IHS Holding Ltd (IHS) 2023 Q4 法說會逐字稿

Good day and welcome to the IHS Holding Limited 4Q and full year earnings results conference call. 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，歡迎參加 IHS Holding Limited 第四季和全年財報電話會議。請注意，今天的會議正在進行網路直播和錄製。（操作員指示）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 am 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 filed our annual report on Form 20-F for the full year ended December 31, 2023, 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 Limited, which is listed on the New York Stock Exchange under the ticker symbol IHS and which comprises the entirety of the Group's operations.

謝謝你，接線生。也感謝大家今天加入電話會議。我是 Colby Synesael，IHS 通訊執行副總裁。今天與我在一起的有我們的董事長兼執行長 Sam Darwish；和我們的財務長史蒂夫·豪登（Steve Howden）。今天早上，我們向 SEC 提交了截至 2023 年 12 月 31 日的全年 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演示。這些是 IHS Holding Limited 的綜合業績，該公司在紐約證券交易所上市，股票代號為 IHS，涵蓋了集團的全部業務。

Before we discuss the results, I would like to draw your attention to the disclaimer 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 20-F filed as well today.

在我們討論結果之前，我想提請您注意幻燈片 2 簡報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20-F 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 and 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, may make 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 with the SEC.

特別是，所討論的資訊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和不確定性以及其他重要因素，其中一些因素超出了我們的控制範圍，難以預測，以及其他可能導致風險和不確定性的因素。導致實際結果、績效或成就，可能使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產生重大差異，包括我們表格20- 的風險因素部分中討論的內容F 今天向美國證券交易委員會提交了文件，以及我們向美國證券交易委員會提交的其他文件。

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

我們也將參考非國際財務報告準則指標，包括我們認為對評估我們業務績效很重要的調整後 EBITDA 以及我們認為對評估我們業務流動性很重要的 ALFCF。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。

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

接下來，我想將電話轉給我們的董事長兼執行長 Sam Darwish。

Thanks, Colby, and welcome everyone to our fourth quarter and year end 2023 earnings results call. We're reporting a strong quarter of performance across our key metrics with revenue, adjusted EBITDA, and ALFCF in line or ahead of our expectations despite the meaningful Nigerian currency devaluation that began in June. While CapEx was meaningfully below expectations, our results reflect the continued strong secular trends we are seeing across our business, including growth in lease amendments, new tenants, new sites or build-to-suit, and targeted fiber rollout. For 2023 as a whole, we are reporting 8% revenue growth, 10% adjusted EBITDA growth, 19% ALFCF growth, and an 8% reduction in CapEx.

謝謝 Colby，歡迎大家參加我們的 2023 年第四季和年底財報電話會議。儘管尼日利亞貨幣從 6 月開始大幅貶值，但我們報告的關鍵指標季度業績表現強勁，收入、調整後 EBITDA 和 ALFCF 符合或超越我們的預期。雖然資本支出明顯低於預期，但我們的業績反映了我們在整個業務中看到的持續強勁的長期趨勢，包括租賃修訂、新租戶、新站點或客製化建設以及有針對性的光纖推出的成長。就 2023 年全年而言，我們報告營收成長 8%，調整後 EBITDA 成長 10%，ALFCF 成長 19%，資本支出減少 8%。

Organic growth was 37%. Group-wide, we added 1,041 co-locations and 4,929 lease amendments. And we surpassed our expectations for new sites, having built 1,329 new towers, mostly in Brazil with 812 in the country as we continue to prioritize organically growing our asset base in that market. These strong growth trends should continue in 2024 as evidenced by our recently announced deal with Airtel in Nigeria that extended Airtel's contract to 2031 and included a commitment to add 3,950 new tenancies over the next five years, much of it front loaded to 2024 2025, which takes me to an important point.

有機成長率為 37%。在整個集團範圍內，我們增加了 1,041 個主機託管和 4,929 個租賃修訂。我們超越了對新地點的預期，建造了 1,329 座新塔樓，其中大部分位於巴西，其中 812 座位於該國，同時我們繼續優先考慮在該市場有機增長我們的資產基礎。這些強勁的成長趨勢應該會在2024 年持續下去，我們最近宣布的與尼日利亞Airtel 的協議就證明了這一點，該協議將Airtel 的合約延長至2031 年，並承諾在未來五年內增加3,950 個新租戶，其中大部分提前到2024 年2025 年，這讓我想到一個重要的點。

These strong fundamental trends are occurring against a challenging backdrop. The naira continues to devalue at levels that sadly are offsetting much of these strong secular trends. From January to December 2023, the naira suffered a 98% unfavorable movement. And from January 2024 to date, we have seen a further 75% unfavorable movements.

這些強勁的基本趨勢是在充滿挑戰的背景下出現的。不幸的是，奈拉繼續貶值，抵消了大部分強勁的長期趨勢。從2023年1月到12月，奈拉遭受了98%的不利變動。從 2024 年 1 月至今，我們又看到了 75% 的不利走勢。

This means a total unfavorable movement of 246% since January '23. Most of this negative movement came as a result of positively viewed government actions of unifying multiple exchange rates, removing the expensive petrol subsidies, and trying to contain the soaring inflation which hit 28.9% in December 2023.

這意味著自 23 年 1 月以來的不利變動總計達 246%。這種負面走勢大部分是由於政府採取了統一多種匯率、取消昂貴的汽油補貼以及試圖遏制通膨飆升（2023 年 12 月達到 28.9%）等積極行動的結果。

While these actions were generally viewed positively by market observers and us, other supporting measures are required to contain the naira devaluation. Some of these required changes began to occur recently in Q1 as the Nigerian Monetary Policy Committee hiked the main policy interest rate by 400 basis points and are adding much-needed ForEx to the daily market. This has helped stabilize the currency over the past few weeks.

雖然市場觀察人士和我們普遍對這些行動持積極態度，但仍需要採取其他支持措施來遏制奈拉貶值。其中一些必要的變化最近在第一季開始發生，尼日利亞貨幣政策委員會將主要政策利率提高了 400 個基點，並向日常市場增加了急需的外匯。這有助於過去幾週穩定貨幣。

Some analysts, including Goldman Sachs among others, are even predicting a strengthening naira by end of this year. Market observers expect the Monetary Policy Committee to further increase the main policy interest rate throughout 2024, and they aim to lower inflation and further stabilize the ForEx market.

包括高盛在內的一些分析師甚至預測今年年底奈拉將走強。市場觀察家預計貨幣政策委員會將在2024年進一步上調主要政策利率，旨在降低通膨並進一步穩定外匯市場。

From a 2023 results perspective, the ForEx protection mechanisms in our revenue contracts helped us offset the majority of this pressure in the year and was evident in our Q4 '23 results. However, we expect the additional devaluation that began in January to further impact our results in 2024.

從 2023 年業績的角度來看，我們收入合約中的外匯保護機制幫助我們抵銷了這一年的大部分壓力，這在我們 23 年第 4 季的業績中顯而易見。然而，我們預計 1 月開始的額外貶值將進一步影響我們 2024 年的表現。

While Steve will discuss this further when he discusses guidance, to give you some context, our guidance for 2024 assumes an average rate of NGN1,610 to the dollar, whereas the average rate in 2023 was NGN638. And that the devaluation in the naira will have a negative $535 million impact on revenue year on year, even after adjusting for the impact of the ForEx reset.

雖然 Steve 將在討論指導時進一步討論這一點，但為了給您提供一些背景信息，我們對 2024 年的指導假設美元兌 NGN1,610 的平均匯率，而 2023 年的平均匯率為 NGN638。即使在調整外匯重置的影響後，奈拉貶值仍將對營收年增 5.35 億美元的負面影響。

Given the macro environment we're operating in, particularly in Nigeria, which represented 63% of revenue in Q4 '23, we continue to take what we believe is a more balanced approach to growth and cash generation. We also expect the significant reduction in CapEx that started in the second half of 2023 to continue in 2024, along with a continued focus on improving operating efficiencies through productivity enhancements and cost reductions.

考慮到我們所處的宏觀環境，特別是尼日利亞（佔 23 年第四季營收的 63%），我們將繼續採取我們認為更平衡的成長和現金產生方法。我們也預計 2023 年下半年開始的資本支出大幅減少將在 2024 年繼續下去，同時繼續專注於透過提高生產力和降低成本來提高營運效率。

Excitingly, this also includes an increased focus on innovation, including the deepening usage of AI in how we used to live, maintain and operate our towers, and is something I'm very passionate about and personally spearheading. A dedicated team has been working for a while on developing use cases that can help us improve our efficiencies using the massive amounts of data we have due to our extensive operations over decades.

令人興奮的是，這也包括對創新的更多關注，包括在我們過去的生活、維護和操作塔樓中深化使用人工智慧，這是我非常熱衷並親自帶頭的事情。一個專門的團隊已經致力於開發用例一段時間，這些用例可以幫助我們利用數十年來廣泛運營所擁有的大量數據來提高效率。

Skipping to slide 7, I want to discuss some of our key highlights, starting with commercial progress. As of year end 2023, we had $11 billion of revenue under contract with an average remaining tenant term of 7.5 years. I think it's important to highlight these metrics as they point to the durability we believe inherent in our business model despite what the perception may be.

