IHS Holding Ltd (IHS) 2022 Q4 法說會逐字稿

Good day, and welcome to the IHS Holdings Limited Earnings Results Call for the 3-month and Full Year period ended December 31, 2022. Please note that today's conference is being webcast and recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Colby Synesael. Please go ahead, sir.

美好的一天，歡迎來到 IHS Holdings Limited 截至 2022 年 12 月 31 日的三個月和全年收益結果電話會議。請注意，今天的會議正在進行網絡直播和錄製。 （操作員說明）此時，我想將會議轉交給 Colby Synesael。請繼續，先生。

Thank you, operator. Thanks also to everyone for joining the call today. I'm Colby Synesael, the EVP of Communications here at IHS. With me today are Sam Darwish, our Chairman and CEO; and Steve Howden, our CFO.

謝謝你，運營商。也感謝大家今天加入電話會議。我是 IHS 的通信執行副總裁 Colby Synesael。今天和我在一起的是我們的董事長兼首席執行官 Sam Darwish；和我們的首席財務官 Steve Howden。

This morning, we filed our annual report on Form 20-F for the full year ended December 31, 2022, with the SEC, which can also be found on the Investor Relations section of our website and issued a related earnings release and presentation. These are the consolidated results of IHS Holding Ltd, which is listed on the New York Stock Exchange under the ticker symbol IHS, which compromises the entirety of the group's operations.

今天上午，我們向美國證券交易委員會提交了截至 2022 年 12 月 31 日的全年的 20-F 表格年度報告，該報告也可以在我們網站的投資者關係部分找到，並發布了相關的收益發布和介紹。這些是 IHS Holding Ltd 的綜合業績，該公司在紐約證券交易所上市，股票代碼為 IHS，該集團的整體運營受到損害。

First, we apologize for having to reschedule our earnings call to today. But as our announcement noted, it was important that we took the extra time to complete our year-end closing process procedures, particularly relating to the integration of recent acquisitions.

首先，對於不得不將我們的財報電話會議重新安排到今天，我們深表歉意。但正如我們的公告所指出的，重要的是我們需要額外的時間來完成我們的年終結算流程程序，特別是與最近收購的整合有關的程序。

Second, and before we discuss the results, I would like to draw your attention to the disclaimers set up at the beginning of the presentation on Slide 2, which should be read in full, along with the cautionary statement regarding forward-looking statements set out in the earnings release and Form 20-F filed as well today. In particular, the information to be discussed may contain forward-looking statements, which, by their nature, involve known and unknown risks, uncertainties and other important factors, some of which are beyond our control that are difficult to predict and, other factors which may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking statements, including those discussed in the Risk Factors section of our Form 20-F filed today with the Securities and Exchange Commission, and our other filings filed with the SEC.

其次，在我們討論結果之前，我想提請您注意在幻燈片 2 的演示文稿開頭設置的免責聲明，應完整閱讀該聲明，以及關於前瞻性陳述的警告聲明在收益發布和今天提交的 20-F 表格中。特別是，要討論的信息可能包含前瞻性陳述，這些陳述就其性質而言，涉及已知和未知的風險、不確定性和其他重要因素，其中一些是我們無法控制的，難以預測，以及其他因素可能導致實際結果、業績或成就或行業結果與此類前瞻性陳述明示或暗示的任何未來結果、業績或成就或行業結果存在重大差異，包括我們的 20-F 表格“風險因素”部分中討論的那些今天向美國證券交易委員會提交了文件，我們向美國證券交易委員會提交了其他文件。

We'll also refer to non-IFRS measures that we view as important in assessing the performance of our business. Reconciliation of non-IFRS metrics to the nearest IFRS metrics can be found in our earnings presentation, which is available on the Investor Relations section of our website.

我們還將參考我們認為對評估我們的業務績效很重要的非 IFRS 措施。非 IFRS 指標與最接近的 IFRS 指標的對賬可以在我們的收益報告中找到，該報告可在我們網站的投資者關係部分找到。

And with that, I'd like to turn the call over to Sam Darwish, our Chairman and CEO.

說到這裡，我想把電話轉給我們的董事長兼首席執行官 Sam Darwish。

Thanks, Colby, and welcome, everyone, to our fourth quarter and year-end 2022 earnings results call. Very strong quarter with 2022 revenue, adjusted EBITDA and RLFCF, all at the high end or above our guidance. The strength was primarily driven by continued secular demand and, to a lesser degree additional power revenue and $4 million for its tailwind versus rates previously assumed in guidance.

謝謝，科爾比，歡迎大家參加我們的第四季度和 2022 年底財報電話會議。非常強勁的季度，2022 年收入、調整後的 EBITDA 和 RLFCF 均處於高端或高於我們的指導。這種力量主要是由持續的長期需求驅動的，在較小程度上是由額外的電力收入和 400 萬美元的順風推動的，而不是之前在指導中假設的費率。

For the year, we generated revenue of $1.961 billion, adjusted EBITDA of $1.031 billion, an RLFCF of $363 million, with organic revenue growth of 19.5%. We are excited to have crossed the $1 billion adjusted EBITDA mark for the first time ever. We expect this trend to continue, which is reflected in our 2023 guidance that we are introducing today. Our note guidance includes approximately $40 million of revenue from a onetime cash payment received in the first quarter '23 from our smallest key customer in Nigeria. This was for services we previously provided to them, but had not previously recognized given our revenue recognition policy.

全年，我們創造了 19.61 億美元的收入，調整後的 EBITDA 為 10.31 億美元，RLFCF 為 3.63 億美元，收入有機增長 19.5%。我們很高興有史以來第一次突破 10 億美元的調整後 EBITDA 大關。我們預計這一趨勢將繼續下去，這反映在我們今天推出的 2023 年指南中。我們的票據指導包括大約 4000 萬美元的收入，來自我們在尼日利亞最小的主要客戶在 23 年第一季度收到的一次性現金付款。這是針對我們之前向他們提供的服務，但之前根據我們的收入確認政策並未確認。

Even excluding this payment, though, the midpoint of our revenue guidance implies organic revenue growth of approximately 21%.

不過，即使不包括這筆付款，我們收入指引的中點也意味著有機收入增長約 21%。

Skipping to Slide 7. I want to discuss some of our key highlights this past year. Our first full year as a public company. In 2022, we completed 2 acquisitions, including SP5 in Brazil and the MTN portfolio in South Africa. The SP5 acquisition in March added over 2,100 towers, and we now have nearly 7,000 towers in Brazil, making us the third largest independent tower operator in the country. And as you'll see in our guidance, we expect to triple our BTS program in LatAm this year versus last year.

跳到幻燈片 7。我想討論我們過去一年的一些主要亮點。我們作為上市公司的第一個完整年度。 2022 年，我們完成了 2 項收購，包括巴西的 SP5 和南非的 MTN 組合。 3 月份的 SP5 收購增加了 2,100 多座塔，現在我們在巴西擁有近 7,000 座塔，使我們成為該國第三大獨立塔運營商。正如您將在我們的指南中看到的那樣，我們預計今年在 LatAm 的 BTS 計劃將比去年增加三倍。

We also continue to make good progress building our neutral host fiber business, I-Systems, with the network now passing 7.5 million homes as of the fourth quarter '22, including 4.5 million with fiber. This position is versus the 6.4 million homes and 3.5 million with fiber when we acquired the network from TIM in November 2021. We expect to make further progress in 2023 towards our goal to pass 10 million homes with fiber by the end of 2026. In total, our LatAm business generated over $125 million of annualized segment adjusted EBITDA in the fourth quarter 2022.

我們還在建設我們的中性主機光纖業務 I-Systems 方面繼續取得良好進展，截至 2022 年第四季度，該網絡現在已覆蓋 750 萬戶家庭，其中 450 萬戶使用光纖。這個位置與我們在 2021 年 11 月從 TIM 收購網絡時的 640 萬戶家庭和 350 萬戶光纖相比。我們預計將在 2023 年取得進一步進展，實現到 2026 年底通過 1000 萬戶光纖家庭的目標。 ，我們的 LatAm 業務在 2022 年第四季度產生了超過 1.25 億美元的年化分部調整後 EBITDA。

In South Africa, our acquisition of the MTN portfolio in May, immediately made us the largest independent tower operator in the country. As part of that deal, we also agreed to provide power managed services on an additional approximately 7,100 sites for MTN. Given various dynamics in the market, including an unprecedented level of load shedding that has occurred in the country post deal close, we may evaluate additional opportunities to provide power managed services, and we'll update you as appropriate, if necessary.

在南非，我們於 5 月收購了 MTN 資產組合，立即使我們成為該國最大的獨立鐵塔運營商。作為該交易的一部分，我們還同意為 MTN 的另外大約 7,100 個站點提供電源管理服務。鑑於市場的各種動態，包括交易完成後該國發生的前所未有的減載水平，我們可能會評估提供電源管理服務的其他機會，如有必要，我們會適時通知您。

Both LatAm, Brazil, particularly, and South Africa, represent 2 newer markets of scale in our portfolio that provide us outlets for additional growth and opportunities to further diversify our business.

拉美、巴西，尤其是南非，在我們的投資組合中代表了兩個較新的規模市場，它們為我們提供了額外增長的渠道和進一步多元化我們業務的機會。

Moving on, in 2022, we took initial steps to help improve stock liquidity, including waiving the registered stock offering requirement for the Block A shares in May, which has helped our trading volumes. With the Block B shares becoming freely tradable in April 2023, and the Block C and D shares becoming freely tradable in October 2023, we believe that volumes may further improve this year, and we continue to evaluate options that we believe will enhance the value of the company. At the same time, we continue to focus on delivering against our publicly stated fundamental objectives and building a track record with investors.

繼續前進，在 2022 年，我們採取了初步措施來幫助改善股票流動性，包括在 5 月份放棄 A 股的註冊股票發行要求，這有助於我們的交易量。隨著 B 股於 2023 年 4 月可自由交易，C 股和 D 股於 2023 年 10 月可自由交易，我們認為今年的交易量可能會進一步改善，我們將繼續評估我們認為將提高價值的期權公司。與此同時，我們繼續專注於實現我們公開聲明的基本目標，並在投資者中建立良好的記錄。

During 2022, we also took steps to further strengthen our balance sheet by raising a new 3-year bullet term loan at the group level that we used to repay near-term debt, and we extended our group revolving credit facility maturity to 2025. I'm also pleased to announce today that we've taken additional steps already in 2023 to strengthen the balance sheet by raising a new Naira-based 5-year term loan and 3-year revolving credit facility that we used to repay near-term and amortizing Naira-based debt. Including our cash position and undrawn debt capacity, we have over $1 billion of capital available with no meaningful maturities due until Q4 2025.

