Introduction and overview of Group's risk management (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Introduction and overview of Group's risk management |
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| Schedule of sensitivity analysis of exchange rates |
| | | | | | | | | | | | | | | | | | | | Effect on | | Effect on | | Effect on | | Effect on | | Effect on | | Effect on | | | | Effect on | | Rwandan | | Nigerian | | Zambian | | South Africa | | Brazilian | | Kuwaiti | | | | Euro | | Franc | | Naira | | Kwacha | | Rand | | Real | | Dinar | | | | $’000 | | $’000 | | $’000 | | $’000 | | $’000 | | $’000 | | $’000 | | 2023 | | | | | | | | | | | | | | | | Rate of change | | 10 | % | 10 | % | 10 | % | 10 | % | 10 | % | 10 | % | 10 | % | Effect of US Dollar weakening on loss | | (21,911) | | (1,311) | | (255,956) | | (16,038) | | (3,996) | | — | | (1,047) | | Effect of US Dollar strengthening on loss | | 21,911 | | 1,311 | | 255,956 | | 16,038 | | 3,996 | | — | | 1,047 | | | | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | | | | | | Rate of change | | 7 | % | 7 | % | 7 | % | 7 | % | 7 | % | 7 | % | 7 | % | Effect of US Dollar weakening on loss | | (13,153) | | (4,402) | | (165,880) | | (15,528) | | (2,809) | | (18,898) | | (648) | | Effect of US Dollar strengthening on loss | | 13,153 | | 4,402 | | 165,880 | | 15,528 | | 2,809 | | 18,898 | | 648 | | | | | | | | | | | | | | | | | | 2021 | | | | | | | | | | | | | | | | Rate of change | | 5 | % | 5 | % | 5 | % | 5 | % | n/a | | 5 | % | 5 | % | Effect of US Dollar weakening on loss | | (15,726) | | (3,284) | | (106,595) | | (11,078) | | — | | (15,502) | | (424) | | Effect of US Dollar strengthening on loss | | 15,726 | | 3,284 | | 106,595 | | 11,078 | | — | | 15,502 | | 424 | |
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| Schedule of foreign exchange exposure on inter company loans |
| | | | | | | | | | | | | | | | | Nigerian | | Rwandan | | Zambian | | South African | | Brazilian | | Kuwaiti | | | | | Naira | | Franc | | Kwacha | | Rand | | Real | | Dinar | | US Dollar | | | $’000 | | $’000 | | $’000 | | $’000 | | $’000 | | $’000 | | $’000 | 2023 | | | | | | | | | | | | | | | US Dollar loan | | 2,240,110 | | 13,108 | | 79,081 | | 39,956 | | — | | 10,473 | | — | Euro loan | | — | | — | | — | | — | | — | | — | | 214,271 | | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | | | | | US Dollar loan | | 2,172,230 | | 62,886 | | 127,235 | | 40,132 | | 269,976 | | 9,261 | | — | Euro loan | | — | | — | | — | | — | | — | | — | | 244,194 |
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| Schedule of foreign exchange risk |
| | | | | | | 2023 | | 2022 | | | $’000 | | $’000 | | | | | | Trade receivables | | 7,330 | | 7,356 | Cash and cash equivalents | | 50,132 | | 45,234 | Trade payables | | (44,835) | | (69,480) | Borrowings | | (405,592) | | (306,291) | Net exposure | | (392,965) | | (323,181) |
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| Schedule of interest rate risk |
| | | | | | | | | 2023 | | 2022 | | 2021 | | | $'000 | | $'000 | | $'000 | | | | | | | | Effect of 1% (2022 and 2021: 1%) increase on post tax loss | | 11,412 | | 6,345 | | 6,343 | Effect of 1% (2022 and 2021: 1%) decrease on post tax loss | | (11,423) | | (6,846) | | (6,079) |
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| Schedule of maximum credit exposure |
| | | | | | | 2023 | | 2022 | | | $’000 | | $'000 | | | | | | Other receivables (note 19) | | 317,452 | | 387,019 | Derivative financial instrument assets (note 18) | | 2,105 | | 6,121 | Trade receivables (net) (note 19) | | 212,323 | | 211,025 | Cash and cash equivalents (note 20) | | 293,823 | | 514,078 | | | 825,703 | | 1,118,243 |
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| Schedule of credit ratings of other receivables |
