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COMPANY PRESENTATION
8TH APRIL 2019
Website: www.heliostowers.com
LinkedIn: www.linkedin.com/company/helios-towers
Helios Towers | Private & Confidential
Disclaimer
2
No investment adviceThis Presentation does not constitute or form partof, and should not be construed as, an offer,invitation or inducement or recommendation topurchase or subscribe for any securities in HeliosTowers, Ltd. (the “Company”) or any of its affiliatesor subsidiaries (together the “Group”) in anyjurisdiction nor should it or any part of it form thebasis of, or be relied on in connection with, anycontract to purchase or subscribe for anysecurities of the Company or any member of itsgroup or with any other contract or commitmentwhatsoever.
Further, it should not be treated as givinginvestment, legal, accounting, regulatory, taxationor other advice and recipients should each maketheir own evaluation of the Company and of therelevance and adequacy of the informationcontained herein.
No warrantyNo representations or warranties, express orimplied are given in, or in respect of, thisPresentation. To the fullest extent permitted bylaw, in no circumstances will the Company, or anyof its respective subsidiaries, shareholders,affiliates, representatives, partners, directors,officers, employees, advisers or agents beresponsible or liable for any direct, indirect orconsequential loss, loss of profit, damages or costsarising from the use of this Presentation, itscontents (including the internal economicmodels), its omissions, reliance on the informationcontained within it, or on opinions communicatedin relation thereto or otherwise arising inconnection therewith. The information containedin this Presentation has not been independentlyverified.
Third party sourcesCertain statistical and other information about theCompany included in this Presentation is sourcedfrom publicly available third party sources. As suchit presents the views of those third parties, but maynot necessarily correspond to the views held bythe Company and the Company expresslydisclaims any responsibility for, or liability in respectof, such information.
Forward-looking statementsThis Presentation contains illustrative returns,projections, estimates and beliefs and similarinformation (together, “Forward LookingStatements”). The Forward Looking Statementscan be identified by the use of forward lookingterminology, including the terms “believes”,“estimates”, “anticipates”, “expects”, “intends”,“plans”, “may”, “will” or “should” or, in each case,their negative or other variations or comparableterminology.
The Forward Looking Statements are subject toinherent uncertainties and qualifications and arebased on numerous assumptions, in each casewhether or not identified in the Presentation. TheForward Looking Statements are provided forillustrative purposes only and are not intended toserve as, and must not be relied upon by anyinvestor as a guarantee, an assurance, aprediction or a definitive statement of fact orprobability.
Nothing in this Presentation should be construed asa profit forecast. Actual events and circumstancesare difficult or impossible to predict and will differfrom assumptions. Many actual events andcircumstances are beyond the control of theCompany. Some important factors that could
cause actual results to differ materially from thosein any Forward Looking Statements could includechanges in domestic and foreign business, market,financial, political and legal conditions. There canbe no assurance that any particular ForwardLooking Statements will be realised, and theperformance of the Company may be materiallyand adversely different from the Forward LookingStatements. The Forward Looking Statementsspeak only as of the date of this Presentation. TheCompany expressly disclaims any obligation orundertaking to release any updates or revisions toany Forward Looking Statements to reflect anychange in the Company’s expectations withregard thereto or any changes in events,conditions or circumstances on which anyForward Looking Statements are based.Accordingly, no reliance should be placed uponthe Forward Looking Statements.
