Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2022 | |
Document Information [Line Items] | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2022 |
Entity Registrant Name | IHS Holding Ltd |
Entity Central Index Key | 0001876183 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF (LOSS)/INCOME AND OTHER COMPREHENSIVE (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement [Line Items] | ||||
Revenue | $ 521,317 | $ 400,547 | $ 1,435,132 | $ 1,164,116 |
Cost of sales | (300,040) | (272,984) | (821,284) | (673,024) |
Administrative expenses | (91,527) | (72,829) | (284,941) | (226,076) |
Net (loss allowance)/reversal of loss allowance on trade receivables | 1,597 | 994 | 3,397 | 37,614 |
Other income | 70 | 56 | 4,207 | 7,112 |
Operating profit | 131,417 | 55,784 | 336,511 | 309,742 |
Finance income | 6,412 | 18,017 | 11,035 | 22,030 |
Finance costs | (231,280) | (76,717) | (570,150) | (218,069) |
(Loss)/profit before income tax | (93,451) | (2,916) | (222,604) | 113,703 |
Income tax benefit/(expense) | 40,973 | (27,531) | 7,748 | (67,544) |
(Loss)/profit for the period | (52,478) | (30,447) | (214,856) | 46,159 |
(Loss)/profit attributable to: | ||||
Owners of the Company | (46,532) | (30,022) | (205,694) | 47,301 |
Non-controlling interests | (5,946) | (425) | (9,162) | (1,142) |
(Loss)/profit for the period | $ (52,478) | $ (30,447) | $ (214,856) | $ 46,159 |
(Loss)/income per share-basic $ | $ (0.14) | $ (0.10) | $ (0.62) | $ 0.16 |
(Loss)/income per share-diluted $ | $ (0.14) | $ (0.10) | $ (0.62) | $ 0.15 |
Items that may be reclassified to profit or loss | ||||
Exchange differences on translation of foreign operations | $ (52,500) | $ (55,186) | $ (42,864) | $ (39,130) |
Other comprehensive loss for the period, net of taxes | (52,500) | (55,186) | (42,864) | (39,130) |
Total comprehensive (loss)/income for the period | (104,978) | (85,633) | (257,720) | 7,029 |
Total comprehensive (loss)/income attributable to: | ||||
Owners of the Company | (94,533) | (85,197) | (254,527) | 8,012 |
Non-controlling interests | (10,445) | (436) | (3,193) | (983) |
Total comprehensive (loss)/income for the period | $ (104,978) | $ (85,633) | $ (257,720) | $ 7,029 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Property, plant and equipment | $ 2,006,757 | $ 1,714,261 |
Right of use assets | 688,708 | 520,651 |
Goodwill | 917,019 | 779,896 |
Other intangible assets | 1,161,034 | 845,729 |
Fair value through other comprehensive income financial assets | 10 | 11 |
Deferred income tax assets | 10,938 | 11,064 |
Derivative financial instrument assets | 2,150 | 165,100 |
Trade and other receivables | 163,407 | 75,054 |
Non-current assets | 4,950,023 | 4,111,766 |
Current assets | ||
Inventories | 70,073 | 42,021 |
Income tax receivable | 604 | 128 |
Trade and other receivables | 686,470 | 471,753 |
Cash and cash equivalents | 530,468 | 916,488 |
Current assets | 1,287,615 | 1,430,390 |
Total assets | 6,237,638 | 5,542,156 |
Current liabilities | ||
Trade and other payables | 595,785 | 499,432 |
Provisions for other liabilities and charges | 496 | 343 |
Derivative financial instrument liabilities | 1,971 | 3,771 |
Income tax payable | 64,101 | 68,834 |
Borrowings | 709,505 | 207,619 |
Lease liabilities | 74,563 | 50,560 |
Current liabilities | 1,446,421 | 830,559 |
Non-current liabilities | ||
Trade and other payables | 1,411 | 312 |
Borrowings | 2,577,357 | 2,401,471 |
Lease liabilities | 403,339 | 325,541 |
Provisions for other liabilities and charges | 119,406 | 71,598 |
Deferred income tax liabilities | 194,082 | 169,119 |
Non-current liabilities | 3,295,595 | 2,968,041 |
Total liabilities | 4,742,016 | 3,798,600 |
EQUITY | ||
Stated capital | 5,309,954 | 5,223,484 |
Accumulated losses | (3,064,339) | (2,860,205) |
Other reserves | (970,819) | (842,911) |
Equity attributable to owners of the Company | 1,274,796 | 1,520,368 |
Non-controlling interest | 220,826 | 223,188 |
Total equity | 1,495,622 | 1,743,556 |
Total liabilities and equity | $ 6,237,638 | $ 5,542,156 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Equity attributable to owners of parent | Stated capital | Accumulated losses | Other reserves | Non-controlling interests | Total |
Beginning balance, Equity at Dec. 31, 2020 | $ 1,209,975 | $ 4,530,870 | $ (2,835,390) | $ (485,505) | $ 14,216 | $ 1,224,191 |
NCI arising on business combination | 611 | 611 | ||||
Share-based payment expense | 8,706 | 8,706 | 8,706 | |||
Total transactions with owners of the Company | 8,706 | 8,706 | 611 | 9,317 | ||
Profit/(loss) for the period | 47,301 | 47,301 | (1,142) | 46,159 | ||
Other comprehensive (loss)/income | (39,289) | (39,289) | 159 | (39,130) | ||
Total comprehensive (loss)/income for the period | 8,012 | 47,301 | (39,289) | (983) | 7,029 | |
Ending balance, Equity at Sep. 30, 2021 | 1,226,693 | 4,530,870 | (2,788,089) | (516,088) | 13,844 | 1,240,537 |
Beginning balance, Equity at Dec. 31, 2020 | 1,209,975 | 4,530,870 | (2,835,390) | (485,505) | 14,216 | 1,224,191 |
Share-based payment expense | 13,003 | |||||
Options converted to shares | (342,768) | |||||
Other comprehensive (loss)/income | (22,557) | |||||
Ending balance, Equity at Dec. 31, 2021 | 1,520,368 | 5,223,484 | (2,860,205) | (842,911) | 223,188 | 1,743,556 |
NCI arising on business combination | 831 | 831 | ||||
Share-based payment expense | 10,230 | 10,230 | 10,230 | |||
Options converted to shares | 86,470 | (86,470) | ||||
Other reclassifications related to share based payment | (1,275) | 1,560 | (2,835) | (1,275) | ||
Total transactions with owners of the Company | 8,955 | 86,470 | 1,560 | (79,075) | 831 | 9,786 |
Profit/(loss) for the period | (205,694) | (205,694) | (9,162) | (214,856) | ||
Other comprehensive (loss)/income | (48,833) | (48,833) | 5,969 | (42,864) | ||
Total comprehensive (loss)/income for the period | (254,527) | (205,694) | (48,833) | (3,193) | (257,720) | |
Ending balance, Equity at Sep. 30, 2022 | $ 1,274,796 | $ 5,309,954 | $ (3,064,339) | $ (970,819) | $ 220,826 | $ 1,495,622 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||||
Cash from operations | $ 294,190 | $ 205,672 | $ 677,599 | $ 597,890 |
Income taxes paid | (6,452) | (4,780) | (46,454) | (24,166) |
Payment for rent | (1,175) | (2,177) | (5,305) | (5,365) |
(Payment)/refund for tower and tower equipment decommissioning | (320) | 194 | (178) | (55) |
Net cash generated from operating activities | 286,243 | 198,909 | 625,662 | 568,304 |
Cash flow from investing activities | ||||
Purchase of property, plant and equipment-capital work in progress | (94,072) | (56,503) | (220,287) | (133,748) |
Purchase of property, plant and equipment-others | (27,939) | (2,427) | (64,580) | (10,603) |
Payment in advance for property, plant and equipment | (51,870) | (22,251) | (139,783) | (106,543) |
Purchase of software and licenses | (234) | (420) | (13,238) | (977) |
Consideration paid on business combinations, net of cash acquired | (8,993) | (735,917) | (178,873) | |
Proceeds from disposal of property, plant and equipment | 255 | 394 | 1,109 | 3,769 |
Insurance claims received | 80 | 2,196 | 1,694 | 13,978 |
Interest income received | 3,364 | 1,971 | 10,380 | 4,323 |
Deposit of short term deposits | (70,628) | (358,694) | ||
Refund of short term deposits | 10,733 | 162,316 | ||
Net cash used in investing activities | (239,304) | (77,040) | (1,357,000) | (408,674) |
Cash flows from financing activities | ||||
Transactions with non-controlling interest | 11 | 11 | ||
Proceeds from borrowings | 118,884 | 8,754 | 834,677 | 87,488 |
Bank loans repaid | (44,184) | (46,200) | (114,211) | (106,738) |
Fees on loans and derivative instruments | (3,282) | (8,693) | (12,559) | (16,788) |
Interest paid | (69,070) | (70,050) | (173,739) | (143,398) |
Payment for the principal of lease liabilities | (22,966) | (14,574) | (52,717) | (41,845) |
Interest paid for lease liabilities | (11,543) | (8,199) | (27,763) | (22,915) |
Initial margin received on nondeliverable forwards/ non-deliverable swaps | 6,629 | 5,638 | 13,106 | 36,303 |
Initial margin deposited on nondeliverable forwards/ non-deliverable swaps | (7,533) | (19,436) | ||
(Losses)/gains received on nondeliverable forwards/non-deliverable swaps | (172) | (2,160) | (3,197) | 38,044 |
Net cash (used in)/generated from financing activities | (25,693) | (143,017) | 463,608 | (189,285) |
Net increase/(decrease) in cash and cash equivalents | 21,246 | (21,148) | (267,730) | (29,655) |
Cash and cash equivalents at beginning of period | 567,298 | 541,644 | 916,488 | 585,416 |
Effect of movements in exchange rates on cash | (58,076) | (19,005) | (118,290) | (54,270) |
Cash and cash equivalents at end of period | $ 530,468 | $ 501,491 | $ 530,468 | $ 501,491 |
General Information
General Information | 9 Months Ended |
Sep. 30, 2022 | |
General Information | |
General Information | 1. The financial statements are the unaudited condensed consolidated interim financial statements (hereafter “financial statements”) of IHS Holding Limited (“IHS Towers") and its subsidiaries (together hereafter referred to as the Group). As of September 30, 2022, IHS was an exempted company with limited liability under the Companies Act (as amended) of the Cayman Islands. The Company is domiciled in the Cayman Islands and the address of its registered office is 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands. The financial period represents the three and nine months ended September 30, 2022, with the prior period representing the three and nine months ended September 30, 2021. The financial statements are presented in U.S. Dollars ($) and all values are rounded to the nearest thousand, except where otherwise indicated. |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Sep. 30, 2022 | |
Significant accounting policies | |
Significant accounting policies | 2. 2.1 The financial statements for the three and nine months ended September 30, 2022, have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ (IAS 34), as issued by the International Accounting Standards Board (IASB). The financial statements do not amount to full financial statements and do not include all of the information and disclosures required for full annual financial statements. It should be read in conjunction with the consolidated annual financial statements of the Group for the year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB, as noted within note 2.1 of the consolidated annual financial statements. In management’s opinion, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2022, and its results of operations for the three and nine months ended September 30, 2022, and 2021, cash flows for the three and nine months ended September 30, 2022, and 2021, and statement of changes in equity for the nine months ended September 30, 2022 and 2021. The condensed consolidated statement of financial position as at December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. 2.2 These condensed consolidated interim financial statements were authorized and approved for issue on November 14, 2022. 2.3 Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. 2.4 The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. 2.5 Operating segments are components of IHS’ business activities about which separate financial statements are available and reported internally to the chief operating decision maker. The Group’s Executive Committee has been identified as the chief operating decision maker, responsible for allocating resources and assessing performance of the operating segments. The Group’s Executive Committee currently consists of the Chief Executive Officer (“CEO”), the Chief Operating Officer (“COO”), the Chief Financial Officer (“CFO”), the General Counsel, the outgoing Deputy CFO, the IHS Nigeria CEO, the Chief Strategy Officer, the Chief Human Resource Officer and the Senior Vice President of Communications. Where operating segments share similar characteristics, they have been aggregated into reportable segments, of which the Group has identified four: Nigeria, Sub Saharan Africa (“SSA”), Middle East and North Africa (“MENA”) and Latin America (“Latam”). |
Critical accounting estimates a
Critical accounting estimates and assumptions | 9 Months Ended |
Sep. 30, 2022 | |
Critical accounting estimates and assumptions | |
Critical accounting estimates and assumptions | 3. The preparation of interim financial statements requires management to make certain judgements, accounting estimates and assumptions that affect the amounts reported for the assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the period. The nature of the estimation means that actual outcomes could differ from those estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same, except as mentioned below, as those that applied to the consolidated financial statements for the year ended December 31, 2021. (a) The COVID-19 outbreak and resulting measures taken by the federal and state governments in the countries where we operate to contain the virus have required some changes to how we operate (for example travel restrictions, increased working from home, practicing social distancing, increased hygiene measures and enhanced risk and contingency planning). During the current period however, and during the period after September 30, 2022 the financial impact on our business has not been significant as our operational teams were allowed to fulfil their responsibilities and visit sites even when local travel restrictions were in place. However, in addition to the already known effects, the macroeconomic uncertainty causes disruption to economic activity and it is unknown what the longer-term impact on our business may be. The remaining duration of this pandemic remains uncertain but is expected to continue to impact the way we run our business, in particular, in relation to office working and the ability to travel internationally without restriction. The Russia and Ukraine conflict has impacted global diesel prices as well as the supply chain for raw materials such as steel and for equipment, including batteries. In addition, the conflict has also impacted global financial markets leading to higher interest rates and inflation. The Group has no direct operations in Ukraine or trading with sanctioned individuals and companies. The below table outlines Management’s assessment of and response to the main risks arising from the current uncertain situation regarding COVID-19, and the Russia and Ukraine conflict. These risks inherently impact the significant judgements and estimates made by management. Assessment Risk discussion and response Revenue and profitability · Limited impact on revenue collections thus far. · The Group has long-term revenue contracts with its customers amounting to $13.0 billion in contracted revenue. · Our ability to collect revenue from our customers is impacted by our customers ’ · The impact on collections has thus far been limited and the Group remains in constant conversation with customers regarding their liquidity and ability to meet their obligations. · The Group regularly reviews measures for cost savings whilst maintaining its ability to operate effectively and towards strategic goals. · The Group has continued to invest in capital expenditure which supports revenue growth, albeit somewhat affected by a slowdown in supply chain. The Group will continue to invest in capital expenditure relating to revenue growth and cost saving initiatives during 2022. Assessment Risk discussion and response · Customers continue to perform, and we have not experienced significant deterioration in payments. Liquidity · Sufficient liquidity is available. · No current impact on going concern. · The Group has cash and cash equivalents of $530.5 million as at September 30, 2022. · Management has assessed current cash reserves and the availability of undrawn facilities and continues to monitor available liquidity in the context of ongoing operational requirements and planned capital expenditure. · In the context of current commitments and available liquidity, management believes that the going concern assumption remains appropriate. · All of the Group ’ Access to USD · Moderate risk due to decreased availability. · While there has been a reduction in US dollar liquidity in the Nigerian market, we were able to source US dollars for our semi-annual coupons earlier in the year. Workforce and internal controls · Minimal impact to date. · Employees have returned to office following guidance by local regulations. The periods of remote working have had limited impact on the operation of and management oversight over internal controls which continue to operate effectively. · Operational employees continue to operate in the field while observing strict safety guidelines. · Our IT team monitors the increased risk of fraud, data or security breaches, loss of data and the potential for other cyber-related attacks and utilizes security measures to mitigate such risks. Supply chain · Minimal impact to date. · The Group works closely with suppliers and contractors to ensure availability of supplies on site, especially diesel supplies which are critical to many of our operations. However, some risk remains with continued disruptions in global supply chain worsened by current geopolitical issues and specifically a delay on new orders of batteries and diesel. The effect of the delay in supply of batteries have been mitigated to date by orders placed in advance. · Regular maintenance of our towers continues while observing strict safety guidelines for our employees and our suppliers and contractors. Due to the uncertainty of COVID-19, and the Russia and Ukraine conflict we will continue to assess the situation, including abiding by any government-imposed restrictions, market by market. As part of their regular assessment of the Group’s liquidity and financing position, the Directors have prepared detailed forecasts for a period which extends beyond 12 months after the date of approval of these financial statements. In assessing the forecasts, the Directors have considered: ◾ the current economic conditions in the operating markets and how that impacts trading; ◾ the impact of macroeconomic factors, particularly interest rates and foreign exchange rates; ◾ the status of the Group ’ s financial arrangements (see also note 19); ◾ mitigating actions available should business activities fall behind current expectations; and ◾ additional sensitivity analysis under a stressed scenario to assess the impact of a severe but plausible downside case. Whilst inherently uncertain, and we expect some impact to our operations and performance, we currently do not believe that the COVID-19 outbreak or the Russia and Ukraine conflict will directly have a material adverse effect on our financial condition or liquidity for the foreseeable future. Having carefully considered this and the other factors noted above, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for at least 12 months from the date of issuance of these financial statements and to operate within the covenant levels of its current debt facilities. The Directors therefore continue to consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
Capital risk management
Capital risk management | 9 Months Ended |
Sep. 30, 2022 | |
Capital risk management | |
Capital risk management | 4. The Group’s activities expose it to a variety of financial risks including market risk (foreign exchange risk and interest rate risk), credit risk and liquidity risk. The financial statements do not include all financial risk management information and disclosures required in annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2021. There have been no changes in any risk management policies since December 31, 2021. Fair value hierarchy The table below analyzes financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: ◾ Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). ◾ Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). ◾ Inputs for the asset or liability that are not based on observable market data (that is unobservable inputs) (level 3). The following tables present the Group’s financial instruments that are measured at fair value at September 30, 2022 and at December 31, 2021. September 30, 2022 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Fair value through other comprehensive income financial assets 10 — — 10 Embedded options within listed bonds (note 16) — 2,150 — 2,150 Non‑deliverable forwards (NDF)/Non‑deliverable swaps (NDS) (note 16) — (1,971) — (1,971) 10 179 — 189 December 31, 2021 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Fair value through other comprehensive income financial assets 11 — — 11 Embedded options within listed bonds (note 16) — 165,100 — 165,100 Non‑deliverable forwards (NDF)/Non‑deliverable swaps (NDS) (note 16) — (3,771) — (3,771) 11 161,329 — 161,340 At September 30, 2022 the Group had both level 1 and level 2 financial instruments. Financial assets in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. Instruments included in level 1 comprise investments in marketable securities classified as fair value through other comprehensive income financial assets. Financial assets in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments included in level 2 comprise non-deliverable forwards (NDF), non-deliverable swaps (NDS) and options embedded in the 2026 Notes, 2027 Notes and 2028 Notes. Their fair values are determined based on mark-to-market values provided by the counterparty financial institutions or valuation techniques using observable market data. Financial instruments in level 3 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques are not based on observable market data and rely on entity or market specific estimates. If all significant inputs required to fair value an instrument are not observable, the instrument is included in level 3. Fair value estimation At September 30, 2022 At December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value $’000 $’000 $’000 $’000 Financial liabilities Bank and bond borrowings (note 19) 3,286,862 2,971,754 2,609,090 2,668,792 3,286,862 2,971,754 2,609,090 2,668,792 The fair values of non-current liabilities are based on discounted cash flows using a current borrowing rate. The fair values of current assets and current liabilities are not materially different from their carrying values. |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment reporting | |
Segment reporting | 5. Segment reporting The Group’s Executive Committee, identified as the chief operating decision maker (CODM), reviews and evaluates the Group’s performance from a business perspective according to how the geographical locations are managed. Regional and operating company management are responsible for managing performance, underlying risks, and effectiveness of operations. Regions are broadly based on a scale and geographic basis because the Group’s risks and rates of return are affected predominantly by the fact that the Group operates in different geographical areas, namely Nigeria as the current largest market, Cameroon, Côte d’Ivoire, Rwanda, South Africa and Zambia, as our Sub Saharan Africa business (“SSA”), Kuwait and Egypt as our Middle East and North Africa business (“MENA”) and Brazil, Colombia and Peru as our Latin America business (“Latam”). The Executive Committee reviews the Company’s internal reporting to assess performance and allocate resources. Management has determined the operating segments based on these reports. The CODM has identified four operating segments: ◾ Nigeria ◾ SSA, which comprises operations in Cameroon, C ô te d ’ Ivoire, Rwanda and Zambia, along with the newly acquired operations in South Africa (refer to note 27). ◾ Latam, which comprises operations in Brazil, Colombia and Peru ◾ MENA, which comprises operations in Kuwait and Egypt. Although full operations in Egypt have not commenced, the business has incurred some startup costs. All operating segments are engaged in the business of some of or all of the following: leasing tower space for communication equipment to Mobile Network Operators (MNOs) and other customers (internet service providers, security functions or private corporations), providing fiber connectivity, providing managed services in limited situations, such as maintenance, operations and leasing services, for certain towers owned by third parties within their respective geographic areas. However, they are managed and grouped within the four operating segments, which are primarily distinguished by reference to the scale of operations, to the similarity of their future prospects and long-term financial performance (i.e. margins and geographic basis). The CODM primarily uses a measure of Segment Adjusted EBITDA (defined as profit/(loss) for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, impairment of withholding tax receivables, business combination transaction costs, impairment of property, plant and equipment and related prepaid land rent on the decommissioning of sites, net (profit)/loss on sale of assets, share based payment (credit)/expense, insurance claims, listing costs and certain other items that management believes are not indicative of the core performance of its business) to assess the performance of the business. The CODM also regularly receives information about the Group’s revenue, assets and liabilities. The Group has additional corporate costs which do not meet the quantitative thresholds to be separately reported and which are aggregated in ‘Other’ in the reconciliation of financial statements presented below. These include costs associated with centralized Group functions including Group executive, legal, finance, tax and treasury services. There are no revenue transactions which occur between operating segments. Intercompany finance income, finance costs and loans are not included in the amounts below. The segment’s assets and liabilities are comprised of all assets and liabilities attributable to the segment, based on the operations of the segment and the physical location of the assets or liabilities, including goodwill and other intangible assets and are measured in the same way as in the financial statements. Other assets and liabilities that are not attributable to Nigeria, SSA, Latam and MENA segments consist principally of amounts excluded from specific segments including costs incurred for and by Group functions not attributable directly to the operations of the reportable segments, share-based payment