Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40876 |
Entity Registrant Name | IHS Holding Ltd |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 1 Cathedral Piazza |
Entity Address, Adress Line Two | 123 Victoria Street |
Entity Address, City or Town | London |
Entity Address, Postal Zip Code | SW1E 5BP |
Entity Address, Country | GB |
Title of 12(b) Security | Ordinary shares, par value $0.30 per share |
Trading Symbol | IHS |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 331,920,002 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 876 |
Auditor Location | London, United Kingdom |
Entity Central Index Key | 0001876183 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Sam Darwish |
City Area Code | 44 |
Local Phone Number | 20 8106 1600 |
Entity Address, Address Line One | 1 Cathedral Piazza |
Entity Address, Adress Line Two | 123 Victoria Street |
Entity Address, City or Town | London |
Entity Address, Postal Zip Code | SW1E 5BP |
Entity Address, Country | GB |
CONSOLIDATED STATEMENT OF LOSS
CONSOLIDATED STATEMENT OF LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) | ||||
Revenue | $ 2,125,539 | $ 1,961,299 | $ 1,579,730 | |
Cost of sales | (1,183,306) | (1,157,001) | (907,388) | |
Administrative expenses | (404,783) | (501,175) | (336,511) | |
(Net loss allowance)/net reversal of loss allowance on trade receivables | (7,202) | 4,446 | 34,031 | |
Other income | 404 | 4,676 | 18,509 | |
Operating profit | 530,652 | 312,245 | 388,371 | |
Finance income | 25,209 | 15,825 | 25,522 | |
Finance costs | (2,436,511) | (872,049) | (422,034) | |
Loss before income tax | (1,880,650) | (543,979) | (8,141) | |
Income tax (expense)/benefit | (107,528) | 75,013 | (17,980) | |
Loss for the year | (1,988,178) | (468,966) | (26,121) | |
Loss attributable to: | ||||
Owners of the Company | (1,976,609) | (459,007) | (25,832) | |
Non-controlling interests | (11,569) | (9,959) | (289) | |
Loss for the year | $ (1,988,178) | $ (468,966) | $ (26,121) | |
Loss per share-basic | $ (5.93) | $ (1.39) | $ (0.09) | |
Loss per share-diluted | $ (5.93) | $ (1.39) | $ (0.09) | |
Items that may be reclassified to profit or loss | ||||
Fair value gain through other comprehensive income | $ 12 | $ 3 | ||
Exchange differences on translation of foreign operations | 970,796 | $ 72,661 | (28,313) | |
Other comprehensive income/(loss) for the year, net of taxes | 970,808 | 72,661 | [2] | (28,310) |
Total comprehensive loss for the year | (1,017,370) | (396,305) | [2] | (54,431) |
Total comprehensive loss for the year attributable to: | ||||
Owners of the Company | (1,025,754) | (399,486) | (48,389) | |
Non-controlling interests | 8,384 | 3,181 | (6,042) | |
Total comprehensive loss for the year | $ (1,017,370) | $ (396,305) | [2] | $ (54,431) |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022 . |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] |
Non-current assets | |||
Property, plant and equipment | $ 1,740,235 | $ 2,075,441 | |
Right of use assets | 886,909 | 965,019 | |
Goodwill | 619,298 | 763,388 | |
Other intangible assets | 933,030 | 1,049,103 | |
Fair value through other comprehensive income financial assets | 13 | 10 | |
Deferred income tax assets | 63,786 | 78,369 | |
Derivative financial instrument assets | 1,540 | 6,121 | |
Trade and other receivables | 147,292 | 130,347 | |
Non-current assets | 4,392,103 | 5,067,798 | |
Current assets | |||
Inventories | 40,589 | 74,216 | |
Income tax receivable | 3,755 | 1,174 | |
Derivative financial instrument assets | 565 | ||
Trade and other receivables | 607,835 | 663,467 | |
Cash and cash equivalents | 293,823 | 514,078 | |
Assets held for sale | 26,040 | ||
Current assets | 972,607 | 1,252,935 | |
Total assets | 5,364,710 | 6,320,733 | |
Current liabilities | |||
Trade and other payables | 532,627 | 669,149 | |
Provisions for other liabilities and charges | 277 | 483 | |
Derivative financial instrument liabilities | 68,133 | 1,393 | |
Income tax payable | 75,612 | 70,008 | |
Borrowings | 454,151 | 438,114 | |
Lease liabilities | 91,156 | 87,240 | |
Current liabilities | 1,221,956 | 1,266,387 | |
Non-current liabilities | |||
Trade and other payables | 4,629 | 1,459 | |
Borrowings | 3,056,696 | 2,906,288 | |
Lease liabilities | 510,838 | 518,318 | |
Provisions for other liabilities and charges | 86,131 | 84,533 | |
Deferred income tax liabilities | 137,106 | 183,518 | |
Non-current liabilities | 3,795,400 | 3,694,116 | |
Total liabilities | 5,017,356 | 4,960,503 | |
EQUITY | |||
Stated capital | 5,394,812 | 5,311,953 | |
Accumulated losses | (5,293,394) | (3,317,652) | |
Other reserves | 8,430 | (861,271) | |
Equity attributable to owners of the Company | 109,848 | 1,133,030 | |
Non-controlling interest | 237,506 | 227,200 | |
Total equity | 347,354 | 1,360,230 | |
Total equity and liabilities | $ 5,364,710 | $ 6,320,733 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
CONSOLIDATED STATEMENT OF CHANG
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 | 215,014 | 215,014 | ||||||
Issue of shares net of transaction costs | 349,846 | 349,846 | 349,846 | |||||
Options converted to shares | 342,768 | (342,768) | ||||||
Share-based payment expense | 13,003 | 13,003 | 13,003 | |||||
Other reclassifications related to share-based payment | (4,067) | 1,017 | (5,084) | (4,067) | ||||
Total transactions with owners of the Company | 358,782 | 692,614 | 1,017 | (334,849) | 215,014 | 573,796 | ||
Loss for the year | (25,832) | (25,832) | (289) | (26,121) | ||||
Other comprehensive (loss)/income | (22,557) | (22,557) | (5,753) | (28,310) | ||||
Total comprehensive (loss)/income | (48,389) | (25,832) | (22,557) | (6,042) | (54,431) | |||
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 | ||||||
Options converted to shares | 88,469 | (88,469) | ||||||
Share-based payment expense | 13,423 | 13,423 | 13,423 | |||||
Other reclassifications related to share-based payment | (1,275) | 1,560 | (2,835) | (1,275) | ||||
Total transactions with owners of the Company | 12,148 | 88,469 | 1,560 | (77,881) | 831 | 12,979 | ||
Loss for the year | (459,007) | (459,007) | (9,959) | (468,966) | [1] | |||
Other comprehensive (loss)/income | [2] | 59,521 | 59,521 | 13,140 | 72,661 | [1] | ||
Total comprehensive (loss)/income | [2] | (399,486) | (459,007) | 59,521 | 3,181 | (396,305) | [1] | |
Ending balance, Equity at Dec. 31, 2022 | 1,133,030 | 5,311,953 | (3,317,652) | (861,271) | 227,200 | 1,360,230 | [3] | |
Shares repurchased and canceled through buyback program | (10,037) | (10,037) | (10,037) | |||||
NCI arising on business combination | 1,922 | 1,922 | ||||||
Options converted to shares | 92,896 | (92,896) | ||||||
Share-based payment expense | 13,168 | 13,168 | 13,168 | |||||
Other reclassifications related to share-based payment | (559) | 867 | (1,426) | (559) | ||||
Total transactions with owners of the Company | 2,572 | 82,859 | 867 | (81,154) | 1,922 | 4,494 | ||
Loss for the year | (1,976,609) | (1,976,609) | (11,569) | (1,988,178) | ||||
Other comprehensive (loss)/income | 950,855 | 950,855 | 19,953 | 970,808 | ||||
Total comprehensive (loss)/income | (1,025,754) | (1,976,609) | 950,855 | 8,384 | (1,017,370) | |||
Ending balance, Equity at Dec. 31, 2023 | $ 109,848 | $ 5,394,812 | $ (5,293,394) | $ 8,430 | $ 237,506 | $ 347,354 | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022 . Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash flows from operating activities | |||||
Cash from operations | $ 902,923 | $ 966,874 | $ 788,073 | ||
Income taxes paid | (45,411) | (51,245) | (29,147) | ||
Payment for rent | (3,716) | (7,983) | (8,506) | ||
Payment for tower and tower equipment decommissioning | (343) | (343) | (231) | ||
Net cash generated from operating activities | 853,453 | 907,303 | 750,189 | ||
Cash flow from investing activities | |||||
Purchase of property, plant and equipment | (464,897) | (378,521) | (238,145) | ||
Payment in advance for property, plant and equipment | (111,065) | (165,154) | (159,276) | ||
Purchase of software and licenses | (22,811) | (15,695) | (5,054) | ||
Consideration paid on business combinations, net of cash acquired | (4,486) | (735,740) | (401,039) | ||
Proceeds from disposal of property, plant and equipment | 2,919 | 1,826 | 4,742 | ||
Insurance claims received | 321 | 2,100 | 16,672 | ||
Interest income received | 25,008 | 15,170 | 7,798 | ||
Deposit of short term deposits | (183,400) | (512,105) | (103,647) | ||
Refund of short term deposits | 36,162 | 270,831 | |||
Net cash used in investing activities | (722,249) | (1,517,288) | (877,949) | ||
Cash flows from financing activities | |||||
Capital raised | 378,000 | ||||
Cost of capital raised | (28,154) | ||||
Transactions with non-controlling interest | 11 | ||||
Shares repurchased and canceled through buyback program | (10,037) | ||||
Bank loans and bond proceeds received (net of transaction costs) | 986,604 | 1,263,272 | 1,076,063 | ||
Bank loans and bonds repaid | (689,940) | (506,504) | (653,504) | ||
Fees on loans and derivative instruments | (19,441) | (19,911) | (20,426) | ||
Interest paid | (299,029) | (234,567) | (168,285) | ||
Costs paid on early loan settlement | (18,171) | ||||
Payment for the principal of lease liabilities | (72,854) | (76,629) | (63,324) | ||
Interest paid for lease liabilities | (58,443) | (36,178) | (32,923) | ||
Margin received on non-deliverable forwards | 12,854 | 36,714 | |||
Initial margin deposited on non-deliverable forwards | (19,436) | ||||
Premium paid on derivative instruments | (910) | ||||
Profits received/(losses settled) on derivative instruments | 839 | (3,197) | 37,711 | ||
Net cash (used in)/generated from financing activities | (162,301) | 398,241 | 524,265 | ||
Net (decrease)/increase in cash and cash equivalents | (31,097) | (211,744) | 396,505 | ||
Cash and cash equivalents at beginning of year | 514,078 | [1] | 916,488 | 585,416 | |
Effect of movements in exchange rates on cash | (189,158) | (190,666) | (65,433) | ||
Cash and cash equivalents at end of year | $ 293,823 | $ 514,078 | [1] | $ 916,488 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
General information
General information | 12 Months Ended |
Dec. 31, 2023 | |
General information | |
General information | 1. These consolidated financial statements are the financial statements of IHS Holding Limited (‘the Company’) and its subsidiaries (together hereafter referred to as ‘the Group’ or ‘IHS’). IHS Holding Limited is incorporated in the Cayman Islands under the Companies Act (as amended) as an exempted company with limited liability. 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. IHS is principally involved in providing infrastructure for the telecommunications industry. The consolidated financial statements are presented in US Dollars ($) and all values are rounded to the nearest thousands, except where otherwise indicated. These consolidated financial statements have been authorized for issue on March 11, 2024 by the Board of Directors. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated. 2.1 The consolidated financial statements of IHS have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared under the historical cost convention, as modified by financial assets and liabilities (including derivative financial instruments) which are recognized at fair value. 2.1.1 The accounting policies adopted are consistent with those of the previous financial year, except the new standards, amendments and interpretations adopted by the Group during the year. (a) The Group has applied the following standards and amendments for the first time for its annual reporting period commencing January 1, 2023: ● IFRS 17 Insurance Contracts ● Definition of Accounting Estimates - Amendments to IAS 8 ● Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 ● International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 Amendments to IAS 12 announced in May 2021 require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments typically apply where assets and liabilities are recognized from a single transaction, such as leases for the lessee. The Group performed an analysis of the impact of these amendments and concluded that these did not have a material impact on the net assets of the Group. However, the Group has disclosed separately the deferred tax liabilities and potential deferred tax assets arising with respect to assets and liabilities IFRS 16 lease accounting and decommissioning provisions for the year ended December 31, 2023 and for the comparative periods. The United Kingdom has enacted a Multinational Top-Up Tax based upon the Organization for Economic Co-operation and Development Pillar Two Global Anti-Base Erosion Rules (“Pillar Two”). The legislation will be effective for the Group’s financial year beginning January 1, 2024. The Group is in scope by virtue of the parent company being tax resident in the UK. Therefore, the Group has performed an assessment of the Group’s potential exposure to Pillar Two income taxes for the year ending on December 31, 2024. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements available for the constituent entities in the Group. Based on the assessment, the Group has identified potential exposure to Pillar Two income taxes in respect of profits earned in the United Arab Emirates and Mauritius. The potential exposure comes from the constituent entities in these jurisdictions where the Pillar Two effective tax rate is below 15%. The Pillar Two effective tax rate is lower in these jurisdictions due to the rate of tax and tax exemptions applicable in those jurisdictions. Profits for those jurisdictions for the year ended December 31, 2023 that would have been subject to Pillar Two income taxes would have increased the group current tax expense for the year by between 15% to 20% compared to the previous amount. The IASB issued amendments to IAS 12 ‘Income taxes’ introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognize or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception. Other than the above, none of the above amendments to standards had a material effect on the Group’s financial statements. (b) New standards, amendments and interpretations not yet adopted by the Group Certain new accounting standards, interpretations and amendments have been published that are not effective for December 31, 2023 reporting period and have not been early adopted by the Group. They are: ● Classification of Liabilities as Current or Non-current—Deferral of Effective Date (Amendment to IAS 1) ● Non-current Liabilities with Covenants Amendments to IAS 1 ● Lease Liability in a Sale and Leaseback Amendments to IFRS 16 ● Supplier finance arrangements – Amendments to IAS 7 and IFRS 7 ● Lack of Exchangeability (Amendments to IAS 21) The Company is in the process of analysing the impact of the amendments to IAS 21. Other than this, none of the above amendments to standards are expected to have a material effect on the Group’s financial statements. 2.2. (a) The consolidated financial statements include the financial information and results of the Company and those entities in which it has a controlling interest. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are all entities (including structured entities) over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date the control ceases. All intercompany balances and transactions have been eliminated. (b) 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. Any excess of the purchase price paid by the Group over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill and any acquisition related costs are expensed as incurred. The Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The consideration transferred for the acquisition comprises the fair value of the assets transferred, liabilities incurred, equity interests issued by the Group and any contingent consideration. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. If the Group gains control in a business combination in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurement are recognized in profit or loss. Where the group acquires a portfolio of tower assets and associated revenue contracts judgement is required in the determining whether the transaction meets the definition of a business combination. The Group makes this judgement on a case by case basis taking into account the specific facts and circumstances of each transaction including the substance of other elements of the transactions such as transferred systems, processes, workforce and novated supplier contracts. The Group has considered whether any of its business combinations represent a sale and leaseback transaction from a lessor perspective. It has been determined that since the space on towers and associated assets are able to be leased to multiple tenants without restriction, that no such arrangement of the entire tower site portfolio acquired exists. (c) The Group treats transactions with non-controlling interests as transactions with equity owners of the Company. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company. 2.3 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 IHS Nigeria CEO, the Chief Human Resource Officer and the Executive 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”). 2.4 (a) Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in US Dollars. (b) In the event that there are multiple official exchange rates available for a specific currency, the Group assesses the appropriate rate to use and takes into account relevant factors. In the case of translating foreign operations or foreign transactions, such factors include access to those rates in the future to meet payments or dividends. In determining whether it is appropriate to move from one official rate to another, the Group considers the available rates in official markets for settlement of transactions. Refer to note 3 for further information. (c) Foreign currency transactions are translated into the functional currency of each entity using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and other comprehensive income within “finance income” or “finance cost.” Foreign exchange gains and losses that relate to other monetary items are presented in the statement of income and other comprehensive income within “cost of sales,” “administrative expense” and “other income” as appropriate. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities designated as fair value through other comprehensive income are recognized in other comprehensive income. The subsidiaries based in Nigeria initially translated their foreign currency transactions into the functional currency, Nigerian Naira, at the Nigerian Autonomous Foreign Exchange Fixing (“NAFEX”) prevailing rate at the date of the transaction. From March 2023 Nigerian subsidiaries switched to using the relevant exchange rate published by Bloomberg, which approximately aligned to the I&E window rate (renamed to NAFEM in October 2023), for translation of foreign currency transactions into the functional currency. Monetary items and liabilities denominated in foreign currencies were also translated at the NAFEM rate. Refer to note 3 for further information on foreign exchange rate assessment. The USD/NGN rate was between 461.50 and 911.68 during 2023 (2022: 416.00 and 461.50, 2021: 394.13 and 435.00) and at December 31, 2023 was 911.68 (December 31,2022: 461.50, December 31, 2021: 435.00). After the introduction of the NAFEM rate in 2023, the Naira devalued to the USD and continued to experience volatility throughout the financial year, with the average rate for December 2023 being 840.96 (2022: 451.01, 2021: 415.60). The results and financial position of all the Group entities (none of which has the currency of a hyper inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position, ● income and expenses for each statement of income and other comprehensive income are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and ● all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings are taken to other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive income. 2.5 Our revenue is derived from fees paid by our customers for services from our colocation business and its ancillary managed services. The colocation business involves the lease of space on IHS owned and leased towers and our fixed copper and fibre network infrastructure, which are shared by various operators and data service providers. Revenue is generated on towers either from anchor tenants (original tenants on towers) or colocation tenants (subsequent tenants) when they install equipment on towers and on cable and fibre networks from tenants when they use the fixed network infrastructure to provide connectivity to/from towers or to provide broadband services to their customers. A portion of colocation arrangements for the rental of space on the towers, other assets on tower sites on which the use of space is dependent and the use of fixed copper and fibre network infrastructure dedicated to an individual customer is within the scope of IFRS 16 Leases. A portion of colocation arrangements for the provision of services, energy charges and use of shared fixed copper and fibre network infrastructure is within the scope of IFRS 15 ‘Revenue from contracts with customers’ as a provision of service. The Group also offers ancillary services to manage tenant operations of existing customers on a limited basis. Revenue from such managed services is within the scope of IFRS 15 ‘Revenue from contracts with customers’. In determining the amounts of colocation revenue from our contracts with customers that fall within the scope of IFRS 15 or IFRS 16, the Group considers whether there are separate performance obligations to which a portion of the transaction price needs to be allocated and revenue recognized separately. For colocation services the Group determines the transaction price (including lease and non-lease elements) at contract inception and considers the effects of: ● Variable consideration - The contractual price may be subject to service credits, price indexation, discounts provided on site consolidation and discounts associated with site occupancy. All of these items of variable consideration are considered to relate to individual service periods of series performance obligations, or represent contingent rentals, and are therefore recognized in the future periods in which they arise rather than when estimating the transaction price at contract inception. ● The existence of significant financing components - Financing components are not expected to be significant as services and payments are generally in line over the period of the contract. ● Consideration payable to the customer (if any) - Payments to customers (such as rebates and discounts refunded to the customer and payments for exit fees) are deducted from transaction price unless they are payments for a distinct good or service supplied to the Group in return for the payments. At the date of contract inception, the Group determines the stand-alone selling prices of the performance obligations (including the lease elements of the contract) using a combination of data on observable prices from comparable managed service arrangements, supplemented by the cost plus a margin approach. The Group allocates the transaction price to these non-lease elements of the contract and between performance obligations within the non-lease element of the contract on the basis of relative stand-alone selling price. Revenue is typically invoiced quarterly in advance except where a deferral of invoicing has been agreed with a customer such as where there is an ongoing dispute over pricing in which case revenue is recognized upon satisfaction of performance obligations on the basis of the expected outcome of such disputes. Customer contracts typically require payment within 30 to 60 days. Revenue also includes estimates for services provided where billing is not completed, including in respect of (1) tower sites coming into service, or changes in customer implemented technologies since the most recent invoicing cycle and (2) services subject to ongoing negotiation regarding price or other contract interpretation disputes with customers. For each of these scenarios, revenue is accrued based on management’s expectation of the final billable amounts based primarily on historical experience. (a) For non-lease revenue, two separate performance obligations have typically been identified, one in respect of the operation of tower infrastructure and one in respect of the provision of maintenance services and power, with each being a series of performance obligations to stand ready to deliver the required services. The identification of these two performance obligations does not change the timing of revenue recognition of the non-lease component as both are typically satisfied over the same time period. In limited cases, contracts may provide the customer with a right to purchase additional services at a significant discount. In these cases, the material right is also identified as a performance obligation. On initial recognition of revenue, the Group assesses the recoverability of revenue taking into account our contractual rights and obligations to consideration, our exposure to our customer’s credit risk and our practice of managing credit risk exposure through the occasional negotiation of price concessions with customers and recognizes the revenue, in respect of satisfied performance obligations, which is expected to be recovered. Recognition of amounts not expected to be recovered is considered variable consideration and is contingent upon the receipt of funds from the customer (see note 3.4). The assessment of amounts expected to be recovered are closely aligned with the assumed credit risk of the customer, determined as part of the assessment of expected credit losses made in accordance with the Group’s IFRS 9 expected credit loss policy as described in note 2.16.4. (b) The portion of colocation revenue, for which IHS is the lessor, is treated as a lease. Contracts are assessed at inception to determine whether this element of the colocation services are finance or operating leases. At present all arrangements are assessed to be operating leases with revenue including fixed escalation clauses present in non-cancellable lease agreements recognized on a straight line basis over the current lease term of the related lease agreements, when collectability is reasonably assured. The duration of these lease arrangements is typically between 5 and 10 years. Escalation clauses tied to the Consumer Price Index (“CPI”) or other inflation based indices, are excluded from the straight line calculation, however, any fixed increases are included. Revenue is recognized in the accounting period in which the rental income is earned and services are rendered. Amounts billed or received for services prior to being earned are deferred and reflected in deferred revenue until the criteria for recognition have been met. (c) Revenue from managed services contracts with customers is recognized when the services are delivered at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. Revenue is recognized in the accounting period in which the services are rendered by reference to the stage of completion based on the terms of each contract. Services revenues are derived under contracts or arrangements with customers that provide for billings either on a fixed price basis or a variable price basis, which includes factors such as time and expenses. Revenues are recognized as services are performed. Amounts billed or received for services prior to being earned are deferred and reflected in deferred revenue in the accompanying statement of financial position until the criteria for recognition have been met. 2.6 Certain revenue contracts and subsequent amendments include fees that are priced in $ but are invoiced and settled in the relevant local currency of the operation using foreign exchange rates calculated in accordance with the contractual terms. Where the contractual foreign exchange rates are reset at regular intervals in arrears, management evaluates and determines at the date of inception, or at the date of material modification, of the contracts whether the reset features are closely related to the host contracts or not. For existing contracts in making the evaluation, management assessed that the $ is a commonly used currency in the local operation, and that the reset interval is sufficiently frequent to approximate the local currency spot exchange rate given economic conditions at that time. Management also considers whether, at the time of inception or material modification, contract rates reference a liquid market exchange rate. If reference rates are assessed as liquid the embedded derivative is assessed as closely related and no accounting bifurcation is made. Where such fees that are priced in $ are translated to local currency at the time of billing using a fixed, pre-determined exchange rate or an exchange rate which is not referenced to a liquid market exchange rate, this results in an embedded derivative which is not closely related to the host contract and is thus bifurcated, fair valued and disclosed separately. The fair values of these embedded derivatives are determined by reference to the discounted forecast billings under the contractual rates compared to those under the forecast liquid market rates. Upon initial recognition of a revenue embedded derivative asset or liability, the Group recognizes a contract liability or asset, respectively. The contract liability or asset is released to revenue over the shorter of the term of the contract or the term over which the conditions that result in the embedded derivative expire. The release to revenue is recognized on the same basis that those contractual conditions materialize, to match the release of the contract liability or asset to the recognition of revenue from the underlying contract. 2.7 The Group is a lessee of various assets, comprising land and building, towers, equipment and motor vehicles. The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The following sets out the Group’s lease accounting policy for all leases with the exception of leases with low-value (i.e. < $5,000) and short term of less than 12 months for which the Group has taken the exemption under the standard and are expensed to profit or loss as incurred. (a) The Group recognizes right of use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use under the contract). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date (which do not form part of the lease liability value at the commencement date). Right of use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. The right-of-use assets are tested for impairment in accordance with IAS 36 “Impairment of Assets”. (b) At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of all remaining lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments where the contracts specify fixed or minimum uplifts) and variable lease payments that depend on an index or a rate. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. Due to the nature of our leased assets the interest rate implicit in the lease is usually not readily determinable, the Group therefore uses the incremental borrowing rate in calculating the present value of lease payments at the lease commencement date. The incremental borrowing rate is calculated using a series of inputs, including: a local currency cost of debt for each country based on local borrowing (or where not available, an inflation adjusted US$ cost of debt which encompasses the country specific adjustment), an adjustment for the duration of the referenced borrowings to arrive at an interest rate for a one-year facility, and an adjustment for the lease term based on local government, US or Eurozone bond yields, as appropriate in the context of each country’s debt markets. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the in-substance fixed lease payments. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised and any periods covered by an option to terminate the lease, if it is reasonably certain that the termination options will not be exercised. The Group has the option under some of its leases to lease the assets for additional periods of up to 10 years. The Group applies judgement in evaluating whether it has a unilateral option to renew the lease for a further period and is reasonably certain to exercise the option to renew (note 3). That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. 2.8 Cost of sales is mainly comprised of power generation costs, depreciation, tower repairs and maintenance costs, operational staff and costs and site rental costs. 2.9 Administrative expenses are costs not directly related to provision of services to customers, but which support our business as a whole. These overhead expenses primarily consist of administrative staff costs (including key management compensation), office rent and related property expenses, insurance, travel costs, professional fees, depreciation and amortization of administrative assets, net (gain)/loss on disposal of property, plant and equipment and other sundry costs. Administrative expenses also includes other corporate overhead expenses related to the Group’s acquisition efforts and costs associated with new business initiatives. 2.10 Other income includes proceeds from insurance claims and the remeasurement of contingent consideration arising from acquisitions. 2.11 Interest income is recognized in profit or loss and is calculated using the effective interest method as set out in IFRS 9. 2.12 These are mainly towers and towers equipment, fiber telecommunications network cables and equipment, land and buildings, furniture and office equipment, motor vehicles and capital work in progress that are used directly by the Group in the provision of services to customers, or for administrative purposes. The assets are carried at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the assets including amounts related to the cost of future decommissioning and site restoration obligations. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost can be measured reliably. The carrying amount of the replaced asset is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Towers and tower equipment • Base station equipment (including civil costs and overheads) 10 - 20 years • Base station equipment (other equipment) 15 years • Base station equipment (rectifier and solar power) 10 years • Base station equipment (alarm and battery) 3 - 5 years • Base station equipment (generator & generator overhaul) 1 - 3 years • Base station equipment (base transmission equipment) 8 - 10 years Fiber assets • Fixed line network equipment (including civil works, duct system, cable system and survey costs) 25 years • Outdoor cabinet 10 years Land and buildings, furniture and office equipment, and motor vehicles • Office complex 40 years • Furniture and office equipment 3 years • Motor vehicles 4 years Asset residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. Where an indication of impairment exists, an asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss for the period. The Group assesses its property, plant and equipment for possible impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be recoverable, or at least at the end of every reporting period. Such indicators could include changes in the Group’s business plans, changes in diesel prices, evidence of physical damage and technological changes and impacts of obsolescence including those driven by climate change. 2.13 Goodwill arises on the acquisition of businesses and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain p |
Critical accounting estimates a
Critical accounting estimates and judgements | 12 Months Ended |
Dec. 31, 2023 | |
Critical accounting estimates and judgements | |
Critical accounting estimates and judgements | 3. The preparation of financial statements requires management to make certain judgements, accounting estimates and assumptions that affect the amounts reported for the assets and liabilities as at the end of the reporting period and the amounts reported for revenues and expenses during the year. The nature of the estimation means that actual outcomes could differ from those estimates. The key sources of judgment and estimation uncertainty that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities are discussed below. In preparing these consolidated 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 as those that applied to the consolidated financial statements for the year ended December 31, 2022. (a) 3.1 Global financial markets have seen higher interest rates and inflation through 2023, including further devaluations of the Nigerian Naira in June 2023 and end-January 2024. In addition, ongoing geopolitical conflicts and wars have impacted global diesel prices as well as the supply chain for raw materials such as steel and for equipment, including batteries. The below table outlines Management’s assessment of and response to the main risks arising from the current global macro-economic conditions. 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. · Customers continue to perform, and we have not experienced significant deterioration in payments. · The Group has long-term revenue contracts with its customers amounting to $12.3 billion in contracted revenue. · Our ability to collect revenue from our customers is impacted by our customers’ ability to generate and collect revenues from their operations. Our customers have, in the main, seen an increased demand for their services. · The impact on collections has thus far been limited and the Group remains in constant conversation with customers regarding their liquidity and ability to meet their obligations. · The Group regularly reviews measures for cost savings whilst maintaining its ability to operate effectively and towards strategic goals. · The Group has continued to invest in capital expenditure which supports revenue growth. The Group will make targeted investments in capital expenditure relating to revenue growth during 2024. · Customer revenue contracts include FX reset functions, including on Nigerian Naira contracts. Liquidity · Sufficient liquidity is available. · No current impact on going concern. · The Group has cash and cash equivalents of $294 million as at December 31, 2023, and undrawn facilities at IHS Holding level of $430 million. · Management has assessed current cash reserves and the availability of undrawn facilities and continues to monitor available liquidity in the context of ongoing operational requirements and planned capital expenditure. · In the context of current commitments and available liquidity, management believes that the going concern assumption remains appropriate. · All of the Group’s operations are cash generative. Access to USD · Moderate risk due to decreased availability. · While there has been a reduction in US Dollar liquidity in the Nigerian market, we were still able to source US Dollars locally to fund our US Dollar requirements during the year. Internal controls · Minimal impact to date. · Our IT team monitors the increased risk of fraud, data or security breaches, loss of data and the potential for other cyber-related attacks and utilises security measures to mitigate such risks. Supply chain · Moderate risk due to delays. · The Group works closely with suppliers and contractors to ensure availability of supplies on site, especially diesel supplies which are critical to many of our operations. · Regular maintenance of our towers continues while observing strict safety guidelines for our employees and our suppliers and contractors. Due to the uncertainty in the NAFEM exchange rate to the US Dollar we will continue to assess the situation. 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 ongoing uncertainty with the NAFEM exchange rate will directly have a material adverse effect on our financial condition or liquidity for the foreseeable future, given the contractual revenue resets. 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. 3.2 The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised and any periods covered by an option to terminate the lease, if it is reasonably certain that the termination options will not be exercised. The Group has the option under some of its leases to lease the assets for additional periods of up to 10 years. The Group applies judgement in evaluating whether it has a unilateral option to renew the lease for a further period or is otherwise provided that option under the laws governing the lease agreement and is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal or for the landlord to accept a renewal, including the nature of the underlying asset, the availability of a similar asset in a similar location, and the expected business impact or relocating its towers. After the commencement (b) 3.3 The Group assesses its non-financial assets including property, plant and equipment, goodwill, and other intangible assets for possible impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be recoverable, or at least at the end of every reporting period. Such indicators could include changes in the Group’s business plans, changes in diesel prices, evidence of physical damage and technological changes and impacts of obsolescence. If there are rapid changes in technology of the existing communications infrastructure, the Group may need to recognize significant impairment charges. The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in note 2.13. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Refer to note 15 for Goodwill and intangible assets impairment considerations. The assessment for impairment entails comparing the carrying value of the cash generating unit, or group of cash generating units, with its recoverable amount, that is, the higher of the value in use and the fair value less costs of disposal. Value in use is determined on the basis of discounted estimated future net cash flows. Fair value less costs of disposal is determined on the basis of the income approach, discounting estimated future net cash flows that reflects current market expectations. Determination as to whether and how much an asset is impaired involves management estimates on highly uncertain matters such as future revenue (taking into account tenancy rates for tower businesses and homes passed and homes connected for the fiber business), and the direct effect these have on gross profit margins in the initial five-year forecast period, discount rates, terminal growth rates and cost related to the disposal of a business. In determining value in use the Group makes estimates and assumptions concerning the future. The assumptions adopted in the computation of the value in use are considered reasonable to the circumstance of each CGU. The resulting accounting estimates will, by definition, seldom equal the related actual results. Such estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Refer to the sensitivity analysis in note 15. 3.4 Initial recognition of revenue is estimated based on an assessment of the recoverability of revenue taking into account our contractual rights to consideration, our exposure to our customer’s credit risk and our practice of managing credit risk exposure through the occasional negotiation of price concessions with customers. Only amounts expected to be recovered at the point of initial recognition are recognized in revenue, and the remainder is considered variable consideration (see note 2.5(a)). Recognition of amounts not expected to be recovered is contingent upon the receipt of funds from the customer. The assessment of the amounts expected to be recovered is closely aligned with the assessed credit risk of the customer, determined as part of the assessment of expected credit losses made in accordance with the Group’s IFRS 9 expected credit loss policy as described in note 2.16.4. A 10-percentage point change in management’s estimate of the amount of variable consideration that will eventually be received would alter revenue recognized by approximately $25.5 million (2022: $17.4 million, 2021: $16.8 million). 3.5 Assessment of appropriate foreign exchange rate In mid-June 2023, the Central Bank of Nigeria announced the unification of all segments of the foreign exchange market by replacing the old regime of multiple exchange rate “windows” for different purposes with, in effect, a market rate. The unification of the Nigeria foreign exchange market was aimed at eliminating multiple “windows” and to allow foreign exchange transactions to be determined by market forces via a single I&E window (which was subsequently renamed NAFEM in October 2023). The Group uses the USD/NGN rate published by Bloomberg, which is approximately aligned to the NAFEM rate, for the translation of USD transactions and denominated balances in the Nigerian subsidiaries and also for consolidation purposes. |
Introduction and overview of Gr
Introduction and overview of Group's risk management | 12 Months Ended |
Dec. 31, 2023 | |
Introduction and overview of Group's risk management | |
Introduction and overview of Group's 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 Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Group’s Executive Committee is responsible for developing and monitoring the Group’s risk management policies. The Group’s risk management policies are established to identify and analyze the risks faced by the Group, to establish appropriate risk appetite and controls, and to monitor risks and adherence to our risk appetite. Risk management policies and systems are reviewed regularly by the executive management to reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Board, through the Audit Committee, oversees how management monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Board is supported by various management functions that check and undertake both regular and ad hoc reviews of compliance with established controls and procedures. (a) Derivatives are only used for economic hedging purposes and not as speculative investments. Derivatives do not meet the criteria for hedge accounting and are therefore classified as financial instruments through fair value through profit or loss. ● Non-deliverable forwards ( NDFs ) — The calculation of an NDF fair value is based on the difference between the contracted exchange rate and the anticipated spot exchange rate at the relevant period. The rate applied to represent the anticipated spot exchange rate requires judgement given the limited market liquidity in Nigeria. The Group has determined that the spot exchange rate obtained from Bloomberg which is approximately aligned to NAFEM is the most appropriate rate. The gain or loss at the settlement date is calculated by taking the difference between the agreed upon contract exchange rate (NGN/USD) and the spot rate at the time of settlement, for an agreed upon notional amount of funds. ● Embedded options within listed bonds — The bonds issued by IHS Netherlands Holdco B.V. in September 2019 and the bonds issued by IHS Holding Limited in November 2021 have embedded options which allow early redemption at the option of the issuer and holder upon the occurrence of specified events. These are accounted for as derivatives at fair value through profit or loss. ● Embedded derivatives within revenue contracts — T he embedded derivatives within revenue contracts represent the fair value of the US$ linked components of the Group’s revenue contracts with customers, where such US$ linked components are translated to local currency at the time of billing using a fixed, pre-determined exchange rate or an exchange rate which is not referenced to a liquid market exchange rate. These are accounted for as derivatives at fair value through profit or loss. (b) Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Group manages market risks by keeping costs low through various cost optimization programs. Moreover, market developments are monitored and discussed regularly, and mitigating actions are taken where necessary. (i) The Group operates internationally and is exposed to foreign exchange risk arising from currency exposures other than the US Dollar. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group is exposed to risks resulting from fluctuations in foreign currency exchange rates. A material change in the value of any such foreign currency could result in a material adverse effect on the Group’s cash flow and future profits. The Group is exposed to foreign exchange risk to the extent that balances and transactions are denominated in a currency other than the functional currency in which they are measured. In managing foreign exchange risk, the Group aims to reduce the impact of short-term fluctuations on earnings. The Group has no export sales, but it has customers that are either contracted using fees quoted in US Dollars or other foreign currencies, but with foreign exchange indexation. The Group’s significant exposure to currency risk relates to its loan facilities that are mainly in foreign currencies. The Group manages foreign exchange risk through the use of derivative financial instruments such as currency swaps and forward contracts. The Group monitors the movement in the currency rates on an ongoing basis. Currency exposure arising from assets and liabilities denominated in foreign currencies is managed primarily by setting limits on the percentage of net assets that may be invested in such deposits. Sensitivity analysis The table below shows the impact on the Group’s loss if the exchange rate between the following currencies to US Dollars had increased or decreased, with all other variables held constant. The rate of change was determined by an assessment of a reasonable or probable change in the exchange rate being applied as at December 31. The impact is based on external and intercompany loans. Effect on Effect on Effect on Effect on Effect on Effect on Effect on Rwandan Nigerian Zambian South Africa Brazilian Kuwaiti Euro Franc Naira Kwacha Rand Real Dinar $’000 $’000 $’000 $’000 $’000 $’000 $’000 2023 Rate of change 10 % 10 % 10 % 10 % 10 % 10 % 10 % Effect of US Dollar weakening on loss (21,911) (1,311) (255,956) (16,038) (3,996) — (1,047) Effect of US Dollar strengthening on loss 21,911 1,311 255,956 16,038 3,996 — 1,047 2022 Rate of change 7 % 7 % 7 % 7 % 7 % 7 % 7 % Effect of US Dollar weakening on loss (13,153) (4,402) (165,880) (15,528) (2,809) (18,898) (648) Effect of US Dollar strengthening on loss 13,153 4,402 165,880 15,528 2,809 18,898 648 2021 Rate of change 5 % 5 % 5 % 5 % n/a 5 % 5 % Effect of US Dollar weakening on loss (15,726) (3,284) (106,595) (11,078) — (15,502) (424) Effect of US Dollar strengthening on loss 15,726 3,284 106,595 11,078 — 15,502 424 This analysis excludes the natural hedging arising from contracts with customers in the Nigeria, Zambia and Rwanda operations, which are either wholly or partly linked to the US Dollar exchange rate. It is, however, impracticable to incorporate the impact of this US Dollar component in the above analysis due to the complexity of the contracts and the timing of any devaluation event. The Group is exposed to foreign exchange exposure that arises on intercompany loans denominated in US Dollars and Euro at a subsidiary level as a result of loan revaluations in local functional currency at period ends. The balances, as translated into US$, of the foreign denominated intercompany loans in the local books of the subsidiaries are: Nigerian Rwandan Zambian South African Brazilian Kuwaiti Naira Franc Kwacha Rand Real Dinar US Dollar $’000 $’000 $’000 $’000 $’000 $’000 $’000 2023 US Dollar loan 2,240,110 13,108 79,081 39,956 — 10,473 — Euro loan — — — — — — 214,271 2022 US Dollar loan 2,172,230 62,886 127,235 40,132 269,976 9,261 — Euro loan — — — — — — 244,194 The summary of quantitative data about the Group’s exposure to foreign exchange risk (balances excluding inter-company balances, and in currencies other than the local functional currency) is as follows: 2023 2022 $’000 $’000 Trade receivables 7,330 7,356 Cash and cash equivalents 50,132 45,234 Trade payables (44,835) (69,480) Borrowings (405,592) (306,291) Net exposure (392,965) (323,181) (ii) The Group’s main interest rate risk arises from long term borrowings with variable rates, which expose the Group to cash flow interest rate risk. The Group’s fixed rate borrowings and receivables are carried at amortized cost. They are therefore not subject to interest rate risk as defined in IFRS 7, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates. The Group manages interest rate risk through the use of derivative financial instruments such as interest rate caps or by issuing fixed rate debt. The table below shows the impact on the Group’s post tax loss if the interest rates increased or decreased by 1% (2022: 1%, 2021: 1%). 2023 2022 2021 $'000 $'000 $'000 Effect of 1% (2022 and 2021: 1%) increase on post tax loss 11,412 6,345 6,343 Effect of 1% (2022 and 2021: 1%) decrease on post tax loss (11,423) (6,846) (6,079) (c) Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. Credit risk is managed on a Group basis. The Group accounts for the write-off of a trade receivable when a specific customer is assessed to be uncollectible, based on a review of their specific trading circumstances, credit quality and continuing poor payment performance of the specific customer. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the end of the reporting period was: 2023 2022 $’000 $'000 Other receivables (note 19) 317,452 387,019 Derivative financial instrument assets (note 18) 2,105 6,121 Trade receivables (net) (note 19) 212,323 211,025 Cash and cash equivalents (note 20) 293,823 514,078 825,703 1,118,243 No impairment allowance is recorded at December 31, 2023 in respect of cash and cash equivalents and other receivables (2022: $Nil). Derivative financial instruments are carried at fair value through profit or loss. Any fair value gains or losses are recognized in profit or loss during the period. Credit ratings The Group works with approved banks and financial institutions which it believes are financially sound, including by reference to their external ratings. The credit ratings of the Group’s other receivables at December 31, 2023 and 2022 are based on publicly reported Fitch ratings: 2023 2022 $’000 $'000 Other receivables AAA 22,485 27,820 A — 63 B 259,702 335,600 Not rated 35,265 23,536 317,452 387,019 Refer to note 18 and note 20 for the credit ratings of derivative financial instrument assets and cash and cash equivalents respectively. The finance department assesses the credit quality of a customer, taking into account its financial position, past experience and other factors. The compliance with credit limits by customers is regularly monitored by line management. The Group utilizes data analysis and market knowledge to determine the concentration of its risks by reference to independent and internal ratings of customers. The assessment of the concentration risk is consistent with the overall risk appetite as established by the Group. The Group’s credit concentration is based on internal ratings. The finance department classifies customers as first tier and second tier customers based on sales revenue from each customer during the period. First tier customers are the two to five customers that contributed 80% and above of total revenue and represent the major mobile network operators in our markets while second tier customers are the customers that contributed 20% and below of total revenue and typically represent ISPs or mobile operators with smaller or regional network footprints. Internal Credit rating First tier Second tier Total $'000 $'000 $'000 2023 Accrued Revenue 86,683 99 86,782 Not due 57,540 4,031 61,571 0-30 days 17,632 2,240 19,872 31-60 days 15,072 4,532 19,604 61-90 days 1,128 4,213 5,341 Over 90 days 19,213 21,145 40,358 Gross trade receivables 197,268 36,260 233,528 Impairment allowance (8,647) (12,558) (21,205) Net trade receivables 188,621 23,702 212,323 Internal Credit rating First tier Second tier Total $'000 $'000 $'000 2022 Accrued Revenue 84,975 156 85,131 Not due 58,169 3,128 61,297 0-30 days 22,581 2,267 24,848 31-60 days 11,233 3,269 14,502 61-90 days 4,411 3,902 8,313 Over 90 days 11,748 30,551 42,299 Gross trade receivables 193,117 43,273 236,390 Impairment allowance (2,597) (22,768) (25,365) Net trade receivables 190,520 20,505 211,025 Impairment allowances, derived in accordance with the policy described in note 2.16.4, predominantly relate to provisions representing a significant proportion of the aged balances due from a small number of customers with poor payment history. The movement in the allowance for impairment in respect of trade receivables during the year was as follows: 2023 2022 2021 $'000 $'000 $'000 Opening balance 25,365 31,063 133,800 Increase/(decrease) in impairment provision 7,202 (4,446) (34,031) Written-off during the year (2,597) (312) (67,053) Foreign exchange (8,765) (940) (1,653) 21,205 25,365 31,063 (d) Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group has a clear focus on ensuring sufficient access to capital to finance growth and to refinance maturing debt obligations. As part of the liquidity management process, the Group has various credit arrangements with some banks which can be utilized to meet its liquidity requirements. At the end of the reporting period, the Group had $3.2 billion (2022: $3.1 billion, 2021: $2.7 billion) utilized of $3.7 billion (2022: $3.7 billion, 2021: $3.5 billion) credit facilities with its financiers. Typically, the credit terms with customers are more favorable compared to payment terms from its vendors in order to help provide sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The table below analyzes the Group’s financial liabilities including estimated interest payments and excluding the impact of netting agreements into relevant maturity groupings based on the remaining period from the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Within 1 year 2 - 3 years 4 - 5 years Over 5 years Total $'000 $'000 $'000 $'000 $'000 2023 Trade payables (note 21) 330,622 — — — 330,622 Other payables (note 21) 110,706 4,629 — — 115,335 Payroll and other related statutory liabilities (note 21) 46,282 — — — 46,282 Lease liabilities 101,709 193,434 180,895 705,421 1,181,459 Bank and bond borrowings 670,261 1,578,329 1,950,750 303,397 4,502,737 1,259,580 1,776,392 2,131,645 1,008,818 6,176,435 2022 Trade payables (note 21) 442,959 — — — 442,959 Other payables (note 21) 88,676 1,459 — — 90,135 Payroll and other related statutory liabilities (note 21) 45,331 — — — 45,331 Lease liabilities 92,417 179,930 168,231 667,954 1,108,532 Bank and bond borrowings 649,110 1,051,663 1,922,606 753,813 4,377,192 1,318,493 1,233,052 2,090,837 1,421,767 6,064,149 (e) The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the leverage ratio to optimize market pricing, such that Net Debt (loan principal outstanding less cash and cash equivalents) to Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted EBITDA) would be within a long term target leverage of 3.0x and 4.0x (2022: 3.0x and 4.0x, 2021: 3.0x and 4.0x), subject to various factors such as the availability and cost of capital and the potential long term return on our discretionary investments. We may fall outside of the target range in the shorter term to accommodate acquisitions, other restructurings or significant macro-economic changes. Segment Adjusted EBITDA as defined by the Group is 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, intangible assets excluding goodwill and related prepaid land rent on the decommissioning of sites, reversal of provision for decommissioning costs, 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. The Group’s net leverage ratios are shown in the table below: 2023 2022 * $’000 $'000 Bank and bond borrowings (note 22) 3,510,847 3,344,402 Lease liabilities (note 23) 601,994 605,558 Less: Cash and cash equivalents (note 20) (293,823) (514,078) Net debt 3,819,018 3,435,882 Segment Adjusted EBITDA 1,132,535 1,030,931 Management net leverage ratio 3.4x 3.3x *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. 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 table presents the Group’s financial instruments that are measured at fair value at December 31, 2023 and 2022. Level 1 Level 2 Total 2023 $'000 $'000 $'000 Fair value through other comprehensive income financial assets 13 — 13 Interest rate caps (note 18) — 565 565 Embedded options within listed bonds (note 18) — 1,540 1,540 Foreign exchange swaps (note 18) — (68,133) (68,133) 13 (66,028) (66,015) Level 1 Level 2 Total 2022 $'000 $'000 $'000 Fair value through other comprehensive income financial assets 10 — 10 Interest rate caps (note 18) — 821 821 Embedded options within listed bonds (note 18) — 5,300 5,300 Foreign exchange swaps (note 18) — (1,393) (1,393) 10 4,728 4,738 As at the end of the reporting period, the Group has level 1 and level 2 financial instruments. Financial instruments 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 investment in marketable securities and classified as fair value through other comprehensive income financial assets. Financial instruments 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 primarily of Non deliverable forwards (NDF), foreign exchange swaps and options embedded in the bonds. Their fair values are determined based on mark to market values provided by the counterparty financial institutions or valuation techniques using observable market data. Fair value estimation 2023 2022 Carrying Carrying value Fair value value Fair value Financial liabilities $'000 $'000 $'000 $'000 Bank and bond borrowings (note 22) 3,510,847 3,224,775 3,344,402 3,116,193 3,510,847 3,224,775 3,344,402 3,116,193 The fair values of non-current liabilities are based on discounted cash flows using a current borrowing rate. The fair value of current assets and current liabilities are not materially different from their carrying values. Financial instruments by category The Group’s financial instruments are categorized as follows: Financial assets Fair value through other Fair value Amortized comprehensive through profit cost income or loss Total $'000 $'000 $'000 $'000 2023 Trade receivables (note 19) 212,323 — — 212,323 Other receivables (note 19) 317,452 — — 317,452 Cash and cash equivalents (note 20) 293,823 — — 293,823 Fair value through other comprehensive income financial assets — 13 — 13 Derivative financial instruments assets (note 18) — — 2,105 2,105 823,598 13 2,105 825,716 2022 Trade receivables (note 19) 211,025 — — 211,025 Other receivables (note 19) 387,019 — — 387,019 Cash and cash equivalents (note 20) 514,078 — — 514,078 Fair value through other comprehensive income financial assets — 10 — 10 Derivative financial instruments assets (note 18) — — 6,121 6,121 1,112,122 10 6,121 1,118,253 Fair value through other comprehensive income financial assets (IFRS 9) are marketable securities in various financial institutions in Nigeria. Financial liabilities Fair value through profit Amortized cost or loss Total $'000 $'000 $'000 2023 Bank and bond borrowings (note 22) 3,510,847 — 3,510,847 Trade payables (note 21) 330,622 — 330,622 Other payables (note 21) 115,335 — 115,335 Derivative financial instruments liabilities (note 18) — 68,133 68,133 Lease liabilities (note 23) 601,994 — 601,994 4,558,798 68,133 4,626,931 2022 Bank and bond borrowings (note 22) 3,344,402 — 3,344,402 Trade payables (note 21) 442,959 — 442,959 Other payables (note 21) 90,135 — 90,135 Derivative financial instruments liabilities (note 18) — 1,393 1,393 Lease liabilities (note 23)* 605,558 — 605,558 4,483,054 1,393 4,484,447 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. The fair values of non-current liabilities are based on discounted cash flows using a current borrowing rate. The fair values of trade payable and other current liabilities are not materially different from carrying values. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment reporting | |
