TIDMHTWS
RNS Number : 4986Q
Helios Towers PLC
28 October 2021
HELIOS TOWERS plc
Unaudited trading update for the nine months and quarter ended
30 September 2021
Strong quarter of organic tenancy growth with 2021 tenancy
outlook reiterated
Transformational period underway for the Company through
multiple acquisitions and CEO transition
London, 28 October 2021: Helios Towers plc ("Helios Towers",
"the Group" or "the Company"), the independent telecommunications
infrastructure company, today announces results for the nine months
to 30 September 2021 ("YTD 2021").
YTD 2021 YTD 2020 Change Q3 2021 Q2 2021 Change
-------------------------------- -------- -------- ------ ------- ------- ------
Sites 8,765 7,222 +21% 8,765 8,603 +2%
Tenancies 17,773 15,082 +18% 17,773 17,090 +4%
Tenancy ratio 2.03x 2.09x -0.06x 2.03x 1.99x +0.04x
Revenue (US$m) 326.8 307.9 +6% 114.4 108.8 +5%
Adjusted EBITDA (US$m) 1 175.0 166.5 +5% 60.8 58.4 +4%
Adjusted EBITDA margin 1 54% 54% - 53% 54% -1ppt
Operating profit (US$m) 42.0 45.4 -7% 15.1 9.8 +54%
Portfolio free cash flow (US$m)
1 118.7 133.3 -11% 44.9 36.8 +22%
Cash generated from operations
(US$m) 98.6 145.9 -32% 52.9 15.7 +237%
Net debt (US$m)(1) 835.9 662.2 +26% 835.9 786.0 +6%
Net leverage(1,2) 3.4x 2.9x +0.5x 3.4x 3.2x +0.2x
(1) Alternative Performance Measures are described in our defined terms and conventions.
(2) Calculated as per the Senior Notes definition of net debt
divided by annualised Adjusted EBITDA.
Kash Pandya, Chief Executive Officer, said:
"We are delighted to deliver our strongest quarter of organic
tenancy additions in six years, with 683 incremental organic
tenancies and we have a busy quarter ahead, reflecting the
significant demand we are seeing from mobile operators across all
our markets. Our tenancy pipeline remains robust and accordingly,
we have reiterated our full-year tenancy outlook and look forward
to supporting our customers' network expansion in Q4 2021 and
beyond."
Tom Greenwood, Chief Operating Officer and CEO-Designate,
added:
"Alongside the robust tenancy growth in the quarter, we also
delivered solid revenue and Adjusted EBITDA growth, reflecting the
contribution from our newest market, Senegal. Our new markets team
is well progressed with the integration plans for each of the five
other announced acquisitions, and we are excited to commence
operations in these attractive markets, supporting our customers to
efficiently expand mobile communications."
Financial highlights
-- YTD 2021 revenue increased by 6% year-on-year to US$326.8m
(YTD 2020: US$307.9m), driven by the acquisition of Free Senegal's
tower portfolio in Q2 2021 and continued organic tenancy growth
across the Group.
o Q3 2021 revenue increased by 5% quarter-on-quarter to
US$114.4m (Q2 2021: US$108.8m).
-- YTD 2021 Adjusted EBITDA increased by 5% year-on-year to
US$175.0m (YTD 2020: US$166.5m), driven by the addition of Free
Senegal's tower portfolio and continued organic tenancy growth
across our markets, partially offset by increased SG&A
investment to support our expansionary strategy. YTD 2021 Adjusted
EBITDA margin of 54% is flat year-on-year.
o Q3 2021 Adjusted EBITDA increased by 4% quarter-on-quarter to
US$60.8m (Q2 2021: US$58.4m), with Q3 2021 Adjusted EBITDA margin
at 53% (Q2 2021: 54%).
-- YTD 2021 operating profit decreased by 7% year-on-year to
US$42.0m (YTD 2020: US$45.4m) due to higher deal costs in the
current year in relation to acquisitions, which is partially offset
by continued Adjusted EBITDA growth.
o Q3 2021 operating profit increased by 54% quarter-on-quarter
to US$15.1m (Q2 2021: US$9.8m), due to lower deal costs in the
quarter.
-- YTD 2021 portfolio free cash flow decreased by 11%
year-on-year to US$118.7m (YTD 2020: US$133.3m), driven by an
increase in corporate income tax, non-discretionary capex and lease
payments.
o Q3 2021 portfolio free cash flow increased by 22%
quarter-on-quarter to US$44.9 million (Q2 2021: US$36.8m), driven
by Adjusted EBITDA growth in addition to lower non-discretionary
capex and lease payments.