Company Overview
Helios Towers | Private & Confidential
A Leading Sub-Saharan Independent TowerCo
4
Tower market share
Tanzania
Sites
3,701
DRC
Sites
1,773
Congo B
Sites
380
Sites
891
Ghana
5 countries
6,745 total sites
13,549 tenants
2.01x tenancy ratio
$359m Q4 2018 LQA(3)
22% CAGR FY 2015 – Q4 2018 (annualised)
81% of future contracted
revenues from Africa’s Big 5 MNOs(4)
Market Share(1)
64%
Market Share(1)
63%
Market Share(1)
49%
Market Share(1)
21%
Contracted revenues(2)
$3.1bn
$186m Q4 2018 LQA(3)
51% CAGR FY 2015 – Q4 2018
(annualised)
c.65% 2018 Adj. EBITDA in $/€
Lease-weighted average contract life remaining
8.1 years
Adj. EBITDA
Revenue
Source: Company as of 31 December 2018, except as otherwise indicated
(1) Hardiman Report, April 2019. Market share as at year-end 2018. Based upon 3,613, 1,773 and 848 online and marketable sites in Tanzania, DRC and Ghana, respectively. (2) Refers to revenue contracted until 2035
(3) LQA = Last quarter annualised(4) Big 5 MNOs defined as: Airtel, MTN, Orange, Tigo, Vodafone/com
1 Company Overview
Attractive, Long-term Contracted Revenues
South Africa
As of January 2019
Helios Towers | Private & Confidential
42 50 60 63
83 85
126 127 133 138 148
164 168 176 181 186
Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18
16 Consecutive Quarters of Adj. EBITDA(1) Growth
5
CAGR
FY 2015 – Q4 2018 LQA 51%
Group Annualised Adj. EBITDA ($m)
1 Company Overview
35% 35% 39% 38% 40% 40% 42% 47%46% 49%25% 27% 28% 28% 51% 52%
Margin
(1) “Adjusted EBITDA” is defined as earnings before interest, tax, depreciation and amortization adjusted for discontinued operations, other gains and losses, investment income, loss on disposal of PP&E, impairment of intangible assets and PP&E, deal costs relating to unsuccessful tower transactions or successful tower transactions that cannot be capitalized, and exceptional items. Exceptional items are material items that are considered exceptional in nature by management by virtue of their size and/or incidence. Annualised Adjusted EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future results
Margin has more than doubled through top-line growth and implementation of business excellence strategy
>2x
Helios Towers | Private & Confidential
6
The Helios Towers Story
Source: Company
Existing Sites (net of consolidations)
Site Asset Purchases
New Build/BTS
Consistent year-on-year growth in sites, and near doubling of tenancy ratios
8 acquisitions in 9 years
c. 1,800 organic BTS
796
2,438 2,663 2,974
4,645 5,277
6,371 6,388
831
1,721 13 14
1,186
535
961 22 196
259 297
496
244
239 126 161
-
831
2,517 2,710 2,974
4,656
5,424
6,477 6,519 6,745
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1.20xTenancy Ratio 1.22x 1.42x 1.57x 1.61x 1.93x 1.99x1.85x
Business Excellence
2.01x
1 Company Overview
Entry into South Africa announced in 2019
Helios Towers | Private & Confidential
7
1 Company Overview
(1) United nations population prospects
(2) Hardiman report, April 2019(3) GSMA Intelligence, January 2019
Attractive Growth Indicators
c.29,000 towers in SA with only
c.10% owned and operated by
independent tower companies(2)
4G/
5G
3G and 4G widely available, increased
4G densification expected and to be
“5G ready”, with over 4 million 5Gconnections expected by 2023(3)
Multiple MNOs operating, including 2
of Africa’s “Big-5” MNOs
57 million population, forecast to
increase by 3 million over the next 5
years(1)
MTN Vodacom
TelkomCell C
c. 6,000 additional standard
PoS indicated by 2024(2)
Why HT has Entered South AfricaA high-growth market for HT – with attractive and diversifying dynamics
Favourable Structural Dynamics
1
2
3
1
2
3A leader in telecommunications innovation in Africa, providing the
opportunity to develop expertise in adjacent technologies which can
be leveraged in our four other markets
Helios Towers | Private & Confidential
8
1 Company Overview
How HT has Entered South Africa
Helios Towers South Africa (“HTSA”) created through Partnership with Vulatel