在 2022 年期間，我們還採取措施進一步加強我們的資產負債表，在集團層面籌集新的 3 年期子彈期貸款用於償還近期債務，並將集團循環信貸額度期限延長至 2025 年。我我今天也很高興地宣布，我們已經在 2023 年採取了額外措施來加強資產負債表，方法是籌集新的基於奈拉的 5 年期定期貸款和 3 年期循環信貸額度，我們過去常常償還短期和攤銷基於奈拉的債務。包括我們的現金頭寸和未提取的債務能力，我們有超過 10 億美元的可用資本，在 2025 年第四季度之前沒有到期。

Our treasury team was also busy this past year, helping upstream $207 million from Nigeria, including $60 million in December. And we have since upstreamed an additional $15 million in January, as part of the same structure transaction. This compares to the $179 million to be upstreamed in 2021, despite what has been a more challenging environment. In our view, this success in upstreaming reflects our strong relationship with our banking partners as well as the important role our sector plays in the Nigerian economy.

過去一年，我們的財務團隊也很忙，幫助從尼日利亞上游籌集了 2.07 億美元，其中包括 12 月份的 6000 萬美元。作為同一結構交易的一部分，我們在 1 月份又向上游追加了 1500 萬美元。相比之下，儘管環境更具挑戰性，但 2021 年將在上游投入 1.79 億美元。我們認為，在上游方面的成功反映了我們與銀行合作夥伴的牢固關係以及我們的行業在尼日利亞經濟中發揮的重要作用。

Lastly, in October, we announced Project Green, the next phase of our carbon reduction road map. Under Project Green, we expect to invest $214 million between 2022 and 2024 to connect more sites to the grid and add more batteries and solar solutions to our towers in 6 different markets. This in return is expected to generate RLFCF savings of $77 million by 2025, and generate an attractive 30% IRR. As a reminder, as part of our carbon reduction road map, we committed to reduce our Scope 1 and Scope 2 GHG emissions intensity per kilowatt by 50% by 2030, which, as I've said before, we believe make smart business sense and helps improve the environment in the communities, in which we operate.

最後，在 10 月，我們宣布了綠色項目，這是我們碳減排路線圖的下一階段。在 Project Green 下，我們預計在 2022 年至 2024 年期間投資 2.14 億美元，以將更多站點連接到電網，並為我們在 6 個不同市場的塔樓添加更多電池和太陽能解決方案。作為回報，預計到 2025 年將產生 RLFCF 節省 7700 萬美元，並產生極具吸引力的 30% 內部收益率。提醒一下，作為我們減碳路線圖的一部分，我們承諾到 2030 年將每千瓦的範圍 1 和範圍 2 溫室氣體排放強度降低 50%，正如我之前所說，我們認為這具有明智的商業意義和幫助改善我們經營所在社區的環境。

I'm also pleased to announce that in February, we received an ESG rating by Sustainalytics which further speaks to our focus and commitment to sustainability.

我還很高興地宣布，在 2 月份，我們獲得了 Sustainalytics 的 ESG 評級，這進一步說明了我們對可持續發展的關注和承諾。

In conclusion, I am very pleased with how we performed in 2022, and the direction our business is heading, as we continue to focus on organic growth, executing on Project Green, risk management, ways to strategically enhance the value of our business and making IHS a place at which our employees are happy and proud to work.

總之，我對我們在 2022 年的表現以及我們的業務發展方向感到非常滿意，因為我們將繼續專注於有機增長、執行綠色項目、風險管理、戰略性地提升我們業務價值的方法以及使IHS 是一個讓我們的員工快樂並自豪地工作的地方。

With that, I will turn the call over to Steve.

有了這個，我會把電話轉給史蒂夫。

Thanks, Sam, and hello, everyone. Turning to Slide 9. As Sam mentioned, we're very pleased with how the business performed in FY '22 and Q4 '22, against a challenging macro backdrop throughout the year. You'll see on this slide that our main KPIs have all increased by double-digit percentages in Q4 '22 versus Q4 '21, and we again delivered double-digit growth in revenue and adjusted EBITDA for the year, while the annual RLFCF comparison is impacted by onetime items in each year that I'll discuss shortly.

謝謝，山姆，大家好。轉到幻燈片 9。正如 Sam 所提到的，在全年充滿挑戰的宏觀背景下，我們對公司在 22 財年和 22 年第四季度的表現感到非常滿意。您會在這張幻燈片上看到，我們的主要 KPI 在 22 年第 4 季度與 21 年第 4 季度相比都實現了兩位數百分比的增長，我們再次實現了當年收入和調整後 EBITDA 的兩位數增長，而年度 RLFCF 比較受到我稍後將討論的每年一次性項目的影響。

Specifically in Q4, we delivered 27% growth in revenue, 26% growth in adjusted EBITDA and 11% growth in recurring levered-free cash flow in each case driven by both organic and inorganic activity across our markets. Our adjusted EBITDA margin was 51.8%.

具體來說，在第四季度，我們實現了收入增長 27%、調整後 EBITDA 增長 26% 和經常性無槓桿現金流增長 11%，這兩種情況均受到市場有機和無機活動的推動。我們調整後的 EBITDA 利潤率為 51.8%。

For the full year, IHS grew revenue by 24% and adjusted EBITDA by 11%. RLFCF declined by 11% on a reported basis, but was flat excluding the onetime items in each of '22 and '21, as we'll address shortly.

全年，IHS 的收入增長了 24%，調整後的 EBITDA 增長了 11%。 RLFCF 在報告的基礎上下降了 11%，但不包括 22 年和 21 年的一次性項目，我們將在稍後討論。

Our adjusted EBITDA margin was 52.6% for the year. You'll also see our level of investment in CapEx to grow the business increased by 30% in the fourth quarter and 57% for the year. This is largely due to investment in Project Green, along with increased CapEx relating to I-Systems fiber deployment and network refurbishment on the South African acquisition, during the year. Finally, our consolidated net leverage ratio increased to 3.2x at the end of Q4 versus last year following our 2 acquisitions, but was up slightly versus Q3 2022. The rescheduling of our results came primarily from the finalization of the complex IFRS 16 lease accounting, in particular, in relation to the South African assets we acquired during 2022, an important area of accounting, although not one that has impacted our key metrics of revenue, adjusted EBITDA, RLFCF or CapEx.

我們調整後的 EBITDA 利潤率為 52.6%。您還會看到我們在資本支出方面的投資水平在第四季度增長了 30%，全年增長了 57%。這主要是由於年內對 Project Green 的投資，以及與南非收購的 I-Systems 光纖部署和網絡翻新相關的資本支出增加。最後，在我們的 2 次收購之後，我們的綜合淨槓桿率在第四季度末增加到去年的 3.2 倍，但與 2022 年第三季度相比略有上升。我們的結果重新安排主要來自複雜的 IFRS 16 租賃會計的最終確定，特別是，關於我們在 2022 年收購的南非資產，這是一個重要的會計領域，儘管沒有影響我們的關鍵收入指標、調整後的 EBITDA、RLFCF 或資本支出。

Turning to our revenue on a consolidated basis. Slide 10 shows the components of our 24.2% reported consolidated revenue growth for the full year 2022. Organic revenue growth of 19.5% for the year was driven primarily by CPI escalations and power-related revenue as well as lease amendments, FX resets, new colocation and also new sites and fiber deployment. The level of escalations you see reflects our contract protections in the current inflationary environment. And together with FX resets, offset the negative FX impact by 280 basis points, while the level of power-related revenue reflects the high energy price environment throughout the year, driven largely by the knock-on implications of the Russia-Ukraine conflict.

在合併的基礎上轉向我們的收入。幻燈片 10 顯示了我們報告的 2022 年全年綜合收入增長 24.2% 的組成部分。全年 19.5% 的有機收入增長主要是由 CPI 上漲和電力相關收入以及租賃修訂、外匯重置、新主機託管推動的以及新站點和光纖部署。您看到的升級程度反映了我們在當前通貨膨脹環境下的合同保護。加上外匯重置，抵消了 280 個基點的負面外匯影響，而與電力相關的收入水平反映了全年的高能源價格環境，這主要是受俄羅斯-烏克蘭衝突的連鎖影響所驅動。

While not material to revenue in 2022, I would also note that we now include the power pass-through revenue we received in South Africa within Power. On the right, you can see the organic growth rates of each of our segments for the full year, whereas the full year segment details are provided in the appendix.

雖然對 2022 年的收入沒有實質性影響，但我還要指出，我們現在將我們在南非收到的電力直通收入計入電力。在右側，您可以看到我們每個細分市場全年的有機增長率，而全年細分市場的詳細信息在附錄中提供。

Inorganic growth for FY '22 was 9.6%, again, primarily reflecting the South African acquisition in Q2 '22, GTS SP5 in Q1 '22 and I-Systems in Q4 of 2021.

22 財年的無機增長再次為 9.6%，主要反映了 22 年第二季度的南非收購、22 年第一季度的 GTS SP5 和 2021 年第四季度的 I-Systems。

Slide 11 shows the components of our 26.6% reported consolidated revenue growth in the fourth quarter. Organic revenue growth of 23.5% was driven primarily by power-related revenue, CPI escalators, FX resets, lease amendments, new colocation as well as fiber deployment and new sites. For the fourth quarter, the level of escalations, together with FX resets, offset the negative FX impact by 90 basis points in this elevated inflationary environment. And the contribution from power-related revenue is particularly significant given the energy price environment during the year. The right side again shows the organic growth rates of each of our segments, but for the fourth quarter of '22, which I'll talk about shortly.

