TIDMHTWS
RNS Number : 2101Z
Helios Towers PLC
20 May 2021
HELIOS TOWERS plc
Unaudited results for the three months ended 31 March 2021
Transformational period for the Company through multiple
acquisitions
Acquisitions establish Helios Towers as the most diverse Towerco
in the Africa & Middle-East region
2021 outlook for existing markets unchanged
London, 20 May 2021: Helios Towers plc ("Helios Towers", "the
Group" or "the Company"), the independent telecommunications
infrastructure company, today announces results for the three
months to 31 March 2021.
Q1 2021 Q1 2020 Change Q1 2021 Q4 2020 Change
----------------------------------- ------- ------- ------ ------- ------- ------
Sites 7,358 6,991 +5% 7,358 7,356 0%
Tenancies 15,732 14,677 +7% 15,732 15,656 0%
Tenancy ratio 2.14x 2.10x +0.04x 2.14x 2.13x +0.01x
Revenue (US$m) 103.6 101.8 +2% 103.6 106.1 -2%
Adjusted EBITDA (US$m)(1) 55.8 54.0 +3% 55.8 60.1 -7%
Adjusted EBITDA margin(1) 54% 53% +1ppt 54% 57% -3ppt
Portfolio free cash flow (US$m)(1) 37.0 45.9 -19% 37.0 41.1 -10%
Net debt (US$m)(1) 673.2 653.3 +3% 673.2 692.4 -3%
Net leverage(1, 2) 3.0x 3.0x - 3.0x 2.9x +0.1x
(1) Alternative Performance Measures are described in our
defined terms and conventions.
(2) Calculated as net debt divided by last quarter annualised
Adjusted EBITDA for the period.
Financial highlights
-- Revenue for the three months to 31 March 2021 increased by 2%
year-on-year to US$103.6m (Q1 2020: US$101.8m), driven by tenancy
growth across the Group.
o While underlying growth continued as expected, reported
revenue decreased by 2% quarter-on-quarter, driven by a US$3m
decrease in DRC revenue following a catch-up payment for amendment
revenue in the fourth quarter.
-- Adjusted EBITDA for the three months to 31 March 2021
increased by 3% year-on-year to US$55.8m (Q1 2020: US$54.0m).
Adjusted EBITDA margin of 54% reflects a 1ppt year-on-year increase
(Q1 2020: 53%).
o Q1 2021 Adjusted EBITDA declined by 7% quarter-on-quarter (Q4
2020: US$60.1m), driven by the decrease in DRC revenues and higher
costs in that market following an increase in the DRC licence fee
to 3% of local revenues.
-- Portfolio free cash flow for the three months to 31 March
2021 decreased by 19% year-on-year to US$37.0m (Q1 2020: US$45.9m),
due to timing of corporate income tax payments and
non-discretionary capex.
o Q1 2021 portfolio free cash flow declined by 10%
quarter-on-quarter (Q4 2020: US$41.1m).
-- Net leverage of 3.0x remained flat year-on-year and increased
by +0.1x quarter-on-quarter (Q4 2020: 2.9x), below the Group's
target range of 3.5x-4.5x.
-- Business underpinned by long term contracted revenues of
US$2.8bn, of which 99% is from large multinational MNOs, with an
average remaining life of 7 years.
Operational highlights
-- Operational performance continues at very high levels,
achieving 99.99% power uptime for the fourth consecutive quarter.
In January and February 2021, the Company achieved less than one
minute downtime per tower per week, the best power uptime
performance in the Company's history.
-- Tenancies increased by 1,055 year-on-year to 15,732 tenants
(Q1 2020: 14,677 tenants). Tenancies increased by 76
quarter-on-quarter (Q4 2020: 15,656), reflecting typical
seasonality in the first quarter.
-- Sites increased by 367 year-on-year to 7,358 sites (Q1 2020:
6,991 sites). Sites increased by 2 quarter-on-quarter (Q4 2020:
7,356), driven by site additions in South Africa and Ghana,
partially offset by site consolidations in Tanzania.