-- YTD 2021 cash generated from operations decreased by 32%
year-on-year to US$98.6m (YTD 2020: US$145.9m), due to higher deal
costs and an escrow deposit in relation to the Oman transaction
partially offset by Adjusted EBITDA growth.
o Q3 2021 cash generated from operations increased by 237%
quarter-on-quarter to US$52.9m (Q2 2021: US$15.7m), due to improved
working capital and no recurrence of the one-off escrow deposit
payment in the current quarter compared to Q2 2021.
-- Net leverage of 3.4x increased by +0.5x year-on-year (Q3
2020: 2.9x) and +0.2x quarter-on-quarter (Q2 2021: 3.2x), remaining
below the Group's medium-term target range of 3.5x-4.5x.
-- Business underpinned by long-term contracted revenues of
US$3.7bn (Q3 2020: US$2.7bn), of which 99% is from multinational
MNOs, with an average remaining life of 7.6 years (Q3 2020: 6.6
years).
Operational highlights
-- Sites increased by 1,543 year-on-year to 8,765 sites (Q3
2020: 7,222 sites), reflecting 336 organic site additions and the
acquisition of 1,207 sites from Free Senegal. Sites increased by
162 quarter-on-quarter (Q2 2021: 8,603).
-- Tenancies increased by 2,691 year-on-year to 17,773 tenants
(Q3 2020: 15,082 tenants), reflecting 1,427 organic tenancy
additions and 1,264 additional tenancies through the acquisition of
Free Senegal's passive infrastructure assets. Tenancies increased
by 683 quarter-on-quarter (Q2 2021: 17,090).
-- Tenancy ratio decreased 0.06x year-on-year to 2.03x (Q3 2020:
2.09x), reflecting the dilutive impact of the acquired assets from
Free Senegal (Senegal Q3 21 tenancy ratio: 1.06x). Excluding
Senegal, the Group's tenancy ratio expanded 0.09x year-on-year to
2.18x.
-- 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.
Environmental, Social and Governance (ESG)
-- 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 Company's second Sustainable Business
Report will be published in March 2022.
-- The Group will be publishing its carbon reduction roadmap on
25 November 2021, with management hosting a presentation at 9:30am
GMT on the same day. To register for the event, please click here
.
Strategic Updates
-- On 18 August 2021, Helios Towers announced its CEO
transition. Kash Pandya will retire as Chief Executive Officer with
effect from the Company's AGM in April 2022. Effective upon his
retirement, Kash will move into a new role as non-executive Deputy
Chairman of the Company. Tom Greenwood, Chief Operating Officer and
CEO-Designate, will formally take up the Chief Executive Officer
role from Kash following the AGM in April 2022.
-- Helios Towers' new markets team continue to integrate the
five announced acquisitions, which upon closing and including
committed BTS as part of these transactions, will increase Helios
Towers' site count close to 15,000 towers across 11 markets.
-- The Group continues to progress with the closings of the five
new announced acquisitions, with the integration process currently
underway as planned. The Group anticipates the acquisitions in
Madagascar (494 sites) and Malawi (735 sites) from Airtel Africa
Group ("Airtel Africa") to close in Q4 2021, with the acquisition
in Oman (2,890 sites) from Oman Telecommunications Company
("Omantel") expected to close in Q4 2021 or Q1 2022. The Group has
also entered into an exclusive memorandum of understanding
arrangements for the potential acquisition of Airtel Africa's
passive infrastructure assets in Chad and Gabon, which are expected
to close in or around Q1 2022, subject to obtaining a passive
infrastructure license in each jurisdiction and other customary
closing conditions.
2021 Outlook and guidance
-- Tenancy guidance for the established five markets remains
unchanged, targeting 1,000 - 1,500 tenancies, which is supported by
853 organic tenancy additions year-to-date and a robust tenancy
pipeline.
-- The Group has begun forward purchasing materials for rollout
in 2022 supported by the strong tenancy pipeline. Consequently,
capex is anticipated to increase by approximately US$30m, with the
Group now expecting the following for FY 2021:
o US$140m - US$170m of capex in Helios Towers' established five
markets (prior: US$110 - US$140m), of which US$20m - US$25m is
non-discretionary capex.
o US$215m of capital expenditure in our sixth market, Senegal,
reflecting approximately US$190m of acquisition capex 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 Q4 2021.
o US$575m consideration for the acquisition of Omantel's tower
portfolio, expected to close in Q4 2021 or Q1 2022.
For further information go to:
www.heliostowers.com
Investor Relations
Chris Baker-Sams - Head of Strategic Finance and Investor
Relations
+44 (0)752 310 1475
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, 28
October 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 Q3 2021 Results Conference
Call
Event Name: Q3RESULTS
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: 162864
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 approval , Helios Towers
expects to establish a presence in five new markets across Africa
and the Middle-East over the next six months. Including these
acquisitions and committed BTS, the Group's total site count is
expected to increase from over 8,700 towers to almost 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.
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 multinational MNOs. For further information see page
9 of the Group's half-yearly financial report for the six months
ended 30 June 2021, published on the Group's website.
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. Loss before tax, gross profit,
non-current and current loans and long-term and short-term lease
liabilities are the equivalent statutory measures (see 'Certain
defined terms and conventions' on pages 7 and 8). For more
information on the Group's Alternative Performance Measures, see
page 10-12 of the Group's half-yearly financial report for the six
months ended 30 June 2021, published on the Group's website.
Reconciliations of APMs to the equivalent statutory measure are
included in the Group's half-year and Annual financial reports.
Financial and operating metrics
Key metrics
For the nine months ended 30 September
Congo Senegal
Group Tanzania DRC Brazzaville Ghana South Africa (3)
-------------- -------------- -------------- --------------- ------------ ------------- ------------
2021 2020 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$m US$m US$m
---------- ------ ------ ------ ------ ------ ------ ----- -------- ----- ----- ----- ------ ----- -----
Revenue
for
the
period $326.8 $307.9 $126.7 $125.7 $128.8 $128.2 $20.9 $19.5 $31.9 $32.2 $4.4 $2.3 $14.1 -
Adjusted
gross
margin1 67% 68% 69% 68% 65% 66% 65% 69% 69% 73% 73% 77% 62% -
Sites at
beginning
of the
period 7,356 6,974 3,821 3,661 1,895 1,850 426 384 978 961 236 118 - -
Sites at
period
end 8,765 7,222 3,880 3,772 1,973 1,871 432 415 1,019 973 253 191 1,208 -
Tenancies
at
beginning
of the
period 15,656 14,591 8,625 8,099 4,096 3,828 617 568 1,914 1,888 404 208 - -
Tenancies
at period
end 17,773 15,082 8,853 8,236 4,584 3,987 632 606 1,991 1,900 436 353 1,277 -
Tenancy
ratio
at period
end 2.03x 2.09x 2.28x 2.18x 2.32x 2.13x 1.46x 1.46x 1.95x 1.95x 1.72x 1.85x 1.06x -
Adjusted
EBITDA
for the
period2 $175.0 $166.5 $83.8 $78.5 $74.4 $74.4 $9.9 $9.2 $19.1 $20.3 $1.8 $0.4 $7.2 -
---------- ------ ------ ------ ------ ------ ------ ----- -------- ----- ----- ----- ------ ----- -----
Adjusted
EBITDA
Margin(2)
for the
period 54% 54% 66% 62% 58% 58% 47% 47% 60% 63% 41% 17% 51% -
---------- ------ ------ ------ ------ ------ ------ ----- -------- ----- ----- ----- ------ ----- -----
(1) Adjusted gross margin means gross profit, adding back site depreciation, divided by revenue.
(2) Group Adjusted EBITDA for the period includes corporate
costs of US$21.2 million (2020: US$16.3 million).
(3) Results for the period from completion on 18 May 2021.
Total tenancies as at 30 September
South
Group Tanzania DRC Congo Brazzaville Ghana Africa Senegal
------------ -------------- ------------ ------------ ------------------- ------------ ------------ -----------
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
------------ ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ----- ----- ----- ----
Standard
colocation
tenants 8,081 7,083 4,416 4,025 2,509 2,017 177 173 733 709 178 159 68 -
Amendment
colocation
tenants 927 777 557 439 102 99 23 18 239 218 5 3 1 -
------------ ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ----- -----
Total
colocation
tenants 9,008 7,860 4,973 4,464 2,611 2,116 200 191 972 927 183 162 69 -
Total sites 8,765 7,222 3,880 3,772 1,973 1,871 432 415 1,019 973 253 191 1,208 -
------------ ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ----- -----
Total
tenancies 17,773 15,082 8,853 8,236 4,584 3,987 632 606 1,991 1,900 436 353 1,277 -
------------ ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ----- ----- ----- ----
Tenancy
ratio 2.03x 2.09x 2.28x 2.18x 2.32x 2.13x 1.46x 1.46x 1.95x 1.95x 1.72x 1.85x 1.06x -
------------ ------ ------ ----- ----- ----- ----- --------- -------- ----- ----- ----- ----- ----- ----
Revenue
Revenue increased by 6% to US$326.8 million in the nine month
period ended 30 September 2021 from US$307.9 million in the period
ended 30 September 2020, driven by the acquisition of Free
Senegal's tower portfolio and continued organic growth in our
existing markets. For the nine month period ended 30 September
2021, 98% of revenues were from multinational MNOs and 62% were
denominated in USD or CFA Franc (which is pegged to the Euro).
Adjusted EBITDA
Adjusted EBITDA was US$175.0 million in the nine month period
ended 30 September 2021 compared to US$166.5 million in the nine
month period ended 30 September 2020. The increase in Adjusted
EBITDA is primarily driven by the integration of Free Senegal's
tower portfolio and organic growth as mentioned above.
Contracted revenue
The following table provides our total undiscounted contracted
revenue by country as of 30 September 2021 for each of the periods
from 2021 to 2025, with local currency amounts converted at the
applicable average rate for US Dollars for the period ended 30
September 2021 held constant. Our contracted revenue calculation
for each year presented assumes: (i) no escalation in fee rates,
(ii) no increases in sites or tenancies other than our committed
tenancies, (iii) our customers do not utilise any cancellation
allowances set forth in their MLAs, (iv) our customers do not
terminate MLAs early for any reason and (v) no automatic
renewal.
Year ended 31 December
----------------------------
3 months
to
31 December
2021 2022 2023 2024 2025
US$m US$m US$m US$m US$m
------------------ ------------ ------ ------ ----- -----
Tanzania 43.2 170.0 167.8 163.6 153.0
DRC 46.2 185.6 186.5 186.2 159.7
Congo Brazzaville 6.9 27.6 27.6 27.6 17.5
South Africa 1.5 6.1 6.4 6.5 6.3
Ghana 10.1 40.1 34.4 31.6 31.6
Senegal 9.7 38.6 40.3 42.0 43.7
------------------ ------------ ------ ------ ----- -----
117.6 468.0 463.0 457.5 411.8
------------------ ------------ ------ ------ ----- -----
The following table provides our total undiscounted contracted
revenue by key customers as of 30 September 2021 over the life of
the contracts with local currency amounts converted at the
applicable average rate for US Dollars for the period ended 30
September 2021 held constant. Our calculation uses the same
assumptions as above. The average remaining life of customer
contracts is 7.6 years (Q3 2020: 6.6 years).
Percentage
Total of Total
Committed Committed
(US$m) Revenues Revenues
------------------- ---------- ----------
Multinational MNOs 3,654.3 98.9%
Others 42.1 1.1%
------------------- ---------- ----------
3,696.4 100.0%
------------------- ---------- ----------
Portfolio free cash flow
Portfolio free cash flow decreased by 11% year-on-year to
US$118.7m (YTD 2020: US$133.3m), driven by an increase in corporate
income tax, and non-discretionary capex and lease payments.
9 months ended
30 September
----------------
2021 2020
US$m US$m
-------------------------------------------------- ------- -------
Adjusted EBITDA 175.0 166.5
-------------------------------------------------- ------- -------
Less: Maintenance and corporate capital additions (19.6) (12.8)
Less: Payments of lease liabilities1 (22.4) (17.6)
Less: Tax paid2 (14.3) (2.8)
-------------------------------------------------- ------- -------
Portfolio free cash flow 118.7 133.3
-------------------------------------------------- ------- -------
Cash conversion %(3) 68% 80%
-------------------------------------------------- ------- -------
(1) Includes interest and principal repayments of lease liabilities.
(2) Tax paid in the 9 months ended 30 September 2020 excludes
amounts paid in relation to Change of Control Taxes.
(3) Cash conversion % is calculated as portfolio free cash flow divided by Adjusted EBITDA.
Capital expenditure
The following table shows capital expenditure additions by
category during the nine months ended 30 September:
2021 2020
------------- ------------
% of % of
Total Total
US$m Capex US$m Capex
------------ ----- ------ ---- ------
Acquisition 181.9 66.9% 10.7 17.3%
Growth 60.7 22.3% 28.4 46.0%
Upgrade 9.7 3.6% 9.8 15.9%
Maintenance 18.0 6.6% 12.2 19.8%
Corporate 1.6 0.6% 0.6 1.0%
------------ ----- ------ ---- ------
271.9 100.0% 61.7 100.0%
------------ ----- ------ ---- ------
Acquisition capex in the nine months ended 30 September 2021
relates primarily to Senegal, excluding the fair value of assets
and liabilities acquired and goodwill recognised under IFRS 3.
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 for, 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 profit" means gross profit, adding back site
depreciation.
"Annualised adjusted EBITDA" is calculated as per the Senior
Notes definition as the most recent fiscal quarter multiplied by 4.
This is not a forecast of future results.
"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.
"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 (iii) 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.
"MLA" means master lease agreement.
"Net debt" means gross debt less cash and cash equivalents
(excluding restricted cash).
"Net leverage" means net debt divided by annualised Adjusted
EBITDA.
"Organic tenancy growth" means anchor and colocation tenants
added to the portfolio on an organic basis. This excludes tenancies
added to the portfolio through tower portfolio purchases.
"Portfolio free cash flow" means Adjusted EBITDA less
maintenance and corporate capital additions, payments of lease
liabilities (including interest and principal repayments of lease
liabilities) and tax paid.
"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 a mobile network operator 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.
"YTD" means year to date.
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
business, they should not be viewed in isolation or as replacements
for, but rather as complementary to, the comparable GAAP
measures.
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