幻燈片 11 顯示了我們 26.6% 報告的第四季度綜合收入增長的組成部分。 23.5% 的有機收入增長主要是由電力相關收入、CPI 自動扶梯、外匯重置、租賃修訂、新主機託管以及光纖部署和新站點推動的。對於第四季度，在這種高通脹環境下，升級程度以及外匯重置抵消了 90 個基點的負面外匯影響。考慮到年內的能源價格環境，電力相關收入的貢獻尤為顯著。右側再次顯示了我們每個細分市場的有機增長率，但對於 22 年第四季度，我將很快談到。

Inorganic growth for the fourth quarter was 10.8%, again, reflecting the acquisitions we've spoken about. On Slide 12, you can see our consolidated revenue, adjusted EBITDA and adjusted EBITDA margins for the fourth quarter and the full year '22. In fourth quarter, IHS generated $526 million in reported revenue, a 27% increase versus the fourth quarter of 2021, while organic revenue growth was 23.5%, each demonstrating the continued strong top line growth trends of the businesses led by Nigeria and LatAm in particular. Aggregate inorganic revenue was $45 million, equating to nearly 11% growth during the quarter, reflecting the acquisitions we've discussed.

第四季度的無機增長為 10.8%，再次反映了我們所說的收購。在幻燈片 12 上，您可以看到我們第四季度和 22 年全年的合併收入、調整後的 EBITDA 和調整後的 EBITDA 利潤率。第四季度，IHS 的報告收入為 5.26 億美元，比 2021 年第四季度增長 27%，而有機收入增長為 23.5%，每一項都表明以尼日利亞和拉美為首的業務持續強勁的收入增長趨勢.無機收入總額為 4500 萬美元，相當於本季度增長近 11%，反映了我們討論過的收購。

For the full year, we delivered nearly $2 billion of revenue, a 24% increase, while organic revenue increased by 19.5%. Aggregate inorganic revenue was $151 million, equating to 9.6% growth, again, reflecting the acquisitions previously discussed. Power-related revenue also made up a larger portion this year. Overall, we continue to grow well in line with our stated objectives of seeking double-digit revenue growth on an annual basis.

全年，我們實現了近 20 億美元的收入，增長了 24%，而有機收入增長了 19.5%。無機物總收入為 1.51 億美元，相當於 9.6% 的增長，再次反映了之前討論的收購。今年與電力相關的收入也佔了很大一部分。總的來說，我們繼續按照我們既定的目標實現良好的增長，即每年尋求兩位數的收入增長。

Regarding our adjusted EBITDA and adjusted EBITDA margins, in the fourth quarter, adjusted EBITDA of $273 million increased 26% versus the fourth quarter of '21, and adjusted EBITDA margin was 51.8%, down 30 basis points from the fourth quarter of '21. But remember that fourth quarter '21 was prior to the significant energy price rises we saw throughout 2022.

關於我們調整後的 EBITDA 和調整後的 EBITDA 利潤率，在第四季度，調整後的 EBITDA 為 2.73 億美元，比 21 年第四季度增長 26%，調整後的 EBITDA 利潤率為 51.8%，比 21 年第四季度下降 30 個基點。但請記住，21 年第四季度是在我們看到整個 2022 年能源價格大幅上漲之前。

For the full year, adjusted EBITDA up slightly more than $1 billion, increased 11% versus the prior year, and adjusted EBITDA margin was 52.6%, down from 58.6% in FY '21. The year-over-year changes in adjusted EBITDA and margin for full year '22 primarily reflect the increase in revenue discussed, partially offset with year-on-year increases in cost of sales, mainly due to higher diesel costs as well as increased SG&A associated with being a public company for a full year in '22 versus 2 months in 2021, and some increased maintenance and repair costs on a larger business.

全年，調整後的 EBITDA 略高於 10 億美元，比上年增長 11%，調整後的 EBITDA 利潤率為 52.6%，低於 21 財年的 58.6%。 22 年全年調整後 EBITDA 和利潤率的同比變化主要反映了所討論的收入增長，部分被銷售成本的同比增長所抵消，這主要是由於柴油成本上升以及 SG&A 增加與在 22 年成為上市公司一整年相關，而在 2021 年只有 2 個月，而且一些大型企業的維護和維修成本有所增加。

The changes in adjusted EBITDA also reflect $43 million higher onetime net benefits in FY '21 versus FY '22. This means that adjusted EBITDA would have actually increased by 17% for FY '22, if the onetime benefits in each year were eliminated.

調整後的 EBITDA 的變化也反映出 21 財年的一次性淨收益比 22 財年高出 4300 萬美元。這意味著如果取消每年的一次性收益，調整後的 EBITDA 在 22 財年實際上會增加 17%。

Power generation cost of sales increased by $152 million, driven by $147 million diesel increase, primarily due to a 60% increase in the diesel price and a 6.4% increase in consumption in Nigeria. The increased diesel costs in full year '22 were partially offset by a $77 million increase from diesel-linked revenue year-over-year.

發電銷售成本增加了 1.52 億美元，這主要是由於柴油價格上漲了 60% 以及尼日利亞的消費量增加了 6.4%，推動了 1.47 億美元的柴油增長。 22 年全年柴油成本的增加部分被柴油相關收入同比增長 7700 萬美元所抵消。

Also, and I'll discuss this later with respect to our guidance, but we have locked in pricing for a significant portion of our diesel needs through September of 2023, something we have highlighted that we were going to do, on our last two calls.

此外，我稍後會根據我們的指導進行討論，但我們已經鎖定了 2023 年 9 月之前大部分柴油需求的定價，我們在最近兩次電話會議上強調了我們將要做的事情.

Finally, as discussed on our recent Project Green announcement in October, we're also increasingly prioritizing alternative sources of power to reduce our dependency on diesel.

最後，正如我們最近在 10 月份發布的綠色項目公告中所討論的那樣，我們也越來越多地優先考慮替代能源，以減少對柴油的依賴。

On Slide 13, we first review our recurring levered-free cash flow, or RLFCF. We generated RLFCF of $97 million in the fourth quarter, an 11% increase versus fourth quarter 2021 due to a combination of factors, including the increased revenue and adjusted EBITDA discussed already, offset in part by increase in net interest paid withholding tax and maintenance CapEx. Our RLFCF cash conversion rate was 35.7%.

在幻燈片 13 上，我們首先回顧了我們的經常性無槓桿現金流或 RLFCF。我們在第四季度產生了 9700 萬美元的 RLFCF，比 2021 年第四季度增長 11% .我們的 RLFCF 現金轉換率為 35.7%。

For the full year, we generated RLFCF of $363 million, an almost 11% decrease versus FY '21, and our RLFCF cash conversion rate was 35.2%, down from 43.8%, with onetime items in each year impacting the comparison. The year-on-year decrease in RLFCF was driven first by the $43 million onetime higher net benefit to EBITDA in 2021 versus 2022, which drops straight through to RLFCF. Excluding that nonrecurring items in each of 2022 and 2021, our RLFCF would have been flat year-on-year, despite the higher energy and interest rate environment during 2022.

全年，我們產生了 3.63 億美元的 RLFCF，與 21 財年相比減少了近 11%，我們的 RLFCF 現金轉換率為 35.2%，低於 43.8%，每年的一次性項目都會影響比較。 RLFCF 的同比下降首先是由於 2021 年 EBITDA 的淨收益比 2022 年高出 4300 萬美元，直接下降到 RLFCF。排除 2022 年和 2021 年的非經常性項目，儘管 2022 年能源和利率環境較高，但我們的 RLFCF 將同比持平。

RLFCF for 2022 was then impacted by the increased diesel costs, impacting adjusted EBITDA that we've already talked about, as well as our bond financings at the end of 2021, driving an increase of nearly $59 million in net interest paid for the year. The proceeds of these bond issuances supported our South African and Brazilian acquisitions, which only contributed partially to the year's RLFCF results. We also saw higher floating rate interest, in light of the interest rate environment during 2022.

2022 年的 RLFCF 受到柴油成本增加的影響，影響了我們已經討論過的調整後 EBITDA，以及我們在 2021 年底的債券融資，推動了當年支付的淨利息增加近 5900 萬美元。這些債券發行的收益支持了我們在南非和巴西的收購，這僅對當年的 RLFCF 業績做出了部分貢獻。鑑於 2022 年的利率環境，我們還看到了更高的浮動利率。

We incurred almost $43 million of additional maintenance CapEx, in part due to owning I-Systems now for a full year versus 2 months in 2021, as well as nearly $30 million more in corporate income taxes and revenue withholding tax, and a $16 million of additional lease and rent payments made versus FY 2021, due to owning a larger business.

我們產生了近 4300 萬美元的額外維護資本支出，部分原因是現在擁有 I-Systems 的時間為一整年，而 2021 年為 2 個月，此外還有近 3000 萬美元的企業所得稅和收入預扣稅，以及 1600 萬美元的與 2021 財年相比，由於擁有更大的業務而支付了額外的租賃和租金。

Turning to CapEx. In the fourth quarter, CapEx of $196 million increased 30% year-on-year, and full year CapEx of $633 million increased 57% versus FY '21. The increase in FY '22 was primarily due to increases in Nigeria in connection with Project Green, on which we spent $104 million during the year, increased CapEx in LatAm following the full 12 months of owning I-Systems in the year, and increased CapEx in South Africa, in connection with the refurbishment of the portfolio we acquired during 2022.

轉向資本支出。第四季度，資本支出為 1.96 億美元，同比增長 30%，全年資本支出為 6.33 億美元，較 21 財年增長 57%。 '22 財年的增長主要是由於尼日利亞與綠色項目相關的增長，我們在這一年中花費了 1.04 億美元，在當年擁有 I-Systems 的整整 12 個月之後增加了拉美的資本支出，並增加了資本支出在南非，翻新我們在 2022 年收購的投資組合。

Slide 14 looks at our returns and capital allocation. In FY '22, we continue to focus on driving our returns and delivered a return on invested capital of 9.9% versus 11% in the prior year. Our 2022 ROIC is held down by significant investment in both organic and inorganic growth opportunities during the year, including new site build investment in Nigeria and LatAm and further building our I-Systems in Brazil on the organic side. Regarding the inorganic growth, we closed the MTN South Africa and SP5 acquisitions, but saw any partial contributions in the year from each of these.

