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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 21st Floor, 8 Bishopsgate, London, EC2N 4BQ, United Kingdom. In October 2019,
the ordinary shares of Helios Towers plc were admitted to the commercial companies
segment of the Official List of the UK Financial Conduct Authority. The shares trade on the
London Stock Exchange\u2019s main market for listed securities.
The Company and entities controlled by the Company are disclosed on page 163. The
principal accounting policies adopted by the Group are set out in Note 2. These policies have
been consistently applied to all periods presented with the exception of an update to our
Tower Asset depreciation policy.
During the current financial year, the Group has reviewed and updated its depreciation policy
for tower assets. Previously, tower assets were depreciated over a useful life of up to 15 years.
Following this review, the useful life of tower assets has been extended to up to 30 years
effective 1 January 2024. This change reflects the company\u2019s reassessment of the economic
benefits derived from these assets over a longer period. The impact of this change has been
accounted for prospectively in accordance with the relevant accounting standards.
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 and Malawian Kwacha. 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.
The material accounting policies adopted are set out on the next pages.
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 economies in which the
company operates. 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 (page 18);
\u2013 the availability of the Group\u2019s funding arrangements (Note 20), 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 (Note 20);
\u2013 progress made in developing and implementing cost reduction programmes 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 variable energy
prices and the broader inflationary environment on the Group\u2019s operations and the
refinancing of the Group\u2019s bond debt completed in the year. Net assets at year end were
US$35.9 million, compared to net liabilities of US$38.5 million in prior year. As these assets
are leased-up over the next few years, the Directors expect the balance sheet to strengthen.
Net current assets at year-end remain strong at US$131.1 million. 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 2024
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 IAS 1: Classification of liabilities as current or non-current and non-current liabilities
with covenants;
\u2013 IFRS 16: Lease liability in a sale and leaseback;
\u2013 Amendments to IAS 7: Statement of Cash Flows; and
\u2013 IFRS 7: Financial Instruments: Disclosures, Supplier Finance Arrangements.
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);
\u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with
IFRS 3, the Group shall measure the lease liability as the present value of remaining lease
payments as if the acquired lease were a new lease at the acquisition date; 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.
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 monitoring and impairment testing, goodwill acquired in a
business combination is allocated to the cash-generating units (CGUs) or groups of CGUs
that are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
From 1 January 2024, the Group monitors and tests goodwill for impairment using groups of
CGUs that are aligned with the Group\u2019s operating segments, whereas in prior years goodwill
was tested separately for each country in which the Group operates. No impairment would
have arisen had the current year goodwill impairment tests been performed on a basis
consistent with the prior year.
Operating segments 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 operating segment 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, 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. Certain contracts have CPI and power
escalation clauses which are reflected in line with the contract. 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, to provide a series of distinct tower space and site services.
This includes fees for the provision of tower infrastructure, power escalations and tower
service contracts. This is the Group\u2019s only material performance obligation 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.
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 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 and Malawian Kwacha 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). For intragroup loans not expected to be settled for the foreseeable future,
exchange differences are transferred from the income statement to the OCI.
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
Having reviewed the indicators of Hyperinflation, as outlined in IAS 29, the Group have
determined that Ghana and Malawi have met the requirements to be designated as
hyperinflationary economies under IAS 29 \u2018Financial Reporting in Hyperinflationary
Economies\u2019 in the quarter ended 31 December 2024, with the most prevalent indicator being
the increase in inflation over the last 3 years. The Group has therefore applied
hyperinflationary accounting, as specified in IAS 29, to its Ghanaian and Malawian operations
whose functional currencies are the Ghanaian Cedi and the Malawian Kwacha.
Ghanaian Cedi denominated results and non-monetary asset and liability balances for the
current financial year ended 31 December 2024 have been revalued to their present value
equivalent local currency amounts as at 31 December 2024, based on the CPI (Consumer
Price Index) as issued by the Ghana Statistical Service, before translation to US$ at the
reporting date exchange rate of US$1:GHS14.707. The inflation index has risen by 27.1% to
254.9 (2023: 200.5) during the current financial year.
Malawian Kwacha denominated results and non-monetary asset and liability balances for the
current financial year ended 31 December 2024 have been revalued to their present value
equivalent local currency amounts as at 31 December 2024, based on the CPI as issued by
the Reserve Bank of Malawi, before translation to US$ at the reporting date exchange rate of
US$1:MWK1,751.00. The index has increased by 28.1% to 216.1 (2023: 168.7) during the current
financial year. Comparative periods are not restated per IAS 21 \u2018The Effects of Changes in
Foreign Exchange rates\u2019.
For the Group\u2019s operations in Ghana and Malawi:
\u2013 The gain or loss on net monetary assets resulting from IAS 29 application is recognised in
the consolidated income statement within other gains & losses.
\u2013 The Group also presents the gain or loss on cash and cash equivalents as monetary items
together with the effect of inflation on operating, investing and financing cash flows as one
number in the consolidated statement of cash flows.
\u2013 The Group has presented the IAS 29 opening balance adjustment to net assets within
currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact
of currency movements are presented within other comprehensive income because such
amounts are judged to meet the definition of \u2018exchange differences\u2019.
The main impacts of the aforementioned adjustments on the consolidated financial
statements are shown below.
Year ended
31 December 2024 Year ended
Increase/ 31 December 2023
(Decrease) Increase/(Decrease)
US$m US$m
Revenue
2.4
0.4
Operating Profit
(7. 5)
(5.8)
Profit/(loss) before tax
(2.7)
(14.0)
Non-current assets
69.5
30.8
Equity attributable to owners of the parent
(64.4)
(27.6)
Financial assets
Within the scope of IFRS 9, financial assets are classified and subsequently measured at
amortised cost, fair value through other comprehensive income (OCI), or fair value through
profit or loss (FVTPL).
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
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.
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.
Derivative financial instruments and 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.
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. The Group designates
certain derivatives as hedges of interest rate risks of highly probable forecast transactions
(cash flow hedges). 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.
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, including any costs of decommissioning original telecoms equipment, 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 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 30 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 Cabinets 8
Directly attributable costs of acquiring tower assets are capitalised together with the towers
acquired and depreciated over a period of up to 30 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 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 on page
143) 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. For the purposes of assessing
impairment, assets are grouped on a CGU basis. Where the asset does not generate cash
flows that are independent from other assets, the Directors estimate the recoverable amount
of the CGU (\u2018Cash Generating Unit\u2019) 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 measured indirectly by reference to the fair value of the instruments
granted. 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, in hand and short-term deposits, which are
held for the purpose of meeting short-term commitments. Short-term deposits are defined as
deposits with an initial maturity of three months or less. Whilst bank overdrafts are repayable
in the short-term, they do not form an integral part of the Group\u2019s cash management, and are
thus not 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 (continued)
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 legal entity 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 2025:
\u2013 Amendments to IAS 21 \u2018Lack of Exchangeability\u2019 (Effective for 2025)
The Group\u2019s financial reporting will be presented in accordance with the above new
standards from 1 January 2025. 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.
At the date of authorisation of these financial statements, the group has not applied IFRS
Accounting Standards which have been issued but not yet effective:
\u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027)
The Directors of the company anticipate that the application of these amendments may have
an impact on the group\u2019s consolidated financial statements in future periods.
2(b). 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. The contracts permit the Group, subject to
certain conditions, to relocate customer equipment on the Group\u2019s 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 as at 31 December 2024 due to the existence
of previous tax losses in the relevant entities and insufficient certainty as to the availability of
future taxable profits. During 2024 the Group has recognised a deferred tax asset of US$31.6
million, which was not previously recognised as at 31 December 2023, in relation to unrealised
foreign exchange losses on intercompany borrowings in an operating entity where the Group
has developed plans for their realisation, and sufficient future taxable profits are expected to
be available to utilise these tax deductions.
2(c). 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$15.5 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
In the previous financial year, impairment testing was considered a key source of estimation
uncertainty. In 2024, for the purpose of assessing goodwill for impairment, CGUs are
grouped on a segment basis. Given the increased level of headroom in the Group\u2019s 2024
impairment tests, management no longer considers impairment to be a key source of
estimation uncertainty.
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 2024 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 2024 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, equipment, the
useful economic lives of our towers 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "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 21st Floor, 8 Bishopsgate, London, EC2N 4BQ, United Kingdom. In October 2019, the ordinary shares of Helios Towers plc were admitted to the commercial companies segment of the Official List of the UK Financial Conduct Authority. The shares trade on the London Stock Exchange\u2019s main market for listed securities. The Company and entities controlled by the Company are disclosed on page 163. The principal accounting policies adopted by the Group are set out in Note 2. These policies have been consistently applied to all periods presented with the exception of an update to our Tower Asset depreciation policy. During the current financial year, the Group has reviewed and updated its depreciation policy for tower assets. Previously, tower assets were depreciated over a useful life of up to 15 years. Following this review, the useful life of tower assets has been extended to up to 30 years effective 1 January 2024. This change reflects the company\u2019s reassessment of the economic benefits derived from these assets over a longer period. The impact of this change has been accounted for prospectively in accordance with the relevant accounting standards. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Helios Towers plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "Helios Towers plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "21st Floor, 8 Bishopsgate, London, EC2N 4BQ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "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 and Malawian Kwacha. 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. The material accounting policies adopted are set out on the next pages. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "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 economies in which the company operates. 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 (page 18); \u2013 the availability of the Group\u2019s funding arrangements (Note 20), 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 (Note 20); \u2013 progress made in developing and implementing cost reduction programmes 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 variable energy prices and the broader inflationary environment on the Group\u2019s operations and the refinancing of the Group\u2019s bond debt completed in the year. Net assets at year end were US$35.9 million, compared to net liabilities of US$38.5 million in prior year. As these assets are leased-up over the next few years, the Directors expect the balance sheet to strengthen. Net current assets at year-end remain strong at US$131.1 million. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "New accounting policies in 2024 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 IAS 1: Classification of liabilities as current or non-current and non-current liabilities with covenants; \u2013 IFRS 16: Lease liability in a sale and leaseback; \u2013 Amendments to IAS 7: Statement of Cash Flows; and \u2013 IFRS 7: Financial Instruments: Disclosures, Supplier Finance Arrangements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "New accounting policies in 2024 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 IAS 1: Classification of liabilities as current or non-current and non-current liabilities with covenants; \u2013 IFRS 16: Lease liability in a sale and leaseback; \u2013 Amendments to IAS 7: Statement of Cash Flows; and \u2013 IFRS 7: Financial Instruments: Disclosures, Supplier Finance Arrangements. 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 2025: \u2013 Amendments to IAS 21 \u2018Lack of Exchangeability\u2019 (Effective for 2025) The Group\u2019s financial reporting will be presented in accordance with the above new standards from 1 January 2025. 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. At the date of authorisation of these financial statements, the group has not applied IFRS Accounting Standards which have been issued but not yet effective: \u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027) The Directors of the company anticipate that the application of these amendments may have an impact on the group\u2019s consolidated financial statements in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "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); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; 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. 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 monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. From 1 January 2024, the Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments, whereas in prior years goodwill was tested separately for each country in which the Group operates. No impairment would have arisen had the current year goodwill impairment tests been performed on a basis consistent with the prior year. Operating segments 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 operating segment 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, 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 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 on page 143) 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. For the purposes of assessing impairment, assets are grouped on a CGU basis. Where the asset does not generate cash flows that are independent from other assets, the Directors estimate the recoverable amount of the CGU (\u2018Cash Generating Unit\u2019) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; 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. 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 monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. From 1 January 2024, the Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments, whereas in prior years goodwill was tested separately for each country in which the Group operates. No impairment would have arisen had the current year goodwill impairment tests been performed on a basis consistent with the prior year. Operating segments 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 operating segment 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "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); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; 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. 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 monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. From 1 January 2024, the Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments, whereas in prior years goodwill was tested separately for each country in which the Group operates. No impairment would have arisen had the current year goodwill impairment tests been performed on a basis consistent with the prior year. Operating segments 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 operating segment 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "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); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; 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. 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 monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. From 1 January 2024, the Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments, whereas in prior years goodwill was tested separately for each country in which the Group operates. No impairment would have arisen had the current year goodwill impairment tests been performed on a basis consistent with the prior year. Operating segments 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 operating segment 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "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. Certain contracts have CPI and power escalation clauses which are reflected in line with the contract. 