Three months ended

March 31, 2023

March 31, 2022

$’000

Reconciliation:

Profit before taxation

22,880

31,374

Adjustments:

Depreciation of property, plant and equipment (note 6 and 7)

106,392

97,368

Amortization of intangible assets (note 6 and 7)

12,642

10,472

Net impairment of property, plant and equipment and prepaid land rent (note 6)

4,146

2,183

Loss allowance/(reversal of loss allowance) on trade receivables (note 8)

3,560

(2,468)

Impairment of withholding tax receivables (note 7)

11,255

14,787

Amortization of prepaid site rent

2,867

1,868

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

(734)

167

Insurance income (note 9)

(145)

(1,150)

Finance costs (note 11)

178,881

192,212

Finance income (note 10)

(6,828)

(114,967)

Impairment of inventory

—

138

Share‑based payment expense (note 7)

3,289

3,574

Operating profit before working capital changes

338,205

235,558

Changes in working capital

Decrease in inventory

7,910

3,413

Increase in trade and other receivables

(88,242)

(118,367)

(Decrease)/increase in trade and other payables

(6,014)

46,003

Net movement in working capital

(86,346)

(68,951)

Cash from operations

251,859

166,607