REG - Helios Towers PLC - Q1 2022 Results

Helios TowersAnnouncement

05/05/2022 07:00

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RNS Number : 3740K  Helios Towers PLC  05 May 2022

HELIOS TOWERS plc

 

Unaudited trading update for the three months ended 31 March 2022

 

+23% year-on-year revenue growth

 

+20% year-on-year Adj. EBITDA growth

 

Seasonally strong organic tenancy additions

 

Malawi acquisition closed, taking the Group to 8 markets and over 10,500
towers

 

2022 guidance reiterated

 

London, 05 May 2022: Helios Towers plc ("Helios Towers", "the Group" or "the
Company"), the independent telecommunications infrastructure company, today
announces results for the three months to 31 March 2022 ("Q1 2022").

 

                                        Q1 2022   Q1 2021  Change  Q1 2022   Q4 2021  Change
 Sites                                  10,511    7,358    +43%    10,511    9,560    +10%
 Tenancies                              20,233    15,732   +29%    20,233    18,776   +8%
 Tenancy ratio                          1.92x     2.14x    -0.22x  1.92x     1.96x    -0.04x
 Revenue (US$m)                         127.5     103.6    +23%    127.5     122.3    +4%
 Adjusted EBITDA (US$m)1                66.7      55.8     +20%    66.7      65.6     +2%
 Adjusted EBITDA margin1                52%       54%      -2%     52%       54%      -2%
 Operating profit (US$m)                14.4      17.1     -16%    14.4      17.0     -15%
 Portfolio free cash flow (US$m)1       49.4      37.0     +34%    49.4      49.6     0%
 Cash generated from operations (US$m)  52.7      30.0     +76%    52.7      97.3     -46%

 Net debt (US$m)(1)                     1,012.7   673.2    +50%    1,012.7   948.5    +7%
 Net leverage(1,2)                      3.7x      3.0x     +0.7x   3.7x      3.6x     +0.1x

( )

(1)   Alternative Performance Measures are described in our defined terms
and conventions.

(2)   Calculated as per the Senior Notes definition of net debt divided by
annualised Adjusted EBITDA.

 

Tom Greenwood, Chief Executive Officer, said:

 

"We have seen strong growth this quarter with revenue up 23% year-on-year,
driven by continued organic demand in our established markets in addition to
the contributions from our three new markets of Senegal, Madagascar and
Malawi. Our recent platform expansion is progressing well, as we become the
most diversified towerco in the region with the doubling of our sites and
markets. We have many exciting years ahead as we move to a new phase of our
journey and launch our 5 year sustainable business strategy - focused on
driving growth, impact, margins and returns."

 

Financial highlights

 

·     Revenue increased 23% year-on-year to US$127.5m (Q1 2021:
US$103.6m), driven by acquisitions in Senegal, Madagascar and Malawi and
strong organic tenancy growth across the Group. Excluding acquisitions,
revenue increased 10% year-on-year.

o  Revenue increased by 4% quarter-on-quarter (Q4 2021: US$122.3m).

 

·     Adjusted EBITDA increased by 20% year-on-year to US$66.7m (Q1
2021: US$55.8m), driven by the three acquisitions closed over the past twelve
months and organic tenancy growth in our established markets, partially offset
by corporate SG&A investments previously communicated to support the
Group's transformational expansion from five markets to ten markets.

o  Adjusted EBITDA increased by 2% quarter-on-quarter (Q4 2021: US$65.6m).

 

·     Operating profit decreased year-on-year by US$2.7m and
quarter-on-quarter by US$2.6m to US$14.4m, driven by higher depreciation from
acquired assets, partially offset by Adjusted EBITDA growth.

 

·     Portfolio free cash flow increased by 34% year-on-year to US$49.4m
(Q1 2021: US$37.0m), driven by the increase in Adjusted EBITDA, lower
maintenance and corporate capital additions, lower tax payments partially
offset by higher lease payments, due to higher site count.

o  Portfolio free cash flow was broadly flat quarter-on-quarter (Q4 2021:
US$49.6m).

 

·     Cash generated from operations increased by 76% year-on-year to
US$52.7m (Q1 2021: US$30.0m), driven by higher Adjusted EBITDA and working
capital movements. The decrease quarter-on-quarter was primarily due to
working capital movements.

 

·     Net leverage of 3.7x increased by +0.7x year-on-year (Q1 2021:
3.0x) and +0.1x quarter-on-quarter (Q4 2021: 3.6x), and remains at the low end
of the Group's medium-term target range of 3.5x-4.5x.