and any amounts due on debt held at Group level as the balances are not utilized in assessing each segment’s performance. Summarized financial statements for the nine months ended September 30, 2022 is as follows: 2022 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 997,132 295,331 116,117 26,552 — 1,435,132 Segment Adjusted EBITDA 596,756 163,672 83,010 11,616 (96,416) 758,638 Depreciation and amortization (note 6 and 7) (342,821) Net loss on disposal of property, plant and equipment (note 7) (13,650) Insurance claims (note 9) 1,686 Impairment of withholding tax receivables (39,141) Business combination transaction costs (17,928) Other costs (a) (1,274) Net impairment of property, plant and equipment and prepaid land rent (1,768) Share‑based payment expense (note 7) (9,752) Finance income (note 10) 11,035 Finance costs (note 11) (570,150) Other income 2,521 Loss before income tax (222,604) Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — 642,371 365,749 3,650 - in the normal course of business 226,858 83,876 93,822 18,569 Segment assets (at September 30, 2022) 2,374,490 1,531,136 1,868,288 177,746 Segment liabilities (at September 30, 2022) 968,530 830,044 498,806 108,558 (a) Other costs for the nine months ended September 30, 2022 included professional costs related to SOX implementation costs of $1.0 million along with professional fees and system implementation costs. Summarized financial statements for the nine months ended September 30, 2021 is as follows: 2021 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 846,941 256,382 39,642 21,151 — 1,164,116 Segment Adjusted EBITDA 599,682 144,500 29,142 9,401 (72,978) 709,747 Depreciation and amortization (note 6 and 7) (283,180) Net gain on disposal of property, plant and equipment (note 7) 1,632 Insurance claims (note 9) 5,437 Impairment of withholding tax receivables (44,398) Business combination transaction costs (9,087) Other costs (a) (14,353) Reversal of provision for decommissioning costs 2,671 Impairment of property, plant and equipment and prepaid land rent (44,369) Listing costs (6,659) Share‑based payment expense (note 7) (8,968) Finance income (note 10) 22,030 Finance costs (note 11) (218,069) Other income 1,269 Profit before income tax 113,703 Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — — 262,843 5,388 - in the normal course of business 207,080 36,469 66,246 10,350 Segment assets (at September 30, 2021) 2,119,202 1,042,109 964,958 168,119 Segment liabilities (at September 30, 2021) 735,623 502,944 401,975 113,659 (a) Other costs for the nine months ended September 30, 2021 related to non-recurring professional costs related to financing of $13.5 million and aborted transaction costs of $0.9 million. Summarized financial statements for the three months ended September 30, 2022 is as follows: 2022 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 355,351 114,801 42,104 9,061 — 521,317 Segment Adjusted EBITDA 210,039 63,746 29,993 3,828 (32,953) 274,653 Depreciation and amortization (note 6 and 7) (120,141) Net gain on disposal of property, plant and equipment (note 7) 134 Insurance claims (note 9) 70 Impairment of withholding tax receivables (11,422) Business combination transaction costs (3,685) Other (costs)/income (a) (966) Net impairment of property, plant and equipment and prepaid land rent (3,099) Share‑based payment expense (note 7) (4,127) Finance income (note 10) 6,412 Finance costs (note 11) (231,280) Loss before income tax (93,451) Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — — — 3,650 - in the normal course of business 98,669 31,705 42,696 6,223 Segment assets (at September 30, 2022) 2,374,490 1,531,136 1,868,288 177,746 Segment liabilities (at September 30, 2022) 968,530 830,044 498,806 108,558 (a) Other costs for the three Summarized financial statements for the three months ended September 30, 2021 is as follows: 2021 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 289,078 89,272 14,912 7,285 — 400,547 Segment Adjusted EBITDA 179,489 49,833 11,267 3,249 (24,120) 219,718 Depreciation and amortization (note 6 and 7) (99,255) Net gain on disposal of property, plant and equipment (note 7) 94 Insurance claims (note 9) 35 Impairment of withholding tax receivables (11,714) Business combination transactions costs (3,139) Other costs (a) (4,160) Impairment of property, plant and equipment and prepaid land (41,556) Reversal of provision for decommissioning costs 2,671 Listing costs (2,624) Share‑based payment expense (note 7) (4,286) Finance income (note 10) 18,017 Finance costs (note 11) (76,717) Loss before income tax (2,916) Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — — — — - in the normal course of business 94,205 13,832 17,976 2,880 Segment assets (at September 30, 2021) 2,119,202 1,042,109 964,958 168,119 Segment liabilities (at September 30, 2021) 735,623 502,944 401,975 113,659 (a) Other costs for the three months ended September 30, 2021, included non-recurring professional costs related to financing of $4.2 million and aborted transaction costs recoveries of $0.1 million. Revenue from two tier one customers represents approximately 10% or more of the Group’s total revenue as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 Customer A 63 % 65 % 63 % 66 % Customer B 17 % 15 % 17 % 14 % |
Cost of sales
Cost of sales | 9 Months Ended |
Sep. 30, 2022 | |
Cost of sales [abstract] | |
Cost of sales | 6. Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Tower repairs and maintenance 25,134 18,524 68,391 55,177 Power generation 113,604 74,602 305,858 189,283 Short term site rental 2,380 4,342 11,356 8,302 Short term other rent 796 808 2,099 3,058 Vehicle maintenance and repairs 439 670 1,473 1,797 Site regulatory permits 8,593 12,181 26,634 27,831 Security services 12,375 8,900 31,713 27,319 Insurance 1,353 963 3,750 3,047 Staff costs 8,454 5,664 23,664 19,116 Travel costs 2,195 3,149 3,436 7,085 Professional fees 943 1,097 2,846 2,462 Depreciation (note 14)* 102,895 87,004 295,646 248,594 Amortization (note 15) 14,082 9,386 36,220 25,945 Net impairment of property, plant and equipment and prepaid land rent 3,099 41,556 1,768 44,369 Other 3,698 4,138 6,430 9,639 300,040 272,984 821,284 673,024 Foreign exchange gains and losses on cost of sales are included in Other. * |
Administrative expenses
Administrative expenses | 9 Months Ended |
Sep. 30, 2022 | |
Administrative expenses. | |
Administrative expenses | 7. Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Facilities, short term rental and upkeep 8,953 5,451 25,844 17,712 Depreciation (note 14) 2,266 2,061 6,657 6,252 Amortization (note 15) 898 804 4,298 2,389 Travel costs 4,225 2,465 10,884 5,962 Staff costs 34,323 25,283 96,172 73,628 Key management compensation 5,491 1,871 13,814 5,560 Share‑based payment expense 4,127 4,286 9,752 8,968 Professional fees 9,628 11,170 28,240 39,261 Business combination transaction costs 3,685 3,139 17,928 9,087 Impairment of withholding tax receivables* 11,422 11,714 39,141 44,398 Net (gain)/loss on disposal of property, plant and equipment (134) (94) 13,650 (1,632) Operating taxes 228 266 569 1,487 Other 6,415 4,413 17,992 13,004 91,527 72,829 284,941 226,076 * Withholding tax is impaired based on the Group’s assessment of the recoverability of withholding tax assets based on a five-year cash flow projection and an analysis of the utilization of withholding tax balances against future income tax liabilities. Foreign exchange gains and losses on administrative expenses are included in other. |
Reversal of loss Allowance_(los
Reversal of loss Allowance/(loss allowance) on trade receivables | 9 Months Ended |
Sep. 30, 2022 | |
Reversal of loss Allowance/(loss allowance) on trade receivables | |
Reversal of loss Allowance/(loss allowance) on trade receivables | 8. The net credit for the nine months ended September 30, 2022 of $3.4 million (nine months ended September 30, 2021: net credit of $37.6 million) and the net credit for the three months ended September 30, 2022 of $1.6 million (three months ended September 30, 2021: net credit of $1.0 million) arises in respect of loss allowances for trade receivables. This represents the net impact of the reversal of allowances made in previous periods in respect of balances recovered in the period or no longer considered doubtful partially offset by new or increased provisions for balances now assessed as doubtful. During the nine months period ended September 30, 2021, there was a non-recurring $36.5 million reversal of loss allowance in respect of one Key Customer due to improvement of collections. |
Other income
Other income | 9 Months Ended |
Sep. 30, 2022 | |
Other income. | |
Other income | 9. Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Insurance claims 70 35 1,686 5,437 Other income — 21 2,521 1,675 70 56 4,207 7,112 |
Finance income
Finance income | 9 Months Ended |
Sep. 30, 2022 | |
Finance income. | |
Finance income | 10. Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Interest income—bank deposits 3,364 1,970 10,380 4,322 Net foreign exchange gain on derivative instruments—unrealized 1,263 — — — Net foreign exchange gain on derivative instruments—realized 1,785 — 655 10,184 Net foreign exchange gain arising from financing – unrealized — 8,942 — 2,938 Fair value gain on embedded derivative in revenue contract — 2,160 — 4,586 Fair value gain on embedded options — 4,945 — — 6,412 18,017 11,035 22,030 |
Finance Costs
Finance Costs | 9 Months Ended |
Sep. 30, 2022 | |
Finance costs. | |
Finance costs | 11. Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Interest expenses—third party loans 74,382 45,773 189,060 124,630 Unwinding of discount on decommissioning liability 2,556 1,529 5,223 3,553 Interest and finance charges paid/payable for lease liabilities 11,070 8,997 32,882 23,367 Net foreign exchange loss arising from financing—unrealized 81,964 — 43,302 — Net foreign exchange loss arising from financing—realized 56,966 13,735 120,655 49,609 Net foreign exchange loss on derivative instruments—unrealized — 1,317 2,111 7,517 Net foreign exchange loss on derivative instruments—realized — 2,320 — — Fair value loss on embedded options 620 — 162,950 2,203 Fees on loans and financial derivatives 3,722 3,046 13,967 7,190 231,280 76,717 570,150 218,069 |
Taxation
Taxation | 9 Months Ended |
Sep. 30, 2022 | |
Taxation | |
Taxation | 12. Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Current taxes on income 31,897 29,621 83,905 75,821 Deferred income taxes (72,870) (2,090) (91,653) (8,277) Total taxes (40,973) 27,531 (7,748) 67,544 Income tax expense is recognized based on management’s estimate of the weighted average annual income tax rate for the period by jurisdiction. |
(Loss)_income per share
(Loss)/income per share | 9 Months Ended |
Sep. 30, 2022 | |
(Loss)/income per share | |
(Loss)/income per share | 13. The following table sets forth basic and diluted net income/(loss) per common share computational data (in thousands, except per share data): Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 (Loss)/profit attributable to equity holders ($’000) (52,478) (30,447) (214,856) 46,159 Less: allocation of loss to non‑controlling interest ($’000) (5,946) (425) (9,162) (1,142) (Loss)/profit attributable to IHS common shareholders ($’000) (46,532) (30,022) (205,694) 47,301 Basic weighted average shares outstanding (‘000) 331,688 294,103 330,913 294,103 Potentially dilutive securities (‘000) 3,446 23,551 3,381 23,493 Potentially dilutive weighted average common shares outstanding (‘000) 335,134 317,654 334,294 317,596 (Loss)/income per share: Basic (loss)/income per share ($) (0.14) (0.10) (0.62) 0.16 Diluted (loss)/income per share ($) (0.14) (0.10) (0.62) 0.15 Potentially dilutive securities include share-based compensation options, but for the nine and three months ended September 30, 2022, and the nine months ended September 30, 2021, these securities were anti-dilutive and thus do not impact diluted loss per share. |
Property, plant and equipment
Property, plant and equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, plant and equipment. | |
Property, plant and equipment | 14. Total (excluding Towers Land Furniture Capital Right of and tower Fiber and and office Motor work in use Right of equipment assets buildings equipment vehicles progress asset) use assets $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Cost At January 1, 2021 2,660,120 — 47,436 18,169 20,148 74,646 2,820,519 549,594 Additions during the year 20,995 — 825 5,056 6,012 224,479 257,367 113,722 Additions through business combinations*** 77,142 226,538 968 93 — 5,495 310,236 41,709 Reclassification 124,548 23,241 5,999 — — (153,788) — — Transfer from advance payments 111,439 7,862 4,112 — — 3,959 127,372 — Disposals* (21,359) — — (82) (1,825) — (23,266) (18,872) Effects of movement in exchange rates (143,357) (6,951) (3,072) (1,038) (877) (8,438) (163,733) (35,649) At December 31, 2021*** 2,829,528 250,690 56,268 22,198 23,458 146,353 3,328,495 650,504 At January 1, 2022 2,829,528 250,690 56,268 22,198 23,458 146,353 3,328,495 650,504 Additions during the period **** (12,733) 48,207 2,549 6,185 5,247 220,287 269,742 77,960 Additions through business combinations (note 27) ***** 301,674 — 885 — — — 302,559 179,810 Reclassification 95,447 9,130 1,428 512 — (106,517) — — Transfer from advance payments 17,656 13,908 3,070 6 — 29,350 63,990 — Disposals* (204,914) — — (454) (602) — (205,970) (11,383) Effects of movement in exchange rates (127,126) 9,701 (2,090) (1,126) (954) (10,988) (132,583) (37,652) At September 30, 2022 2,899,532 331,636 62,110 27,321 27,149 278,485 3,626,233 859,239 Accumulated depreciation and impairment At January 1, 2021 1,352,192 — 1,728 14,291 14,268 — 1,382,479 81,464 Charge for the year 272,068 5,366 296 3,806 2,902 — 284,438 60,685 Impairment 48,391 — (318) — — — 48,073 2,797 Disposals* (14,660) — — (73) (1,816) — (16,549) (8,634) Effects of movement in exchange rates (82,676) (12) (69) (867) (583) — (84,207) (6,459) At December 31, 2021 1,575,315 5,354 1,637 17,157 14,771 — 1,614,234 129,853 At January 1, 2022 1,575,315 5,354 1,637 17,157 14,771 — 1,614,234 129,853 Charge for the period** 200,509 40,018 238 4,436 3,443 — 248,644 54,465 Impairment/(reversal of impairment) (1,084) 98 — — — — (986) 2,578 Disposals* (190,418) — — (301) (588) — (191,307) (8,643) Effects of movement in exchange rates (51,053) 1,505 (7) (951) (603) — (51,109) (7,722) At September 30, 2022 1,533,269 46,975 1,868 20,341 17,023 — 1,619,476 170,531 Net book value At December 31, 2021 1,254,213 245,336 54,631 5,041 8,687 146,353 1,714,261 520,651 At September 30, 2022 1,366,263 284,661 60,242 6,980 10,126 278,485 2,006,757 688,708 * The disposals value of right of use assets represents disposals due to terminated leases and the impact of remeasurement of lease assets as a result of changes in lease terms. ** The charge for the period does not agree to the charge in the condensed consolidated statement of income and other comprehensive income due to the indirect taxes benefit of $0.8 million in IHS Brasil Cessão de Infraestruturas S.A. claimed through depreciation over the useful life of the asset. *** Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of Fiberco Soluções de Infraestrutura S.A. in November 2021 (refer to note 27). **** Includes net movements in assets relating to the decommissioning and site restoration provision. *****Includes subsequent asset acquisitions on business combination transactions. Capital work-in-progress comprises mainly of tower and tower equipment still under construction and not yet available for use. The Group transfers such assets to the appropriate class once they are available for use. There were no qualifying borrowing costs capitalized during the year. The reversal of impairment in the period ended September 30, 2022 relates to previously impaired towers and tower equipment disposed of in the current period. The impairment in the year ended December 31, 2021 is primarily driven by the rationalization program agreed with a Key Customer which resulted in the impairment of the related Towers. It was determined that the recoverable amounts were lower than carrying amounts and therefore their carrying amounts were written down to the recoverable amount. The impairment losses have been recognized in cost of sales in the consolidated statement of (loss)/income and other comprehensive loss. |
Goodwill and other intangible a
Goodwill and other intangible assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and other intangible assets | |
Goodwill and other intangible assets | 15. Customer ‑ Network ‑ related related intangible intangible Goodwill assets assets Licenses Software Total $’000 $’000 $’000 $’000 $’000 $’000 Cost At January 1, 2021 656,507 732,434 73,552 15,796 22,091 1,500,380 Additions during the year — — — 3,145 1,909 5,054 Additions through business combinations* 156,849 191,332 38,205 — 1,035 387,421 Disposals — — — (18) (723) (741) Effects of movement in exchange rates (33,209) (46,002) (4,555) (1,217) (514) (85,497) At December 31, 2021* 780,147 877,764 107,202 17,706 23,798 1,806,617 At January 1, 2022 780,147 877,764 107,202 17,706 23,798 1,806,617 Additions during the period — — — 11,908 1,330 13,238 Additions through business combinations (note 27) ** 148,633 310,677 70,090 — — 529,400 Effects of movement in exchange rates (11,510) (34,088) (9,657) (3,581) 229 (58,607) At September 30, 2022 917,270 1,154,353 167,635 26,033 25,357 2,290,648 Accumulated amortization and impairment At January 1, 2021 251 109,715 19,022 6,456 17,839 153,283 Charge for the year — 29,037 4,237 978 3,914 38,166 Disposals — — — (15) (726) (741) Effects of movement in exchange rates — (7,184) (1,374) (542) (616) (9,716) At December 31, 2021 251 131,568 21,885 6,877 20,411 180,992 At January 1, 2022 251 131,568 21,885 6,877 20,411 180,992 Charge for the period — 32,500 5,013 1,661 1,344 40,518 Effects of movement in exchange rates — (7,083) (1,272) (1,084) 524 (8,915) At September 30, 2022 251 156,985 25,626 7,454 22,279 212,595 Net book value At December 31, 2021 779,896 746,196 85,317 10,829 3,387 1,625,625 At September 30, 2022 917,019 997,368 142,009 18,579 3,078 2,078,053 * Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of Fiberco Soluções de Infraestrutura S.A. in November 2021 (refer to note 27). Network-related intangible assets represent future income from leasing excess tower capacity to new Tenants. Customer-related intangible assets represent customer contracts and relationships. ** Includes subsequent asset acquisitions on business combination transactions. |
Derivative financial instrument
Derivative financial instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative financial instruments | |
Derivative financial instruments | 16. The derivative instruments have been classified as fair value through profit or loss. The instruments are measured at fair value with the resultant gains or losses recognized in the statement of income and other comprehensive income. The related net foreign exchange gain/(loss) is included in finance income (note 10) and finance costs (note 11). The underlying contractual notional amounts for the derivative instruments are as follows, at December 31, 2021 and at September 30, 2022: September 30, December 31, 2022 2021 $’000 $’000 Derivative instruments Non‑deliverable forwards (NDF) / Non‑deliverable swaps (NDS) 85,448 124,023 Embedded options within listed bonds 1,940,000 1,940,000 2,025,448 2,064,023 The fair value balances are as follows: September 30, December 31, 2022 2021 $’000 $’000 Derivative instruments Non‑deliverable forwards (NDF) / Non‑deliverable swaps (NDS) (1,971) (3,771) Embedded options within listed bonds 2,150 165,100 179 161,329 The change in fair value of the derivative instruments has been recorded in the condensed consolidated statement of (loss)/income and other comprehensive loss as follows: Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Derivative instruments Non‑deliverable forwards (NDF) / Non‑deliverable swaps (NDS) 1,263 (1,317) (2,111) (7,517) Embedded options within listed bonds (620) 4,945 (162,950) (2,203) Embedded options within revenue contracts — 2,160 — 4,586 643 5,788 (165,061) (5,134) |
Trade and other receivables
Trade and other receivables | 9 Months Ended |
Sep. 30, 2022 | |
Trade and other receivables | |
Trade and other receivables | 17. September 30, December 31, 2022 2021 $’000 $’000 Current Trade receivables 284,442 253,852 Less: impairment provisions (26,767) (31,063) Net trade receivables* 257,675 222,789 Other receivables** 363,823 201,759 Prepaid land rent 1,612 1,069 Other prepaid expenses 21,781 25,080 Advance payments 26,462 14,663 Withholding tax 1,242 992 VAT receivables 13,875 5,401 686,470 471,753 Non ‑ current Accrued income and lease incentive 33,275 21,408 Other tax receivables 5,903 — Payment in advance for property, plant and equipment 118,458 48,071 Contingent consideration receivable*** 5,771 5,575 163,407 75,054 * The fair value is equal to their carrying amount. ** Included in other receivables are margins on non-deliverable forward contracts and short-term fixed deposits which are not classified as cash and cash equivalents as it exceeds the three-month maturity period. *** Refer to the Fiberco Soluções de Infraestrutura S.A. acquisition in note 27. The balance increased since acquisition due to foreign exchange movements. Payment in advance for property, plant and equipment relates to the future supply of tower and tower equipment. All non-current receivables are due within twenty years |
Trade and other payables
Trade and other payables | 9 Months Ended |
Sep. 30, 2022 | |
Trade and other payables. | |
Trade and other payables | 18. September 30, December 31, 2022 2021 $’000 $’000 Current Trade payables 374,342 342,841 Deferred revenue 84,073 20,435 Withholding tax payable 6,732 4,517 Payroll and other related statutory liabilities 40,680 53,446 VAT payables 51,800 37,973 Other payables 38,158 40,220 595,785 499,432 Non ‑ current Other payables 1,411 312 1,411 312 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Borrowings. | |
Borrowings | 19. September 30, December 31, 2022 2021 $’000 $’000 Non ‑ current Senior Notes 1,919,269 1,916,062 Bank borrowings 658,088 485,409 External debt 2,577,357 2,401,471 Current Senior Notes 22,708 27,195 Bank borrowings 513,562 177,216 Letters of credit 173,235 3,208 External debt 709,505 207,619 Total borrowings 3,286,862 2,609,090 External debt External debt is made up of the following: September 30, December 31, Currency Maturity date Interest rate 2022 2021 $’000 $’000 Senior notes IHS Holding Limited US Dollar 2026 5.63 % 504,578 496,850 IHS Holding Limited US Dollar 2028 6.25 % 505,569 497,367 IHS Netherlands Holdco B.V. US Dollar 2027 8.00 % 931,830 949,042 Bank borrowings IHS Holding Bridge Facility US Dollar 2023 5.50 % + CAS + SOFR 280,741 — IHS (Nigeria) Limited Nigerian Naira 2023 12.50 % 36,739 — IHS (Nigeria) Limited Nigerian Naira 2023 15.00 % 23,700 — INT Towers Ltd Nigerian Naira 2024 2.50 % + 3M NIBOR 222,834 284,882 INT Towers Ltd US Dollar 2024 4.25 % + 3M LIBOR 73,458 92,769 IHS Côte d'Ivoire Ltd CFA Franc 2024 5.00 % 20,003 31,627 IHS Côte d'Ivoire Ltd Euro 2024 3.00 % + 3M EURIBOR 15,204 24,156 IHS Zambia Ltd US Dollar 2027 5.00 % + 3M LIBOR 93,907 93,164 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2029 3.65 % + CDI 68,531 69,768 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2028 3.05 % + CDI 83,996 — IHS Kuwait Limited Kuwait Dinari 2029 2.00 % + 3M KIBOR 66,198 66,257 IHS Towers South Africa Proprietary Limited South African Rand 2029 2.75 % + 3M JIBAR 186,339 — Letters of credit IHS (Nigeria) Limited US Dollar 2023 6.00 - 9.30 % 56,848 — IHS (Nigeria) Limited US Dollar 2023 6.00 - 9.30 % 10,009 — INT Towers Ltd US Dollar 2022 - 2023 6.00 - 10.70 % 103,327 — ITNG Limited US Dollar 2023 9.30 % 956 — Global Independent Connect Limited US Dollar 2023 8.25 - 9.30 % 824 — Global Independent Connect Limited Chinese Yuan 2022 8.25 - 9.30 % 1,271 3,208 3,286,862 2,609,090 ii. The Group is in compliance with the restrictive debt covenants related to the listed bonds and covenants related to external borrowings as at the quarter end. IHS Holding (2021) Bridge Facility IHS Holding Limited entered into a $500.0 million bridge facility agreement originally dated August 10, 2021 (as amended and/or restated from time to time, the “IHS Holding Bridge Facility”). The IHS Holding Bridge Facility is denominated in U.S. dollars and is governed by English law. Funds borrowed under the IHS Holding Bridge Facility could only be applied only toward certain acquisitions listed therein. The interest rate under the IHS Holding Bridge Facility is equal to a compounded reference rate based on SOFR (calculated on a five The IHS Holding Bridge Facility termination date was extended for a period of 6 months after its original termination date to February 10, 2023. In May 2022, the total commitments under the IHS Holding Bridge Facility were reduced by $38.6 million, and as of September 30, 2022, $280.0 million of the IHS Holding Bridge Facility was drawn. IHS (Nigeria) Limited Facilities IHS (Nigeria) Limited has entered into two local currency facilities, each governed by Nigerian law, as follows: a) a NGN 16.1 billion (approximately $36.7 million) facility in March 2022 and guaranteed by each of IHS Holding Limited, INT Towers Limited and IHS Towers NG Limited. The applicable interest rate is 12.5% per annum and funds borrowed under the facility are to be applied towards general corporate purposes (the “IHSN NG1 Facility”). The IHSN NG1 Facility will terminate in March 2023 and was fully drawn down in April 2022; and b) a NGN 10.0 billion (approximately $23.7 million) facility in May 2022 and guaranteed by each of IHS Holding Limited, INT Towers Limited and IHS Towers NG Limited (the “IHSN NG2 Facility”). The applicable interest rate is 15.0% per annum and funds borrowed under the facility are to be applied towards working capital requirements. The IHSN NG2 Facility will terminate in July 2023 and was fully drawn down in July 2022. IHS Côte d’Ivoire S.A. Facility IHS Côte d’Ivoire S.A. entered into a credit agreement originally dated June 30, 2015 (as amended and/or restated from time to time, including in August 2017 and June 2022), split into one tranche with a total commitment of €52.0 million (approximately $50.0 million) (the “CIV Euro Tranche”), and another tranche with a total commitment