IHS Holding Ltd (IHS) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the IHS Holding Limited Second Quarter 2023 Earnings Results. (Operator Instructions) After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions) I would like to advise all participants that this call is being recorded. I'd now like to welcome Colby Synesael, Executive Vice President of Communications, to begin the conference. Colby, over to you.

感謝您的耐心等待，歡迎閱讀 IHS Holding Limited 2023 年第二季度盈利結果。 （操作員說明） 演講者發言後，將進行問答環節。 （操作員說明）我想通知所有參與者，此通話正在錄音。現在我歡迎傳播執行副總裁 Colby Synesael 開始會議。科爾比，交給你了。

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. This morning, we published our unaudited financial statements for the 3-month and 6-month periods ended June 30, 2023, on the Investor Relations section of our website and issued a related earnings release and presentation.

謝謝你，接線員。也感謝大家今天加入電話會議。我是 Colby Synesael，IHS 通信執行副總裁。今天與我在一起的有我們的董事長兼首席執行官 Sam Darwish；和我們的首席財務官史蒂夫·豪登（Steve Howden）。今天上午，我們在網站的投資者關係部分發布了截至 2023 年 6 月 30 日的 3 個月和 6 個月未經審計的財務報表，並發布了相關的收益報告和演示文稿。

These are the consolidated results of IHS Holding Ltd, which is listed on the New York Stock Exchange under the ticker symbol IHS, which comprises the entirety of the group's operations. Before we discuss the results, I would like to draw your attention to the disclaimers set out 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 our earnings release and 6-K filed as well today.

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，涵蓋了該集團的全部業務。在我們討論結果之前，我想提請您注意幻燈片 2 演示文稿開頭列出的免責聲明，應完整閱讀該免責聲明，以及我們收益中列出的有關前瞻性陳述的警告聲明發布和6-K 也在今天提交。

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 with the Securities and Exchange Commission and other filings with the SEC.

特別是，所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，其中一些因素是我們無法控制的、難以預測的，而其他因素可能會影響我們的決策。導致實際結果、績效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、績效或成就或行業結果存在重大差異，包括我們提交給我們的表格20-F 的風險因素部分中討論的內容證券交易委員會以及向 SEC 提交的其他文件。

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

我們還將參考我們認為對評估我們的業務績效非常重要的非國際財務報告準則指標。非國際財務報告準則指標與最接近的國際財務報告準則指標的調節可以在我們的收益報告中找到，該報告可以在我們網站的投資者關係部分找到。接下來，我想將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 second quarter 2023 earnings results call. We remain well positioned to take advantage of the strong secular growth trends across our markets, which we expect to continue for years to come. We are reporting another strong quarter of performance across our KPIs. But of course, this is in the context of ongoing macroeconomic change in our largest market in Nigeria

謝謝 Colby，歡迎大家參加我們的 2023 年第二季度收益電話會議。我們仍然處於有利地位，可以利用整個市場強勁的長期增長趨勢，我們預計這種趨勢將在未來幾年持續下去。我們報告了關鍵績效指標 (KPI) 的又一個強勁季度業績。但當然，這是在我們最大的尼日利亞市場持續宏觀經濟變化的背景下進行的

We are encouraged by the recent policy changes implemented in Nigeria that are intended to put the company on a better economic path. In the near term, however, these changes have caused some anticipated friction, including the significant devaluation of the Naira that occurred in mid-June. As a result, we now assume an average rate of 624 Naira to the USD for the year versus 497 previously.

我們對尼日利亞最近實施的政策變化感到鼓舞，這些政策變化旨在使公司走上更好的經濟道路。然而，在短期內，這些變化引發了一些預期的摩擦，包括 6 月中旬發生的奈拉大幅貶值。因此，我們現在假設今年的平均匯率為 624 奈拉兌美元，而之前為 497 奈拉。

And subsequently, we are devising our 2023 guidance for revenue, adjusted EBITDA and RLFCF while maintaining our CapEx guidance and our target leverage ratio of 3 to 4x. Our expectation for revenue would have otherwise increased by $31 million, had the average ForEx rates previously assumed in our guidance remain unchanged, reflecting the strength we continue to see in our fundamental business.

隨後，我們正在製定 2023 年收入指引、調整後的 EBITDA 和 RLFCF，同時維持我們的資本支出指引和 3 至 4 倍的目標槓桿率。如果我們之前在指導中假設的平均外匯匯率保持不變，我們對收入的預期將增加 3100 萬美元，這反映了我們在基本業務中繼續看到的實力。

The significant net loss position we report for the quarter also resulted from ForEx as the devaluation drove significant noncash financing costs. For the quarter, the change in ForEx rates had a $21 million negative impact versus rates previously assumed in (inaudible) including a $25 million negative impact from the Naira devaluation. Excluding the ForEx impact, results were ahead of our expectations, driven largely by our Nigeria segment, including a pull forward in revenue a quarter earlier than we had anticipated.

我們報告的本季度的重大淨虧損頭寸也是由外匯造成的，因為貨幣貶值推高了非現金融資成本。本季度，外匯匯率的變化與之前假設的匯率（聽不清）相比，產生了 2100 萬美元的負面影響，其中包括奈拉貶值帶來的 2500 萬美元的負面影響。排除外匯影響，結果超出了我們的預期，這主要是由我們的尼日利亞業務推動的，包括收入比我們預期提前了一個季度。

We will see the full impact of the Naira devaluating our third quarter results and the impact of our ForEx resets over Q3 and Q4 of 2023. 93% of our resets are quarterly and 4% are monthly. Separately, our Board has exercise tried to move forward from April 2024 to October 2023, the release of locust restrictions on the final block of pre-IPO shares that are subject to lockup under the shareholders' agreement. I'll speak more about it in a moment, but this will conclude the lockup period for our pre-IPO investors and will further move us towards achieving a normalized float

我們將看到奈拉貶值對我們第三季度業績的全面影響，以及2023 年第三季度和第四季度外匯重置的影響。我們的重置中有93% 是季度重置，4% 是每月重置。另外，我們的董事會已嘗試將根據股東協議鎖定的最後一批IPO前股份的蝗蟲限制從2024年4月推遲到2023年10月。我稍後會詳細討論，但這將結束我們的首次公開募股前投資者的禁售期，並將進一步推動我們實現正常化的流通

Additionally, the Board has also authorized up to $50 million stock buyback program. I want to discuss some of our key highlights for the quarter. Starting with Nigeria, as I mentioned earlier, the new administration implemented three significant policy changes over the last few months, including two from a macro perspective and one that impacts companies like IHS that imports diesel. Starting with the macro changes. In mid-June, the Naira was permitted to trade freely in order to convert multiple ForEx rates. This was generally expected and positively received by the market and something we had discussed in previous calls.

此外，董事會還批准了高達 5000 萬美元的股票回購計劃。我想討論本季度的一些主要亮點。正如我之前提到的，從尼日利亞開始，新政府在過去幾個月實施了三項重大政策變化，其中兩項是從宏觀角度來看的，一項是影響 IHS 等進口柴油的公司的。從宏觀變化開始。六月中旬，奈拉被允許自由交易，以便轉換多種外匯匯率。這是市場的普遍預期和積極接受，我們在之前的電話會議中也討論過這一點。

While it will take time to see the full impact of this change, it improves transparency in the Nigerian ForEx market and expected to improve liquidity and the ability for companies to access U.S. dollars. Thus, it is a change that we welcome. On a related basis, we did upstream $50 million during the quarter, and we may look to upstream later in the year via the official window or through other structured transactions.

雖然這一變化的全面影響還需要時間才能看到，但它提高了尼日利亞外匯市場的透明度，並有望提高流動性和企業獲取美元的能力。因此，這是我們歡迎的變化。在相關基礎上，我們在本季度向上游投資了 5000 萬美元，我們可能會在今年晚些時候通過官方窗口或通過其他結構性交易尋求上游投資。

Another key change that occurred in late May was the elimination of the retail petrol subsidy, which cost the country billions of dollars annually. Because we purchase these that are not petrol to power our site, this change has only had a small impact on the (inaudible) we use to fuel our own vehicles. Nevertheless, we believe this was a significant step forward for the country. given the dollar's the subsidy has required from the government to support, this is now expected to put more dollars back in the federal budget.

五月下旬發生的另一個關鍵變化是取消了零售汽油補貼，該補貼每年使該國損失數十億美元。因為我們購買的這些不是汽油來為我們的網站提供動力，所以這一變化只對我們用來為自己的車輛提供燃料的（聽不清）產生很小的影響。儘管如此，我們相信這對該國來說是向前邁出的重要一步。考慮到美元的補貼需要政府的支持，現在預計這將使更多的美元重新回到聯邦預算中。

Lastly, in July, the government initiated a 7.5% value-added tax on imported diesel. Notably, this was not previously factored in our guidance, and we estimate it will add approximately $5 million to our costs over the remaining 6 months of the year. Moving first to Brazil and then to South Africa.

最後，7月，政府開始對進口柴油徵收7.5%的增值稅。值得注意的是，我們之前的指導中並未考慮到這一點，我們估計這將在今年剩餘 6 個月內使我們的成本增加約 500 萬美元。首先搬到巴西，然後到南非。

In Brazil, macro conditions continue to improve following the smooth complemental transition of power in January. ForEx rates have strengthened against the U.S. dollar, while the Central bank has recently elected to cost rate first among large economies. We are focused on our sizable bid to suit program and continue to assess a growing number of opportunities. We are excited about Brazil and like the strategic positioning we have earned in the market as a leading Infraco provider with both tower and fiber assets. Now to South Africa, as we stated last quarter and given various dynamics in the market, including an unprecedented level of load shedding that has occurred in the country post deal flows, we continue to evaluate our opportunities and we'll update you as appropriate and if necessary. On stock liquidity, on October 14, the Block B shares will be unblocked and the registered offering requirement for the Block C shares will end effectively freeing up over 120 million shares.