-- Tenancy ratio increased year-on-year by 0.04x to 2.14x (Q1
2020: 2.10x). Q1 2021 tenancy ratio marginally increased by 0.01x
quarter-on-quarter to 2.14x (Q4 2020: 2.13x).
-- Helios Towers continues to monitor the impact of COVID-19 on
its operations. The telecommunications sector has been classified
as an 'essential service' in our markets, allowing us to operate at
our normal high levels of service. To date, there has been minimal
impact on the Group's delivery of service and operational
execution.
Strategic Updates
-- On 11 May 2021, Helios Towers announced it had entered into
an agreement to acquire 2,890 sites from Oman Telecommunications
Company ("Omantel") for US$575m, with further growth anticipated
through a 300 build-to-suit ("BTS") site commitment and colocation
lease-up. The acquisition supports the Company's entry into one of
the fastest growing markets in the Middle-East region, and further
diversifies its portfolio with an acquisition that meets Helios
Towers' acquisition criteria.
-- On 18 May 2021, Helios Towers closed the acquisition of Free
Senegal's passive infrastructure assets, adding approximately 1,200
sites to its portfolio.
-- On 23 March 2021, Helios Towers announced it had signed
agreements with Airtel Africa Group companies ("Airtel Africa") to
acquire its passive infrastructure operating companies in
Madagascar and Malawi and enter into exclusive memorandum of
understanding arrangements for the potential acquisition of its
passive infrastructure assets in Chad and Gabon (together, the
"Transactions"). The Transactions represent 2,227 sites with
further growth anticipated through 315 committed BTS and colocation
lease-up.
-- These acquisitions, together with the committed BTS, increase
Group site count close to 15,000 towers across 11 markets,
delivering the Group's 2025 vision of expanding to 12,000+ towers
in at least 8 markets.
-- Upon closing these acquisitions, Helios Towers will become the most diverse independent telecommunications infrastructure company across Africa and the Middle-East.
-- The acquisition of Omantel's passive infrastructure assets is
deemed a Class 1 transaction under the Financial Conduct
Authority's Listing Rules and, as a result, is subject to approval
by Helios Towers' shareholders. Further detail on the acquisition
and procedure for voting at the General Meeting, scheduled for 4
June 2021, can be found at:
www.heliostowers.com/investors/omantel-tower-portfolio-acquisition/
Environmental, Social and Governance (ESG)
-- The Group published its first Sustainable Business Report on
15 March 2021. The report provides a detailed review of the Group's
progress against its strategic objectives and ambitions.
-- On 19 November 2020 Helios Towers unveiled its integrated
Sustainable Business Strategy, including its long term targets and
contribution to the UN Sustainable Development Goals. The
presentation can be found at:
www.heliostowers.com/investors/results-reports-and-presentations/
-- Helios Towers' Sustainable Business Strategy enables the
company to deliver a positive impact for all stakeholders, in line
with its purpose of driving the growth of communications in Africa
and the Middle-East.
-- The Group is currently developing its carbon emissions
reduction target and expects to publish this target in H2 2021.
-- The Group will also be submitting its first climate
questionnaire to CDP in July 2021, which is expected to deliver
Helios Towers' first CDP score.
Guidance and outlook
-- Guidance for the existing five markets remains unchanged,
targeting 1,000 - 1,500 organic tenancies per annum in the medium
term and US$110m - US$140m of capex in 2021, of which US$20m -
US$25m is non-discretionary capex.
-- The Company also anticipates capital expenditure in 2021 related to the previously announced acquisitions:
o US$215m of capital expenditure in Senegal, reflecting the
acquisition consideration of approximately US$190m and US$25m of
growth, upgrade and non-discretionary capex.
o US$108m consideration for the acquisition of Airtel Africa's
passive infrastructure companies in Madagascar and Malawi, expected
to close in or around Q4 2021.
o US$575m consideration for the acquisition of Omantel's tower
portfolio, expected to close in H2 2021.
Kash Pandya, Chief Executive Officer of Helios Towers said:
"It has been a transformational start to 2021 for the Company.