of XOF 44.6 billion (approximately $65.7 million) (the “CIV XOF Tranche” and, together with the CIV Euro Tranche, the “IHS Côte d’Ivoire S.A. Facility”). The CIV Euro Tranche has an interest rate of 3.00% plus 3 Month EURIBOR, (subject to a zero floor), and the CIV XOF Tranche has an interest rate of 5.00%. The IHS Côte d’Ivoire S.A. Facility was fully drawn down in 2017, and the termination date has been extended to June 2024. IHS Brasil - Cessão de Infraestruturas S.A. Facilities IHS Brasil - Cessão de Infraestruturas S.A. also entered into a BRL 495.0 million (approximately $91.8 million) credit agreement originally dated April 18, 2022 (as amended and/or restated from time to time, the “GTS Facility”), which is guaranteed by Skysites Americas S.A., IHS Centennial Brasil Torres de Telecomunicacoes Ltda and IHS SP Locação de Infraestrutura Ltd. The GTS Facility has an interest rate of CDI plus a margin of 3.05% (assuming a 252-day calculation basis) and will terminate in April 2028. The GTS Facility was fully drawn down in April 2022. IHS Towers South Africa Proprietary Limited Facility IHS Towers South Africa Proprietary Limited (“IHS SA”) entered into a ZAR 3,470.0 million (approximately $192.5 million) facility agreement originally dated May 26, 2022 (as amended and/or restated from time to time, (the “IHS SA Facility”), with, amongst others, certain financial institutions listed therein as original lenders. The IHS SA Facility is governed by South African law and funds borrowed under the facility were partly applied toward the payment of consideration owed pursuant to the MTN South Africa acquisition. The undrawn portion can be applied toward capital expenditure and general corporate purposes and is available for up to 24 months from the signature date of the agreement. The IHS SA Facility has an interest rate of 2.75% plus 3 Month JIBAR, and contains customary information and negative covenants, as well as requirements for IHS SA to observe certain customary affirmative covenants (subject to certain agreed exceptions and materiality carve-outs) and maintain specified net debt to EBITDA ratios and interest coverage ratios. The IHS SA Facility will terminate in May 2029. As of September 30, 2022, ZAR 3,400.0 million (approximately $188.7 million) of this facility has been drawn. IHS Kuwait Limited On August 17, 2022, IHS Kuwait Limited drew down a further KWD 0.3 million (approximately $1.0 million), from its available credit line pursuant to the loan agreement originally dated April 19, 2020 with a total commitment of the KWD equivalent of $85.0 million. This facility will terminate in April 2029, and as at September 30, 2022, KWD 21.5 million (approximately $69.0 million) of this facility was drawn down. iii. As of September 30, 2022, IHS (Nigeria) has utilized $66.8 million through funding under agreed letters of credit. These letters mature at various dates during 2023 and their interest rates range from 6% to 9.30%. These letters of credit are utilized in order to fund capital and operating expenditure purchases with suppliers. As of September 30, 2022, INT Towers Limited has utilized $103.3 million through funding under agreed letters of credit. These letters mature at various dates over 2022 and 2023 and their interest rates range from 6% to 10.7%. These letters of credit are utilized in order to fund capital and operating expenditure purchases with suppliers. As of September 30, 2022, ITNG Limited has utilized $1.0 million through funding under agreed letters of credit. These letters mature at various dates over 2023 and incur interest at a rate of 9.3%. These letters of credit are utilized in order to fund capital and operating expenditure purchases with suppliers. As of September 30, 2022, Global Independent Connect Limited has utilized $2.1 million through funding under agreed letters of credit. These letters mature at various dates over 2022 and 2023 and their interest rates range from 8.25% to 9.3%. These letters of credit are utilized in order to fund capital and operating expenditure purchases with suppliers. |
Lease liabilities
Lease liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Lease liabilities. | |
Lease liabilities | 20. September 30, December 31, 2022 2021 $’000 $’000 Current 74,563 50,560 Non‑current 403,339 325,541 Total lease liabilities 477,902 376,101 Lease liabilities represent the net present value of future payments due under long term land leases for leasehold land on which our towers are located and for other leasehold assets such as warehouses and offices. During the nine-month period ended September 30, 2022, payments to the value of $80.5 million were made in respect of recognized lease liabilities, while during the three-month period ended September 30, 2022, payments to the value of $34.5 million were made in respect of recognized lease liabilities. These lease liabilities are unwound using incremental borrowing rates which represent the credit risk of the lessee entity and the length of the lease agreement. The increase in lease liabilities as at September 30, 2022 is due to the GTS SP5 and MTN South Africa Acquisition. At September 30, 2022, and December 31, 2021, the contractual maturities of the lease liabilities were as follows: Total Carrying contractual Within 2 ‑ 3 4 ‑ 5 Over 5 value cash flows 1 year years years years $’000 $’000 $’000 $’000 $’000 $’000 September 30, 2022 Lease liabilities 477,902 845,031 78,798 149,453 129,489 487,291 December 31, 2021 Lease liabilities 376,101 700,877 54,303 106,015 99,573 440,986 Lease obligations contractual cash flows are disclosed with the same renewal expectation assumption assessed for lease accounting under IFRS 16. The average remaining lease term remaining at September 30, 2022 is 12.1 years. |
Provisions for other liabilitie
Provisions for other liabilities and charges | 9 Months Ended |
Sep. 30, 2022 | |
Provisions for other liabilities and charges | |
Provisions for other liabilities and charges | 21. Decommissioning and site restoration provision September 30, December 31, 2022 2021 $’000 $’000 At January 1 71,941 53,266 Additions through business combinations (note 27) 69,327 8,347 (Decrease)/increase in provisions (15,153) 7,212 Payments for tower and tower equipment decommissioning (177) (231) Reversal of decommissioning through profit and loss — (2,671) Unwinding of discount 5,224 4,644 Effects of movement in exchange rates (11,260) 1,374 At end of period/year 119,902 71,941 Analysis of total decommissioning and site restoration provisions: Non‑current 119,406 71,598 Current 496 343 119,902 71,941 This provision relates to the probable obligation that the Group may incur to dismantle and remove assets from tower sites. The amount recognized initially is the present value of the estimated amount that will be required to decommission and restore the leased sites to their original states, discounted using the current borrowing rates of individual operations within the Group. The amount provided for each site has been discounted based on the respective lease terms attached to each site. |
Stated capital
Stated capital | 9 Months Ended |
Sep. 30, 2022 | |
Stated capital | |
Stated capital | 22. Ordinary Shares Share capital Share premium Number of net of net of shares Share capital issue costs Share Premium issue costs 000’s $’000 $’000 000’s $’000 At December 31, 2021 327,820 98,911 98,346 5,154,597 5,125,138 Shares issued on exercise of options 3,868 1,160 1,160 85,310 85,310 At September 30, 2022 331,688 100,071 99,506 5,239,907 5,210,448 |
Other reserves
Other reserves | 9 Months Ended |
Sep. 30, 2022 | |
Other reserves. | |
Other reserves | 23. Fair value through other Share ‑ Loss on Foreign comprehensive based transaction exchange income Restructuring payment between translation reserve reserve reserve owners reserve Total $’000 $’000 $’000 $’000 $’000 $’000 At January 1, 2021 (6) 4,019 511,547 (840,359) (160,706) (485,505) Other comprehensive income 3 — — — (22,560) (22,557) Options converted to shares — — (342,768) — — (342,768) Recognition of share‑based payment expense — — 13,003 — — 13,003 Other reclassifications related to share based payment — — (5,084) — — (5,084) At December 31, 2021 (3) 4,019 176,698 (840,359) (183,266) (842,911) At January 1, 2022 (3) 4,019 176,698 (840,359) (183,266) (842,911) Other comprehensive income — — — — (48,833) (48,833) Options converted to shares — — (86,470) — — (86,470) Recognition of share‑based payment expense — — 10,230 — — 10,230 Other reclassifications related to share based payment — — (2,835) — — (2,835) At September 30, 2022 (3) 4,019 97,623 (840,359) (232,099) (970,819) |
Non-controlling interest
Non-controlling interest | 9 Months Ended |
Sep. 30, 2022 | |
Non-controlling interest | |
Non-controlling interest | 24. Nine months ended September 30, September 30, 2022 2021 $’000 $’000 Balance at January 1 223,188 14,216 NCI arising on business combination 831 611 Loss for the period (9,162) (1,142) Other comprehensive income 5,969 159 Balance at September 30 220,826 13,844 In November 2021, the Group completed a deal with TIM S.A. to acquire a controlling interest in Fiberco Soluções de Infraestrutura S.A. (“I-Systems”) incorporated and with its principal place of business in Brazil. The Group owns a 51% (same proportion voting rights) stake in I-Systems and TIM the remaining 49%. Set out below is summarized financial information for the I-Systems subsidiary, being the only subsidiary that has non-controlling interest that is material to the Group. The amounts disclosed include the impact of preliminary valuation of acquired assets and liabilities as described in note 27 and are before inter-company eliminations. Summarized balance sheet Fiberco Soluções de Infraestrutura S.A. September 30, December 31, 2022 2021* $’000 $’000 Current assets 86,109 103,315 Current liabilities (33,422) (19,357) Current net assets 52,687 83,958 Non-current assets 417,672 386,761 Non-current liabilities (51,057) (51,389) Non-current net assets 366,615 335,372 Net assets 419,302 419,330 Accumulated non-controlling interest at the end of the period 205,478 205,433 Summarized statement of comprehensive income for the reporting period Fiberco Soluções de Infraestrutura S.A. Nine months ended September 30, 2022 $’000 Revenue 41,502 Loss for the period (15,373) Other comprehensive income 15,466 Total comprehensive income 93 Loss allocated to non-controlling interest during the period (7,533) Summarized statement of cash flows for the reporting period Fiberco Soluções de Infraestrutura S.A. Nine months ended September 30, 2022 $’000 Cash flows generated from operating activities 50,769 Cash flows used in investing activities (62,921) Cash flows used in financing activities (70) Net decrease in cash and cash equivalents (12,222) *re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of Fiberco Soluções de Infraestrutura S.A. in November 2021 (refer to note 27). |
Share-based payment obligation
Share-based payment obligation | 9 Months Ended |
Sep. 30, 2022 | |
Share-based payment obligation | |
Share-based payment obligation | 25. The total charge to the profit and loss for the nine months ended September 30, 2022 was $9.8 million (nine months ended September 30, 2021: $9.0 million), while the charge for the three months ended September 30, 2022 was $4.1 million (three months ended September 30, 2021: $4.3 million). Between February 4, 2022 and February 7, 2022, a total of 1,147,500 options, of which 30,000 options have been forfeited due to employee leavers, were issued as part of the new Omnibus employee share-based payment plan. The plan will be deemed equity settled and comprise of: ◾ Restricted stock units (“RSU”), which do not include performance conditions and vest on three equal portions on October 15, 2022, 2023 and 2024. ◾ Performance stock units (“PSU”), with a Recurring Levered Free Cash Flow target and a cumulative total shareholder return target. Recurring Levered Free Cash flow target is a non-market-based performance condition, assessed annually over a three-year period. A cumulative total shareholder return target is market-based, was valued based on a Monte Carlo model for a three-year performance period, an approach that is commonly used for IFRS 2 valuations. The PSUs include a vesting period which is 3 years up to October 15, 2024. On June 9, 2022, a total of 1,700,446 options were issued as part of the existing Omnibus employee share-based payment plan. The plan will be deemed equity settled and comprise of: ◾ Restricted stock units (“RSU”), which do not include performance conditions and vest on three equal portions on March 31, 2023, 2024 and 2025. ◾ Performance stock units (“PSU”), with a Recurring Levered Free Cash Flow target and a cumulative total shareholder return target. Recurring Levered Free Cash flow target is a non-market-based performance condition, assessed annually over a three-year period. A cumulative total shareholder return target is market-based, was valued based on a Monte Carlo model for a three-year performance period, an approach that is commonly used for IFRS 2 valuations. The PSUs include a vesting period which is 3 years up to March 31, 2025. September 30, 2022 valuation assumptions The Omnibus options issued were valued at $32.0 million at issue using a share price assumption of $11.39 - $11.55 depending on the grant date. The fair value of the RSUs and PSUs with non-market conditions determined using share price at grant date amounted to $17.0 million and $10.9 million respectively while the fair value of the PSUs with market conditions determined using the Monte Carlo model amounted to $4.1 million. At September 30, 2022 a forfeiture rate of 7% was assumed resulting in an expected charge over the remaining term of the options of $17.7 million. No dividend was taken into account in performing the valuation since IHS Holding Limited has never paid dividends and no dividends are planned to be paid in the near future. |
Cash from operations
Cash from operations | 9 Months Ended |
Sep. 30, 2022 | |
Cash from operations | |
Cash from operations | 26. Three months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 $’000 $’000 $’000 $’000 Reconciliation: (Loss)/profit before taxation (93,451) (2,916) (222,604) 113,703 Adjustments Depreciation of property, plant and equipment (note 6 and 7) 105,161 89,065 302,303 254,846 Amortization of intangible assets (note 6 and 7) 14,980 10,190 40,518 28,334 Net reversal of impairment of property, plant and equipment and prepaid land rent (note 6) 3,099 41,556 1,768 44,369 Reversal of loss allowance on trade receivables (note 8) (1,597) (994) (3,397) (37,614) Impairment of withholding tax receivables (note 7) 11,422 11,714 39,141 44,398 Amortization of prepaid site rent 2,571 2,054 6,796 6,400 Decrease in decommissioning expense — (2,671) — (2,671) Net (gain)/loss on disposal of plant, property and equipment (note 7) (134) (94) 13,650 (1,632) Insurance income (note 9) (70) (35) (1,686) (5,437) Finance costs (note 11) 231,280 76,717 570,150 218,069 Finance income (note 10) (6,412) (18,017) (11,035) (22,030) Impairment/(Reversal of impairment) of inventory — — 138 (176) Share‑based payment expense (note 7) 4,127 4,286 9,752 8,968 Operating profit before working capital changes 270,976 210,855 745,494 649,527 Changes in working capital (Increase)/decrease in inventory (10,373) (2,890) (30,094) 9,246 Decrease/(increase) in trade and other receivables 12,702 (42,059) (169,833) (74,845) Increase in trade and other payables 20,885 39,766 132,032 13,962 Net movement in working capital 23,214 (5,183) (67,895) (51,637) Cash from operations 294,190 205,672 677,599 597,890 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations | |
Business Combinations | 27. For acquisitions that meet the definition of a business combination, the Group applies the acquisition method of accounting where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Group from the dates of the respective acquisitions. There were two acquisitions during the period, occurring in March 2022 and May 2022. Had these businesses been acquired on January 1, 2022, the amount of revenue and loss for the nine-month period ended September 30, 2022 for the Group would have totaled approximately $1,444 million and $210 million, respectively. MTN telecom towers in South Africa IHS Holding Limited, through its subsidiary IHS Towers South Africa Proprietary Limited, completed the acquisition of a portfolio of towers, comprising 5,691 towers, in South Africa from MTN South Africa on May 31, 2022. Under the agreement, IHS Towers South Africa Proprietary Limited is also providing provision of power Managed Services to MTN South Africa on approximately 13,000 sites across South Africa, including the acquisition portfolio. IHS will own 70% of the South African towers business with the remaining 30% to be owned by a B-BBEE consortium. At the date of issue of these financial statements, IHS owns 100% of the business as the transfer of the non-controlling interest has not been finalized and hence no non-controlling interest has been recognized. The accounting for the business combination is incomplete for valuation of all assets and liabilities. The amounts recognized in the financial statements for the business combination have been determined only provisionally with no value attributed to separately identifiable acquired intangible assets. The provisional goodwill of $62.5 million is expected to decrease on the finalization of the fair value of assets and liabilities including separately identifiable intangible assets, but includes goodwill attributable to a new market penetration for the Group. None of the goodwill recognized is currently expected to be deductible for income tax purposes. The following table summarizes the consideration paid and the assets acquired at the acquisition date, and the amounts of revenue and loss of the acquiree since the acquisition date included in the condensed consolidated statement of (loss)/income and other comprehensive loss. 2022 $’000 Gross consideration 421,239 Net cash consideration 421,239 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 287,247 Customer related intangible asset 128,827 Network related intangible asset 66,814 Right of use asset 97,027 Lease liabilities (97,027) Deferred tax (54,778) Provisions for other liabilities and charges (69,327) Total identifiable net assets acquired 358,783 Goodwill 62,456 Revenue — post‑acquisition 40,927 Loss — post‑acquisition (13,788) IHS Holding Limited acquired 100% of the share capital of São Paulo Cinco Locação de Torres Ltda. (“GTS SP5”) on March 17, 2022. The acquisition is consistent with the Group’s strategy to expand in the Latin American region. The accounting for the business combination remains incomplete for valuation of all assets and liabilities. The amounts recognized in the financial statements for the business combination thus have been determined only provisionally. The provisional goodwill of $85.7 million arising from the acquisition is attributable to the enhanced market presence in Brazil, the complementary service offering and closer alignment to certain customers as it relates to their future deployments. The final goodwill figure is pending the finalization of the fair value of assets and liabilities, including separately identifiable intangible assets. The goodwill recognized is currently expected to be deductible for income tax purposes. The following table summarizes the consideration paid and the fair value of assets and liabilities acquired at the acquisition date, and the amounts of revenue and profit of the acquiree from the acquisition date included in the condensed consolidated statement of (loss)/income and other comprehensive loss. 2022 $’000 Gross consideration 317,188 Less: cash in business at the date of acquisition (1,896) Net cash consideration 315,292 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 13,395 Land 885 Customer related intangible asset 179,903 Network related intangible asset 2,605 Goodwill 438 Right of use asset 82,784 Trade and other receivables 23,575 Trade and other payables (4,222) Deferred tax (69,810) Total identifiable net assets acquired 229,553 Goodwill 85,739 Revenue — post‑acquisition 23,287 Profit — post‑acquisition* 6,082 Includes profit up until an internal merger of the entity. Skysites Holdings S.A. IHS Holding Limited acquired 100% of the share capital of Skysites Holdings S.A. (“Skysites”), a telecommunications services provider, with related passive infrastructure and ground leases on January 6, 2021. The acquisition is consistent with the Group’s strategy to expand in selected geographic areas. The goodwill of $26.9 million arising from the acquisition is attributable to the enhanced market presence in Brazil, the complementary service offering and closer alignment to certain customers as it relates to their future deployments. The goodwill recognized is currently expected to be deductible for income tax purposes. The following table summarizes the consideration paid and the fair value of assets and liabilities acquired at the acquisition date, and the amounts of revenue and loss of the acquiree since the acquisition date to September 30, 2021 included in the condensed consolidated statement of (loss)/income and other comprehensive loss. 2021 $’000 Gross consideration 40,611 Less: contingent consideration* (4,169) Less: cash in business at the date of acquisition (2,775) Net cash consideration 33,667 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 11,276 Land 15 Furniture and office equipment 11 Capital work in progress 535 Customer related intangible asset 4,703 Right of use asset 9,675 Trade and other receivables 713 Trade and other payables (1,132) Provisions for other liabilities and charges (2,548) Lease liabilities (10,071) Deferred tax (2,205) Total identifiable net assets acquired 10,972 Goodwill 26,864 Revenue — post‑acquisition 3,033 Loss — post‑acquisition (267) *Contingent consideration consists of $4.2 million of consideration due at a future date which is recognized at fair value on the date of acquisition. The contingent consideration relates to a pay-out if a certain number of sites were rolled out post-acquisition and the quality of the acquired sites. As at December 31, 2021 certain contingencies were not met and $1.3 million of the contingent consideration was released to the consolidated statement of loss and other comprehensive income in 2021. $2.9 million remains as contingent consideration. Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Coöperatief U.A. IHS Holding Limited acquired 100% of the share capital of Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Coöperatief U.A. (together “Centennial”), a telecommunications services provider, with related passive infrastructure and ground leases in two parts, on March 19, 2021 and on April 8, 2021, respectively. The acquisition is consistent with the Group’s strategy to expand in selected geographic areas. The goodwill of $11.7 million and $36.5 million arising from Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Coöperatief U.A. acquisitions respectively, is attributable to the enhanced market presence in Brazil and Colombia and closer alignment to certain customers in those markets as it relates to their future deployments. None of the goodwill recognized is currently expected to be deductible for income tax purposes. The following table summarizes the consideration paid and the fair value of assets and liabilities acquired at the acquisition dates, and the amounts of revenue and profit/(loss) of the acquiree since the acquisition date to September 30, 2021 included in the condensed consolidated statement of (loss)/income and other comprehensive loss. Brazil Colombia Total 2021 2021 2021 $’000 $’000 $’000 Gross consideration 93,900 47,051 140,951 Less: cash in business at the date of acquisition (260) (659) (919) Net cash consideration 93,640 46,392 140,032 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 43,890 14,074 57,964 Land 407 546 953 Furniture and office equipment 65 17 82 Capital work in progress 628 500 1,128 Right of use asset 22,273 9,761 32,034 Customer related intangible asset 35,422 32,599 68,021 Network related intangible asset 594 321 915 Software 495 1 496 Trade and other receivables 2,363 3,023 5,386 Trade and other payables (1,471) (3,646) (5,117) Provisions for other liabilities and charges (5,272) (527) (5,799) Lease liabilities (24,028) (10,458) (34,486) Tax payable (2,809) (625) (3,434) Deferred tax (15,374) (10,907) (26,281) Total identifiable net assets acquired 57,183 34,679 91,862 Goodwill 36,457 11,713 48,170 Revenue — post‑acquisition 4,408 1,948 6,356 Profit/(loss) — post‑acquisition 2,469 (1,762) 707 Fiberco Soluções de Infraestrutura S.A. IHS Netherlands BR B.V. (“IHS BR BV”), a subsidiary of IHS Holding Limited, completed a deal with TIM S.A to acquire a controlling interest in Fiberco Soluções de Infraestrutura S.A. (“I-Systems”) on November 16, 2021. This includes TIM secondary fiber network and assets as well as the provision of fiber optic infrastructure services as an Open Fiber Network Service Provider. Fiberco Soluções de Infraestrutura S.A. will operate under the name of I-Systems. The acquisition is consistent with the Group’s strategy to expand in selected geographic areas. IHS owns a 51% stake in I-Systems and TIM the remaining 49%. The initial asset base of I-Systems includes TIM’s secondary network infrastructure, covering 3.5 million Fiber-to-the-Home and 3.4 million Fiber-to-the-Cabinet households, resulting in a total of 6.4 million households covered (allowing for 570 thousand homes of overlapping coverage). I-Systems is responsible for the deployment of new secondary fiber infrastructure for TIM, and the operation and maintenance of all such fiber infrastructure. TIM continues as the anchor tenant across the network under a long-term master services agreement. Certain services will be provided to I-Systems by TIM under a Transition Services Arrangement. The goodwill of $81.8 million arising from the I-Systems acquisition is largely attributable to customer relationships and the entry into a new service offering for IHS. None of the goodwill recognized is currently expected to be deductible for income tax purposes. The following table summarizes the consideration paid and the fair value of assets and liabilities acquired at the acquisition date, and the amounts of revenue and profit/(loss) of the acquiree since the acquisition date included in the condensed consolidated statement of (loss)/income and other comprehensive loss. As reported As re-presented December 31, 2021 Adjustments December 31, 2021 $’000 $’000 $’000 Gross consideration 263,366 (2,701) 260,665 Contingent consideration* 5,739 — 5,739 Less: deferred consideration (66,840) 2,701 (64,139) Net cash consideration 202,265 — 202,265 Capital injection** 42,996 — 42,996 Identifiable assets acquired and liabilities assumed: Network assets 226,538 7,271 233,809 Cash 44,872 — 44,872 Capital work in progress 3,832 — 3,832 Software 539 — 539 Customer related intangible asset 96,997 16,162 113,159 Network related intangible asset 35,832 (419) 35,413 Trade and other receivables 75,338 — 75,338 Trade and other payables (5,764) (7,271) (13,035) Loans payable (6,457) — (6,457) Deferred tax (47,062) (5,353) (52,415) Total identifiable net assets acquired 424,665 10,390 435,055 Non-controlling interest 208,086 5,091 213,177 Goodwill 89,783 (8,000) 81,783 Revenue — post‑acquisition n.a. Profit/(loss) — post‑acquisition n.a. *Contingent consideration consists of $5.7 million of consideration receivable at a future date which is recognized at fair value on the date of acquisition. The contingent consideration relates to a pay-out if certain conditions are met post-acquisition around homes connected, homes passed, and churn. ** The capital injection relates to a payment made to I-Systems for the issuance of new share capital as part of the acquisition agreement to achieve the agreed shareholding structure post acquisition. The acquisition accounting was completed in September 2022. As IFRS 3 requires fair value adjustments to be recorded with effect from the date of acquisition, this requires re-presentation of previously reported financial results. The impact on the Statement of Financial Position, and corresponding notes to the financial statements, as at December 31, 2021 is shown below. As reported As re-presented December 31, 2021 Adjustments December 31, 2021 $’000 $’000 $’000 Goodwill 787,665 (7,769) 779,896 Other intangible assets 830,439 15,290 845,729 Trade and other receivables - current 469,130 2,623 471,753 Deferred tax liabilities (163,920) (5,199) (169,119) Non-controlling interest (218,243) (4,945) (223,188) IHS Kuwait Limited In the 2020 financial year IHS GCC KW Holding Limited (‘IHS GCC KW’), a subsidiary of IHS Holding Limited completed the first two stages of the acquisition of 1,620 towers from Mobile Telecommunications Company K.S.C.P. (‘Zain Kuwait’) comprising 1,162 towers. During April 2021, October 2021 and September 2022 IHS GCC KW completed the third, fourth and fifth stages of the acquisition of 1,620 towers from Zain Kuwait comprising 67, 126 and 43 towers respectively. The remaining 222 towers are managed and operated under a Managed Services agreement until such time as these towers can legally be transferred. IHS GCC KW transferred the purchase right to IHS Kuwait Limited for the Construction, Erection and Maintenance of Wired and Wireless Communication and Radar Towers and Stations / With Limited Liability (‘IHS Kuwait’) who operates the towers as a standalone business. As part of the agreement, IHS Kuwait also assumed existing supplier contracts and land leases, allowing it to apply the Group business processes and deliver services immediately after the assignment of the towers. As part of the agreement, Zain Kuwait subscribed for shares in IHS GCC KW representing 30 per cent of the share capital of IHS GCC KW by issuing a loan note to IHS GCC KW. The acquisition is consistent with the Group’s strategy to expand in selected geographic areas. The initial transaction completed during 2020 met the definition of a business as defined, and was accounted for as a business combination. The towers acquired in the third and fourth stages during 2021 and the fifth stage during 2022 are accounted for as asset acquisitions. The following table summarizes the consideration paid and the fair value of assets and liabilities acquired at the acquisition date of the 193 towers acquired in 2021 and 43 towers acquired in 2022, and the amounts of revenue and profit/(loss) of the acquiree since the acquisition date included in the condensed consolidated statement of (loss)/income and other comprehensive loss. 2022 2021 $’000 $’000 Gross consideration 2,729 12,248 Less: consideration received in exchange for a retained 30% interest (by Zain) in IHS GCC KW (819) (1,837) Net cash consideration for 70% controlling interest** 1,910 10,411 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 1,032 7,902 Customer-related assets 1,947 5,449 Network-related assets 671 1,877 Trade and other receivables — 872 Trade and other payables (921) (3,852) Total identifiable net assets acquired (at 100% ) 2,729 12,248 Goodwill — — Determination of non-controlling interest Total identifiable net assets acquired (at 100%) 2,729 12,248 Shareholder funding provided by the Group and external debt* — (6,124) 2,729 6,124 Non-controlling interest portion of above at 30% 819 1,837 Revenue — post‑acquisition n.a. n.a. Profit/(loss) — post‑acquisition n.a. n.a. * This was shareholder funding provided by the Group and recorded as short term liabilities in IHS GCC KW. These funds were loaned to IHS Kuwait to fund the acquisition of the towers from Zain. This short term liability was subsequently replaced by external debt. ** The consideration for the fifth stage that was completed during the period ended September 30, 2022 was paid after the reporting period. |
Capital commitments and conting
Capital commitments and contingent liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Capital commitments and contingent liabilities. | |
Capital commitments and contingent liabilities | 28. 28.1 The Group was committed to the purchase of property, plant and equipment of approximately $287.4 million at September 30, 2022 (December 31, 2021: $206.7 million). 28.2 The Group has contingent liabilities in respect of legal claims arising in the ordinary course of business. The Group reviews these matters in consultation with internal and external legal counsel to make a determination on a case-by-case basis whether a loss from each of these matters is probable, possible or remote. The Group’s contingent liabilities in respect of litigations and claims amounted to $4.2 million at the end of the reporting period (December 31, 2021: $2.0 million). Based on legal advice received, claims against the Group are not considered probable, thus no provisions have been made in these financial statements. |
Events after the reporting peri
Events after the reporting period | 9 Months Ended |
Sep. 30, 2022 | |
Events after the reporting period | |
Events after the reporting period | 29. Events after the reporting period (a) IHS Holding (2022) Bullet Term Loan Facility IHS Holding Limited entered into a $600.0 million term loan agreement on October 28, 2022, (as amended and/or restated from time to time, the “IHS Holding 2022 Term Loan”). The interest rate per annum applicable to loans made under the IHS Holding 2022 Term Loan is equal to Term SOFR, a credit adjustment spread plus a margin of 3.75% per annum. IHS Holding Limited also pays certain other fees and costs, including fees for undrawn commitments, arrangement fees and fees to the facility agent. The IHS Holding 2022 Term Loan is denominated in U.S. dollars and is governed by English law. As of November 7, 2022, $370.0 million of the IHS Holding 2022 Term Loan was drawn. The majority of the proceeds of the drawdown were applied toward the prepayment of the IHS Holding Bridge Facility of $280.0 million (plus accrued interest) and the U.S. dollar tranche of our Nigeria senior credit facility of $75.6 million (plus accrued interest and break costs). The undrawn portion can be applied toward general corporate purposes and is available for up to 12 months from the date of the agreement. (b) Fiberco Soluções de Infraestrutura S.A. (“I-Systems”) I-Systems Soluções de Infraestrutura S.A. (formerly known as Fiberco Soluções de Infraestrutura S.A.) (“I-Systems”) entered into a BRL 200.0 million (approximately $37.1 million) credit agreement, originally dated October 3, 2022 (as amended and/or restated from time to time, the “I-Systems Facility”). The I-Systems Facility has an interest rate of CDI plus 2.45% (assuming a 252-day calculation basis), will terminate in October 2030. The facility was fully drawn down in October 2022. On October 13, 2022, Itaú Unibanco S.A. provided an additional commitment in an aggregate amount of BRL 200.0 million (approximately $37.1 million) to the I-Systems Facility on the same terms, available in two tranches, the first to be drawn by January 31, 2023 and with an interest rate of CDI plus 2.45% (assuming a 252-day calculation basis), and the second tranche to be drawn by March 31, 2023 and with an interest rate of CDI plus 2.50% (assuming a 252-day calculation basis). Both tranches remain undrawn. Commitment fees of between 2.00% and 2.15% p.a. are payable quarterly on undrawn amounts. (c) Omnibus employee share-based payment plan The time-based conditions relating to one third (33.3%) of the RSU awards issued in February 2022 under the Omnibus employee share-based payment plan (refer to note 25) have been met. 0.2 million shares were issued in October 2022. |
Significant accounting polici_2
Significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Significant accounting policies | |
Basis of preparation | 2.1 The financial statements for the three and nine months ended September 30, 2022, have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ (IAS 34), as issued by the International Accounting Standards Board (IASB). The financial statements do not amount to full financial statements and do not include all of the information and disclosures required for full annual financial statements. It should be read in conjunction with the consolidated annual financial statements of the Group for the year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB, as noted within note 2.1 of the consolidated annual financial statements. In management’s opinion, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2022, and its results of operations for the three and nine months ended September 30, 2022, and 2021, cash flows for the three and nine months ended September 30, 2022, and 2021, and statement of changes in equity for the nine months ended September 30, 2022 and 2021. The condensed consolidated statement of financial position as at December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. |
Approval | 2.2 These condensed consolidated interim financial statements were authorized and approved for issue on November 14, 2022. |
Income tax | 2.3 Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. |
Changes in accounting policies and disclosures | 2.4 The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. |
Segment reporting | 2.5 Operating segments are components of IHS’ business activities about which separate financial statements are available and reported internally to the chief operating decision maker. The Group’s Executive Committee has been identified as the chief operating decision maker, responsible for allocating resources and assessing performance of the operating segments. The Group’s Executive Committee currently consists of the Chief Executive Officer (“CEO”), the Chief Operating Officer (“COO”), the Chief Financial Officer (“CFO”), the General Counsel, the outgoing Deputy CFO, the IHS Nigeria CEO, the Chief Strategy Officer, the Chief Human Resource Officer and the Senior Vice President of Communications. Where operating segments share similar characteristics, they have been aggregated into reportable segments, of which the Group has identified four: Nigeria, Sub Saharan Africa (“SSA”), Middle East and North Africa (“MENA”) and Latin America (“Latam”). |
Critical accounting estimates_2
Critical accounting estimates and assumptions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Critical accounting estimates and assumptions | |
Schedule of management's assessment of current uncertainties | Assessment Risk discussion and response Revenue and profitability · Limited impact on revenue collections thus far. · The Group has long-term revenue contracts with its customers amounting to $13.0 billion in contracted revenue. · Our ability to collect revenue from our customers is impacted by our customers ’ · The impact on collections has thus far been limited and the Group remains in constant conversation with customers regarding their liquidity and ability to meet their obligations. · The Group regularly reviews measures for cost savings whilst maintaining its ability to operate effectively and towards strategic goals. · The Group has continued to invest in capital expenditure which supports revenue growth, albeit somewhat affected by a slowdown in supply chain. The Group will continue to invest in capital expenditure relating to revenue growth and cost saving initiatives during 2022. Assessment Risk discussion and response · Customers continue to perform, and we have not experienced significant deterioration in payments. Liquidity · Sufficient liquidity is available. · No current impact on going concern. · The Group has cash and cash equivalents of $530.5 million as at September 30, 2022. · Management has assessed current cash reserves and the availability of undrawn facilities and continues to monitor available liquidity in the context of ongoing operational requirements and planned capital expenditure. · In the context of current commitments and available liquidity, management believes that the going concern assumption remains appropriate. · All of the Group ’ Access to USD · Moderate risk due to decreased availability. · While there has been a reduction in US dollar liquidity in the Nigerian market, we were able to source US dollars for our semi-annual coupons earlier in the year. Workforce and internal controls · Minimal impact to date. · Employees have returned to office following guidance by local regulations. The periods of remote working have had limited impact on the operation of and management oversight over internal controls which continue to operate effectively. · Operational employees continue to operate in the field while observing strict safety guidelines. · Our IT team monitors the increased risk of fraud, data or security breaches, loss of data and the potential for other cyber-related attacks and utilizes security measures to mitigate such risks. Supply chain · Minimal impact to date. · The Group works closely with suppliers and contractors to ensure availability of supplies on site, especially diesel supplies which are critical to many of our operations. However, some risk remains with continued disruptions in global supply chain worsened by current geopolitical issues and specifically a delay on new orders of batteries and diesel. The effect of the delay in supply of batteries have been mitigated to date by orders placed in advance. · Regular maintenance of our towers continues while observing strict safety guidelines for our employees and our suppliers and contractors. |
Capital risk management (Tables
Capital risk management (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Capital risk management | |
Schedule of financial instruments measured at fair value | September 30, 2022 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Fair value through other comprehensive income financial assets 10 — — 10 Embedded options within listed bonds (note 16) — 2,150 — 2,150 Non‑deliverable forwards (NDF)/Non‑deliverable swaps (NDS) (note 16) — (1,971) — (1,971) 10 179 — 189 December 31, 2021 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Fair value through other comprehensive income financial assets 11 — — 11 Embedded options within listed bonds (note 16) — 165,100 — 165,100 Non‑deliverable forwards (NDF)/Non‑deliverable swaps (NDS) (note 16) — (3,771) — (3,771) 11 161,329 — 161,340 |
Schedule of fair value estimation | At September 30, 2022 At December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value $’000 $’000 $’000 $’000 Financial liabilities Bank and bond borrowings (note 19) 3,286,862 2,971,754 2,609,090 2,668,792 3,286,862 2,971,754 2,609,090 2,668,792 |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment reporting | |
Schedule of summarized financial information | Summarized financial statements for the nine months ended September 30, 2022 is as follows: 2022 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 997,132 295,331 116,117 26,552 — 1,435,132 Segment Adjusted EBITDA 596,756 163,672 83,010 11,616 (96,416) 758,638 Depreciation and amortization (note 6 and 7) (342,821) Net loss on disposal of property, plant and equipment (note 7) (13,650) Insurance claims (note 9) 1,686 Impairment of withholding tax receivables (39,141) Business combination transaction costs (17,928) Other costs (a) (1,274) Net impairment of property, plant and equipment and prepaid land rent (1,768) Share‑based payment expense (note 7) (9,752) Finance income (note 10) 11,035 Finance costs (note 11) (570,150) Other income 2,521 Loss before income tax (222,604) Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — 642,371 365,749 3,650 - in the normal course of business 226,858 83,876 93,822 18,569 Segment assets (at September 30, 2022) 2,374,490 1,531,136 1,868,288 177,746 Segment liabilities (at September 30, 2022) 968,530 830,044 498,806 108,558 (a) Other costs for the nine months ended September 30, 2022 included professional costs related to SOX implementation costs of $1.0 million along with professional fees and system implementation costs. Summarized financial statements for the nine months ended September 30, 2021 is as follows: 2021 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 846,941 256,382 39,642 21,151 — 1,164,116 Segment Adjusted EBITDA 599,682 144,500 29,142 9,401 (72,978) 709,747 Depreciation and amortization (note 6 and 7) (283,180) Net gain on disposal of property, plant and equipment (note 7) 1,632 Insurance claims (note 9) 5,437 Impairment of withholding tax receivables (44,398) Business combination transaction costs (9,087) Other costs (a) (14,353) Reversal of provision for decommissioning costs 2,671 Impairment of property, plant and equipment and prepaid land rent (44,369) Listing costs (6,659) Share‑based payment expense (note 7) (8,968) Finance income (note 10) 22,030 Finance costs (note 11) (218,069) Other income 1,269 Profit before income tax 113,703 Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — — 262,843 5,388 - in the normal course of business 207,080 36,469 66,246 10,350 Segment assets (at September 30, 2021) 2,119,202 1,042,109 964,958 168,119 Segment liabilities (at September 30, 2021) 735,623 502,944 401,975 113,659 (a) Other costs for the nine months ended September 30, 2021 related to non-recurring professional costs related to financing of $13.5 million and aborted transaction costs of $0.9 million. Summarized financial statements for the three months ended September 30, 2022 is as follows: 2022 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 355,351 114,801 42,104 9,061 — 521,317 Segment Adjusted EBITDA 210,039 63,746 29,993 3,828 (32,953) 274,653 Depreciation and amortization (note 6 and 7) (120,141) Net gain on disposal of property, plant and equipment (note 7) 134 Insurance claims (note 9) 70 Impairment of withholding tax receivables (11,422) Business combination transaction costs (3,685) Other (costs)/income (a) (966) Net impairment of property, plant and equipment and prepaid land rent (3,099) Share‑based payment expense (note 7) (4,127) Finance income (note 10) 6,412 Finance costs (note 11) (231,280) Loss before income tax (93,451) Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — — — 3,650 - in the normal course of business 98,669 31,705 42,696 6,223 Segment assets (at September 30, 2022) 2,374,490 1,531,136 1,868,288 177,746 Segment liabilities (at September 30, 2022) 968,530 830,044 498,806 108,558 (a) Other costs for the three Summarized financial statements for the three months ended September 30, 2021 is as follows: 2021 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 289,078 89,272 14,912 7,285 — 400,547 Segment Adjusted EBITDA 179,489 49,833 11,267 3,249 (24,120) 219,718 Depreciation and amortization (note 6 and 7) (99,255) Net gain on disposal of property, plant and equipment (note 7) 94 Insurance claims (note 9) 35 Impairment of withholding tax receivables (11,714) Business combination transactions costs (3,139) Other costs (a) (4,160) Impairment of property, plant and equipment and prepaid land (41,556) Reversal of provision for decommissioning costs 2,671 Listing costs (2,624) Share‑based payment expense (note 7) (4,286) Finance income (note 10) 18,017 Finance costs (note 11) (76,717) Loss before income tax (2,916) Additions of property, plant and equipment, right of use assets and intangible assets: - through business combinations — — — — - in the normal course of business 94,205 13,832 17,976 2,880 Segment assets (at September 30, 2021) 2,119,202 1,042,109 964,958 168,119 Segment liabilities (at September 30, 2021) 735,623 502,944 401,975 113,659 (a) Other costs for the three months ended September 30, 2021, included non-recurring professional costs related to financing of $4.2 million and aborted transaction costs recoveries of $0.1 million. |
Schedule of revenue from tier one customers | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 Customer A 63 % 65 % 63 % 66 % Customer B 17 % 15 % 17 % 14 % |
Cost of sales (Tables)
Cost of sales (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cost of sales [abstract] | |
Schedule of cost of sales | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Tower repairs and maintenance 25,134 18,524 68,391 55,177 Power generation 113,604 74,602 305,858 189,283 Short term site rental 2,380 4,342 11,356 8,302 Short term other rent 796 808 2,099 3,058 Vehicle maintenance and repairs 439 670 1,473 1,797 Site regulatory permits 8,593 12,181 26,634 27,831 Security services 12,375 8,900 31,713 27,319 Insurance 1,353 963 3,750 3,047 Staff costs 8,454 5,664 23,664 19,116 Travel costs 2,195 3,149 3,436 7,085 Professional fees 943 1,097 2,846 2,462 Depreciation (note 14)* 102,895 87,004 295,646 248,594 Amortization (note 15) 14,082 9,386 36,220 25,945 Net impairment of property, plant and equipment and prepaid land rent 3,099 41,556 1,768 44,369 Other 3,698 4,138 6,430 9,639 300,040 272,984 821,284 673,024 Foreign exchange gains and losses on cost of sales are included in Other. * |
Administrative expenses (Tables
Administrative expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Administrative expenses. | |
Schedule of administrative expenses | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Facilities, short term rental and upkeep 8,953 5,451 25,844 17,712 Depreciation (note 14) 2,266 2,061 6,657 6,252 Amortization (note 15) 898 804 4,298 2,389 Travel costs 4,225 2,465 10,884 5,962 Staff costs 34,323 25,283 96,172 73,628 Key management compensation 5,491 1,871 13,814 5,560 Share‑based payment expense 4,127 4,286 9,752 8,968 Professional fees 9,628 11,170 28,240 39,261 Business combination transaction costs 3,685 3,139 17,928 9,087 Impairment of withholding tax receivables* 11,422 11,714 39,141 44,398 Net (gain)/loss on disposal of property, plant and equipment (134) (94) 13,650 (1,632) Operating taxes 228 266 569 1,487 Other 6,415 4,413 17,992 13,004 91,527 72,829 284,941 226,076 * Withholding tax is impaired based on the Group’s assessment of the recoverability of withholding tax assets based on a five-year cash flow projection and an analysis of the utilization of withholding tax balances against future income tax liabilities. |
Other income (Tables)
Other income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other income. | |
Schedule of other income | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Insurance claims 70 35 1,686 5,437 Other income — 21 2,521 1,675 70 56 4,207 7,112 |
Finance Income (Tables)
Finance Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Finance income. | |
Schedule of Finance income | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Interest income—bank deposits 3,364 1,970 10,380 4,322 Net foreign exchange gain on derivative instruments—unrealized 1,263 — — — Net foreign exchange gain on derivative instruments—realized 1,785 — 655 10,184 Net foreign exchange gain arising from financing – unrealized — 8,942 — 2,938 Fair value gain on embedded derivative in revenue contract — 2,160 — 4,586 Fair value gain on embedded options — 4,945 — — 6,412 18,017 11,035 22,030 |
Finance Costs (Tables)
Finance Costs (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Finance costs. | |
Schedule of finance costs | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Interest expenses—third party loans 74,382 45,773 189,060 124,630 Unwinding of discount on decommissioning liability 2,556 1,529 5,223 3,553 Interest and finance charges paid/payable for lease liabilities 11,070 8,997 32,882 23,367 Net foreign exchange loss arising from financing—unrealized 81,964 — 43,302 — Net foreign exchange loss arising from financing—realized 56,966 13,735 120,655 49,609 Net foreign exchange loss on derivative instruments—unrealized — 1,317 2,111 7,517 Net foreign exchange loss on derivative instruments—realized — 2,320 — — Fair value loss on embedded options 620 — 162,950 2,203 Fees on loans and financial derivatives 3,722 3,046 13,967 7,190 231,280 76,717 570,150 218,069 |
Taxation (Tables)
Taxation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Taxation | |
Schedule of income tax expense | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Current taxes on income 31,897 29,621 83,905 75,821 Deferred income taxes (72,870) (2,090) (91,653) (8,277) Total taxes (40,973) 27,531 (7,748) 67,544 |
(Loss)_income per share (Tables
(Loss)/income per share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
(Loss)/income per share | |
