Investor Presentaiton
HIGHLIGHTS
FINANCIAL RESULTS
Q3 2023: Net leverage reduced
to within our target range
helios towers
Debt KPIs
Commentary
($m)
Q4 22
Q2 23
Q3 23
Q3 23 PF(7).
Cash & cash equivalents
120
128
151
151
Bond (Dec-25)
975
975
975
650
Convertible bond (1) (Mar-27)
247
247
247
247
Group term loan (Jun-25)
25
65
80
405
Local facilities
267
270
282
282
Lease obligations + other (2)
284
285
297
297
Gross debt
1,798
1,843
1,881
1,881
Net debt (3)
1,678
1,715
1,730
1,730
Net leverage decreased by -0.6x YTD and -0.3x QoQ to
4.5x, within our target range of 3.5x – 4.5x
Looking forward to 2024, we target reducing our net
leverage to below 4.0x
On a pro forma basis, c.$550m in available funds, with
$151m cash on balance sheet and c.$400m undrawn
debt facilities across the Group
Debt is largely fixed rate, with no near-term maturities
Annualised Adj. EBITDA (4)
329
356
382
382
Gross leverage (5)
5.5x
5.2x
4.9x
4.9x
Net leverage (6)
5.1x
4.8x
4.5x
4.5x
4
years weighted
average life
remaining(8)
>80%
of drawn
debt at fixed
rate(8)
(1)
(2)
(3)
(4)
-0.6x net leverage YTD
The convertible bond is accounted for as a compound instrument. On initial recognition of the $250m March issue, this created a
$205m liability and an equity component of $45m before transaction costs. At Q3 2023 and including the $50m bond tap, this
represents a $247m liability and an equity component of $53m before transaction costs and excluding accrued interest.
'Other' relates to unamortised loan issue costs, accrued bond and loan interest, derivative liability and shareholder loans.
Net debt is calculated as gross debt less cash and cash equivalents.
Annualisation is calculated as the most recent fiscal quarter multiplied by four, adjusted to annualise the impact of acquisition
completed during the period.
(5)
Calculated as gross debt divided by Annualised Adj. EBITDA for the quarter.
(6)
Calculated as net debt divided by Annualised Adj. EBITDA for the quarter.
(7)
Q3 23 PF reflects Q3 23 reported position, adjusted for the $325m partial tender of the Group's 2025 notes announced on 16 October
2023.
(8)
Fixed rate % and weighted average remaining life based on drawn debt on a pro forma basis.
Helios Towers Q3 2023 Results 17View entire presentation