 

·     Business underpinned by long-term contracted revenues of US$4.2bn
(Q1 2021: US$2.8bn), of which 99% is from multinational MNOs, with an average
remaining life of 7.4 years (Q1 2021: 6.6 years).

 

Operational highlights

 

·     Sites increased by +3,153 (+43%) year-on-year to 10,511 sites (Q1
2021: 7,358 sites), reflecting 733 organic site additions and the acquisition
of +2,420 sites in Senegal, Madagascar and Malawi.

o  Sites increased by +951 quarter-on-quarter (Q4 2021: 9,560), including
+228 organic tenancy additions and +723 sites from the Malawi acquisition.

 

·     Tenancies increased by +4,501 year-on-year to 20,233 tenants (Q1
2021: 15,732 tenants), reflecting +1,545 organic tenancy additions and +2,956
additional tenancies through the acquisition of passive infrastructure assets
in Senegal, Madagascar and Malawi.

o  Tenancies increased by +1,457 quarter-on-quarter (Q4 2021: 18,776),
including +359 organic tenancy additions and +1,098 tenancies from the Malawi
acquisition.

 

·     Tenancy ratio decreased -0.22x year-on-year to 1.92x (Q1 2021:
2.14x), reflecting the dilutive impact of the acquired assets in Senegal,
Madagascar and Malawi (Senegal Q1 2022: 1.1x, Madagascar Q1 2022: 1.2x, Malawi
Q1 2022: 1.5x). Excluding acquired assets, the Group's tenancy ratio remained
flat at 2.14x year-on-year.

 

Strategic updates

 

·     On 28 April 2022 and as previously communicated, Tom Greenwood was
appointed as CEO of Helios Towers. Tom Greenwood joined the Company in 2010
and has previously held numerous Group executive roles including COO (2020 -
2022) and CFO (2015 - 2020).

 

·     On 25 March 2022, Helios Towers closed the acquisition of Airtel
Africa's passive infrastructure company in Malawi, adding 723 sites to its
portfolio and becoming the Group's eighth country of operation.

 

·     The Group continues to progress with the closings of Oman and
potential acquisition of Airtel Africa's tower assets in Gabon, with the
expected timings outlined below:

o  Oman: Subject to completing the remaining customary closing conditions
including obtaining regulatory approval, the Group anticipates the acquisition
of Oman Telecommunications Company ("Omantel") to close in or around the end
of Q2 2022.

o  Gabon: As previously announced, Helios Towers and Airtel Africa have
extended the memorandum of understanding arrangement. Subject to obtaining a
passive infrastructure licence, the acquisition of tower assets in Gabon is
expected to close in H2 2022.

 

Capital Markets Day

 

·     Helios Towers is launching its refreshed five-year strategy today,
with a Capital Markets Day being held between 1:00pm until 5:00pm BST today.
Alongside providing details on the Company's medium-term outlook, the event
will provide an overview of the Company's business model and key value
drivers, as well as presenting analysts and investors with an opportunity to
meet with the broader executive management team.

 

 

Environmental, Social and Governance (ESG)

 

·     The Group published its second Sustainable Business Report on 22
March 2022. The report provides a detailed review of the Group's progress
against its strategic objectives and ambitions.

 

2022 Outlook and guidance

 

·     The Group is tracking in-line with its FY 2022 outlook and has
reiterated guidance of(1):

o  1,200 - 1,700 organic tenancy additions, of which 60% are expected to be
new sites.

o  Lease rate per tenant to increase in the range of 3-5% from FY 2021 (2021:
$26.4k per tenant).

o  Adjusted EBITDA margin of 51-53% (FY 2021: 53.6%), with the YoY decrease
driven by the impact of new acquisitions and corporate SG&A investment
required for the expansion of the Group's operations from five to ten markets.

 

·     The acquisition of Airtel Africa's passive infrastructure company in
Malawi, closed at the end of March, is anticipated to deliver Adjusted EBITDA
of approximately $6m for its nine months of operation in FY 2022.

 

·     The Group continues to target capex of US$810m - US$850m in FY
2022.

o  As previously guided, excluding acquisitions the Group anticipates US$160m
- US$200m of capex, of which, US$27m- US$32m is non-discretionary capex.

o  The Group expects to deploy approximately US$650m on acquisitions in 2022,
reflecting the acquisitions in Oman and Malawi and deferred acquisition
payments in Senegal and Madagascar.