在巴西，隨著一月份權力的順利補充過渡，宏觀經濟狀況繼續改善。外匯利率兌美元走強，而央行最近選擇在大型經濟體中首先降低利率。我們專注於大規模的競標計劃，並繼續評估越來越多的機會。我們對巴西感到興奮，並且喜歡我們作為擁有塔和光纖資產的領先 Infraco 提供商在市場上獲得的戰略定位。現在到南非，正如我們上季度所說，考慮到市場的各種動態，包括交易後該國發生的前所未有的減載水平，我們將繼續評估我們的機會，並酌情向您通報最新情況如果需要的話。在股票流動性方面，10 月 14 日，B 股將解禁，C 股的註冊發行要求將結束，有效釋放超過 1.2 億股。

In addition, the IHS Board has exercised its right to move forward from April 2024 to October 2023, the release of lockup restrictions on the final block of pre-IPO shares that are subject to lockup under the shareholders' agreement. This means that all three blocks become freely tradable at the same time, thereby concluding the lockup period for our pre-IPO investors. The removal of the lockup will move us further towards achieving a normalized low. Separately, our Board has also authorized an up to $50 million 2-year stock buyback program.

此外，IHS董事會已行使其權利，將根據股東協議規定禁售的最後一批IPO前股份的禁售限制從2024年4月提前至2023年10月。這意味著所有三個區塊同時可以自由交易，從而結束了我們的首次公開募股前投資者的禁售期。解除鎖定將使我們進一步實現正常化低點。另外，我們的董事會還批准了一項高達 5,000 萬美元的為期 2 年的股票回購計劃。

Recognizing the importance of maintaining a strong balance sheet, we continue to take a disciplined approach to capital deployment, including near-term M&A while we keep accessing what's out there. As of the end of the quarter, we had over $950 million of available liquidity and leverage stood at 3.1x. While this will increase slightly over the next 12 months as a result of the impact of the Naira devaluation on our adjusted EBITDA, we expect to remain well within our target range of 3 to 4x. We continue to have [no meniscal] debt maturity until quarter 4, '25, and we continue to monitor the market and evaluate ways to further strengthen our position as we have done historically. Lastly, I want to comment on statements -- some of our shareholders have made since last quarter regarding our governance. Our Board is committed to ensuring the integrity of the independence of IHS as a neutral digital infrastructure provider. And to maintaining strong corporate governance, supporting our customers and increasing shareholder value. We remain engaged with these shareholders while maintaining an open and constructive dialogue with all of our shareholders.

認識到維持強勁資產負債表的重要性，我們繼續對資本部署採取嚴格的方法，包括近期併購，同時繼續利用現有資源。截至本季度末，我們擁有超過 9.5 億美元的可用流動性，槓桿率為 3.1 倍。雖然由於奈拉貶值對我們調整後 EBITDA 的影響，這一數字在未來 12 個月內將略有增加，但我們預計仍將保持在 3 至 4 倍的目標範圍內。在 2025 年第 4 季度之前，我們將繼續[無半月板]債務到期，並且我們將繼續監控市場並評估進一步加強我們地位的方法，就像我們歷史上所做的那樣。最後，我想對我們的一些股東自上季度以來就我們的治理髮表的聲明發表評論。我們的董事會致力於確保 IHS 作為中立數字基礎設施提供商的獨立性的完整性。並保持強有力的公司治理，支持我們的客戶並增加股東價值。我們將繼續與這些股東保持接觸，同時與所有股東保持開放和建設性的對話。

Turning to Slide 8. You see that we published our 2022 sustainability report in May, which is our fifth year of doing so. The 2022 sustainability reported our first year reporting under the GRI framework, demonstrating our continued evolution and sustainability reporting and more so our long-term strong commitment to the subject here at IHS. And lastly, before I turn the call over to Steve, I want to announce that the (inaudible) is leaving the IHS Board. Price is dear friend and has been on the board since 2013. During this time, he has provided invalueable advise, and I personally want to thank him for the many contributions he has made to IHS. Price stepping down is in line with our shareholders' agreement that allows ETP to designate a Board member as long as they maintain greater than 10% ownership in the company. And with that, I will turn the call over to Steve.

轉向幻燈片 8。您會看到我們於 5 月發布了 2022 年可持續發展報告，這是我們這樣做的第五年。 2022 年可持續發展報告是我們在 GRI 框架下進行的第一年報告，展示了我們的持續發展和可持續發展報告，更展示了我們 IHS 對這一主題的長期堅定承諾。最後，在將電話轉給 Steve 之前，我想宣布（聽不清）將離開 IHS 董事會。 Price 是一位親愛的朋友，自 2013 年起就加入董事會。在此期間，他提供了寶貴的建議，我個人要感謝他為 IHS 做出的許多貢獻。價格下調符合我們的股東協議，該協議允許 ETP 指定一名董事會成員，只要他們持有公司 10% 以上的所有權。然後，我會將電話轉給史蒂夫。

Thanks, Sam and Hello, everyone. Turning to Slide 9. As Sam mentioned, we are pleased with our Q2 performance, particularly against the backdrop of the currency devaluation in Nigeria, which I'll reference at various points today. As you see here, Towers and Tenants are up slightly in Q2 '23 versus Q2 '22, given that the South African acquisition closed in Q2 last year. Lease amendments again increased by double-digit percentages, and we again delivered double-digit growth in revenue and adjusted EBITDA for the quarter.

謝謝，薩姆，大家好。轉向幻燈片 9。正如 Sam 提到的，我們對第二季度的表現感到滿意，特別是在尼日利亞貨幣貶值的背景下，我今天將在各個方面提到這一點。正如您所看到的，考慮到南非收購已於去年第二季度完成，塔樓和租戶在 23 年第二季度與 22 年第二季度相比略有上升。租賃修訂再次以兩位數百分比增長，本季度收入和調整後 EBITDA 再次實現兩位數增長。

Specifically, in Q2, we delivered 17% growth in revenue 27% growth in adjusted EBITDA and 4% growth in RLFCF in each case on a reported basis and driven primarily by organic activity across our markets, with some inorganic contribution from South Africa. Our adjusted EBITDA margin improved significantly to 55.6%, a 450 basis point gain on Q2 '22. The results reflect the devaluation of the Nigerian Naira versus the U.S. dollar that occurred in mid-June and has only partially impacted the quarter as well as some pull forward of anticipated Q3 revenue into Q2, which I'll discuss shortly. As you also see, total CapEx grew by 41% in the quarter, largely due to movements in Nigeria and Lat Am, whilst we saw an overall decrease in CapEx in SSA.

具體來說，在第二季度，根據報告，我們的收入增長了17%，調整後EBITDA 增長了27%，RLFCF 增長了4%，這主要是由我們市場上的有機活動推動的，南非也有一些無機貢獻。我們調整後的 EBITDA 利潤率顯著提高至 55.6%，比 2022 年第二季度增加了 450 個基點。結果反映了 6 月中旬尼日利亞奈拉兌美元的貶值，該貶值僅對本季度產生了部分影響，並且將預期的第三季度收入提前到了第二季度，我將很快對此進行討論。正如您所看到的，本季度總資本支出增長了 41%，這主要是由於尼日利亞和拉丁美洲的變動，而我們看到 SSA 的資本支出總體下降。

Finally, our consolidated net leverage ratio was 3.1x at the end of Q2, a slight decrease versus last year and flat on 1Q '23 and although as I'll discuss, we do expect our leverage ratio to increase over the next 12 months in light of the devaluation but remaining within our target 3x to 4x range. Turning to our revenue on a consolidated basis. Slide 10 shows the components of our 16.8% reported consolidated revenue growth for the second quarter. Organic revenue growth of 29.7% was driven primarily by CPI escalations, power-related revenue, FX resets and lease amendments as well as some pull forward revenue we had anticipated for 3Q but actually occurred in 2Q.

最後，我們的綜合淨槓桿率在第二季度末為3.1 倍，與去年相比略有下降，與2023 年第一季度持平，儘管正如我將討論的，我們確實預計我們的槓桿率將在未來12 個月內增加鑑於貶值，但仍保持在我們的目標 3 倍至 4 倍範圍內。轉向我們的合併收入。幻燈片 10 顯示了我們報告的第二季度綜合收入增長 16.8% 的組成部分。 29.7% 的有機收入增長主要是由消費者物價指數 (CPI) 升級、電力相關收入、外匯重置和租賃修訂以及我們預計第三季度但實際發生在第二季度的一些提前收入推動的。

This is included in other. Additional revenue growth was driven by new colocation, new sites and fiber deployment as usual. As you can imagine, the full impact of the Naira devaluation towards the end of the quarter is not reflected in the level of escalations and FX resets you see here, not fully in the negative impact from FX, all of which I will discuss further. The level of power-related revenue continues to reflect the high energy price environment and included a $24 million increase in diesel linked revenue. I would also again note that we now include the power pass-through revenue we received in South Africa within the Power segment, which in Q2 increased $2 million.

