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1. Statement of compliance and presentation of financial statements
Helios Towers plc (the \u2018Company\u2019), together with its subsidiaries (collectively, \u2018Helios\u2019, or the
\u2018Group\u2019), is an independent tower company, with operations across nine countries. Helios
Towers plc is a public limited company incorporated and domiciled in the UK, and registered
under the laws of England & Wales under company number 12134855 with its registered
address at 10th Floor, 5 Merchant Square West, London, W2 1AS, United Kingdom. In
October 2019, the ordinary shares of Helios Towers plc were admitted to the premium listing
segment of the Official List of the UK Financial Conduct Authority and trade on the London
Stock Exchange Plc\u2019s main market for listed securities.
The Company and entities controlled by the Company are disclosed on page 172. The
principal accounting policies adopted by the Group are set out in Note 2. These policies have
been consistently applied to all periods presented.
2(a). Accounting policies
Basis of preparation
The Group\u2019s Financial Statements are prepared in accordance with International Financial
Reporting Standards as adopted by the United Kingdom (IFRSs), taking into account IFRS
Interpretations Committee (IFRS IC) interpretations and those parts of the Companies Act
2006 applicable to companies reporting under IFRS.
The Financial Statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at fair value at the end of each
reporting period and for the application of IAS 29 \u2018Financial Reporting in Hyperinflationary
Economies\u2019 for the Group\u2019s entities reporting in Ghanaian Cedi. The Financial Statements are
presented in United States Dollars (US$) and rounded to the nearest hundred thousand
(US$0.1 million) except when otherwise indicated. Comparatives are updated where appropriate.
The principal accounting policies adopted are set out below.
Basis of consolidation
The Consolidated Financial Statements incorporate the Financial Statements of the Company
and entities controlled by the Company (its subsidiaries) made up to 31 December each year.
Control is achieved when the Company:
\u2013 has the power over the investee;
\u2013 is exposed, or has rights, to variable return from its involvement with the investee; and
\u2013 has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control listed above.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary
and ceases when the Company loses control of the subsidiary. Specifically, the results of
subsidiaries acquired or disposed of during the year are included in the consolidated
statement of profit or loss and other comprehensive income from the date the Company
gains control until the date when the Company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the
owners of the Company and to the non-controlling interests. Total comprehensive income
of the subsidiaries is attributed to the owners of the Company and to the non-controlling
interests even if this results in the non-controlling interests having a deficit balance.
Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring
the accounting policies used in line with the Group\u2019s accounting policies.
All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to
transactions between the members of the Group are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity
therein. Those interests of non-controlling shareholders that have present ownership
interests entitling their holders to a proportionate share of net assets upon liquidation may
initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of
the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on
an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at
fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the
amount of those interests at initial recognition plus the non-controlling interests\u2019 share of
subsequent changes in equity.
Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are
accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the
non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiaries. Any difference between the amount by which the non-controlling interests are
adjusted and the fair value of the consideration paid or received is recognised directly in
equity and attributed to the owners of the Company .
Going concern
The Directors believe that the Group is well placed to manage its business risks successfully,
despite the current uncertain economic outlook in the wider economy. The Group\u2019s forecasts
and projections, taking account of possible changes in trading performance, show that the
Group should remain adequately liquid and should operate within the covenant levels of its
debt facilities (Note 20).
As part of their regular assessment of the Group\u2019s working capital and financing position,
the Directors have prepared a detailed trading and cash flow forecast for a period which
covers at least 12 months after the date of approval of the Consolidated Financial Statements,
together with sensitivities and a \u2018reasonable worst case\u2019 stress scenario. In assessing the
forecasts, the Directors have considered:
\u2013 trading and operating risks presented by the conditions in the operating markets;
\u2013 the impact of macroeconomic factors, particularly inflation, interest rates and foreign
exchange rates;
\u2013 climate change risks and initiatives, including the Group\u2019s Project 100 initiative;
\u2013 the availability of the Group\u2019s funding arrangements, including loan covenants and non-
reliance on facilities with covenant restrictions in more extreme downside scenarios;
\u2013 the status of the Group\u2019s financial arrangements;
\u2013 progress made in developing and implementing cost reduction programmes, climate
change considerations and initiatives and operational improvements; and
\u2013 mitigating actions available should business activities fall behind current expectations,
including the deferral of discretionary overheads and other expenditures.
In particular for the current year, the Directors have considered the impact of energy prices
and the broader inflationary environment in some of the Group\u2019s operations. Our expansion
over the last few years has resulted in us having US$38.5m of net liabilities at year end,
primarily driven by the depreciation on acquired assets and financing costs associated with
those acquisitions. As we lease-up those assets over the next few years, we expect the
liability position to reverse. Our net current assets at year end remain strong at US$84.2m.
Based on the foregoing considerations, the Directors continue to consider it appropriate to
adopt the going concern basis of accounting in preparing the Consolidated Financial
Statements.
New accounting policies in 2023
In the current financial year, the Group has adopted the following new and revised Standards,
Amendments and Interpretations. Their adoption has not had a material impact on the
amounts reported in these Financial Statements:
\u2013 IFRS 17: Insurance contracts, Amendments to IAS 8: Definition of Accounting Estimates,
Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction and Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of
Accounting Policies.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The consideration
transferred in a business combination in accordance with IFRS 3 Business Combinations
(IFRS 3) is measured at fair value, which is calculated as the sum of the acquisition-date fair
values of assets transferred by the Group, liabilities incurred by the Group to the former
owners of the acquiree and the equity interest issued by the Group in exchange for control
of the acquiree. The identifiable assets, liabilities and contingent liabilities (identifiable net
assets) are recognised at their fair value at the date of acquisition. Acquisition-related costs
are expensed as incurred and included in administrative expenses.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are
recognised at their fair value at the acquisition date, except that:
\u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related
to employee benefit arrangements are recognised and measured in accordance with IAS 12
Income Taxes and IAS 19 Employee Benefits respectively;
\u2013 liabilities or equity instruments related to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace
share-based payment arrangements of the acquiree are measured in accordance with
IFRS 2 Share-Based Payments at the acquisition date (see below); and
\u2013 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5
Non-current Assets Held for Sale and Discontinued Operations are measured in
accordance with that Standard.
When the Group acquires a business, it assesses the financial assets and liabilities assumed
for appropriate classification and designation in accordance with the contractual terms,
economic circumstances and pertinent conditions as at the acquisition date. Goodwill is
initially measured at cost, being the excess of the aggregate of the consideration transferred,
the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer\u2019s
previously held equity interest in the acquired (if any) over the net of the fair values of
acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the gain is recognised in profit or loss. Goodwill is
capitalised as an intangible asset with any subsequent impairment in carrying value being
charged to the consolidated statement of profit or loss.
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the Group reports provisional amounts for the items
for which the accounting is incomplete. Those provisional amounts are adjusted during the
measurement period (a period of no more than 12 months), or additional assets or liabilities
are recognised, to reflect new information obtained about facts and circumstances that
existed as of the acquisition date that, if known, would have affected the amounts recognised
as of that date.
When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. The carrying value of contingent consideration is the present value of those cash flows (when the effect of the time value of money is material). Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the income statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the cash-generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Revenue recognition The Group recognises revenue from the rendering of tower services provided by utilisation of the Group\u2019s tower infrastructure pursuant to written contracts with its customers. The Group applies the five-step model in IFRS 15 Revenue from Contracts with Customers (IFRS 15). Prescriptive guidance in IFRS 15 is followed to deal with specific scenarios and details of the impact of IFRS 15 on the Group\u2019s Consolidated Financial Statements are described below. Revenue is not recognised if uncertainties over a customer\u2019s intention and ability to pay means that collection is not probable. On inception of the contract a \u2018performance obligation\u2019 is identified based on each of the distinct goods or services promised to the customer. The consideration specified in the contract with the customer is allocated to a performance obligation identified based on their relative standalone selling prices. In line with IFRS 15, the Group has one material performance obligation, which is providing a series of distinct tower space and site services. This performance obligation includes fees for the provision of tower infrastructure, power escalations and tower service contracts. This is the only material performance obligation for the Group at the balance sheet date.
Revenue from these services is recognised as the performance obligation is satisfied over
time using the time elapsed output method for each customer to measure the Group\u2019s
progress under the contract. Customers are usually billed in advance creating deferred
income which is then recognised as the performance obligation is met over a straight-line
basis. Amounts billed in arrears are recognised as contract assets until billed.
Revenue is measured at the fair value of the consideration received or expected to be
received and represents amounts receivable for services provided in the normal course of
business, less VAT and other sales-related taxes. Where refunds are issued to customers, they
are deducted from revenue in the relevant service period.
The entire estimated loss for a contract is recognised immediately when there is evidence
that the contract is unprofitable. If these estimates indicate that any contract will be less
profitable than previously forecasted, contract assets may have to be written down to
the extent they are no longer considered to be fully recoverable. We perform ongoing
profitability reviews of our contracts in order to determine whether the latest estimates
are appropriate. Key factors reviewed include:
\u2013 transaction volumes or other inputs affecting future revenues which can vary depending
on customer requirements, plans, market position and other factors such as general
economic conditions;
\u2013 the status of commercial relations with customers and the implications for future revenue
and cost projections; and
\u2013 our estimates of future staff and third-party costs and the degree to which cost savings
and efficiencies are deliverable.
The direct and incremental costs of acquiring a contract including, for example, certain
commissions payable to staff or agents for acquiring customers on behalf of the Group, are
recognised as contract acquisition cost assets in the statement of financial position when the
related payment obligation is recorded. Costs are recognised as an expense in line with the
recognition of the related revenue that is expected to be earned by the Group; typically, this
is over the customer contract period as new commissions are payable on contract renewal.
Foreign currency translation
The individual Financial Statements of each Group company are presented in the currency
of the primary economic environment in which it operates (its functional currency). For the
purpose of the Consolidated Financial Statements, the results and financial position of
each Group company are expressed in United States Dollars (US$), which is the functional
currency of the Company, and the presentation currency for the Consolidated Financial
Statements.
In preparing the Financial Statements of the individual companies, transactions in currencies
other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates
of exchange prevailing on the dates of the transactions. At each reporting date, monetary
assets and liabilities that are denominated in foreign currencies are retranslated at the rates
prevailing at that date. Non-monetary items carried at fair value that are denominated in
foreign currencies are translated at the rates prevailing at the date when the fair value was
determined. Non-monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.
For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of
the Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting
date, with the exception of the Group\u2019s Ghanaian Cedi operations, which are subject to
hyperinflation accounting.
Income and expense items are translated at the average exchange rates for the period, unless
exchange rates fluctuate significantly during that period, in which case the exchange rates at
the date of transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in a separate component of equity (attributed to
non-controlling interests as appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Group\u2019s entire interest in a
foreign operation, or a disposal involving loss of control over a subsidiary that includes a
foreign operation, or a partial disposal of an interest in a joint arrangement or an associate
that includes a foreign operation of which the retained interest become a financial asset), all
of the exchange differences accumulated in a separate component of equity in respect of
that operation attributable to the owners of the Company are reclassified to profit or loss.
In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation
that does not result in the Group losing control over the subsidiary, the proportionate share
of accumulated exchange differences are re-attributed to non-controlling interests and are
not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of
associates or joint arrangements that do not result in the Group losing significant influence or
joint control), the proportionate share of the accumulated exchange differences is reclassified
to profit or loss.
Hyperinflation Accounting
Ghana met the requirements to be designated as a hyperinflationary economy under IAS 29
\u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 31 December 2023.
The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, to its
Ghanaian operations whose functional currency is the Ghanaian Cedi.
In accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative
amounts have not been restated.
Ghanaian Cedi denominated results and non-monetary asset and liability balances for the
current financial year ended 31 December 2023 have been revalued to their present value
equivalent local currency amount as at 31 December 2023, based on an inflation index,
before translation to USD at the reporting date exchange rate of USD$1:GHS11.89.
For the Group\u2019s operations in Ghana:
\u2013 The gain or loss on net monetary assets resulting from IAS 29 application is recognised in
the consolidated income statement within other gains & losses.
\u2013 The Group also presents the gain or loss on cash and cash equivalents as monetary items
together with the effect of inflation on operating, investing and financing cash flows as one
number in the consolidated statement of cash flows.
\u2013 The Group has presented the IAS 29 opening balance adjustment to net assets within
currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact
of currency movements are presented within other comprehensive income because such
amounts are judged to meet the definition of \u2018exchange differences\u2019.
The inflation index in Ghana selected to reflect the change in purchasing power was the
consumer price index (CPI) issued by the Ghana Statistical Service, which has risen by 23.2%
to 200.5 (2022: 162.8) during the current financial year.
The main impacts of the aforementioned adjustments on the consolidated financial
statements are shown below.
Year ended
31 December 2023
Increase/
(Decrease)
US$m
Revenue
0.4
Operating Profit
(5.8)
Loss before tax
(14.0)
Non-current assets
30.8
Equity attributable to owners of the parent
(27.6)
Financial assets
Financial assets within the scope of IFRS 9 are classified as financial assets at initial recognition,
as subsequently measured at amortised cost, fair value through other comprehensive income
(OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them.
The Group initially measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction costs.
In order for a financial asset to be classified and measured at amortised cost or fair value
through OCI, it needs to give rise to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding. This assessment is referred to as the
SPPI test and is performed at an instrument level.
Financial assets at fair value through profit or loss include financial assets held for trading,
financial assets designated upon initial recognition at fair value through profit or loss, or
financial assets mandatorily required to be measured at fair value. Financial assets are
classified as held for trading if they are acquired for the purpose of selling or repurchasing
in the near term. Financial assets with cash flows that are not solely payments of principal
and interest are classified and measured at fair value through profit or loss, irrespective of the
business model. Financial assets at fair value through profit or loss are carried in the
statement of financial position at fair value with net changes in fair value recognised in the
statement of profit or loss.
At the current reporting period the Group did not elect to classify any financial instruments
as fair value through OCI.
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated
statement of financial position) when:
\u2013 the rights to receive cash flows from the asset have expired; or
\u2013 the Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party.
Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified, at initial recognition, as financial
liabilities at fair value through profit or loss. All financial liabilities are recognised initially at
fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs. The Group\u2019s financial liabilities include trade and other payables and loans
and borrowings.
The subsequent measurement of financial liabilities depends on their classification, as
described below:
(a) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading
and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Gains or losses on liabilities held for trading are recognised in the statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
(b) Financial liabilities at amortised cost
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest rate (EIR) method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit or loss.
A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.
Embedded derivatives
A derivative may be embedded in a non-derivative \u2018host contract\u2019 such as put and call options
over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains a
host that is a financial asset within the scope of IFRS 9, then the relevant classification and
measurement requirements are applied to the entire contract at the date of initial recognition.
Should the host contract not be a financial asset within the scope of IFRS 9, the embedded
derivative is separated from the host contract, if it is not closely related to the host contract,
and accounted for as a standalone derivative. Where the embedded derivative is separated,
the host contract is accounted for in accordance with its relevant accounting policy, unless the
entire instrument is designated at FVTPL in accordance with IFRS 9.
Hedge Accounting
The Group\u2019s activities expose it to the financial risks of changes in interest rates which it
manages using derivative financial instruments. The use of financial derivatives is governed
by the Group\u2019s policies approved by the Board of Directors, which provide written principles
on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The
Group does not use derivative financial instruments for speculative purposes.
The Group designates certain derivatives as hedges of highly probable interest rate risks of
firm commitments (cash flow hedges). Derivative financial instruments are initially measured
at fair value on the contract date and are subsequently re-measured to fair value at each
reporting date. Changes in values of all derivatives of a financing nature are included within
financing costs in the income statement unless designated in an effective cash flow hedge
relationship when the effective portion of changes in value are deferred to other
comprehensive income. Hedge effectiveness is determined at the inception of the hedge
relationship, and through periodic prospective effectiveness assessments to ensure that an
economic relationship exists between the hedged item and hedging instrument.
Hedge accounting is discontinued when the hedging instrument expires or is sold,
terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting
is discontinued, any gain or loss recognised in other comprehensive income at that time
remains in equity and is recognised in the income statement when the hedged transaction
is ultimately recognised in the income statement.
For cash flow hedges, when the hedged item is recognised in the income statement, amounts
previously recognised in other comprehensive income and accumulated in equity for the hedging
instrument are reclassified to the income statement. However, when the hedged transaction
results in the recognition of a non-financial asset or a non-financial liability, the gains and losses
previously recognised in other comprehensive income and accumulated in equity are transferred
from equity and included in the initial measurement of the cost of the non-financial asset or
non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss
accumulated in equity is recognised immediately in the income statement.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
consolidated statement of financial position if there is a currently enforceable legal right to
offset the recognised amounts and there is an intention to settle on a net basis, or to realise
the assets and settle the liabilities simultaneously.
Leases
The Group applies IFRS 16 Leases. The Group holds leases primarily on land, buildings and
motor vehicles used in the ordinary course of business. Based on the accounting policy
applied the Group recognises a right-of-use asset and a lease liability at the commencement
date of the contract for all leases conveying the right to control the use of an identified asset
for a period of time. The commencement date is the date on which a lessor makes an
underlying asset available for use by a lessee.
The right-of-use assets are initially measured at cost, which comprises:
\u2013 the amount of the initial measurement of the lease liability;
\u2013 any lease payments made at or before the commencement date, less any lease incentives
received; and
\u2013 any initial direct costs incurred by the lessee.
After the commencement date the right-of-use assets are measured at cost less any
accumulated depreciation and any accumulated impairment losses and adjusted for any
remeasurement of the lease liability.
The Group depreciates the right-of-use asset from the commencement date to the end of the
lease term. The lease liability is initially measured at the present value of the lease payments
that are not paid at that date. These include:
\u2013 fixed payments, less any lease incentives receivable.
The lease payments are discounted using the incremental borrowing rate at the
commencement of the lease contract or modification. Generally, it is not possible to
determine the interest rate implicit in the land and building leases. The incremental borrowing
rate is estimated taking account of the economic environment of the lease, the currency of
the lease and the lease term. The lease term determined by the Group comprises:
\u2013 non-cancellable period of lease contracts;
\u2013 periods covered by an option to extend the lease if the Group is reasonably certain to
exercise that option; and
\u2013 periods covered by an option to terminate the lease if the Group is reasonably certain not
to exercise that option.
After the commencement date the Group measures the lease liability by:
\u2013 increasing the carrying amount to reflect interest on the lease liability;
\u2013 reducing the carrying amount to reflect lease payments made; and
\u2013 remeasuring the carrying amount to reflect any reassessment or lease modifications.
Property, plant and equipment
Items of property, plant and equipment are stated at cost of acquisition or production cost
less accumulated depreciation and impairment losses, if any.
Assets in the course of construction for production, supply or administrative purposes, are
carried at cost, less any recognised impairment loss. Cost includes material and labour and
professional fees in accordance with the Group\u2019s accounting policy, and only those costs
directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management are capitalised. Depreciation
of these assets, on the same basis as other assets, commences when the assets are ready for
their intended use. Borrowing costs are not capitalised as assets are generally constructed in
substantially less than one year.
Freehold land is not depreciated.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives,
using the straight-line method, on the following bases:
Site assets \u2013 towers Up to 15 years
Site assets \u2013 generators 8 years
Site assets \u2013 plant & machinery 3\u20135 years
Fixtures and fittings 3 years
IT equipment 3 years
Motor vehicles 5 years
Leasehold improvements 5\u201310 years
Directly attributable costs of acquiring tower assets are capitalised together with the towers
acquired and depreciated over a period of up to 15 years in line with the assets estimated
useful lives.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from continued use of the asset. Any gain or loss
arising on disposal or retirement of an item of property, plant and equipment is determined
as the difference between the sale proceeds and the carrying amount of the asset and is
recognised in profit and loss.
Intangible assets
Contract-acquired-related intangible assets with finite useful lives are carried at cost less
accumulated amortisation and accumulated impairment losses. They are amortised on a
straight-line basis over the life of the contract.
Intangible assets acquired in a business combination and recognised separately from
goodwill are recognised initially at their fair value at the acquisition date (which is regarded
as their cost). Subsequent to initial recognition, intangible assets acquired in a business
combination are reported at cost less accumulated amortisation and accumulated
impairment losses, on the same basis as intangible assets that are acquired separately.
Amortisation is charged so as to write off the cost of assets over their estimated useful lives,
using the straight-line method, on the following bases:
Customer contracts Amortised over their contractual lives
Customer relationships Up to 30 years
Colocation rights Amortised over their contractual lives
Right of first refusal Amortised over their contractual lives
Non-compete agreement Amortised over their contractual lives
Computer software and licences 2\u20133 years
An intangible asset is derecognised on disposal, or when no future economic benefits are
expected from use or disposal. Gains or losses arising from derecognition of an intangible
asset, measured as the difference between the net disposal proceeds and the carrying amount
of the asset, are recognised in profit or loss when the asset is derecognised. Amortisation of
intangibles is included within Administrative expenses in the Consolidated Income Statement.
Impairment of tangible and intangible assets
At each reporting date, the Directors review the carrying amounts of its tangible and
intangible assets (other than goodwill, which is tested at least annually as described above)
to determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the asset is estimated to
determine the extent of the impairment loss (if any). For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash inflows (cash-generating units \u2013 \u2018CGUs\u2019). Where the asset does not generate cash flows
that are independent from other assets, the Directors estimate the recoverable amount of the
CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs
to sell and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying
amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An
impairment loss is recognised immediately in profit or loss. Any impairment is allocated
pro-rata across all assets in a CGU unless there is an indication that a class of asset should be
impaired in the first instance or a fair market value exists for one or more assets. Once an
asset has been written down to its fair value less costs of disposal then any remaining
impairment is allocated equally among all other assets.
Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is
increased to the revised estimate of its recoverable amount, but only to the extent that the
increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (CGU) in prior years.
Reversals are allocated pro-rata across all assets in the CGU unless there is an indication that a
class of asset should be reversed in the first instance or a fair market value exists for one or more
assets. A reversal of an impairment loss is recognised in the income statement immediately. An
impairment loss recognised for goodwill is never reversed in subsequent periods.
Related parties
For the purpose of these Financial Statements, parties are considered to be related to the
Group if they have the ability, directly or indirectly to control the Group or exercise significant
influence over the Group in making financial or operating decisions, or vice versa, or where
the Group is subject to common control or common significant influence. Related parties
may be individuals or other entities.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are recognised as an expense
when employees have rendered service entitling them to the contributions. Payments made
to state-managed retirement benefit schemes are dealt with as payments to defined
contribution schemes where the Group\u2019s obligations under the schemes are equivalent to
those arising in a defined contribution retirement benefit scheme.
Share-based payments
The Group\u2019s management awards employee share options, from time to time, on a
discretionary basis which are subject to vesting conditions. The economic cost of awarding
the share options to its employees is recognised as an employee benefit expense in the
income statement equivalent to the fair value of the benefit awarded over the vesting period.
For further details refer to Note 25.
Inventory
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct
materials and those overheads that have been incurred in bringing the inventories to their
present location and condition. Cost is calculated using the weighted average method.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term deposits.
Short-term deposits are defined as deposits with an initial maturity of three months or less.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
management are included as a component of cash and cash equivalents for the purposes of
the Statement of Cash Flows.
Interest expense
Interest expense is recognised as interest accrues, using the effective interest method, to the
net carrying amount of the financial liability.
The effective interest method is a method of calculating the amortised cost of a financial
asset/financial liability and of allocating interest income/interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts estimated future cash
receipts/payments through the expected life of the financial assets/financial liabilities, or,
where appropriate, a shorter period.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from
net profit as reported in the statement of profit or loss and other comprehensive income
because it excludes items of income or expense that are taxable or deductible in other years
and it further excludes items that are never taxable or deductible. The Group\u2019s liability for
current tax is calculated using tax rates that have been enacted or substantively enacted by
the reporting date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying amounts of assets and liabilities in the Financial Statements and the corresponding
tax bases used in the computation of taxable profit, and is accounted for using the statement
of financial position liability method. Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are recognised to the extent that
it is probable that taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill or from the initial recognition (other
than in a business combination) of other assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised either for taxable temporary differences arising on
investments in subsidiaries or on carrying value of taxable assets, except where the Group is
able to control the reversal of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future. Deferred tax assets arising from
deductible temporary differences associated with such investments and interests are only
recognised to the extent that it is probable that there will be sufficient taxable profits against
which to utilise the benefits of the temporary differences and they are expected to reverse in
the foreseeable future. The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the
liability is settled or the asset is realised based on tax laws and rates that have been enacted
or substantively enacted at the reporting date. Deferred tax is charged or credited in the
profit or loss, except when it relates to items charged or credited in other comprehensive
income, in which case the deferred tax is also dealt with in other comprehensive income.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its current tax assets and
liabilities on a net basis.
Uncertain tax positions
Where required under applicable standards, provision is made for matters where
Management assess that it is probable that a relevant taxation authority will not accept the
position as filed in the tax returns, it is probable an outflow of economic benefits will be
required to settle the obligation and the amount can be reliably estimated. The Group
typically uses a weighted average of outcomes assessed as possible to determine the level
of provision required, unless a single best estimate of the outcome is considered to be more
appropriate. Assessments are made at the level of an individual tax uncertainty, unless
uncertainties are considered to be related, in which case they are grouped together.
Provisions, which are not discounted given the short period over which they are expected to
be utilised, are included within current tax liabilities, together with any liability for penalties,
which to date have not been significant. Any liability relating to interest on tax liabilities is
included within finance costs.
Share capital
Ordinary shares are classified as equity.
Treasury shares
Treasury shares represents the shares of Helios Towers plc that are held by the Employee
Benefit Trust (EBT). Treasury shares are recorded at cost and deducted from equity.
New accounting pronouncements
The following Standards, Amendments and Interpretations have been issued by the IASB and
are effective for annual reporting periods beginning on or after 1 January 2024:
\u2013 Amendments to IAS 1 \u2018Classification of liabilities and Non-current liabilities with Covenants\u2019
\u2013 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019
\u2013 Amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019
The Group\u2019s financial reporting will be presented in accordance with the above new
standards from 1 January 2024. The Directors do not expect that the adoption of the above
Standards, Amendments and Interpretations will have a material impact on the Financial
Statements of the Group in future periods.
In the application of the Group\u2019s accounting policies, which are described above, the
Directors are required to make judgements (other than those involving estimations) that have
a significant impact on the amounts recognised and to make estimates and assumptions
about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and
other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements, apart from those involving estimations (which
are dealt with separately below), that the Directors, have made in the process of applying
the Group\u2019s accounting policies and that have the most significant effect on the amounts
recognised in the Financial Statements.
Revenue recognition
Revenue is recognised as service revenue in accordance with IFRS 15: Revenue from
contracts with customers. In arriving at this assessment, the Directors concluded that there
is not an embedded lease, given customer contracts provide for an amount of space on a
tower rather than a specific location on a tower. Our contracts permit us, subject to certain
conditions, to relocate customer equipment on our towers in order to accommodate other
tenants. Customer consent is usually required to move equipment, however, this should not
be unreasonably withheld. The Directors believe these substitution rights are substantive,
given the practical ability to move equipment and the economics of doing so. In applying the
requirements of IFRS 15, management makes an evaluation as to whether it is probable that
the Group will collect the consideration that it is entitled to under the contract. The amount
of revenue that the Group is contractually entitled to but has not recognised is disclosed in
Note 22.