• Partnership with Vulatel announced January 2019 with HTSA majority owned by HT
• Vulatel management team made up of ex-Vodacom directors
• Level 2 B-BEE rating, 69% black owned and 45% black women owned
• Platform to expand HT product offering and geographical mix
• Announced acquisition of 13 fibre regeneration sites in April 2019
• HTSA announced first investment in SA through acquisition of SA Towers
• Pipeline of c.500 urban locations which are ready to be built or are in the process of
being permitted
• Expected to close Q2 2019
HTSA Acquires SA Towers
Creation of infrastructure platform to drive growth in South Africa
1
2
Helios Towers | Private & Confidential
9
1 Company Overview
Encouraging Recent Market Developments
Customers post +9% subs growth in Tanzania
in FY 18(1)
DRC customers report
+10% subs growth
in FY 18(2)
Felix Tshisekedi sworn
into office in DRC
24th January
+4.8%GDP growth in our
markets in 2018(3)
Africa Widely Identified as a Key Continent for Business Opportunities
Positive Political, Economic and Industry Dynamics
(1) Tanzania Communications Regulatory Authority
(2) GSMA estimates, 2018
(3) IMF 2018. Revenue-weighted average
Vodacom Airtel
Halotel
Tigo
Vodacom Airtel
Africell
Orange
Strategy
Helios Towers | Private & Confidential
11
HT Growth Strategy
(1) Hardiman Report, April 2019
(2) Company estimates of towers that can be acquired in HTs markets
(3) TowerXchange “TowerXchanges analysis of the Sub-Saharan African tower Industry”, March 2019
2 Strategy
Existing Markets Adjacent New TechnologiesNew Markets
Small Cells
Fibre Backhaul
Data Centres
• c.229k towers in Africa(3)
• c.61k towers owned by
independent TowerCos(3)
• What we look for:
Emerging market
Population of >10m
3+ operators
Stable and / or pegged currencies
Infrastructure gap
High subscriber growth
Low mobile penetration
Enhances group returns
Tanzania, DRC, Congo B and Ghana
South Africa
c.6,000 new standard PoS indicated
by 2024(1)
Tower build program
Dark fibre
Edge data centres
Significant organic and acquired
EBITDA growth since 2015
c.12,000 new standard PoS indicated
by 2024 in established markets(1)
Potential opportunities to acquire
c.4,200 towers in existing markets(2)
54
106
146
178
33
19
31
1032
2015 Organic Acquired 2016 Organic Acquired 2017 Organic 2018
Strong platform for growth in new and existing markets
Helios Towers | Private & Confidential
Operational Strategy
12
“Congratulations for the good performance during May and June 2018”
Vodacom Congo, Chief Executive Officer
“We wish to understand and learn the principles so that we can share the
knowledge with other African Opcos”
Vodacom Tanzania, Chief Technology Officer
“We would like to learn from your operation and help us do what you do”
Viettel, Chief Technology Officer
“Aside from the performance I am equally impressed by your HSE”
Tigo Tanzania, Chief Technology Officer
Efficiency Improvements since 2015:
• 93% improvement in power service
delivery from Q4 15 to Q4 18(1)
• $46m reduction in capex between 2015
and 2018 on pricing alone
• 80% reduction in strategic suppliers from
60 to 12 between 2015 and Q4 18
• 38% productivity improvement with
employees per 100 towers reducing to
5.3 from 8.6(2)
• 45% reduction in office space(3)
Source:Company
(1) Q4 2018 average weekly downtime per tower compared to Q4 2015 average
(2) From December 2015 to December 2018
(3) Office space reduction in m2 in Tanzania, DRC and Congo B from December 2015 to December 2018
By the end
of 2018:
Of our staff will have
been trained in Lean Six Sigma
Driving Efficiency Improvements Customer Service Excellence FocusBuilding a Business Excellence Culture
Focus on developing local teams:
Trained in Six Sigma
by the end of 2019c.50%
c.35%
2 Strategy
Delivered significant achievements, with opportunities for further improvement
Markets
Helios Towers | Private & Confidential
6.7%
6.8%
6.9%
6.9%
6.9%
7.0%
7.2%
7.3%
8.2%
8.3%
Philippines
Tanzania
Senegal
Bhutan
Cambodia
Djibouti
Cote d'Ivoire
India
Ethiopia
Ghana
Why Africa?