這個是包含在其他裡面的。額外的收入增長是由新的託管、新站點和光纖部署一如既往地推動的。正如您可以想像的那樣，奈拉貶值在本季度末的全部影響並沒有反映在您在這裡看到的升級和外匯重置的水平中，也沒有完全反映在外彙的負面影響中，所有這些我將進一步討論。電力相關收入水平繼續反映了高能源價格環境，其中柴油相關收入增加了 2400 萬美元。我還要再次指出，我們現在將我們在南非獲得的電力直通收入納入電力部門，該收入在第二季度增加了 200 萬美元。

On the right, you can see the organic growth rates of each of our segments for the quarter, with Nigeria delivering 37% organic growth, including the pull forward revenue. Inorganic growth for Q2 was 3.9%, reflecting almost entirely the South African acquisition and inorganic growth will drop further in Q3 as we have now passed the anniversary of the South African acquisition. On Slide 11, you can see our consolidated revenue and adjusted EBITDA and adjusted EBITDA margins for Q2 2023. As I discussed on the prior slide, in the second quarter, IHS generated a nearly 17% increase in reported revenue. Organic revenue growth was even higher at nearly 30%, again demonstrating the continued strong top line growth trends of the businesses led by Nigeria in particular.

在右側，您可以看到本季度每個細分市場的有機增長率，其中尼日利亞實現了 37% 的有機增長率，其中包括拉動收入。第二季度的無機增長為 3.9%，幾乎完全反映了南非的收購，而第三季度的無機增長將進一步下降，因為我們現在已經過了南非收購的周年紀念日。在幻燈片11 上，您可以看到2023 年第二季度我們的合併收入、調整後EBITDA 和調整後EBITDA 利潤率。正如我在上一張幻燈片中討論的那樣，第二季度，IHS 的報告收入增長了近17%。有機收入增長甚至更高，接近 30%，再次證明了以尼日利亞為首的企業持續強勁的營收增長趨勢。

However, as a result of the Naira devaluation in mid-June, 2Q '23 revenue includes a $21 million headwind versus rates previously assumed in guidance, including a $25 million headwind from the Naira since the FX resets on the U.S. dollar-denominated portion of our Nigerian contracts doesn't kick in until July onwards. In Q2 '23, adjusted EBITDA of $304 million increased 27% versus Q2 '22, and adjusted EBITDA margin was 55.6%, up 450 basis points from the prior year. The year-over-year changes in adjusted EBITDA and margin for the second quarter primarily reflects the increase in revenue we've already discussed and partially offset with year-on-year increases in cost of sales, mainly due to increased maintenance and repair costs on a larger business as well as increased administrative expenses resulting from employee costs related to the acquisitions.

然而，由於奈拉在6 月中旬貶值，2023 年第二季度的收入與之前指導中假設的匯率相比出現了2100 萬美元的逆風，其中包括由於匯率根據美元計價部分進行重置而帶來的2500 萬美元的逆風。我們的尼日利亞合同要到七月才生效。 2023 年第二季度，調整後 EBITDA 為 3.04 億美元，比 22 年第二季度增長 27%，調整後 EBITDA 利潤率為 55.6%，比上年增長 450 個基點。第二季度調整後 EBITDA 和利潤率的同比變化主要反映了我們已經討論過的收入增長，並部分抵消了銷售成本的同比增長，這主要是由於維護和維修成本的增加業務規模擴大以及與收購相關的員工成本增加的管理費用。

Power Generation cost of sales decreased by $6 million, driven by a $12 million diesel cost decrease primarily from a 13.1% decrease in diesel price and a 5.5% decrease in consumption. All offset by a $6 million increase in electricity costs, including as a result of Project Green and all of these movements coming from Nigeria. As previously highlighted, through Project Green, we continue to prioritize alternative sources of power to reduce our dependency on diesel. On Slide 12, we first review our recurring levered free cash flow. We generated RLFCF of $91 million in Q2 '23, a 4% increase versus Q2 '22 due to a combination of factors, including the increased revenue and adjusted EBITDA discussed already, and decreases in income taxes paid. These factors were offset in part by increases in net interest paid, lease payments made mostly due to the South African acquisition, maintenance CapEx and withholding tax.

發電銷售成本下降了 600 萬美元，主要是由於柴油價格下降 13.1% 和消耗量下降 5.5%，柴油成本下降了 1,200 萬美元。所有這些都被 600 萬美元的電力成本增加所抵消，其中包括綠色項目和來自尼日利亞的所有這些變動造成的影響。正如之前所強調的，通過綠色計劃，我們繼續優先考慮替代能源，以減少對柴油的依賴。在幻燈片 12 上，我們首先回顧了我們的經常性槓桿自由現金流。我們在23 年第2 季度產生了9100 萬美元的RLFCF，比22 年第2 季度增長了4%，這是由於多種因素造成的，包括已經討論過的收入增加和調整後EBITDA，以及所付所得稅的減少。這些因素被支付的淨利息、主要由於南非收購、維護資本支出和預扣稅而支付的租賃費用的增加部分抵消。

Our RLFCF conversion rate was 30%. Turning to CapEx. And in Q2 '23, CapEx of $207 million increased 41% year-on-year -- this increase was largely due to movements in Nigeria and Lat Am. Increased investment in Nigeria and Project Green, maintenance CapEx and fiber deployment was offset in part by decreases in the new site CapEx there. In Lat Am, we saw growth in new site CapEx and I-Systems fiber rollout, whilst we saw an overall decrease in CapEx in Sub-Saharan Africa. On to the segment review on Slide 13, I'll first walk through our Nigerian business. The Nigeria macro remains complex as we discussed previously and on our earlier earnings call this year. We are encouraged by the swift actions taken by the new government, including the removal of the fuel subsidy and the liberalization of the ForEx regime that resulted in the devaluation of the Naira that took place in mid-June.

我們的 RLFCF 轉化率為 30%。轉向資本支出。 23 年第二季度，資本支出為 2.07 億美元，同比增長 41%，這一增長主要歸因於尼日利亞和拉丁美洲的變動。對尼日利亞和綠色項目、維護資本支出和光纖部署的投資增加被當地新站點資本支出的減少部分抵消。在拉丁美洲，我們看到新站點資本支出和 I-Systems 光纖部署的增長，而撒哈拉以南非洲地區的資本支出總體下降。在幻燈片 13 的細分回顧中，我將首先介紹一下我們的尼日利亞業務。正如我們之前和今年早些時候的財報電話會議上所討論的那樣，尼日利亞宏觀經濟仍然複雜。我們對新政府迅速採取的行動感到鼓舞，包括取消燃油補貼和放寬外匯制度，導致 6 月中旬奈拉貶值。

We remain in close contact with our key customers, two of which have again recently published healthy top line results in their businesses. We also continue to work closely with various regulators, our vendors and our local banking partners to continue to best position IHS. While we are cautiously optimistic U.S. dollars continue to be difficult to source, although remains available. FX reserves in the country have decreased to $34.1 billion at the end of June 2023 from $35.5 billion at the end of March 2023 and market participants believe that the CBN will need to step in at some point to inject liquidity into the system and clear the backlog of FX transactions. That being said, the price of both oil and ice gas oil have decreased quarter-on-quarter.

我們與主要客戶保持密切聯繫，其中兩家最近再次發布了健康的業務業績。我們還繼續與各個監管機構、我們的供應商和當地銀行合作夥伴密切合作，以繼續保持 IHS 的最佳地位。儘管我們持謹慎樂觀的態度，但美元仍然難以獲得，儘管仍然可用。該國的外匯儲備已從 2023 年 3 月底的 355 億美元減少至 2023 年 6 月底的 341 億美元，市場參與者認為，央行將需要在某個時候介入，向系統注入流動性並清理積壓。外匯交易。儘管如此，石油和冰柴油的價格均環比下跌。

If we look at ice gas oil, it was $687 per tonne in Q2 '23, down from $819 per tonne in Q1 '23. And then moving to real GDP growth, it expanded by 2.3% in Q1 '23, with a projected full year 2023 growth rate of 3.2%. The inflation increased to 22.8% this June versus 18.6% in June 2022. So overall, we continue to believe the business remains well positioned for long-term success and to endure these near-term macroeconomic challenges. To this point, our Nigerian business once again delivered strong results in the second quarter, tracking well on our key metrics. Q2 '23 revenue of $365 million increased 13.5% year-on-year on a reported basis and 37% on an organic basis. In each case, reflecting the devaluation over a small portion of the quarter and the pull forward of revenue discussed.

如果我們看看冰柴油，23 年第二季度的價格為每噸 687 美元，低於 23 年第一季度的每噸 819 美元。然後轉向實際 GDP 增長，23 年第一季度增長 2.3%，預計 2023 年全年增長率為 3.2%。今年 6 月的通脹率升至 22.8%，而 2022 年 6 月為 18.6%。因此，總體而言，我們仍然相信該業務仍處於長期成功的有利位置，並能夠承受這些近期宏觀經濟挑戰。到目前為止，我們的尼日利亞業務在第二季度再次取得了強勁的業績，在關鍵指標上表現良好。 2023 年第 2 季度的報告收入為 3.65 億美元，同比增長 13.5%，有機增長 37%。在每種情況下，都反映了該季度一小部分的貶值和所討論的收入的前移。

Top line growth was driven primarily by the usual group of escalations, power-related revenue as well as effects resets and lease amendments. The negative FX impact was $74.5 million or 23% due to the Naira devaluation. Our tower count decreased by 2% and total tenant count increased by 0.4% and each versus Q2 '22, largely reflecting the planned decommissioning previously discussed, which does not impact revenue. Our colocation rate consequently improved to 1.57x up from 1.53x in Q2 '22. Lease amendments continued to be a strong driver of growth with these increasing by 9.8% quarter-on-quarter as our customers added additional equipment to our sites, particularly 4G upgrades. Q3 segment adjusted EBITDA in Nigeria was $238 million, a 30% increase from a year ago, and segment adjusted EBITDA margin was up 820 basis points to 65.4%.