Segment reporting | 5. 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 major 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 reportable and operating segments: ● Nigeria ● SSA, which comprises operations in Cameroon, Côte d’Ivoire, Rwanda, South Africa and Zambia ● 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 leasing tower space for communication equipment and capacity leasing and services on fixed broadband networks to Mobile Network Operators (MNOs) and other customers (internet service providers, security functions or private corporations) and provide 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 (as defined in note 4(e)) 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 information 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, 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 information for the year ended December 31, 2023 is as follows: 2023 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 1,381,627 503,049 200,207 40,656 — 2,125,539 Segment Adjusted EBITDA (note 4(e)) 855,317 257,072 145,754 22,121 (147,729) 1,132,535 Depreciation and amortization (note 7 and 8) (435,586) Net gain on disposal of property, plant and equipment (note 8) 3,806 Insurance claims (note 9) 321 Impairment of withholding tax receivables in Nigeria (note 8) (47,992) Business combination costs (note 8) (2,432) Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) (87,696) Other costs (a) (19,017) Share‑based payment expense (note 8) (13,370) Finance income (note 10) 25,209 Finance costs (note 11) (2,436,511) Other non-operating income (note 9) 83 Loss before income tax (1,880,650) Additions of property, plant and equipment and intangible assets: - through business combinations — — — 8,566 - In the normal course of business 320,027 96,905 247,580 18,034 Segment assets 1,441,240 1,406,675 2,216,873 186,586 Segment liabilities 866,996 815,769 766,687 111,751 (a) Other costs for the year ended December 31, 2023 included one-off consulting fees related to corporate structures and operating systems of $10.6 million, one-off consulting services of $1.7 million, costs related to internal reorganization of $4.7 million and one-off professional fees related to financing of $0.3 million. Summarized financial information for the year ended December 31, 2022 is as follows: 2022 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 1,352,402 412,824 160,008 36,065 — 1,961,299 Segment Adjusted EBITDA (note 4(e))* 802,822 230,066 114,434 16,021 (132,412) 1,030,931 Depreciation and amortization (note 7 and 8)* (468,904) Net loss on disposal of property, plant and equipment (note 8) (3,382) Insurance claims (note 9) 2,092 Impairment of withholding tax receivables in Nigeria (note 8) (52,334) Impairment of Goodwill (note 8) (121,596) Business combination costs (note 8) (20,851) Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) (38,157) Other costs (a) (4,873) Share‑based payment expense (note 8) (13,265) Finance income (note 10) 15,825 Finance costs (note 11)* (872,049) Other non-operating income 2,584 Loss before income tax* (543,979) Additions of property, plant and equipment and intangible assets: - through business combinations* — 719,219 386,460 3,650 - In the normal course of business 400,430 101,154 135,069 23,532 Segment assets* 2,270,656 1,639,254 1,931,317 178,471 Segment liabilities* 935,387 912,875 555,885 109,087 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. (a) Other costs for the year ended December 31, 2022 included $2.3 million costs related to internal reorganization. Summarized financial information for the year ended December 31, 2021 is as follows: 2021 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 1,146,732 343,945 59,706 29,347 — 1,579,730 Segment Adjusted EBITDA (note 4(e)) 783,544 190,654 42,688 13,085 (103,575) 926,396 Depreciation and amortization (note 7 and 8) (382,882) Net gain on disposal of property, plant and equipment (note 8) 2,499 Insurance claims (note 9) 6,861 Impairment of withholding tax receivables in Nigeria (note 8) (61,810) Business combination costs (note 8) (15,779) Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) (51,113) Reversal of provision for decommissioning costs 2,671 Listing costs (22,153) Other costs (a) (15,752) Share‑based payment expense (note 8) (11,780) Finance income (note 10) 25,522 Finance costs (note 11) (422,034) Other non-operating income 11,213 Loss before income tax (8,141) Additions of property, plant and equipment and intangible assets: - through business combinations — — 468,535 — - In the normal course of business 318,971 56,291 103,338 20,725 Segment assets 2,038,376 1,024,347 1,453,729 173,888 Segment liabilities 745,944 494,236 393,090 100,947 (a) Other costs for the year ended December 31, 2021 included one-off professional costs related to financing of $15.1 million and aborted transaction costs of $0.7 million. Geographical information: The following countries in which the Group operates contribute material (10% or more) revenue based on mobile network operations and/or have material non-current assets in are as follows: 2023 2022 2021 $’000 $'000 $'000 Revenue Nigeria 1,381,627 1,352,402 1,146,732 Rest of world 743,912 608,897 432,998 2,125,539 1,961,299 1,579,730 Non ‑ current assets* Nigeria 898,264 1,597,989 1,572,774 Brazil 1,875,098 1,648,863 1,274,378 South Africa 493,651 652,492 ** — Rest of world 912,459 953,607 1,013,385 4,179,472 4,852,951 3,860,537 *Non-current assets exclude financial instruments, non-current trade and other receivables and deferred tax assets. **Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Revenue from two tier one customers represent approximately 10% or more of the Group’s total revenue: 2023 2022 2021 $’000 $'000 $'000 Customer A 60 % 62 % 66 % Customer B 17 % 17 % 14 % |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue. | |
Revenue | 6. The Group’s revenue accrues from providing telecommunication support services. The Group provides infrastructure sharing and leasing known as colocation (which includes colocation rental revenue and colocation services) and to a limited extent, managed services. 2023 2022 2021 $’000 $'000 $'000 Lease component 1,736,864 1,534,415 1,233,816 Services component 388,675 426,884 345,914 2,125,539 1,961,299 1,579,730 The following table shows unsatisfied performance obligations which represents the services component of future minimum receipts expected from customers under non-cancellable agreements in effect at December 31, as follows: 2023 2022 2021 $’000 $'000 $'000 Within one year 302,046 418,137 351,071 1-2 years 271,463 386,416 309,861 2-3 years 214,028 309,326 255,791 3-4 years 203,051 288,244 211,615 4-5 years 184,186 276,816 190,018 After 5 years 704,110 1,149,649 858,912 1,878,884 2,828,588 2,177,268 The Group leases space on its towers under leases over periods ranging between 5 and 20 years. The lease component of future minimum receipts expected from tenants under non-cancellable agreements in effect at December 31, were as follows: 2023 2022 2021 $’000 $'000 $'000 Within one year 1,597,832 1,589,439 1,284,692 1-2 years 1,311,962 1,478,221 1,177,665 2-3 years 1,236,565 1,194,924 1,083,942 3-4 years 1,197,965 1,136,303 847,224 4-5 years 1,129,060 1,098,901 749,839 After 5 years 3,980,847 4,008,713 2,703,888 10,454,231 10,506,501 7,847,250 Certain customer contracts allow for the cancellation of a proportion of sites during the contract term without payment of termination penalties. The minimum service and lease revenue in the tables above assumes that each customer will fully utilize this Churn available to them under the contract. Where rentals are denominated in US Dollar, which is not the functional currency of the subsidiary, they have been included in the above table at the exchange rate at the end of the reporting period. |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2023 | |
Cost of sales [abstract] | |
Cost of sales | 7. 2023 2022 * 2021 $'000 $'000 $'000 Power generation 396,714 419,151 267,044 Depreciation (note 14)** 373,889 411,579 330,799 Tower repairs and maintenance 96,258 90,126 74,523 Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent 87,696 38,157 51,113 Amortization (note 15) 44,618 42,050 34,051 Security services 42,512 43,448 36,132 Site regulatory permits 37,502 33,999 41,165 Staff costs (note 8.3) 33,149 33,229 26,323 Travel costs 9,700 5,343 7,155 Short-term site rental 8,613 14,111 11,165 Insurance 4,648 5,109 4,156 Professional fees 2,570 3,460 3,385 Short-term other rent 2,266 2,813 3,419 Vehicle maintenance and repairs 2,184 1,968 2,754 Other 40,987 12,458 14,204 1,183,306 1,157,001 907,388 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. **Presented net of related indirect tax receivable in Brazil of $1.3 million (2022: $0.9 million, 2021: $0.4 million). Refer to note 14 . Included in Other are $31.1 million (2022: $0.8 million, 2021: $Nil) in foreign exchange losses on cost of sales. |
Administrative expenses
Administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
Administrative expenses. | |
Administrative expenses | 8. 2023 2022 2021 $’000 $'000 $'000 Staff costs (note 8.3) 156,602 132,399 101,567 Professional fees 61,094 38,964 49,685 Impairment of withholding tax receivables* 47,992 52,334 61,810 Facilities, short-term rental and upkeep 43,616 34,203 23,210 Key management compensation (note 30.2) 18,508 21,703 25,642 Travel costs 14,124 15,535 8,654 Share-based payment expense (note 28) 13,370 13,265 11,780 Depreciation (note 14) 11,314 9,995 13,917 Amortization (note 15) 5,765 5,280 4,115 Business combination transaction costs 2,432 20,851 15,779 Impairment of goodwill — 121,596 — Operating taxes (1,005) 963 1,561 Net (gain)/loss on disposal of property, plant and equipment (3,806) 3,382 (2,499) Other 34,777 30,705 21,290 404,783 501,175 336,511 * Foreign exchange gains and losses on administrative expenses are included in Other. 8.1 The loss allowance for the year is $7.2 million (2022: reversal of loss allowance of $4.4 million, 2021: reversal of loss allowance of $34.0 million). This represents the net impact of new or increased provisions for balances now assessed as doubtful partially offset by the reversal of allowances made in previous periods in respect of balances recovered in the period or no longer considered doubtful. 8.2 2023 2022 2021 $’000 $'000 $'000 Salaries and wages 157,807 137,450 106,754 Other benefits 19,877 18,768 16,282 Share-based payment expense (note 28) 13,370 13,265 11,780 Pension contribution – employer 12,067 9,410 4,854 203,121 178,893 139,670 Other benefits are comprised of employee related insurances, employee training costs, staff entertainment and internal reorganization costs. 8.3 2023 2022 2021 $’000 $'000 $'000 Administrative expenses 169,972 145,664 113,347 Cost of sales 33,149 33,229 26,323 203,121 178,893 139,670 |
Other income
Other income | 12 Months Ended |
Dec. 31, 2023 | |
Other income. | |
Other income | 9. 2023 2022 2021 $’000 $'000 $'000 Insurance claims 321 2,092 6,861 Other income 83 2,584 11,648 404 4,676 18,509 Other income for the 2021 year mainly relates to the remeasurement of the liabilities for contingent consideration on the Skysites Acquisition and the IHS Kuwait Acquisition. |
Finance income
Finance income | 12 Months Ended |
Dec. 31, 2023 | |
Finance income. | |
Finance income | 10. 2023 2022 2021 $’000 $'000 $'000 Interest income - bank deposits 25,008 15,170 7,798 Net foreign exchange gain arising from derivative instruments - realized 38 655 9,889 Fair value gain on embedded options and interest rate caps 163 — 604 Fair value gain on embedded derivative within revenue contract — — 7,231 25,209 15,825 25,522 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Finance costs. | |
Finance costs | 11. 2023 2022 * 2021 $’000 $'000 $'000 Interest expenses - third party loans 362,381 256,208 174,876 Interest expenses - withholding tax paid on bond interest 13,439 12,197 4,404 Unwinding of discount on decommissioning liability 9,156 7,084 4,644 Interest and finance charges paid/payable for lease liabilities 61,617 52,234 32,826 Net foreign exchange loss arising from financing - unrealized 1,713,242 157,836 126,131 Net foreign exchange loss arising from financing - realized 162,944 206,329 43,422 Fair value loss on embedded options and interest rate caps 3,760 159,889 — Costs paid on early loan and bond settlement — — 18,171 Fees on loans and financial derivatives 17,821 18,673 13,663 Net foreign exchange loss on derivative instruments - unrealized 92,151 1,599 3,897 2,436,511 872,049 422,034 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. The increase in net foreign exchange loss arising from financing - unrealized in 2023 is primarily due to the significant devaluation in the exchange rate between the Naira and the US Dollar during the year (2022: net foreign exchange loss arising from financing - unrealized in 2022 is primarily due to significant fluctuations in exchange rates predominantly between the Kwacha and the US Dollar, the Naira and the US Dollar rate and the Brazilian Real and the US Dollar. 2021: predominantly from the Kwacha and US Dollar, the Naira and the US Dollar rate and the Brazilian Real and the US Dollar rate). This arises on commercial bank and intercompany loans denominated in US Dollars at subsidiary level as a result of loan revaluations in local functional currency at period ends. Refer to note 4(b) for further information. |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Expense | |
Income Tax Expense | 12. 2023 2022 * 2021 $’000 $'000 $'000 Current taxes: Current year 114,055 109,044 93,774 Prior years 375 (202) (2,082) Total current tax charge 114,430 108,842 91,692 Deferred income taxes (note 16): Current year (32,048) (183,495) (69,158) Prior years 25,146 (360) (4,554) Total deferred income tax credit (6,902) (183,855) (73,712) Total taxation charge/(credit) 107,528 (75,013) 17,980 Reconciliation of effective tax charge Loss before income tax (1,880,650) (543,979) (8,141) Tax calculated at domestic tax rates applicable to profits in respective countries (638,254) (193,643) (4,433) Tax effects of: Income not subject to taxation** (21,771) (6,687) (5,307) Expenses not deductible for tax purposes 89,958 75,197 35,191 Movement in deferred tax assets not recognized*** 633,448 79,477 74,084 Change in tax base**** 1,769 (74,291) (86,184) Prior year under/(over) provision***** 25,521 (562) 6,636 Goodwill impairment — 40,937 — Withholding tax on distributable profits 3,742 5,967 — Other profit‑related taxes — — 5,239 Effects of changes in tax rates (849) (4,845) (5,272) Non-deductible share-based payment expense — — 1,441 Movement in uncertain tax positions 9,524 6,501 (3,264) Foreign exchange effects and other differences 4,440 (3,064) (151) Total taxes 107,528 (75,013) 17,980 Current income tax receivables 3,755 1,174 128 Current income tax payables (75,612) (70,008) (68,834) (71,857) (68,834) (68,706) *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. **The adjusting item of $21.7 million relates to profits of the Global Independent Connect Limited subsidiary in Nigeria which are exempt from tax since this subsidiary benefits from pioneer status. ***The adjustment of $633.4 million for the year ended December 31, 2023 with regards to the movement in recognition of deferred tax assets, primarily relates to an adjusting item of $592.2 million for Nigeria. The largest component of the adjusting item for Nigeria is $562.1 million relating to an unrecognized deferred tax asset arising in the year as a result of unrealized foreign exchange losses on the devaluation of the Naira. Other movements in Nigeria include impairments of other deferred tax assets arising in the year ($124.3 million) and an offsetting recognition of capital allowances previously impaired ($94.3 million). There are also movements of unrecognized deferred tax assets which are not recognized in the UK ($28.8 million relating to finance costs and expenses of management) and South Africa ($19.3 million with respect to a capital loss). These amounts have been treated as unrecognized due to a lack of certainty that the amounts are recoverable. ****Effect of change in tax base of assets in Brazil following the legal merger of acquired businesses and group holding entities in 2023, 2022 and 2021. *****During the year the Group derecognized deferred tax assets amounting to $20.6 million as a result of obtaining greater clarity on the treatment of certain expenses arising in 2022 with respect to Brazil. For the years ended December 31, 2023 and 2022, the statutory rates for the largest markets by turnover are: Nigeria 33.0% and 32.5%, respectively, (due to a combination of corporate income tax and education tax) and Brazil 34.0% and 34.0%, respectively, (due to a combination of corporate income tax and social contribution on income taxes). The statutory tax rates in other markets range from 15.0% to 35.0% in 2023 (15.0% to 40.0% in 2022). The movement in the current income tax is as follows: At beginning of year (68,834) (68,706) (48,703) Additions through business combination — — (3,434) Charged to profit or loss (114,430) (108,842) (91,692) Paid during the year 45,411 51,245 29,147 Withholding tax netting off 57,565 54,878 45,849 Exchange difference 8,431 2,591 127 At end of year (71,857) (68,834) (68,706) Deferred income tax assets are recognized for deductible temporary differences and tax losses carried forward only to the extent that the realization of the related tax benefits are expected to be met through the reversal of taxable temporary differences and future taxable profits. Refer to note 16 for deferred income tax. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Loss per share | 13. The following table sets forth basic and diluted net income per common share computational data (in thousands, except per share data): 2023 2022 * 2021 Loss attributable to equity holders ($'000) (1,988,178) (468,966) (26,121) Less: allocation of loss to non-controlling interest ($'000) (11,569) (9,959) (289) Loss attributable to IHS common shareholders ($'000) (1,976,609) (459,007) (25,832) Basic weighted average shares outstanding (‘000)** 333,176 330,963 301,185 Potentially dilutive securities (‘000)** 1,980 5,083 20,323 Potentially dilutive weighted average common shares outstanding (‘000)** 335,156 336,046 321,508 Loss per share: Basic loss per share ($) (5.93) (1.39) (0.09) Diluted loss per share ($) (5.93) (1.39) (0.09) *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. **On October 13, 2021 all of the outstanding Class A and Class B shares of the Company were exchanged on a 500 to 1 basis for ordinary shares. The loss per share is based on the new number of shares. The comparatives have also been adjusted. Refer to note 25 for further information. Potentially dilutive securities represent share-based compensation, but these securities are currently anti-dilutive and thus do not impact diluted loss per share . |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment. | |
Property, plant and equipment | 14. Total Towers Furniture and Capital (excluding Right- and tower Fiber Land and office Motor work in right-of-use of-use equipment assets buildings equipment vehicles progress asset) asset $’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 (note 31)*** 77,142 233,809 968 93 — 5,495 317,507 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) (14,222) (3,072) (1,038) (877) (8,438) (171,004) (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 year**** (20,994) 70,905 1,489 7,453 6,961 350,512 416,326 100,832 Additions through business combinations (note 31)***/***** 266,110 — 885 — — — 266,995 478,602 Reclassification 176,625 10,991 1,992 4,231 — (193,839) — — Transfer from advance payments 100,578 16,412 6,754 33 — 2,008 125,785 — Disposals* (239,350) — — (459) (1,286) — (241,095) (17,755) Effects of movement in exchange rates***** (150,930) 15,184 (3,802) (1,148) (1,856) (17,876) (160,428) (47,003) At December 31, 2022***** 2,961,567 364,182 63,586 32,308 27,277 287,158 3,736,078 1,165,180 At January 1, 2023 2,961,567 364,182 63,586 32,308 27,277 287,158 3,736,078 1,165,180 Additions during the year**** 64,165 32,293 3,017 3,775 4,481 351,362 459,093 123,281 Additions through business combinations (note 31)*** 5,576 — — — — — 5,576 — Reclassification 208,363 81,929 5,210 (2,300) 337 (293,539) — — Transfer from advance payments 67,978 2,529 2,164 — — 16,643 89,314 — Disposals* (122,022) (35,575) — (1,743) (2,216) — (161,556) (52,271) Effects of movement in exchange rates (880,175) 3,431 (34,697) (7,589) (10,497) (148,759) (1,078,286) (117,853) Reclassified to assets held for sale (111,551) — — (52) — (127) (111,730) (1,347) At December 31, 2023 2,193,901 448,789 39,280 24,399 19,382 212,738 2,938,489 1,116,990 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/(reversal of 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 year** 268,999 54,152 315 5,800 4,610 — 333,876 88,615 Impairment 34,702 201 — — — — 34,903 3,151 Disposals* (234,117) — — (301) (1,272) — (235,690) (13,237) Effects of movement in exchange rates***** (83,573) (675) (119) (1,219) (1,100) — (86,686) (8,221) At December 31, 2022***** 1,561,326 59,032 1,833 21,437 17,009 — 1,660,637 200,161 At January 1, 2023 1,561,326 59,032 1,833 21,437 17,009 — 1,660,637 200,161 Charge for the year** 216,776 65,246 358 4,173 4,017 — 290,570 95,895 Impairment 85,567 464 — — — — 86,031 1,663 Disposals* (120,503) (34,506) — (1,723) (2,141) — (158,873) (23,920) Effects of movement in exchange rates (587,037) 6,143 (958) (4,826) (6,135) — (592,813) (43,018) Reclassified to assets held for sale (87,290) — — (8) — — (87,298) (700) At December 31, 2023 1,068,839 96,379 1,233 19,053 12,750 — 1,198,254 230,081 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 December 31, 2022*** 1,400,241 305,150 61,753 10,871 10,268 287,158 2,075,441 965,019 At December 31, 2023 1,125,062 352,410 38,047 5,346 6,632 212,738 1,740,235 886,909 *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 consolidated statement of income/(loss) and other comprehensive income/(loss) due to the indirect taxes benefit of $1.3 million (2022: $0.9 million, 2021: $0.4 million) in IHS Brasil Cessão de Infraestruturas S.A. claimed through depreciation over the useful life of the asset. ***Includes subsequent asset acquisitions on business combination transactions. ****Includes net movements in assets relating to the decommissioning and site restoration provision. *****Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. 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 impairment in the year ended December 31, 2023 includes $71.0 million from power equipment assets in the SSA segment being classified as assets held for sale and remeasured at fair value less cost to sell. The sale of the assets is expected to be concluded within the next 12 months. Assets are not depreciated while they are classified as held for sale. The impairment in the year ended December 31, 2022 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 nil 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 and other comprehensive income/(loss). The impairment in the year ended December 31, 2021 relates to towers on certain sites made dormant following the consolidation of customer equipment between sites, such towers being no longer in use and with no installed customer equipment. (i) Depreciation expense has been included in cost of sales and administrative expenses in the statement of income and other comprehensive income as below: 2023 2022 * 2021 $'000 $'000 $'000 Cost of sales (note 7) 373,889 411,579 330,799 Administrative expense (note 8) 11,314 9,995 13,917 385,203 421,574 344,716 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. (ii) Analysis of right of use assets The carrying value of right of use assets at December 31, 2023 are comprised of vehicles of $2.4 million (2022: $3.5 million, 2021: $1.8 million) and land and building assets, the majority being leased land on which our towers are situated. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
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 156,817 191,332 38,205 — 1,035 387,389 Disposals — — — (18) (723) (741) Exchange difference (33,177) (46,002) (4,555) (1,217) (514) (85,465) 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 year — — — 14,772 6,413 21,185 Additions through business combinations (note 31)*/*** 119,035 171,765 72,932 — — 363,732 Disposals — — — (4) (395) (399) Exchange difference*** (13,543) (18,163) (4,844) (1,886) (572) (39,008) At December 31, 2022*** 885,639 1,031,366 175,290 30,588 29,244 2,152,127 At January 1, 2023 885,639 1,031,366 175,290 30,588 29,244 2,152,127 Additions during the year — — — 3,007 12,110 15,117 Additions through business combinations (note 31) — 2,224 766 — — 2,990 Disposals — (16,219) (1,758) (117) (14,928) (33,022) Exchange difference (134,613) (119,291) (13,619) (45) (4,670) (272,238) Reclassified to assets held for sale — — — — (271) (271) At December 31, 2023 751,026 898,080 160,679 33,433 21,485 1,864,703 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) Exchange difference — (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 year — 36,169 6,936 2,598 1,627 47,330 Impairment charge for the year** 121,596 — — — — 121,596 Disposals — — — (4) (394) (398) Exchange difference 404 (8,335) (1,245) (395) (313) (9,884) At December 31, 2022 122,251 159,402 27,576 9,076 21,331 339,636 At January 1, 2023 122,251 159,402 27,576 9,076 21,331 339,636 Charge for the year — 34,044 7,217 6,288 2,834 50,383 Disposals — (16,219) (1,758) (117) (13,328) (31,422) Exchange difference 9,477 (43,850) (7,335) 351 (4,827) (46,184) Reclassified to assets held for sale — — — — (38) (38) At December 31, 2023 131,728 133,377 25,700 15,598 5,972 312,375 Net book value At December 31, 2021 779,896 746,196 85,317 10,829 3,387 1,625,625 At December 31, 2022*** 763,388 871,964 147,714 21,512 7,913 1,812,491 At December 31, 2023 619,298 764,703 134,979 17,835 15,513 1,552,328 *Includes subsequent asset acquisitions on business combination transactions. **The carrying amount of the IHS Latam tower businesses group of CGUs was reduced to its recoverable amount as at December 31, 2022 through the recognition of an impairment loss against goodwill. This loss is included in administrative expenses in the statement of profit or loss. ***Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Network related intangible assets represent future income from leasing excess tower capacity to new tenants. Customer related intangible assets represent customer contracts and relationships. Amortization expense has been included in cost of sales and administrative expenses in the statement of income and other comprehensive income: 2023 2022 2021 $’000 $'000 $'000 Cost of sales (note 7) 44,618 42,050 34,051 Administrative expenses (note 8) 5,765 5,280 4,115 50,383 47,330 38,166 15.1 Management reviews the business performance based on the geographical location of business. It has identified IHS Nigeria Limited, INT Towers Limited, IHS Towers NG Limited, IHS Cameroon S.A., IHS Côte d’Ivoire S.A., IHS Rwanda Limited, IHS Zambia Limited, IHS Kuwait Limited, IHS South Africa Proprietary Limited, the IHS Latam tower businesses and I-Systems Soluções de Infraestrutura S.A. (“I-Systems”) as the main CGUs/Group of CGUs relevant for the allocation of goodwill. During 2023, the three CGUs in Nigeria were grouped together for purpose of impairment testing, as this reflects the level at which management reviews performance and manages its operations in the region. This group of CGUs is identified as IHS Nigeria. IHS Nigeria group of CGUs relate to the Nigeria operating segment, IHS Cameroon S.A, IHS Côte d’Ivoire S.A, IHS Zambia Limited, IHS South Africa Proprietary Limited and IHS Rwanda Limited CGUs related to the SSA operating segment, IHS Kuwait Limited CGU related to the MENA operating segment, and the IHS Latam tower businesses group of CGUs and the I-Systems CGU relate to the Latam operating segment. Goodwill is monitored by management at a CGU/group of CGU level as noted above. The following is a summary of goodwill allocation for each CGU. Effects of movements in Opening Additions through and exchange rates Closing balance business combinations Impairment other movements balance $'000 $'000 $'000 $'000 $'000 2023 IHS Nigeria 299,457 — — (147,730) 151,727 IHS Cameroon S.A. 41,741 — — 1,547 43,288 IHS Côte d’Ivoire S.A. 20,701 — — 767 21,468 IHS Zambia Limited 46,718 — — (13,901) 32,817 IHS Rwanda Limited 11,186 — — (1,682) 9,504 IHS Kuwait Limited 12,223 — — (12) 12,211 IHS South Africa Proprietary Limited 58,832 — — (4,418) 54,414 IHS Latam tower businesses 187,572 — — 14,957 202,529 I-Systems 84,958 — — 6,382 91,340 763,388 — — (144,090) 619,298 2022 IHS Nigeria Limited 59,768 — — (3,432) 56,336 INT Towers Limited 214,775 — — (12,316) 202,459 IHS Towers NG Limited 43,138 — — (2,476) 40,662 IHS Cameroon S.A. 44,388 — — (2,647) 41,741 IHS Côte d’Ivoire S.A. 22,012 — — (1,311) 20,701 IHS Zambia Limited 50,709 — — (3,991) 46,718 IHS Rwanda Limited 11,867 — — (681) 11,186 IHS Kuwait Limited 12,369 — — (146) 12,223 IHS South Africa Proprietary Limited* — 64,394 — (5,562) 58,832 IHS Latam tower businesses 241,451 54,641 (121,596) 13,076 187,572 I-Systems 79,419 — — 5,539 84,958 779,896 119,035 (121,596) (13,947) 763,388 2021 IHS Nigeria Limited 63,374 — — (3,606) 59,768 INT Towers Limited 227,715 — — (12,940) 214,775 IHS Towers NG Limited 45,741 — — (2,603) 43,138 IHS Cameroon S.A. 48,170 — — (3,782) 44,388 IHS Côte d’Ivoire S.A. 23,888 — — (1,876) 22,012 IHS Zambia Limited 39,907 — — 10,802 50,709 IHS Rwanda Limited 12,319 — — (452) 11,867 IHS Kuwait Limited 13,142 — — (773) 12,369 IHS Latam tower businesses 182,000 75,034 — (15,583) 241,451 I-Systems — 81,783 — (2,364) 79,419 656,256 156,817 — (33,177) 779,896 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. The recoverable amount of each CGU, except for the IHS Latam tower businesses group of CGUs and the I-Systems CGU, was determined based on value in use calculations. The recoverable amount of the IHS Latam tower businesses group of CGUs and the I-Systems CGU was determined based on fair value less costs of disposal. (a) These calculations used pre-tax local currency cash flow projections based on the financial budgets approved by management covering a five-year period. Within the five-year period, revenue growth assumptions are based on past experience and expected future developments in the Group’s CGUs. Cash flows beyond the five-year period were valued using the estimated terminal growth rates stated below. The key assumptions to which the value-in-use calculations are most sensitive are: ● Revenue growth assumptions (taking into account tenancy ratios), and the direct effect these have on gross profit margins in the five-year forecast period; ● pre-tax weighted average cost of capital; ● gross margins; and ● terminal growth rates. Pre-tax weighted average cost Terminal Tenancy Gross margins excluding depreciation & of capital growth rate Ratio * amortization * 2023 IHS Nigeria 29.5 % 4.0 % 4.05 x - 8.32 x 54.4 % - 75.5 % IHS Cameroon S.A. 14.1 % 4.0 % 2.64 x - 2.94 x 55.0 % - 59.2 % IHS Côte d’Ivoire S.A. 10.8 % 4.0 % 3.40 x - 4.04 x 48.9 % - 56.7 % IHS Zambia Limited 26.4 % 4.0 % 2.63 x - 3.11 x 64.0 % - 70.2 % IHS Rwanda Limited 17.1 % 4.0 % 1.69 x - 2.58 x 66.1 % - 72.6 % IHS South Africa Proprietary Limited 15.1 % 4.0 % 1.40 x - 2.94 x 42.5 % - 50.3 % IHS Kuwait Limited 7.6 % 2.8 % 1.01 x - 2.00 x 63.6 % - 71.8 % 2022 IHS Nigeria Limited 24.4 % 3.2 % 3.76 x - 7.74 x 62.5 % - 78.7 % INT Towers Limited 25.4 % 3.2 % 3.93 x - 4.79 x 61.7 % - 74.0 % IHS Towers NG Limited 24.9 % 3.2 % 3.65 x - 4.73 x 65.3 % - 72.3 % IHS Cameroon S.A. 13.7 % 4.0 % 2.56 x - 3.10 x 56.6 % - 65.5 % IHS Côte d’Ivoire S.A. 11.0 % 4.0 % 3.35 x - 4.00 x 54.8 % - 61.5 % IHS Zambia Limited 30.2 % 4.0 % 2.61 x - 3.24 x 65.4 % - 72.8 % IHS Rwanda Limited 18.1 % 4.0 % 2.04 x - 2.64 x 69.0 % - 73.2 % IHS South Africa Proprietary Limited 13.9 % 3.3 % 1.25 x - 2.28 x 42.9 % - 66.4 % IHS Kuwait Limited 6.3 % 3.6 % 1.01 x - 1.53 x 56.6 % - 62.6 % 2021 IHS Nigeria Limited 16.1 % 2.7 % 3.32 x - 5.18 x 64.2 % - 79.7 % INT Towers Limited 16.0 % 2.7 % 3.56 x - 4.98 x 67.4 % - 74.9 % IHS Towers NG Limited 16.5 % 2.7 % 3.63 x - 4.44 x 52.3 % - 63.1 % IHS Cameroon S.A. 12.1 % 3.2 % 2.37 x - 2.89 x 57.8 % - 64.6 % IHS Côte d’Ivoire S.A. 9.8 % 3.2 % 3.45 x - 4.46 x 53.8 % - 63.5 % IHS Zambia Limited 24.1 % 2.0 % 2.40 x - 3.30 x 65.2 % - 74.6 % IHS Rwanda Limited 15.5 % 3.2 % 2.04 x - 2.97 x 67.0 % - 73.3 % IHS Kuwait Limited 6.0 % 2.9 % 1.00 x - 1.46 x 52.4 % - 64.9 % *Tenancy ratios and gross margins (excluding depreciation & amortization) disclosed are for the forecast period 2024 – 2028. The tenancy ratios refer to the average number of tenants plus lease amendments (also including extra power and space) per tower that is owned or operated across a tower portfolio at a given point in time. Management has considered and assessed reasonably possible changes for key assumptions on all markets. Any one of the following changes in assumptions could represent a reasonably possible scenario: - 1% increase in the post-tax discount rate - 1% decrease in the terminal growth rate - 50% decrease in tenancy growth - 10% decrease in gross margin CGUs that will have an impairment due to any of the individual reasonably possible change scenarios listed above are as follows: 1% increase 1% decrease 50% decrease 10% decrease in post-tax in terminal in tenancy in gross discount rate growth rate growth margin $'000 $'000 $'000 $'000 2023 IHS Zambia Limited — — — 8,505 2022 IHS South Africa Proprietary Limited 68,724 45,732 155,908 77,017 The changes that would cause an impairment for the other CGUs are set out below: Sensitivity analysis IHS Cameroon IHS Côte IHS Rwanda IHS South Africa IHS Kuwait IHS Nigeria S.A. d’Ivoire S.A. Limited Proprietary Limited Limited % Rise in discount rate Increase by 47.3pp Increase by 4.7pp Increase by 6.4pp Increase by 11.7pp Increase by 3.1pp Increase by 7.3pp Decrease in tenancy ratio Decrease by an average of 1.36 x over 4 years Decrease by an average of 0.39 x over 4 years Decrease by an average of 0.80 x over 4 years Decrease by an average of 0.52 x over 4 years Decrease by an average of 0.40 x over 4 years Decrease by an average of 0.67 x over 4 years Gross margin (excluding depreciation and amortization) Decrease by an average of 19.80 x over 4 years Decrease by an average of 10.0 pp over 4 years Decrease by an average of 15.4 pp over 4 years Decrease by an average of 19.9 pp over 4 years Decrease by an average of 8.4 pp over 4 years Decrease by an average of 33.2 pp over 4 years Decrease in terminal growth rate Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% (b) The recoverable amounts of the IHS Latam tower businesses group of CGUs and the I-Systems CGU were based on fair value less costs of disposal. Fair value less costs of disposal is determined on the basis of the income approach, discounting estimated future net local currency cash flows that reflects current market expectations (Level 3). The key assumptions to which the fair value less costs of disposal calculation for the Latam tower businesses are most sensitive are: ● revenue growth assumptions (taking into account tenancy growth) and the direct effect these have on gross profit margins in the ten-year forecast period for the IHS Latam tower businesses group of CGUs; ● revenue growth assumptions (including homes connected) and the direct effect these have on gross profit margins in the ten-year forecast period for the I-Systems CGU; ● discount rates (being post-tax weighted average cost of capital); ● estimated costs of disposal based on management’s experience of previously completed business combinations; and ● terminal growth rates. Discount rate Terminal growth rate Tenancy growth* Homes connected Cost of disposal 2023 IHS Latam tower businesses 11.0 % 4.4 % 6.4 % n.a 0.5 % I-Systems 10.7 % 4.4 % n.a 1 million - 3.1 million 0.5 % 2022 IHS Latam tower businesses 10.1 % 4.1 % 9.8 % n.a 0.5 % I-Systems 9.6 % 4.3 % n.a 1 million - 3.6 million 0.5 % *Tenancy growth disclosed is for the average annual growth rate for tenancies over the forecast period 2024 – 2033. An impairment loss of $Nil (2022: $121.6 million) was recognized in the IHS Latam Tower business group of CGUs due to macroeconomic conditions which have deteriorated over the last year, increasing the discount rate, and a reduction in the cash flows in the outer years of the forecast used for impairment testing. Management has determined the reasonably possible changes in key assumptions as follows: - 1% increase in the post-tax discount rate - 1% decrease in the terminal growth rate - 15% decrease in tenancy growth - 15% decrease in growth in homes connected For the Latam Towers businesses group of CGUs these reasonably possible change scenarios would individually result in an impairment charge (2022: individually increase the impairment charge) as follows: 1% increase 1% decrease 15% decrease in post tax in terminal in tenancy discount rate growth rate growth $'000 $'000 $'000 2023 IHS Latam Towers businesses 139,955 71,817 88,368 2022 IHS Latam Towers businesses 174,000 108,000 113,000 For the I-Systems CGU management has concluded that no reasonably possible scenario could give rise to an impairment. |
Deferred income tax
Deferred income tax | 12 Months Ended |
Dec. 31, 2023 | |
Deferred income tax | |
Deferred income tax | 16. 2023 2022 * $’000 $'000 Deferred income tax assets 63,786 78,369 Deferred income tax liabilities (137,106) (183,518) Net deferred tax liabilities (73,320) (105,149) Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority and are classified on a net basis within either deferred tax assets or deferred tax liabilities. These net country amounts are aggregated according to their asset or liability position and presented as then aggregated in the statement of financial position: 2023 2022 * $’000 $'000 Deferred income tax assets Property, plant and equipment** (4,807) (7,137) Intangible assets 23,386 20,313 Provisions** 3,490 14,574 Tax losses 30,668 28,443 Right of use asset** (73,400) (53,820) Lease liability** 84,886 65,419 Other** (437) 10,577 Total 63,786 78,369 2023 2022 * $'000 $'000 Deferred income tax liabilities Property, plant and equipment** (107,444) (165,602) Intangible assets (168,133) (197,932) Provisions** 46,734 57,075 Unrealized derivative income 20,194 (337) Timing differences on loans 4,100 19,071 Unrealized foreign exchange 14,719 12,150 Tax losses 21,676 11,164 Unutilized capital allowances 30,085 79,110 Right of use asset** (42,299) (81,987) Lease liability** 49,676 88,255 Other** (6,414) (4,485) Total (137,106) (183,518) The Group recognizes deferred tax assets to the extent that it is probable that sufficient future taxable profits will arise against which these deductible temporary differences can be utilized. As of December 31, 2023, a net deferred tax asset of $57.9 million has been recognized with respect to the Brazil tower business, which includes tax losses and other deductible temporary differences. The Group has performed an assessment of recovery of deferred tax assets for this entity using forecasted future taxable profits and considers that it is probable that sufficient future taxable profits will arise against which these losses and deductible temporary differences can be utilized. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. Other including Provisions/ Unrealized Property, share ‑ based exchange plant and payments Intangible Loans and differences Right of use Lease equipment ** obligation ** assets derivatives /tax losses ** asset ** liability ** Total Net deferred income tax $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 At January 1, 2021 (168,784) 81,846 (191,887) (26,054) 135,529 (136,986) 142,595 (163,741) Additions through business combinations (6,065) — (73,330) — — — — (79,395) Tax (charge)/income (2,185) (7,659) 85,254 9,295 (11,895) (11,368) 12,274 73,716 Effects of movement in exchange rates 11,014 (4,759) 13,806 1,874 (10,181) 9,508 (9,897) 11,365 At December 31, 2021 (166,020) 69,428 (166,157) (14,885) 113,453 (138,846) 144,972 (158,055) At January 1, 2022 (166,020) 69,428 (166,157) (14,885) 113,453 (138,846) 144,972 (158,055) Additions through business combinations (note 31)* (61,184) — (76,680) — — — — (137,864) Tax income* 49,634 3,859 59,702 33,127 26,044 8,752 2,737 183,855 Effects of movement in exchange rates* 4,831 (1,638) 5,516 492 (2,538) (5,713) 5,965 6,915 At December 31, 2022 (172,739) 71,649 (177,619) 18,734 136,959 (135,807) 153,674 (105,149) At January 1, 2023 (172,739) 71,649 (177,619) 18,734 136,959 (135,807) 153,674 (105,149) Additions through business combinations (note 31) — — — — — — — — Tax income/(charge) 24,045 (8,943) (9,239) 10,002 (14,195) (12,090) 17,322 6,902 Effects of movement in exchange rates 36,443 (12,482) 42,111 (4,442) (32,467) 32,198 (36,434) 24,927 At December 31, 2023 (112,251) 50,224 (144,747) 24,294 90,297 (115,699) 134,562 (73,320) *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. **Re-presented following adoption of IAS 12. Refer to note 2.1.1 above for further information. Deferred income tax assets are recognized for deductible temporary differences and tax losses carried forward only to the extent that the realization of the related tax benefits are expected to be met through the reversal of taxable temporary differences and future taxable profits. The Group has $2.4 billion (2022: $1.8 billion, 2021: $1.8 billion) in deductible temporary differences for which no deferred tax is recognized. The amounts due to expire primarily relate to excess finance costs in Nigeria. Amounts due to expire on December 31, 2024, December 31, 2025, December 31, 2026 and December 31, 2027, respectively, are as follows: $91.1 million (2022: $222.3 million, 2021: $230.9 million), $138.9 million (2022: $180.0 million, 2021: $191.0 million), $63.6 million (2022: $274.3 million, 2021: $298.1) and $39.4 million (2022: $99.4 million, 2021: $Nil). As of December 31, 2023, 2022 and 2021, there were $6.5 million, $122.2 million and $104.9 million, respectively, of temporary differences associated with undistributed earnings of subsidiaries, of which deferred tax liabilities have not been recognized. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Inventories | 17. 2023 2022 $'000 $'000 Stock of materials 40,589 74,216 Inventories are measured at lower of cost and net realizable value. Diesel is held at cost and consumables are held at cost less provision for obsolescence. During the year, an inventory write-down expense of $0.4 million was recognized (2022: $1.7 million, 2021: $0.1 million). The value of inventory recognized as an expense during the year is $321.4 million (2022: $371.8 million, 2021: $267.5 million). |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative financial instruments | |
Derivative financial instruments | 18. 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 loss and other comprehensive income/(loss). The related net foreign exchange gain/(loss) is included in finance income (note 10) and finance costs (note 11). The underlying contractual notional amount for the derivative instruments is as follows, as of December 31, of each of the following years: 2023 2022 $'000 $'000 Derivative instruments Foreign exchange swaps* 125,000 160,448 Embedded options within listed bonds 1,940,000 1,940,000 2,065,000 2,100,448 *Note that these foreign exchange swaps are expected to be settled in the next 12 months from December 31, 2023. The fair value balances are as follows: 2023 2022 $'000 $'000 Derivative instruments Foreign exchange swaps (68,133) (1,393) Interest rate caps 565 821 Embedded options within listed bonds 1,540 5,300 (66,028) 4,728 The change in fair value of the derivative instruments has been recorded in the statement of loss and other comprehensive income/(loss) as follows: 2023 2022 2021 $'000 $'000 $'000 Derivative instruments Foreign exchange swaps/non‑deliverable forwards (92,151) (1,599) (3,897) Interest rate caps 163 (89) — Embedded options within listed bonds (3,760) (159,889) 604 Embedded options within revenue contracts — — 7,231 (95,748) (161,577) 3,938 The credit ratings of the Group’s derivative financial instrument assets at December 31, 2023 and 2022 based on publicly reported Fitch ratings were: 2023 2022 $'000 $'000 Derivative financial instrument assets Not rated 2,105 6,121 2,105 6,121 Refer to note 4(a) for further information on the derivative financial instruments. Reconciliation of movements 2023 2022 $'000 $'000 Foreign exchange swaps/non-deliverable forwards Opening balance (1,393) (3,771) Fair value loss (unrealized foreign exchange on open contracts) (92,151) (1,599) Foreign exchange gain 25,831 780 Cash flow on settlement (420) 3,197 (68,133) (1,393) |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables | |
Trade and other receivables | 19. 2023 2022 $’000 $'000 Current Trade receivables 233,528 236,390 Less: impairment provisions (21,205) (25,365) Net trade receivables* 212,323 211,025 Other receivables** 317,452 387,019 Prepaid land rent 1,016 1,030 Other prepaid expenses 29,979 26,820 Advance payments 33,364 22,076 Withholding tax receivables 1,362 1,201 VAT receivables 12,339 14,296 607,835 663,467 Non-current Accrued income and lease incentive 71,891 35,321 Other tax receivables 7,116 5,945 Payment in advance for property, plant and equipment 61,874 83,118 Contingent consideration receivable*** 6,411 5,963 147,292 130,347 *The fair value is equal to their carrying amount. **Included in other receivables are short-term fixed deposits which are not classified as cash and cash equivalents as it exceeds the three-month maturity period. ***Receivable on the I-Systems Soluções de Infraestrutura S.A. acquisition. The balance increased since acquisition due to foreign exchange movements. Included in trade receivables is $84.9 million (2022: $86.2 million, 2021: $103.4 million) relating to accrued revenue of which $19.5 million (2022: $17.7 million, 2021: $22.2 million) relates to contract assets, with the remainder being accrued lease rental income. Payment in advance for property, plant and equipment relates to the future supply of tower and tower equipment and fiber assets. All non-current receivables are due within twenty years from the end of the reporting period. All current trade and other receivables are due within 12 months from the end of the reporting period. The Group does not secure any collateral for its trade receivables. Refer to note 4 (c) for further information on trade and other receivables. Prepaid land rent is capitalized to the right of use asset insofar as it relates to leases accounted for under IFRS 16. The prepaid land rent for leases that are exempt from being accounted for under IFRS 16 under the Group’s accounting policy are accounted for as short-term prepayments. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 20. 2023 2022 $’000 $'000 Cash at bank 293,823 514,078 Cash and cash equivalents 293,823 514,078 The credit ratings of the Group’s principal banking partners at December 31, 2023 and 2022 based on publicly reported Fitch ratings as shown below. The Group regularly monitors its credit risk with banking partners and did not incur any losses during 2023 and 2022 as a result of bank failures. 2023 2022 $’000 $'000 Cash and cash equivalents AAA (F1+) 16,030 20,916 AA 2 — A+ 15,686 22,790 A (F1) 67,505 244,483 A- 216 — BBB+ 15,889 506 BBB- 88 115 B+ 7,611 — B 169,517 217,335 B- — 7,242 Not rated 1,279 691 293,823 514,078 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables. | |
Trade and other payables | 21. 2023 2022 $’000 $'000 Current Trade payables 330,622 442,959 Deferred revenue 41,462 86,363 Withholding tax payable 3,555 5,820 Payroll and other related statutory liabilities 46,282 45,331 VAT payables 37,829 51,103 Other payables 72,877 37,573 532,627 669,149 Non-current Other payables 4,629 1,459 4,629 1,459 Included in deferred revenue is $7.9 million (2022: $22.9 million, 2021: $2.8 million) which relates to contract liabilities. The contract liabilities relating to December 31, 2022 were fully recognized in revenue during the year end December 31, 2023. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings. | |