Schedule of basic and diluted net income/(loss) per common share | The following table sets forth basic and diluted net income/(loss) per common share computational data (in thousands, except per share data): Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 (Loss)/profit attributable to equity holders ($’000) (52,478) (30,447) (214,856) 46,159 Less: allocation of loss to non‑controlling interest ($’000) (5,946) (425) (9,162) (1,142) (Loss)/profit attributable to IHS common shareholders ($’000) (46,532) (30,022) (205,694) 47,301 Basic weighted average shares outstanding (‘000) 331,688 294,103 330,913 294,103 Potentially dilutive securities (‘000) 3,446 23,551 3,381 23,493 Potentially dilutive weighted average common shares outstanding (‘000) 335,134 317,654 334,294 317,596 (Loss)/income per share: Basic (loss)/income per share ($) (0.14) (0.10) (0.62) 0.16 Diluted (loss)/income per share ($) (0.14) (0.10) (0.62) 0.15 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, plant and equipment. | |
Schedule of property, plant and equipment | Total (excluding Towers Land Furniture Capital Right of and tower Fiber and and office Motor work in use Right of equipment assets buildings equipment vehicles progress asset) use assets $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Cost At January 1, 2021 2,660,120 — 47,436 18,169 20,148 74,646 2,820,519 549,594 Additions during the year 20,995 — 825 5,056 6,012 224,479 257,367 113,722 Additions through business combinations*** 77,142 226,538 968 93 — 5,495 310,236 41,709 Reclassification 124,548 23,241 5,999 — — (153,788) — — Transfer from advance payments 111,439 7,862 4,112 — — 3,959 127,372 — Disposals* (21,359) — — (82) (1,825) — (23,266) (18,872) Effects of movement in exchange rates (143,357) (6,951) (3,072) (1,038) (877) (8,438) (163,733) (35,649) At December 31, 2021*** 2,829,528 250,690 56,268 22,198 23,458 146,353 3,328,495 650,504 At January 1, 2022 2,829,528 250,690 56,268 22,198 23,458 146,353 3,328,495 650,504 Additions during the period **** (12,733) 48,207 2,549 6,185 5,247 220,287 269,742 77,960 Additions through business combinations (note 27) ***** 301,674 — 885 — — — 302,559 179,810 Reclassification 95,447 9,130 1,428 512 — (106,517) — — Transfer from advance payments 17,656 13,908 3,070 6 — 29,350 63,990 — Disposals* (204,914) — — (454) (602) — (205,970) (11,383) Effects of movement in exchange rates (127,126) 9,701 (2,090) (1,126) (954) (10,988) (132,583) (37,652) At September 30, 2022 2,899,532 331,636 62,110 27,321 27,149 278,485 3,626,233 859,239 Accumulated depreciation and impairment At January 1, 2021 1,352,192 — 1,728 14,291 14,268 — 1,382,479 81,464 Charge for the year 272,068 5,366 296 3,806 2,902 — 284,438 60,685 Impairment 48,391 — (318) — — — 48,073 2,797 Disposals* (14,660) — — (73) (1,816) — (16,549) (8,634) Effects of movement in exchange rates (82,676) (12) (69) (867) (583) — (84,207) (6,459) At December 31, 2021 1,575,315 5,354 1,637 17,157 14,771 — 1,614,234 129,853 At January 1, 2022 1,575,315 5,354 1,637 17,157 14,771 — 1,614,234 129,853 Charge for the period** 200,509 40,018 238 4,436 3,443 — 248,644 54,465 Impairment/(reversal of impairment) (1,084) 98 — — — — (986) 2,578 Disposals* (190,418) — — (301) (588) — (191,307) (8,643) Effects of movement in exchange rates (51,053) 1,505 (7) (951) (603) — (51,109) (7,722) At September 30, 2022 1,533,269 46,975 1,868 20,341 17,023 — 1,619,476 170,531 Net book value At December 31, 2021 1,254,213 245,336 54,631 5,041 8,687 146,353 1,714,261 520,651 At September 30, 2022 1,366,263 284,661 60,242 6,980 10,126 278,485 2,006,757 688,708 * The disposals value of right of use assets represents disposals due to terminated leases and the impact of remeasurement of lease assets as a result of changes in lease terms. ** The charge for the period does not agree to the charge in the condensed consolidated statement of income and other comprehensive income due to the indirect taxes benefit of $0.8 million in IHS Brasil Cessão de Infraestruturas S.A. claimed through depreciation over the useful life of the asset. *** Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of Fiberco Soluções de Infraestrutura S.A. in November 2021 (refer to note 27). **** Includes net movements in assets relating to the decommissioning and site restoration provision. *****Includes subsequent asset acquisitions on business combination transactions. |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and other intangible assets | |
Summary of goodwill and intangible asset | Customer ‑ Network ‑ related related intangible intangible Goodwill assets assets Licenses Software Total $’000 $’000 $’000 $’000 $’000 $’000 Cost At January 1, 2021 656,507 732,434 73,552 15,796 22,091 1,500,380 Additions during the year — — — 3,145 1,909 5,054 Additions through business combinations* 156,849 191,332 38,205 — 1,035 387,421 Disposals — — — (18) (723) (741) Effects of movement in exchange rates (33,209) (46,002) (4,555) (1,217) (514) (85,497) At December 31, 2021* 780,147 877,764 107,202 17,706 23,798 1,806,617 At January 1, 2022 780,147 877,764 107,202 17,706 23,798 1,806,617 Additions during the period — — — 11,908 1,330 13,238 Additions through business combinations (note 27) ** 148,633 310,677 70,090 — — 529,400 Effects of movement in exchange rates (11,510) (34,088) (9,657) (3,581) 229 (58,607) At September 30, 2022 917,270 1,154,353 167,635 26,033 25,357 2,290,648 Accumulated amortization and impairment At January 1, 2021 251 109,715 19,022 6,456 17,839 153,283 Charge for the year — 29,037 4,237 978 3,914 38,166 Disposals — — — (15) (726) (741) Effects of movement in exchange rates — (7,184) (1,374) (542) (616) (9,716) At December 31, 2021 251 131,568 21,885 6,877 20,411 180,992 At January 1, 2022 251 131,568 21,885 6,877 20,411 180,992 Charge for the period — 32,500 5,013 1,661 1,344 40,518 Effects of movement in exchange rates — (7,083) (1,272) (1,084) 524 (8,915) At September 30, 2022 251 156,985 25,626 7,454 22,279 212,595 Net book value At December 31, 2021 779,896 746,196 85,317 10,829 3,387 1,625,625 At September 30, 2022 917,019 997,368 142,009 18,579 3,078 2,078,053 * Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of Fiberco Soluções de Infraestrutura S.A. in November 2021 (refer to note 27). |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative financial instruments | |
Schedule of contractual notional amount for the derivative instruments | September 30, December 31, 2022 2021 $’000 $’000 Derivative instruments Non‑deliverable forwards (NDF) / Non‑deliverable swaps (NDS) 85,448 124,023 Embedded options within listed bonds 1,940,000 1,940,000 2,025,448 2,064,023 |
Schedule of fair value of derivative instruments | September 30, December 31, 2022 2021 $’000 $’000 Derivative instruments Non‑deliverable forwards (NDF) / Non‑deliverable swaps (NDS) (1,971) (3,771) Embedded options within listed bonds 2,150 165,100 179 161,329 |
Schedule of changes in fair value of derivative instruments | Three months ended Nine months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Derivative instruments Non‑deliverable forwards (NDF) / Non‑deliverable swaps (NDS) 1,263 (1,317) (2,111) (7,517) Embedded options within listed bonds (620) 4,945 (162,950) (2,203) Embedded options within revenue contracts — 2,160 — 4,586 643 5,788 (165,061) (5,134) |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Trade and other receivables | |
Trade and other receivables | September 30, December 31, 2022 2021 $’000 $’000 Current Trade receivables 284,442 253,852 Less: impairment provisions (26,767) (31,063) Net trade receivables* 257,675 222,789 Other receivables** 363,823 201,759 Prepaid land rent 1,612 1,069 Other prepaid expenses 21,781 25,080 Advance payments 26,462 14,663 Withholding tax 1,242 992 VAT receivables 13,875 5,401 686,470 471,753 Non ‑ current Accrued income and lease incentive 33,275 21,408 Other tax receivables 5,903 — Payment in advance for property, plant and equipment 118,458 48,071 Contingent consideration receivable*** 5,771 5,575 163,407 75,054 * The fair value is equal to their carrying amount. ** Included in other receivables are margins on non-deliverable forward contracts and short-term fixed deposits which are not classified as cash and cash equivalents as it exceeds the three-month maturity period. *** Refer to the Fiberco Soluções de Infraestrutura S.A. acquisition in note 27. The balance increased since acquisition due to foreign exchange movements. |
Trade and other payables (Table
Trade and other payables (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Trade and other payables. | |
Schedule of trade and other payables | September 30, December 31, 2022 2021 $’000 $’000 Current Trade payables 374,342 342,841 Deferred revenue 84,073 20,435 Withholding tax payable 6,732 4,517 Payroll and other related statutory liabilities 40,680 53,446 VAT payables 51,800 37,973 Other payables 38,158 40,220 595,785 499,432 Non ‑ current Other payables 1,411 312 1,411 312 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Borrowings. | |
Schedule of external debt classification | September 30, December 31, 2022 2021 $’000 $’000 Non ‑ current Senior Notes 1,919,269 1,916,062 Bank borrowings 658,088 485,409 External debt 2,577,357 2,401,471 Current Senior Notes 22,708 27,195 Bank borrowings 513,562 177,216 Letters of credit 173,235 3,208 External debt 709,505 207,619 Total borrowings 3,286,862 2,609,090 |
Schedule of debt by debt instrument | September 30, December 31, Currency Maturity date Interest rate 2022 2021 $’000 $’000 Senior notes IHS Holding Limited US Dollar 2026 5.63 % 504,578 496,850 IHS Holding Limited US Dollar 2028 6.25 % 505,569 497,367 IHS Netherlands Holdco B.V. US Dollar 2027 8.00 % 931,830 949,042 Bank borrowings IHS Holding Bridge Facility US Dollar 2023 5.50 % + CAS + SOFR 280,741 — IHS (Nigeria) Limited Nigerian Naira 2023 12.50 % 36,739 — IHS (Nigeria) Limited Nigerian Naira 2023 15.00 % 23,700 — INT Towers Ltd Nigerian Naira 2024 2.50 % + 3M NIBOR 222,834 284,882 INT Towers Ltd US Dollar 2024 4.25 % + 3M LIBOR 73,458 92,769 IHS Côte d'Ivoire Ltd CFA Franc 2024 5.00 % 20,003 31,627 IHS Côte d'Ivoire Ltd Euro 2024 3.00 % + 3M EURIBOR 15,204 24,156 IHS Zambia Ltd US Dollar 2027 5.00 % + 3M LIBOR 93,907 93,164 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2029 3.65 % + CDI 68,531 69,768 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2028 3.05 % + CDI 83,996 — IHS Kuwait Limited Kuwait Dinari 2029 2.00 % + 3M KIBOR 66,198 66,257 IHS Towers South Africa Proprietary Limited South African Rand 2029 2.75 % + 3M JIBAR 186,339 — Letters of credit IHS (Nigeria) Limited US Dollar 2023 6.00 - 9.30 % 56,848 — IHS (Nigeria) Limited US Dollar 2023 6.00 - 9.30 % 10,009 — INT Towers Ltd US Dollar 2022 - 2023 6.00 - 10.70 % 103,327 — ITNG Limited US Dollar 2023 9.30 % 956 — Global Independent Connect Limited US Dollar 2023 8.25 - 9.30 % 824 — Global Independent Connect Limited Chinese Yuan 2022 8.25 - 9.30 % 1,271 3,208 3,286,862 2,609,090 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Lease liabilities. | |
Schedule of current and non current lease liabilities | September 30, December 31, 2022 2021 $’000 $’000 Current 74,563 50,560 Non‑current 403,339 325,541 Total lease liabilities 477,902 376,101 |
Schedule of contractual maturities of the lease liabilities | Total Carrying contractual Within 2 ‑ 3 4 ‑ 5 Over 5 value cash flows 1 year years years years $’000 $’000 $’000 $’000 $’000 $’000 September 30, 2022 Lease liabilities 477,902 845,031 78,798 149,453 129,489 487,291 December 31, 2021 Lease liabilities 376,101 700,877 54,303 106,015 99,573 440,986 |
Provisions for other liabilit_2
Provisions for other liabilities and charges (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Provisions for other liabilities and charges | |
Schedule of decommissioning and site restoration provision | September 30, December 31, 2022 2021 $’000 $’000 At January 1 71,941 53,266 Additions through business combinations (note 27) 69,327 8,347 (Decrease)/increase in provisions (15,153) 7,212 Payments for tower and tower equipment decommissioning (177) (231) Reversal of decommissioning through profit and loss — (2,671) Unwinding of discount 5,224 4,644 Effects of movement in exchange rates (11,260) 1,374 At end of period/year 119,902 71,941 Analysis of total decommissioning and site restoration provisions: Non‑current 119,406 71,598 Current 496 343 119,902 71,941 |
Stated capital (Tables)
Stated capital (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stated capital | |
Schedule of stated capital | Ordinary Shares Share capital Share premium Number of net of net of shares Share capital issue costs Share Premium issue costs 000’s $’000 $’000 000’s $’000 At December 31, 2021 327,820 98,911 98,346 5,154,597 5,125,138 Shares issued on exercise of options 3,868 1,160 1,160 85,310 85,310 At September 30, 2022 331,688 100,071 99,506 5,239,907 5,210,448 |
Other reserves (Tables)
Other reserves (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other reserves. | |
Schedule of other reserves | Fair value through other Share ‑ Loss on Foreign comprehensive based transaction exchange income Restructuring payment between translation reserve reserve reserve owners reserve Total $’000 $’000 $’000 $’000 $’000 $’000 At January 1, 2021 (6) 4,019 511,547 (840,359) (160,706) (485,505) Other comprehensive income 3 — — — (22,560) (22,557) Options converted to shares — — (342,768) — — (342,768) Recognition of share‑based payment expense — — 13,003 — — 13,003 Other reclassifications related to share based payment — — (5,084) — — (5,084) At December 31, 2021 (3) 4,019 176,698 (840,359) (183,266) (842,911) At January 1, 2022 (3) 4,019 176,698 (840,359) (183,266) (842,911) Other comprehensive income — — — — (48,833) (48,833) Options converted to shares — — (86,470) — — (86,470) Recognition of share‑based payment expense — — 10,230 — — 10,230 Other reclassifications related to share based payment — — (2,835) — — (2,835) At September 30, 2022 (3) 4,019 97,623 (840,359) (232,099) (970,819) |
Non-controlling interest (Table
Non-controlling interest (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Non-controlling interest. | |
Schedule of non controlling interests | Nine months ended September 30, September 30, 2022 2021 $’000 $’000 Balance at January 1 223,188 14,216 NCI arising on business combination 831 611 Loss for the period (9,162) (1,142) Other comprehensive income 5,969 159 Balance at September 30 220,826 13,844 |
Schedule of summarized financial information of subsidiary | Summarized balance sheet Fiberco Soluções de Infraestrutura S.A. September 30, December 31, 2022 2021* $’000 $’000 Current assets 86,109 103,315 Current liabilities (33,422) (19,357) Current net assets 52,687 83,958 Non-current assets 417,672 386,761 Non-current liabilities (51,057) (51,389) Non-current net assets 366,615 335,372 Net assets 419,302 419,330 Accumulated non-controlling interest at the end of the period 205,478 205,433 Summarized statement of comprehensive income for the reporting period Fiberco Soluções de Infraestrutura S.A. Nine months ended September 30, 2022 $’000 Revenue 41,502 Loss for the period (15,373) Other comprehensive income 15,466 Total comprehensive income 93 Loss allocated to non-controlling interest during the period (7,533) Summarized statement of cash flows for the reporting period Fiberco Soluções de Infraestrutura S.A. Nine months ended September 30, 2022 $’000 Cash flows generated from operating activities 50,769 Cash flows used in investing activities (62,921) Cash flows used in financing activities (70) Net decrease in cash and cash equivalents (12,222) |
Cash from operations (Tables)
Cash from operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash from operations | |
Schedule of cash flow from operations | Three months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 $’000 $’000 $’000 $’000 Reconciliation: (Loss)/profit before taxation (93,451) (2,916) (222,604) 113,703 Adjustments Depreciation of property, plant and equipment (note 6 and 7) 105,161 89,065 302,303 254,846 Amortization of intangible assets (note 6 and 7) 14,980 10,190 40,518 28,334 Net reversal of impairment of property, plant and equipment and prepaid land rent (note 6) 3,099 41,556 1,768 44,369 Reversal of loss allowance on trade receivables (note 8) (1,597) (994) (3,397) (37,614) Impairment of withholding tax receivables (note 7) 11,422 11,714 39,141 44,398 Amortization of prepaid site rent 2,571 2,054 6,796 6,400 Decrease in decommissioning expense — (2,671) — (2,671) Net (gain)/loss on disposal of plant, property and equipment (note 7) (134) (94) 13,650 (1,632) Insurance income (note 9) (70) (35) (1,686) (5,437) Finance costs (note 11) 231,280 76,717 570,150 218,069 Finance income (note 10) (6,412) (18,017) (11,035) (22,030) Impairment/(Reversal of impairment) of inventory — — 138 (176) Share‑based payment expense (note 7) 4,127 4,286 9,752 8,968 Operating profit before working capital changes 270,976 210,855 745,494 649,527 Changes in working capital (Increase)/decrease in inventory (10,373) (2,890) (30,094) 9,246 Decrease/(increase) in trade and other receivables 12,702 (42,059) (169,833) (74,845) Increase in trade and other payables 20,885 39,766 132,032 13,962 Net movement in working capital 23,214 (5,183) (67,895) (51,637) Cash from operations 294,190 205,672 677,599 597,890 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations | |
Schedule of fair value adjustments in accordance with IFRS 3 | As reported As re-presented December 31, 2021 Adjustments December 31, 2021 $’000 $’000 $’000 Goodwill 787,665 (7,769) 779,896 Other intangible assets 830,439 15,290 845,729 Trade and other receivables - current 469,130 2,623 471,753 Deferred tax liabilities (163,920) (5,199) (169,119) Non-controlling interest (218,243) (4,945) (223,188) |
MTN telecom towers in South Africa | |
Business Combinations | |
Summary of consideration paid and the fair value of assets and liabilities acquired at the acquisition date | 2022 $’000 Gross consideration 421,239 Net cash consideration 421,239 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 287,247 Customer related intangible asset 128,827 Network related intangible asset 66,814 Right of use asset 97,027 Lease liabilities (97,027) Deferred tax (54,778) Provisions for other liabilities and charges (69,327) Total identifiable net assets acquired 358,783 Goodwill 62,456 Revenue — post‑acquisition 40,927 Loss — post‑acquisition (13,788) |
Sao Paulo Cinco Locacao de Torres Ltda (SP5) | |
Business Combinations | |
Summary of consideration paid and the fair value of assets and liabilities acquired at the acquisition date | 2022 $’000 Gross consideration 317,188 Less: cash in business at the date of acquisition (1,896) Net cash consideration 315,292 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 13,395 Land 885 Customer related intangible asset 179,903 Network related intangible asset 2,605 Goodwill 438 Right of use asset 82,784 Trade and other receivables 23,575 Trade and other payables (4,222) Deferred tax (69,810) Total identifiable net assets acquired 229,553 Goodwill 85,739 Revenue — post‑acquisition 23,287 Profit — post‑acquisition* 6,082 |
Skysites Holdings S.A. | |
Business Combinations | |
Summary of consideration paid and the fair value of assets and liabilities acquired at the acquisition date | 2021 $’000 Gross consideration 40,611 Less: contingent consideration* (4,169) Less: cash in business at the date of acquisition (2,775) Net cash consideration 33,667 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 11,276 Land 15 Furniture and office equipment 11 Capital work in progress 535 Customer related intangible asset 4,703 Right of use asset 9,675 Trade and other receivables 713 Trade and other payables (1,132) Provisions for other liabilities and charges (2,548) Lease liabilities (10,071) Deferred tax (2,205) Total identifiable net assets acquired 10,972 Goodwill 26,864 Revenue — post‑acquisition 3,033 Loss — post‑acquisition (267) *Contingent consideration consists of $4.2 million of consideration due at a future date which is recognized at fair value on the date of acquisition. The contingent consideration relates to a pay-out if a certain number of sites were rolled out post-acquisition and the quality of the acquired sites. As at December 31, 2021 certain contingencies were not met and $1.3 million of the contingent consideration was released to the consolidated statement of loss and other comprehensive income in 2021. $2.9 million remains as contingent consideration. |
Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Cooperatief U.A. | |
Business Combinations | |
Summary of consideration paid and the fair value of assets and liabilities acquired at the acquisition date | Brazil Colombia Total 2021 2021 2021 $’000 $’000 $’000 Gross consideration 93,900 47,051 140,951 Less: cash in business at the date of acquisition (260) (659) (919) Net cash consideration 93,640 46,392 140,032 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 43,890 14,074 57,964 Land 407 546 953 Furniture and office equipment 65 17 82 Capital work in progress 628 500 1,128 Right of use asset 22,273 9,761 32,034 Customer related intangible asset 35,422 32,599 68,021 Network related intangible asset 594 321 915 Software 495 1 496 Trade and other receivables 2,363 3,023 5,386 Trade and other payables (1,471) (3,646) (5,117) Provisions for other liabilities and charges (5,272) (527) (5,799) Lease liabilities (24,028) (10,458) (34,486) Tax payable (2,809) (625) (3,434) Deferred tax (15,374) (10,907) (26,281) Total identifiable net assets acquired 57,183 34,679 91,862 Goodwill 36,457 11,713 48,170 Revenue — post‑acquisition 4,408 1,948 6,356 Profit/(loss) — post‑acquisition 2,469 (1,762) 707 |
FiberCo Solues de Infraestrutura S.A. | |
Business Combinations | |
Summary of consideration paid and the fair value of assets and liabilities acquired at the acquisition date | As reported As re-presented December 31, 2021 Adjustments December 31, 2021 $’000 $’000 $’000 Gross consideration 263,366 (2,701) 260,665 Contingent consideration* 5,739 — 5,739 Less: deferred consideration (66,840) 2,701 (64,139) Net cash consideration 202,265 — 202,265 Capital injection** 42,996 — 42,996 Identifiable assets acquired and liabilities assumed: Network assets 226,538 7,271 233,809 Cash 44,872 — 44,872 Capital work in progress 3,832 — 3,832 Software 539 — 539 Customer related intangible asset 96,997 16,162 113,159 Network related intangible asset 35,832 (419) 35,413 Trade and other receivables 75,338 — 75,338 Trade and other payables (5,764) (7,271) (13,035) Loans payable (6,457) — (6,457) Deferred tax (47,062) (5,353) (52,415) Total identifiable net assets acquired 424,665 10,390 435,055 Non-controlling interest 208,086 5,091 213,177 Goodwill 89,783 (8,000) 81,783 Revenue — post‑acquisition n.a. Profit/(loss) — post‑acquisition n.a. *Contingent consideration consists of $5.7 million of consideration receivable at a future date which is recognized at fair value on the date of acquisition. The contingent consideration relates to a pay-out if certain conditions are met post-acquisition around homes connected, homes passed, and churn. ** The capital injection relates to a payment made to I-Systems for the issuance of new share capital as part of the acquisition agreement to achieve the agreed shareholding structure post acquisition. |
IHS Kuwait Limited | |
Business Combinations | |
Summary of consideration paid and the fair value of assets and liabilities acquired at the acquisition date | 2022 2021 $’000 $’000 Gross consideration 2,729 12,248 Less: consideration received in exchange for a retained 30% interest (by Zain) in IHS GCC KW (819) (1,837) Net cash consideration for 70% controlling interest** 1,910 10,411 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 1,032 7,902 Customer-related assets 1,947 5,449 Network-related assets 671 1,877 Trade and other receivables — 872 Trade and other payables (921) (3,852) Total identifiable net assets acquired (at 100% ) 2,729 12,248 Goodwill — — Determination of non-controlling interest Total identifiable net assets acquired (at 100%) 2,729 12,248 Shareholder funding provided by the Group and external debt* — (6,124) 2,729 6,124 Non-controlling interest portion of above at 30% 819 1,837 Revenue — post‑acquisition n.a. n.a. Profit/(loss) — post‑acquisition n.a. n.a. * This was shareholder funding provided by the Group and recorded as short term liabilities in IHS GCC KW. These funds were loaned to IHS Kuwait to fund the acquisition of the towers from Zain. This short term liability was subsequently replaced by external debt. ** The consideration for the fifth stage that was completed during the period ended September 30, 2022 was paid after the reporting period. |
Significant accounting polici_3
Significant accounting policies (Details) | 9 Months Ended |
Sep. 30, 2022 segment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of reportable segments | 4 |
Critical accounting estimates_3
Critical accounting estimates and assumptions (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Critical accounting estimates and assumptions [Line Items] | ||||||
Value of contracted revenue | $ 13,000,000 | |||||
Cash and cash equivalents | $ 530,468 | $ 567,298 | $ 916,488 | $ 501,491 | $ 541,644 | $ 585,416 |
Capital risk management - Finan
Capital risk management - Financial instruments that are measured at fair value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | $ 189 | $ 161,340 |
Fair value through other comprehensive income financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 10 | 11 |
Embedded options within listed bonds | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 2,150 | 165,100 |
Nondeliverable forwards (NDF)/Nondeliverable swaps (NDS) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | (1,971) | (3,771) |
Level 1 of fair value hierarchy [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 10 | 11 |
Level 1 of fair value hierarchy [member] | Fair value through other comprehensive income financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 10 | 11 |
Level 2 of fair value hierarchy [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 179 | 161,329 |
Level 2 of fair value hierarchy [member] | Embedded options within listed bonds | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 2,150 | 165,100 |
Level 2 of fair value hierarchy [member] | Nondeliverable forwards (NDF)/Nondeliverable swaps (NDS) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | $ (1,971) | $ (3,771) |
Capital risk management - Fair
Capital risk management - Fair value estimation (Details) - Not measured at fair value in statement of financial position but for which fair value is disclosed [member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, Carrying value | $ 3,286,862 | $ 2,609,090 |
Fair value | 2,971,754 | 2,668,792 |