We signed acquisition agreements that upon closing, increase our
operational presence to 11 markets and bring site count close to
15,000 towers, including the BTS commitments from customers.
Through these acquisitions, Helios Towers will become the most
diversified tower company in Africa and the Middle-East and deliver
on our five-year targets, well-ahead of plan.
We are also delighted to achieve record power uptime in the
quarter, delivering best-in-class service for our customers. While
adjusted EBITDA declined slightly in Q1, importantly our full-year
guidance remains unchanged and we continue to expect the business
to deliver another year of sustainable growth."
For further information go to:
www.heliostowers.com
Investor Relations
Chris Baker-Sams - Corporate Finance Manager
+44 (0)752 310 1475
investors@heliostowers.com
Media relations
Edward Bridges / Stephanie Ellis
FTI Consulting LLP
+44 (0)20 3727 1000
Helios Towers' management will host a conference call for
analysts and institutional investors at 09.30 BST on Thursday, 20
May 2021. For the best user experience, please access the
conference via the webcast. You can pre-register and access the
event using the link below :
Registration Link - Helios Towers Q1 Conference Call Results
Event Name: Q1RESULTS
Password: HELIOS
If you intend to participate in Q&A during the call or are
unable to use the webcast, please dial in using the details
below:
Europe & International +44 203 936 2999
South Africa (local) 087 550 8441
USA (local) + 1 646 664 1960
Passcode: 095552
About Helios Towers
-- Helios Towers is a leading independent telecommunications
infrastructure company, having established one of the most
extensive tower portfolios across Africa . It builds, owns and
operates telecom passive infrastructure, providing services to
mobile network operators.
-- Helios Towers owns and operates telecommunication tower sites
in Tanzania, Democratic Republic of Congo , Congo Brazzaville,
Ghana, South Africa and Senegal. Following recent acquisition
agreements and subject to regulatory and certain shareholder
approvals , Helios Towers expects to establish a presence in five
new markets across Africa and the Middle-East over the next 12
months. Including these acquisitions and committed BTS, the Group's
total site count is expected to increase from over 7,300 towers as
reported in Q1 2021 to approaching 15,000.
-- Helios Towers pioneered the model in Africa of buying towers
that were held by single operators and providing services utilising
the tower infrastructure to the seller and other operators. This
allows wireless operators to outsource non-core tower-related
activities, enabling them to focus their capital and managerial
resources on providing higher quality services more
cost-effectively.
Financial and operational metrics
Key metrics
For the three months ended 31 March
Group Tanzania DRC Congo Brazzaville Ghana South Africa
-------------- ------------ ------------ ------------------- ------------ --------------
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
-------------------- ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ------ ------
Revenue for the
quarter $103.6 $101.8 $42.1 $41.3 $42.8 $42.4 $6.8 $6.2 $10.6 $11.2 $1.3 $0.7
Adjusted gross
margin(1) 67% 67% 68% 67% 65% 65% 63% 69% 72% 71% 72% 79%
Sites at beginning
of the quarter 7,356 6,974 3,821 3,661 1,895 1,850 426 384 978 961 236 118
Sites at quarter
end 7,358 6,991 3,813 3,667 1,895 1,853 427 384 981 964 242 123
Tenancies at
beginning of
the quarter 15,656 14,591 8,625 8,099 4,096 3,828 617 568 1,914 1,888 404 208
Tenancies at
quarter end 15,732 14,677 8,632 8,120 4,132 3,883 620 565 1,929 1,891 419 218
Tenancy ratio
at quarter end 2.14x 2.10x 2.26x 2.21x 2.18x 2.10x 1.45x 1.47x 1.97x 1.96x 1.73x 1.77x
Adjusted EBITDA
for the quarter(2) $55.8 $54.0 $27.0 $25.2 $24.8 $24.1 $3.1 $3.1 $6.7 $6.7 $0.5 $0.1
-------------------- ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ------ ------
Adjusted EBITDA
Margin(2) for
the quarter 54% 53% 64% 61% 58% 57% 46% 50% 63% 60% 40% 14%
-------------------- ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ------ ------
(1) Adjusted gross margin means gross profit, adding back site
depreciation, divided by revenue.
