Three months ended
Six months ended
June 30,
2025
2024
$'m
Reconciliation:
Income/(loss) before taxation
67.7
(88.0)
136.8
(1,647.3)
Adjustments:
Depreciation of property, plant and equipment (note 6 and 7)
77.8
76.5
156.4
153.0
Amortization of intangible assets (note 6 and 7)
11.2
10.7
22.0
21.7
Amortization of prepaid site rent
0.6
2.4
1.3
4.9
Net impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6 and 7)
1.7
2.9
3.6
6.0
Impairment of assets held for sale (note 6)
—
Impairment of goodwill (note 7)
87.9
Net (reversal of impairment)/impairment of withholding tax receivables (note 7)
(0.5)
2.8
(12.9)
10.9
Impairment of inventory
0.2
0.4
Net gain on disposal of property, plant and equipment and right-of-use assets (note 7)
(2.2)
(1.9)
(1.0)
(2.3)
Share‑based payment expense
8.5
14.0
8.1
Net loss allowance/(reversal of loss allowance) on trade receivables
1.4
(2.4)
1.8
2.2
Finance income (note 8)
(35.6)
(43.0)
(56.1)
(24.3)
Finance costs (note 9)
114.3
279.2
228.7
1,812.7
Insurance claim income
(0.2)
(0.3)
Operating income before working capital changes
244.9
246.8
494.7
436.4
Changes in working capital
Decrease/(increase) in inventory
4.1
(10.1)
(5.4)
Increase in trade and other receivables
(41.6)
(111.8)
(31.2)
(187.1)
Increase in trade and other payables
47.4
10.6
17.6
0.7
Net movement in working capital
9.9
(95.2)
(23.7)
(191.8)
Cash from operations
254.8
151.6
471.0
244.6
No definition available.
Tabular disclosure of cash flow from operation.