 

(1 )Reflects guidance for the seven markets where Helios Towers was
operational at the beginning of the year

 

For further information go to:

www.heliostowers.com (http://www.heliostowers.com)

 

Investor Relations

Chris Baker-Sams - Head of Strategic Finance and Investor Relations

+44 (0)752 310 1475

 

Media relations

Edward Bridges / Stephanie Ellis

FTI Consulting LLP

+44 (0)20 3727 1000

 

Helios Towers' management will host a conference call for analysts and
institutional investors at 09.30 BST on Thursday, 5 May 2022. For the best
user experience, please access the conference via the webcast. You can
pre-register and access the event using the link below:

 

Registration Link - Helios Towers Q1 2022 Results Conference Call
(https://www.investis-live.com/heliostowers/624585b274656612001f6b2d/helios-towers-q1-2022-results)

Event Name: Q12022

Password: HELIOS

 

If you intend to participate in Q&A during the call or are unable to use
the webcast, please dial in using the details below:

 

 Europe & International      +44 203 936 2999
 South Africa (local)        087 550 8441
 USA (local)                 +1 646 664 1960
 Passcode:                   886017

 

 

 

About Helios Towers

 

·      Helios Towers is a leading independent telecommunications
infrastructure company, having established one of the most extensive tower
portfolios across Africa. It builds, owns and operates telecom passive
infrastructure, providing services to mobile network operators.

·    Helios Towers owns and operates telecommunication tower sites in
Tanzania, Democratic Republic of Congo, Congo Brazzaville, Ghana, South
Africa, Senegal, Madagascar and Malawi. Following recent acquisition
agreements and subject to regulatory approval, Helios Towers expects to
establish a presence in two new markets in Africa and the Middle-East.
Including these acquisitions and committed BTS, the Group's total site count
is expected to increase from over 10,500 towers to over 14,000.

·    Helios Towers pioneered the model in Africa of buying towers that
were held by single operators and providing services utilising the tower
infrastructure to the seller and other operators. This allows wireless
operators to outsource non-core tower-related activities, enabling them to
focus their capital and managerial resources on providing higher quality
services more cost-effectively.

 

 

Alternative Performance Measures

The Group has presented a number of Alternative Performance Measures ("APMs"),
which are used in addition to IFRS statutory performance measures. The Group
believes that these APMs, which are not considered to be a substitute for or
superior to IFRS measures, provide stakeholders with additional helpful
information on the performance of the business. These APMs are consistent with
how the business performance is planned and reported within the internal
management reporting to the Board. Loss before tax, gross profit, non-current
and current loans and long-term and short-term lease liabilities are the
equivalent statutory measures (see 'Certain defined terms and conventions').
For more information on the Group's Alternative Performance Measures, see page
68 of the Group's Annual report for the year ended 31 December 2021, published
on the Group's website. Reconciliations of APMs to the equivalent statutory
measure are included in the Group's half-year and Annual financial reports.

 

 

Financial and operating metrics

 

Key metrics

For the three months ended 31 March 2022

                                           Group           Tanzania      DRC           Congo Brazzaville       Ghana
                                           2022    2021    2022   2021   2022   2021   2022    2021    2022         2021

                                           US$m    US$m    US$m   US$m   US$m   US$m   US$m    US$m    US$m         US$m
 Revenue for the period                    $127.5  $103.6  $46.5  $42.1  $48.1  $42.8  $7.2    $6.8    $10.1        $10.6
 Adjusted gross margin1                    65%     67%     69%    68%    63%    65%    66%     63%     66%          72%
 Sites at beginning of the period          9,560   7,356   4,005  3,821  2,062  1,895  459     426     1,040        978
 Sites at period end                       10,511  7,358   4,068  3,813  2,105  1,895  471     427     1,060        981
 Tenancies at beginning of the period      18,776  15,656  9,012  8,625  4,701  4,096  661     617     2,041        1,914
 Tenancies at period end                   20,233  15,732  9,121  8,632  4,784  4,132  661     620     2,093        1,929
 Tenancy ratio at period end               1.92x   2.14x   2.24x  2.26x  2.27x  2.18x  1.4x    1.45x   1.97x        1.97x
 Adjusted EBITDA for the period(3)         $66.7   $55.8   $30.2  $27.0  $27.2  $24.8  $3.5    $3.1    $5.8         $6.7
 Adjusted EBITDA Margin(1) for the period  52%     54%     65%    64%    57%    58%    49%     46%     57%          63%