(2) Group Adjusted EBITDA for the quarter is stated including
corporate costs of US$6.3m (Q1 2020: US$5.2m).
Total tenancies as at 31 March
Group Tanzania DRC Congo Brazzaville Ghana South Africa
--------------------- -------------- ------------ ------------ ------------------- ------------ --------------
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
--------------------- ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ------ ------
Standard colocation
tenants 7,490 6,911 4,284 3,991 2,133 1,946 175 167 724 714 174 93
Amendment colocation
tenants 884 775 535 462 104 84 18 14 224 213 3 2
--------------------- ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ------ ------
Total colocation
tenants 8,374 7,686 4,819 4,453 2,237 2,030 193 181 948 927 177 95
Total sites 7,358 6,991 3,813 3,667 1,895 1,853 427 384 981 964 242 123
--------------------- ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ------ ------
Total tenancies 15,732 14,677 8,632 8,120 4,132 3,883 620 565 1,929 1,891 419 218
--------------------- ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ------ ------
Revenue
Revenue increased by 2% year-on-year to US$103.6m in the quarter
ended 31 March 2021 from US$101.8m in the quarter ended 31 March
2020. The increase was largely driven by the growth in total
tenancies from 14,677 as of 31 March 2020 to 15,732 as of 31 March
2021. For the three months ended 31 March 2021, 88% of revenues
were from Africa's Big-Five MNOs and 60% were denominated in either
USD or XAF (which is pegged to the Euro).
Adjusted EBITDA
Adjusted EBITDA increased by 3% year-on-year to US$55.8m in the
quarter ended 31 March 2021 from US$54.0m in the quarter ended 31
March 2020, driven by continued tenancy growth and operational
improvements across the Group. Compared to Adjusted EBITDA of
US$60.1m in the quarter ended 31 December 2020, Adjusted EBITDA
decreased by 7% (US$4.3m), driven by a US$3.2m decrease in DRC
revenues and higher costs in that market following an increase in
the licence fee to 3% local revenues, more closely aligning its
licence fee to other HT markets.
Contracted revenue
The following table provides our total undiscounted contracted
revenue by country as of 31 March 2021 for each market of the
periods from 2021 to 2025, with local currency amounts converted at
the applicable average rate for US dollars for the period ended 31
March 2021 held constant. Our contracted revenue calculation for
each year presented assumes: (i) no escalation in fee rates, (ii)
no increases in sites or tenancies other than our committed
tenancies, (iii) our customers do not utilise any cancellation
allowances set forth in their MLAs, (iv) our customers do not
terminate MLAs early for any reason and (v) no automatic
renewal.
Year ended 31 December
----------------------------
9 months
to
31 December
2021 2022 2023 2024 2025
US$m US$m US$m US$m US$m
------------------ ------------ ------ ------ ----- -----
Tanzania 125.2 164.8 159.8 142.7 124.2
DRC 126.2 170.2 172.7 172.1 146.2
Congo Brazzaville 19.6 26.0 26.0 25.2 10.6
Ghana 25.5 32.4 31.4 30.9 30.5
South Africa 3.7 5.2 5.5 5.6 5.4
------------------ ------------ ------ ------ ----- -----
300.2 398.6 395.4 376.5 316.9
------------------ ------------ ------ ------ ----- -----
The following table provides our total undiscounted contracted
revenue by key customers as of 31 March 2021 over the life of the
contracts with local currency amounts converted at the applicable
average rate for US dollars for the period ended 31 March 2021 held
constant. As at 31 March 2021, total contracted revenue was US$2.8
billion, of which 99% is from large multinational MNOs, with an
average remaining life of 6.6 years. Our calculation uses the same
assumptions as above.
Percentage
Total of Total
Committed Committed
(US$m) Revenues Revenues
------------------------- ---------- ----------
Large multinational MNOs 2,732.4 98.9%
Other 30.9 1.1%
------------------------- ---------- ----------
2,763.3 100.0%
------------------------- ---------- ----------
Capital expenditure
The following table shows capital expenditure additions by
category during the three months ended 31 March. Compared to the
prior year period capital expenditure increase by US$16.0 million,
reflecting timing of capital additions which can vary from quarter
to quarter.