Bank and bond borrowings | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, Carrying value | 3,286,862 | 2,609,090 |
Fair value | $ 2,971,754 | $ 2,668,792 |
Segment reporting - Summarized
Segment reporting - Summarized financial information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Geographical information | |||||
Number of operating segments | segment | 4 | ||||
Number of reportable segments | segment | 4 | ||||
Revenues from external customers | $ 521,317 | $ 400,547 | $ 1,435,132 | $ 1,164,116 | |
Segment Adjusted EBITDA | 274,653 | 219,718 | 758,638 | 709,747 | |
Depreciation and amortization | (120,141) | (99,255) | (342,821) | (283,180) | |
Net gain/(loss) on disposal of property, plant and equipment | 134 | 94 | (13,650) | 1,632 | |
Insurance claims | 70 | 35 | 1,686 | 5,437 | |
Impairment of withholding tax receivables | (11,422) | (11,714) | (39,141) | (44,398) | |
Business combination transaction costs | (3,685) | (3,139) | (17,928) | (9,087) | |
Other (costs)/income | (966) | (4,160) | (1,274) | (14,353) | |
Net impairment of property, plant and equipment and prepaid land rent | (3,099) | (41,556) | (1,768) | (44,369) | |
Reversal of provision for decommissioning costs | 2,671 | 2,671 | |||
Listing costs | (2,624) | (6,659) | |||
Share-based payment expense | (4,127) | (4,286) | (9,752) | (8,968) | |
Finance income | 6,412 | 18,017 | 11,035 | 22,030 | |
Finance costs | (231,280) | (76,717) | (570,150) | (218,069) | |
Other income | 2,521 | 1,269 | |||
(Loss)/profit before income tax | (93,451) | (2,916) | (222,604) | 113,703 | |
Segment assets | 6,237,638 | 6,237,638 | $ 5,542,156 | ||
Segment liabilities | 4,742,016 | 4,742,016 | $ 3,798,600 | ||
SOX implementation costs | 400 | 1,000 | |||
Professional fees related to financing costs | 200 | 4,200 | 13,500 | ||
System implementation costs | 400 | ||||
Aborted transaction costs | 100 | 900 | |||
Nigeria | |||||
Geographical information | |||||
Revenues from external customers | 355,351 | 289,078 | 997,132 | 846,941 | |
Segment Adjusted EBITDA | 210,039 | 179,489 | 596,756 | 599,682 | |
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 98,669 | 94,205 | 226,858 | 207,080 | |
Segment assets | 2,374,490 | 2,119,202 | 2,374,490 | 2,119,202 | |
Segment liabilities | 968,530 | 735,623 | 968,530 | 735,623 | |
SSA | |||||
Geographical information | |||||
Revenues from external customers | 114,801 | 89,272 | 295,331 | 256,382 | |
Segment Adjusted EBITDA | 63,746 | 49,833 | 163,672 | 144,500 | |
Additions of property, plant and equipment , right of use assets and intangible assets: - through business combinations | 642,371 | ||||
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 31,705 | 13,832 | 83,876 | 36,469 | |
Segment assets | 1,531,136 | 1,042,109 | 1,531,136 | 1,042,109 | |
Segment liabilities | 830,044 | 502,944 | 830,044 | 502,944 | |
Latam | |||||
Geographical information | |||||
Revenues from external customers | 42,104 | 14,912 | 116,117 | 39,642 | |
Segment Adjusted EBITDA | 29,993 | 11,267 | 83,010 | 29,142 | |
Additions of property, plant and equipment , right of use assets and intangible assets: - through business combinations | 365,749 | 262,843 | |||
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 42,696 | 17,976 | 93,822 | 66,246 | |
Segment assets | 1,868,288 | 964,958 | 1,868,288 | 964,958 | |
Segment liabilities | 498,806 | 401,975 | 498,806 | 401,975 | |
MENA | |||||
Geographical information | |||||
Revenues from external customers | 9,061 | 7,285 | 26,552 | 21,151 | |
Segment Adjusted EBITDA | 3,828 | 3,249 | 11,616 | 9,401 | |
Additions of property, plant and equipment , right of use assets and intangible assets: - through business combinations | 3,650 | 3,650 | 5,388 | ||
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 6,223 | 2,880 | 18,569 | 10,350 | |
Segment assets | 177,746 | 168,119 | 177,746 | 168,119 | |
Segment liabilities | 108,558 | 113,659 | 108,558 | 113,659 | |
Other | |||||
Geographical information | |||||
Segment Adjusted EBITDA | $ (32,953) | $ (24,120) | $ (96,416) | $ (72,978) |
Segment reporting - Major custo
Segment reporting - Major customers (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Geographical information | ||||
Number of major customers | 2 | |||
Customer A | ||||
Geographical information | ||||
Revenue percentage | 63% | 65% | 63% | 66% |
Customer B | ||||
Geographical information | ||||
Revenue percentage | 17% | 15% | 17% | 14% |
Cost of sales (Details)
Cost of sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Administrative expenses | ||||
Net impairment of property, plant and equipment and prepaid land rent | $ 3,099 | $ 41,556 | $ 1,768 | $ 44,369 |
Total Cost of sales | 300,040 | 272,984 | 821,284 | 673,024 |
Indirect tax receivable | 800 | |||
Cost of sales | ||||
Administrative expenses | ||||
Tower repairs and maintenance | 25,134 | 18,524 | 68,391 | 55,177 |
Power generation | 113,604 | 74,602 | 305,858 | 189,283 |
Short term site rental | 2,380 | 4,342 | 11,356 | 8,302 |
Short term other rent | 796 | 808 | 2,099 | 3,058 |
Vehicle maintenance and repairs | 439 | 670 | 1,473 | 1,797 |
Site regulatory permits | 8,593 | 12,181 | 26,634 | 27,831 |
Security services | 12,375 | 8,900 | 31,713 | 27,319 |
Insurance | 1,353 | 963 | 3,750 | 3,047 |
Staff costs | 8,454 | 5,664 | 23,664 | 19,116 |
Travel costs | 2,195 | 3,149 | 3,436 | 7,085 |
Professional fees | 943 | 1,097 | 2,846 | 2,462 |
Depreciation | 102,895 | 87,004 | 295,646 | 248,594 |
Amortization | 14,082 | 9,386 | 36,220 | 25,945 |
Net impairment of property, plant and equipment and prepaid land rent | 3,099 | 41,556 | 1,768 | 44,369 |
Other | 3,698 | 4,138 | 6,430 | 9,639 |
Total Cost of sales | $ 300,040 | $ 272,984 | $ 821,284 | $ 673,024 |
Administrative expenses (Detail
Administrative expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Administrative expenses | ||||
Share-based payment expense | $ 4,127 | $ 4,286 | $ 9,752 | $ 8,968 |
Business combination transaction costs | 3,685 | 3,139 | 17,928 | 9,087 |
Impairment of withholding tax receivables | 11,422 | 11,714 | 39,141 | 44,398 |
Net (gain)/loss on disposal of property, plant and equipment | (134) | (94) | 13,650 | (1,632) |
Other | 966 | 4,160 | 1,274 | 14,353 |
Total administrative expenses | 91,527 | 72,829 | 284,941 | 226,076 |
Administrative expenses. | ||||
Administrative expenses | ||||
Facilities, short term rental and upkeep | 8,953 | 5,451 | 25,844 | 17,712 |
Depreciation | 2,266 | 2,061 | 6,657 | 6,252 |
Amortization | 898 | 804 | 4,298 | 2,389 |
Travel costs | 4,225 | 2,465 | 10,884 | 5,962 |
Staff costs | 34,323 | 25,283 | 96,172 | 73,628 |
Key management compensation | 5,491 | 1,871 | 13,814 | 5,560 |
Share-based payment expense | 4,127 | 4,286 | 9,752 | 8,968 |
Professional fees | 9,628 | 11,170 | 28,240 | 39,261 |
Business combination transaction costs | 3,685 | 3,139 | 17,928 | 9,087 |
Impairment of withholding tax receivables | 11,422 | 11,714 | 39,141 | 44,398 |
Net (gain)/loss on disposal of property, plant and equipment | (134) | (94) | 13,650 | (1,632) |
Operating taxes | 228 | 266 | 569 | 1,487 |
Other | 6,415 | 4,413 | 17,992 | 13,004 |
Total administrative expenses | $ 91,527 | $ 72,829 | $ 284,941 | $ 226,076 |
Reversal of loss allowance_(l_2
Reversal of loss allowance/(loss allowance) on trade receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reversal of loss Allowance/(loss allowance) on trade receivables | ||||
Impairment loss (reversal of impairment loss) on trade receivables, net | $ (1,597) | $ (994) | $ (3,397) | $ (37,614) |
Non recurring reversal on loss allowance on trade receivable from key customer | $ 36,500 |
Other income (Details)
Other income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other income. | ||||
Insurance claims | $ 70 | $ 35 | $ 1,686 | $ 5,437 |
Other income | 21 | 2,521 | 1,675 | |
Total other income | $ 70 | $ 56 | $ 4,207 | $ 7,112 |
Finance Income (Details)
Finance Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finance income. | ||||
Interest income - bank deposits | $ 3,364 | $ 1,970 | $ 10,380 | $ 4,322 |
Net foreign exchange gain on derivative instruments - unrealized | 1,263 | |||
Net foreign exchange gain on derivative instruments - realized | 1,785 | 655 | 10,184 | |
Net foreign exchange gain arising from financing - unrealized | 8,942 | 2,938 | ||
Fair value gain on embedded derivative in revenue contract | 2,160 | 4,586 | ||
Fair value gain on embedded options | 4,945 | |||
Total Finance income | $ 6,412 | $ 18,017 | $ 11,035 | $ 22,030 |
Finance Costs (Details)
Finance Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finance costs. | ||||
Interest expenses - third party loans | $ 74,382 | $ 45,773 | $ 189,060 | $ 124,630 |
Unwinding of discount on decommissioning liability | 2,556 | 1,529 | 5,223 | 3,553 |
Interest and finance charges paid/payable for lease liabilities | 11,070 | 8,997 | 32,882 | 23,367 |
Net foreign exchange loss arising from financing - unrealized | 81,964 | 43,302 | ||
Net foreign exchange loss arising from financing - realized | 56,966 | 13,735 | 120,655 | 49,609 |
Net foreign exchange loss on derivative instruments-unrealized | 1,317 | 2,111 | 7,517 | |
Net foreign exchange loss on derivative instruments - realized | 2,320 | |||
Fair value loss on embedded options | 620 | 162,950 | 2,203 | |
Fees on loans and financial derivatives | 3,722 | 3,046 | 13,967 | 7,190 |
Finance costs | $ 231,280 | $ 76,717 | $ 570,150 | $ 218,069 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Taxation | |||||
Current taxes on income | $ 31,897 | $ 29,621 | $ 83,905 | $ 75,821 | |
Deferred income taxes | (72,870) | (2,090) | (91,653) | (8,277) | |
Total taxes | (40,973) | $ 27,531 | (7,748) | $ 67,544 | |
Deferred tax liabilities | $ 194,082 | $ 194,082 | $ 169,119 |
(Loss)_income per share (Detail
(Loss)/income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per share [line items] | ||||
Profit/(loss) for the period | $ (52,478) | $ (30,447) | $ (214,856) | $ 46,159 |
Non-controlling interests | (5,946) | (425) | (9,162) | (1,142) |
(Loss)/profit attributable to IHS common shareholders | $ (46,532) | $ (30,022) | $ (205,694) | $ 47,301 |
Basic weighted average shares outstanding | 331,688 | 294,103 | 330,913 | 294,103 |
Potentially dilutive securities | 3,446 | 23,551 | 3,381 | 23,493 |
Potentially dilutive weighted average common shares outstanding | 335,134 | 317,654 | 334,294 | 317,596 |
Basic (loss)/income per share | $ (0.14) | $ (0.10) | $ (0.62) | $ 0.16 |
Diluted (loss)/income per share | $ (0.14) | $ (0.10) | $ (0.62) | $ 0.15 |
Property, plant and equipment_2
Property, plant and equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 1,714,261 | |
Ending balance | 2,006,757 | $ 1,714,261 |
Total (excluding right-of-use assets) | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,714,261 | |
Ending balance | 2,006,757 | 1,714,261 |
Total (excluding right-of-use assets) | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 3,328,495 | 2,820,519 |
Additions during the period | 269,742 | 257,367 |
Additions through business combinations | 302,559 | 310,236 |
Transfer from advance payments | 63,990 | 127,372 |
Disposals | (205,970) | (23,266) |
Effects of movement in exchange rates | (132,583) | (163,733) |
Ending balance | 3,626,233 | 3,328,495 |
Total (excluding right-of-use assets) | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,614,234) | (1,382,479) |
Charge for the period | 248,644 | 284,438 |
Impairment/(reversal of impairment) | (986) | 48,073 |
Disposals | 191,307 | 16,549 |
Effects of movement in exchange rates | 51,109 | 84,207 |
Ending balance | (1,619,476) | (1,614,234) |
Towers and tower equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,254,213 | |
Ending balance | 1,366,263 | 1,254,213 |
Towers and tower equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,829,528 | 2,660,120 |
Additions during the period | 20,995 | |
Additions during the period, including net movements in assets relating to the decommissioning and site restoration provision | (12,733) | |
Additions through business combinations | 301,674 | 77,142 |
Reclassification | 95,447 | 124,548 |
Transfer from advance payments | 17,656 | 111,439 |
Disposals | (204,914) | (21,359) |
Effects of movement in exchange rates | (127,126) | (143,357) |
Ending balance | 2,899,532 | 2,829,528 |
Towers and tower equipment | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,575,315) | (1,352,192) |
Charge for the period | 200,509 | 272,068 |
Impairment/(reversal of impairment) | (1,084) | 48,391 |
Disposals | 190,418 | 14,660 |
Effects of movement in exchange rates | 51,053 | 82,676 |
Ending balance | (1,533,269) | (1,575,315) |
Fiber assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 245,336 | |
Ending balance | 284,661 | 245,336 |
Fiber assets | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 250,690 | |
Additions during the period | 48,207 | |
Additions through business combinations | 226,538 | |
Reclassification | 9,130 | 23,241 |
Transfer from advance payments | 13,908 | 7,862 |
Effects of movement in exchange rates | 9,701 | (6,951) |
Ending balance | 331,636 | 250,690 |
Fiber assets | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (5,354) | |
Charge for the period | 40,018 | 5,366 |
Impairment/(reversal of impairment) | 98 | |
Effects of movement in exchange rates | (1,505) | 12 |
Ending balance | (46,975) | (5,354) |
Land and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 54,631 | |
Ending balance | 60,242 | 54,631 |
Land and buildings | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 56,268 | 47,436 |
Additions during the period | 2,549 | 825 |
Additions through business combinations | 885 | 968 |
Reclassification | 1,428 | 5,999 |
Transfer from advance payments | 3,070 | 4,112 |
Effects of movement in exchange rates | (2,090) | (3,072) |
Ending balance | 62,110 | 56,268 |
Land and buildings | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,637) | (1,728) |
Charge for the period | 238 | 296 |
Impairment/(reversal of impairment) | (318) | |
Effects of movement in exchange rates | 7 | 69 |
Ending balance | (1,868) | (1,637) |
Furniture and office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 5,041 | |
Ending balance | 6,980 | 5,041 |
Furniture and office equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 22,198 | 18,169 |
Additions during the period | 6,185 | 5,056 |
Additions through business combinations | 93 | |
Reclassification | 512 | |
Transfer from advance payments | 6 | |
Disposals | (454) | (82) |
Effects of movement in exchange rates | (1,126) | (1,038) |
Ending balance | 27,321 | 22,198 |
Furniture and office equipment | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (17,157) | (14,291) |
Charge for the period | 4,436 | 3,806 |
Disposals | 301 | 73 |
Effects of movement in exchange rates | 951 | 867 |
Ending balance | (20,341) | (17,157) |
Motor vehicles | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 8,687 | |
Ending balance | 10,126 | 8,687 |
Motor vehicles | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 23,458 | 20,148 |
Additions during the period | 5,247 | 6,012 |
Disposals | (602) | (1,825) |
Effects of movement in exchange rates | (954) | (877) |
Ending balance | 27,149 | 23,458 |
Motor vehicles | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (14,771) | (14,268) |
Charge for the period | 3,443 | 2,902 |
Disposals | 588 | 1,816 |
Effects of movement in exchange rates | 603 | 583 |
Ending balance | (17,023) | (14,771) |
Capital work in progress | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 146,353 | |
Ending balance | 278,485 | 146,353 |
Capital work in progress | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 146,353 | 74,646 |
Additions during the period | 220,287 | 224,479 |
Additions through business combinations | 5,495 | |
Reclassification | (106,517) | (153,788) |
Transfer from advance payments | 29,350 | 3,959 |
Effects of movement in exchange rates | (10,988) | (8,438) |
Ending balance | 278,485 | 146,353 |
Right-of-use asset | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 520,651 | |
Ending balance | 688,708 | 520,651 |
Right-of-use asset | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 650,504 | 549,594 |
Additions during the period | 77,960 | 113,722 |
Additions through business combinations | 179,810 | 41,709 |
Disposals, right of use assets | (11,383) | (18,872) |
Effects of movement in exchange rates | (37,652) | (35,649) |
Ending balance | 859,239 | 650,504 |
Right-of-use asset | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (129,853) | (81,464) |
Charge for the period | 54,465 | 60,685 |
Impairment/(reversal of impairment) | 2,578 | 2,797 |
Disposals, right of use assets | 8,643 | 8,634 |
Effects of movement in exchange rates | 7,722 | 6,459 |
Ending balance | $ (170,531) | $ (129,853) |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Borrowing costs capitalized | $ 0 | |
Right of use assets | 688,708 | $ 520,651 |
IHS Brasil Cesso de Infraestruturas S.A. | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Indirect taxes benefit | $ 800 |
Goodwill and other intangible_3
Goodwill and other intangible assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill and other intangible assets | ||
Beginning balance | $ 1,625,625 | |
Ending balance | 2,078,053 | $ 1,625,625 |
Cost | ||
Goodwill and other intangible assets | ||
Beginning balance | 1,806,617 | 1,500,380 |
Additions during the period | 13,238 | 5,054 |
Additions through business combinations | 529,400 | 387,421 |
Disposals | (741) | |
Effects of movements in exchange rates | (58,607) | (85,497) |
Ending balance | 2,290,648 | 1,806,617 |
Accumulated amortization and impairment | ||
Goodwill and other intangible assets | ||
Beginning balance | (180,992) | (153,283) |
Charge for the period | 40,518 | 38,166 |
Disposals | 741 | |
Effects of movements in exchange rates | 8,915 | 9,716 |
Ending balance | (212,595) | (180,992) |
Goodwill | ||
Goodwill and other intangible assets | ||
Beginning balance | 779,896 | |
Ending balance | 917,019 | 779,896 |
Goodwill | Cost | ||
Goodwill and other intangible assets | ||
Beginning balance | 780,147 | 656,507 |
Additions through business combinations | 148,633 | 156,849 |
Effects of movements in exchange rates | (11,510) | (33,209) |
Ending balance | 917,270 | 780,147 |
Goodwill | Accumulated amortization and impairment | ||
Goodwill and other intangible assets | ||
Beginning balance | (251) | (251) |
Ending balance | (251) | (251) |
Customerrelated intangible assets | ||
Goodwill and other intangible assets | ||
Beginning balance | 746,196 | |
Ending balance | 997,368 | 746,196 |
Customerrelated intangible assets | Cost | ||
Goodwill and other intangible assets | ||
Beginning balance | 877,764 | 732,434 |
Additions through business combinations | 310,677 | 191,332 |
Effects of movements in exchange rates | (34,088) | (46,002) |
Ending balance | 1,154,353 | 877,764 |
Customerrelated intangible assets | Accumulated amortization and impairment | ||
Goodwill and other intangible assets | ||
Beginning balance | (131,568) | (109,715) |
Charge for the period | 32,500 | 29,037 |
Effects of movements in exchange rates | 7,083 | 7,184 |
Ending balance | (156,985) | (131,568) |
Network - related intangible assets | ||
Goodwill and other intangible assets | ||
Beginning balance | 85,317 | |
Ending balance | 142,009 | 85,317 |
Network - related intangible assets | Cost | ||
Goodwill and other intangible assets | ||
Beginning balance | 107,202 | 73,552 |
Additions through business combinations | 70,090 | 38,205 |
Effects of movements in exchange rates | (9,657) | (4,555) |
Ending balance | 167,635 | 107,202 |
Network - related intangible assets | Accumulated amortization and impairment | ||
Goodwill and other intangible assets | ||
Beginning balance | (21,885) | (19,022) |
Charge for the period | 5,013 | 4,237 |
Effects of movements in exchange rates | 1,272 | 1,374 |
Ending balance | (25,626) | (21,885) |
Licenses | ||
Goodwill and other intangible assets | ||
Beginning balance | 10,829 | |
Ending balance | 18,579 | 10,829 |
Licenses | Cost | ||
Goodwill and other intangible assets | ||
Beginning balance | 17,706 | 15,796 |
Additions during the period | 11,908 | 3,145 |
Disposals | (18) | |
Effects of movements in exchange rates | (3,581) | (1,217) |
Ending balance | 26,033 | 17,706 |
Licenses | Accumulated amortization and impairment | ||
Goodwill and other intangible assets | ||
Beginning balance | (6,877) | (6,456) |
Charge for the period | 1,661 | 978 |
Disposals | 15 | |
Effects of movements in exchange rates | 1,084 | 542 |
Ending balance | (7,454) | (6,877) |
Software | ||
Goodwill and other intangible assets | ||
Beginning balance | 3,387 | |
Ending balance | 3,078 | 3,387 |
Software | Cost | ||
Goodwill and other intangible assets | ||
Beginning balance | 23,798 | 22,091 |
Additions during the period | 1,330 | 1,909 |
Additions through business combinations | 1,035 | |
Disposals | (723) | |
Effects of movements in exchange rates | 229 | (514) |
Ending balance | 25,357 | 23,798 |
Software | Accumulated amortization and impairment | ||
Goodwill and other intangible assets | ||
Beginning balance | (20,411) | (17,839) |
Charge for the period | 1,344 | 3,914 |
Disposals | 726 | |
Effects of movements in exchange rates | (524) | 616 |
Ending balance | $ (22,279) | $ (20,411) |
Derivative financial instrume_3
Derivative financial instruments - Notional amount (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives | ||
Derivative financial instruments | ||
Derivative instruments, notional amount | $ 2,025,448 | $ 2,064,023 |
Nondeliverable forwards (NDF) /Nondeliverable swaps (NDS) | ||
Derivative financial instruments | ||
Derivative instruments, notional amount | 85,448 | 124,023 |
Embedded options within listed bonds | ||
Derivative financial instruments | ||
Derivative instruments, notional amount | $ 1,940,000 | $ 1,940,000 |
Derivative financial instrume_4
Derivative financial instruments - Fair value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives | ||
Derivative financial instruments | ||
Fair value balances | $ 179 | $ 161,329 |
Nondeliverable forwards (NDF) /Nondeliverable swaps (NDS) | ||
Derivative financial instruments | ||
Fair value balances | (1,971) | (3,771) |
Embedded options within listed bonds | ||
Derivative financial instruments | ||
Fair value balances | $ 2,150 | $ 165,100 |
Derivative financial instrume_5
Derivative financial instruments - Change in fair value of the derivative instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative financial instruments | ||||
Change in fair value of the derivative instruments | $ 643 | $ 5,788 | $ (165,061) | $ (5,134) |
Nondeliverable forwards (NDF) /Nondeliverable swaps (NDS) | ||||
Derivative financial instruments | ||||
Change in fair value of the derivative instruments | 1,263 | (1,317) | (2,111) | (7,517) |
Embedded options within listed bonds | ||||
Derivative financial instruments | ||||
Change in fair value of the derivative instruments | $ (620) | 4,945 | $ (162,950) | (2,203) |
Embedded options within revenue contracts | ||||
Derivative financial instruments | ||||
Change in fair value of the derivative instruments | $ 2,160 | $ 4,586 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Trade and other current receivables [abstract] | ||
Net trade receivables | $ 257,675 | $ 222,789 |
Other receivables | 363,823 | 201,759 |
Prepaid land rent | 1,612 | 1,069 |
Other prepaid expenses | 21,781 | 25,080 |
Advance payments | 26,462 | 14,663 |
Withholding tax | 1,242 | 992 |
VAT receivables | 13,875 | 5,401 |
Trade and other current receivables | 686,470 | 471,753 |
Trade and other non-current receivables [abstract] | ||
Accrued income and lease incentive | 33,275 | 21,408 |
Other tax receivables | 5,903 | |
Payment in advance for property, plant and equipment | 118,458 | 48,071 |
Contingent consideration receivable | 5,771 | 5,575 |
Trade and other non-current receivables | $ 163,407 | 75,054 |
Top of range | ||
Trade and other non-current receivables [abstract] | ||
Non-current receivable due term | 20 years | |
Gross carrying amount [member] | ||
Trade and other current receivables [abstract] | ||
Net trade receivables | $ 284,442 | 253,852 |
Accumulated impairment [member] | ||
Trade and other current receivables [abstract] | ||
Net trade receivables | $ (26,767) | $ (31,063) |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current | ||
Trade payables | $ 374,342 | $ 342,841 |
Deferred revenue | 84,073 | 20,435 |
Withholding tax payable | 6,732 | 4,517 |
Payroll and other related statutory liabilities | 40,680 | 53,446 |
VAT payables | 51,800 | 37,973 |
Other payables | 38,158 | 40,220 |
Trade and other payables | 595,785 | 499,432 |
Non-current | ||
Other payables | 1,411 | 312 |
Trade and other payables, non current | $ 1,411 | $ 312 |
Borrowings - Debt Classificatio
Borrowings - Debt Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Borrowings | ||
Non Current Borrowings | $ 2,577,357 | $ 2,401,471 |
Current borrowings | 709,505 | 207,619 |
Borrowings | 3,286,862 | 2,609,090 |
Senior Notes | ||
Borrowings | ||
Non Current Borrowings | 1,919,269 | 1,916,062 |
Current borrowings | 22,708 | 27,195 |
Bank borrowings | ||
Borrowings | ||
Non Current Borrowings | 658,088 | 485,409 |
Current borrowings | 513,562 | 177,216 |
Letters of credit | ||
Borrowings | ||
Current borrowings | $ 173,235 | $ 3,208 |
Borrowings - Debt instrument (D
Borrowings - Debt instrument (Details) $ in Thousands, د.ك in Millions | Sep. 30, 2022 USD ($) | Sep. 30, 2022 KWD (د.ك) | May 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 USD ($) |
Borrowings | |||||
Borrowings | $ 3,286,862 | $ 2,609,090 | |||
IHS Holding Bridge Facility maturing 2023 | |||||
Borrowings | |||||
Borrowings | 280,000 | ||||
IHS Holding Bridge Facility maturing 2023 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 280,741 | ||||
IHS Holding Bridge Facility maturing 2023 | US Dollar | CAS + SOFR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 5.50% | 5.50% | |||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | |||||
Borrowings | |||||
Interest rate | 12.50% | ||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Nigeria Naira | |||||
Borrowings | |||||
Interest rate | 12.50% | 12.50% | |||
Borrowings | $ 36,739 | ||||
IHS (Nigeria) Limited, IHSN NG2, maturing 2023 | |||||
Borrowings | |||||
Interest rate | 15% | ||||
IHS (Nigeria) Limited, IHSN NG2, maturing 2023 | Nigeria Naira | |||||