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, to provide a series of distinct tower space and site services. This includes fees for the provision of tower infrastructure, power escalations and tower service contracts. This is the Group\u2019s only material performance obligation 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. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "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 and Malawian Kwacha 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). For intragroup loans not expected to be settled for the foreseeable future, exchange differences are transferred from the income statement to the OCI. 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 Having reviewed the indicators of Hyperinflation, as outlined in IAS 29, the Group have determined that Ghana and Malawi have met the requirements to be designated as hyperinflationary economies under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 31 December 2024, with the most prevalent indicator being the increase in inflation over the last 3 years. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, to its Ghanaian and Malawian operations whose functional currencies are the Ghanaian Cedi and the Malawian Kwacha. Ghanaian Cedi denominated results and non-monetary asset and liability balances for the current financial year ended 31 December 2024 have been revalued to their present value equivalent local currency amounts as at 31 December 2024, based on the CPI (Consumer Price Index) as issued by the Ghana Statistical Service, before translation to US$ at the reporting date exchange rate of US$1:GHS14.707. The inflation index has risen by 27.1% to 254.9 (2023: 200.5) during the current financial year. Malawian Kwacha denominated results and non-monetary asset and liability balances for the current financial year ended 31 December 2024 have been revalued to their present value equivalent local currency amounts as at 31 December 2024, based on the CPI as issued by the Reserve Bank of Malawi, before translation to US$ at the reporting date exchange rate of US$1:MWK1,751.00. The index has increased by 28.1% to 216.1 (2023: 168.7) during the current financial year. Comparative periods are not restated per IAS 21 \u2018The Effects of Changes in Foreign Exchange rates\u2019. For the Group\u2019s operations in Ghana and Malawi: \u2013 The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within other gains & losses. \u2013 The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating, investing and financing cash flows as one number in the consolidated statement of cash flows. \u2013 The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are judged to meet the definition of \u2018exchange differences\u2019. The main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
Year ended
31 December 2024 Year ended
Increase/ 31 December 2023
(Decrease) Increase/(Decrease)
US$m US$m
Revenue
2.4
0.4
Operating Profit
(7. 5)
(5.8)
Profit/(loss) before tax
(2.7)
(14.0)
Non-current assets
69.5
30.8
Equity attributable to owners of the parent
(64.4)
(27.6)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "The individual Financial Statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each Group company are expressed in United States Dollars (US$), 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "Financial assets Within the scope of IFRS 9, financial assets are classified and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or fair value through profit or loss (FVTPL). 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 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. 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. Derivative financial instruments and 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. 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. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash flow hedges). 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "Financial assets Within the scope of IFRS 9, financial assets are classified and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or fair value through profit or loss (FVTPL). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "Financial liabilities 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "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. Derivative financial instruments and 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. 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. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash flow hedges). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "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. Derivative financial instruments and 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. 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. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash flow hedges). 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "Derivative financial instruments and 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. 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. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash flow hedges). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost of acquisition, including any costs of decommissioning original telecoms equipment, 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 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 30 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 Cabinets 8 year Directly attributable costs of acquiring tower assets are capitalised together with the towers acquired and depreciated over a period of up to 30 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost of acquisition, including any costs of decommissioning original telecoms equipment, 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 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 30 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 Cabinets 8 year Directly attributable costs of acquiring tower assets are capitalised together with the towers acquired and depreciated over a period of up to 30 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "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 on page 143) 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. For the purposes of assessing impairment, assets are grouped on a CGU basis. Where the asset does not generate cash flows that are independent from other assets, the Directors estimate the recoverable amount of the CGU (\u2018Cash Generating Unit\u2019) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "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 on page 143) 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. For the purposes of assessing impairment, assets are grouped on a CGU basis. Where the asset does not generate cash flows that are independent from other assets, the Directors estimate the recoverable amount of the CGU (\u2018Cash Generating Unit\u2019) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "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 measured indirectly by reference to the fair value of the instruments granted. For further details refer to Note 25. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank, in hand and short-term deposits, which are held for the purpose of meeting short-term commitments. Short-term deposits are defined as deposits with an initial maturity of three months or less. Whilst bank overdrafts are repayable in the short-term, they do not form an integral part of the Group\u2019s cash management, and are thus not 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "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 legal entity 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "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 legal entity 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "Share capital Ordinary shares are classified as equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "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 2025: \u2013 Amendments to IAS 21 \u2018Lack of Exchangeability\u2019 (Effective for 2025) The Group\u2019s financial reporting will be presented in accordance with the above new standards from 1 January 2025. 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. At the date of authorisation of these financial statements, the group has not applied IFRS Accounting Standards which have been issued but not yet effective: \u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027) The Directors of the company anticipate that the application of these amendments may have an impact on the group\u2019s consolidated financial statements in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "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 2025: \u2013 Amendments to IAS 21 \u2018Lack of Exchangeability\u2019 (Effective for 2025) The Group\u2019s financial reporting will be presented in accordance with the above new standards from 1 January 2025. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "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. At the date of authorisation of these financial statements, the group has not applied IFRS Accounting Standards which have been issued but not yet effective: \u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027) The Directors of the company anticipate that the application of these amendments may have an impact on the group\u2019s consolidated financial statements in future periods. 2(b). 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. The contracts permit the Group, subject to certain conditions, to relocate customer equipment on the Group\u2019s 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 as at 31 December 2024 due to the existence of previous tax losses in the relevant entities and insufficient certainty as to the availability of future taxable profits. During 2024 the Group has recognised a deferred tax asset of US$31.6 million, which was not previously recognised as at 31 December 2023, in relation to unrealised foreign exchange losses on intercompany borrowings in an operating entity where the Group has developed plans for their realisation, and sufficient future taxable profits are expected to be available to utilise these tax deductions. 2(c). 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$15.5 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 In the previous financial year, impairment testing was considered a key source of estimation uncertainty. In 2024, for the purpose of assessing goodwill for impairment, CGUs are grouped on a segment basis. Given the increased level of headroom in the Group\u2019s 2024 impairment tests, management no longer considers impairment to be a key source of estimation uncertainty. 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 2024 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 2024 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, equipment, the useful economic lives of our towers 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "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. At the date of authorisation of these financial statements, the group has not applied IFRS Accounting Standards which have been issued but not yet effective: \u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027) The Directors of the company anticipate that the application of these amendments may have an impact on the group\u2019s consolidated financial statements in future periods. 2(b). 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. The contracts permit the Group, subject to certain conditions, to relocate customer equipment on the Group\u2019s 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 as at 31 December 2024 due to the existence of previous tax losses in the relevant entities and insufficient certainty as to the availability of future taxable profits. During 2024 the Group has recognised a deferred tax asset of US$31.6 million, which was not previously recognised as at 31 December 2023, in relation to unrealised foreign exchange losses on intercompany borrowings in an operating entity where the Group has developed plans for their realisation, and sufficient future taxable profits are expected to be available to utilise these tax deductions. 2(c). 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$15.5 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 In the previous financial year, impairment testing was considered a key source of estimation uncertainty. In 2024, for the purpose of assessing goodwill for impairment, CGUs are grouped on a segment basis. Given the increased level of headroom in the Group\u2019s 2024 impairment tests, management no longer considers impairment to be a key source of estimation uncertainty. 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 2024 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 2024 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, equipment, the useful economic lives of our towers 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "
3. Segmental reporting
The following segmental information is presented in a consistent format with management information considered by the Group CEO, who is considered to be the chief operating decision
maker (CODM). Operating segments are determined based on geographical location. 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 CODM is Adjusted EBITDA, which is defined
in Note 4.
Middle East &
North Africa
4
East & West Africa
5
Central & Southern Africa
6
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2024 US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
68.6
242.1
83.4
296.4
101.5
\u2013
792.0
Adjusted gross margin
1
81%
74%
56%
57%
62%
\u2013
65%
Adjusted EBITDA
2
49.3
171.1
39.3
150.7
48.6
(38.0)
421.0
Adjusted EBITDA margin
3
72%
71%
47%
51%
48%
\u2013
53%
Financing costs
Interest costs
(33.8)
(34.1)
(45.6)
(54.8)
(22.6)
(1.0)
(191.9)
Foreign exchange differences
(0.3)
2.1
0.3
(0.4)
(30.0)
6.6
(21.7)
Loss on refinancing
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Total finance costs
(34.1)
(32.0)
(45.3)
(55.2)
(52.6)
0.6
(218.6)
Other segmental information
Non-current assets
7
501.1
286.3
311.6
398.7
248.6
13.0
1,759.3
Property, plant and equipment additions
22.6
36.5
29.0
53.5
28.0
8.0
177.6
Property, plant and equipment depreciation and amortisation
22.2
31.3
26.6
35.8
17.6
6.8
140.3
1 Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue.
2 Adjusted EBITDA is profit/(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 Non-current assets for 2024 do not include deferred tax assets or derivative financial assets.
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
1
77%
73%
57%
54%
62%
\u2013
63%
Adjusted EBITDA
2
38.5
162.3
37.5
123.0
44.6
(36.0)
369.9
Adjusted EBITDA margin
3
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.
2 Adjusted EBITDA is profit/(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.
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 2024,
revenue from our top four MNO customers, collectively accounted for 68.9% of our revenue (2023: 69.7%).
Year ended 31 December
Revenue
Revenue
2024 2024 2023 2023
(US$m) US$m % US$m %
Airtel Africa
192.2
24.3%
197.1
27.4%
Vodafone/Vodacom
182.2
23.0%
154.5
21.4%
Orange
89.0
11.2%
77. 5
10.8%
Axian
82.4
10.4%
73.0
10.1%
Total
545.8
68.9%
502.1
69.7%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "
Middle East &
North Africa
4
East & West Africa
5
Central & Southern Africa
6
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2024 US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
68.6
242.1
83.4
296.4
101.5
\u2013
792.0
Adjusted gross margin
1
81%
74%
56%
57%
62%
\u2013
65%
Adjusted EBITDA
2
49.3
171.1
39.3
150.7
48.6
(38.0)
421.0
Adjusted EBITDA margin
3
72%
71%
47%
51%
48%
\u2013
53%
Financing costs
Interest costs
(33.8)
(34.1)
(45.6)
(54.8)
(22.6)
(1.0)
(191.9)
Foreign exchange differences
(0.3)
2.1
0.3
(0.4)
(30.0)
6.6
(21.7)
Loss on refinancing
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Total finance costs
(34.1)
(32.0)
(45.3)
(55.2)
(52.6)
0.6
(218.6)
Other segmental information
Non-current assets
7
501.1
286.3
311.6
398.7
248.6
13.0
1,759.3
Property, plant and equipment additions
22.6
36.5
29.0
53.5
28.0
8.0
177.6
Property, plant and equipment depreciation and amortisation
22.2
31.3
26.6
35.8
17.6
6.8
140.3
1 Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue. 2 Adjusted EBITDA is profit/(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 Non-current assets for 2024 do not include deferred tax assets or derivative financial assets.
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
1
77%
73%
57%
54%
62%
\u2013
63%
Adjusted EBITDA
2
38.5
162.3
37.5
123.0
44.6
(36.0)
369.9
Adjusted EBITDA margin
3
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. 2 Adjusted EBITDA is profit/(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. 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 2024, revenue from our top four MNO customers, collectively accounted for 68.9% of our revenue (2023: 69.7%).
Year ended 31 December
Revenue
Revenue
2024 2024 2023 2023
(US$m) US$m % US$m %
Airtel Africa
192.2
24.3%
197.1
27.4%
Vodafone/Vodacom
182.2
23.0%
154.5
21.4%
Orange
89.0
11.2%
77. 5
10.8%
Axian
82.4
10.4%
73.0
10.1%
Total
545.8
68.9%
502.1
69.7%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "
Middle East &
North Africa
4
East & West Africa
5
Central & Southern Africa
6
Corporate
Group
Oman Tanzania Other DRC Other
For the year to 31 December 2024 US$m US$m US$m US$m
US$m
US$m
US$m
Revenue
68.6
242.1
83.4
296.4
101.5
\u2013
792.0
Adjusted gross margin
1
81%
74%
56%
57%
62%
\u2013
65%
Adjusted EBITDA
2
49.3
171.1
39.3
150.7
48.6
(38.0)
421.0
Adjusted EBITDA margin
3
72%
71%
47%
51%
48%
\u2013
53%
Financing costs
Interest costs
(33.8)
(34.1)
(45.6)
(54.8)
(22.6)
(1.0)
(191.9)
Foreign exchange differences
(0.3)
2.1
0.3
(0.4)
(30.0)
6.6
(21.7)
Loss on refinancing
\u2013
\u2013
\u2013
\u2013
\u2013
(5.0)
(5.0)
Total finance costs
(34.1)
(32.0)
(45.3)
(55.2)
(52.6)
0.6
(218.6)
Other segmental information
Non-current assets
7
501.1
286.3
311.6
398.7
248.6
13.0
1,759.3
Property, plant and equipment additions
22.6
36.5
29.0
53.5
28.0
8.0
177.6
Property, plant and equipment depreciation and amortisation
22.2
31.3
26.6
35.8
17.6
6.8
140.3
1 Adjusted gross margin means gross profit, adding back site and warehouse depreciation, divided by revenue. 2 Adjusted EBITDA is profit/(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 Non-current assets for 2024 do not include deferred tax assets or derivative financial assets.
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
1
77%
73%
57%
54%
62%
\u2013
63%
Adjusted EBITDA
2
38.5
162.3
37.5
123.0
44.6
(36.0)
369.9
Adjusted EBITDA margin
3
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. 2 Adjusted EBITDA is profit/(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. 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 2024, revenue from our top four MNO customers, collectively accounted for 68.9% of our revenue (2023: 69.7%).
Year ended 31 December
Revenue
Revenue
2024 2024 2023 2023
(US$m) US$m % US$m %
Airtel Africa
192.2
24.3%
197.1
27.4%
Vodafone/Vodacom
182.2
23.0%
154.5
21.4%
Orange
89.0
11.2%
77. 5
10.8%
Axian
82.4
10.4%
73.0
10.1%
Total
545.8
68.9%
502.1
69.7%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "
4. Reconciliation of aggregate segment Adjusted EBITDA to profit/(loss) before tax
The key segment operating result used by chief operating decision maker (CODM) is
Adjusted EBITDA which is also used as an Alternative Performance Measure for the Group
as a whole.