2021 2020
------------ ------------
% of % of
Total Total
US$m Capex US$m Capex
------------ ---- ------ ---- ------
Acquisition 1.6 5.9% - -
Growth 15.5 57.0% 6.8 60.7%
Upgrade 3.7 13.6% 1.8 16.1%
Maintenance 6.1 22.4% 2.1 18.7%
Corporate 0.3 1.1% 0.5 4.5%
------------ ---- ------ ---- ------
27.2 100.0% 11.2 100.0%
------------ ---- ------ ---- ------
Impact of COVID-19
The Group's business and operations are inherently resilient
against the implications of the COVID-19 pandemic and associated
lockdowns, due to operating in the telecoms sector, which sees
continued strong demand, and through having long-term revenue
contracts with large multinational MNOs. The table below provides a
summary of the assessed impact across key areas of the Group's
operations:
Commentary Impact Assessment
------------ ------------------------------------------------------------- -------------------------------------------------------------
Workforce
& * Office staff are working from home across all * Minimal disruption to-date
Operations operating companies
* Business continuity maintained
* Field operations are in dispersed locations and
outdoor environments with personnel classified as
essential workers
* Return to work protocols are being discussed with
employee wellbeing at the core
------------ ------------------------------------------------------------- -------------------------------------------------------------
Existing
Revenue / * US$2.8bn contracted revenues with 6.6 years' average * Minimal impact to long-term revenue expected
Liquidity contract duration across five countries, of which 99%
is with large multinational MNOs
* Sufficient liquidity
* Following financing activities in 2020 and a $250m
convertible bond issuance in March 2021, the Group
cash balance is US$669.5m with undrawn debt
facilities of US$270m at Group, ZAR 351m at Helios
Towers South Africa and EUR80m at Helios Towers
Senegal
------------ ------------------------------------------------------------- -------------------------------------------------------------
Customer
roll-out * Implications for rate of roll out if equipment supply * Mobile services are critical and in high demand
chains are disrupted
* Long-term customer growth strategies remain unchanged
* Strong pipeline of opportunities coming through from
customers with tenancy outlook unchanged
* Robust pipeline
------------ ------------------------------------------------------------- -------------------------------------------------------------
Supply
Chain * Minimal supply chain delays have been experienced to * Forward purchases to support our growth and tower
date maintenance in 2021
* Forward purchasing of capex and materials * High quality operational performance ensured
------------ ------------------------------------------------------------- -------------------------------------------------------------
Situation
management * Regular monitoring and communications with Board, * Minimal disruption expected
executive management and employees
* Cloud-based systems and group-wide video-conferencing
for smooth remote-working transition
Alternative Performance Measures
The Group has presented a number of Alternative Performance
Measures ("APMs"), which are used in addition to IFRS statutory
performance measures.
The Group believes that these APMs, which are not considered to
be a substitute for or superior to IFRS measures, provide
stakeholders with additional helpful information on the performance
of the business. These APMs are consistent with how the business
performance is planned and reported within the internal management
reporting to the Board. Some of these measures are also used for
the purposes of setting remuneration targets.
Adjusted EBITDA and Adjusted EBITDA margin
Definition - Management defines Adjusted EBITDA as loss before
tax for the period, adjusted for finance costs, other gains and
losses, interest receivable, loss on disposal of property, plant
and equipment, amortisation of intangible assets, depreciation and
impairment of property, plant and equipment, depreciation of
right-of-use assets, deal costs for aborted acquisitions, deal
costs not capitalised, share-based payments and long-term incentive
plan charges, and other adjusting items. Adjusting items are
material items that are considered one-off by management by virtue
of their size and/or incidence. Adjusted EBITDA margin is
calculated as Adjusted EBITDA divided by revenue.