Borrowings | 22. 2023 2022 $’000 $'000 Non-current Senior Notes 1,930,457 1,920,783 Bank borrowings 1,126,239 985,505 3,056,696 2,906,288 Current Senior Notes 26,912 27,060 Bank borrowings 107,110 213,576 Bank overdraft 675 — Letters of credit 319,454 197,478 454,151 438,114 Total borrowings 3,510,847 3,344,402 Reconciliation of cash and non-cash changes 2023 2022 2021 $’000 $’000 $’000 Opening balance – January 1 3,344,402 2,609,090 2,203,209 Additions through business combination — — 6,457 Interest expense (note 11) 362,381 256,208 174,876 Interest paid (299,029) (234,567) (168,285) Bank loans and bond proceeds received (net of transaction costs) 985,992 1,263,272 1,076,063 Bank loans and bonds repaid (689,940) (506,504) (653,504) Bank overdraft 612 — 3,208 Other transaction costs (19,441) (19,911) (38,597) Foreign exchange and other movements (174,130) (23,186) 5,663 Closing balance – December 31 3,510,847 3,344,402 2,609,090 22.1 Debt is made up of the following: 2023 2022 Currency Maturity date Interest rate $’000 $’000 Senior Notes IHS Holding Limited US Dollar 2026 5.63 % 498,920 497,861 IHS Holding Limited US Dollar 2028 6.25 % 498,635 497,979 IHS Netherlands Holdco B.V. US Dollar 2027 8.00 % 959,814 952,003 Bank borrowings IHS Holding Term Loan US Dollar 2025 3.75 % + CAS + 3M SOFR 370,935 368,630 IHS (Nigeria) Limited Nigerian Naira 2023 12.50 - 18.00% — 57,448 INT Towers Ltd Nigerian Naira 2024 2.50 % + 3M NIBOR — 191,188 INT Towers Ltd Nigerian Naira 2028 20.00 % 186,302 — IHS Côte d'Ivoire Ltd CFA Franc 2024 5.00 % 6,570 18,854 IHS Côte d'Ivoire Ltd Euro 2024 3.00 % + 3M EURIBOR 4,841 14,217 IHS Zambia Ltd US Dollar 2027 5.00 % + CAS + 3M SOFR 81,297 94,596 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2031 3.10 % + CDI 252,341 — IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2029 3.65 % + CDI — 68,591 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2028 3.05 % + CDI — 82,928 I-Systems Soluções de Infraestrutura S.A. Brazilian Real 2030 2.45 - 2.50% + CDI 84,305 38,542 IHS Kuwait Limited Kuwait Dinar 2029 2.00 % + 3M KIBOR 61,354 66,251 IHS Towers South Africa Proprietary Limited South African Rand 2029 2.75 % + 3M JIBAR 185,404 197,836 Bank overdraft IHS Towers South Africa Proprietary Limited South African Rand 2024 11.50 % 675 — Letters of credit IHS (Nigeria) Limited US Dollar 2024 12.00 - 15.55% 98,918 66,047 INT Towers Ltd US Dollar 2024 12.00 - 15.75% 219,418 128,063 ITNG Limited US Dollar 2024 15.49 % 23 987 Global Independent Connect Limited US Dollar 2024 13.25 - 15.49% 1,095 1,330 Global Independent Connect Limited Chinese Yuan 2023 12.05 % — 1,051 3,510,847 3,344,402 i. Bank borrowings – new facilities, facility amendments and drawdowns during the reporting period The Group is in compliance with the restrictive debt covenants related to the listed bonds and covenants related to external borrowings as at the year end. Approximate U.S. dollar equivalent values for non-USD denominated facilities stated below are translated from the currency of the debt at the relevant exchange rates on December 31, 2023. IHS Holding (2020) Revolving Credit Facility IHS Holding Limited is party to a $300.0 million revolving credit facility agreement, originally entered into in March 2020 (as amended and/or restated from time to time, including pursuant to an amendment and restatement agreement entered into in June 2021 and November 2023) (the “IHS Holding RCF”) and entered into between, amongst others, IHS Holding Limited as borrower, IHS Netherlands Holdco B.V., IHS Netherlands NG1 B.V., IHS Towers NG Limited, IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., INT Towers Limited and IHS Nigeria as guarantors, Citibank Europe PLC, UK Branch as facility agent and certain financial institutions listed therein as original lenders. In July 2023, the available commitments were increased to $300.0 million pursuant to the facility increase clause contained within the IHS Holding RCF. In November 2023, the IHS Holding RCF was further amended and restated to, among other things, extend the termination date to October 30, 2026. As of December 31, 2023, there are no amounts drawn and outstanding under the IHS Holding RCF. IHS Holding (2022) Bullet Term Loan Facility IHS Holding Limited entered into a $600.0 million term loan agreement in October 2022 (as amended and/or restated from time to time, the “IHS Holding 2022 Term Loan”), between, amongst others, IHS Holding Limited as borrower, Citibank Europe plc, UK Branch as facility agent and certain financial institutions listed therein as original lenders. The loan is guaranteed by IHS Netherlands Holdco B.V., IHS Netherlands NG1 B.V., IHS Towers NG Limited, IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., INT Towers Limited and IHS Nigeria. In October 2023, the available commitments under the IHS Holding 2022 Term Loan were voluntarily reduced by $100.0 million and the availability period on the remaining balance in available commitments was extended to April 2024 from October 2023. As of December 31, 2023, $370.0 million of the IHS Holding 2022 Term Loan was drawn down. The majority of the drawn proceeds have been applied toward the prepayment of the IHS Holding Bridge Facility and the U.S. dollar tranche of the Nigeria 2019 Facility. The undrawn portion as at year end of $130.0 million can be applied toward general corporate purposes. Nigeria (2023) Term Loan IHS Netherlands Holdco B.V., IHS Nigeria, IHS Towers NG Limited, INT Towers and IHS Holding Limited entered into an up to NGN 165.0 billion (approximately $181.0 million) term loan agreement in January 2023 (as amended and/or restated from time to time the “Nigeria 2023 Term Loan”), and between, amongst others, IHS Netherlands Holdco B.V. as holdco and guarantor; IHS Towers NG Limited and INT Towers as borrowers; each of IHS Holding Limited, IHS Netherlands NG1 B.V., IHS Nigeria, IHS Netherlands NG2 B.V., and Nigeria Tower Interco B.V. as guarantors; Ecobank Nigeria Limited as agent and certain financial institutions listed therein as original lenders. The interest rate per annum is equal to 20% in the first year moving to a floating rate for the remainder of the term. This floating rate is defined by the Nigerian MPR plus a margin of 2.5% and is subject to a cap of 24% and floor of 18%. IHS Netherlands Holdco B.V. also pays certain other fees and costs, including agent fees. The Nigeria 2023 Term Loan was drawn down for an original principal amount of NGN 124.5 billion (approximately $136.6 million), and funds borrowed under the loan were applied towards, inter alia, refinancing certain indebtedness of INT Towers, IHS Nigeria, and general corporate and working capital purposes. As of January 3, 2023, the total commitments available under the Nigeria 2023 Term Loan were NGN 124.5 billion (approximately $136.6 million), which were increased in February 2023, by NGN 29.0 billion (approximately $31.8 million) and further increased in May 2023, by NGN 11.5 billion (approximately $12.6 million) pursuant to the facility increase clause contained within the loan agreement up to its total NGN 165.0 billion (approximately $181.0 million) capacity. In January 2023, NGN 124.5 billion (approximately $136.6 million) was drawn down under the Nigeria 2023 Term Loan. Further drawdowns took place in March 2023, April 2023 and June 2023 for NGN 14.0 billion (approximately $15.4 million), NGN 15.0 billion (approximately $16.5 million) and NGN 11.5 billion (approximately $12.6 million) respectively. As of December 31, 2023, NGN 165.0 billion (approximately $181.0 million) had been drawn down under this facility. Nigeria (2023) Revolving Credit Facility IHS Netherlands Holdco B.V., IHS Nigeria, IHS Towers NG Limited, INT Towers and IHS Holding Limited entered into an up to NGN 55.0 billion (approximately $60.3 million) revolving credit facility agreement in January 2023 (as amended and/or restated from time to time the “Nigeria 2023 RCF”), and between, amongst others, IHS Netherlands Holdco B.V. as holdco and guarantor; IHS Towers NG Limited and INT Towers as borrowers and guarantors; each of IHS Holding Limited, IHS Netherlands NG1 B.V., IHS Netherlands NG2 B.V., and Nigeria Tower Interco B.V. as guarantors; Ecobank Nigeria Limited as agent and certain financial institutions listed therein as original lenders. The interest rate per annum is equal to 20% in the first year moving to a floating rate for the remainder of the term. This floating rate is defined by the Nigerian MPR plus a margin of 2.5% and is subject to a cap of 24% and floor of 18%. IHS Netherlands Holdco B.V. also pays certain other fees and costs, including agent fees. As of January 3, 2023, the total commitments available under the Nigeria 2023 RCF were NGN 44.0 billion (approximately $48.3 million), which were further increased in February 2023, by NGN 11.0 billion (approximately $12.1 million) to NGN 55.0 billion (approximately $60.3 million), pursuant to the facility increase clause contained within the loan agreement. As of December 31, 2023, there are no amounts drawn and outstanding under the Nigeria (2023) Revolving Credit Facility. Repayment of the IHS (Nigeria) Local Facilities On January 11, 2023, the following IHS (Nigeria) Limited local facilities were fully repaid: (i) IHSN NG1 Facility (a NGN 16.1 billion (approximately $17.7 million) facility entered into in March 2022 and guaranteed by each of IHS Holding Limited, INT Towers Limited and IHS Towers NG Limited). (ii) IHSN NG2 Facility (a NGN 10.0 billion (approximately $11.0 million) facility entered into in May 2022 and guaranteed by each of IHS Holding Limited, INT Towers Limited and IHS Towers NG Limited). Repayment of the Nigeria (2019) term loan IHS Netherlands Holdco B.V., IHS Nigeria, IHS Towers NG Limited, INT Towers and IHS Holding Limited entered into a term loan agreement, originally dated September 3, 2019 (and as amended and/or restated from time to time, including pursuant to an amendment and restatement agreement dated September 29, 2021) (the “Nigeria 2019 Facility”). In January 2023, the full remaining principal amount of the Naira tranche of the Nigeria 2019 Facility of NGN 88.3 billion (approximately $96.9 million) (plus accrued interest) was prepaid. I-Systems Facility drawdown 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 $41.2 million) credit agreement, originally dated October 3, 2022 (as amended and/or restated from time to time, the “I-Systems Facility”). On October 13, 2022, Itau Unibanco S.A. provided an additional commitment in an aggregate amount of BRL 200.0 million (approximately $41.2 million) on the same terms, available in two tranches. On February 3, 2023, I-Systems drew down a tranche of BRL 80.0 million (approximately $16.5 million) pursuant to the I-Systems Facility. The interest rate applicable on this tranche is CDI plus 2.45% (assuming a 252-day calculation basis). On March 31, 2023, I-Systems drew down a tranche of BRL 120.0 million (approximately $24.7 million) pursuant to the I-Systems Facility. The interest rate applicable on this tranche is CDI plus 2.50% (assuming a 252-day calculation basis). As of December 31, 2023, BRL 400 million (approximately $82.4 million) had been drawn down under this facility. Repayment of the IHS Brasil - Cessão de Infraestruturas S.A. Facilities IHS Brasil Participacoes Ltda entered into (and later assigned to IHS Brasil - Cessão de Infraestruturas S.A.) the following facilities: (a) a BRL 300.0 million (approximately $61.8 million) credit agreement originally in May 2021 (as amended and/or restated from time to time, the “IHS Brasil Facility 1”), and (b) a BRL 100.0 million (approximately $20.6 million) credit agreement originally in June 2021 (as amended and/or restated from time to time, the “IHS Brasil Facility 2” and, together with the IHS Brasil Facility 1, the “IHS Brasil Facilities”). IHS Brasil - Cessão de Infraestruturas S.A. also entered into a BRL 495.0 million (approximately $102.0 million) credit agreement originally in April 2022 (as amended and/or restated from time to time, the “GTS Facility”). In September 2023, we prepaid the full remaining principal amount of the IHS Brasil Facilities and the GTS Facility of BRL 713.6 million (approximately $147.1 million) (plus accrued interest) using the proceeds received following the issuance of the IHS Brasil Debentures. IHS Brasil - Cessão de Infraestruturas S.A. Debentures IHS Brasil - Cessão de Infraestruturas S.A. issued debentures for BRL 1,200.0 million (approximately $247.3 million), in September 2023 (as amended and/or restated from time to time, the “IHS Brasil Debentures”). The IHS Brasil Debentures amortize, starting from February 2026, semi-annually until maturity in August 2031. The IHS Brasil Debentures contain customary information and financial covenants, including but not limited to the maintenance of specified net debt to EBITDA and interest cover ratios. They also contain customary negative covenants and restrictions including, but not limited to, dividends and other payments to shareholders, intercompany loans and capital reductions. The IHS Brasil Debentures are secured by a pledge over all shares owned by IHS Netherlands BR B.V. in IHS Brasil – Cessão de Infraestruturas S.A. and a pledge over the bank account where the companies’ receivables are deposited. The IHS Brasil Debentures have an interest rate of CDI plus 3.10% (assuming a 252 -day calculation basis) and will terminate in August 2031. The proceeds from the issuance were used to refinance certain indebtedness of IHS Brasil - Cessão de Infraestruturas S.A. (including the IHS Brasil Facilities and the GTS Facility) and for general corporate and working capital purposes. IHS Kuwait Facility drawdown IHS Kuwait Limited entered into a loan agreement originally dated April 19, 2020 (as amended and/or restated from time to time) with a total commitment of KWD 26.0 million (approximately $84.6 million) (the “Kuwait Facility”). The Kuwait Facility will terminate in April 2029, and as of December 31, 2023, KWD 21.8 million (approximately $70.9 million) of this facility was drawn down. IHS South Africa Facility IHS Towers South Africa Proprietary Limited (“IHS SA”) entered into a loan agreement originally in May 2022 (as amended and/or restated from time to time) with a total commitment of ZAR 3,470.0 million (approximately $189.0 million) (the “IHS SA Facility”). In May 2023, IHS SA drew down ZAR 70.0 million (approximately $3.8 million) under the facility. As of December 31, 2023, ZAR 3,470 million (approximately $189.0 million) had been drawn down under this facility. IHS South Africa Overdraft IHS SA entered into a ZAR 350.0 million (approximately $19.1 million) overdraft facility agreement in October 2023 (the “IHS SA Overdraft”). The IHS SA Overdraft is governed by South African law and funds borrowed under the facility will be applied towards general corporate purposes. The IHS SA Overdraft will terminate in October 2024. As of December 31, 2023, ZAR 11.3 million (approximately $0.6 million) has been drawn down under this facility. CIV (2023) Term Loan IHS Côte d’Ivoire S.A. entered into a facility agreement originally in December 2023 (as amended and/or restated from time to time) with, amongst others, certain financial institutions listed therein as original lenders, split into one tranche with a total commitment of €88.0 million (approximately $97.1 million) (the “CIV 2023 Euro Tranche”), and another tranche with a total commitment of XOF 11.2 billion (approximately $18.8 million) (the “CIV 2023 XOF Tranche” and, together with the CIV 2023 Euro Tranche, the “CIV 2023 Term Loan”). The CIV 2023 Term Loan is governed by French law. Funds under the facility are to be applied towards, inter alia, refinancing certain indebtedness of IHS Côte d’Ivoire S.A. (including the IHS Côte d’Ivoire S.A. Facility), general corporate and working capital purposes, and funding a settlement of intercompany loans. The CIV Term Loan will terminate in December 2028. As of December 31, 2023, there are no amounts drawn under this facility. ii. As of December 31, 2023, IHS (Nigeria) Limited has utilized $98.9 million through funding under agreed letters of credit. These letters mature on March 31, 2024 and their interest rates range from 12.00% to 15.55%. These letters of credit are utilized to fund capital and operational expenditure with suppliers. As of December 31, 2023, INT Towers Limited has utilized $219.4 million through funding under agreed letters of credit. These letters mature on March 31, 2024 and their interest rates range from 12.00% to 15.75%. These letters of credit are utilized to fund capital and operational expenditure with suppliers. As of December 31, 2023, IHS Towers NG Limited has utilized $0.02 million through funding under agreed letters of credit. These letters mature on March 31, 2024 and incur interest at a rate of 15.49%. These letters of credit are utilized to fund capital and operational expenditure with suppliers. As of December 31, 2023, Global Independent Connect Limited has utilized $1.1 million through funding under agreed letters of credit. These letters mature on March 31, 2024 and their interest rates range from 13.25% to 15.49% . These letters of credit are utilized to fund capital and operational expenditure with suppliers. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities. | |
Lease liabilities | 23. 2023 2022 * $’000 $’000 Current 91,156 87,240 Non-current 510,838 518,318 Total lease liabilities 601,994 605,558 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 period, payments to the value of $131.3 million (2022: $112.8 million, 2021: $96.2 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. Reconciliation of cash and non-cash changes 2023 2022 * 2021 $’000 $’000 $’000 At January 1 605,558 376,101 314,747 Additions through business combinations (note 31) — 216,218 44,557 Additions through new leases or remeasurements 159,624 118,609 131,438 Interest and finance charges for lease liabilities (note 11) 61,617 52,234 32,826 Payments for the principal of lease liabilities (72,854) (76,629) (63,324) Interest paid for lease liabilities (58,443) (36,178) (32,923) Remeasurements or terminations** (67,547) (37,718) (30,978) Effects of movement in exchange rates (25,961) (7,079) (20,242) Closing balance – December 31 601,994 605,558 376,101 Amount recognized in the statement of income 2023 2022 * 2021 $'000 $'000 $'000 Interest on lease liabilities (note 11) 61,617 52,234 32,826 Expenses relating to short-term leases and low value assets (note 7) 10,879 16,924 11,165 Depreciation for right of use assets (note 14) 95,895 88,615 60,685 Total for the year ended 168,391 157,773 104,676 As at December 31 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 2023 Lease liabilities 601,994 1,181,459 101,709 193,434 180,895 705,421 2022 Lease liabilities* 605,558 1,108,532 92,417 179,930 168,231 667,954 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. ** . Lease obligation 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 December 31, 2023 is 12.5 years. |
Provisions for other liabilitie
Provisions for other liabilities and charges | 12 Months Ended |
Dec. 31, 2023 | |
Provisions for other liabilities and charges | |
Provisions for other liabilities and charges | 24. Decommissioning and site restoration provision 2023 2022 2021 $'000 $'000 $'000 At January 1 85,016 71,941 53,266 Additions through business combinations (refer to note 31) — 34,419 8,347 Net provision increases and remeasurements (505) (24,898) 7,212 Payments for tower and tower equipment decommissioning (343) (343) (231) Reversal of decommissioning through profit and loss — — (2,671) Unwinding of discount 9,156 7,084 4,644 Effects of movement in exchange rates (6,916) (3,187) 1,374 At December 31 86,408 85,016 71,941 Analysis of total decommissioning and site restoration provisions : Non-current 86,131 84,533 71,598 Current 277 483 343 86,408 85,016 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 rates applicable to each of the individual operations within the Group. The amount provided for each site has been discounted based on the respective lease terms attached to each site. The provisions have been created based on management’s decommissioning experience of the specific situations. Assumptions have been made based on the current economic environment, current construction requirements, technology, price levels and expected plans for remediation. Management believes that these assumptions are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. These remeasurements result in adjustments to the value of the related assets within property plant and equipment. Actual decommissioning or restoration costs will however, ultimately depend upon future market prices for the necessary decommissioning works required that will reflect market conditions at the relevant time. Furthermore, the timing of decommissioning is likely to depend on when the lease term is terminated without renewal. This, in turn, will depend upon technological changes in the local and international telecommunication industries which are inherently uncertain. The discount rates applied have been in line with the weighted average borrowing rate for the respective operating entities in the periods the assets were constructed/acquired. Below is the discount rate applied by each operating entity: IHS IHS Côte IHS IHS IHS Nigerian Cameroon d’Ivoire Zambia South Africa Rwanda Brazilian IHS Kuwait Discount entities S.A. S.A. Limited Proprietary Limited Limited entities Limited rates % % % % % % % % 2023 11.1 7.4 5.9 14.0 12.2 13.5 15.1 6.3 2022 11.1 5.5 8.0 9.1 11.1 16.0 16.4 3.4 Based on the simulation performed, the impact on accumulated losses of a 1% (2022: 1%) shift in discount rate is given below: Increase/ (decrease) on accumulated losses 2023 2022 2021 $’000 $’000 $’000 Effect of 1% increase in discount rate (2,562) (2,066) (1,571) Effect of 1% decrease in discount rate 1,189 1,606 1,093 |
Stated capital
Stated capital | 12 Months Ended |
Dec. 31, 2023 | |
Stated capital | |
Stated capital | 25. Class A shares pre-IPO / Ordinary Shares post-IPO Class B shares pre-IPO Stated Stated capital net capital net Number of Stated of issue Number of Stated of issue shares capital costs shares capital costs 000’s $'000 $'000 000’s $'000 $'000 At January 1, 2021 130,492,567 4,233,335 4,231,856 16,558,927 299,405 299,014 Reclassification of Class A and Class B shares to ordinary shares 16,558,927 299,405 299,014 (16,558,927) (299,405) (299,014) Impact of reverse share split (146,757,391) — — — — — Shares issued on IPO 18,000 378,000 378,000 — — — Share issue costs — — (28,154) — — — Shares issued on exercise of options 15,717 342,768 342,768 — — — December 31, 2021 327,820 5,253,508 5,223,484 — — — Shares issued on exercise of options 4,100 88,469 88,469 — — — December 31, 2022 331,920 5,341,977 5,311,953 — — — Shares issued on exercise of options 2,478 92,896 92,896 — — — Shares repurchased and canceled through buyback program (1,879) (10,037) (10,037) — — — At December 31, 2023 332,519 5,424,836 5,394,812 * — — — *As at December 31, 2023 stated capital was made up of share capital of $99,755,745 and share premium of $5,295,055,920. On October 14, 2021 the Company announced the pricing of its initial public offering (“IPO”) of 18,000,000 ordinary shares at a public offering price of $21 per share on the New York Stock Exchange (NYSE). All of the outstanding Class A and Class B shares of the Company were exchanged on a 500 to 1 basis for ordinary shares and the outstanding options granted pursuant to the Company’s existing Long Term Incentive Plan was converted into ordinary shares (other than 7,940,413 ordinary shares issuable upon the exercise of share options outstanding as of September 30, 2021 pursuant to the Long-Term Incentive Plan). In August 2023, the Company’s board of directors (the “Board”) authorized a stock repurchase program for up to $50.0 million of the Company’s ordinary shares, effective as of August 15, 2023 through August 15, 2025, subject to market conditions, contractual restrictions, regulatory requirements and other factors. During the third quarter of 2023, the Company repurchased 948,101 shares, at an average price of $5.04 per share, for $4.8 million under its stock repurchase program. During the fourth quarter of 2023, the Company repurchased a further 930,556 shares, at an average price of $5.61 per share, for $5.2 million. All shares repurchased were canceled. Summarized below are the terms of the shares for the year end December 31, 2023 and 2022: ● There is only one class of ordinary shares. ● Ordinary shares have a par value of $0.30 each. ● The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors subject to the Companies Act and our Articles. Dividends and other distributions on issued and outstanding ordinary shares may be paid out of the funds of the Company lawfully available for such purpose, subject to any preference of any outstanding preferred shares. Dividends and other distributions will be distributed among the holders of our ordinary shares on a pro rata basis. ● Voting at any shareholders’ meeting is by way of poll. On a poll every shareholder present in person or by proxy shall have one vote for each ordinary share on all matters upon which the ordinary shares are entitled to vote except that, for so long as the number of ordinary shares held by Mobile Telephone Networks (Netherlands) B.V. or an affiliate of it or MTN Group is greater than twenty percent ( 20% ) of the total number of ordinary shares in issue, each ordinary share held by MTN Group shall entitle MTN Group to the number of votes per ordinary share calculated by dividing 20% of the total number of ordinary shares in issue by the number of Shares held by MTN Group. ● Any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors, subject to the applicable restrictions of our Articles, such as the suspension of transfers for a period immediately preceding a general meeting, or the determination that a proposed transfer is not eligible, as well as restrictions in our Shareholders’ Agreement and our Registration Rights Agreement. ● On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution among the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis. The authorized share capital of the Company is 1,700,000,000 shares with par value of $0.30 each. All ordinary shares issued were fully paid up and non-assessable as at December 31, 2023 and 2022. |
Other reserves
Other reserves | 12 Months Ended |
Dec. 31, 2023 | |
Other reserves. | |
Other reserves | 26. Fair value through other compre- Foreign hensive Restruct- Share- based Loss on exchange income uring payment transactions translation reserve reserve reserve between 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) Recognition of share-based payment expense — — 13,003 — — 13,003 SBP reserve converted to share capital — — (342,768) — — (342,768) 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* — — — — 59,521 59,521 Recognition of share-based payment expense — — 13,423 — — 13,423 SBP reserve converted to share capital — — (88,469) — — (88,469) Other reclassifications related to share-based payment — — (2,835) — — (2,835) At December 31, 2022 (3) 4,019 98,817 (840,359) (123,745) (861,271) At January 1, 2023 (3) 4,019 98,817 (840,359) (123,745) (861,271) Other comprehensive income 12 — — — 950,843 950,855 Recognition of share-based payment expense — — 13,168 — — 13,168 SBP reserve converted to share capital — — (92,896) — — (92,896) Other reclassifications related to share-based payment — — (1,426) — — (1,426) At December 31, 2023 9 4,019 17,663 (840,359) 827,098 8,430 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Fair value through other comprehensive income reserve This reserve holds accumulated gains and losses on fair value movements of fair value through other comprehensive income financial assets. This is a non-distributable reserve. Restructuring reserve This reserve is the excess of consideration over net assets acquired in business combinations under common control arising from Group restructuring. This is a non-distributable reserve. Share-based payment reserve This reserve represents the cumulative amounts charged in respect of unsettled options issued to employees of the Group. This is a non-distributable reserve. Loss on transactions between owners This reserve is the accumulated loss arising from transactions between parent and non-controlling interest shareholders. Foreign exchange translation reserve This reserve is the accumulated exchange gains and losses arising from the translation of foreign operations from those operations’ functional currencies to the Group’s reporting currency. It is a non-distributable reserve. |
Non-controlling interest
Non-controlling interest | 12 Months Ended |
Dec. 31, 2023 | |
Non-controlling interest | |
Non-controlling interest | 27. 2023 2022 2021 $’000 $’000 $’000 Balance at January 1 227,200 223,188 14,216 Non-controlling interest arising on business combinations (refer to note 31)* 1,922 831 215,014 Loss for the period (11,569) (9,959) (289) Other comprehensive gain/(loss) 19,953 13,140 (5,753) Balance at December 31 237,506 227,200 223,188 *Includes non-controlling interest arising on subsequent asset acquisitions on business combination transactions. In November 2021, the Group completed a deal with TIM S.A. to acquire a controlling interest in I-Systems Soluções de Infraestrutura S.A. (“I-Systems”) incorporated and with its principal place of business in Brazil. The Group owns a 51% (same proportion voting rights) stake in I-Systems and TIM the remaining 49%. Set out below is summarized financial information for the I-Systems subsidiary, being the only subsidiary that has non-controlling interest that is material to the group. The amounts disclosed are before inter-company eliminations. Summarized balance sheet and cash flows I-Systems Soluções de Infraestrutura S.A. 2023 ($’000) 2022 ($’000) Current assets 83,274 102,445 Current liabilities (53,797) (38,834) Current net assets 29,477 63,611 Non-current assets 527,592 462,122 Non-current liabilities (114,681) (92,453) Non-current net assets 412,911 369,669 Net assets 442,388 433,280 Accumulated non-controlling interest at the end of the period 216,770 212,307 Summarized statement of comprehensive income for the reporting period I-Systems Soluções de Infraestrutura S.A. 2023 ($’000) 2022 ($’000) Revenue 73,556 56,602 Loss for the period (22,712) (15,377) Other comprehensive income 31,819 29,449 Total comprehensive income 9,107 14,072 Loss allocated to non-controlling interest during the period (11,129) (7,535) I-Systems Soluções de Infraestrutura S.A. 2023 ($’000) 2022 ($’000) Cash flows generated from operating activities 59,827 55,714 Cash flows used in investing activities (100,771) (91,680) Cash flows generated from financing activities 24,483 36,574 Net (decrease)/increase in cash and cash equivalents (16,461) 608 |
Share-based payment obligation
Share-based payment obligation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based payment obligation | |
Share-based payment obligation | 28. Legacy employee share-based payment scheme The terms of the IHS share-based payment plans for employees were amended on July 10, 2019 such that the exercise prices of the share option were removed and the number of shares options an option holder will receive was reduced on a pro-rata basis (taking into account their relative values). The amended terms are: ● No exercise price. ● On a liquidity event (sale or IPO), the options will be converted and replaced with a fixed pool of shares. ● In the event of a Sale option holders will receive the entirety of their options in shares. ● In the event of an IPO: ● Option holders will be awarded two thirds ( 66.7% ) of their options as shares. ● Option holders will further be entitled to receive up to an additional 33.3% of their shares subject to achieving the performance conditions below: - 50% issued annually if the Group achieves 5% Adjusted EBITDA growth and Adjusted funds from operations (“AFFO”) growth compared to the prior 12 month period where AFFO is defined as the profit/(loss) for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, impairment of property, plant and equipment , intangible assets excluding goodwill and prepaid land rent on the decommissioning of sites , net (profit)/loss on sale of assets, share-based payment (credit)/expense, insurance claims, exceptional items income, exceptional items expense and other non-operating income and expenses, amortization of prepaid site rent, adjusted to take into account interest paid, interest income received, revenue withholding tax, income taxes paid, lease payments made, amortization of prepaid site rent, maintenance capital expenditures and corporate capital expenditures - 50% issued annually on a sliding scale basis for Adjusted EBITDA growth and AFFO growth between 5 and 10% compared to the prior 12 month period. No share options expired during the year. On October 14, 2021 the Company announced the pricing of its initial public offering on the New York Stock Exchange (NYSE). In accordance with the terms above option holders were awarded two thirds (66.7%) of their options as shares. 50% of the remaining third (33.3%) were awarded in the year ended December 2022 as the performance conditions stated above had been met. The other 50% of the remaining third were awarded in the year ended December 2023 as the performance conditions stated above were met. Omnibus employee share-based payment scheme Between February 4, 2022 and February 7, 2022, a total of 1,147,500 options, of which 100,211 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 in 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, of which 68,941 options have been forfeited due to employee leavers, 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 in 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. On October 14, 2022, a total of 94,876 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 in three equal portions on June 1, 2023, 2024 and 2025. On May 25, 2023, a total of 2,132,134 options, of which 44,126 options have been forfeited due to employee leavers, 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 in three equal portions on April 6, 2024, 2025 and 2026. ◾ 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 April 6, 2026. The total charge to the profit or loss in the year is analyzed as follows: 2023 2022 2021 $’000 $’000 $’000 Expense under equity settled classification from date of amendment 13,370 13,265 11,780 13,370 13,265 11,780 (i) Movements in the number of share options outstanding 2023 Incentive Incentive Incentive Incentive Omnibus plan 1 plan 2 plan 2B plan 3 plan 000’s 000’s 000’s 000’s 000’s Authorized 634 2,560 768 10 4,750 Issued At January 1 634 2,560 768 10 2,618 Issued — — — — 2,132 Forfeited (317) (1,280) (384) (5) (127) Exercised during the period (317) (1,280) (384) (5) (493) At December 31 — — — — 4,130 2022 Incentive Incentive Incentive Incentive Omnibus plan 1 plan 2 plan 2B plan 3 plan 000’s 000’s 000’s 000’s 000’s Authorized 1,267 5,120 1,537 19 2,943 Issued At January 1 1,267 5,120 1,537 19 — Issued — — — — 2,943 Forfeited — — — — (86) Exercised during the period (633) (2,560) (769) (9) (239) At December 31 634 2,560 768 10 2,618 (ii) The share option plans have been valued using a Black Scholes model, an approach that is commonly used for similar IFRS 2 valuations. Valuation assumptions – legacy employee share-based payment scheme At the modification date of July 10, 2019 since the exercise price term was amended to $Nil and dividends were not expected to be paid in the near future, the options were deep in the money and the Black Scholes model returns the value of the share price for the value of the option. The share price assumption used was $22.04. A forfeiture rate of 10% and 5% was assumed for the LTIP1 and LTIP2 plans respectively and 0% for LTIP2B and LTIP3. No dividend was taken into account in performing the valuation since IHS Holding Limited has never paid dividends and there is very minimal likelihood that dividends will be paid in the near future. On March 9, 2020, 120,228 options were issued. They were valued at $2.2 million at issue using a share price assumption of $21.20. Forfeiture rates of 0%, 5% and 10% were assumed for the Group’s various long term incentive plans. No dividend was taken into account in performing the valuation since IHS Holding Limited has never paid dividends and there is very minimal likelihood that dividends will be paid in the near future. On July 14, 2020, 33,405 options were issued. They were valued at $0.7 million at issue using a share price assumption of $22.14. Forfeiture rates of 0%, 5% and 10% were assumed for the Group’s various long term incentive plans. No dividend was taken into account in performing the valuation since IHS Holding Limited has never paid dividends and there is very minimal likelihood that dividends will be paid in the near future. On July 1, 2021 159,369 options were issued. They were valued at $3.7 million at issue using a share price assumption of $23.19. Forfeiture rates of 0% were assumed for the Group’s various long term incentive plans. No dividend was taken into account in performing the valuation since IHS Holding Limited has never paid dividends and there is very minimal likelihood that dividends will be paid in the near future. The above information has been adjusted for the reverse share split that took place in October 2021. Valuation assumptions – Omnibus employee share-based payment scheme The Omnibus options issued were valued at $49.9 million at issue using a share price assumption within a range of $7.94 - $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 $22.7 million and $19.1 million respectively while the fair value of the PSUs with market conditions determined using the Monte Carlo model amounted to $8.2 million. At December 31, 2023 a forfeiture rate of 7% was assumed resulting in an expected charge over the remaining term of the options of $16.0 million. Volatility within a range of 35.9% and 50.91% was determined by calculating the observed historical volatilities over the end of the performance period of the grants. 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. (iv) Share options were originally granted at dates between June 2014 and September 2018 with a contractual life of 12 years. The weighted-average remaining contractual life shown in the tables below is simply the period of time from the year end date to the expiry date of each of the options. At December 31, following the amendment to terms on July 10, 2019, all share options had a nil exercise price. 2023 2022 Weighted Number of Weighted Number of average options in force average options in force Year of remaining at year end remaining at year end grant contractual life* contractual life* 2014 — — 0.33 519,763 2015 — — 0.33 2,538,812 2017 — — 0.33 842,658 2018 — — 0.33 17,869 2020 — — 0.33 25,605 2021 — — 0.33 26,553 2022 1.02 2,041,836 1.72 2,617,876 2023 1.96 2,088,008 — — 4,129,844 6,589,136 *The contractual remaining life has been determined using vesting dates as all options are expected to be exercised on vesting date. |
Cash from operations
Cash from operations | 12 Months Ended |
Dec. 31, 2023 | |
Cash from operations | |
Cash from operations | 29. 2023 2022 * 2021 $’000 $'000 $'000 Reconciliation: Loss before income tax (1,880,650) (543,979) (8,141) Adjustments Depreciation of property, plant and equipment (note 7 and 8) 385,203 421,574 344,716 Amortization of intangible assets (note 15) 50,383 47,330 38,166 Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) 87,696 38,157 51,113 Loss allowance/(reversal of loss allowance) on trade receivables (note 8.1) 7,202 (4,446) (34,031) Impairment of withholding tax receivables (note 8) 47,992 52,334 61,810 Impairment of goodwill (note 8) — 121,596 — Amortization of prepaid site rent 9,534 9,631 8,321 Net (gain)/loss on disposal of plant, property and equipment (note 8) (3,806) 3,382 (2,499) Insurance claim income (note 9) (321) (2,092) (6,861) Finance costs (note 11) 2,436,511 872,049 422,034 Finance income (note 10) (25,209) (15,825) (25,522) Share‑based payment expense (note 28) 13,370 13,265 11,780 Impairment/(reversal of impairment) of inventory — 138 (315) Reversal of decommissioning through profit and loss — — (2,671) Operating profit before working capital changes 1,127,905 1,013,114 857,900 Changes in working capital Decrease/(increase) in inventory 11,249 (37,750) 6,689 Increase in trade and other receivables (295,260) (141,723) (164,382) Increase in trade and other payables 59,029 133,233 87,866 Net movement in working capital (224,982) (46,240) (69,827) Cash from operations 902,923 966,874 788,073 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022 . |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2023 | |
Related parties | |
Related parties | 30 30.1 IHS Holding Limited (‘the Parent’) is the ultimate parent of the following related parties at the year end: Ownership interests Ownership held interests held Country of by the Group by the Group Entity name Principal activity incorporation 2023 2022 IHS Holding Limited (ultimate parent) Holding company Cayman Islands — — IHS Mauritius Cameroon Limited Holding company Mauritius 100 % 100 % IHS Mauritius Côte d’Ivoire Limited Holding company Mauritius 100 % 100 % IHS Mauritius Netherlands Limited Holding company Mauritius 100 % 100 % IHS Mauritius Zambia Limited Holding company Mauritius 100 % 100 % IHS Mauritius Rwanda Limited Holding company Mauritius 100 % 100 % IHS Africa (UK) Limited Provision of management services United Kingdom 100 % 100 % IHS Netherlands (Interco) Coöperatief U.A. Holding company Netherlands 100 % 100 % IHS Netherlands Holdco B.V. Provision of finance Netherlands 100 % 100 % IHS Netherlands NG1 B.V. Holding company Netherlands 100 % 100 % IHS Netherlands NG2 B.V. Holding company Netherlands 100 % 100 % IHS Nigeria Limited Operating* Nigeria 100 % 100 % INT Towers Limited Operating* Nigeria 100 % 100 % IHS Towers NG Limited Operating* Nigeria 100 % 100 % IHS Côte d’Ivoire S.A. Operating* Côte d’Ivoire 100 % 100 % IHS Cameroon S.A. Operating* Cameroon 100 % 100 % IHS Zambia Limited Operating* Zambia 100 % 100 % IHS Rwanda Limited Operating* Rwanda 100 % 100 % Rwanda Towers Limited Operating* Rwanda 100 % 100 % IHS Kuwait Limited Operating* Kuwait 100 % 100 % IHS Brasil - Cessão de Infraestruturas S.A. Operating* Brazil 100 % 100 % IHS Towers Colombia S.A.S Operating* Colombia 100 % 100 % IHS Peru S.A.C. Operating* Peru 100 % 100 % San Gimignano Imoveis e Adminsitracao Ltda. Provision of land management Brazil 100 % 100 % Nigeria Tower Interco B.V. Holding company Netherlands 100 % 100 % IHS Netherlands GCC B.V. Holding company Netherlands 100 % 100 % IHS Netherlands KSA B.V. Holding company Netherlands 100 % 100 % IHS GCC Limited Provision of management services United Arab Emirates 100 % 100 % IHS Netherlands Connect B.V. Holding company Netherlands 100 % 100 % IHS GCC KW Holding Limited Provision of management services United Arab Emirates 70 % 70 % IHS FinCo Management Limited Provision of finance United Arab Emirates 100 % 100 % IHS GCC MAR Holding Limited Holding company United Arab Emirates 100 % 100 % Global Independent Connect Limited Operating* Nigeria 100 % 100 % IHS KSA Limited Operating* Kingdom of Saudi Arabia 100 % 100 % IHS SSC FZE Provision of management services United Arab Emirates 100 % 100 % IHS Netherlands RSA B.V Holding company Netherlands 100 % 100 % IHS Netherlands BR B.V Holding company Netherlands 100 % 100 % IHS South Africa Holding Proprietary Limited Holding company South Africa 100 % 100 % IHS Towers South Africa Proprietary Limited Operating* South Africa 100 % 100 % IHS Netherlands PHP B.V Holding company Netherlands 100 % 100 % IHS Towers Inc. Provision of management services United States of America 100 % 100 % IHS Netherlands EGY B.V. Holding company Netherlands 100 % 100 % IHS Telecom Towers Egypt S.A.E. Operating* Egypt 80 % 80 % Skysites Americas Ltda Operating* Brazil ** 100 % Wi-Fi Mundial Ltda. Operating* Brazil 100 % 100 % IHS Fiber Brasil Participações Ltda. Holding company Brazil ** 100 % IHS Fiber Brasil - Cessão de Infraestruturas Ltda. Holding company Brazil 100 % 100 % I-Systems Soluções de Infraestrutura S.A. Operating* Brazil 51 % 51 % Centennial Towers Colombia S.A.S. Operating* Colombia 100 % 100 % Polar Breeze Colombia S.A.S Operating* Colombia 100 % 100 % Centennial Towers Brasil Cooperatief U.A. Holding company Netherlands 100 % 100 % Centennial Towers of Brasil B.V. Holding company Netherlands 100 % 100 % Centennial Towers of Colombia Ltd. Financing company British Virgin Islands 100 % 100 % IHS CNT Brasil Torres de Telecomunicacoes Ltda. Operating* Brazil ** 100 % Polar Breeze Empreendimentos Ltda. Operating* Brazil ** 100 % IHS E-Services (NG) Limited Provision of management services Nigeria 100 % — *All operating subsidiaries provide telecommunication support services as their principal activity. **Entity liquidated after an internal merger. The shares of the Parent are widely owned by various investors. No investor has the full controlling right over the Company. 30.2 The compensation paid or payable to key management for employee services is shown below: 2023 2022 2021 $’000 $’000 $’000 Key management compensation Short‑term employee benefits 18,354 19,980 25,537 Post‑employment benefits 154 1,723 105 18,508 21,703 25,642 Share-based payments 6,696 5,380 9,795 25,204 27,083 35,437 Key management during in the year ended December 31, 2023 included members of the Executive team (Sam Darwish, William Saad, Mustafa Tharoo, Mohamad Darwish, Ayotade Oyinlola, William Bates (until September 30, 2023), Colby Synesael and Steve Howden) and Non-Executive Directors. 30.3 During the year ended December 31, 2023, DAR Telecom Consulting LLC (“DAR Telecom”) was paid $Nil (2022: $175,000, 2021: $1,125,384) for services provided by Mr Sam Darwish, the Chairman & Group Chief Executive Officer. DAR Telecom is controlled by Mr Darwish. These amounts are included in Key Management Compensation. During the year ended December 31, 2023, DAR Telecom invoiced the Group for medical insurance premiums it had paid on behalf of the Group for $Nil (2022: $Nil, 2021: $85,163). Included in these amounts are $Nil (2022: $Nil, 2021: $38,330) that relate to Mr Darwish and are included in Key Management Compensation. During the year ended December 31, 2023, the Group incurred costs on behalf of Mr Darwish of $Nil (2022: $26,910, 2021: $551,574) which were fully repaid by DAR Telecom. At December 31, 2023, the Group had a receivable of $Nil (2022: $Nil, 2021: $551,574) from DAR Telecom. During the year ended December 31, 2022 and in prior years, the Group was provided corporate administration services by CKLB International Management Limited (“CKLB”). Mr Christian Li and Mrs Kathleen Lai, who served as directors of IHS Holding Limited until October 13, 2021, are directors of CKLB. The fees paid for the year ended December 31, 2021 up to the date of their resignation were $300,935. During the year ended December 31, 2022, the Group entered into an arm’s length agreement to sub-lease office space from a subsidiary company of Wendel Group, a significant shareholder of the Company. Under the subs-lease agreement, the Group paid rent and utilities amounting to $366,896 (2022: rent and utilities of $343,600 and a deposit of $195,298, 2021: $Nil). During the year ended December 31, 2023, we entered into an arm’s length agreement for the provision of consulting services from Teneo Strategy LLC (“Teneo Strategy”). Ms Ursula Burns, a Non-Executive Director, is the Chairwoman of the Board of Teneo Worldwide, LLC. The total fees paid to Teneo Strategy for the year ended December 31, 2023 were $750,000. There were no other material transactions or balances between the Group and its key management personnel or members of their close family. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations | |
Business Combinations | 31. 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. All acquisitions completed in 2022 met the definition of a business as defined, and were accounted for as business combinations with the exception of the additional stages of the Kuwait Acquisition completed in 2022 and 2023 which are accounted for as assets acquisitions. The Group completed one additional stage of the Kuwait Acquisition during the year ended December 31, 2023. 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, which includes an agreement to provide Managed Services, including to approximately 7,100 additional MTN South Africa sites. 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 goodwill of $64.4 million 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 acquisition accounting was completed in May 2023. 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 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 and other comprehensive income/(loss). As reported As re-presented 2022 2022 2022 $’000 $’000 $’000 Gross consideration 421,239 — 421,239 Net cash consideration 421,239 — 421,239 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 251,683 — 251,683 Customer related intangible asset 127,957 (6,492) 121,465 Network related intangible asset 67,837 1,904 69,741 Right of use asset 211,315 621 211,936 Lease liabilities (211,315) (621) (211,936) Deferred tax (52,864) 1,239 (51,625) Provisions for other liabilities and charges (34,419) — (34,419) Total identifiable net assets acquired 360,194 (3,349) 356,845 Goodwill 61,045 3,349 64,394 Revenue — post‑acquisition 71,398 Loss — post‑acquisition (20,542) São Paulo Cinco Locação de Torres Ltda. 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 goodwill of $54.6 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 including right of use assets relating to leases which were fully pre-paid prior to acquisition, and the amounts of revenue and profit of the acquiree from the acquisition date included in the condensed consolidated statement of loss and other comprehensive income/(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 48,353 Network related intangible asset 2,520 Right of use asset 266,666 Trade and other receivables 23,575 Lease liabilities (4,282) Trade and other payables (4,222) Deferred tax (86,239) Total identifiable net assets acquired 260,651 Goodwill 54,641 Revenue — post‑acquisition 34,129 Profit — post‑acquisition* 6,340 *Includes profit up until an internal merger of the entity. 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, September 2022 and August 2023 IHS GCC KW completed the third, fourth, fifth and sixth stages of the acquisition of 1,620 towers from Zain Kuwait comprising 67, 126, 43 and 101 towers respectively. The remaining 121 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% 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 following table summarizes the consideration paid and the fair value of assets and liabilities acquired at the acquisition date of the 43 and 101 towers acquired in 2022 and 2023 respectively, and the amounts of revenue and profit/(loss) of the acquiree since the acquisition date included in the condensed consolidated statement of loss and other comprehensive income/(loss). 2023 2022 $’000 $’000 Gross consideration 6,408 2,729 Less: consideration received in exchange for a retained 30% interest (by Zain Kuwait) in IHS GCC KW (1,922) (819) Net consideration for 70% controlling interest in the acquired towers 4,486 1,910 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 5,576 1,032 Customer related assets 2,224 1,947 Network-related assets 766 671 Trade and other payables (2,158) (921) Total identifiable net assets acquired (at 100% ) 6,408 2,729 Goodwill — — Non-controlling interest 1,922 819 Revenue — post‑acquisition n.a. n.a. Loss — post‑acquisition n.a. n.a. |
Capital commitments and conting
Capital commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments and contingent liabilities | |
Capital commitments and contingent liabilities | 32 32.1 The Group was committed to the purchase of property, plant and equipment of about $162.9 million as at December 31, 2023 (2022: $337.0 million). 32.2 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 determine on a case-by-case basis whether a loss from each of these matters is probable, possible or remote. The Group’s possible contingent liabilities in respect of litigations and claims amounted to $11.9 million at the end of the reporting period (2022: $3.8 million). Based on legal advice received, the Group’s liability is not considered probable, thus no provisions have been made in these financial statements. In the ordinary course of business, the Group is subject to regular tax reviews. A number of tax disputes have been raised in multiple jurisdictions, some of which are ongoing, including in Nigeria. The Group exercises judgement and makes estimates to determine whether to recognize provisions and makes disclosures for contingent liabilities, where considered necessary. In respect of the ongoing tax disputes, the Group is vigorously defending its position and believes that no present obligation has been established. The Group has made a provision for uncertain tax positions and believes that the probable quantum of potential future cash outflows in relation to these tax disputes is unlikely to exceed the amount provided in this regard. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2023 | |
Events after the reporting period | |
Events after the reporting period | 33. (a) Airtel Africa Agreement On February 7, 2024, IHS Nigeria and Airtel Nigeria, a subsidiary of Airtel Africa Plc, entered into an agreement. In this agreement, Airtel Nigeria committed to take 3,950 tenancies over the next five years (with the majority expected over the years ended December 31, 2024 and 2025) and extended the term of its existing tenancies covering approximately 6,000 tenancies until December 2031. The agreement includes 2,500 colocations in addition to 5G amendments and build to suit sites to be owned and operated by IHS Nigeria. (b) Wendel Agreement On January 16, 2024, IHS and Wendel announced that we had entered into a settlement agreement in relation to the ongoing litigation, and that as part of the settlement agreement, certain changes to our Articles of Association will be proposed for shareholders’ approval at our annual general meeting for fiscal year 2024. (c) Nigerian Naira devaluation in January 2024 In late January 2024, the Nigerian Naira continued to experience volatility and experienced a devaluation. The NAFEM rate depreciated by 60.5%, from approximately ₦907.1 to $1.00 as of December 31, 2023 to approximately ₦1,455.6 to $1.00 as of January 31, 2024, while the Bloomberg rate depreciated by 53.6%, from approximately ₦911.7 to $1.00 as of December 31, 2023 to approximately ₦1,400 to $1.00 as of February 1, 2024. As of the issue date of these consolidated financial statements, IHS cannot reasonably estimate the financial effect from this devaluation. (d) Peru Share Purchase Agreement On February 21, 2024, IHS entered into a Share Purchase Agreement to sell its subsidiary, IHS Peru S.A.C., to affiliates of SBA Communications Corporation. Closing of this transaction remains subject to customary conditions, including finalization of due diligence. These assets were included in assets held for sale at December 31, 2023. (e) IHS Holding (2022) Bullet Term Loan Facility In March 2024, the available commitments under the IHS Holding 2022 Term Loan were voluntarily reduced by $70.0 million. This reduction resulted in the undrawn portion of the facility decreasing from $130.0 million to $60.0 million, which can be applied toward general corporate purposes. (f) Nigeria (2023) Revolving Credit Facility As of March 8, 2024, NGN 15.0 billion (approximately $16.5 million) has been drawn down under this facility. (g) IHS South Africa Overdraft As of March 8, 2024, ZAR 278.9 million (approximately $15.2 million) has been utilized under this facility. (h) CIV (2023) Term Loan Drawdown & Repayment of IHS Côte d’Ivoire S.A. Facility In February 2024, €56.1 million (approximately $61.9 million) and XOF 7,109.0 million (approximately $12.0 million) was drawn down under the CIV 2023 Term Loan and the proceeds were applied towards, inter alia, the repayment of the IHS Côte d’Ivoire S.A. Facility. As of March 8, 2024, an aggregate amount of €56.1 million and XOF 7,109.0 million (approximately $73.9 million) has been drawn down under this facility. (i) IHS Holding (2024) Term Facility IHS Holding Limited entered into a $270.0 million loan agreement on March 8, 2024. The loan is guaranteed by IHS Netherlands Holdco B.V., IHS Netherlands NG1 B.V., IHS Towers NG Limited, IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., INT Towers Limited and IHS Nigeria. The interest rate per annum applicable to loans made under the IHS Holding 2024 Term Facility is equal to Term SOFR, plus a margin (ranging from 4.5% to 7.0% per annum over the duration of the IHS Holding 2024 Term Facility). As of March 8, 2024, there are no amounts drawn down and outstanding under the IHS Holding 2024 Term Facility. |
Schedule 1 - Condensed Financia
Schedule 1 - Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company | |
Statement [Line Items] | |