跳到幻燈片 7，我想討論我們的一些關鍵亮點，從商業進展開始。截至 2023 年底，我們的合約收入為 110 億美元，平均剩餘租戶期限為 7.5 年。我認為強調這些指標很重要，因為它們顯示了我們相信我們的商業模式固有的耐久性，無論人們的看法如何。

We continue to make progress on the commercial front across the business as we have signed contracts with MTN in Cameroon and in Côte d'Ivoire for a further 10 years. In Nigeria, as MTN highlighted in their most recent earnings announcement earlier this month, we continue to engage constructively with them to find ways to alleviate some of the operating pressure they are under, given our key role in running the majority of the network in the country, while also maintaining appropriate economic results for ourselves.

隨著我們與喀麥隆和科特迪瓦的 MTN 簽署了為期 10 年的合同，我們在整個業務的商業方面繼續取得進展。在尼日利亞，正如MTN 在本月早些時候發布的最新財報中所強調的那樣，鑑於我們在運營尼日利亞大部分網絡方面發揮著關鍵作用，我們將繼續與他們進行建設性接觸，尋找減輕他們所面臨的營運壓力的方法。國家，同時也為我們自己保持適當的經濟成果。

Also, as previously mentioned, we signed an extended contract with Airtel in Nigeria this past February, taking the turn into the next decade in an agreement that includes a commitment by Airtel Nigeria to add 3,950 new tenancies over the next five years and is front-loaded over the next two. We are very excited about the potential of this mutually-beneficial partnership.

此外，如前所述，我們於今年 2 月與尼日利亞 Airtel 簽署了一份延期合同，協議將進入下一個十年，其中包括 Airtel 尼日利亞公司承諾在未來五年內增加 3,950 個新租戶，並且是前-加載了接下來的兩個。我們對這種互利夥伴關係的潛力感到非常興奮。

Shifting to governance progress. In January of this year, we announced a settlement agreement with Wendel in relation to the public dispute, which you are aware of, reflecting a commitment to strong corporate governance and constructive shareholder engagement. The text of the proposed amendments to the Articles of Association will be made available to shareholders before the next AGM.

轉向治理進步。今年 1 月，我們宣布與 Wendel 就公共糾紛達成和解協議，您也知道這一點，這反映了我們對強有力的公司治理和建設性股東參與的承諾。公司章程擬議修訂案文將於下次年度股東大會之前向股東提供。

On stock liquidity, more progress here. We have removed all lockups on the PIPO shareholders. We also estimate approximately 14% of our shares are now owned by post-IPO shareholders compared to just 5% at the time of the IPO, an almost 300% improvement in float size. This is also evident in our average daily trading volume, which is now 574,000 shares, almost five times higher than what it was in May 2022.

在股票流動性方面，這裡取得了更多進展。我們已經取消了 PIPO 股東的所有禁售期。我們還估計，大約 14% 的股份現在由 IPO 後的股東擁有，而 IPO 時僅為 5%，流通量規模增加了近 300%。這在我們的日均成交量中也很明顯，目前日均成交量為 574,000 股，幾乎是 2022 年 5 月的五倍。

During the quarter, we continued to buy shares under our two-year buyback program with a total of $10 million worth of shares bought over the past two quarters.

本季度，我們繼續根據兩年回購計畫購買股票，過去兩個季度總共購買了價值 1,000 萬美元的股票。

I'd like now to provide an update on Project Green. For 2023, we spent $103 million of CapEx versus our guidance of $90 million to $100 million, and achieved ALFCF savings of approximately $24 million versus guidance of $22 million. Overall, the project remains on target, as you can see by our results. We will provide a more comprehensive update on the impact Project Green and our carbon reduction roadmap is having when we publish our annual sustainability report, which we expect to be next quarter.

我現在想提供有關綠色計劃的最新情況。2023 年，我們花費了 1.03 億美元的資本支出，而我們的指引為 9,000 萬至 1 億美元，並實現了 ALFCF 節省約 2,400 萬美元，而指引為 2,200 萬美元。總體而言，正如您從我們的結果中看到的那樣，該項目仍然達到目標。當我們發布年度永續發展報告時（我們預計將在下個季度發布），我們將提供有關綠色項目和我們的碳減排路線圖所產生的影響的更全面的最新資訊。

Moving on to our balance sheet. We continue to feel comfortable with our liquidity position, but also continued to increase our focus on cash generation and continue to evaluate and execute various ways to do such. As of year end, we had $724 million of available liquidity, including our undrawn group RCF and the remaining undrawn portion of our group term loan.

繼續我們的資產負債表。我們繼續對我們的流動性狀況感到滿意，但也繼續增加對現金產生的關注，並繼續評估和執行各種方法來實現這一目標。截至年底，我們擁有 7.24 億美元的可用流動資金，包括未提取的集團 RCF 和集團定期貸款的剩餘未提取部分。

We continue to actively pursue initiatives to shift more debt into local currency, extend maturities, and manage interest expense. This was evident in our recent local currency $160 million equivalent facility in Cote d'Ivoire. The proceeds of this local OpCo loan will refinanced US dollar obligations at the holding company level.

我們繼續積極採取舉措，將更多債務轉換為當地貨幣、延長期限並管理利息支出。這一點從我們最近在科特迪瓦提供的 1.6 億美元等值當地貨幣貸款中就可以看出。這筆當地 OpCo 貸款的收益將為控股公司層級的美元債務進行再融資。

Also, as previously announced in November, we extended the maturity of our $300 million group RCF to October 2026. Leverage ended the year at 3.4 times. And as we had previously commented, was impacted by the naira devaluation in June. We expect leverage to further increase in 2024 given the additional net devaluation, but expect to remain within our target three to four times, and continue to have an adequate liquidity position, which Steve will cover further in his section.

此外，正如先前在 11 月宣布的那樣，我們將 3 億美元的集團 RCF 的期限延長至 2026 年 10 月。年底槓桿率為 3.4 倍。正如我們之前評論的那樣，受到六月奈拉貶值的影響。鑑於額外的淨貶值，我們預計槓桿率將在2024 年進一步增加，但預計將保持在我們目標的三到四倍之內，並繼續擁有充足的流動性頭寸，史蒂夫將在他的部分中進一步介紹這一點。

And finally, on shareholder return, I would like to make the following statements. Despite the currency headwinds in Nigeria, we believe in the underlying strength of our business and believe our equity is undervalued, given Africa's perceived plays in the global market. For example, Nigeria.

最後，關於股東回報，我想發表以下聲明。儘管尼日利亞面臨貨幣逆風，但我們相信我們業務的潛在實力，並相信考慮到非洲在全球市場中的地位，我們的股本被低估。例如，尼日利亞。

When I moved to Nigeria 25 years ago, the country had approximately 120 million people. Today, it has approximately 225 million people, added a total population higher than Germany, France, or the UK, and is growing by 2.4% a year. That's five million people a year. To put it into perspective, that's almost the size of Colorado a year.

25 年前我搬到奈及利亞時，這個國家大約有 1.2 億人口。如今，它擁有約 2.25 億人口，總人口數量超過德國、法國或英國，並且每年以 2.4% 的速度成長。那是每年五百萬人。客觀地說，這幾乎相當於科羅拉多州一年的面積。

Nigeria also has a young, energetic population with the majority of the population younger than the age of 20, as compared to aging developed market. Hundreds of millions of people with no landline or roads or transport infrastructure depend on this on their mobile phone for almost every aspect of their life. It has become as important as food or water or education.

尼日利亞還擁有年輕、充滿活力的人口，與老化已開發市場相比，大多數人口年齡在20歲以下。數億沒有固定電話、道路或交通基礎設施的人幾乎在生活的各個方面都依賴手機。它已經變得與食物、水或教育一樣重要。

The trend in mobile phone adaptability and usage is irreversible, and is showing through our growth and also through the massive growth in the underlying number of our key customers in Nigeria despite the ForEx headwinds. Macro conditions will tighten and loosen in cycles, but the growth in mobile usage is one way, to the sky. And thus, while we believe Nigeria's value is still significantly underestimated, especially in our sector.

行動電話適應性和使用的趨勢是不可逆轉的，這一趨勢透過我們的成長以及我們在奈及利亞的主要客戶的潛在數量的大幅成長得到了體現，儘管外匯市場存在逆風。宏觀環境會週期性地收緊和放鬆，但行動裝置使用量的增長是一種方式，通往天空。因此，儘管我們認為尼日利亞的價值仍然被大大低估，特別是在我們的行業。

The value and long-term growth prospects of the Latin America business are also very strong. When we moved to LatAm during the COVID year, we had zero base. Today, we have almost 8,000 towers, and one of the largest fiber networks in Brazil with a business that generated $146 million in EBITDA, in adjusted EBITDA in 2023. More than 800 new towers and 1.3 million more homes passed in 2023 alone.