Contingent liabilities
The Group exercises judgement to determine whether to recognise provisions and the
exposures to contingent liabilities related to pending litigations or other outstanding claims
subject to negotiated settlement, mediation, arbitration or government regulation, as well as
other contingent liabilities (see Note 27). Judgement is necessary to assess the likelihood
that a pending claim will succeed, or a liability will arise.
Recognition of deferred tax assets
The Group has material unrecognised deferred tax assets across a number of jurisdictions
(see Note 10) which have not been recognised to date due to current period tax losses,
insufficient certainty as to future taxable profits and in the context of ongoing assessments
from local tax authorities in certain jurisdictions (see Note 27). Successful resolution of such
assessments from tax authorities and greater certainty over future taxable profitability may
lead to partial recognition of currently unrecognised deferred tax assets with the next
12 months.
2(b). Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty
at the reporting date, that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year, are discussed below.
Derivatives valuation
The group manages its interest rate risk using interest rate swap agreements. These are
classified as financial instruments and recognised at fair value at the reporting date. The
fair value is dependent on the future interest rate forward yield curve at the reporting date.
This can have a material impact on the fair value of the interest rate swaps between periods.
A 100 basis point movement will result in a change in value of US$19.5 million which will be
recognised either in the income statement or in other comprehensive income depending on if
hedge accounting has been applied and effective in the period.
The Directors have considered whether certain other estimates included in the financial
statements meet the criteria to be key sources of estimation uncertainty, as follows:
Impairment testing
Following the assessment of the recoverable amount of goodwill allocated to the Group\u2019s
CGUs, to which Goodwill of US$40.7 million is allocated, the Directors consider the
recoverable amount of goodwill allocated to the operating companies to be most sensitive to
the key assumptions in the number of tenancy opportunities in the relevant markets and the
expected growth rates in these markets, future discount rates and operating cost and capital
expenditure requirements.
In the current year sensitivities have been applied to the key assumptions and the Directors
do not consider there to be a reasonable possible change that would have a material impact
to the balance sheet valuation
Provisions for litigation
Provisions and exposures to contingent liabilities related to pending litigations or other
outstanding claims subject to negotiated settlement, mediation, arbitration or government
regulation (see Note 27) are subject to estimation uncertainty. Whilst the value of open
claims across the Group is material in aggregate, based on recent experiences of closing such
cases, the resulting adjustments are generally not material and provisions held by the Group
have accurately quantified the final amounts determined. Therefore, the Directors consider
the current provisions held by the Group to be appropriate and do not anticipate a significant
risk of a material change to the amounts accrued and provided at 31 December 2023 within
the next financial year.
Uncertain tax positions
Measurement of the Group\u2019s tax liability involves estimation of the tax liabilities arising from
transactions in tax jurisdictions for which the ultimate tax determination is uncertain. Where
there are uncertain tax positions, the Directors assess whether it is probable that the position
adopted in tax filings will be accepted by the relevant tax authority, with the results of this
assessment determining the accounting that follows. The Group uses tax experts in all
jurisdictions when assessing uncertain tax positions and seeks the advice of external
professional advisors where appropriate. The Group\u2019s tax provision for these matters is
recognised within current tax liabilities and in the measurement of deferred tax assets as
applicable. The provision reflects a number of estimates where the amount of tax payable is
either currently under audit by the tax authorities or relates to a period which has yet to be
audited. These areas include the tax effects of change of control events, which are calculated
based on valuations of the company\u2019s operations in the relevant jurisdictions, and
interpretation of taxation law relating to statutory tax filings by the Group.
The nature of the items, for which a provision is held, is such that the final outcome could
vary from the amounts recognised once a final tax determination is made. To the extent
the estimated final outcome differs from the tax that has been provided, adjustments will
be made to income tax and deferred tax balances held in the period the determination is
made. Whilst the value of open tax audit cases for all taxes across the Group is material in
aggregate, based on recent experiences of closing tax audit cases, the resulting adjustments
are generally not material and tax accruals and provisions held by the Group have accurately
quantified the final amounts determined. Therefore, the Directors consider the current
provisions held by the Group to be appropriate and do not anticipate a significant risk of a
material change to the amounts accrued and provided at 31 December 2023 within the next
financial year.
Climate-related matters on the financial statements
The Directors have considered the effects climate-related matters may have on the financial
statements. In particular, consideration has been given to the potential impact climate
matters may have on the carrying amount of the Group\u2019s property plant and equipment and
inventories, the impact climate change considerations and initiatives have when assessing
forecasts as part of our going concern assessment and impairment reviews, potential
financial impact that future regulatory requirements may have on financial instruments the
Group may use or the way it assesses the recognition of assets and liabilities.
While no adjustments have been made to the carrying amount of assets and liabilities in the
current year, the Group\u2019s forecasts reflect the Group\u2019s planned spend in respect of carbon-
intensity reduction targets. The Directors will continue to assess the impact climate-related
matters may have on the financial position and performance of the Group and reflect those in
future financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "1. Statement of compliance and presentation of financial statements Helios Towers plc (the \u2018Company\u2019), together with its subsidiaries (collectively, \u2018Helios\u2019, or the \u2018Group\u2019), is an independent tower company, with operations across nine countries. Helios Towers plc is a public limited company incorporated and domiciled in the UK, and registered under the laws of England & Wales under company number 12134855 with its registered address at 10th Floor, 5 Merchant Square West, London, W2 1AS, United Kingdom. In October 2019, the ordinary shares of Helios Towers plc were admitted to the premium listing segment of the Official List of the UK Financial Conduct Authority and trade on the London Stock Exchange Plc\u2019s main market for listed securities. The Company and entities controlled by the Company are disclosed on page 172. The principal accounting policies adopted by the Group are set out in Note 2. These policies have been consistently applied to all periods presented. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Helios Towers plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "Helios Towers plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "10th Floor, 5 Merchant Square West, London, W2 1AS, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "Basis of preparation The Group\u2019s Financial Statements are prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (IFRSs), taking into account IFRS Interpretations Committee (IFRS IC) interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured at fair value at the end of each reporting period and for the application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in Ghanaian Cedi. The Financial Statements are presented in United States Dollars (US$) and rounded to the nearest hundred thousand (US$0.1 million) except when otherwise indicated. Comparatives are updated where appropriate. The principal accounting policies adopted are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "The Group\u2019s Financial Statements are prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom (IFRSs), taking into account IFRS Interpretations Committee (IFRS IC) interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company: \u2013 has the power over the investee; \u2013 is exposed, or has rights, to variable return from its involvement with the investee; and \u2013 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that have present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company: \u2013 has the power over the investee; \u2013 is exposed, or has rights, to variable return from its involvement with the investee; and \u2013 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that have present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company . ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "Going concern The Directors believe that the Group is well placed to manage its business risks successfully, despite the current uncertain economic outlook in the wider economy. The Group\u2019s forecasts and projections, taking account of possible changes in trading performance, show that the Group should remain adequately liquid and should operate within the covenant levels of its debt facilities (Note 20). As part of their regular assessment of the Group\u2019s working capital and financing position, the Directors have prepared a detailed trading and cash flow forecast for a period which covers at least 12 months after the date of approval of the Consolidated Financial Statements, together with sensitivities and a \u2018reasonable worst case\u2019 stress scenario. In assessing the forecasts, the Directors have considered: \u2013 trading and operating risks presented by the conditions in the operating markets; \u2013 the impact of macroeconomic factors, particularly inflation, interest rates and foreign exchange rates; \u2013 climate change risks and initiatives, including the Group\u2019s Project 100 initiative; \u2013 the availability of the Group\u2019s funding arrangements, including loan covenants and non- reliance on facilities with covenant restrictions in more extreme downside scenarios; \u2013 the status of the Group\u2019s financial arrangements; \u2013 progress made in developing and implementing cost reduction programmes, climate change considerations and initiatives and operational improvements; and \u2013 mitigating actions available should business activities fall behind current expectations, including the deferral of discretionary overheads and other expenditures. In particular for the current year, the Directors have considered the impact of energy prices and the broader inflationary environment in some of the Group\u2019s operations. Our expansion over the last few years has resulted in us having US$38.5m of net liabilities at year end, primarily driven by the depreciation on acquired assets and financing costs associated with those acquisitions. As we lease-up those assets over the next few years, we expect the liability position to reverse. Our net current assets at year end remain strong at US$84.2m. Based on the foregoing considerations, the Directors continue to consider it appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "New accounting policies in 2023 In the current financial year, the Group has adopted the following new and revised Standards, Amendments and Interpretations. Their adoption has not had a material impact on the amounts reported in these Financial Statements: \u2013 IFRS 17: Insurance contracts, Amendments to IAS 8: Definition of Accounting Estimates, Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction and Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "New accounting policies in 2023 In the current financial year, the Group has adopted the following new and revised Standards, Amendments and Interpretations. Their adoption has not had a material impact on the amounts reported in these Financial Statements: \u2013 IFRS 17: Insurance contracts, Amendments to IAS 8: Definition of Accounting Estimates, Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction and Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies. New accounting pronouncements The following Standards, Amendments and Interpretations have been issued by the IASB and are effective for annual reporting periods beginning on or after 1 January 2024: \u2013 Amendments to IAS 1 \u2018Classification of liabilities and Non-current liabilities with Covenants\u2019 \u2013 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019 \u2013 Amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019 The Group\u2019s financial reporting will be presented in accordance with the above new standards from 1 January 2024. The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the Financial Statements of the Group in future periods. In the application of the Group\u2019s accounting policies, which are described above, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations (IFRS 3) is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identifiable assets, liabilities and contingent liabilities (identifiable net assets) are recognised at their fair value at the date of acquisition. Acquisition-related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; \u2013 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-Based Payments at the acquisition date (see below); and \u2013 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in profit or loss. Goodwill is capitalised as an intangible asset with any subsequent impairment in carrying value being charged to the consolidated statement of profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. The carrying value of contingent consideration is the present value of those cash flows (when the effect of the time value of money is material). Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the income statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the cash-generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets Contract-acquired-related intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over the life of the contract. Intangible assets acquired in a business combination and recognised separately from goodwill are recognised initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Amortisation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, on the following bases: Customer contracts Amortised over their contractual lives Customer relationships Up to 30 years Colocation rights Amortised over their contractual lives Right of first refusal Amortised over their contractual lives Non-compete agreement Amortised over their contractual lives Computer software and licences 2\u20133 years An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised. Amortisation of intangibles is included within Administrative expenses in the Consolidated Income Statement. Impairment of tangible and intangible assets At each reporting date, the Directors review the carrying amounts of its tangible and intangible assets (other than goodwill, which is tested at least annually as described above) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units \u2013 \u2018CGUs\u2019). Where the asset does not generate cash flows that are independent from other assets, the Directors estimate the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Any impairment is allocated pro-rata across all assets in a CGU unless there is an indication that a class of asset should be impaired in the first instance or a fair market value exists for one or more assets. Once an asset has been written down to its fair value less costs of disposal then any remaining impairment is allocated equally among all other assets. Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (CGU) in prior years. Reversals are allocated pro-rata across all assets in the CGU unless there is an indication that a class of asset should be reversed in the first instance or a fair market value exists for one or more assets. A reversal of an impairment loss is recognised in the income statement immediately. An impairment loss recognised for goodwill is never reversed in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations (IFRS 3) is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identifiable assets, liabilities and contingent liabilities (identifiable net assets) are recognised at their fair value at the date of acquisition. Acquisition-related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; \u2013 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-Based Payments at the acquisition date (see below); and \u2013 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in profit or loss. Goodwill is capitalised as an intangible asset with any subsequent impairment in carrying value being charged to the consolidated statement of profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. The carrying value of contingent consideration is the present value of those cash flows (when the effect of the time value of money is material). Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the income statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the cash-generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations (IFRS 3) is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identifiable assets, liabilities and contingent liabilities (identifiable net assets) are recognised at their fair value at the date of acquisition. Acquisition-related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; \u2013 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-Based Payments at the acquisition date (see below); and \u2013 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in profit or loss. Goodwill is capitalised as an intangible asset with any subsequent impairment in carrying value being charged to the consolidated statement of profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. The carrying value of contingent consideration is the present value of those cash flows (when the effect of the time value of money is material). Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the income statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the cash-generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations (IFRS 3) is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identifiable assets, liabilities and contingent liabilities (identifiable net assets) are recognised at their fair value at the date of acquisition. Acquisition-related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively; \u2013 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-Based Payments at the acquisition date (see below); and \u2013 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in profit or loss. Goodwill is capitalised as an intangible asset with any subsequent impairment in carrying value being charged to the consolidated statement of profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date.
When the consideration transferred by the Group in a business combination includes a
contingent consideration arrangement, the contingent consideration is measured at its
acquisition date fair value and included as part of the consideration transferred in a business
combination. Changes in fair value of the contingent consideration that qualify as
measurement period adjustments are adjusted retrospectively, with corresponding
adjustments against goodwill. The carrying value of contingent consideration is the present
value of those cash flows (when the effect of the time value of money is material).
Measurement period adjustments are adjustments that arise from additional information
obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the
acquisition date) about facts and circumstances that existed at the acquisition date.
Subsequently, changes in the fair value of the contingent consideration that do not qualify as
measurement period adjustments are recognised in the income statement, when contingent
consideration amounts are remeasured to fair value at subsequent reporting dates.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to the cash-generating units (CGU) that are expected
to benefit from the combination, irrespective of whether other assets or liabilities of the
acquiree are assigned to those units.
CGUs to which goodwill has been allocated are tested for impairment annually, or more
frequently when there is an indication that the unit may be impaired. If the recoverable
amount of the CGU is less than its carrying amount, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment
loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not
able to be reversed in subsequent periods. On disposal of the relevant CGU, the attributable
amount of goodwill is included in the determination of the profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "
Revenue recognition
The Group recognises revenue from the rendering of tower services provided by utilisation of
the Group\u2019s tower infrastructure pursuant to written contracts with its customers. The Group
applies the five-step model in IFRS 15 Revenue from Contracts with Customers (IFRS 15).
Prescriptive guidance in IFRS 15 is followed to deal with specific scenarios and details of the
impact of IFRS 15 on the Group\u2019s Consolidated Financial Statements are described below.
Revenue is not recognised if uncertainties over a customer\u2019s intention and ability to pay
means that collection is not probable.
On inception of the contract a \u2018performance obligation\u2019 is identified based on each of the
distinct goods or services promised to the customer. The consideration specified in the
contract with the customer is allocated to a performance obligation identified based on their
relative standalone selling prices. In line with IFRS 15, the Group has one material
performance obligation, which is providing a series of distinct tower space and site services.
This performance obligation includes fees for the provision of tower infrastructure, power
escalations and tower service contracts. This is the only material performance obligation for
the Group at the balance sheet date.
Revenue from these services is recognised as the performance obligation is satisfied over time using the time elapsed output method for each customer to measure the Group\u2019s progress under the contract. Customers are usually billed in advance creating deferred income which is then recognised as the performance obligation is met over a straight-line basis. Amounts billed in arrears are recognised as contract assets until billed. Revenue is measured at the fair value of the consideration received or expected to be received and represents amounts receivable for services provided in the normal course of business, less VAT and other sales-related taxes. Where refunds are issued to customers, they are deducted from revenue in the relevant service period. The entire estimated loss for a contract is recognised immediately when there is evidence that the contract is unprofitable. If these estimates indicate that any contract will be less profitable than previously forecasted, contract assets may have to be written down to the extent they are no longer considered to be fully recoverable. We perform ongoing profitability reviews of our contracts in order to determine whether the latest estimates are appropriate. Key factors reviewed include: \u2013 transaction volumes or other inputs affecting future revenues which can vary depending on customer requirements, plans, market position and other factors such as general economic conditions; \u2013 the status of commercial relations with customers and the implications for future revenue and cost projections; and \u2013 our estimates of future staff and third-party costs and the degree to which cost savings and efficiencies are deliverable. The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets in the statement of financial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group; typically, this is over the customer contract period as new commissions are payable on contract renewal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "Foreign currency translation The individual Financial Statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each Group company are expressed in United States Dollars (US$), which is the functional currency of the Company, and the presentation currency for the Consolidated Financial Statements. In preparing the Financial Statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting date, with the exception of the Group\u2019s Ghanaian Cedi operations, which are subject to hyperinflation accounting. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a separate component of equity (attributed to non-controlling interests as appropriate). On the disposal of a foreign operation (i.e. a disposal of the Group\u2019s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest become a financial asset), all of the exchange differences accumulated in a separate component of equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. Hyperinflation Accounting Ghana met the requirements to be designated as a hyperinflationary economy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 31 December 2023. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, to its Ghanaian operations whose functional currency is the Ghanaian Cedi. In accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated. Ghanaian Cedi denominated results and non-monetary asset and liability balances for the current financial year ended 31 December 2023 have been revalued to their present value equivalent local currency amount as at 31 December 2023, based on an inflation index, before translation to USD at the reporting date exchange rate of USD$1:GHS11.89. For the Group\u2019s operations in Ghana: \u2013 The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within other gains & losses. \u2013 The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating, investing and financing cash flows as one number in the consolidated statement of cash flows. \u2013 The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are judged to meet the definition of \u2018exchange differences\u2019. The inflation index in Ghana selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Ghana Statistical Service, which has risen by 23.2% to 200.5 (2022: 162.8) during the current financial year. The main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
Year ended
31 December 2023
Increase/
(Decrease)
US$m
Revenue
0.4
Operating Profit
(5.8)
Loss before tax
(14.0)
Non-current assets
30.8
Equity attributable to owners of the parent
(27.6)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "The individual Financial Statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each Group company are expressed in United States Dollars (US$), which is the functional currency of the Company, and the presentation currency for the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "Hyperinflation Accounting Ghana met the requirements to be designated as a hyperinflationary economy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 31 December 2023. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, to its Ghanaian operations whose functional currency is the Ghanaian Cedi. In accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated. Ghanaian Cedi denominated results and non-monetary asset and liability balances for the current financial year ended 31 December 2023 have been revalued to their present value equivalent local currency amount as at 31 December 2023, based on an inflation index, before translation to USD at the reporting date exchange rate of USD$1:GHS11.89. For the Group\u2019s operations in Ghana: \u2013 The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within other gains & losses. \u2013 The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating, investing and financing cash flows as one number in the consolidated statement of cash flows. \u2013 The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are judged to meet the definition of \u2018exchange differences\u2019. The inflation index in Ghana selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Ghana Statistical Service, which has risen by 23.2% to 200.5 (2022: 162.8) during the current financial year. The main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
Year ended
31 December 2023
Increase/
(Decrease)
US$m
Revenue
0.4
Operating Profit
(5.8)
Loss before tax
(14.0)
Non-current assets
30.8
Equity attributable to owners of the parent
(27.6)
", "dimensions": { "concept": "heliostowersplc:DescriptionOfAccountingPolicyForHyperinflationAccounting", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "Financial assets Financial assets within the scope of IFRS 9 are classified as financial assets at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. At the current reporting period the Group did not elect to classify any financial instruments as fair value through OCI. A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2013 the rights to receive cash flows from the asset have expired; or \u2013 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "Financial assets Financial assets within the scope of IFRS 9 are classified as financial assets at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. At the current reporting period the Group did not elect to classify any financial instruments as fair value through OCI. A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2013 the rights to receive cash flows from the asset have expired; or \u2013 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party. Financial liabilities Financial liabilities within the scope of IFRS 9 are classified, at initial recognition, as financial liabilities at fair value through profit or loss. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and loans and borrowings. The subsequent measurement of financial liabilities depends on their classification, as described below: (a) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. (b) Financial liabilities at amortised cost After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Embedded derivatives A derivative may be embedded in a non-derivative \u2018host contract\u2019 such as put and call options over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains a host that is a financial asset within the scope of IFRS 9, then the relevant classification and measurement requirements are applied to the entire contract at the date of initial recognition. Should the host contract not be a financial asset within the scope of IFRS 9, the embedded derivative is separated from the host contract, if it is not closely related to the host contract, and accounted for as a standalone derivative. Where the embedded derivative is separated, the host contract is accounted for in accordance with its relevant accounting policy, unless the entire instrument is designated at FVTPL in accordance with IFRS 9. Hedge Accounting The Group\u2019s activities expose it to the financial risks of changes in interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as hedges of highly probable interest rate risks of firm commitments (cash flow hedges). Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within financing costs in the income statement unless designated in an effective cash flow hedge relationship when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "Financial liabilities Financial liabilities within the scope of IFRS 9 are classified, at initial recognition, as financial liabilities at fair value through profit or loss. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and loans and borrowings. The subsequent measurement of financial liabilities depends on their classification, as described below: (a) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. (b) Financial liabilities at amortised cost After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "(a) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "Embedded derivatives A derivative may be embedded in a non-derivative \u2018host contract\u2019 such as put and call options over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains a host that is a financial asset within the scope of IFRS 9, then the relevant classification and measurement requirements are applied to the entire contract at the date of initial recognition. Should the host contract not be a financial asset within the scope of IFRS 9, the embedded derivative is separated from the host contract, if it is not closely related to the host contract, and accounted for as a standalone derivative. Where the embedded derivative is separated, the host contract is accounted for in accordance with its relevant accounting policy, unless the entire instrument is designated at FVTPL in accordance with IFRS 9. Hedge Accounting The Group\u2019s activities expose it to the financial risks of changes in interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as hedges of highly probable interest rate risks of firm commitments (cash flow hedges). Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within financing costs in the income statement unless designated in an effective cash flow hedge relationship when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "Embedded derivatives A derivative may be embedded in a non-derivative \u2018host contract\u2019 such as put and call options over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains a host that is a financial asset within the scope of IFRS 9, then the relevant classification and measurement requirements are applied to the entire contract at the date of initial recognition. Should the host contract not be a financial asset within the scope of IFRS 9, the embedded derivative is separated from the host contract, if it is not closely related to the host contract, and accounted for as a standalone derivative. Where the embedded derivative is separated, the host contract is accounted for in accordance with its relevant accounting policy, unless the entire instrument is designated at FVTPL in accordance with IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "Hedge Accounting The Group\u2019s activities expose it to the financial risks of changes in interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as hedges of highly probable interest rate risks of firm commitments (cash flow hedges). Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within financing costs in the income statement unless designated in an effective cash flow hedge relationship when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "Leases The Group applies IFRS 16 Leases. The Group holds leases primarily on land, buildings and motor vehicles used in the ordinary course of business. Based on the accounting policy applied the Group recognises a right-of-use asset and a lease liability at the commencement date of the contract for all leases conveying the right to control the use of an identified asset for a period of time. The commencement date is the date on which a lessor makes an underlying asset available for use by a lessee. The right-of-use assets are initially measured at cost, which comprises: \u2013 the amount of the initial measurement of the lease liability; \u2013 any lease payments made at or before the commencement date, less any lease incentives received; and \u2013 any initial direct costs incurred by the lessee. After the commencement date the right-of-use assets are measured at cost less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. The Group depreciates the right-of-use asset from the commencement date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. These include: \u2013 fixed payments, less any lease incentives receivable. The lease payments are discounted using the incremental borrowing rate at the commencement of the lease contract or modification. Generally, it is not possible to determine the interest rate implicit in the land and building leases. The incremental borrowing rate is estimated taking account of the economic environment of the lease, the currency of the lease and the lease term. The lease term determined by the Group comprises: \u2013 non-cancellable period of lease contracts; \u2013 periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and \u2013 periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. After the commencement date the Group measures the lease liability by: \u2013 increasing the carrying amount to reflect interest on the lease liability; \u2013 reducing the carrying amount to reflect lease payments made; and \u2013 remeasuring the carrying amount to reflect any reassessment or lease modifications. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost of acquisition or production cost less accumulated depreciation and impairment losses, if any. Assets in the course of construction for production, supply or administrative purposes, are carried at cost, less any recognised impairment loss. Cost includes material and labour and professional fees in accordance with the Group\u2019s accounting policy, and only those costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are capitalised. Depreciation of these assets, on the same basis as other assets, commences when the assets are ready for their intended use. Borrowing costs are not capitalised as assets are generally constructed in substantially less than one year. Freehold land is not depreciated. Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, on the following bases: Site assets \u2013 towers Up to 15 years Site assets \u2013 generators 8 years Site assets \u2013 plant & machinery 3\u20135 years Fixtures and fittings 3 years IT equipment 3 years Motor vehicles 5 years Leasehold improvements 5\u201310 years Directly attributable costs of acquiring tower assets are capitalised together with the towers acquired and depreciated over a period of up to 15 years in line with the assets estimated useful lives. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from continued use of the asset. Any gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost of acquisition or production cost less accumulated depreciation and impairment losses, if any. Assets in the course of construction for production, supply or administrative purposes, are carried at cost, less any recognised impairment loss. Cost includes material and labour and professional fees in accordance with the Group\u2019s accounting policy, and only those costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are capitalised. Depreciation of these assets, on the same basis as other assets, commences when the assets are ready for their intended use. Borrowing costs are not capitalised as assets are generally constructed in substantially less than one year. Freehold land is not depreciated. Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, on the following bases: Site assets \u2013 towers Up to 15 years Site assets \u2013 generators 8 years Site assets \u2013 plant & machinery 3\u20135 years Fixtures and fittings 3 years IT equipment 3 years Motor vehicles 5 years Leasehold improvements 5\u201310 years Directly attributable costs of acquiring tower assets are capitalised together with the towers acquired and depreciated over a period of up to 15 years in line with the assets estimated useful lives. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from continued use of the asset. Any gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "Intangible assets Contract-acquired-related intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over the life of the contract. Intangible assets acquired in a business combination and recognised separately from goodwill are recognised initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Amortisation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, on the following bases: Customer contracts Amortised over their contractual lives Customer relationships Up to 30 years Colocation rights Amortised over their contractual lives Right of first refusal Amortised over their contractual lives Non-compete agreement Amortised over their contractual lives Computer software and licences 2\u20133 years An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised. Amortisation of intangibles is included within Administrative expenses in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "Impairment of tangible and intangible assets At each reporting date, the Directors review the carrying amounts of its tangible and intangible assets (other than goodwill, which is tested at least annually as described above) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units \u2013 \u2018CGUs\u2019). Where the asset does not generate cash flows that are independent from other assets, the Directors estimate the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Any impairment is allocated pro-rata across all assets in a CGU unless there is an indication that a class of asset should be impaired in the first instance or a fair market value exists for one or more assets. Once an asset has been written down to its fair value less costs of disposal then any remaining impairment is allocated equally among all other assets. Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (CGU) in prior years. Reversals are allocated pro-rata across all assets in the CGU unless there is an indication that a class of asset should be reversed in the first instance or a fair market value exists for one or more assets. A reversal of an impairment loss is recognised in the income statement immediately. An impairment loss recognised for goodwill is never reversed in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "Impairment of tangible and intangible assets At each reporting date, the Directors review the carrying amounts of its tangible and intangible assets (other than goodwill, which is tested at least annually as described above) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units \u2013 \u2018CGUs\u2019). Where the asset does not generate cash flows that are independent from other assets, the Directors estimate the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Any impairment is allocated pro-rata across all assets in a CGU unless there is an indication that a class of asset should be impaired in the first instance or a fair market value exists for one or more assets. Once an asset has been written down to its fair value less costs of disposal then any remaining impairment is allocated equally among all other assets. Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (CGU) in prior years. Reversals are allocated pro-rata across all assets in the CGU unless there is an indication that a class of asset should be reversed in the first instance or a fair market value exists for one or more assets. A reversal of an impairment loss is recognised in the income statement immediately. An impairment loss recognised for goodwill is never reversed in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "Related parties For the purpose of these Financial Statements, parties are considered to be related to the Group if they have the ability, directly or indirectly to control the Group or exercise significant influence over the Group in making financial or operating decisions, or vice versa, or where the Group is subject to common control or common significant influence. Related parties may be individuals or other entities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "Retirement benefit costs Payments to defined contribution retirement benefit schemes are recognised as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Group\u2019s obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "Share-based payments The Group\u2019s management awards employee share options, from time to time, on a discretionary basis which are subject to vesting conditions. The economic cost of awarding the share options to its employees is recognised as an employee benefit expense in the income statement equivalent to the fair value of the benefit awarded over the vesting period. For further details refer to Note 25. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "Inventory Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and short-term deposits. Short-term deposits are defined as deposits with an initial maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purposes of the Statement of Cash Flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "Interest expense Interest expense is recognised as interest accrues, using the effective interest method, to the net carrying amount of the financial liability. The effective interest method is a method of calculating the amortised cost of a financial asset/financial liability and of allocating interest income/interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments through the expected life of the financial assets/financial liabilities, or, where appropriate, a shorter period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised either for taxable temporary differences arising on investments in subsidiaries or on carrying value of taxable assets, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax is charged or credited in the profit or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions Where required under applicable standards, provision is made for matters where Management assess that it is probable that a relevant taxation authority will not accept the position as filed in the tax returns, it is probable an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. The Group typically uses a weighted average of outcomes assessed as possible to determine the level of provision required, unless a single best estimate of the outcome is considered to be more appropriate. Assessments are made at the level of an individual tax uncertainty, unless uncertainties are considered to be related, in which case they are grouped together. Provisions, which are not discounted given the short period over which they are expected to be utilised, are included within current tax liabilities, together with any liability for penalties, which to date have not been significant. Any liability relating to interest on tax liabilities is included within finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised either for taxable temporary differences arising on investments in subsidiaries or on carrying value of taxable assets, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax is charged or credited in the profit or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "Uncertain tax positions Where required under applicable standards, provision is made for matters where Management assess that it is probable that a relevant taxation authority will not accept the position as filed in the tax returns, it is probable an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. The Group typically uses a weighted average of outcomes assessed as possible to determine the level of provision required, unless a single best estimate of the outcome is considered to be more appropriate. Assessments are made at the level of an individual tax uncertainty, unless uncertainties are considered to be related, in which case they are grouped together. Provisions, which are not discounted given the short period over which they are expected to be utilised, are included within current tax liabilities, together with any liability for penalties, which to date have not been significant. Any liability relating to interest on tax liabilities is included within finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Share capital Ordinary shares are classified as equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "Treasury shares Treasury shares represents the shares of Helios Towers plc that are held by the Employee Benefit Trust (EBT). Treasury shares are recorded at cost and deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "New accounting pronouncements The following Standards, Amendments and Interpretations have been issued by the IASB and are effective for annual reporting periods beginning on or after 1 January 2024: \u2013 Amendments to IAS 1 \u2018Classification of liabilities and Non-current liabilities with Covenants\u2019 \u2013 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019 \u2013 Amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019 The Group\u2019s financial reporting will be presented in accordance with the above new standards from 1 January 2024. The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the Financial Statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "New accounting pronouncements The following Standards, Amendments and Interpretations have been issued by the IASB and are effective for annual reporting periods beginning on or after 1 January 2024: \u2013 Amendments to IAS 1 \u2018Classification of liabilities and Non-current liabilities with Covenants\u2019 \u2013 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019 \u2013 Amendments to IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019 The Group\u2019s financial reporting will be presented in accordance with the above new standards from 1 January 2024. The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the Financial Statements of the Group in future periods. In the application of the Group\u2019s accounting policies, which are described above, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "In the application of the Group\u2019s accounting policies, which are described above, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors, have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Financial Statements. Revenue recognition Revenue is recognised as service revenue in accordance with IFRS 15: Revenue from contracts with customers. In arriving at this assessment, the Directors concluded that there is not an embedded lease, given customer contracts provide for an amount of space on a tower rather than a specific location on a tower. Our contracts permit us, subject to certain conditions, to relocate customer equipment on our towers in order to accommodate other tenants. Customer consent is usually required to move equipment, however, this should not be unreasonably withheld. The Directors believe these substitution rights are substantive, given the practical ability to move equipment and the economics of doing so. In applying the requirements of IFRS 15, management makes an evaluation as to whether it is probable that the Group will collect the consideration that it is entitled to under the contract. The amount of revenue that the Group is contractually entitled to but has not recognised is disclosed in Note 22. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see Note 27). Judgement is necessary to assess the likelihood that a pending claim will succeed, or a liability will arise. Recognition of deferred tax assets The Group has material unrecognised deferred tax assets across a number of jurisdictions (see Note 10) which have not been recognised to date due to current period tax losses, insufficient certainty as to future taxable profits and in the context of ongoing assessments from local tax authorities in certain jurisdictions (see Note 27). Successful resolution of such assessments from tax authorities and greater certainty over future taxable profitability may lead to partial recognition of currently unrecognised deferred tax assets with the next 12 months. 2(b). Critical accounting judgements and key sources of estimation uncertainty Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Derivatives valuation The group manages its interest rate risk using interest rate swap agreements. These are classified as financial instruments and recognised at fair value at the reporting date. The fair value is dependent on the future interest rate forward yield curve at the reporting date. This can have a material impact on the fair value of the interest rate swaps between periods. A 100 basis point movement will result in a change in value of US$19.5 million which will be recognised either in the income statement or in other comprehensive income depending on if hedge accounting has been applied and effective in the period. The Directors have considered whether certain other estimates included in the financial statements meet the criteria to be key sources of estimation uncertainty, as follows: Impairment testing Following the assessment of the recoverable amount of goodwill allocated to the Group\u2019s CGUs, to which Goodwill of US$40.7 million is allocated, the Directors consider the recoverable amount of goodwill allocated to the operating companies to be most sensitive to the key assumptions in the number of tenancy opportunities in the relevant markets and the expected growth rates in these markets, future discount rates and operating cost and capital expenditure requirements. In the current year sensitivities have been applied to the key assumptions and the Directors do not consider there to be a reasonable possible change that would have a material impact to the balance sheet valuation Provisions for litigation Provisions and exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation (see Note 27) are subject to estimation uncertainty. Whilst the value of open claims across the Group is material in aggregate, based on recent experiences of closing such cases, the resulting adjustments are generally not material and provisions held by the Group have accurately quantified the final amounts determined. Therefore, the Directors consider the current provisions held by the Group to be appropriate and do not anticipate a significant risk of a material change to the amounts accrued and provided at 31 December 2023 within the next financial year. Uncertain tax positions Measurement of the Group\u2019s tax liability involves estimation of the tax liabilities arising from transactions in tax jurisdictions for which the ultimate tax determination is uncertain. Where there are uncertain tax positions, the Directors assess whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. The Group uses tax experts in all jurisdictions when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The Group\u2019s tax provision for these matters is recognised within current tax liabilities and in the measurement of deferred tax assets as applicable. The provision reflects a number of estimates where the amount of tax payable is either currently under audit by the tax authorities or relates to a period which has yet to be audited. These areas include the tax effects of change of control events, which are calculated based on valuations of the company\u2019s operations in the relevant jurisdictions, and interpretation of taxation law relating to statutory tax filings by the Group. The nature of the items, for which a provision is held, is such that the final outcome could vary from the amounts recognised once a final tax determination is made. To the extent the estimated final outcome differs from the tax that has been provided, adjustments will be made to income tax and deferred tax balances held in the period the determination is made. Whilst the value of open tax audit cases for all taxes across the Group is material in aggregate, based on recent experiences of closing tax audit cases, the resulting adjustments are generally not material and tax accruals and provisions held by the Group have accurately quantified the final amounts determined. Therefore, the Directors consider the current provisions held by the Group to be appropriate and do not anticipate a significant risk of a material change to the amounts accrued and provided at 31 December 2023 within the next financial year. Climate-related matters on the financial statements The Directors have considered the effects climate-related matters may have on the financial statements. In particular, consideration has been given to the potential impact climate matters may have on the carrying amount of the Group\u2019s property plant and equipment and inventories, the impact climate change considerations and initiatives have when assessing forecasts as part of our going concern assessment and impairment reviews, potential financial impact that future regulatory requirements may have on financial instruments the Group may use or the way it assesses the recognition of assets and liabilities. While no adjustments have been made to the carrying amount of assets and liabilities in the current year, the Group\u2019s forecasts reflect the Group\u2019s planned spend in respect of carbon- intensity reduction targets. The Directors will continue to assess the impact climate-related matters may have on the financial position and performance of the Group and reflect those in future financial statements.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "In the application of the Group\u2019s accounting policies, which are described above, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors, have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the Financial Statements. Revenue recognition Revenue is recognised as service revenue in accordance with IFRS 15: Revenue from contracts with customers. In arriving at this assessment, the Directors concluded that there is not an embedded lease, given customer contracts provide for an amount of space on a tower rather than a specific location on a tower. Our contracts permit us, subject to certain conditions, to relocate customer equipment on our towers in order to accommodate other tenants. Customer consent is usually required to move equipment, however, this should not be unreasonably withheld. The Directors believe these substitution rights are substantive, given the practical ability to move equipment and the economics of doing so. In applying the requirements of IFRS 15, management makes an evaluation as to whether it is probable that the Group will collect the consideration that it is entitled to under the contract. The amount of revenue that the Group is contractually entitled to but has not recognised is disclosed in Note 22. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see Note 27). Judgement is necessary to assess the likelihood that a pending claim will succeed, or a liability will arise. Recognition of deferred tax assets The Group has material unrecognised deferred tax assets across a number of jurisdictions (see Note 10) which have not been recognised to date due to current period tax losses, insufficient certainty as to future taxable profits and in the context of ongoing assessments from local tax authorities in certain jurisdictions (see Note 27). Successful resolution of such assessments from tax authorities and greater certainty over future taxable profitability may lead to partial recognition of currently unrecognised deferred tax assets with the next 12 months. 2(b). Critical accounting judgements and key sources of estimation uncertainty Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Derivatives valuation The group manages its interest rate risk using interest rate swap agreements. These are classified as financial instruments and recognised at fair value at the reporting date. The fair value is dependent on the future interest rate forward yield curve at the reporting date. This can have a material impact on the fair value of the interest rate swaps between periods. A 100 basis point movement will result in a change in value of US$19.5 million which will be recognised either in the income statement or in other comprehensive income depending on if hedge accounting has been applied and effective in the period. The Directors have considered whether certain other estimates included in the financial statements meet the criteria to be key sources of estimation uncertainty, as follows: Impairment testing Following the assessment of the recoverable amount of goodwill allocated to the Group\u2019s CGUs, to which Goodwill of US$40.7 million is allocated, the Directors consider the recoverable amount of goodwill allocated to the operating companies to be most sensitive to the key assumptions in the number of tenancy opportunities in the relevant markets and the expected growth rates in these markets, future discount rates and operating cost and capital expenditure requirements. In the current year sensitivities have been applied to the key assumptions and the Directors do not consider there to be a reasonable possible change that would have a material impact to the balance sheet valuation Provisions for litigation Provisions and exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation (see Note 27) are subject to estimation uncertainty. Whilst the value of open claims across the Group is material in aggregate, based on recent experiences of closing such cases, the resulting adjustments are generally not material and provisions held by the Group have accurately quantified the final amounts determined. Therefore, the Directors consider the current provisions held by the Group to be appropriate and do not anticipate a significant risk of a material change to the amounts accrued and provided at 31 December 2023 within the next financial year. Uncertain tax positions Measurement of the Group\u2019s tax liability involves estimation of the tax liabilities arising from transactions in tax jurisdictions for which the ultimate tax determination is uncertain. Where there are uncertain tax positions, the Directors assess whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. The Group uses tax experts in all jurisdictions when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The Group\u2019s tax provision for these matters is recognised within current tax liabilities and in the measurement of deferred tax assets as applicable. The provision reflects a number of estimates where the amount of tax payable is either currently under audit by the tax authorities or relates to a period which has yet to be audited. These areas include the tax effects of change of control events, which are calculated based on valuations of the company\u2019s operations in the relevant jurisdictions, and interpretation of taxation law relating to statutory tax filings by the Group. The nature of the items, for which a provision is held, is such that the final outcome could vary from the amounts recognised once a final tax determination is made. To the extent the estimated final outcome differs from the tax that has been provided, adjustments will be made to income tax and deferred tax balances held in the period the determination is made. Whilst the value of open tax audit cases for all taxes across the Group is material in aggregate, based on recent experiences of closing tax audit cases, the resulting adjustments are generally not material and tax accruals and provisions held by the Group have accurately quantified the final amounts determined. Therefore, the Directors consider the current provisions held by the Group to be appropriate and do not anticipate a significant risk of a material change to the amounts accrued and provided at 31 December 2023 within the next financial year. Climate-related matters on the financial statements The Directors have considered the effects climate-related matters may have on the financial statements. In particular, consideration has been given to the potential impact climate matters may have on the carrying amount of the Group\u2019s property plant and equipment and inventories, the impact climate change considerations and initiatives have when assessing forecasts as part of our going concern assessment and impairment reviews, potential financial impact that future regulatory requirements may have on financial instruments the Group may use or the way it assesses the recognition of assets and liabilities. While no adjustments have been made to the carrying amount of assets and liabilities in the current year, the Group\u2019s forecasts reflect the Group\u2019s planned spend in respect of carbon- intensity reduction targets. The Directors will continue to assess the impact climate-related matters may have on the financial position and performance of the Group and reflect those in future financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "
3. Segmental reporting
The following segmental information is presented in a consistent format with management information considered by the CEO of each operating segment, and the CEO and CFO of the
Group, who are considered to be the chief operating decision makers (CODMs). Operating segments are determined based on geographical location. Following the Group\u2019s recent expansion
into new countries and related internal management and reporting reorganisation, the Group\u2019s segments are now presented on a regional rather than a country basis, with comparative
information re-presented accordingly. All operating segments have the same business of operating and maintaining telecoms towers and renting space on such towers. Accounting policies
are applied consistently for all operating segments. The segment operating result used by the CODMs is Adjusted EBITDA, which is defined in Note 4.
Middle East &
North Africa
East & West Africa
Central & Southern Africa
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2023 US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
57.5
232.5
80.1
256.9
94.0
\u2013
721.0
Adjusted gross margin
77%
73%
57%
54%
62%
\u2013
63%
Adjusted EBITDA
38.5
162.3
37.5
123.0
44.6
(36.0)
369.9
Adjusted EBITDA margin
67%
70%
47%
48%
47%
\u2013
51%
Financing costs
Interest costs
(36.0)
(37. 8)
(28.3)
(54.7)
(24.1)
5.7
(175.2)
Foreign exchange differences
(0.6)
(37.9)
(31.7)
0.3
(30.2)
14.0
(86.1)
Gain on refinancing
\u2013
\u2013
\u2013
\u2013
\u2013
7.8
7. 8
Total finance costs
(36.6)
(75.7)
(60.0)
(54.4)
(54.3)
27. 5
(253.5)
Other segmental information
Non-current assets
509.4
281.9
300.3
383.4
251.6
12.0
1,738.6
Property, plant and equipment additions
13.1
34.2
24.2
68.1
36.3
3.0
178.9
Property, plant and equipment depreciation and amortisation
23.2
47.8
29.1
51.7
27. 8
7.4
187.0
1
Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue.
1
2
3
2 Adjusted EBITDA is loss before tax for the year, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property,
plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material
items that are considered one-off by management by virtue of their size and/or incidence.
3 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
Middle East &
North Africa
4
East & West Africa Central & Southern Africa
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2022 (Represented) US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
3.6
201.4
60.4
205.9
89.4
\u2013
560.7
Adjusted gross margin
73%
70%
59%
57%
64%
\u2013
63%
Adjusted EBITDA
2.3
133.7
29.2
104.4
44.7
(31.5)
282.8
Adjusted EBITDA margin
64%
66%
48%
51%
50%
\u2013
50%
Financing costs
Interest costs
(5.2)
(40.1)
(21.2)
(52.3)
(25.5)
3.3
(141.0)
Foreign exchange differences
(0.1)
(2.2)
(14.3)
0.30
(34.3)
(1.6)
(52.2)
Total finance costs
(5.3)
(42. 3)
(35.5)
(52.0)
(59.8)
1.7
(193.2)
Other segmental information
Non-current assets
519.3
318.0
327.8
343.6
218.2
4.2
1,731.1
Property, plant and equipment additions
125.8
53.8
66.6
76.7
40.6
2.4
365.9
Property, plant and equipment depreciation and amortisation
1.7
52.9
21.6
53.3
21.3
6.4
157.2
1 Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue.
5 6 1 2 3 7 2 Adjusted EBITDA is loss before tax for the year, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence. 3 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. 4 Middle East & North Africa segment reflects the Company\u2019s operations in Oman. 5 East & West Africa segment reflects the Company\u2019s operations in Tanzania, Senegal and Malawi. 6 Central & Southern Africa segment reflects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar. 7 Restatement on finalisation of acquisition accounting; see Note 31, page 166. Customer Concentration A significant portion of our Group revenue is derived from a small number of large multinational customers (which operate across multiple segments). In the year ended 31 December 2023, revenue from our top four MNO customers, collectively accounted for 69.7% of our revenue (2022: 75.4%). (US$m)
Year ended 31 December
% of Revenue
% of Revenue
2023
2023
2022
2022
Airtel Africa
197.1
27.4%
158.9
28.3%
Vodafone/Vodacom
154.5
21.4%
132.5
23.6%
Orange
77. 5
10.8%
60.9
10.9%
Axian
73.0
10.1%
70.4
12.6%
Total
502.1
69.7%
422.7
75.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "
Middle East &
North Africa
East & West Africa
Central & Southern Africa
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2023 US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
57.5
232.5
80.1
256.9
94.0
\u2013
721.0
Adjusted gross margin
77%
73%
57%
54%
62%
\u2013
63%
Adjusted EBITDA
38.5
162.3
37.5
123.0
44.6
(36.0)
369.9
Adjusted EBITDA margin
67%
70%
47%
48%
47%
\u2013
51%
Financing costs
Interest costs
(36.0)
(37. 8)
(28.3)
(54.7)
(24.1)
5.7
(175.2)
Foreign exchange differences
(0.6)
(37.9)
(31.7)
0.3
(30.2)
14.0
(86.1)
Gain on refinancing
\u2013
\u2013
\u2013
\u2013
\u2013
7.8
7. 8
Total finance costs
(36.6)
(75.7)
(60.0)
(54.4)
(54.3)
27. 5
(253.5)
Other segmental information
Non-current assets
509.4
281.9
300.3
383.4
251.6
12.0
1,738.6
Property, plant and equipment additions
13.1
34.2
24.2
68.1
36.3
3.0
178.9
Property, plant and equipment depreciation and amortisation
23.2
47.8
29.1
51.7
27. 8
7.4
187.0
1
Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue.
1 2 3 2 Adjusted EBITDA is loss before tax for the year, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence. 3 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
Middle East &
North Africa
4
East & West Africa Central & Southern Africa
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2022 (Represented) US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
3.6
201.4
60.4
205.9
89.4
\u2013
560.7
Adjusted gross margin
73%
70%
59%
57%
64%
\u2013
63%
Adjusted EBITDA
2.3
133.7
29.2
104.4
44.7
(31.5)
282.8
Adjusted EBITDA margin
64%
66%
48%
51%
50%
\u2013
50%
Financing costs
Interest costs
(5.2)
(40.1)
(21.2)
(52.3)
(25.5)
3.3
(141.0)
Foreign exchange differences
(0.1)
(2.2)
(14.3)
0.30
(34.3)
(1.6)
(52.2)
Total finance costs
(5.3)
(42. 3)
(35.5)
(52.0)
(59.8)
1.7
(193.2)
Other segmental information
Non-current assets
519.3
318.0
327.8
343.6
218.2
4.2
1,731.1
Property, plant and equipment additions
125.8
53.8
66.6
76.7
40.6
2.4
365.9
Property, plant and equipment depreciation and amortisation
1.7
52.9
21.6
53.3
21.3
6.4
157.2
1 Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue.
5 6 1 2 3 7 2 Adjusted EBITDA is loss before tax for the year, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence. 3 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. 4 Middle East & North Africa segment reflects the Company\u2019s operations in Oman. 5 East & West Africa segment reflects the Company\u2019s operations in Tanzania, Senegal and Malawi. 6 Central & Southern Africa segment reflects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar. 7 Restatement on finalisation of acquisition accounting; see Note 31, page 166. Customer Concentration A significant portion of our Group revenue is derived from a small number of large multinational customers (which operate across multiple segments). In the year ended 31 December 2023, revenue from our top four MNO customers, collectively accounted for 69.7% of our revenue (2022: 75.4%). (US$m)
Year ended 31 December
% of Revenue
% of Revenue
2023
2023
2022
2022
Airtel Africa
197.1
27.4%
158.9
28.3%
Vodafone/Vodacom
154.5
21.4%
132.5
23.6%
Orange
77. 5
10.8%
60.9
10.9%
Axian
73.0
10.1%
70.4
12.6%
Total
502.1
69.7%
422.7
75.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "
Middle East &
North Africa
East & West Africa
Central & Southern Africa
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2023 US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
57.5
232.5
80.1
256.9
94.0
\u2013
721.0
Adjusted gross margin
77%
73%
57%
54%
62%
\u2013
63%
Adjusted EBITDA
38.5
162.3
37.5
123.0
44.6
(36.0)
369.9
Adjusted EBITDA margin
67%
70%
47%
48%
47%
\u2013
51%
Financing costs
Interest costs
(36.0)
(37. 8)
(28.3)
(54.7)
(24.1)
5.7
(175.2)
Foreign exchange differences
(0.6)
(37.9)
(31.7)
0.3
(30.2)
14.0
(86.1)
Gain on refinancing
\u2013
\u2013
\u2013
\u2013
\u2013
7.8
7. 8
Total finance costs
(36.6)
(75.7)
(60.0)
(54.4)
(54.3)
27. 5
(253.5)
Other segmental information
Non-current assets
509.4
281.9
300.3
383.4
251.6
12.0
1,738.6
Property, plant and equipment additions
13.1
34.2
24.2
68.1
36.3
3.0
178.9
Property, plant and equipment depreciation and amortisation
23.2
47.8
29.1
51.7
27. 8
7.4
187.0
1
Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue.
1 2 3 2 Adjusted EBITDA is loss before tax for the year, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence. 3 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
Middle East &
North Africa
4
East & West Africa Central & Southern Africa
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2022 (Represented) US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
3.6
201.4
60.4
205.9
89.4
\u2013
560.7
Adjusted gross margin
73%
70%
59%
57%
64%
\u2013
63%
Adjusted EBITDA
2.3
133.7
29.2
104.4
44.7
(31.5)
282.8
Adjusted EBITDA margin
64%
66%
48%
51%
50%
\u2013
50%
Financing costs
Interest costs
(5.2)
(40.1)
(21.2)
(52.3)
(25.5)
3.3
(141.0)
Foreign exchange differences
(0.1)
(2.2)
(14.3)
0.30
(34.3)
(1.6)
(52.2)
Total finance costs
(5.3)
(42. 3)
(35.5)
(52.0)
(59.8)
1.7
(193.2)
Other segmental information
Non-current assets
519.3
318.0
327.8
343.6
218.2
4.2
1,731.1
Property, plant and equipment additions
125.8
53.8
66.6
76.7
40.6
2.4
365.9
Property, plant and equipment depreciation and amortisation
1.7
52.9
21.6
53.3
21.3
6.4
157.2
1 Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue.
5
6
1
2
3
7
2 Adjusted EBITDA is loss before tax for the year, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property,
plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material
items that are considered one-off by management by virtue of their size and/or incidence.
3 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
4 Middle East & North Africa segment reflects the Company\u2019s operations in Oman.
5 East & West Africa segment reflects the Company\u2019s operations in Tanzania, Senegal and Malawi.
6 Central & Southern Africa segment reflects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar.
7 Restatement on finalisation of acquisition accounting; see Note 31, page 166.
Customer Concentration
A significant portion of our Group revenue is derived from a small number of large multinational customers (which operate across multiple segments). In the year ended 31 December 2023,
revenue from our top four MNO customers, collectively accounted for 69.7% of our revenue (2022: 75.4%).
(US$m)
Year ended 31 December
% of Revenue
% of Revenue
2023
2023
2022
2022
Airtel Africa
197.1
27.4%
158.9
28.3%
Vodafone/Vodacom
154.5
21.4%
132.5
23.6%
Orange
77. 5
10.8%
60.9
10.9%
Axian
73.0
10.1%
70.4
12.6%
Total
502.1
69.7%
422.7
75.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "
4. Reconciliation of aggregate segment Adjusted EBITDA to loss before tax
The key segment operating result used by chief operating decision makers (CODMs) is
Adjusted EBITDA which is also used as an Alternative Performance Measure for the Group as
a whole.
Management defines Adjusted EBITDA as loss before tax for the year, adjusted for finance
costs, other gains and losses, interest receivable, loss on disposal of property, plant and
equipment, amortisation of intangible assets, depreciation and impairment of property, plant
and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal
costs not capitalised, share-based payments and long-term incentive plan charges, and other
adjusting items. Other adjusting items are material items that are considered one-off by
management by virtue of their size and/or incidence.
The Group believes that Adjusted EBITDA and Adjusted EBITDA margin facilitate comparisons of
operating performance from period to period and company to company by eliminating potential
differences caused by variations in capital structures (affecting interest and finance charges), tax
positions (such as the impact of changes in effective tax rates or net operating losses) and the
age and booked depreciation on assets. The Group excludes certain items from Adjusted
EBITDA, such as loss on disposal of property, plant and equipment and other adjusting items
because it believes they are not indicative of its underlying trading performance.