14(1) ‘African cities surge to top of global growth league’ FT (11 September 2018)(2) World Bank 2018(3) UN Population Prospects 2018, projected % population change from 2018-2035 for cities with a current population over 2.5m
“Africa has become the world’s most
rapidly urbanising continent. From 2018 to 2035, the UN predicts that the world’s
10 fastest growing cities will be
African....Urbanisation is what helped
ignite the ‘Africa Rising’ narrative”Financial Times (2018)(1)
World Population Growth(1)
(Billion People)
Top 10 fastest growing economies in 2018(2)
(GDP)
3 Markets
96%
100%
103%
103%
104%
105%
108%
117%
121%
135%
Bamako, Mali
Port Harcourt, Nigeria
Kinshasa, DRC
Addis Ababa, Ethiopia
Antananarivo, Madagascar
Lusaka, Zambia
Abuja, Nigeria
Ouagadougou, Burkina Faso
Dar es Salaam, Tanzania
Kampala, Uganda
Top 10 fastest growing cities 2018 - 2035(3)
(Population)
2018 Population
1.3 Billion
2100 Population
4.5 Billion
Sustainable long-term growth
Helios Towers | Private & Confidential
Helios Towers’ Structural Growth OpportunityOur markets are expected to grow significantly in the coming years
38m(1)
new people in HT markets
8%(1)
increase in penetration
27m(1)
increase in people living in cities
67%(1)
below 30 years old
5.1%(2)
increase in GDP
51m(3) more
subscriptions across HT markets
Demand for Mobile
New technology
+4x(4)
increase in 4G connections
Data usage
+11x(5)
increase in data usage in SSA
Infrastructure demand
~18,000(3) new
standard PoS indicated in HT markets
4G
(1) United Nations, World Population Prospects. 2018-2024E
(2) IMF, World Economic Outlook October 2018. 2017-2023E
(3) Hardiman report, April 2019. 2018-2024E
(4) GSMA Intelligence, March 2019. 2018-2024E
(5) Ericson Mobility Report, June 2018. 2017-2023E
+
Positive Macro Drivers
Low Telecom Penetration
High Equipment Growth
15
+ + +
+ +
3 Markets
Helios Towers | Private & Confidential
HT Markets Sub-Saharan Africa G7
Structurally Attractive Markets With Superior Growth
(1) United Nations Population Prospects, 2018 Revision. 2018-2023E
(2) United Nations Population Prospects, 2018 Revision. 2018
(3) IMF World Economic Outlook, October 201816
Macro
Strong GDP growth drives disposable income(3)
Real GDP Growth 2017-2023E
238m addressable population in HT’s marketsPopulation (m)(1)
Young Population with c.70% under 30(2)
0-30yrs
30+yrs
11%
3%
HT Markets G7
Favourable urbanisation trends(1)
Increase in urban population (2018-2024E) as % of population
+27 million will move to cities
5.1%
3.3%
1.6%
HT Markets Sub-Saharan Africa G7(revenue weighted)
TZ 60
DRC 85
CB 5GH 30
238
276
782
766
Population 2024E
1,064
1,241+2%CAGR
+3%CAGR
+0%CAGR
SA 58
67%
35%
33%
65%
HT Markets G7
3 Markets
Helios Towers | Private & Confidential
44 5838
635639
4499
104
2018 2024F
Tanzania DRC Congo B Ghana South Africa
15% 17%
27%33%
48%
26% 29%
73%
Tan
zan
ia
DR
C
Co
ng
o B
Gh
an
a
So
uth
Afr
ica
Av
g H
T
Ma
rke
ts
Nig
eria
G7
43%
68%
36% 35%
19%
31%21% 6%
Tan
zan
ia
DR
C
Co
ng
o B
Gh
an
a
So
uth
Afr
ica
Av
g H
T
Ma
rke
ts
Nig
eria
G7
Structurally Attractive Markets With Superior Growth
(1) Hardiman Report, April 2019. Unique mobile subscribers 2018
(2) GSMA Intelligence, March 2019. Unique broadband subscribers 2018 17
+18,000 additional PoS
indicated
(3) Point of Service or Operator Tenancy as opposed to Network PoS signifying different technology
equipment placed on a site by a single operator. Given multiple technologies, Network PoS can
considerably exceed equivalent PoS
(4) Hardiman Report April 2019. Company estimate for G7 based on subscriber growth
Underpenetrated mobile markets(1)
2018-2024E MNO PoS(3) Growth(4)
Telecoms
40% 37%
49%53%
67%
47% 49%
85%
Tan
zan
ia
DR
C
Co
ng
o B
Gh
an
a
So
uth
Afr
ica
Av
g H
T
Ma
rke
ts
Nig
eria
G7
Mobile broadband penetration is low(2)
Mobile subscription growth(1)
2018-2024E275
224
3% CAGR
CAGR2018-2024E: +9% +4% +2% +1%+5%
3 Markets
Helios Towers | Private & Confidential