幻燈片 14 查看我們的回報和資本配置。在 22 財年，我們繼續專注於推動回報，並實現了 9.9% 的投資資本回報率，而上一年為 11%。我們的 2022 年 ROIC 受到年內對有機和無機增長機會的重大投資的抑制，包括在尼日利亞和拉美的新站點建設投資以及在有機方面進一步建設我們在巴西的 I-Systems。關於無機增長，我們結束了對 MTN South Africa 和 SP5 的收購，但在這一年中看到了每一項的部分貢獻。

In terms of capital allocation, you can see that a significant portion of our spend in FY '22 was $736 million related to that acquisition investment, which, as we said, was deployed to enter into South Africa and to build upon our 2020 entry into LatAm, in each case, furthering our diversification strategy. Moreover, IHS continues to be a leading builder of new sites in our markets, with more than 550 such sites built in Nigeria and more than 250 in LatAm, or primarily Brazil, during the year.

在資本配置方面，您可以看到我們在 22 財年的大部分支出與收購投資相關的 7.36 億美元，正如我們所說，該投資用於進入南非並建立在我們 2020 年進入南非的基礎上在每種情況下，拉丁美洲都在推進我們的多元化戰略。此外，IHS 繼續成為我們市場新站點的領先建設者，年內在尼日利亞建設了 550 多個此類站點，在拉美（主要是巴西）建設了 250 多個此類站點。

Turning to the segment review on Slide 15, and I'll first walk through our Nigerian business. The Nigerian macro situation remains challenging, with the country's sovereign debt rating having been downgraded further in late January. U.S. dollars continue to be difficult to source, although remain available, with FX reserves having decreased to $37.1 billion at the end of 2022 from $38.3 billion in the third quarter of '22. And while the price of oil again slightly moderated Q-on-Q, it remains elevated versus a year ago. And due to the continued increase in premium we are seeing applied to the importation of refined products like diesel into Nigeria, we continue to believe that the ICE gas oil price is the most relevant indicator of diesel pricing we pay.

轉到幻燈片 15 的細分審查，我將首先介紹我們在尼日利亞的業務。尼日利亞的宏觀形勢依然充滿挑戰，該國的主權債務評級在 1 月下旬進一步下調。美元仍然難以獲得，儘管仍然可用，外匯儲備從 2022 年第三季度的 383 億美元減少到 2022 年底的 371 億美元。儘管石油價格環比再次略有緩和，但與一年前相比仍處於高位。由於我們看到向尼日利亞進口柴油等精煉產品的溢價持續上漲，我們仍然認為 ICE 柴油價格是我們支付的柴油價格最相關的指標。

Looking at ICE gas oil, it was $948 per tonne versus $1,012 per tonne in the prior quarter.

看看 ICE 柴油，每噸 948 美元，而上一季度為每噸 1,012 美元。

Moving to real GDP growth. It expanded by 3.5% in the fourth quarter, bringing the full year 2022 growth rate to 3.1%, while inflation increased to 21.3% this past December versus 15.6% in December '21, bringing the full year 2022 average CPI rate to 18.9%. Importantly, on February 25, Bola Ahmed Tinubu was elected as Nigeria's next President with his inauguration scheduled for May 29, and regional elections have also taken place. Looking ahead, we remain cautiously optimistic by these developments given the statements made by Mr. Tanubu regarding addressing the economic issues facing the country, and we remain in close contact with our key customers, two of which have again recently published healthy top line results in their businesses.

轉向實際 GDP 增長。它在第四季度增長了 3.5%，使 2022 年全年增長率達到 3.1%，而去年 12 月的通貨膨脹率從 2021 年 12 月的 15.6% 上升到 21.3%，使 2022 年全年平均 CPI 增長率達到 18.9%。重要的是，2 月 25 日，Bola Ahmed Tinubu 當選為尼日利亞下一任總統，他的就職典禮定於 5 月 29 日舉行，地區選舉也已舉行。展望未來，鑑於 Tanubu 先生就解決該國面臨的經濟問題發表的聲明，我們對這些事態發展保持謹慎樂觀，並且我們與主要客戶保持密切聯繫，其中兩家最近再次公佈了健康的頂線業績他們的業務。

We also continue to work closely with various regulators, our vendors and our local banking partners to continue to best position IHS. All said, we believe the business remains well positioned for continued long-term success and to ensure the near-term macroeconomic challenges. And to this point, our Nigerian business once again delivered strong results in the fourth quarter, tracking well on our key metrics. Q4 '22 revenue of $355 million increased by 18.5% year-on-year on a reported basis and 27% on an organic basis. Top line growth was driven by the usual group of power-related revenue escalations, FX resets, lease amendments, new colocation, fiber and new site deployment. The negative FX impact was $26.5 million.

我們還繼續與各種監管機構、我們的供應商和我們當地的銀行合作夥伴密切合作，以繼續保持 IHS 的最佳地位。總而言之，我們相信該業務仍處於有利地位，可以繼續取得長期成功，並確保應對近期的宏觀經濟挑戰。至此，我們的尼日利亞業務在第四季度再次取得了強勁的業績，很好地跟踪了我們的關鍵指標。 22 年第四季度的收入為 3.55 億美元，按報告基礎同比增長 18.5%，有機增長 27%。收入增長是由通常的電力相關收入增長、外匯重置、租賃修訂、新主機託管、光纖和新站點部署推動的。負面外匯影響為 2650 萬美元。

Our tower count grew by 0.8% versus Q4 '21, inclusive of some planned decommissioning. Our total tenant count increased by 2.3% versus the prior period, and our colocation rate was 1.54x, up from 1.52x in Q4 '21. Lease amendments continue to be a strong driver of growth with these increasing by 15% year-on-year, as our customers added additional equipment to our sites, particularly 4G upgrades.

與 21 年第四季度相比，我們的塔數增長了 0.8%，其中包括一些計劃中的退役。我們的租戶總數比上一時期增加了 2.3%，我們的主機託管率為 1.54 倍，高於 21 年第四季度的 1.52 倍。租賃修訂繼續成為增長的強大驅動力，同比增長 15%，因為我們的客戶向我們的站點添加了額外的設備，尤其是 4G 升級。

Q4 segment adjusted EBITDA in Nigeria was $206 million, a 12% increase from a year ago, and segment adjusted EBITDA margin was 58%.

尼日利亞第四季度調整後的 EBITDA 為 2.06 億美元，同比增長 12%，調整後的 EBITDA 利潤率為 58%。

Let me now briefly summarize the results of our other segments. As our sub-Saharan African segment now reflects the inclusion of our South African business, towers and tenants increased substantially versus fourth quarter '21. Revenue increased by 34%, of which organic revenue grew 9.2% and inorganic grew 33%, driven by the South African acquisition, and FX was a 7.8% headwind. Segment adjusted EBITDA increased by 45%, driven primarily by the increased revenue coming from the South Africa acquisition, offset by increases in power generation costs, maintenance and security costs and some administrative expenses. Segment adjusted EBITDA margin increased to 56.9% from 52.7% in Q4 2021.

現在讓我簡要總結一下我們其他部門的結果。由於我們的撒哈拉以南非洲地區現在反映了我們南非業務的納入，與 21 年第四季度相比，塔樓和租戶大幅增加。收入增長 34%，其中有機收入增長 9.2%，無機收入增長 33%，受南非收購的推動，外匯逆風增長 7.8%。部門調整後的 EBITDA 增長了 45%，這主要是由於來自南非收購的收入增加，但被發電成本、維護和安全成本以及一些管理費用的增加所抵消。部門調整後的 EBITDA 利潤率從 2021 年第四季度的 52.7% 上升至 56.9%。

In our LatAm segment, towers, tenants revenue and segment adjusted EBITDA are all increased substantially in Q4 '22 due to meaningful inorganic growth, primarily from the GTS SP5 acquisition as well as the I-Systems fiber business. In Brazil, our second largest market with 6,994 towers, macro conditions were relatively stable, as FX rates marginally strengthened, interest rates held steady and inflation decreased. We also note the recent election of Lula da Silva as President of Brazil.

在我們的 LatAm 部分，由於有意義的無機增長，塔、租戶收入和部分調整後的 EBITDA 在 22 年第四季度均大幅增長，主要來自 GTS SP5 收購以及 I-Systems 光纖業務。在我們擁有 6,994 座塔的第二大市場巴西，宏觀環境相對穩定，匯率略有走強，利率保持穩定，通貨膨脹率下降。我們還注意到盧拉·達席爾瓦最近當選為巴西總統。

In our LatAm segment, overall, Q4 '22 organic revenue increased 32%, driven by an increase from I-Systems, CPI escalations, new sites and new colocation, with inorganic revenue increasing by 80% from the acquisitions. There was also a positive 7.4% FX impact. Segment adjusted EBITDA also more than doubled with a segment adjusted EBITDA margin of 71.6%.

在我們的 LatAm 部分，總體而言，受 I-Systems、CPI 升級、新站點和新託管的推動，Q4 '22 有機收入增長了 32%，收購帶來的無機收入增長了 80%。外匯也產生了 7.4% 的積極影響。部門調整後的 EBITDA 也翻了一番多，部門調整後的 EBITDA 利潤率為 71.6%。

In MENA, towers grew by 9.2% and tenants by the same in Q4 '22. Revenue grew by 16%, including 15% organic revenue growth and segment adjusted EBITDA grew by nearly 20%, in each of these cases, mainly as a result of new sites and the closing of the fifth tranche of the Kuwaiti acquisition in the third quarter of '22. Q4 '22 segment adjusted EBITDA margin was increased to 46.3%.

在中東和北非地區，塔樓在 22 年第四季度增長了 9.2%，租戶增長了 9.2%。收入增長 16%，包括 15% 的有機收入增長和部門調整後的 EBITDA 增長近 20%，在這些情況下，主要是由於新站點和第三季度完成科威特收購的第五部分22 年的。 22 年第四季度分部調整後的 EBITDA 利潤率增加到 46.3%。

On to Slide 16 and briefly to highlight our KPIs, as of December 31, our tower count was 39,652, up by just over 8,600 towers or almost 28% from the end of 2021, driven largely by the acquisitions mentioned and ongoing new sites in Nigeria, LatAm and SSA. As you can see in the chart on the top right, collectively, we built nearly 1,200 sites during the year, below our guidance of approximately 1,350, driven primarily by our decision to slow our rural builds in Nigeria, as we shift more of our CapEx to Project Green and some timing issues in LatAm. We'll discuss this further when we discuss our guidance, but we expect to further slow our builds in Nigeria in 2023, while we expect to triple our builds in Brazil.