Adjusted EBITDA is reconciled to loss before tax as follows:
2023 2022
US$m US$m
Adjusted EBITDA
369.9
282.8
Adjustments applied to give Adjusted EBITDA
Adjusting items:
Deal costs
(3.3)
(19.1)
Share-based payments and long-term incentive plan charges
(3.7)
(4. 5)
Other/Restructuring
(0.9)
\u2013
Loss on disposal of property, plant and equipment
3.1
(0.4)
Other gains and (losses)
(6.1)
(51.4)
Depreciation of property, plant and equipment
(160.9)
(144.6)
Amortisation of intangible assets
(26.1)
(12.6)
Depreciation of right-of-use assets
(32.0)
(21.3)
Interest receivable
1.3
1.8
Finance costs
(253.5)
(193.2)
Loss before tax
(112.2)
(162.5)
1
2
1 Deal costs comprise costs related to potential acquisitions and the exploration of investment opportunities, which
cannot be capitalised. These comprise employee costs, professional fees, travel costs and set-up costs incurred prior to
operating activities commencing.
2 Share-based payments and long-term incentive plan charges and associated costs.
", "dimensions": { "concept": "heliostowersplc:DisclosureOfReconcilationOfAggregateSegmentAdjustedEBITDAToLossBeforeTax", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "5a. Operating profit Operating profit is stated after charging the following:
2023 2022
US$m US$m
Cost of inventory expensed
125.1
89.0
Auditor remuneration (see Note 5b)
2.9
2.7
(Gain)/loss on disposal of property, plant and equipment
(3.1)
0.4
Depreciation and amortisation
219.0
178.5
Staff costs (Note 6)
42.3
35.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "5a. Operating profit Operating profit is stated after charging the following:
2023 2022
US$m US$m
Cost of inventory expensed
125.1
89.0
Auditor remuneration (see Note 5b)
2.9
2.7
(Gain)/loss on disposal of property, plant and equipment
(3.1)
0.4
Depreciation and amortisation
219.0
178.5
Staff costs (Note 6)
42.3
35.0
5b. Audit remuneration
2023 2022
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.8
0.6
Statutory audit of the Group\u2019s subsidiaries
1.8
1.8
Audit fees
2.6
2.4
Interim review engagements
0.3
0.1
Other assurance services
\u2013
0.2
Audit related assurance services
0.3
0.3
Total non-audit fees
0.3
0.3
Total fees
2.9
2.7
6. Staff costs Staff costs consist of the following components:
2023 2022
US$m US$m
Wages and salaries
38.9
32.0
Social security costs \u2013 employer contributions
2.6
2.4
Pension costs
0.8
0.6
42.3
35.0
An immaterial allocation of directly attributable staff costs is subsequently capitalised into the cost of capital work in progress. The average monthly number of employees during the year was made up as follows:
2023
2022
Operations
320
287
Legal and regulatory
61
61
Administration
61
59
Finance and IT
120
108
Sales and marketing
36
33
598
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "5a. Operating profit Operating profit is stated after charging the following:
2023 2022
US$m US$m
Cost of inventory expensed
125.1
89.0
Auditor remuneration (see Note 5b)
2.9
2.7
(Gain)/loss on disposal of property, plant and equipment
(3.1)
0.4
Depreciation and amortisation
219.0
178.5
Staff costs (Note 6)
42.3
35.0
5b. Audit remuneration
2023 2022
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.8
0.6
Statutory audit of the Group\u2019s subsidiaries
1.8
1.8
Audit fees
2.6
2.4
Interim review engagements
0.3
0.1
Other assurance services
\u2013
0.2
Audit related assurance services
0.3
0.3
Total non-audit fees
0.3
0.3
Total fees
2.9
2.7
6. Staff costs Staff costs consist of the following components:
2023 2022
US$m US$m
Wages and salaries
38.9
32.0
Social security costs \u2013 employer contributions
2.6
2.4
Pension costs
0.8
0.6
42.3
35.0
An immaterial allocation of directly attributable staff costs is subsequently capitalised into the cost of capital work in progress. The average monthly number of employees during the year was made up as follows:
2023
2022
Operations
320
287
Legal and regulatory
61
61
Administration
61
59
Finance and IT
120
108
Sales and marketing
36
33
598
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "
Operating profit is stated after charging the following:
2023 2022
US$m US$m
Cost of inventory expensed
125.1
89.0
Auditor remuneration (see Note 5b)
2.9
2.7
(Gain)/loss on disposal of property, plant and equipment
(3.1)
0.4
Depreciation and amortisation
219.0
178.5
Staff costs (Note 6)
42.3
35.0
12. Property, plant and equipment
Fixtures Leasehold
IT equipment and fittings Motor vehicles Site assets Land improvements Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2022
27.5
1.6
4.7
1,497.6
6.6
3.5
1,541.5
Additions
0.1
\u2013
0.1
203.9
\u2013
0.1
204.2
Additions on acquisition of subsidiary undertakings (Restated)
\u2013
\u2013
\u2013
161.7
\u2013
\u2013
161.7
Transfers
(19.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(19.2)
Disposals
\u2013
\u2013
\u2013
(1.6)
\u2013
\u2013
(1.6)
Effects of foreign currency exchange differences
(0.5)
0.1
(0.5)
(43.5)
(0.1)
(0.2)
(44.7)
At 31 December 2022 (Restated)
7.9
1.7
4.3
1,818.1
6.5
3.4
1,841.9
Additions
0.1
0.1
0.6
177.9
0.1
0.1
178.9
Disposals
\u2013
\u2013
(0.1)
(6.8)
\u2013
\u2013
(6.9)
Effects of foreign currency exchange differences
(0.1)
\u2013
(0.2)
(80.1)
(0.2)
\u2013
(80.6)
Hyperinflation impacts
0.8
0.2
1.2
110.2
\u2013
0.1
112.5
At 31 December 2023
8.7
2.0
5.8
2,019.3
6.4
3.6
2,045.8
Depreciation
At 1 January 2022
(20.1)
(1.4)
(3.5)
(805.0)
(0.1)
(3.2)
(833.3)
Charge for the year
(0.5)
(0.1)
(0.4)
(143.2)
(0.2)
(0.2)
(144.6)
Transfers
12.6
\u2013
\u2013
\u2013
\u2013
\u2013
12.6
Disposals
\u2013
\u2013
\u2013
8.2
\u2013
\u2013
8.2
Effects of foreign currency exchange differences
0.4
0.1
0.3
22.0
\u2013
0.3
23.1
At 31 December 2022
(7.6)
(1.4)
(3.6)
(918.0)
(0.3)
(3.1)
(934.0)
Charge for the year
(0.3)
(0.3)
(0.4)
(159.7)
(0.1)
(0.1)
(160.9)
Disposals
\u2013
\u2013
0.3
6.3
\u2013
\u2013
6.6
Effects of foreign currency exchange differences
0.1
\u2013
0.2
43.0
\u2013
\u2013
43.3
Hyperinflation impacts
(0.8)
(0.2)
(1.1)
(80.3)
\u2013
(0.1)
(82.5)
At 31 December 2023
(8.6)
(1.9)
(4.6)
(1,108.7)
(0.4)
(3.3)
(1 ,127. 5)
Net book value
At 31 December 2023
0.1
0.1
1.2
910.6
6.0
0.3
918.3
At 31 December 2022 (Restated)
0.3
0.3
0.7
900.1
6.2
0.3
907.9
1 1 1 1 Restatement on finalisation of acquisition accounting; see note 31, page 166. At 31 December 2023, the Group had US$184.8 million (2022: US$129.6 million) of expenditure recognised in the carrying amount of items of site assets that were in the course of construction. On completion of the construction, they will remain within the site assets balance, and depreciation will commence when the assets are available for use. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "
5b. Audit remuneration
2023 2022
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.8
0.6
Statutory audit of the Group\u2019s subsidiaries
1.8
1.8
Audit fees
2.6
2.4
Interim review engagements
0.3
0.1
Other assurance services
\u2013
0.2
Audit related assurance services
0.3
0.3
Total non-audit fees
0.3
0.3
Total fees
2.9
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "
6. Staff costs
Staff costs consist of the following components:
2023 2022
US$m US$m
Wages and salaries
38.9
32.0
Social security costs \u2013 employer contributions
2.6
2.4
Pension costs
0.8
0.6
42.3
35.0
An immaterial allocation of directly attributable staff costs is subsequently capitalised into
the cost of capital work in progress.
The average monthly number of employees during the year was made up as follows:
2023
2022
Operations
320
287
Legal and regulatory
61
61
Administration
61
59
Finance and IT
120
108
Sales and marketing
36
33
598
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "
7. Key management personnel compensation
2023 2022
US$m US$m
Salary, fees and bonus
3.7
3.8
Pension and benefits
0.2
0.2
Share based payment charge
0.6
1.6
4.5
5.6
The above remuneration information relates to Directors in Helios Towers plc. Further details
can be found in the Directors\u2019 Remuneration Report of the Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "
8. Interest receivable
2023 2022
US$m US$m
Bank interest receivable
1.3
1.8
9. Finance costs
2023 2022
US$m US$m
Foreign exchange differences
86.1
52.2
Interest costs
150.2
115.5
Interest costs on lease liabilities
25.0
25.5
Gain on refinancing
(7.8)
\u2013
253.5
193.2
The year-on-year increase in foreign exchange differences is driven primarily by the fluctuations
year-on-year of the Ghanaian Cedi, Malawian Kwacha and Tanzanian Shilling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "8. Interest receivable
2023 2022
US$m US$m
Bank interest receivable
1.3
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "8. Interest receivable
2023 2022
US$m US$m
Bank interest receivable
1.3
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "8. Interest receivable
2023 2022
US$m US$m
Bank interest receivable
1.3
1.8
9. Finance costs
2023 2022
US$m US$m
Foreign exchange differences
86.1
52.2
Interest costs
150.2
115.5
Interest costs on lease liabilities
25.0
25.5
Gain on refinancing
(7.8)
\u2013
253.5
193.2
The year-on-year increase in foreign exchange differences is driven primarily by the fluctuations year-on-year of the Ghanaian Cedi, Malawian Kwacha and Tanzanian Shilling.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "9. Finance costs
2023 2022
US$m US$m
Foreign exchange differences
86.1
52.2
Interest costs
150.2
115.5
Interest costs on lease liabilities
25.0
25.5
Gain on refinancing
(7.8)
\u2013
253.5
193.2
The year-on-year increase in foreign exchange differences is driven primarily by the fluctuations year-on-year of the Ghanaian Cedi, Malawian Kwacha and Tanzanian Shilling.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "9. Finance costs
2023 2022
US$m US$m
Foreign exchange differences
86.1
52.2
Interest costs
150.2
115.5
Interest costs on lease liabilities
25.0
25.5
Gain on refinancing
(7.8)
\u2013
253.5
193.2
The year-on-year increase in foreign exchange differences is driven primarily by the fluctuations year-on-year of the Ghanaian Cedi, Malawian Kwacha and Tanzanian Shilling.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
10. Tax expense, tax paid and deferred tax
2023 2022
US$m US$m
(a) Tax expense:
Current tax
In respect of current year
24.7
19.1
Adjustment in respect of prior years
(0.6)
(1.2)
Total current tax
24.1
17.9
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
0.6
(1.8)
Originating temporary differences on capital assets and losses
(24.6)
(5.9)
Adjustment in respect of prior years
(0.5)
(1.3)
Total deferred tax
(24.5)
(9.0)
Total tax expense
0.4
8.9
(b) Tax reconciliation:
Loss before tax
(112.2)
(162.5)
Tax computed at the local statutory tax rate
(26.4)
(30.9)
Tax effect of expenditure not deductible for tax purposes
20.8
26.5
Fixed asset timing differences
(3.2)
0.3
Change in deferred income tax movement not recognised
3.9
9.7
Prior year (under)/over provision
(1.2)
(2.5)
Minimum income taxes
0.3
0.3
Different tax rates applied in overseas jurisdictions
4.1
4.8
Other
1.3
0.7
Total tax expense
(0.4)
8.9
The format of the tax charge presentation has changed in order to provide the users of
the accounts with a more appropriate reflection of the Group\u2019s tax profile. The tax charge
reported for the year ended 2023 relates to operating subsidiaries outside the UK, of which a
majority have a corporate income tax rate above the effective UK tax rate of 23.5%.
The range of statutory corporate income tax rates applicable to the Group\u2019s operating
subsidiaries is between 15% and 30%.
As stipulated by local applicable law, minimum income and asset based taxes apply to
operating entities in Congo Brazzaville and Senegal respectively which reported tax losses
for the year ended 31 December 2023. Minimum income tax rules do not apply to the
loss-making entities in Malawi, Oman or South Africa.
A tax charge is reported in the Group consolidated financial statements despite a
consolidated loss for accounting purposes, as a result of losses recorded in certain holding
companies in Mauritius and UK. Such losses are not able to be group relieved against taxable
profits in the operating company jurisdictions.
The profits of the Mauritius entities are subject to taxation at the headline rate of 15%, with
eligibility for a statutory 80% exemption, subject to ongoing satisfaction of the Global
Business License conditions.
Based on recent experience of closing tax audit cases, the provisions held by the Group have
accurately quantified the final amounts determined. The Directors considered the current
provisions held by the Group to be appropriate.
2023 2022
Tax paid US$m US$m
Income tax
(20.9)
(20.3)
Total tax paid
(20.9)
(20.3)
Deferred tax
As deferred tax assets and liabilities are measured at the rates that are expected to apply in
the periods of the reversal, the deferred tax balance at the balance sheet date has been
calculated at the rate at which the relevant balance is expected to be recovered or settled.
Management has performed an assessment, for all material deferred income tax assets and
liabilities, to determine the period over which the deferred income tax assets and liabilities
are forecast to be realised. The deferred tax balances are calculated by applying the relevant
statutory corporate income tax rates at the balance sheet date.
The following are the deferred tax liabilities and assets recognised by the Group and
movements thereon during the current and prior reporting period:
Accelerated Short term
tax timing Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2022
(2.7)
1.3
1.2
(36.1)
(36.3)
Arising on acquisition
(1.2)
\u2013
\u2013
(8.5)
(9.7)
Charge for the year
0.4
8.0
(1.2)
1.8
9.0
Exchange rate differences
\u2013
\u2013
\u2013
5.6
5.6
31 December 2022
(3.5)
9.3
\u2013
(37.2)
(31.4)
Adjustment to opening reserves
(7.1)
\u2013
\u2013
\u2013
(7.1)
Charge for the year
(1.4)
18.9
6.4
0.7
24.6
Exchange rate differences
\u2013
\u2013
\u2013
1.6
1.6
31 December 2023
(12.0)
28.2
6.4
(34.9)
(12.3)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its current tax assets and
liabilities on a net basis. The following is the analysis of the deferred tax balances (after
offset) for financial reporting purposes:
2023 2022
US$m US$m
Deferred tax liabilities
(25.9)
(50.1)
Deferred tax assets
13.6
18.7
Total
(12.3)
(31.4)
Unrecognised deferred tax
No deferred tax asset is recognised on US$140.6 million of tax losses at the balance sheet
date, as the relevant businesses are not expected to generate sufficient forecast future
taxable profits to justify recognising the associated deferred tax assets. Tax losses for which
no deferred tax assets were recognised are as follows: US$94.7 million are subject to expiry
under local statutory tax rules within periods of 3 to 5 years and US$45.9 million are not
expected to expire. As at the balance sheet date, the geographical split of the unrecognised
deferred tax assets in relation to losses is Mauritius US$77.8 million (tax effect $11.7 million),
Oman US$16.6 million (tax effect US$2.5 million), South Africa US$19.4 million (tax effect
US$5.4 million), Congo Brazzaville US$0.3 million (tax effect US$0.1 million) and UK
US$26.5 million (tax effect US$6.2 million).
At the balance sheet date, no deferred tax liability is recognised on temporary differences
relating to the aggregate amount of unremitted earnings of overseas operating subsidiaries
of US$0.1m as the Group is able to control the timings of the reversal of these temporary
differences and it is probable that they will not reverse in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "10. Tax expense, tax paid and deferred tax
2023 2022
US$m US$m
(a) Tax expense:
Current tax
In respect of current year
24.7
19.1
Adjustment in respect of prior years
(0.6)
(1.2)
Total current tax
24.1
17.9
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
0.6
(1.8)
Originating temporary differences on capital assets and losses
(24.6)
(5.9)
Adjustment in respect of prior years
(0.5)
(1.3)
Total deferred tax
(24.5)
(9.0)
Total tax expense
0.4
8.9
(b) Tax reconciliation:
Loss before tax
(112.2)
(162.5)
Tax computed at the local statutory tax rate
(26.4)
(30.9)
Tax effect of expenditure not deductible for tax purposes
20.8
26.5
Fixed asset timing differences
(3.2)
0.3
Change in deferred income tax movement not recognised
3.9
9.7
Prior year (under)/over provision
(1.2)
(2.5)
Minimum income taxes
0.3
0.3
Different tax rates applied in overseas jurisdictions
4.1
4.8
Other
1.3
0.7
Total tax expense
(0.4)
8.9
The format of the tax charge presentation has changed in order to provide the users of the accounts with a more appropriate reflection of the Group\u2019s tax profile. The tax charge reported for the year ended 2023 relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the effective UK tax rate of 23.5%. The range of statutory corporate income tax rates applicable to the Group\u2019s operating subsidiaries is between 15% and 30%. As stipulated by local applicable law, minimum income and asset based taxes apply to operating entities in Congo Brazzaville and Senegal respectively which reported tax losses for the year ended 31 December 2023. Minimum income tax rules do not apply to the loss-making entities in Malawi, Oman or South Africa. A tax charge is reported in the Group consolidated financial statements despite a consolidated loss for accounting purposes, as a result of losses recorded in certain holding companies in Mauritius and UK. Such losses are not able to be group relieved against taxable profits in the operating company jurisdictions. The profits of the Mauritius entities are subject to taxation at the headline rate of 15%, with eligibility for a statutory 80% exemption, subject to ongoing satisfaction of the Global Business License conditions. Based on recent experience of closing tax audit cases, the provisions held by the Group have accurately quantified the final amounts determined. The Directors considered the current provisions held by the Group to be appropriate.
2023 2022
Tax paid US$m US$m
Income tax
(20.9)
(20.3)
Total tax paid
(20.9)
(20.3)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Short term
tax timing Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2022
(2.7)
1.3
1.2
(36.1)
(36.3)
Arising on acquisition
(1.2)
\u2013
\u2013
(8.5)
(9.7)
Charge for the year
0.4
8.0
(1.2)
1.8
9.0
Exchange rate differences
\u2013
\u2013
\u2013
5.6
5.6
31 December 2022
(3.5)
9.3
\u2013
(37.2)
(31.4)
Adjustment to opening reserves
(7.1)
\u2013
\u2013
\u2013
(7.1)
Charge for the year
(1.4)
18.9
6.4
0.7
24.6
Exchange rate differences
\u2013
\u2013
\u2013
1.6
1.6
31 December 2023
(12.0)
28.2
6.4
(34.9)
(12.3)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2023 2022
US$m US$m
Deferred tax liabilities
(25.9)
(50.1)
Deferred tax assets
13.6
18.7
Total
(12.3)
(31.4)
Unrecognised deferred tax No deferred tax asset is recognised on US$140.6 million of tax losses at the balance sheet date, as the relevant businesses are not expected to generate sufficient forecast future taxable profits to justify recognising the associated deferred tax assets. Tax losses for which no deferred tax assets were recognised are as follows: US$94.7 million are subject to expiry under local statutory tax rules within periods of 3 to 5 years and US$45.9 million are not expected to expire. As at the balance sheet date, the geographical split of the unrecognised deferred tax assets in relation to losses is Mauritius US$77.8 million (tax effect $11.7 million), Oman US$16.6 million (tax effect US$2.5 million), South Africa US$19.4 million (tax effect US$5.4 million), Congo Brazzaville US$0.3 million (tax effect US$0.1 million) and UK US$26.5 million (tax effect US$6.2 million). At the balance sheet date, no deferred tax liability is recognised on temporary differences relating to the aggregate amount of unremitted earnings of overseas operating subsidiaries of US$0.1m as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. 19. Trade and other payables
2022
2023 US$m
US$m (Restated)
Trade payables
31.3
32.0
Deferred income
60.6
9.8
Deferred consideration
33.5
52.2
Accruals
148.6
126.9
VAT, withholding tax, and other taxes payable
27.7
18.5
301.7
239.4
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 12 days (2022: 22 days). Payable days are calculated as trade payables and payables to related parties, divided by cost of sales plus administration expenses less staff costs and depreciation and amortisation. No interest is charged on trade payables. The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. Amounts payable to related parties are unsecured, interest free and repayable on demand. Deferred income primarily relates to service revenue which is billed in advance. The Group recognised revenue of US$9.8 million (2022: US$45.8 million) from contract liabilities held on the balance sheet at the start of the financial year. Contract liabilities are presented as deferred income in the table above. Deferred consideration relates to consideration that is payable in the future for the purchase of certain tower assets which the Group is committed to when certain conditions are met, to enable the transfer of ownership to Helios Towers. Accruals consist of general operational accruals, accrued capital items, and goods received but not yet invoiced. Trade and other payables are classified as financial liabilities and measured at amortised cost. These are initially recognised at fair value and subsequently at amortised cost. These are expected to be settled within a year. The Directors consider the carrying amount of trade payables approximates to their fair value due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "10. Tax expense, tax paid and deferred tax
2023 2022
US$m US$m
(a) Tax expense:
Current tax
In respect of current year
24.7
19.1
Adjustment in respect of prior years
(0.6)
(1.2)
Total current tax
24.1
17.9
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
0.6
(1.8)
Originating temporary differences on capital assets and losses
(24.6)
(5.9)
Adjustment in respect of prior years
(0.5)
(1.3)
Total deferred tax
(24.5)
(9.0)
Total tax expense
0.4
8.9
(b) Tax reconciliation:
Loss before tax
(112.2)
(162.5)
Tax computed at the local statutory tax rate
(26.4)
(30.9)
Tax effect of expenditure not deductible for tax purposes
20.8
26.5
Fixed asset timing differences
(3.2)
0.3
Change in deferred income tax movement not recognised
3.9
9.7
Prior year (under)/over provision
(1.2)
(2.5)
Minimum income taxes
0.3
0.3
Different tax rates applied in overseas jurisdictions
4.1
4.8
Other
1.3
0.7
Total tax expense
(0.4)
8.9
The format of the tax charge presentation has changed in order to provide the users of the accounts with a more appropriate reflection of the Group\u2019s tax profile. The tax charge reported for the year ended 2023 relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the effective UK tax rate of 23.5%. The range of statutory corporate income tax rates applicable to the Group\u2019s operating subsidiaries is between 15% and 30%. As stipulated by local applicable law, minimum income and asset based taxes apply to operating entities in Congo Brazzaville and Senegal respectively which reported tax losses for the year ended 31 December 2023. Minimum income tax rules do not apply to the loss-making entities in Malawi, Oman or South Africa. A tax charge is reported in the Group consolidated financial statements despite a consolidated loss for accounting purposes, as a result of losses recorded in certain holding companies in Mauritius and UK. Such losses are not able to be group relieved against taxable profits in the operating company jurisdictions. The profits of the Mauritius entities are subject to taxation at the headline rate of 15%, with eligibility for a statutory 80% exemption, subject to ongoing satisfaction of the Global Business License conditions. Based on recent experience of closing tax audit cases, the provisions held by the Group have accurately quantified the final amounts determined. The Directors considered the current provisions held by the Group to be appropriate.
2023 2022
Tax paid US$m US$m
Income tax
(20.9)
(20.3)
Total tax paid
(20.9)
(20.3)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Short term
tax timing Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2022
(2.7)
1.3
1.2
(36.1)
(36.3)
Arising on acquisition
(1.2)
\u2013
\u2013
(8.5)
(9.7)
Charge for the year
0.4
8.0
(1.2)
1.8
9.0
Exchange rate differences
\u2013
\u2013
\u2013
5.6
5.6
31 December 2022
(3.5)
9.3
\u2013
(37.2)
(31.4)
Adjustment to opening reserves
(7.1)
\u2013
\u2013
\u2013
(7.1)
Charge for the year
(1.4)
18.9
6.4
0.7
24.6
Exchange rate differences
\u2013
\u2013
\u2013
1.6
1.6
31 December 2023
(12.0)
28.2
6.4
(34.9)
(12.3)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2023 2022
US$m US$m
Deferred tax liabilities
(25.9)
(50.1)
Deferred tax assets
13.6
18.7
Total
(12.3)
(31.4)
Unrecognised deferred tax No deferred tax asset is recognised on US$140.6 million of tax losses at the balance sheet date, as the relevant businesses are not expected to generate sufficient forecast future taxable profits to justify recognising the associated deferred tax assets. Tax losses for which no deferred tax assets were recognised are as follows: US$94.7 million are subject to expiry under local statutory tax rules within periods of 3 to 5 years and US$45.9 million are not expected to expire. As at the balance sheet date, the geographical split of the unrecognised deferred tax assets in relation to losses is Mauritius US$77.8 million (tax effect $11.7 million), Oman US$16.6 million (tax effect US$2.5 million), South Africa US$19.4 million (tax effect US$5.4 million), Congo Brazzaville US$0.3 million (tax effect US$0.1 million) and UK US$26.5 million (tax effect US$6.2 million). At the balance sheet date, no deferred tax liability is recognised on temporary differences relating to the aggregate amount of unremitted earnings of overseas operating subsidiaries of US$0.1m as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. 15. Trade and other receivables
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Loss allowance
(5.4)
(5.8)
139.8
74.7
Contract Assets
109.1
91.6
Sundry Receivables
33.1
38.6
VAT and withholding tax receivable
15.2
23.2
297. 2
228.1
2023 2022
Loss allowance US$m US$m
Balance brought forward
(5.8)
(6.0)
Amounts written off/derecognised
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
Unused amounts reversed
0.4
0.2
(5.4)
(5.8)
The Group measures the loss allowance for trade receivables, trade receivables from related parties and other receivables at an amount equal to lifetime expected credit losses (ECL). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Loss allowance expense is included within cost of sales in the Consolidated Income Statement. Additional detail on provision for expected credit loss and impairment can be found in Note 26. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. Interest can be charged on past due debtors. The normal credit period of services is 30 days. US$55.0 million of new contract assets were recognised in the year and US$36.3 million of contract assets at 31 December 2022 were recovered from customers. Of the trade receivables balance at 31 December 2023, 90% is due from large multinational MNOs. The Group does not hold any collateral or other credit enhancements over these balances nor does it have a legal right of offset against any amounts owed by the Group to the counterparty. Debtor days The Group calculates debtor days as set out in the table below. It considers its most relevant customer receivables exposure on a given reporting date to be the amount of receivables due in relation to the revenue that has been reported up to that date. It therefore defines its net receivables as the total trade receivables and accrued revenue, less loss allowance and deferred income that has not yet been settled.