拉丁美洲業務的價值和長期成長前景也非常強勁。當我們在新冠疫情期間搬到拉丁美洲時，我們的基數為零。如今，我們擁有近 8,000 座塔，以及巴西最大的光纖網路之一，其業務 EBITDA 為 1.46 億美元（以 2023 年調整後 EBITDA 計算）。光是 2023 年，就有 800 多座新塔樓和 130 萬套住宅竣工。

South Africa is growing. Sub-Saharan Africa is growing. We own and operate 40,000 towers across 11 markets covering approximately 800 million people, who need their phones for almost every basic aspect of their life. And IHS sits at the heart of enabling such connectivity as the leader of its domain. I

南非正在成長。撒哈拉以南非洲正在成長。我們在 11 個市場擁有並經營 40,000 座信號塔，覆蓋約 8 億人口，他們生活的幾乎每個基本方面都需要手機。作為該領域的領導者，IHS 處於實現此類連接的核心地位。我

It is for these reasons that we believe IHS Towers is under appreciated at our current valuation, and that we have to consider ways of unlocking value for our shareholders.

正是由於這些原因，我們認為 IHS Towers 以我們目前的估值來看被低估了，我們必須考慮為股東釋放價值的方法。

So under the guidance of our Board of Directors, we have commenced work with our advisers, including JPMorgan, to evaluate strategic alternatives for the business across our portfolio and our capital allocation priorities. This exercise is intended to generate the best value for investors. We will provide an update on this as appropriate, including any potential action.

因此，在董事會的指導下，我們已開始與包括摩根大通在內的顧問合作，評估我們整個投資組合和資本配置優先事項的業務策略替代方案。這項活動旨在為投資者創造最佳價值。我們將視情況提供最新情況，包括任何可能採取的行動。

And with that, I will turn the call over to Steve.

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're pleased to show our FY23 and fourth quarter '23 results were in line or better than expected against the challenging macro backdrop in Nigeria throughout the year. The business has shown its resilience in FY23, posting good results. But it's clearly not immune to such significant FX headwinds, as we've seen in 2023 and continue to see in Nigeria in the early part of 2024.

謝謝，山姆，大家好。轉到投影片 9。正如 Sam 所提到的，我們很高興地展示我們的 23 財年和 23 年第四季業績符合或優於尼日利亞全年充滿挑戰的宏觀背景。該業務在 2023 財年展現了韌性，並取得了良好的業績。但它顯然無法免受如此重大的外匯逆風的影響，正如我們在 2023 年看到的那樣，以及 2024 年初在尼日利亞繼續看到的情況。

On slide 9, towers and tenants are up by 1% and 2%, respectively, year over year, while lease amendments increased by double digit percentage. On a reported basis in the quarter, revenue declined and adjusted EBITDA increased modestly. Both metrics impacted by the devaluation in the naira in 2023. Specifically in Q4, revenue declined by 3.1%, but adjusted EBITDA increased by 0.6%, while ALFCF increased 22%

在投影片 9 上，塔樓和租戶同比分別成長 1% 和 2%，而租約修訂則增加了兩位數百分比。根據本季報告，營收下降，調整後 EBITDA 略有成長。這兩個指標都受到 2023 年奈拉貶值的影響。具體而言，第四季營收下降 3.1%，但調整後 EBITDA 成長 0.6%，而 ALFCF 則成長 22%

For the full year, our revenue grew by 8%, adjusted EBITDA by 10%, and ALFCF by 19%, all on a reported basis. Our level of CapEx investment decreased by 33% in the fourth quarter and 7.5% for the year, largely due to lower capital expenditure for our Nigeria and SSA segments, partially offset by an increase in LatAm, all of which I'll discuss shortly.

全年，我們的收入成長了 8%，調整後的 EBITDA 成長了 10%，ALFCF 成長了 19%，所有這些都以報告為基礎。我們的資本支出水準在第四季度下降了33%，全年下降了7.5%，這主要是由於尼日利亞和SSA 部門的資本支出減少，部分被拉丁美洲的成長所抵消，所有這些我將很快討論。

And finally, our consolidated net leverage ratio increased to 3.4 times following the naira devaluation, albeit still within our target three to four times range.

最後，奈拉貶值後，我們的綜合淨槓桿率增加至 3.4 倍，儘管仍在我們的目標三到四倍範圍內。

Slide 10 shows the components of our 8.4% reported consolidated revenue growth for the full year 2023. Organic revenue growth of 36.9% for the year was driven primarily by FX resets, CPI escalations, and new lease amendments. Power-related revenue -- fiber, new co-location, and new sites -- also contributed to our organic growth in 2023.

投影片 10 顯示了我們報告的 2023 年全年 8.4% 的綜合收入成長的組成部分。本年度有機收入成長 36.9%，主要是由匯率重置、消費者物價指數 (CPI) 升級和新租賃修訂推動的。與電力相關的收入——光纖、新主機代管和新站點——也為我們 2023 年的有機成長做出了貢獻。

On the right, you can see the organic growth rates of each of our segments for the year with Nigeria delivering 47% organic growth, including a large impact from FX resets. Inorganic growth for FY 2023 was 2.9%, primarily driven by the full-year benefit of the MTNSA and GTS SP5 acquisitions, and the fifth and sixth stages of the Kuwait acquisition. Inorganic growth will be immaterial in 2024, given we are now beyond the 12 month anniversary as the most meaningful recent acquisitions we did in South Africa and Brazil in 2022.

在右側，您可以看到我們每個細分市場今年的有機成長率，其中尼日利亞實現了 47% 的有機成長率，其中包括匯率重置的巨大影響。2023 財年的無機成長為 2.9%，主要受到 MTNSA 和 GTS SP5 收購以及科威特收購第五和第六階段的全年效益推動。考慮到我們 2022 年在南非和巴西進行的最有意義的近期收購已經過了 12 個月週年紀念日，2024 年無機增長將變得無關緊要。

Turning to our consolidated revenue growth for the quarter, you can see how the continued devaluation turned the quarter's strong organic growth into a 3.1% decline. The naira devalued 15% in Q4 from NGN776 to the dollar at the beginning of the quarter, to NGN912 to the dollar at the end of the fourth quarter. Yet organic revenue growth at 48.4%, driven primarily by FX resets that reflects a full quarter reset impact after the original June devaluation, CPI escalations, and new lease amendments.

轉向本季的綜合收入成長，您可以看到持續的貶值如何將本季強勁的有機成長變成了 3.1% 的下降。奈拉在第四季貶值了 15%，從季初兌美元 776 奈拉，到第四季末兌美元 912 奈拉。然而，有機收入成長了 48.4%，這主要是由外匯重置推動的，這反映了 6 月最初的貶值、消費者物價指數 (CPI) 升級和新的租賃修訂後整個季度重置的影響。

Fiber power-related revenue, new co-location, and new sites also contributed to the organic growth in the quarter. The right side again shows the organic growth rates of each of our segments where our Nigeria segment grew approximately 66%, including a large impact from FX resets.

光纖電力相關收入、新主機代管和新站點也為本季的有機成長做出了貢獻。右側再次顯示了我們每個細分市場的有機成長率，其中尼日利亞細分市場成長了約 66%，其中包括匯率重置的巨大影響。

On slide 12, you can see our consolidated revenue, adjusted EBITDA, and adjusted EBITDA margins for the fourth quarter '23 and the full year '23. In fourth quarter '23, IHS generated $510 million in reported revenue, 3.1% decline versus the prior year. While the the naira devaluation drove the decline, organic revenue growth of 48% reflects the contribution from our FX resets and CPI escalators as well as the strong secular growth trends of the business.

在投影片 12 上，您可以看到我們 23 年第四季和 23 年全年的合併收入、調整後 EBITDA 和調整後 EBITDA 利潤率。2023 年第四季度，IHS 報告營收為 5.1 億美元，比前一年下降 3.1%。雖然奈拉貶值推動了業績下滑，但 48% 的有機收入成長反映了我們的匯率重置和 CPI 自動扶梯的貢獻以及業務強勁的長期成長趨勢。

Q4 '23 reported revenue included $25 million FX headwind versus FX rates of last quarter, and a $16 million headwind when including all FX assumptions that were assumed in our guidance. For full year 2023, we delivered over $2.1 billion of revenue, an 8% increase, while organic revenue increased by almost 37%.

23 年第 4 季報告的收入包括 2500 萬美元的外匯逆風（與上季度的匯率相比），以及 1600 萬美元的逆風（如果包括我們指導中假設的所有外匯假設）。2023 年全年，我們實現了超過 21 億美元的收入，成長了 8%，而有機收入成長了近 37%。

Aggregate inorganic revenue was $57 million, equating to 2.9%, again reflecting the acquisitions previously discussed. Non-recurring items also made up $48 million this year compared to $18 million the year before and partially distorts the comparisons. Regarding adjusted EBITDA and adjusted EBITDA margins in Q4 '23, adjusted EBITDA of $274 million increased by approximately 1% versus Q4 '22. And adjusted EBITDA margin was 53.8%, up 200 basis points from the prior year.

無機總收入為 5,700 萬美元，相當於 2.9%，再次反映了先前討論的收購。今年的非經常性項目也達到了 4800 萬美元，而前一年為 1800 萬美元，這在一定程度上扭曲了比較結果。關於 23 年第 4 季調整後 EBITDA 和調整後 EBITDA 利潤率，調整後 EBITDA 為 2.74 億美元，與 22 年第 4 季相比增加了約 1%。調整後 EBITDA 利潤率為 53.8%，較前一年成長 200 個基點。

For the full year, adjusted EBITDA was $1.1 billion, a 9.9% increase versus the prior year. And adjusted EBITDA margin was 53.3%, up 70 basis points from full year 2022. The year-on-year changes in adjusted EBITDA and adjusted EBITDA margin primarily reflect the increase in revenue we've already discussed, whilst the cost base was positively impacted by reducing power costs, but negatively impacted by FX related impacts.