2017 2018 2019 2020 2021 2022 2023
Sub-Saharan Africa North America China Western Europe
Mobile Operators Poised for African Data Boom
18(1) Ericsson Mobility Report, June 2018
(2) Company as of December 2018
Increased Mobile Data Consumption(1)
(2017 Indexed = 100)
c.11xIncrease in mobile data
traffic in SSA(2017 – 2023E)
c.6-8xIncrease in mobile data
traffic in China, North America and Western Europe
(2017 – 2023E)
3 Markets
4G Licence Awarded
Tanzania 2015
DRC 2018
Ghana 2016
Congo B 2016
South Africa 2012
+535Amendment
Colocations added since 2015(2)
Robust Business Model
Helios Towers | Private & Confidential
USD
62%
XAF/EUR
3%
LCY
35%USD
53%
XAF/EUR
4%
LCY
28%
Power
LCY
15%
Founded on Strong Contracts and Sustainable PricingBuilding Customer Relationships
(1) TCO = Total cost of ownership by MNO. Includes opex, maintenance capex and financing cost at 8%
(2) Based on FY 2018 results
(3) Airtel, MTN, Orange, Tigo, Vodafone/com
Long Tenure
Minimal cancellation rights
Automatic renewal clauses
Menu pricing for amendment revenue
Inflation and power price escalators
Take-or-pay commitments (colocation/BTS)
Strong Long-Term Contracts Sustainable Long-Term Pricing Strategy
Lea
se R
ate
Consideration per site
Higher Sustainability Lower Sustainability
Deal Range
Replacement cost
TCO
HT Deals:Lease Rate Discount to TCO(1)
~35%
20
4 Robust Business Model
FX and Inflation Protected(2) Strong Blue-Chip Client Base
Future Contracted Revenue by
Customer
Revenue
FX Mix
EBITDA
FX Mix
Africa's Big 5
MNOs
81%
Other
19%
(3)
57% Hard
Currency
65% Hard
Currency
Helios Towers | Private & Confidential
Historical Capex Investment Drives Future Cash Flow Expansion
(1) Excludes intangibles
(2) Non-discretionary capex is defined as maintenance and corporate capital expenditure
(3) Calculated as Adj. EBITDA – Tax paid –– Maintenance and Corporate capital expenditure
(4) Based on analysis of 5,874 sites, using TIA-222-H Standard For Antennas And The Supporting Structures For Antennas And Small Wind Turbines
Strong Unlevered Recurring Cash Flow(3)Low Non-Discretionary Capex Expected Going Forward
Capex(1) ($m)
16
72
123
158
2015 2016 2017 2018
($m)
21
Non-discretionary
capex(2) level of
$20-25m p.a.
4
4 Robust Business Model
Maintenance & Corporate Upgrade Growth Acquisitions
19%
4%
27%
50%
At capacity
+1 tenancy
+2 tenancies
+3 tenancies
An Attractive Asset Base, Ready for Future Tenants
Available capacity to accommodate up
to c. 4.1x tenancy ratio(4)
81% of sites with capacity, lease-up ready and colocation
demand can be accommodated with minimal
incremental capex
2016 2017 2018 2019
281
171
119 100
(excl. SA)
Wrap-up
Helios Towers | Private & Confidential
43%
68%
36% 35%19%
Tan
zan
ia
DR
C
Co
ng
o B
Gh
an
a
So
uth
Afr
ica
Wrap-up
Invested to ensure lease-up ready in all markets
81% sites ready for new tenants
Capacity of 4.1x on tenancies today
In-market expansion options New Markets optionsAdjacent Service options
Prepared for Growth4
Source: Company as of 31 December 2018
(1) Source: Hardiman Report, April 2019
+18,000 additional PoS
indicated
2018-2024 MNO PoS Growth(1)
Robust Business Model with Strong Recurring Cash Flows
6
Long-Term Contracts
Sustainable Pricing Strategy
FX and Inflation Protected
Diversified Blue Chip Client Base
Sole Independent TowerCo in 3 out of 5 markets
66% 63%
49% 21%
#1 #1
#1
1
Tanzania DRC
Congo B Ghana
HT market share (excl. South Africa)
77%Urban
23
Exposure to Large High Growth Markets
Population Growth
Young Population
Urbanisation
GDP Growth
Business Excellence Driving Margins Higher
5
Localised workforce
2 High Telecoms Infrastructure Growth
3
5 Wrap-up
Delivering growth and quality for our stakeholders
Appendix
Helios Towers | Private & Confidential
25
Leading Values, Ethics and HSE
Source: Company(1) Estimated annualised CO2 savings as of December 2018(2) 2018 average monthly KM driven compared to FY 16 average monthly KM driven