Condensed Financial Statements [Text Block] | SCHEDULE 1 - COMPANY STATEMENT OF PROFIT/(LOSS) AND OTHER COMPREHENSIVE INCOME/(LOSS) 2023 2022 2021 $’000 $’000 $’000 Administrative expenses (267,382) (264,011) (164,706) Other income 429,698 2,329 — Operating profit/(loss) 162,316 (261,682) (164,706) Finance income 76,753 67,927 17,162 Finance costs (127,044) (135,783) (28,804) Profit/(loss) before income tax 112,025 (329,538) (176,348) Income tax expense — — (1,356) Profit/(loss) for the year 112,025 (329,538) (177,704) COMPANY STATEMENT OF FINANCIAL POSITION 2023 2022 Note $’000 $’000 Non-current assets Property, plant and equipment 26 23 Other intangible assets 1,357 514 Investments in subsidiaries 5,508,489 5,479,157 Amounts due from related parties 774,066 781,299 Derivative financial instrument assets 230 1,821 6,284,168 6,262,814 Current assets Amounts due from related parties 322,830 351,675 Derivative financial instrument assets 565 — Trade and other receivables 16,964 17,858 Cash and cash equivalents 67,335 245,373 407,694 614,906 TOTAL ASSETS 6,691,862 6,877,720 Current liabilities Trade and other payables 14,035 14,783 Borrowings 2 10,200 9,847 Amounts due to related parties 336,510 642,593 360,745 667,223 Non-current liabilities Borrowings 2 1,358,290 1,354,624 Financial guarantees 2 2,357 — 1,360,647 1,354,624 TOTAL LIABILITIES 1,721,392 2,021,847 Stated capital 5,394,812 5,311,953 Accumulated losses (617,504) (730,396) Other reserves 193,162 274,316 TOTAL EQUITY 4,970,470 4,855,873 TOTAL EQUITY AND LIABILITIES 6,691,862 6,877,720 COMPANY STATEMENT OF CHANGES IN EQUITY Stated Accumulated Other Total capital losses reserves Equity $’000 $’000 $’000 $’000 Balance at Jan 1, 2021 4,530,870 (225,733) 687,046 4,992,183 Issue of shares net of transaction costs 349,846 — — 349,846 Options converted to shares 342,768 — (342,768) — Share-based payment expense — — 13,003 13,003 Other reclassifications related to share-based payment — 1,019 (5,084) (4,065) Total transactions with owners of the Company 692,614 1,019 (334,849) 358,784 Loss for the year — (177,704) — (177,704) Balance at Dec 31, 2021 5,223,484 (402,418) 352,197 5,173,263 Balance at Jan 1, 2022 5,223,484 (402,418) 352,197 5,173,263 Options converted to shares 88,469 — (88,469) — Share-based payment expense — — 13,423 13,423 Other reclassifications related to share-based payment — 1,560 (2,835) (1,275) Total transactions with owners of the Company 88,469 1,560 (77,881) 12,148 Loss for the year — (329,538) — (329,538) Balance at Dec 31, 2022 5,311,953 (730,396) 274,316 4,855,873 Balance at Jan 1, 2023 5,311,953 (730,396) 274,316 4,855,873 Shares repurchased and canceled through buyback program (10,037) — — (10,037) Options converted to shares 92,896 — (92,896) — Share-based payment expense — — 13,168 13,168 Other reclassifications related to share-based payment — 867 (1,426) (559) Total transactions with owners of the Company 82,859 867 (81,154) 2,572 Profit for the year — 112,025 — 112,025 Balance at Dec 31, 2023 5,394,812 (617,504) 193,162 4,970,470 COMPANY STATEMENT OF CASH FLOWS 2023 2022 2021 $’000 $’000 $’000 Cash flows from operating activities Cash (used in)/generated from operations (105,822) (86,202) 15,045 Income taxes paid — — (338) Net cash (used in)/generated from operating activities (105,822) (86,202) 14,707 Cash flows from investing activities Purchase of property, plant and equipment (35) — (206) Purchase of software and licenses (1,351) (54) (827) Investment in subsidiaries (33,588) (439,141) (439,486) Loan disbursed to subsidiaries (600) (254,615) (507,215) Loan principal repayment received from subsidiaries 43,007 47,601 35,543 Loan interest repayment received from subsidiaries 23,632 39,401 — Interest income received 8,490 3,270 264 Net cash generated from/(used in) investing activities 39,555 (603,538) (911,927) Cash flows from financing activities Capital raised — — 378,000 Cost of capital raised — — (28,154) Shares repurchased and canceled through buyback program (10,038) — — Interest paid (92,549) (69,075) — Bank loans and bond proceeds received (net of transaction costs) — 643,785 979,405 Loan receipts from subsidiaries — 100,000 — Fees on loans and derivative instruments (10,185) (11,574) (11,803) Bank loans and bonds repaid — (280,000) — Premium paid on derivative instruments — (910) — Profits received on derivative instruments 419 — — Net cash (used in)/generated from financing activities (112,353) 382,226 1,317,448 Net (decrease)/increase in cash and cash equivalents (178,620) (307,514) 420,228 Cash and cash equivalents at beginning of year 245,373 554,100 135,115 Effect of movements in exchange rates on cash 582 (1,213) (1,243) Cash and cash equivalents at end of year 67,335 245,373 554,100 NOTES TO THE COMPANY FINANCIAL STATEMENTS 1. Basis of Preparation The accompanying condensed financial statements of IHS Holding Limited (the “Parent”) should be read in conjunction with the consolidated financial statements and notes thereto of IHS Holding Limited and subsidiaries (collectively, the “Registrant”) included in Part I, Item 8 of the Annual Report. The accompanying condensed financial statements of the Parent have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X. The Parent’s accounting policies are consistent with those of the Registrant. In the Parent only financial statements, investments in subsidiaries are accounted for at cost less accumulated impairment losses, unless the investment is acquired with a view to its subsequent disposal and the criteria for classification as held-for-sale are met. Transaction fees are included in the acquisition cost. An impairment loss is recognized for the amount by which the investment carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. 2. Long term debt IHS Holding Limited Notes On November 29, 2021, IHS Holding Limited issued $500.0 million 5.625% Senior Notes due 2026 (the “2026 Notes”) and $500.0 million 6.250% Senior Notes due 2028 (the “2028 Notes”, and together with the 2026 Notes, the “IHS Holding Notes”), guaranteed by IHS Netherlands Holdco B.V., IHS Netherlands NG1 B.V., IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., IHS Nigeria Limited, IHS Towers NG Limited and INT Towers Limited. On or after November 29, 2023, 2024 or 2025, the 2026 Notes may be redeemed (in whole or in part) by the IHS Holding Limited at a price of 102.81250%, 101.40625% and 100.00000%, respectively. On or after November 29, 2024, 2025 or 2026, the 2028 Notes may be redeemed by IHS Holding Limited (in whole or in part) at a price of 103.1250%, 101.5625% and 100.0000%, respectively. The IHS Holding Notes pay interest semi-annually and the principal is repayable in full on maturity. IHS Holding (2022) Bullet Term Loan Facility IHS Holding Limited entered into a $600.0 million term loan agreement in October 2022 (as amended and/or restated from time to time, the “IHS Holding 2022 Term Loan”), between, amongst others, IHS Holding Limited as borrower, Citibank Europe plc, UK Branch as facility agent and certain financial institutions listed therein as original lenders. The loan is guaranteed by IHS Netherlands Holdco B.V., IHS Netherlands NG1 B.V., IHS Towers NG Limited, IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., INT Towers Limited and IHS Nigeria. Following the initial draw down under this facility of $370.0 million in November 2022, the available commitments were voluntarily reduced by $100.0 million in October 2023 and the availability period on the remaining balance of $130.0 million in available commitments was extended to April 2024 from October 2023. 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. The IHS Holding 2022 Term Loan is scheduled to terminate on the date falling 36 months from the date of the loan agreement and is repayable in full on that date. A 5-year schedule of debt maturities is set out below. Due Due Due Carrying Less than 1 Between 2 & 3 Between 4 & 5 value year years years Currency Maturity date Interest rate $'000 $'000 $'000 $'000 2023 Term loan US Dollar 2025 3.75 % + CAS + 3M SOFR 370,935 34,768 405,055 — Senior Note US Dollar 2026 5.63 % 498,920 28,125 556,250 — Senior Note US Dollar 2028 6.25 % 498,635 31,250 62,500 562,500 1,368,490 94,143 1,023,805 562,500 In addition to the guarantees set out in note 22, “Borrowings”, IHS Holding Limited is a guarantor for the following: IHS Côte d’Ivoire S.A. Facility IHS Côte d’Ivoire S.A. entered into a credit agreement originally in June 2015 (as amended and/or restated from time to time, including in August 2017 and June 2022) with certain financial institutions, split into one tranche with a total commitment of €52.0 million (approximately $57.4 million) (the “CIV Euro Tranche”), and another tranche with a total commitment of XOF 44.6 billion (approximately $75.1 million) (the “CIV XOF Tranche” and, together with the CIV Euro Tranche, the “IHS Côte d’Ivoire S.A. Facility”). The IHS Côte d’Ivoire S.A. Facility is guaranteed by IHS Holding Limited. 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 contains customary information and negative covenants and requires IHS Côte d’Ivoire S.A. to observe certain customary affirmative covenants, subject to certain agreed exceptions and materiality carve-outs. The covenants include that IHS Côte d’Ivoire S.A. maintain specified net debt to EBITDA ratios and interest coverage ratios, each as defined therein. IHS Zambia Limited Facility IHS Zambia Limited entered into two facilities with a common terms agreement originally in December 2020 (as amended and/or restated from time to time, including in February 2021 and January 2023) with a total commitment of $95.0 million with certain financial institutions (the “Zambia Facility”), split into a facility for an aggregate commitment representing $75.0 million and a second facility for an aggregate commitment representing $20.0 million. The Zambia Facility is guaranteed by IHS Holding Limited, and was fully utilized as of March 2021. The Zambia Facility has an interest rate of 5.0% plus 3 Month Term SOFR and a credit adjustment spread ranging between 0.11% to 0.43% and contains customary information and negative covenants and requires IHS Zambia Limited to observe certain customary affirmative covenants, subject to certain agreed exceptions and materiality carve-outs. The covenants include that IHS Zambia Limited maintain specified net debt to EBITDA ratios and interest coverage ratios, each as defined in the agreement. The respective facilities will terminate in December 2027. IHS Netherlands Holdco B.V. Notes On each of September 18, 2019 and July 31, 2020, our wholly owned subsidiary, IHS Netherlands Holdco B.V. (“Holdco BV”), issued a total of $510.0 million 7.125% Senior Notes due 2025 (the “2025 Notes”), and $940.0 million 8.0% Senior Notes due 2027 (the “2027 Notes”) guaranteed by IHS Netherlands NG1 B.V., IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., IHS Nigeria, IHS Towers NG Limited and INT Towers, and (since June 22, 2021) IHS Holding Limited. On June 22, 2021, pursuant to a successful consent solicitation, Holdco B.V. also effected certain amendments to the indenture governing the notes to, among other things, expand the “restricted group” to encompass IHS Holding Limited and all of IHS Holding Limited’s subsidiaries (which would then be subject to the covenants and events of default under the indenture), and to make certain other consequential changes to the negative covenants and restrictions resulting from the larger group structure. On November 30, 2021, the 2025 Notes were subsequently redeemed upon the successful issuance by IHS Holding of the IHS Holding Notes (as defined below). The 2027 Notes mature on September 18, 2027, and pay interest semi-annually, with the principal repayable in full on maturity. On or after September 18, 2023 or 2024, the 2027 Notes may be redeemed (in whole or in part) at a price of 102.000% and 100.000%, respectively. The indenture contains customary negative covenants and restrictions, including, but not limited to, our ability to: incur or guarantee additional indebtedness and issue certain preferred stock; make certain restricted payments and investments, including dividends or other distributions; create or incur certain liens; enter into agreements that restrict the ability of restricted subsidiaries to pay dividends; transfer or sell certain assets; merge or consolidate with other entities and enter into certain transactions with affiliates. IHS (Nigeria) Limited and INT Towers Limited IHS Holding Limited signed a guarantee dated October 12, 2022, with IHS Holding Limited as guarantor and BP Oil International Limited as beneficiary, in relation to certain crude oil and/or petroleum product transactions entered into by IHS (Nigeria) Limited and INT Towers Limited. Valuation of guarantees The fair value of all guarantees was $2.4 million as at December 31, 2023 (2022: $Nil). |
Significant accounting policies
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Basis of preparation | 2.1 The consolidated financial statements of IHS have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared under the historical cost convention, as modified by financial assets and liabilities (including derivative financial instruments) which are recognized at fair value. 2.1.1 The accounting policies adopted are consistent with those of the previous financial year, except the new standards, amendments and interpretations adopted by the Group during the year. (a) The Group has applied the following standards and amendments for the first time for its annual reporting period commencing January 1, 2023: ● IFRS 17 Insurance Contracts ● Definition of Accounting Estimates - Amendments to IAS 8 ● Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 ● International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 Amendments to IAS 12 announced in May 2021 require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments typically apply where assets and liabilities are recognized from a single transaction, such as leases for the lessee. The Group performed an analysis of the impact of these amendments and concluded that these did not have a material impact on the net assets of the Group. However, the Group has disclosed separately the deferred tax liabilities and potential deferred tax assets arising with respect to assets and liabilities IFRS 16 lease accounting and decommissioning provisions for the year ended December 31, 2023 and for the comparative periods. The United Kingdom has enacted a Multinational Top-Up Tax based upon the Organization for Economic Co-operation and Development Pillar Two Global Anti-Base Erosion Rules (“Pillar Two”). The legislation will be effective for the Group’s financial year beginning January 1, 2024. The Group is in scope by virtue of the parent company being tax resident in the UK. Therefore, the Group has performed an assessment of the Group’s potential exposure to Pillar Two income taxes for the year ending on December 31, 2024. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements available for the constituent entities in the Group. Based on the assessment, the Group has identified potential exposure to Pillar Two income taxes in respect of profits earned in the United Arab Emirates and Mauritius. The potential exposure comes from the constituent entities in these jurisdictions where the Pillar Two effective tax rate is below 15%. The Pillar Two effective tax rate is lower in these jurisdictions due to the rate of tax and tax exemptions applicable in those jurisdictions. Profits for those jurisdictions for the year ended December 31, 2023 that would have been subject to Pillar Two income taxes would have increased the group current tax expense for the year by between 15% to 20% compared to the previous amount. The IASB issued amendments to IAS 12 ‘Income taxes’ introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognize or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception. Other than the above, none of the above amendments to standards had a material effect on the Group’s financial statements. (b) New standards, amendments and interpretations not yet adopted by the Group Certain new accounting standards, interpretations and amendments have been published that are not effective for December 31, 2023 reporting period and have not been early adopted by the Group. They are: ● Classification of Liabilities as Current or Non-current—Deferral of Effective Date (Amendment to IAS 1) ● Non-current Liabilities with Covenants Amendments to IAS 1 ● Lease Liability in a Sale and Leaseback Amendments to IFRS 16 ● Supplier finance arrangements – Amendments to IAS 7 and IFRS 7 ● Lack of Exchangeability (Amendments to IAS 21) The Company is in the process of analysing the impact of the amendments to IAS 21. Other than this, none of the above amendments to standards are expected to have a material effect on the Group’s financial statements. |
Consolidation | 2.2. (a) The consolidated financial statements include the financial information and results of the Company and those entities in which it has a controlling interest. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are all entities (including structured entities) over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date the control ceases. All intercompany balances and transactions have been eliminated. (b) 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. Any excess of the purchase price paid by the Group over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill and any acquisition related costs are expensed as incurred. The Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The consideration transferred for the acquisition comprises the fair value of the assets transferred, liabilities incurred, equity interests issued by the Group and any contingent consideration. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. If the Group gains control in a business combination in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurement are recognized in profit or loss. Where the group acquires a portfolio of tower assets and associated revenue contracts judgement is required in the determining whether the transaction meets the definition of a business combination. The Group makes this judgement on a case by case basis taking into account the specific facts and circumstances of each transaction including the substance of other elements of the transactions such as transferred systems, processes, workforce and novated supplier contracts. The Group has considered whether any of its business combinations represent a sale and leaseback transaction from a lessor perspective. It has been determined that since the space on towers and associated assets are able to be leased to multiple tenants without restriction, that no such arrangement of the entire tower site portfolio acquired exists. (c) The Group treats transactions with non-controlling interests as transactions with equity owners of the Company. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company. |
Segment reporting | 2.3 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 IHS Nigeria CEO, the Chief Human Resource Officer and the Executive 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”). |
Foreign currency translation | 2.4 (a) Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in US Dollars. (b) In the event that there are multiple official exchange rates available for a specific currency, the Group assesses the appropriate rate to use and takes into account relevant factors. In the case of translating foreign operations or foreign transactions, such factors include access to those rates in the future to meet payments or dividends. In determining whether it is appropriate to move from one official rate to another, the Group considers the available rates in official markets for settlement of transactions. Refer to note 3 for further information. (c) Foreign currency transactions are translated into the functional currency of each entity using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and other comprehensive income within “finance income” or “finance cost.” Foreign exchange gains and losses that relate to other monetary items are presented in the statement of income and other comprehensive income within “cost of sales,” “administrative expense” and “other income” as appropriate. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities designated as fair value through other comprehensive income are recognized in other comprehensive income. The subsidiaries based in Nigeria initially translated their foreign currency transactions into the functional currency, Nigerian Naira, at the Nigerian Autonomous Foreign Exchange Fixing (“NAFEX”) prevailing rate at the date of the transaction. From March 2023 Nigerian subsidiaries switched to using the relevant exchange rate published by Bloomberg, which approximately aligned to the I&E window rate (renamed to NAFEM in October 2023), for translation of foreign currency transactions into the functional currency. Monetary items and liabilities denominated in foreign currencies were also translated at the NAFEM rate. Refer to note 3 for further information on foreign exchange rate assessment. The USD/NGN rate was between 461.50 and 911.68 during 2023 (2022: 416.00 and 461.50, 2021: 394.13 and 435.00) and at December 31, 2023 was 911.68 (December 31,2022: 461.50, December 31, 2021: 435.00). After the introduction of the NAFEM rate in 2023, the Naira devalued to the USD and continued to experience volatility throughout the financial year, with the average rate for December 2023 being 840.96 (2022: 451.01, 2021: 415.60). The results and financial position of all the Group entities (none of which has the currency of a hyper inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position, ● income and expenses for each statement of income and other comprehensive income are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and ● all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings are taken to other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive income. |
Revenue recognition | 2.5 Our revenue is derived from fees paid by our customers for services from our colocation business and its ancillary managed services. The colocation business involves the lease of space on IHS owned and leased towers and our fixed copper and fibre network infrastructure, which are shared by various operators and data service providers. Revenue is generated on towers either from anchor tenants (original tenants on towers) or colocation tenants (subsequent tenants) when they install equipment on towers and on cable and fibre networks from tenants when they use the fixed network infrastructure to provide connectivity to/from towers or to provide broadband services to their customers. A portion of colocation arrangements for the rental of space on the towers, other assets on tower sites on which the use of space is dependent and the use of fixed copper and fibre network infrastructure dedicated to an individual customer is within the scope of IFRS 16 Leases. A portion of colocation arrangements for the provision of services, energy charges and use of shared fixed copper and fibre network infrastructure is within the scope of IFRS 15 ‘Revenue from contracts with customers’ as a provision of service. The Group also offers ancillary services to manage tenant operations of existing customers on a limited basis. Revenue from such managed services is within the scope of IFRS 15 ‘Revenue from contracts with customers’. In determining the amounts of colocation revenue from our contracts with customers that fall within the scope of IFRS 15 or IFRS 16, the Group considers whether there are separate performance obligations to which a portion of the transaction price needs to be allocated and revenue recognized separately. For colocation services the Group determines the transaction price (including lease and non-lease elements) at contract inception and considers the effects of: ● Variable consideration - The contractual price may be subject to service credits, price indexation, discounts provided on site consolidation and discounts associated with site occupancy. All of these items of variable consideration are considered to relate to individual service periods of series performance obligations, or represent contingent rentals, and are therefore recognized in the future periods in which they arise rather than when estimating the transaction price at contract inception. ● The existence of significant financing components - Financing components are not expected to be significant as services and payments are generally in line over the period of the contract. ● Consideration payable to the customer (if any) - Payments to customers (such as rebates and discounts refunded to the customer and payments for exit fees) are deducted from transaction price unless they are payments for a distinct good or service supplied to the Group in return for the payments. At the date of contract inception, the Group determines the stand-alone selling prices of the performance obligations (including the lease elements of the contract) using a combination of data on observable prices from comparable managed service arrangements, supplemented by the cost plus a margin approach. The Group allocates the transaction price to these non-lease elements of the contract and between performance obligations within the non-lease element of the contract on the basis of relative stand-alone selling price. Revenue is typically invoiced quarterly in advance except where a deferral of invoicing has been agreed with a customer such as where there is an ongoing dispute over pricing in which case revenue is recognized upon satisfaction of performance obligations on the basis of the expected outcome of such disputes. Customer contracts typically require payment within 30 to 60 days. Revenue also includes estimates for services provided where billing is not completed, including in respect of (1) tower sites coming into service, or changes in customer implemented technologies since the most recent invoicing cycle and (2) services subject to ongoing negotiation regarding price or other contract interpretation disputes with customers. For each of these scenarios, revenue is accrued based on management’s expectation of the final billable amounts based primarily on historical experience. (a) For non-lease revenue, two separate performance obligations have typically been identified, one in respect of the operation of tower infrastructure and one in respect of the provision of maintenance services and power, with each being a series of performance obligations to stand ready to deliver the required services. The identification of these two performance obligations does not change the timing of revenue recognition of the non-lease component as both are typically satisfied over the same time period. In limited cases, contracts may provide the customer with a right to purchase additional services at a significant discount. In these cases, the material right is also identified as a performance obligation. On initial recognition of revenue, the Group assesses the recoverability of revenue taking into account our contractual rights and obligations to consideration, our exposure to our customer’s credit risk and our practice of managing credit risk exposure through the occasional negotiation of price concessions with customers and recognizes the revenue, in respect of satisfied performance obligations, which is expected to be recovered. Recognition of amounts not expected to be recovered is considered variable consideration and is contingent upon the receipt of funds from the customer (see note 3.4). The assessment of amounts expected to be recovered are closely aligned with the assumed credit risk of the customer, determined as part of the assessment of expected credit losses made in accordance with the Group’s IFRS 9 expected credit loss policy as described in note 2.16.4. (b) The portion of colocation revenue, for which IHS is the lessor, is treated as a lease. Contracts are assessed at inception to determine whether this element of the colocation services are finance or operating leases. At present all arrangements are assessed to be operating leases with revenue including fixed escalation clauses present in non-cancellable lease agreements recognized on a straight line basis over the current lease term of the related lease agreements, when collectability is reasonably assured. The duration of these lease arrangements is typically between 5 and 10 years. Escalation clauses tied to the Consumer Price Index (“CPI”) or other inflation based indices, are excluded from the straight line calculation, however, any fixed increases are included. Revenue is recognized in the accounting period in which the rental income is earned and services are rendered. Amounts billed or received for services prior to being earned are deferred and reflected in deferred revenue until the criteria for recognition have been met. (c) Revenue from managed services contracts with customers is recognized when the services are delivered at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. Revenue is recognized in the accounting period in which the services are rendered by reference to the stage of completion based on the terms of each contract. Services revenues are derived under contracts or arrangements with customers that provide for billings either on a fixed price basis or a variable price basis, which includes factors such as time and expenses. Revenues are recognized as services are performed. Amounts billed or received for services prior to being earned are deferred and reflected in deferred revenue in the accompanying statement of financial position until the criteria for recognition have been met. |
Embedded derivatives in revenue contracts | 2.6 Certain revenue contracts and subsequent amendments include fees that are priced in $ but are invoiced and settled in the relevant local currency of the operation using foreign exchange rates calculated in accordance with the contractual terms. Where the contractual foreign exchange rates are reset at regular intervals in arrears, management evaluates and determines at the date of inception, or at the date of material modification, of the contracts whether the reset features are closely related to the host contracts or not. For existing contracts in making the evaluation, management assessed that the $ is a commonly used currency in the local operation, and that the reset interval is sufficiently frequent to approximate the local currency spot exchange rate given economic conditions at that time. Management also considers whether, at the time of inception or material modification, contract rates reference a liquid market exchange rate. If reference rates are assessed as liquid the embedded derivative is assessed as closely related and no accounting bifurcation is made. Where such fees that are priced in $ are translated to local currency at the time of billing using a fixed, pre-determined exchange rate or an exchange rate which is not referenced to a liquid market exchange rate, this results in an embedded derivative which is not closely related to the host contract and is thus bifurcated, fair valued and disclosed separately. The fair values of these embedded derivatives are determined by reference to the discounted forecast billings under the contractual rates compared to those under the forecast liquid market rates. Upon initial recognition of a revenue embedded derivative asset or liability, the Group recognizes a contract liability or asset, respectively. The contract liability or asset is released to revenue over the shorter of the term of the contract or the term over which the conditions that result in the embedded derivative expire. The release to revenue is recognized on the same basis that those contractual conditions materialize, to match the release of the contract liability or asset to the recognition of revenue from the underlying contract. |
Leases | 2.7 The Group is a lessee of various assets, comprising land and building, towers, equipment and motor vehicles. The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The following sets out the Group’s lease accounting policy for all leases with the exception of leases with low-value (i.e. < $5,000) and short term of less than 12 months for which the Group has taken the exemption under the standard and are expensed to profit or loss as incurred. (a) The Group recognizes right of use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use under the contract). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date (which do not form part of the lease liability value at the commencement date). Right of use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. The right-of-use assets are tested for impairment in accordance with IAS 36 “Impairment of Assets”. (b) At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of all remaining lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments where the contracts specify fixed or minimum uplifts) and variable lease payments that depend on an index or a rate. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. Due to the nature of our leased assets the interest rate implicit in the lease is usually not readily determinable, the Group therefore uses the incremental borrowing rate in calculating the present value of lease payments at the lease commencement date. The incremental borrowing rate is calculated using a series of inputs, including: a local currency cost of debt for each country based on local borrowing (or where not available, an inflation adjusted US$ cost of debt which encompasses the country specific adjustment), an adjustment for the duration of the referenced borrowings to arrive at an interest rate for a one-year facility, and an adjustment for the lease term based on local government, US or Eurozone bond yields, as appropriate in the context of each country’s debt markets. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the in-substance fixed lease payments. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised and any periods covered by an option to terminate the lease, if it is reasonably certain that the termination options will not be exercised. The Group has the option under some of its leases to lease the assets for additional periods of up to 10 years. The Group applies judgement in evaluating whether it has a unilateral option to renew the lease for a further period and is reasonably certain to exercise the option to renew (note 3). That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. |
Cost of sales | 2.8 Cost of sales is mainly comprised of power generation costs, depreciation, tower repairs and maintenance costs, operational staff and costs and site rental costs. |
Administrative expenses | 2.9 Administrative expenses are costs not directly related to provision of services to customers, but which support our business as a whole. These overhead expenses primarily consist of administrative staff costs (including key management compensation), office rent and related property expenses, insurance, travel costs, professional fees, depreciation and amortization of administrative assets, net (gain)/loss on disposal of property, plant and equipment and other sundry costs. Administrative expenses also includes other corporate overhead expenses related to the Group’s acquisition efforts and costs associated with new business initiatives. |
Other income | 2.10 Other income includes proceeds from insurance claims and the remeasurement of contingent consideration arising from acquisitions. |
Interest income | 2.11 Interest income is recognized in profit or loss and is calculated using the effective interest method as set out in IFRS 9. |
Property, plant and equipment | 2.12 These are mainly towers and towers equipment, fiber telecommunications network cables and equipment, land and buildings, furniture and office equipment, motor vehicles and capital work in progress that are used directly by the Group in the provision of services to customers, or for administrative purposes. The assets are carried at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the assets including amounts related to the cost of future decommissioning and site restoration obligations. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the Group and the cost can be measured reliably. The carrying amount of the replaced asset is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Freehold land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Towers and tower equipment • Base station equipment (including civil costs and overheads) 10 - 20 years • Base station equipment (other equipment) 15 years • Base station equipment (rectifier and solar power) 10 years • Base station equipment (alarm and battery) 3 - 5 years • Base station equipment (generator & generator overhaul) 1 - 3 years • Base station equipment (base transmission equipment) 8 - 10 years Fiber assets • Fixed line network equipment (including civil works, duct system, cable system and survey costs) 25 years • Outdoor cabinet 10 years Land and buildings, furniture and office equipment, and motor vehicles • Office complex 40 years • Furniture and office equipment 3 years • Motor vehicles 4 years Asset residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. Where an indication of impairment exists, an asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss for the period. The Group assesses its property, plant and equipment for possible impairment if there are events or changes in circumstances that indicate that carrying values of the assets may not be recoverable, or at least at the end of every reporting period. Such indicators could include changes in the Group’s business plans, changes in diesel prices, evidence of physical damage and technological changes and impacts of obsolescence including those driven by climate change. |
Intangible assets and goodwill | 2.13 Goodwill arises on the acquisition of businesses and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognized directly in profit or loss. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (“CGUs”), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at or below the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed. (a) Network related intangible assets represent future income from leasing excess tower capacity to new tenants. Customer related intangible assets represent customer contracts and relationships. Network and customer related intangible assets acquired in a business combination are recognized at fair value at the acquisition date. Network and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of network and customer related intangible assets over their estimated useful lives of 14-35 years (2022: 14-34 years, 2021: 14-26 years) and 5-41 years (2022: 5-41 years, 2021: 5-37 years) respectively. The remaining amortization period for network and customer related assets are between 3-32 years (2022: 4-33 years, 2021: 5-26 years) and 19-39 years (2022: 20-40 years, 2021: 21-36 years) respectively. (b) Separately acquired licenses are shown at historical cost. Licenses acquired in a business combination are recognized at fair value at the acquisition date. Licenses have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method over their estimated useful lives of 3-15 years (2022: 3-15 years, 2021: 3-15 years). (c) Costs associated with maintaining computer software programs are recognized as expenses as incurred. Acquired computer software licenses are capitalized at the cost incurred to acquire and bring into use the software. Amortization is calculated using the straight-line method over their estimated useful lives of three |
Impairment of nonfinancial assets | 2.14 Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired (note 3). Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. |
Inventories | 2.15 Inventories are stated at the lower of cost and estimated net realizable value. Cost comprises direct materials costs and where applicable, direct labor costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the first-in, first-out method. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. If the carrying value exceeds net realizable amount, a write down is recognized. The write-down may be reversed in a subsequent period if the circumstances which caused it no longer exist. In other instances, where the net realizable value of an inventory item is not readily determinable, management assesses the age and the risk of obsolescence of such items in determining net realizable value of such items using an appropriate age/obsolescence factor model. |
Financial assets | 2.16 2.16.1 The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. 2.16.2 Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 2.16.3 At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. a) Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group measures its debt instruments at amortized cost as assets are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of income and other comprehensive income. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are reflected within borrowings in current liabilities in the statement of financial position. b) The Group subsequently measures all equity investments at fair value. The Group has elected to present fair value gains and losses on equity investments in OCI. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. 2.16.4 The Group adopted the simplified approach and evaluates each customer individually for the purpose of estimating the impairment at the reporting date rather than using a portfolio approach. The Group has limited history of losses and given the short duration of receivables, the Group uses the experienced credit judgement (ECJ) approach to estimate the impairment of trade receivables in accordance with the expected credit loss (ECL) requirement of IFRS 9. The ECJ approach assesses the credit risk of the customer at the reporting date to evaluate the customer’s capacity to meet its contractual cash flow obligations in the near term and combines this with an evaluation of the impact of changes in economic and business conditions on the customer’s ability to pay. |
Financial liabilities | 2.17 2.17.1 The Group’s financial liabilities are classified at amortized cost. Financial liabilities are recognized initially at fair value and inclusive of directly attributable transaction costs. The Group’s financial liabilities are borrowings and trade and other payables. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the statement of income and other comprehensive income over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. A day one gain or loss on intercompany loans at a non-market interest rate is included in investments. Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, canceled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the statement of income and other comprehensive income as other income or finance costs. Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognized in the statement of income and other comprehensive income, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. |
Derivative financial instruments | 2.18 Derivatives are financial instruments that derive their value from an underlying price or index. A derivative instrument gives one party a contractual right to exchange financial assets and financial liabilities with another party under conditions that are potentially favorable or financial liabilities with another party under conditions that are potentially unfavorable. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Where we have an obligation to purchase non-controlling interest that will be settled for a variable number of own shares, rather than cash, another financial asset, or a fixed number of shares, our policy is to treat this as a derivative transaction and measure it at fair value in the statement of income. |
Embedded derivatives | 2.19 An embedded derivative is a component of a hybrid (combined) instrument that also includes a non-derivative host contract. An embedded derivative causes some or all of the cash flows that otherwise would be required by the contract to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates or other variable (provided in the case of a non-financial variable that the variable is not specific to a party to the contract). An embedded derivative is only separated and reported at fair value with gains and losses being recognized in the statement of income and other comprehensive income when the following requirements are met: ● where the economic characteristics and risks of the embedded derivative are not clearly and closely related to those of the host contract; ● the terms of the embedded derivative are the same as those of a stand-alone derivative; and ● the combined contract is not held for trading or designated at fair value through profit or loss. The Group’s listed bonds include embedded put and call features which are bifurcated at the time of issuance of the bonds. The Group has analyzed the 2027 Notes issued in September 2019 along with the 2026 and 2028 Notes issued in November 2021 and has identified free standing call and put options embedded in the listed bonds that required separate valuation. The Group employed valuation techniques commonly used by market participants to evaluate bonds with embedded options, including discounted cash flow and option pricing models, and makes maximum reference to market inputs. The techniques adopted include the major factors that market participants would consider in setting a price and are consistent with accepted economic methodologies for pricing financial instruments. The options are valued equivalent to an American Receiver Swaption under the Hull & White Model. A significant portion of the Group’s contracted revenue pricing is denominated in US Dollars and the amount of local currency due is determined by reference to the US Dollar amount invoiced, translated at the spot rate or an average rate to the respective subsidiary. This represents an embedded foreign currency derivative in a host contract. Management’s judgement is that where fees that are priced in US$ are translated to local currency at the time of billing using a liquid market exchange rate, derivatives are not bifurcated as at the time the contracts are entered into. They are considered closely related to the host contract since they are denominated in a currency that is commonly used in the regions that the Group operates in (US Dollar being a relatively stable and liquid currency that is commonly used for pricing in local business transactions and trade). Where fees priced in US$ are translated to local currency at the time of billing using a fixed, pre-determined exchange rate, or an exchange rate which is not referenced to a liquid market exchange rate, derivatives are bifurcated at the time the contracts are entered into. |
Current and deferred income tax | 2.20 (a) Deferred income tax is recognized in full, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax liabilities are not recognized if they arise from initial recognition of goodwill and deferred income tax is not accounted for if it arises from initial recognition of an asset or liability, in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. (b) Current income tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted by the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. |
Employee benefits | 2.21 (a) The Group operates a number of defined contribution plans which are funded by contributions from the Group and the employees based on the law ruling in each country. The amounts contributed by the Group is recognized as employee benefit expenses and are charged to profit or loss in the period to which the contributions relate. The Group has no further payment obligation once the contributions have been paid. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payment is available. (b) Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. (c) The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in the statement of income and other comprehensive income in the period in which they arise. |
Share-based payments | 2.22 The Group operates a number of equity settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Company. Equity settled share-based payment obligations granted to employees are measured at their fair value (at the date of grant or the date of amendment in the case of modification of terms) and the fair value is recognized as an expense in profit or loss, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions (for example, profitability, sales growth targets are expected to be met), such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date (note 3). In the event of a modification of the terms of the share-based instruments, if the fair value of the new amended instruments is greater than the fair value of the original instruments as at the modification date, then for options vested at the modification date, the incremental fair value is recognized in profit or loss immediately and for unvested options, the incremental amount is recognized in profit or loss over the remaining vesting period. In prior periods, and up to the 10 July 2019, the share-based compensation plans operated by the Group were classified and accounted for as cash-settled instruments. Options were measured at their fair value (at the date of grant) and the fair value was recognized as an expense in profit or loss with a corresponding liability recognized. Cash settled share-based payment liabilities were remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in profit or loss. At the end of each reporting period and up to 10 July 2019, the Group revised its estimates of the number of options that were expected to vest based on the non-market vesting conditions and service conditions and recognized the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to liability. Refer to note 28 for further information. |
Decommissioning and site restoration obligations | 2.23 The Group makes provision for any future cost of decommissioning of its telecommunication towers where required by regulation or land lease terms. These costs are expected to be incurred within a period of up to 20 years depending on the term of the leasehold. The Group estimates this provision using existing technology at current prices as quoted by decommissioning experts, escalated at the relevant inflation factor. The inflated decommissioning provision is subsequently discounted to present value using the Group’s incremental borrowing rate for borrowings over the expected term of the leasehold. The timing of each decommissioning will depend on the term of the lease and whether or not the lessor intends to renew the rental contract. A corresponding amount is recognized as part of property, plant and equipment. This is subsequently depreciated as part of the tower. Other than the unwinding discount on the provision, any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding item of property, plant and equipment. |
Summary of significant accoun_2
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Schedule of property and equipment useful life | Towers and tower equipment • Base station equipment (including civil costs and overheads) 10 - 20 years • Base station equipment (other equipment) 15 years • Base station equipment (rectifier and solar power) 10 years • Base station equipment (alarm and battery) 3 - 5 years • Base station equipment (generator & generator overhaul) 1 - 3 years • Base station equipment (base transmission equipment) 8 - 10 years Fiber assets • Fixed line network equipment (including civil works, duct system, cable system and survey costs) 25 years • Outdoor cabinet 10 years Land and buildings, furniture and office equipment, and motor vehicles • Office complex 40 years • Furniture and office equipment 3 years • Motor vehicles 4 years |
Critical accounting estimates_2
Critical accounting estimates and assumptions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Critical accounting estimates and judgements | |
Schedule of management's assessment of current uncertainties | Assessment Risk discussion and response Revenue and profitability · Limited impact on revenue collections thus far. · Customers continue to perform, and we have not experienced significant deterioration in payments. · The Group has long-term revenue contracts with its customers amounting to $12.3 billion in contracted revenue. · Our ability to collect revenue from our customers is impacted by our customers’ ability to generate and collect revenues from their operations. Our customers have, in the main, seen an increased demand for their services. · The impact on collections has thus far been limited and the Group remains in constant conversation with customers regarding their liquidity and ability to meet their obligations. · The Group regularly reviews measures for cost savings whilst maintaining its ability to operate effectively and towards strategic goals. · The Group has continued to invest in capital expenditure which supports revenue growth. The Group will make targeted investments in capital expenditure relating to revenue growth during 2024. · Customer revenue contracts include FX reset functions, including on Nigerian Naira contracts. Liquidity · Sufficient liquidity is available. · No current impact on going concern. · The Group has cash and cash equivalents of $294 million as at December 31, 2023, and undrawn facilities at IHS Holding level of $430 million. · Management has assessed current cash reserves and the availability of undrawn facilities and continues to monitor available liquidity in the context of ongoing operational requirements and planned capital expenditure. · In the context of current commitments and available liquidity, management believes that the going concern assumption remains appropriate. · All of the Group’s operations are cash generative. Access to USD · Moderate risk due to decreased availability. · While there has been a reduction in US Dollar liquidity in the Nigerian market, we were still able to source US Dollars locally to fund our US Dollar requirements during the year. Internal controls · Minimal impact to date. · Our IT team monitors the increased risk of fraud, data or security breaches, loss of data and the potential for other cyber-related attacks and utilises security measures to mitigate such risks. Supply chain · Moderate risk due to delays. · The Group works closely with suppliers and contractors to ensure availability of supplies on site, especially diesel supplies which are critical to many of our operations. · Regular maintenance of our towers continues while observing strict safety guidelines for our employees and our suppliers and contractors. |
Introduction and overview of _2
Introduction and overview of Group's risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Introduction and overview of Group's risk management | |
Schedule of sensitivity analysis of exchange rates | Effect on Effect on Effect on Effect on Effect on Effect on Effect on Rwandan Nigerian Zambian South Africa Brazilian Kuwaiti Euro Franc Naira Kwacha Rand Real Dinar $’000 $’000 $’000 $’000 $’000 $’000 $’000 2023 Rate of change 10 % 10 % 10 % 10 % 10 % 10 % 10 % Effect of US Dollar weakening on loss (21,911) (1,311) (255,956) (16,038) (3,996) — (1,047) Effect of US Dollar strengthening on loss 21,911 1,311 255,956 16,038 3,996 — 1,047 2022 Rate of change 7 % 7 % 7 % 7 % 7 % 7 % 7 % Effect of US Dollar weakening on loss (13,153) (4,402) (165,880) (15,528) (2,809) (18,898) (648) Effect of US Dollar strengthening on loss 13,153 4,402 165,880 15,528 2,809 18,898 648 2021 Rate of change 5 % 5 % 5 % 5 % n/a 5 % 5 % Effect of US Dollar weakening on loss (15,726) (3,284) (106,595) (11,078) — (15,502) (424) Effect of US Dollar strengthening on loss 15,726 3,284 106,595 11,078 — 15,502 424 |
Schedule of foreign exchange exposure on inter company loans | Nigerian Rwandan Zambian South African Brazilian Kuwaiti Naira Franc Kwacha Rand Real Dinar US Dollar $’000 $’000 $’000 $’000 $’000 $’000 $’000 2023 US Dollar loan 2,240,110 13,108 79,081 39,956 — 10,473 — Euro loan — — — — — — 214,271 2022 US Dollar loan 2,172,230 62,886 127,235 40,132 269,976 9,261 — Euro loan — — — — — — 244,194 |
Schedule of foreign exchange risk | 2023 2022 $’000 $’000 Trade receivables 7,330 7,356 Cash and cash equivalents 50,132 45,234 Trade payables (44,835) (69,480) Borrowings (405,592) (306,291) Net exposure (392,965) (323,181) |
Schedule of interest rate risk | 2023 2022 2021 $'000 $'000 $'000 Effect of 1% (2022 and 2021: 1%) increase on post tax loss 11,412 6,345 6,343 Effect of 1% (2022 and 2021: 1%) decrease on post tax loss (11,423) (6,846) (6,079) |
Schedule of maximum credit exposure | 2023 2022 $’000 $'000 Other receivables (note 19) 317,452 387,019 Derivative financial instrument assets (note 18) 2,105 6,121 Trade receivables (net) (note 19) 212,323 211,025 Cash and cash equivalents (note 20) 293,823 514,078 825,703 1,118,243 |
Schedule of credit ratings of other receivables | 2023 2022 $’000 $'000 Other receivables AAA 22,485 27,820 A — 63 B 259,702 335,600 Not rated 35,265 23,536 317,452 387,019 |
Schedule of internal credit ratings | Internal Credit rating First tier Second tier Total $'000 $'000 $'000 2023 Accrued Revenue 86,683 99 86,782 Not due 57,540 4,031 61,571 0-30 days 17,632 2,240 19,872 31-60 days 15,072 4,532 19,604 61-90 days 1,128 4,213 5,341 Over 90 days 19,213 21,145 40,358 Gross trade receivables 197,268 36,260 233,528 Impairment allowance (8,647) (12,558) (21,205) Net trade receivables 188,621 23,702 212,323 Internal Credit rating First tier Second tier Total $'000 $'000 $'000 2022 Accrued Revenue 84,975 156 85,131 Not due 58,169 3,128 61,297 0-30 days 22,581 2,267 24,848 31-60 days 11,233 3,269 14,502 61-90 days 4,411 3,902 8,313 Over 90 days 11,748 30,551 42,299 Gross trade receivables 193,117 43,273 236,390 Impairment allowance (2,597) (22,768) (25,365) Net trade receivables 190,520 20,505 211,025 |
Schedule of movement in allowance for impairment in respect of trade receivables | 2023 2022 2021 $'000 $'000 $'000 Opening balance 25,365 31,063 133,800 Increase/(decrease) in impairment provision 7,202 (4,446) (34,031) Written-off during the year (2,597) (312) (67,053) Foreign exchange (8,765) (940) (1,653) 21,205 25,365 31,063 |
Schedule of contractual undiscounted cash flows of financial liabilities | Within 1 year 2 - 3 years 4 - 5 years Over 5 years Total $'000 $'000 $'000 $'000 $'000 2023 Trade payables (note 21) 330,622 — — — 330,622 Other payables (note 21) 110,706 4,629 — — 115,335 Payroll and other related statutory liabilities (note 21) 46,282 — — — 46,282 Lease liabilities 101,709 193,434 180,895 705,421 1,181,459 Bank and bond borrowings 670,261 1,578,329 1,950,750 303,397 4,502,737 1,259,580 1,776,392 2,131,645 1,008,818 6,176,435 2022 Trade payables (note 21) 442,959 — — — 442,959 Other payables (note 21) 88,676 1,459 — — 90,135 Payroll and other related statutory liabilities (note 21) 45,331 — — — 45,331 Lease liabilities 92,417 179,930 168,231 667,954 1,108,532 Bank and bond borrowings 649,110 1,051,663 1,922,606 753,813 4,377,192 1,318,493 1,233,052 2,090,837 1,421,767 6,064,149 |
Schedule of net leverage ratios | 2023 2022 * $’000 $'000 Bank and bond borrowings (note 22) 3,510,847 3,344,402 Lease liabilities (note 23) 601,994 605,558 Less: Cash and cash equivalents (note 20) (293,823) (514,078) Net debt 3,819,018 3,435,882 Segment Adjusted EBITDA 1,132,535 1,030,931 Management net leverage ratio 3.4x 3.3x |
Schedule of financial instruments measured at fair value | Level 1 Level 2 Total 2023 $'000 $'000 $'000 Fair value through other comprehensive income financial assets 13 — 13 Interest rate caps (note 18) — 565 565 Embedded options within listed bonds (note 18) — 1,540 1,540 Foreign exchange swaps (note 18) — (68,133) (68,133) 13 (66,028) (66,015) Level 1 Level 2 Total 2022 $'000 $'000 $'000 Fair value through other comprehensive income financial assets 10 — 10 Interest rate caps (note 18) — 821 821 Embedded options within listed bonds (note 18) — 5,300 5,300 Foreign exchange swaps (note 18) — (1,393) (1,393) 10 4,728 4,738 |
Schedule of fair value estimation | 2023 2022 Carrying Carrying value Fair value value Fair value Financial liabilities $'000 $'000 $'000 $'000 Bank and bond borrowings (note 22) 3,510,847 3,224,775 3,344,402 3,116,193 3,510,847 3,224,775 3,344,402 3,116,193 |