Management defines Adjusted EBITDA as profit/(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 profit/(loss) before tax as follows:
2024 2023
US$m US$m
Adjusted EBITDA
421.0
369.9
Adjustments applied to give Adjusted EBITDA
Adjusting items:
Deal costs
1
(1.4)
(3.3)
Share-based payments and long-term incentive plan charges
2
(4.7)
(3.7)
Other
(1.2)
(0.9)
(Loss)/gain on disposal of property, plant and equipment
(5.2)
3.1
Other gains and (losses)
17.1
(6.1)
Depreciation of property, plant and equipment
(113.3)
(160.9)
Amortisation of intangible assets
(27.0)
(26.1)
Depreciation of right-of-use assets
(25.9)
(32.0)
Interest receivable
3.4
1.3
Finance costs
(218.6)
(253.5)
Profit/(loss) before tax
44.2
(112.2)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "
5a. Operating profit
Operating profit is stated after charging the following:
2024 2023
US$m US$m
Cost of inventory expensed
131.0
125.1
Auditor remuneration (see Note 5b)
3.1
2.9
Loss/(gain) on disposal of property, plant and equipment
5.2
(3.1)
Depreciation and amortisation
166.2
219.0
Staff costs (Note 6)
47.7
42.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "5a. Operating profit Operating profit is stated after charging the following:
2024 2023
US$m US$m
Cost of inventory expensed
131.0
125.1
Auditor remuneration (see Note 5b)
3.1
2.9
Loss/(gain) on disposal of property, plant and equipment
5.2
(3.1)
Depreciation and amortisation
166.2
219.0
Staff costs (Note 6)
47.7
42.3
5b. Audit remuneration
2024 2023
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.7
0.8
Statutory audit of the Group\u2019s subsidiaries
2.1
1.8
Audit fees
2.8
2.6
Interim review engagements
0.3
0.3
Other assurance services
1
0.3
\u2013
Audit related assurance services
0.6
0.3
Total non-audit fees
0.6
0.3
Total fees
3.4
2.9
1 Other assurance services in relation to bond issuance in the year. 6. Staff costs Staff costs consist of the following components:
2024 2023
US$m US$m
Wages and salaries
44.0
38.9
Social security costs \u2013 employer contributions
2.8
2.6
Pension costs
0.9
0.8
47.7
42.3
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:
2024
2023
Operations
320
320
Legal and regulatory
65
61
Administration
68
61
Finance and IT
119
120
Sales and marketing
39
36
611
598
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "5a. Operating profit Operating profit is stated after charging the following:
2024 2023
US$m US$m
Cost of inventory expensed
131.0
125.1
Auditor remuneration (see Note 5b)
3.1
2.9
Loss/(gain) on disposal of property, plant and equipment
5.2
(3.1)
Depreciation and amortisation
166.2
219.0
Staff costs (Note 6)
47.7
42.3
5b. Audit remuneration
2024 2023
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.7
0.8
Statutory audit of the Group\u2019s subsidiaries
2.1
1.8
Audit fees
2.8
2.6
Interim review engagements
0.3
0.3
Other assurance services
1
0.3
\u2013
Audit related assurance services
0.6
0.3
Total non-audit fees
0.6
0.3
Total fees
3.4
2.9
1 Other assurance services in relation to bond issuance in the year. 6. Staff costs Staff costs consist of the following components:
2024 2023
US$m US$m
Wages and salaries
44.0
38.9
Social security costs \u2013 employer contributions
2.8
2.6
Pension costs
0.9
0.8
47.7
42.3
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:
2024
2023
Operations
320
320
Legal and regulatory
65
61
Administration
68
61
Finance and IT
119
120
Sales and marketing
39
36
611
598
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "Operating profit is stated after charging the following:
2024 2023
US$m US$m
Cost of inventory expensed
131.0
125.1
Auditor remuneration (see Note 5b)
3.1
2.9
Loss/(gain) on disposal of property, plant and equipment
5.2
(3.1)
Depreciation and amortisation
166.2
219.0
Staff costs (Note 6)
47.7
42.3
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 2023
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
Additions
0.3
3.4
1.5
171.7
\u2013
0.7
177.6
Disposals
(1.2)
(1.9)
\u2013
(25.7)
\u2013
(1.7)
(30.5)
Effects of foreign currency exchange differences
(0.1)
\u2013
(0.1)
(66.8)
(0.1)
\u2013
(67.1)
Hyperinflation impacts
0.1
\u2013
0.2
91.3
\u2013
0.1
91.7
At 31 December 2024
7.8
3.5
7.4
2,189.8
6.3
2.7
2, 217. 5
Depreciation
At 1 January 2023
(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)
Charge for the year
(0.2)
(0.4)
(0.6)
(111.9)
\u2013
(0.2)
(113.3)
Disposals
1.6
0.4
\u2013
21.3
\u2013
1.7
25.0
Effects of foreign currency exchange differences
0.1
\u2013
0.1
34.2
\u2013
\u2013
34.4
Hyperinflation impacts
(0.1)
\u2013
(0.1)
(54.9)
\u2013
\u2013
(55.1)
At 31 December 2024
(7. 2)
(1.9)
(5.2)
(1,220.0)
(0.4)
(1.8)
(1,236.5)
Net book value
At 31 December 2024
0.6
1.6
2.2
969.8
5.9
0.9
981.0
At 31 December 2023
0.1
0.1
1.2
910.6
6.0
0.3
918.3
At 31 December 2024, the Group had US$151.6 million (2023: US$184.8 million) of expenditure recognised in the carrying amount of items of site assets that were in the course of construction. On completion of the construction, they will remain within the site assets balance, and depreciation will commence when the assets are available for use. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "
5b. Audit remuneration
2024 2023
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.7
0.8
Statutory audit of the Group\u2019s subsidiaries
2.1
1.8
Audit fees
2.8
2.6
Interim review engagements
0.3
0.3
Other assurance services
1
0.3
\u2013
Audit related assurance services
0.6
0.3
Total non-audit fees
0.6
0.3
Total fees
3.4
2.9
1 Other assurance services in relation to bond issuance in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
6. Staff costs
Staff costs consist of the following components:
2024 2023
US$m US$m
Wages and salaries
44.0
38.9
Social security costs \u2013 employer contributions
2.8
2.6
Pension costs
0.9
0.8
47.7
42.3
An immaterial allocation of directly attributable staff costs is subsequently capitalised into
the cost of capital work in progress.
The average monthly number of employees during the year was made up as follows:
2024
2023
Operations
320
320
Legal and regulatory
65
61
Administration
68
61
Finance and IT
119
120
Sales and marketing
39
36
611
598
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "
7. Key management personnel compensation
2024 2023
US$m US$m
Salary, fees and bonus
3.9
3.7
Pension and benefits
0.2
0.2
Share-based payment charge
0.7
0.6
4.8
4.5
The above remuneration information relates to Directors in Helios Towers plc. Further details
can be found in the Directors\u2019 Remuneration Report of the Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "
8. Finance Income
2024 2023
US$m US$m
Bank interest receivable
3.4
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "8. Finance Income
2024 2023
US$m US$m
Bank interest receivable
3.4
1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "8. Finance Income
2024 2023
US$m US$m
Bank interest receivable
3.4
1.3
9. Finance costs
2024 2023
US$m US$m
Foreign exchange differences
21.7
86.1
Interest costs
165.6
150.2
Interest costs on lease liabilities
26.3
25.0
Loss/(gain) on refinancing
5.0
(7. 8)
218.6
253.5
Foreign exchange differences in 2023 also included foreign exchange effects within the Group\u2019s overseas subsidiaries of certain intragroup US dollar loans. Following the refinancing of certain of the Group\u2019s debt in the year, these loans were designated part of the Group\u2019s net investment in those subsidaries and accordingly the related foreign exchange differences were recorded in other comprehensive income from 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "8. Finance Income
2024 2023
US$m US$m
Bank interest receivable
3.4
1.3
9. Finance costs
2024 2023
US$m US$m
Foreign exchange differences
21.7
86.1
Interest costs
165.6
150.2
Interest costs on lease liabilities
26.3
25.0
Loss/(gain) on refinancing
5.0
(7. 8)
218.6
253.5
Foreign exchange differences in 2023 also included foreign exchange effects within the Group\u2019s overseas subsidiaries of certain intragroup US dollar loans. Following the refinancing of certain of the Group\u2019s debt in the year, these loans were designated part of the Group\u2019s net investment in those subsidaries and accordingly the related foreign exchange differences were recorded in other comprehensive income from 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "
9. Finance costs
2024 2023
US$m US$m
Foreign exchange differences
21.7
86.1
Interest costs
165.6
150.2
Interest costs on lease liabilities
26.3
25.0
Loss/(gain) on refinancing
5.0
(7. 8)
218.6
253.5
Foreign exchange differences in 2023 also included foreign exchange effects within the
Group\u2019s overseas subsidiaries of certain intragroup US dollar loans. Following the refinancing
of certain of the Group\u2019s debt in the year, these loans were designated part of the Group\u2019s net
investment in those subsidaries and accordingly the related foreign exchange differences
were recorded in other comprehensive income from 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "9. Finance costs
2024 2023
US$m US$m
Foreign exchange differences
21.7
86.1
Interest costs
165.6
150.2
Interest costs on lease liabilities
26.3
25.0
Loss/(gain) on refinancing
5.0
(7. 8)
218.6
253.5
Foreign exchange differences in 2023 also included foreign exchange effects within the Group\u2019s overseas subsidiaries of certain intragroup US dollar loans. Following the refinancing of certain of the Group\u2019s debt in the year, these loans were designated part of the Group\u2019s net investment in those subsidaries and accordingly the related foreign exchange differences were recorded in other comprehensive income from 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "
10. Tax expense/(credit), tax paid and deferred tax
2024 2023
US$m US$m
(a) Tax expense/(credit):
Current tax
In respect of current year
32.8
24.7
Adjustment in respect of prior years
10.1
(0.6)
Total current tax
42.9
24.1
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
(1.0)
0.6
Originating temporary differences on capital assets and losses
(28.7)
(24.6)
Adjustment in respect of prior years
4.0
(0.5)
Total deferred tax
(25.7)
(24.5)
Total tax expense/(credit)
17. 2
(0.4)
(b) Tax reconciliation:
Gain/(loss) before tax
44.2
(112.2)
Tax computed at local statutory tax rate
11.1
(26.4)
Tax effect of expenditure not deductible
32.5
20.8
Fixed asset timing differences
0.4
(3.2)
Change in deferred income tax movement not recognised
11.8
3.9
Recognition of previously unrecognised deferred tax
(31.6)
\u2013
Prior year over/(under) provision
14.1
(1.2)
Minimum income taxes
3.0
0.3
Different tax rates applied in overseas jurisdictions
3.7
4.1
Other
(28.0)
1.3
Total tax expense/(credit)
17. 2
(0.4)
The tax relates to operating subsidiaries outside the UK, of which a majority have a corporate
income tax rate above the prevailing UK tax rate of 25% (2023: 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 DRC and Senegal respectively which reported tax losses for the year
ended 31 December 2024. Minimum income tax rules do not apply to the loss-making entities
in Malawi, Oman or South Africa.
The tax charge reported in the Group consolidated financial statements reflects losses
recorded in certain holding
companies in Mauritius and UK which are not able to be group relieved against taxable
profits in the operating company jurisdictions. The tax charge for 2024 includes a one-off
benefit due to certain current tax deductions included within \u2018other\u2019 and the recognition of
certain previously unrecognised deferred tax assets as shown in the tax reconciliation above.
The profits of the Mauritius entities are subject to taxation at the headline rate of 17%
(2023: 15%), with eligibility for a statutory 80% exemption, subject to ongoing satisfaction
of the Global Business License conditions.
Other than the rate changes stated above, there have been no other changes to the local
statutory tax rates.
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.
2024 2023
Tax paid US$m US$m
Income tax
(33.2)
(20.9)
Total tax paid
(33.2)
(20.9)
Deferred tax
As deferred tax assets and liabilities are measured at the rates that are expected to apply in
the periods of the reversal, the deferred tax balance at the balance sheet date has been
calculated at the rate at which the relevant balance is expected to be recovered or settled.
Management has performed an assessment, for all material deferred income tax assets and
liabilities, to determine the period over which the deferred income tax assets and liabilities
are forecast to be realised. The deferred tax balances are calculated by applying the relevant
statutory corporate income tax rates at the balance sheet date.
The following are the deferred tax liabilities and assets recognised by the Group and
movements thereon during the current and prior reporting period:
Accelerated
tax Temporary Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2023
(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)
Charge for the year
(1.5)
23.4
2.6
1.0
25.5
Exchange rate differences
2.2
0.2
\u2013
(1.7)
0.7
31 December 2024
(11.3)
51.8
9.0
(35.6)
13.9
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 legal entity 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:
2024 2023
US$m US$m
Deferred tax liabilities
(28.3)
(25.9)
Deferred tax assets
42.2
13.6
Total
13.9
(12.3)
2024 2023
US$m US$m
Property, plant and equipment
(3.2)
(5.9)
Tax losses
9.2
6.5
Provisions
2.6
11.4
Unrealised foreign exchange
31.6
\u2013
IFRS 16
2.0
1.6
Deferred tax assets
42.2
13.6
Property, plant and equipment
(8.2)
5.5
Intangible assets
(35.0)
(39.1)
Unrealised foreign exchange
5.2
5.2
Provisions
8.9
0.4
IFRS 16
0.4
1.1
Other
0.4
1.0
Deferred tax liabilities
(28.3)
(25.9)
Total
13.9
(12.3)
Unrecognised deferred tax
No deferred tax asset is recognised on US$187.0 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$122.2 million are subject to expiry
under local statutory tax rules within periods of 3 to 5 years and US$64.8 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$96.0 million (tax effect US$16.3 million),
Oman US$26.2 million (tax effect US$3.9 million), South Africa US$19.8 million (tax effect
US$5.5 million), and UK US$37.2 million (tax effect US$9.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "10. Tax expense/(credit), tax paid and deferred tax
2024 2023
US$m US$m
(a) Tax expense/(credit):
Current tax
In respect of current year
32.8
24.7
Adjustment in respect of prior years
10.1
(0.6)
Total current tax
42.9
24.1
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
(1.0)
0.6
Originating temporary differences on capital assets and losses
(28.7)
(24.6)
Adjustment in respect of prior years
4.0
(0.5)
Total deferred tax
(25.7)
(24.5)
Total tax expense/(credit)
17. 2
(0.4)
(b) Tax reconciliation:
Gain/(loss) before tax
44.2
(112.2)
Tax computed at local statutory tax rate
11.1
(26.4)
Tax effect of expenditure not deductible
32.5
20.8
Fixed asset timing differences
0.4
(3.2)
Change in deferred income tax movement not recognised
11.8
3.9
Recognition of previously unrecognised deferred tax
(31.6)
\u2013
Prior year over/(under) provision
14.1
(1.2)
Minimum income taxes
3.0
0.3
Different tax rates applied in overseas jurisdictions
3.7
4.1
Other
(28.0)
1.3
Total tax expense/(credit)
17. 2
(0.4)
The tax relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the prevailing UK tax rate of 25% (2023: 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 DRC and Senegal respectively which reported tax losses for the year ended 31 December 2024. Minimum income tax rules do not apply to the loss-making entities in Malawi, Oman or South Africa. The tax charge reported in the Group consolidated financial statements reflects losses recorded in certain holding companies in Mauritius and UK which are not able to be group relieved against taxable profits in the operating company jurisdictions. The tax charge for 2024 includes a one-off benefit due to certain current tax deductions included within \u2018other\u2019 and the recognition of certain previously unrecognised deferred tax assets as shown in the tax reconciliation above. The profits of the Mauritius entities are subject to taxation at the headline rate of 17% (2023: 15%), with eligibility for a statutory 80% exemption, subject to ongoing satisfaction of the Global Business License conditions. Other than the rate changes stated above, there have been no other changes to the local statutory tax rates. 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.
2024 2023
Tax paid US$m US$m
Income tax
(33.2)
(20.9)
Total tax paid
(33.2)
(20.9)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated
tax Temporary Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2023
(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)
Charge for the year
(1.5)
23.4
2.6
1.0
25.5
Exchange rate differences
2.2
0.2
\u2013
(1.7)
0.7
31 December 2024
(11.3)
51.8
9.0
(35.6)
13.9
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 legal entity 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:
2024 2023
US$m US$m
Deferred tax liabilities
(28.3)
(25.9)
Deferred tax assets
42.2
13.6
Total
13.9
(12.3)
2024 2023
US$m US$m
Property, plant and equipment
(3.2)
(5.9)
Tax losses
9.2
6.5
Provisions
2.6
11.4
Unrealised foreign exchange
31.6
\u2013
IFRS 16
2.0
1.6
Deferred tax assets
42.2
13.6
Property, plant and equipment
(8.2)
5.5
Intangible assets
(35.0)
(39.1)
Unrealised foreign exchange
5.2
5.2
Provisions
8.9
0.4
IFRS 16
0.4
1.1
Other
0.4
1.0
Deferred tax liabilities
(28.3)
(25.9)
Total
13.9
(12.3)
Unrecognised deferred tax No deferred tax asset is recognised on US$187.0 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$122.2 million are subject to expiry under local statutory tax rules within periods of 3 to 5 years and US$64.8 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$96.0 million (tax effect US$16.3 million), Oman US$26.2 million (tax effect US$3.9 million), South Africa US$19.8 million (tax effect US$5.5 million), and UK US$37.2 million (tax effect US$9.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "10. Tax expense/(credit), tax paid and deferred tax
2024 2023
US$m US$m
(a) Tax expense/(credit):
Current tax
In respect of current year
32.8
24.7
Adjustment in respect of prior years
10.1
(0.6)
Total current tax
42.9
24.1
Deferred tax
Originating temporary differences on acquisition of subsidiary
undertakings
(1.0)
0.6
Originating temporary differences on capital assets and losses
(28.7)
(24.6)
Adjustment in respect of prior years
4.0
(0.5)
Total deferred tax
(25.7)
(24.5)
Total tax expense/(credit)
17. 2
(0.4)
(b) Tax reconciliation:
Gain/(loss) before tax
44.2
(112.2)
Tax computed at local statutory tax rate
11.1
(26.4)
Tax effect of expenditure not deductible
32.5
20.8
Fixed asset timing differences
0.4
(3.2)
Change in deferred income tax movement not recognised
11.8
3.9
Recognition of previously unrecognised deferred tax
(31.6)
\u2013
Prior year over/(under) provision
14.1
(1.2)
Minimum income taxes
3.0
0.3
Different tax rates applied in overseas jurisdictions
3.7
4.1
Other
(28.0)
1.3
Total tax expense/(credit)
17. 2
(0.4)
The tax relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the prevailing UK tax rate of 25% (2023: 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 DRC and Senegal respectively which reported tax losses for the year ended 31 December 2024. Minimum income tax rules do not apply to the loss-making entities in Malawi, Oman or South Africa. The tax charge reported in the Group consolidated financial statements reflects losses recorded in certain holding companies in Mauritius and UK which are not able to be group relieved against taxable profits in the operating company jurisdictions. The tax charge for 2024 includes a one-off benefit due to certain current tax deductions included within \u2018other\u2019 and the recognition of certain previously unrecognised deferred tax assets as shown in the tax reconciliation above. The profits of the Mauritius entities are subject to taxation at the headline rate of 17% (2023: 15%), with eligibility for a statutory 80% exemption, subject to ongoing satisfaction of the Global Business License conditions. Other than the rate changes stated above, there have been no other changes to the local statutory tax rates. 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.