| | | | | | | 2023 | | 2022 | | | $’000 | | $'000 | Other receivables | | | | | AAA | | 22,485 | | 27,820 | A | | — | | 63 | B | | 259,702 | | 335,600 | Not rated | | 35,265 | | 23,536 | | | 317,452 | | 387,019 |
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| Schedule of internal credit ratings |
| | | | | | | | | Internal Credit rating | | | | | First tier | | Second tier | | Total | | | $'000 | | $'000 | | $'000 | 2023 | | | | | | | Accrued Revenue | | 86,683 | | 99 | | 86,782 | Not due | | 57,540 | | 4,031 | | 61,571 | 0-30 days | | 17,632 | | 2,240 | | 19,872 | 31-60 days | | 15,072 | | 4,532 | | 19,604 | 61-90 days | | 1,128 | | 4,213 | | 5,341 | Over 90 days | | 19,213 | | 21,145 | | 40,358 | Gross trade receivables | | 197,268 | | 36,260 | | 233,528 | Impairment allowance | | (8,647) | | (12,558) | | (21,205) | Net trade receivables | | 188,621 | | 23,702 | | 212,323 |
| | | | | | | | | Internal Credit rating | | | | | First tier | | Second tier | | Total | | | $'000 | | $'000 | | $'000 | 2022 | | | | | | | Accrued Revenue | | 84,975 | | 156 | | 85,131 | Not due | | 58,169 | | 3,128 | | 61,297 | 0-30 days | | 22,581 | | 2,267 | | 24,848 | 31-60 days | | 11,233 | | 3,269 | | 14,502 | 61-90 days | | 4,411 | | 3,902 | | 8,313 | Over 90 days | | 11,748 | | 30,551 | | 42,299 | Gross trade receivables | | 193,117 | | 43,273 | | 236,390 | Impairment allowance | | (2,597) | | (22,768) | | (25,365) | Net trade receivables | | 190,520 | | 20,505 | | 211,025 |
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| Schedule of movement in allowance for impairment in respect of trade receivables |
| | | | | | | | | 2023 | | 2022 | | 2021 | | | $'000 | | $'000 | | $'000 | | | | | | | | Opening balance | | 25,365 | | 31,063 | | 133,800 | Increase/(decrease) in impairment provision | | 7,202 | | (4,446) | | (34,031) | Written-off during the year | | (2,597) | | (312) | | (67,053) | Foreign exchange | | (8,765) | | (940) | | (1,653) | | | 21,205 | | 25,365 | | 31,063 |
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| Schedule of contractual undiscounted cash flows of financial liabilities |
| | | | | | | | | | | | | Within 1 year | | 2 - 3 years | | 4 - 5 years | | Over 5 years | | Total | | | $'000 | | $'000 | | $'000 | | $'000 | | $'000 | 2023 | | | | | | | | | | | Trade payables (note 21) | | 330,622 | | — | | — | | — | | 330,622 | Other payables (note 21) | | 110,706 | | 4,629 | | — | | — | | 115,335 | Payroll and other related statutory liabilities (note 21) | | 46,282 | | — | | — | | — | | 46,282 | Lease liabilities | | 101,709 | | 193,434 | | 180,895 | | 705,421 | | 1,181,459 | Bank and bond borrowings | | 670,261 | | 1,578,329 | | 1,950,750 | | 303,397 | | 4,502,737 | | | 1,259,580 | | 1,776,392 | | 2,131,645 | | 1,008,818 | | 6,176,435 | 2022 | | | | | | | | | | | Trade payables (note 21) | | 442,959 | | — | | — | | — | | 442,959 | Other payables (note 21) | | 88,676 | | 1,459 | | — | | — | | 90,135 | Payroll and other related statutory liabilities (note 21) | | 45,331 | | — | | — | | — | | 45,331 | Lease liabilities | | 92,417 | | 179,930 | | 168,231 | | 667,954 | | 1,108,532 | Bank and bond borrowings | | 649,110 | | 1,051,663 | | 1,922,606 | | 753,813 | | 4,377,192 | | | 1,318,493 | | 1,233,052 | | 2,090,837 | | 1,421,767 | | 6,064,149 |
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| Schedule of net leverage ratios |
| | | | | | | | 2023 | | 2022 | * | | | $’000 | | $'000 | | | | | | | | Bank and bond borrowings (note 22) | | 3,510,847 | | 3,344,402 | | Lease liabilities (note 23) | | 601,994 | | 605,558 | | Less: Cash and cash equivalents (note 20) | | (293,823) | | (514,078) | | Net debt | | 3,819,018 | | 3,435,882 | | | | | | | | Segment Adjusted EBITDA | | 1,132,535 | | 1,030,931 | | Management net leverage ratio | | 3.4x | | 3.3x | |