Schedule of financial instruments by category - Assets | Financial assets Fair value through other Fair value Amortized comprehensive through profit cost income or loss Total $'000 $'000 $'000 $'000 2023 Trade receivables (note 19) 212,323 — — 212,323 Other receivables (note 19) 317,452 — — 317,452 Cash and cash equivalents (note 20) 293,823 — — 293,823 Fair value through other comprehensive income financial assets — 13 — 13 Derivative financial instruments assets (note 18) — — 2,105 2,105 823,598 13 2,105 825,716 2022 Trade receivables (note 19) 211,025 — — 211,025 Other receivables (note 19) 387,019 — — 387,019 Cash and cash equivalents (note 20) 514,078 — — 514,078 Fair value through other comprehensive income financial assets — 10 — 10 Derivative financial instruments assets (note 18) — — 6,121 6,121 1,112,122 10 6,121 1,118,253 |
Schedule of financial instruments by category - Liabilities | Financial liabilities Fair value through profit Amortized cost or loss Total $'000 $'000 $'000 2023 Bank and bond borrowings (note 22) 3,510,847 — 3,510,847 Trade payables (note 21) 330,622 — 330,622 Other payables (note 21) 115,335 — 115,335 Derivative financial instruments liabilities (note 18) — 68,133 68,133 Lease liabilities (note 23) 601,994 — 601,994 4,558,798 68,133 4,626,931 2022 Bank and bond borrowings (note 22) 3,344,402 — 3,344,402 Trade payables (note 21) 442,959 — 442,959 Other payables (note 21) 90,135 — 90,135 Derivative financial instruments liabilities (note 18) — 1,393 1,393 Lease liabilities (note 23)* 605,558 — 605,558 4,483,054 1,393 4,484,447 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment reporting | |
Schedule of summarized financial information | Summarized financial information for the year ended December 31, 2023 is as follows: 2023 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 1,381,627 503,049 200,207 40,656 — 2,125,539 Segment Adjusted EBITDA (note 4(e)) 855,317 257,072 145,754 22,121 (147,729) 1,132,535 Depreciation and amortization (note 7 and 8) (435,586) Net gain on disposal of property, plant and equipment (note 8) 3,806 Insurance claims (note 9) 321 Impairment of withholding tax receivables in Nigeria (note 8) (47,992) Business combination costs (note 8) (2,432) Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) (87,696) Other costs (a) (19,017) Share‑based payment expense (note 8) (13,370) Finance income (note 10) 25,209 Finance costs (note 11) (2,436,511) Other non-operating income (note 9) 83 Loss before income tax (1,880,650) Additions of property, plant and equipment and intangible assets: - through business combinations — — — 8,566 - In the normal course of business 320,027 96,905 247,580 18,034 Segment assets 1,441,240 1,406,675 2,216,873 186,586 Segment liabilities 866,996 815,769 766,687 111,751 (a) Other costs for the year ended December 31, 2023 included one-off consulting fees related to corporate structures and operating systems of $10.6 million, one-off consulting services of $1.7 million, costs related to internal reorganization of $4.7 million and one-off professional fees related to financing of $0.3 million. Summarized financial information for the year ended December 31, 2022 is as follows: 2022 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 1,352,402 412,824 160,008 36,065 — 1,961,299 Segment Adjusted EBITDA (note 4(e))* 802,822 230,066 114,434 16,021 (132,412) 1,030,931 Depreciation and amortization (note 7 and 8)* (468,904) Net loss on disposal of property, plant and equipment (note 8) (3,382) Insurance claims (note 9) 2,092 Impairment of withholding tax receivables in Nigeria (note 8) (52,334) Impairment of Goodwill (note 8) (121,596) Business combination costs (note 8) (20,851) Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) (38,157) Other costs (a) (4,873) Share‑based payment expense (note 8) (13,265) Finance income (note 10) 15,825 Finance costs (note 11)* (872,049) Other non-operating income 2,584 Loss before income tax* (543,979) Additions of property, plant and equipment and intangible assets: - through business combinations* — 719,219 386,460 3,650 - In the normal course of business 400,430 101,154 135,069 23,532 Segment assets* 2,270,656 1,639,254 1,931,317 178,471 Segment liabilities* 935,387 912,875 555,885 109,087 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. (a) Other costs for the year ended December 31, 2022 included $2.3 million costs related to internal reorganization. Summarized financial information for the year ended December 31, 2021 is as follows: 2021 Nigeria SSA Latam MENA Other Total $’000 $’000 $’000 $’000 $’000 $’000 Revenues from external customers 1,146,732 343,945 59,706 29,347 — 1,579,730 Segment Adjusted EBITDA (note 4(e)) 783,544 190,654 42,688 13,085 (103,575) 926,396 Depreciation and amortization (note 7 and 8) (382,882) Net gain on disposal of property, plant and equipment (note 8) 2,499 Insurance claims (note 9) 6,861 Impairment of withholding tax receivables in Nigeria (note 8) (61,810) Business combination costs (note 8) (15,779) Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) (51,113) Reversal of provision for decommissioning costs 2,671 Listing costs (22,153) Other costs (a) (15,752) Share‑based payment expense (note 8) (11,780) Finance income (note 10) 25,522 Finance costs (note 11) (422,034) Other non-operating income 11,213 Loss before income tax (8,141) Additions of property, plant and equipment and intangible assets: - through business combinations — — 468,535 — - In the normal course of business 318,971 56,291 103,338 20,725 Segment assets 2,038,376 1,024,347 1,453,729 173,888 Segment liabilities 745,944 494,236 393,090 100,947 (a) Other costs for the year ended December 31, 2021 included one-off professional costs related to financing of $15.1 million and aborted transaction costs of $0.7 million. |
Schedule of countries contributing material revenue and/or have material non current assets | 2023 2022 2021 $’000 $'000 $'000 Revenue Nigeria 1,381,627 1,352,402 1,146,732 Rest of world 743,912 608,897 432,998 2,125,539 1,961,299 1,579,730 Non ‑ current assets* Nigeria 898,264 1,597,989 1,572,774 Brazil 1,875,098 1,648,863 1,274,378 South Africa 493,651 652,492 ** — Rest of world 912,459 953,607 1,013,385 4,179,472 4,852,951 3,860,537 *Non-current assets exclude financial instruments, non-current trade and other receivables and deferred tax assets. **Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule of revenue from tier one customers | 2023 2022 2021 $’000 $'000 $'000 Customer A 60 % 62 % 66 % Customer B 17 % 17 % 14 % |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue. | |
Schedule of revenue | 2023 2022 2021 $’000 $'000 $'000 Lease component 1,736,864 1,534,415 1,233,816 Services component 388,675 426,884 345,914 2,125,539 1,961,299 1,579,730 |
Schedule of unsatisfied performance obligation | 2023 2022 2021 $’000 $'000 $'000 Within one year 302,046 418,137 351,071 1-2 years 271,463 386,416 309,861 2-3 years 214,028 309,326 255,791 3-4 years 203,051 288,244 211,615 4-5 years 184,186 276,816 190,018 After 5 years 704,110 1,149,649 858,912 1,878,884 2,828,588 2,177,268 |
Schedule of future minimum receipts of lease component | 2023 2022 2021 $’000 $'000 $'000 Within one year 1,597,832 1,589,439 1,284,692 1-2 years 1,311,962 1,478,221 1,177,665 2-3 years 1,236,565 1,194,924 1,083,942 3-4 years 1,197,965 1,136,303 847,224 4-5 years 1,129,060 1,098,901 749,839 After 5 years 3,980,847 4,008,713 2,703,888 10,454,231 10,506,501 7,847,250 |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cost of sales [abstract] | |
Schedule of cost of sales | 2023 2022 * 2021 $'000 $'000 $'000 Power generation 396,714 419,151 267,044 Depreciation (note 14)** 373,889 411,579 330,799 Tower repairs and maintenance 96,258 90,126 74,523 Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent 87,696 38,157 51,113 Amortization (note 15) 44,618 42,050 34,051 Security services 42,512 43,448 36,132 Site regulatory permits 37,502 33,999 41,165 Staff costs (note 8.3) 33,149 33,229 26,323 Travel costs 9,700 5,343 7,155 Short-term site rental 8,613 14,111 11,165 Insurance 4,648 5,109 4,156 Professional fees 2,570 3,460 3,385 Short-term other rent 2,266 2,813 3,419 Vehicle maintenance and repairs 2,184 1,968 2,754 Other 40,987 12,458 14,204 1,183,306 1,157,001 907,388 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. **Presented net of related indirect tax receivable in Brazil of $1.3 million (2022: $0.9 million, 2021: $0.4 million). Refer to note 14 . Included in Other are $31.1 million (2022: $0.8 million, 2021: $Nil) in foreign exchange losses on cost of sales. |
Administrative expenses (Tables
Administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Administrative expenses. | |
Schedule of administrative expenses | 2023 2022 2021 $’000 $'000 $'000 Staff costs (note 8.3) 156,602 132,399 101,567 Professional fees 61,094 38,964 49,685 Impairment of withholding tax receivables* 47,992 52,334 61,810 Facilities, short-term rental and upkeep 43,616 34,203 23,210 Key management compensation (note 30.2) 18,508 21,703 25,642 Travel costs 14,124 15,535 8,654 Share-based payment expense (note 28) 13,370 13,265 11,780 Depreciation (note 14) 11,314 9,995 13,917 Amortization (note 15) 5,765 5,280 4,115 Business combination transaction costs 2,432 20,851 15,779 Impairment of goodwill — 121,596 — Operating taxes (1,005) 963 1,561 Net (gain)/loss on disposal of property, plant and equipment (3,806) 3,382 (2,499) Other 34,777 30,705 21,290 404,783 501,175 336,511 * 2023 2022 2021 $’000 $'000 $'000 Salaries and wages 157,807 137,450 106,754 Other benefits 19,877 18,768 16,282 Share-based payment expense (note 28) 13,370 13,265 11,780 Pension contribution – employer 12,067 9,410 4,854 203,121 178,893 139,670 2023 2022 2021 $’000 $'000 $'000 Administrative expenses 169,972 145,664 113,347 Cost of sales 33,149 33,229 26,323 203,121 178,893 139,670 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other income. | |
Schedule of other income | 2023 2022 2021 $’000 $'000 $'000 Insurance claims 321 2,092 6,861 Other income 83 2,584 11,648 404 4,676 18,509 |
Finance Income (Tables)
Finance Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance income. | |
Schedule of finance income | 2023 2022 2021 $’000 $'000 $'000 Interest income - bank deposits 25,008 15,170 7,798 Net foreign exchange gain arising from derivative instruments - realized 38 655 9,889 Fair value gain on embedded options and interest rate caps 163 — 604 Fair value gain on embedded derivative within revenue contract — — 7,231 25,209 15,825 25,522 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance costs. | |
Schedule of finance costs | 2023 2022 * 2021 $’000 $'000 $'000 Interest expenses - third party loans 362,381 256,208 174,876 Interest expenses - withholding tax paid on bond interest 13,439 12,197 4,404 Unwinding of discount on decommissioning liability 9,156 7,084 4,644 Interest and finance charges paid/payable for lease liabilities 61,617 52,234 32,826 Net foreign exchange loss arising from financing - unrealized 1,713,242 157,836 126,131 Net foreign exchange loss arising from financing - realized 162,944 206,329 43,422 Fair value loss on embedded options and interest rate caps 3,760 159,889 — Costs paid on early loan and bond settlement — — 18,171 Fees on loans and financial derivatives 17,821 18,673 13,663 Net foreign exchange loss on derivative instruments - unrealized 92,151 1,599 3,897 2,436,511 872,049 422,034 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Expense | |
Schedule of Reconciliation of effective tax charge | 2023 2022 * 2021 $’000 $'000 $'000 Current taxes: Current year 114,055 109,044 93,774 Prior years 375 (202) (2,082) Total current tax charge 114,430 108,842 91,692 Deferred income taxes (note 16): Current year (32,048) (183,495) (69,158) Prior years 25,146 (360) (4,554) Total deferred income tax credit (6,902) (183,855) (73,712) Total taxation charge/(credit) 107,528 (75,013) 17,980 Reconciliation of effective tax charge Loss before income tax (1,880,650) (543,979) (8,141) Tax calculated at domestic tax rates applicable to profits in respective countries (638,254) (193,643) (4,433) Tax effects of: Income not subject to taxation** (21,771) (6,687) (5,307) Expenses not deductible for tax purposes 89,958 75,197 35,191 Movement in deferred tax assets not recognized*** 633,448 79,477 74,084 Change in tax base**** 1,769 (74,291) (86,184) Prior year under/(over) provision***** 25,521 (562) 6,636 Goodwill impairment — 40,937 — Withholding tax on distributable profits 3,742 5,967 — Other profit‑related taxes — — 5,239 Effects of changes in tax rates (849) (4,845) (5,272) Non-deductible share-based payment expense — — 1,441 Movement in uncertain tax positions 9,524 6,501 (3,264) Foreign exchange effects and other differences 4,440 (3,064) (151) Total taxes 107,528 (75,013) 17,980 |
Schedule of Current Income Tax | Current income tax receivables 3,755 1,174 128 Current income tax payables (75,612) (70,008) (68,834) (71,857) (68,834) (68,706) *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule of movement in the current income tax | The movement in the current income tax is as follows: At beginning of year (68,834) (68,706) (48,703) Additions through business combination — — (3,434) Charged to profit or loss (114,430) (108,842) (91,692) Paid during the year 45,411 51,245 29,147 Withholding tax netting off 57,565 54,878 45,849 Exchange difference 8,431 2,591 127 At end of year (71,857) (68,834) (68,706) |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Schedule of basic and diluted net income/(loss) per common share | 2023 2022 * 2021 Loss attributable to equity holders ($'000) (1,988,178) (468,966) (26,121) Less: allocation of loss to non-controlling interest ($'000) (11,569) (9,959) (289) Loss attributable to IHS common shareholders ($'000) (1,976,609) (459,007) (25,832) Basic weighted average shares outstanding (‘000)** 333,176 330,963 301,185 Potentially dilutive securities (‘000)** 1,980 5,083 20,323 Potentially dilutive weighted average common shares outstanding (‘000)** 335,156 336,046 321,508 Loss per share: Basic loss per share ($) (5.93) (1.39) (0.09) Diluted loss per share ($) (5.93) (1.39) (0.09) *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. **On October 13, 2021 all of the outstanding Class A and Class B shares of the Company were exchanged on a 500 to 1 basis for ordinary shares. The loss per share is based on the new number of shares. The comparatives have also been adjusted. Refer to note 25 for further information. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment. | |
Schedule of property, plant and equipment | Total Towers Furniture and Capital (excluding Right- and tower Fiber Land and office Motor work in right-of-use of-use equipment assets buildings equipment vehicles progress asset) asset $’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 (note 31)*** 77,142 233,809 968 93 — 5,495 317,507 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) (14,222) (3,072) (1,038) (877) (8,438) (171,004) (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 year**** (20,994) 70,905 1,489 7,453 6,961 350,512 416,326 100,832 Additions through business combinations (note 31)***/***** 266,110 — 885 — — — 266,995 478,602 Reclassification 176,625 10,991 1,992 4,231 — (193,839) — — Transfer from advance payments 100,578 16,412 6,754 33 — 2,008 125,785 — Disposals* (239,350) — — (459) (1,286) — (241,095) (17,755) Effects of movement in exchange rates***** (150,930) 15,184 (3,802) (1,148) (1,856) (17,876) (160,428) (47,003) At December 31, 2022***** 2,961,567 364,182 63,586 32,308 27,277 287,158 3,736,078 1,165,180 At January 1, 2023 2,961,567 364,182 63,586 32,308 27,277 287,158 3,736,078 1,165,180 Additions during the year**** 64,165 32,293 3,017 3,775 4,481 351,362 459,093 123,281 Additions through business combinations (note 31)*** 5,576 — — — — — 5,576 — Reclassification 208,363 81,929 5,210 (2,300) 337 (293,539) — — Transfer from advance payments 67,978 2,529 2,164 — — 16,643 89,314 — Disposals* (122,022) (35,575) — (1,743) (2,216) — (161,556) (52,271) Effects of movement in exchange rates (880,175) 3,431 (34,697) (7,589) (10,497) (148,759) (1,078,286) (117,853) Reclassified to assets held for sale (111,551) — — (52) — (127) (111,730) (1,347) At December 31, 2023 2,193,901 448,789 39,280 24,399 19,382 212,738 2,938,489 1,116,990 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/(reversal of 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 year** 268,999 54,152 315 5,800 4,610 — 333,876 88,615 Impairment 34,702 201 — — — — 34,903 3,151 Disposals* (234,117) — — (301) (1,272) — (235,690) (13,237) Effects of movement in exchange rates***** (83,573) (675) (119) (1,219) (1,100) — (86,686) (8,221) At December 31, 2022***** 1,561,326 59,032 1,833 21,437 17,009 — 1,660,637 200,161 At January 1, 2023 1,561,326 59,032 1,833 21,437 17,009 — 1,660,637 200,161 Charge for the year** 216,776 65,246 358 4,173 4,017 — 290,570 95,895 Impairment 85,567 464 — — — — 86,031 1,663 Disposals* (120,503) (34,506) — (1,723) (2,141) — (158,873) (23,920) Effects of movement in exchange rates (587,037) 6,143 (958) (4,826) (6,135) — (592,813) (43,018) Reclassified to assets held for sale (87,290) — — (8) — — (87,298) (700) At December 31, 2023 1,068,839 96,379 1,233 19,053 12,750 — 1,198,254 230,081 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 December 31, 2022*** 1,400,241 305,150 61,753 10,871 10,268 287,158 2,075,441 965,019 At December 31, 2023 1,125,062 352,410 38,047 5,346 6,632 212,738 1,740,235 886,909 *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 consolidated statement of income/(loss) and other comprehensive income/(loss) due to the indirect taxes benefit of $1.3 million (2022: $0.9 million, 2021: $0.4 million) in IHS Brasil Cessão de Infraestruturas S.A. claimed through depreciation over the useful life of the asset. ***Includes subsequent asset acquisitions on business combination transactions. ****Includes net movements in assets relating to the decommissioning and site restoration provision. *****Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule of depreciation expense | 2023 2022 * 2021 $'000 $'000 $'000 Cost of sales (note 7) 373,889 411,579 330,799 Administrative expense (note 8) 11,314 9,995 13,917 385,203 421,574 344,716 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of intangible assets material to entity [line items] | |
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 156,817 191,332 38,205 — 1,035 387,389 Disposals — — — (18) (723) (741) Exchange difference (33,177) (46,002) (4,555) (1,217) (514) (85,465) 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 year — — — 14,772 6,413 21,185 Additions through business combinations (note 31)*/*** 119,035 171,765 72,932 — — 363,732 Disposals — — — (4) (395) (399) Exchange difference*** (13,543) (18,163) (4,844) (1,886) (572) (39,008) At December 31, 2022*** 885,639 1,031,366 175,290 30,588 29,244 2,152,127 At January 1, 2023 885,639 1,031,366 175,290 30,588 29,244 2,152,127 Additions during the year — — — 3,007 12,110 15,117 Additions through business combinations (note 31) — 2,224 766 — — 2,990 Disposals — (16,219) (1,758) (117) (14,928) (33,022) Exchange difference (134,613) (119,291) (13,619) (45) (4,670) (272,238) Reclassified to assets held for sale — — — — (271) (271) At December 31, 2023 751,026 898,080 160,679 33,433 21,485 1,864,703 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) Exchange difference — (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 year — 36,169 6,936 2,598 1,627 47,330 Impairment charge for the year** 121,596 — — — — 121,596 Disposals — — — (4) (394) (398) Exchange difference 404 (8,335) (1,245) (395) (313) (9,884) At December 31, 2022 122,251 159,402 27,576 9,076 21,331 339,636 At January 1, 2023 122,251 159,402 27,576 9,076 21,331 339,636 Charge for the year — 34,044 7,217 6,288 2,834 50,383 Disposals — (16,219) (1,758) (117) (13,328) (31,422) Exchange difference 9,477 (43,850) (7,335) 351 (4,827) (46,184) Reclassified to assets held for sale — — — — (38) (38) At December 31, 2023 131,728 133,377 25,700 15,598 5,972 312,375 Net book value At December 31, 2021 779,896 746,196 85,317 10,829 3,387 1,625,625 At December 31, 2022*** 763,388 871,964 147,714 21,512 7,913 1,812,491 At December 31, 2023 619,298 764,703 134,979 17,835 15,513 1,552,328 |
Schedule of classification of intangible asset amortization expenses | 2023 2022 2021 $’000 $'000 $'000 Cost of sales (note 7) 44,618 42,050 34,051 Administrative expenses (note 8) 5,765 5,280 4,115 50,383 47,330 38,166 |
Summary of goodwill allocation for each CGU | Effects of movements in Opening Additions through and exchange rates Closing balance business combinations Impairment other movements balance $'000 $'000 $'000 $'000 $'000 2023 IHS Nigeria 299,457 — — (147,730) 151,727 IHS Cameroon S.A. 41,741 — — 1,547 43,288 IHS Côte d’Ivoire S.A. 20,701 — — 767 21,468 IHS Zambia Limited 46,718 — — (13,901) 32,817 IHS Rwanda Limited 11,186 — — (1,682) 9,504 IHS Kuwait Limited 12,223 — — (12) 12,211 IHS South Africa Proprietary Limited 58,832 — — (4,418) 54,414 IHS Latam tower businesses 187,572 — — 14,957 202,529 I-Systems 84,958 — — 6,382 91,340 763,388 — — (144,090) 619,298 2022 IHS Nigeria Limited 59,768 — — (3,432) 56,336 INT Towers Limited 214,775 — — (12,316) 202,459 IHS Towers NG Limited 43,138 — — (2,476) 40,662 IHS Cameroon S.A. 44,388 — — (2,647) 41,741 IHS Côte d’Ivoire S.A. 22,012 — — (1,311) 20,701 IHS Zambia Limited 50,709 — — (3,991) 46,718 IHS Rwanda Limited 11,867 — — (681) 11,186 IHS Kuwait Limited 12,369 — — (146) 12,223 IHS South Africa Proprietary Limited* — 64,394 — (5,562) 58,832 IHS Latam tower businesses 241,451 54,641 (121,596) 13,076 187,572 I-Systems 79,419 — — 5,539 84,958 779,896 119,035 (121,596) (13,947) 763,388 2021 IHS Nigeria Limited 63,374 — — (3,606) 59,768 INT Towers Limited 227,715 — — (12,940) 214,775 IHS Towers NG Limited 45,741 — — (2,603) 43,138 IHS Cameroon S.A. 48,170 — — (3,782) 44,388 IHS Côte d’Ivoire S.A. 23,888 — — (1,876) 22,012 IHS Zambia Limited 39,907 — — 10,802 50,709 IHS Rwanda Limited 12,319 — — (452) 11,867 IHS Kuwait Limited 13,142 — — (773) 12,369 IHS Latam tower businesses 182,000 75,034 — (15,583) 241,451 I-Systems — 81,783 — (2,364) 79,419 656,256 156,817 — (33,177) 779,896 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule of key assumptions to which the value-in-use calculations are most sensitive | Pre-tax weighted average cost Terminal Tenancy Gross margins excluding depreciation & of capital growth rate Ratio * amortization * 2023 IHS Nigeria 29.5 % 4.0 % 4.05 x - 8.32 x 54.4 % - 75.5 % IHS Cameroon S.A. 14.1 % 4.0 % 2.64 x - 2.94 x 55.0 % - 59.2 % IHS Côte d’Ivoire S.A. 10.8 % 4.0 % 3.40 x - 4.04 x 48.9 % - 56.7 % IHS Zambia Limited 26.4 % 4.0 % 2.63 x - 3.11 x 64.0 % - 70.2 % IHS Rwanda Limited 17.1 % 4.0 % 1.69 x - 2.58 x 66.1 % - 72.6 % IHS South Africa Proprietary Limited 15.1 % 4.0 % 1.40 x - 2.94 x 42.5 % - 50.3 % IHS Kuwait Limited 7.6 % 2.8 % 1.01 x - 2.00 x 63.6 % - 71.8 % 2022 IHS Nigeria Limited 24.4 % 3.2 % 3.76 x - 7.74 x 62.5 % - 78.7 % INT Towers Limited 25.4 % 3.2 % 3.93 x - 4.79 x 61.7 % - 74.0 % IHS Towers NG Limited 24.9 % 3.2 % 3.65 x - 4.73 x 65.3 % - 72.3 % IHS Cameroon S.A. 13.7 % 4.0 % 2.56 x - 3.10 x 56.6 % - 65.5 % IHS Côte d’Ivoire S.A. 11.0 % 4.0 % 3.35 x - 4.00 x 54.8 % - 61.5 % IHS Zambia Limited 30.2 % 4.0 % 2.61 x - 3.24 x 65.4 % - 72.8 % IHS Rwanda Limited 18.1 % 4.0 % 2.04 x - 2.64 x 69.0 % - 73.2 % IHS South Africa Proprietary Limited 13.9 % 3.3 % 1.25 x - 2.28 x 42.9 % - 66.4 % IHS Kuwait Limited 6.3 % 3.6 % 1.01 x - 1.53 x 56.6 % - 62.6 % 2021 IHS Nigeria Limited 16.1 % 2.7 % 3.32 x - 5.18 x 64.2 % - 79.7 % INT Towers Limited 16.0 % 2.7 % 3.56 x - 4.98 x 67.4 % - 74.9 % IHS Towers NG Limited 16.5 % 2.7 % 3.63 x - 4.44 x 52.3 % - 63.1 % IHS Cameroon S.A. 12.1 % 3.2 % 2.37 x - 2.89 x 57.8 % - 64.6 % IHS Côte d’Ivoire S.A. 9.8 % 3.2 % 3.45 x - 4.46 x 53.8 % - 63.5 % IHS Zambia Limited 24.1 % 2.0 % 2.40 x - 3.30 x 65.2 % - 74.6 % IHS Rwanda Limited 15.5 % 3.2 % 2.04 x - 2.97 x 67.0 % - 73.3 % IHS Kuwait Limited 6.0 % 2.9 % 1.00 x - 1.46 x 52.4 % - 64.9 % *Tenancy ratios and gross margins (excluding depreciation & amortization) disclosed are for the forecast period 2024 – 2028. The tenancy ratios refer to the average number of tenants plus lease amendments (also including extra power and space) per tower that is owned or operated across a tower portfolio at a given point in time. |
Schedule of possible changes for key assumptions, that would cause the carrying amount to exceed the recoverable amount resulting in an impairment | IHS Cameroon IHS Côte IHS Rwanda IHS South Africa IHS Kuwait IHS Nigeria S.A. d’Ivoire S.A. Limited Proprietary Limited Limited % Rise in discount rate Increase by 47.3pp Increase by 4.7pp Increase by 6.4pp Increase by 11.7pp Increase by 3.1pp Increase by 7.3pp Decrease in tenancy ratio Decrease by an average of 1.36 x over 4 years Decrease by an average of 0.39 x over 4 years Decrease by an average of 0.80 x over 4 years Decrease by an average of 0.52 x over 4 years Decrease by an average of 0.40 x over 4 years Decrease by an average of 0.67 x over 4 years Gross margin (excluding depreciation and amortization) Decrease by an average of 19.80 x over 4 years Decrease by an average of 10.0 pp over 4 years Decrease by an average of 15.4 pp over 4 years Decrease by an average of 19.9 pp over 4 years Decrease by an average of 8.4 pp over 4 years Decrease by an average of 33.2 pp over 4 years Decrease in terminal growth rate Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% Decrease to less than 0% |
Schedule of sensitivities to key assumption for fair value less costs of disposals calculation | Discount rate Terminal growth rate Tenancy growth* Homes connected Cost of disposal 2023 IHS Latam tower businesses 11.0 % 4.4 % 6.4 % n.a 0.5 % I-Systems 10.7 % 4.4 % n.a 1 million - 3.1 million 0.5 % 2022 IHS Latam tower businesses 10.1 % 4.1 % 9.8 % n.a 0.5 % I-Systems 9.6 % 4.3 % n.a 1 million - 3.6 million 0.5 % *Tenancy growth disclosed is for the average annual growth rate for tenancies over the forecast period 2024 – 2033. |
IHS Latam Group | |
Disclosure of intangible assets material to entity [line items] | |
Schedule of scenarios that would increase the impairment charge recognised | 1% increase 1% decrease 15% decrease in post tax in terminal in tenancy discount rate growth rate growth $'000 $'000 $'000 2023 IHS Latam Towers businesses 139,955 71,817 88,368 2022 IHS Latam Towers businesses 174,000 108,000 113,000 |
IHS South Africa Proprietary Limited | |
Disclosure of intangible assets material to entity [line items] | |
Schedule of impairment of cash generating units from reasonably possible changes in key assumptions | 1% increase 1% decrease 50% decrease 10% decrease in post-tax in terminal in tenancy in gross discount rate growth rate growth margin $'000 $'000 $'000 $'000 2023 IHS Zambia Limited — — — 8,505 2022 IHS South Africa Proprietary Limited 68,724 45,732 155,908 77,017 |
Deferred income tax (Tables)
Deferred income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred income tax | |
Summary of deferred tax asset and liability | 2023 2022 * $’000 $'000 Deferred income tax assets 63,786 78,369 Deferred income tax liabilities (137,106) (183,518) Net deferred tax liabilities (73,320) (105,149) |
Summary of deferred tax asset and liability offset | 2023 2022 * $’000 $'000 Deferred income tax assets Property, plant and equipment** (4,807) (7,137) Intangible assets 23,386 20,313 Provisions** 3,490 14,574 Tax losses 30,668 28,443 Right of use asset** (73,400) (53,820) Lease liability** 84,886 65,419 Other** (437) 10,577 Total 63,786 78,369 2023 2022 * $'000 $'000 Deferred income tax liabilities Property, plant and equipment** (107,444) (165,602) Intangible assets (168,133) (197,932) Provisions** 46,734 57,075 Unrealized derivative income 20,194 (337) Timing differences on loans 4,100 19,071 Unrealized foreign exchange 14,719 12,150 Tax losses 21,676 11,164 Unutilized capital allowances 30,085 79,110 Right of use asset** (42,299) (81,987) Lease liability** 49,676 88,255 Other** (6,414) (4,485) Total (137,106) (183,518) |
Summary of deferred tax reconciliation | Other including Provisions/ Unrealized Property, share ‑ based exchange plant and payments Intangible Loans and differences Right of use Lease equipment ** obligation ** assets derivatives /tax losses ** asset ** liability ** Total Net deferred income tax $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 At January 1, 2021 (168,784) 81,846 (191,887) (26,054) 135,529 (136,986) 142,595 (163,741) Additions through business combinations (6,065) — (73,330) — — — — (79,395) Tax (charge)/income (2,185) (7,659) 85,254 9,295 (11,895) (11,368) 12,274 73,716 Effects of movement in exchange rates 11,014 (4,759) 13,806 1,874 (10,181) 9,508 (9,897) 11,365 At December 31, 2021 (166,020) 69,428 (166,157) (14,885) 113,453 (138,846) 144,972 (158,055) At January 1, 2022 (166,020) 69,428 (166,157) (14,885) 113,453 (138,846) 144,972 (158,055) Additions through business combinations (note 31)* (61,184) — (76,680) — — — — (137,864) Tax income* 49,634 3,859 59,702 33,127 26,044 8,752 2,737 183,855 Effects of movement in exchange rates* 4,831 (1,638) 5,516 492 (2,538) (5,713) 5,965 6,915 At December 31, 2022 (172,739) 71,649 (177,619) 18,734 136,959 (135,807) 153,674 (105,149) At January 1, 2023 (172,739) 71,649 (177,619) 18,734 136,959 (135,807) 153,674 (105,149) Additions through business combinations (note 31) — — — — — — — — Tax income/(charge) 24,045 (8,943) (9,239) 10,002 (14,195) (12,090) 17,322 6,902 Effects of movement in exchange rates 36,443 (12,482) 42,111 (4,442) (32,467) 32,198 (36,434) 24,927 At December 31, 2023 (112,251) 50,224 (144,747) 24,294 90,297 (115,699) 134,562 (73,320) *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories | |
Schedule of inventories | 2023 2022 $'000 $'000 Stock of materials 40,589 74,216 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative financial instruments | |
Schedule of contractual notional amount for the derivative instruments | 2023 2022 $'000 $'000 Derivative instruments Foreign exchange swaps* 125,000 160,448 Embedded options within listed bonds 1,940,000 1,940,000 2,065,000 2,100,448 |
Schedule of fair value of derivative instruments | 2023 2022 $'000 $'000 Derivative instruments Foreign exchange swaps (68,133) (1,393) Interest rate caps 565 821 Embedded options within listed bonds 1,540 5,300 (66,028) 4,728 |
Schedule of changes in fair value of derivative instruments | 2023 2022 2021 $'000 $'000 $'000 Derivative instruments Foreign exchange swaps/non‑deliverable forwards (92,151) (1,599) (3,897) Interest rate caps 163 (89) — Embedded options within listed bonds (3,760) (159,889) 604 Embedded options within revenue contracts — — 7,231 (95,748) (161,577) 3,938 |
Schedule of credit ratings of derivative instruments | 2023 2022 $'000 $'000 Derivative financial instrument assets Not rated 2,105 6,121 2,105 6,121 |
Schedule of reconciliation of movements of derivative financial instruments | 2023 2022 $'000 $'000 Foreign exchange swaps/non-deliverable forwards Opening balance (1,393) (3,771) Fair value loss (unrealized foreign exchange on open contracts) (92,151) (1,599) Foreign exchange gain 25,831 780 Cash flow on settlement (420) 3,197 (68,133) (1,393) |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables | |
Trade and other receivables | 2023 2022 $’000 $'000 Current Trade receivables 233,528 236,390 Less: impairment provisions (21,205) (25,365) Net trade receivables* 212,323 211,025 Other receivables** 317,452 387,019 Prepaid land rent 1,016 1,030 Other prepaid expenses 29,979 26,820 Advance payments 33,364 22,076 Withholding tax receivables 1,362 1,201 VAT receivables 12,339 14,296 607,835 663,467 Non-current Accrued income and lease incentive 71,891 35,321 Other tax receivables 7,116 5,945 Payment in advance for property, plant and equipment 61,874 83,118 Contingent consideration receivable*** 6,411 5,963 147,292 130,347 *The fair value is equal to their carrying amount. **Included in other receivables are short-term fixed deposits which are not classified as cash and cash equivalents as it exceeds the three-month maturity period. ***Receivable on the I-Systems Soluções de Infraestrutura S.A. acquisition. The balance increased since acquisition due to foreign exchange movements. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents. | |
Schedule of cash and cash equivalents | 2023 2022 $’000 $'000 Cash at bank 293,823 514,078 Cash and cash equivalents 293,823 514,078 |
Schedule of credit ratings of banking partners | 2023 2022 $’000 $'000 Cash and cash equivalents AAA (F1+) 16,030 20,916 AA 2 — A+ 15,686 22,790 A (F1) 67,505 244,483 A- 216 — BBB+ 15,889 506 BBB- 88 115 B+ 7,611 — B 169,517 217,335 B- — 7,242 Not rated 1,279 691 293,823 514,078 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables. | |
Schedule of trade and other payables | 2023 2022 $’000 $'000 Current Trade payables 330,622 442,959 Deferred revenue 41,462 86,363 Withholding tax payable 3,555 5,820 Payroll and other related statutory liabilities 46,282 45,331 VAT payables 37,829 51,103 Other payables 72,877 37,573 532,627 669,149 Non-current Other payables 4,629 1,459 4,629 1,459 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings. | |
Schedule of external debt classification | 2023 2022 $’000 $'000 Non-current Senior Notes 1,930,457 1,920,783 Bank borrowings 1,126,239 985,505 3,056,696 2,906,288 Current Senior Notes 26,912 27,060 Bank borrowings 107,110 213,576 Bank overdraft 675 — Letters of credit 319,454 197,478 454,151 438,114 Total borrowings 3,510,847 3,344,402 |
Schedule of reconciliation of debt | 2023 2022 2021 $’000 $’000 $’000 Opening balance – January 1 3,344,402 2,609,090 2,203,209 Additions through business combination — — 6,457 Interest expense (note 11) 362,381 256,208 174,876 Interest paid (299,029) (234,567) (168,285) Bank loans and bond proceeds received (net of transaction costs) 985,992 1,263,272 1,076,063 Bank loans and bonds repaid (689,940) (506,504) (653,504) Bank overdraft 612 — 3,208 Other transaction costs (19,441) (19,911) (38,597) Foreign exchange and other movements (174,130) (23,186) 5,663 Closing balance – December 31 3,510,847 3,344,402 2,609,090 |
Schedule of debt by debt instrument | 2023 2022 Currency Maturity date Interest rate $’000 $’000 Senior Notes IHS Holding Limited US Dollar 2026 5.63 % 498,920 497,861 IHS Holding Limited US Dollar 2028 6.25 % 498,635 497,979 IHS Netherlands Holdco B.V. US Dollar 2027 8.00 % 959,814 952,003 Bank borrowings IHS Holding Term Loan US Dollar 2025 3.75 % + CAS + 3M SOFR 370,935 368,630 IHS (Nigeria) Limited Nigerian Naira 2023 12.50 - 18.00% — 57,448 INT Towers Ltd Nigerian Naira 2024 2.50 % + 3M NIBOR — 191,188 INT Towers Ltd Nigerian Naira 2028 20.00 % 186,302 — IHS Côte d'Ivoire Ltd CFA Franc 2024 5.00 % 6,570 18,854 IHS Côte d'Ivoire Ltd Euro 2024 3.00 % + 3M EURIBOR 4,841 14,217 IHS Zambia Ltd US Dollar 2027 5.00 % + CAS + 3M SOFR 81,297 94,596 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2031 3.10 % + CDI 252,341 — IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2029 3.65 % + CDI — 68,591 IHS Brasil - Cessão de Infraestruturas S.A. Brazilian Real 2028 3.05 % + CDI — 82,928 I-Systems Soluções de Infraestrutura S.A. Brazilian Real 2030 2.45 - 2.50% + CDI 84,305 38,542 IHS Kuwait Limited Kuwait Dinar 2029 2.00 % + 3M KIBOR 61,354 66,251 IHS Towers South Africa Proprietary Limited South African Rand 2029 2.75 % + 3M JIBAR 185,404 197,836 Bank overdraft IHS Towers South Africa Proprietary Limited South African Rand 2024 11.50 % 675 — Letters of credit IHS (Nigeria) Limited US Dollar 2024 12.00 - 15.55% 98,918 66,047 INT Towers Ltd US Dollar 2024 12.00 - 15.75% 219,418 128,063 ITNG Limited US Dollar 2024 15.49 % 23 987 Global Independent Connect Limited US Dollar 2024 13.25 - 15.49% 1,095 1,330 Global Independent Connect Limited Chinese Yuan 2023 12.05 % — 1,051 3,510,847 3,344,402 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities. | |
Schedule of current and non current lease liabilities | 2023 2022 * $’000 $’000 Current 91,156 87,240 Non-current 510,838 518,318 Total lease liabilities 601,994 605,558 |
Schedule of reconciliation of cash and non-cash changes | 2023 2022 * 2021 $’000 $’000 $’000 At January 1 605,558 376,101 314,747 Additions through business combinations (note 31) — 216,218 44,557 Additions through new leases or remeasurements 159,624 118,609 131,438 Interest and finance charges for lease liabilities (note 11) 61,617 52,234 32,826 Payments for the principal of lease liabilities (72,854) (76,629) (63,324) Interest paid for lease liabilities (58,443) (36,178) (32,923) Remeasurements or terminations** (67,547) (37,718) (30,978) Effects of movement in exchange rates (25,961) (7,079) (20,242) Closing balance – December 31 601,994 605,558 376,101 |
Schedule of amount recognized in the statement of income | 2023 2022 * 2021 $'000 $'000 $'000 Interest on lease liabilities (note 11) 61,617 52,234 32,826 Expenses relating to short-term leases and low value assets (note 7) 10,879 16,924 11,165 Depreciation for right of use assets (note 14) 95,895 88,615 60,685 Total for the year ended 168,391 157,773 104,676 |
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 2023 Lease liabilities 601,994 1,181,459 101,709 193,434 180,895 705,421 2022 Lease liabilities* 605,558 1,108,532 92,417 179,930 168,231 667,954 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Provisions for other liabilit_2
Provisions for other liabilities and charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions for other liabilities and charges | |
Schedule of decommissioning and site restoration provision | 2023 2022 2021 $'000 $'000 $'000 At January 1 85,016 71,941 53,266 Additions through business combinations (refer to note 31) — 34,419 8,347 Net provision increases and remeasurements (505) (24,898) 7,212 Payments for tower and tower equipment decommissioning (343) (343) (231) Reversal of decommissioning through profit and loss — — (2,671) Unwinding of discount 9,156 7,084 4,644 Effects of movement in exchange rates (6,916) (3,187) 1,374 At December 31 86,408 85,016 71,941 Analysis of total decommissioning and site restoration provisions : Non-current 86,131 84,533 71,598 Current 277 483 343 86,408 85,016 71,941 |
Schedule of discount rate applied by each operating entity | IHS IHS Côte IHS IHS IHS Nigerian Cameroon d’Ivoire Zambia South Africa Rwanda Brazilian IHS Kuwait Discount entities S.A. S.A. Limited Proprietary Limited Limited entities Limited rates % % % % % % % % 2023 11.1 7.4 5.9 14.0 12.2 13.5 15.1 6.3 2022 11.1 5.5 8.0 9.1 11.1 16.0 16.4 3.4 |
Schedule of impact on accumulated losses of 1% shift in discount rate | Increase/ (decrease) on accumulated losses 2023 2022 2021 $’000 $’000 $’000 Effect of 1% increase in discount rate (2,562) (2,066) (1,571) Effect of 1% decrease in discount rate 1,189 1,606 1,093 |
Stated capital (Tables)
Stated capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stated capital | |
Schedule of stated capital | Class A shares pre-IPO / Ordinary Shares post-IPO Class B shares pre-IPO Stated Stated capital net capital net Number of Stated of issue Number of Stated of issue shares capital costs shares capital costs 000’s $'000 $'000 000’s $'000 $'000 At January 1, 2021 130,492,567 4,233,335 4,231,856 16,558,927 299,405 299,014 Reclassification of Class A and Class B shares to ordinary shares 16,558,927 299,405 299,014 (16,558,927) (299,405) (299,014) Impact of reverse share split (146,757,391) — — — — — Shares issued on IPO 18,000 378,000 378,000 — — — Share issue costs — — (28,154) — — — Shares issued on exercise of options 15,717 342,768 342,768 — — — December 31, 2021 327,820 5,253,508 5,223,484 — — — Shares issued on exercise of options 4,100 88,469 88,469 — — — December 31, 2022 331,920 5,341,977 5,311,953 — — — Shares issued on exercise of options 2,478 92,896 92,896 — — — Shares repurchased and canceled through buyback program (1,879) (10,037) (10,037) — — — At December 31, 2023 332,519 5,424,836 5,394,812 * — — — *As at December 31, 2023 stated capital was made up of share capital of $99,755,745 and share premium of $5,295,055,920. |
Other reserves (Tables)
Other reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other reserves. | |
Schedule of other reserves | Fair value through other compre- Foreign hensive Restruct- Share- based Loss on exchange income uring payment transactions translation reserve reserve reserve between 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) Recognition of share-based payment expense — — 13,003 — — 13,003 SBP reserve converted to share capital — — (342,768) — — (342,768) 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* — — — — 59,521 59,521 Recognition of share-based payment expense — — 13,423 — — 13,423 SBP reserve converted to share capital — — (88,469) — — (88,469) Other reclassifications related to share-based payment — — (2,835) — — (2,835) At December 31, 2022 (3) 4,019 98,817 (840,359) (123,745) (861,271) At January 1, 2023 (3) 4,019 98,817 (840,359) (123,745) (861,271) Other comprehensive income 12 — — — 950,843 950,855 Recognition of share-based payment expense — — 13,168 — — 13,168 SBP reserve converted to share capital — — (92,896) — — (92,896) Other reclassifications related to share-based payment — — (1,426) — — (1,426) At December 31, 2023 9 4,019 17,663 (840,359) 827,098 8,430 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Non-controlling interest (Table
Non-controlling interest (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-controlling interest. | |
Schedule of non controlling interests | 2023 2022 2021 $’000 $’000 $’000 Balance at January 1 227,200 223,188 14,216 Non-controlling interest arising on business combinations (refer to note 31)* 1,922 831 215,014 Loss for the period (11,569) (9,959) (289) Other comprehensive gain/(loss) 19,953 13,140 (5,753) Balance at December 31 237,506 227,200 223,188 *Includes non-controlling interest arising on subsequent asset acquisitions on business combination transactions. |
Schedule of summarized financial information of subsidiary | Summarized balance sheet and cash flows I-Systems Soluções de Infraestrutura S.A. 2023 ($’000) 2022 ($’000) Current assets 83,274 102,445 Current liabilities (53,797) (38,834) Current net assets 29,477 63,611 Non-current assets 527,592 462,122 Non-current liabilities (114,681) (92,453) Non-current net assets 412,911 369,669 Net assets 442,388 433,280 Accumulated non-controlling interest at the end of the period 216,770 212,307 Summarized statement of comprehensive income for the reporting period I-Systems Soluções de Infraestrutura S.A. 2023 ($’000) 2022 ($’000) Revenue 73,556 56,602 Loss for the period (22,712) (15,377) Other comprehensive income 31,819 29,449 Total comprehensive income 9,107 14,072 Loss allocated to non-controlling interest during the period (11,129) (7,535) I-Systems Soluções de Infraestrutura S.A. 2023 ($’000) 2022 ($’000) Cash flows generated from operating activities 59,827 55,714 Cash flows used in investing activities (100,771) (91,680) Cash flows generated from financing activities 24,483 36,574 Net (decrease)/increase in cash and cash equivalents (16,461) 608 |
Share-based payment obligations
Share-based payment obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based payment obligation | |
Schedule of total charge to the profit or loss | 2023 2022 2021 $’000 $’000 $’000 Expense under equity settled classification from date of amendment 13,370 13,265 11,780 13,370 13,265 11,780 |
Schedule of movements in the number of share options outstanding | 2023 Incentive Incentive Incentive Incentive Omnibus plan 1 plan 2 plan 2B plan 3 plan 000’s 000’s 000’s 000’s 000’s Authorized 634 2,560 768 10 4,750 Issued At January 1 634 2,560 768 10 2,618 Issued — — — — 2,132 Forfeited (317) (1,280) (384) (5) (127) Exercised during the period (317) (1,280) (384) (5) (493) At December 31 — — — — 4,130 2022 Incentive Incentive Incentive Incentive Omnibus plan 1 plan 2 plan 2B plan 3 plan 000’s 000’s 000’s 000’s 000’s Authorized 1,267 5,120 1,537 19 2,943 Issued At January 1 1,267 5,120 1,537 19 — Issued — — — — 2,943 Forfeited — — — — (86) Exercised during the period (633) (2,560) (769) (9) (239) At December 31 634 2,560 768 10 2,618 |
Schedule of weightedaverage remaining contractual life | 2023 2022 Weighted Number of Weighted Number of average options in force average options in force Year of remaining at year end remaining at year end grant contractual life* contractual life* 2014 — — 0.33 519,763 2015 — — 0.33 2,538,812 2017 — — 0.33 842,658 2018 — — 0.33 17,869 2020 — — 0.33 25,605 2021 — — 0.33 26,553 2022 1.02 2,041,836 1.72 2,617,876 2023 1.96 2,088,008 — — 4,129,844 6,589,136 *The contractual remaining life has been determined using vesting dates as all options are expected to be exercised on vesting date. |
Cash from operations (Tables)
Cash from operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash from operations | |
Schedule of cash flow from operations | 2023 2022 * 2021 $’000 $'000 $'000 Reconciliation: Loss before income tax (1,880,650) (543,979) (8,141) Adjustments Depreciation of property, plant and equipment (note 7 and 8) 385,203 421,574 344,716 Amortization of intangible assets (note 15) 50,383 47,330 38,166 Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 7) 87,696 38,157 51,113 Loss allowance/(reversal of loss allowance) on trade receivables (note 8.1) 7,202 (4,446) (34,031) Impairment of withholding tax receivables (note 8) 47,992 52,334 61,810 Impairment of goodwill (note 8) — 121,596 — Amortization of prepaid site rent 9,534 9,631 8,321 Net (gain)/loss on disposal of plant, property and equipment (note 8) (3,806) 3,382 (2,499) Insurance claim income (note 9) (321) (2,092) (6,861) Finance costs (note 11) 2,436,511 872,049 422,034 Finance income (note 10) (25,209) (15,825) (25,522) Share‑based payment expense (note 28) 13,370 13,265 11,780 Impairment/(reversal of impairment) of inventory — 138 (315) Reversal of decommissioning through profit and loss — — (2,671) Operating profit before working capital changes 1,127,905 1,013,114 857,900 Changes in working capital Decrease/(increase) in inventory 11,249 (37,750) 6,689 Increase in trade and other receivables (295,260) (141,723) (164,382) Increase in trade and other payables 59,029 133,233 87,866 Net movement in working capital (224,982) (46,240) (69,827) Cash from operations 902,923 966,874 788,073 *Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022 . |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related parties | |
Schedule of subsidiaries | Ownership interests Ownership held interests held Country of by the Group by the Group Entity name Principal activity incorporation 2023 2022 IHS Holding Limited (ultimate parent) Holding company Cayman Islands — — IHS Mauritius Cameroon Limited Holding company Mauritius 100 % 100 % IHS Mauritius Côte d’Ivoire Limited Holding company Mauritius 100 % 100 % IHS Mauritius Netherlands Limited Holding company Mauritius 100 % 100 % IHS Mauritius Zambia Limited Holding company Mauritius 100 % 100 % IHS Mauritius Rwanda Limited Holding company Mauritius 100 % 100 % IHS Africa (UK) Limited Provision of management services United Kingdom 100 % 100 % IHS Netherlands (Interco) Coöperatief U.A. Holding company Netherlands 100 % 100 % IHS Netherlands Holdco B.V. Provision of finance Netherlands 100 % 100 % IHS Netherlands NG1 B.V. Holding company Netherlands 100 % 100 % IHS Netherlands NG2 B.V. Holding company Netherlands 100 % 100 % IHS Nigeria Limited Operating* Nigeria 100 % 100 % INT Towers Limited Operating* Nigeria 100 % 100 % IHS Towers NG Limited Operating* Nigeria 100 % 100 % IHS Côte d’Ivoire S.A. Operating* Côte d’Ivoire 100 % 100 % IHS Cameroon S.A. Operating* Cameroon 100 % 100 % IHS Zambia Limited Operating* Zambia 100 % 100 % IHS Rwanda Limited Operating* Rwanda 100 % 100 % Rwanda Towers Limited Operating* Rwanda 100 % 100 % IHS Kuwait Limited Operating* Kuwait 100 % 100 % IHS Brasil - Cessão de Infraestruturas S.A. Operating* Brazil 100 % 100 % IHS Towers Colombia S.A.S Operating* Colombia 100 % 100 % IHS Peru S.A.C. Operating* Peru 100 % 100 % San Gimignano Imoveis e Adminsitracao Ltda. Provision of land management Brazil 100 % 100 % Nigeria Tower Interco B.V. Holding company Netherlands 100 % 100 % IHS Netherlands GCC B.V. Holding company Netherlands 100 % 100 % IHS Netherlands KSA B.V. Holding company Netherlands 100 % 100 % IHS GCC Limited Provision of management services United Arab Emirates 100 % 100 % IHS Netherlands Connect B.V. Holding company Netherlands 100 % 100 % IHS GCC KW Holding Limited Provision of management services United Arab Emirates 70 % 70 % IHS FinCo Management Limited Provision of finance United Arab Emirates 100 % 100 % IHS GCC MAR Holding Limited Holding company United Arab Emirates 100 % 100 % Global Independent Connect Limited Operating* Nigeria 100 % 100 % IHS KSA Limited Operating* Kingdom of Saudi Arabia 100 % 100 % IHS SSC FZE Provision of management services United Arab Emirates 100 % 100 % IHS Netherlands RSA B.V Holding company Netherlands 100 % 100 % IHS Netherlands BR B.V Holding company Netherlands 100 % 100 % IHS South Africa Holding Proprietary Limited Holding company South Africa 100 % 100 % IHS Towers South Africa Proprietary Limited Operating* South Africa 100 % 100 % IHS Netherlands PHP B.V Holding company Netherlands 100 % 100 % IHS Towers Inc. Provision of management services United States of America 100 % 100 % IHS Netherlands EGY B.V. Holding company Netherlands 100 % 100 % IHS Telecom Towers Egypt S.A.E. Operating* Egypt 80 % 80 % Skysites Americas Ltda Operating* Brazil ** 100 % Wi-Fi Mundial Ltda. Operating* Brazil 100 % 100 % IHS Fiber Brasil Participações Ltda. Holding company Brazil ** 100 % IHS Fiber Brasil - Cessão de Infraestruturas Ltda. Holding company Brazil 100 % 100 % I-Systems Soluções de Infraestrutura S.A. Operating* Brazil 51 % 51 % Centennial Towers Colombia S.A.S. Operating* Colombia 100 % 100 % Polar Breeze Colombia S.A.S Operating* Colombia 100 % 100 % Centennial Towers Brasil Cooperatief U.A. Holding company Netherlands 100 % 100 % Centennial Towers of Brasil B.V. Holding company Netherlands 100 % 100 % Centennial Towers of Colombia Ltd. Financing company British Virgin Islands 100 % 100 % IHS CNT Brasil Torres de Telecomunicacoes Ltda. Operating* Brazil ** 100 % Polar Breeze Empreendimentos Ltda. Operating* Brazil ** 100 % IHS E-Services (NG) Limited Provision of management services Nigeria 100 % — *All operating subsidiaries provide telecommunication support services as their principal activity. **Entity liquidated after an internal merger. |
Summary of compensation paid or payable to key management for employee services. | 2023 2022 2021 $’000 $’000 $’000 Key management compensation Short‑term employee benefits 18,354 19,980 25,537 Post‑employment benefits 154 1,723 105 18,508 21,703 25,642 Share-based payments 6,696 5,380 9,795 25,204 27,083 35,437 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
IHS Kuwait acquisition of towers in Kuwait | |
Business Combinations | |
Disclosure of detailed information about asset acquisitions | 2023 2022 $’000 $’000 Gross consideration 6,408 2,729 Less: consideration received in exchange for a retained 30% interest (by Zain Kuwait) in IHS GCC KW (1,922) (819) Net consideration for 70% controlling interest in the acquired towers 4,486 1,910 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 5,576 1,032 Customer related assets 2,224 1,947 Network-related assets 766 671 Trade and other payables (2,158) (921) Total identifiable net assets acquired (at 100% ) 6,408 2,729 Goodwill — — Non-controlling interest 1,922 819 Revenue — post‑acquisition n.a. n.a. Loss — post‑acquisition n.a. n.a. |
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 | As reported As re-presented 2022 2022 2022 $’000 $’000 $’000 Gross consideration 421,239 — 421,239 Net cash consideration 421,239 — 421,239 Identifiable assets acquired and liabilities assumed: Towers and tower equipment 251,683 — 251,683 Customer related intangible asset 127,957 (6,492) 121,465 Network related intangible asset 67,837 1,904 69,741 Right of use asset 211,315 621 211,936 Lease liabilities (211,315) (621) (211,936) Deferred tax (52,864) 1,239 (51,625) Provisions for other liabilities and charges (34,419) — (34,419) Total identifiable net assets acquired 360,194 (3,349) 356,845 Goodwill 61,045 3,349 64,394 Revenue — post‑acquisition 71,398 Loss — post‑acquisition (20,542) |
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 48,353 Network related intangible asset 2,520 Right of use asset 266,666 Trade and other receivables 23,575 Lease liabilities (4,282) Trade and other payables (4,222) Deferred tax (86,239) Total identifiable net assets acquired 260,651 Goodwill 54,641 Revenue — post‑acquisition 34,129 Profit — post‑acquisition* 6,340 *Includes profit up until an internal merger of the entity. |
Summary of significant accoun_3
Summary of significant accounting policies (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 ₦ / $ | Dec. 31, 2022 ₦ / $ | Dec. 31, 2021 ₦ / $ | Dec. 31, 2023 ₦ / $ segment | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Foreign exchange rate | 911.68 | 461.50 | 435 | 911.68 |
Average foreign exchange rate | 840.96 | 451.01 | 415.60 | |
Typical number of performance obligations in non-lease revenue contracts | 2 | 2 | ||
Lease additional periods | 10 years | |||
Number of reportable segments | segment | 4 | |||
Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Foreign exchange rate | 461.50 | 416 | 394.13 | 461.50 |
Bottom of range | If Pillar Two regulations had been enacted in current financial year | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Percentage of increase in current tax expense if Pillar Two regulations had been enacted during current year | 15% | |||
Bottom of range | Leasing contracts in which reporting entity is lessor | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Lease term | 5 years | |||
Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Foreign exchange rate | 911.68 | 461.50 | 435 | 911.68 |
Top of range | If Pillar Two regulations had been enacted in current financial year | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Percentage of increase in current tax expense if Pillar Two regulations had been enacted during current year | 20% | |||
Top of range | Leasing contracts in which reporting entity is lessor | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Lease term | 10 years | |||
Base station equipment (including civil costs and overheads) | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 10 years | |||
Base station equipment (including civil costs and overheads) | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 20 years | |||
Base station equipment (other equipment) | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 15 years | |||
Base station equipment (rectifier and solar power) | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 10 years | |||
Base station equipment (alarm and battery) | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 3 years | |||
Base station equipment (alarm and battery) | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 5 years | |||
Base station equipment (generator and generator overhaul) | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 1 year | |||
Base station equipment (generator and generator overhaul) | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 3 years | |||
Base station equipment (base transmission equipment) | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 8 years | |||
Base station equipment (base transmission equipment) | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 10 years | |||
Fixed line network equipment (including civil works, duct system, cable system and survey costs) | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 25 years | |||
Outdoor cabinet | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 10 years | |||
Office complex | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 40 years | |||
Furniture and office equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 3 years | |||
Motor vehicles | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment estimated useful lives | 4 years |
Summary of significant accoun_4
Summary of significant accounting policies - Intangible Assets (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Period over which cost of decommissioning of telecommunication towers incurred | 20 years | ||
Network | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 14 years | 14 years | 14 years |
Remaining amortization period of intangible assets | 3 years | 4 years | 5 years |
Network | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 35 years | 34 years | 26 years |
Remaining amortization period of intangible assets | 32 years | 33 years | 26 years |
Customerrelated intangible assets | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 5 years | 5 years | 5 years |
Remaining amortization period of intangible assets | 19 years | 20 years | 21 years |
Customerrelated intangible assets | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 41 years | 41 years | 37 years |
Remaining amortization period of intangible assets | 39 years | 40 years | 36 years |
Licenses | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 3 years | 3 years | 3 years |
Licenses | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 15 years | 15 years | 15 years |
Computer software | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 3 years | ||