收入增長主要由通常的升級、電力相關收入以及影響重置和租賃修訂推動。由於奈拉貶值，外匯負面影響為 7,450 萬美元，即 23%。與 22 年第二季度相比，我們的塔樓數量減少了 2%，總租戶數量增加了 0.4%，這主要反映了之前討論的計劃退役，這不會影響收入。我們的託管率因此從 22 年第二季度的 1.53 倍提高到 1.57 倍。由於我們的客戶向我們的站點添加了額外設備，尤其是 4G 升級，租賃修訂繼續成為增長的強勁推動力，季度環比增長 9.8%。第三季度尼日利亞的部門調整後 EBITDA 為 2.38 億美元，比去年同期增長 30%，部門調整後 EBITDA 利潤率增長 820 個基點，達到 65.4%。

And let me now briefly summarize the results in our other segments. As our Sub-Saharan African segment includes our South African business since Q2 2022, Towers and Tenants increased by 1.5% and 2.6%, respectively, versus Q2 last year. Revenue increased by 30%, of which organic revenue grew 15%, driven primarily by escalations, new sites, colocations and FX resets, whereas inorganic revenue grew 19%, driven by that South African acquisition and FX was a 4.3% headwind. Segment adjusted EBITDA increased by 19%, driven primarily by the increased revenue and partially offset by increases in power generation costs, maintenance, security costs and administrative expenditures.

現在讓我簡要總結一下我們其他部分的結果。由於自 2022 年第二季度以來，我們的撒哈拉以南非洲業務包括南非業務，因此與去年第二季度相比，塔樓和租戶分別增長了 1.5% 和 2.6%。收入增長了 30%，其中有機收入增長了 15%，主要由升級、新站點、託管和外匯重置推動，而無機收入增長 19%，由南非收購推動，而外匯是 4.3% 的逆風。部門調整後 EBITDA 增長了 19%，主要由收入增加推動，但部分被發電成本、維護、安全成本和行政支出的增加所抵消。

Segment adjusted EBITDA margin decreased to 51% from 55.8% in Q2 last year. And we continue to monitor the macro environment in South Africa, particularly the ongoing power load shedding by the national utility. And as previously discussed, we continue to evaluate our managed services opportunity. In our Lat Am segment, Towers and Tenants grew by 4% and 3.2%, respectively, whereas revenue and segment adjusted EBITDA increased by 13% and 14%, respectively, in all cases versus Q2 last year. In Brazil, our second largest market with 7,139 towers, macro conditions were largely stable as GDP growth decelerated, FX rates marginally strengthened, interest rates held steady in the quarter and inflation decreased. In our Lat Am segment, overall, Q2 '23 organic revenue increased 14%, driven primarily by an increase from I-Systems fiber deployment and escalations.

部門調整後 EBITDA 利潤率從去年第二季度的 55.8% 下降至 51%。我們將繼續監測南非的宏觀環境，特別是國家公用事業公司正在進行的電力負荷削減。正如前面所討論的，我們將繼續評估我們的託管服務機會。在我們的拉丁美洲業務中，塔樓和租戶分別增長了 4% 和 3.2%，而與去年第二季度相比，收入和業務調整後 EBITDA 分別增長了 13% 和 14%。巴西是我們擁有 7,139 座塔樓的第二大市場，宏觀經濟狀況基本穩定，GDP 增長放緩，匯率小幅走強，本季度利率保持穩定，通脹下降。在我們的拉丁美洲部門，總體而言，23 年第 2 季度的有機收入增長了 14%，這主要是由於 I-Systems 光纖部署和升級的增加所致。

Segment adjusted EBITDA grew by 14% also in the quarter with a segment adjusted EBITDA margin of 73.1%. In MENA, Towers and Tenants each grew by 6.8% in Q2 '23, and revenue grew by 11%, including 8.4% organic revenue growth. Segment adjusted EBITDA grew by 29% in the quarter with a segment adjusted EBITDA margin of 54.5%, reflecting the increased revenue and a decrease in admin expenses.

本季度，部門調整後 EBITDA 也增長了 14%，部門調整後 EBITDA 利潤率為 73.1%。在中東和北非地區，塔樓和租戶在 23 年第二季度分別增長了 6.8%，收入增長了 11%，其中有機收入增長了 8.4%。本季度，部門調整後 EBITDA 增長了 29%，部門調整後 EBITDA 利潤率為 54.5%，反映了收入的增加和管理費用的減少。

On to Slide 14, and I'll briefly highlight our KPIs. As of June 30, our Tower count was 39,298 up 0.6% from the same period last year, driven by ongoing new sites in Lat Am, SSA and MENA. As you can see in the chart on the top right, collectively, we built nearly 300 towers during the second quarter of 2023. Total Tenants grew 1.9% with the colocation rate at 1.49x, up slightly versus last year. We continue to point out that lease amendments are a significant factor for us, particularly in our Nigerian segment, given the ongoing 4G upgrades by our customers there and the initial 5G activity we are seeing. While lease amendments increased by almost 12% year-on-year, they are not included in our colocation rate calculation.

在幻燈片 14 上，我將簡要強調我們的 KPI。截至 6 月 30 日，受拉美、SSA 和 MENA 不斷新建站點的推動，我們的塔樓數量為 39,298 座，較去年同期增長 0.6%。正如您在右上角的圖表中看到的那樣，我們在 2023 年第二季度總共建造了近 300 座塔樓。租戶總數增長了 1.9%，託管率為 1.49 倍，與去年相比略有上升。我們繼續指出，鑑於我們的客戶正在進行的 4G 升級以及我們看到的最初的 5G 活動，租賃修訂對我們來說是一個重要因素，特別是在我們的尼日利亞業務領域。雖然租賃修訂同比增加了近 12%，但它們並未包含在我們的託管率計算中。

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. On Slide 15, we look at our capital structure and related items. At 30 June 2023, we had approximately $4.06 billion of external debt and IFRS 16 lease liabilities. Of the $4.06 billion of debt, $1.94 billion represent our bond financings and other indebtedness increased $370 million that we drew down last year from the $600 million 3-year bullet term loan facility at the IHS Holding Limited level.

我們仍然認為，從長遠來看，我們的整體投資組合沒有理由不能達到 2 倍或更高。我們更成熟的塔樓投資組合也達到或超過了這個速度。在幻燈片 15 中，我們查看了我們的資本結構和相關項目。截至 2023 年 6 月 30 日，我們的外債和 IFRS 16 租賃負債約為 40.6 億美元。在 40.6 億美元的債務中，19.4 億美元代表我們的債券融資和其他債務增加了 3.7 億美元，這是我們去年從 IHS Holding Limited 級別的 6 億美元三年期短期貸款融資中提取的。

Additionally, as previously discussed, in January 2023, we entered into an up to Naira 165 billion 5-year term loan facility, the commitments under which we further increased by another Naira 11.5 billion during the quarter while also drawing down an additional Naira 15 billion for a total of the Naira 165 billion drawn under this facility as of August 14, 2023, effectively concluding the capacity of this facility. During the quarter, we also increased capacity under the group RCF to $300 million, and there are currently no amounts drawn or outstanding under either the group RCF or the Nigerian RCF.

此外，如前所述，2023 年1 月，我們簽訂了高達1650 億奈拉的五年期定期貸款安排，根據該承諾，我們在本季度進一步增加了115 億奈拉，同時還額外提取了150億奈拉。截至 2023 年 8 月 14 日，該機制下提取的總額為 1,650 億奈拉，有效結束了該機制的容量。在本季度，我們還將 RCF 集團的容量增加至 3 億美元，目前 RCF 集團或尼日利亞 RCF 下均沒有提取或未償還的金額。

As we previously stated, we were very pleased to have completed the Nigeria refinancings, which further de-risk the balance sheet and increased our financial flexibility, particularly in front of the recent naira devaluation. Cash and cash equivalents decreased to $433 million at June 30. And in terms of where that cash is held, approximately 7% of the total cash was held in Naira at our Nigeria business, as we have been using excess cash to support Project Green and for upstreaming. The majority of the remaining cash was held in U.S. dollars at the group level. Moreover, as we previously highlighted on our May call, we upstreamed an additional USD 50 million from Nigeria in Q2 '23 on top of the $15 million done in Q1. We consequently, from all these moving elements, at the end of Q2 '23, our consolidated net debt was approximately $3.6 billion, and our consolidated net leverage ratio was 3.1x, flat with March and at the low end of our net leverage target range of 3 to 4x, further demonstrating our strong balance sheet.

正如我們之前所說，我們很高興完成了尼日利亞的再融資，這進一步降低了資產負債表的風險並提高了我們的財務靈活性，特別是在最近奈拉貶值的情況下。截至 6 月 30 日，現金和現金等價物減少至 4.33 億美元。就現金持有地點而言，我們尼日利亞業務的奈拉持有現金總額的約 7%，因為我們一直在使用多餘現金支持綠色項目和用於上游。剩餘現金大部分以美元形式在集團層面持有。此外，正如我們之前在 5 月份的電話會議中強調的那樣，在第一季度完成的 1500 萬美元的基礎上，我們在 23 年第二季度從尼日利亞額外籌集了 5000 萬美元。因此，從所有這些變化因素來看，截至 23 年第二季度末，我們的綜合淨債務約為 36 億美元，綜合淨槓桿率為 3.1 倍，與 3 月份持平，處於淨槓桿目標範圍的低端3 至4 倍，進一步證明了我們強大的資產負債表。

However, I would note that because the devaluation occurred late in the quarter, we do expect leverage to tick up slightly in the second half of 2023 when adjusting for a full quarterly impact of the devaluation as I'll discuss shortly regarding our guidance. And finally, as it further relates to the devaluation, I wanted to point out that Q2 showed an unusually large net loss of approximately $1.2 billion which is driven primarily by $1.4 billion in finance costs, the vast majority of which is unrealized FX losses. The components of finance costs include net FX losses from financing, both realized and unrealized net FX losses on derivative instruments, both realized and unrealized as well as interest expenses. As is typical each quarter, these costs arise principally due to our bonds given the embedded options they're in and because of the intercompany shareholder loan structure we have used historically to fund the business.