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Accrued revenue
10.1
22.9
Less: Loss allowance
(5.4)
(5.8)
Less: Deferred income
(56.5)
(9.8)
Net receivables
93.4
87.8
Revenue
721.0
560.7
Debtor days
47
57
1 2 1 Reported within sundry receivables. 2 Deferred income, as per Note 19, has been adjusted for US$4.1 million (2022: US$0 million) in respect of amounts settled by customers at the balance sheet date. In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. At 31 December 2023, US$26.8 million (2022: US$16.6 million) of services had been provided to customers which had yet to meet the Group\u2019s probability criterion for revenue recognition under the Group\u2019s accounting policies. Revenue for these services will be recognised in the future as and when all recognition criteria are met. 16. Prepayments
2023 2022
US$m US$m
Prepayments
42.6
45.7
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "10. Tax expense, tax paid and deferred tax
2023 2022
US$m US$m
(a) Tax expense:
Current tax
In respect of current year
24.7
19.1
Adjustment in respect of prior years
(0.6)
(1.2)
Total current tax
24.1
17.9
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
0.6
(1.8)
Originating temporary differences on capital assets and losses
(24.6)
(5.9)
Adjustment in respect of prior years
(0.5)
(1.3)
Total deferred tax
(24.5)
(9.0)
Total tax expense
0.4
8.9
(b) Tax reconciliation:
Loss before tax
(112.2)
(162.5)
Tax computed at the local statutory tax rate
(26.4)
(30.9)
Tax effect of expenditure not deductible for tax purposes
20.8
26.5
Fixed asset timing differences
(3.2)
0.3
Change in deferred income tax movement not recognised
3.9
9.7
Prior year (under)/over provision
(1.2)
(2.5)
Minimum income taxes
0.3
0.3
Different tax rates applied in overseas jurisdictions
4.1
4.8
Other
1.3
0.7
Total tax expense
(0.4)
8.9
The format of the tax charge presentation has changed in order to provide the users of the accounts with a more appropriate reflection of the Group\u2019s tax profile. The tax charge reported for the year ended 2023 relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the effective UK tax rate of 23.5%. The range of statutory corporate income tax rates applicable to the Group\u2019s operating subsidiaries is between 15% and 30%. As stipulated by local applicable law, minimum income and asset based taxes apply to operating entities in Congo Brazzaville and Senegal respectively which reported tax losses for the year ended 31 December 2023. Minimum income tax rules do not apply to the loss-making entities in Malawi, Oman or South Africa. A tax charge is reported in the Group consolidated financial statements despite a consolidated loss for accounting purposes, as a result of losses recorded in certain holding companies in Mauritius and UK. Such losses are not able to be group relieved against taxable profits in the operating company jurisdictions. The profits of the Mauritius entities are subject to taxation at the headline rate of 15%, with eligibility for a statutory 80% exemption, subject to ongoing satisfaction of the Global Business License conditions. Based on recent experience of closing tax audit cases, the provisions held by the Group have accurately quantified the final amounts determined. The Directors considered the current provisions held by the Group to be appropriate.
2023 2022
Tax paid US$m US$m
Income tax
(20.9)
(20.3)
Total tax paid
(20.9)
(20.3)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Short term
tax timing Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2022
(2.7)
1.3
1.2
(36.1)
(36.3)
Arising on acquisition
(1.2)
\u2013
\u2013
(8.5)
(9.7)
Charge for the year
0.4
8.0
(1.2)
1.8
9.0
Exchange rate differences
\u2013
\u2013
\u2013
5.6
5.6
31 December 2022
(3.5)
9.3
\u2013
(37.2)
(31.4)
Adjustment to opening reserves
(7.1)
\u2013
\u2013
\u2013
(7.1)
Charge for the year
(1.4)
18.9
6.4
0.7
24.6
Exchange rate differences
\u2013
\u2013
\u2013
1.6
1.6
31 December 2023
(12.0)
28.2
6.4
(34.9)
(12.3)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2023 2022
US$m US$m
Deferred tax liabilities
(25.9)
(50.1)
Deferred tax assets
13.6
18.7
Total
(12.3)
(31.4)
Unrecognised deferred tax No deferred tax asset is recognised on US$140.6 million of tax losses at the balance sheet date, as the relevant businesses are not expected to generate sufficient forecast future taxable profits to justify recognising the associated deferred tax assets. Tax losses for which no deferred tax assets were recognised are as follows: US$94.7 million are subject to expiry under local statutory tax rules within periods of 3 to 5 years and US$45.9 million are not expected to expire. As at the balance sheet date, the geographical split of the unrecognised deferred tax assets in relation to losses is Mauritius US$77.8 million (tax effect $11.7 million), Oman US$16.6 million (tax effect US$2.5 million), South Africa US$19.4 million (tax effect US$5.4 million), Congo Brazzaville US$0.3 million (tax effect US$0.1 million) and UK US$26.5 million (tax effect US$6.2 million). At the balance sheet date, no deferred tax liability is recognised on temporary differences relating to the aggregate amount of unremitted earnings of overseas operating subsidiaries of US$0.1m as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "10. Tax expense, tax paid and deferred tax
2023 2022
US$m US$m
(a) Tax expense:
Current tax
In respect of current year
24.7
19.1
Adjustment in respect of prior years
(0.6)
(1.2)
Total current tax
24.1
17.9
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
0.6
(1.8)
Originating temporary differences on capital assets and losses
(24.6)
(5.9)
Adjustment in respect of prior years
(0.5)
(1.3)
Total deferred tax
(24.5)
(9.0)
Total tax expense
0.4
8.9
(b) Tax reconciliation:
Loss before tax
(112.2)
(162.5)
Tax computed at the local statutory tax rate
(26.4)
(30.9)
Tax effect of expenditure not deductible for tax purposes
20.8
26.5
Fixed asset timing differences
(3.2)
0.3
Change in deferred income tax movement not recognised
3.9
9.7
Prior year (under)/over provision
(1.2)
(2.5)
Minimum income taxes
0.3
0.3
Different tax rates applied in overseas jurisdictions
4.1
4.8
Other
1.3
0.7
Total tax expense
(0.4)
8.9
The format of the tax charge presentation has changed in order to provide the users of the accounts with a more appropriate reflection of the Group\u2019s tax profile. The tax charge reported for the year ended 2023 relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the effective UK tax rate of 23.5%. The range of statutory corporate income tax rates applicable to the Group\u2019s operating subsidiaries is between 15% and 30%. As stipulated by local applicable law, minimum income and asset based taxes apply to operating entities in Congo Brazzaville and Senegal respectively which reported tax losses for the year ended 31 December 2023. Minimum income tax rules do not apply to the loss-making entities in Malawi, Oman or South Africa. A tax charge is reported in the Group consolidated financial statements despite a consolidated loss for accounting purposes, as a result of losses recorded in certain holding companies in Mauritius and UK. Such losses are not able to be group relieved against taxable profits in the operating company jurisdictions. The profits of the Mauritius entities are subject to taxation at the headline rate of 15%, with eligibility for a statutory 80% exemption, subject to ongoing satisfaction of the Global Business License conditions. Based on recent experience of closing tax audit cases, the provisions held by the Group have accurately quantified the final amounts determined. The Directors considered the current provisions held by the Group to be appropriate.
2023 2022
Tax paid US$m US$m
Income tax
(20.9)
(20.3)
Total tax paid
(20.9)
(20.3)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Short term
tax timing Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2022
(2.7)
1.3
1.2
(36.1)
(36.3)
Arising on acquisition
(1.2)
\u2013
\u2013
(8.5)
(9.7)
Charge for the year
0.4
8.0
(1.2)
1.8
9.0
Exchange rate differences
\u2013
\u2013
\u2013
5.6
5.6
31 December 2022
(3.5)
9.3
\u2013
(37.2)
(31.4)
Adjustment to opening reserves
(7.1)
\u2013
\u2013
\u2013
(7.1)
Charge for the year
(1.4)
18.9
6.4
0.7
24.6
Exchange rate differences
\u2013
\u2013
\u2013
1.6
1.6
31 December 2023
(12.0)
28.2
6.4
(34.9)
(12.3)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2023 2022
US$m US$m
Deferred tax liabilities
(25.9)
(50.1)
Deferred tax assets
13.6
18.7
Total
(12.3)
(31.4)
Unrecognised deferred tax No deferred tax asset is recognised on US$140.6 million of tax losses at the balance sheet date, as the relevant businesses are not expected to generate sufficient forecast future taxable profits to justify recognising the associated deferred tax assets. Tax losses for which no deferred tax assets were recognised are as follows: US$94.7 million are subject to expiry under local statutory tax rules within periods of 3 to 5 years and US$45.9 million are not expected to expire. As at the balance sheet date, the geographical split of the unrecognised deferred tax assets in relation to losses is Mauritius US$77.8 million (tax effect $11.7 million), Oman US$16.6 million (tax effect US$2.5 million), South Africa US$19.4 million (tax effect US$5.4 million), Congo Brazzaville US$0.3 million (tax effect US$0.1 million) and UK US$26.5 million (tax effect US$6.2 million). At the balance sheet date, no deferred tax liability is recognised on temporary differences relating to the aggregate amount of unremitted earnings of overseas operating subsidiaries of US$0.1m as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "
11. Intangible assets
Customer Customer Colocation Non-compete Computer software
Goodwill contracts relationships rights agreement and licence Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2022
21.9
3.0
199.8
8.8
1.1
21.3
255.9
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
5.6
5.6
Additions on acquisition of subsidiary undertakings (Note 31) (Restated)
26.9
\u2013
342.1
\u2013
\u2013
\u2013
369.0
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
19.2
19.2
Effects of foreign currency exchange differences
(4.6)
(0.1)
(17.7)
\u2013
(0.2)
(1.5)
(24.1)
At 31 December 2022 (Restated)
44.2
2.9
524.2
8.8
0.9
44.6
625.6
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
4.8
Effects of foreign currency exchange differences
(3.5)
(0.2)
(3.1)
(0.8)
0.1
(0.9)
(8.4)
At 31 December 2023
40.7
2.7
521.1
8.0
1.0
48.5
622.0
Amortisation
At 1 January 2022
\u2013
(0.6)
(2.5)
(1.6)
(0.5)
(19.3)
(24.5)
Charge for year
\u2013
(0.1)
(6.8)
(0.6)
(0.3)
(4.8)
(12.6)
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
(12.5)
(12.5)
Effects of foreign currency exchange differences
\u2013
\u2013
(2.0)
\u2013
\u2013
1.2
(0.8)
At 31 December 2022
\u2013
(0.7)
(11.3)
(2.2)
(0.8)
(35.4)
(50.4)
Charge for year
\u2013
(0.2)
(19.7)
(0.8)
(0.2)
(5.2)
(26.1)
Effects of foreign currency exchange differences
\u2013
0.1
(0.5)
0.2
0.1
1.0
0.9
At 31 December 2023
\u2013
(0.8)
(31.5)
(2.8)
(0.9)
(39.6)
(75.6)
Net book value
At 31 December 2023
40.7
1.9
489.6
5.2
0.1
8.9
546.4
At 31 December 2022 (Restated)
44.2
2.2
512.9
6.6
0.1
9.2
575.2
1
1
1
1 Restatement on finalisation of acquisition accounting; see Note 31, page 166.
On 8 December 2022, the Group completed the acquisition of Oman Tech Infrastructure SAOC of the previously announced transaction with Omantel. The Group acquired 70% of the share capital of the
entity which includes the passive infrastructure on 2,519 sites, colocation contracts and certain supplier contracts. The Group has treated this as a business combination transaction and accounted for it in
accordance with IFRS 3 \u2013 Business Combinations using the acquisition method. Goodwill arising on this business combination has been allocated to the Oman CGU. The accounting for this transaction
was provisional in 2022 and was finalised in 2023. Please refer to further details in Note 31 for finalisation of Purchase Price Allocation Accounting.
Impairment
The Group tests goodwill, irrespective of any indicators, at least annually for impairment.
All other intangible assets are tested for impairment where there is an impairment indicator. If
any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the
recoverable amount of the related CGU is also estimated each year.
The carrying value of goodwill at 31 December was as follows:
2022
2023 US$m
Goodwill US$m (Restated)
2019
South Africa
3.8
4.2
2021
Senegal
5.3
5.0
2021
Madagascar
10.0
10.3
2022
Malawi
5.0
8.1
2022
Oman
16.6
16.6
Total
40.7
44.2
1
1 Restatement on finalisation of acquisition accounting; see Note 31, page 166.
The recoverable amount is determined based on a value in use calculation using cash flow
projections for the next five years from financial budgets approved by the Board of Directors,
which incorporates climate considerations (with the exception of Oman which has been
calculated over 10 years, due to the anticipated growth profile of the business which has been
based on contractual commitments in the SPA with Omantel).
Key assumptions used in value in use calculations
\u2013 number of additional colocation tenants added to towers in future periods. These are based
on estimates of the number of tower opportunities in the relevant markets and
the expected growth in these markets;
\u2013 discount rate; and
\u2013 operating cost and capital expenditure requirements.
The key assumptions used to assess the value in use calculations were a pre-tax discount rate
(South Africa, 11.4%, Senegal 10.7%, Madagascar 13.1%, Malawi 11.3% and Oman 10.8%) and
also estimated long-term growth rates assumed to be 2.0% across all markets.
The adjustment required to the discount rate to breakeven is an increase of 2.5% in Madagascar.
The adjustment required to the future cash flows to breakeven is a decrease of 23.2% in
Madagascar. The adjustment required to the long-term growth rate to breakeven is a decrease
of 3.7% in Madagascar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "11. Intangible assets
Customer Customer Colocation Non-compete Computer software
Goodwill contracts relationships rights agreement and licence Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2022
21.9
3.0
199.8
8.8
1.1
21.3
255.9
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
5.6
5.6
Additions on acquisition of subsidiary undertakings (Note 31) (Restated)
26.9
\u2013
342.1
\u2013
\u2013
\u2013
369.0
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
19.2
19.2
Effects of foreign currency exchange differences
(4.6)
(0.1)
(17.7)
\u2013
(0.2)
(1.5)
(24.1)
At 31 December 2022 (Restated)
44.2
2.9
524.2
8.8
0.9
44.6
625.6
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
4.8
Effects of foreign currency exchange differences
(3.5)
(0.2)
(3.1)
(0.8)
0.1
(0.9)
(8.4)
At 31 December 2023
40.7
2.7
521.1
8.0
1.0
48.5
622.0
Amortisation
At 1 January 2022
\u2013
(0.6)
(2.5)
(1.6)
(0.5)
(19.3)
(24.5)
Charge for year
\u2013
(0.1)
(6.8)
(0.6)
(0.3)
(4.8)
(12.6)
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
(12.5)
(12.5)
Effects of foreign currency exchange differences
\u2013
\u2013
(2.0)
\u2013
\u2013
1.2
(0.8)
At 31 December 2022
\u2013
(0.7)
(11.3)
(2.2)
(0.8)
(35.4)
(50.4)
Charge for year
\u2013
(0.2)
(19.7)
(0.8)
(0.2)
(5.2)
(26.1)
Effects of foreign currency exchange differences
\u2013
0.1
(0.5)
0.2
0.1
1.0
0.9
At 31 December 2023
\u2013
(0.8)
(31.5)
(2.8)
(0.9)
(39.6)
(75.6)
Net book value
At 31 December 2023
40.7
1.9
489.6
5.2
0.1
8.9
546.4
At 31 December 2022 (Restated)
44.2
2.2
512.9
6.6
0.1
9.2
575.2
1 1 1 1 Restatement on finalisation of acquisition accounting; see Note 31, page 166. On 8 December 2022, the Group completed the acquisition of Oman Tech Infrastructure SAOC of the previously announced transaction with Omantel. The Group acquired 70% of the share capital of the entity which includes the passive infrastructure on 2,519 sites, colocation contracts and certain supplier contracts. The Group has treated this as a business combination transaction and accounted for it in accordance with IFRS 3 \u2013 Business Combinations using the acquisition method. Goodwill arising on this business combination has been allocated to the Oman CGU. The accounting for this transaction was provisional in 2022 and was finalised in 2023. Please refer to further details in Note 31 for finalisation of Purchase Price Allocation Accounting. Impairment The Group tests goodwill, irrespective of any indicators, at least annually for impairment. All other intangible assets are tested for impairment where there is an impairment indicator. If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the recoverable amount of the related CGU is also estimated each year. The carrying value of goodwill at 31 December was as follows:
2022
2023 US$m
Goodwill US$m (Restated)
2019
South Africa
3.8
4.2
2021
Senegal
5.3
5.0
2021
Madagascar
10.0
10.3
2022
Malawi
5.0
8.1
2022
Oman
16.6
16.6
Total
40.7
44.2
1 1 Restatement on finalisation of acquisition accounting; see Note 31, page 166. The recoverable amount is determined based on a value in use calculation using cash flow projections for the next five years from financial budgets approved by the Board of Directors, which incorporates climate considerations (with the exception of Oman which has been calculated over 10 years, due to the anticipated growth profile of the business which has been based on contractual commitments in the SPA with Omantel). Key assumptions used in value in use calculations \u2013 number of additional colocation tenants added to towers in future periods. These are based on estimates of the number of tower opportunities in the relevant markets and the expected growth in these markets; \u2013 discount rate; and \u2013 operating cost and capital expenditure requirements. The key assumptions used to assess the value in use calculations were a pre-tax discount rate (South Africa, 11.4%, Senegal 10.7%, Madagascar 13.1%, Malawi 11.3% and Oman 10.8%) and also estimated long-term growth rates assumed to be 2.0% across all markets. The adjustment required to the discount rate to breakeven is an increase of 2.5% in Madagascar. The adjustment required to the future cash flows to breakeven is a decrease of 23.2% in Madagascar. The adjustment required to the long-term growth rate to breakeven is a decrease of 3.7% in Madagascar.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "11. Intangible assets
Customer Customer Colocation Non-compete Computer software
Goodwill contracts relationships rights agreement and licence Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2022
21.9
3.0
199.8
8.8
1.1
21.3
255.9
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
5.6
5.6
Additions on acquisition of subsidiary undertakings (Note 31) (Restated)
26.9
\u2013
342.1
\u2013
\u2013
\u2013
369.0
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
19.2
19.2
Effects of foreign currency exchange differences
(4.6)
(0.1)
(17.7)
\u2013
(0.2)
(1.5)
(24.1)
At 31 December 2022 (Restated)
44.2
2.9
524.2
8.8
0.9
44.6
625.6
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
4.8
Effects of foreign currency exchange differences
(3.5)
(0.2)
(3.1)
(0.8)
0.1
(0.9)
(8.4)
At 31 December 2023
40.7
2.7
521.1
8.0
1.0
48.5
622.0
Amortisation
At 1 January 2022
\u2013
(0.6)
(2.5)
(1.6)
(0.5)
(19.3)
(24.5)
Charge for year
\u2013
(0.1)
(6.8)
(0.6)
(0.3)
(4.8)
(12.6)
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
(12.5)
(12.5)
Effects of foreign currency exchange differences
\u2013
\u2013
(2.0)
\u2013
\u2013
1.2
(0.8)
At 31 December 2022
\u2013
(0.7)
(11.3)
(2.2)
(0.8)
(35.4)
(50.4)
Charge for year
\u2013
(0.2)
(19.7)
(0.8)
(0.2)
(5.2)
(26.1)
Effects of foreign currency exchange differences
\u2013
0.1
(0.5)
0.2
0.1
1.0
0.9
At 31 December 2023
\u2013
(0.8)
(31.5)
(2.8)
(0.9)
(39.6)
(75.6)
Net book value
At 31 December 2023
40.7
1.9
489.6
5.2
0.1
8.9
546.4
At 31 December 2022 (Restated)
44.2
2.2
512.9
6.6
0.1
9.2
575.2
1 1 1 1 Restatement on finalisation of acquisition accounting; see Note 31, page 166. On 8 December 2022, the Group completed the acquisition of Oman Tech Infrastructure SAOC of the previously announced transaction with Omantel. The Group acquired 70% of the share capital of the entity which includes the passive infrastructure on 2,519 sites, colocation contracts and certain supplier contracts. The Group has treated this as a business combination transaction and accounted for it in accordance with IFRS 3 \u2013 Business Combinations using the acquisition method. Goodwill arising on this business combination has been allocated to the Oman CGU. The accounting for this transaction was provisional in 2022 and was finalised in 2023. Please refer to further details in Note 31 for finalisation of Purchase Price Allocation Accounting. Impairment The Group tests goodwill, irrespective of any indicators, at least annually for impairment. All other intangible assets are tested for impairment where there is an impairment indicator. If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the recoverable amount of the related CGU is also estimated each year. The carrying value of goodwill at 31 December was as follows:
2022
2023 US$m
Goodwill US$m (Restated)
2019
South Africa
3.8
4.2
2021
Senegal
5.3
5.0
2021
Madagascar
10.0
10.3
2022
Malawi
5.0
8.1
2022
Oman
16.6
16.6
Total
40.7
44.2
1 1 Restatement on finalisation of acquisition accounting; see Note 31, page 166. The recoverable amount is determined based on a value in use calculation using cash flow projections for the next five years from financial budgets approved by the Board of Directors, which incorporates climate considerations (with the exception of Oman which has been calculated over 10 years, due to the anticipated growth profile of the business which has been based on contractual commitments in the SPA with Omantel). Key assumptions used in value in use calculations \u2013 number of additional colocation tenants added to towers in future periods. These are based on estimates of the number of tower opportunities in the relevant markets and the expected growth in these markets; \u2013 discount rate; and \u2013 operating cost and capital expenditure requirements. The key assumptions used to assess the value in use calculations were a pre-tax discount rate (South Africa, 11.4%, Senegal 10.7%, Madagascar 13.1%, Malawi 11.3% and Oman 10.8%) and also estimated long-term growth rates assumed to be 2.0% across all markets. The adjustment required to the discount rate to breakeven is an increase of 2.5% in Madagascar. The adjustment required to the future cash flows to breakeven is a decrease of 23.2% in Madagascar. The adjustment required to the long-term growth rate to breakeven is a decrease of 3.7% in Madagascar.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "Impairment The Group tests goodwill, irrespective of any indicators, at least annually for impairment. All other intangible assets are tested for impairment where there is an impairment indicator. If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the recoverable amount of the related CGU is also estimated each year. The carrying value of goodwill at 31 December was as follows:
2022
2023 US$m
Goodwill US$m (Restated)
2019
South Africa
3.8
4.2
2021
Senegal
5.3
5.0
2021
Madagascar
10.0
10.3
2022
Malawi
5.0
8.1
2022
Oman
16.6
16.6
Total
40.7
44.2
1 1 Restatement on finalisation of acquisition accounting; see Note 31, page 166. The recoverable amount is determined based on a value in use calculation using cash flow projections for the next five years from financial budgets approved by the Board of Directors, which incorporates climate considerations (with the exception of Oman which has been calculated over 10 years, due to the anticipated growth profile of the business which has been based on contractual commitments in the SPA with Omantel). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "
12. Property, plant and equipment
Fixtures Leasehold
IT equipment and fittings Motor vehicles Site assets Land improvements Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2022
27.5
1.6
4.7
1,497.6
6.6
3.5
1,541.5
Additions
0.1
\u2013
0.1
203.9
\u2013
0.1
204.2
Additions on acquisition of subsidiary undertakings (Restated)
\u2013
\u2013
\u2013
161.7
\u2013
\u2013
161.7
Transfers
(19.2)
\u2013
\u2013
\u2013
\u2013
\u2013
(19.2)
Disposals
\u2013
\u2013
\u2013
(1.6)
\u2013
\u2013
(1.6)
Effects of foreign currency exchange differences
(0.5)
0.1
(0.5)
(43.5)
(0.1)
(0.2)
(44.7)
At 31 December 2022 (Restated)
7.9
1.7
4.3
1,818.1
6.5
3.4
1,841.9
Additions
0.1
0.1
0.6
177.9
0.1
0.1
178.9
Disposals
\u2013
\u2013
(0.1)
(6.8)
\u2013
\u2013
(6.9)
Effects of foreign currency exchange differences
(0.1)
\u2013
(0.2)
(80.1)
(0.2)
\u2013
(80.6)
Hyperinflation impacts
0.8
0.2
1.2
110.2
\u2013
0.1
112.5
At 31 December 2023
8.7
2.0
5.8
2,019.3
6.4
3.6
2,045.8
Depreciation
At 1 January 2022
(20.1)
(1.4)
(3.5)
(805.0)
(0.1)
(3.2)
(833.3)
Charge for the year
(0.5)
(0.1)
(0.4)
(143.2)
(0.2)
(0.2)
(144.6)
Transfers
12.6
\u2013
\u2013
\u2013
\u2013
\u2013
12.6
Disposals
\u2013
\u2013
\u2013
8.2
\u2013
\u2013
8.2
Effects of foreign currency exchange differences
0.4
0.1
0.3
22.0
\u2013
0.3
23.1
At 31 December 2022
(7.6)
(1.4)
(3.6)
(918.0)
(0.3)
(3.1)
(934.0)
Charge for the year
(0.3)
(0.3)
(0.4)
(159.7)
(0.1)
(0.1)
(160.9)
Disposals
\u2013
\u2013
0.3
6.3
\u2013
\u2013
6.6
Effects of foreign currency exchange differences
0.1
\u2013
0.2
43.0
\u2013
\u2013
43.3
Hyperinflation impacts
(0.8)
(0.2)
(1.1)
(80.3)
\u2013
(0.1)
(82.5)
At 31 December 2023
(8.6)
(1.9)
(4.6)
(1,108.7)
(0.4)
(3.3)
(1 ,127. 5)
Net book value
At 31 December 2023
0.1
0.1
1.2
910.6
6.0
0.3
918.3
At 31 December 2022 (Restated)
0.3
0.3
0.7
900.1
6.2
0.3
907.9
1
1
1
1 Restatement on finalisation of acquisition accounting; see note 31, page 166.
At 31 December 2023, the Group had US$184.8 million (2022: US$129.6 million) of expenditure recognised in the carrying amount of items of site assets that were in the course of
construction. On completion of the construction, they will remain within the site assets balance, and depreciation will commence when the assets are available for use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "
13. Right-of-use assets
Motor
Land Buildings vehicles Total
US$m US$m US$m US$m
Cost
At 1 January 2023 (Restated)
288.9
14.0
0.4
303.3
Additions
44.3
13.3
1.1
58.7
Disposals
(19.6)
(2.2)
(0.2)
(22.0)
Hyperinflation impacts
25.6
2.4
\u2013
28.0
Effects of foreign exchange differences
(12.2)
(0.6)
\u2013
(12.8)
At 31 December 2023
327.0
26.9
1.3
355.2
Depreciation
At 1 January 2023
(68.8)
(7.8)
(0.2)
(76.8)
Charge for the year
(27.2)
(4.1)
(0.7)
(32.0)
Disposals
14.1
2.1
0.3
16.5
Hyperinflation impacts
(11.4)
(1.4)
\u2013
(12.8)
Effects of foreign exchange differences
3.7
0.2
\u2013
3.9
At 31 December 2023
(89.6)
(11.0)
(0.6)
(101.2)
Net book value
At 31 December 2023
237.4
15.9
0.7
254.0
At 31 December 2022 (Restated)
220.1
6.2
0.2
226.5
1
1
1 Restatement on finalisation of acquisition accounting; see note 31, page 166.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "
14. Inventories
2023 2022
US$m US$m
Inventories
12.7
14.6
Inventories are primarily made up of fuel stocks of US$12.5 million (2022: US$10.5 million)
and raw materials of US$0.2 million (2022: US$4.1 million). The impact of inventories
recognised as an expense during the year in respect of continuing operations was US$125.1
million (2022: US$89.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "
15. Trade and other receivables
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Loss allowance
(5.4)
(5.8)
139.8
74.7
Contract Assets
109.1
91.6
Sundry Receivables
33.1
38.6
VAT and withholding tax receivable
15.2
23.2
297. 2
228.1
2023 2022
Loss allowance US$m US$m
Balance brought forward
(5.8)
(6.0)
Amounts written off/derecognised
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
Unused amounts reversed
0.4
0.2
(5.4)
(5.8)
The Group measures the loss allowance for trade receivables, trade receivables from related
parties and other receivables at an amount equal to lifetime expected credit losses (ECL).