在幻燈片 16 上簡要強調一下我們的 KPI，截至 12 月 31 日，我們的塔數為 39,652 座，比 2021 年底增加了 8,600 多座，增幅近 28%，這主要是受上述收購和尼日利亞正在進行的新站點的推動, LatAm 和 SSA。正如您在右上角的圖表中看到的那樣，我們在這一年共建設了近 1,200 個站點，低於我們大約 1,350 個的指導，這主要是由於我們決定放慢我們在尼日利亞的農村建設，因為我們轉移了更多的資本支出到 Project Green 和 LatAm 的一些時間問題。我們將在討論我們的指導時進一步討論這個問題，但我們希望在 2023 年進一步放慢我們在尼日利亞的建設，而我們希望將我們在巴西的建設增加兩倍。

Total tenants grew 26% year-on-year with the colocation rate of 1.48x, down 0.02x versus last year, but up slightly from the third quarter. We continue to point out that lease amendments, which are a significant factor in our Nigerian segment are not included in our colocation rate calculation. Moreover, as a significant acquirer and builder of towers, we typically add to the denominator period-on-period, even as we continue to lease up our portfolio. We continue to see no reason, why we can't get to 2x or greater on our overall portfolio over the long term, and our more mature portfolios of towers are at or above that rate.

租戶總數同比增長 26%，託管率為 1.48 倍，較去年同期下降 0.02 倍，但較第三季度略有上升。我們繼續指出，租賃修訂是我們尼日利亞分部的一個重要因素，但不包括在我們的主機託管費率計算中。此外，作為重要的塔樓收購者和建造者，我們通常會按期增加分母，即使我們繼續租賃我們的投資組合。我們繼續認為沒有理由，為什麼我們不能在長期內將我們的整體投資組合提高 2 倍或更高，而我們更成熟的塔式投資組合達到或超過該比率。

Lease amendments increased by almost 17% year-on-year as our customers added equipment to their sites, particularly 4G upgrades in Nigeria, and we are starting to see some small 5G activity in Nigeria, which is early days, but very encouraging.

由於我們的客戶在他們的網站上增加了設備，特別是尼日利亞的 4G 升級，租賃修訂同比增長了近 17%，我們開始在尼日利亞看到一些小規模的 5G 活動，雖然還處於早期階段，但非常令人鼓舞。

On Slide 17, we look at our capital structure and related items. At December 31, 2022, we had approximately $3.95 billion of external debt and IFRS 16 lease liabilities. Of the $3.95 billion of debt, $1.94 billion represents our bond financings, and other indebtedness includes $370 million, that we drew down from the $600 million 3-year bullet term loan at IHS Holding Limited level that we entered into in October. That $370 million drawdown was used to repay $280 million of bridge loan that we had and the USD 76 million tranche of the Nigerian senior credit facilities. You will see those Nigerian senior credit facilities dropped from $298 million in Q3 to $191 million in Q4 2022.

在幻燈片 17 上，我們查看了我們的資本結構和相關項目。截至 2022 年 12 月 31 日，我們的外債和 IFRS 16 租賃負債約為 39.5 億美元。在 39.5 億美元的債務中，19.4 億美元代表我們的債券融資，其他債務包括 3.7 億美元，這是我們從 10 月份簽訂的 IHS Holding Limited 級別的 6 億美元 3 年期子彈期貸款中提取的。這 3.7 億美元的提款用於償還我們擁有的 2.8 億美元的過橋貸款和 7600 萬美元的尼日利亞高級信貸額度。你會看到這些尼日利亞高級信貸額度從第三季度的 2.98 億美元下降到 2022 年第四季度的 1.91 億美元。

In the fourth quarter, we saw a small rise in IFRS 16 lease liabilities contained within other indebtedness on Slide 17, from the work that we've been doing on our South African leases. Not reflected in our indebtedness, as it remains undrawn, but we also extended the maturity of our $270 million group revolving credit facility out to 2025, as we announced in November. And then additionally, and subsequent to these numbers, in January 2023, we entered into an up to NGN 165 billion 5-year term loan and up to NGN 55 billion 3-year revolving credit facility in Nigeria. In connection, we repaid NGN 114 billion of our 2 Nigerian local currency facilities removing significant 2023 amortization. The Nigeria RCF remains undrawn. As you can imagine, we are very pleased to have completed these transactions, including the October bullet term loan, Group RCF extension and the January 2023 Nigerian refinancings, which further derisks the balance sheet and increased our financial flexibility, particularly in light of the tough financing conditions that remain across the globe.

在第四季度，我們看到幻燈片 17 中其他債務中包含的 IFRS 16 租賃負債小幅上升，這是由於我們在南非租賃方面所做的工作。未反映在我們的債務中，因為它仍未提取，但正如我們在 11 月宣布的那樣，我們還將 2.7 億美元的集團循環信貸額度的期限延長至 2025 年。此外，在這些數字之後，我們於 2023 年 1 月在尼日利亞簽訂了高達 1650 億挪威克朗的 5 年期定期貸款和高達 550 億挪威克朗的 3 年期循環信貸額度。在這方面，我們償還了我們 2 個尼日利亞本幣貸款中的 1140 億尼日利亞奈拉，去除了 2023 年的大量攤銷。尼日利亞 RCF 仍未提取。可以想像，我們很高興完成了這些交易，包括 10 月份的子彈期貸款、集團 RCF 延期和 2023 年 1 月的尼日利亞再融資，這進一步降低了資產負債表的風險並增加了我們的財務靈活性，特別是考慮到艱難的時期全球範圍內仍然存在的融資條件。

We continue to believe the successful outcome is a testament to the strength of our cash flows, our contracts and our history in the credit markets, as well as our relationships with our global banking partners.

我們仍然相信，成功的結果證明了我們現金流的實力、我們的合同和我們在信貸市場的歷史，以及我們與全球銀行合作夥伴的關係。

Cash and cash equivalents decreased slightly to $514 million at December 31. And in terms of where that cash is held, approximately 6% of the total cash was held in Naira at our Nigerian business, as we have been using excess cash to support Project Green and for upstreaming. Most of the raining cash was held in U.S. dollars at the group level. And as Sam mentioned earlier, in 2022, we upstreamed a total of $207 million from Nigeria at an average rate of approximately NGN 550 versus $179 million at a rate of approximately NGN 480 in 2021. And we've just upstreamed another $15 million in January of this year. One further point to make is that IHS does not have any relationship with Silicon Valley Bank, any other U.S. regional banks or Credit Suisse. Consequently, from all of these moving elements at the end of Q4 2022, our consolidated net leverage was approximately $3.4 billion, with a consolidated net leverage ratio of 3.2x, up slightly from September. This is at the low end of our net leverage target range of 3 to 4x and further demonstrates our strong balance sheet. You'll see that as of December 31, 78% of our debt was linked to hard currencies with a fixed floating ratio of 65% to 35%, and our weighted average cost of debt was 8.6%.

截至 12 月 31 日，現金和現金等價物略微下降至 5.14 億美元。就現金的持有地點而言，我們尼日利亞業務的現金總額的大約 6% 是在奈拉持有的，因為我們一直在使用多餘的現金來支持綠色項目和上游。集團層面的大部分現金都以美元持有。正如 Sam 之前提到的，在 2022 年，我們從尼日利亞以大約 NGN 550 的平均速度從上游流出總計 2.07 億美元，而 2021 年以大約 NGN 480 的速度流出 1.79 億美元。我們剛剛在 1 月份又從上游流出 1500 萬美元今年的。需要進一步說明的一點是，IHS 與硅谷銀行、任何其他美國地區性銀行或瑞士信貸沒有任何關係。因此，從 2022 年第四季度末的所有這些移動因素來看，我們的綜合淨槓桿約為 34 億美元，綜合淨槓桿率為 3.2 倍，略高於 9 月份。這是我們 3 到 4 倍淨槓桿目標範圍的低端，進一步證明了我們強大的資產負債表。你會看到，截至 12 月 31 日，我們 78% 的債務與固定浮動比率為 65% 至 35% 的硬通貨掛鉤，我們的加權平均債務成本為 8.6%。

Moving to Slide 18. We are introducing 2023 guidance that includes revenue in the range of $2.19 billion to $2.22 billion, adjusted EBITDA in the range of $1.2 billion to $1.22 billion. RLFCF in the range of $430 million to $450 million and total CapEx in the range of $610 million to $650 million.

轉到幻燈片 18。我們正在介紹 2023 年的指導意見，其中包括 21.9 億美元至 22.2 億美元的收入，調整後的 EBITDA 範圍為 12 億美元至 12.2 億美元。 RLFCF 在 4.3 億至 4.5 億美元之間，總資本支出在 6.1 億至 6.5 億美元之間。

As Sam mentioned, guidance includes an approximate $40 million of revenue from a onetime cash payment received in the first quarter from our smallest key customer in Nigeria. This was for services we previously provided to them, but had not previously recognized given our revenue recognition policy. However, even excluding this payment, the midpoint of our revenue guidance implies organic revenue growth of approximately 21%.

正如 Sam 所提到的，指導包括大約 4000 萬美元的收入，這些收入來自我們在尼日利亞最小的主要客戶在第一季度收到的一次性現金付款。這是針對我們之前向他們提供的服務，但之前根據我們的收入確認政策並未確認。然而，即使不包括這筆付款，我們收入指引的中點也意味著有機收入增長約 21%。

Guidance also includes approximately $25 million in power pass-through revenue in South Africa compared to $2 million this past year, as we work with MTN to move various utility billing arrangements under our name. I do want to caution that timing of such move is difficult to predict and could be delayed relative to what we've assumed, although this would have no impact on adjusted EBITDA or RLFCF.

指導還包括南非約 2500 萬美元的電力直通收入，而去年為 200 萬美元，因為我們與 MTN 合作，將各種公用事業計費安排轉移到我們的名下。我確實想警告說，這種舉措的時間很難預測，並且可能會相對於我們假設的時間有所延遲，儘管這不會對調整後的 EBITDA 或 RLFCF 產生影響。

Total CapEx guidance for 2023 includes approximately $30 million that we had expected to spend in 2022, but for timing reasons has shifted into this year. CapEx also includes $90 million to $100 million for Project Green, which includes our initial $82 million forecast, plus a $6 million carryover from 2022, and upwards of approximately $10 million to potentially pull forward CapEx, we would otherwise spend in 2024, as our overall projections for CapEx savings and returns remain unchanged.