全年調整後 EBITDA 為 11 億美元，較上年成長 9.9%。調整後 EBITDA 利潤率為 53.3%，較 2022 年全年成長 70 個基點。調整後 EBITDA 和調整後 EBITDA 利潤率的同比變化主要反映了我們已經討論過的收入成長，而成本基礎受到電力成本降低的正面影響，但受到外匯相關影響的負面影響。

As previously highlighted, through Project Green, we continue to prioritize alternative sources of power to reduce our dependency on diesel.

正如之前所強調的，透過綠色計劃，我們繼續優先考慮替代能源，以減少對柴油的依賴。

On slide 30, we first review our adjusted levered free cash flow, or ALFCF. In Q4 '23, we generated ALFCF of $118 million, a 22% increase versus Q4 '22, primarily due to a reduction in maintenance CapEx, lease, and rent payments made and withholding tax, partially offset by the increase in net interest paid. ALFCF cash conversion rate increased to 43.1% versus 35.6% in the prior year's quarter.

在投影片 30 上，我們首先回顧了調整後的槓桿自由現金流（ALFCF）。23 年第4 季度，我們產生了1.18 億美元的ALFCF，比22 年第4 季增長了22%，這主要是由於維護資本支出、租賃和租金支付以及預扣稅的減少，部分被支付的淨利息的增加所抵銷。ALFCF 現金兌換率增至 43.1%，去年同期為 35.6%。

For the full year, we generated ALFCF of $433 million, a 19.2% increase versus FY22. And our ALFCF conversion rate was 38.2%, up from 35.2% in FY22. One-time items in each year impacted that comparison. However, the year-on-year increase in ALFCF is primarily due to underlying business growth we've already discussed, as well as a reduction in maintenance CapEx.

全年，我們產生了 4.33 億美元的 ALFCF，比 2022 財年成長了 19.2%。我們的 ALFCF 轉換率為 38.2%，高於 2022 財年的 35.2%。每年的一次性項目都會影響這種比較。然而，ALFCF 的同比增長主要是由於我們已經討論過的基本業務增長以及維護資本支出的減少。

Turning to CapEx. In Q4 '23, total CapEx was $131 million, which decreased 33% year on year; and full year 2023 CapEx of $586 million, decreased 7.5% year on year. The decrease in full year '23 was primarily due to a lower CapEx spend in Nigeria related to new site CapEx, and SSA related to refurbishment. But that was offset by higher CapEx in LatAm related to new site builds.

轉向資本支出。23 年第 4 季度，總資本支出為 1.31 億美元，年減 33%； 2023年全年資本支出為5.86億美元，較去年同期下降7.5%。23 年全年的下降主要是由於尼日利亞與新站點資本支出相關的資本支出以及與翻新相關的 SSA 支出減少。但這被拉丁美洲與新站點建設相關的較高資本支出所抵銷。

In the latter part of the year, we started to pull back our capital allocation for growth CapEx in certain markets like Nigeria, which was one of the reasons our FY23 total CapEx of $586 million was lower than our $610 million to $650 million CapEx guidance. More of this when we come to the FY24 guidance shortly.

今年下半年，我們開始縮減尼日利亞等某些市場成長資本支出的資本配置，這是我們 23 財年 5.86 億美元資本支出總額低於 6.1 億至 6.5 億美元資本支出指引的原因之一。當我們很快看到 2024 財年指引時，會詳細介紹這一點。

Slide 14 looks at our returns and capital allocation. In FY23, we continued to focus on driving returns, and delivered a return on invested capital of 14.6% versus 9.9% in the prior year. Our improved 2023 ROIC reflects, amongst other things, growth in cash flow, the first full-year contribution from the MTN South Africa and GTS SP5 acquisitions completed in 2022, and the first year in numerous years when we have not deployed capital on M&A transactions, and of course the impact of the naira devaluation.

投影片 14 介紹了我們的回報和資本配置。2023 財年，我們繼續專注於提高回報，投資資本回報率為 14.6%，而前一年為 9.9%。我們改進的 2023 年投入資本回報率反映了現金流的增長、2022 年完成的 MTN 南非和 GTS SP5 收購的首次全年貢獻，以及多年來我們沒有在併購交易中部署資本的第一年當然還有奈拉貶值的影響。

In terms of capital allocation, you can see that a significant portion of our spend in FY23 or $352 million was related to discretionary CapEx that excluded new sites, followed by maintenance or nondiscretionary CapEx, and new site CapEx where we are a leading builder of new sites in Brazil. But we also allocated $10 million towards our share repurchase program that was authorized in August 2023. With $352 million discretionary CapEx, excluding new sites, it was largely spent on fiber rollout, Project Green, augmentation for co-location and lease amendments, and other cost-saving initiatives.

在資本配置方面，您可以看到我們在2023 財年支出的很大一部分（3.52 億美元）與可自由支配的資本支出（不包括新站點）有關，其次是維護或非可自由支配的資本支出，以及新站點資本支出，其中我們是新站點的領先建設者。巴西的站點。但我們也為 2023 年 8 月批准的股票回購計畫撥款 1,000 萬美元。可自由支配的資本支出（不包括新站點）為 3.52 億美元，主要用於光纖部署、綠色專案、主機代管和租賃修訂以及其他成本節約措施的增強。

Turning to the segment review on slide 16, first walk through our Nigeria business. When the new president was sworn in last May, we saw swift action to unify multiple exchange rates and then the Petro subsidy. Nigerian macro environment, however, remains complex. And while we're still encouraged by the actions taken by the new government, the additional steps taken in January had a meaningfully negative impact on the naira, which obviously is not showing in these results today, but you will see it in our 2024 guidance.

轉向幻燈片 16 上的細分回顧，首先回顧我們的尼日利亞業務。去年五月新總統宣誓就職時，我們看到了統一多種匯率的快速行動，然後是石油幣補貼。然而尼日利亞宏觀環境依然複雜。儘管我們仍然對新政府採取的行動感到鼓舞，但1 月份採取的額外措施對奈拉產生了有意義的負面影響，這顯然沒有在今天的結果中體現出來，但您將在我們的2024 年指導中看到它。

We remain in close contact with our key customers, regulators, our vendors, and our local banking partners to continue to best position IHS. FX reserves decreased to NGN32.9 billion in Nigeria at the end of 2023 from NGN37.1 billion in 2022. More recently, the Nigerian Monetary Policy Committee raised interest rates by 400 basis points to 22.75% and moved design to curb inflationary and FX pressures.

我們與主要客戶、監管機構、供應商和當地銀行合作夥伴保持密切聯繫，以繼續保持 IHS 的最佳地位。奈及利亞的外匯存底從 2022 年的 371 億奈及利亞奈拉降至 2023 年底的 329 億奈及利亞奈拉。最近，奈及利亞貨幣政策委員會將利率提高400個基點至22.75%，並採取措施抑制通膨和外匯壓力。

Meanwhile, the price of both oil and ICE gasoil have decreased recently. Looking at ICE gasoil, it was $792 per ton in Q4 of '23, and that's down from $911 per ton in Q3 of '23. Moving to real GDP growth, that expanded by 3.5% in the quarter, bringing the full year 2023 growth rate to 2.7%. Inflation jumped to 28.9% this past December versus 21.3% in December 2022, bringing the full year '23 average CPI rate to 24.7%

同時，石油和ICE柴油的價格近期均有所下降。以 ICE 柴油為例，23 年第四季的價格為每噸 792 美元，低於 23 年第三季的每噸 911 美元。至於實質 GDP 成長，本季成長 3.5%，使 2023 年全年成長率達到 2.7%。今年 12 月通貨膨脹率躍升至 28.9%，而 2022 年 12 月為 21.3%，使 23 年全年平均 CPI 率達到 24.7%

For IHS, Q4 '23 revenue in Nigeria of $321 million decreased 10% year on year on a reported basis, reflecting the devaluation in the quarter, but increased 66% organically. Organic growth was driven primarily by FX resets and escalations. The negative FX impact was $267 million or 75.3% due to the devaluation.

據報告，IHS 23 年第四季在奈及利亞的營收為 3.21 億美元，年減 10%，反映了該季度的貨幣貶值，但有機成長了 66%。有機成長主要是由匯率重置和升級所推動的。貨幣貶值對外匯造成的負面影響為 2.67 億美元，即 75.3%。

Tower and tenant count decreased 3.5% and 0.8%, respectively, versus Q4 '22 which continued to reflect the planned decommissioning that occurred in Q1 2023 with no impact on revenue. Our co-location rate consequently improved to 1.59 times, up from 1.54 times in Q4 '22. And lease amendments continue to be a strong driver of growth, increasing 12.5% year-on-year as our customers added additional equipment to our sites, particularly 5G upgrades.

