The Group’s Executive Committee, identified as the chief operating decision maker (CODM), reviews and evaluates the Group’s performance from a business perspective according to how the geographical locations are managed. Regional and operating company management are responsible for managing performance, underlying risks, and effectiveness of operations. Regions are broadly based on a scale and geographic basis because the Group’s risks and rates of return are affected predominantly by the fact that the Group operates in different geographical areas, namely Nigeria as the current largest market, Cameroon, Côte d’Ivoire, Rwanda, South Africa and Zambia, as our Sub Saharan Africa business (“SSA”), Kuwait and Egypt as our Middle East and North Africa business (“MENA”) and Brazil, Colombia and Peru as our Latin America business (“Latam”).

The Executive Committee reviews the Company’s internal reporting to assess performance and allocate resources. Management has determined the operating segments based on these reports.

All operating segments are engaged in the business of some of or all of the following: leasing tower space for communication equipment to Mobile Network Operators (MNOs) and other customers (internet service providers, security functions or private corporations), providing fiber connectivity, providing managed services in limited situations, such as maintenance, operations and leasing services, for certain towers owned by third parties within their respective geographic areas. However, they are managed and grouped within the four operating segments, which are primarily distinguished by reference to the scale of operations, to the similarity of their future prospects and long-term financial performance (i.e. margins and geographic basis).

The CODM primarily uses a measure of Segment Adjusted EBITDA (defined as profit/(loss) for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, impairment of withholding tax receivables, business combination transaction costs, impairment of property, plant and equipment and related prepaid land rent on the decommissioning of sites, net (profit)/loss on sale of assets, share based payment (credit)/expense, insurance claims, listing costs and certain other items that management believes are not indicative of the core performance of its business) to assess the performance of the business. The CODM also regularly receives information about the Group’s revenue, assets and liabilities. The Group has additional corporate costs which do not meet the quantitative thresholds to be separately reported and which are aggregated in ‘Other’ in the reconciliation of financial statements presented below. These include costs associated with centralized Group functions including Group executive, legal, finance, tax and treasury services.

There are no revenue transactions which occur between operating segments. Intercompany finance income, finance costs and loans are not included in the amounts below.

The segment’s assets and liabilities are comprised of all assets and liabilities attributable to the segment, based on the operations of the segment and the physical location of the assets or liabilities, including goodwill and other intangible assets and are measured in the same way as in the financial statements. Other assets and liabilities that are not attributable to Nigeria, SSA, Latam and MENA segments consist principally of amounts excluded from specific segments including costs incurred for and by Group functions not attributable directly to the operations of the reportable segments, share-based payment and any amounts due on debt held at Group level as the balances are not utilized in assessing each segment’s performance.

Summarized financial statements for the nine months ended September 30, 2022 is as follows:

(a)	Other costs for the nine months ended September 30, 2022 included professional costs related to SOX implementation costs of $1.0 million along with professional fees and system implementation costs.

Summarized financial statements for the nine months ended September 30, 2021 is as follows:

2021

Nigeria

SSA

Latam

MENA

Other

Total

$’000

Revenues from external customers

846,941

256,382

39,642

21,151

—

1,164,116

Segment Adjusted EBITDA

599,682

144,500

29,142

9,401

(72,978)

709,747

Depreciation and amortization (note 6 and 7)

(283,180)

Net gain on disposal of property, plant and equipment (note 7)

1,632

Insurance claims (note 9)

5,437

Impairment of withholding tax receivables

(44,398)

Business combination transaction costs

(9,087)

Other costs (a)

(14,353)

Reversal of provision for decommissioning costs

2,671

Impairment of property, plant and equipment and prepaid land rent

(44,369)

Listing costs

(6,659)

Share‑based payment expense (note 7)

(8,968)

Finance income (note 10)

22,030

Finance costs (note 11)

(218,069)

Other income

1,269

Profit before income tax

113,703

Additions of property, plant and equipment, right of use assets and intangible assets:

- through business combinations

—

262,843

5,388

- in the normal course of business

207,080

36,469

66,246

10,350

Segment assets (at September 30, 2021)

2,119,202

1,042,109

964,958

168,119

Segment liabilities (at September 30, 2021)

735,623

502,944

401,975

113,659

(a)	Other costs for the nine months ended September 30, 2021 related to non-recurring professional costs related to financing of $13.5 million and aborted transaction costs of $0.9 million.

Summarized financial statements for the three months ended September 30, 2022 is as follows:

2022

Nigeria

SSA

Latam

MENA

Other

Total

$’000

Revenues from external customers

355,351

114,801

42,104

9,061

—

521,317

Segment Adjusted EBITDA

210,039

63,746

29,993

3,828

(32,953)

274,653

Depreciation and amortization (note 6 and 7)

(120,141)

Net gain on disposal of property, plant and equipment (note 7)

134

Insurance claims (note 9)

Impairment of withholding tax receivables

(11,422)

Business combination transaction costs

(3,685)

Other (costs)/income (a)

(966)

Net impairment of property, plant and equipment and prepaid land rent

(3,099)

Share‑based payment expense (note 7)

(4,127)

Finance income (note 10)

6,412

Finance costs (note 11)

(231,280)

Loss before income tax

(93,451)

Additions of property, plant and equipment, right of use assets and intangible assets:

- through business combinations

—

3,650

- in the normal course of business

98,669

31,705

42,696

6,223

Segment assets (at September 30, 2022)

2,374,490

1,531,136

1,868,288

177,746

Segment liabilities (at September 30, 2022)

968,530

830,044

498,806

108,558

(a) Other costs for the three months ended September 30, 2022 included professional costs related to SOX implementation costs of $0.4 million, professional fees related to financing costs of $0.2 million and system implementation costs of $0.4 million.

Summarized financial statements for the three months ended September 30, 2021 is as follows:

2021

Nigeria

SSA

Latam

MENA

Other

Total

$’000

Revenues from external customers

289,078

89,272

14,912

7,285

—

400,547

Segment Adjusted EBITDA

179,489

49,833

11,267

3,249

(24,120)

219,718

Depreciation and amortization (note 6 and 7)

(99,255)

Net gain on disposal of property, plant and equipment (note 7)

Insurance claims (note 9)

Impairment of withholding tax receivables

(11,714)

Business combination transactions costs

(3,139)

Other costs (a)

(4,160)

Impairment of property, plant and equipment and prepaid land

(41,556)

Reversal of provision for decommissioning costs

2,671

Listing costs

(2,624)

Share‑based payment expense (note 7)

(4,286)

Finance income (note 10)

18,017

Finance costs (note 11)

(76,717)

Loss before income tax

(2,916)

Additions of property, plant and equipment, right of use assets and intangible assets:

- through business combinations

—

- in the normal course of business

94,205

13,832

17,976

2,880

Segment assets (at September 30, 2021)

2,119,202

1,042,109

964,958

168,119

Segment liabilities (at September 30, 2021)

735,623

502,944

401,975

113,659

(a) Other costs for the three months ended September 30, 2021, included non-recurring professional costs related to financing of $4.2 million and aborted transaction costs recoveries of $0.1 million.

Revenue from two tier one customers represents approximately 10% or more of the Group’s total revenue as follows:


	Three months ended				Nine months ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
					$’000		$’000

Customer A	63	%	65	%	63	%	66	%
Customer B	17	%	15	%	17	%	14	%