2023 年的總資本支出指導包括我們預計在 2022 年支出的約 3000 萬美元，但由於時間原因已轉移到今年。資本支出還包括 Project Green 的 9000 萬至 1 億美元，其中包括我們最初的 8200 萬美元預測，加上從 2022 年結轉的 600 萬美元，以及超過約 1000 萬美元的潛在拉動資本支出，否則我們將在 2024 年支出，因為我們的整體資本支出節省和回報的預測保持不變。

I also want to point out, again, that we have locked in pricing for a significant portion of our diesel needs in Nigeria through September 2023, which, in turn, will provide greater visibility to our costs. For the year, we expect to build approximately 1,200 towers, which is just slightly more than the amount we built in 2022. As I already mentioned, this includes a notable drop in Nigeria, as we pull back on new site builds as we shift our focus to Project Green, but also includes a tripling of towers in Brazil. I also want to point out that in Nigeria, we expect to rationalize approximately 750 towers this year, that are occupied by our smallest key customer. This will not have an impact on revenue, but will reduce our operating costs, and hence, is beneficial to IHS.

我還想再次指出，到 2023 年 9 月，我們已經鎖定了尼日利亞大部分柴油需求的定價，這反過來將使我們的成本更加可見。今年，我們預計將建造大約 1,200 座塔，僅略高於我們在 2022 年建造的數量。正如我已經提到的，這包括尼日利亞的顯著下降，因為我們在轉移我們的工作時撤回了新站點的建設專注於 Project Green，但也包括在巴西增加三倍的塔樓。我還想指出，在尼日利亞，我們預計今年將合理化約 750 座由我們最小的主要客戶佔用的塔樓。這不會對收入產生影響，但會降低我們的運營成本，因此對 IHS 有利。

On Slide 19, on top, you can see revenue by reporting currency for fourth quarter and the full year, whereas on the bottom, we provide the breakout of revenue based on contract split. The right side shows the average annual FX rate assumptions used in our 2023 guidance.

在幻燈片 19 的頂部，您可以通過報告貨幣查看第四季度和全年的收入，而在底部，我們提供基於合同拆分的收入明細。右側顯示了我們 2023 年指南中使用的年均匯率假設。

Finally, on Slide 20, we provided the estimated full year financial impact of theoretical 10% devaluation in the Naira would have on our financials. While our 2023 guidance already assumes a devaluation from approximately [461] today to [530] by the end of 2023 and an average [500] for the full year. We've shown here the impact of a 10% devaluation beyond what we've assumed in guidance. For example, the figures in the middle of the page, including the $47 million impact to revenue, provide a sense of what the 12-month run rate impact would be, using our 2023 expectations. However, as you'll see on the right side, the illustration in the middle of the page excludes an incremental approximately $20 million impact that would occur in the quarter devaluation actually happens, assuming the devaluation was to occur on the first day of the quarter. This represents the maximum lag that would occur between the devaluation and when most of our FX resets would start to kick in, in the next quarter.

最後，在幻燈片 20 上，我們提供了奈拉理論上貶值 10% 對我們財務狀況的估計全年財務影響。雖然我們的 2023 年指導方針已經假設到 2023 年底將從今天的大約 [461] 貶值到 [530]，全年平均貶值 [500]。我們在這裡展示了貶值 10% 超出我們在指導中假設的影響。例如，頁面中間的數字（包括對收入的 4700 萬美元影響）使用我們 2023 年的預期提供了對 12 個月運行率影響的感覺。但是，正如您將在右側看到的那樣，頁面中間的插圖不包括在實際發生的季度貶值中發生的大約 2000 萬美元的增量影響，假設貶值發生在本季度的第一天.這代表了貶值與我們的大部分外匯重置將在下一季度開始生效之間發生的最大滯後。

As a reminder, the vast majority of our resets are either quarterly or monthly.

提醒一下，我們的絕大多數重置都是每季度或每月一次。

Overall, we feel we are well positioned to absorb a potential devaluation, and believe that in the longer run, such an event will be positive for the country and for us. This now brings us to the end of our formal presentation. We thank you for your time today. And operator, please now open the line for questions.

總體而言，我們認為我們已準備好承受潛在的貶值，並相信從長遠來看，這樣的事件將對國家和我們都是積極的。現在，我們的正式演示結束了。我們感謝您今天的時間。接線員，現在請打開問題熱線。

(Operator Instructions) Your first question comes from the line of Phil Cusick from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Phil Cusick。

I want to follow up on some of the things you talked about in Nigeria. Maybe you can just expand, Sam, on what you're seeing since the election? And any feel for how things might change, over the next year? Maybe I'll start with that.

我想跟進你在尼日利亞談到的一些事情。山姆，也許你可以擴展你在選舉後看到的情況？對明年情況可能會發生什麼變化有什麼看法？也許我會從那開始。

Look, I think in the past, governments have been -- a government of -- a largely standstill. The government has been told, they know the redecision or the thing that they need to take in order to unlock the massive potential that Nigeria has. We are extremely encouraged by the fact, that the candidate to as 1 has clearly indicated that he will remove the subsidy on petrol, which is basically eating up the budget, the government budget. He said that he will merge the ForEx rate, which we believe is substantial hindrance to foreign investments. He also said also explicitly that he is going to improve or increase the production of oil in the oil regions. So the statements, the policies, the direction is clear, let's just hope they implement. So we are cautiously optimistic about the future of Nigeria, especially in the short and medium term.

看，我認為在過去，政府基本上處於停滯狀態。政府被告知，他們知道重新決定或他們需要採取什麼措施來釋放尼日利亞的巨大潛力。我們感到非常鼓舞的是，作為 1 的候選人已經明確表示他將取消汽油補貼，這基本上會耗盡政府預算。他說他將合併 ForEx 匯率，我們認為這對外國投資構成重大障礙。他還明確表示，他將改善或增加產油區的石油產量。所以聲明、政策和方向都很明確，我們只希望他們實施。所以我們對尼日利亞的未來持謹慎樂觀態度，尤其是中短期。

Okay. And you talked about the $40 million in cash, that you got from your small Nigeria customer, and I think it was in January. How much is still owed on that? And is there anything in your guidance for further payments this year?

好的。你談到了從你的尼日利亞小客戶那裡得到的 4000 萬美元現金，我想那是在一月份。那還欠多少錢？你對今年的進一步付款有什麼指導意見嗎？

I will take that.

我會接受的。

Steve?

史蒂夫？

So we don't typically disclose what is or isn't due by customer. But consider that, as a payment against past dues, which we've now received in Q1. Our guidance does not assume for 2023 that we will receive any other lump sump payments other than what we would normally expect to receive each month.

因此，我們通常不會披露客戶到期或未到期的內容。但是考慮一下，作為對過去會費的付款，我們現在已經在第一季度收到了。我們的指南並未假設 2023 年我們將收到任何其他一次性付款，而不是我們通常期望每月收到的付款。

Okay. And can you talk about the 5G launch by Airtel that's coming in Nigeria? How big an opportunity is that? Is there any sort of inflection there? Do you think, it's just steady?

好的。您能談談 Airtel 即將在尼日利亞推出的 5G 服務嗎？這是一個多大的機會？那裡有什麼拐點嗎？你認為，它只是穩定嗎？

Actually, not only -- not only Airtel has started the 5G implementation process, our various carriers in our various countries have started some kind of 5G commercial launch. We think over the next 48 to 30 -- over the next 24 to 36 months, we're going to see substantial movement and substantial ramp-up of 5G activities in our markets -- All 3 main markets.

實際上，不僅 - 不僅 Airtel 已經開始了 5G 實施過程，我們各個國家的各種運營商也開始了某種 5G 商業發布。我們認為在接下來的 48 到 30 個月裡——在接下來的 24 到 36 個月裡，我們將看到 5G 活動在我們的市場——所有 3 個主要市場中發生重大變化和大幅增加。

Do you think that shifts the pace of revenue growth, or it just sustains what you've been seeing anyway?

您認為這會改變收入增長的步伐，還是只是維持您一直看到的情況？

I'll leave back to Steve.

我會留給史蒂夫。

Yes. I think it supports what we've been seeing over the prior number of years. And what's been really helping to drive our revenue growth has been lease amendments, which is where 5G will typically help us realize some of that future growth, particularly across the key markets in Nigeria, South Africa and Brazil. I think as we all know, 5G will bring new types of technology and new solutions. But we're looking forward to more sustained lease amendment growth, as we get deeper into that rollout cycle.

是的。我認為它支持我們在過去幾年中看到的情況。真正幫助推動我們收入增長的是租賃修訂，這是 5G 通常會幫助我們實現部分未來增長的地方，特別是在尼日利亞、南非和巴西的主要市場。我認為眾所周知，5G 將帶來新型技術和新解決方案。但隨著我們更深入地進入推出週期，我們期待更持續的租賃修訂增長。

As we said a few moments ago, we're early, we're very early in that, so don't want to get too carried away. But, we are now starting to see operators put 5G equipment on site, which is really positive.

正如我們剛才所說，我們還早，我們在這方面還很早，所以不要太得意忘形。但是，我們現在開始看到運營商現場部署 5G 設備，這確實是積極的。

Got it. And last one for me is...

知道了。最後一個對我來說是...

All our major operators still have now probably operate -- all our major operators have now access to 5G spectrum, that has been allocated.

我們所有的主要運營商現在可能仍在運營——我們所有的主要運營商現在都可以使用已分配的 5G 頻譜。

Okay, good. And the last one for me, is slowing builds (inaudible) builds in Nigeria, is that more a function of demand slowing or your desire to build in Nigeria relative to other markets?

好的。最後一個對我來說，是尼日利亞的建設（聽不清）放緩，這更多是因為需求放緩，還是你希望在尼日利亞建設相對於其他市場？

It's the latter, Phil, plus desire to build in Nigeria relative to other investment opportunities like Project Green, which we're, as you know, very firmly behind, and we believe that's a great use of capital. So, a bit to do with other markets and a bit to do with diversing capital Project Green.

是後者，Phil，加上相對於其他投資機會（如 Project Green）在尼日利亞建設的願望，正如你所知，我們非常堅定地支持它，我們相信這是對資本的一種很好的利用。因此，這與其他市場有點關係，也與多元化資本項目 Green 有點關係。

Your next question comes from the line of Michael Rollins from Citi.