與 2022 年第四季相比，塔樓和租戶數量分別減少了 3.5% 和 0.8%，這繼續反映了 2023 年第一季發生的計劃退役，對收入沒有影響。我們的主機代管率因此從 22 年第 4 季的 1.54 倍提高到 1.59 倍。租賃修訂繼續成為成長的強勁推動力，隨著我們的客戶向我們的站點添加了額外設備，尤其是 5G 升級，租賃修訂同比增長了 12.5%。

Q4 '23 segment adjusted EBITDA in Nigeria was $200 million, a 3% decrease from a year ago, while segment adjusted EBITDA margin was up 430 basis points to 62.3%, primarily reflecting a reduction in cost of sales, mostly coming from diesel savings. In our sub-Saharan African segment, towers and tenants increased by 1.5% and 2.6%, respectively, versus Q4 '22. Revenue increased by 5.6%, of which organic revenue grew 12%, driven primarily by escalations and FX resets.

23 年第4 季度，尼日利亞的部門調整後EBITDA 為2 億美元，比去年同期下降3%，而部門調整後EBITDA 利潤率增長430 個基點，達到62.3%，主要反映了銷售成本的下降，主要來自柴油節省。在撒哈拉以南非洲地區，與 22 年第四季相比，塔樓和租戶分別成長了 1.5% 和 2.6%。營收成長 5.6%，其中有機收入成長 12%，這主要是由升級和匯率重置所推動的。

Segment-adjusted EBITDA decreased by 6.3%, which primarily reflects an increase in cost of sales, partially offset by the increase in revenue. Segment-adjusted EBITDA margin decreased to 50.3% from 56.6% in Q4 2022 as a result of higher power generation costs, permit and fees and diesel costs. We continue to monitor the macro environment South Africa, particularly the ongoing power load shedding by the national utility, which did moderate versus the previous quarter.

部門調整後 EBITDA 下降 6.3%，主要反映銷售成本增加，但部分被收入增加所抵銷。由於發電成本、許可證和費用以及柴油成本上升，經部門調整的 EBITDA 利潤率從 2022 年第四季的 56.6% 下降至 50.3%。我們繼續關注南非的宏觀環境，特別是國家公用事業公司持續的電力負載削減，與上一季相比有所放緩。

We also continue to evaluate our power-managed service offerings. In our LatAm segment, towers and tenants grew by 9.3% and 6.6% respectively, versus Q4 '22. Revenue increased by 24%, of which organic revenue growth was 17%, driven primarily by an increase in fiber escalations and those new sites. Segment-adjusted EBITDA increased by 31%, leading to a 75.6% segment-adjusted EBITDA margin, a 400-basis-point-increase versus Q4 2022.

我們也將繼續評估我們的電源管理服務產品。在我們的拉丁美洲市場，與 2022 年第四季相比，塔樓和租戶分別成長了 9.3% 和 6.6%。收入增長了 24%，其中有機收入增長了 17%，這主要是由光纖升級和新站點的增加所推動的。經部門調整的 EBITDA 成長了 31%，導致經部門調整的 EBITDA 利潤率為 75.6%，與 2022 年第四季相比增加了 400 個基點。

In Brazil, our second largest market with 7,663 towers, macro conditions were largely positive as FX rates marginally strengthened, interest rates came down, and inflation stayed relatively flat. In MENA, towers and tenants grew by 9.2% and 9.7%, respectively, while revenue increased by 13%, including 6% organic revenue growth and that driven primarily by new sites and escalations.

巴西是我們的第二大市場，擁有 7,663 座塔樓，宏觀環境基本上樂觀，匯率小幅走強，利率下降，通膨保持相對穩定。在中東和北非地區，塔樓和租戶分別成長 9.2% 和 9.7%，收入成長 13%，其中有機收入成長 6%，這主要是由新站點和升級推動的。

Segment-adjusted EBITDA grew by nearly 8%, mainly as a result of the revenue growth and a decrease in cost of sales. The Q4 '23 segment-adjusted EBITDA margin increased to 73.5%.

經部門調整的 EBITDA 成長近 8%，主要是由於收入成長和銷售成本下降。23 年第 4 季經部門調整的 EBITDA 利潤率增至 73.5%。

On to slide 16, I'll briefly highlight our KPIs. As of December 31, our tower count was 40,075, up 1.1% from the end of 2022, driven primarily by ongoing new sites in LatAm and some in Nigeria. As you can see in the chart on the top right, collectively we've built more than 1,300 towers during the year, exceeding our guidance of approximately 1,250.

在投影片 16 上，我將簡要地強調我們的 KPI。截至 12 月 31 日，我們的塔樓數量為 40,075 座，較 2022 年底增長 1.1%，這主要是由於拉丁美洲和尼日利亞的一些新站點的持續建設所致。正如您在右上角的圖表中看到的那樣，我們在這一年中總共建造了 1,300 多座塔樓，超出了我們大約 1,250 座的指導。

Total tenants grew 2% with a co-location rate of 1.49 times, up slightly versus last year. And lease amendments continue to be a significant factor of our growth, particularly in our Nigerian segment, given the historic 4G and now increasing 5G activity we have seen. Lease amendments increased by almost 16% year on year.

租戶總數成長 2%，託管率達 1.49 倍，較去年略有上升。鑑於我們所看到的歷史性 4G 和現在不斷增加的 5G 活動，租賃修訂仍然是我們成長的重要因素，特別是在尼日利亞業務。租賃修訂年增近16%。

Moving on to slide 17. We look at our debt profile and related items. December 31, 2023, we had approximately $4.1 billion of external debt from IFRS 16 lease liabilities. Of the $4.1 billion of debt, $1.94 billion represent our bond financings, and other indebtedness includes $370 million. That has been drawn down from the $500 million three-year bullet term loan at IHS Holding Limited level.

繼續看投影片 17。我們查看我們的債務狀況和相關項目。截至 2023 年 12 月 31 日，我們因 IFRS 16 租賃負債而產生的外債約為 41 億美元。在 41 億美元的債務中，19.4 億美元是我們的債券融資，其他債務包括 3.7 億美元。這是從 IHS Holding Limited 級別的 5 億美元三年期短期貸款中提取的。

We've undertaken various balance sheet initiatives to extend maturities, manage interest rate expense, swap dollar obligations into local currency where possible, and add flexibility to our capital structure. As mentioned, in October, we reduced the available undrawn commitments under the term loan by $100 million to $130 million, and extended the availability period of this undrawn balance to April 2024.

我們採取了各種資產負債表措施來延長期限、管理利率費用、在可能的情況下將美元債務兌換成當地貨幣，並增加我們資本結構的靈活性。如前所述，10 月份，我們將定期貸款下的可用未提取承諾減少了 1 億美元至 1.3 億美元，並將未提取餘額的可用期限延長至 2024 年 4 月。

We've reduced the available undrawn commitments by another $70 million earlier this month in March as a result of pushing this USD exposure down into the Cote d'Ivoire market with a $116 million equivalent term loan that matures in December 2028 in November, we extended the Group asset maturity from March 25 to October 2026, which continues to have a $300 million capacity and is undrawn.

由於將美元敞口推向科特迪瓦市場，我們在3 月早些時候將可用的未提取承諾又減少了7000 萬美元，並在11 月份提供了1.16 億美元等值定期貸款，該貸款將於2028 年12 月到期。集團資產到期日為3月25日至2026年10月，該資產繼續擁有3億美元的容量且尚未動用。

Most recently, we've signed a $270 million bilateral loan to refinance essentially all of our letters of credit in Nigeria. This will extend the maturity of these obligations, reduce the interest expense by approximately 300 basis points, and release approximately $115 million equivalent of cash collateral previously held against these letters of credit.

最近，我們簽署了 2.7 億美元的雙邊貸款，為我們在尼日利亞的所有信用證進行再融資。這將延長這些義務的期限，將利息支出減少約 300 個基點，並釋放先前針對這些信用證持有的約 1.15 億美元等值的現金抵押品。

As you can imagine, we are pleased to have completed these initiatives, which further de-risk the balance sheet and increased our financial flexibility. Cash and cash equivalents decreased $294 million at December 31. And in terms of where that cash is held, approximately 12% was held in naira at our Nigeria business. Moreover, in 2023, we upstreamed a total of $65 million from Nigeria alone at an average rate of approximately NGN699 to the dollar versus $207 million at a rate of approximately NGN550 million in 2022, despite the USD shortages in the second half of '23.

正如您可以想像的那樣，我們很高興完成了這些舉措，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。截至 12 月 31 日，現金及現金等價物減少 2.94 億美元。就現金持有地點而言，我們尼日利亞業務中約 12% 以奈拉形式持有。此外，2023 年，我們僅從尼日利亞就向上游提供了總計6500 萬美元的資金，平均匯率約為699 尼日利亞奈拉兌換美元，而2022 年，儘管23 年下半年美元出現短缺，但我們還是以約5.5 億尼日利亞奈拉的匯率向上游輸送了2.07 億美元。

More positively, we see an increase in daily FX turnover or USD availability since government actions taken in January 2024, but we do caution it remains to be determined if such an increase will be sustained. Consequently, from all these moving elements, at the end of the fourth quarter '23 our consolidated net debt was approximately $3.8 billion, and we had a consolidated net leverage ratio of 3.4 times, up 0.2 times year on year.