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| Schedule of financial instruments measured at fair value |
| | | | | | | | | Level 1 | | Level 2 | | Total | 2023 | | $'000 | | $'000 | | $'000 | | | | | | | | Fair value through other comprehensive income financial assets | | 13 | | — | | 13 | Interest rate caps (note 18) | | — | | 565 | | 565 | Embedded options within listed bonds (note 18) | | — | | 1,540 | | 1,540 | Foreign exchange swaps (note 18) | | — | | (68,133) | | (68,133) | | | 13 | | (66,028) | | (66,015) |
| | | | | | | | | Level 1 | | Level 2 | | Total | 2022 | | $'000 | | $'000 | | $'000 | | | | | | | | Fair value through other comprehensive income financial assets | | 10 | | — | | 10 | Interest rate caps (note 18) | | — | | 821 | | 821 | Embedded options within listed bonds (note 18) | | — | | 5,300 | | 5,300 | Foreign exchange swaps (note 18) | | — | | (1,393) | | (1,393) | | | 10 | | 4,728 | | 4,738 |
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| Schedule of fair value estimation |
| | | | | | | | | | | 2023 | | 2022 | | | Carrying | | | | Carrying | | | | | value | | Fair value | | value | | Fair value | Financial liabilities | | $'000 | | $'000 | | $'000 | | $'000 | | | | | | | | | | Bank and bond borrowings (note 22) | | 3,510,847 | | 3,224,775 | | 3,344,402 | | 3,116,193 | | | 3,510,847 | | 3,224,775 | | 3,344,402 | | 3,116,193 |
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| Schedule of financial instruments by category - Assets |
| | | | | | | | | Financial assets | | | | Fair value | | | | | | | | | through other | | Fair value | | | | | Amortized | | comprehensive | | through profit | | | | | cost | | income | | or loss | | Total | | | $'000 | | $'000 | | $'000 | | $'000 | 2023 | | | | | | | | | Trade receivables (note 19) | | 212,323 | | — | | — | | 212,323 | Other receivables (note 19) | | 317,452 | | — | | — | | 317,452 | Cash and cash equivalents (note 20) | | 293,823 | | — | | — | | 293,823 | Fair value through other comprehensive income financial assets | | — | | 13 | | — | | 13 | Derivative financial instruments assets (note 18) | | — | | — | | 2,105 | | 2,105 | | | 823,598 | | 13 | | 2,105 | | 825,716 | | | | | | | | | | 2022 | | | | | | | | | Trade receivables (note 19) | | 211,025 | | — | | — | | 211,025 | Other receivables (note 19) | | 387,019 | | — | | — | | 387,019 | Cash and cash equivalents (note 20) | | 514,078 | | — | | — | | 514,078 | Fair value through other comprehensive income financial assets | | — | | 10 | | — | | 10 | Derivative financial instruments assets (note 18) | | — | | — | | 6,121 | | 6,121 | | | 1,112,122 | | 10 | | 6,121 | | 1,118,253 |
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| Schedule of financial instruments by category - Liabilities |
| | | | | | | Financial liabilities | | | | Fair value | | | | | | | through profit | | | | | Amortized cost | | or loss | | Total | | | $'000 | | $'000 | | $'000 | 2023 | | | | | | | Bank and bond borrowings (note 22) | | 3,510,847 | | — | | 3,510,847 | Trade payables (note 21) | | 330,622 | | — | | 330,622 | Other payables (note 21) | | 115,335 | | — | | 115,335 | Derivative financial instruments liabilities (note 18) | | — | | 68,133 | | 68,133 | Lease liabilities (note 23) | | 601,994 | | — | | 601,994 | | | 4,558,798 | | 68,133 | | 4,626,931 | | | | | | | | 2022 | | | | | | | Bank and bond borrowings (note 22) | | 3,344,402 | | — | | 3,344,402 | Trade payables (note 21) | | 442,959 | | — | | 442,959 | Other payables (note 21) | | 90,135 | | — | | 90,135 | Derivative financial instruments liabilities (note 18) | | — | | 1,393 | | 1,393 | Lease liabilities (note 23)* | | 605,558 | | — | | 605,558 | | | 4,483,054 | | 1,393 | | 4,484,447 |
*Re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the MTN SA Acquisition in May 2022.
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