The ECL on trade receivables are estimated using a provision matrix by reference to past
default experience of the debtor and an analysis of the debtor\u2019s current financial position,
adjusted for factors that are specific to the debtors, general economic conditions of the
industry in which the debtors operate and an assessment of both the current as well as the
forecast direction of conditions at the reporting date. Loss allowance expense is included
within cost of sales in the Consolidated Income Statement.
Additional detail on provision for expected credit loss and impairment can be found in Note
26.
There has been no change in the estimation techniques or significant assumptions made
during the current reporting period. Interest can be charged on past due debtors. The normal
credit period of services is 30 days.
US$55.0 million of new contract assets were recognised in the year and US$36.3 million of
contract assets at 31 December 2022 were recovered from customers.
Of the trade receivables balance at 31 December 2023, 90% is due from large multinational
MNOs. The Group does not hold any collateral or other credit enhancements over these
balances nor does it have a legal right of offset against any amounts owed by the Group to
the counterparty.
Debtor days
The Group calculates debtor days as set out in the table below. It considers its most relevant
customer receivables exposure on a given reporting date to be the amount of receivables
due in relation to the revenue that has been reported up to that date. It therefore defines its
net receivables as the total trade receivables and accrued revenue, less loss allowance and
deferred income that has not yet been settled.
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Accrued revenue
10.1
22.9
Less: Loss allowance
(5.4)
(5.8)
Less: Deferred income
(56.5)
(9.8)
Net receivables
93.4
87.8
Revenue
721.0
560.7
Debtor days
47
57
1
2
1 Reported within sundry receivables.
2 Deferred income, as per Note 19, has been adjusted for US$4.1 million (2022: US$0 million) in respect of amounts
settled by customers at the balance sheet date.
In determining the recoverability of a trade receivable, the Group considers any change in the
credit quality of the trade receivable from the date credit was initially granted up to the
reporting date. The Directors consider that the carrying amount of trade and other
receivables is approximately equal to their fair value.
At 31 December 2023, US$26.8 million (2022: US$16.6 million) of services had been provided
to customers which had yet to meet the Group\u2019s probability criterion for revenue recognition
under the Group\u2019s accounting policies. Revenue for these services will be recognised in the
future as and when all recognition criteria are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "15. Trade and other receivables
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Loss allowance
(5.4)
(5.8)
139.8
74.7
Contract Assets
109.1
91.6
Sundry Receivables
33.1
38.6
VAT and withholding tax receivable
15.2
23.2
297. 2
228.1
2023 2022
Loss allowance US$m US$m
Balance brought forward
(5.8)
(6.0)
Amounts written off/derecognised
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
Unused amounts reversed
0.4
0.2
(5.4)
(5.8)
The Group measures the loss allowance for trade receivables, trade receivables from related parties and other receivables at an amount equal to lifetime expected credit losses (ECL). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Loss allowance expense is included within cost of sales in the Consolidated Income Statement. Additional detail on provision for expected credit loss and impairment can be found in Note 26. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. Interest can be charged on past due debtors. The normal credit period of services is 30 days. US$55.0 million of new contract assets were recognised in the year and US$36.3 million of contract assets at 31 December 2022 were recovered from customers. Of the trade receivables balance at 31 December 2023, 90% is due from large multinational MNOs. The Group does not hold any collateral or other credit enhancements over these balances nor does it have a legal right of offset against any amounts owed by the Group to the counterparty. Debtor days The Group calculates debtor days as set out in the table below. It considers its most relevant customer receivables exposure on a given reporting date to be the amount of receivables due in relation to the revenue that has been reported up to that date. It therefore defines its net receivables as the total trade receivables and accrued revenue, less loss allowance and deferred income that has not yet been settled.
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Accrued revenue
10.1
22.9
Less: Loss allowance
(5.4)
(5.8)
Less: Deferred income
(56.5)
(9.8)
Net receivables
93.4
87.8
Revenue
721.0
560.7
Debtor days
47
57
1 2 1 Reported within sundry receivables. 2 Deferred income, as per Note 19, has been adjusted for US$4.1 million (2022: US$0 million) in respect of amounts settled by customers at the balance sheet date. In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. At 31 December 2023, US$26.8 million (2022: US$16.6 million) of services had been provided to customers which had yet to meet the Group\u2019s probability criterion for revenue recognition under the Group\u2019s accounting policies. Revenue for these services will be recognised in the future as and when all recognition criteria are met. 16. Prepayments
2023 2022
US$m US$m
Prepayments
42.6
45.7
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "15. Trade and other receivables
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Loss allowance
(5.4)
(5.8)
139.8
74.7
Contract Assets
109.1
91.6
Sundry Receivables
33.1
38.6
VAT and withholding tax receivable
15.2
23.2
297. 2
228.1
2023 2022
Loss allowance US$m US$m
Balance brought forward
(5.8)
(6.0)
Amounts written off/derecognised
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
Unused amounts reversed
0.4
0.2
(5.4)
(5.8)
The Group measures the loss allowance for trade receivables, trade receivables from related parties and other receivables at an amount equal to lifetime expected credit losses (ECL). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Loss allowance expense is included within cost of sales in the Consolidated Income Statement. Additional detail on provision for expected credit loss and impairment can be found in Note 26. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. Interest can be charged on past due debtors. The normal credit period of services is 30 days. US$55.0 million of new contract assets were recognised in the year and US$36.3 million of contract assets at 31 December 2022 were recovered from customers. Of the trade receivables balance at 31 December 2023, 90% is due from large multinational MNOs. The Group does not hold any collateral or other credit enhancements over these balances nor does it have a legal right of offset against any amounts owed by the Group to the counterparty. Debtor days The Group calculates debtor days as set out in the table below. It considers its most relevant customer receivables exposure on a given reporting date to be the amount of receivables due in relation to the revenue that has been reported up to that date. It therefore defines its net receivables as the total trade receivables and accrued revenue, less loss allowance and deferred income that has not yet been settled.
2023 2022
US$m US$m
Trade receivables
145.2
80.5
Accrued revenue
10.1
22.9
Less: Loss allowance
(5.4)
(5.8)
Less: Deferred income
(56.5)
(9.8)
Net receivables
93.4
87.8
Revenue
721.0
560.7
Debtor days
47
57
1 2 1 Reported within sundry receivables. 2 Deferred income, as per Note 19, has been adjusted for US$4.1 million (2022: US$0 million) in respect of amounts settled by customers at the balance sheet date. In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. At 31 December 2023, US$26.8 million (2022: US$16.6 million) of services had been provided to customers which had yet to meet the Group\u2019s probability criterion for revenue recognition under the Group\u2019s accounting policies. Revenue for these services will be recognised in the future as and when all recognition criteria are met. 16. Prepayments
2023 2022
US$m US$m
Prepayments
42.6
45.7
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "
16. Prepayments
2023 2022
US$m US$m
Prepayments
42.6
45.7
Prepayments primarily comprise advance payments to suppliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "
17. Cash and cash equivalents
2023 2022
US$m US$m
Bank balances
106.6
119.6
Cash and cash equivalents comprise cash at bank and in hand. Short-term deposits are
defined as deposits with an initial maturity of three months or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "17. Cash and cash equivalents
2023 2022
US$m US$m
Bank balances
106.6
119.6
Cash and cash equivalents comprise cash at bank and in hand. Short-term deposits are defined as deposits with an initial maturity of three months or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "
18. Share capital and share premium
2023
2022
Number Number
of shares of shares
(million) US$m
(million)
US$m
Authorised, issued and fully paid ordinary
shares of \u00a30.01 each
1,051
13.5
1,051
13.5
1,051
13.5
1,051
13.5
The share capital of the Group is represented by the share capital of the Company, Helios
Towers plc.
The treasury shares represent the cost of shares in Helios Towers plc purchased in the market
and held by the Helios Towers plc EBT to satisfy options under the Group Share options plan.
Treasury shares held by the Group as at 31 December 2023 are 1,560,641 (31 December 2022:
2,827,852).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "18. Share capital and share premium
2023
2022
Number Number
of shares of shares
(million) US$m
(million)
US$m
Authorised, issued and fully paid ordinary
shares of \u00a30.01 each
1,051
13.5
1,051
13.5
1,051
13.5
1,051
13.5
The share capital of the Group is represented by the share capital of the Company, Helios Towers plc. The treasury shares represent the cost of shares in Helios Towers plc purchased in the market and held by the Helios Towers plc EBT to satisfy options under the Group Share options plan. Treasury shares held by the Group as at 31 December 2023 are 1,560,641 (31 December 2022: 2,827,852).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "
19. Trade and other payables
2022
2023 US$m
US$m (Restated)
Trade payables
31.3
32.0
Deferred income
60.6
9.8
Deferred consideration
33.5
52.2
Accruals
148.6
126.9
VAT, withholding tax, and other taxes payable
27.7
18.5
301.7
239.4
Trade payables and accruals principally comprise amounts outstanding for trade purchases and
ongoing costs. The average credit period taken for trade purchases is 12 days (2022: 22 days).
Payable days are calculated as trade payables and payables to related parties, divided by cost of
sales plus administration expenses less staff costs and depreciation and amortisation. No interest
is charged on trade payables. The Group has financial risk management policies in place to
ensure that all payables are paid within the pre-agreed credit terms. Amounts payable to related
parties are unsecured, interest free and repayable on demand.
Deferred income primarily relates to service revenue which is billed in advance.
The Group recognised revenue of US$9.8 million (2022: US$45.8 million) from contract
liabilities held on the balance sheet at the start of the financial year. Contract liabilities are
presented as deferred income in the table above.
Deferred consideration relates to consideration that is payable in the future for the purchase
of certain tower assets which the Group is committed to when certain conditions are met, to
enable the transfer of ownership to Helios Towers.
Accruals consist of general operational accruals, accrued capital items, and goods received
but not yet invoiced.
Trade and other payables are classified as financial liabilities and measured at amortised cost.
These are initially recognised at fair value and subsequently at amortised cost. These are
expected to be settled within a year.
The Directors consider the carrying amount of trade payables approximates to their fair value
due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "
20. Loans
2023 2022
US$m US$m
Loans and bonds
1,632.3
1,564.3
Bank overdraft
18.0
7.3
Total loans and bonds
1,650.3
1,571.6
Current
37.7
19.9
Non-current
1,612.6
1,551.7
1,650.3
1,571.6
In September 2023, the Group entered into new facilities representing a combined value
of up to US$720 million, including a 5 year Term Loan of US$600 million and an up to
US$120 million 4.5 year revolving credit facility (RCF). In October 2023, the new facilities
were drawn down to buy back US$325 million principal of the 7.000% Senior Notes due 2025
and US$80 million to repay the previous term loan facility, which was extinguished alongside
upon repayment, and related fees.
In December 2022, Oman Tech Infrastructure SAOC entered into banking facilities
representing a combined US$260 million in Oman for the purposes of repaying loan balances
due to its former owner, funding growth and upgrade capex and for general working capital
purposes. The facilities include both OMR and USD denominated financing with tenors from 1
year (renewable) to 13 years. This includes a revolving credit facility of US$20 million. As at
31 December 2022, US$2.9 million of this was utilised. At 31 December 2022, US$200 million
of the available term loans were drawn.
In March 2021 the Group issued US$250 million of convertible bonds with a coupon of
2.875%, due in 2027. The initial conversion price was set at US$2.9312. The conversion price is
subject to adjustments for any dividend in cash or in kind, as well as customary anti-dilution
adjustments, pursuant to the terms and conditions of the convertible bonds. The bondholders
have the option to convert at any time up to seven business days prior to the final maturity
date. Helios Towers have the right to redeem the bonds at their principal amount, together with
accrued but unpaid interest up to the optional redemption date, from April 2026, if the Helios
Towers share price has traded above 130% of the conversion price on twenty out of the
previous thirty days prior to the redemption notice.
In June 2021 the Group tapped the above bond for an aggregate principal amount of US$50
million. On initial recognition of the convertible bond and the convertible bond tap, a liability
and equity reserve component were recognised being US$242.4 million and US$52.7 million
respectively including transaction costs.
In May 2021, Helios Towers Senegal entered into facilities representing a combined \u20ac120
million in Senegal for the purposes of partially funding the Senegal towers acquisition,
funding the 400 committed BTS as part of the transaction and for general working capital
purposes. The facilities include both EUR and XOF denominated financing with tenors
ranging from 2 years to 9 years.
On 18 June 2020 HTA Group, Ltd., a wholly owned subsidiary of Helios Towers plc, issued
US$750 million of 7.000% Senior Notes due 2025, guaranteed on a senior basis by Helios
Towers plc and certain of its direct and indirect subsidiaries.
On 9 September 2020 HTA Group, Ltd issued a further US$225 million aggregate principal
amount of its 7.000% Senior Notes due 2025.
The current portion of borrowings relates to accrued interest on the bonds, term loan interest
and principal payable within one year of the balance sheet date.
Loans are classified as financial liabilities and measured at amortised cost. Refer to Note 26
for further information on the Group\u2019s financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "20. Loans
2023 2022
US$m US$m
Loans and bonds
1,632.3
1,564.3
Bank overdraft
18.0
7.3
Total loans and bonds
1,650.3
1,571.6
Current
37.7
19.9
Non-current
1,612.6
1,551.7
1,650.3
1,571.6
In September 2023, the Group entered into new facilities representing a combined value of up to US$720 million, including a 5 year Term Loan of US$600 million and an up to US$120 million 4.5 year revolving credit facility (RCF). In October 2023, the new facilities were drawn down to buy back US$325 million principal of the 7.000% Senior Notes due 2025 and US$80 million to repay the previous term loan facility, which was extinguished alongside upon repayment, and related fees. In December 2022, Oman Tech Infrastructure SAOC entered into banking facilities representing a combined US$260 million in Oman for the purposes of repaying loan balances due to its former owner, funding growth and upgrade capex and for general working capital purposes. The facilities include both OMR and USD denominated financing with tenors from 1 year (renewable) to 13 years. This includes a revolving credit facility of US$20 million. As at 31 December 2022, US$2.9 million of this was utilised. At 31 December 2022, US$200 million of the available term loans were drawn. In March 2021 the Group issued US$250 million of convertible bonds with a coupon of 2.875%, due in 2027. The initial conversion price was set at US$2.9312. The conversion price is subject to adjustments for any dividend in cash or in kind, as well as customary anti-dilution adjustments, pursuant to the terms and conditions of the convertible bonds. The bondholders have the option to convert at any time up to seven business days prior to the final maturity date. Helios Towers have the right to redeem the bonds at their principal amount, together with accrued but unpaid interest up to the optional redemption date, from April 2026, if the Helios Towers share price has traded above 130% of the conversion price on twenty out of the previous thirty days prior to the redemption notice. In June 2021 the Group tapped the above bond for an aggregate principal amount of US$50 million. On initial recognition of the convertible bond and the convertible bond tap, a liability and equity reserve component were recognised being US$242.4 million and US$52.7 million respectively including transaction costs. In May 2021, Helios Towers Senegal entered into facilities representing a combined \u20ac120 million in Senegal for the purposes of partially funding the Senegal towers acquisition, funding the 400 committed BTS as part of the transaction and for general working capital purposes. The facilities include both EUR and XOF denominated financing with tenors ranging from 2 years to 9 years. On 18 June 2020 HTA Group, Ltd., a wholly owned subsidiary of Helios Towers plc, issued US$750 million of 7.000% Senior Notes due 2025, guaranteed on a senior basis by Helios Towers plc and certain of its direct and indirect subsidiaries. On 9 September 2020 HTA Group, Ltd issued a further US$225 million aggregate principal amount of its 7.000% Senior Notes due 2025. The current portion of borrowings relates to accrued interest on the bonds, term loan interest and principal payable within one year of the balance sheet date. Loans are classified as financial liabilities and measured at amortised cost. Refer to Note 26 for further information on the Group\u2019s financial instruments.
26. Financial instruments
Financial instrument assets held by the Group at fair value had the following effect on profit
and loss:
31 December 31 December
2023 2022
US$m US$m
Balance brought forward
2.8
57.7
Derivative financial instrument \u2013 7.000% Senior Notes 2025
3.5
(55.2)
Currency forward contracts
\u2013
0.3
Balance carried forward
6.3
2.8
Fair value measurements
Some of the Group\u2019s financial derivatives are measured at fair value at the end of each
reporting period. The information set out below provides data about how the fair values
of these financial assets and financial liabilities are determined (in particular, the valuation
technique(s) and inputs used).
For those financial instruments measured at fair value, the Group has categorised them into a
three-level fair value hierarchy based on the priority of the inputs to the valuation technique
in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active
markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable
inputs (Level 3). If the inputs used to measure fair value fall within different levels of the
hierarchy, the category level is based on the lowest priority level input that is significant
to the fair value measurement of the instrument in its entirety. There are no financial
instruments which have been categorised as Level 1. There were no transfers between the
levels in the year.
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as
a going concern while maximising the return to stakeholders through the optimisation of the
debt and equity balance. The capital structure of the Group consists of debt, which includes
borrowings disclosed in Notes 20 and 21, cash and cash equivalents and equity attributable
to equity holders of the Company, comprising issued capital, reserves and retained earnings
as disclosed in the Statement of Changes in Equity.
Gearing ratio The Group keeps its capital structure under review. The gearing ratio at the year end is as follows:
2023 2022
US$m US$m
Debt (net of issue costs)
1,889.7
1,797.6
Cash and cash equivalents
(106.6)
(119.6)
Net debt
1,783.1
1,678.0
Equity attributable to the owners
(68.3)
8.3
Non-controlling interests
29.8
41.0
(46.3x)
34.1x
Debt is defined as long-term and short-term loans and lease liabilities, as detailed in Notes 20 and 21 respectively. Externally imposed capital requirements The Group is not subject to externally imposed capital requirements. Categories of financial instruments
2023 2022
US$m US$m
Financial assets
Financial assets at amortised cost:
Cash and cash equivalents
106.6
119.6
Trade and other receivables
321.6
204.9
Fair value through profit or loss:
428.2
324.5
Derivative financial assets
6.3
2.8
434.5
327.3
Financial liabilities
Amortised cost:
Trade and other payables
213.4
216.5
Bank overdraft
18.0
7.3
Lease liabilities
239.4
226.0
Loans
1,632.3
1,571.6
2,103.1
2,021.4
As at 31 December 2023 and 31 December 2022, the Group had no cash pledged as collateral for financial liabilities. The Directors estimate the amortised cost of cash and cash equivalents is approximate to fair value. The $650 million bond maturing in 2025 had a carrying value of US$650.0 million at 31 December 2023 and a fair value of US$638.2 million. The $300 million convertible bond maturing in 2027 had a carrying value of US$268.6 million at 31 December 2023 and a fair value of US$262.1 million. The Directors estimate the amortised cost of other loans and borrowings is approximate to fair value.
Financial risk management objectives and policies
The Group\u2019s Finance function provides services to the business, coordinates access to
domestic and international financial markets, and monitors and manages the financial risks
relating to the operations of the Group through internal risk reports which analyse exposures
by degree and magnitude of risks. These risks include market risk (including currency risk, fair
value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk.
The Group\u2019s overall financial risk management programme focuses on the unpredictability
of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial
performance. The Group\u2019s senior management oversees the management of these risks. The
Finance function is supported by the Group\u2019s senior management, which advises on financial
risks and the appropriate financial risk governance framework for the Group. Key financial
risks and exposures are monitored through a monthly report to the Board of Directors,
together with an annual Board review of corporate treasury matters.
Financial risk
The principal financial risks to which the Group is exposed through its activities are risks of
changes in foreign currency exchange rates and interest rates.
Interest rate risk management
The Group is exposed to interest rate risk because entities in the Group borrow funds at
both fixed and floating interest rates. The risk is managed by the Group by maintaining an
appropriate mix between fixed and floating rate borrowings and utilising interest rate swaps.
At 31 December 2023 a change of 100 basis points would increase or decrease derivative
financial liabilities and equity by US$19.5 million.
Foreign currency risk management
The Group undertakes transactions denominated in foreign currencies; consequently
exposures to exchange rate fluctuations arise. The Group\u2019s main currency exposures were
to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central
African Franc (XAF), South African Rand (ZAR) and Malawian Kwacha (MWK) through its
main operating subsidiaries. The Group has exposure to Sterling (GBP) and Euro (EUR)
fluctuations on its financial assets and liabilities, however, this is not considered material.
The Group manages foreign currency risks utilising forward contracts where considered
appropriate.
The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and
monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2023 2022 2023 2022
US$m US$m US$m US$m
New Ghanaian Cedi
18.0
15.7
19.1
20.8
Malagasy Ariary
11.7
10.9
13.5
11.8
Tanzanian Shilling
61.9
71.4
85.1
100.2
South African Rand
6.1
5.6
16.0
17.5
Central African Franc
35.7
35.7
156.1
137.0
Malawian Kwacha
15.2
15.4
14.8
19.8
Omani Rial
35.5
10.1
85.7
35.2
184.1
164.8
390.3
342.3
Foreign currency sensitivity analysis
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage
movement applied to the currency is based on the average movements in the previous three
annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK
(2022: sensitivity based on a 10% movement), The sensitivity analysis includes only outstanding
foreign currency denominated monetary items and adjusts their translation at the year-end for
a change in foreign currency rates. A positive number below indicates an increase in profit and
other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a
strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an
equal and opposite effect on the profit and other equity, on the basis that all other variables
remain constant.
Impact on profit or loss
2023 2022
US$m US$m
New Ghanaian Cedi impact (27% movement)
(0.3)
0.5
Malagasy Ariary impact (5% movement)
(0.1)
0.1
Tanzanian Shilling impact (3% movement
(0.7)
2.9
South African Rand (8% movement)
(0.8)
1.2
Central African Franc Impact (4% movement)
(3.8)
10.2
Malawian Kwacha (24% movement)
0.1
0.5
Omani Rial (Pegged to USD)
\u2013
2.5
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK
and OMR receivables and payables in the Group at the reporting date. The amounts above
generally correspond with the functional currency of the relevant subsidiary and the foreign
currency exposures are therefore reflected in the Group\u2019s translation reserve.
The above sensitivities do not address the translation effects within equity of consolidating
non-US Dollar denominated subsidiaries into the Group\u2019s US Dollar presentation currency,
nor do they include the effects of foreign currency retranslation of intragroup balances which
eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise
to foreign exchange differences within the Group\u2019s income statement. (see note 9).
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Group. Default does not occur later than when a financial
asset is 90 days past due (unless the Group has reasonable and supportable information to
demonstrate that a more lagging default criterion is more appropriate). Write-off happens at
least a year after a financial asset has become credit impaired and when management does
not have any reasonable expectations to recover the asset.
The Group has adopted a policy of only dealing with creditworthy counterparties and
obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial
loss from defaults. The Group uses publicly available financial information and other
information provided by the counterparty (where appropriate) to deliver a credit rating for its
major customers. As of 31 December 2023, the Group has a concentration risk with regards
to four of its largest customers. The Group\u2019s exposure and the credit ratings of its
counterparties and related parties are continuously monitored and the aggregate value of
credit risk within the business is spread amongst a number of approved counterparties.
Credit exposure is controlled by counterparty limits that are reviewed and approved by
management. The carrying amount of the financial assets recorded in the Financial
Statements, which is net of impairment losses, represents the Group\u2019s exposure to credit risk.
The Group uses the IFRS 9 ECL model to measure loss allowances at an amount equal to
their lifetime ECL. The loss allowance on trade receivables represents the expected losses
due to non-payment of amounts due from customers.
In order to minimise credit risk, the Group has categorised exposures according to their
degree of risk of default. The use of a provision matrix is based on a range of qualitative
and quantitative factors, based on the Group\u2019s historical experience, forward-looking
macroeconomic data and informed credit assessments, that are deemed to be indicative
of risk of default, and range from 1 (lowest risk of irrecoverability) to 5 (greatest risk of
irrecoverability).
The below table shows the Group\u2019s trade and other receivables balance and associated loss
allowances in each Group credit rating category.
31 December 2023
31 December 2022
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk of impairment
US$m US$m US$m US$m US$m US$m
1
Remote risk
251.6
(0.3)
251.3
184.1
(0.3)
183.8
2
Low risk
27.0
(0.9)
26.1
21.8
(0.8)
21.0
3
Medium risk
0.9
(0.1)
0.8
0.3
\u2013
0.3
4
High risk
5.9
(3.5)
2.4
20.7
(3.8)
16.9
5
Impaired
2.0
(0.6)
1.4
2.5
(0.9)
1.6
Total
287.4
(5.4)
282.0
229.4
(5.8)
223.6
Liquidity risk management
The Group has long-term debt financing through Senior Loan Notes of US$650 million due
for repayment in December 2025 and other debt as disclosed in Note 20. The Group has a
revolving credit facility of US$120 million for funding general corporate and working capital
needs. As at 31 December 2023 the facility was undrawn. This facility is available until
December 2024. The Group has remained compliant during the year to 31 December 2023
with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for
further information in relation to debt facilities.
Ultimate responsibility for liquidity risk management rests with the Board. The Group
manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities
and continuously monitoring forecast and actual cash flows including consideration of
appropriate sensitivities.
Non-derivative financial liabilities
The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative
financial liabilities. The tables have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Group can be required to pay. The
table below includes principal cash flows.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Non-interest bearing
213.4
\u2013
\u2013
\u2013
213.4
Fixed interest rate instruments
44.4
789.8
438.6
350.5
1,623.4
Variable interest rate instruments
18.0
22.3
489.8
144.5
674.6
275.8
812.1
928.4
495.0
2,511.4
31 December 2022
Non-interest bearing
216.5
\u2013
\u2013
\u2013
216.5
Fixed interest rate instruments
43.0
39.7
1,441.3
493.8
2,017.8
Variable interest rate instruments
10.2
\u2013
25.0
200.0
235.2
269.7
39.7
1,466.3
693.8
2,469.5
Non-derivative financial assets
The following table details the Group\u2019s expected maturity for other non-derivative financial
assets. The table below has been drawn up based on the undiscounted contractual maturities
of the financial assets except where the Group anticipates that the cash flow will occur in a
different period.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Non-interest bearing
282.0
\u2013
\u2013
\u2013
282.0
Fixed interest rate instruments
106.6
\u2013
\u2013
\u2013
106.6
388.6
\u2013
\u2013
\u2013
388.6
31 December 2022
Non-interest bearing
204.9
\u2013
\u2013
\u2013
204.9
Fixed interest rate instruments
119.6
\u2013
\u2013
\u2013
119.6
324.5
\u2013
\u2013
\u2013
324.5
Derivative financial instruments assets
The derivatives represent the fair value of the put and call options embedded within the
terms of the Senior Notes. The call options give the Group the right to redeem the Senior
Notes instruments at a date prior to the maturity date (18 December 2025), in certain
circumstances and at a premium over the initial notional amount. The put option provides
the holders with the right (and the Group with an obligation) to settle the Senior Notes before
their redemption date in the event of a change in control resulting in a rating downgrade
(as defined in the terms of the Senior Notes, which also includes a major asset sale), and at a
premium over the initial notional amount.