( )

                                           South Africa      Senegal       Madagascar      Malawi(2)
                                           2022     2021     2022   2021   2022    2021    2022   2021

                                           US$m     US$m     US$m   US$m   US$m    US$m    US$m   US$m
 Revenue for the period                    $1.9     $1.3     $9.4   -      $3.8    -       $0.4   -
 Adjusted gross margin1                    72%      72%      68%    -      54%     -       53%    -
 Sites at beginning of the period          272      236      1,232  -      490     -       -      -
 Sites at period end                       335      242      1,261  -      488     -       723    -
 Tenancies at beginning of the period      464      404      1,303  -      594     -       -      -
 Tenancies at period end                   556      419      1,331  -      589     -       1,098  -
 Tenancy ratio at period end               1.66x    1.73x    1.06x  -      1.21x   -       1.52x  -
 Adjusted EBITDA for the period            $0.8     $0.5     $5.5   -      $1.4    -       $0.2   -
 Adjusted EBITDA Margin(1) for the period  42%      40%      59%    -      37%     -       50%    -

( )

(1)   Adjusted gross margin means gross profit, adding back site
depreciation, divided by revenue.

(2)   Results for the period from completion on 25 March 2022.

(3)   Group Adjusted EBITDA for the period includes corporate costs of
US$7.9 million (2021: US$6.3 million).

 

 

Total tenancies as at 31 March

 

                               Group           Tanzania      DRC           Congo Brazzaville
                               2022    2021    2022   2021   2022   2021   2022       2021
 Standard colocation tenants   8,670   7,490   4,441  4,284  2,554  2,133  167        175
 Amendment colocation tenants  1,052   884     612    535    125    104    23         18
 Total colocation tenants      9,722   8,374   5,053  4,819  2,679  2,237  190        193
 Total sites                   10,511  7,358   4,068  3,813  2.105  1,895  471        427
 Total tenancies               20,233  15,732  9,121  8,632  4,784  4,132  661        620
 Tenancy ratio                 1.92x   2.14x   2.24x  2.26x  2.27x  2.18x  1.40x      1.45x

 

                               Ghana         South Africa      Senegal      Madagascar      Malawi
                                      2021   2022     2021     2022   2021  2022    2021    2022   2021

                               2022
 Standard colocation tenants   751    724    215      174      70     -     97      -       375    -
 Amendment colocation tenants  282    224    6        3        -      -     4       -       -      -
 Total colocation tenants      1,033  948    221      177      70     -     101     -       375    -
 Total sites                   1,060  981    335      242      1,261  -     488     -       723    -
 Total tenancies               2,093  1,929  556      419      1,331  -     589     -       1,098  -
 Tenancy ratio                 1.97x  1.97x  1.66x    1.73x    1.06x  -     1.21x   -       1.52x  -

 

Revenue

Group revenue increased 23% year-on-year to $127.5m (Q1 2021: $103.6m), driven
by acquisitions in Senegal, Madagascar and Malawi and continued organic
tenancy growth across the Group. Excluding acquisitions revenue increased by
10%, driven by organic tenancy growth. For the quarter ended 31 March 2022,
99% of revenues were from multinational MNOs and 64% were denominated in USD
or CFA Franc (which is pegged to the Euro).

 

Contracted revenue

The following table provides our total undiscounted contracted revenue by
country as of 31 March 2022 for each of the periods from 2022 to 2026, with
local currency amounts converted at the applicable average rate for US Dollars
for the period ended 31 March 2022 held constant. Our contracted revenue
calculation for each year presented assumes: (i) no escalation in fee rates,
(ii) no increases in sites or tenancies other than our committed tenancies,
(iii) our customers do not utilise any cancellation allowances set forth in
their MSAs, (iv) our customers do not terminate MSAs early for any reason and
(v) no automatic renewal.