Training and code of conduct extends to suppliers
Global Whistleblower Hotline in place
Ethics
Health & Safety Environment
Values
Comprehensive suite of policies aligned with international best practice
Group-wide strategy to positively monitor and improve our contribution to the environment
“Do The Right Thing”
430 solar solutions, 640 hybrid sites and
400 grid connections installed, saving over
5,000 tonnes in CO2 emissions per year(1)
330K km monthly reduction in site travel,
resulting in 48K litres fuel being saved(2)
Group program for training and reinforcing our value;
6 Appendix
Helios Towers | Private & Confidential
Straight-Forward Revenue Model
26
• Adding new tenant to an existing tower
• Existing customer adds additional equipment
• Grow tower portfolio through acquisitions (sale & leaseback) or organically (build-to-suit)
Tower with 1 tenantColocation: Multiple
Tenancies
Amendment: Equipment
AdditionAcquire and Build Towers
• MNOs place own active equipment on HT towers
80%-90% Adj. EBITDA margin flow through(1)
1 2 3 4
(1) Based on management estimates
6 Appendix
Helios Towers | Private & Confidential
Previously at: • Hutchison Telecom
• BeMobile
• Strong management
team with extensive
experience came
together in 2015
• Demonstrating a
track record of
margin growth
• Establishing world-
class capabilities
within the
organisation
27
Philippe LoridonCEO HT Tanzania
• Joined 2012
Helen EbertChief Legal Officer
• Joined 2018
Roy CursleyDirector of Delivery
and Technology
• Joined 2015
Colin GastonDirector of
Special Projects
• Joined 2015
Tom GreenwoodChief Financial Officer
• Joined 2010
Alex LeighChief Commercial
Officer
• Joined 2012
Jeffrey
SchumacherCEO HT Ghana, HT
Congo Brazzaville &
HT South Africa
• Joined 2011
Nick SummersDirector of Sustainability
and Organisational
Development
• Joined 2010
Léon-Paul O.
ManyaCEO HT DRC
• Joined 2011
Kash PandyaChief Executive
Officer
• Joined 2015
Strong Executive Team
Previously at: • Tigo
• Dimension Data
Previously at: • Soros Fund
Management
Previously at: • Schlumberger
• Aggreko
Previously at: • Aggreko
Previously at: • Vodafone
Previously at: • Linklaters
• Freshfields
Previously at: • Rothschild
• UBS
Previously at: • PwC
Previously at: • Johnston Group
• Aggreko
6 Appendix
Helios Towers | Private & Confidential
Minimal EBITDA Sensitivity to Fuel and FX Fluctuations
Source: Company. Based on FY 2018 results.
Impact on Adj. EBITDA
Fuel FX+10%
(10%)
Price Movement
c.+2.5%
c.(2.5%)
c.+3.0%
c.(3.0%)
EBITDA Impact
TZS GHS EUR
c.+0.9%
c.(0.9%)
c.+0.3%
c.(0.3%)
28
Fx Power
Tanzania
DRC
Congo B
Ghana
Group+65%
EBITDA in Hard
Currency
Pricing adjusted
for fuel, electricity
and inflation
Revenue Mix
TZS 77% USD 23%
USD 100%
USD/EUR-peg 100%
GHS 81% USD 19%
CPI
55%Fuel
32%
CPI
64%
Fuel
27%
Elec 9%
Elec 14%
CPI
84%Fuel
15%
Elec 1%
CPI
60%Fuel
19%
Elec 22%
Strong Contractual FX and Inflation Protection
6 Appendix
Helios Towers | Private & Confidential
Summary of Financial Debt
Debt KPIs
29
Gross and Net Leverage
Commentary
Continued deleveraging supported by Q-o-Q growth
in Adj. EBITDA
(1) ‘Other’ relates to unamortised loan issue costs, accrued bond and loan interest, derivative liability and shareholder loans(2) Annualised adj. EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future result(3) Calculated as gross debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year(4) Calculated as net debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year
($m) FY 17 Q4 17 FY 18 Q4 18
Cash & cash equivalents 120 120 89 89
Bond 600 600 600 600
Term Loan - - 25 25
Lease Obligations + Other (1) 115 115 121 121
Gross Debt 715 715 746 746
Net Debt 595 595 657 657
Annualised adj. EBITDA 146 164(2) 176 186(2)
Gross Leverage (3) 4.9x 4.4x 4.2x 4.0x
Net Leverage (4) 4.1x 3.6x 3.7x 3.5x
4.9x4.4x 4.2x 4.0x4.1x
3.6x 3.7x 3.5x
FY 17 Q4 17 FY 18 Q4 18
Gross leverage Net leverage
-0.9x / -0.6x
6 Appendix
top related