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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities        
Cash from operations [1] $ 182,431 $ 229,913 $ 427,011 $ 740,869
Income taxes paid (6,575) (8,450) (35,091) (42,407)
Payment for rent (1,362) (1,204) (6,871) (4,147)
Payment for tower and tower equipment decommissioning (27) (6) (52) (327)
Net cash generated from operating activities [1] 174,467 220,253 384,997 693,988
Cash flow from investing activities        
Purchase of property, plant and equipment [1] (52,175) (119,889) (173,709) (383,456)
Payment in advance for property, plant and equipment (9,730) (18,772) (15,581) (88,920)
Purchase of software and licenses (562) (3,494) (3,291) (19,670)
Consideration paid on business combinations, net of cash acquired   (4,486)   (4,486)
Proceeds from sale of subsidiary, net of cash disposed     4,073  
Proceeds from disposal of property, plant and equipment 12,962 508 14,999 1,468
Insurance claims received 11 32 51 310
Interest income received 5,017 5,761 12,851 17,338
Deposit of short term deposits (4,077) (59,173) (40,590) (187,938)
Refund of short term deposits 4,037 15,908 208,717 36,631
Net cash (used in)/generated from investing activities [1] (44,517) (183,605) 7,520 (628,723)
Cash flows from financing activities        
Shares repurchased and canceled through buyback program   (5,713)   (5,713)
Bank loans and bond proceeds received and transaction costs paid (194) 318,765 611,397 976,944
Bank loans and bonds repaid (58,998) (226,741) (465,823) (644,591)
Fees on loans and derivative instruments (2,041) (6,149) (9,295) (14,820)
Interest paid (87,037) (79,173) (253,001) (224,118)
Payment for the principal of lease liabilities (11,929) (14,844) (44,463) (59,426)
Interest paid for lease liabilities (15,849) (15,405) (46,546) (40,699)
Net (loss)/gain settled on derivative instruments (2,644) 145 (22,571) 617
Net cash used in financing activities (178,692) (29,115) (230,302) (11,806)
Net (decrease)/increase in cash and cash equivalents (48,742) 7,533 162,215 53,459
Cash and cash equivalents at beginning of period 445,713 433,048 293,823 514,078
Effect of movements in exchange rates on cash 528 (15,145) (58,539) (142,101)
Cash and cash equivalents at end of period $ 397,499 $ 425,436 $ 397,499 $ 425,436
[1] Revised comparative periods to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria (see note 21).