 

                                       Year ended 31 December
                    9 months to        2023    2024    2025    2026

                    31 December 2022
                    US$m               US$m    US$m    US$m    US$m
 Tanzania           144.9              191.6   191.9   191.9   129.4
 Ghana              28.3               33.0    31.1    31.5    31.2
 Senegal            28.0               38.6    40.3    42.0    46.5
 Madagascar         10.8               12.2    12.8    15.7    15.7
 DRC                146.0              195.6   195.3   168.3   142.4
 Congo Brazzaville  20.7               27.7    27.7    18.5    11.7
 South Africa       6.1                8.1     8.6     8.4     8.1
 Malawi             17.2               23.0    23.0    25.0    25.0
                    402.0              529.8   530.7   501.3   410.0

 

The following table provides our total undiscounted contracted revenue by key
customers as of 31 March 2022 over the life of the contracts with local
currency amounts converted at the applicable average rate for US Dollars for
the period ended 31 March 2022 held constant. Our calculation uses the same
assumptions as above. The average remaining life of customer contracts is 7.4
years (Q1 2021: 6.6 years).

 (US$m)              Total Committed Revenues  Percentage of Total Committed Revenues
 Multinational MNOs  4,178.0                   99%
 Others              39.7                      1%
                     4,217.7                   100%

 

Portfolio free cash flow

Portfolio free cash flow increased by 34% year-on-year to US$49.4m (Q1 2021:
US$37.0m), primarily driven by an increase in Adjusted EBITDA

 

                                                    3 months ended 31 March
                                                    2022          2021

                                                    US$m          US$m
 Adjusted EBITDA                                    66.7          55.8
 Less: Maintenance and corporate capital additions  (3.9)         (6.4)
 Less: Payments of lease liabilities1               (10.5)        (5.1)
 Less: Tax paid                                     (2.9)         (7.3)
 Portfolio free cash flow                           49.4          37.0
 Cash conversion %(2)                               74%           66%

(1)   Includes interest and principal repayments of lease liabilities.

(2)   Cash conversion % is calculated as portfolio free cash flow divided by
Adjusted EBITDA

( )

 

Capital expenditure

The following table shows capital expenditure additions by category during the
three months ended 31 March:

              2022                2021
              US$m  % of          US$m  % of

                    Total Capex         Total Capex
 Acquisition  40.1  54.9%         1.6   5.9%
 Growth       25.9  35.5%         15.5  57.0%
 Upgrade      3.1   4.3%          3.7   13.6%
 Maintenance  3.6   4.9%          6.1   22.4%
 Corporate    0.3   0.4%          0.3   1.1%
              73.0  100.0%        27.2  100.0%

 

 

Certain defined terms and conventions

We have prepared the trading update using a number of conventions, which you
should consider when reading information contained herein as follows:

All references to "we", "us", "our", "HT Group", our "Group" and the "Group"
are references to Helios Towers plc and its subsidiaries taken as a whole.

 

"Adjusted EBITDA" Management defines Adjusted EBITDA as loss before tax for
the period, adjusted for, finance costs, other gains and losses, interest
receivable, loss on disposal of property, plant and equipment, amortisation of
intangible assets, depreciation and impairment of property, plant and
equipment, depreciation of right-of-use assets, deal costs for aborted
acquisitions, deal costs not capitalised, share-based payments and long-term
incentive plan charges, and other adjusting items. Other adjusting items are
material items that are considered one-off by management by virtue of their
size and/or incidence.

 

"Adjusted EBITDA margin" means Adjusted EBITDA divided by revenue.

 

"Adjusted gross profit" means gross profit, adding back site depreciation.

 

"Annualised Adjusted EBITDA" is calculated as per the Senior Notes definition
as the most recent fiscal quarter multiplied by 4. This is not a forecast of
future results.

 

"Adjusted gross margin" means adjusted gross profit, divided by revenue.

 

"Anchor tenant" means the primary customer occupying a site.

 

"Company" means Helios Towers plc.

 

'Congo Brazzaville' otherwise also known as the Republic of Congo.

 

"Corporate capital expenditure" is primarily for furniture, fixtures and
equipment.

 

'DRC' means Democratic Republic of Congo.

 

"Gross debt" means non-current loans and current loans and long-term and
short-term lease liabilities.

 

"Growth capex" or "Growth capital expenditure" relates to: (i) construction of
build-to-suit sites (ii) installation of colocation tenants and (iii) and
investments in power management solutions.

 

"Group" means Helios Towers, Ltd and its subsidiaries prior to 17 October
2019, and Helios Towers plc and its subsidiaries on or after 17 October 2019.

 

"Helios Towers plc" means the ultimate parent of the Group, post IPO.

 

'IFRS' means International Financial Reporting Standards as adopted by the
European Union.

 

'Madagascar' means Republic of Madagascar.

 

'Malawi' means Republic of Malawi.