Computer software | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets estimated useful lives | 5 years |
Critical accounting estimates_3
Critical accounting estimates and judgements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | Dec. 31, 2020 | |
Critical accounting estimates and judgements | |||||
Value of contracted revenue | $ 12,300,000 | ||||
Cash and cash equivalents | 293,823 | $ 514,078 | $ 916,488 | $ 585,416 | |
Undrawn borrowing facilities | $ 430,000 | ||||
Lease renewal term | 10 years | ||||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Critical accounting estimates_4
Critical accounting estimates and judgements - Revenue recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Critical accounting estimates and judgements | |||
Percentage Of Reasonably Possible Increase (Decrease) In Management's Estimate of Variable Consideration | 10% | ||
Increase (decrease) in revenue as a result of reasonably possible increase (decrease) in management's estimate of variable consideration | $ 25.5 | $ 17.4 | $ 16.8 |
Introduction and overview of _3
Introduction and overview of Group's risk management - Sensitivity analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Introduction and overview of Group's risk management | |||
Export sales | $ 0 | ||
Foreign exchange risk | Euro | |||
Introduction and overview of Group's risk management | |||
Rate of change | 10% | 7% | 5% |
Effect of US Dollar weakening on loss | $ (21,911) | $ (13,153) | $ (15,726) |
Effect of US Dollar strengthening on loss | $ 21,911 | $ 13,153 | $ 15,726 |
Foreign exchange risk | Rwandan Franc | |||
Introduction and overview of Group's risk management | |||
Rate of change | 10% | 7% | 5% |
Effect of US Dollar weakening on loss | $ (1,311) | $ (4,402) | $ (3,284) |
Effect of US Dollar strengthening on loss | $ 1,311 | $ 4,402 | $ 3,284 |
Foreign exchange risk | Nigeria Naira | |||
Introduction and overview of Group's risk management | |||
Rate of change | 10% | 7% | 5% |
Effect of US Dollar weakening on loss | $ (255,956) | $ (165,880) | $ (106,595) |
Effect of US Dollar strengthening on loss | $ 255,956 | $ 165,880 | $ 106,595 |
Foreign exchange risk | Zambian Kwacha | |||
Introduction and overview of Group's risk management | |||
Rate of change | 10% | 7% | 5% |
Effect of US Dollar weakening on loss | $ (16,038) | $ (15,528) | $ (11,078) |
Effect of US Dollar strengthening on loss | $ 16,038 | $ 15,528 | $ 11,078 |
Foreign exchange risk | South Africa, Rand | |||
Introduction and overview of Group's risk management | |||
Rate of change | 10% | 7% | |
Effect of US Dollar weakening on loss | $ (3,996) | $ (2,809) | |
Effect of US Dollar strengthening on loss | $ 3,996 | $ 2,809 | |
Foreign exchange risk | Brazil Real | |||
Introduction and overview of Group's risk management | |||
Rate of change | 10% | 7% | 5% |
Effect of US Dollar weakening on loss | $ (18,898) | $ (15,502) | |
Effect of US Dollar strengthening on loss | $ 18,898 | $ 15,502 | |
Foreign exchange risk | Kuwaiti Dinar | |||
Introduction and overview of Group's risk management | |||
Rate of change | 10% | 7% | 5% |
Effect of US Dollar weakening on loss | $ (1,047) | $ (648) | $ (424) |
Effect of US Dollar strengthening on loss | $ 1,047 | $ 648 | $ 424 |
Introduction and overview of _4
Introduction and overview of Group's risk management - Foreign exchange exposure on intercompany loans (Details) - Currency risk [member] - Inter Company Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nigeria, Nairas | ||
Introduction and overview of Group's risk management | ||
Payable to related parties | $ 2,240,110 | $ 2,172,230 |
Rwanda, Rwanda Francs | ||
Introduction and overview of Group's risk management | ||
Payable to related parties | 13,108 | 62,886 |
Zambia, Kwacha | ||
Introduction and overview of Group's risk management | ||
Payable to related parties | 79,081 | 127,235 |
South Africa, Rand | ||
Introduction and overview of Group's risk management | ||
Payable to related parties | 39,956 | 40,132 |
Brazil, Brazil Real | ||
Introduction and overview of Group's risk management | ||
Payable to related parties | 269,976 | |
Kuwait, Dinars | ||
Introduction and overview of Group's risk management | ||
Payable to related parties | 10,473 | 9,261 |
United States of America, Dollars | ||
Introduction and overview of Group's risk management | ||
Payable to related parties | $ 214,271 | $ 244,194 |
Introduction and overview of _5
Introduction and overview of Group's risk management - Exposure to foreign exchange risk (Details) - Foreign exchange risk - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Introduction and overview of Group's risk management | ||
Net exposure | $ (392,965) | $ (323,181) |
Trade receivables | ||
Introduction and overview of Group's risk management | ||
Net exposure | 7,330 | 7,356 |
Cash and cash equivalents | ||
Introduction and overview of Group's risk management | ||
Net exposure | 50,132 | 45,234 |
Trade payables | ||
Introduction and overview of Group's risk management | ||
Net exposure | (44,835) | (69,480) |
Borrowings | ||
Introduction and overview of Group's risk management | ||
Net exposure | $ (405,592) | $ (306,291) |
Introduction and overview of _6
Introduction and overview of Group's risk management - Interest rate risk (Details) - Interest rate risk [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of increase decrease in interest rate | 1% | 1% | 1% |
Effect of increase on post tax loss | $ 11,412 | $ 6,345 | $ 6,343 |
Effect of decrease on post tax loss | $ (11,423) | $ (6,846) | $ (6,079) |
Introduction and overview of _7
Introduction and overview of Group's risk management - Credit risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets | $ 825,716 | $ 1,118,253 | ||
Credit risk [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Maximum exposure to credit risk | 825,703 | 1,118,243 | ||
Derivative financial instrument assets (note 18) | Credit risk [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Maximum exposure to credit risk | 2,105 | 6,121 | ||
Trade receivables [member] | Accumulated impairment | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets | (21,205) | (25,365) | $ (31,063) | $ (133,800) |
Trade receivables [member] | Credit risk [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Maximum exposure to credit risk | 212,323 | 211,025 | ||
Cash and cash equivalents and other receivables [member] | Accumulated impairment | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets | 0 | 0 | ||
Other receivables | Credit risk [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Maximum exposure to credit risk | 317,452 | 387,019 | ||
Cash and Cash Equivalents | Credit risk [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Maximum exposure to credit risk | $ 293,823 | $ 514,078 |
Introduction and overview of _8
Introduction and overview of Group's risk management - Fitch Credit ratings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Other receivables | $ 317,452 | $ 387,019 |
AAA | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Other receivables | 22,485 | 27,820 |
A | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Other receivables | 63 | |
B | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Other receivables | 259,702 | 335,600 |
Not rated | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Other receivables | $ 35,265 | $ 23,536 |
Introduction and overview of _9
Introduction and overview of Group's risk management - Internal credit rating (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) customer | Dec. 31, 2022 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables and accrued revenue | $ 212,323 | $ 211,025 |
Number of customers | 2 | |
Bottom of range | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Number of customers | customer | 2 | |
Top of range | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Number of customers | customer | 5 | |
Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables and accrued revenue | $ 188,621 | 190,520 |
Revenue percentage | 80% | |
Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables and accrued revenue | $ 23,702 | 20,505 |
Revenue percentage | 20% | |
Gross carrying amount [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Accrued Revenue | $ 86,782 | 85,131 |
Trade receivables and accrued revenue | 233,528 | 236,390 |
Gross carrying amount [member] | Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Accrued Revenue | 86,683 | 84,975 |
Trade receivables and accrued revenue | 197,268 | 193,117 |
Gross carrying amount [member] | Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Accrued Revenue | 99 | 156 |
Trade receivables and accrued revenue | 36,260 | 43,273 |
Accumulated impairment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables and accrued revenue | (21,205) | (25,365) |
Accumulated impairment [member] | Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables and accrued revenue | (8,647) | (2,597) |
Accumulated impairment [member] | Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables and accrued revenue | (12,558) | (22,768) |
Not due | Gross carrying amount [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 61,571 | 61,297 |
Not due | Gross carrying amount [member] | Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 57,540 | 58,169 |
Not due | Gross carrying amount [member] | Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 4,031 | 3,128 |
030 days | Gross carrying amount [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 19,872 | 24,848 |
030 days | Gross carrying amount [member] | Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 17,632 | 22,581 |
030 days | Gross carrying amount [member] | Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 2,240 | 2,267 |
3160 days | Gross carrying amount [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 19,604 | 14,502 |
3160 days | Gross carrying amount [member] | Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 15,072 | 11,233 |
3160 days | Gross carrying amount [member] | Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 4,532 | 3,269 |
6190 days | Gross carrying amount [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 5,341 | 8,313 |
6190 days | Gross carrying amount [member] | Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 1,128 | 4,411 |
6190 days | Gross carrying amount [member] | Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 4,213 | 3,902 |
Over 90 days | Gross carrying amount [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 40,358 | 42,299 |
Over 90 days | Gross carrying amount [member] | Internal Credit Grades, First tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | 19,213 | 11,748 |
Over 90 days | Gross carrying amount [member] | Internal Credit Grades, Second tier [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Trade receivables | $ 21,145 | $ 30,551 |
Introduction and overview of_10
Introduction and overview of Group's risk management - Impairment loss of trade receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Opening balance | $ (1,118,253) | ||
Closing balance | (825,716) | $ (1,118,253) | |
Trade receivables | Accumulated impairment | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Opening balance | 25,365 | 31,063 | $ 133,800 |
Increase/(decrease) in impairment provision | 7,202 | (4,446) | (34,031) |
Written-off during the year | (2,597) | (312) | (67,053) |
Foreign exchange | (8,765) | (940) | (1,653) |
Closing balance | $ 21,205 | $ 25,365 | $ 31,063 |
Introduction and overview of_11
Introduction and overview of Group's risk management - Liquidity risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | $ 6,176,435 | $ 6,064,149 | |
Maximum debt amount | 3,700,000 | 3,700,000 | $ 3,500,000 |
Borrowing capacity utilized | 3,200,000 | 3,100,000 | $ 2,700,000 |
Trade payables | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 330,622 | 442,959 | |
Other payables | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 115,335 | 90,135 | |
Payroll and other related statutory liabilities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 46,282 | 45,331 | |
Lease liabilities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 1,181,459 | 1,108,532 | |
Bank and bond borrowings | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 4,502,737 | 4,377,192 | |
Within 1 year | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 1,259,580 | 1,318,493 | |
Within 1 year | Trade payables | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 330,622 | 442,959 | |
Within 1 year | Other payables | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 110,706 | 88,676 | |
Within 1 year | Payroll and other related statutory liabilities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 46,282 | 45,331 | |
Within 1 year | Lease liabilities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 101,709 | 92,417 | |
Within 1 year | Bank and bond borrowings | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 670,261 | 649,110 | |
Later than two years and not later than three years [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 1,776,392 | 1,233,052 | |
Later than two years and not later than three years [member] | Other payables | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 4,629 | 1,459 | |
Later than two years and not later than three years [member] | Lease liabilities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 193,434 | 179,930 | |
Later than two years and not later than three years [member] | Bank and bond borrowings | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 1,578,329 | 1,051,663 | |
Later than four years and not later than five years [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 2,131,645 | 2,090,837 | |
Later than four years and not later than five years [member] | Lease liabilities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 180,895 | 168,231 | |
Later than four years and not later than five years [member] | Bank and bond borrowings | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 1,950,750 | 1,922,606 | |
Over 5 years | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 1,008,818 | 1,421,767 | |
Over 5 years | Lease liabilities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | 705,421 | 667,954 | |
Over 5 years | Bank and bond borrowings | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Contractual undiscounted cash flows | $ 303,397 | $ 753,813 |
Introduction and overview of_12
Introduction and overview of Group's risk management - Net leverage ratios (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Disclosure of financial assets [line items] | |||||
Borrowings | $ 3,510,847 | $ 3,344,402 | $ 2,609,090 | $ 2,203,209 | |
Lease liabilities | 601,994 | 605,558 | 376,101 | 314,747 | |
Less: Cash and cash equivalents | (293,823) | (514,078) | [1] | $ (916,488) | $ (585,416) |
Net debt | 3,819,018 | 3,435,882 | |||
Adjusted EBITDA | $ 1,132,535 | $ 1,030,931 | |||
Management net leverage ratio | 3.4 | 3.3 | |||
Top of range | |||||
Disclosure of financial assets [line items] | |||||
Target ratio of net debt to adjusted EBITDA | 4 | 4 | 4 | ||
Bottom of range | |||||
Disclosure of financial assets [line items] | |||||
Target ratio of net debt to adjusted EBITDA | 3 | 3 | 3 | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Introduction and overview of_13
Introduction and overview of Group's risk management - Financial instruments that are measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | $ (66,015) | $ 4,738 |
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 | 13 | 10 |
Interest rate caps | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 565 | 821 |
Embedded options within listed bonds | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 1,540 | 5,300 |
Foreign exchange swaps | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | (68,133) | (1,393) |
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 | 13 | 10 |
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 | 13 | 10 |
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 | (66,028) | 4,728 |
Level 2 of fair value hierarchy [member] | Interest rate caps | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | 565 | 821 |
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 | 1,540 | 5,300 |
Level 2 of fair value hierarchy [member] | Foreign exchange swaps | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments at fair value | $ (68,133) | $ (1,393) |
Introduction and overview of_14
Introduction and overview of Group's risk management - Reconciliation of Level 3 fair value measurements of financial instruments (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
Introduction and overview of Group's risk management | ||
Opening balance at January 1 | $ 4,960,503 | [1] |
Closing balance at December 31 | $ 5,017,356 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Introduction and overview of_15
Introduction and overview of Group's risk management - Fair value estimation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, Carrying value | $ 4,626,931 | $ 4,484,447 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, Carrying value | 3,510,847 | 3,344,402 |
Fair value | 3,224,775 | 3,116,193 |
Bank and bond borrowings | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, Carrying value | 3,510,847 | 3,344,402 |
Bank and bond borrowings | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, Carrying value | 3,510,847 | 3,344,402 |
Fair value | $ 3,224,775 | $ 3,116,193 |
Introduction and overview of_16
Introduction and overview of Group's risk management - Financial instruments by category - Financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | $ 825,716 | $ 1,118,253 |
Financial assets at amortised cost, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 823,598 | 1,112,122 |
Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 2,105 | 6,121 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 13 | 10 |
Trade receivables [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 212,323 | 211,025 |
Trade receivables [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 212,323 | 211,025 |
Other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 317,452 | 387,019 |
Other receivables | Financial assets at amortised cost, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 317,452 | 387,019 |
Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 293,823 | 514,078 |
Cash and cash equivalents | Financial assets at amortised cost, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 293,823 | 514,078 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 13 | 10 |
Financial assets at fair value through other comprehensive income, category [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 13 | 10 |
Derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | 2,105 | 6,121 |
Derivatives [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | $ 2,105 | $ 6,121 |
Introduction and overview of_17
Introduction and overview of Group's risk management - Financial instruments by category - Financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | $ 4,626,931 | $ 4,484,447 |
Amortized cost | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 4,558,798 | 4,483,054 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 68,133 | 1,393 |
Bank and bond borrowings | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 3,510,847 | 3,344,402 |
Bank and bond borrowings | Amortized cost | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 3,510,847 | 3,344,402 |
Trade payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 330,622 | 442,959 |
Trade payables | Amortized cost | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 330,622 | 442,959 |
Other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 115,335 | 90,135 |
Other payables | Amortized cost | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 115,335 | 90,135 |
Lease liabilities [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 601,994 | 605,558 |
Lease liabilities [member] | Amortized cost | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 601,994 | 605,558 |
Derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 68,133 | 1,393 |
Derivatives [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | $ 68,133 | $ 1,393 |
Segment reporting - Summarized
Segment reporting - Summarized financial information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Geographical information | ||||
Number of operating segments | segment | 4 | |||
Number of reportable segments | segment | 4 | |||
Revenues from external customers | $ 2,125,539 | $ 1,961,299 | [1] | $ 1,579,730 |
Segment Adjusted EBITDA | 1,132,535 | 1,030,931 | 926,396 | |
Depreciation and amortization | (435,586) | (468,904) | (382,882) | |
Net gain/(loss) on disposal of property, plant and equipment | 3,806 | (3,382) | 2,499 | |
Insurance claims | 321 | 2,092 | 6,861 | |
Impairment of withholding tax receivables | (47,992) | (52,334) | (61,810) | |
Impairment of Goodwill | (121,596) | |||
Business combination transaction costs | (2,432) | (20,851) | (15,779) | |
Other costs | (19,017) | (4,873) | (15,752) | |
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent | (87,696) | (38,157) | (51,113) | |
Reversal of provision for decommissioning costs | 2,671 | |||
Listing costs | (22,153) | |||
Share-based payment expense | (13,370) | (13,265) | (11,780) | |
Finance income | 25,209 | 15,825 | [1] | 25,522 |
Finance costs | (2,436,511) | (872,049) | [1] | (422,034) |
Other non-operating income and expenses | 83 | 2,584 | 11,213 | |
Loss before income tax | (1,880,650) | (543,979) | [1] | (8,141) |
Segment assets | 5,364,710 | 6,320,733 | [2] | |
Segment liabilities | 5,017,356 | 4,960,503 | [2] | |
Internal costs related to reorganization | 4,700 | 2,300 | ||
Consulting fees relating to corporate structures and operating systems | 10,600 | |||
Non-recurring consulting fees | 1,700 | |||
Professional costs related to financing | 300 | 15,100 | ||
Aborted transaction costs | 700 | |||
Elimination of intersegment amounts | ||||
Geographical information | ||||
Revenues from external customers | 0 | |||
Cost of sales [member] | ||||
Geographical information | ||||
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent | (87,696) | (38,157) | (51,113) | |
Nigeria | ||||
Geographical information | ||||
Revenues from external customers | 1,381,627 | 1,352,402 | 1,146,732 | |
Segment Adjusted EBITDA | 855,317 | 802,822 | 783,544 | |
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 320,027 | 400,430 | 318,971 | |
Segment assets | 1,441,240 | 2,270,656 | 2,038,376 | |
Segment liabilities | 866,996 | 935,387 | 745,944 | |
SSA | ||||
Geographical information | ||||
Revenues from external customers | 503,049 | 412,824 | 343,945 | |
Segment Adjusted EBITDA | 257,072 | 230,066 | 190,654 | |
Additions of property, plant and equipment , right of use assets and intangible assets: - through business combinations | 719,219 | |||
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 96,905 | 101,154 | 56,291 | |
Segment assets | 1,406,675 | 1,639,254 | 1,024,347 | |
Segment liabilities | 815,769 | 912,875 | 494,236 | |
Latam | ||||
Geographical information | ||||
Revenues from external customers | 200,207 | 160,008 | 59,706 | |
Segment Adjusted EBITDA | 145,754 | 114,434 | 42,688 | |
Additions of property, plant and equipment , right of use assets and intangible assets: - through business combinations | 386,460 | 468,535 | ||
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 247,580 | 135,069 | 103,338 | |
Segment assets | 2,216,873 | 1,931,317 | 1,453,729 | |
Segment liabilities | 766,687 | 555,885 | 393,090 | |
MENA | ||||
Geographical information | ||||
Revenues from external customers | 40,656 | 36,065 | 29,347 | |
Segment Adjusted EBITDA | 22,121 | 16,021 | 13,085 | |
Additions of property, plant and equipment , right of use assets and intangible assets: - through business combinations | 8,566 | 3,650 | ||
Additions of property, plant and equipment, right of use assets and intangible assets: - in the normal course of business | 18,034 | 23,532 | 20,725 | |
Segment assets | 186,586 | 178,471 | 173,888 | |
Segment liabilities | 111,751 | 109,087 | 100,947 | |
Other | ||||
Geographical information | ||||
Segment Adjusted EBITDA | $ (147,729) | $ (132,412) | $ (103,575) | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Segment reporting - Geographica
Segment reporting - Geographical information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Geographical information | ||||
Revenue | $ 2,125,539 | $ 1,961,299 | [1] | $ 1,579,730 |
Noncurrent assets | $ 4,392,103 | $ 5,067,798 | [2] | |
Customer A | ||||
Geographical information | ||||
Revenue percentage | 60% | 62% | 66% | |
Customer B | ||||
Geographical information | ||||
Revenue percentage | 17% | 17% | 14% | |
Countries where entity holds significant non-current assets | ||||
Geographical information | ||||
Noncurrent assets | $ 4,179,472 | $ 4,852,951 | $ 3,860,537 | |
Nigeria | ||||
Geographical information | ||||
Revenue | 1,381,627 | 1,352,402 | 1,146,732 | |
Noncurrent assets | 898,264 | 1,597,989 | 1,572,774 | |
BRAZIL | ||||
Geographical information | ||||
Noncurrent assets | 1,875,098 | 1,648,863 | 1,274,378 | |
SOUTH AFRICA | ||||
Geographical information | ||||
Noncurrent assets | 493,651 | 652,492 | ||
Rest of world | ||||
Geographical information | ||||
Revenue | 743,912 | 608,897 | 432,998 | |
Noncurrent assets | $ 912,459 | $ 953,607 | $ 1,013,385 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Segment reporting - Major custo
Segment reporting - Major customers (Details) | 12 Months Ended | ||
Dec. 31, 2023 customer | Dec. 31, 2022 | Dec. 31, 2021 | |
Geographical information | |||
Number of major customers | 2 | ||
Top of range | |||
Geographical information | |||
Number of major customers | 5 | ||
Customer A | |||
Geographical information | |||
Revenue percentage | 60% | 62% | 66% |
Customer B | |||
Geographical information | |||
Revenue percentage | 17% | 17% | 14% |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue. | ||||
Lease component | $ 1,736,864 | $ 1,534,415 | $ 1,233,816 | |
Services component | 388,675 | 426,884 | 345,914 | |
Total revenue | $ 2,125,539 | $ 1,961,299 | [1] | $ 1,579,730 |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Revenue - Performance obligatio
Revenue - Performance obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue | |||
Remaining performance obligation | $ 1,878,884 | $ 2,828,588 | $ 2,177,268 |
Within one year | |||
Revenue | |||
Remaining performance obligation | 302,046 | 418,137 | 351,071 |
1-2 years | |||
Revenue | |||
Remaining performance obligation | 271,463 | 386,416 | 309,861 |
2-3 years | |||
Revenue | |||
Remaining performance obligation | 214,028 | 309,326 | 255,791 |
3-4 years | |||
Revenue | |||
Remaining performance obligation | 203,051 | 288,244 | 211,615 |
4-5 years | |||
Revenue | |||
Remaining performance obligation | 184,186 | 276,816 | 190,018 |
After 5 years | |||
Revenue | |||
Remaining performance obligation | $ 704,110 | $ 1,149,649 | $ 858,912 |
Revenue - Future minimum receip
Revenue - Future minimum receipts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Future minimum receipts | $ 10,454,231 | $ 10,506,501 | $ 7,847,250 |
Bottom of range | Space on towers | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Term of leases | 5 years | ||
Top of range | Space on towers | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Term of leases | 20 years | ||
Within one year | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Future minimum receipts | $ 1,597,832 | 1,589,439 | 1,284,692 |
1-2 years | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Future minimum receipts | 1,311,962 | 1,478,221 | 1,177,665 |
2-3 years | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Future minimum receipts | 1,236,565 | 1,194,924 | 1,083,942 |
3-4 years | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Future minimum receipts | 1,197,965 | 1,136,303 | 847,224 |
4-5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Future minimum receipts | 1,129,060 | 1,098,901 | 749,839 |
After 5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [abstract] | |||
Future minimum receipts | $ 3,980,847 | $ 4,008,713 | $ 2,703,888 |
Cost of sales (Details)
Cost of sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expense by nature | |||
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent | $ 87,696 | $ 38,157 | $ 51,113 |
Staff costs | 203,121 | 178,893 | 139,670 |
BRAZIL | |||
Expense by nature | |||
Indirect tax receivable | 1,300 | 900 | 400 |
Cost of sales | |||
Expense by nature | |||
Power generation | 396,714 | 419,151 | 267,044 |
Depreciation | 373,889 | 411,579 | 330,799 |
Tower repairs and maintenance | 96,258 | 90,126 | 74,523 |
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent | 87,696 | 38,157 | 51,113 |
Amortization | 44,618 | 42,050 | 34,051 |
Security services | 42,512 | 43,448 | 36,132 |
Site regulatory permits | 37,502 | 33,999 | 41,165 |
Staff costs | 33,149 | 33,229 | 26,323 |
Travel costs | 9,700 | 5,343 | 7,155 |
Short term site rental | 8,613 | 14,111 | 11,165 |
Insurance | 4,648 | 5,109 | 4,156 |
Professional fees | 2,570 | 3,460 | 3,385 |
Short term other rent | 2,266 | 2,813 | 3,419 |
Vehicle maintenance and repairs | 2,184 | 1,968 | 2,754 |
Other | 40,987 | 12,458 | 14,204 |
Total | 1,183,306 | 1,157,001 | 907,388 |
Foreign exchange losses | $ (31,100) | $ (800) | $ 0 |
Administrative expenses (Detail
Administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expense by nature | |||
Impairment of withholding tax receivables | $ 47,992 | $ 52,334 | $ 61,810 |
Key management compensation | 25,204 | 27,083 | 35,437 |
Share-based payment expense | 13,370 | 13,265 | 11,780 |
Business combination transaction costs | 2,432 | 20,851 | 15,779 |
Impairment of Goodwill | 121,596 | ||
Net (gain)/loss on disposal of property, plant and equipment | (3,806) | 3,382 | (2,499) |
Other | 19,017 | 4,873 | 15,752 |
Administrative expense | |||
Expense by nature | |||
Staff costs | 156,602 | 132,399 | 101,567 |
Professional fees | 61,094 | 38,964 | 49,685 |
Impairment of withholding tax receivables | 47,992 | 52,334 | 61,810 |
Facilities, short term rental and upkeep | 43,616 | 34,203 | 23,210 |
Key management compensation | 18,508 | 21,703 | 25,642 |
Travel costs | 14,124 | 15,535 | 8,654 |
Share-based payment expense | 13,370 | 13,265 | 11,780 |
Depreciation | 11,314 | 9,995 | 13,917 |
Amortization | 5,765 | 5,280 | 4,115 |
Business combination transaction costs | 2,432 | 20,851 | 15,779 |
Impairment of Goodwill | 121,596 | ||
Operating taxes | (1,005) | 963 | 1,561 |
Net (gain)/loss on disposal of property, plant and equipment | (3,806) | 3,382 | (2,499) |
Other | 34,777 | 30,705 | 21,290 |
Total | $ 404,783 | $ 501,175 | $ 336,511 |
Reversal of loss allowance_(los
Reversal of loss allowance/(loss allowance) on trade receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reversal of loss Allowance/(loss allowance) on trade receivables | ||||
Impairment loss (reversal of impairment loss) on trade receivables, net | $ 7,202 | $ (4,446) | [1] | $ (34,031) |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Administrative expenses - Staff
Administrative expenses - Staff Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expense by nature | |||
Salaries and wages | $ 157,807 | $ 137,450 | $ 106,754 |
Other benefits | 19,877 | 18,768 | 16,282 |
Share-based payment expense | 13,370 | 13,265 | 11,780 |
Pension contribution - employer | 12,067 | 9,410 | 4,854 |
Total Staff costs | 203,121 | 178,893 | 139,670 |
Administrative expense | |||
Expense by nature | |||
Share-based payment expense | 13,370 | 13,265 | 11,780 |
Total Staff costs | 169,972 | 145,664 | 113,347 |
Cost of sales | |||
Expense by nature | |||
Total Staff costs | $ 33,149 | $ 33,229 | $ 26,323 |
Other income (Details)
Other income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Other income. | ||||
Insurance claims | $ 321 | $ 2,092 | $ 6,861 | |
Other income | 83 | 2,584 | 11,648 | |
Total other income | $ 404 | $ 4,676 | [1] | $ 18,509 |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Finance Income (Details)
Finance Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Finance income. | ||||
Interest income - bank deposits | $ 25,008 | $ 15,170 | $ 7,798 | |
Net foreign exchange gain on derivative instruments - realized | 38 | 655 | 9,889 | |
Fair value gain on embedded options and interest rate caps | 163 | 604 | ||
Fair value gain on embedded derivative in revenue contract | 7,231 | |||
Total Finance income | $ 25,209 | $ 15,825 | [1] | $ 25,522 |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Finance Costs (Details)
Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Finance costs. | ||||
Interest expenses - third party loans | $ 362,381 | $ 256,208 | $ 174,876 | |
Interest expense - withholding tax paid on bond interest | 13,439 | 12,197 | 4,404 | |
Unwinding of discount on decommissioning liability | 9,156 | 7,084 | 4,644 | |
Interest and finance charges paid/payable for lease liabilities | 61,617 | 52,234 | 32,826 | |
Net foreign exchange loss arising from financing - unrealized | 1,713,242 | 157,836 | 126,131 | |
Net foreign exchange loss arising from financing - realized | 162,944 | 206,329 | 43,422 | |
Net foreign exchange loss on derivative instruments-unrealized | 92,151 | 1,599 | 3,897 | |
Fair value loss on embedded options and interest rate caps | 3,760 | 159,889 | ||
Costs paid on early loan and bond settlement | 18,171 | |||
Fees on loans and financial derivatives | 17,821 | 18,673 | 13,663 | |
Finance costs | $ 2,436,511 | $ 872,049 | [1] | $ 422,034 |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Expense | ||||
Current taxes, current year | $ 114,055 | $ 109,044 | $ 93,774 | |
Current taxes, prior years | 375 | (202) | (2,082) | |
Total current tax charge | 114,430 | 108,842 | 91,692 | |
Deferred income taxes, current year | (32,048) | (183,495) | (69,158) | |
Deferred income taxes, prior periods | 25,146 | (360) | (4,554) | |
Total deferred income tax credit | (6,902) | (183,855) | (73,712) | |
Total taxation charge/(credit) | 107,528 | (75,013) | [1] | 17,980 |
Tax effect of potential deferred tax assets that have been impaired | 633,448 | 79,477 | 74,084 | |
Increase (decrease) through business combinations, deferred tax liability (asset) | 137,864 | $ 79,395 | ||
Deferred tax liabilities | $ 137,106 | $ 183,518 | [2] | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Income Tax Expense - Reconcilia
Income Tax Expense - Reconciliation of effective tax charge (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reconciliation of effective tax charge | ||||
Profit before taxation | $ (1,880,650) | $ (543,979) | [1] | $ (8,141) |
Tax calculated at domestic tax rates applicable to profits in respective countries | (638,254) | (193,643) | (4,433) | |
Income not subject to taxation | (21,771) | (6,687) | (5,307) | |
Expenses not deductible for tax purposes | 89,958 | 75,197 | 35,191 | |
Movement in deferred tax assets not recognized | 633,448 | 79,477 | 74,084 | |
Change in tax base | 1,769 | (74,291) | (86,184) | |
Prior year under provision | 25,521 | (562) | 6,636 | |
Goodwill impairment | 40,937 | |||
Withholding tax on distributable profits | 3,742 | 5,967 | ||
Other profitrelated taxes | 5,239 | |||
Effects of changes in tax rates | (849) | (4,845) | (5,272) | |
Non-deductible share-based payment expense | 1,441 | |||
Movement in uncertain tax positions | 9,524 | 6,501 | (3,264) | |
Foreign exchange effects and other differences | 4,440 | (3,064) | (151) | |
Total taxation charge/(credit) | 107,528 | $ (75,013) | [1] | $ 17,980 |
Global Independent Connect Limited | ||||
Reconciliation of effective tax charge | ||||
Income not subject to taxation | (21,700) | |||
BRAZIL | ||||
Reconciliation of effective tax charge | ||||
Decrease in deferred tax asset as a result of obtaining greater clarity on the treatment of certain expenses | $ 20,600 | |||
Applicable tax rate | 34% | 34% | ||
Nigeria | ||||
Reconciliation of effective tax charge | ||||
Movement in deferred tax assets not recognized | $ 592,200 | |||
Tax expense from non-recognition of deferred tax assets on unrealized foreign exchange losses | 562,100 | |||
Tax benefit from recognition of previously impaired capital allowances | 94,300 | |||
Tax effect of impairment of other deferred tax assets | $ 124,300 | |||
Applicable tax rate | 33% | 32.50% | ||
UNITED KINGDOM | ||||
Reconciliation of effective tax charge | ||||
Movement in deferred tax assets not recognized | $ 28,800 | |||
SOUTH AFRICA | ||||
Reconciliation of effective tax charge | ||||
Movement in deferred tax assets not recognized | $ 19,300 | |||
Countries other than Nigeria and Brazil | Bottom of range | ||||
Reconciliation of effective tax charge | ||||
Applicable tax rate | 15% | 15% | ||
Countries other than Nigeria and Brazil | Top of range | ||||
Reconciliation of effective tax charge | ||||
Applicable tax rate | 35% | 40% | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Income Tax Expense - Current In
Income Tax Expense - Current Income Tax (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense | |||||
Current income tax receivables | $ 3,755 | $ 1,174 | [1] | $ 128 | |
Current income tax payables | (75,612) | (70,008) | [1] | (68,834) | |
Current tax liabilities (assets), net | $ (71,857) | $ (68,834) | $ (68,706) | $ (48,703) | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Income Tax Expense - Movement i
Income Tax Expense - Movement in current Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Movement in Current Income Tax | |||
At beginning of year | $ (68,834) | $ (68,706) | $ (48,703) |
Additions through business combination | 3,434 | ||
Charged to profit or loss | (114,430) | (108,842) | (91,692) |
Paid during the year | 45,411 | 51,245 | 29,147 |
Withholding tax netting off | 57,565 | 54,878 | 45,849 |
Exchange difference | 8,431 | 2,591 | 127 |
At end of year | $ (71,857) | $ (68,834) | $ (68,706) |
Loss per share (Details)
Loss per share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Oct. 13, 2021 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | ||
Earnings per share [line items] | |||||
Loss for the period | $ | $ (1,988,178) | $ (468,966) | [1] | $ (26,121) | |
Non-controlling interests | $ | $ (11,569) | $ (9,959) | [1] | $ (289) | |
Basic weighted average shares outstanding | 333,176 | 330,963 | 301,185 | ||
Potentially dilutive securities | 1,980 | 5,083 | 20,323 | ||
Potentially dilutive weighted average common shares outstanding | 335,156 | 336,046 | 321,508 | ||
Basic loss per share | $ / shares | $ (5.93) | $ (1.39) | [1] | $ (0.09) | |
Diluted loss per share | $ / shares | $ (5.93) | $ (1.39) | [1] | $ (0.09) | |
Class A and B shares | |||||
Earnings per share [line items] | |||||
Ratio for exchange of old classes of shares into ordinary shares | 500 | ||||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Property, plant and equipment_2
Property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Charge for the period | $ 385,203 | $ 421,574 | $ 344,716 |
Total (excluding right-of-use assets) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,075,441 | 1,714,261 | |
Ending balance | 1,740,235 | 2,075,441 | 1,714,261 |
Total (excluding right-of-use assets) | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,736,078 | 3,328,495 | 2,820,519 |
Additions during the period | 459,093 | 257,367 | |
Additions during the period | 416,326 | ||
Additions through business combinations | 5,576 | 266,995 | 317,507 |
Transfer from advance payments | 89,314 | 125,785 | 127,372 |
Disposals | (161,556) | (241,095) | (23,266) |
Effects of movement in exchange rates | (1,078,286) | (160,428) | (171,004) |
Reclassified to assets held for sale | (111,730) | ||
Ending balance | 2,938,489 | 3,736,078 | 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 | (1,660,637) | (1,614,234) | (1,382,479) |
Charge for the period | 290,570 | 333,876 | 284,438 |
Impairment/(reversal of impairment) | (86,031) | (34,903) | (48,073) |
Disposals | 158,873 | 235,690 | 16,549 |
Effects of movement in exchange rates | 592,813 | 86,686 | 84,207 |
Reclassified to assets held for sale | 87,298 | ||
Ending balance | (1,198,254) | (1,660,637) | (1,614,234) |
Towers and tower equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,400,241 | 1,254,213 | |
Ending balance | 1,125,062 | 1,400,241 | 1,254,213 |
Towers and tower equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,961,567 | 2,829,528 | 2,660,120 |
Additions during the period | 64,165 | 20,995 | |
Additions during the period | (20,994) | ||
Additions through business combinations | 5,576 | 266,110 | 77,142 |
Reclassification | 208,363 | 176,625 | 124,548 |
Transfer from advance payments | 67,978 | 100,578 | 111,439 |
Disposals | (122,022) | (239,350) | (21,359) |
Effects of movement in exchange rates | (880,175) | (150,930) | (143,357) |
Reclassified to assets held for sale | (111,551) | ||
Ending balance | 2,193,901 | 2,961,567 | 2,829,528 |
Towers and tower equipment | Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,561,326) | (1,575,315) | (1,352,192) |
Charge for the period | 216,776 | 268,999 | 272,068 |
Impairment/(reversal of impairment) | (85,567) | (34,702) | (48,391) |
Disposals | 120,503 | 234,117 | 14,660 |
Effects of movement in exchange rates | 587,037 | 83,573 | 82,676 |
Reclassified to assets held for sale | 87,290 | ||
Ending balance | (1,068,839) | (1,561,326) | (1,575,315) |
Fiber assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 305,150 | 245,336 | |
Ending balance | 352,410 | 305,150 | 245,336 |
Fiber assets | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 364,182 | 250,690 | |
Additions during the period | 32,293 | ||
Additions during the period | 70,905 | ||
Additions through business combinations | 233,809 | ||
Reclassification | 81,929 | 10,991 | 23,241 |
Transfer from advance payments | 2,529 | 16,412 | 7,862 |
Disposals | (35,575) | ||
Effects of movement in exchange rates | 3,431 | 15,184 | (14,222) |
Ending balance | 448,789 | 364,182 | 250,690 |
Fiber assets | Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (59,032) | (5,354) | |
Charge for the period | 65,246 | 54,152 | 5,366 |
Impairment/(reversal of impairment) | (464) | (201) | |
Disposals | 34,506 | ||
Effects of movement in exchange rates | (6,143) | 675 | 12 |
Ending balance | (96,379) | (59,032) | (5,354) |
Land and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 61,753 | 54,631 | |
Ending balance | 38,047 | 61,753 | 54,631 |
Land and buildings | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 63,586 | 56,268 | 47,436 |
Additions during the period | 3,017 | 825 | |
Additions during the period | 1,489 | ||
Additions through business combinations | 885 | 968 | |
Reclassification | 5,210 | 1,992 | 5,999 |
Transfer from advance payments | 2,164 | 6,754 | 4,112 |
Effects of movement in exchange rates | (34,697) | (3,802) | (3,072) |
Ending balance | 39,280 | 63,586 | 56,268 |
Land and buildings | Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,833) | (1,637) | (1,728) |
Charge for the period | 358 | 315 | 296 |
Impairment/(reversal of impairment) | 318 | ||
Effects of movement in exchange rates | 958 | 119 | 69 |
Ending balance | (1,233) | (1,833) | (1,637) |
Furniture and office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 10,871 | 5,041 | |
Ending balance | 5,346 | 10,871 | 5,041 |
Furniture and office equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 32,308 | 22,198 | 18,169 |
Additions during the period | 3,775 | 5,056 | |
Additions during the period | 7,453 | ||
Additions through business combinations | 93 | ||
Reclassification | (2,300) | 4,231 | |
Transfer from advance payments | 33 | ||
Disposals | (1,743) | (459) | (82) |
Effects of movement in exchange rates | (7,589) | (1,148) | (1,038) |
Reclassified to assets held for sale | (52) | ||
Ending balance | 24,399 | 32,308 | 22,198 |
Furniture and office equipment | Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (21,437) | (17,157) | (14,291) |
Charge for the period | 4,173 | 5,800 | 3,806 |
Disposals | 1,723 | 301 | 73 |
Effects of movement in exchange rates | 4,826 | 1,219 | 867 |
Reclassified to assets held for sale | 8 | ||
Ending balance | (19,053) | (21,437) | (17,157) |
Motor vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 10,268 | 8,687 | |
Ending balance | 6,632 | 10,268 | 8,687 |
Motor vehicles | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 27,277 | 23,458 | 20,148 |
Additions during the period | 4,481 | 6,012 | |
Additions during the period | 6,961 | ||
Reclassification | 337 | ||
Disposals | (2,216) | (1,286) | (1,825) |
Effects of movement in exchange rates | (10,497) | (1,856) | (877) |
Ending balance | 19,382 | 27,277 | 23,458 |
Motor vehicles | Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (17,009) | (14,771) | (14,268) |
Charge for the period | 4,017 | 4,610 | 2,902 |
Disposals | 2,141 | 1,272 | 1,816 |
Effects of movement in exchange rates | 6,135 | 1,100 | 583 |
Ending balance | (12,750) | (17,009) | (14,771) |
Capital work in progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 287,158 | 146,353 | |
Ending balance | 212,738 | 287,158 | 146,353 |
Capital work in progress | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 287,158 | 146,353 | 74,646 |
Additions during the period | 351,362 | 224,479 | |
Additions during the period | 350,512 | ||
Additions through business combinations | 5,495 | ||
Reclassification | (293,539) | (193,839) | (153,788) |
Transfer from advance payments | 16,643 | 2,008 | 3,959 |
Effects of movement in exchange rates | (148,759) | (17,876) | (8,438) |
Reclassified to assets held for sale | (127) | ||
Ending balance | 212,738 | 287,158 | 146,353 |
Right-of-use asset | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 965,019 | 520,651 | |
Ending balance | 886,909 | 965,019 | 520,651 |
Right-of-use asset | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,165,180 | 650,504 | 549,594 |
Additions during the period | 123,281 | 113,722 | |
Additions during the period | 100,832 | ||
Additions through business combinations | 478,602 | 41,709 | |
Disposals | (52,271) | (17,755) | (18,872) |
Effects of movement in exchange rates | (117,853) | (47,003) | (35,649) |
Reclassified to assets held for sale | (1,347) | ||
Ending balance | 1,116,990 | 1,165,180 | 650,504 |
Right-of-use asset | Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (200,161) | (129,853) | (81,464) |
Charge for the period | 95,895 | 88,615 | 60,685 |
Impairment/(reversal of impairment) | (1,663) | (3,151) | (2,797) |
Disposals | 23,920 | 13,237 | 8,634 |
Effects of movement in exchange rates | 43,018 | 8,221 | 6,459 |
Reclassified to assets held for sale | 700 | ||
Ending balance | $ (230,081) | $ (200,161) | $ (129,853) |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right of use assets | $ 886,909 | $ 965,019 | [1] | |
IHS Brasil Cesso de Infraestruturas S.A. | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Indirect taxes benefit | 1,300 | 900 | $ 400 | |
Towers and tower equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Borrowing costs capitalized | 0 | |||
Towers and tower equipment | SSA | Assets held for sale | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment on remeasurement to fair value less costs to sell on assets held for sale | $ (71,000) | |||
Period during which assets held for sale are expected to be disposed of | 12 months | |||
Towers under rationalization program agreed with Key Customer | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Recoverable amount | 0 | |||
Vehicles | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right of use assets | $ 2,400 | $ 3,500 | $ 1,800 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Property, plant and equipment_3
Property, plant and equipment - Depreciation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | $ 385,203 | $ 421,574 | $ 344,716 |
Cost of sales | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | 373,889 | 411,579 | 330,799 |
Administrative expense | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | $ 11,314 | $ 9,995 | $ 13,917 |
Goodwill and other intangible_3
Goodwill and other intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and other intangible assets | |||
Beginning balance | $ 1,812,491 | $ 1,625,625 | |
Charge for the year | 50,383 | 47,330 | $ 38,166 |
Ending balance | 1,552,328 | 1,812,491 | 1,625,625 |
Cost | |||
Goodwill and other intangible assets | |||
Beginning balance | 2,152,127 | 1,806,617 | 1,500,380 |
Additions during the year | 15,117 | 21,185 | 5,054 |
Additions through business combinations | 2,990 | 363,732 | 387,389 |
Disposals | (33,022) | (399) | (741) |
Exchange differences | (272,238) | (39,008) | (85,465) |
Reclassified to assets held for sale | (271) | ||
Ending balance | 1,864,703 | 2,152,127 | 1,806,617 |
Accumulated amortization and impairment | |||
Goodwill and other intangible assets | |||
Beginning balance | (339,636) | (180,992) | (153,283) |
Charge for the year | 50,383 | 47,330 | 38,166 |
Impairment charge for the year | 121,596 | ||
Disposals | 31,422 | 398 | 741 |
Exchange differences | 46,184 | 9,884 | 9,716 |
Reclassified to assets held for sale | 38 | ||
Ending balance | (312,375) | (339,636) | (180,992) |
Goodwill | |||
Goodwill and other intangible assets | |||
Beginning balance | 763,388 | 779,896 | |
Ending balance | 619,298 | 763,388 | 779,896 |
Goodwill | Cost | |||
Goodwill and other intangible assets | |||
Beginning balance | 885,639 | 780,147 | 656,507 |
Additions through business combinations | 119,035 | 156,817 | |
Exchange differences | (134,613) | (13,543) | (33,177) |
Ending balance | 751,026 | 885,639 | 780,147 |
Goodwill | Accumulated amortization and impairment | |||
Goodwill and other intangible assets | |||
Beginning balance | (122,251) | (251) | (251) |
Impairment charge for the year | 121,596 | ||
Exchange differences | (9,477) | (404) | |
Ending balance | (131,728) | (122,251) | (251) |
Customerrelated intangible assets | |||
Goodwill and other intangible assets | |||
Beginning balance | 871,964 | 746,196 | |
Ending balance | 764,703 | 871,964 | 746,196 |
Customerrelated intangible assets | Cost | |||
Goodwill and other intangible assets | |||
Beginning balance | 1,031,366 | 877,764 | 732,434 |
Additions through business combinations | 2,224 | 171,765 | 191,332 |
Disposals | (16,219) | ||
Exchange differences | (119,291) | (18,163) | (46,002) |
Ending balance | 898,080 | 1,031,366 | 877,764 |
Customerrelated intangible assets | Accumulated amortization and impairment | |||
Goodwill and other intangible assets | |||
Beginning balance | (159,402) | (131,568) | (109,715) |
Charge for the year | 34,044 | 36,169 | 29,037 |
Disposals | 16,219 | ||
Exchange differences | 43,850 | 8,335 | 7,184 |
Ending balance | (133,377) | (159,402) | (131,568) |
Network - related intangible assets | |||
Goodwill and other intangible assets | |||
Beginning balance | 147,714 | 85,317 | |
Ending balance | 134,979 | 147,714 | 85,317 |
Network - related intangible assets | Cost | |||
Goodwill and other intangible assets | |||
Beginning balance | 175,290 | 107,202 | 73,552 |
Additions through business combinations | 766 | 72,932 | 38,205 |
Disposals | (1,758) | ||
Exchange differences | (13,619) | (4,844) | (4,555) |
Ending balance | 160,679 | 175,290 | 107,202 |
Network - related intangible assets | Accumulated amortization and impairment | |||
Goodwill and other intangible assets | |||
Beginning balance | (27,576) | (21,885) | (19,022) |
Charge for the year | 7,217 | 6,936 | 4,237 |
Disposals | 1,758 | ||
Exchange differences | 7,335 | 1,245 | 1,374 |
Ending balance | (25,700) | (27,576) | (21,885) |
Licenses | |||
Goodwill and other intangible assets | |||
Beginning balance | 21,512 | 10,829 | |
Ending balance | 17,835 | 21,512 | 10,829 |
Licenses | Cost | |||
Goodwill and other intangible assets | |||
Beginning balance | 30,588 | 17,706 | 15,796 |
Additions during the year | 3,007 | 14,772 | 3,145 |
Disposals | (117) | (4) | (18) |
Exchange differences | (45) | (1,886) | (1,217) |
Ending balance | 33,433 | 30,588 | 17,706 |
Licenses | Accumulated amortization and impairment | |||
Goodwill and other intangible assets | |||
Beginning balance | (9,076) | (6,877) | (6,456) |
Charge for the year | 6,288 | 2,598 | 978 |
Disposals | 117 | 4 | 15 |
Exchange differences | (351) | 395 | 542 |
Ending balance | (15,598) | (9,076) | (6,877) |
Software | |||
Goodwill and other intangible assets | |||
Beginning balance | 7,913 | 3,387 | |
Ending balance | 15,513 | 7,913 | 3,387 |
Software | Cost | |||
Goodwill and other intangible assets | |||
Beginning balance | 29,244 | 23,798 | 22,091 |
Additions during the year | 12,110 | 6,413 | 1,909 |
Additions through business combinations | 1,035 | ||
Disposals | (14,928) | (395) | (723) |
Exchange differences | (4,670) | (572) | (514) |
Reclassified to assets held for sale | (271) | ||
Ending balance | 21,485 | 29,244 | 23,798 |
Software | Accumulated amortization and impairment | |||
Goodwill and other intangible assets | |||
Beginning balance | (21,331) | (20,411) | (17,839) |
Charge for the year | 2,834 | 1,627 | 3,914 |
Disposals | 13,328 | 394 | 726 |
Exchange differences | 4,827 | 313 | 616 |
Reclassified to assets held for sale | 38 | ||
Ending balance | $ (5,972) | $ (21,331) | $ (20,411) |
Goodwill and other intangible_4
Goodwill and other intangible assets - Amortization expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and other intangible assets | |||
Amortization expense | $ 50,383 | $ 47,330 | $ 38,166 |
Cost of sales | |||
Goodwill and other intangible assets | |||
Amortization expense | 44,618 | 42,050 | 34,051 |
Administrative expense | |||
Goodwill and other intangible assets | |||
Amortization expense | $ 5,765 | $ 5,280 | $ 4,115 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Allocation of Goodwill (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | $ 763,388 | [1] | $ 779,896 | $ 656,256 | |
Additions through business combinations | 119,035 | 156,817 | |||
Impairment | (121,596) | ||||
Effects of movements in exchange rates and other movements | (144,090) | (13,947) | (33,177) | ||
Closing balance | 619,298 | 763,388 | [1] | 779,896 | |
IHS Nigeria | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 299,457 | ||||
Effects of movements in exchange rates and other movements | (147,730) | ||||
Closing balance | 151,727 | 299,457 | |||
IHS Nigeria Limited | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | $ 56,336 | 59,768 | 63,374 | ||
Effects of movements in exchange rates and other movements | (3,432) | (3,606) | |||
Closing balance | 56,336 | 59,768 | |||
Number of cash-generating units consolidated into one | 3 | ||||
INT Towers Limited | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | $ 202,459 | 214,775 | 227,715 | ||
Effects of movements in exchange rates and other movements | (12,316) | (12,940) | |||
Closing balance | 202,459 | 214,775 | |||
IHS Towers NG Limited | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 40,662 | 43,138 | 45,741 | ||
Effects of movements in exchange rates and other movements | (2,476) | (2,603) | |||
Closing balance | 40,662 | 43,138 | |||
IHS Cameroon S.A. | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 41,741 | 44,388 | 48,170 | ||
Effects of movements in exchange rates and other movements | 1,547 | (2,647) | (3,782) | ||
Closing balance | 43,288 | 41,741 | 44,388 | ||
IHS Cote d Ivoire S.A. | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 20,701 | 22,012 | 23,888 | ||
Effects of movements in exchange rates and other movements | 767 | (1,311) | (1,876) | ||
Closing balance | 21,468 | 20,701 | 22,012 | ||
IHS Zambia Limited | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 46,718 | 50,709 | 39,907 | ||
Effects of movements in exchange rates and other movements | (13,901) | (3,991) | 10,802 | ||
Closing balance | 32,817 | 46,718 | 50,709 | ||
IHS Rwanda Limited | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 11,186 | 11,867 | 12,319 | ||
Effects of movements in exchange rates and other movements | (1,682) | (681) | (452) | ||
Closing balance | 9,504 | 11,186 | 11,867 | ||
IHS Kuwait Limited | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 12,223 | 12,369 | 13,142 | ||
Effects of movements in exchange rates and other movements | (12) | (146) | (773) | ||
Closing balance | 12,211 | 12,223 | 12,369 | ||
IHS South Africa Proprietary Limited | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 58,832 | ||||
Additions through business combinations | 64,394 | ||||
Effects of movements in exchange rates and other movements | (4,418) | (5,562) | |||
Closing balance | 54,414 | 58,832 | |||
IHS Latam tower businesses | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 187,572 | 241,451 | 182,000 | ||
Additions through business combinations | 54,641 | 75,034 | |||
Impairment | (121,596) | ||||
Effects of movements in exchange rates and other movements | 14,957 | 13,076 | (15,583) | ||
Closing balance | 202,529 | 187,572 | 241,451 | ||
I-Systems | |||||
Disclosure of intangible assets material to entity [line items] | |||||
Opening balance | 84,958 | 79,419 | |||
Additions through business combinations | 81,783 | ||||
Effects of movements in exchange rates and other movements | 6,382 | 5,539 | (2,364) | ||
Closing balance | $ 91,340 | $ 84,958 | $ 79,419 | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Goodwill and other intangible_6
Goodwill and other intangible assets - Recoverable amounts based on value in use (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and other intangible assets | |||
Cash flow calculations, projection period | 5 years | ||
IHS Nigeria Limited | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 29.50% | 24.40% | 16.10% |