不過，我要指出的是，由於貶值發生在本季度末，我們預計在調整貶值的整個季度影響時，槓桿率將在 2023 年下半年略有上升，我將很快討論我們的指導。最後，由於它進一步與貶值相關，我想指出，第二季度出現了約12 億美元的異常巨額淨虧損，這主要是由14 億美元的財務成本驅動的，其中絕大多數是未實現的外匯損失。財務成本的組成部分包括融資產生的淨外匯損失、已實現和未實現的衍生工具的淨外匯損失（已實現和未實現）以及利息支出。正如每個季度的典型情況一樣，這些成本的產生主要是由於我們的債券（考慮到它們所包含的嵌入期權）以及我們歷史上用來為業務提供資金的公司間股東貸款結構。

These costs, which are very largely noncash can vary significantly and typically increase in the context of a devaluation of the Naira, which is the primary reason why they increased dramatically in Q2. We've added Slide 21 to the appendix to help further explain this dynamic and highlight the large delta this past quarter. Moving to Slide 16. And as a result of the Naira devaluation, we're revising 2023 guidance for revenue to $2.08 billion to $2.11 billion, adjusted EBITDA to $1.13 billion to $1.15 billion; and RLFCF $385 million to $405 million and maintaining our total CapEx guidance of $610 million to $650 million.

這些成本大部分是非現金，可能會有很大差異，並且通常會在奈拉貶值的情況下增加，這是它們在第二季度大幅增加的主要原因。我們在附錄中添加了幻燈片 21，以幫助進一步解釋這一動態並突出顯示上個季度的巨大增量。轉向幻燈片 16。由於奈拉貶值，我們將 2023 年收入指引修訂為 20.8 億美元至 21.1 億美元，將 EBITDA 調整為 11.3 億美元至 11.5 億美元； RLFCF 為 3.85 億至 4.05 億美元，並維持我們的資本支出總額指導為 6.1 億至 6.5 億美元。

As Sam mentioned at the beginning of the year and as highlighted on Slide 17, we now assume an FX rate for the Naira of 624 million which includes Naira 775 to the dollar in Q3 '23 and 750 Naira to the dollar in Q4 '23. Our expectation for revenue would have otherwise increased by $31 million, had the average FX rate previously assumed in our guidance remained unchanged, reflecting the strength we continue to see in our fundamental business. Guidance also continues to include approximately $25 million in Power pass-through revenue in South Africa, of which we have recognized $4 million through the first half of the year. I do want to again caution the 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. Guidance also continues to exclude any revenue from Egypt, although we continue to evaluate opportunities in the market that we believe could align with our financial and strategic objectives.

正如Sam 在年初提到的以及幻燈片17 中強調的那樣，我們現在假設奈拉的匯率為6.24 億奈拉，其中包括23 年第三季度775 奈拉兌美元和23 年第四季度750 奈拉兌美元。如果我們之前在指導中假設的平均匯率保持不變，我們對收入的預期將增加 3100 萬美元，這反映了我們在基本業務中繼續看到的實力。指南還繼續包括南非約 2500 萬美元的 Power 轉手收入，其中我們在今年上半年已確認了 400 萬美元。我確實想再次提醒大家，這種舉措的時間很難預測，並且可能會相對於我們的假設有所延遲，儘管這不會對調整後的 EBITDA 或 RLFCF 產生影響。儘管我們繼續評估市場上的機會，我們認為這些機會可能符合我們的財務和戰略目標，但指南還繼續排除來自埃及的任何收入。

For the year, we continue to expect to build approximately 1,200 towers, which is slightly more than the amount we built in 2022. This includes a notable drop in Nigeria as we pull back on new site builds as we shift more of our focus to Project Green but also includes a tripling of tower builds in Brazil that we back end loaded in 2023. On Slide 17, on the top, you can see revenue by reporting currency for Q2 '23, 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 now in our 2023 guidance and has been updated since last quarter.

今年，我們繼續預計將建造約1,200 座塔樓，這略高於我們2022 年建造的數量。這其中包括尼日利亞的塔樓數量顯著下降，因為我們將更多的重點轉移到項目上，因此我們減少了新站點的建設綠色，但還包括我們在2023 年後端加載的巴西塔樓建設的三倍。在幻燈片17 的頂部，您可以通過報告23 年第2 季度的貨幣來查看收入，而在底部，我們提供了收入的細分基於合同分割。右側顯示了我們 2023 年指導中目前使用的平均年度匯率假設，並自上季度以來已進行更新。

This equates to $141 million downside for the year versus rates assumed last quarter, of which over 100% is as a result of the devaluation of the Naira. 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.

與上季度假設的利率相比，這相當於今年下降了 1.41 億美元，其中超過 100% 是奈拉貶值的結果。現在我們的正式演示到此結束。我們感謝您今天抽出時間。接線員，現在請撥打電話提問。

Thank you. (Operator Instructions) Your first question comes from the line of Jonathan Atkin from RBC Capital Markets.

謝謝。 （操作員說明）您的第一個問題來自 RBC Capital Markets 的 Jonathan Atkin。

This is Bora on for John. So I guess first question is one of your largest customers recently noted that while they're optimistic about the medium and long term, expect policy reforms to pressure from customers and hence carriers in the shorter term. Can you just update us on the leasing activity that you've been seeing and the tone of customer conversations you've had about future activity? And then I have a follow-up.

這是約翰的博拉。所以我想第一個問題是你們最大的客戶之一最近指出，雖然他們對中長期持樂觀態度，但預計政策改革將在短期內受到來自客戶和運營商的壓力。您能否向我們介紹一下您所看到的租賃活動的最新情況以及您與客戶就未來活動進行的對話的語氣？然後我有一個後續行動。

So firstly, we haven't seen any form of slowdown in carrier leasing activity at this point in time. In fact, in Q2, we posted more pretty strong numbers in terms of close to 300 up, 278 build-to-suit across the business. But probably more relevant to your question was about 1,100 lease amendments and another 270-odd colocations in the quarter as well. So we haven't seen anything. We're not hearing anything from our customers.

首先，目前我們還沒有看到承運人租賃活動出現任何形式的放緩。事實上，在第二季度，我們發布了更強勁的數據，整個業務中有近 300 種定制產品、278 種定制產品。但與您的問題更相關的可能是本季度約 1,100 項租約修訂和另外 270 多個主機託管。所以我們什麼也沒看到。我們沒有收到客戶的任何消息。

Customers are still talking to us about technology trends and looking to the longer term around 5G rollout, et cetera. So at this point in time, no reason to think that if you look at the results of particularly African carriers, people like MTN Nigeria, (inaudible) Nigeria, et cetera, you'll see that they continue to post really strong growth numbers as they drive data and fintech through their business as well.

客戶仍在與我們討論技術趨勢，並展望 5G 部署的長期前景等。因此，在這個時候，沒有理由認為，如果您查看特別是非洲運營商（如 MTN 尼日利亞、（聽不清）尼日利亞等）的業績，您會發現他們繼續發布非常強勁的增長數字，因為他們還通過業務推動數據和金融科技的發展。

They both posted 23% to 25% revenue growth and EBITDA margin is increasing. So at this point in time, we feel pretty good about the rest of the year and into next year.

他們都公佈了 23% 至 25% 的收入增長，並且 EBITDA 利潤率也在增加。因此，目前，我們對今年剩餘時間和明年感覺非常好。

Great. And then just for a follow-up, the Dangote refinery was reportedly going to start operations before the end of July. Can you provide an update as to if that's occurred? And any sort of early indications of an impact on the supply of domestic diesel and just somewhat related to that, the 7.5% bad on imported diesel. Can you provide some guidance on how we should be thinking about sizing the financial impact of that going forward?

偉大的。作為後續行動，據報導丹格特煉油廠將於 7 月底前開始運營。您能否提供有關是否發生這種情況的最新信息？任何對國內柴油供應影響的早期跡像都與此有關，即進口柴油 7.5% 的不利影響。您能否提供一些指導，告訴我們應該如何考慮未來的財務影響？

So a couple of things in there. So firstly, on the Dangote refinery. So we haven't seen anything come through in terms of production yet. So that's really a wait and watch, although the facility was officially opened back in May. It wasn't expected to immediately start pumping. So we're just waiting to see when that occurs. And then in terms of what else has been going on, you will see in our disclosure material once you've had a chance to look through, we do comment on things, including the VAT rise. So that's the new 7.5% on imported diesel. And given Nigeria doesn't have a straight input-output VAT system, and that is an absolute cost for us. It's about $4 million to $5 million, about $5 million approximately for us in the second half of the year.

裡面有幾件事。首先是丹格特煉油廠。所以我們還沒有看到任何生產方面的進展。因此，儘管該設施早在五月份就已正式開放，但這確實是一個等待和觀察的過程。預計不會立即開始泵送。所以我們只是等著看這種情況何時發生。然後就其他正在發生的事情而言，一旦您有機會瀏覽，您就會在我們的披露材料中看到，我們確實對一些事情發表了評論，包括增值稅上漲。這就是進口柴油新的 7.5%。鑑於尼日利亞沒有直接的投入產出增值稅制度，這對我們來說是絕對成本。大約是400萬到500萬美元，下半年我們大約是500萬美元。

So that's the type of impact that we are seeing, and that's obviously implicit within our revised guidance that we've put out to you all.