2024 2023
Tax paid US$m US$m
Income tax
(33.2)
(20.9)
Total tax paid
(33.2)
(20.9)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated
tax Temporary Tax Intangible
depreciation differences losses assets Total
US$ US$m US$m US$m US$m
1 January 2023
(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)
Charge for the year
(1.5)
23.4
2.6
1.0
25.5
Exchange rate differences
2.2
0.2
\u2013
(1.7)
0.7
31 December 2024
(11.3)
51.8
9.0
(35.6)
13.9
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 legal entity 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:
2024 2023
US$m US$m
Deferred tax liabilities
(28.3)
(25.9)
Deferred tax assets
42.2
13.6
Total
13.9
(12.3)
2024 2023
US$m US$m
Property, plant and equipment
(3.2)
(5.9)
Tax losses
9.2
6.5
Provisions
2.6
11.4
Unrealised foreign exchange
31.6
\u2013
IFRS 16
2.0
1.6
Deferred tax assets
42.2
13.6
Property, plant and equipment
(8.2)
5.5
Intangible assets
(35.0)
(39.1)
Unrealised foreign exchange
5.2
5.2
Provisions
8.9
0.4
IFRS 16
0.4
1.1
Other
0.4
1.0
Deferred tax liabilities
(28.3)
(25.9)
Total
13.9
(12.3)
Unrecognised deferred tax No deferred tax asset is recognised on US$187.0 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$122.2 million are subject to expiry under local statutory tax rules within periods of 3 to 5 years and US$64.8 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$96.0 million (tax effect US$16.3 million), Oman US$26.2 million (tax effect US$3.9 million), South Africa US$19.8 million (tax effect US$5.5 million), and UK US$37.2 million (tax effect US$9.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "
11. Intangible assets
Customer Customer Colocation Non-compete Computer software
Goodwill contracts relationships rights agreement and licence Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2023
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
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
9.4
9.4
Effects of foreign currency exchange differences
\u2013
\u2013
(10.7)
0.4
\u2013
(0.6)
(10.9)
Hyperinflation impacts
4.2
\u2013
11.8
\u2013
\u2013
1.6
17.6
At 31 December 2024
44.9
2.7
522.2
8.4
1.0
58.9
638.1
Amortisation
At 1 January 2023
\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)
Charge for year
\u2013
(0.3)
(18.4)
(0.5)
(0.1)
(7.7)
(27.0)
Effects of foreign currency exchange differences
\u2013
\u2013
0.7
(0.2)
\u2013
0.2
0.7
Hyperinflation impacts
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.9)
(4.8)
At 31 December 2024
\u2013
(1.1)
(53.1)
(3.5)
(1.0)
(48.0)
(106.7)
Net book value
At 31 December 2024
44.9
1.6
469.1
4.9
\u2013
10.9
531.4
At 31 December 2023
40.7
1.9
489.6
5.2
0.1
8.9
546.4
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 operating segments is estimated each year as further
described below.
The carrying value of goodwill at 31 December was as follows:
2024 2023
Goodwill US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
14.6
10.3
Central & Southern Africa
13.7
13.8
Total
44.9
40.7
1 Movements year-on-year relate to foreign exchange and hyperinflation impacts.
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.
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.
For 2024 the key assumptions used to assess the value in use calculations were a pre-tax
discount rate of 11.0% in Middle East and North Africa, 11.7% in East and West Africa and
14.0% in Central and Southern Africa, and an estimated long-term growth rate of 2.0%
assumed across all markets.
In the prior year goodwill was tested on a operating company basis and the key assumptions
used to assess the value in use calculations were a pre-tax discount rate of 11.4% in South
Africa, 11.4% in Senegal, 13.1% in Madagascar, 11.3% in Malawi and 10.8% in Oman, and an
estimated long-term growth rates assumed of 2.0% across all markets.
Following the goodwill impairment testing, there was sufficient headroom and no
impairments were recognised. Furthermore, no assumptions were identified where a
reasonably possible change in the assumption used for 2024 would give rise to an
impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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$m
Cost
At 1 January 2023
44.2
2.9
524.2
8.8
0.9
44.6
625.6
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
4.8
4.8
Effects of foreign currency exchange differences
(3.5)
(0.2)
(3.1)
(0.8)
0.1
(0.9)
(8.4)
At 31 December 2023
40.7
2.7
521.1
8.0
1.0
48.5
622.0
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
9.4
9.4
Effects of foreign currency exchange differences
\u2013
\u2013
(10.7)
0.4
\u2013
(0.6)
(10.9)
Hyperinflation impacts
4.2
\u2013
11.8
\u2013
\u2013
1.6
17.6
At 31 December 2024
44.9
2.7
522.2
8.4
1.0
58.9
638.1
Amortisation
At 1 January 2023
\u2013
(0.7)
(11.3)
(2.2)
(0.8)
(35.4)
(50.4)
Charge for year
\u2013
(0.2)
(19.7)
(0.8)
(0.2)
(5.2)
(26.1)
Effects of foreign currency exchange differences
\u2013
0.1
(0.5)
0.2
0.1
1.0
0.9
At 31 December 2023
\u2013
(0.8)
(31.5)
(2.8)
(0.9)
(39.6)
(75.6)
Charge for year
\u2013
(0.3)
(18.4)
(0.5)
(0.1)
(7.7)
(27.0)
Effects of foreign currency exchange differences
\u2013
\u2013
0.7
(0.2)
\u2013
0.2
0.7
Hyperinflation impacts
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.9)
(4.8)
At 31 December 2024
\u2013
(1.1)
(53.1)
(3.5)
(1.0)
(48.0)
(106.7)
Net book value
At 31 December 2024
44.9
1.6
469.1
4.9
\u2013
10.9
531.4
At 31 December 2023
40.7
1.9
489.6
5.2
0.1
8.9
546.4
Impairment The Group tests goodwill, irrespective of any indicators, at least annually for impairment. All other intangible assets are tested for impairment where there is an impairment indicator. If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the recoverable amount of the related operating segments is estimated each year as further described below. The carrying value of goodwill at 31 December was as follows:
2024 2023
Goodwill US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
14.6
10.3
Central & Southern Africa
13.7
13.8
Total
44.9
40.7
1 Movements year-on-year relate to foreign exchange and hyperinflation impacts. 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. 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. For 2024 the key assumptions used to assess the value in use calculations were a pre-tax discount rate of 11.0% in Middle East and North Africa, 11.7% in East and West Africa and 14.0% in Central and Southern Africa, and an estimated long-term growth rate of 2.0% assumed across all markets. In the prior year goodwill was tested on a operating company basis and the key assumptions used to assess the value in use calculations were a pre-tax discount rate of 11.4% in South Africa, 11.4% in Senegal, 13.1% in Madagascar, 11.3% in Malawi and 10.8% in Oman, and an estimated long-term growth rates assumed of 2.0% across all markets. Following the goodwill impairment testing, there was sufficient headroom and no impairments were recognised. Furthermore, no assumptions were identified where a reasonably possible change in the assumption used for 2024 would give rise to an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "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 2023
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
Additions during the year
\u2013
\u2013
\u2013
\u2013
\u2013
9.4
9.4
Effects of foreign currency exchange differences
\u2013
\u2013
(10.7)
0.4
\u2013
(0.6)
(10.9)
Hyperinflation impacts
4.2
\u2013
11.8
\u2013
\u2013
1.6
17.6
At 31 December 2024
44.9
2.7
522.2
8.4
1.0
58.9
638.1
Amortisation
At 1 January 2023
\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)
Charge for year
\u2013
(0.3)
(18.4)
(0.5)
(0.1)
(7.7)
(27.0)
Effects of foreign currency exchange differences
\u2013
\u2013
0.7
(0.2)
\u2013
0.2
0.7
Hyperinflation impacts
\u2013
\u2013
(3.9)
\u2013
\u2013
(0.9)
(4.8)
At 31 December 2024
\u2013
(1.1)
(53.1)
(3.5)
(1.0)
(48.0)
(106.7)
Net book value
At 31 December 2024
44.9
1.6
469.1
4.9
\u2013
10.9
531.4
At 31 December 2023
40.7
1.9
489.6
5.2
0.1
8.9
546.4
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 operating segments is estimated each year as further described below. The carrying value of goodwill at 31 December was as follows:
2024 2023
Goodwill US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
14.6
10.3
Central & Southern Africa
13.7
13.8
Total
44.9
40.7
1 Movements year-on-year relate to foreign exchange and hyperinflation impacts. 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. 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. For 2024 the key assumptions used to assess the value in use calculations were a pre-tax discount rate of 11.0% in Middle East and North Africa, 11.7% in East and West Africa and 14.0% in Central and Southern Africa, and an estimated long-term growth rate of 2.0% assumed across all markets. In the prior year goodwill was tested on a operating company basis and the key assumptions used to assess the value in use calculations were a pre-tax discount rate of 11.4% in South Africa, 11.4% in Senegal, 13.1% in Madagascar, 11.3% in Malawi and 10.8% in Oman, and an estimated long-term growth rates assumed of 2.0% across all markets. Following the goodwill impairment testing, there was sufficient headroom and no impairments were recognised. Furthermore, no assumptions were identified where a reasonably possible change in the assumption used for 2024 would give rise to an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "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 operating segments is estimated each year as further described below. The carrying value of goodwill at 31 December was as follows:
2024 2023
Goodwill US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
14.6
10.3
Central & Southern Africa
13.7
13.8
Total
44.9
40.7
1 Movements year-on-year relate to foreign exchange and hyperinflation impacts. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "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 2023
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
Additions
0.3
3.4
1.5
171.7
\u2013
0.7
177.6
Disposals
(1.2)
(1.9)
\u2013
(25.7)
\u2013
(1.7)
(30.5)
Effects of foreign currency exchange differences
(0.1)
\u2013
(0.1)
(66.8)
(0.1)
\u2013
(67.1)
Hyperinflation impacts
0.1
\u2013
0.2
91.3
\u2013
0.1
91.7
At 31 December 2024
7.8
3.5
7.4
2,189.8
6.3
2.7
2, 217. 5
Depreciation
At 1 January 2023
(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)
Charge for the year
(0.2)
(0.4)
(0.6)
(111.9)
\u2013
(0.2)
(113.3)
Disposals
1.6
0.4
\u2013
21.3
\u2013
1.7
25.0
Effects of foreign currency exchange differences
0.1
\u2013
0.1
34.2
\u2013
\u2013
34.4
Hyperinflation impacts
(0.1)
\u2013
(0.1)
(54.9)
\u2013
\u2013
(55.1)
At 31 December 2024
(7. 2)
(1.9)
(5.2)
(1,220.0)
(0.4)
(1.8)
(1,236.5)
Net book value
At 31 December 2024
0.6
1.6
2.2
969.8
5.9
0.9
981.0
At 31 December 2023
0.1
0.1
1.2
910.6
6.0
0.3
918.3
At 31 December 2024, the Group had US$151.6 million (2023: US$184.8 million) of expenditure recognised in the carrying amount of items of site assets that were in the course
of construction. On completion of the construction, they will remain within the site assets balance, and depreciation will commence when the assets are available for use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "
13. Right-of-use assets
Motor
Land Buildings vehicles Total
US$m US$m US$m US$m
Cost
At 1 January 2023
288.9
14.0
0.4
303.3
Additions
44.3
13.3
1.1
58.7
Disposals
(19.6)
(2.2)
(0.2)
(22.0)
Hyperinflation impacts
25.6
2.4
\u2013
28.0
Effects of foreign currency exchange differences
(12.2)
(0.6)
\u2013
(12.8)
At 31 December 2023
327.0
26.9
1.3
355.2
Additions
19.5
1.1
\u2013
20.6
Disposals
(3.8)
(9.4)
(1.1)
(14.3)
Hyperinflation impacts
1.0
0.5
\u2013
1.5
Effects of foreign exchange differences
(2.8)
(0.1)
\u2013
(2.9)
At 31 December 2024
340.9
19.0
0.2
360.1
Depreciation
At 1 January 2023
(68.8)
(7. 8)
(0.2)
(76.8)
Charge for the year
(27. 2)
(4.1)
(0.7)
(32.0)
Disposals
14.1
2.1
0.3
16.5
Hyperinflation impacts
(11.4)
(1.4)
\u2013
(12.8)
Effects of foreign exchange differences
3.7
0.2
\u2013
3.9
At 31 December 2023
(89.6)
(11.0)
(0.6)
(101.2)
Charge for the year
(21.5)
(4.2)
(0.2)
(25.9)
Disposals
3.8
7.6
0.8
12.2
Hyperinflation impacts
(1.0)
(0.6)
0.1
(1.5)
Effects of foreign exchange differences
3.2
0.2
(0.2)
3.2
At 31 December 2024
(105.1)
(8.0)
(0.1)
(113.2)
Net book value
At 31 December 2024
235.8
11.0
0.1
246.9
At 31 December 2023
237.4
15.9
0.7
254.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "
14. Inventories
2024 2023
US$m US$m
Inventories
10.0
12.7
Inventories are primarily made up of fuel stocks of US$9.9 million (2023: US$12.5 million) and
raw materials of US$0.1 million (2023: US$0.2 million). The impact of inventories recognised
as an expense during the year in respect of continuing operations was US$131.0 million
(2023: US$125.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "
15. Trade and other receivables
2024 2023
US$m US$m
Trade receivables
179.8
145.2
Loss allowance
(6.9)
(5.4)
172.9
139.8
Contract Assets
80.3
109.1
Sundry Receivables
29.1
33.1
VAT and withholding tax receivable
23.0
15.2
305.3
297. 2
2024 2023
Loss allowance US$m US$m
Balance brought forward
(5.4)
(5.8)
Amounts written off/derecognised
\u2013
\u2013
Net remeasurement of loss allowance
(1.5)
\u2013
Unused amounts reversed
\u2013
0.4
(6.9)
(5.4)
The Group measures the loss allowance for trade receivables, trade receivables from related
parties, contract assets, and other receivables at an amount equal to lifetime expected credit
losses (\u201cECL\u201d). 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$52.8 million of new contract assets were recognised in the year and US$10.5 million
of contract assets at 31 December 2023 were recovered from customers.