你的下一個問題來自花旗的 Michael Rollins。

I'm curious, in the past, you've mentioned the consideration of some actions to try to improve value for shareholders. Curious, if you can give us an update on what the company may be considering, and how you see opportunities on that front?

我很好奇，在過去，您曾提到考慮採取一些行動來嘗試為股東提高價值。很好奇，您是否可以向我們提供有關公司可能正在考慮的內容的最新信息，以及您如何看待這方面的機會？

And then secondly, in terms of the organic revenue growth guidance for 2023, can you unpack some of the important pieces to get to that growth figure that you described in terms of how much might be coming from escalation, new colocation amendments, some of that internal activity that contributes to the total?

然後其次，就 2023 年的有機收入增長指導而言，您能否解開一些重要的部分以獲得您描述的增長數字，即升級、新的託管修正案可能帶來的增長，其中一些對總量有貢獻的內部活動？

Sure. Mike. So in terms of your first question on shareholder value unlock, as you know, it remains a topic that we continue to debate all the time on our side. Clearly, the markets remain volatile, and we have to keep looking to see, whether there are conducive opportunities for us to do things. We continue to discuss over the board, and that will remain. As we mentioned in the call, we have a couple of milestones this year, in terms of shareholder unblocks coming. So we are continuing to monitor that, and we will do so through the course of this year, and be ready to act, if we think there's an opportunity for us to help unlock shareholder value.

當然。麥克風。因此，就你關於股東價值解鎖的第一個問題而言，正如你所知，這仍然是我們一直在爭論的話題。顯然，市場仍然不穩定，我們必須繼續觀察，看看是否有有利的機會讓我們做事。我們繼續討論董事會，這將繼續存在。正如我們在電話會議中提到的，我們今年有幾個里程碑，就即將到來的股東解鎖而言。因此，我們將繼續監控這一點，我們將在今年全年這樣做，並準備好採取行動，如果我們認為我們有機會幫助釋放股東價值。

As you know, we're committed to continuing to deliver the results of the business. We think this is a good performance that we're putting through here, in terms of Q4 and the full year for last year and a good solid guidance as well for 2023. So hopefully, people are starting to build that track record with a [favorite] number of quarters of performance delivery.

如您所知，我們致力於繼續交付業務成果。我們認為這是我們在這裡取得的良好表現，就第四季度和去年全年而言，以及對 2023 年的良好可靠指導。因此，希望人們開始以 [最喜歡的] 數個季度的表演交付。

In terms of the organic growth for 2023, as you know, we don't split out the different building blocks of the guidance, other than to say we're putting forward 23% organic guidance -- against growth there is the guidance at the midpoint of the range. It's actually 21%, if you back out that onetime item that we mentioned in terms of Q1. And the only other thing I would say is, I would expect CPI to be a higher block than it has been in 2022, given the inflationary environment that we all know we're in. And then some of the other blocks I'd expect to see similar sorts of shapes other than make power, I would expect to moderate slightly.

就 2023 年的有機增長而言，如您所知，我們沒有拆分指導的不同組成部分，只是說我們提出了 23% 的有機指導——針對增長的指導是範圍的中點。如果你取消我們在第一季度提到的一次性項目，它實際上是 21%。我唯一要說的另一件事是，鑑於我們都知道我們所處的通脹環境，我預計 CPI 將比 2022 年更高。然後是我預計的其他一些區塊看到除了製造力量之外的類似形狀，我希望稍微緩和。

And then just one other question on that. For power, is that power change roughly offset by the cost? And if your power and energy costs eventually come down, does that go from being a tailwind to a headwind, that we just should consider for the future?

然後是另一個問題。對於功率，功率變化是否被成本大致抵消了？如果你的電力和能源成本最終下降，這是否會從順風變成逆風，我們應該為未來考慮？

Headwind in terms of revenue, but not headwind in terms of overall profitability, right, because that block moves in tandem with our cost of sale, i.e. diesel or electricity as the case may be. So what we were showing in the course of FY '22, as we had $147 million of diesel spend and $77 million of diesel-related pass-through revenue. So, we were roughly 40% covered in terms of the cost that we incurred versus pass through. So if that diesel cost starts to drop, yes, the diesel revenue will drop, but so will our cost base.

收入方面的逆風，但不是整體盈利能力方面的逆風，對，因為該塊與我們的銷售成本同步移動，即柴油或電力，視情況而定。因此，我們在 22 財年期間展示的是，我們有 1.47 億美元的柴油支出和 7700 萬美元的柴油相關轉嫁收入。因此，就我們產生的成本與通過的成本而言，我們大約覆蓋了 40%。因此，如果柴油成本開始下降，是的，柴油收入將會下降，但我們的成本基礎也會下降。

Your next question comes from the line of Greg Williams from TD Cowen.

您的下一個問題來自 TD Cowen 的 Greg Williams。

I know you mentioned you're not splitting organic growth now, but I was wondering if you could help us, at least with organic growth by region, just on a directional level. Should we expect similar trends we saw in the fourth quarter, Nigeria in the high 20s, et cetera?

我知道你提到你現在不拆分有機增長，但我想知道你是否可以幫助我們，至少在區域有機增長方面，只是在方向層面上。我們是否應該期待我們在第四季度看到的類似趨勢，尼日利亞在 20 多歲等等？

Second question is just on the M&A landscape. You noted in the past, private multiples remain high, and you're taking your time to focus on the balance sheet, which you've done a great job, in the last few months doing so. Just hoping you can provide an update on the landscape, and your expectations of the environment in 2023? I understand fluid and difficult to do so, but your insights would be appreciated.

第二個問題只是關於併購領域。您過去曾指出，私人市盈率仍然很高，並且您正在花時間關注資產負債表，過去幾個月您在這方面做得很好。只是希望您能提供有關景觀的最新信息以及您對 2023 年環境的期望？我理解流暢且難以做到這一點，但您的見解將不勝感激。

I'll let Sam answer the second one. In terms of the first one on organic growth, there isn't too much more we can add. I think, 2022 is in reasonable shape in terms of what you'd expect to see going forward. The only one I would caution slightly is LatAM, which, in 2022, was calculated off a small base in 2021. So that will moderate slightly in 2023 in terms of growth percentage terms. So sorry to not be a bit more for that, but that's what we disclosed.

我會讓 Sam 回答第二個問題。關於第一個關於有機增長的問題，我們沒有太多可以補充的了。我認為，就您期望看到的未來而言，2022 年處於合理的狀態。我唯一要稍微提醒一下的是拉美，它在 2022 年是根據 2021 年的一個小基數計算的。因此，就增長率而言，到 2023 年將略有放緩。很抱歉不能為此多說一點，但這就是我們所披露的。

And regarding the second question, I think it's important to note again that our priority for this year. Remain basically to focus on the core, while, of course, keeping an eye on the future. And when I say. Focus on the core double-digit top line growth, the balance sheet, which you've rightfully mentioned, we've done a lot of measures to kind of like shift most of the maturities further down the road, the Project Green of course, reducing OpEx and CapEx. Now having said that, we are in a very healthy position at the moment. Our leverage remains at around 3.2x, which is at the lower end of our indicated range and much lower than most of our peers. We have roughly $1 billion or more of dry powder. So. We are in a good spot to be able to look into the future.

關於第二個問題，我認為有必要再次指出我們今年的優先事項。基本上保持專注於核心，同時當然要關注未來。當我說。專注於核心的兩位數頂線增長，資產負債表，你已經正確地提到了，我們已經採取了很多措施，比如將大部分期限轉移到更遠的地方，當然是綠色項目，減少運營支出和資本支出。話雖如此，我們目前處於非常健康的狀態。我們的槓桿率保持在 3.2 倍左右，處於我們指定範圍的低端，遠低於我們的大多數同行。我們大約有 10 億美元或更多的干火藥。所以。我們處於一個能夠展望未來的好位置。

Having said that, we will only consider at the moment, projects that could generate outside risk-adjusted returns. And how strategically spot on. For example, you may have noticed that in Brazil, for example, we expect to triple the number of BTS this year versus last year. I mean, this is the kind of thing that we like, Project Green. If an M&A project presents it self that fits this criteria, we will definitely consider it.

話雖如此，我們目前只會考慮可以產生外部風險調整後回報的項目。以及如何戰略性地發現。例如，您可能已經註意到，例如在巴西，我們預計今年的防彈少年團數量將是去年的三倍。我的意思是，這就是我們喜歡的東西，綠色計劃。如果有符合這個標準的併購項目，我們一定會考慮的。

Your next question comes from the line of Brett Feldman from Goldman Sachs.

你的下一個問題來自高盛的 Brett Feldman。

And I'll follow up with something that Sam just mentioned. You reiterated the intent to significantly accelerate the pace of new builds in Brazil. So the question is who are you building for? What's driving that? And, I would assume you have an anchor tenant on all these towers. So I guess, the real question would be, how much visibility do you have into lease up beyond the anchor tenants that you're building for? And then, with regards to the upstreaming that you've been doing with the Naira, you've obviously been very successful there. How are you thinking about the intent or need to continue that pace of upstreaming this year, particularly as you ramp Project Green? I'm wondering if there's a desire to execute more of the cash in the country.

我將跟進 Sam 剛才提到的內容。您重申了顯著加快巴西新建築步伐的意圖。所以問題是你在為誰建造？是什麼推動了它？而且，我假設你在所有這些塔樓上都有一個主要租戶。所以我想，真正的問題是，除了你正在為之建造的主要租戶之外，你對租賃有多大的了解？然後，關於你在 Naira 上所做的上游，你顯然在那裡非常成功。您如何考慮今年繼續推進上游步伐的意圖或需要，尤其是在您啟動 Project Green 時？我想知道是否有在該國執行更多現金的願望。

Brett, I'll take the first question, while Steve takes the second question. Look, we continue to work with the various operators in Brazil. We have a very good relationship with Telkom Italy, given the partnership we have done with them and then the massive support we're providing on fiber, but we work with the Claro, we work with [vivo]. Our BTS project in Brazil is largely driven by the that. That country needs to still expand its infrastructure network and it's moving into 5G. We are extremely positive about that. And many of the -- or actually most of what we're talking about is -- are in the pipeline already. So these are projected ETFs that will happen, and you'll see them coming through quarter after quarter. Steve?