這就是我們所看到的影響類型，這顯然隱含在我們向大家發布的修訂後的指導中。

We should be thinking about that as sort of a general run rate for a half year, give or take?

我們應該將其視為半年的總體運行率，給予還是給予？

Sorry, Bora -- do you know sorry, yes, I said yes.

抱歉，博拉——你知道嗎，抱歉，是的，我說是的。

Your next question comes from the line of Phil Cusick from JPMorgan.

您的下一個問題來自摩根大通的 Phil Cusick。

Sam, we've been talking about potentially a buyback for quite a long time, and we've talked about the math between the liquidity and the stock and any accretion on the buyback. How did that math go in for the $50 million authorized today? And was that any kind of compromise with Wendel and MTN? And then talk maybe about the relationship with those two companies.

薩姆，我們已經討論了潛在的回購很長一段時間，並且我們討論了流動性和股票之間的數學以及回購的任何增值。今天授權的 5000 萬美元是如何計算出來的？這是與 Wendel 和 MTN 的某種妥協嗎？然後也許可以談談與這兩家公司的關係。

Maybe I'll start with the buybacks. Steve, you can start with the buyback, and I can talk about the second aspect.

也許我會從回購開始。史蒂夫，你可以從回購開始，我可以談談第二個方面。

So Phil, you obviously you're right in terms of the two items that you comment on. we've obviously been thinking through a buyback for a little while. As most people know, we've commented on that before. We have also been thinking through for a long time how to try and promote liquidity into the IHS free float, which is obviously of paramount importance to us as well. So those are kind of the two key variables in a few of our actions that we've taken this quarter.

所以菲爾，你顯然對你評論的兩個項目是正確的。顯然我們已經考慮回購有一段時間了。正如大多數人所知，我們之前已經對此發表過評論。我們也思考了很長時間如何嘗試促進 IHS 自由流通量的流動性，這顯然對我們來說也是至關重要的。因此，這些是我們本季度採取的一些行動中的兩個關鍵變量。

So firstly, announcing the buyback, but secondly, unlocking the rest of the pre-IPO shareholder lockup arrangements, which will come forward to October, mid-October this year. So that will remove all the restrictions from the pre-IPO shareholders to be able to trade freely. We wanted to do that to obviously encourage and finalize the encouragement of that free float so that gets done. And then in terms of the share buyback, look, we continue to want to drive value into the IHS stock. And although this is a kind of more limited in size and it's a 24-month program, so $50 million over 24 months, it's incremental, but we do think it's the right thing to be doing in terms of allocating that capital to something that we feel is important given the continued undervalue of the IHS stock. So it's a combination of factors. But yes, very focused on driving up liquidity in the free flow and then an incremental and we think positive buyback given the undervalue of the stock.

因此，首先是宣布回購，其次是解鎖其餘的IPO前股東禁售安排，該安排將提前到今年10月中旬。因此，這將消除首次公開募股前股東自由交易的所有限制。我們希望這樣做是為了明顯地鼓勵並最終確定自由流通量的鼓勵，以便完成這一任務。然後就股票回購而言，我們繼續希望推動 IHS 股票的價值。雖然這是一個規模更有限的項目，而且是一個為期24 個月的計劃，所以24 個月內需要5000 萬美元，這是增量的，但我們確實認為，將資金分配給我們的項目是正確的做法。鑑於 IHS 股票的價值持續被低估，感覺很重要。所以這是多種因素的結合。但是，是的，非常注重提高自由流動的流動性，然後是增量，考慮到股票價值被低估，我們認為積極回購。

On the second part, eyes, shareholders, notably the ones you've mentioned have made statements in public and I prefer not to comment on such. But having said that, we have a duty to engage, to listen, to consult, to analyze and where we think good ideas are worth implementing next month.

關於第二部分，眼睛、股東，尤其是你提到的那些人已經公開發表了聲明，我不想對此發表評論。但話雖如此，我們有責任參與、傾聽、諮詢、分析我們認為下個月值得實施的好想法。

Okay. Maybe if I can, one more. Any update on backlog of payments from smaller customers in Nigeria?

好的。如果可以的話，也許再來一張。關於尼日利亞小客戶積壓付款的最新情況嗎？

No, nothing to report there.

不，沒有什麼可報告的。

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

您的下一個問題來自 TD Cohen 的 Greg Williams。

Just a follow-up on the buyback. Can you help us with the cadence would it be a little more upfront to help us switch the influx of shares in October? Or would it be maybe smoothed out over the 2025 time period? Also, you locked in diesel until September with forward contracts. Is there an appetite to lock that again or flow from here?

只是回購的後續行動。您能否幫助我們調整節奏，幫助我們改變 10 月份湧入的股票是否需要提前一點？或者說它會在 2025 年期間得到平滑嗎？此外，您還通過遠期合約鎖定柴油直至九月。是否有興趣再次鎖定它或從這裡流出？

Sure. Greg, so on the cadence of the buyback, look, we're going to monitor the market and see how things unfold. So what we've put out there right now, $50 million up to $50 million over 24 months. Obviously, we might not use all of that. It depends a little bit on market conditions. And as you said, things like the unlock coming in October where historically, we've seen a bit of volatility. So we will monitor the market and update people as and when appropriate.

當然。格雷格，所以關於回購的節奏，我們將監控市場並看看事情如何發展。所以我們現在已經推出了 24 個月內 5000 萬至 5000 萬美元的資金。顯然，我們可能不會使用所有這些。這在一定程度上取決於市場狀況。正如你所說，像十月解鎖這樣的事情從歷史上看，我們已經看到了一些波動。因此，我們將監控市場並在適當的時候更新人員的情況。

And then on the second part of your question, lock-in diesel, that's something that we continue to look to do. No real update for you on that in terms of where we are other than we're priced through into the beginning of Q4 now. and we continue to look at the best way to procure diesel. As you guys all know, we've obviously been investing significantly in Project Green to try and reduce the consumption of diesel as well. And that project remains on track. So that's a positive as well. But in terms of procurement, yes, we keep monitoring the prices and look at how far forward to lock in, keep assessing that pretty regularly.

關於你問題的第二部分，鎖定柴油，這是我們繼續尋求做的事情。除了我們現在已經定價到第四季度初之外，沒有任何關於我們所處位置的真正更新信息。我們將繼續尋找採購柴油的最佳方式。眾所周知，我們顯然在綠色項目上進行了大量投資，以嘗試減少柴油的消耗。該項目仍在按計劃進行。所以這也是積極的。但在採購方面，是的，我們一直在監控價格，看看鎖定的程度，並定期進行評估。

Your next question comes from the line of Eric Luebchow from Wells Fargo.

您的下一個問題來自富國銀行的 Eric Luebchow。

Could you talk about the build-to-suit program a little bit? I just -- it sounds like perhaps you're deprioritizing some of the builds in Nigeria. I'm just wondering if that has come from higher hurdle rates and the more material increases in cost of capital, you've seen in that market.

您能談談定制計劃嗎？我只是——聽起來你可能正在降低尼日利亞的一些建設的優先順序。我只是想知道這是否是由於您在該市場上看到的更高的門檻利率和資本成本的大幅增加所致。

Eric, simple answer is yes. to the points you raised, we -- earlier at the beginning of the year, to be honest, we said to people that Nigeria, whilst has a phenomenal amount of growth left in it as it comes to allocating capital by ourselves, we wanted to allocate capital into Project Green, which was a key initiative, a key project for us. Which comes with the benefits of reducing greenhouse gas emissions and reducing our scope to emissions over time. But also happens to have a very good financial return profile as well.

埃里克，簡單的答案是肯定的。對於你提出的觀點，說實話，我們在今年年初就對人們說過，尼日利亞雖然在我們自己分配資本方面仍有驚人的增長潛力，但我們希望向綠色項目分配資金，這是我們的一項關鍵舉措、一個關鍵項目。隨著時間的推移，這會帶來減少溫室氣體排放和減少排放範圍的好處。但也恰好擁有非常好的財務回報。

And remember, we've been saying that it would be a 30% IRR project. So yes, we diverted capital from Nigeria BTS into Project Green. So the BTS in Nigeria will be lower this year, for sure. But where we are spending capital and growing the business from a Tower (inaudible) point of view in Brazil. where we continue to forecast approximately 750 new build sites this year. That program is ramping nicely. It ramped at the end of Q1 and then really has been ramping up through Q2 and onwards. So that remains on track. And that's a part of the business where we want to continue adding to the tower count through building.

請記住，我們一直在說這將是一個 IRR 為 30% 的項目。所以，是的，我們將尼日利亞 BTS 的資金轉移到綠色項目上。因此，今年尼日利亞的 BTS 肯定會更低。但我們從巴西塔樓（聽不清）的角度投入資金並發展業務。我們繼續預測今年將新建約 750 個工地。該計劃進展順利。它在第一季度末開始上升，然後在第二季度及以後一直在上升。所以這仍然在正軌上。這是我們希望通過建設繼續增加塔樓數量的業務的一部分。

Okay. Great. And then just one more question. You talked earlier about evaluating some other balance sheet initiatives. So maybe you could give us some color on what you're looking at, whether that's raising additional naira-denominated debt, pushing out maturities beyond 2025, Kind of what are you evaluating currently?