Of the trade receivables balance at 31 December 2024, 99.4% (2023: 90.0%) is due
from large multinational MNOs. The Group does not hold any collateral or other credit
enhancements over these balances nor does it have a legal right of offset against any
amounts owed by the Group to the counterparty.
Debtor days
The Group calculates debtor days as set out in the table below. It considers its most relevant
customer receivables exposure on a given reporting date to be the amount of receivables
due in relation to the revenue that has been reported up to that date. It therefore defines its
net receivables as the total trade receivables and accrued revenue, less loss allowance and
deferred income that has not yet been settled.
2024 2023
US$m US$m
Trade receivables
179.8
145.2
Accrued revenue
1
7.0
10.1
Less: Loss allowance
(6.9)
(5.4)
Less: Deferred income
2,3
(74.5)
(56.5)
Net receivables
105.4
93.4
Revenue
792.0
721.0
Debtor days
49
47
1 Reported within sundry receivables.
2 Deferred income, as per Note 19, has been adjusted for US$39.9 million (2023: US$4.1 million) in respect of amounts
settled by customers at the balance sheet date and US$50 million netted against contract assets.
3 Deferred income movement is mainly due to timing differences.
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 2024, US$18.8 million (2023: US$26.8 million) of services had been provided
to customers which had yet to meet the Group\u2019s probability criterion for revenue recognition
under the Group\u2019s accounting policies. Revenue for these services will be recognised in the
future as and when all recognition criteria are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "15. Trade and other receivables
2024 2023
US$m US$m
Trade receivables
179.8
145.2
Loss allowance
(6.9)
(5.4)
172.9
139.8
Contract Assets
80.3
109.1
Sundry Receivables
29.1
33.1
VAT and withholding tax receivable
23.0
15.2
305.3
297. 2
2024 2023
Loss allowance US$m US$m
Balance brought forward
(5.4)
(5.8)
Amounts written off/derecognised
\u2013
\u2013
Net remeasurement of loss allowance
(1.5)
\u2013
Unused amounts reversed
\u2013
0.4
(6.9)
(5.4)
The Group measures the loss allowance for trade receivables, trade receivables from related parties, contract assets, and other receivables at an amount equal to lifetime expected credit losses (\u201cECL\u201d). 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$52.8 million of new contract assets were recognised in the year and US$10.5 million of contract assets at 31 December 2023 were recovered from customers. Of the trade receivables balance at 31 December 2024, 99.4% (2023: 90.0%) is due from large multinational MNOs. The Group does not hold any collateral or other credit enhancements over these balances nor does it have a legal right of offset against any amounts owed by the Group to the counterparty. Debtor days The Group calculates debtor days as set out in the table below. It considers its most relevant customer receivables exposure on a given reporting date to be the amount of receivables due in relation to the revenue that has been reported up to that date. It therefore defines its net receivables as the total trade receivables and accrued revenue, less loss allowance and deferred income that has not yet been settled.
2024 2023
US$m US$m
Trade receivables
179.8
145.2
Accrued revenue
1
7.0
10.1
Less: Loss allowance
(6.9)
(5.4)
Less: Deferred income
2,3
(74.5)
(56.5)
Net receivables
105.4
93.4
Revenue
792.0
721.0
Debtor days
49
47
1 Reported within sundry receivables. 2 Deferred income, as per Note 19, has been adjusted for US$39.9 million (2023: US$4.1 million) in respect of amounts settled by customers at the balance sheet date and US$50 million netted against contract assets. 3 Deferred income movement is mainly due to timing differences. 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 2024, US$18.8 million (2023: US$26.8 million) of services had been provided to customers which had yet to meet the Group\u2019s probability criterion for revenue recognition under the Group\u2019s accounting policies. Revenue for these services will be recognised in the future as and when all recognition criteria are met. 16. Prepayments
2024 2023
US$m US$m
Prepayments
36.9
42.6
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "
16. Prepayments
2024 2023
US$m US$m
Prepayments
36.9
42.6
Prepayments primarily comprise advance payments to suppliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "16. Prepayments
2024 2023
US$m US$m
Prepayments
36.9
42.6
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "
17. Cash and cash equivalents
2024 2023
US$m US$m
Bank balances
161.0
106.6
Cash and cash equivalents comprise cash at bank and in hand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "17. Cash and cash equivalents
2024 2023
US$m US$m
Bank balances
161.0
106.6
Cash and cash equivalents comprise cash at bank and in hand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "
18. Share capital and share premium
2024
2023
Number Number
of shares of shares
(million) US$m
(million)
US$m
Authorised, issued and fully paid ordinary
shares of \u00a30.01 each
1,052.7
13.5
1,050.5
13.5
1,052.7
13.5
1,050.5
13.5
The share capital of the Group is represented by the share capital of the Company, Helios
Towers plc. On 8 March 2024, the Company issued 2.2 million new ordinary shares in the
capital of the Company to the Employee Benefit Trust to satisfy the vesting of share-based
awards. The shares were issued at nominal value, creating no share premium.
The treasury shares represent the cost of shares in Helios Towers plc issued by the Company
and held by the Helios Towers plc EBT to satisfy options under the Group Share options plan.
Treasury shares held by the Group are 2,005,178 (2023: 1,560,641). Share-based payment
expense for 2024 was US$4.7 million (2023: US$3.7 million) of which US$4.6 million
(2023: US$1.6 million) was recognised in the share-based payment reserve (see page 125).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "18. Share capital and share premium
2024
2023
Number Number
of shares of shares
(million) US$m
(million)
US$m
Authorised, issued and fully paid ordinary
shares of \u00a30.01 each
1,052.7
13.5
1,050.5
13.5
1,052.7
13.5
1,050.5
13.5
The share capital of the Group is represented by the share capital of the Company, Helios Towers plc. On 8 March 2024, the Company issued 2.2 million new ordinary shares in the capital of the Company to the Employee Benefit Trust to satisfy the vesting of share-based awards. The shares were issued at nominal value, creating no share premium. The treasury shares represent the cost of shares in Helios Towers plc issued by the Company and held by the Helios Towers plc EBT to satisfy options under the Group Share options plan. Treasury shares held by the Group are 2,005,178 (2023: 1,560,641). Share-based payment expense for 2024 was US$4.7 million (2023: US$3.7 million) of which US$4.6 million (2023: US$1.6 million) was recognised in the share-based payment reserve (see page 125). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "
19. Trade and other payables
2024 2023
US$m US$m
Trade payables
37.9
31.3
Deferred income
64.4
60.6
Deferred consideration
29.3
33.5
Accruals
123.5
148.6
VAT, withholding tax, and other taxes payable
53.9
27.7
309.0
301.7
Trade payables and accruals principally comprise amounts outstanding for trade purchases
and ongoing costs. The average credit period taken for trade purchases is 28 days (2023: 23
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.
Deferred income primarily relates to service revenue which is billed in advance. The Group
recognised revenue of US$60.6 million (2023: US$9.8 million) from contract liabilities held
on the balance sheet at the start of the financial year. Contract liabilities are presented as
deferred income in the table above.
Deferred consideration relates contractually agreed consideration withheld at the date assets
were acquired. However, would become payable at a future point in time or earlier if the seller
met certain conditions.
Accruals consist of general operational accruals, accrued capital items, and goods received
but not yet invoiced. The Directors consider the carrying amount of trade payables
approximates to their fair value due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "
20. Loans and bonds
2024 2023
US$m US$m
Loans and bonds
1,698.1
1,632.3
Bank overdraft
23.2
18.0
Total loans and bonds
1,721.3
1,650.3
Current
39.9
37.7
Non-current
1,681.4
1,612.6
1,721.3
1,650.3
Loans are classified as financial liabilities and measured at amortised cost.
During the year, the Group issued US$850.0 million 7.500% senior notes due 2029. The
proceeds were used to wholly repurchase, or otherwise redeem, its existing 2025 senior
notes and prepay and cancel certain operating company facilities, in addition to partially
prepaying amounts drawn under its Group term facilities.
The following table provides a breakdown of the Group\u2019s debt instruments including
currency, maturity, size and drawn amounts.
At December 2024
At December 2023
Loan
Maturity
Facility US$m
Drawn US$m
Facility US$m
Drawn US$m
Senior notes (USD)
2029
850.0
850.0
\u2013
\u2013
Senior notes (USD)
2025
\u2013
\u2013
650.0
650.0
Convertible Bond
1
(USD)
2027
247.3
247.3
247.3
247.3
Term Facility A (USD)
2028
64.0
64.0
80.0
80.0
Term Facility B (USD)
2028
120.0
\u2013
120.0
\u2013
Term Facility C (USD)
2028
261.0
261.0
400.0
325.0
Revolving Credit Facility (USD)
2028
90.0
\u2013
90.0
\u2013
Oman Facility A (USD)
2035
187.8
187. 8
200.0
200.0
Oman Facility B (OMR)
2035
40.0
14.8
40.0
\u2013
Revolving Credit Facility (OMR)
Annual
20.0
\u2013
20.0
\u2013
Senegal Facility A (EUR)
2027
\u2013
\u2013
27.1
27.1
Senegal Facility B (XOF)
2027
\u2013
\u2013
9.1
9.1
IFC Facility (EUR)
2030
\u2013
\u2013
67.6
30.6
Minority SHL Oman (USD)
2032
45.5
42.5
45.5
42.5
Minority SHL Malawi (MWK)
2032
6.2
6.0
6.2
4.2
Bank Overdraft (USD)
Quarterly
44.0
23.2
24.0
18.0
Taxes, issue costs and other
2
\u2013
24.7
\u2013
16.5
Total
1,721.3
1,650.3
1 Total facility is US$300.0 million. The equity reserve component is US$52.7 million in both years.
2 Taxes are withholding taxes on interest.
In March 2021 the Group issued US$250.0 million of convertible bonds with a coupon of
2.875%, due in 2027. In June 2021 the Group tapped the bond for an aggregate principal
amount of US$50.0 million, bring the total to US$300.0 million. The initial conversion price
was set at US$2.9312. On initial recognition of the convertible bond and the convertible bond
tap, an equity reserve component was recognised of US$52.7 million including transaction
costs.
26. Financial instruments
Financial instrument assets and liabilities held by the Group are as follows:
31 December 31 December
2024 2023
US$m US$m
Balance brought forward
(8.3)
2.8
Derivative financial assets:
Derivative financial instrument \u2013 7.000% Senior Notes 2025
(6.3)
3.5
Derivative financial instrument \u2013 7.500% Senior Notes 2029
13.5
\u2013
Derivative financial liabilities:
Cash flow hedge reserve movement
8.8
(14.6)
Balance carried forward
7.7
(8.3)
In June 2024 the Group wholly repurchased, or otherwise redeemed, its 7.000% Senior Notes
2025, of which US$650.0 million was outstanding at the time, using proceeds from its
US$850.0 million 7.500% Senior Notes 2029 issuance. Both bonds had put and call options
embedded within the terms of the Senior Notes. The asset associated with the 2025 Notes
was settled when the bonds were repurchased, or otherwise redeemed, and the fair value of
the new derivative, associated with the 2029 Notes, was recognised as outlined below.
The derivatives value at the balance sheet date is the net of the fair values of the derivative
financial assets and the derivative financial liabilities. The asset element represents the fair
value of the put and call options embedded within the terms of the 7.500% Senior Notes
2029. The call options give the Group the right to redeem the Senior Notes instruments at a
date prior to the maturity date (4 June 2029), 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 liability at the balance sheet date represents the fair value of the cash flow
hedge reserve entered in 2023, to hedge against foreign currency risk. The fair value of the
cash flow hedge reserve will continue to reduce as the Group approaches the maturity date.
Further detail can be found in Note 26f.
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. Further information with regards to fair value measurements of derivatives
can be found at Note 26e.
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 Consolidated Statement of Changes in Equity. The Group\u2019s net leverage
has reduced from 4.4x to 4.0x over the last 12 months and the Group has aspirations to
reduce this further. See page 54 for further detail.
Gearing ratio
The Group keeps its capital structure under review. The gearing ratio at the year end is as follows:
2024 2023
US$m US$m
Debt (net of issue costs)
1,945.0
1,889.7
Less: cash and cash equivalents
(161.0)
(106.6)
Net debt
1,784.0
1,783.1
Equity attributable to the owners
3.0
(68.3)
Non-controlling interests
32.9
29.8
49.7x
(46. 3x)
Debt is defined as long-term and short-term loans and lease liabilities, as detailed in Notes 20
and 21 respectively.
Externally imposed capital requirements
The Group is not subject to externally imposed capital requirements.
Categories of financial instruments
2024 2023
US$m US$m
Financial assets
Financial assets at amortised cost:
Cash and cash equivalents
161.0
106.6
Trade and other receivables
282.3
321.6
Fair value through profit or loss:
443.3
428.2
Derivative financial assets
13.5
6.3
456.8
434.5
Financial liabilities
Amortised cost:
Trade and other payables\u00b9
190.7
213.4
Bank overdraft
23.2
18.0
Lease liabilities
223.7
239.4
Loans
1,698.1
1,632.3
Minority interest buyout
4.2
4.3
2,139.9
2,107.4
Fair value through other comprehensive income:
Derivative financial liabilities
5.8
14.6
2,145.7
2,122.0
1 Deferred consideration of US$29.3 million (2023: US$33.5 million) is included within the trade and other payables
balance.
As at 31 December 2024 and 31 December 2023, 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 US$850.0 million bond maturing in 2029 had a carrying
value of US$841.9 million at 31 December 2024 and a fair value of US$866.7 million. The
US$300.0 million convertible bond maturing in 2027 had a carrying value of
US$300.0 million at 31 December 2024 and a fair value of US$262.1 million. At 31 December
2024, the fair value of the cash flow hedge held by the Group was US$5.8 million (2023:
US$14.6 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 2024 a change of 100 basis points would increase or decrease derivative
financial liabilities and equity by US$15.5 million.