布雷特，我來回答第一個問題，史蒂夫回答第二個問題。看，我們繼續與巴西的各種運營商合作。考慮到我們與意大利 Telkom 的合作關係，以及我們在光纖方面提供的大量支持，我們與意大利 Telkom 的關係非常好，但我們與 Claro 合作，我們與 [vivo] 合作。我們在巴西的 BTS 項目主要受此驅動。該國仍需要擴展其基礎設施網絡，並且正在向 5G 邁進。我們對此非常樂觀。許多——或者實際上我們正在談論的大部分內容——已經在籌備中。所以這些是預計將會發生的 ETF，你會看到它們一個季度又一個季度地出現。史蒂夫？

And then on the second question, Brett, in terms of Nigerian upstream. I mean, just keep in mind, the cash proceeds or the use of cash if you like for Project Green, we put out, we spent $104 million in 2022 on Project Green, and that was in Nigeria. And we're expecting to spend $90 million to $100 million, in 2023. And again, most of that will be in Nigeria. The CapEx investment between the 2 years is not that dissimilar from a Nigerian perspective. So why am I saying all that, and we are obviously prioritizing cash into that project, as I said before, but we will look to continue upstreaming from Nigeria. $207 million last year was a really good result. It was higher than the $179-odd million, we did in the prior year. So we will continue to keep sourcing FX, if we think it's at an appropriate price.

然後關於第二個問題，布雷特，就尼日利亞上游而言。我的意思是，請記住，現金收益或現金使用，如果你喜歡 Project Green，我們推出，我們在 2022 年在 Project Green 上花費了 1.04 億美元，那是在尼日利亞。我們預計在 2023 年將花費 9000 萬到 1 億美元。而且，其中大部分將在尼日利亞。從尼日利亞的角度來看，這兩年的資本支出投資並沒有什麼不同。那麼我為什麼要這麼說，正如我之前所說，我們顯然正在優先考慮將現金投入該項目，但我們將繼續從尼日利亞上游。去年的 2.07 億美元是一個非常好的結果。它高於我們前一年的 179 多萬美元。因此，如果我們認為價格合適，我們將繼續採購外匯。

Got it.

知道了。

May I add, we also did $15 million of premium in January. So that process remains moving.

我可以補充一下，我們在 1 月份還支付了 1500 萬美元的保費。因此，該過程仍在繼續。

(Operator Instructions) And your next question comes from the line of Eric Luebchow from Wells Fargo.

（操作員說明）您的下一個問題來自富國銀行的 Eric Luebchow。

So just curious on your BTS program or really any other investments. I mean, I wanted to talk about what type of unlevered returns you're underwriting on those site builds. And have those hurdle rates changed at all just based on the elevated interest rate environment we're in?

所以只是對你的 BTS 計劃或任何其他投資感到好奇。我的意思是，我想談談你在這些網站建設上承保的是什麼類型的無槓桿回報。這些門檻利率是否僅根據我們所處的高利率環境而發生變化？

Sure. So we've historically provided some ballpark guidance in terms of BTS returns around the group. And, I would say this is across the entire IHS Group. So they do range a little bit from region to region, country to country. And we've typically guided people to a 10- to 11-type percent return on a 1-tenant tower getting up to the low 20% returns on the 2-tenant tower. In terms of how that's changed in the past year, they are still broadly in line with that, possibly 1% or so off, given things like higher energy prices, which affects our African businesses but not necessarily our other parts of the geographies like LatAm. And so those returns are still ballpark and what we would expect to receive.

當然。因此，我們歷來就 BTS 團隊的回報率提供了一些大概的指導。而且，我想說這涉及整個 IHS 集團。因此，它們確實在不同地區、不同國家之間有所不同。我們通常會引導人們在 1 個租戶塔樓上獲得 10 到 11% 的回報率，在 2 個租戶塔樓上達到 20% 的低迴報率。就過去一年的變化而言，它們仍大致與此一致，可能下降 1% 左右，因為能源價格上漲等因素會影響我們的非洲業務，但不一定會影響我們在拉美等地區的其他地區.因此，這些回報仍然是大概的，也是我們期望得到的。

Okay. Great. That's helpful. And I guess just one last one on leverage. I know you're at the low end of your leverage target. And based on the strong EBITDA growth this year, I mean, do you expect in this environment maybe to go below the low end? Or as you look at incremental investment opportunities, M&A, buybacks, how are you thinking about managing leverage in the current environment versus returns from an incremental investment?

好的。偉大的。這很有幫助。我猜最後一個是關於槓桿的。我知道您處於槓桿目標的低端。基於今年強勁的 EBITDA 增長，我的意思是，您是否預計在這種環境下可能會低於低端？或者當您查看增量投資機會、併購、回購時，您如何考慮管理當前環境中的槓桿與增量投資的回報？

Yes. I'm expecting to stay at the low end of the range during the course of 2023. Now that depends largely on what happens in terms of things like devaluation of currencies, et cetera. Although we still remain comfortable even in those scenarios. M&A, as Sam said, look, we will continue to remain prudent. We're in an environment, where access and cost of financing is not what it was. So we're very mindful of those dynamics, but it depends what comes along in terms of something strategically important to help the diversification push. But base case, I would think, will stay at the low end of the range through 2023.

是的。我預計在 2023 年期間將保持在該範圍的低端。這在很大程度上取決於貨幣貶值等方面的情況。儘管即使在那些情況下我們仍然保持舒適。併購，正如山姆所說，看，我們將繼續保持謹慎。我們所處的環境中，融資渠道和融資成本與以往不同。因此，我們非常關注這些動態，但這取決於在幫助推動多元化發展方面具有重要戰略意義的事情。但我認為，到 2023 年，基本情況將保持在該範圍的低端。

Your next question comes from the line of Stella Cridge from Barclays.

你的下一個問題來自巴克萊銀行的 Stella Cridge 系列。

Many thanks for all the updates. So there's two things I wanted to ask, please. The first is on South Africa in general. I mean there's clearly some major stress on the power network there, at the moment. I just wondered if you could tell us a bit more about what you've been working on there in terms of offering different sort of power sources to your own fleet, but also to that of MTNs as well?

非常感謝所有的更新。所以我想問兩件事。首先是關於南非的總體情況。我的意思是，目前那裡的電力網絡顯然存在一些重大壓力。我只是想知道您是否可以告訴我們更多關於您在為您自己的車隊以及 MTN 提供不同類型的電源方面所做的工作？

The second thing, I wanted to ask was you in the slide when you were talking about upstreaming, you talked about a structured transaction for the last 2 cash flows. So I just wondered, what you meant specifically by that?

第二件事，我想問的是你在幻燈片中談到上游時，你談到了最後兩個現金流的結構化交易。所以我只是想知道，你的具體意思是什麼？

And then finally, just on the leases, so you did talk about the lease accounting, and I saw that the leases moved up quarter-on-quarter. So, I just wanted to ask what the reason for that was. That would be great.

最後，就租約而言，你確實談到了租約會計，我看到租約環比上漲。所以，我只想問一下這是什麼原因。那太好了。

I'll take the first one, and Steve can cover the remaining two. Thanks. Stella. Look, as you actually noted, the level of load shedding in South Africa has steadily deteriorated or kind of like escalated, since we completed the deal last year. As such the need for power managed services, like the expertise we provide in Nigeria and other countries is at the moment, greater. We need to make sure, however, that whatever we do, it does receive the proper economics while putting our knowledge and experience in Nigeria, which is unique in a way into helping our customers. We are specifically in dialogue with everyone at the moment, trying to see what is it, that they want to do. I mean, we will be happy to provide the service that they require, but it's an ongoing discussions. I mean, the operators need to also make a decision on the future of Eskom. Is it going to improve? Is it going to deteriorate further? I mean, those are major decisions that the operators will have to take at the moment, but we remain ready to support them.

我會拿第一個，史蒂夫可以負責剩下的兩個。謝謝。斯特拉。看，正如您實際上指出的那樣，自從我們去年完成交易以來，南非的減載水平一直在穩步惡化或類似升級。因此，目前對電力管理服務的需求更大，例如我們在尼日利亞和其他國家/地區提供的專業知識。然而，我們需要確保無論我們做什麼，在將我們在尼日利亞的知識和經驗用於幫助我們的客戶時，它確實獲得了適當的經濟效益，這在某種程度上是獨一無二的。目前，我們專門與每個人進行對話，試圖了解他們想要做什麼。我的意思是，我們很樂意提供他們需要的服務，但這是一個持續的討論。我的意思是，運營商還需要對 Eskom 的未來做出決定。會好轉嗎？還會進一步惡化嗎？我的意思是，這些是運營商目前必須做出的重大決定，但我們仍準備好支持他們。

And then, Stella, in terms of your questions on the upstream, so trusted transaction, and it's really just to note that the $15 million upstream in January was part of the same $60 million transaction that we effected in December. So $6 million went up in December, $15 million went up in January. It's part of the same overall upstreaming effort. And then, on the lease accounting in South Africa, so we inherited many thousands of leases in relation to the portfolio of assets we acquired from MTN in South Africa during the course of 2022. Those leases are pretty complex and pretty varying in nature. And so the process of getting through those reviewing (inaudible) and then making sure we're recording them properly in our lease register, and therefore, balance sheet was the process that took some time.

然後，斯特拉，就你對上游的問題而言，如此值得信賴的交易，實際上只是要注意，1 月份上游的 1500 萬美元是我們在 12 月份進行的相同 6000 萬美元交易的一部分。所以 12 月增加了 600 萬美元，1 月增加了 1500 萬美元。它是同一整體上游工作的一部分。然後，在南非的租賃會計方面，我們在 2022 年期間繼承了與我們從南非 MTN 收購的資產組合相關的數千份租約。這些租約非常複雜，性質各不相同。因此，通過這些審查（聽不清）然後確保我們在我們的租賃登記簿中正確記錄它們的過程，因此，資產負債表是需要一些時間的過程。

That brings us to the end of the IHS Holding Limited Fourth Quarter and Full Year 2022 Earnings Results Call. Should you have any questions, please contact the Investor Relations team via the e-mail address, investorrelations@ihstowers.com. The management team, thank you for your participation today, and wish you a good day.

這使我們結束了 IHS Holding Limited 第四季度和 2022 年全年收益結果電話會議。如有任何疑問，請通過電子郵件地址 investorrelations@ihstowers.com 聯繫投資者關係團隊。管理團隊，感謝您今天的參與，祝您有個愉快的一天。