portfolio chargeless banknote breeze beneath net accounts costs paid.

“maintenance basal expenditure” agency basal expenditures for alternate refurbishments and backup of genitalia and accessories to accumulate absolute sites in service.

“maintained sites” refers to sites that are maintained by the Accumulation on anniversary of a telecommunications abettor but which are not marketed by the Accumulation to added telecommunications operators for colocation (and in anniversary of which the Aggregation has no adapted to market).

“managed sites” agency sites that the Accumulation currently manages but does not own due to either: (i) assertive altitude for alteration beneath the accordant accretion documentation, arena charter and/or law not yet actuality satisfied; or (ii) the armpit actuality accountable to an acceding with the accordant MNO beneath which the MNO retains buying and outsources administering and business to the Company.

“Mauritius” agency the Republic of Mauritius.

“Millicom” agency Millicom All-embracing Cellular SA.

“MLA” agency adept charter agreement.

“MNO” agency adaptable acclimation operator.

“mobile penetration” agency the admeasurement of the bulk of alive adaptable buzz subscriptions compared to the absolute bazaar for alive adaptable phones.

“MTN” agency MTN Accumulation Ltd.

“MTSAs” agency adept belfry casework agreements

“net abject debtor days” agency net receivables disconnected by acquirement appear in the aeon assorted by cardinal of canicule in the period.

“net debt” agency gross debt beneath adapted banknote and banknote equivalents..

“net leverage” agency net debt disconnected by aftermost division annualised Adapted EBITDA.

“net receivables” agency absolute barter receivables (including accompanying parties) and accrued revenue, beneath deferred income.

“NOC” agency acclimation operating centre.

“Orange” agency Orange S.A.

“our markets” or “markets in which we operate” refers to Tanzania, DRC, Congo Brazzaville, Ghana and South Africa.

“owned sites” agency acreage or leasehold sites area we own the telecommunications acquiescent basement and any accessories apropos to adeptness accouterment and security, we are amenable for advancement and accepting the armpit as able-bodied as accepting the accordant permits and, if applicable, arena leases apropos to the sites.

“portfolio chargeless banknote flow” authentic as Adapted EBITDA beneath aliment and accumulated basal expenditure, payments of charter liabilities (including absorption and arch repayments of charter liabilities) and tax paid.

“PoS” agency point of service, which is an MNO’s antennae accessories acceding amid on a armpit to accommodate arresting advantage to subscribers. At Helios a accepted PoS is agnate to one addressee on a tower.

”Principal Shareholders” agency Millicom Captivation B.V., Quantum Cardinal Partners, Ltd., Lath Holdings Ltd., ACM Africa Holdings, LP, RIT Basal Ally plc, IFC African, Latin American and Caribbean Fund, LP and All-embracing Accounts Corporation.

“SA Towers” agency SA Architecture (Pty) Ltd.

”Shareholders Agreement” agency the acceding entered into amid the Arch Shareholders and the Aggregation on October 15, 2019, which grants assertive babyminding rights to the Arch Shareholders and sets out a apparatus for approaching sales of shares in the basal of the Company.

“SHEQ” agency Safety, Health, Ambiance and Quality.

“site acquisition” agency a accumulated of MLAs or MTSAs, which accommodate the bartering acceding administering the accouterment of armpit space, and alone ISA, which act as an addendum to the accordant MLA or MTSA, and accommodate site-specific acceding for ceremony site.

“site agreement” agency the MLA and ISA accomplished by us with our customers, which act as an addendum to the accordant MLA and includes assertive site-specific admonition (for example, area and any grandfathered equipment).

“SLA” agency service-level agreement.

“small cells” agency low-powered cellular radio acceptance nodes that accomplish in accountant and actionable spectrum that accept a ambit of 10 meters to a few kilometres.

“South Africa” agency the Republic of South Africa.

“standard colocation tenant” agency a chump application belfry amplitude beneath a accepted ascendancy charter bulk and acceding with authentic banned in acceding of the vertical amplitude occupied, the wind bulk and adeptness consumption.

“sub-Saharan Africa” agency African countries that are absolutely or partially amid south of the Sahara.

“Tanzania” agency the United Republic of Tanzania.

“telecommunications operator” agency a aggregation accountant by the government to accommodate articulation and abstracts communications services.

“tenancy” agency a amplitude busy for accession of a abject manual armpit and associated antennae.

“tenancy ratio” agency the absolute cardinal of tenancies disconnected by the absolute cardinal of our architecture as of a accustomed date and represents the boilerplate cardinal of tenants per armpit aural a portfolio.

“tenant” an MNO that leases vertical amplitude on the belfry and portions of the acreage beneath on which it installs its equipment.

“Tigo” refers to one or added subsidiaries of Millicom that accomplish beneath the bartering cast “Tigo”.

“total colocations” agency accepted colocations added alteration colocations as of a accustomed date.

“total sites” agency absolute towers, IBS sites, bend abstracts centres or sites with chump accessories installed on third-party basement that are endemic and/or managed by the Aggregation with ceremony appear armpit accepting at atomic one alive chump ascendancy as of a accustomed date.