Borrowings | |||||
Interest rate | 15% | 15% | |||
Borrowings | $ 23,700 | ||||
INT Towers Limited, 2024 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 73,458 | 92,769 | |||
INT Towers Limited, 2024 | US Dollar | 3M LIBOR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 4.25% | 4.25% | |||
INT Towers Limited, 2024 | Nigeria Naira | |||||
Borrowings | |||||
Borrowings | $ 222,834 | 284,882 | |||
INT Towers Limited, 2024 | Nigeria Naira | 3M NIBOR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | |||
IHS Cte d'Ivoire Ltd (CFA Franc) maturing 2024 | CFA Franc | |||||
Borrowings | |||||
Interest rate | 5% | 5% | |||
Borrowings | $ 20,003 | 31,627 | |||
IHS Cte d'Ivoire Ltd (Euro) maturing 2024 | Euro | |||||
Borrowings | |||||
Borrowings | $ 15,204 | 24,156 | |||
IHS Cte d'Ivoire Ltd (Euro) maturing 2024 | Euro | 3M EURIBOR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 3% | 3% | |||
IHS Zambia Limited, 2027 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 93,907 | 93,164 | |||
IHS Zambia Limited, 2027 | US Dollar | 3M LIBOR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 5% | 5% | |||
IHS Brasil - Cesso de Infraestruturas S.A. Maturing 2028 | Brazil Real | |||||
Borrowings | |||||
Borrowings | $ 83,996 | ||||
IHS Brasil - Cesso de Infraestruturas S.A. Maturing 2028 | Brazil Real | CDI | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 3.05% | 3.05% | |||
IHS Brasil Cesso de Infraestruturas Limitada, 2029 | Brazil Real | |||||
Borrowings | |||||
Borrowings | $ 68,531 | 69,768 | |||
IHS Brasil Cesso de Infraestruturas Limitada, 2029 | Brazil Real | CDI | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 3.65% | 3.65% | |||
IHS Kuwait Limited, 2029 | |||||
Borrowings | |||||
Borrowings | $ 69,000 | د.ك 21.5 | |||
IHS Kuwait Limited, 2029 | Kuwaiti Dinar | |||||
Borrowings | |||||
Borrowings | $ 66,198 | 66,257 | |||
IHS Kuwait Limited, 2029 | Kuwaiti Dinar | 3M KIBOR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 2% | 2% | |||
IHS Towers South Africa Proprietary Limited maturing 2029 | South Africa, Rand | |||||
Borrowings | |||||
Borrowings | $ 186,339 | ||||
IHS Towers South Africa Proprietary Limited maturing 2029 | South Africa, Rand | 3M JIBAR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 2.75% | 2.75% | |||
IHS Holding limited, Senior Note Maturing 2026 | US Dollar | |||||
Borrowings | |||||
Interest rate | 5.63% | 5.63% | |||
Borrowings | $ 504,578 | 496,850 | |||
IHS Holding limited, Senior Note Maturing 2028 | US Dollar | |||||
Borrowings | |||||
Interest rate | 6.25% | 6.25% | |||
Borrowings | $ 505,569 | 497,367 | |||
IHS Netherlands Holdco B.V., Senior Note Maturing 2027 | US Dollar | |||||
Borrowings | |||||
Interest rate | 8% | 8% | |||
Borrowings | $ 931,830 | 949,042 | |||
IHS (Nigeria) Limited, Letters of credit, IHSN RMB Facility, Maturing 2023 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 56,848 | ||||
IHS (Nigeria) Limited, Letters of credit, IHSN RMB Facility, Maturing 2023 | US Dollar | Maximum | |||||
Borrowings | |||||
Interest rate | 9.30% | 9.30% | |||
IHS (Nigeria) Limited, Letters of credit, IHSN RMB Facility, Maturing 2023 | US Dollar | Minimum | |||||
Borrowings | |||||
Interest rate | 6% | 6% | |||
IHS (Nigeria) Limited, Letters of credit, IHSN UBA Facility, Maturing 2023 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 10,009 | ||||
IHS (Nigeria) Limited, Letters of credit, IHSN UBA Facility, Maturing 2023 | US Dollar | Maximum | |||||
Borrowings | |||||
Interest rate | 9.30% | 9.30% | |||
IHS (Nigeria) Limited, Letters of credit, IHSN UBA Facility, Maturing 2023 | US Dollar | Minimum | |||||
Borrowings | |||||
Interest rate | 6% | 6% | |||
INT Towers Limited, Letters of Credit Maturing 2022 | |||||
Borrowings | |||||
Borrowings | $ 103,300 | ||||
INT Towers Limited, Letters of Credit Maturing 2022 | Maximum | |||||
Borrowings | |||||
Interest rate | 10.70% | 10.70% | |||
INT Towers Limited, Letters of Credit Maturing 2022 | Minimum | |||||
Borrowings | |||||
Interest rate | 6% | 6% | |||
INT Towers Limited, Letters of Credit Maturing 2022 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 103,327 | ||||
INT Towers Limited, Letters of Credit Maturing 2022 | US Dollar | Maximum | |||||
Borrowings | |||||
Interest rate | 10.70% | 10.70% | |||
INT Towers Limited, Letters of Credit Maturing 2022 | US Dollar | Minimum | |||||
Borrowings | |||||
Interest rate | 6% | 6% | |||
ITNG limited, Letters of Credit Maturing 2023 | |||||
Borrowings | |||||
Interest rate | 9.30% | 9.30% | |||
Borrowings | $ 1,000 | ||||
ITNG limited, Letters of Credit Maturing 2023 | US Dollar | |||||
Borrowings | |||||
Interest rate | 9.30% | 9.30% | |||
Borrowings | $ 956 | ||||
Global Independent Connect Limited Letters of Credit 2022 | |||||
Borrowings | |||||
Borrowings | $ 2,100 | ||||
Global Independent Connect Limited Letters of Credit 2022 | Maximum | |||||
Borrowings | |||||
Interest rate | 9.30% | 9.30% | |||
Global Independent Connect Limited Letters of Credit 2022 | Minimum | |||||
Borrowings | |||||
Interest rate | 8.25% | 8.25% | |||
Global Independent Connect Limited Letters of Credit 2022 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 824 | ||||
Global Independent Connect Limited Letters of Credit 2022 | US Dollar | Maximum | |||||
Borrowings | |||||
Interest rate | 9.30% | 9.30% | |||
Global Independent Connect Limited Letters of Credit 2022 | US Dollar | Minimum | |||||
Borrowings | |||||
Interest rate | 8.25% | 8.25% | |||
Global Independent Connect Limited Letters of Credit 2022 One | Chinese Yen | |||||
Borrowings | |||||
Borrowings | $ 1,271 | $ 3,208 | |||
Global Independent Connect Limited Letters of Credit 2022 One | Chinese Yen | Maximum | |||||
Borrowings | |||||
Interest rate | 9.30% | 9.30% | |||
Global Independent Connect Limited Letters of Credit 2022 One | Chinese Yen | Minimum | |||||
Borrowings | |||||
Interest rate | 8.25% | 8.25% |
Borrowings - Narratives (Detail
Borrowings - Narratives (Details) $ in Thousands, € in Millions, د.ك in Millions, R$ in Millions, R in Millions, ₦ in Billions, XOF in Billions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||
Aug. 17, 2022 USD ($) | Aug. 17, 2022 KWD (د.ك) | Aug. 10, 2022 | May 31, 2022 USD ($) item | May 26, 2022 USD ($) | Apr. 18, 2022 USD ($) | May 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 ZAR (R) | Sep. 30, 2022 KWD (د.ك) | May 31, 2022 NGN (₦) | May 26, 2022 ZAR (R) | Apr. 18, 2022 BRL (R$) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 NGN (₦) | Dec. 31, 2021 USD ($) | Aug. 10, 2021 USD ($) | Jun. 30, 2015 USD ($) | Jun. 30, 2015 EUR (€) | Jun. 30, 2015 XOF | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Proceeds from borrowings | $ 118,884 | $ 8,754 | $ 834,677 | $ 87,488 | |||||||||||||||||||
Borrowings | 3,286,862 | 3,286,862 | $ 2,609,090 | ||||||||||||||||||||
Repayments of borrowings, classified as financing activities | 44,184 | 46,200 | 114,211 | 106,738 | |||||||||||||||||||
Debt repaid | 44,184 | 46,200 | 114,211 | 106,738 | |||||||||||||||||||
Interest paid | $ 69,070 | $ 70,050 | $ 173,739 | $ 143,398 | |||||||||||||||||||
MTN telecom towers in South Africa | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Number of Towers Acquired | item | 5,691 | ||||||||||||||||||||||
IHS Cote d Ivoire S.A., CIV Euro Tranche | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 50,000 | € 52 | |||||||||||||||||||||
IHS Cote d Ivoire S.A., CIV Euro Tranche | 3M EURIBOR | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate benchmark floor | 0% | 0% | 0% | 0% | |||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3% | 3% | 3% | 3% | |||||||||||||||||||
IHS Cote d Ivoire S.A., CIV XOF Tranche | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 5% | 5% | 5% | 5% | |||||||||||||||||||
IHS Cote d Ivoire S.A., CIV XOF Tranche | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 65,700 | XOF 44.6 | |||||||||||||||||||||
IHS Brasil Cesso de Infraestruturas S.A. | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 91,800 | R$ 495.0 | |||||||||||||||||||||
IHS Brasil Cesso de Infraestruturas S.A. | CDI | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.05% | 3.05% | |||||||||||||||||||||
Calculation period for interest rate basis | 252 days | ||||||||||||||||||||||
IHS Kuwait Limited, Bank Borrowings Maturing 2029 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Proceeds from borrowings | $ 1,000 | د.ك 0.3 | |||||||||||||||||||||
Borrowings | $ 69,000 | $ 69,000 | د.ك 21.5 | ||||||||||||||||||||
IHS Kuwait Limited, Bank Borrowings Maturing 2029 | Kuwaiti Dinar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 66,198 | $ 66,198 | 66,257 | ||||||||||||||||||||
IHS Kuwait Limited, Bank Borrowings Maturing 2029 | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | د.ك | د.ك 85.0 | ||||||||||||||||||||||
IHS Kuwait Limited, Bank Borrowings Maturing 2029 | 3M KIBOR | Kuwaiti Dinar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2% | 2% | 2% | 2% | |||||||||||||||||||
IHS Holding limited, Senior Note Maturing 2026 | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 5.63% | 5.63% | 5.63% | 5.63% | |||||||||||||||||||
Borrowings | $ 504,578 | $ 504,578 | 496,850 | ||||||||||||||||||||
IHS Holding limited, Senior Note Maturing 2028 | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||||||||
Borrowings | $ 505,569 | $ 505,569 | $ 497,367 | ||||||||||||||||||||
Bridge Facility | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | 280,000 | $ 280,000 | |||||||||||||||||||||
Debt additional extended term | 6 months | ||||||||||||||||||||||
Reduction of maximum borrowings under facility | $ 38,600 | ||||||||||||||||||||||
Bridge Facility | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 280,741 | $ 280,741 | |||||||||||||||||||||
Bridge Facility | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 500,000 | ||||||||||||||||||||||
Bridge Facility | SOFR | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Calculation period for interest rate basis | 5 days | ||||||||||||||||||||||
Bridge Facility | SOFR | Minimum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.50% | ||||||||||||||||||||||
Bridge Facility | SOFR | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 6% | ||||||||||||||||||||||
Bridge Facility | CAS + SOFR | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 5.50% | 5.50% | 5.50% | 5.50% | |||||||||||||||||||
IHS (Nigeria) Limited credit facilities | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Number of borrowings facilities | 2 | ||||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 12.50% | 12.50% | |||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Nigeria Naira | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 12.50% | 12.50% | 12.50% | 12.50% | |||||||||||||||||||
Borrowings | $ 36,739 | $ 36,739 | |||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 36,700 | ₦ 16.1 | |||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG2, maturing 2023 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 15% | 15% | 15% | ||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG2, maturing 2023 | Nigeria Naira | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 15% | 15% | 15% | 15% | |||||||||||||||||||
Borrowings | $ 23,700 | $ 23,700 | |||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG2, maturing 2023 | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 23,700 | $ 23,700 | ₦ 10 | ||||||||||||||||||||
IHS Towers South Africa Proprietary Limited Facility | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Debt term | 24 months | ||||||||||||||||||||||
Borrowings | 188,700 | 188,700 | R 3,400 | ||||||||||||||||||||
IHS Towers South Africa Proprietary Limited Facility | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 192,500 | R 3,470 | |||||||||||||||||||||
IHS Towers South Africa Proprietary Limited Facility | 3M JIBAR | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.75% | 2.75% | |||||||||||||||||||||
IHS Nigeria Letter of Credit | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 66,800 | $ 66,800 | |||||||||||||||||||||
IHS Nigeria Letter of Credit | Minimum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 6% | 6% | 6% | 6% | |||||||||||||||||||
IHS Nigeria Letter of Credit | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 9.30% | 9.30% | 9.30% | 9.30% | |||||||||||||||||||
IHS (Nigeria) Limited, Letters of credit, IHSN RMB Facility, Maturing 2023 | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 56,848 | $ 56,848 | |||||||||||||||||||||
IHS (Nigeria) Limited, Letters of credit, IHSN RMB Facility, Maturing 2023 | Minimum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 6% | 6% | 6% | 6% | |||||||||||||||||||
IHS (Nigeria) Limited, Letters of credit, IHSN RMB Facility, Maturing 2023 | Maximum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 9.30% | 9.30% | 9.30% | 9.30% | |||||||||||||||||||
IHS (Nigeria) Limited, Letters of credit, IHSN UBA Facility, Maturing 2023 | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 10,009 | $ 10,009 | |||||||||||||||||||||
IHS (Nigeria) Limited, Letters of credit, IHSN UBA Facility, Maturing 2023 | Minimum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 6% | 6% | 6% | 6% | |||||||||||||||||||
IHS (Nigeria) Limited, Letters of credit, IHSN UBA Facility, Maturing 2023 | Maximum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 9.30% | 9.30% | 9.30% | 9.30% | |||||||||||||||||||
INT Towers Limited, Letters of Credit Maturing 2022 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 103,300 | $ 103,300 | |||||||||||||||||||||
INT Towers Limited, Letters of Credit Maturing 2022 | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 103,327 | $ 103,327 | |||||||||||||||||||||
INT Towers Limited, Letters of Credit Maturing 2022 | Minimum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 6% | 6% | 6% | 6% | |||||||||||||||||||
INT Towers Limited, Letters of Credit Maturing 2022 | Minimum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 6% | 6% | 6% | 6% | |||||||||||||||||||
INT Towers Limited, Letters of Credit Maturing 2022 | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 10.70% | 10.70% | 10.70% | 10.70% | |||||||||||||||||||
INT Towers Limited, Letters of Credit Maturing 2022 | Maximum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 10.70% | 10.70% | 10.70% | 10.70% | |||||||||||||||||||
ITNG limited, Letters of Credit Maturing 2023 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 9.30% | 9.30% | 9.30% | 9.30% | |||||||||||||||||||
Borrowings | $ 1,000 | $ 1,000 | |||||||||||||||||||||
ITNG limited, Letters of Credit Maturing 2023 | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 9.30% | 9.30% | 9.30% | 9.30% | |||||||||||||||||||
Borrowings | $ 956 | $ 956 | |||||||||||||||||||||
Global Independent Connect Limited Letters of Credit 2022 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | 2,100 | 2,100 | |||||||||||||||||||||
Global Independent Connect Limited Letters of Credit 2022 | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | $ 824 | $ 824 | |||||||||||||||||||||
Global Independent Connect Limited Letters of Credit 2022 | Minimum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 8.25% | 8.25% | 8.25% | 8.25% | |||||||||||||||||||
Global Independent Connect Limited Letters of Credit 2022 | Minimum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 8.25% | 8.25% | 8.25% | 8.25% | |||||||||||||||||||
Global Independent Connect Limited Letters of Credit 2022 | Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 9.30% | 9.30% | 9.30% | 9.30% | |||||||||||||||||||
Global Independent Connect Limited Letters of Credit 2022 | Maximum | US Dollar | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 9.30% | 9.30% | 9.30% | 9.30% |
Lease liabilities - Components
Lease liabilities - Components of lease (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Lease liabilities. | |||
Current | $ 74,563 | $ 74,563 | $ 50,560 |
Non-current | 403,339 | 403,339 | 325,541 |
Total lease liabilities | 477,902 | 477,902 | $ 376,101 |
Lease payments | $ 34,500 | $ 80,500 |
Lease liabilities - Contractual
Lease liabilities - Contractual maturities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying value | $ 477,902 | $ 376,101 |
Total contractual cash flows | $ 845,031 | 700,877 |
Average remaining lease term | 12 years 1 month 6 days | |
Within 1 year | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total contractual cash flows | $ 78,798 | 54,303 |
2-3 years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total contractual cash flows | 149,453 | 106,015 |
4-5 years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total contractual cash flows | 129,489 | 99,573 |
Over 5 years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total contractual cash flows | $ 487,291 | $ 440,986 |
Provisions for other liabilit_3
Provisions for other liabilities and charges - Decommissioning and site restoration provision (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Non-current | $ 119,406 | $ 71,598 |
Current | 496 | 343 |
Decommissioning and site restoration provisions | ||
Disclosure of other provisions [line items] | ||
At January 1 | 71,941 | 53,266 |
Additions through business combinations (note 27) | 69,327 | 8,347 |
(Decrease)/increase in provisions | (15,153) | 7,212 |
Payments for tower and tower equipment decommissioning | (177) | (231) |
Reversal of decommissioning through profit and loss | (2,671) | |
Unwinding of discount | 5,224 | 4,644 |
Effects of movement in exchange rates | (11,260) | 1,374 |
At end of period/year | 119,902 | 71,941 |
Non-current | 119,406 | 71,598 |
Current | $ 496 | $ 343 |
Stated capital (Details)
Stated capital (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Number of shares | ||
Beginning Balance, Number of shares | 327,820 | |
Shares issued on exercise of options (in shares) | 3,868 | |
Ending Balance, Number of shares | 331,688 | 327,820 |
Stated capital | ||
Beginning balance, Equity | $ 1,743,556 | $ 1,224,191 |
Ending balance, Equity | 1,495,622 | 1,743,556 |
Stated capital | ||
Stated capital | ||
Beginning balance, Equity | 5,223,484 | 4,530,870 |
Shares issued on exercise of options | 86,470 | |
Ending balance, Equity | 5,309,954 | 5,223,484 |
Share capital | ||
Stated capital | ||
Beginning balance, Equity | 98,911 | |
Shares issued on exercise of options | 1,160 | |
Ending balance, Equity | 100,071 | 98,911 |
Share capital net of issue costs | ||
Stated capital | ||
Beginning balance, Equity | 98,346 | |
Shares issued on exercise of options | 1,160 | |
Ending balance, Equity | 99,506 | 98,346 |
Share premium | ||
Stated capital | ||
Beginning balance, Equity | 5,154,597 | |
Shares issued on exercise of options | 85,310 | |
Ending balance, Equity | 5,239,907 | 5,154,597 |
Share premium net of issue costs | ||
Stated capital | ||
Beginning balance, Equity | 5,125,138 | |
Shares issued on exercise of options | 85,310 | |
Ending balance, Equity | $ 5,210,448 | $ 5,125,138 |
Other reserves (Details)
Other reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | $ 1,743,556 | $ 1,224,191 | $ 1,224,191 | ||
Other comprehensive income | $ (52,500) | $ (55,186) | (42,864) | (39,130) | |
Recognition of share-based payment expense | 10,230 | 8,706 | |||
Ending balance, Equity | 1,495,622 | 1,240,537 | 1,495,622 | 1,240,537 | 1,743,556 |
Other reserves | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | (842,911) | (485,505) | (485,505) | ||
Other comprehensive income | (48,833) | (39,289) | (22,557) | ||
Options converted to shares | (86,470) | (342,768) | |||
Recognition of share-based payment expense | 10,230 | 8,706 | 13,003 | ||
Other reclassifications related to share based payment | (2,835) | (5,084) | |||
Ending balance, Equity | (970,819) | $ (516,088) | (970,819) | (516,088) | (842,911) |
Fair value through other comprehensive income reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | (3) | (6) | (6) | ||
Other comprehensive income | 3 | ||||
Ending balance, Equity | (3) | (3) | (3) | ||
Restructuring reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | 4,019 | 4,019 | 4,019 | ||
Ending balance, Equity | 4,019 | 4,019 | 4,019 | ||
Share- based payment reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | 176,698 | 511,547 | 511,547 | ||
Options converted to shares | (86,470) | (342,768) | |||
Recognition of share-based payment expense | 10,230 | 13,003 | |||
Other reclassifications related to share based payment | (2,835) | (5,084) | |||
Ending balance, Equity | 97,623 | 97,623 | 176,698 | ||
Loss on transactions between owners | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | (840,359) | (840,359) | (840,359) | ||
Ending balance, Equity | (840,359) | (840,359) | (840,359) | ||
Foreign exchange translation reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | (183,266) | $ (160,706) | (160,706) | ||
Other comprehensive income | (48,833) | (22,560) | |||
Ending balance, Equity | $ (232,099) | $ (232,099) | $ (183,266) |
Non-controlling interest (Detai
Non-controlling interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||||
Balance at January 1 | $ 223,188 | $ 14,216 | $ 14,216 | ||
NCI arising on business combination | 831 | 611 | |||
Loss for the period | $ (5,946) | $ (425) | (9,162) | (1,142) | |
Other comprehensive (loss)/income | 5,969 | 159 | |||
Balance at September 30 | 220,826 | $ 13,844 | 220,826 | $ 13,844 | 223,188 |
FiberCo Solues de Infraestrutura S.A. | |||||
Disclosure of subsidiaries [line items] | |||||
Balance at January 1 | 205,433 | ||||
Balance at September 30 | $ 205,478 | $ 205,478 | $ 205,433 | ||
Proportion of ownership interest in subsidiary | 51% | ||||
Proportion of ownership interests held by non-controlling interests | 49% |
Non-controlling interest - Summ
Non-controlling interest - Summarized financial information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | ||||||
Current assets | $ 1,287,615 | $ 1,287,615 | $ 1,430,390 | |||
Current liabilities | (1,446,421) | (1,446,421) | (830,559) | |||
Noncurrent assets | 4,950,023 | 4,950,023 | 4,111,766 | |||
Non-current liabilities | (3,295,595) | (3,295,595) | (2,968,041) | |||
Accumulated non-controlling interest at the end of the year | 220,826 | $ 13,844 | 220,826 | $ 13,844 | 223,188 | $ 14,216 |
Revenue | 521,317 | 400,547 | 1,435,132 | 1,164,116 | ||
Loss for the period | (52,478) | (30,447) | (214,856) | 46,159 | ||
Other comprehensive (loss)/income | (52,500) | (55,186) | (42,864) | (39,130) | ||
Total comprehensive (loss)/income for the period | (104,978) | (85,633) | (257,720) | 7,029 | ||
Loss allocated to non-controlling interest during the period | (10,445) | (436) | (3,193) | (983) | ||
Cash flows generated from operating activities | 286,243 | 198,909 | 625,662 | 568,304 | ||
Cash flows used in investing activities | (239,304) | (77,040) | (1,357,000) | (408,674) | ||
Cash flows generated from financing activities | (25,693) | (143,017) | 463,608 | (189,285) | ||
Net increase/(decrease) in cash and cash equivalents | 21,246 | $ (21,148) | (267,730) | $ (29,655) | ||
FiberCo Solues de Infraestrutura S.A. | ||||||
Disclosure of subsidiaries [line items] | ||||||
Accumulated non-controlling interest at the end of the year | 205,478 | 205,478 | 205,433 | |||
Loss allocated to non-controlling interest during the period | (7,533) | |||||
FiberCo Solues de Infraestrutura S.A. | FiberCo Solues de Infraestrutura S.A. | ||||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | 86,109 | 86,109 | 103,315 | |||
Current liabilities | (33,422) | (33,422) | (19,357) | |||
Current net assets | 52,687 | 52,687 | 83,958 | |||
Noncurrent assets | 417,672 | 417,672 | 386,761 | |||
Non-current liabilities | (51,057) | (51,057) | (51,389) | |||
Non-current net assets | 366,615 | 366,615 | 335,372 | |||
Net assets | $ 419,302 | 419,302 | $ 419,330 | |||
Revenue | 41,502 | |||||
Loss for the period | (15,373) | |||||
Other comprehensive (loss)/income | 15,466 | |||||
Total comprehensive (loss)/income for the period | 93 | |||||
Cash flows generated from operating activities | 50,769 | |||||
Cash flows used in investing activities | (62,921) | |||||
Cash flows generated from financing activities | (70) | |||||
Net increase/(decrease) in cash and cash equivalents | $ (12,222) |
Share-based payment obligation
Share-based payment obligation - (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||||
Jun. 09, 2022 Option | Feb. 07, 2022 Option | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 Option | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Share-based payment obligations | |||||||
Share-based payment expense | $ | $ 4,127 | $ 4,286 | $ 9,752 | $ 8,968 | |||
Omnibus 2022 employee share-based payment plan | |||||||
Share-based payment obligations | |||||||
Share options Issued | 1,147,500 | ||||||
Share options Forfeited | 30,000 | ||||||
Restricted Stock Units (RSU), Omnibus 2022 employee share-based payment plan | |||||||
Share-based payment obligations | |||||||
Number of vesting occasions | 3 | ||||||
Performance Stock Units (PSU), Omnibus 2022 employee share-based payment plan | |||||||
Share-based payment obligations | |||||||
Vesting period | 3 years | ||||||
Recurring Levered Free Cash Flow target assessment period | 3 years | ||||||
Cumulative total shareholder return target, performance period | 3 years | ||||||
Pre-existing Omnibus employee share-based payment plan | |||||||
Share-based payment obligations | |||||||
Share options Issued | 1,700,446 | ||||||
Restricted Stock Units (RSU), Pre-existing Omnibus employee share-based payment plan | |||||||
Share-based payment obligations | |||||||
Number of vesting occasions | 3 | ||||||
Performance Stock Units (PSU), Pre-existing Omnibus employee share-based payment plan | |||||||
Share-based payment obligations | |||||||
Vesting period | 3 years | ||||||
Recurring Levered Free Cash Flow target assessment period | 3 years | ||||||
Cumulative total shareholder return target, performance period | 3 years |
Share-based payment obligatio_2
Share-based payment obligation - Valuation Assumption (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares | |
Omnibus share-based payment plans | |
Share-based payment obligations | |
Value of options granted | $ 32,000,000 |
Assumed forfeiture Rate, Share Options Granted | 7% |
Expected charge over option term, options granted during period | $ 17,700,000 |
Expected dividend as percentage, share options granted | 0% |
Expected dividend, share options granted | $ 0 |
Omnibus share-based payment plans | Minimum | |