The options are fair valued using an option pricing model that is commonly used by market
participants to value such options and makes the maximum use of market inputs, relying as
little as possible on the entity\u2019s specific inputs and making reference to the fair value of
similar instruments in the market. The options are considered a Level 3 financial instrument in
the fair value hierarchy of IFRS 13, owing to the presence of unobservable inputs. Where
Level 1 (market observable) inputs are not available, the Helios Group engages a third-party
qualified valuer to perform the valuation. Management works closely with the qualified
external valuer to establish the appropriate valuation techniques and inputs to the model.
The Senior Notes are quoted and it has an embedded derivative. The fair value of the
embedded derivative is the difference between the quoted price of the Senior Notes and the
fair value of the host contract (the Senior Notes excluding the embedded derivative). The fair
value of the Senior Notes as at the valuation date has been sourced from an independent
third-party data vendor. The fair value of the host contract is calculated by discounting the
Senior Notes\u2019 future cash flows (coupons and principal payment) at US Dollar 3-month LIBOR
plus Helios Towers\u2019 credit spread. For the valuation date of 31 December 2023, a relative 5%
increase in credit spread would result in a nil valuation of the embedded derivatives.
As at the reporting date, the call option had a fair value of US$6.3 million (31 December 2022:
US$2.5 million) on the US$650 million 7.000% Senior Notes 2025, while the put option had a
fair value of US$0 million (31 December 2022: US$0 million). The increase in the fair value of
the call option is attributable the tightening of the Group\u2019s credit spread, which is in line with
the market movement.
The key assumptions in determining the fair value are: the quoted price of the bond as at
31 December 2023; the credit spread; and the yield curve. The probabilities relating to
change of control and major asset sale represent a reasonable expectation of those events
occurring that would be held by a market participant.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Net settled:
Embedded derivatives
\u2013
6.3
\u2013
\u2013
6.3
\u2013
6.3
\u2013
\u2013
6.3
31 December 2022
Net settled:
Embedded derivatives
\u2013
\u2013
2.5
\u2013
2.5
\u2013
\u2013
2.5
\u2013
2.5
Risk management strategy of hedge relationships
The Group\u2019s activities expose it to the financial risks of changes in interest rates which
it manages using derivative financial instruments. The objective of cash flow hedges is
principally to protect the group against adverse interest rate movements. The Group does
not use derivative financial instruments for speculative purposes.
Derivative financial instruments are initially measured at fair value on the contract date and
are subsequently re-measured to fair value at each reporting date. Changes in values of all
derivatives of a financing nature are included within finance costs in the income statement
unless designated in an effective cash flow hedge relationship when the effective portion of
changes in value are deferred to other comprehensive income. Hedge effectiveness is
determined at the inception of the hedge relationship, and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the
hedged item and hedging instrument. Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
accounting. When hedge accounting is discontinued, any gain or loss recognised in other
comprehensive income at that time remains in equity and is recognised in the income
statement when the hedged transaction is ultimately recognised in the income statement.
For cash flow hedges, when the hedged item is recognised in the income statement, amounts
previously recognised in other comprehensive income and accumulated in equity for the
hedging instrument are reclassified to the income statement.
If a forecast transaction is no longer expected to occur, the gain or loss accumulated in
equity is recognised immediately in the income statement.
For hedges of foreign currency denominated borrowings and investments, the Group uses
interest rate swaps to hedge its exposure to interest rate risk and enters into hedge relationships
where the critical terms of the hedging instrument match with the terms of the hedged item.
Therefore the Group expects a highly effective hedging relationship with the swap contracts and
the value of the corresponding hedged items to change systematically in the opposite direction
in response to movements in the underlying exchange rates and interest rates. The Group
therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect
the terms of the hedged item such that the critical terms no longer match with the critical terms
of the hedging instrument, the Group uses the hypothetical derivative method to assess
effectiveness.
Hedge ineffectiveness may occur due to:
a) The fair value of the hedging instrument on the hedge relationship designation date if the
fair value is not nil;
b) Changes in the contractual terms or timing of the payments on the hedged item; and
c) A change in the credit risk of the Group or the counterparty with the hedging instrument.
The hedge ratio for each designation will be established by comparing the quantity of the
hedging instrument and the quantity of the hedged item to determine their relative
weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been
determined as 1:1. The fair values of the derivative financial instruments are calculated by
discounting the future cash flows to net present values using appropriate market rates and
foreign currency rates prevailing at 31 December. The valuation basis is level 2 of the fair
value hierarchy. This classification comprises items where fair value is determined from inputs
other than quoted prices that are observable for the asset and liability, either directly or
indirectly.
The table below summaries the maturity profile of the Company\u2019s financial liabilities based on
contractual undiscounted payments.
Less than
On demand 12 months 1\u20132 years 2\u20135 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2023
Financial derivatives
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
Opening (Gain)/Loss Closing Weighted
Nominal Carrying balance 1 Jan deferred to balance average
amounts value 2023 OCI 31 Dec 2023 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
400
(14.7)
\u2013
14.7
14.7
2029
28. Net debt
2023 2022
US$m US$m
External debt
(1,650.3)
(1,571.6)
Lease liabilities
(239.4)
(226.0)
Cash and cash equivalents
106.6
119.6
Net debt
(1,783.1)
(1,678.0)
At At
1 January 31 December
2023 Cash flows Other 2023
2023 US$m US$m US$m US$m
Cash and cash equivalents
119.6
(5.4)
(7.6)
106.6
External debt
(1,571.6)
(75.7)
(3.0)
(1,650.3)
Lease liabilities
(226.0)
54.1
(67.5)
(239.4)
Total financing liabilities
(1,797.6)
(21.6)
(70.5)
(1,889.7)
Net debt
(1,678.0)
(27.0)
(78.1)
(1,783.1)
1
At At
1 January 31 December
2022 Cash flows Other 2022
2022 US$m US$m US$m US$m
Cash and cash equivalents
528.9
(405.0)
(4.3)
119.6
External debt
(1,295.5)
(261.2)
(14.9)
(1,571.6)
Lease liabilities
(181.9)
40.8
(84.9)
(226.0)
Total financing liabilities
(1,477.4)
(220.4)
(99.8)
( 1,797.6)
Net debt
(948.5)
(625.4)
(104.1)
(1,678.0)
1 1 Other includes foreign exchange and non-cash interest movements. Refer to Note 20 for further details on the year-on-year movements in loans.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "
21. Lease liabilities
2023 2022
US$m US$m
Short-term lease liabilities
Land
30.2
31.8
Buildings
4.7
2.2
Motor vehicles
0.6
0.1
35.5
34.1
2023 2022
US$m US$m
Long-term lease liabilities
Land
193.1
188.4
Buildings
10.8
3.4
Motor vehicles
\u2013
0.1
203.9
191.9
The below undiscounted cash flows do not include escalations based on CPI or other indexes
which change over time. Renewal options are considered on a case-by-case basis with
judgements around the lease term being based on management\u2019s contractual rights and
their current intentions. Refer to Note 13 for the Group\u2019s Right-of-use assets.
The total cash paid on leases in the year was US$45.3 million (2022: US$40.8 million).
The profile of the outstanding undiscounted contractual payments fall due as follows:
Within 2\u20135 years 6\u201310 years 10+ years Total
1 year US$m US$m US$m US$m US$m
31 December 2023
44.4
139.8
138.6
350.6
673.4
31 December 2022
43.0
137.7
122.7
326.0
629.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "21. Lease liabilities
2023 2022
US$m US$m
Short-term lease liabilities
Land
30.2
31.8
Buildings
4.7
2.2
Motor vehicles
0.6
0.1
35.5
34.1
2023 2022
US$m US$m
Long-term lease liabilities
Land
193.1
188.4
Buildings
10.8
3.4
Motor vehicles
\u2013
0.1
203.9
191.9
The below undiscounted cash flows do not include escalations based on CPI or other indexes which change over time. Renewal options are considered on a case-by-case basis with judgements around the lease term being based on management\u2019s contractual rights and their current intentions. Refer to Note 13 for the Group\u2019s Right-of-use assets. The total cash paid on leases in the year was US$45.3 million (2022: US$40.8 million). The profile of the outstanding undiscounted contractual payments fall due as follows:
Within 2\u20135 years 6\u201310 years 10+ years Total
1 year US$m US$m US$m US$m US$m
31 December 2023
44.4
139.8
138.6
350.6
673.4
31 December 2022
43.0
137.7
122.7
326.0
629.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "
22. Uncompleted performance obligations
The table below represents uncompleted performance obligations at the end of the
reporting period. This is total revenue which is contractually due to the Group, subject to the
performance of the obligation of the Group related to these revenues. Management refers to
this as contracted revenue.
2023 2022
US$m US$m
Total contracted revenue
5,417. 2
4,705.0
Contracted revenue
The following table provides our total undiscounted contracted revenue by country as of
31 December 2023 for each year from 2024 to 2028, with local currency amounts converted
at the applicable average rate for US Dollars for the year ended 31 December 2023 held
constant. Our contracted revenue calculation for each year presented assumes:
\u2013 no escalation in fee rates;
\u2013 no increases in sites or tenancies other than our committed tenancies;
\u2013 our customers do not utilise any cancellation allowances set forth in their MLAs;
\u2013 no termination of existing customer MLAs prior to their current term; and
\u2013 no automatic renewal.
As at 31 December 2023, total contracted revenue was US$5.4 billion, with an average
remaining life of 7.8 years.
Year ended 31 December
(US$m)
2024
2025
2026
2027
2028
Middle East & North Africa
52.5
49.6
49.6
49.6
49.6
East & West Africa
278.3
287.4
247. 2
231.8
227.8
Central & Southern Africa
362.1
334.7
300.8
271.5
256.6
Total
692.9
671.7
597.6
552.9
534.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "Contracted revenue The following table provides our total undiscounted contracted revenue by country as of 31 December 2023 for each year from 2024 to 2028, with local currency amounts converted at the applicable average rate for US Dollars for the year ended 31 December 2023 held constant. Our contracted revenue calculation for each year presented assumes: \u2013 no escalation in fee rates; \u2013 no increases in sites or tenancies other than our committed tenancies; \u2013 our customers do not utilise any cancellation allowances set forth in their MLAs; \u2013 no termination of existing customer MLAs prior to their current term; and \u2013 no automatic renewal. As at 31 December 2023, total contracted revenue was US$5.4 billion, with an average remaining life of 7.8 years.
Year ended 31 December
(US$m)
2024
2025
2026
2027
2028
Middle East & North Africa
52.5
49.6
49.6
49.6
49.6
East & West Africa
278.3
287.4
247. 2
231.8
227.8
Central & Southern Africa
362.1
334.7
300.8
271.5
256.6
Total
692.9
671.7
597.6
552.9
534.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "
23. Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this Note. Key
management personnel comprise Executive and Non-Executive Directors of Helios Towers
plc. Compensation of key management personnel is disclosed in note 7.
There were no other related party transactions during the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "23. Related party transactions Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this Note. Key management personnel comprise Executive and Non-Executive Directors of Helios Towers plc. Compensation of key management personnel is disclosed in note 7. There were no other related party transactions during the financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "
24. Other gains and losses
2023 2022
US$m US$m
Fair value gain/(loss) on derivative financial instruments
2.1
(51.5)
Net monetary gain/(loss) on hyperinflation
(7.9)
\u2013
Fair value movement on forward contracts
(0.3)
0.1
(6.1)
(51.4)
All fair values are Level 2, except for the fair value of the embedded derivatives, which are
Level 3. Further detail can be found in Note 26.
", "dimensions": { "concept": "heliostowersplc:DisclosureOfOtherGainsAndLosses", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "
25. Share-based payments
Pre-IPO LTIP
Ahead of the IPO certain Directors, former Directors, Senior Managers and employees of
the Group were granted nil-cost options in respect of shares up to an aggregate value of
US$10 million based on an offer price of 115 pence and a US Dollar to pounds Sterling
conversion rate of US$1:\u00a30.7948 (the HT LTIP).
The Company issued 6,557,668 shares to the trustee of the Trust (or as it directs) immediately
prior to IPO in order to satisfy future settlement of awards under the HT LTIP and nil-cost
options under the HT MIPs. The Trust is consolidated into the Group.
These options became exercisable in tranches over a three-year period post-IPO. The award
participants were entitled to exercise some of the share options on IPO.
Number of options
2023
2022
As at 1 January
774,553
1,026,456
Granted during the year
\u2013
\u2013
Exercised during the year
(252,500)
(251,903)
Forfeited during the year
\u2013
\u2013
At 31 December
522,053
774,553
Of which:
Vested and exercisable
522,053
774,553
Unvested
\u2013
\u2013
Fair value of options/share awards granted pre-IPO
The fair value at grant date is independently determined using a probability-weighted
expected returns methodology, which is an appropriate future-orientated approach when
considering the fair value of options/shares that have no intrinsic value at the time of issue.
In this case the expected future returns were estimated by reference to the expected
proceeds attributable to the underlying shares at IPO, as provided by management,
including adjustments for expected net debt, transaction costs and priority returns to other
shareholders. This is then discounted into present value terms adopting an appropriate
discount rate. The capital asset pricing methodology was used when considering an
appropriate discount rate to apply to the pay-out expected to accrue to the share awards
on realisation.
Key assumptions:
\u2013 Expected exit dates 0 to 4 years;
\u2013 Probability weightings up to 25%;
\u2013 Expected range of exit multiples up to 10.0x;
\u2013 Expected forecast Adjusted EBITDA across two scenarios (management case and
downside case) and respective probability weightings;
\u2013 Estimated proceeds per share; and
\u2013 Hurdle per share up to US$1.25.
The Group has in place one adopted discretionary share plan called the Helios Towers plc
Employee Incentive Plan 2019 (the EIP), details of which are set out in this Note.
Employee Incentive Plan
Following successful admission to the London Stock Exchange, the Company has adopted a
discretionary share plan called the Helios Towers plc Employee Incentive Plan 2019 (the EIP).
The EIP is designed to provide long-term incentives for senior managers and above
(including Executive Directors) to deliver long-term shareholder returns. Participation in the
plan is at the Remuneration Committee\u2019s discretion, and no individual has a contractual right
to participate in the plan or to receive any guaranteed benefits. Shares received under the
scheme by Executive Directors will be subject to a two-year post-vesting holding period. In
all other respects the shares rank equally with other fully paid ordinary shares on issue.
The Group has granted Long-Term Incentive Plan awards under the EIP to the Executive
Directors and selected key personnel. The equity settled awards comprise separate tranches
which vest depending upon the achievement of the following performance targets over a
three-year period:
\u2013 Relative TSR tranche;
\u2013 Adjusted EBITDA tranche;
\u2013 ROIC tranche; and
\u2013 Impact scorecard tranche (introduced in 2023).
Set out below are summaries of options granted under the EIP.
2023 2022
Number Number
of options of options
As at 1 January
10,534,604
7,695,687
Granted during the year
9,097,196
4,233,199
Lapsed during the year
(1,282,200)
\u2013
Exercised during the year
(977,063)
(6,131)
Forfeited during the year
(806,772)
(1,338,151)
As at 31 December
16,565,765
10,534,604
Vested and exercisable at 31 December
954,734
\u2013
The IFRS 2 charge recognised in the Consolidated Income Statement for the 2023 financial
year in respect to the EIP was US$2.1 million (2022: US$3.1 million). All share options
outstanding as at 31 December 2023 have a remaining contractual life of 8.3 years.
The fair value at grant date is independently determined using the Monte Carlo model. Key
assumptions used in valuing the share-based payment charge are as follows:
2022 LTIP Award
Relative Adjusted
TSR
EBITDA
ROIC
Grant date
28\u2013Apr\u201322
28\u2013Apr\u201322
28\u2013Apr\u201322
Share price at grant date
\u00a31.12
\u00a31.12
\u00a31.12
Fair value as a percentage of the grant price
51.6%
100.0%
100.0%
Term to vest (years)
2.68
n/a
n/a
Expected life from grant date (years)
2.68
2.68
2.68
Volatility
47.4%
n/a
n/a
Risk-free rate of interest
1.6%
n/a
n/a
Dividend yield
n/a
n/a
n/a
Average FTSE 250 volatility
42.7%
n/a
n/a
Average FTSE 250 correlation
27.7%
n/a
n/a
Fair value per share
\u00a30.58
\u00a31.12
\u00a31.12
2023 LTIP Award
Relative Adjusted
TSR
EBITDA
ROIC
Impact Scorecard
Grant date
17\u2013May\u201323
17\u2013May\u201323
17\u2013May\u201323
17\u2013May\u201323
Share price at grant date
\u00a30.918
\u00a30.918
\u00a30.918
\u00a30.918
Fair value as a percentage of the
grant price
42.0%
100.0%
100.0%
100.0%
Term to vest (years)
2.87
n/a
n/a
n/a
Expected life from grant date
(years)
2.87
2.87
2.87
2.87
Volatility
38.3%
n/a
n/a
n/a
Risk-free rate of interest
3.9%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
33.9%
n/a
n/a
n/a
Average FTSE 250 correlation
25.5%
n/a
n/a
n/a
Fair value per share
\u00a30.385
\u00a30.918
\u00a30.918
\u00a30.918
HT SharingPlan
Shareholders voted to approve the all-employee share plan schemes at the 2021 AGM. In
2021, the Board granted inaugural \u2018HT SharingPlan\u2019 Restricted Stock Unit (RSU) awards
under the HT Global Share Purchase Plan rules. Each employee was granted a 2021 award
with a three-year vesting period. The Board also granted similar awards in 2022 and 2023,
again with a three-year vesting period.
All employees were granted awards of equal value and on the same terms. The vesting of the
awards is subject to continued employment with the Group.
2023 2022
Number Number
of RSUs of RSUs
As at 1 January
1,684,018
729,528
Granted during the year
1,762,150
1,681,155
Forfeited during the year
(143,483)
(104,684)
Vested during the year
(37,648)
(621,981)
As at 31 December
3,265,037
1,684,018
Deferred Bonuses
2023
2022
As at 1 January
85,755
36,583
Granted during the year
\u2013
49,172
Forfeited during the year
\u2013
\u2013
Vested during the year
\u2013
\u2013
As at 31 December
85,755
85,755
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "Fair value measurements Some of the Group\u2019s financial derivatives are measured at fair value at the end of each reporting period. The information set out below provides data about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used). For those financial instruments measured at fair value, the Group has categorised them into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. There are no financial instruments which have been categorised as Level 1. There were no transfers between the levels in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "Fair value measurements Some of the Group\u2019s financial derivatives are measured at fair value at the end of each reporting period. The information set out below provides data about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used). For those financial instruments measured at fair value, the Group has categorised them into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. There are no financial instruments which have been categorised as Level 1. There were no transfers between the levels in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings disclosed in Notes 20 and 21, cash and cash equivalents and equity attributable to equity holders of the Company, comprising issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "2023 2022 US$m US$m Financial assets Financial assets at amortised cost: Cash and cash equivalents 106.6 119.6 Trade and other receivables 321.6 204.9 Fair value through profit or loss: 428.2 324.5 Derivative financial assets 6.3 2.8 434.5 327.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "Financial liabilities Amortised cost: Trade and other payables 213.4 216.5 Bank overdraft 18.0 7.3 Lease liabilities 239.4 226.0 Loans 1,632.3 1,571.6 2,103.1 2,021.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "Financial risk management objectives and policies The Group\u2019s Finance function provides services to the business, coordinates access to domestic and international financial markets, and monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group\u2019s overall financial risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group\u2019s senior management oversees the management of these risks. The Finance function is supported by the Group\u2019s senior management, which advises on financial risks and the appropriate financial risk governance framework for the Group. Key financial risks and exposures are monitored through a monthly report to the Board of Directors, together with an annual Board review of corporate treasury matters. Financial risk The principal financial risks to which the Group is exposed through its activities are risks of changes in foreign currency exchange rates and interest rates. Interest rate risk management The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings and utilising interest rate swaps. At 31 December 2023 a change of 100 basis points would increase or decrease derivative financial liabilities and equity by US$19.5 million. Foreign currency risk management The Group undertakes transactions denominated in foreign currencies; consequently exposures to exchange rate fluctuations arise. The Group\u2019s main currency exposures were to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central African Franc (XAF), South African Rand (ZAR) and Malawian Kwacha (MWK) through its main operating subsidiaries. The Group has exposure to Sterling (GBP) and Euro (EUR) fluctuations on its financial assets and liabilities, however, this is not considered material. The Group manages foreign currency risks utilising forward contracts where considered appropriate. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2023 2022 2023 2022
US$m US$m US$m US$m
New Ghanaian Cedi
18.0
15.7
19.1
20.8
Malagasy Ariary
11.7
10.9
13.5
11.8
Tanzanian Shilling
61.9
71.4
85.1
100.2
South African Rand
6.1
5.6
16.0
17.5
Central African Franc
35.7
35.7
156.1
137.0
Malawian Kwacha
15.2
15.4
14.8
19.8
Omani Rial
35.5
10.1
85.7
35.2
184.1
164.8
390.3
342.3
Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK (2022: sensitivity based on a 10% movement), The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the profit and other equity, on the basis that all other variables remain constant.
Impact on profit or loss
2023 2022
US$m US$m
New Ghanaian Cedi impact (27% movement)
(0.3)
0.5
Malagasy Ariary impact (5% movement)
(0.1)
0.1
Tanzanian Shilling impact (3% movement
(0.7)
2.9
South African Rand (8% movement)
(0.8)
1.2
Central African Franc Impact (4% movement)
(3.8)
10.2
Malawian Kwacha (24% movement)
0.1
0.5
Omani Rial (Pegged to USD)
\u2013
2.5
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK and OMR receivables and payables in the Group at the reporting date. The amounts above generally correspond with the functional currency of the relevant subsidiary and the foreign currency exposures are therefore reflected in the Group\u2019s translation reserve. The above sensitivities do not address the translation effects within equity of consolidating non-US Dollar denominated subsidiaries into the Group\u2019s US Dollar presentation currency, nor do they include the effects of foreign currency retranslation of intragroup balances which eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise to foreign exchange differences within the Group\u2019s income statement. (see note 9). Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Default does not occur later than when a financial asset is 90 days past due (unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate). Write-off happens at least a year after a financial asset has become credit impaired and when management does not have any reasonable expectations to recover the asset. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group uses publicly available financial information and other information provided by the counterparty (where appropriate) to deliver a credit rating for its major customers. As of 31 December 2023, the Group has a concentration risk with regards to four of its largest customers. The Group\u2019s exposure and the credit ratings of its counterparties and related parties are continuously monitored and the aggregate value of credit risk within the business is spread amongst a number of approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by management. The carrying amount of the financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s exposure to credit risk. The Group uses the IFRS 9 ECL model to measure loss allowances at an amount equal to their lifetime ECL. The loss allowance on trade receivables represents the expected losses due to non-payment of amounts due from customers. In order to minimise credit risk, the Group has categorised exposures according to their degree of risk of default. The use of a provision matrix is based on a range of qualitative and quantitative factors, based on the Group\u2019s historical experience, forward-looking macroeconomic data and informed credit assessments, that are deemed to be indicative of risk of default, and range from 1 (lowest risk of irrecoverability) to 5 (greatest risk of irrecoverability). The below table shows the Group\u2019s trade and other receivables balance and associated loss allowances in each Group credit rating category.
31 December 2023
31 December 2022
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk of impairment
US$m US$m US$m US$m US$m US$m
1
Remote risk
251.6
(0.3)
251.3
184.1
(0.3)
183.8
2
Low risk
27.0
(0.9)
26.1
21.8
(0.8)
21.0
3
Medium risk
0.9
(0.1)
0.8
0.3
\u2013
0.3
4
High risk
5.9
(3.5)
2.4
20.7
(3.8)
16.9
5
Impaired
2.0
(0.6)
1.4
2.5
(0.9)
1.6
Total
287.4
(5.4)
282.0
229.4
(5.8)
223.6
Liquidity risk management The Group has long-term debt financing through Senior Loan Notes of US$650 million due for repayment in December 2025 and other debt as disclosed in Note 20. The Group has a revolving credit facility of US$120 million for funding general corporate and working capital needs. As at 31 December 2023 the facility was undrawn. This facility is available until December 2024. The Group has remained compliant during the year to 31 December 2023 with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for further information in relation to debt facilities. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities and continuously monitoring forecast and actual cash flows including consideration of appropriate sensitivities. Non-derivative financial liabilities The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table below includes principal cash flows.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Non-interest bearing
213.4
\u2013
\u2013
\u2013
213.4
Fixed interest rate instruments
44.4
789.8
438.6
350.5
1,623.4
Variable interest rate instruments
18.0
22.3
489.8
144.5
674.6
275.8
812.1
928.4
495.0
2,511.4
31 December 2022
Non-interest bearing
216.5
\u2013
\u2013
\u2013
216.5
Fixed interest rate instruments
43.0
39.7
1,441.3
493.8
2,017.8
Variable interest rate instruments
10.2
\u2013
25.0
200.0
235.2
269.7
39.7
1,466.3
693.8
2,469.5
Non-derivative financial assets The following table details the Group\u2019s expected maturity for other non-derivative financial assets. The table below has been drawn up based on the undiscounted contractual maturities of the financial assets except where the Group anticipates that the cash flow will occur in a different period.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Non-interest bearing
282.0
\u2013
\u2013
\u2013
282.0
Fixed interest rate instruments
106.6
\u2013
\u2013
\u2013
106.6
388.6
\u2013
\u2013
\u2013
388.6
31 December 2022
Non-interest bearing
204.9
\u2013
\u2013
\u2013
204.9
Fixed interest rate instruments
119.6
\u2013
\u2013
\u2013
119.6
324.5
\u2013
\u2013
\u2013
324.5
Derivative financial instruments assets The derivatives represent the fair value of the put and call options embedded within the terms of the Senior Notes. The call options give the Group the right to redeem the Senior Notes instruments at a date prior to the maturity date (18 December 2025), in certain circumstances and at a premium over the initial notional amount. The put option provides the holders with the right (and the Group with an obligation) to settle the Senior Notes before their redemption date in the event of a change in control resulting in a rating downgrade (as defined in the terms of the Senior Notes, which also includes a major asset sale), and at a premium over the initial notional amount. The options are fair valued using an option pricing model that is commonly used by market participants to value such options and makes the maximum use of market inputs, relying as little as possible on the entity\u2019s specific inputs and making reference to the fair value of similar instruments in the market. The options are considered a Level 3 financial instrument in the fair value hierarchy of IFRS 13, owing to the presence of unobservable inputs. Where Level 1 (market observable) inputs are not available, the Helios Group engages a third-party qualified valuer to perform the valuation. Management works closely with the qualified external valuer to establish the appropriate valuation techniques and inputs to the model. The Senior Notes are quoted and it has an embedded derivative. The fair value of the embedded derivative is the difference between the quoted price of the Senior Notes and the fair value of the host contract (the Senior Notes excluding the embedded derivative). The fair value of the Senior Notes as at the valuation date has been sourced from an independent third-party data vendor. The fair value of the host contract is calculated by discounting the Senior Notes\u2019 future cash flows (coupons and principal payment) at US Dollar 3-month LIBOR plus Helios Towers\u2019 credit spread. For the valuation date of 31 December 2023, a relative 5% increase in credit spread would result in a nil valuation of the embedded derivatives. As at the reporting date, the call option had a fair value of US$6.3 million (31 December 2022: US$2.5 million) on the US$650 million 7.000% Senior Notes 2025, while the put option had a fair value of US$0 million (31 December 2022: US$0 million). The increase in the fair value of the call option is attributable the tightening of the Group\u2019s credit spread, which is in line with the market movement. The key assumptions in determining the fair value are: the quoted price of the bond as at 31 December 2023; the credit spread; and the yield curve. The probabilities relating to change of control and major asset sale represent a reasonable expectation of those events occurring that would be held by a market participant.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Net settled:
Embedded derivatives
\u2013
6.3
\u2013
\u2013
6.3
\u2013
6.3
\u2013
\u2013
6.3
31 December 2022
Net settled:
Embedded derivatives
\u2013
\u2013
2.5
\u2013
2.5
\u2013
\u2013
2.5
\u2013
2.5
Risk management strategy of hedge relationships The Group\u2019s activities expose it to the financial risks of changes in interest rates which it manages using derivative financial instruments. The objective of cash flow hedges is principally to protect the group against adverse interest rate movements. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within finance costs in the income statement unless designated in an effective cash flow hedge relationship when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For hedges of foreign currency denominated borrowings and investments, the Group uses interest rate swaps to hedge its exposure to interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to: a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) Changes in the contractual terms or timing of the payments on the hedged item; and c) A change in the credit risk of the Group or the counterparty with the hedging instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market rates and foreign currency rates prevailing at 31 December. The valuation basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly. The table below summaries the maturity profile of the Company\u2019s financial liabilities based on contractual undiscounted payments.