Purpose - The Group believes that Adjusted EBITDA and Adjusted
EBITDA margin facilitates comparisons of operating performance from
period to period and company to company by eliminating potential
differences caused by variations in capital structures (affecting
interest and finance charges), tax positions (such as the impact of
changes in effective tax rates or net operating losses) and the age
and booked depreciation on assets. The Group excludes certain items
from Adjusted EBITDA, such as loss on disposal of property, plant
and equipment and other adjusting items because it believes they
are not indicative of its underlying trading performance.
Portfolio free cash flow
Definition - Portfolio free cash flow is defined as Adjusted
EBITDA less maintenance and corporate capital additions, payments
of lease liabilities (including interest and principal repayments
of lease liabilities) and tax paid.
Purpose - This measure is used to evaluate the cash flow
generated by the business operations after expenditure incurred on
maintaining capital assets, including lease liabilities, and taxes.
It is a measure of the cash generation of the tower estate.
3 months ended
31 March
----------------
2021 2020
US$m US$m
-------------------------------------------- ------- -------
Adjusted EBITDA 55.8 54.0
Less:
Maintenance and corporate capital additions (6.4) (2.6)
Payments of lease liabilities(1) (5.1) (5.0)
Tax paid (7.3) (0.5)
-------------------------------------------- ------- -------
Portfolio free cash flow 37.0 45.9
------- -------
Cash conversion %(2) 66% 85%
------- -------
(1) Payment of lease liabilities includes interest and principal
repayments of lease liabilities.
(2) Cash conversion % is calculated as portfolio free cash flow
divided by Adjusted EBITDA.
Gross debt, net debt and net leverage
Definition - Gross debt is calculated as non-current loans,
current loans, and long-term and short-term lease liabilities. Net
debt is calculated as gross debt less cash and cash
equivalents.
Purpose - Net debt is a measure of the Group's net indebtedness
that provides an indicator of overall balance sheet strength. It is
also a single measure that can be used to assess both the Group's
cash position and its indebtedness. The use of the term 'net debt'
does not necessarily mean that the cash included in the net debt
calculation is available to settle the liabilities included in this
measure. Net leverage is used to show how many years it would take
for a company to pay back its debt if net debt and Adjusted EBITDA
are held constant. The Group aims to maintain net leverage broadly
in the range of 3.5x-4.5x.
31 March 31 December
2021 2020
US$m US$m
---------------------------------- -------- -----------
External debt(1) 1,208.1 989.4
Lease liabilities 134.6 131.7
---------------------------------- -------- -----------
Gross debt 1.342.7 1,121,1
Cash and cash equivalents 669.5 428.7
Net debt 673.2 692.4
---------------------------------- -------- -----------
LQA annualised Adjusted EBITDA(2) 223.2 240.4
---------------------------------- -------- -----------
Net leverage (3) 3.0x 2.9x
---------------------------------- -------- -----------
(1) External debt is presented in line with the balance sheet at
amortised cost. External debt is the total loans owed to commercial
banks and institutional investors.
(2) LQA annualised Adjusted EBITDA calculated as per the Senior
Notes definition as the most recent quarter Adjusted EBITDA
multiplied by 4. This is not a forecast of future results.
(3) Net leverage is calculated as net debt divided by LQA
annualised Adjusted EBITDA.
Certain defined terms and conventions
We have prepared the trading update using a number of
conventions, which you should consider when reading information
contained herein as follows:
All references to "we", "us", "our", "HT Group", our "Group" and
the "Group" are references to Helios Towers plc and its
subsidiaries taken as a whole.
"Adjusted EBITDA" Management de nes Adjusted EBITDA as loss
before tax for the period, adjusted nance costs, other gains and
losses, interest receivable, loss on disposal of property, plant
and equipment, amortisation of intangible assets, depreciation and
impairment of property, plant and equipment, depreciation of
right-of-use assets, deal costs for aborted acquisitions, deal
costs not capitalised, share-based payments and long-term incentive
plan charges, and other adjusting items. Adjusting items are
material items that are considered one-off by management by virtue
of their size and/or incidence.
"Adjusted EBITDA margin" means Adjusted EBITDA divided by
revenue.
"Adjusted gross margin" means adjusted gross profit, divided by
revenue.