 

"Maintenance capital expenditures" as capital expenditures for periodic
refurbishments and replacement of parts and equipment to keep existing sites
in service.

 

'Middle East' region includes thirteen countries namely Hashemite Kingdom of
Jordan, Kingdom of Bahrain, Kingdom of Saudi Arabia, Republic of Iraq,
Republic of Lebanon, State of Kuwait, Sultanate of Oman, State of Palestine,
State of Qatar, Syrian Arab Republic, The Republic of Yemen, The Islamic
Republic of Iran and The United Arab Emirates.

 

"Net debt" means gross debt less cash and cash equivalents (excluding
restricted cash).

 

"Net leverage" means net debt divided by annualised Adjusted EBITDA.

 

"Organic tenancy growth" means anchor and colocation tenants added to the
portfolio on an organic basis. This excludes tenancies added to the portfolio
through tower portfolio purchases.

 

 'our markets' or 'markets in which we operate' refers to Tanzania, DRC,
Congo Brazzaville, Ghana, South Africa, Senegal, Madagascar and Malawi.

 

"Portfolio free cash flow" means Adjusted EBITDA less maintenance and
corporate capital additions, payments of lease liabilities (including interest
and principal repayments of lease liabilities) and tax paid.

 

'Senegal' means the Republic of Senegal.

'South Africa' means the Republic of South Africa.

'Tanzania' means the United Republic of Tanzania.

 

"Telecommunications operator" means a company licensed by the government to
provide voice and data communications services in the countries in which we
operate.

 

"Tenancy" means a space leased for installation of a base transmission site
and associated antennae.

 

"Tenancy ratio" means the total number of tenancies divided by the total
number of our towers as of a given date and represents the average number of
tenants per site within a portfolio.

 

"Tenant" means a mobile network operator that leases vertical space on the
tower and portions of the land underneath on which it installs its equipment.

 

 "Total sites" means total towers, IBS sites, edge data centres or sites with
customer equipment installed on third-party infrastructure that are owned
and/or managed by the Company with each reported site having at least one
active customer tenancy as of a given date.

 

Tenant categories

 

·      "Anchor tenant" means the primary customer occupying a site.

·      "Colocation tenant" each additional tenant on a site in addition
to the anchor tenant and are classified as either a standard or amendment
colocation tenant.

 

o  "Standard colocation tenant" is defined as a customer occupying site space
under a standard tenancy lease rate and configuration with defined limits in
terms of the vertical space occupied, the wind load and power consumption.

 

o  "Amendment colocation tenant" is a tenant that adds or modifies equipment,
taking up additional space, wind load capacity and/or power consumption under
an existing lease agreement. The Group calculates amendment colocation tenants
on a weighted basis as compared to the market average lease rate for a
standard tenancy lease in the month the amendment is added.

 

·      "Total tenancies" means total anchor, standard and amendment
colocation tenants as of a given date.

 

"Tower sites" means ground-based towers and rooftop towers and installations
constructed and owned by us on real property (including a rooftop) that is
generally owned or leased by us.

 

"Upgrade capex" comprises structural, refurbishment and consolidation
activities carried out on selected sites.

 

"US Dollars" or "US$" refers to the lawful currency of the United States of
America.

 

"YTD" means year to date.

 

 

 

Disclaimer:

This release does not constitute an offering of securities or otherwise
constitute an invitation or inducement to any person to underwrite, subscribe
for or otherwise acquire or dispose of securities in Helios Towers plc (the
'Company') or any other member of the Helios Towers group (the 'Group'), nor
should it be construed as legal, tax, financial, investment or accounting
advice. This document contains forward-looking statements which are subject to
known and unknown risks and uncertainties because they relate to future
events, many of which are beyond the Group's control. These forward-looking
statements include, without limitation, statements in relation to the
Company's financial outlook and future performance. No assurance can be given
that future results will be achieved; actual events or results may differ
materially as a result of risks and uncertainties facing the Group.

 

You are cautioned not to rely on these forward -looking statements, which
speak only as of the date of this announcement. The Company undertakes no
obligation to update or revise any forward-looking statement to reflect any
change in its expectations or any change in events, conditions or
circumstances. Nothing in this document is or should be relied upon as a
warranty, promise or representation, express or implied, as to the future
performance of the Company or the Group or their businesses.

 

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are important in the assessment and management of the Group's business, they
should not be viewed in isolation or as replacements for, but rather as
complementary to, the comparable GAAP measures.

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