Terminal growth rate | 4% | 3.20% | 2.70% |
INT Towers Limited | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 25.40% | 16% | |
Terminal growth rate | 3.20% | 2.70% | |
IHS Towers NG Limited | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 24.90% | 16.50% | |
Terminal growth rate | 3.20% | 2.70% | |
IHS Cameroon S.A. | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 14.10% | 13.70% | 12.10% |
Terminal growth rate | 4% | 4% | 3.20% |
IHS Cote d Ivoire S.A. | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 10.80% | 11% | 9.80% |
Terminal growth rate | 4% | 4% | 3.20% |
IHS Zambia Group | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 26.40% | 30.20% | 24.10% |
Terminal growth rate | 4% | 4% | 2% |
IHS Rwanda Group | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 17.10% | 18.10% | 15.50% |
Terminal growth rate | 4% | 4% | 3.20% |
IHS Kuwait Limited | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 7.60% | 6.30% | 6% |
Terminal growth rate | 2.80% | 3.60% | 2.90% |
IHS South Africa Proprietary Limited | |||
Goodwill and other intangible assets | |||
Pre-tax weighted average cost of capital | 15.10% | 13.90% | |
Terminal growth rate | 4% | 3.30% | |
Bottom of range | IHS Nigeria Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 4.05 | 3.76 | 3.32 |
Gross margins excluding depreciation & amortization | 54.40% | 62.50% | 64.20% |
Bottom of range | INT Towers Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 3.93 | 3.56 | |
Gross margins excluding depreciation & amortization | 61.70% | 67.40% | |
Bottom of range | IHS Towers NG Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 3.65 | 3.63 | |
Gross margins excluding depreciation & amortization | 65.30% | 52.30% | |
Bottom of range | IHS Cameroon S.A. | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 2.64 | 2.56 | 2.37 |
Gross margins excluding depreciation & amortization | 55% | 56.60% | 57.80% |
Bottom of range | IHS Cote d Ivoire S.A. | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 3.40 | 3.35 | 3.45 |
Gross margins excluding depreciation & amortization | 48.90% | 54.80% | 53.80% |
Bottom of range | IHS Zambia Group | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 2.63 | 2.61 | 2.40 |
Gross margins excluding depreciation & amortization | 64% | 65.40% | 65.20% |
Bottom of range | IHS Rwanda Group | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 1.69 | 2.04 | 2.04 |
Gross margins excluding depreciation & amortization | 66.10% | 69% | 67% |
Bottom of range | IHS Kuwait Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 1.01 | 1.01 | 1 |
Gross margins excluding depreciation & amortization | 63.60% | 56.60% | 52.40% |
Bottom of range | IHS South Africa Proprietary Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 1.40 | 1.25 | |
Gross margins excluding depreciation & amortization | 42.50% | 42.90% | |
Top of range | IHS Nigeria Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 8.32 | 7.74 | 5.18 |
Gross margins excluding depreciation & amortization | 75.50% | 78.70% | 79.70% |
Top of range | INT Towers Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 4.79 | 4.98 | |
Gross margins excluding depreciation & amortization | 74% | 74.90% | |
Top of range | IHS Towers NG Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 4.73 | 4.44 | |
Gross margins excluding depreciation & amortization | 72.30% | 63.10% | |
Top of range | IHS Cameroon S.A. | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 2.94 | 3.10 | 2.89 |
Gross margins excluding depreciation & amortization | 59.20% | 65.50% | 64.60% |
Top of range | IHS Cote d Ivoire S.A. | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 4.04 | 4 | 4.46 |
Gross margins excluding depreciation & amortization | 56.70% | 61.50% | 63.50% |
Top of range | IHS Zambia Group | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 3.11 | 3.24 | 3.30 |
Gross margins excluding depreciation & amortization | 70.20% | 72.80% | 74.60% |
Top of range | IHS Rwanda Group | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 2.58 | 2.64 | 2.97 |
Gross margins excluding depreciation & amortization | 72.60% | 73.20% | 73.30% |
Top of range | IHS Kuwait Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 2 | 1.53 | 1.46 |
Gross margins excluding depreciation & amortization | 71.80% | 62.60% | 64.90% |
Top of range | IHS South Africa Proprietary Limited | |||
Goodwill and other intangible assets | |||
Tenancy Ratio | 2.94 | 2.28 | |
Gross margins excluding depreciation & amortization | 50.30% | 66.40% |
Goodwill and other intangible_7
Goodwill and other intangible assets - Sensitivity analysis (Details) | 12 Months Ended |
Dec. 31, 2023 | |
IHS Nigeria Limited | Discount rate | |
Goodwill and other intangible assets | |
Change that would cause the carrying amount to exceed the recoverable amount | 0.473 |
IHS Nigeria Limited | Tenancy ratio | |
Goodwill and other intangible assets | |
Period of tenancy ratio | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (1.36) |
IHS Nigeria Limited | Gross margin (excluding depreciation and amortization) | |
Goodwill and other intangible assets | |
Period of gross margin | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.1980) |
IHS Nigeria Limited | Terminal growth rate | Maximum | |
Goodwill and other intangible assets | |
Terminal growth rate that would cause carrying amount to exceed recoverable amount | 0% |
IHS Cameroon S.A. | Discount rate | |
Goodwill and other intangible assets | |
Change that would cause the carrying amount to exceed the recoverable amount | 0.047 |
IHS Cameroon S.A. | Tenancy ratio | |
Goodwill and other intangible assets | |
Period of tenancy ratio | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.39) |
IHS Cameroon S.A. | Gross margin (excluding depreciation and amortization) | |
Goodwill and other intangible assets | |
Period of gross margin | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.100) |
IHS Cameroon S.A. | Terminal growth rate | Maximum | |
Goodwill and other intangible assets | |
Terminal growth rate that would cause carrying amount to exceed recoverable amount | 0% |
IHS Cote d Ivoire S.A. | Discount rate | |
Goodwill and other intangible assets | |
Change that would cause the carrying amount to exceed the recoverable amount | 0.064 |
IHS Cote d Ivoire S.A. | Tenancy ratio | |
Goodwill and other intangible assets | |
Period of tenancy ratio | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.80) |
IHS Cote d Ivoire S.A. | Gross margin (excluding depreciation and amortization) | |
Goodwill and other intangible assets | |
Period of gross margin | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.154) |
IHS Cote d Ivoire S.A. | Terminal growth rate | Maximum | |
Goodwill and other intangible assets | |
Terminal growth rate that would cause carrying amount to exceed recoverable amount | 0% |
IHS Rwanda Group | Discount rate | |
Goodwill and other intangible assets | |
Change that would cause the carrying amount to exceed the recoverable amount | 0.117 |
IHS Rwanda Group | Tenancy ratio | |
Goodwill and other intangible assets | |
Period of tenancy ratio | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.52) |
IHS Rwanda Group | Gross margin (excluding depreciation and amortization) | |
Goodwill and other intangible assets | |
Period of gross margin | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.199) |
IHS Rwanda Group | Terminal growth rate | Maximum | |
Goodwill and other intangible assets | |
Terminal growth rate that would cause carrying amount to exceed recoverable amount | 0% |
IHS Kuwait Limited | Discount rate | |
Goodwill and other intangible assets | |
Change that would cause the carrying amount to exceed the recoverable amount | 0.073 |
IHS Kuwait Limited | Tenancy ratio | |
Goodwill and other intangible assets | |
Period of tenancy ratio | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.67) |
IHS Kuwait Limited | Gross margin (excluding depreciation and amortization) | |
Goodwill and other intangible assets | |
Period of gross margin | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.332) |
IHS Kuwait Limited | Terminal growth rate | Maximum | |
Goodwill and other intangible assets | |
Terminal growth rate that would cause carrying amount to exceed recoverable amount | 0% |
IHS South Africa Proprietary Limited | Discount rate | |
Goodwill and other intangible assets | |
Change that would cause the carrying amount to exceed the recoverable amount | 0.031 |
IHS South Africa Proprietary Limited | Tenancy ratio | |
Goodwill and other intangible assets | |
Period of tenancy ratio | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.40) |
IHS South Africa Proprietary Limited | Gross margin (excluding depreciation and amortization) | |
Goodwill and other intangible assets | |
Period of gross margin | 4 years |
Change that would cause the carrying amount to exceed the recoverable amount | (0.084) |
IHS South Africa Proprietary Limited | Terminal growth rate | Maximum | |
Goodwill and other intangible assets | |
Terminal growth rate that would cause carrying amount to exceed recoverable amount | 0% |
IHS Latam tower businesses | |
Goodwill and other intangible assets | |
Period of gross margin | 10 years |
I-Systems | |
Goodwill and other intangible assets | |
Period of gross margin | 10 years |
Goodwill and other intangible_8
Goodwill and other intangible assets - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of reasonably possible increase in discount rate | 1% | |
Percentage of reasonably possible decrease in terminal growth rate | 1% | |
Percentage of reasonably possible decrease in tenancy growth | 50% | |
Percentage of reasonably possible decrease in gross margin | 10% | |
IHS Zambia Limited | 10% decrease in gross margin | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | $ 8,505 | |
IHS South Africa Proprietary Limited | 1% increase in post-tax discount rate | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | $ 68,724 | |
IHS South Africa Proprietary Limited | 1% decrease in terminal growth rate | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | 45,732 | |
IHS South Africa Proprietary Limited | Reasonably possible decrease in tenancy growth | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | 155,908 | |
IHS South Africa Proprietary Limited | 10% decrease in gross margin | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | 77,017 | |
IHS Latam Group | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | $ 0 | 121,600 |
Percentage of reasonably possible increase in discount rate | 1% | |
Percentage of reasonably possible decrease in terminal growth rate | 1% | |
Percentage of reasonably possible decrease in tenancy growth | 15% | |
Percentage of reasonably possible decrease in growth in homes connected | 15% | |
IHS Latam Group | 1% increase in post-tax discount rate | ||
Disclosure of detailed information about intangible assets [line items] | ||
Increase in incremental charge recognized | $ 139,955 | 174,000 |
IHS Latam Group | 1% decrease in terminal growth rate | ||
Disclosure of detailed information about intangible assets [line items] | ||
Increase in incremental charge recognized | 71,817 | 108,000 |
IHS Latam Group | Reasonably possible decrease in tenancy growth | ||
Disclosure of detailed information about intangible assets [line items] | ||
Increase in incremental charge recognized | $ 88,368 | $ 113,000 |
Goodwill and other intangible_9
Goodwill and other intangible assets - Key assumptions to fair value less costs of disposals calculation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IHS Latam Group | ||
Disclosure of intangible assets material to entity [line items] | ||
Discount rate | 11% | 10.10% |
Terminal growth rate | 4.40% | 4.10% |
Tenancy growth | 6.40% | 9.80% |
Cost of disposal | 0.50% | 0.50% |
I-Systems [Member] | ||
Disclosure of intangible assets material to entity [line items] | ||
Discount rate | 10.70% | 9.60% |
Terminal growth rate | 4.40% | 4.30% |
Cost of disposal | 0.50% | 0.50% |
I-Systems [Member] | Bottom of range | ||
Disclosure of intangible assets material to entity [line items] | ||
Homes connected | 1,000,000 | |
I-Systems [Member] | Top of range | ||
Disclosure of intangible assets material to entity [line items] | ||
Homes connected | 3,100,000 | 3,600,000 |
Goodwill and other intangibl_10
Goodwill and other intangible assets - Fair value (Details) - IHS Latam tower businesses | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and other intangible assets | ||
Discount rate | 11% | 10.10% |
Period of gross margin | 10 years |
Deferred income tax - Deferred
Deferred income tax - Deferred tax asset and liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred income tax | |||||
Deferred income tax assets | $ 63,786 | $ 78,369 | [1] | ||
Deferred income tax liabilities | (137,106) | (183,518) | [1] | ||
Net deferred tax liabilities | $ (73,320) | $ (105,149) | $ (158,055) | $ (163,741) | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Deferred income tax - Offset (D
Deferred income tax - Offset (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred income tax | |||||
Deferred income tax assets | $ 63,786 | $ 78,369 | [1] | ||
Deferred income tax liabilities | (137,106) | (183,518) | [1] | ||
Deferred tax liability (asset) | 73,320 | 105,149 | $ 158,055 | $ 163,741 | |
Property, plant and equipment | |||||
Deferred income tax | |||||
Deferred income tax assets before netting | (4,807) | (7,137) | |||
Deferred income tax liabilities before netting | (107,444) | (165,602) | |||
Deferred tax liability (asset) | 112,251 | 172,739 | 166,020 | 168,784 | |
Intangible assets | |||||
Deferred income tax | |||||
Deferred income tax assets before netting | 23,386 | 20,313 | |||
Deferred income tax liabilities before netting | (168,133) | (197,932) | |||
Deferred tax liability (asset) | 144,747 | 177,619 | 166,157 | 191,887 | |
Provisions | |||||
Deferred income tax | |||||
Deferred income tax assets before netting | 3,490 | 14,574 | |||
Deferred income tax liabilities before netting | 46,734 | 57,075 | |||
Unrealized derivative income | |||||
Deferred income tax | |||||
Deferred income tax liabilities before netting | 20,194 | (337) | |||
Timing differences on loans | |||||
Deferred income tax | |||||
Deferred income tax liabilities before netting | 4,100 | 19,071 | |||
Unrealized foreign exchange | |||||
Deferred income tax | |||||
Deferred income tax liabilities before netting | 14,719 | 12,150 | |||
Tax losses | |||||
Deferred income tax | |||||
Deferred income tax assets before netting | 30,668 | 28,443 | |||
Deferred income tax liabilities before netting | 21,676 | 11,164 | |||
Unutilized capital allowances | |||||
Deferred income tax | |||||
Deferred income tax liabilities before netting | 30,085 | 79,110 | |||
Right-of-use asset | |||||
Deferred income tax | |||||
Deferred income tax assets before netting | (73,400) | (53,820) | |||
Deferred income tax liabilities before netting | (42,299) | (81,987) | |||
Deferred tax liability (asset) | 115,699 | 135,807 | 138,846 | 136,986 | |
Lease liability | |||||
Deferred income tax | |||||
Deferred income tax assets before netting | 84,886 | 65,419 | |||
Deferred income tax liabilities before netting | 49,676 | 88,255 | |||
Deferred tax liability (asset) | (134,562) | (153,674) | $ (144,972) | $ (142,595) | |
Other | |||||
Deferred income tax | |||||
Deferred income tax assets before netting | (437) | 10,577 | |||
Deferred income tax liabilities before netting | $ (6,414) | $ (4,485) | |||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Deferred income tax - Reconcili
Deferred income tax - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | $ (105,149) | $ (158,055) | $ (163,741) | |
Additions through business combinations | 137,864 | 79,395 | ||
Tax income/(charge) | 6,902 | 183,855 | 73,712 | |
Effects of movement in exchange rates | (24,927) | (6,915) | (11,365) | |
Net deferred income tax, Ending balance | (73,320) | (105,149) | (158,055) | |
Deductible temporary differences for which no deferred tax is recognized | 2,400,000 | 1,800,000 | 1,800,000 | |
Deferred tax liabilities | 137,106 | 183,518 | [1] | |
BRAZIL | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Ending balance | 57,900 | |||
Decrease in deferred tax asset as a result of obtaining greater clarity on the treatment of certain expenses | 20,600 | |||
December 31, 2024 | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deductible temporary differences for which no deferred tax is recognized | 91,100 | 222,300 | 230,900 | |
December 31, 2025 | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deductible temporary differences for which no deferred tax is recognized | 138,900 | 180,000 | 191,000 | |
December 31, 2026 | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deductible temporary differences for which no deferred tax is recognized | 63,600 | 274,300 | 298,100 | |
December 31, 2027 | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deductible temporary differences for which no deferred tax is recognized | 39,400 | 99,400 | 0 | |
Property, plant and equipment | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | (172,739) | (166,020) | (168,784) | |
Additions through business combinations | 61,184 | 6,065 | ||
Tax income/(charge) | 24,045 | 49,634 | (2,185) | |
Effects of movement in exchange rates | (36,443) | (4,831) | (11,014) | |
Net deferred income tax, Ending balance | (112,251) | (172,739) | (166,020) | |
Deferred tax liabilities, including netting | 107,444 | 165,602 | ||
Provisions / share based payments obligation | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | 71,649 | 69,428 | 81,846 | |
Tax income/(charge) | (8,943) | 3,859 | (7,659) | |
Effects of movement in exchange rates | 12,482 | 1,638 | 4,759 | |
Net deferred income tax, Ending balance | 50,224 | 71,649 | 69,428 | |
Intangible assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | (177,619) | (166,157) | (191,887) | |
Additions through business combinations | 76,680 | 73,330 | ||
Tax income/(charge) | (9,239) | 59,702 | 85,254 | |
Effects of movement in exchange rates | (42,111) | (5,516) | (13,806) | |
Net deferred income tax, Ending balance | (144,747) | (177,619) | (166,157) | |
Deferred tax liabilities, including netting | 168,133 | 197,932 | ||
Loans and derivatives | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | 18,734 | (14,885) | (26,054) | |
Tax income/(charge) | 10,002 | 33,127 | 9,295 | |
Effects of movement in exchange rates | 4,442 | (492) | (1,874) | |
Net deferred income tax, Ending balance | 24,294 | 18,734 | (14,885) | |
Other including unrealized exchange differences/tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | 136,959 | 113,453 | 135,529 | |
Tax income/(charge) | (14,195) | 26,044 | (11,895) | |
Effects of movement in exchange rates | 32,467 | 2,538 | 10,181 | |
Net deferred income tax, Ending balance | 90,297 | 136,959 | 113,453 | |
Right-of-use asset | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | (135,807) | (138,846) | (136,986) | |
Tax income/(charge) | (12,090) | 8,752 | (11,368) | |
Effects of movement in exchange rates | (32,198) | 5,713 | (9,508) | |
Net deferred income tax, Ending balance | (115,699) | (135,807) | (138,846) | |
Deferred tax liabilities, including netting | 42,299 | 81,987 | ||
Lease liability | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Net deferred income tax, Beginning balance | 153,674 | 144,972 | 142,595 | |
Tax income/(charge) | 17,322 | 2,737 | 12,274 | |
Effects of movement in exchange rates | 36,434 | (5,965) | 9,897 | |
Net deferred income tax, Ending balance | 134,562 | 153,674 | 144,972 | |
Deferred tax liabilities, including netting | (49,676) | (88,255) | ||
Undistributed earnings of subsidiaries [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deductible temporary differences for which no deferred tax is recognized | $ 6,500 | $ 122,200 | $ 104,900 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Inventories | ||||
Stock of materials | $ 40,589 | $ 74,216 | [1] | |
Inventory write-down | 400 | 1,700 | $ 100 | |
Inventory recognized as an expense | $ 321,400 | $ 371,800 | $ 267,500 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Derivative financial instrume_3
Derivative financial instruments - Notional amount (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives | ||
Derivative financial instruments | ||
Derivative instruments, notional amount | $ 2,065,000 | $ 2,100,448 |
Foreign exchange swaps | ||
Derivative financial instruments | ||
Derivative instruments, notional amount | 125,000 | 160,448 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative financial instruments | ||
Derivative financial instruments at fair value | $ (66,028) | $ 4,728 |
Foreign exchange swaps | ||
Derivative financial instruments | ||
Derivative financial instruments at fair value | (68,133) | (1,393) |
Interest rate caps | ||
Derivative financial instruments | ||
Derivative financial instruments at fair value | 565 | 821 |
Embedded options within listed bonds | ||
Derivative financial instruments | ||
Derivative financial instruments at fair value | $ 1,540 | $ 5,300 |
Derivative financial instrume_5
Derivative financial instruments - Change in fair value of the derivative instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative financial instruments | |||
Change in fair value of the derivative instruments | $ (95,748) | $ (161,577) | $ 3,938 |
Foreign exchange swaps/nondeliverable forwards | |||
Derivative financial instruments | |||
Change in fair value of the derivative instruments | (92,151) | (1,599) | (3,897) |
Interest rate caps | |||
Derivative financial instruments | |||
Change in fair value of the derivative instruments | 163 | (89) | |
Embedded options within listed bonds | |||
Derivative financial instruments | |||
Change in fair value of the derivative instruments | $ (3,760) | $ (159,889) | 604 |
Embedded options within revenue contracts | |||
Derivative financial instruments | |||
Change in fair value of the derivative instruments | $ 7,231 |
Derivative financial instrume_6
Derivative financial instruments - Credit ratings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative financial instruments | ||
Derivative financial instrument assets | $ 2,105 | $ 6,121 |
Not rated | ||
Derivative financial instruments | ||
Derivative financial instrument assets | $ 2,105 | $ 6,121 |
Derivative financial instrume_7
Derivative financial instruments - Reconciliation of movements (Details) - Foreign exchange swaps/nondeliverable forwards - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative financial instruments | ||
Opening balance | $ (1,393) | $ (3,771) |
Fair value loss (unrealized foreign exchange on open contracts) | (92,151) | (1,599) |
Foreign exchange gain | 25,831 | 780 |
Cash flow on settlement | (420) | 3,197 |
Ending balance | $ (68,133) | $ (1,393) |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Trade and other current receivables [abstract] | ||||
Net trade receivables | $ 212,323 | $ 211,025 | ||
Other receivables | 317,452 | 387,019 | ||
Prepaid land rent | 1,016 | 1,030 | ||
Other prepaid expenses | 29,979 | 26,820 | ||
Advance payments | 33,364 | 22,076 | ||
Withholding tax | 1,362 | 1,201 | ||
VAT receivables | 12,339 | 14,296 | ||
Trade and other current receivables | 607,835 | 663,467 | [1] | |
Trade and other non-current receivables [abstract] | ||||
Accrued income and lease incentive | 71,891 | 35,321 | ||
Other tax receivables | 7,116 | 5,945 | ||
Payment in advance for property, plant and equipment | 61,874 | 83,118 | ||
Contingent consideration receivable | 6,411 | 5,963 | ||
Trade and other non-current receivables | 147,292 | 130,347 | [1] | |
Accrued revenue | 84,900 | 86,200 | $ 103,400 | |
Current contract assets | $ 19,500 | 17,700 | $ 22,200 | |
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 | $ 233,528 | 236,390 | ||
Accumulated impairment [member] | ||||
Trade and other current receivables [abstract] | ||||
Net trade receivables | $ (21,205) | $ (25,365) | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash at bank | $ 293,823 | $ 514,078 | |||
Cash and cash equivalents | 293,823 | 514,078 | [1] | $ 916,488 | $ 585,416 |
AAA (F1+) | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 16,030 | 20,916 | |||
AA | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 2 | ||||
A+ | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 15,686 | 22,790 | |||
A (F1) | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 67,505 | 244,483 | |||
A- | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 216 | ||||
BBB+ | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 15,889 | 506 | |||
BBB- | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 88 | 115 | |||
B+ | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 7,611 | ||||
B | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 169,517 | 217,335 | |||
B- | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 7,242 | ||||
Not rated | |||||
ifrs_Cash and Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | $ 1,279 | $ 691 | |||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | ||||
Trade payables | $ 330,622 | $ 442,959 | ||
Deferred revenue | 41,462 | 86,363 | ||
Withholding tax payable | 3,555 | 5,820 | ||
Payroll and other related statutory liabilities | 46,282 | 45,331 | ||
VAT payables | 37,829 | 51,103 | ||
Other payables | 72,877 | 37,573 | ||
Trade and other payables | 532,627 | 669,149 | [1] | |
Non-current | ||||
Other payables | 4,629 | 1,459 | ||
Trade and other payables, non current | 4,629 | 1,459 | [1] | |
Contract liabilities | $ 7,900 | $ 22,900 | $ 2,800 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Borrowings - Debt classificatio
Borrowings - Debt classification (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings | |||||
Non Current Borrowings | $ 3,056,696 | $ 2,906,288 | [1] | ||
Current borrowings | 454,151 | 438,114 | [1] | ||
Borrowings | 3,510,847 | 3,344,402 | $ 2,609,090 | $ 2,203,209 | |
Senior Notes | |||||
Borrowings | |||||
Non Current Borrowings | 1,930,457 | 1,920,783 | |||
Current borrowings | 26,912 | 27,060 | |||
Bank borrowings | |||||
Borrowings | |||||
Non Current Borrowings | 1,126,239 | 985,505 | |||
Current borrowings | 107,110 | 213,576 | |||
Bank overdraft | |||||
Borrowings | |||||
Current borrowings | 675 | ||||
Letters of credit | |||||
Borrowings | |||||
Current borrowings | $ 319,454 | $ 197,478 | |||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Borrowings - Debt Reconciliatio
Borrowings - Debt Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings. | |||
Opening balance - January 1 | $ 3,344,402 | $ 2,609,090 | $ 2,203,209 |
Additions through business combination | 6,457 | ||
Interest expense | 362,381 | 256,208 | 174,876 |
Interest paid | (299,029) | (234,567) | (168,285) |
Bank loans and bond proceeds received (net of transaction costs) | 985,992 | 1,263,272 | 1,076,063 |
Bank loans and bonds repaid | (689,940) | (506,504) | (653,504) |
Bank overdraft | 612 | 3,208 | |
Other transaction costs | (19,441) | (19,911) | (38,597) |
Foreign exchange and other movements | (174,130) | (23,186) | 5,663 |
Closing balance - December 31 | $ 3,510,847 | $ 3,344,402 | $ 2,609,090 |
Borrowings - Debt instrument (D
Borrowings - Debt instrument (Details) $ in Thousands, د.ك in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 KWD (د.ك) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Borrowings | |||||
Borrowings | $ 3,510,847 | $ 3,344,402 | $ 2,609,090 | $ 2,203,209 | |
IHS Holding limited, Senior Note Maturing 2026 | US Dollar | |||||
Borrowings | |||||
Interest rate | 5.63% | 5.63% | |||
Borrowings | $ 498,920 | 497,861 | |||
IHS Holding limited, Senior Note Maturing 2028 | US Dollar | |||||
Borrowings | |||||
Interest rate | 6.25% | 6.25% | |||
Borrowings | $ 498,635 | 497,979 | |||
IHS Netherlands Holdco B.V., Senior Note Maturing 2027 | US Dollar | |||||
Borrowings | |||||
Interest rate | 8% | 8% | |||
Borrowings | $ 959,814 | 952,003 | |||
IHS Holding Term Loan Facility | |||||
Borrowings | |||||
Borrowings | 370,000 | ||||
IHS Holding Term Loan Facility | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 370,935 | 368,630 | |||
IHS Holding Term Loan Facility | US Dollar | CAS + SOFR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 3.75% | 3.75% | |||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Nigeria Naira | |||||
Borrowings | |||||
Borrowings | 57,448 | ||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Nigeria Naira | Maximum | |||||
Borrowings | |||||
Interest rate | 18% | 18% | |||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Nigeria Naira | Minimum | |||||
Borrowings | |||||
Interest rate | 12.50% | 12.50% | |||
INT Towers Limited, maturing 2024 | Nigeria Naira | |||||
Borrowings | |||||
Borrowings | 191,188 | ||||
INT Towers Limited, maturing 2024 | Nigeria Naira | 3M NIBOR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | |||
INT Towers Limited, maturing 2028 | Nigeria Naira | |||||
Borrowings | |||||
Interest rate | 20% | 20% | |||
Borrowings | $ 186,302 | ||||
IHS Cte d'Ivoire Ltd (CFA Franc) maturing 2024 | CFA Franc | |||||
Borrowings | |||||
Interest rate | 5% | 5% | |||
Borrowings | $ 6,570 | 18,854 | |||
IHS Cte d'Ivoire Ltd (Euro) maturing 2024 | Euro | |||||
Borrowings | |||||
Borrowings | $ 4,841 | 14,217 | |||
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 | $ 81,297 | 94,596 | |||
IHS Zambia Limited, 2027 | US Dollar | CAS + SOFR | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 5% | 5% | |||
IHS Brasil Cesso de Infraestruturas S.A., maturing 2031 | Brazil Real | |||||
Borrowings | |||||
Borrowings | $ 252,341 | ||||
IHS Brasil Cesso de Infraestruturas S.A., maturing 2031 | Brazil Real | CDI | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 3.10% | 3.10% | |||
IHS Brasil Cesso de Infraestruturas S.A., maturing 2029 | Brazil Real | |||||
Borrowings | |||||
Borrowings | 68,591 | ||||
IHS Brasil Cesso de Infraestruturas S.A., maturing 2029 | Brazil Real | CDI | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 3.65% | 3.65% | |||
IHS Brasil - Cesso de Infraestruturas S.A. Maturing 2028 | Brazil Real | |||||
Borrowings | |||||
Borrowings | 82,928 | ||||
IHS Brasil - Cesso de Infraestruturas S.A. Maturing 2028 | Brazil Real | CDI | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 3.05% | 3.05% | |||
I-Systems Solues de Infraestrutura S.A., maturing 2030 | Brazil Real | |||||
Borrowings | |||||
Borrowings | $ 84,305 | 38,542 | |||
I-Systems Solues de Infraestrutura S.A., maturing 2030 | Brazil Real | CDI | Maximum | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | |||
I-Systems Solues de Infraestrutura S.A., maturing 2030 | Brazil Real | CDI | Minimum | |||||
Borrowings | |||||
Borrowings, adjustment to interest rate basis | 2.45% | 2.45% | |||
IHS Kuwait Limited, 2029 | |||||
Borrowings | |||||
Borrowings | $ 70,900 | د.ك 21.8 | |||
IHS Kuwait Limited, 2029 | Kuwaiti Dinar | |||||
Borrowings | |||||
Borrowings | $ 61,354 | 66,251 | |||
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 | $ 185,404 | 197,836 | |||
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 Towers South Africa Proprietary Limited bank overdraft | South Africa, Rand | |||||
Borrowings | |||||
Interest rate | 11.50% | 11.50% | |||
Borrowings | $ 675 | ||||
IHS (Nigeria) Limited letter of credit | |||||
Borrowings | |||||
Borrowings | $ 98,900 | ||||
IHS (Nigeria) Limited letter of credit | Maximum | |||||
Borrowings | |||||
Interest rate | 15.55% | 15.55% | |||
IHS (Nigeria) Limited letter of credit | Minimum | |||||
Borrowings | |||||
Interest rate | 12% | 12% | |||
IHS (Nigeria) Limited letter of credit | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 98,918 | 66,047 | |||
IHS (Nigeria) Limited letter of credit | US Dollar | Maximum | |||||
Borrowings | |||||
Interest rate | 15.55% | 15.55% | |||
IHS (Nigeria) Limited letter of credit | US Dollar | Minimum | |||||
Borrowings | |||||
Interest rate | 12% | 12% | |||
INT Towers Limited, letter of credit | |||||
Borrowings | |||||
Borrowings | $ 219,400 | ||||
INT Towers Limited, letter of credit | Maximum | |||||
Borrowings | |||||
Interest rate | 15.75% | 15.75% | |||
INT Towers Limited, letter of credit | Minimum | |||||
Borrowings | |||||
Interest rate | 12% | 12% | |||
INT Towers Limited, letter of credit | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 219,418 | 128,063 | |||
INT Towers Limited, letter of credit | US Dollar | Maximum | |||||
Borrowings | |||||
Interest rate | 15.75% | 15.75% | |||
INT Towers Limited, letter of credit | US Dollar | Minimum | |||||
Borrowings | |||||
Interest rate | 12% | 12% | |||
ITNG Limited, letter of credit | |||||
Borrowings | |||||
Interest rate | 15.49% | 15.49% | |||
Borrowings | $ 20 | ||||
ITNG Limited, letter of credit | US Dollar | |||||
Borrowings | |||||
Interest rate | 15.49% | 15.49% | |||
Borrowings | $ 23 | 987 | |||
Global Independent Connect Limited, letter of credit maturing 2024 | US Dollar | |||||
Borrowings | |||||
Borrowings | $ 1,095 | 1,330 | |||
Global Independent Connect Limited, letter of credit maturing 2024 | US Dollar | Maximum | |||||
Borrowings | |||||
Interest rate | 15.49% | 15.49% | |||
Global Independent Connect Limited, letter of credit maturing 2024 | US Dollar | Minimum | |||||
Borrowings | |||||
Interest rate | 13.25% | 13.25% | |||
Global Independent Connect Limited, letter of credit maturing 2023 | Chinese Yen | |||||
Borrowings | |||||
Interest rate | 12.05% | 12.05% | |||
Borrowings | $ 1,051 |
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 | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 BRL (R$) | Feb. 03, 2023 USD ($) | Feb. 03, 2023 BRL (R$) | Jan. 11, 2023 USD ($) | Jan. 11, 2023 NGN (₦) | Oct. 13, 2022 USD ($) tranche | May 31, 2022 USD ($) item | Oct. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 BRL (R$) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 NGN (₦) | May 31, 2023 USD ($) | May 31, 2023 NGN (₦) | May 31, 2023 ZAR (R) | Apr. 30, 2023 USD ($) | Apr. 30, 2023 NGN (₦) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 NGN (₦) | Feb. 28, 2023 USD ($) | Feb. 28, 2023 NGN (₦) | Jan. 31, 2023 USD ($) | Jan. 31, 2023 NGN (₦) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 31, 2024 | Dec. 31, 2023 NGN (₦) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 KWD (د.ك) | Dec. 31, 2023 ZAR (R) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 XOF | Oct. 31, 2023 ZAR (R) | Jul. 31, 2023 USD ($) | May 31, 2023 NGN (₦) | Feb. 28, 2023 NGN (₦) | Jan. 31, 2023 NGN (₦) | Jan. 03, 2023 USD ($) | Jan. 03, 2023 NGN (₦) | Oct. 31, 2022 USD ($) | Oct. 13, 2022 BRL (R$) | Oct. 03, 2022 USD ($) | Oct. 03, 2022 BRL (R$) | May 31, 2022 ZAR (R) | Apr. 30, 2022 USD ($) | Apr. 30, 2022 BRL (R$) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 BRL (R$) | May 31, 2021 USD ($) | May 31, 2021 BRL (R$) | Dec. 31, 2020 USD ($) | Apr. 19, 2020 USD ($) | Apr. 19, 2020 KWD (د.ك) | Mar. 31, 2020 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 986,604 | $ 1,263,272 | $ 1,076,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | 689,940 | 506,504 | 653,504 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 3,510,847 | 3,344,402 | 2,609,090 | $ 2,203,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum debt amount | 3,700,000 | 3,700,000 | 3,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid | 299,029 | 234,567 | $ 168,285 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Undrawn borrowing facilities | 430,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
MTN telecom towers in South Africa | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Towers Acquired | item | 5,691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria 2023 Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 181,000 | $ 181,000 | ₦ 165 | ₦ 165 | $ 136,600 | ₦ 124.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 20% | 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 12,600 | ₦ 11.5 | $ 16,500 | ₦ 15 | $ 15,400 | ₦ 14 | $ 136,600 | ₦ 124.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in loan facility | 12,600 | ₦ 11.5 | $ 31,800 | ₦ 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 181,000 | ₦ 165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria 2023 Term Loan | Minimum | Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 18% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria 2023 Term Loan | Maximum | Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 24% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria 2023 Term Loan | Nigerian MPR | Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria (2023) Revolving Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 60,300 | $ 60,300 | ₦ 55 | ₦ 55 | $ 48,300 | ₦ 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 20% | 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in loan facility | $ 12,100 | ₦ 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria (2023) Revolving Credit Facility | Minimum | Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 18% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria (2023) Revolving Credit Facility | Maximum | Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 24% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria (2023) Revolving Credit Facility | Nigerian MPR | Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nigeria 2019 Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 96,900 | ₦ 88.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 41,200 | R$ 200.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems facility, Itau Unibanco S.A. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 41,200 | R$ 200.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 82,400 | R$ 400.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, Number of Tranches | tranche | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems facility, Tranche I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 16,500 | R$ 80.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems facility, Tranche I | CDI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.45% | 2.45% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation period for interest rate basis | 252 days | 252 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems facility, Tranche II | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 24,700 | R$ 120.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems facility, Tranche II | CDI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | 2.50% | 2.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation period for interest rate basis | 252 days | 252 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Brasil Facilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 147,100 | R$ 713.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Brasil Facility 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 61,800 | R$ 300.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Brasil Facility 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 20,600 | R$ 100.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
GTS Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 102,000 | R$ 495.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Brasil Debentures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issue of debentures | $ 247,300 | R$ 1200.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Brasil Debentures | CDI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.10% | 3.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation period for interest rate basis | 252 days | 252 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS South Africa Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 189,000 | R 3,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 3,800 | R 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 189,000 | R 3,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Holding Revolving 2020 Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 300,000 | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Kuwait Limited, Bank Borrowings Maturing 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 84,600 | د.ك 26.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 70,900 | د.ك 21.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Kuwait Limited, Bank Borrowings Maturing 2029 | Kuwaiti Dinar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 61,354 | 66,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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% | 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% | 5.63% | 5.63% | 5.63% | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 498,920 | 497,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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% | 6.25% | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 498,635 | 497,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 17,700 | ₦ 16.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Nigeria Naira | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 57,448 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Minimum | Nigeria Naira | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12.50% | 12.50% | 12.50% | 12.50% | 12.50% | 12.50% | 12.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG1, maturing 2023 | Maximum | Nigeria Naira | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 18% | 18% | 18% | 18% | 18% | 18% | 18% | |||||||||||||||||||||||||||||||||||||||||||||||||
IHS (Nigeria) Limited, IHSN NG2, maturing 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 11,000 | ₦ 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS South Africa Overdraft | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 19,100 | R 350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 600 | R 11.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIV (2023) Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIV (2023) Term Loan, CIV Euro tranche | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 97,100 | € 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIV (2023) Term Loan, CIV XOF Tranche | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 18,800 | XOF 11.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Nigeria Letters of Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 98,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Nigeria Letters of Credit | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 98,918 | 66,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Nigeria Letters of Credit | Minimum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12% | 12% | 12% | 12% | 12% | 12% | 12% | |||||||||||||||||||||||||||||||||||||||||||||||||
IHS Nigeria Letters of Credit | Minimum | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12% | 12% | 12% | 12% | 12% | 12% | 12% | |||||||||||||||||||||||||||||||||||||||||||||||||
IHS Nigeria Letters of Credit | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 15.55% | 15.55% | 15.55% | 15.55% | 15.55% | 15.55% | 15.55% | |||||||||||||||||||||||||||||||||||||||||||||||||
IHS Nigeria Letters of Credit | Maximum | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 15.55% | 15.55% | 15.55% | 15.55% | 15.55% | 15.55% | 15.55% | |||||||||||||||||||||||||||||||||||||||||||||||||
INT Towers Limited, letter of credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 219,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
INT Towers Limited, letter of credit | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 219,418 | 128,063 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
INT Towers Limited, letter of credit | Minimum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12% | 12% | 12% | 12% | 12% | 12% | 12% | |||||||||||||||||||||||||||||||||||||||||||||||||
INT Towers Limited, letter of credit | Minimum | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12% | 12% | 12% | 12% | 12% | 12% | 12% | |||||||||||||||||||||||||||||||||||||||||||||||||
INT Towers Limited, letter of credit | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 15.75% | 15.75% | 15.75% | 15.75% | 15.75% | 15.75% | 15.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
INT Towers Limited, letter of credit | Maximum | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 15.75% | 15.75% | 15.75% | 15.75% | 15.75% | 15.75% | 15.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
ITNG Limited, letter of credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
ITNG Limited, letter of credit | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 23 | 987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Independent Connect Limited, letters of credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 1,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Independent Connect Limited, letters of credit | Minimum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 13.25% | 13.25% | 13.25% | 13.25% | 13.25% | 13.25% | 13.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Global Independent Connect Limited, letters of credit | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | 15.49% | |||||||||||||||||||||||||||||||||||||||||||||||||
IHS Holding (2022) Bullet Term Loan Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in loan facility | $ (100,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 370,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Undrawn borrowing facilities | 130,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Holding (2022) Bullet Term Loan Facility | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 370,935 | 368,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Holding (2022) Bullet Term Loan Facility | CAS + SOFR | US Dollar | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
IHS Brasil - Cesso de Infraestruturas S.A. Maturing 2028 | Brazil Real | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 82,928 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
IHS Brasil - Cesso de Infraestruturas S.A. Maturing 2028 | CDI | Brazil Real | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.05% | 3.05% | 3.05% | 3.05% | 3.05% | 3.05% | 3.05% | |||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems Solues de Infraestrutura S.A., maturing 2030 | Brazil Real | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 84,305 | $ 38,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems Solues de Infraestrutura S.A., maturing 2030 | CDI | Minimum | Brazil Real | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% | |||||||||||||||||||||||||||||||||||||||||||||||||
I-Systems Solues de Infraestrutura S.A., maturing 2030 | CDI | Maximum | Brazil Real | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Lease liabilities - Components
Lease liabilities - Components of lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Lease liabilities. | |||||
Current | $ 91,156 | $ 87,240 | [1] | ||
Non-current | 510,838 | 518,318 | [1] | ||
Total lease liabilities | 601,994 | 605,558 | $ 376,101 | $ 314,747 | |
Lease payments | $ 131,300 | $ 112,800 | $ 96,200 | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Lease liabilities - Reconciliat
Lease liabilities - Reconciliation of cash and non-cash changes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities. | |||
Beginning balance | $ 605,558 | $ 376,101 | $ 314,747 |
Additions through business combinations | 216,218 | 44,557 | |
Additions through new leases or remeasurements | 159,624 | 118,609 | 131,438 |
Interest and finance charges for lease liabilities | 61,617 | 52,234 | 32,826 |
Payments for the principal of lease liabilities | (72,854) | (76,629) | (63,324) |
Interest paid for lease liabilities | (58,443) | (36,178) | (32,923) |
Remeasurements or terminations | (67,547) | (37,718) | (30,978) |
Effects of movement in exchange rates | (25,961) | (7,079) | (20,242) |
Closing balance | $ 601,994 | $ 605,558 | $ 376,101 |
Lease liabilities - Amount reco
Lease liabilities - Amount recognized in the statement of income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities. | |||
Interest and finance charges paid/payable for lease liabilities | $ 61,617 | $ 52,234 | $ 32,826 |
Expenses relating to short term leases and low value assets | 10,879 | 16,924 | 11,165 |
Depreciation for right of use assets | 95,895 | 88,615 | 60,685 |
Total for the year ended | $ 168,391 | $ 157,773 | $ 104,676 |
Lease liabilities - Contractual
Lease liabilities - Contractual maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Carrying value | $ 601,994 | $ 605,558 | $ 376,101 | $ 314,747 |
Total contractual cash flows | $ 1,181,459 | 1,108,532 | ||
Average remaining lease term | 12 years 6 months | |||
Within 1 year | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Total contractual cash flows | $ 101,709 | 92,417 | ||
2-3 years | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Total contractual cash flows | 193,434 | 179,930 | ||
4-5 years | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Total contractual cash flows | 180,895 | 168,231 | ||
Over 5 years | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Total contractual cash flows | $ 705,421 | $ 667,954 |
Provisions for other liabilit_3
Provisions for other liabilities and charges - Decommissioning and site restoration provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of other provisions [line items] | ||||
Non-current | $ 86,131 | $ 84,533 | [1] | |
Current | 277 | 483 | [1] | |
Decommissioning and site restoration provisions | ||||
Disclosure of other provisions [line items] | ||||
At January 1 | 85,016 | 71,941 | $ 53,266 | |
Additions through business combinations | 34,419 | 8,347 | ||
Increase/(decrease) in provisions | (505) | (24,898) | 7,212 | |
Payments for tower and tower equipment decommissioning | (343) | (343) | (231) | |
Reversal of decommissioning through profit and loss | (2,671) | |||
Unwinding of discount | 9,156 | 7,084 | 4,644 | |
Effects of movement in exchange rates | (6,916) | (3,187) | 1,374 | |
At end of period/year | 86,408 | 85,016 | 71,941 | |
Non-current | 86,131 | 84,533 | 71,598 | |
Current | $ 277 | $ 483 | $ 343 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Provisions for other liabilit_4
Provisions for other liabilities and charges - Discount rates and sensitivity analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions | |||
Disclosure of other provisions [line items] | |||
Percentage of Increase (Decrease) In discount rate | 1% | 1% | |
Percentage of increase in discount rate | 1% | 1% | |
Percentage of decrease in discount rate | 1% | 1% | |
Effect of 1% increase in discount rate | $ (2,562) | $ (2,066) | $ (1,571) |
Effect of 1% decrease in discount rate | $ 1,189 | $ 1,606 | $ 1,093 |
Nigerian entities | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 11.10% | 11.10% | |
IHS Cameroon S.A. | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 7.40% | 5.50% | |
IHS Cote d Ivoire S.A. | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 5.90% | 8% | |
IHS Zambia Limited | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 14% | 9.10% | |
IHS South Africa Proprietary Limited | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 12.20% | 11.10% | |
IHS Rwanda Limited | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 13.50% | 16% | |
Brazilian entities | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 15.10% | 16.40% | |
IHS Kuwait Limited | |||
Disclosure of other provisions [line items] | |||
Discount rate used in provisions calculation | 6.30% | 3.40% |
Stated capital (Details)
Stated capital (Details) | 12 Months Ended | 24 Months Ended | ||||||
Oct. 14, 2021 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2021 shares | |||
Stated capital. | ||||||||
Beginning balance, Equity | $ 1,360,230,000 | [1] | $ 1,743,556,000 | $ 1,224,191,000 | $ 1,743,556,000 | |||
Shares issued | 349,846,000 | |||||||
Shares repurchased and canceled through buyback program | (10,037,000) | |||||||
Ending balance, Equity | 347,354,000 | $ 1,360,230,000 | [1] | 1,743,556,000 | 347,354,000 | |||
Share capital | 99,755,745 | 99,755,745 | ||||||
Share premium | $ 5,295,055,920 | $ 5,295,055,920 | ||||||
Par value per share | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | |||||
Votes per ordinary share | 1 | |||||||
Number of shares offered in initial public offering | shares | 18,000,000 | |||||||
Offering price per share in initial public offering | $ / shares | $ 21 | |||||||
Number of rights to shares through outstanding options that were not converted to ordinary shares in initial public offering | shares | 7,940,413 | |||||||
Number of shares authorised | shares | 1,700,000,000 | 1,700,000,000 | ||||||
Conversion ratio of old classes of ordinary shares into new class of ordinary shares | 500 | |||||||
MTN Group | Bottom of range | ||||||||
Stated capital. | ||||||||
Percentage of voting rights held by entity | 20% | 20% | 20% | |||||
Stated capital net of issue costs | ||||||||
Stated capital. | ||||||||
Beginning balance, Equity | $ 5,311,953,000 | $ 5,223,484,000 | 4,530,870,000 | $ 5,223,484,000 | ||||
Shares issued | 349,846,000 | |||||||
Shares issued on exercise of options | 92,896,000 | 88,469,000 | 342,768,000 | |||||
Shares repurchased and canceled through buyback program | (10,037,000) | |||||||
Ending balance, Equity | $ 5,394,812,000 | $ 5,311,953,000 | $ 5,223,484,000 | $ 5,394,812,000 | ||||
Class A / ordinary shares | ||||||||
Stated capital. | ||||||||
Beginning Balance, Number of shares | shares | 331,920,000 | 327,820,000 | 130,492,567,000 | 327,820,000 | ||||
Reclassification of Class A and Class B shares to ordinary shares (in shares) | shares | 16,558,927,000 | |||||||
Impact of reverse share split (in shares) | shares | (146,757,391,000) | |||||||
Shares issued (in shares) | shares | 18,000,000 | |||||||
Shares issued on exercise of options (in shares) | shares | 2,478,000 | 4,100,000 | 15,717,000 | |||||
Shares repurchased and canceled through buyback program (in shares) | shares | (1,879,000) | |||||||
Ending Balance, Number of shares | shares | 332,519,000 | 331,920,000 | 327,820,000 | 332,519,000 | ||||
Class A / ordinary shares | Stated capital | ||||||||
Stated capital. | ||||||||
Beginning balance, Equity | $ 5,341,977,000 | $ 5,253,508,000 | $ 4,233,335,000 | $ 5,253,508,000 | ||||
Reclassification of Class A and Class B shares to ordinary shares | 299,405,000 | |||||||
Shares issued | 378,000,000 | |||||||
Shares issued on exercise of options | 92,896,000 | 88,469,000 | 342,768,000 | |||||
Shares repurchased and canceled through buyback program | (10,037,000) | |||||||
Ending balance, Equity | 5,424,836,000 | 5,341,977,000 | 5,253,508,000 | 5,424,836,000 | ||||
Class A / ordinary shares | Stated capital net of issue costs | ||||||||
Stated capital. | ||||||||
Beginning balance, Equity | 5,311,953,000 | 5,223,484,000 | 4,231,856,000 | 5,223,484,000 | ||||
Reclassification of Class A and Class B shares to ordinary shares | 299,014,000 | |||||||
Shares issued | 378,000,000 | |||||||
Share issue costs | (28,154,000) | |||||||
Shares issued on exercise of options | 92,896,000 | 88,469,000 | 342,768,000 | |||||
Shares repurchased and canceled through buyback program | (10,037,000) | |||||||
Ending balance, Equity | $ 5,394,812,000 | $ 5,311,953,000 | $ 5,223,484,000 | $ 5,394,812,000 | ||||
Class B shares | ||||||||
Stated capital. | ||||||||
Beginning Balance, Number of shares | shares | 16,558,927,000 | |||||||
Reclassification of Class A and Class B shares to ordinary shares (in shares) | shares | (16,558,927,000) | |||||||
Class B shares | Stated capital | ||||||||
Stated capital. | ||||||||
Beginning balance, Equity | $ 299,405,000 | |||||||
Reclassification of Class A and Class B shares to ordinary shares | (299,405,000) | |||||||
Class B shares | Stated capital net of issue costs | ||||||||
Stated capital. | ||||||||
Beginning balance, Equity | 299,014,000 | |||||||
Reclassification of Class A and Class B shares to ordinary shares | $ (299,014,000) | |||||||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Stated capital - Stock repurcha
Stated capital - Stock repurchase program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Aug. 31, 2023 | |
Stated capital. | ||||
Shares repurchased, amount | $ 10,037 | |||
August 2023 - August 2025 stock repurchase program | ||||
Stated capital. | ||||
Stock repurchase program, amount authorized for repurchase | $ 50,000 | |||
Stock repurchase program, number of shares repurchased | 930,556 | 948,101 | ||
Share repurchase program, price per share for shares repurchased | $ 5.61 | $ 5.04 | ||
Shares repurchased, amount | $ 5,200 | $ 4,800 |
Other reserves (Details)
Other reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | $ 1,360,230 | [1] | $ 1,743,556 | $ 1,224,191 | |
Other comprehensive income | 970,808 | 72,661 | [2],[3] | (28,310) | |
Recognition of share-based payment expense | 13,168 | 13,423 | 13,003 | ||
Ending balance, Equity | 347,354 | 1,360,230 | [1] | 1,743,556 | |
Other reserves | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | (861,271) | (842,911) | (485,505) | ||
Other comprehensive income | 950,855 | 59,521 | [3] | (22,557) | |
Options converted to shares | (92,896) | (88,469) | (342,768) | ||
Recognition of share-based payment expense | 13,168 | 13,423 | 13,003 | ||
SBP reserve converted to share capital | (92,896) | (88,469) | (342,768) | ||
Other reclassifications related to share-based payment | (1,426) | (2,835) | (5,084) | ||
Ending balance, Equity | 8,430 | (861,271) | (842,911) | ||
Fair value through other comprehensive income reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Beginning balance, Equity | (3) | (3) | (6) | ||
Other comprehensive income | 12 | 3 | |||
Ending balance, Equity | 9 | (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 | 98,817 | 176,698 | 511,547 | ||