Share-based payment obligations | |
Share price assumption | $ / shares | $ 11.39 |
Omnibus share-based payment plans | Maximum | |
Share-based payment obligations | |
Share price assumption | $ / shares | $ 11.55 |
Restricted Stock Units (RSU), Omnibus employee share-based payment plans | Non-market conditions | |
Share-based payment obligations | |
Value of options granted | $ 17,000,000 |
Performance Stock Units (PSU) with non-market conditions, Omnibus share-based payment plans | Non-market conditions | |
Share-based payment obligations | |
Value of options granted | 10,900,000 |
Performance Stock Units (PSU) with market conditions, Omnibus share-based payment plans | Market conditions | |
Share-based payment obligations | |
Value of options granted | $ 4,100,000 |
Cash from operations (Details)
Cash from operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||||
(Loss)/profit before taxation | $ (93,451) | $ (2,916) | $ (222,604) | $ 113,703 |
Adjustments: | ||||
Depreciation of property, plant and equipment | 105,161 | 89,065 | 302,303 | 254,846 |
Amortization of intangible assets | 14,980 | 10,190 | 40,518 | 28,334 |
Net reversal of impairment of property, plant and equipment and prepaid land rent | 3,099 | 41,556 | 1,768 | 44,369 |
Reversal of loss allowance on trade receivables | (1,597) | (994) | (3,397) | (37,614) |
Impairment of withholding tax receivables | 11,422 | 11,714 | 39,141 | 44,398 |
Amortization of prepaid site rent | 2,571 | 2,054 | 6,796 | 6,400 |
Decrease in decommissioning expense | (2,671) | (2,671) | ||
Net (gain)/loss on disposal of plant, property and equipment | (134) | (94) | 13,650 | (1,632) |
Insurance income | (70) | (35) | (1,686) | (5,437) |
Finance costs | 231,280 | 76,717 | 570,150 | 218,069 |
Finance income | (6,412) | (18,017) | (11,035) | (22,030) |
Impairment/(Reversal of impairment) of inventory | 138 | (176) | ||
Sharebased payment expense | 4,127 | 4,286 | 9,752 | 8,968 |
Operating profit before working capital changes | 270,976 | 210,855 | 745,494 | 649,527 |
Changes in working capital | ||||
(Increase)/decrease in inventory | (10,373) | (2,890) | (30,094) | 9,246 |
Decrease/(increase) in trade and other receivables | 12,702 | (42,059) | (169,833) | (74,845) |
Increase in trade and other payables | 20,885 | 39,766 | 132,032 | 13,962 |
Net movement in working capital | 23,214 | (5,183) | (67,895) | (51,637) |
Cash from operations | $ 294,190 | $ 205,672 | $ 677,599 | $ 597,890 |
Business Combinations - MTN tel
Business Combinations - MTN telecom towers in South Africa (Details) $ in Thousands | 4 Months Ended | 9 Months Ended | |
May 31, 2022 USD ($) site item | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) item | |
Disclosure of detailed information about business combination [line items] | |||
Number of business acquired | item | 2 | ||
Revenue - postacquisition | $ 1,444,000 | ||
Loss after tax of combined entity | (210,000) | ||
Gross consideration | $ 2,729 | 2,729 | |
Net cash consideration | 1,910 | 1,910 | |
Identifiable assets acquired and liabilities assumed: | |||
Customer related intangible asset | 1,947 | 1,947 | |
Network related intangible asset | 671 | 671 | |
Total identifiable net assets acquired | 2,729 | 2,729 | |
Towers and tower equipment | |||
Identifiable assets acquired and liabilities assumed: | |||
Network assets | 1,032 | $ 1,032 | |
MTN telecom towers in South Africa | |||
Disclosure of detailed information about business combination [line items] | |||
Number of Towers Acquired | item | 5,691 | ||
Number of service sites to which entity is providing Managed Services after acquisition | site | 13,000 | ||
Proportion of ownership interest in subsidiary | 100% | ||
Goodwill deductible for tax purpose | $ 0 | ||
Gross consideration | 421,239 | ||
Net cash consideration | 421,239 | ||
Identifiable assets acquired and liabilities assumed: | |||
Customer related intangible asset | 128,827 | ||
Network related intangible asset | 66,814 | ||
Right of use asset | 97,027 | ||
Lease liabilities | (97,027) | ||
Deferred tax | (54,778) | ||
Provisions for other liabilities and charges | (69,327) | ||
Total identifiable net assets acquired | 358,783 | ||
Goodwill | $ 62,456 | ||
Revenue - post-acquisition | 40,927 | ||
Loss - post-acquisition | $ (13,788) | ||
MTN telecom towers in South Africa | After transfer of non-controlling interests | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in subsidiary | 70% | ||
Proportion of ownership interests held by non-controlling interests | 30% | ||
MTN telecom towers in South Africa | Towers and tower equipment | |||
Identifiable assets acquired and liabilities assumed: | |||
Network assets | $ 287,247 |
Business Combinations - Sao Pau
Business Combinations - Sao Paulo Cinco Locacao de Torres Ltda (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 17, 2022 | Sep. 30, 2022 | |
Disclosure of detailed information about business combination [line items] | ||
Gross consideration | $ 2,729 | |
Net cash consideration | 1,910 | |
Identifiable assets acquired and liabilities assumed: | ||
Customer related intangible asset | 1,947 | |
Network related intangible asset | 671 | |
Trade and other payables | (921) | |
Total identifiable net assets acquired | 2,729 | |
Towers and tower equipment | ||
Identifiable assets acquired and liabilities assumed: | ||
Network assets | 1,032 | |
Sao Paulo Cinco Locacao de Torres Ltda (SP5) | ||
Disclosure of detailed information about business combination [line items] | ||
Percentage of business acquired | 100% | |
Gross consideration | $ 317,188 | |
Less: cash in business at the date of acquisition | (1,896) | |
Net cash consideration | 315,292 | |
Identifiable assets acquired and liabilities assumed: | ||
Customer related intangible asset | 179,903 | |
Network related intangible asset | 2,605 | |
Goodwill | 438 | |
Right of use asset | 82,784 | |
Trade and other receivables | 23,575 | |
Trade and other payables | (4,222) | |
Deferred tax | (69,810) | |
Total identifiable net assets acquired | 229,553 | |
Goodwill | 85,739 | |
Revenue - post-acquisition | 23,287 | |
Loss - post-acquisition | $ 6,082 | |
Sao Paulo Cinco Locacao de Torres Ltda (SP5) | Towers and tower equipment | ||
Identifiable assets acquired and liabilities assumed: | ||
Network assets | 13,395 | |
Sao Paulo Cinco Locacao de Torres Ltda (SP5) | Land | ||
Identifiable assets acquired and liabilities assumed: | ||
Network assets | $ 885 |
Business Combinations - Skysite
Business Combinations - Skysites Holdings S.A. (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 06, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2022 | |
Disclosure of detailed information about business combination [line items] | ||||
Gross consideration | $ 2,729 | |||
Net cash consideration | 1,910 | |||
Identifiable assets acquired and liabilities assumed: | ||||
Customer related intangible asset | 1,947 | |||
Trade and other payables | (921) | |||
Total identifiable net assets acquired | 2,729 | |||
Towers and tower equipment | ||||
Identifiable assets acquired and liabilities assumed: | ||||
Network assets | $ 1,032 | |||
Skysites Holdings S.A. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of business acquired | 100% | |||
Gross consideration | $ 40,611 | |||
Less: contingent consideration* | (4,169) | |||
Less: cash in business at the date of acquisition | (2,775) | |||
Net cash consideration | 33,667 | |||
Identifiable assets acquired and liabilities assumed: | ||||
Capital work in progress | 535 | |||
Customer related intangible asset | 4,703 | |||
Right of use asset | 9,675 | |||
Trade and other receivables | 713 | |||
Trade and other payables | (1,132) | |||
Provisions for other liabilities and charges | (2,548) | |||
Lease liabilities | (10,071) | |||
Deferred tax | (2,205) | |||
Total identifiable net assets acquired | 10,972 | |||
Goodwill | 26,864 | |||
Revenue - post-acquisition | $ 3,033 | |||
Loss - post-acquisition | (267) | |||
Contingent consideration released | $ 1,300 | |||
Remaining contingent consideration | $ 2,900 | $ 2,900 | ||
Skysites Holdings S.A. | Towers and tower equipment | ||||
Identifiable assets acquired and liabilities assumed: | ||||
Network assets | 11,276 | |||
Skysites Holdings S.A. | Land | ||||
Identifiable assets acquired and liabilities assumed: | ||||
Network assets | 15 | |||
Skysites Holdings S.A. | Furniture and office equipment | ||||
Identifiable assets acquired and liabilities assumed: | ||||
Network assets | $ 11 |
Business Combinations - Centenn
Business Combinations - Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Cooperatief U.A. (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Apr. 08, 2021 USD ($) | Apr. 08, 2021 USD ($) item | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 19, 2021 USD ($) | |
Business Combinations | ||||||
Gross consideration | $ 2,729 | |||||
Net cash consideration | 1,910 | |||||
Identifiable assets acquired and liabilities assumed: | ||||||
Customer related intangible asset | 1,947 | |||||
Network related intangible asset | 671 | |||||
Trade and other payables | (921) | |||||
Total identifiable net assets acquired | 2,729 | |||||
Towers and tower equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | $ 1,032 | |||||
Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Cooperatief U.A. | ||||||
Business Combinations | ||||||
Percentage of business acquired | 100% | 100% | ||||
Number of sub-parts of business combination | item | 2 | |||||
Goodwill deductible for tax purpose | $ 0 | |||||
Gross consideration | $ 140,951 | $ 140,951 | ||||
Less: cash in business at the date of acquisition | (919) | |||||
Net cash consideration | 140,032 | 140,032 | ||||
Identifiable assets acquired and liabilities assumed: | ||||||
Capital work in progress | 1,128 | 1,128 | ||||
Right of use asset | 32,034 | 32,034 | ||||
Customer related intangible asset | 68,021 | 68,021 | ||||
Network related intangible asset | 915 | 915 | ||||
Trade and other receivables | 5,386 | 5,386 | ||||
Trade and other payables | (5,117) | (5,117) | ||||
Provisions for other liabilities and charges | (5,799) | (5,799) | ||||
Lease liabilities | (34,486) | (34,486) | ||||
Tax payable | (3,434) | (3,434) | ||||
Deferred tax | (26,281) | (26,281) | ||||
Total identifiable net assets acquired | 91,862 | 91,862 | ||||
Goodwill | 48,170 | 48,170 | ||||
Revenue - post-acquisition | $ 6,356 | |||||
Loss - post-acquisition | 707 | |||||
Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Cooperatief U.A. | Software | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Software | 496 | 496 | ||||
Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Cooperatief U.A. | Towers and tower equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 57,964 | 57,964 | ||||
Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Cooperatief U.A. | Land | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 953 | 953 | ||||
Centennial Towers Colombia, S.A.S. and Centennial Towers Brasil Cooperatief U.A. | Furniture and office equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 82 | 82 | ||||
Centennial Towers Colombia, S.A.S. | ||||||
Business Combinations | ||||||
Gross consideration | 47,051 | 47,051 | ||||
Less: cash in business at the date of acquisition | (659) | |||||
Net cash consideration | 46,392 | 46,392 | ||||
Identifiable assets acquired and liabilities assumed: | ||||||
Capital work in progress | 500 | 500 | ||||
Right of use asset | 9,761 | 9,761 | ||||
Customer related intangible asset | 32,599 | 32,599 | ||||
Network related intangible asset | 321 | 321 | ||||
Trade and other receivables | 3,023 | 3,023 | ||||
Trade and other payables | (3,646) | (3,646) | ||||
Provisions for other liabilities and charges | (527) | (527) | ||||
Lease liabilities | (10,458) | (10,458) | ||||
Tax payable | (625) | (625) | ||||
Deferred tax | (10,907) | (10,907) | ||||
Total identifiable net assets acquired | 34,679 | 34,679 | ||||
Goodwill | 11,713 | 11,713 | $ 11,700 | |||
Revenue - post-acquisition | 1,948 | |||||
Loss - post-acquisition | (1,762) | |||||
Centennial Towers Colombia, S.A.S. | Software | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Software | 1 | 1 | ||||
Centennial Towers Colombia, S.A.S. | Towers and tower equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 14,074 | 14,074 | ||||
Centennial Towers Colombia, S.A.S. | Land | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 546 | 546 | ||||
Centennial Towers Colombia, S.A.S. | Furniture and office equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 17 | 17 | ||||
Centennial Towers Brasil Cooperatief U.A. | ||||||
Business Combinations | ||||||
Gross consideration | 93,900 | 93,900 | ||||
Less: cash in business at the date of acquisition | (260) | |||||
Net cash consideration | 93,640 | 93,640 | ||||
Identifiable assets acquired and liabilities assumed: | ||||||
Capital work in progress | 628 | 628 | ||||
Right of use asset | 22,273 | 22,273 | ||||
Customer related intangible asset | 35,422 | 35,422 | ||||
Network related intangible asset | 594 | 594 | ||||
Trade and other receivables | 2,363 | 2,363 | ||||
Trade and other payables | (1,471) | (1,471) | ||||
Provisions for other liabilities and charges | (5,272) | (5,272) | ||||
Lease liabilities | (24,028) | (24,028) | ||||
Tax payable | (2,809) | (2,809) | ||||
Deferred tax | (15,374) | (15,374) | ||||
Total identifiable net assets acquired | 57,183 | 57,183 | ||||
Goodwill | 36,457 | 36,457 | ||||
Revenue - post-acquisition | 4,408 | |||||
Loss - post-acquisition | $ 2,469 | |||||
Centennial Towers Brasil Cooperatief U.A. | Software | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Software | 495 | 495 | ||||
Centennial Towers Brasil Cooperatief U.A. | Towers and tower equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 43,890 | 43,890 | ||||
Centennial Towers Brasil Cooperatief U.A. | Land | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | 407 | 407 | ||||
Centennial Towers Brasil Cooperatief U.A. | Furniture and office equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | $ 65 | $ 65 |
Business Combinations - FiberCo
Business Combinations - FiberCo Solucoes de Infraestrutura S.A. (Details) item in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 16, 2021 USD ($) item |
Disclosure of detailed information about business combination [line items] | |||
Gross consideration | $ 2,729,000 | ||
Net cash consideration | 1,910,000 | ||
Capital injection* | 819,000 | ||
Identifiable assets acquired and liabilities assumed: | |||
Customer related intangible asset | 1,947,000 | ||
Network related intangible asset | 671,000 | ||
Trade and other payables | (921,000) | ||
Total identifiable net assets acquired | 2,729,000 | ||
Non-controlling interest | $ 819,000 | ||
FiberCo Solues de Infraestrutura S.A. | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 51% | ||
Number of households covered by Fiber-To-Home | 3,500,000 | ||
Number of households covered by Fiber-to-the-Cabinet | 3,400,000 | ||
Total number of households covered by fiber connection | 6,400,000 | ||
Number of households with overlapping fiber coverage | item | 570 | ||
Goodwill expected to be deductible for tax purposes | $ 0 | ||
Gross consideration | $ 260,665,000 | ||
Contingent consideration | 5,739,000 | ||
Less: deferred consideration | (64,139,000) | ||
Net cash consideration | 202,265,000 | ||
Capital injection* | 42,996,000 | ||
Identifiable assets acquired and liabilities assumed: | |||
Network assets | 233,809,000 | ||
Cash | 44,872,000 | ||
Capital work in progress | 3,832,000 | ||
Customer related intangible asset | 113,159,000 | ||
Network related intangible asset | 35,413,000 | ||
Trade and other receivables | 75,338,000 | ||
Trade and other payables | (13,035,000) | ||
Loans payable | (6,457,000) | ||
Deferred tax | (52,415,000) | ||
Total identifiable net assets acquired | 435,055,000 | ||
Non-controlling interest | 213,177,000 | ||
Goodwill | 81,783,000 | $ 81,800,000 | |
FiberCo Solues de Infraestrutura S.A. | Provisional amounts in business combinations | |||
Disclosure of detailed information about business combination [line items] | |||
Gross consideration | 263,366,000 | ||
Contingent consideration | 5,739,000 | ||
Less: deferred consideration | (66,840,000) | ||
Net cash consideration | 202,265,000 | ||
Capital injection* | 42,996,000 | ||
Identifiable assets acquired and liabilities assumed: | |||
Network assets | 226,538,000 | ||
Cash | 44,872,000 | ||
Capital work in progress | 3,832,000 | ||
Customer related intangible asset | 96,997,000 | ||
Network related intangible asset | 35,832,000 | ||
Trade and other receivables | 75,338,000 | ||
Trade and other payables | (5,764,000) | ||
Loans payable | (6,457,000) | ||
Deferred tax | (47,062,000) | ||
Total identifiable net assets acquired | 424,665,000 | ||
Non-controlling interest | 208,086,000 | ||
Goodwill | 89,783,000 | ||
FiberCo Solues de Infraestrutura S.A. | Adjustments to provisional amounts | |||
Disclosure of detailed information about business combination [line items] | |||
Gross consideration | (2,701,000) | ||
Less: deferred consideration | 2,701,000 | ||
Identifiable assets acquired and liabilities assumed: | |||
Network assets | 7,271,000 | ||
Customer related intangible asset | 16,162,000 | ||
Network related intangible asset | (419,000) | ||
Trade and other payables | (7,271,000) | ||
Deferred tax | (5,353,000) | ||
Total identifiable net assets acquired | 10,390,000 | ||
Non-controlling interest | 5,091,000 | ||
Goodwill | (8,000,000) | ||
FiberCo Solues de Infraestrutura S.A. | Software | |||
Identifiable assets acquired and liabilities assumed: | |||
Software | 539,000 | ||
FiberCo Solues de Infraestrutura S.A. | Software | Provisional amounts in business combinations | |||
Identifiable assets acquired and liabilities assumed: | |||
Software | $ 539,000 | ||
FiberCo Solues de Infraestrutura S.A. | TIM S.A | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 49% |
Business Combinations - Fair va
Business Combinations - Fair value adjustments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about business combination [line items] | ||||
Property, plant and equipment | $ 2,006,757 | $ 1,714,261 | ||
Goodwill | 917,019 | 779,896 | ||
Other intangible assets | 1,161,034 | 845,729 | ||
Trade and other receivables - current | 686,470 | 471,753 | ||
Deferred income tax liabilities | (194,082) | (169,119) | ||
Non-controlling interest | $ (220,826) | (223,188) | $ (13,844) | $ (14,216) |
As previously reported | ||||
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | 787,665 | |||
Other intangible assets | 830,439 | |||
Trade and other receivables - current | 469,130 | |||
Deferred income tax liabilities | (163,920) | |||
Non-controlling interest | (218,243) | |||
Adjustments | ||||
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | (7,769) | |||
Other intangible assets | 15,290 | |||
Trade and other receivables - current | 2,623 | |||
Deferred income tax liabilities | (5,199) | |||
Non-controlling interest | $ (4,945) |
Business Combinations - IHS Kuw
Business Combinations - IHS Kuwait Limited (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 USD ($) item | Oct. 31, 2021 item | Apr. 30, 2021 item | Sep. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 item | |
Business Combinations | ||||||
Gross consideration | $ 2,729 | $ 2,729 | ||||
Less: consideration received in exchange for a retained 30% interest (by Zain Kuwait) in IHS GCC KW | (819) | (819) | ||||
Net cash consideration | 1,910 | 1,910 | ||||
Identifiable assets acquired and liabilities assumed: | ||||||
Customer-related assets | 1,947 | 1,947 | ||||
Network-related assets | 671 | 671 | ||||
Trade and other payables | (921) | (921) | ||||
Total identifiable net assets acquired | 2,729 | 2,729 | ||||
Total identifiable net assets acquired for purposes of non-controlling interest | 2,729 | 2,729 | ||||
Non-controlling interest | 819 | 819 | ||||
Towers and tower equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | $ 1,032 | $ 1,032 | ||||
IHS Kuwait Limited | ||||||
Business Combinations | ||||||
Towers to be acquired | item | 1,620 | |||||
Number of Towers Acquired | item | 43 | 126 | 67 | 43 | 193 | 1,162 |
Remaining towers yet to acquired | item | 222 | 222 | ||||
Percentage of business acquired | 70% | |||||
Proportion of ownership interests held by non-controlling interests | 30% | |||||
Gross consideration | $ 12,248 | |||||
Less: consideration received in exchange for a retained 30% interest (by Zain Kuwait) in IHS GCC KW | (1,837) | |||||
Net cash consideration | 10,411 | |||||
Identifiable assets acquired and liabilities assumed: | ||||||
Customer-related assets | 5,449 | |||||
Network-related assets | 1,877 | |||||
Trade and other receivables | 872 | |||||
Trade and other payables | (3,852) | |||||
Total identifiable net assets acquired | 12,248 | |||||
Shareholder funding provided by the Group and external debt* | (6,124) | |||||
Total identifiable net assets acquired for purposes of non-controlling interest | 6,124 | |||||
Non-controlling interest | $ 1,837 | |||||
Percentage of net assets acquired (liabilities assumed) as disclosed in the acquisition analysis | 100% | |||||
IHS Kuwait Limited | IHS GCC KW | ||||||
Business Combinations | ||||||
Shares in IHS GCC KW transferred in business combination | 30% | |||||
IHS Kuwait Limited | Towers and tower equipment | ||||||
Identifiable assets acquired and liabilities assumed: | ||||||
Network assets | $ 7,902 |
Capital commitments and conti_2
Capital commitments and contingent liabilities (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Capital commitments and contingent liabilities. | ||
Commitments to purchase property, plant and equipment | $ 287,400,000 | $ 206,700,000 |
Contingent liabilities | 4,200,000 | $ 2,000,000 |
Legal proceedings provision | $ 0 |
Events after the reporting pe_2
Events after the reporting period (Details) $ in Thousands, shares in Millions, R$ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Nov. 07, 2022 USD ($) | Oct. 28, 2022 USD ($) | Oct. 13, 2022 USD ($) | Oct. 03, 2022 USD ($) | Aug. 10, 2022 | Oct. 31, 2022 shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Oct. 13, 2022 BRL (R$) | Oct. 03, 2022 BRL (R$) | Mar. 17, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 10, 2021 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Consideration | $ 2,729 | $ 2,729 | |||||||||||||
Increase (decrease) through share-based payment transactions, equity | 10,230 | $ 8,706 | |||||||||||||
Borrowings | 3,286,862 | 3,286,862 | $ 2,609,090 | ||||||||||||
Repayments of borrowings, classified as financing activities | 44,184 | $ 46,200 | 114,211 | $ 106,738 | |||||||||||
Bridge Facility | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings | $ 280,000 | $ 280,000 | |||||||||||||
Bridge Facility | SOFR | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Calculation period for interest rate basis | 5 days | ||||||||||||||
Top of range | Bridge Facility | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Notional amount | $ 500,000 | ||||||||||||||
Top of range | Bridge Facility | SOFR | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 6% | ||||||||||||||
Bottom of range | Bridge Facility | SOFR | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 3.50% | ||||||||||||||
Sao Paulo Cinco Locacao de Torres Ltda (SP5) | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Percentage of business acquired | 100% | ||||||||||||||
Consideration | $ 317,188 | ||||||||||||||
Performance conditions of share-based payment scheme met | Restricted Stock Units (RSU), Omnibus 2022 employee share-based payment plan | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Percentage of awards vested | 33.30% | ||||||||||||||
Shares issued on vesting of awards in share-based payment arrangements | shares | 0.2 | ||||||||||||||
Signing of loan agreements | IHS Holding Term Loan Facility | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Debt term | 12 months | ||||||||||||||
Borrowings | $ 370,000 | ||||||||||||||
Signing of loan agreements | IHS Holding Term Loan Facility | SOFR | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 3.75% | ||||||||||||||
Signing of loan agreements | Fiberco Solues de Infraestrutura, credit agreement 1 | CDI | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2.45% | 2.45% | |||||||||||||
Calculation period for interest rate basis | 252 days | ||||||||||||||
Signing of loan agreements | Fiberco Solues de Infraestrutura, credit agreement 2 | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings, Number of Tranches | 2 | ||||||||||||||
Signing of loan agreements | Fiberco Solues de Infraestrutura, credit agreement 2 | CDI | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Calculation period for interest rate basis | 252 days | ||||||||||||||
Signing of loan agreements | Fiberco Solues de Infraestrutura, credit agreement 2, tranche 1 | CDI | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2.45% | 2.45% | |||||||||||||
Calculation period for interest rate basis | 252 days | ||||||||||||||
Signing of loan agreements | Fiberco Solues de Infraestrutura, credit agreement 2, tranche 2 | CDI | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | |||||||||||||
Signing of loan agreements | Bridge Facility | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Repayments of borrowings, classified as financing activities | 280,000 | ||||||||||||||
Signing of loan agreements | IHS (Nigeria) Limited credit facilities | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Repayments of borrowings, classified as financing activities | $ 75,600 | ||||||||||||||
Signing of loan agreements | Top of range | IHS Holding Term Loan Facility | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Notional amount | $ 600,000 | ||||||||||||||
Signing of loan agreements | Top of range | Fiberco Solues de Infraestrutura, credit agreement 1 | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Notional amount | $ 37,100 | R$ 200.0 | |||||||||||||
Signing of loan agreements | Top of range | Fiberco Solues de Infraestrutura, credit agreement 2 | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Notional amount | $ 37,100 | R$ 200.0 | |||||||||||||
Percentual commitment fee on undrawn amount | 2.15% | 2.15% | |||||||||||||
Signing of loan agreements | Bottom of range | Fiberco Solues de Infraestrutura, credit agreement 2 | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Percentual commitment fee on undrawn amount | 2% | 2% |