更積極的是，自 2024 年 1 月政府採取行動以來，我們看到每日外匯交易額或美元供應量有所增加，但我們確實警告稱，這種增長是否會持續仍有待確定。因此，從所有這些變化因素來看，截至 23 年第四季末，我們的合併淨債務約為 38 億美元，合併淨槓桿率為 3.4 倍，年比上升 0.2 倍。

In light of the continued Nigeria devaluation, we do expect leverage to increase over the coming quarters. However, our debt metrics are expected to remain within our target three to four times net leverage ratio.

鑑於尼日利亞貨幣持續貶值，我們預計未來幾季槓桿率將會上升。然而，我們的債務指標預計將保持在淨槓桿率三到四倍的目標範圍內。

Now moving to slide 18, and we are introducing 2024 guidance that includes revenue in the range of $1.7 billion to $1.73 billion, adjusted EBITDA in the range of $935 million to $955 million, ALFCF in the range of $285 million to $305 million, and total CapEx in the range of $330 million to $370 million.

現在轉到投影片 18，我們將介紹 2024 年的指導，其中包括 17 億至 17.3 億美元的收入、9.35 億至 9.55 億美元的調整後 EBITDA、2.85 億至 3.05 億美元的 ALFCF 以及總計資本支出在3.3 億美元至3.7 億美元之間。

A few points I'd like to make here. Number one, revenue guidance includes an approximate $17 million reduction compared to 2023 as a result of an expected change in our accounting methodology on power pass-through revenue in South Africa, which will likely be accounted for as net revenue going forward rather than gross revenue and gross power cost. This, however, will have no impact on the adjusted EBITDA or ALFCF, as historically we've recognized an equal amount of power costs and power revenue.

我想在這裡指出幾點。第一，收入指導包括與 2023 年相比減少約 1,700 萬美元，這是由於我們對南非電力直通收入的會計方法的預期變化，這可能會被計為未來的淨收入而不是總收入和總電力成本。然而，這不會對調整後的 EBITDA 或 ALFCF 產生影響，因為歷史上我們已經確認了同等數量的電力成本和電力收入。

And number two, I'll speak more about FX rates in a moment, but excluding the change in how we recognize that power pass-through in South Africa, the expected year-on-year reduction in financials is entirely the result of the naira devaluation and, as Sam mentioned, is expected to be a $535 million year-on-year headwind to revenue after adjusting for the impact of FX resets.

第二，我稍後會更多地談論匯率，但排除我們認識南非權力傳遞方式的變化，預期的財務同比下降完全是奈拉的結果正如Sam 提到的，在對匯率重置的影響進行調整後，預計營收將年減5.35 億美元。

And lastly, you may have seen in our disclosures, we have signed an agreement to sell our Peru business to SBA. While immaterial, given the small size of the business of 61 towers, our guidance assumes that this transaction closes at the end of Q2 2024.

最後，您可能在我們的揭露中看到，我們已經簽署了一項協議，將我們的秘魯業務出售給 SBA。雖然並不重要，但考慮到 61 座塔樓的業務規模較小，我們的指導假設該交易將於 2024 年第二季末完成。

You'll also see that CapEx is expected to come down significantly year on year as we increase our focus on cash generation, while still upholding the goal to maintain double digit organic revenue growth, which includes 49% in 2024. This does include as remaining small portion for Project Green of approximately $10 million. And for the year, we expect to build approximately 850 towers, including approximately 600 in Brazil.

您還會看到，隨著我們更加重視現金生成，資本支出預計將同比大幅下降，同時仍堅持保持兩位數有機收入成長的目標，其中包括 2024 年達到 49%。這確實包括綠色項目剩餘的一小部分約 1000 萬美元。今年，我們預計將建造約 850 座塔樓，其中約 600 座於巴西。

And turning the page on Slide 19. On the left, you can see revenue by reporting currency for Q4 and the year; whereas on the right hand side, we provide the breakout of revenue based on contracts split. The bottom of the slide shows the annual average FX rate assumptions used in our 2024 guidance. And for the year, we're assuming in guidance NGN1,610 to the dollar, which includes NGN1,315 in Q1 of 2024 based on actual through February, and NGN1,815 on average in Q4 of 2024.

然後翻到第 19 頁投影片。在左側，您可以透過報告第四季度和當年的貨幣來查看收入；而在右側，我們提供了基於合約分割的收入明細。幻燈片底部顯示了我們 2024 年指導中使用的年平均匯率假設。今年，我們假設美元兌NGN為1,610，其中包括根據截至2月份的實際情況，2024年第一季為1,315NGN，以及2024年第四季平均為1,815NGN。

And then finally, on Slide 20, we provide the estimated full year financial impact, a theoretical 10% devaluation in the naira would have on our financials. While our 2024 guidance already assumes an average annual NGN1,610 to the dollar for the full year, with the naira rate getting to 1,850 by December 2024, here we've shown the impact of a 10% devaluation beyond what we've assumed in the guidance.

最後，在投影片 20 上，我們提供了預期的全年財務影響，理論上奈拉貶值 10% 會對我們的財務狀況產生影響。雖然我們的2024 年指引已經假設全年平均奈拉兌美元匯率為1,610 尼日利亞奈拉，到2024 年12 月奈拉匯率將達到1,850，但這裡我們展示了貶值10% 的影響，超出了我們在2024年的假設。指引。

The figures in the middle of the page, including the approximate $40 million to $45 million and $20 million to $25 million impact to revenue and adjusted EBITDA respectively, provide a sense of what the 12-month run rate impact would be using our 2024 expectations. However, as you'll see on the right hand side, the illustration in the middle of the page excludes an incremental approximately $15 million impact. That could impact the course if the devaluation actually occurs, assuming the devaluation was to occur at the beginning of the quarter.

頁面中間的數字，包括對收入和調整後 EBITDA 分別約 4000 萬至 4500 萬美元和 2000 萬至 2500 萬美元的影響，讓我們了解使用我們 2024 年的預期對 12 個月運行率的影響。然而，正如您將在右側看到的，頁面中間的插圖不包括大約 1500 萬美元的增量影響。如果貶值實際發生，假設貶值發生在本季初，這可能會影響趨勢。

This represents the maximum lag that could occur between the devaluation and when most of our FX resets would start to kick in the next quarter. And as a reminder, the vast majority of our resets are quarterly. This now brings us to the end of our formal presentation, and we thank you for your time today. Operator, please now open the line for questions.

這代表了貶值與我們的大部分外匯重置將在下個季度開始生效之間可能發生的最大滯後。提醒一下，我們絕大多數的重置都是每季一次。我們的正式演示到此結束，感謝您今天抽出時間。接線員，現在請撥打電話提問。

(Operator Instructions) Michael Elias, TD Cowen.

（操作員說明）Michael Elias，TD Cowen。

Great, thanks for taking my questions. A few if I may. To start off, relating to the valuation of the strategic alternatives, I'm curious. Could you give us a sense for the intended scope of these alternatives and specifically, what I mean by that is, is the intention to consider the sale of the entire business or just perhaps parts of the business?

太好了，感謝您回答我的問題。如果可以的話，有幾個。首先，關於策略替代方案的估值，我很好奇。您能否讓我們了解這些替代方案的預期範圍，具體來說，我的意思是，打算考慮出售整個業務或僅出售部分業務？

And second, what makes now the right time to explore these alternatives? And would you be exploring these alternatives if it were not for the devaluation that we saw in the naira? I have a follow-up question after that. But any color on these alternatives would be great. Thank you.

其次，是什麼讓現在成為探索這些替代方案的最佳時機？如果不是因為我們看到奈拉貶值，您會探索這些替代方案嗎？之後我有一個後續問題。但這些替代品中的任何顏色都會很棒。謝謝。

Hi, Michael. This is Sam. We believe the business is undervalued. It is not a direct reflection of where the naira is. The business, as you've seen, is reporting solid numbers. I mean, we've been reporting solid numbers quarter after quarter. Of course the naira devaluation situation will have an impact. But again, it is within manageable remit.

嗨，邁克爾。這是薩姆。我們認為該業務被低估。它並不直接反映奈拉的位置。正如您所看到的，該公司正在報告可靠的數字。我的意思是，我們每個季度都在報告可靠的數字。當然奈拉貶值的情況也會產生影響。但同樣，這在可控範圍內。

The strategic evaluation is largely because we feel the frustration of shareholders. We believe that market have not given higher shares the necessary credit when it comes to our value and where our valuation should be. So it is our duty, in addition to running the business well, in a good and solid matter, it is our duty to leave no stone unturned basically, to try and unlock value for shareholders.

策略評估很大程度上是因為我們感受到了股東的挫敗感。我們認為，當談到我們的價值和我們的估值應有的水平時，市場並沒有給予更高的股票必要的信任。所以我們的責任，除了把企業經營好、做好、踏實的做好之外，根本上想盡一切辦法，努力為股東釋放價值，這是我們的責任。

Now in terms of details, unfortunately, I won't be able to go into details. We will comment that we're doing that work at the moment together with our adviser, JPMorgan included, and we would communicate as and when appropriate.

現在就細節而言，不幸的是，我無法詳細說明。我們將評論說，我們目前正在與我們的顧問（包括摩根大通）一起進行這項工作，我們將在適當的時候進行溝通。

Great. Thanks for the color there, Sam. I just have a follow-up question. With the volatility that we've seen in the naira, how would you describe the ability and need to upstream cash in 2024? Thanks.