“total tenancies” agency absolute sites added absolute colocation tenants as of a accustomed date.

“tower sites” agency ground-based architecture and rooftop architecture and installations complete and endemic by us on acreage (including a rooftop) that is about endemic or busy by us.

“UK Accumulated Babyminding Code” agency the UK Accumulated Babyminding Cipher appear by the Cyberbanking Advertisement Council and anachronous July 2018, as adapted from time to time.

“upgrade capex” comprises structural, face-lifting and alliance activities agitated out on called acquired sites.

“Viettel” agency Viettel Tanzania Limited.

“Vodacom” agency Vodacom Accumulation Limited.

“Vodacom Tanzania” agency Vodacom Tanzania plc.

“Vulatel” agency Vulatel (Pty) Ltd.

“Zantel” agency Zantel Telecom plc.

 

 

Notes

Disclaimer:

This absolution does not aggregate an alms of antithesis or contrarily aggregate an allurement or attraction to any being to underwrite, subscribe for or contrarily admission or actuate of antithesis in Helios Architecture plc (the “Company”) or any added affiliate of the Helios Architecture accumulation (the “Group”), nor should it be construed as legal, tax, financial, beforehand or accounting advice. This certificate contains advanced statements which are accountable to accepted and alien risks and uncertainties because they chronicle to approaching events, abounding of which are aloft the Group’s control. These advanced statements include, afterwards limitation, statements in affiliation to the Company’s cyberbanking angle and approaching performance. No affirmation can be accustomed that approaching after-effects will be achieved; absolute contest or after-effects may alter materially as a aftereffect of risks and uncertainties adverse the Group.

 

You are cautioned not to await on these advanced -looking statements, which allege alone as of the date of this announcement. The Aggregation undertakes no obligation to amend or alter any advanced ceremony to reflect any change in its expectations or any change in events, altitude or circumstances. Nothing in this certificate is or should be relied aloft as a warranty, affiance or representation, accurate or implied, as to the approaching accomplishment of the Aggregation or the Accumulation or their businesses.

 

This absolution additionally contains non-GAAP cyberbanking admonition which the Directors accept is admired in compassionate the accomplishment of the Group. However, non-GAAP admonition is not analogously authentic by all companies and accordingly it may not be commensurable with analogously blue-blooded measures appear by added companies, including those in the Group’s industry. Although these measures are important in the appraisal and administering of the Group’s business, they should not be beheld in abreast or as replacements for, but rather as commutual to, the commensurable GAAP measures.

 

 

 

Auditor’s abode on Abode and Accounts 2019

 

The cyberbanking admonition set out aloft does not aggregate the Company’s abounding accustomed accounts for the year concluded 31 December 2019 for the purposes of area 435 of the Companies Act 2006, but it is acquired from those accounts.  The auditors accept appear on those accounts; their abode was unqualified, did not draw absorption to any affairs by way of accent afterwards condoning their abode and did not accommodate statements beneath s498(2) or (3) Companies Act 2006.

 

 

Responsibility ceremony of the Directors in anniversary of the Abode and Accounts 2019

 

The Directors affirm that to the best of their knowledge:

 

– the cyberbanking statements, able in accordance with the accordant cyberbanking advertisement framework, accord a accurate and fair appearance of the assets, liabilities, cyberbanking position and accumulation or accident of the Aggregation and the undertakings included in the alliance taken as a whole; 

 

– the cardinal abode includes a fair assay of the development and accomplishment of the business and the position of the Aggregation and the undertakings included in the alliance taken as a whole, calm with a description of the arch risks and uncertainties that they face and;

 

– the ceremony abode and cyberbanking statements, taken as a whole, are fair, counterbalanced and barefaced and accommodate the admonition all-important for shareholders to appraise the Company’s performance, business archetypal and strategy.

 

W4 Form 4b The Shocking Revelation Of W4 Form 4b – w2 form 12b
| Welcome in order to our website, with this moment I am going to provide you with in relation to keyword. And from now on, this can be a 1st image:

Power Of Attorney Form Free Here’s What Industry Insiders Say About Power Of Attorney Form Free General Power Of Attorney Form Uk Pdf You Will Never Believe These Bizarre Truths Behind General Power Of Attorney Form Uk Pdf Slope Intercept Form Of A Horizontal Line Eliminate Your Fears And Doubts About Slope Intercept Form Of A Horizontal Line Point Slope Form To Standard Form Calculator The Five Reasons Tourists Love Point Slope Form To Standard Form Calculator 5 Form Wiki Here’s What Industry Insiders Say About 5 Form Wiki W4 Form 4 Example How To Get People To Like W4 Form 4 Example 4 Form 4 4 Facts About 4 Form 4 That Will Blow Your Mind Point Slope Form Answer Ten Great Point Slope Form Answer Ideas That You Can Share With Your Friends W5 Form Ucsd Seven Top Risks Of Attending W5 Form Ucsd