Foreign currency risk management
The Group undertakes transactions denominated in foreign currencies; consequently,
exposures to exchange rate fluctuations arise. The Group\u2019s main currency exposures
were to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS),
Central African Franc (XAF), South African Rand (ZAR) and Malawian Kwacha (MWK)
through its main operating subsidiaries. The Group has exposure to Sterling (GBP)
fluctuations on its financial assets and liabilities, however, this is not considered material.
The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and
monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2024 2023 2024 2023
US$m US$m US$m US$m
New Ghanaian Cedi
17.2
18.0
19.7
19.1
Malagasy Ariary
13.4
11.7
10.6
13.5
Tanzanian Shilling
100.2
61.9
101.0
85.1
South African Rand
3.1
6.1
12.7
16.0
Central African Franc
41.4
35.7
65.9
156.1
Malawian Kwacha
13.4
15.2
16.7
14.8
Omani Rial
45.3
35.5
89.5
85.7
234.0
184.1
316.1
390.3
a. Foreign currency sensitivity analysis
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage
movement applied to the currency is based on the average movements in the previous three
annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK, as
per the prior year process. The sensitivity analysis includes only outstanding foreign currency
denominated monetary items and adjusts their translation at the year-end for a change in foreign
currency rates. A positive number below indicates an increase in profit and other equity where
US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US
Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite
effect on the profit and other equity, on the basis that all other variables remain constant.
Impact on profit or loss
2024 2023
US$m US$m
New Ghanaian Cedi impact
(0.9)
(0.3)
Malagasy Ariary impact
0.2
(0.1)
Tanzanian Shilling impact
(0.0)
(0.7)
South African Rand impact
(0.5)
(0.8)
Central African Franc Impact
(0.7)
(3.8)
Malawian Kwacha impact
(0.9)
0.1
Omani Rial impact (Pegged to USD)
\u2013
\u2013
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 other comprehensive income (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. In addition, we invoice certain customers in advance of services being provided
which is recorded as deferred income until the services have been provided. 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 at 31 December
2024, 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 2024
31 December 2023
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk Level
US$m US$m US$m US$m US$m US$m
1
Remote risk
238.5
(1.9)
236.6
251.6
(0.3)
251.3
2
Low risk
30.6
(1.1)
29.5
27.0
(0.9)
26.1
3
Medium risk
0.2
\u2013
0.2
0.9
(0.1)
0.8
4
High risk
18.7
(3.2)
15.5
5.9
(3.5)
2.4
5
Risk of loss
1.2
(0.7)
0.5
2.0
(0.6)
1.4
Total
289.2
(6.9)
282.3
287.4
(5.4)
282.0
In respect to cash and cash equivalents, the Group believe that credit risk is not significant on
the basis that cash balances are held with credit worthy counterparties. These are reviewed
on a periodic basis.
b. Liquidity risk management
The Group has long-term debt financing through Senior Loan Notes of US$850.0 million due
for repayment in December 2029 and other debt as disclosed in Note 20. The Group has a
revolving credit facility of US$90.0 million for funding general corporate and working capital
needs. As at 31 December 2024 the facility was undrawn. This facility is available until
December 2028. The Group has remained compliant during the year to 31 December 2024
with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for
further information in relation to debt facilities.
Ultimate responsibility for liquidity risk management rests with the Board. The Group
manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities
and continuously monitoring forecast and actual cash flows including consideration of
appropriate sensitivities.
c. Non-derivative financial liabilities
The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative
financial liabilities. The tables have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Group can be required to pay.
The table below includes principal cash flows.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2024
Non-interest bearing
190.7
\u2013
\u2013
\u2013
190.7
Fixed interest rate instruments
65.9
41.1
1,191.8
529.7
1,828.5
Variable interest rate instruments
13.0
13.8
374.5
132.4
533.7
269.6
54.9
1,566.3
662.1
2,552.9
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
1,623.3
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
d. 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 2024
Non-interest bearing
282.3
\u2013
\u2013
\u2013
282.3
Variable interest rate instruments
161.0
\u2013
\u2013
\u2013
161.0
443.3
\u2013
\u2013
\u2013
443.3
31 December 2023
Non-interest bearing
282.0
\u2013
\u2013
\u2013
282.0
Variable interest rate instruments
106.6
\u2013
\u2013
\u2013
106.6
388.6
\u2013
\u2013
\u2013
388.6
e. Embedded derivatives
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 (04 June 2029), 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 the difference model due to the lack of publicly available
information on the key valuation drivers of similar embedded bonds preventing market
participants to reliably estimate the value of embedded put options. 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 listed and have 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 three-month
SOFR plus Helios Towers\u2019 credit spread. For the valuation date of 31 December 2024, 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 of the new bond had a fair value of US$13.5 million.
This is compared to the option on the prior bond which was fully repaid in June 2024, with
fair value at 31 December 2023 of US$6.3 million. The put option of the new bond has a fair
value of US$0 million (31 December 2023: US$0 million). The difference in the fair value of
the call option between the two instruments is attributable the tightening of the Group\u2019s
credit spread, which is in line with the market movement.
The key assumptions in determining the fair value are:
\u2013 the quoted price of the bond as at 31 December 2024;
\u2013 the credit spread; and
\u2013 the yield curve.
The probabilities relating to change of control and major asset sale represent a reasonable
expectation of those events occurring that would be held by a market participant.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2024
Net settled:
Embedded derivatives
\u2013
\u2013
13.5
\u2013
13.5
\u2013
\u2013
13.5
\u2013
13.5
31 December 2023
Net settled:
Embedded derivatives
\u2013
6.3
\u2013
\u2013
6.3
\u2013
6.3
\u2013
\u2013
6.3
f. 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. See Note 2 for
further detail.
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.
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 2024
Financial derivatives
\u2013
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
\u2013
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
Opening (Gain)/loss Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2024 OCI 31 Dec 2024 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
394
(4.4)
14.7
8.3
4.4
2029
Less than
On demand 12 months 1\u20132 years 2\u20135 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2023
Financial derivatives
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
Opening (Gain)/loss Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2023 OCI 31 Dec 2023 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
400
(14.7)
\u2013
14.7
14.7
2029
Cash flow hedges
At 31 December 2024, the Group held the following instruments to hedge secured overnight
financing rate exposures to changes in foreign currency and interest rates.
1\u20136 months 6\u201312 months More than
US$m US$m 1 year US$m
Foreign currency risk
Forward exchange contracts
Net exposure
14.5
12.0
\u2013
Average GBP:USD forward contract rate
1.26
1.26
\u2013
Interest rate swaps
Notional amount
3.2
3.3
387.4
Average fixed interest rate
4.215%
4.215%
4.401%
28. Net debt
2024 2023
US$m US$m
External debt
1
(1,672.8)
(1,650.3)
Lease liabilities
(223.7)
(239.4)
Cash and cash equivalents
161.0
106.6
Net debt
(1,735.5)
(1,783.1)
1 External debt is presented in line with the balance sheet at amortised cost. External debt is the total loans owed to
commercial banks and institutional investors, excluding loans due to minority interest holders from 1 January 2024.
At At
1 January 31 December
2024 Cash flows
Other
1
2024
2024 US$m US$m US$m US$m
Cash and cash equivalents
106.6
55.0
(0.6)
161.0
External debt
(1,650.3)
(38.0)
15.5
(1,672.8)
Lease liabilities
(239.4)
33.5
(17.8)
(223.7)
Total financing liabilities
(1,889.7)
(4.5)
(2.3)
(1
896.5)
Net debt
(1,783.1)
50.5
(2.9)
(1,735.5)
At At
1 January 31 December
2023 Cash flows
Other
1
2023
2023 US$m US$m US$m US$m
Cash and cash equivalents
119.6
(5.4)
(7.6)
106.6
External debt
(1,571.6)
(75.7)
(3.0)
(1,650.3)
Lease liabilities
(226.0)
54.1
(67. 5)
(239.4)
Total financing liabilities
( 1,797.6)
(21.6)
(70.5)
(1,889.7)
Net debt
(1,678.0)
(27.0)
(78.1)
(1,783.1)
1 Other includes foreign exchange and non-cash interest movements.
Refer to Note 20 for further details on the year-on-year movements in loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "20. Loans and bonds
2024 2023
US$m US$m
Loans and bonds
1,698.1
1,632.3
Bank overdraft
23.2
18.0
Total loans and bonds
1,721.3
1,650.3
Current
39.9
37.7
Non-current
1,681.4
1,612.6
1,721.3
1,650.3
Loans are classified as financial liabilities and measured at amortised cost. During the year, the Group issued US$850.0 million 7.500% senior notes due 2029. The proceeds were used to wholly repurchase, or otherwise redeem, its existing 2025 senior notes and prepay and cancel certain operating company facilities, in addition to partially prepaying amounts drawn under its Group term facilities. The following table provides a breakdown of the Group\u2019s debt instruments including currency, maturity, size and drawn amounts.
At December 2024
At December 2023
Loan
Maturity
Facility US$m
Drawn US$m
Facility US$m
Drawn US$m
Senior notes (USD)
2029
850.0
850.0
\u2013
\u2013
Senior notes (USD)
2025
\u2013
\u2013
650.0
650.0
Convertible Bond
1
(USD)
2027
247.3
247.3
247.3
247.3
Term Facility A (USD)
2028
64.0
64.0
80.0
80.0
Term Facility B (USD)
2028
120.0
\u2013
120.0
\u2013
Term Facility C (USD)
2028
261.0
261.0
400.0
325.0
Revolving Credit Facility (USD)
2028
90.0
\u2013
90.0
\u2013
Oman Facility A (USD)
2035
187.8
187. 8
200.0
200.0
Oman Facility B (OMR)
2035
40.0
14.8
40.0
\u2013
Revolving Credit Facility (OMR)
Annual
20.0
\u2013
20.0
\u2013
Senegal Facility A (EUR)
2027
\u2013
\u2013
27.1
27.1
Senegal Facility B (XOF)
2027
\u2013
\u2013
9.1
9.1
IFC Facility (EUR)
2030
\u2013
\u2013
67.6
30.6
Minority SHL Oman (USD)
2032
45.5
42.5
45.5
42.5
Minority SHL Malawi (MWK)
2032
6.2
6.0
6.2
4.2
Bank Overdraft (USD)
Quarterly
44.0
23.2
24.0
18.0
Taxes, issue costs and other
2
\u2013
24.7
\u2013
16.5
Total
1,721.3
1,650.3
1 Total facility is US$300.0 million. The equity reserve component is US$52.7 million in both years. 2 Taxes are withholding taxes on interest. In March 2021 the Group issued US$250.0 million of convertible bonds with a coupon of 2.875%, due in 2027. In June 2021 the Group tapped the bond for an aggregate principal amount of US$50.0 million, bring the total to US$300.0 million. The initial conversion price was set at US$2.9312. On initial recognition of the convertible bond and the convertible bond tap, an equity reserve component was recognised of US$52.7 million including transaction costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "
21. Lease liabilities
2024 2023
US$m US$m
Short-term lease liabilities
Land
31.1
30.2
Buildings
2.1
4.7
Motor vehicles
\u2013
0.6
33.2
35.5
2024 2023
US$m US$m
Long-term lease liabilities
Land
181.6
193.1
Buildings
8.9
10.8
Motor vehicles
\u2013
\u2013
190.5
203.9
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$47.7 million (2023: US$45.3 million) which
includes principal and interest.
The profile of the outstanding undiscounted contractual payments fall due as follows:
Within 1\u20135 years 5\u201310 years 10+ years Total
1 year US$m US$m US$m US$m US$m
31 December 2024
42.7
135.6
135.4
344.5
658.2
31 December 2023
44.4
139.8
138.6
350.6
673.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "21. Lease liabilities
2024 2023
US$m US$m
Short-term lease liabilities
Land
31.1
30.2
Buildings
2.1
4.7
Motor vehicles
\u2013
0.6
33.2
35.5
2024 2023
US$m US$m
Long-term lease liabilities
Land
181.6
193.1
Buildings
8.9
10.8
Motor vehicles
\u2013
\u2013
190.5
203.9
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$47.7 million (2023: US$45.3 million) which includes principal and interest. The profile of the outstanding undiscounted contractual payments fall due as follows:
Within 1\u20135 years 5\u201310 years 10+ years Total
1 year US$m US$m US$m US$m US$m
31 December 2024
42.7
135.6
135.4
344.5
658.2
31 December 2023
44.4
139.8
138.6
350.6
673.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "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.
2024 2023
US$m US$m
Total contracted revenue
5,114.7
5,417.2
Contracted revenue
The following table provides our total undiscounted contracted revenue by country as at
31 December 2024 for each year from 2025 to 2029, with local currency amounts converted
at the applicable average rate for US Dollars for the year ended 31 December 2024 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 2024, total contracted revenue was US$5.1 billion (2023: US$5.4 billion),
with an average remaining life of 6.9 years (2023: 7.8 years).
Year ended 31 December
(US$m)
2025
2026
2027
2028
2029
Middle East & North Africa
55.6
55.5
55.5
55.5
55.5
East & West Africa
300.0
259.0
245.6
238.9
235.8
Central & Southern Africa
361.1
322.0
287.6
270.8
214.8
Total
716.7
636.5
588.7
565.2
506.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "Contracted revenue The following table provides our total undiscounted contracted revenue by country as at 31 December 2024 for each year from 2025 to 2029, with local currency amounts converted at the applicable average rate for US Dollars for the year ended 31 December 2024 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 2024, total contracted revenue was US$5.1 billion (2023: US$5.4 billion), with an average remaining life of 6.9 years (2023: 7.8 years).
Year ended 31 December
(US$m)
2025
2026
2027
2028
2029
Middle East & North Africa
55.6
55.5
55.5
55.5
55.5
East & West Africa
300.0
259.0
245.6
238.9
235.8
Central & Southern Africa
361.1
322.0
287.6
270.8
214.8
Total
716.7
636.5
588.7
565.2
506.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "
24. Other gains and (losses)
2024 2023
US$m US$m
Fair value gain on embedded derivative financial instruments
0.3
2.1
Net monetary gain/(loss) on hyperinflation
16.9
(7.9)
Fair value movement on forward contracts
(0.1)
(0.3)
17.1
(6.1)
Further detail can be found in Note 26 and 2a in respect of hyperinflation.
", "dimensions": { "concept": "heliostowersplc:DisclosureOfOtherGainsAndLosses", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "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 \u00a31.15 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. The remaining vested
options lapse in 2025.
Number of options
2024
2023
As at 1 January
522,053
774,553
Granted during the year
\u2013
\u2013
Exercised during the year
(40,566)
(252,500)
Forfeited during the year
\u2013
\u2013
At 31 December
481,487
522,053
Of which:
Vested and exercisable
481,487
522,053
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 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.