偉大的。謝謝你的顏色，山姆。我有一個後續問題。鑑於奈拉的波動，您如何描述 2024 年上游現金的能力和需求？謝謝。

Michael, it's Steve. You're right. Volatility is a good word to describe it. 2023 was challenging, no doubt. In terms of sourcing US dollars and therefore upstreaming, although we did get $65 million out early in 2023. I think from a 2024 perspective, that we have seen more liquidity in the market, January, February and March to date. So that is certainly the positive. I would say that's off the back of a number of moves by the Nigerian government, Central Bank monetary policy, et cetera, around the currency devaluation, but also interest rate increases. So that's the positive.

邁克爾，是史蒂夫。你說得對。波動性是一個很好的形容詞。毫無疑問，2023 年充滿挑戰。就購買美元以及上游業務而言，儘管我們在 2023 年初確實獲得了 6500 萬美元。我認為從 2024 年的角度來看，迄今為止的 1 月、2 月和 3 月我們已經看到市場上有更多的流動性。所以這當然是正面的。我想說，這是尼日利亞政府、央行貨幣政策等圍繞貨幣貶值和升息採取的一系列舉措的結果。這就是正面的一面。

But obviously, we have to caution that we want to see it continue for a period of time. We've seen a couple of -- let's call them full stores in the last 9 or 10 months in terms of reforms. So we're again sitting at a point where we have this positive outlook, certainly in terms of liquidity, but let's see. We want to see more dollar liquidity, and then we'll be upstreamed.

但顯然，我們必須警告，我們希望看到這種情況持續一段時間。在過去的 9 或 10 個月裡，我們已經看到了一些改革——讓我們稱之為全面改革。因此，我們再次處於樂觀的前景，尤其是在流動性方面，但讓我們看看。我們希望看到更多的美元流動性，然後我們就會逆流而上。

Richard Choe, JPMorgan.

理查崔，摩根大通。

I wanted to ask about the Latin America business. Where should we expect that percentage of revenue to go to by the end of this year and maybe longer term, given the growth you're seeing there, how big of a business could that get?

我想問拉丁美洲業務。考慮到您所看到的成長，我們應該預計到今年年底甚至更長期的收入百分比將流向何處，這會成為一項多大的業務？

Hi, Rich. This is Steve. Good question. I think one thing to note, obviously, in terms of the overall contribution mix, is that now Lat-Am as a segment has been growing at sort of between 15% and 17% year on year. So it continues to grow nicely. Revenue for the full year was over $200 million. And so it ended up becoming a really significant component of our overall mix.

嗨，里奇。這是史蒂夫。好問題。我認為值得注意的一件事顯然是，就整體貢獻組合而言，現在拉丁美洲作為一個細分市場，同比增長在 15% 至 17% 之間。所以它繼續良好地增長。全年收入超過2億美元。因此它最終成為我們整體組合中非常重要的組成部分。

And given the opposite direction, if you like, of Nigeria in the devaluation, it becomes an increasing percentage of IHS by the fact that it's growing in Nigeria's development that will get a little bit smaller. So we haven't set a target on it right now, The focus with LatAm is to grow organically for the short term. But obviously, that's a key element of our value makeup, and it's business we want to continue growing organically okay.

如果你願意的話，考慮到尼日利亞貶值的相反方向，它在 IHS 中所佔的比例越來越大，因為它在尼日利亞的發展中不斷增長，但會變得稍微小一些。所以我們現在還沒有設定目標，拉丁美洲的重點是短期內有機成長。但顯然，這是我們價值組成的關鍵要素，也是我們希望繼續有機成長的業務。

And I guess a little bit more color on the mix between the tower growth and the fiber growth, it seems like both are growing at a pretty healthy pace.

我想塔式增長和纖維增長之間的混合會有更多的色彩，看起來兩者都在以相當健康的速度增長。

Yes, fiber's growing at a healthy pace. So we don't actually split out the financials in too much detail on the fiber business. But as you probably know from our prior discussions, there is a disclosure on it, buried in the 20-F, the fiber business grew at 20% last year from an overall perspective in the towers, just a little bit less than that, but still growing strongly.

是的，纖維正在以健康的速度成長。因此，我們實際上並沒有對光纖業務的財務數據進行過多的細分。但正如您從我們之前的討論中可能知道的那樣，有一個披露，埋在20層中，從塔樓的整體角度來看，去年光纖業務增長了20％，只是比這個少一點點，但是仍在強勁增長。

Thank you.

謝謝。

(Operator Instructions) Eric Luebchow, Wells Fargo.

（操作員說明）Eric Luebchow，富國銀行。

Great. Thank you for taking the question. I wanted to touch on the MTN agreement to move 2,500 sites. It's I know it's tied up in the courts right now, but kind of any update on your base case and how many sites you think could eventually again move to your competitor in that market?

偉大的。感謝您提出問題。我想談談 MTN 遷移 2,500 個站點的協議。我知道它現在已經被法庭審理，但是您的基本案例有什麼更新嗎？您認為有多少網站最終可能會再次轉移到您在該市場的競爭對手那裡？

Hi, Eric. This is Sam. Look, we've been public about our view here and we remain consistent. I think it's a very, very, very tall order to be able to move equipment covering 20 million users or so on 2,500 towers that most of which do not exist in a country like Nigeria where power infrastructure permits, regulation is all an uphill battle, that conversation we've had in October.

嗨，艾瑞克。這是薩姆。看，我們已經在這裡公開表達了我們的觀點，並且我們保持一致。我認為，能夠將覆蓋2000 萬用戶的設備轉移到大約2500 座塔上，這是一項非常非常艱鉅的任務，而在像尼日利亞這樣的國家，電力基礎設施允許，監管是一場艱苦的戰鬥，而這些塔中的大部分都不存在，我們十月的談話。

Today we are in February or March actually with another maybe eight, nine, 10 months left before the expiry. And no significant work has occurred on the towers, largely because of some of the things we just mentioned. So that remains a very, very tall order for us. But again, MTN is a partner of ours. We've been in partnership for more than two decades there. Discussions are always ongoing.

今天其實是二月或三月，距離到期日可能還有八個月、九個月、10 個月。塔樓上沒有進行任何重大工程，主要是因為我們剛才提到的一些事情。所以這對我們來說仍然是一個非常非常艱鉅的任務。但同樣，MTN 是我們的合作夥伴。我們在那裡已經合作了二十多年。討論總是在進行中。

Okay, I appreciate that. And just one follow-up on your guide this year kind of implies a 55% EBITDA margin, a nice uptick versus last year. So anything you could walk us through in terms of areas you're seeing cost efficiencies between lower diesel cost, Project Green? And then the longer-term path to get to 60% EBITDA margins, how you see that transforming over the next few years?

好的，我很欣賞。今年，您的指南中的一項後續行動就意味著 EBITDA 利潤率為 55%，與去年相比有了很大的提高。那麼，您可以向我們介紹一下您在降低柴油成本和綠色專案之間所看到的成本效率方面的情況嗎？然後是達到 60% EBITDA 利潤率的長期路徑，您如何看待未來幾年的轉變？

Hi, Eric. So a few things on the cost side, so yes, you're right, the guide implies this EBTDA margin. So a couple of percentage points higher than where we finished 2023. What's driving that, a lot that's driving that is around some of the cost action that we've been taking. That's in a variety of different areas. As you know Project Green, which has been driving down diesel consumption and therefore overall cost within Nigeria, in particular. Bits and pieces in other markets as well but mainly in Nigeria.

嗨，艾瑞克。所以，在成本方面有一些事情，所以是的，你是對的，指南暗示了這個 EBTDA 利潤。因此，比 2023 年的結果高出幾個百分點。是什麼推動了這一點，很大程度上是圍繞著我們一直在採取的一些成本行動所推動的。這是在各種不同的領域。如您所知，綠色專案一直在降低柴油消耗，從而降低尼日利亞的整體成本。其他市場也有一些零碎的東西，但主要是在奈及利亞。

And then part of it is a reaction to where the macro is globally, where the macro is in our key markets like Nigeria. We've been relooking at our cost structure and where we can be more efficient, where we can operate the business in more sensible intelligent ways for less cost. So there's a lot of focus from us right now as a strategy for 2024 around cash generation.

部分原因是對全球宏觀情勢、奈及利亞等關鍵市場宏觀情勢的反應。我們一直在重新審視我們的成本結構，以及我們可以在哪些方面提高效率，在哪些方面我們可以以更明智的方式以更低的成本經營業務。因此，我們現在非常關注 2024 年現金產生策略。

You see that embedded in our lower CapEx guide, significantly lower CapEx side for 2024, versus even the couple of prior years of CapEx spend, and it's also evident in the margins in terms of where we're looking to drive efficiency that of the cost base.

您會看到，我們的較低資本支出指南中嵌入了這一點，與前幾年的資本支出支出相比，2024 年的資本支出顯著降低，而且在我們尋求提高成本效率的利潤率方面也很明顯根據。

And this is why also kind of like artificial intelligence and the proliferation of artificial intelligence is critical to whatever we're doing at the moment on the ground. For years, we've been operating this infrastructure, which has a lot of challenges in terms of logistics, diesel delivery, feed maintenance, given the complex nature of where we operate now.