Less than
On demand 12 months 1\u20132 years 2\u20135 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2023
Financial derivatives
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
Opening (Gain)/Loss Closing Weighted
Nominal Carrying balance 1 Jan deferred to balance average
amounts value 2023 OCI 31 Dec 2023 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
400
(14.7)
\u2013
14.7
14.7
2029
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "Interest rate risk management The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings and utilising interest rate swaps. At 31 December 2023 a change of 100 basis points would increase or decrease derivative financial liabilities and equity by US$19.5 million. ", "dimensions": { "concept": "heliostowersplc:DisclosureOfInterestRateRiskManagement", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "Interest rate risk management The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings and utilising interest rate swaps. At 31 December 2023 a change of 100 basis points would increase or decrease derivative financial liabilities and equity by US$19.5 million. Foreign currency risk management The Group undertakes transactions denominated in foreign currencies; consequently exposures to exchange rate fluctuations arise. The Group\u2019s main currency exposures were to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central African Franc (XAF), South African Rand (ZAR) and Malawian Kwacha (MWK) through its main operating subsidiaries. The Group has exposure to Sterling (GBP) and Euro (EUR) fluctuations on its financial assets and liabilities, however, this is not considered material. The Group manages foreign currency risks utilising forward contracts where considered appropriate. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2023 2022 2023 2022
US$m US$m US$m US$m
New Ghanaian Cedi
18.0
15.7
19.1
20.8
Malagasy Ariary
11.7
10.9
13.5
11.8
Tanzanian Shilling
61.9
71.4
85.1
100.2
South African Rand
6.1
5.6
16.0
17.5
Central African Franc
35.7
35.7
156.1
137.0
Malawian Kwacha
15.2
15.4
14.8
19.8
Omani Rial
35.5
10.1
85.7
35.2
184.1
164.8
390.3
342.3
Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK (2022: sensitivity based on a 10% movement), The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the profit and other equity, on the basis that all other variables remain constant.
Impact on profit or loss
2023 2022
US$m US$m
New Ghanaian Cedi impact (27% movement)
(0.3)
0.5
Malagasy Ariary impact (5% movement)
(0.1)
0.1
Tanzanian Shilling impact (3% movement
(0.7)
2.9
South African Rand (8% movement)
(0.8)
1.2
Central African Franc Impact (4% movement)
(3.8)
10.2
Malawian Kwacha (24% movement)
0.1
0.5
Omani Rial (Pegged to USD)
\u2013
2.5
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK and OMR receivables and payables in the Group at the reporting date. The amounts above generally correspond with the functional currency of the relevant subsidiary and the foreign currency exposures are therefore reflected in the Group\u2019s translation reserve. The above sensitivities do not address the translation effects within equity of consolidating non-US Dollar denominated subsidiaries into the Group\u2019s US Dollar presentation currency, nor do they include the effects of foreign currency retranslation of intragroup balances which eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise to foreign exchange differences within the Group\u2019s income statement. (see note 9). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK (2022: sensitivity based on a 10% movement), The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the profit and other equity, on the basis that all other variables remain constant.
Impact on profit or loss
2023 2022
US$m US$m
New Ghanaian Cedi impact (27% movement)
(0.3)
0.5
Malagasy Ariary impact (5% movement)
(0.1)
0.1
Tanzanian Shilling impact (3% movement
(0.7)
2.9
South African Rand (8% movement)
(0.8)
1.2
Central African Franc Impact (4% movement)
(3.8)
10.2
Malawian Kwacha (24% movement)
0.1
0.5
Omani Rial (Pegged to USD)
\u2013
2.5
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK and OMR receivables and payables in the Group at the reporting date. The amounts above generally correspond with the functional currency of the relevant subsidiary and the foreign currency exposures are therefore reflected in the Group\u2019s translation reserve. The above sensitivities do not address the translation effects within equity of consolidating non-US Dollar denominated subsidiaries into the Group\u2019s US Dollar presentation currency, nor do they include the effects of foreign currency retranslation of intragroup balances which eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise to foreign exchange differences within the Group\u2019s income statement. (see note 9). ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Default does not occur later than when a financial asset is 90 days past due (unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate). Write-off happens at least a year after a financial asset has become credit impaired and when management does not have any reasonable expectations to recover the asset. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group uses publicly available financial information and other information provided by the counterparty (where appropriate) to deliver a credit rating for its major customers. As of 31 December 2023, the Group has a concentration risk with regards to four of its largest customers. The Group\u2019s exposure and the credit ratings of its counterparties and related parties are continuously monitored and the aggregate value of credit risk within the business is spread amongst a number of approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by management. The carrying amount of the financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s exposure to credit risk. The Group uses the IFRS 9 ECL model to measure loss allowances at an amount equal to their lifetime ECL. The loss allowance on trade receivables represents the expected losses due to non-payment of amounts due from customers. In order to minimise credit risk, the Group has categorised exposures according to their degree of risk of default. The use of a provision matrix is based on a range of qualitative and quantitative factors, based on the Group\u2019s historical experience, forward-looking macroeconomic data and informed credit assessments, that are deemed to be indicative of risk of default, and range from 1 (lowest risk of irrecoverability) to 5 (greatest risk of irrecoverability). The below table shows the Group\u2019s trade and other receivables balance and associated loss allowances in each Group credit rating category.
31 December 2023
31 December 2022
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk of impairment
US$m US$m US$m US$m US$m US$m
1
Remote risk
251.6
(0.3)
251.3
184.1
(0.3)
183.8
2
Low risk
27.0
(0.9)
26.1
21.8
(0.8)
21.0
3
Medium risk
0.9
(0.1)
0.8
0.3
\u2013
0.3
4
High risk
5.9
(3.5)
2.4
20.7
(3.8)
16.9
5
Impaired
2.0
(0.6)
1.4
2.5
(0.9)
1.6
Total
287.4
(5.4)
282.0
229.4
(5.8)
223.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "Liquidity risk management The Group has long-term debt financing through Senior Loan Notes of US$650 million due for repayment in December 2025 and other debt as disclosed in Note 20. The Group has a revolving credit facility of US$120 million for funding general corporate and working capital needs. As at 31 December 2023 the facility was undrawn. This facility is available until December 2024. The Group has remained compliant during the year to 31 December 2023 with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for further information in relation to debt facilities. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities and continuously monitoring forecast and actual cash flows including consideration of appropriate sensitivities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "Non-derivative financial liabilities The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table below includes principal cash flows.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Non-interest bearing
213.4
\u2013
\u2013
\u2013
213.4
Fixed interest rate instruments
44.4
789.8
438.6
350.5
1,623.4
Variable interest rate instruments
18.0
22.3
489.8
144.5
674.6
275.8
812.1
928.4
495.0
2,511.4
31 December 2022
Non-interest bearing
216.5
\u2013
\u2013
\u2013
216.5
Fixed interest rate instruments
43.0
39.7
1,441.3
493.8
2,017.8
Variable interest rate instruments
10.2
\u2013
25.0
200.0
235.2
269.7
39.7
1,466.3
693.8
2,469.5
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "Non-derivative financial assets The following table details the Group\u2019s expected maturity for other non-derivative financial assets. The table below has been drawn up based on the undiscounted contractual maturities of the financial assets except where the Group anticipates that the cash flow will occur in a different period.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Non-interest bearing
282.0
\u2013
\u2013
\u2013
282.0
Fixed interest rate instruments
106.6
\u2013
\u2013
\u2013
106.6
388.6
\u2013
\u2013
\u2013
388.6
31 December 2022
Non-interest bearing
204.9
\u2013
\u2013
\u2013
204.9
Fixed interest rate instruments
119.6
\u2013
\u2013
\u2013
119.6
324.5
\u2013
\u2013
\u2013
324.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "Derivative financial instruments assets The derivatives represent the fair value of the put and call options embedded within the terms of the Senior Notes. The call options give the Group the right to redeem the Senior Notes instruments at a date prior to the maturity date (18 December 2025), in certain circumstances and at a premium over the initial notional amount. The put option provides the holders with the right (and the Group with an obligation) to settle the Senior Notes before their redemption date in the event of a change in control resulting in a rating downgrade (as defined in the terms of the Senior Notes, which also includes a major asset sale), and at a premium over the initial notional amount. The options are fair valued using an option pricing model that is commonly used by market participants to value such options and makes the maximum use of market inputs, relying as little as possible on the entity\u2019s specific inputs and making reference to the fair value of similar instruments in the market. The options are considered a Level 3 financial instrument in the fair value hierarchy of IFRS 13, owing to the presence of unobservable inputs. Where Level 1 (market observable) inputs are not available, the Helios Group engages a third-party qualified valuer to perform the valuation. Management works closely with the qualified external valuer to establish the appropriate valuation techniques and inputs to the model. The Senior Notes are quoted and it has an embedded derivative. The fair value of the embedded derivative is the difference between the quoted price of the Senior Notes and the fair value of the host contract (the Senior Notes excluding the embedded derivative). The fair value of the Senior Notes as at the valuation date has been sourced from an independent third-party data vendor. The fair value of the host contract is calculated by discounting the Senior Notes\u2019 future cash flows (coupons and principal payment) at US Dollar 3-month LIBOR plus Helios Towers\u2019 credit spread. For the valuation date of 31 December 2023, a relative 5% increase in credit spread would result in a nil valuation of the embedded derivatives. As at the reporting date, the call option had a fair value of US$6.3 million (31 December 2022: US$2.5 million) on the US$650 million 7.000% Senior Notes 2025, while the put option had a fair value of US$0 million (31 December 2022: US$0 million). The increase in the fair value of the call option is attributable the tightening of the Group\u2019s credit spread, which is in line with the market movement. The key assumptions in determining the fair value are: the quoted price of the bond as at 31 December 2023; the credit spread; and the yield curve. The probabilities relating to change of control and major asset sale represent a reasonable expectation of those events occurring that would be held by a market participant.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2023
Net settled:
Embedded derivatives
\u2013
6.3
\u2013
\u2013
6.3
\u2013
6.3
\u2013
\u2013
6.3
31 December 2022
Net settled:
Embedded derivatives
\u2013
\u2013
2.5
\u2013
2.5
\u2013
\u2013
2.5
\u2013
2.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "Risk management strategy of hedge relationships The Group\u2019s activities expose it to the financial risks of changes in interest rates which it manages using derivative financial instruments. The objective of cash flow hedges is principally to protect the group against adverse interest rate movements. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within finance costs in the income statement unless designated in an effective cash flow hedge relationship when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For hedges of foreign currency denominated borrowings and investments, the Group uses interest rate swaps to hedge its exposure to interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to: a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) Changes in the contractual terms or timing of the payments on the hedged item; and c) A change in the credit risk of the Group or the counterparty with the hedging instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market rates and foreign currency rates prevailing at 31 December. The valuation basis is level 2 of the fair value hierarchy. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly. The table below summaries the maturity profile of the Company\u2019s financial liabilities based on contractual undiscounted payments.
Less than
On demand 12 months 1\u20132 years 2\u20135 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2023
Financial derivatives
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
Opening (Gain)/Loss Closing Weighted
Nominal Carrying balance 1 Jan deferred to balance average
amounts value 2023 OCI 31 Dec 2023 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
400
(14.7)
\u2013
14.7
14.7
2029
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "
27. Contingent liabilities
The Group exercises judgement to determine whether to recognise provisions and make
disclosures for contingent liabilities as explained in note 2b.
A claim arising from a prior period is outstanding from the Tanzania Revenue Authority for
corporate income tax for the financial years ending 2018-2021 inclusive. The outstanding
amount is approximately US$9.2m.
A claim arising from a prior period is outstanding from DRC tax authorities issued an
assessment on a number of taxes amounting to $46.3 million for the financial years 2018 and
2019.
A claim arising from a prior period the DRC tax authorities issued a payment collection notice
for environmental taxes amounting to $33.7 million for the financial years 2013 to 2016.
In the year ended 2023, the Congo Brazzaville tax authorities issued a claim for securities
income tax, VAT and withholding tax. The outstanding amount is $10.1 million.
For all cases above, responses have been submitted to the relevant tax authority in relation
to the assessments and remain under review with local tax experts. The Directors believe that
the quantum of potential future cash outflows in relation to these tax audits is not probable
cannot be reasonably assessed and therefore no provision has been made for these amounts;
the balances above represent the Group\u2019s assessment of the maximum possible exposure for
the years assessed. The Directors are working with their advisers and are in discussion with
the tax authorities to bring the matters to conclusion based on the facts.
Other individually immaterial tax, and regulatory proceedings, claims and unresolved
disputes are pending against Helios Towers in a number of jurisdictions. The timing of
resolution and potential outcome (including any future financial obligations) of these are
uncertain, but not considered probable and therefore no provision has been recognised in
relation to these matters.
Legal claims
Other individually immaterial legal and regulatory proceedings, claims and unresolved
disputes are pending against Helios Towers in a number of jurisdictions. The timing of
resolution and potential outcome (including any future financial obligations) of these are
uncertain, but no cash outflows are considered probable and therefore no provisions have
been recognised in relation to these matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "
28. Net debt
2023 2022
US$m US$m
External debt
(1,650.3)
(1,571.6)
Lease liabilities
(239.4)
(226.0)
Cash and cash equivalents
106.6
119.6
Net debt
(1,783.1)
(1,678.0)
At At
1 January 31 December
2023 Cash flows Other 2023
2023 US$m US$m US$m US$m
Cash and cash equivalents
119.6
(5.4)
(7.6)
106.6
External debt
(1,571.6)
(75.7)
(3.0)
(1,650.3)
Lease liabilities
(226.0)
54.1
(67.5)
(239.4)
Total financing liabilities
(1,797.6)
(21.6)
(70.5)
(1,889.7)
Net debt
(1,678.0)
(27.0)
(78.1)
(1,783.1)
1
At At
1 January 31 December
2022 Cash flows Other 2022
2022 US$m US$m US$m US$m
Cash and cash equivalents
528.9
(405.0)
(4.3)
119.6
External debt
(1,295.5)
(261.2)
(14.9)
(1,571.6)
Lease liabilities
(181.9)
40.8
(84.9)
(226.0)
Total financing liabilities
(1,477.4)
(220.4)
(99.8)
( 1,797.6)
Net debt
(948.5)
(625.4)
(104.1)
(1,678.0)
1
1 Other includes foreign exchange and non-cash interest movements.
Refer to Note 20 for further details on the year-on-year movements in loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "
29. Loss per share
Basic loss per share has been calculated by dividing the total loss for the year by the weighted
average number of shares in issue during the year after adjusting for shares held in the EBT.
To calculate diluted loss per share, the weighted average number of ordinary shares in issue
is adjusted to assume conversion of all dilutive potential shares. Share options granted to
employees where the exercise price is less than the average market price of the Company\u2019s
ordinary shares during the year are considered to be dilutive potential shares. Where share
options are exercisable based on performance criteria and those performance criteria have been
met during the year, these options are included in the calculation of dilutive potential shares.
The Directors believe that Adjusted EBITDA per share is a useful additional measure to better
understand the performance of the business (refer to Note 4).
Loss per share is based on:
2023 2022
US$m US$m
Loss after tax for the year attributable to owners of the
Company
(100.1)
(171.5)
Adjusted EBITDA (Note 4)
369.9
282.8
2023 2022
Number Number
Weighted average number of ordinary shares used to
calculate basic earnings per share
1,048,501,270
1,047,039,919
Weighted average number of dilutive potential shares
119,278,686
114,017,600
Weighted average number of ordinary shares used to
calculate diluted earnings per share
1,167,779, 956
1,161,057,519
2023 2022
Loss per share cents cents
Basic
(10)
(16)
Diluted
(10)
(16)
2023 2022
Adjusted EBITDA per share cents cents
Basic
35
27
Diluted
32
24
The calculation of basic and diluted loss per share is based on the net loss attributable
to equity holders of the Company entity for the year of US$100.1 million (2022: US$171.5
million). Basic and diluted loss per share amounts are calculated by dividing the net loss
attributable to equity shareholders of the Company entity by the weighted average number
of shares outstanding during the year.
The calculation of Adjusted EBITDA per share and diluted EBITDA per share are based on the
Adjusted EBITDA earnings for the year of US$369.9 million (2022: US$282.8 million). Refer to
Note 4 for a reconciliation of Adjusted EBITDA to net loss before tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "
30. Non-controlling Interest
Summarised financial information in respect of each of the Group\u2019s subsidiaries that have
material non-controlling interests is set out below. The summarised financial information
below represents amounts before intragroup eliminations.
Oman
2022
2023 US$m
US$m (Restated)
Current assets
39.7
11.3
Non-current assets
509.4
519.6
Current liabilities
(254.6)
(114.8)
Non-current liabilities
(247. 2)
(256.3)
Equity attributable to owners of the Company
33.1
111.9
Non-controlling interests
14.2
47.9
1
Oman
2023 2022
US$m US$m
Revenue
57.5
3.6
Expenses
(81.4)
(9.5)
Loss for the year
(23.9)
(5.9)
Loss attributable to owners of the Company
(16.7)
(4.1)
Loss attributable to the non-controlling interests
(7. 2)
(1.8)
Loss for the year
(23.9)
(5.9)
Net cash inflow/(outflow) from operating activities
22.9
(4.6)
Net cash (outflow)/inflow from investing activities
(13.5)
\u2013
Net cash inflow/(outflow) from financing activities
(2.1)
8.2
Net cash inflow/(outflow)
7.3
3.6
1 Restatement on finalisation of acquisition accounting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "
31. Acquisition of subsidiary undertakings
a) Finalisation of Oman acquisition purchase price accounting (December 2022)
On 8 December 2022, the Group completed the acquisition of Oman Tech Infrastructure SAOC
of the previously announced transaction with Omantel. The Group has acquired 70% of the
share capital of which includes the passive infrastructure on 2,519 sites, colocation contracts
and certain supplier contracts. The Group has treated this as a single business combination
transaction and accounted for it in accordance with IFRS 3 \u2013 Business Combinations (IFRS 3)
using the acquisition method. The total consideration in respect of the transaction was
US$494.6 million. Goodwill arising on this business combination has been allocated to the
Oman CGU. The Goodwill is deductible for tax purposes. This acquisition is in line with the
Group\u2019s strategy. On the same date, a 30% stake in the business was sold to Rakiza
Telecommunications Infrastructure LLC as part of the same agreement for total consideration
of US$89.1 million. Non-controlling interest is recognised under the fair value method as
permitted under IFRS 3.
The breakdown of the acquisition price and goodwill generated by the acquisition is as follows:
Previously Final
reported Adjustment allocation
US$m US$m US$m
Total consideration paid
494.6
\u2013
494.6
Repayment of debt to seller
(328.8)
\u2013
(328.8)
Consideration paid in cash for minority interest
(49.7)
\u2013
(49.7)
Deferred receivable
(7.3)
\u2013
(7. 3)
IFRS Consideration
108.8
\u2013
108.8
Non-controlling interest
49.7
\u2013
49.7
Less: Net assets acquired
(135.0)
(6.9)
(141.9)
Resulting goodwill
23.5
(6.9)
16.6
Following completion of the purchase price accounting process and additional information
received post-closing the fair value of the initial assets acquired have been adjusted as
follows:
Previously Final
reported Adjustment allocation
Identifiable assets acquired at 8 December 2022: US$m US$m US$m
Assets
Fair value of property, plant and equipment
147.6
(23.3)
124.3
Fair value of intangible assets
322.8
(1.4)
321.4
Right of use assets
19.4
26.5
45.9
Other assets
0.7
\u2013
0.7
Cash
0.6
\u2013
0.6
Total assets
491.1
1.8
492.9
Liabilities
Other liabilities
(7.9)
4.6
(3.3)
Lease liabilities
(19.4)
0.5
(18.9)
Loans
(328.8)
\u2013
(328.8)
Total liabilities
(356.1)
5.1
(351.0)
Total net identifiable assets
135.0
6.9
141.9
Prior year comparatives have been restated in accordance with the above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "31. Acquisition of subsidiary undertakings a) Finalisation of Oman acquisition purchase price accounting (December 2022) On 8 December 2022, the Group completed the acquisition of Oman Tech Infrastructure SAOC of the previously announced transaction with Omantel. The Group has acquired 70% of the share capital of which includes the passive infrastructure on 2,519 sites, colocation contracts and certain supplier contracts. The Group has treated this as a single business combination transaction and accounted for it in accordance with IFRS 3 \u2013 Business Combinations (IFRS 3) using the acquisition method. The total consideration in respect of the transaction was US$494.6 million. Goodwill arising on this business combination has been allocated to the Oman CGU. The Goodwill is deductible for tax purposes. This acquisition is in line with the Group\u2019s strategy. On the same date, a 30% stake in the business was sold to Rakiza Telecommunications Infrastructure LLC as part of the same agreement for total consideration of US$89.1 million. Non-controlling interest is recognised under the fair value method as permitted under IFRS 3. The breakdown of the acquisition price and goodwill generated by the acquisition is as follows:
Previously Final
reported Adjustment allocation
US$m US$m US$m
Total consideration paid
494.6
\u2013
494.6
Repayment of debt to seller
(328.8)
\u2013
(328.8)
Consideration paid in cash for minority interest
(49.7)
\u2013
(49.7)
Deferred receivable
(7.3)
\u2013
(7. 3)
IFRS Consideration
108.8
\u2013
108.8
Non-controlling interest
49.7
\u2013
49.7
Less: Net assets acquired
(135.0)
(6.9)
(141.9)
Resulting goodwill
23.5
(6.9)
16.6
Following completion of the purchase price accounting process and additional information received post-closing the fair value of the initial assets acquired have been adjusted as follows:
Previously Final
reported Adjustment allocation
Identifiable assets acquired at 8 December 2022: US$m US$m US$m
Assets
Fair value of property, plant and equipment
147.6
(23.3)
124.3
Fair value of intangible assets
322.8
(1.4)
321.4
Right of use assets
19.4
26.5
45.9
Other assets
0.7
\u2013
0.7
Cash
0.6
\u2013
0.6
Total assets
491.1
1.8
492.9
Liabilities
Other liabilities
(7.9)
4.6
(3.3)
Lease liabilities
(19.4)
0.5
(18.9)
Loans
(328.8)
\u2013
(328.8)
Total liabilities
(356.1)
5.1
(351.0)
Total net identifiable assets
135.0
6.9
141.9
Prior year comparatives have been restated in accordance with the above.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "31. Acquisition of subsidiary undertakings a) Finalisation of Oman acquisition purchase price accounting (December 2022) On 8 December 2022, the Group completed the acquisition of Oman Tech Infrastructure SAOC of the previously announced transaction with Omantel. The Group has acquired 70% of the share capital of which includes the passive infrastructure on 2,519 sites, colocation contracts and certain supplier contracts. The Group has treated this as a single business combination transaction and accounted for it in accordance with IFRS 3 \u2013 Business Combinations (IFRS 3) using the acquisition method. The total consideration in respect of the transaction was US$494.6 million. Goodwill arising on this business combination has been allocated to the Oman CGU. The Goodwill is deductible for tax purposes. This acquisition is in line with the Group\u2019s strategy. On the same date, a 30% stake in the business was sold to Rakiza Telecommunications Infrastructure LLC as part of the same agreement for total consideration of US$89.1 million. Non-controlling interest is recognised under the fair value method as permitted under IFRS 3. The breakdown of the acquisition price and goodwill generated by the acquisition is as follows:
Previously Final
reported Adjustment allocation
US$m US$m US$m
Total consideration paid
494.6
\u2013
494.6
Repayment of debt to seller
(328.8)
\u2013
(328.8)
Consideration paid in cash for minority interest
(49.7)
\u2013
(49.7)
Deferred receivable
(7.3)
\u2013
(7. 3)
IFRS Consideration
108.8
\u2013
108.8
Non-controlling interest
49.7
\u2013
49.7
Less: Net assets acquired
(135.0)
(6.9)
(141.9)
Resulting goodwill
23.5
(6.9)
16.6
Following completion of the purchase price accounting process and additional information received post-closing the fair value of the initial assets acquired have been adjusted as follows:
Previously Final
reported Adjustment allocation
Identifiable assets acquired at 8 December 2022: US$m US$m US$m
Assets
Fair value of property, plant and equipment
147.6
(23.3)
124.3
Fair value of intangible assets
322.8
(1.4)
321.4
Right of use assets
19.4
26.5
45.9
Other assets
0.7
\u2013
0.7
Cash
0.6
\u2013
0.6
Total assets
491.1
1.8
492.9
Liabilities
Other liabilities
(7.9)
4.6
(3.3)
Lease liabilities
(19.4)
0.5
(18.9)
Loans
(328.8)
\u2013
(328.8)
Total liabilities
(356.1)
5.1
(351.0)
Total net identifiable assets
135.0
6.9
141.9
Prior year comparatives have been restated in accordance with the above.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "
32. Subsequent events
There were no material subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }