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Administrative expenses | 9 Months Ended
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Sep. 30, 2024
Administrative expenses. |
Administrative expenses | NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) 7.Administrative expenses ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | $’000 | ​ | $’000 | ​ | $’000 | ​ | $’000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Staff costs | ​ | 38,517 | ​ | 38,210 | ​ | 104,135 | ​ | 114,765
Impairment of withholding tax receivables(a) | ​ | 21,855 | ​ | 10,508 | ​ | 32,827 | ​ | 35,112
Professional fees | ​ | 10,971 | ​ | 14,231 | ​ | 38,065 | ​ | 43,634
Facilities, short-term rental and upkeep | ​ | 7,089 | ​ | 8,822 | ​ | 23,629 | ​ | 30,010
Amortization | ​ | 4,113 | ​ | 1,429 | ​ | 6,241 | ​ | 4,225
Key management compensation | ​ | 3,864 | ​ | 4,674 | ​ | 13,703 | ​ | 12,914
Depreciation | ​ | 2,608 | ​ | 2,744 | ​ | 8,025 | ​ | 8,501
Travel costs | ​ | 2,410 | ​ | 3,640 | ​ | 8,408 | ​ | 10,318
Share‑based payment expense | ​ | 1,813 | ​ | 2,654 | ​ | 9,879 | ​ | 9,571
Business combination costs | ​ | 578 | ​ | 161 | ​ | 958 | ​ | 1,647
Operating taxes | ​ | 406 | ​ | 266 | ​ | 1,075 | ​ | 382
Impairment of goodwill | ​ | — | ​ | — | ​ | 87,894 | ​ | —
Impairment of other fixed assets | ​ | — | ​ | — | ​ | 31 | ​ | —
Net gain on disposal of property, plant and equipment | ​ | (1,270) | ​ | (386) | ​ | (3,562) | ​ | (952)
Other | ​ | 4,145 | ​ | 6,882 | ​ | 16,250 | ​ | 21,750
​ | ​ | 97,099 | ​ | 93,835 | ​ | 347,558 | ​ | 291,877
​
(a) | Withholding tax receivables were impaired following the Group’s assessment of the recoverability of withholding tax assets based on a five-year cash flow projection and an analysis of the utilization of withholding tax balances against future income tax liabilities.
We have recognized for the three month period ended March 31, 2024, an impairment of $87.9 million in the IHS Latam tower businesses group of cash generating units (“CGUs”). This is mainly due to the restructuring of our customer Oi S.A. (“Oi”) in Brazil. On April 19, 2024, an Oi restructuring plan was presented to court in Brazil and was agreed upon by creditors including IHS, in relation to Oi’s ongoing judicial recovery proceedings. As a result of the agreed upon terms, the carrying amount of the IHS Latam tower businesses group of CGUs has been reduced to its recoverable amount, through the recognition of an impairment loss against goodwill. This loss is included in administrative expenses in the condensed consolidated statement of loss and other comprehensive income. Changes in key assumptions from December 31, 2023, are as follows:
● | Discount rate changed from 11.0% to 10.3%
For the Latam tower businesses group of CGUs these reasonably possible change scenarios would have individually resulted in the impairment charge increase as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 1% increase |  | 1% decrease |  | 15% decrease
​ | ​ | in post tax | ​ | in terminal | ​ | in tenancy
​ | ​ | discount rate | ​ | growth rate | ​ | growth
​ | ​ | $'000 | ​ | $'000 | ​ | $'000
​ | ​ | ​ | ​ | ​ | ​ | ​
IHS Latam Tower businesses |  | 165,663 |  | 103,808 |  | 110,944
​

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