好的。偉大的。然後還有一個問題。您之前談到了評估其他一些資產負債表計劃。所以也許你可以給我們一些關於你正在考慮的事情的信息，無論是籌集額外的奈拉計價債務，還是將到期日推遲到 2025 年之後，你目前正在評估什麼？

Yes. We're no different to a lot of companies around the world right now. We continue to monitor very closely our maturity profile. We have a fair bit of time before any meaningful maturities, but that doesn't mean that we don't kind of look around and see what's available. Strategize as to whether we can achieve some of our capital structure objectives which include terming out maturities but also include can we take advantage of cheaper local currency debt where possible. Things like that. So it's a moving target and something that we actually are always assessing. You'll have seen over the last few quarters, we've done a few incremental bits and pieces, whether that's at the holding level or in Nigeria or elsewhere. -- and we just -- we keep that under constant review. So we'll keep people updated as and when anything happens, but continuing to monitor all of that and take advantage of things where we can.

是的。我們現在與世界各地的許多公司沒有什麼不同。我們將繼續密切監控我們的成熟度狀況。在任何有意義的成熟之前，我們還有相當長的時間，但這並不意味著我們不環顧四周，看看有什麼可用的。制定戰略，確定我們是否能夠實現一些資本結構目標，其中包括確定到期日，但也包括我們能否在可能的情況下利用更便宜的本幣債務。像這樣的東西。所以這是一個不斷變化的目標，我們實際上一直在評估。您會在過去幾個季度中看到，我們已經做了一些增量工作，無論是在控股層面還是在尼日利亞或其他地方。 - 我們只是 - 我們不斷審查這一點。因此，當有任何情況發生時，我們會及時向人們通報最新情況，但會繼續監控所有這些情況並儘可能地利用這些情況。

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

您的下一個問題來自花旗銀行的邁克爾·羅林斯 (Michael Rollins)。

Just want to go back to the question about questions about corporate strategy, capital allocation. Can you share just where maybe some of the tension has come from major shareholders and at the Board? Is it a question of whether or not being a public company with the markets you serve and currency impacts of that and the low float is kind of raising the question of whether being public is the right solution for the company?

只是想回到關於公司戰略、資本配置的問題。您能否分享一下大股東和董事會的緊張氣氛可能來自何處？這是否是一個問題：作為一家上市公司，您所服務的市場及其貨幣影響以及低流通量是否會引發這樣一個問題：上市是否是該公司的正確解決方案？

Or is it other more maybe tactical decisions or ideas that are the source of attention?

或者是其他更多的戰術決策或想法引起了人們的關注？

Michael, this is Sam. I can't comment on intentions on -- on things we can't see or feel. Again, look, it's important for us to reiterate that this company is open, is flexible. We understand we have a float problem. We understand our share price is undervalued. We believe that fundamentally, and I think our shareholders do also believe that. I think we mostly agree on the track that we need to find solutions and hopefully kind of like trend the market or trend our value in the rights direction as one appropriate. We are open to ideas. We are open to ideas. We're open to suggestions, and we'll continue to analyze, evaluate and see whatever works to move us into that direction.

邁克爾，這是薩姆。我無法評論我們看不到或感覺不到的事情的意圖。再說一次，我們必須重申這家公司是開放的、靈活的，這一點很重要。我們知道我們有浮動問題。我們知道我們的股價被低估。我們從根本上相信這一點，我認為我們的股東也相信這一點。我認為我們大多數人都同意我們需要找到解決方案，並希望能夠推動市場趨勢或將我們的價值推向正確的方向。我們對想法持開放態度。我們對想法持開放態度。我們對建議持開放態度，我們將繼續分析、評估並看看有什麼辦法可以推動我們朝這個方向發展。

And are there -- as you thought about these issues for some time, are there examples or kind of case studies that you found of other companies that have might have dealt with some of the same or similar types of issues and maybe the timing and the mechanisms they use to resolve it -- to improve value proposition for shareholders?

當您思考這些問題一段時間時，是否有您發現的其他公司的示例或案例研究，這些公司可能已經處理過一些相同或類似類型的問題，也許是時間和問題他們用來解決問題的機制——改善股東的價值主張？

Mike, I think there's lots of case studies about different elements of what all companies face. I think we've got a number of things which we believe can be improved over time to help drive shareholder value. But I would stress these things don't happen overnight. So we look around and try to learn the best of everything out there, including our own ideas, right? And first and foremost, keep delivering on the operations of the business and execute on the business itself. And then add on top, what else can we do to try and unlock value. We've spoken on this call and over the last 12, 18 months around the free-float, that's obviously critical in our minds.

邁克，我認為有很多關於所有公司所面臨的不同要素的案例研究。我認為我們有很多事情可以隨著時間的推移進行改進，以幫助提高股東價值。但我要強調的是，這些事情不會在一夜之間發生。所以我們環顧四周，嘗試學習一切最好的東西，包括我們自己的想法，對嗎？首先也是最重要的是，繼續交付業務運營並執行業務本身。然後添加最重要的是，我們還能做些什麼來嘗試釋放價值。我們已經就這次電話會議和過去 12、18 個月的自由流通進行了討論，這在我們看來顯然至關重要。

Again, we've tried to address some actions by announcing bring forward of the unlock which isn't going to solve everything, but it's in our gift to try and promote additional trading and additional free float coming to the market, but ultimately, not in our hands, right, it's up to shareholders. So we will keep looking around what others have done in the past. We'll keep adding our own ideas. It's a big focus of ours -- big focus of ours right now. So we will keep working hard.

再次，我們試圖通過宣布提前解鎖來解決一些問題，但這並不能解決所有問題，但嘗試促進更多交易和更多自由流通量進入市場是我們的天賦，但最終並非如此。在我們手中，對吧，這取決於股東。因此，我們將繼續關注其他人過去所做的事情。我們將不斷添加我們自己的想法。這是我們的一大焦點——我們現在的一大焦點。所以我們會繼續努力。

And then just on the business, is there .

然後就出差了，就在那裡。

And Mike with us, Sorry, Mike. Just to add, we continue our diversification. I mean, Nigeria is a fast-growing market, and we love the growth profile. But we do understand that we are somehow concentrated in that market. And we continue kind to try and diversify ourselves debt. And the final thing I wanted to note here, and I don't want to be defensive in any way or form -- but since going public in late 2021, the capital markets have changed meaningfully as a result of among other factors, the rising interest rate environment and the inflation, the Russia-Ukraine war, the higher energy cost, et cetera, et cetera. And of course, we, as I -- we've had also to overcome changes in Nigeria, including the recent devaluation of it's currency. Despite all of this, our stock is up 28% year-to-date as of a few days ago. And has meaningfully outperformed all our peers as well as MTN Group and Airtel Africa all of whom wish very well.

邁克和我們在一起，對不起，邁克。補充一點，我們繼續多元化。我的意思是，尼日利亞是一個快速增長的市場，我們喜歡這種增長態勢。但我們確實明白，我們在某種程度上集中於該市場。我們將繼續努力實現債務多元化。我想在這裡指出的最後一件事是，我不想以任何方式或形式進行防禦——但自 2021 年底上市以來，資本市場已經發生了重大變化，原因包括：利率環境和通貨膨脹、俄羅斯-烏克蘭戰爭、能源成本上升等等。當然，我們，就像我一樣，我們還必須克服尼日利亞的變化，包括最近的貨幣貶值。儘管如此，截至幾天前，我們的股價今年迄今已上漲 28%。其表現明顯優於我們所有的同行以及 MTN 集團和 Airtel Africa，所有人都對此寄予厚望。

And even over the last 2 months, basically, as most of our peer companies and customers have traded down. IHS has; performed broadly in line with the market despite having to absorb the impact of the Naira devaluation reduction and sell-side estimates -- and again, we outperformed nearly all of our peers and customers year-to-date. So we feel good about the proposition. We feel good steps we are implementing are hopefully going to trend into the right direction.

即使在過去的兩個月裡，基本上我們的大多數同行公司和客戶都已經降價了。 IHS 有；儘管必須吸收奈拉貶值和賣方估計的影響，但我們的表現與市場大體一致——今年迄今為止，我們的表現再次優於幾乎所有同行和客戶。所以我們對這個提議感覺很好。我們認為我們正在實施的良好步驟有望朝著正確的方向發展。

But Rome wasn't built in a day, especially with the market headwinds we faced from the local market and from some of our markets.

但羅馬不是一天建成的，特別是在我們面臨來自當地市場和我們的一些市場的市場阻力的情況下。

And just on the business on the organic performance. Is there anything that we should be mindful of just in terms of any churn events over the coming 12 to 18 months that you have visibility in?

而只是在業務上的有機表現。就您可以預見的未來 12 到 18 個月內的任何流失事件而言，我們是否應該注意什麼？

Mike, nothing that's sort of -- nothing that would be unusual. Nothing significant that we're aware of at this point in time. I think it goes without saying that the shape of our quarters will be impacted by the devaluation in Nigeria. So just to remind you all and you'll see this in the materials that we've published today. Although the devaluation in Nigeria happened in the middle of June, so only 2 weeks impact in the quarter that we've just reported. And it's not hugely visible in the numbers that we report from a KPI perspective, obviously, balance sheet and financing costs, yes, but revenue, EBITDA or RLFCF, et cetera, not impacted.

邁克，沒什麼——沒什麼不尋常的。目前我們還沒有意識到任何重要的事情。我認為不言而喻，我們的季度狀況將受到尼日利亞貨幣貶值的影響。因此，謹提醒大家，您會在我們今天發布的材料中看到這一點。雖然尼日利亞的貨幣貶值發生在6月中旬，所以我們剛剛報導的季度影響只有兩週。從 KPI 的角度來看，這在我們報告的數字中並不明顯，顯然，資產負債表和融資成本，是的，但收入、EBITDA 或 RLFCF 等並未受到影響。

You'll see the fuller impact of that come through in Q3 -- and obviously, resets from contracts starting to happen in Q3, in Q4 and then escalations coming through typically in Q1 as we've told people in the past.