"Company" means Helios Towers plc.
"Corporate capital expenditure" is primarily for furniture,
fixtures and equipment.
"Ghana" means the Republic of Ghana.
"Gross debt" means non-current loans and current loans and
long-term and short-term lease liabilities.
"Growth capex" or "Growth capital expenditure" relates to: (i)
construction of build-to-suit sites (ii) installation of colocation
tenants and (ii) and investments in power management solutions.
"Group" means Helios Towers, Ltd and its subsidiaries prior to
17 October 2019, and Helios Towers plc and its subsidiaries on or
after 17 October 2019.
"Helios Towers plc" means the ultimate parent of the Group, post
IPO.
"Maintenance capital expenditures" as capital expenditures for
periodic refurbishments and replacement of parts and equipment to
keep existing sites in service.
"Net debt" means gross debt less cash and cash equivalents
(excluding restricted cash).
"Telecommunications operator" means a company licensed by the
government to provide voice and data communications services in the
countries in which we operate.
"Tenancy" means a space leased for installation of a base
transmission site and associated antennae.
"Tenancy ratio" means the total number of tenancies divided by
the total number of our towers as of a given date and represents
the average number of tenants per site within a portfolio.
"Tenant" means an MNO that leases vertical space on the tower
and portions of the land underneath on which it installs its
equipment.
"Total sites" means total towers, IBS sites, edge data centres
or sites with customer equipment installed on third-party
infrastructure that are owned and/or managed by the Company with
each reported site having at least one active customer tenancy as
of a given date.
Tenant categories
-- "Anchor tenant" means the primary customer occupying a site.
-- "Colocation tenant" each additional tenant on a site in
addition to the anchor tenant and are classified as either a
standard or amendment colocation tenant.
o "Standard colocation tenant" is defined as a customer
occupying site space under a standard tenancy lease rate and
configuration with defined limits in terms of the vertical space
occupied, the wind load and power consumption.
o "Amendment colocation tenant" is a tenant that adds or
modifies equipment, taking up additional space, wind load capacity
and/or power consumption under an existing lease agreement. The
Group calculates amendment colocation tenants on a weighted basis
as compared to the market average lease rate for a standard tenancy
lease in the month the amendment is added.
-- "Total tenancies" means total anchor, standard and amendment
colocation tenants as of a given date.
"Tower sites" means ground-based towers and rooftop towers and
installations constructed and owned by us on real property
(including a rooftop) that is generally owned or leased by us.
"Upgrade capex" comprises structural, refurbishment and
consolidation activities carried out on selected sites.
"US Dollars" or "US$" refers to the lawful currency of the
United States of America.
Disclaimer:
This release does not constitute an offering of securities or
otherwise constitute an invitation or inducement to any person to
underwrite, subscribe for or otherwise acquire or dispose of
securities in Helios Towers plc (the 'Company') or any other member
of the Helios Towers group (the 'Group'), nor should it be
construed as legal, tax, financial, investment or accounting
advice. This document contains forward-looking statements which are
subject to known and unknown risks and uncertainties because they
relate to future events, many of which are beyond the Group's
control. These forward-looking statements include, without
limitation, statements in relation to the Company's financial
outlook and future performance. No assurance can be given that
future results will be achieved; actual events or results may
differ materially as a result of risks and uncertainties facing the
Group.
You are cautioned not to rely on these forward -looking
statements, which speak only as of the date of this announcement.
The Company undertakes no obligation to update or revise any
forward-looking statement to reflect any change in its expectations
or any change in events, conditions or circumstances. Nothing in
this document is or should be relied upon as a warranty, promise or
representation, express or implied, as to the future performance of
the Company or the Group or their businesses.
This release also contains non-GAAP financial information which
the Directors believe is valuable in understanding the performance
of the Group. However, non-GAAP information is not uniformly
defined by all companies and therefore it may not be comparable
with similarly titled measures disclosed by other companies,
including those in the Group's industry. Although these measures
are important in the assessment and management of the Group's
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QRFDKCBNFBKDDPD
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May 20, 2021 02:00 ET (06:00 GMT)
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