2024 2023
Number Number
of options of options
As at 1 January
16,565,765
10,534,604
Granted during the year
14,410,164
9,097,196
Lapsed during the year
(1,203,386)
(1,282,200)
Exercised during the year
(1,
207,928)
(977,063)
Forfeited during the year
(1,258,835)
(806,772)
As at 31 December
27, 305
,780
16,565,765
Vested and exercisable at 31 December
1,441,907
954,734
The IFRS 2 charge recognised in the Consolidated Income Statement for the 2024 financial
year in respect of the EIP was US$3.7 million (2023: US$2.1 million). All share options
outstanding as at 31 December 2024 have a weighted average remaining contractual life
of 8.4 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
Impact Scorecard
Grant date
28-Apr-22
28-Apr-22
28-Apr-22
28-Apr-22
Share price at grant date
\u00a31.115
\u00a31.115
\u00a31.115
\u00a31.115
Fair value as a percentage of the
grant price
51.6%
100%
100.0%
100.0%
Term to vest (years)
2.68
n/a
n/a
n/a
Expected life from grant date
(years)
2.68
2.68
2.68
2.68
Volatility
47.4%
n/a
n/a
n/a
Risk-free rate of interest
1.6%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
42.7%
n/a
n/a
n/a
Average FTSE 250 correlation
27.7%
n/a
n/a
n/a
Fair value per share
\u00a30.580
\u00a31.120
\u00a31.120
\u00a31.120
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
2024 LTIP Award
Relative Adjusted
TSR
EBITDA
ROIC
Impact Scorecard
Grant date
2-May-24
2-May-24
2-May-24
2-May-24
Share price at grant date
\u00a31.022
\u00a31.022
\u00a31.022
\u00a31.022
Fair value as a percentage of the
grant price
76.0%
100%
100%
100%
Term to vest (years)
2.66
n/a
n/a
n/a
Expected life from grant date
(years)
2.66
2.66
2.66
2.66
Volatility
42.0%
n/a
n/a
n/a
Risk-free rate of interest
4.3%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
34.0%
n/a
n/a
n/a
Average FTSE 250 correlation
27.0%
n/a
n/a
n/a
Fair value per share
\u00a30.780
\u00a31.022
\u00a31.022
\u00a31.022
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, 2023 and
2024, 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.
2024 2023
Number Number
of RSUs of RSUs
As at 1 January
3,265,037
1,684,018
Granted during the year
1,480,813
1,762,150
Forfeited during the year
(283,488)
(143,483)
Vested during the year
(506,969)
(37,648)
As at 31 December
3,955,393
3,265,037
Deferred Bonuses
2024
2023
As at 1 January
85,755
85,755
Granted during the year
141,170
\u2013
Forfeited during the year
\u2013
\u2013
Vested during the year
(36,583)
\u2013
As at 31 December
190,342
85,755
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "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 \u00a31.15 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. The remaining vested options lapse in 2025.
Number of options
2024
2023
As at 1 January
522,053
774,553
Granted during the year
\u2013
\u2013
Exercised during the year
(40,566)
(252,500)
Forfeited during the year
\u2013
\u2013
At 31 December
481,487
522,053
Of which:
Vested and exercisable
481,487
522,053
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 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.
2024 2023
Number Number
of options of options
As at 1 January
16,565,765
10,534,604
Granted during the year
14,410,164
9,097,196
Lapsed during the year
(1,203,386)
(1,282,200)
Exercised during the year
(1,
207,928)
(977,063)
Forfeited during the year
(1,258,835)
(806,772)
As at 31 December
27, 305
,780
16,565,765
Vested and exercisable at 31 December
1,441,907
954,734
The IFRS 2 charge recognised in the Consolidated Income Statement for the 2024 financial year in respect of the EIP was US$3.7 million (2023: US$2.1 million). All share options outstanding as at 31 December 2024 have a weighted average remaining contractual life of 8.4 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
Impact Scorecard
Grant date
28-Apr-22
28-Apr-22
28-Apr-22
28-Apr-22
Share price at grant date
\u00a31.115
\u00a31.115
\u00a31.115
\u00a31.115
Fair value as a percentage of the
grant price
51.6%
100%
100.0%
100.0%
Term to vest (years)
2.68
n/a
n/a
n/a
Expected life from grant date
(years)
2.68
2.68
2.68
2.68
Volatility
47.4%
n/a
n/a
n/a
Risk-free rate of interest
1.6%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
42.7%
n/a
n/a
n/a
Average FTSE 250 correlation
27.7%
n/a
n/a
n/a
Fair value per share
\u00a30.580
\u00a31.120
\u00a31.120
\u00a31.120
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
2024 LTIP Award
Relative Adjusted
TSR
EBITDA
ROIC
Impact Scorecard
Grant date
2-May-24
2-May-24
2-May-24
2-May-24
Share price at grant date
\u00a31.022
\u00a31.022
\u00a31.022
\u00a31.022
Fair value as a percentage of the
grant price
76.0%
100%
100%
100%
Term to vest (years)
2.66
n/a
n/a
n/a
Expected life from grant date
(years)
2.66
2.66
2.66
2.66
Volatility
42.0%
n/a
n/a
n/a
Risk-free rate of interest
4.3%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
34.0%
n/a
n/a
n/a
Average FTSE 250 correlation
27.0%
n/a
n/a
n/a
Fair value per share
\u00a30.780
\u00a31.022
\u00a31.022
\u00a31.022
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, 2023 and 2024, 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.
2024 2023
Number Number
of RSUs of RSUs
As at 1 January
3,265,037
1,684,018
Granted during the year
1,480,813
1,762,150
Forfeited during the year
(283,488)
(143,483)
Vested during the year
(506,969)
(37,648)
As at 31 December
3,955,393
3,265,037
Deferred Bonuses
2024
2023
As at 1 January
85,755
85,755
Granted during the year
141,170
\u2013
Forfeited during the year
\u2013
\u2013
Vested during the year
(36,583)
\u2013
As at 31 December
190,342
85,755
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "26. Financial instruments Financial instrument assets and liabilities held by the Group are as follows:
31 December 31 December
2024 2023
US$m US$m
Balance brought forward
(8.3)
2.8
Derivative financial assets:
Derivative financial instrument \u2013 7.000% Senior Notes 2025
(6.3)
3.5
Derivative financial instrument \u2013 7.500% Senior Notes 2029
13.5
\u2013
Derivative financial liabilities:
Cash flow hedge reserve movement
8.8
(14.6)
Balance carried forward
7.7
(8.3)
In June 2024 the Group wholly repurchased, or otherwise redeemed, its 7.000% Senior Notes 2025, of which US$650.0 million was outstanding at the time, using proceeds from its US$850.0 million 7.500% Senior Notes 2029 issuance. Both bonds had put and call options embedded within the terms of the Senior Notes. The asset associated with the 2025 Notes was settled when the bonds were repurchased, or otherwise redeemed, and the fair value of the new derivative, associated with the 2029 Notes, was recognised as outlined below. The derivatives value at the balance sheet date is the net of the fair values of the derivative financial assets and the derivative financial liabilities. The asset element represents the fair value of the put and call options embedded within the terms of the 7.500% Senior Notes 2029. The call options give the Group the right to redeem the Senior Notes instruments at a date prior to the maturity date (4 June 2029), 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 liability at the balance sheet date represents the fair value of the cash flow hedge reserve entered in 2023, to hedge against foreign currency risk. The fair value of the cash flow hedge reserve will continue to reduce as the Group approaches the maturity date. Further detail can be found in Note 26f. 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. Further information with regards to fair value measurements of derivatives can be found at Note 26e. 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 Consolidated Statement of Changes in Equity. The Group\u2019s net leverage has reduced from 4.4x to 4.0x over the last 12 months and the Group has aspirations to reduce this further. See page 54 for further detail. Gearing ratio The Group keeps its capital structure under review. The gearing ratio at the year end is as follows:
2024 2023
US$m US$m
Debt (net of issue costs)
1,945.0
1,889.7
Less: cash and cash equivalents
(161.0)
(106.6)
Net debt
1,784.0
1,783.1
Equity attributable to the owners
3.0
(68.3)
Non-controlling interests
32.9
29.8
49.7x
(46. 3x)
Debt is defined as long-term and short-term loans and lease liabilities, as detailed in Notes 20 and 21 respectively. Externally imposed capital requirements The Group is not subject to externally imposed capital requirements. Categories of financial instruments
2024 2023
US$m US$m
Financial assets
Financial assets at amortised cost:
Cash and cash equivalents
161.0
106.6
Trade and other receivables
282.3
321.6
Fair value through profit or loss:
443.3
428.2
Derivative financial assets
13.5
6.3
456.8
434.5
Financial liabilities
Amortised cost:
Trade and other payables\u00b9
190.7
213.4
Bank overdraft
23.2
18.0
Lease liabilities
223.7
239.4
Loans
1,698.1
1,632.3
Minority interest buyout
4.2
4.3
2,139.9
2,107.4
Fair value through other comprehensive income:
Derivative financial liabilities
5.8
14.6
2,145.7
2,122.0
1 Deferred consideration of US$29.3 million (2023: US$33.5 million) is included within the trade and other payables balance. As at 31 December 2024 and 31 December 2023, 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 US$850.0 million bond maturing in 2029 had a carrying value of US$841.9 million at 31 December 2024 and a fair value of US$866.7 million. The US$300.0 million convertible bond maturing in 2027 had a carrying value of US$300.0 million at 31 December 2024 and a fair value of US$262.1 million. At 31 December 2024, the fair value of the cash flow hedge held by the Group was US$5.8 million (2023: US$14.6 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 2024 a change of 100 basis points would increase or decrease derivative financial liabilities and equity by US$15.5 million. Foreign currency risk management The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Group\u2019s main currency exposures were to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central African Franc (XAF), South African Rand (ZAR) and Malawian Kwacha (MWK) through its main operating subsidiaries. The Group has exposure to Sterling (GBP) fluctuations on its financial assets and liabilities, however, this is not considered material. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2024 2023 2024 2023
US$m US$m US$m US$m
New Ghanaian Cedi
17.2
18.0
19.7
19.1
Malagasy Ariary
13.4
11.7
10.6
13.5
Tanzanian Shilling
100.2
61.9
101.0
85.1
South African Rand
3.1
6.1
12.7
16.0
Central African Franc
41.4
35.7
65.9
156.1
Malawian Kwacha
13.4
15.2
16.7
14.8
Omani Rial
45.3
35.5
89.5
85.7
234.0
184.1
316.1
390.3
a. Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK, as per the prior year process. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the profit and other equity, on the basis that all other variables remain constant.
Impact on profit or loss
2024 2023
US$m US$m
New Ghanaian Cedi impact
(0.9)
(0.3)
Malagasy Ariary impact
0.2
(0.1)
Tanzanian Shilling impact
(0.0)
(0.7)
South African Rand impact
(0.5)
(0.8)
Central African Franc Impact
(0.7)
(3.8)
Malawian Kwacha impact
(0.9)
0.1
Omani Rial impact (Pegged to USD)
\u2013
\u2013
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 other comprehensive income (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. In addition, we invoice certain customers in advance of services being provided which is recorded as deferred income until the services have been provided. 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 at 31 December 2024, 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 2024
31 December 2023
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk Level
US$m US$m US$m US$m US$m US$m
1
Remote risk
238.5
(1.9)
236.6
251.6
(0.3)
251.3
2
Low risk
30.6
(1.1)
29.5
27.0
(0.9)
26.1
3
Medium risk
0.2
\u2013
0.2
0.9
(0.1)
0.8
4
High risk
18.7
(3.2)
15.5
5.9
(3.5)
2.4
5
Risk of loss
1.2
(0.7)
0.5
2.0
(0.6)
1.4
Total
289.2
(6.9)
282.3
287.4
(5.4)
282.0
In respect to cash and cash equivalents, the Group believe that credit risk is not significant on the basis that cash balances are held with credit worthy counterparties. These are reviewed on a periodic basis. b. Liquidity risk management The Group has long-term debt financing through Senior Loan Notes of US$850.0 million due for repayment in December 2029 and other debt as disclosed in Note 20. The Group has a revolving credit facility of US$90.0 million for funding general corporate and working capital needs. As at 31 December 2024 the facility was undrawn. This facility is available until December 2028. The Group has remained compliant during the year to 31 December 2024 with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for further information in relation to debt facilities. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities and continuously monitoring forecast and actual cash flows including consideration of appropriate sensitivities. c. Non-derivative financial liabilities The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table below includes principal cash flows.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2024
Non-interest bearing
190.7
\u2013
\u2013
\u2013
190.7
Fixed interest rate instruments
65.9
41.1
1,191.8
529.7
1,828.5
Variable interest rate instruments
13.0
13.8
374.5
132.4
533.7
269.6
54.9
1,566.3
662.1
2,552.9
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
1,623.3
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
d. 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 2024
Non-interest bearing
282.3
\u2013
\u2013
\u2013
282.3
Variable interest rate instruments
161.0
\u2013
\u2013
\u2013
161.0
443.3
\u2013
\u2013
\u2013
443.3
31 December 2023
Non-interest bearing
282.0
\u2013
\u2013
\u2013
282.0
Variable interest rate instruments
106.6
\u2013
\u2013
\u2013
106.6
388.6
\u2013
\u2013
\u2013
388.6
e. Embedded derivatives 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 (04 June 2029), 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 the difference model due to the lack of publicly available information on the key valuation drivers of similar embedded bonds preventing market participants to reliably estimate the value of embedded put options. 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 listed and have 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 three-month SOFR plus Helios Towers\u2019 credit spread. For the valuation date of 31 December 2024, 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 of the new bond had a fair value of US$13.5 million. This is compared to the option on the prior bond which was fully repaid in June 2024, with fair value at 31 December 2023 of US$6.3 million. The put option of the new bond has a fair value of US$0 million (31 December 2023: US$0 million). The difference in the fair value of the call option between the two instruments is attributable the tightening of the Group\u2019s credit spread, which is in line with the market movement. The key assumptions in determining the fair value are: \u2013 the quoted price of the bond as at 31 December 2024; \u2013 the credit spread; and \u2013 the yield curve. The probabilities relating to change of control and major asset sale represent a reasonable expectation of those events occurring that would be held by a market participant.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2024
Net settled:
Embedded derivatives
\u2013
\u2013
13.5
\u2013
13.5
\u2013
\u2013
13.5
\u2013
13.5
31 December 2023
Net settled:
Embedded derivatives
\u2013
6.3
\u2013
\u2013
6.3
\u2013
6.3
\u2013
\u2013
6.3
f. 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. See Note 2 for further detail. 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. 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 2024
Financial derivatives
\u2013
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
\u2013
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
Opening (Gain)/loss Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2024 OCI 31 Dec 2024 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
394
(4.4)
14.7
8.3
4.4
2029
Less than
On demand 12 months 1\u20132 years 2\u20135 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2023
Financial derivatives
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
Opening (Gain)/loss Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2023 OCI 31 Dec 2023 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
400
(14.7)
\u2013
14.7
14.7
2029
Cash flow hedges At 31 December 2024, the Group held the following instruments to hedge secured overnight financing rate exposures to changes in foreign currency and interest rates.
