Helios Towers FY 2023 Results
ADJ. EBITDA GROWTH AND ROIC EXPANSION
SUPPORTING CASH FLOW GENERATION
($USM)
370
(36)
($USM)
(81)
(45)
(385)
(21)
(128)
(721)
FY 21
FY 22
FY 23
FY 24
(47)
268
93
(168)
Commentary
•
Record portfolio free cash flow of
$268m, driven by Adj. EBITDA growth
and higher cash conversion
c. $5m ahead of FY 23 guidance due to
timing of non-disc. capex
Levered portfolio free cash flow
(LPFCF(7)) increased to $93m, driven
by PFCF and improved working
capital
Receivable days decreased to 47 days
(FY 22:57 days)
• Free cash flow of ($81m) in FY 23
Target neutral free cash flow in
FY 24 (8)
•
(81)
(7)
Adj.
EBITDA
Non-disc.
capex
Payment
of lease
liabilities (1)
Corporate
taxes
Portfolio
free cash
paid
flow
Net
payment
of interest (2)
Net change
in working
capital (3)
Levered
Disc.
Exceptionals (6) Free
portfolio
free cash (4)
flow
Capex(5)
cash
flow
YOY
growth
+31%
+33%
+5x
(1)
Payment of lease liabilities comprises interest and principal repayments of lease liabilities.
(2)
Net payment of interest corresponds to the net of 'Interest paid' (including withholding tax) and 'Interest received' in the Consolidated
Statement of Cash Flow, excluding interest payments on lease liabilities.
(5)
(6)
20 Helios Towers FY 2023 Results
(3)
Working capital means the current assets less the current liabilities for the Group. Net change in working capital corresponds to
movements in working capital, excluding cash paid for exceptional and one-off items and including movements in working capital
related to capital expenditure.
(7)
(8)
(4)
FY 22 levered portfolio free cash flow has been restated based on the updated structure of management cash flow. It is defined as
portfolio free cash flow less net payment of interest and net change in working capital.
Discretionary capital additions includes acquisition, growth and upgrade capital additions.
Cash paid for exceptional and one-off items and proceeds on disposal of assets includes project costs, deal costs, deposits in relation
to acquisitions, proceeds on disposal of assets and non-recurring taxes.
LPFCF definition updated to broadly correspond to RLFCF and RFCF used by Cellnex and Inwit, respectively.
Excluding potential second acquisition closing in Oman, previously announced on 8 December 2022.View entire presentation