Recognition of share-based payment expense | 13,168 | 13,423 | 13,003 | ||
SBP reserve converted to share capital | (92,896) | (88,469) | (342,768) | ||
Other reclassifications related to share-based payment | (1,426) | (2,835) | (5,084) | ||
Ending balance, Equity | 17,663 | 98,817 | 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 | (123,745) | (183,266) | (160,706) | ||
Other comprehensive income | 950,843 | 59,521 | (22,560) | ||
Ending balance, Equity | $ 827,098 | $ (123,745) | $ (183,266) | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022 . |
Non-controlling interest (Detai
Non-controlling interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of subsidiaries [line items] | |||||
Balance at January 1 | $ 227,200 | [1] | $ 223,188 | $ 14,216 | |
NCI arising on business combination | 1,922 | 831 | 215,014 | ||
Loss for the period | (11,569) | (9,959) | [2] | (289) | |
Other comprehensive gain/(loss) | 19,953 | 13,140 | (5,753) | ||
Balance at September 30 | 237,506 | 227,200 | [1] | $ 223,188 | |
I-Systems Solues de Infraestrutura S.A. | |||||
Disclosure of subsidiaries [line items] | |||||
Balance at January 1 | 212,307 | ||||
Balance at September 30 | $ 216,770 | $ 212,307 | |||
Proportion of ownership interest in subsidiary | 51% | ||||
Proportion of ownership interests held by non-controlling interests | 49% | ||||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Non-controlling interest - Summ
Non-controlling interest - Summarized financial information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of subsidiaries [line items] | |||||
Current assets | $ 972,607 | $ 1,252,935 | [1] | ||
Current liabilities | (1,221,956) | (1,266,387) | [1] | ||
Noncurrent assets | 4,392,103 | 5,067,798 | [1] | ||
Non-current liabilities | (3,795,400) | (3,694,116) | [1] | ||
Accumulated non-controlling interest at the end of the year | 237,506 | 227,200 | [1] | $ 223,188 | $ 14,216 |
Revenue | 2,125,539 | 1,961,299 | [2] | 1,579,730 | |
Loss for the year | (1,988,178) | (468,966) | [2] | (26,121) | |
Other comprehensive (loss)/income | 970,808 | 72,661 | [2],[3] | (28,310) | |
Total comprehensive loss for the year | (1,017,370) | (396,305) | [2],[3] | (54,431) | |
Loss allocated to non-controlling interest during the period | 8,384 | 3,181 | [2] | (6,042) | |
Cash flows generated from operating activities | 853,453 | 907,303 | 750,189 | ||
Cash flows used in investing activities | (722,249) | (1,517,288) | (877,949) | ||
Cash flows generated from financing activities | (162,301) | 398,241 | 524,265 | ||
Net (decrease)/increase in cash and cash equivalents | (31,097) | (211,744) | $ 396,505 | ||
I-Systems Solues de Infraestrutura S.A. | |||||
Disclosure of subsidiaries [line items] | |||||
Current assets | 83,274 | 102,445 | |||
Current liabilities | (53,797) | (38,834) | |||
Current net assets | 29,477 | 63,611 | |||
Noncurrent assets | 527,592 | 462,122 | |||
Non-current liabilities | (114,681) | (92,453) | |||
Non-current net assets | 412,911 | 369,669 | |||
Net assets | 442,388 | 433,280 | |||
Revenue | 73,556 | 56,602 | |||
Loss for the year | (22,712) | (15,377) | |||
Other comprehensive (loss)/income | 31,819 | 29,449 | |||
Total comprehensive loss for the year | 9,107 | 14,072 | |||
Cash flows generated from operating activities | 59,827 | 55,714 | |||
Cash flows used in investing activities | (100,771) | (91,680) | |||
Cash flows generated from financing activities | 24,483 | 36,574 | |||
Net (decrease)/increase in cash and cash equivalents | (16,461) | 608 | |||
I-Systems Solues de Infraestrutura S.A. | |||||
Disclosure of subsidiaries [line items] | |||||
Accumulated non-controlling interest at the end of the year | 216,770 | 212,307 | |||
Loss allocated to non-controlling interest during the period | $ (11,129) | $ (7,535) | |||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022 . |
Share-based payment obligation
Share-based payment obligation (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Oct. 14, 2021 | Jul. 01, 2021 USD ($) | Jul. 14, 2020 USD ($) | Mar. 09, 2020 USD ($) | Jul. 10, 2019 $ / shares | Mar. 31, 2023 | Dec. 31, 2023 USD ($) Option | Dec. 31, 2022 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Exercise price of outstanding share options | $ / shares | $ 0 | |||||||
LTIP1, LTIP2, LTIP2B and LTIP3 plans | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Exercise price of outstanding share options | $ / shares | $ 0 | |||||||
Percentage of shares awarded in the event of initial public offering | 66.70% | |||||||
Percentage of shares not automatically awarded in event of initial public offering, subject to performance conditions | 33.30% | |||||||
Share options subject to performance conditions, annual vesting percentage if target achieved | 50% | |||||||
Percentage of outstanding options converted to shares | 66.70% | 33.30% | ||||||
Fair value of options granted, at grant date | $ 3.7 | $ 0.7 | $ 2.2 | |||||
Number of share options expired | Option | 0 | |||||||
Omnibus share-based payment plans | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Expected charge over remaining term of outstanding share options | $ 16 | |||||||
Fair value of options granted, at grant date | $ 49.9 | |||||||
Omnibus share-based payment plans, PSUs with market conditions | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Fair value of options granted, at grant date | 8.2 | |||||||
Omnibus share-based payment plans, RSUs with non-market conditions | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Fair value of options granted, at grant date | $ 22.7 | |||||||
5% Adjusted EBITDA growth and Adjusted funds from operations | LTIP1, LTIP2, LTIP2B and LTIP3 plans | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share options subject to performance conditions, annual vesting percentage if target achieved | 50% | |||||||
Measurement period for share-based payment arrangement | 12 months | |||||||
Adjusted EBITDA growth and adjusted funds from operations percentage | 5% | |||||||
5% to 10% Adjusted EBITDA growth and Adjusted funds from operations | LTIP1, LTIP2, LTIP2B and LTIP3 plans | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share options subject to performance conditions, annual vesting percentage if target achieved | 50% | |||||||
Measurement period for share-based payment arrangement | 12 months | |||||||
5% to 10% Adjusted EBITDA growth and Adjusted funds from operations | LTIP1, LTIP2, LTIP2B and LTIP3 plans | Minimum | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Adjusted EBITDA growth and adjusted funds from operations percentage | 5% | |||||||
5% to 10% Adjusted EBITDA growth and Adjusted funds from operations | LTIP1, LTIP2, LTIP2B and LTIP3 plans | Maximum | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Adjusted EBITDA growth and adjusted funds from operations percentage | 10% | |||||||
Forecast | LTIP1, LTIP2, LTIP2B and LTIP3 plans | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share options subject to performance conditions, annual vesting percentage if target achieved | 50% |
Share-based payment obligatio_2
Share-based payment obligation - Omnibus employee share-based payment scheme (Details) | 7 Months Ended | 12 Months Ended | 19 Months Ended | 23 Months Ended | |||||
May 25, 2023 Option | Oct. 14, 2022 Option | Jun. 09, 2022 Option | Feb. 07, 2022 Option | Dec. 31, 2023 Option | Dec. 31, 2023 Option | Dec. 31, 2022 Option | Dec. 31, 2023 Option | Dec. 31, 2023 Option | |
Omnibus share-based payment plans | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement | 2,132,000 | 2,943,000 | |||||||
Number of share options forfeited in share-based payment arrangement | 127,000 | 86,000 | |||||||
Omnibus share-based payment plans, February 2022 grant | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement | 1,147,500 | ||||||||
Number of share options forfeited in share-based payment arrangement | 100,211 | ||||||||
Omnibus share-based payment plans, February 2022 grant, Restricted Stock Units (RSUs) | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of vesting occasions | 3 | ||||||||
Omnibus share-based payment plans, February 2022 grant, Performance Stock Units (PSUs) | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share-Based Compensation Arrangement, Recurring Levered Free Cash Flow Target, Performance Period | 3 years | ||||||||
Share-Based Compensation Arrangement, Cumulative Total Shareholder Return Target, Performance Period | 3 years | ||||||||
Vesting period of instruments in share-based payment arrangement | 3 years | ||||||||
Omnibus share-based payment plans, June 2022 grant | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement | 1,700,446 | ||||||||
Number of share options forfeited in share-based payment arrangement | 68,941 | ||||||||
Omnibus share-based payment plans, June 2022 grant, Restricted Stock Units (RSUs) | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of vesting occasions | 3 | ||||||||
Omnibus share-based payment plans, June 2022 grant, Performance Stock Units (PSUs) | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share-Based Compensation Arrangement, Recurring Levered Free Cash Flow Target, Performance Period | 3 years | ||||||||
Share-Based Compensation Arrangement, Cumulative Total Shareholder Return Target, Performance Period | 3 years | ||||||||
Vesting period of instruments in share-based payment arrangement | 3 years | ||||||||
Omnibus share-based payment plans, October 2022 grant | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement | 94,876 | ||||||||
Number of vesting occasions | 3 | ||||||||
Omnibus share-based payment plans, May 2023 grant | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement | 2,132,134 | ||||||||
Number of share options forfeited in share-based payment arrangement | 44,126 | ||||||||
Omnibus share-based payment plans, May 2023 grant, Restricted Stock Units (RSUs) | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of vesting occasions | 3 | ||||||||
Omnibus share-based payment plans, May 2023 grant, Performance Stock Units (PSUs) | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share-Based Compensation Arrangement, Recurring Levered Free Cash Flow Target, Performance Period | 3 years | ||||||||
Share-Based Compensation Arrangement, Cumulative Total Shareholder Return Target, Performance Period | 3 years | ||||||||
Vesting period of instruments in share-based payment arrangement | 3 years |
Share-based payment obligatio_3
Share-based payment obligation - Total charge to the profit or loss - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based payment obligation | |||
Expense under equity settled classification from date of amendment | $ 13,370 | $ 13,265 | $ 11,780 |
Total charge to the profit or loss | $ 13,370 | $ 13,265 | $ 11,780 |
Share-based payment obligatio_4
Share-based payment obligation - Movements in the number of share options outstanding - (Details) shares in Thousands | 12 Months Ended | ||
Oct. 14, 2021 | Dec. 31, 2023 Option shares | Dec. 31, 2022 Option shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share options at the beginning of the period | 6,589,136 | ||
Share options ending of the period | 4,129,844 | 6,589,136 | |
Conversion ratio of old classes of ordinary shares into new class of ordinary shares | 500 | ||
Incentive plan 1 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share options, authorized | shares | 634 | 1,267 | |
Share options at the beginning of the period | 634,000 | 1,267,000 | |
Share options Forfeited | (317,000) | ||
Exercised during the period | (317,000) | (633,000) | |
Share options ending of the period | 634,000 | ||
Incentive plan 2 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share options, authorized | shares | 2,560 | 5,120 | |
Share options at the beginning of the period | 2,560,000 | 5,120,000 | |
Share options Forfeited | (1,280,000) | ||
Exercised during the period | (1,280,000) | (2,560,000) | |
Share options ending of the period | 2,560,000 | ||
Incentive plan 2B | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share options, authorized | shares | 768 | 1,537 | |
Share options at the beginning of the period | 768,000 | 1,537,000 | |
Share options Forfeited | (384,000) | ||
Exercised during the period | (384,000) | (769,000) | |
Share options ending of the period | 768,000 | ||
Incentive plan 3 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share options, authorized | shares | 10 | 19 | |
Share options at the beginning of the period | 10,000 | 19,000 | |
Share options Forfeited | (5,000) | ||
Exercised during the period | (5,000) | (9,000) | |
Share options ending of the period | 10,000 | ||
Omnibus plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share options, authorized | shares | 4,750 | 2,943 | |
Share options at the beginning of the period | 2,618,000 | ||
Share options Issued | 2,132,000 | 2,943,000 | |
Share options Forfeited | (127,000) | (86,000) | |
Exercised during the period | (493,000) | (239,000) | |
Share options ending of the period | 4,130,000 | 2,618,000 |
Share-based payment obligatio_5
Share-based payment obligation - Valuation assumptions for LTIP plans - (Details) $ / shares in Units, Option in Thousands, $ in Thousands | 12 Months Ended | |||||
Jul. 01, 2021 USD ($) shares $ / shares | Jul. 14, 2020 USD ($) shares $ / shares | Mar. 09, 2020 USD ($) shares $ / shares | Jul. 10, 2019 USD ($) $ / shares | Dec. 31, 2023 USD ($) Option $ / shares | Dec. 31, 2022 Option | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price amendment | $ / shares | $ 0 | |||||
LTIP1, LTIP2, LTIP2B and LTIP3 plans | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price amendment | $ / shares | 0 | |||||
Share price assumption | $ / shares | $ 23.19 | $ 22.14 | $ 21.20 | $ 22.04 | ||
Assumption of forfeiture rate | 0% | |||||
Expected dividend | $ | $ 0 | $ 0 | $ 0 | $ 0 | ||
Share options Issued | shares | 159,369 | 33,405 | 120,228 | |||
Fair value of options granted, at grant date | $ | $ 3,700 | $ 700 | $ 2,200 | |||
LTIP1, LTIP2, LTIP2B and LTIP3 plans | Bottom of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Assumption of forfeiture rate | 0% | 0% | ||||
LTIP1, LTIP2, LTIP2B and LTIP3 plans | Middle of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Assumption of forfeiture rate | 5% | 5% | ||||
LTIP1, LTIP2, LTIP2B and LTIP3 plans | Top of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Assumption of forfeiture rate | 10% | 10% | ||||
Omnibus plan | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Assumption of forfeiture rate | 7% | |||||
Expected dividend | $ | $ 0 | |||||
Share options Issued | Option | 2,132 | 2,943 | ||||
Fair value of options granted, at grant date | $ | $ 49,900 | |||||
Omnibus plan | Bottom of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price assumption | $ / shares | $ 7.94 | |||||
Volatility assumption | 35.90% | |||||
Omnibus plan | Top of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price assumption | $ / shares | $ 11.55 | |||||
Volatility assumption | 50.91% | |||||
Incentive plan 1 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Assumption of forfeiture rate | 10% | |||||
Incentive plan 2 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Assumption of forfeiture rate | 5% | |||||
Incentive plans 2B and 3 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Assumption of forfeiture rate | 0% | |||||
Omnibus share-based payment plans, PSUs with market conditions | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Fair value of options granted, at grant date | $ | $ 8,200 | |||||
Omnibus share-based payment plans, PSUs with non-market conditions | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Fair value of options granted, at grant date | $ | $ 19,100 | |||||
LTIP1, LTIP2, LTIP2B and LTIP3 plans | LTIP1, LTIP2, LTIP2B and LTIP3 plans | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price amendment | $ / shares | $ 0 |
Share-based payment obligatio_6
Share-based payment obligations - Valuation assumptions for Omnibus plans (Details) | Jul. 10, 2019 $ / shares |
Share-based payment obligation | |
Exercise price amendment | $ 0 |
Share-based payment obligatio_7
Share-based payment obligation - Weighted average remaining contractual life - (Details) | 12 Months Ended | 52 Months Ended | ||
Dec. 31, 2023 Option | Dec. 31, 2022 Option | Sep. 30, 2018 | Jul. 10, 2019 $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Contractual life of share options at grant date | 12 years | |||
Exercise price | $ / shares | $ 0 | |||
Number of options in force at year end | 4,129,844 | 6,589,136 | ||
2014 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 3 months 29 days | |||
Number of options in force at year end | 519,763 | |||
2015 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 3 months 29 days | |||
Number of options in force at year end | 2,538,812 | |||
2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 3 months 29 days | |||
Number of options in force at year end | 842,658 | |||
2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 3 months 29 days | |||
Number of options in force at year end | 17,869 | |||
2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 3 months 29 days | |||
Number of options in force at year end | 25,605 | |||
2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 3 months 29 days | |||
Number of options in force at year end | 26,553 | |||
2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 1 year 7 days | 1 year 8 months 19 days | ||
Number of options in force at year end | 2,041,836 | 2,617,876 | ||
2023 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining contractual life | 1 year 11 months 15 days | |||
Number of options in force at year end | 2,088,008 |
Cash from operations (Details)
Cash from operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities | ||||
Profit before taxation | $ (1,880,650) | $ (543,979) | [1] | $ (8,141) |
Adjustments: | ||||
Depreciation of property, plant and equipment | 385,203 | 421,574 | 344,716 | |
Amortization of intangible assets | 50,383 | 47,330 | 38,166 | |
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent | 87,696 | 38,157 | 51,113 | |
Loss allowance/(reversal of loss allowance) on trade receivables | 7,202 | (4,446) | (34,031) | |
Impairment of withholding tax receivables | 47,992 | 52,334 | 61,810 | |
Impairment of Goodwill | 121,596 | |||
Amortization of prepaid site rent | 9,534 | 9,631 | 8,321 | |
Net (gain)/loss on disposal of plant, property and equipment | (3,806) | 3,382 | (2,499) | |
Insurance income | (321) | (2,092) | (6,861) | |
Finance costs | 2,436,511 | 872,049 | 422,034 | |
Finance income | (25,209) | (15,825) | (25,522) | |
Impairment of inventory | 138 | (315) | ||
Decrease in decommissioning expense | (2,671) | |||
Sharebased payment expense | 13,370 | 13,265 | 11,780 | |
Operating profit before working capital changes | 1,127,905 | 1,013,114 | 857,900 | |
Changes in working capital | ||||
Decrease/(increase) in inventory | 11,249 | (37,750) | 6,689 | |
(Increase)/decrease in trade and other receivables | (295,260) | (141,723) | (164,382) | |
Increase in trade and other payables | 59,029 | 133,233 | 87,866 | |
Net movement in working capital | (224,982) | (46,240) | (69,827) | |
Cash from operations | $ 902,923 | $ 966,874 | $ 788,073 | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Related parties - Ownership per
Related parties - Ownership percentage (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IHS Mauritius Cameroon Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Mauritius Cote d Ivoire Limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Mauritius Netherlands Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Mauritius Zambia Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Mauritius Rwanda Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Africa (UK) Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands Coperatief U.A. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands Holdco B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands NG1 B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands NG2 B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Nigeria Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
INT Towers Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Towers NG Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Cote d Ivoire S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Cameroon S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Zambia Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Rwanda Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
Rwanda Towers Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Kuwait Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Brasil Cesso de Infraestruturas S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Towers Colombia S.A.S | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Peru S.A.C. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
San Gimignano Imoveis e Adminsitracao Limitada | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
Nigeria Tower Interco B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands GCC B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands KSA B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS GCC Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands Connect B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS GCC KW Holding Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 70% | 70% |
IHS Finco Management Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS GCC MAR Holding Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
Global Independent Connect Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS KSA Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS SSC FZE | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands RSA B.V | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands BR B.V | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS South Africa Holding Proprietary Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Towers South Africa Proprietary Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands PHP B.V | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Towers Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Netherlands EGY B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Telecom Towers Egypt S.A.E. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 80% | 80% |
Skysites Americas Ltda | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | |
Wi-Fi Mundial Ltda. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Fiber Brasil Participaes Ltda. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | |
IHS Fiber Brasil - Cesso de Infraestruturas Ltda. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
I-Systems Solues de Infraestrutura S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 51% | 51% |
Centennial Towers Colombia S.A.S. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
Polar Breeze Colombia S.A.S | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
Centennial Towers Brasil Cooperatief U.A. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
Centennial Towers of Brasil B.V. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
Centennial Towers of Colombia Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | 100% |
IHS Centennial Brasil Torres de Telecomunicacoes Ltda | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | |
Polar Breeze Empreendimentos Ltda. | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% | |
IHS E-Services (NG) Limited | ||
Disclosure of transactions between related parties [line items] | ||
Ownership percentage | 100% |
Related parties - Key manageria
Related parties - Key managerial person expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related parties. | |||
Shortterm employee benefits | $ 18,354 | $ 19,980 | $ 25,537 |
Postemployment benefits | 154 | 1,723 | 105 |
Total key management personnel compensation excluding share-based payments | 18,508 | 21,703 | 25,642 |
Share-based payments | 6,696 | 5,380 | 9,795 |
Total | $ 25,204 | $ 27,083 | $ 35,437 |
Related parties - Other related
Related parties - Other related party transactions and balances (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dar Telecom Consulting Llc | |||
Disclosure of transactions between related parties [line items] | |||
Expense for medical insurance premiums, paid by related party and subsequently invoiced to entity | $ 0 | $ 0 | $ 85,163 |
Services received | 0 | 175,000 | 1,125,384 |
Receivable, related parties | 0 | 0 | 551,574 |
Sam Darwish | |||
Disclosure of transactions between related parties [line items] | |||
Expense for medical insurance premiums on behalf of related parties | 0 | 0 | 38,330 |
Costs incurred and reimbursed on behalf of related party | 0 | 26,910 | 551,574 |
Cklb International Management Limited | |||
Disclosure of transactions between related parties [line items] | |||
Services received | 300,935 | ||
Teneo Strategy LLC | |||
Disclosure of transactions between related parties [line items] | |||
Services received | 750,000 | ||
Wendel Group | |||
Disclosure of transactions between related parties [line items] | |||
Rent and utilities expense paid to related parties | $ 366,896 | 343,600 | $ 0 |
Deposits paid to related parties | $ 195,298 |
Business Combinations - MTN tel
Business Combinations - MTN telecom towers in South Africa (Details) - MTN telecom towers in South Africa $ in Thousands | 7 Months Ended | 12 Months Ended | |
May 31, 2022 USD ($) item site | Dec. 31, 2022 USD ($) | Dec. 31, 2023 | |
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 | 7,100 | ||
Proportion of ownership interest in subsidiary | 100% | ||
Non-controlling interest in acquiree recognised at acquisition date | $ 0 | ||
Goodwill deductible for tax purpose | 0 | ||
Gross consideration | 421,239 | ||
Net cash consideration | 421,239 | ||
Identifiable assets acquired and liabilities assumed: | |||
Towers and tower equipment | 251,683 | ||
Customer related intangible asset | 121,465 | ||
Network related intangible asset | 69,741 | ||
Right of use asset | 211,936 | ||
Lease liabilities | (211,936) | ||
Deferred tax | (51,625) | ||
Provisions for other liabilities and charges | (34,419) | ||
Total identifiable net assets acquired | 356,845 | ||
Goodwill | 64,394 | ||
Revenue - post-acquisition | $ 71,398 | ||
Profit (Loss) - post-acquisition | $ (20,542) | ||
Provisional amounts in business combinations | |||
Disclosure of detailed information about business combination [line items] | |||
Gross consideration | 421,239 | ||
Net cash consideration | 421,239 | ||
Identifiable assets acquired and liabilities assumed: | |||
Towers and tower equipment | 251,683 | ||
Customer related intangible asset | 127,957 | ||
Network related intangible asset | 67,837 | ||
Right of use asset | 211,315 | ||
Lease liabilities | (211,315) | ||
Deferred tax | (52,864) | ||
Provisions for other liabilities and charges | (34,419) | ||
Total identifiable net assets acquired | 360,194 | ||
Goodwill | 61,045 | ||
Adjustments to provisional amounts | |||
Identifiable assets acquired and liabilities assumed: | |||
Customer related intangible asset | (6,492) | ||
Network related intangible asset | 1,904 | ||
Right of use asset | 621 | ||
Lease liabilities | (621) | ||
Deferred tax | 1,239 | ||
Total identifiable net assets acquired | (3,349) | ||
Goodwill | $ 3,349 | ||
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% |
Business Combinations - Sao Pau
Business Combinations - Sao Paulo Cinco Locacao de Torres Ltda (Details) - Sao Paulo Cinco Locacao de Torres Ltda (SP5) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Apr. 17, 2022 | |
Disclosure of detailed information about business combination [line items] | |||
Percentage of business acquired | 100% | ||
Gross consideration | $ 317,188 | $ 317,188 | |
Less: cash in business at the date of acquisition | (1,896) | ||
Net cash consideration | 315,292 | 315,292 | |
Identifiable assets acquired and liabilities assumed: | |||
Customer related intangible asset | 48,353 | 48,353 | |
Network related intangible asset | 2,520 | 2,520 | |
Right of use asset | 266,666 | 266,666 | |
Trade and other receivables | 23,575 | 23,575 | |
Lease liabilities | (4,282) | (4,282) | |
Trade and other payables | (4,222) | (4,222) | |
Deferred tax | (86,239) | (86,239) | |
Total identifiable net assets acquired | 260,651 | 260,651 | |
Goodwill | 54,641 | 54,641 | $ 54,600 |
Revenue - post-acquisition | 34,129 | ||
Profit (Loss) - post-acquisition | 6,340 | ||
Towers and tower equipment | |||
Identifiable assets acquired and liabilities assumed: | |||
Property, plant and equipment recognised as of acquisition date | 13,395 | 13,395 | |
Land | |||
Identifiable assets acquired and liabilities assumed: | |||
Property, plant and equipment recognised as of acquisition date | $ 885 | $ 885 |
Business Combinations - Fair va
Business Combinations - Fair value adjustments (Details) - USD ($) $ in Thousands | 7 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2023 | May 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Identifiable assets acquired and liabilities assumed: | ||||||
Goodwill | $ 763,388 | [1] | $ 619,298 | $ 779,896 | $ 656,256 | |
MTN telecom towers in South Africa | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Gross consideration | $ 421,239 | |||||
Net cash consideration | 421,239 | |||||
Identifiable assets acquired and liabilities assumed: | ||||||
Towers and tower equipment | 251,683 | |||||
Customer related intangible asset | 121,465 | |||||
Network related intangible asset | 69,741 | |||||
Right of use asset | 211,936 | |||||
Lease liabilities | (211,936) | |||||
Deferred tax | (51,625) | |||||
Provisions for other liabilities and charges | (34,419) | |||||
Total identifiable net assets acquired | $ 356,845 | |||||
Revenue - post-acquisition | 71,398 | |||||
Profit (Loss) - post-acquisition | $ (20,542) | |||||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Business Combinations - IHS Kuw
Business Combinations - IHS Kuwait Limited (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2023 item | Sep. 30, 2022 item | Oct. 31, 2021 item | Apr. 30, 2021 item | Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2020 item | |
IHS Kuwait acquisition of towers in Kuwait | |||||||
Business Combinations | |||||||
Number of Towers Acquired | item | 101 | 43 | 126 | 67 | 101 | 43 | |
Remaining towers yet to acquired | item | 121 | ||||||
Percentage of interest in net assets acquired | 70% | 70% | |||||
Gross consideration | $ 6,408 | $ 2,729 | |||||
Less: consideration received in exchange for a retained 30% interest (by Zain Kuwait) in IHS GCC KW | (1,922) | (819) | |||||
Net consideration for 70% controlling interest in the acquired towers | 4,486 | 1,910 | |||||
Identifiable assets acquired and liabilities assumed: | |||||||
Towers and tower equipment | 5,576 | 1,032 | |||||
Customer related assets | 2,224 | 1,947 | |||||
Network-related assets | 766 | 671 | |||||
Trade and other payables | (2,158) | (921) | |||||
Total identifiable net assets acquired (at 100%) | 6,408 | 2,729 | |||||
Non-controlling interest portion of above at 30% | $ 1,922 | $ 819 | |||||
Percentage of net assets acquired (liabilities assumed) as disclosed in the acquisition analysis | 100% | 100% | |||||
Zain Kuwait | IHS GCC Limited | |||||||
Business Combinations | |||||||
Subscribed percentage of ownership interests in counterparty | 30% | 30% | |||||
IHS Kuwait Limited | |||||||
Business Combinations | |||||||
Towers to be acquired | item | 1,620 | ||||||
Number of Towers Acquired | item | 1,162 |
Capital commitments and conti_2
Capital commitments and contingent liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of contingent liabilities in business combination [line items] | ||
Commitments to purchase property, plant and equipment | $ 162,900,000 | $ 337,000,000 |
Legal proceedings provision | 0 | |
Litigations and claims | ||
Disclosure of contingent liabilities in business combination [line items] | ||
Contingent liabilities | $ 11,900,000 | $ 3,800,000 |
Events after the reporting pe_2
Events after the reporting period (Details) $ in Thousands, € in Millions, XOF in Millions, R in Millions, ₦ in Billions | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Mar. 12, 2024 USD ($) | Feb. 07, 2024 | Feb. 29, 2024 USD ($) | Feb. 29, 2024 EUR (€) | Feb. 29, 2024 XOF | Jan. 31, 2024 ₦ / $ | Feb. 28, 2023 USD ($) | Feb. 28, 2023 NGN (₦) | Dec. 31, 2023 USD ($) ₦ / $ | Dec. 31, 2022 USD ($) ₦ / $ | Dec. 31, 2021 USD ($) ₦ / $ | Mar. 08, 2024 USD ($) | Mar. 08, 2024 NGN (₦) | Mar. 08, 2024 ZAR (R) | Mar. 08, 2024 EUR (€) | Mar. 08, 2024 XOF | Dec. 31, 2023 ZAR (R) ₦ / $ | Dec. 31, 2023 EUR (€) ₦ / $ | Dec. 31, 2023 XOF ₦ / $ | Oct. 31, 2023 USD ($) | Oct. 31, 2023 ZAR (R) | Feb. 28, 2023 NGN (₦) | Jan. 31, 2023 USD ($) | Jan. 31, 2023 NGN (₦) | Jan. 03, 2023 USD ($) | Jan. 03, 2023 NGN (₦) | Dec. 31, 2020 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Foreign exchange rate | ₦ / $ | 911.68 | 461.50 | 435 | 911.68 | 911.68 | 911.68 | |||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 986,604 | $ 1,263,272 | $ 1,076,063 | ||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | 689,940 | 506,504 | 653,504 | ||||||||||||||||||||||||
Borrowings | 3,510,847 | $ 3,344,402 | $ 2,609,090 | $ 2,203,209 | |||||||||||||||||||||||
Undrawn borrowing facilities | $ 430,000 | ||||||||||||||||||||||||||
Nigeria, Nairas | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Foreign exchange rate | ₦ / $ | 907.1 | 907.1 | 907.1 | 907.1 | |||||||||||||||||||||||
Nigerian Naira measured at Bloomberg rate | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Foreign exchange rate | ₦ / $ | 911.7 | 911.7 | 911.7 | 911.7 | |||||||||||||||||||||||
Top of range | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Foreign exchange rate | ₦ / $ | 911.68 | 461.50 | 435 | 911.68 | 911.68 | 911.68 | |||||||||||||||||||||
Bottom of range | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Foreign exchange rate | ₦ / $ | 461.50 | 416 | 394.13 | 461.50 | 461.50 | 461.50 | |||||||||||||||||||||
CIV (2023) Term Loan | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Borrowings | $ 0 | ||||||||||||||||||||||||||
CIV (2023) Term Loan, CIV Euro tranche | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Notional amount | 97,100 | € 88 | |||||||||||||||||||||||||
CIV (2023) Term Loan, CIV XOF Tranche | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Notional amount | 18,800 | XOF 11,200 | |||||||||||||||||||||||||
IHS Holding (2022) Bullet Term Loan Facility | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Undrawn borrowing facilities | 130,000 | ||||||||||||||||||||||||||
Nigeria (2023) Revolving Credit Facility | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Notional amount | $ 60,300 | ₦ 55 | $ 60,300 | ₦ 55 | $ 48,300 | ₦ 44 | |||||||||||||||||||||
Borrowings | 0 | ||||||||||||||||||||||||||
Decrease in loan facility | $ (12,100) | ₦ (11) | |||||||||||||||||||||||||
Nigeria (2023) Revolving Credit Facility | Forecast | Nigerian MPR | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.50% | ||||||||||||||||||||||||||
IHS South Africa Overdraft | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Notional amount | $ 19,100 | R 350 | |||||||||||||||||||||||||
Borrowings | $ 600 | R 11.3 | |||||||||||||||||||||||||
Airtel Africa Agreement | Airtel Nigeria | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Number of collocations in agreement | 2,500 | ||||||||||||||||||||||||||
Airtel Africa Agreement | Not later than five years | Airtel Nigeria | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Number of tenancies to provide to counterparty | 3,950 | ||||||||||||||||||||||||||
Airtel Africa Agreement | December 31, 2031 | Airtel Nigeria | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Number of existing tenancies extended | 6,000 | ||||||||||||||||||||||||||
Nigerian Naira devaluation | Nigeria, Nairas | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Percentage of depreciation of currency against US Dollars | 60.50% | ||||||||||||||||||||||||||
Foreign exchange rate | ₦ / $ | 1,455.6 | ||||||||||||||||||||||||||
Nigerian Naira devaluation | Nigerian Naira measured at Bloomberg rate | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Percentage of depreciation of currency against US Dollars | 53.60% | ||||||||||||||||||||||||||
Foreign exchange rate | ₦ / $ | 1,400 | ||||||||||||||||||||||||||
Drawdowns and repayments of borrowings | CIV (2023) Term Loan | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Borrowings | $ 73,900 | ||||||||||||||||||||||||||
Drawdowns and repayments of borrowings | CIV (2023) Term Loan, CIV Euro tranche | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 61,900 | € 56.1 | |||||||||||||||||||||||||
Borrowings | € | € 56.1 | ||||||||||||||||||||||||||
Drawdowns and repayments of borrowings | CIV (2023) Term Loan, CIV XOF Tranche | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 12,000 | XOF 7,109 | |||||||||||||||||||||||||
Borrowings | XOF | XOF 7,109 | ||||||||||||||||||||||||||
Drawdowns and repayments of borrowings | Nigeria (2023) Revolving Credit Facility | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Borrowings | 16,500 | ₦ 15 | |||||||||||||||||||||||||
Drawdowns and repayments of borrowings | IHS South Africa Overdraft | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Borrowings | 15,200 | R 278.9 | |||||||||||||||||||||||||
Signing of loan agreements | IHS Holding (2024) Term Facility | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Notional amount | 270,000 | ||||||||||||||||||||||||||
Borrowings | $ 0 | ||||||||||||||||||||||||||
Signing of loan agreements | IHS Holding (2024) Term Facility | SOFR | Top of range | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 7% | 7% | 7% | 7% | 7% | ||||||||||||||||||||||
Signing of loan agreements | IHS Holding (2024) Term Facility | SOFR | Bottom of range | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||||||||||||||||
Voluntary reduction of loan facility | IHS Holding (2022) Bullet Term Loan Facility | |||||||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||||||
Decrease in loan facility | $ 70,000 | ||||||||||||||||||||||||||
Undrawn borrowing facilities | $ 60,000 |
Schedule 1 - COMPANY STATEMENT
Schedule 1 - COMPANY STATEMENT OF LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement [Line Items] | ||||
Administrative expenses | $ (404,783) | $ (501,175) | [1] | $ (336,511) |
Other income | 404 | 4,676 | [1] | 18,509 |
Operating profit | 530,652 | 312,245 | [1] | 388,371 |
Finance income | 25,209 | 15,825 | [1] | 25,522 |
Finance costs | 2,436,511 | 872,049 | [1] | 422,034 |
Loss before income tax | (1,880,650) | (543,979) | [1] | (8,141) |
Income tax (expense)/benefit | (107,528) | 75,013 | [1] | (17,980) |
Loss for the year | (1,988,178) | (468,966) | [1] | (26,121) |
Parent Company | ||||
Statement [Line Items] | ||||
Administrative expenses | (267,382) | (264,011) | (164,706) | |
Other income | 429,698 | 2,329 | ||
Operating profit | 162,316 | (261,682) | (164,706) | |
Finance income | 76,753 | 67,927 | 17,162 | |
Finance costs | (127,044) | (135,783) | (28,804) | |
Loss before income tax | 112,025 | (329,538) | (176,348) | |
Income tax (expense)/benefit | (1,356) | |||
Loss for the year | $ 112,025 | $ (329,538) | $ (177,704) | |
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule 1 - COMPANY STATEMEN_2
Schedule 1 - COMPANY STATEMENT OF FINANCIAL POSITION (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-current assets | |||||
Property, plant and equipment | $ 1,740,235 | $ 2,075,441 | [1] | ||
Other intangible assets | 933,030 | 1,049,103 | [1] | ||
Derivative financial instrument assets | 1,540 | 6,121 | [1] | ||
Non-current assets | 4,392,103 | 5,067,798 | [1] | ||
Current assets | |||||
Derivative financial instrument assets | 565 | ||||
Trade and other receivables | 607,835 | 663,467 | [1] | ||
Cash and cash equivalents | 293,823 | 514,078 | [1] | $ 916,488 | $ 585,416 |
Current assets | 972,607 | 1,252,935 | [1] | ||
Total assets | 5,364,710 | 6,320,733 | [1] | ||
Current liabilities | |||||
Trade and other payables | 532,627 | 669,149 | [1] | ||
Borrowings | 454,151 | 438,114 | [1] | ||
Current liabilities | 1,221,956 | 1,266,387 | [1] | ||
Non-current liabilities | |||||
Borrowings | 3,056,696 | 2,906,288 | [1] | ||
Non-current liabilities | 3,795,400 | 3,694,116 | [1] | ||
Total liabilities | 5,017,356 | 4,960,503 | [1] | ||
EQUITY | |||||
Stated capital | 5,394,812 | 5,311,953 | [1] | ||
Accumulated losses | (5,293,394) | (3,317,652) | [1] | ||
Other reserves | 8,430 | (861,271) | [1] | ||
Total equity | 347,354 | 1,360,230 | [1] | 1,743,556 | 1,224,191 |
Total equity and liabilities | 5,364,710 | 6,320,733 | [1] | ||
Parent Company | |||||
Non-current assets | |||||
Property, plant and equipment | 26 | 23 | |||
Other intangible assets | 1,357 | 514 | |||
Investments in subsidiaries | 5,508,489 | 5,479,157 | |||
Amounts due from related parties | 774,066 | 781,299 | |||
Derivative financial instrument assets | 230 | 1,821 | |||
Non-current assets | 6,284,168 | 6,262,814 | |||
Current assets | |||||
Amounts due from related parties | 322,830 | 351,675 | |||
Derivative financial instrument assets | 565 | ||||
Trade and other receivables | 16,964 | 17,858 | |||
Cash and cash equivalents | 67,335 | 245,373 | 554,100 | 135,115 | |
Current assets | 407,694 | 614,906 | |||
Total assets | 6,691,862 | 6,877,720 | |||
Current liabilities | |||||
Trade and other payables | 14,035 | 14,783 | |||
Borrowings | 10,200 | 9,847 | |||
Amounts due to related parties | 336,510 | 642,593 | |||
Current liabilities | 360,745 | 667,223 | |||
Non-current liabilities | |||||
Borrowings | 1,358,290 | 1,354,624 | |||
Financial guarantees | 2,357 | 0 | |||
Non-current liabilities | 1,360,647 | 1,354,624 | |||
Total liabilities | 1,721,392 | 2,021,847 | |||
EQUITY | |||||
Stated capital | 5,394,812 | 5,311,953 | |||
Accumulated losses | (617,504) | (730,396) | |||
Other reserves | 193,162 | 274,316 | |||
Total equity | 4,970,470 | 4,855,873 | $ 5,173,263 | $ 4,992,183 | |
Total equity and liabilities | $ 6,691,862 | $ 6,877,720 | |||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule 1 - COMPANY STATEMEN_3
Schedule 1 - COMPANY STATEMENT OF CHANGES IN EQUITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Statement [Line Items] | |||||
Beginning balance, Equity | $ 1,360,230 | [1] | $ 1,743,556 | $ 1,224,191 | |
Shares repurchased and canceled through buyback program | (10,037) | ||||
Issue of shares net of transaction costs | 349,846 | ||||
Share-based payment expense | 13,168 | 13,423 | 13,003 | ||
Other reclassifications related to share-based payment | (559) | (1,275) | (4,067) | ||
Total transactions with owners of the Company | 4,494 | 12,979 | 573,796 | ||
Loss for the year | (1,988,178) | (468,966) | [2] | (26,121) | |
Ending balance, Equity | 347,354 | 1,360,230 | [1] | 1,743,556 | |
Stated capital | |||||
Statement [Line Items] | |||||
Beginning balance, Equity | 5,311,953 | 5,223,484 | 4,530,870 | ||
Shares repurchased and canceled through buyback program | (10,037) | ||||
Issue of shares net of transaction costs | 349,846 | ||||
Options converted to shares | 92,896 | 88,469 | 342,768 | ||
Total transactions with owners of the Company | 82,859 | 88,469 | 692,614 | ||
Ending balance, Equity | 5,394,812 | 5,311,953 | 5,223,484 | ||
Accumulated losses | |||||
Statement [Line Items] | |||||
Beginning balance, Equity | (3,317,652) | (2,860,205) | (2,835,390) | ||
Other reclassifications related to share-based payment | 867 | 1,560 | 1,017 | ||
Total transactions with owners of the Company | 867 | 1,560 | 1,017 | ||
Loss for the year | (1,976,609) | (459,007) | (25,832) | ||
Ending balance, Equity | (5,293,394) | (3,317,652) | (2,860,205) | ||
Other reserves | |||||
Statement [Line Items] | |||||
Beginning balance, Equity | (861,271) | (842,911) | (485,505) | ||
Options converted to shares | (92,896) | (88,469) | (342,768) | ||
Share-based payment expense | 13,168 | 13,423 | 13,003 | ||
Other reclassifications related to share-based payment | (1,426) | (2,835) | (5,084) | ||
Total transactions with owners of the Company | (81,154) | (77,881) | (334,849) | ||
Ending balance, Equity | 8,430 | (861,271) | (842,911) | ||
Parent Company | |||||
Statement [Line Items] | |||||
Beginning balance, Equity | 4,855,873 | 5,173,263 | 4,992,183 | ||
Shares repurchased and canceled through buyback program | (10,037) | ||||
Issue of shares net of transaction costs | 349,846 | ||||
Share-based payment expense | 13,168 | 13,423 | 13,003 | ||
Other reclassifications related to share-based payment | (559) | (1,275) | (4,065) | ||
Total transactions with owners of the Company | 2,572 | 12,148 | 358,784 | ||
Loss for the year | 112,025 | (329,538) | (177,704) | ||
Ending balance, Equity | 4,970,470 | 4,855,873 | 5,173,263 | ||
Parent Company | Stated capital | |||||
Statement [Line Items] | |||||
Beginning balance, Equity | 5,311,953 | 5,223,484 | 4,530,870 | ||
Shares repurchased and canceled through buyback program | (10,037) | ||||
Issue of shares net of transaction costs | 349,846 | ||||
Options converted to shares | 92,896 | 88,469 | 342,768 | ||
Total transactions with owners of the Company | 82,859 | 88,469 | 692,614 | ||
Ending balance, Equity | 5,394,812 | 5,311,953 | 5,223,484 | ||
Parent Company | Accumulated losses | |||||
Statement [Line Items] | |||||
Beginning balance, Equity | (730,396) | (402,418) | (225,733) | ||
Other reclassifications related to share-based payment | 867 | 1,560 | 1,019 | ||
Total transactions with owners of the Company | 867 | 1,560 | 1,019 | ||
Loss for the year | 112,025 | (329,538) | (177,704) | ||
Ending balance, Equity | (617,504) | (730,396) | (402,418) | ||
Parent Company | Other reserves | |||||
Statement [Line Items] | |||||
Beginning balance, Equity | 274,316 | 352,197 | 687,046 | ||
Options converted to shares | (92,896) | (88,469) | (342,768) | ||
Share-based payment expense | 13,168 | 13,423 | 13,003 | ||
Other reclassifications related to share-based payment | (1,426) | (2,835) | (5,084) | ||
Total transactions with owners of the Company | (81,154) | (77,881) | (334,849) | ||
Ending balance, Equity | $ 193,162 | $ 274,316 | $ 352,197 | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule 1 - COMPANY STATEMEN_4
Schedule 1 - COMPANY STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash flows from operating activities | |||||
Cash from operations | $ 902,923 | $ 966,874 | $ 788,073 | ||
Income taxes paid | (45,411) | (51,245) | (29,147) | ||
Net cash generated from operating activities | 853,453 | 907,303 | 750,189 | ||
Cash flow from investing activities | |||||
Purchase of property, plant and equipment | (464,897) | (378,521) | (238,145) | ||
Purchase of software and licenses | (22,811) | (15,695) | (5,054) | ||
Investment in subsidiaries | (4,486) | (735,740) | (401,039) | ||
Interest income received | 25,008 | 15,170 | 7,798 | ||
Net cash used in investing activities | (722,249) | (1,517,288) | (877,949) | ||
Cash flows from financing activities | |||||
Capital raised | 378,000 | ||||
Cost of capital raised | (28,154) | ||||
Shares repurchased and canceled through buyback program | (10,037) | ||||
Interest paid | (299,029) | (234,567) | (168,285) | ||
Bank loans and bond proceeds received (net of transaction costs) | 986,604 | 1,263,272 | 1,076,063 | ||
Fees on loans and derivative instruments | (19,441) | (19,911) | (20,426) | ||
Bank loans and bonds repaid | (689,940) | (506,504) | (653,504) | ||
Premium paid on derivative instruments | (910) | ||||
Profits received on derivative instruments | 839 | (3,197) | 37,711 | ||
Net cash (used in)/generated from financing activities | (162,301) | 398,241 | 524,265 | ||
Net (decrease)/increase in cash and cash equivalents | (31,097) | (211,744) | 396,505 | ||
Cash and cash equivalents at beginning of year | 514,078 | [1] | 916,488 | 585,416 | |
Effect of movements in exchange rates on cash | (189,158) | (190,666) | (65,433) | ||
Cash and cash equivalents at end of year | 293,823 | 514,078 | [1] | 916,488 | |
Parent Company | |||||
Cash flows from operating activities | |||||
Cash from operations | (105,822) | (86,202) | 15,045 | ||
Income taxes paid | (338) | ||||
Net cash generated from operating activities | (105,822) | (86,202) | 14,707 | ||
Cash flow from investing activities | |||||
Purchase of property, plant and equipment | (35) | (206) | |||
Purchase of software and licenses | (1,351) | (54) | (827) | ||
Investment in subsidiaries | (33,588) | (439,141) | (439,486) | ||
Loan disbursed to subsidiaries | (600) | (254,615) | (507,215) | ||
Loan principal repayment received from subsidiaries | 43,007 | 47,601 | 35,543 | ||
Loan interest repayment received from subsidiaries | 23,632 | 39,401 | |||
Interest income received | 8,490 | 3,270 | 264 | ||
Net cash used in investing activities | 39,555 | (603,538) | (911,927) | ||
Cash flows from financing activities | |||||
Capital raised | 378,000 | ||||
Cost of capital raised | (28,154) | ||||
Shares repurchased and canceled through buyback program | (10,038) | ||||
Interest paid | (92,549) | (69,075) | |||
Bank loans and bond proceeds received (net of transaction costs) | 643,785 | 979,405 | |||
Loan receipts from subsidiaries | 100,000 | ||||
Fees on loans and derivative instruments | (10,185) | (11,574) | (11,803) | ||
Bank loans and bonds repaid | (280,000) | ||||
Premium paid on derivative instruments | (910) | ||||
Profits received on derivative instruments | 419 | ||||
Net cash (used in)/generated from financing activities | (112,353) | 382,226 | 1,317,448 | ||
Net (decrease)/increase in cash and cash equivalents | (178,620) | (307,514) | 420,228 | ||
Cash and cash equivalents at beginning of year | 245,373 | 554,100 | 135,115 | ||
Effect of movements in exchange rates on cash | 582 | (1,213) | (1,243) | ||
Cash and cash equivalents at end of year | $ 67,335 | $ 245,373 | $ 554,100 | ||
[1] Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022. |
Schedule 1 - Parent Financials
Schedule 1 - Parent Financials Note 1 - Long term debt (Details) $ in Thousands, € in Millions, XOF in Billions | 1 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2022 USD ($) | Oct. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 XOF | Nov. 29, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2020 USD ($) | Sep. 18, 2019 USD ($) | |
Statement [Line Items] | |||||||||||
Proceeds from borrowings, classified as financing activities | $ 986,604 | $ 1,263,272 | $ 1,076,063 | ||||||||
Remaining balance on facility | 430,000 | ||||||||||
Carrying value | 3,510,847 | 3,344,402 | 2,609,090 | $ 2,203,209 | |||||||
Payment due | 6,176,435 | 6,064,149 | |||||||||
Due less than 1 year | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | 1,259,580 | 1,318,493 | |||||||||
IHS Holding Bullet Term Loan Facility | |||||||||||
Statement [Line Items] | |||||||||||
Remaining balance on facility | 130,000 | ||||||||||
Parent Company | |||||||||||
Statement [Line Items] | |||||||||||
Proceeds from borrowings, classified as financing activities | 643,785 | $ 979,405 | |||||||||
Fair value of guarantees | 2,357 | $ 0 | |||||||||
Parent Company | Long-term borrowings | |||||||||||
Statement [Line Items] | |||||||||||
Carrying value | 1,368,490 | ||||||||||
Parent Company | Long-term borrowings | Due less than 1 year | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | 94,143 | ||||||||||
Parent Company | Long-term borrowings | Due between 2 & 3 years | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | 1,023,805 | ||||||||||
Parent Company | Long-term borrowings | Due between 4 & 5 years | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | $ 562,500 | ||||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2026 | |||||||||||
Statement [Line Items] | |||||||||||
Notional amount | $ 500,000 | ||||||||||
Borrowings, interest rate | 5.63% | 5.63% | 5.63% | 5.625% | |||||||
Carrying value | $ 498,920 | ||||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2026 | Redemption between November 29, 2023 - November 28, 2024 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 102.8125% | 102.8125% | 102.8125% | ||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2026 | Redemption between November 29, 2024 - November 28, 2025 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 101.40625% | 101.40625% | 101.40625% | ||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2026 | Redemption after November 29, 2025 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 100% | 100% | 100% | ||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2026 | Due less than 1 year | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | $ 28,125 | ||||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2026 | Due between 2 & 3 years | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | $ 556,250 | ||||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2028 | |||||||||||
Statement [Line Items] | |||||||||||
Notional amount | $ 500,000 | ||||||||||
Borrowings, interest rate | 6.25% | 6.25% | 6.25% | 6.25% | |||||||
Carrying value | $ 498,635 | ||||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2028 | Redemption between November 29, 2024 - November 28, 2025 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 103.125% | 103.125% | 103.125% | ||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2028 | Redemption between November 29, 2025 - November 28, 2026 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 101.5625% | 101.5625% | 101.5625% | ||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2028 | Redemption after November 29, 2026 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 100% | 100% | 100% | ||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2028 | Due less than 1 year | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | $ 31,250 | ||||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2028 | Due between 2 & 3 years | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | 62,500 | ||||||||||
Parent Company | IHS Holding limited, Senior Note Maturing 2028 | Due between 4 & 5 years | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | 562,500 | ||||||||||
Parent Company | IHS Holding Bullet Term Loan Facility | |||||||||||
Statement [Line Items] | |||||||||||
Notional amount | $ 600,000 | ||||||||||
Proceeds from borrowings, classified as financing activities | $ 370,000 | ||||||||||
Increase (decrease) in loan facility | (100,000) | ||||||||||
Remaining balance on facility | $ 130,000 | ||||||||||
Debt term | 36 months | ||||||||||
Carrying value | $ 370,935 | ||||||||||
Parent Company | IHS Holding Bullet Term Loan Facility | CAS + SOFR | |||||||||||
Statement [Line Items] | |||||||||||
Borrowings, adjustment to interest rate basis | 3.75% | 3.75% | 3.75% | 3.75% | |||||||
Parent Company | IHS Holding Bullet Term Loan Facility | Due less than 1 year | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | $ 34,768 | ||||||||||
Parent Company | IHS Holding Bullet Term Loan Facility | Due between 2 & 3 years | |||||||||||
Statement [Line Items] | |||||||||||
Payment due | 405,055 | ||||||||||
Parent Company | IHS Cote d Ivoire S.A., CIV Euro Tranche | |||||||||||
Statement [Line Items] | |||||||||||
Guarantee, amount | $ 57,400 | € 52 | |||||||||
Parent Company | IHS Cote d Ivoire S.A., CIV Euro Tranche | Bottom of range | |||||||||||
Statement [Line Items] | |||||||||||
Borrowings, interest rate | 0% | 0% | 0% | ||||||||
Parent Company | IHS Cote d Ivoire S.A., CIV Euro Tranche | 3M EURIBOR | |||||||||||
Statement [Line Items] | |||||||||||
Borrowings, adjustment to interest rate basis | 3% | 3% | 3% | ||||||||
Parent Company | IHS Cote d Ivoire S.A., CIV XOF Tranche | |||||||||||
Statement [Line Items] | |||||||||||
Borrowings, interest rate | 5% | 5% | 5% | ||||||||
Guarantee, amount | $ 75,100 | XOF 44.6 | |||||||||
Parent Company | IHS Zambia Limited facility [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Guarantee, amount | $ 95,000 | ||||||||||
Parent Company | IHS Zambia Limited facility [Member] | Bottom of range | |||||||||||
Statement [Line Items] | |||||||||||
Credit adjustment spread, percentage | 0.11% | 0.11% | 0.11% | ||||||||
Parent Company | IHS Zambia Limited facility [Member] | Top of range | |||||||||||
Statement [Line Items] | |||||||||||
Credit adjustment spread, percentage | 0.43% | 0.43% | 0.43% | ||||||||
Parent Company | IHS Zambia Limited facility [Member] | SOFR 3 Months | |||||||||||
Statement [Line Items] | |||||||||||
Borrowings, adjustment to interest rate basis | 5% | 5% | 5% | ||||||||
Parent Company | IHS Zambia Limited facility, tranche I | |||||||||||
Statement [Line Items] | |||||||||||
Guarantee, amount | $ 75,000 | ||||||||||
Parent Company | IHS Zambia Limited facility, tranche II | |||||||||||
Statement [Line Items] | |||||||||||
Guarantee, amount | $ 20,000 | ||||||||||
Parent Company | IHS Netherlands Holdco B.V., 2025 | |||||||||||
Statement [Line Items] | |||||||||||
Borrowings, interest rate | 7.125% | ||||||||||
Guarantee, amount | $ 510,000 | ||||||||||
Parent Company | IHS Netherlands Holdco B.V., 2027 | |||||||||||
Statement [Line Items] | |||||||||||
Borrowings, interest rate | 8% | ||||||||||
Guarantee, amount | $ 940,000 | ||||||||||
Parent Company | IHS Netherlands Holdco B.V., 2027 | Redemption between September 18, 2023 - September 17, 2024 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 102% | 102% | 102% | ||||||||
Parent Company | IHS Netherlands Holdco B.V., 2027 | Redemption after September 17, 2024 | |||||||||||
Statement [Line Items] | |||||||||||
Early redemption price as a percentage of notional amount | 100% | 100% | 100% |