1\u20136 months 6\u201312 months More than
US$m US$m 1 year US$m
Foreign currency risk
Forward exchange contracts
Net exposure
14.5
12.0
\u2013
Average GBP:USD forward contract rate
1.26
1.26
\u2013
Interest rate swaps
Notional amount
3.2
3.3
387.4
Average fixed interest rate
4.215%
4.215%
4.401%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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. Further information with regards to fair value measurements of derivatives can be found at Note 26e. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "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. Further information with regards to fair value measurements of derivatives can be found at Note 26e. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "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 Consolidated Statement of Changes in Equity. The Group\u2019s net leverage has reduced from 4.4x to 4.0x over the last 12 months and the Group has aspirations to reduce this further. See page 54 for further detail. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "2024 2023 US$m US$m Financial assets Financial assets at amortised cost: Cash and cash equivalents 161.0 106.6 Trade and other receivables 282.3 321.6 Fair value through profit or loss: 443.3 428.2 Derivative financial assets 13.5 6.3 456.8 434.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "Financial liabilities Amortised cost: Trade and other payables\u00b9 190.7 213.4 Bank overdraft 23.2 18.0 Lease liabilities 223.7 239.4 Loans 1,698.1 1,632.3 Minority interest buyout 4.2 4.3 2,139.9 2,107.4 Fair value through other comprehensive income: Derivative financial liabilities 5.8 14.6 2,145.7 2,122.0 1 Deferred consideration of US$29.3 million (2023: US$33.5 million) is included within the trade and other payables balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "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 2024 a change of 100 basis points would increase or decrease derivative financial liabilities and equity by US$15.5 million. Foreign currency risk management The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Group\u2019s main currency exposures were to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central African Franc (XAF), South African Rand (ZAR) and Malawian Kwacha (MWK) through its main operating subsidiaries. The Group has exposure to Sterling (GBP) fluctuations on its financial assets and liabilities, however, this is not considered material. The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2024 2023 2024 2023
US$m US$m US$m US$m
New Ghanaian Cedi
17.2
18.0
19.7
19.1
Malagasy Ariary
13.4
11.7
10.6
13.5
Tanzanian Shilling
100.2
61.9
101.0
85.1
South African Rand
3.1
6.1
12.7
16.0
Central African Franc
41.4
35.7
65.9
156.1
Malawian Kwacha
13.4
15.2
16.7
14.8
Omani Rial
45.3
35.5
89.5
85.7
234.0
184.1
316.1
390.3
a. Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK, as per the prior year process. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the profit and other equity, on the basis that all other variables remain constant.
Impact on profit or loss
2024 2023
US$m US$m
New Ghanaian Cedi impact
(0.9)
(0.3)
Malagasy Ariary impact
0.2
(0.1)
Tanzanian Shilling impact
(0.0)
(0.7)
South African Rand impact
(0.5)
(0.8)
Central African Franc Impact
(0.7)
(3.8)
Malawian Kwacha impact
(0.9)
0.1
Omani Rial impact (Pegged to USD)
\u2013
\u2013
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 other comprehensive income (see Note 9). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "a. 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, as per the prior year process. 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
2024 2023
US$m US$m
New Ghanaian Cedi impact
(0.9)
(0.3)
Malagasy Ariary impact
0.2
(0.1)
Tanzanian Shilling impact
(0.0)
(0.7)
South African Rand impact
(0.5)
(0.8)
Central African Franc Impact
(0.7)
(3.8)
Malawian Kwacha impact
(0.9)
0.1
Omani Rial impact (Pegged to USD)
\u2013
\u2013
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 other comprehensive income (see Note 9). ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "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. In addition, we invoice certain customers in advance of services being provided which is recorded as deferred income until the services have been provided. 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 at 31 December 2024, 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 2024
31 December 2023
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk Level
US$m US$m US$m US$m US$m US$m
1
Remote risk
238.5
(1.9)
236.6
251.6
(0.3)
251.3
2
Low risk
30.6
(1.1)
29.5
27.0
(0.9)
26.1
3
Medium risk
0.2
\u2013
0.2
0.9
(0.1)
0.8
4
High risk
18.7
(3.2)
15.5
5.9
(3.5)
2.4
5
Risk of loss
1.2
(0.7)
0.5
2.0
(0.6)
1.4
Total
289.2
(6.9)
282.3
287.4
(5.4)
282.0
In respect to cash and cash equivalents, the Group believe that credit risk is not significant on the basis that cash balances are held with credit worthy counterparties. These are reviewed on a periodic basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "b. Liquidity risk management The Group has long-term debt financing through Senior Loan Notes of US$850.0 million due for repayment in December 2029 and other debt as disclosed in Note 20. The Group has a revolving credit facility of US$90.0 million for funding general corporate and working capital needs. As at 31 December 2024 the facility was undrawn. This facility is available until December 2028. The Group has remained compliant during the year to 31 December 2024 with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for further information in relation to debt facilities. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities and continuously monitoring forecast and actual cash flows including consideration of appropriate sensitivities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "c. Non-derivative financial liabilities The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table below includes principal cash flows.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2024
Non-interest bearing
190.7
\u2013
\u2013
\u2013
190.7
Fixed interest rate instruments
65.9
41.1
1,191.8
529.7
1,828.5
Variable interest rate instruments
13.0
13.8
374.5
132.4
533.7
269.6
54.9
1,566.3
662.1
2,552.9
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
1,623.3
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
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "d. 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 2024
Non-interest bearing
282.3
\u2013
\u2013
\u2013
282.3
Variable interest rate instruments
161.0
\u2013
\u2013
\u2013
161.0
443.3
\u2013
\u2013
\u2013
443.3
31 December 2023
Non-interest bearing
282.0
\u2013
\u2013
\u2013
282.0
Variable interest rate instruments
106.6
\u2013
\u2013
\u2013
106.6
388.6
\u2013
\u2013
\u2013
388.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "e. Embedded derivatives 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 (04 June 2029), 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 the difference model due to the lack of publicly available information on the key valuation drivers of similar embedded bonds preventing market participants to reliably estimate the value of embedded put options. 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 listed and have 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 three-month SOFR plus Helios Towers\u2019 credit spread. For the valuation date of 31 December 2024, 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 of the new bond had a fair value of US$13.5 million. This is compared to the option on the prior bond which was fully repaid in June 2024, with fair value at 31 December 2023 of US$6.3 million. The put option of the new bond has a fair value of US$0 million (31 December 2023: US$0 million). The difference in the fair value of the call option between the two instruments is attributable the tightening of the Group\u2019s credit spread, which is in line with the market movement. The key assumptions in determining the fair value are: \u2013 the quoted price of the bond as at 31 December 2024; \u2013 the credit spread; and \u2013 the yield curve. The probabilities relating to change of control and major asset sale represent a reasonable expectation of those events occurring that would be held by a market participant.
Within
1 year 1\u20132 years 2\u20135 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2024
Net settled:
Embedded derivatives
\u2013
\u2013
13.5
\u2013
13.5
\u2013
\u2013
13.5
\u2013
13.5
31 December 2023
Net settled:
Embedded derivatives
\u2013
6.3
\u2013
\u2013
6.3
\u2013
6.3
\u2013
\u2013
6.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "f. 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. See Note 2 for further detail. 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. 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 2024
Financial derivatives
\u2013
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
\u2013
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
Opening (Gain)/loss Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2024 OCI 31 Dec 2024 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
394
(4.4)
14.7
8.3
4.4
2029
Less than
On demand 12 months 1\u20132 years 2\u20135 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2023
Financial derivatives
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
\u2013
1.4
(5.5)
(12.7)
(2.1)
(18.9)
Opening (Gain)/loss Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2023 OCI 31 Dec 2023 maturity
Interest Rate Swaps US$m US$m US$m US$m US$m year
USD Term Loans
400
(14.7)
\u2013
14.7
14.7
2029
Cash flow hedges At 31 December 2024, the Group held the following instruments to hedge secured overnight financing rate exposures to changes in foreign currency and interest rates.
1\u20136 months 6\u201312 months More than
US$m US$m 1 year US$m
Foreign currency risk
Forward exchange contracts
Net exposure
14.5
12.0
\u2013
Average GBP:USD forward contract rate
1.26
1.26
\u2013
Interest rate swaps
Notional amount
3.2
3.3
387.4
Average fixed interest rate
4.215%
4.215%
4.401%
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "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 the DRC tax authorities issued a payment collection notice
for environmental taxes amounting to US$31.8 million for the financial years 2013 to 2016.
A claim arising from a prior period is outstanding from DRC tax authorities issued an
assessment on a number of taxes amounting to US$39.9 million for the financial years 2020
to 2022.
For the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "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 the DRC tax authorities issued a payment collection notice for environmental taxes amounting to US$31.8 million for the financial years 2013 to 2016. A claim arising from a prior period is outstanding from DRC tax authorities issued an assessment on a number of taxes amounting to US$39.9 million for the financial years 2020 to 2022. For the cases above, responses have been submitted to the relevant tax authority in relation to the assessments and remain under review with local tax experts. The Directors believe that the quantum of potential future cash outflows in relation to these tax audits is not probable, cannot be reasonably assessed and therefore no provision has been made for these amounts; the balances above represent the Group\u2019s assessment of the maximum possible exposure for the years assessed. The Directors are working with their advisers and are in discussion with the tax authorities to bring the matters to conclusion based on the facts. Other individually immaterial tax, and regulatory proceedings, claims and unresolved disputes are pending against Helios Towers in a number of jurisdictions. The timing of resolution and potential outcome (including any future financial obligations) of these are uncertain, but not considered probable and therefore no provision has been recognised in relation to these matters. Legal claims Other individually immaterial legal and regulatory proceedings, claims and unresolved disputes are pending against Helios Towers in a number of jurisdictions. The timing of resolution and potential outcome (including any future financial obligations) of these are uncertain, but no cash outflows are considered probable and therefore no provisions have been recognised in relation to these matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "28. Net debt
2024 2023
US$m US$m
External debt
1
(1,672.8)
(1,650.3)
Lease liabilities
(223.7)
(239.4)
Cash and cash equivalents
161.0
106.6
Net debt
(1,735.5)
(1,783.1)
1 External debt is presented in line with the balance sheet at amortised cost. External debt is the total loans owed to commercial banks and institutional investors, excluding loans due to minority interest holders from 1 January 2024.
At At
1 January 31 December
2024 Cash flows
Other
1
2024
2024 US$m US$m US$m US$m
Cash and cash equivalents
106.6
55.0
(0.6)
161.0
External debt
(1,650.3)
(38.0)
15.5
(1,672.8)
Lease liabilities
(239.4)
33.5
(17.8)
(223.7)
Total financing liabilities
(1,889.7)
(4.5)
(2.3)
(1
896.5)
Net debt
(1,783.1)
50.5
(2.9)
(1,735.5)
At At
1 January 31 December
2023 Cash flows
Other
1
2023
2023 US$m US$m US$m US$m
Cash and cash equivalents
119.6
(5.4)
(7.6)
106.6
External debt
(1,571.6)
(75.7)
(3.0)
(1,650.3)
Lease liabilities
(226.0)
54.1
(67. 5)
(239.4)
Total financing liabilities
( 1,797.6)
(21.6)
(70.5)
(1,889.7)
Net debt
(1,678.0)
(27.0)
(78.1)
(1,783.1)
1 Other includes foreign exchange and non-cash interest movements. Refer to Note 20 for further details on the year-on-year movements in loans.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "
29. Profit/(loss) per share
Basic profit/(loss) per share has been calculated by dividing the total profit/(loss) for the year
by the weighted average number of shares in issue during the year after adjusting for shares
held in the EBT.
To calculate diluted loss per share, the weighted average number of ordinary shares in issue
is adjusted to assume conversion of all dilutive potential shares. Share options granted to
employees where the exercise price is less than the average market price of the Company\u2019s
ordinary shares during the year are considered to be dilutive potential shares. Where share
options are exercisable based on performance criteria and those performance criteria have been
met during the year, these options are included in the calculation of dilutive potential shares.
The Directors believe that Adjusted EBITDA per share is a useful additional measure to better
understand the performance of the business (refer to Note 4).
Profit/(loss) per share is based on:
2024 2023
US$m US$m
Profit/(loss) after tax for the year attributable to owners
of the Company
33.5
(100.1)
Adjusted EBITDA (Note 4)
421.0
369.9
2024 2023
Number Number
Weighted average number of ordinary shares used
to calculate basic earnings per share
1,050,040,649
1,048,501,270
Weighted average number of dilutive potential shares
129,993,727
119,278,686
Weighted average number of ordinary shares used
to calculate diluted earnings per share
1,180,034,376
1,1
67,779,956
2024 2023
Profit/(loss) per share cents cents
Basic
3
(10)
Diluted
3
(10)
2024 2023
Adjusted EBITDA per share cents cents
Basic
40
35
Diluted
36
32
The calculation of basic and diluted profit/(loss) per share is based on the net profit/(loss)
attributable to equity holders of the Company entity for the year of US$33.5 million
(2023: loss of US$100.1 million). Basic and diluted profit/(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$421.0 million (2023: US$369.9 million).
Refer to Note 4 for a reconciliation of Adjusted EBITDA to profit/(loss) before tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "
30. Non-controlling Interest
Summarised financial information in respect of each of the Group\u2019s subsidiaries that have
material non-controlling interests is set out below. The summarised financial information
below represents amounts before intragroup eliminations.
Oman
2024 2023
US$m US$m
Current assets
49.0
39.7
Non-current assets
501.1
509.4
Current liabilities
(173.2)
(254.6)
Non-current liabilities
(250.9)
(247. 2)
126.0
47.3
Equity attributable to owners of the Company
88.2
33.1
Non-controlling interests
37.8
14.2
126.0
47.3
Oman
2024 2023
US$m US$m
Revenue
68.6
57.5
Expenses
(81.7)
(81.4)
Loss for the year
(13.1)
(23.9)
Loss attributable to owners of the Company
(9.2)
(16.7)
Loss attributable to the non-controlling interests
(3.9)
(7.2)
Loss for the year
(13.1)
(23.9)
Net cash inflow from operating activities
62.9
22.9
Net cash (outflow) from investing activities
(22.6)
(13.5)
Net cash (outflow) from financing activities
(6.6)
(2.1)
Net cash inflow
33.7
7.3
Of the total comprehensive loss attributed to non-controlling interests of US$6.5 million
(2023: loss US$11.2 million), a US$3.9 million loss relates to Oman and the remainder relates
to other immaterial non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "
31. Subsequent events
There were no material subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }