TIDMHTWS
RNS Number : 8003Z
Helios Towers PLC
18 May 2023
HELIOS TOWERS plc
Unaudited trading update for the three months ended 31 March
2023
Record year-on-year organic tenancy additions
+27% year-on-year Adjusted EBITDA growth
2023 guidance reiterated
London, 18 May 2023: 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 2023 ("Q1 2023").
Q1 2023 Q1 2022 Change Q1 2023 Q4 2022 Change
-------------------------------- ------- ------- ------ ------- ------- ------
Sites 13,684 10,511 +30% 13,684 13,553 +1%
Tenancies 25,120 20,233 +24% 25,120 24,492 +3%
Tenancy ratio 1.84x 1.92x -0.08x 1.84x 1.81x +0.03x
Revenue (US$m) 170.8 127.5 +34% 170.8 151.9 +12%
Adjusted EBITDA (US$m) 1 84.7 66.7 +27% 84.7 76.0 +11%
Adjusted EBITDA margin 1 50% 52% -2ppt 50% 50% -
Operating profit (US$m) 33.0 14.4 +129% 33.0 17.4 +90%
Portfolio free cash flow (US$m)
1 57.7 49.4 +17% 57.7 56.3 +2%
Cash generated from operations
(US$m) 36.2 52.7 -31% 36.2 31.5 +15%
Net debt (US$m)(1) 1,734.2 1,012.7 +71% 1,734.2 1,678.0 +3%
Net leverage(1,2) 5.1x 3.7x +1.4x 5.1x 5.1x -
(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.
Tom Greenwood, Chief Executive Officer, said:
"Following two years of transformational expansion, concluding
with the Oman acquisition closing in December 2022, we have started
our next chapter with strong performance that demonstrates the
quality of our enlarged platform. Our leading positions in
high-growth markets has supported one of our best ever quarters of
organic tenancy additions, which combined with our robust business
model, that features CPI and power price protections, has supported
double-digit organic Adjusted EBITDA growth year-on-year.
Looking forward, we have maintained our guidance for the
full-year, that reflects strong growth, disciplined capital
allocation and a clear pathway to deleveraging. We remain laser
focused on operational execution and continuing to drive
sustainable value for all our stakeholders - our customers,
partners, people, environment, communities and investors."
Financial highlights
-- Revenue increased 34% year-on-year to US$170.8m (Q1 2022:
US$127.5m), driven by strong organic revenue growth and
acquisitions in Malawi and Oman.
o Excluding acquisitions, revenue increased 17% year-on-year
driven by strong organic tenancy additions and CPI and power price
escalations.
o Revenue increased by 12% quarter-on-quarter (Q4 2022: US$
151.9 m).
-- Adjusted EBITDA increased by 27% year-on-year to US$84.7m (Q1
2022: US$66.7m), driven by tenancy growth, with Adjusted EBITDA
margin decreasing to 50% year-on-year (Q1 2022: 52%), reflecting
the impact of higher power prices that resulted in power-linked
revenues and related operating expenses increasing comparably.
o Excluding acquisitions, Adjusted EBITDA increased 11%
year-on-year.
o Adjusted EBITDA increased by 11% quarter-on-quarter (Q4 2022:
US$76.0m), with Adjusted EBITDA margin remaining flat (Q4 2022:
50%).
-- Operating profit increased by 129% year-on-year to US$33.0m
(Q1 2022: US$14.4m), largely driven by Adjusted EBITDA growth.
o Q1 2023 operating profit increased by 90% quarter-on-quarter
to US$33.0m (Q4 2022: US$17.4m).
-- Portfolio free cash flow increased by 17% year-on-year to
US$57.7m (Q1 2022: US$49.4m), driven by Adjusted EBITDA growth and
lower tax payments, partially offset by higher lease payments and
non-discretionary capital expenditure that reflects the Company's
higher site count.
o Portfolio free cash flow increased by 2% quarter-on-quarter to
US$57.7m (Q4 2022: US$56.3m).
-- Cash generated from operations decreased by 31% year-on-year
to US$ 36.2m (Q1 2022: US$52.7m), driven by higher working capital
outflows partially offset by Adjusted EBITDA growth.
o Cash generated from operations increased by 15%
quarter-on-quarter to US$36.2m (Q4 2022: $31.5m) driven by Adjusted
EBITDA growth and partially offset by working capital outflows.
-- Net leverage of 5.1x increased by + 1.4 x year-on-year (Q1 2022: 3.7x) and remained flat quarter-on-quarter (Q4 2022: 5.1x), with the year-on-year increase driven by the acquisition in Oman.
o The Group continues to target being in or around the high-end
of its 3.5-4.5x target range by Q4 2023.
-- Business underpinned by long-term contracted revenues of US$
4.8bn (Q1 2022: US$4.2bn), of which 99% is from multinational MNOs,
with an average remaining life of 7.3 years (Q1 2022: 7.4
years).
Operational highlights
-- Sites increased by 3,173 (30%) year-on-year to 13,684 sites
(Q1 2022: 10,511 sites), reflecting 654 organic site additions and
the acquisition of 2,519 sites in Oman.
o Sites increased by 131 quarter-on-quarter (Q4 2022:
13,553).
-- Tenancies increased by 4,887 year-on-year to 25,120 tenants
(Q1 2022: 20,233 tenants), reflecting 1,870 organic tenancy
additions and 3,017 acquired tenancies in Oman.
o Tenancies increased by 628 quarter-on-quarter (Q4 2022:
24,492), reflecting one of the strongest ever quarters of organic
tenancy additions for the Group.
-- Tenancy ratio decreased by 0.08x year-on-year to 1.84x (Q1
2022: 1.92x), reflecting the dilutive impact of the acquired assets
in Oman (Oman Q1 2023: 1.2x).
o Tenancy ratio expanded 0.03x quarter-on-quarter (Q4 2022:
1.81x).
Environmental, Social and Governance (ESG)
-- Helios Towers is committed to sustainable business and its
purpose of driving the growth of mobile communications in Africa
and the Middle East, and maximising impact in its key focus areas
of digital inclusion, local, diverse and talented teams, climate
action and responsible governance.
-- The Group published its Annual Report and Financial
Statements on 27 March, adopting integrated reporting for the first
time to better reflect its approach to sustainable business. A
complementary Reporting Supplement was also published, which
includes additional ESG information and disclosures against
reporting frameworks, such as the Global Reporting Initiative.
2023 Outlook and guidance
-- The Group's 2023 guidance remains unchanged from its prior
communication and reflects the following expectations for the full
year:
o Tenancy additions of 1,600 - 2,100, of which 40% are
anticipated to be new sites.
o Adjusted EBITDA of US$350m - US$365m, reflecting year-on-year
growth of 24 - 29%.
o Portfolio free cash flow of US$230m - US$245m, reflecting
year-on-year growth of 14 - 22%.
o Capital expenditure of US$170m - US$210m.
-- Of which, US$40m is anticipated to be non-discretionary
capital expenditure.
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, 18
May 2023. 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 2023 Results Conference
Call
Event Name: Q12023
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: 170045
About Helios Towers
-- Helios Towers is a leading independent telecommunications
infrastructure company, having established one of the most
extensive tower portfolios across Africa and the Middle East. It
builds, owns and operates telecom passive infrastructure, providing
services to mobile network operators.
-- Helios Towers owns and operates over 13,600 telecommunication
tower sites in Tanzania, Democratic Republic of Congo, Congo
Brazzaville, Ghana, South Africa, Senegal, Malawi, Madagascar and
Oman.
-- 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.
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'). For more information on the
Group's Alternative Performance Measures, see the Group's Annual
Report for the year ended 31 December 2022, 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 three months ended 31 March 2023:
Middle East & North Central &
Group Africa(3) East & West Africa(4) Southern Africa(5)
-------------- ------------------------- ----------------------- ---------------------
2023 2022 2023 2022 2023 2022 2023 2022
US$m US$m US$m US$m US$m US$m US$m US$m
------------------------- ------ ------ ----------- ------------ ----------- ---------- -------- -----------
Sites at period end 13,684 10,511 2,519 - 6,322 6,052 4,843 4,459
Tenancies at period end 25,120 20,233 3,072 - 12,363 11,550 9,685 8,683
Tenancy ratio at period
end 1.84x 1.92x 1.22x - 1.96x 1.91x 2.00x 1.95x
Revenue for the period 170.8 127.5 13.3 - 76.7 56.4 80.8 71.1
Adjusted gross margin(1) 61% 65% 77% - 66% 68% 55% 63%
Adjusted EBITDA for the
period 84.7 66.7 8.8 - 46.8 35.9 36.6 38.8
Adjusted EBITDA Margin(2)
for the period 50% 52% 66% - 61% 64% 44% 54%
------------------------- ------ ------ ----------- ------------ ----------- ---------- -------- -----------
(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$7.5 million (2021: US$8.0 million).
(3) Middle East & North Africa segment reflects the Company's operations in Oman.
(4) East & West Africa segment reflects the Company's
operations in Tanzania, Senegal and Malawi.
(5) Central & Southern Africa segment reflects the Company's
operations in DRC, Congo Brazzaville, South Africa, Ghana and
Madagascar.
Total tenancies as at 31 March
Middle East
& North Africa East & West Africa
-------------- ----------------- ------------------------------------------
Group Oman Tanzania Senegal Malawi
-------------- ----------------- ------------ ------------ --------------
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
------------------------- ------ ------ -------- ------- ----- ----- ----- ----- ----- -------
Standard colocation
tenants 9,984 8,670 543 - 4,708 4,441 89 70 474 375
Amendment colocation
tenants 1,452 1,052 10 - 739 612 3 - 28 -
------------------------- ------ ------ -------- ------- ----- ----- ----- ----- ----- -------
Total colocation tenants 11,436 9,722 553 - 5,447 5,053 92 70 502 375
Total sites 13,684 10,511 2,519 - 4,195 4,068 1,361 1,261 766 723
------------------------- ------ ------ -------- ------- ----- ----- ----- ----- ----- -------
Total tenancies 25,120 20,233 3,072 - 9,642 9,121 1,453 1,331 1,268 1,098
Tenancy ratio 1.84x 1.92x 1.22x - 2.30x 2.24x 1.07x 1.06x 1.66x 1.52x
------------------------- ------ ------ -------- ------- ----- ----- ----- ----- ----- -------
Central & Southern Africa
---------------------------------------------------------------------------------
DRC Congo Brazzaville Ghana South Africa Madagascar
------------ ------------------- ------------ -------------- ----------------
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
------------------------- ----- ----- --------- -------- ----- ----- ------ ------ ----- ---------
Standard colocation
tenants 2,792 2,554 189 167 855 751 242 215 92 97
Amendment colocation
tenants 253 125 33 23 354 282 24 6 8 4
------------------------- ----- ----- --------- -------- ----- ----- ------ ------ ----- ---------
Total colocation tenants 3,045 2,679 222 190 1,209 1,033 266 221 100 101
Total sites 2,326 2,105 513 471 1,116 1,060 373 335 515 488
------------------------- ----- ----- --------- -------- ----- ----- ------ ------ ----- ---------
Total tenancies 5,371 4,784 735 661 2,325 2,093 639 556 615 589
Tenancy ratio 2.31x 2.27x 1.43x 1.40x 2.08x 1.97x 1.71x 1.66x 1.19x 1.21x
------------------------- ----- ----- --------- -------- ----- ----- ------ ------ ----- ---------
Revenue
Group revenue increased 34% year-on-year to $170.8m (Q1 2022:
$127.5m), driven by organic growth and acquisitions in Malawi and
Oman in March and December 2022, respectively. Excluding
acquisitions revenue increased by 17%, reflecting organic tenancy
growth and customer lease rate escalations for both CPI and power
price movements. For the quarter ended 31 March 2023, 98% of
revenues were from multinational MNOs and 64% were denominated in
USD, CFA Franc (which is pegged to the Euro) or Omani Rial (which
is pegged to the US Dollar).
Contracted revenue
The following table provides our total undiscounted contracted
revenue by country as of 31 March 2023 for each of the periods from
2023 to 2027, with local currency amounts converted at the
applicable average rate for US Dollars for the period ended 31
March 2023 held constant. Our contracted revenue calculation for
each year presented assumes: (i) no escalation in fee rates, (ii)
no increases in sites or tenancies other than our committed
tenancies, (iii) our customers do not utilise any cancellation
allowances set forth in their MSAs, (iv) our customers do not
terminate MSAs early for any reason and (v) no automatic
renewal.
Year ended 31 December
----------------------------
9 months
to
31 December
2023 2024 2025 2026 2027
US$m US$m US$m US$m US$m
--------------------------- ------------ ------ ------ ----- -----
Middle East & North Africa 39.8 44.8 44.8 44.8 44.8
East & West Africa 216.0 267.7 256.0 206.7 191.4
Central & Southern Africa 237.5 315.0 277.8 247.4 214.1
493.3 627.5 578.6 498.9 450.3
--------------------------- ------------ ------ ------ ----- -----
The following table provides our total undiscounted contracted
revenue as of 31 March 2023 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 2023 held constant. Our
calculation uses the same assumptions as above. The average
remaining life of customer contracts is 7.3 years (Q1 2022: 7.4
years).
Percentage
Total of Total
Committed Committed
(US$m) Revenues Revenues
------------------- ---------- ----------
Multinational MNOs 4,778.4 99.1%
Others 44.5 0.9%
------------------- ---------- ----------
4,822.9 100.0%
------------------- ---------- ----------
Adjusted EBITDA
Adjusted EBITDA was US$84.7m in the 3 month period ended 31
March 2023 compared to US$66.7m in the 3 month period ended 31
March 2022. The increase in Adjusted EBITDA is driven by organic
tenancy growth and acquisitions in Malawi and Oman.
From a segment perspective, the year-on-year growth in the
Group's Adjusted EBITDA was driven by its East & West Africa
segment, growing by US$10.9m year-on-year, in addition to the
Middle East & North Africa segment expanding US$8.8m through
the acquisition in Oman. The Central & Southern Africa segment
declined by US$2.2m year-on-year, largely driven by the impact of
foreign currency movements in Ghana.
Adjusted EBITDA margin was 52% in the 3 month period ended 31
March 2023 compared to 50% in the 3 month period ended 31 March
2022. The decrease reflects the impact of higher power prices that
resulted in both power-linked revenues and related operating
expenses increasing comparably, thereby diluting Adjusted EBITDA
margin.
Portfolio free cash flow
Portfolio free cash flow increased by 17% year-on-year to
US$57.7m (Q1 2022: US$49.4m), driven by an increase in Adjusted
EBITDA and lower tax payments, partially offset by higher lease
payments and non-discretionary capital expenditure that reflects
the Company's higher site count.
3 months ended
31 March
----------------
2023 2022
US$m US$m
-------------------------------------------------- ------- -------
Adjusted EBITDA 84.7 66.7
-------------------------------------------------- ------- -------
Less: Maintenance and corporate capital additions (10.2) (3.9)
Less: Payments of lease liabilities1 (14.6) (10.5)
Less: Tax paid (2.2) (2.9)
-------------------------------------------------- ------- -------
Portfolio free cash flow 57.7 49.4
-------------------------------------------------- ------- -------
Cash conversion %(2) 68% 74%
-------------------------------------------------- ------- -------
(1) Includes interest and principal repayments of lease liabilities.
(2) Cash conversion % is calculated as portfolio free cash flow divided by Adjusted EBITDA.
Capital expenditure
The following table shows capital expenditure additions by
category during the three months ended 31 March:
2023 2022
------------ ------------
% of % of
Total Total
US$m Capex US$m Capex
------------ ---- ------ ---- ------
Acquisition 3.4 7.1% 40.1 54.9%
Growth 27.9 58.4% 25.9 35.5%
Upgrade 6.3 13.2% 3.1 4.3%
Maintenance 9.7 20.3% 3.6 4.9%
Corporate 0.5 1.0% 0.3 0.4%
------------ ---- ------ ---- ------
47.8 100.0% 73.0 100.0%
------------ ---- ------ ---- ------
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', 'Helios Towers'
our 'Group' and the 'Group' are references to Helios Towers plc and
its subsidiaries taken as a whole.
'Adjusted EBITDA' is defined by management as loss before tax
for the year, adjusted for finance costs, other gains and losses,
interest receivable, loss on disposal of property, plant and
equipment, amortisation of intangible assets, depreciation and
impairments ofproperty, 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.
'Adjusted gross profit' means gross profit adding back site and
warehouse depreciation.
'Airtel' means Airtel Africa.
'amendment revenue' means revenue from amendments to existing
site contracts when tenants add or modify equipment, taking up
additional vertical space, wind load capacity and/or power
consumption under an existing site contract.
'anchor tenant' means the primary customer occupying each
site.
'Annualised Adjusted EBITDA' means Adjusted EBITDA for the last
three months of the respective period, multiplied by four, adjusted
to reflect the annualised contribution from acquisitions that have
closed in the last three months of the respective period.
'Annualised portfolio free cash flow' means portfolio free cash
flow for the respective period, adjusted to annualise for the
impact of acquisitions closed during the period.
'average remaining life' means the average of the periods
through the expiration of the term under certain agreements.
'APMs' Alternative Performance Measures are measures of
financial performance, financial position or cash flows that are
not defined or specified under IFRS but used by the Directors
internally to assess the performance of the Group.
'build-to-suit/BTS' means sites constructed by our Group on
order by a MNO.
'Central & Southern Africa' segment reflects the Companys'
operations in DRC, Congo Brazzaville, Madagascar, Ghana and South
Africa.
'colocation' means the sharing of site space by multiple
customers or technologies on the same site, equal to the sum of
standard colocation tenants and amendment colocation tenants.
'colocation tenant' means each additional tenant on a site in
addition to the primary anchor tenant and is classified as either a
standard or amendment colocation tenant.
'Congo Brazzaville' otherwise also known as the Republic of
Congo.
'contracted revenue' means total undiscounted revenue as at that
date with local currency amounts converted at the applicable
average rate for US Dollars held constant.
'CPI' means Consumer Price Index.
'Downtime per tower per week' refers to the average amount of
time our sites are not powered across each week.
'Deloitte' means Deloitte LLP.
'DRC' means Democratic Republic of Congo.
'EBT' means Employee Benefit Trust.
'East & West Africa' segment reflects the Companys'
operations in Tanzania, Senegal and Malawi.
'ESG' means Environmental, Social and Governance.
'FRC' means the Financial Reporting Council.
'FRS 102' means the Financial Reporting Standard Applicable in
the UK and Republic of Ireland.
'Free Cash Flow' means Adjusted free cash flow less net change
in working capital, cash paid for adjusting and EBITDA adjusting
items, cash paid in relation to non-recurring taxes and proceeds on
disposal of assets.
'Ghana' means the Republic of Ghana. 'GHG' means greenhouse
gases.
'gross debt' means non-current loans and current loans and
long-term and short-term lease liabilities.
'gross leverage' means gross debt divided by annualised Adjusted
EBITDA.
'gross margin' means gross profit, adding site and warehouse
depreciation, divided by revenue.
'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 ('HTL') and its subsidiaries
prior to 17 October 2019, and Helios Towers plc and its
subsidiaries on or after 17 October 2019.
'GSMA' is the industry organisation that represents the
interests of mobile network operators worldwide.
'Hard currency Adjusted EBITDA' refers to Adjusted EBITDA that
is denominated in US Dollars, US$ pegged, US Dollar linked or Euro
pegged.
'IFRS' means International Financial Reporting Standards as
adopted by the European Union.
'independent tower company' means a tower company that is not
affiliated with a telecommunications operator.
'Madgascar' means Republic of Madagascar.
'Malawi' means Republic of Malawi.
'maintenance capital expenditure' means capital expenditures for
periodic refurbishments and replacement of
parts and equipment to keep existing sites in service.
'Middle East & North Africa' segment reflects the Companys'
operations in Oman.
'MLA' means master lease agreement.
'MNO' means mobile network operator.
'net debt' means gross debt less adjusted cash and cash
equivalents.
'net leverage' means net debt divided by last quarter annualised
Adjusted EBITDA.
'Oman' means Sultanate of Oman.
'our markets' or 'markets in which we operate' refers to
Tanzania, DRC, Congo Brazzaville, Ghana, South Africa, Senegal,
Madagascar, Malawi and Oman.
'Portfolio free cash flow' 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.
'Power uptime' reflects the average percentage our sites are
powered across each month, and is a key component of our service
offering to customers. Figures presented reflects towers that are
under service level agreements with customers.
'ROIC' means return on invested capital and is defined as
annualised portfolio free cash flow divided by invested
capital.
'Senegal' means the Republic of Senegal.
'South Africa' means the Republic of South Africa.
'standard colocation' means tower space under a standard tenancy
site contract rate and configuration with defined limits in terms
of the vertical space occupied, the wind load and power
consumption.
'standard colocation tenant' means a customer occupying tower
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.
'Tanzania' means the United Republic of Tanzania.
'telecommunications operator' means a company licensed by the
government to provide voice and data communications services.
'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 sites 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 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 property (including a
rooftop) that is generally owned or leased by us.
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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END
TSTSFDFUWEDSEFI
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