這就是為什麼人工智慧和人工智慧的擴散對於我們目前在實地所做的任何事情都至關重要。多年來，我們一直在運作這項基礎設施，鑑於我們現在營運地點的複雜性，該基礎設施在物流、柴油運輸、飼料維護方面面臨著許多挑戰。

Suddenly all this data, because of the elevated level of compute we find ourselves available to us through the LLMs and what the big guys have created, suddenly we have now this massive tool available to us with a lot of data that we've accumulated over the decades. And we are now in the middle of redefining how we operate, using that a massive compute availability. And part of what you're seeing here is because of that, and you're going to see more of that over the next few months.

突然間，所有這些數據，由於計算水平的提高，我們發現自己可以透過法學碩士以及大佬們創建的東西來使用，突然間，我們現在擁有了這個龐大的工具，其中包含我們積累的大量數據。幾十年來。我們現在正在重新定義我們的營運方式，利用大量的運算可用性。你在這裡看到的部分原因就是這個，接下來的幾個月你會看到更多這樣的情況。

Thanks, Sam.

謝謝，山姆。

Thank you.

謝謝。

Stella Cridge, Barclays.

斯特拉·克里奇，巴克萊銀行。

Good afternoon, everyone, and thank you. Many thanks for all the updates. I was wondering if I could ask about the status of the other contracts with MTN which you have coming up. I know the update on Ivory Coast. You've got Zambia, Rwanda, and then the small amount of tours at the end of this year.

大家下午好，謝謝大家。非常感謝您的所有更新。我想知道是否可以詢問一下您提出的與 MTN 的其他合約的狀態。我知道科特迪瓦的最新情況。尚比亞、盧安達，還有今年底的少量旅遊團。

I just wondered if there was any update on the status there? And in terms of a related question, you also referenced the comments from M&A during June, we recently saying they were looking at changes to existing or leases. I mean what kind of changes would you be open to from the IHS side. That would be great.

我只是想知道那裡的狀態是否有任何更新？關於相關問題，您也提到了六月併購的評論，我們最近說他們正在考慮對現有或租賃進行變更。我的意思是，您願意接受 IHS 方面的什麼樣的改變。那太好了。

Okay. Look, we don't comment on ongoing discussions, MTN and us in particular, as I've alluded earlier, we've been partners for two decades. We are engaged on multiple fronts at any given point in time. We do like to announce things that happened, that are basically dusted and cleared, and that's why we announced basically Cote d'Ivoire and Cameroon.

好的。看，我們不會對正在進行的討論發表評論，尤其是 MTN，尤其是我們，正如我之前提到的，我們已經成為合作夥伴二十年了。我們在任何特定時間點都在多個戰線上開展工作。我們確實喜歡宣布發生的事情，這些事情基本上已經塵埃落定，這就是為什麼我們基本上宣布了科特迪瓦和喀麥隆。

At the moment, to be honest, the only thing I would say is that everyone has seen from MTN's most recent announcement, from our clients, a number in Nigeria, that they're under pressure. This massive negative movement of the currency, which is roughly 250% negative, in almost 14 months is definitely taking its toll on them.

目前，說實話，我唯一想說的是，每個人都從 MTN 最近的公告中看到，我們的客戶（來自尼日利亞的一些客戶）都面臨壓力。在近 14 個月內，貨幣大幅貶值（大約貶值 250%）無疑給他們帶來了損失。

These guys are mostly local currency revenue generating companies. And at the moment, we feel our job and our duty is just to stand by them and find ways to help elevate the pressure. I mean, this is not our first rodeo. We've seen this before we've stood up before and we've supported them. At this stage of time, that's what we're going to continue to do that. That's what I can say.

這些人大多是本地貨幣創收公司。目前，我們覺得我們的工作和責任是支持他們並找到幫助他們減輕壓力的方法。我的意思是，這不是我們的第一次牛仔競技表演。我們在站出來支持他們之前就已經看到了這一點。在現階段，這就是我們將繼續做的事情。這就是我能說的。

And then, Stella, just quick follow-up. I obviously appreciate questions in relation to MTN. And hopefully, the updates are positive in terms of getting an CIB can indicate what behind us is done more upcoming on some of the other smaller ones as well. But also just to kind of reiterate the Airtel announcement that we put out in January in Nigeria, which was covering 3,900 tenancies over a five-year period, of which 2,500 are co-location. So whilst obviously there's correctly a lot of focus on MTN, and that's the case within IHS as well, but we're also making sure we continue progressing and moving forward in a material way with other key customers as well.

然後，斯特拉，快速跟進。我顯然很欣賞有關 MTN 的問題。希望這些更新在獲得 CIB 方面是積極的，可以表明我們身後的其他一些較小的公司也即將要做更多的事情。但也只是重申我們 1 月在奈及利亞發布的 Airtel 公告，涵蓋了五年內的 3,900 個租戶，其中 2,500 個是託管租戶。因此，雖然顯然人們對 MTN 給予了很多關注，IHS 內部也是如此，但我們也確保我們繼續與其他主要客戶一起以實質方式取得進展和前進。

That's great. Many thanks for those answers. If I can maybe also add something on the liquidity stock debt side. Could you just comment in terms of the cash balance at the moment, how much is it in the HoldCo versus OpCos? This $15 million release of cash collateral, is this included in the cash balance at the end of 2023? And then finally, this Ivory Coast refinancing structure debt, what was actually the benefit at the HoldCo in terms of the settlement of intercompany loans, for instance?

那太棒了。非常感謝您的回答。如果我可以的話，也許還可以在流動性股票債務方面添加一些內容。您能否簡單評論一下目前的現金餘額，HoldCo 與 OpCo 的現金餘額是多少？這 1500 萬美元的現金抵押品釋放是否包含在 2023 年底的現金餘額中？最後，例如，科特迪瓦再融資結構債務，控股公司在公司間貸款結算方面實際上有什麼好處？

Sure. So Stella, on the bilateral that was only a few days ago to now, the approximate $150 million cash collateral is not included in the December 31 cash balance. So that is additional cash, additional liquidity. And as we said, that will reduce interest on those specific obligations by about 3%. So it's saving interest. It's bringing up cash and its leverage positive. So that was the reason of doing that.

當然。所以斯特拉，就幾天前到現在的雙邊協議而言，大約1.5億美元的現金抵押品並不包括在12月31日的現金餘額中。這就是額外的現金、額外的流動性。正如我們所說，這將使這些特定義務的利息減少約 3%。所以這是節省利息。它帶來了現金和積極的槓桿。這就是這樣做的原因。

On the Cote d'Ivoire, that was certainly in the -- I know you and I have spoken about before and spoken with many others about as well with we have US dollar obligations at the top. Can we utilize our local markets, in particular currency markets, to try and rotate some of that dollar obligation down back into the country at low currency levels?

關於科特迪瓦，這當然是——我知道你和我之前已經談過，也與許多其他人談過我們的美元債務。我們能否利用當地市場，特別是貨幣市場，試著以低貨幣水準將部分美元債務轉回本國？

That was just one example of that $116 million equivalent, which has been shifted down into CIB. So what we've done is we've raised that money in Cote d'Ivoire. There was a tiny start of existing debt in Cote d'Ivoire which has been refinanced and then we're in the process of upstreaming that capital up to the holdco where we will extinguish some store obligations.

這只是 1.16 億美元等值資金的一個例子，該資金已轉入 CIB。所以我們所做的就是在科特迪瓦籌集了這筆資金。科特迪瓦的現有債務有一個很小的開始，這些債務已經進行了再融資，然後我們正在將資本上游到控股公司，在那裡我們將消除一些商店債務。

Again, that was signed just before the end of the year, but the upstreaming the -- drawdown, the upstreaming was done hasn't been completed yet, but it's in the process is being completed, and that is not in the year-end cash numbers. So that's another upside to the business.

同樣，該協議是在年底前簽署的，但上游項目尚未完成，但正在完成，而且不是在年底現金號碼。這是該業務的另一個優勢。

And then in that example, we were able to get extremely comparative, if not slightly cheaper interest rates in the local market versus US dollar obligations. So again, managing maturities and managing currency, the balance sheet, but also making sure we take care of interest rate expense as well.

然後在那個例子中，我們能夠在當地市場獲得與美元債務相比極其可比的利率，即使不是稍微便宜一些。再說一次，管理到期日、管理貨幣、資產負債表，但也要確保我們也處理好利率費用。

And the split of the HoldCo-OpCo cash?

那麼 HoldCo-OpCo 現金的分割呢？

Sorry, we emphasize that it hasn't moved materially in the last quarter or so. That's another $3 billion of cash around the Group and there's a comfortable balance sitting offshore.

抱歉，我們強調它在上個季度左右沒有發生實質變化。集團還有另外 30 億美元的現金，而且海外還有充足的餘額。

That brings us to the end of the IHS Holding Limited 4Q and full year earnings results conference 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.

IHS Holding Limited 第四季和全年財報電話會議到此結束。如果您有任何疑問，請透過電子郵件地址investorrelations@ihstowers.com 聯絡投資者關係團隊。管理團隊感謝您今天的參與，並祝您有美好的一天。