IHS : Financial Statements (IHS Holding Limited 3Q24 Financial Statements)

Published: 2024-11-12 06:20:06 ET IHS

IHS HOLDING LIMITED

UNAUDITED CONDENSED

CONSOLIDATED INTERIM FINANCIAL

STATEMENTS FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Page

Item 1. Interim Financial Statements

Condensed Consolidated Statement of Loss and Other Comprehensive Income (Unaudited)

Condensed Consolidated Statement of Financial Position (Unaudited)

Condensed Consolidated Statement of Changes in Equity (Unaudited)

Condensed Consolidated Statement of Cash Flows (Unaudited)

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Key Financial and Operational Performance Indicators

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Form 6-K contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Form 6-K may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecast," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Form 6-K include, but are not limited to statements regarding our future results of operations and financial position, future organic growth, industry and business trends, business strategy, plans (including our strategic review and related productivity enhancements and cost reductions, as well as our ability to refinance or meet our debt obligations), market growth, position and our objectives for future operations, including our ability to maintain relationships with customers and continue to renew customer lease agreements or the potential benefit of the terms of such renewals or our ability to grow our business through acquisitions, the impact (illustrative or otherwise) of the new agreements with MTN Nigeria (including certain rebased fee components) on our financial results, the impact of currency and exchange rate fluctuations (including the devaluation of the Naira) and other economic and geopolitical factors on our future results and operations, the outcome and potential benefit of our strategic review, and our objectives for future operations.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:

The forward-looking statements in this Form 6-K are based upon information available to us as of the date of this Form 6- K, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. You should read this Form 6-K and the documents that we reference in this Form 6- K with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Additionally, we may provide information herein that is not necessarily "material" under the federal securities laws for SEC reporting purposes, but that is informed by various ESG standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. Much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, we note that standards and expectations regarding greenhouse gas (GHG) accounting and the processes for measuring and counting GHG emissions and GHG emissions reductions are evolving, and it is possible that our approaches both to measuring our emissions and any reductions may be at some point, either currently or in future, considered by certain parties to not be in keeping with best practices. In addition, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control. These forward-looking statements speak only as of the date of this Form 6-K. Except as required by applicable law, we do not assume, and expressly disclaim, any obligation to publicly update or revise any forward-looking statements contained in this Form 6-K, whether as a result of any new information, future events or otherwise. Additionally, references to our website and other documents contained in this Form 6-K are provided for convenience only, and their content is not incorporated by reference into this Form 6-K.

CERTAIN DEFINED TERMS

Unless the context provides otherwise, references herein to:

PART I ‒ FINANCIAL INFORMATION

Item 1. Interim Financial Statements

CONDENSED CONSOLIDATED STATEMENT OF LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2024, AND 2023

Three months ended

Nine months ended

Note

September 30,

2024

2023

2024

2023

$'000

Revenue

420,282

467,023

1,273,403

Cost of sales*

(201,745)

(358,883)

(662,745)

Administrative expenses

(97,099)

(93,835)

(347,558)

Net reversal of loss allowance/(net loss

allowance) on trade receivables

4,286

(711)

2,107

Other income

1,656

Operating income

125,787

13,627

266,863

Finance income

25,732

5,823

49,696

Finance costs*

(350,825)

(271,595)

(2,163,157)

Loss before income tax*

(199,306)

(252,145)

(1,846,598)

Income tax expense

(6,397)

(16,659)

(40,669)

Loss for the period*

(205,703)

(268,804)

(1,887,267)

Loss attributable to:

Owners of the Company*

(204,143)

(266,830)

(1,878,540)

Non controlling interests

(1,560)

(1,974)

(8,727)

Loss for the period

(205,703)

(268,804)

(1,887,267)

Loss per share ($) - basic*

(0.61)

(0.80)

(5.64)

Loss per share ($) - diluted*

(0.61)

(0.80)

(5.64)

Other comprehensive income:

Items that may be reclassified to income or

loss

Exchange differences on translation of foreign

operations*

227,539

5,346

1,264,063

Other comprehensive income for the

period, net of taxes*

227,539

5,346

1,264,063

Total comprehensive income/(loss) for the

period*

21,836

(263,458)

(623,204)

Total comprehensive income/(loss)

attributable to:

Owners of the Company*

18,051

(254,269)

(592,175)

Non

controlling interests

3,785

(9,189)

(31,029)

Total comprehensive income/(loss) for the

period*

21,836

(263,458)

(623,204)

1,615,755

(962,628)

(291,877)

(5,225)

369

356,394

18,233

(1,816,864)

(1,442,237)

(89,118)

(1,531,355)

(1,523,021)

(8,334)

(1,531,355)

(4.57)

634,802

(896,553)

(896,612)

(896,553)

*Revised comparative periods to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria (see note 21).

The notes on pages 13 to 35 form part of the condensed consolidated interim financial statements.

Disclaimer

IHS Holding Ltd. published this content on November 12, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 12, 2024 at 11:19:09.239.