您將在第三季度看到其更全面的影響——顯然，合同重置將在第三季度、第四季度開始發生，然後通常會在第一季度升級，正如我們過去告訴人們的那樣。

So just bear in mind that -- that shape of earnings to come. Obviously, all embedded within the guidance that we have updated today.

因此，請記住——未來的收入形式。顯然，所有這些都包含在我們今天更新的指南中。

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

您的下一個問題來自高盛的布雷特·費爾德曼。

Two, I guess, sort of modeling oriented and then a bigger picture question. So then just first, of the $31 million improvement to your outlook this year, unrelated to the currency movements. How much of that was captured in the second quarter and how much of it is going to flow through in the second half? The second one is -- on Project Green, you sort of reiterated the savings you expect by the end of the project. Is that updated for the avoidance of the VAT? Or could that be incremental? Or am I just thinking about that wrong?

我想，兩個是面向建模的問題，然後是一個更大的問題。那麼，首先，今年您的前景將改善 3100 萬美元，與貨幣走勢無關。其中有多少是在第二季度獲得的，有多少將在下半年流過？第二個是——在綠色項目中，您重申了您期望在項目結束時節省的費用。是否更新了以避免增值稅？或者這可以是增量的嗎？還是我只是想錯了？

And then the higher-level question is, it gets back to capital allocation. You're operating closer to the low end of your leverage range right now. I know it will drift up a little bit, but you're in a pretty good liquidity position. It doesn't seem like the conditions are supportive of M&A right now for a range of reasons. And as much as you'd like to buyback a lot of your stock, you've noted you want to be mindful of the float. And so the big picture question is, in light of all of that, how are you likely going to prioritize excess capital over the next year or so? Is this mostly about just building liquidity and paying down debt?

然後更高層次的問題是，回到資本配置。您現在的操作接近槓桿範圍的低端。我知道它會稍微上升，但你的流動性狀況非常好。由於多種原因，目前的條件似乎並不支持併購。儘管您很想回購大量股票，但您也注意到要注意流通量。因此，大局問題是，考慮到所有這些，您將如何在未來一年左右優先考慮過剩資本？這主要是為了建立流動性和償還債務嗎？

Or do you think that there's other opportunities right now that you think that could be even more accretive

或者您認為現在還有其他機會可以帶來更大的增值嗎？

Okay. Brett, I'll scribble down a few things. You might just remind me the first one. I'll take the VAT one first. In relation to Project Green. So that won't impact the rollout Project Green that VAT is on diesel import, so not related to the actual project bringing new equipment, deploying your (inaudible).

好的。布雷特，我會記下一些事情。你可能只是提醒我第一個。我先拿增值稅吧。關於綠色計劃。因此，這不會影響柴油進口增值稅的綠色項目的推出，因此與帶來新設備、部署您的（聽不清）的實際項目無關。

Would you save more money now?

現在你會存更多的錢嗎？

Yes, exactly. I was just going to say where you could see some potential positive impact, all else being equal, is that a saving from diesel on a unit basis would now be 7.5% higher. So yes, you could -- we could see some potential benefit from that, all else being equal. On the capital allocation point -- Sorry, Brett, you want to jump in? What as your first question again? Can you just remind me?

對，就是這樣。我只是想說，在其他條件相同的情況下，您可以看到一些潛在的積極影響，那就是單位柴油的節省現在將高出 7.5%。所以，是的，在其他條件相同的情況下，我們可以從中看到一些潛在的好處。關於資本配置點——抱歉，布雷特，你想加入嗎？你的第一個問題又是什麼？你能提醒我一下嗎？

I was going to remind you that the $31 million improvment to the outlook -- how much of that was in the quarter versus in the second half?

我想提醒您的是，與下半年相比，本季度的前景改善了 3100 萬美元，其中有多少？

Yes. So majority of it was in the first half of the year, probably about 2/3 of it was in the first half of the year, 1/3 of it coming in the second half of the year. And then on capital allocation Sam, you want to jump in?

是的。所以大部分是上半年，大概2/3左右是上半年，1/3是下半年。然後關於資本配置 Sam，你想加入嗎？

Yes. Yes, sure. Look, Brett, our priority at the moment is our balance sheet. We need to make sure that -- and while we are comfortable at the moment, we need to make sure that we keep it tight, especially with the headwinds that we're facing from again, global macro, and in particular, the Nigeria devaluation situation. But we will also see somehow okay about our leverage zone even with an impending evaluation, if it stays with a region and we continue to assess and evaluate opportunities out there. And if we feel there are great deals that make strategic sense to us and could provide enhance value to our shareholders, we will probably consider. But again, the priority at the moment is our balance sheet.

是的。是的，當然。聽著，布雷特，我們目前的首要任務是我們的資產負債表。我們需要確保——雖然我們目前感到舒適，但我們需要確保保持緊張，特別是在我們再次面臨全球宏觀經濟，特別是尼日利亞貶值的逆風的情況下情況。但即使即將進行評估，如果我們的槓桿區域留在某個地區並且我們繼續評估和評價那裡的機會，我們也會發現我們的槓桿區域在某種程度上還不錯。如果我們認為有一些偉大的交易對我們具有戰略意義，並且可以為我們的股東提供更高的價值，我們可能會考慮。但同樣，目前的首要任務是我們的資產負債表。

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

您的下一個問題來自巴克萊銀行的斯特拉·克里奇（Stella Cridge）。

Afternoon, everyone. Many thanks for all the updates. And there are two things I wanted to ask about. The first is, could you just let us know what Tower contracts will be maturing in the near term? And given that some of the customers seem sensitive around the devaluation of the dollar component, what do you think might be similar or different in future tower contracts as you go through those negotiations?

下午好，大家好。非常感謝您的所有更新。我想問兩件事。首先，您能否告訴我們哪些塔式合同將在近期到期？鑑於一些客戶似乎對美元貶值很敏感，您認為在進行這些談判時，未來的鐵塔合同中可能有哪些相似或不同之處？

And that was the first one. And the second one, I know you were previously asked about capital structure and optimization, but I wanted to ask it in a different way more in terms of -- do you see any funding needs in the next 3 to 6 months, either at the (inaudible) level or at the (inaudible) level, obviously just noting that you did do some small borrowing in South Africa increased the (inaudible) RCF, et cetera, in the last few months. That will be the second one.

這是第一個。第二個問題，我知道您之前被問到有關資本結構和優化的問題，但我想以一種不同的方式更多地詢問您在未來3 到6 個月內是否有任何資金需求，無論是在（聽不清）水平或在（聽不清）水平，顯然只是注意到你在南非做了一些小額借款，增加了（聽不清）RCF，等等，在過去的幾個月裡。那將是第二個。

Sure. Stella, Steve I'll go reverse. So funding needs. We've got small incremental things that we're doing, as I sort of alluded to on a prior question that was asked. We've got small incremental things we're doing at OpCo. Sorry, LatAm, for example, we're looking at things, and we may look to do other things in relation to the wider capital structure, but those are -- we'll see how we go on those bits and pieces.

當然。斯特拉，史蒂夫，我會反過來。所以需要資金。正如我在之前提出的問題中提到的那樣，我們正在做一些小的增量事情。我們在 OpCo 正在做一些小的增量工作。抱歉，例如拉丁美洲，我們正在研究一些事情，我們可能會考慮做與更廣泛的資本結構相關的其他事情，但這些都是——我們將看看我們如何處理這些零碎的事情。

So that's on the capital structure. We'll obviously announce things other when things get done. And from a maturity perspective, so we've got some smaller contracts across Sub-Saharan Africa in the next 18 months. And then we've got one in Nigeria at the very end of 2024 -- yes, 31st December 1, January 2025 in terms of the key contracts that are coming up for renewal. Otherwise, everything out is longer term. In terms of future Tower contracts, it's very difficult to comment on, everybody has wish lists, customers have whislists. We have wishlist Keep in mind, we also have a blend of different contracts across our particular African portfolio, where some include power, some don't.

這就是資本結構。當事情完成後，我們顯然會宣布其他事情。從成熟度的角度來看，我們在未來 18 個月內將在撒哈拉以南非洲地區簽訂一些規模較小的合同。然後，我們將在 2024 年底在尼日利亞簽訂合同——是的，就即將續籤的關鍵合同而言，是 2025 年 1 月 12 日。否則，一切都是長期的。就未來的塔樓合同而言，很難評論，每個人都有願望清單，客戶都有舉報清單。我們有願望清單 請記住，我們在特定的非洲投資組合中還混合了不同的合同，其中有些包含電力，有些則不包含。

Some have higher dollarization, some have lower dollarization -- so there's a whole raft of things, some have lease amendments captured within them, some don't. So there's a whole raft of different items that typically both sides want to optimize. And the reality is given the growth nature of our markets and given significant rollouts that continue in those markets. They usually ends up being some form of win-win. Within those negotiations. But let's say, we can't crystal ball gaze at this point in time.

有些的美元化程度較高，有些的美元化程度較低——所以有很多事情，有些包含了租賃修正案，有些則沒有。因此，雙方通常都希望優化大量不同的項目。現實是考慮到我們市場的增長性質以及這些市場中持續的重大推出。它們通常最終會實現某種形式的雙贏。在這些談判中。但假設我們此時無法預測水晶球。

That brings us to the end of the IHS Holding Limited Second Quarter 2023 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. Thank you.

IHS Holding Limited 2023 年第二季度盈利結果電話會議到此結束。如果您有任何疑問，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，並祝您有美好的一天。謝謝。